# EDGAR Filing Document

**Accession Number:** 0001418135
**File Stem:** 0001193125-26-064353
**Filing Date:** 2026-2
**Character Count:** 1315110
**Document Hash:** 06af88ddcea7962f864c7ae43e47d229
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-064353.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0001193125-26-064353

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20260223

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

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260223

**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:** 26666478

**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'? 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): February 23, 2026
![LOGO](g897620img1.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**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification Number)** |

---

#### 53 South Avenue, Burlington, Massachusetts 01803

#### (Address of principal executive offices) (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))

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 |

---

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. ☐

------

---

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

---

#### Pod Manufacturing Joint Venture Investment
In connection with the previously announced JV Commitment Letter (as described in the Current Report on Form 8-K of Keurig Dr Pepper Inc. ("<u>KDP</u>" or the "<u>Company</u>") filed with the Securities and Exchange Commission on October 30, 2025 (the "<u>Prior Form 8-K</u>")), on February 23, 2026, KDP entered into a Transaction Agreement (the "<u>Transaction Agreement</u>") by and among the Company, Keurig JV, LP, a Delaware limited partnership (the "<u>Pod Manufacturing JV</u>"), Keurig Green Mountain, Inc., a Delaware corporation ("<u>KGM</u>"), KGM Manufacturing LLC, a Delaware limited liability company ("<u>KGMM</u>"), Keurig Production Holding, LLC, a Delaware limited liability company ("<u>Keurig USA Partner</u>"), a Luxembourg private limited liability company to be designated that is a wholly owned subsidiary of the Company ("<u>Keurig Lux Partner</u>" and, together with the Company, KGM, KGMM and Keurig USA Partner, the "<u>Keurig Partners</u>"), and an investment vehicle (the "<u>JV Investor Partner</u>") held and managed by certain funds or accounts managed, advised or sub-advised by each of Apollo Global Management, Inc., KKR & Co. Inc. and Goldman Sachs Asset Management, L.P.

The Transaction Agreement provides that, upon its terms and subject to certain conditions, at the closing (the "<u>Closing</u>") of the contemplated transaction (the "<u>JV Investment</u>"), (i) KGMM will merge with and into the Pod Manufacturing JV, with the Pod Manufacturing JV surviving (the "<u>Keurig U.S. Contribution</u>"), (ii) Keurig Lux Partner will contribute 100% of the equity interests of Keurig Canada ULC, a Canadian unlimited liability corporation ("<u>KCULC</u>"), as a capital contribution to the Pod Manufacturing JV, and (iii) the JV Investor Partner will make a capital contribution of $4.0 billion to the Pod Manufacturing JV in exchange for limited partnership units representing a 49% interest in the Pod Manufacturing JV (the "<u>Co-Investor Contribution</u>"). The remaining 51% ownership interest in the Pod Manufacturing JV will remain under the ownership of KDP and its affiliates. Following completion of the transactions contemplated by the Transaction Agreement, the Pod Manufacturing JV will own or otherwise have access to KDP's and its affiliates' manufacturing assets and facilities used in the manufacture of K-Cup pods and other unbrewed single-serve beverages in the United States and Canada. Following the Closing, the Pod Manufacturing JV intends to use the net proceeds from the Co-Investor Contribution to fund a portion of the Company's previously announced acquisition of all of the issued ordinary shares of JDE Peet's N.V. (the "<u>Acquisition</u>").

The Transaction Agreement provides that, at the Closing, the Keurig Partners and the JV Investor Partner will enter into an Amended and Restated Limited Partnership Agreement of the Pod Manufacturing JV (the "<u>A&R LPA</u>"), the form of which is attached to the Transaction Agreement. The A&R LPA sets forth each partner's rights and responsibilities with respect to the Pod Manufacturing JV, including with respect to the limited partner committee (a majority of the members of which will be appointed by the Keurig Partners), certain unanimous approval rights in favor of the JV Investor Partner, mechanisms for capital contributions to be made to the Pod Manufacturing JV, limitations on transfers by the partners, a call right exercisable by the Keurig Partners beginning on the eighth anniversary of the Closing and ending on the fifteenth anniversary of the Closing (or earlier upon the occurrence of certain triggering events), a conversion right exercisable by the JV Investor Partner after the fifteenth anniversary of the Closing but before the thirtieth anniversary of the Closing whereby the JV Investor Partner may elect to convert its interest in the Pod Manufacturing JV into shares of common stock of the Company or its successor based on the JV Investor Partner's remaining economic interest (subject to the call right), and tag-along rights for the JV Investor Partner if the Keurig Partners desire to transfer their units. The A&R LPA also sets forth distribution mechanics, pursuant to which the Pod Manufacturing JV shall make quarterly distributions of available cash (subject to certain limitations, including for operating costs and reserves) to its partners generally in proportion to their ownership interests.

The Transaction Agreement contains customary representations, warranties and covenants from the Pod Manufacturing JV, the Keurig Partners and the JV Investor Partner. The representations, warranties and covenants of each party set forth in the Transaction Agreement have been made only for purposes of, and were and are solely for the benefit of the parties to, the Transaction Agreement, and should not be relied upon as statements of fact.

The Closing is subject to limited customary conditions. The parties expect to close the transactions substantially concurrently with the consummation of the Acquisition. The Transaction Agreement provides certain termination rights for both the Keurig Partners and the JV Investor Partner, including if the Closing does not occur on or before March 3, 2027, if there is a material breach of the Transaction Agreement by the other party that is not cured within the applicable cure period, or if a law or order prevents the consummation of the transactions.

------

The foregoing descriptions of the Transaction Agreement, the A&R LPA and the transactions contemplated thereby are only summaries and do not purport to be complete and are qualified in their entirety by reference to the full text of such agreements (or the form thereof), copies of which are attached to this Current Report on Form 8-K as Exhibits 10.1 and 10.2, respectively, and are incorporated herein by reference.

#### Preferred Investment
On February 23, 2026, KDP entered into an Amendment (the "<u>Amendment to Preferred Investment Agreement</u>") to the Investment Agreement, dated as of October 27, 2025 (as amended, the "<u>Preferred Investment Agreement</u>"), by and among the Company, Pour Purchaser L.P. (together with its affiliates, the "<u>KKR Investor</u>"), AP Pour Holdings, L.P. (together with its affiliates, the "<u>Apollo Investor</u>") and certain other investors party thereto (collectively with any other investor that becomes a party thereto, the "<u>Preferred Investors</u>"), pursuant to which the Company agreed to issue and sell to the Preferred Investors, and the Preferred Investors agreed to purchase from the Company, 4,500,000 shares of a new series of Series A Convertible Perpetual Preferred Stock, par value $0.01 per share (the "<u>Convertible Preferred Stock</u>"), of KDP for a purchase price per share of $1,000 and an aggregate purchase price of $4.5 billion, representing an increase of 1,500,000 shares, or $1.5 billion in aggregate purchase price, from the Preferred Investment Agreement entered into on October 27, 2025.

For a more detailed description of the Convertible Preferred Stock, the Preferred Investment Agreement and the transactions contemplated thereby including the use of proceeds therefrom, please refer to the Prior Form 8-K.

The foregoing description of the Amendment to Preferred Investment Agreement, the Convertible Preferred Stock, the Preferred Investment Agreement and the transactions contemplated thereby is only a summary and does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached to this Current Report on Form 8-K as Exhibit 10.3, and incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 3.02** | **Unregistered Sales of Equity Securities.**  |

---

The information regarding the Convertible Preferred Stock set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 3.02. The issuance and offering of the Convertible Preferred Stock will be undertaken in reliance upon an exemption from the registration requirements of Section 4(a)(2) of the Securities Act of 1933, as amended (the "<u>Securities Act</u>"). The Convertible Preferred Stock issued pursuant to the Preferred Investment Agreement and the common stock, par value $0.01 per share, of KDP issuable upon conversion of the Convertible Preferred Stock may not be re-offered or sold in the United States absent an effective registration statement or an exemption from the registration requirements under applicable federal and state securities laws.

---

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

---

On February 23, 2026, the Company issued a press release announcing the upsized Convertible Preferred Stock and the entry into the Transaction Agreement, among other matters. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

The foregoing (including Exhibit 99.1) is being furnished pursuant to Item 7.01 and will not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), 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.

---

| | |
|:---|:---|
| **Item 8.01** | **Other Events.**  |

---

In connection with the execution of the Transaction Agreement and the A&R LPA, the parties will enter into certain ancillary agreements which generally provide KGM or its affiliates, as applicable, with rights and obligations with respect to the operation, maintenance, manufacturing, intellectual property licensing, supply and purchase of products produced by the Pod Manufacturing JV and allocation of insurance proceeds related to the assets of the Pod Manufacturing JV consistent with their ordinary course practices with respect to such matters but subject to agreed performance standards and volume-based pricing terms by KGM. Specifically, these ancillary agreements provide that:

• The Pod Manufacturing JV will engage KGM to operate and maintain the assets of the Pod Manufacturing JV, with KGM agreeing to minimum performance standards including with respect to production and uptime requirements, and to provide administrative services to the Pod Manufacturing JV; and

------

• KGM agrees to purchase K-Cups and other unbrewed single-serve beverage products exclusively from the Pod Manufacturing JV in the United States and Canada for itself and/or for marketing and sale to third-party customers (subject to certain agreed upon exceptions to exclusivity), with KGM agreeing to pricing terms based on the manufacturing cost plus an agreed upon margin that is subject to adjustment based on the volume of products purchased, and the payment of shortfall amounts in various circumstances if KGM fails to meet expected volume targets after the twentieth anniversary and thirtieth anniversary of the Closing; and

• The Pod Manufacturing JV and KGM will allocate risk of loss and set out insurance matters relating to the assets of the Pod Manufacturing JV whereby the Pod Manufacturing JV will bear the risk of certain portions of certain categories of losses; and

• KGM will grant the Pod Manufacturing JV an exclusive license to certain intellectual property used in the manufacturing of products by the Pod Manufacturing JV; and

• The Pod Manufacturing JV may purchase green coffee beans, raw materials and other consumables from KGM pursuant to one or more supply agreements; and

• KDP provides a parent guaranty with respect to the obligations of KDP and its affiliates under the various agreements.

Under the various ancillary agreements, KGM or its affiliates may be required to pay shortfall payments or termination payments under a variety of underperformance, breach, termination or other scenarios.

*Forward-Looking Statements* 

Certain statements in this report may be considered "forward-looking statements," such as statements relating to the Closing of the JV Investment, the issuance of the Convertible Preferred Stock, the Acquisition and the sources of capital used to fund the Acquisition. 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. 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.

---

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

---

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Document Description** |
| 10.1\*± | [Transaction Agreement, dated as of February 23, 2026, by and among Keurig Dr Pepper Inc., the Pod Manufacturing JV, KGM, KGMM, Keurig USA Partner, Keurig Lux Partner and the JV Investor Partner.](d897620dex101.htm) |
| 10.2\*± | [Form of Amended and Restated Limited Partnership Agreement of the Pod Manufacturing JV, by and among the Pod Manufacturing JV, Keurig JV GP, LLC, the Keurig Partners and the JV Investor Partner.](d897620dex102.htm) |
| 10.3\*± | [Amendment to Preferred Investment Agreement, dated as of February 23, 2026, by and among Keurig Dr Pepper Inc., the KKR Investor and the Apollo Investor.](d897620dex103.htm) |
| 99.1 | [Press release, dated February 23, 2026.](d897620dex991.htm) |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |

---

\* Certain schedules and similar attachments have been omitted pursuant to Item 601(a)(5) of Regulation S-K. KDP agrees to furnish supplementally a copy of any omitted schedule or attachment to the SEC upon its request.

± Certain portions of this exhibit have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K. KDP agrees to furnish supplementally a copy of any omitted portion to the SEC upon its request.

------

#### 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.** |
| By: | /s/ Anthony Shoemaker |
| Name: | Anthony Shoemaker |
| Title: | Chief Legal Officer, General Counsel and Secretary |

---

Date: February 23, 2026

## Exhibit 10.1

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. [\*\*\*] INDICATES THAT INFORMATION HAS BEEN REDACTED.

**Exhibit 10.1** 

**TRANSACTION AGREEMENT** 

**by and among** 

**KEURIG JV, LP** 

**KEURIG DR PEPPER INC.** 

**KEURIG GREEN MOUNTAIN, INC.** 

**KGM MANUFACTURING LLC** 

**KEURIG PRODUCTION HOLDING, LLC** 

**and** 

**AP KONA HOLDINGS LLC** 

**Dated as of February 23, 2026** 

------

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE I CLOSING; CLOSING DELIVERIES | ARTICLE I CLOSING; CLOSING DELIVERIES | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.1 | Restructuring Steps; Contribution; Issuance of Units | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.2 | Time and Place of Closing | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.3 | Deliveries at the Closing | 4 |
| ARTICLE II REPRESENTATIONS AND WARRANTIES OF THE KEURIG PARTIES | ARTICLE II REPRESENTATIONS AND WARRANTIES OF THE KEURIG PARTIES | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.1 | Organization, Good Standing and Qualification | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.2 | Authority; Approval; Enforceability | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.3 | No Conflict; Required Filings and Consents | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.4 | Capitalization; Subsidiaries | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.5 | Absence of Liabilities | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.6 | Absence of Certain Changes | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.7 | Litigation | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.8 | Financial Statements | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.9 | Compliance with Laws; Permits | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.10 | Sufficiency of Assets | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.11 | Keurig IP | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.12 | Real Property | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.13 | Insurance | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.14 | No Employees | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.15 | No Other Business | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.16 | Brokers and Finders | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.17 | Taxes | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.18 | Contracts | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.19 | Environmental Matters | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.20 | No Other Representations or Warranties | 16 |
| ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE KEURIG PARTNERS | ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE KEURIG PARTNERS | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.1 | Title | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.2 | Organization, Good Standing and Qualification | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.3 | Authority; Approval; Enforceability | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.4 | No Conflict; Required Filings and Consents | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.5 | Litigation | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.6 | Solvency | 19 |
| ARTICLE IV REPRESENTATIONS AND WARRANTIES OF CO-INVESTOR LIMITED PARTNER | ARTICLE IV REPRESENTATIONS AND WARRANTIES OF CO-INVESTOR LIMITED PARTNER | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.1 | Organization, Good Standing and Qualification | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.2 | Authority; Approval; Enforceability | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.3 | No Conflict; Required Filings and Consents | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.4 | Acquisition Entirely for Own Account | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.5 | Litigation | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.6 | Equity Commitment Letter | 21 |

---

-i-

------

**TABLE OF CONTENTS** 

**(continued)** 

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.7 | Brokers and Finders | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.8 | Independent Investigation; Investment Experience | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.9 | No Other Representations or Warranties | 22 |
| ARTICLE V PRE-CLOSING COVENANTS | ARTICLE V PRE-CLOSING COVENANTS | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.1 | Conduct of Business | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.2 | Cooperation | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.3 | Consents | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.4 | Access | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.5 | Restructuring | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.6 | Lien Releases | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.7 | Intercompany Arrangements | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.8 | Exclusivity | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.9 | Kodiak Preferred Stock Investment Agreement | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.10 | Conversion of Co-Investor Limited Partner | 25 |
| ARTICLE VI COVENANTS | ARTICLE VI COVENANTS | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.1 | Confidentiality | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.2 | Use of Proceeds | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.3 | Tax Matters | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.4 | Excluded Liabilities | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.5 | Financing | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.6 | Non-Transferable Assets; Misplaced Assets | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.7 | Further Assurances | 29 |
| ARTICLE VII CONDITIONS PRECEDENT | ARTICLE VII CONDITIONS PRECEDENT | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.1 | Condition to Obligations of All Parties | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.2 | Condition to Obligations of the Keurig Partners and the JV | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.3 | Condition to Obligations of Co-Investor Limited Partner | 30 |
| ARTICLE VIII TERMINATION | ARTICLE VIII TERMINATION | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.1 | Termination | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.2 | Effect of Termination | 33 |
| ARTICLE IX INDEMNIFICATION | ARTICLE IX INDEMNIFICATION | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.1 | Survival of Representations and Warranties | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.2 | Indemnification by the Keurig Partners | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.3 | Indemnification by Co-Investor Limited Partner | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.4 | [Reserved] | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.5 | Other Indemnification Provisions | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.6 | Procedures for Direct Claims | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.7 | Procedures for Third-Party Claims | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.8 | Mutual Assistance | 37 |

---

-ii-

------

**TABLE OF CONTENTS** 

**(continued)** 

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.9 | Payment of Claims | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.10 | Tax Treatment | 37 |
| ARTICLE X MISCELLANEOUS AND GENERAL | ARTICLE X MISCELLANEOUS AND GENERAL | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.1 | Amendment; Waiver | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.2 | Expenses | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.3 | Counterparts | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.4 | Delayed Execution by Keurig Lux Partner | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.5 | GOVERNING LAW AND VENUE; WAIVER OF JURY TRIAL; SPECIFIC PERFORMANCE | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.6 | Notices | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.7 | Entire Agreement | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.8 | No Third-Party Beneficiaries | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.9 | Obligations of the Parties | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.10 | Severability | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.11 | Interpretation; Construction | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.12 | Successors and Assigns | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.13 | No Recourse | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.14 | Public Announcements | 45 |

---

-iii-

------

**<u>SCHEDULES AND EXHIBITS</u>**

---

| | |
|:---|:---|
| Schedule 1: | Restructuring Steps |
| Schedule 2: | Ownership of Units |
| Schedule 3: | JV Assets |
| Exhibit A: | Definitions |
| Exhibit B: | Form of A&R LPA |
| Exhibit C: | Form of Wholesale Agreement |
| Exhibit D: | Form of O&M Agreement |
| Exhibit E: | Form of Guaranty |
| Exhibit F: | Form of IP License Agreement |
| Exhibit G: | Form of Transfer Instrument |
| Exhibit H: | Form of Risk of Loss Agreement |
| Exhibit I: | Form of Agreement and Plan of Merger |
| Exhibit J: | Kodiak Preferred Term Sheet |
| Exhibit K: | Form of Supply Agreements |

---

Keurig Partners Disclosure Schedule

-iv-

------

**<u>TRANSACTION AGREEMENT</u>**

THIS TRANSACTION AGREEMENT (this "<u>Agreement</u>"), dated as of February 23, 2026 (the "<u>Effective Date</u>"), is made by and among Keurig JV, LP, a Delaware limited partnership (the "<u>JV</u>"), Keurig Dr Pepper Inc. ("<u>Keurig Parent</u>"), Keurig Green Mountain, Inc., a Delaware corporation ("<u>KGM</u>"), KGM Manufacturing LLC, a Delaware limited liability company ("<u>KGMM</u>"), Keurig Production Holding, LLC, a Delaware limited liability company ("<u>Keurig USA Partner</u>"), following execution of the joinder pursuant to <u>Section</u> <u>10.6</u>, Keurig Lux HoldCo, S.a.r.l., a *société à responsabilité limitée* organized under the laws of the Grand Duchy of Luxembourg ("<u>Keurig Lux Partner</u>" and, together with Keurig Parent, KGM, KGMM and Keurig USA Partner, the "<u>Keurig Partners</u>" and, together with the JV, the "<u>Keurig Parties</u>") and AP Kona Holdings LLC, a Delaware limited liability company ("<u>Co-Investor Limited Partner</u>"). All of the signatories to this Agreement are collectively referred to as the "<u>Parties</u>" and each, individually, as a "<u>Party</u>".

**<u>RECITALS</u>**

**WHEREAS**, the Keurig Partners are engaged, among other things, in the JV Business;

**WHEREAS**, Keurig USA Partner, as the sole member of KGMM, desires to cause KGMM to merge with and into the JV, with the JV surviving such merger pursuant to the Agreement and Plan of Merger attached hereto as <u>Exhibit I</u> (the "<u>Keurig Merger Agreement</u>" and such merger, the "<u>Keurig U.S. Contribution</u>") and, following such Keurig U.S. Contribution, (i) Keurig USA Partner shall own a number of limited partnership units of the JV listed next to Keurig USA Partner's name on <u>Schedule 2</u> and (ii) the JV shall own, or at the Closing will own assets related to, used or held for use in, the JV Business in the United States, as set forth in <u>Schedule 3</u> (the "<u>U.S. Contributed Assets</u>");

**WHEREAS**, as of the Effective Date, (i) Keurig Lux Partner owns all of the issued and outstanding limited liability company units of Keurig Canada ULC, as a successor of Keurig Canada Inc. ("<u>KCULC</u>") and (ii) KCULC owns, or at the Closing will own assets related to, used or held for use in, the JV Business in Canada, as set forth in <u>Schedule 3</u> (the "<u>Canada Contributed Assets</u>" and, together with the U.S. Contributed Assets, the "<u>JV Assets</u>" in each case other than the Excluded Assets);

**WHEREAS**, prior to the Closing, the Keurig Partners shall, and shall cause their Affiliates to, carry out certain restructuring steps in order to ensure that all or substantially all of the JV Assets are contributed to KGMM or KCULC, as applicable, prior to Closing, as set forth in <u>Schedule 1</u> (the "<u>Restructuring Steps</u>");

**WHEREAS**, Keurig Lux Partner desires to, and to cause its Affiliates to, contribute all of the issued and outstanding limited liability company units of KCULC, to the JV (the "<u>KCULC Contribution</u>") in exchange for the number and class of limited partnership units of JV (the "<u>Units</u>") listed next to Keurig Lux Partner's name on <u>Schedule 2</u>, pursuant to a

------

contribution agreement in a form reasonably satisfactory to the Co-Investor Limited Partner, consistent with the terms of this Agreement (the "<u>KCULC Contribution Agreement</u>");

**WHEREAS**, Co-Investor Limited Partner desires to contribute the Purchase Price to the JV in exchange for the number and class of Units listed next to Co-Investor Limited Partner's name on <u>Schedule 2</u>;

**WHEREAS**, the Parties will, or will cause their Affiliates to, enter into certain Ancillary Agreements at the Closing (as defined therein), including (i) an Amended and Restated Limited Partnership Agreement in the form set forth in Exhibit B (the "<u>A&R LPA</u>"), pursuant to which the Keurig Partners and Co-Investor Limited Partner will address certain governance matters of the JV, (ii) a Wholesale Agreement, in the form set forth in <u>Exhibit C</u> (the "<u>Wholesale Agreement</u>"), pursuant to which the JV will, among other things, sell and deliver Products to KGM and its Affiliates, (iii) an Operating and Maintenance Agreement in the form set forth in <u>Exhibit D</u>, pursuant to which KGM and its Affiliates will lease certain employees to the JV and provide management and oversight services to the JV for purposes of performing all work, services and other activities in connection with the development, installation, commissioning, operation, maintenance and use (including pod production and inventory activities) required by the JV to maintain and operate the JV Assets and certain other administrative services (the "<u>O&M Agreement</u>"), (iv) a Parent Guaranty Agreement in the form set forth in <u>Exhibit</u>**<u> </u>**<u>E</u> (the "<u>Guaranty</u>"), (v) an Intellectual Property License Agreement in the form set forth in <u>Exhibit F</u>, pursuant to which KGM and its Affiliates will grant a license or sublicense to certain intellectual property necessary for the operation and maintenance of the JV Assets and the manufacturing of Products (the "<u>IP License Agreement</u>"), (vi) a Risk of Loss Agreement in the form set forth in <u>Exhibit H</u>, pursuant to which KGM and the JV set forth the process and allocation of risk and responsibility with respect to any certain casualty events that may disrupt operations or the production of Products (the "<u>Risk of Loss Agreement</u>"), and (vii) one or more Supply Agreements in substantially the form set forth in <u>Exhibit K</u>, pursuant to which the JV would purchase green coffee beans, raw materials and other consumables necessary for the JV to perform its obligations under the Wholesale Agreement from KGM (the "<u>Supply Agreements</u>"), in each case, as more specifically described in such Ancillary Agreement; and

**WHEREAS**, each of the Keurig Partners, the JV and Co-Investor Limited Partner desires to make certain representations, warranties, covenants and agreements in connection with this Agreement.

**NOW, THEREFORE,** in consideration of the premises, and of the representations, warranties, covenants and agreements contained herein, the Parties agree as follows:

**<u>ARTICLE I</u>**

**CLOSING; CLOSING DELIVERIES** 

Section 1.1 <u>Restructuring Steps; Contribution; Issuance of Units</u>. Upon the terms and subject to the conditions set forth in this Agreement, and in reliance on the representations, warranties and covenants contained herein:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prior to the Closing, KGM shall effect, or cause its Affiliates to effect, the Restructuring Steps;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on the Closing Date, and concurrently with the completion of the Restructuring Steps, KGM shall, and shall cause its Affiliates (including Keurig Lux Partner and KGMM) to, (i) effect the Keurig U.S. Contribution, in exchange for Class A-1 Units, Class B-1 Units and Class C Units and (ii) cause Keurig Lux Partner to contribute, transfer and assign to the JV all of its rights, title and interest in and to the limited liability company units of KCULC, free and clear of any Liens, in exchange for Class A-1 Units, Class B-1 Units and Class C Units ((i) and (ii), collectively, the "<u>Keurig Parent Contribution</u>"), in each case in exchange for the number of such Units as listed next to each of Keurig USA Partner's and Keurig Lux Partner's name on <u>Schedule 2</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at the Closing, Co-Investor Limited Partner shall contribute the Purchase Price to the JV (the "<u>Co-Investor Capital Contribution</u>" and, together with the Keurig Parent Contribution, the "<u>Contribution</u>"), in exchange for the number of Class A-1 Units, Class A-2 Units, Class B-1 Units and Class B-2 Units, in each case as listed next to the Co-Investor Limited Partner's name on <u>Schedule 2</u> (the issuance of such Class A-1 Units, Class A-2 Units, Class B-1 Units and Class B-2 Units, the "<u>Co-Investor Issuance</u>").

Section 1.2 <u>Time and Place of Closing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Transactions shall be consummated substantially simultaneously, by way of electronic exchange of documents (the "<u>Closing</u>"), on a date designated by the Keurig Partners upon not less than three (3) Business Days' prior written notice to the Co-Investor Limited Partner (the "<u>Closing Notice</u>") following the satisfaction or waiver of all of the conditions set forth in <u>Article VII</u> in accordance with this Agreement (other than those conditions that by their nature can only be satisfied at the Closing, but subject to the satisfaction or waiver of such conditions at the Closing), which date shall be no later than the closing date of the JDEP Acquisition. The Closing shall be deemed to occur at 12:01 a.m. ET on the date on which the Closing occurs (the "<u>Closing Date</u>"). Notwithstanding the foregoing, the Keurig Partners shall use commercially reasonable efforts to deliver the Closing Notice to Co-Investor Limited Partner at least ten (10) Business Days prior to the designated Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It shall be a condition subsequent to the Closing that the JDEP Acquisition is consummated (the date on which the JDEP Acquisition is consummated, the "<u>JDEP Acquisition Closing</u>"). Except as otherwise agreed in writing by Keurig Parent and Co-Investor Limited Partner, if the JDEP Acquisition is not consummated within ten (10) Business Days of the Closing Date (provided, that if the parties thereto are continuing to work in good faith toward the closing of the JDEP Acquisition, such date shall be extended by an additional five (5) Business Days), then (x) the Closing, together with the Co-Investor Issuance and the Ancillary Agreements entered into at or after the Closing and the transactions consummated thereunder, shall be immediately null and void, (y) the Purchase Price shall promptly be returned to the Co-Investor Limited Partner, in full, by wire transfer of immediately available funds to an account that is specified in writing by Co-Investor Limited Partner and (z) Keurig Parent shall pay to the Co-Investor Limited Partner, by wire transfer of immediately available funds to an account that is specified in writing by Co-Investor Limited Partner, an amount necessary to provide the Co-

------

Investor Limited Partner an IRR (as defined in the A&R LPA) as of such date equal to the Target IRR (as defined in the A&R LPA) with respect to the aggregate amount of the Purchase Price (and any additional Capital Contributions (as defined in the A&R LPA) made by the Co-Investor Limited Partner, if any, applicable thereto). Any amount not paid when due pursuant to this Section 1.2(b) shall bear interest from the date such amount is due until the date paid at a rate equal to the prime rate as published in The Wall Street Journal, Eastern Edition in effect on the date of such payment. For the avoidance of doubt, in no event shall the Co-Investor Limited Partner or any Co-Investor (or any of their Affiliates) be required to return any payments under the A&R Commitment Letter, the Fee Letters or the Allocation and Expense Reimbursement Letter (it being understood and agreed that any fees or other payments thereunder shall be fully payable at, and non-refundable following, the Closing).

Section 1.3 <u>Deliveries at the Closing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>By the Keurig Partners</u>. At the Closing, the Keurig Partners shall deliver or cause to be delivered to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Co-Investor Limited Partner, counterparts of the transfer instruments transferring the JV Assets to the JV as contemplated by <u>Section</u> <u>1.1(a)</u> in the form set forth in <u>Exhibit G</u>, duly executed by all of the parties thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Co-Investor Limited Partner, counterparts of each of the Ancillary Agreements to which any of the Keurig Partners or any of their Affiliates is or will be a party, duly executed by the applicable Keurig Partner or its Affiliate(s) party thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the JV, a properly completed and duly executed IRS Form W-8 or W-9, as applicable of Keurig Lux Partner and Keurig USA Partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Co-Investor Limited Partner, Lien Releases in respect of all Liens (except for Permitted Liens) on any of the JV Assets in respect of third party Indebtedness for borrowed money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Co-Investor Limited Partner, if applicable pursuant to <u>Section</u> <u>5.9</u>, the Kodiak Preferred Stock Investment Agreement, duly executed by Kodiak Newco and any other Keurig Partner or Affiliate of the Keurig Partners party thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Co-Investor Limited Partner, a certificate, dated as of the Closing Date, duly executed by an authorized officer of each Keurig Partner on behalf of such Keurig Partner, certifying that, as of the Closing, each of the conditions set forth in <u>Section</u> <u>7.3(a)</u>, <u>Section</u> <u>7.3(c)</u>, <u>Section</u> <u>7.3(e),</u> <u>Section</u> <u>7.3(f)</u> ,<u> </u><u>Section</u> <u>7.3(g)</u> and <u>Section</u> <u>7.3(h)</u> has been satisfied**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>By the JV</u>. At the Closing, the JV shall deliver or cause to be delivered to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Keurig Partners and Co-Investor Limited Partner, counterparts of each of the Ancillary Agreements to which the JV is or will be a party, duly executed by the JV;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Keurig Lux Partner and Keurig USA Partner, a certificate, in form and substance reasonably acceptable to Co-Investor Limited Partner, evidencing the Units to be held by Keurig Lux Partner in accordance with <u>Section</u> <u>1.1(a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Co-Investor Limited Partner, a certificate, in form and substance reasonably acceptable to Co-Investor Limited Partner, evidencing the Units to be held by Co-Investor Limited Partner in accordance with <u>Section</u> <u>1.1(c)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Co-Investor Limited Partner, if applicable pursuant to <u>Section</u> <u>6.2</u>, the Kodiak Preferred Stock Investment Agreement, duly executed by the JV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Co-Investor Limited Partner, a certificate, dated as of the Closing Date, duly executed by an authorized officer of the JV, certifying that each of the conditions set forth in <u>Section</u> <u>7.3(b)</u> and <u>Section</u> <u>7.3(d)</u> has been satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Co-Investor Limited Partner or its designee(s), all amounts payable pursuant to <u>Section</u> <u>10.2</u> by wire transfer of immediately available funds to an account that is specified in writing by Co-Investor Limited Partner at least three (3) Business Days prior to the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>By Co-Investor Limited Partner</u>. At the Closing, and as consideration for the Co-Investor Issuance, Co-Investor Limited Partner shall deliver or cause to be delivered to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Keurig Partners, counterparts of each of the Ancillary Agreements to which Co-Investor Limited Partner or any of its Affiliates is or will be a party, duly executed by Co-Investor Limited Partner or its applicable Affiliate party thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the JV, a properly completed and duly executed IRS Form W-9 of Co-Investor Limited Partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the JV, the Purchase Price, by wire transfer of immediately available funds to an account that is specified in writing by the JV at least three (3) Business Days prior to the Closing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Keurig Parties, a certificate, dated as of the Closing Date, duly executed by an authorized officer of Co-Investor Limited Partner, certifying that each of the conditions set forth in <u>Section</u> <u>7.2(a)</u> and <u>Section</u> <u>7.2(b)</u> has been satisfied. 

**<u>ARTICLE II</u>**

**REPRESENTATIONS AND WARRANTIES OF THE KEURIG PARTIES** 

Except (a) as set forth in the Disclosure Letter delivered to Co-Investor Limited Partner by the Keurig Parties concurrently with the execution and delivery of this Agreement (the "<u>Disclosure Letter</u>") (it being agreed that disclosure of any item in any section or subsection of the Disclosure Letter shall be deemed disclosure with respect to any other section or subsection to which the relevance of such item is reasonably apparent) or (b) except with respect to <u>Section</u> <u>2.1</u>, <u>Section</u> <u>2.2</u>, <u>Section</u> <u>2.3</u> and <u>Section</u> <u>2.4</u>, as set forth with reasonable specificity in relation to

------

the JV Business based on a plain reading of such disclosure in the Keurig Reports filed or furnished in the three (3) years prior to the Effective Date (excluding any disclosures in such Keurig Reports under the headings "Risk Factors," "Forward-Looking Statements" or "Quantitative and Qualitative Disclosures About Market Risk" and other disclosures that are predictive, cautionary or forward looking in nature, and excluding any content of such Keurig Reports that have been redacted or omitted pursuant to applicable Law),each of the Keurig Parties hereby represents and warrants to Co-Investor Limited Partner as of the Effective Date and as of the Closing as follows:

Section 2.1 <u>Organization, Good Standing and Qualification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the JV Entities is a legal entity duly organized, validly existing and in good standing under the Laws of its respective jurisdiction of organization, except as would not, individually or in the aggregate, reasonably be expected to be material to the JV Business or prevent, materially delay, or materially impede the performance by the JV Entities of their obligations under this Agreement or the Ancillary Agreements or the consummation of the Transactions. The JV Entities (i) have all requisite corporate or similar power and authority to carry on such portion of the JV Business as is presently conducted by them or as is presently contemplated by them to be conducted and (ii) are qualified to do business and are in good standing as a foreign corporation or other legal entity in each jurisdiction where the ownership, leasing or operation of the JV Entities or conduct of the JV Business conducted by them requires such qualification, except in the case of <u>clauses (i)</u> and <u>(ii)</u> where the failure to be so qualified or in good standing, or to have such power or authority, would not, individually or in the aggregate, reasonably be expected to be material to the JV Business or prevent, materially delay, or materially impede the performance by the JV Entities of their obligations under this Agreement or the Ancillary Agreements or the consummation of the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Keurig Parties have made available to Co-Investor Limited Partner complete and correct copies of the Organizational Documents of the JV Entities, each as in effect or adopted on the Effective Date. The Organizational Documents of each JV Entity are in full force and effect. No JV Entity is in violation of any provision of its Organizational Documents, except as is not and would not, individually or in the aggregate, reasonably be expected to be material to the JV Business and/or prevent, materially delay or materially impede the ability of the JV Entities to consummate the Transactions.

Section 2.2 <u>Authority; Approval</u><u>; Enforceability</u>. Each JV Entity has all requisite corporate or other organizational power and authority to execute and deliver this Agreement and each of the Ancillary Agreements to which it is or shall be a party, to perform its obligations hereunder and thereunder and to consummate the Transactions. The execution, delivery and performance of this Agreement by each JV Entity has been duly and validly authorized by all necessary organizational action on the part of the JV Entities. The execution, delivery and performance of each of the Ancillary Agreements to which the JV Entities will be a party has been duly and validly authorized by all necessary corporate or other action on the part of such Person. This Agreement and each of the Ancillary Agreements have been duly executed and delivered by the JV Entities and, when executed and delivered by the Co-Investor Limited Partner and the other parties thereto, will constitute a valid and legally binding agreement of the JV Entities, enforceable against such party pursuant to its terms, subject to bankruptcy,

------

insolvency, fraudulent conveyance, preferential transfer, reorganization, moratorium and similar Laws relating to or affecting creditors' rights generally and subject to the effect of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) (the "<u>Bankruptcy and Equity Exception</u>").

Section 2.3 <u>No Conflict; Required Filings and Consents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The execution, delivery and performance by the JV Entities of this Agreement or the Ancillary Agreements to which such JV Entities are, or at the Closing will be, party or the consummation of the Transactions will not (i) conflict with, breach or violate the Organizational Documents of any JV Entity, (ii) conflict with, breach or violate any Law applicable to the JV Entities or by which any of their respective properties or assets are bound or affected, (iii) result in a violation or revocation of any Permit, (iv) result in the creation of, or require the creation of, any Lien upon any equity securities of the JV Entities or any of their respective assets or properties or (v) with or without notice or lapse of time, or both, result in any breach or violation of or loss of any rights under, or constitute a default under, or give rise to any right of termination, amendment, acceleration or cancellation of, any Contract to which a JV Entity is party any or by which any of their respective properties or assets are bound or require the consent from or notice to a counterparty under any Contract, other than, in the case of <u>clauses</u> (ii)-(v), any such failures to obtain a consent or send a notice or violations, conflicts, breaches, defaults, rights or Liens that is not and would not, individually or in the aggregate, reasonably be expected to be material to the JV Business or materially impede the performance by the JV Entities of their obligations under this Agreement or the Ancillary Agreements or the consummation of the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by the JV Entities of the this Agreement or the Ancillary Agreements or the consummation of the Transactions by the JV Entities will not require any consent, approval, authorization, waiver or permit of, or filing with or notification to, any Governmental Entity, other than where the failure to obtain such consents, approvals, authorizations, waivers or Permits, or to make such filings or notifications is not and would not, individually or in the aggregate, reasonably be expected to be material to the JV Business or materially impede the consummation of the Transactions by the JV Entities.

Section 2.4 <u>Capitalization; Subsidiaries</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of immediately following the Closing, the authorized equity interests and capital structure of the JV shall be as set forth in the A&R LPA. All of the Units have been, or at the Closing will be, duly authorized, and are validly issued, fully paid and non-assessable and were issued in compliance with applicable Law and the JV's Organizational Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Section</u> <u>2.4(b)</u> of the Disclosure Letter sets forth a true, correct and complete list of all of the JV Entities and lists, for each such JV Entity, (i) its name, (ii) its jurisdiction of organization, (iii) its authorized capital stock and other Equity Securities, (iv) the number and type of its issued and/or outstanding Equity Securities and (v) the record and beneficial ownership of such Equity Securities, which, in the case of <u>clauses</u> <u>(iii)</u>-<u>(v)</u>, reflect such information both as it exists prior to the consummation of the Restructuring Steps and following consummation of the Restructuring Steps. Except as set forth on <u>Section</u> <u>2.4(b)</u> of the Disclosure

------

Letter, there are no outstanding Equity Securities of the JV Entities. All the outstanding Equity Securities of each JV Entity have been duly authorized, and are validly issued, fully paid and non-assessable and were issued in compliance with applicable Law and their respective Organizational Documents (other than any transfer restrictions imposed by federal, state or provincial securities Laws and those imposed under the Delaware Act or the comparable statute in such JV Entity's jurisdiction of formation, organization or incorporation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as set forth herein in connection with the Restructuring Steps, the Keurig U.S. Contribution and the Keurig Parent Contribution, none of the JV Entities is a party to any right of first refusal, right of first offer, proxy, voting agreement, voting trust, registration rights agreement or other similar Contract with respect to any Equity Securities of the JV Entities. Except as set forth herein in connection with the Restructuring Steps, the Keurig U.S. Contribution or the Keurig Parent Contribution, there are no outstanding obligations of any kind to issue, sell, transfer, purchase, repurchase, redeem or otherwise acquire any Equity Securities of the JV Entities. There are no Contracts (including subscriptions, options, warrants, rights, calls, or other arrangements of any kind) or other outstanding obligations, contingent or otherwise, of the JV Entities to purchase, repurchase, redeem or otherwise acquire any Equity Securities of, or provide funding to (in the form of a loan, capital contribution or otherwise) or make any equity or debt investment in, any Person.

Section 2.5 <u>Absence of Liabilities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as reflected, reserved against or otherwise disclosed in the JV Financial Statements, (x) the JV Entities do not have any Liabilities, and (y) neither the Keurig Partners nor their Subsidiaries have any Liabilities for which the JV Entities are, or at the Closing will be, liable, other than, in the case of clauses <u>(x)</u> and <u>(y)</u>, (a) Liabilities that were incurred in the ordinary course consistent with past practice, (b) Liabilities permitted to be incurred in connection with this Agreement, the Ancillary Agreements or the Transactions, and (c) Liabilities that have been incurred in the performance of obligations under Contracts to which a JV Entity is, or will be at the Closing, a party in the ordinary course (other than as a result of any breach thereof by a JV Entity, a Keurig Partner or its Subsidiaries) or that would not, individually or in the aggregate, reasonably be expected to be material to the JV Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth on <u>Section</u> <u>2.5(c)</u> of the Disclosure Letter, the JV Entities do not have, and at the Closing will not have, any Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as set forth on <u>Section</u> <u>2.5(c)</u> of the Disclosure Letter, neither the JV Entities nor any JV Assets are subject to any Liens, other than Permitted Liens.

Section 2.6 <u>Absence of Certain Changes</u>. Since December 31, 2025 until the Effective Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) except as contemplated by this Agreement or any Ancillary Agreements, the JV Business has been operated in the ordinary course of business in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there has not been any change, event, development or circumstance that has had or would reasonably be expected to result in, individually or in the aggregate, a JV Material Adverse Change; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) except as contemplated by the Restructuring Steps, no Keurig Party has taken any action which, if taken after the Effective Date, would require the consent of Co-Investor Limited Partner pursuant to <u>Section</u> <u>5.1</u>.

Section 2.7 <u>Litigation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) There are no, and since December 31, 2022 there have not been any, Claims pending or threatened in writing or, to the Knowledge of the Keurig Partners, orally, against, by, involving or affecting the JV Entities, the JV Assets or, to the extent relating to or affecting the JV Business, the Keurig Entities, in each case, which would, individually or in the aggregate, reasonably be expected to be material to the JV Business or prevent or materially delay, or materially impede the consummation of the Transactions by the Keurig Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There are no, and since December 31, 2022 there have not been any, judgments, Orders, writs, injunctions, decrees or awards of any Governmental Entity involving or affecting the JV Entities, the JV Assets or, to the extent relating to or affecting the JV Business, the Keurig Entities, in each case, which would, individually or in the aggregate, reasonably be expected to be material to the JV Business or prevent or materially delay, or materially impede the consummation of the Transactions by the JV Entities.

Section 2.8 <u>Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 2.8(a)</u> of the Disclosure Letter sets forth the audited combined statement of operations, combined statement of comprehensive income, combined statements of cash flows, in each case, of Keurig Parent for the year ended December 31, 2024 and the audited combined balance sheet of Keurig Parent as of December 31, 2024 (together with any notes thereto, the "<u>Keurig Parent Audited Financial Statements</u>") and the unaudited combined statement of operations, combined statement of comprehensive income, combined statements of cash flows, in each case, of Keurig Parent for the year ended December 31, 2025 and the unaudited combined balance sheet of Keurig Parent as of December 31, 2025 (the "<u>Keurig Parent Unaudited Financial Statements</u>" and, together with the Keurig Parent Audited Financial Statements, the "<u>Keurig Parent Financial Statements</u>"). The Keurig Parent Financial Statements (A) were prepared in accordance with GAAP, subject in the case of the Keurig Parent Unaudited Financial Statements, to normal and recurring year-end adjustments (none of which are material to Keurig Parent or its Subsidiaries either individually or in the aggregate) and the lack of footnotes (which if presented would not be material to Keurig Parent or its Subsidiaries, individually or in the aggregate, or materially different from those in the Keurig Parent Audited Financial Statements), (B) present fairly, in all material respects, the combined financial position and the combined results of operations of Keurig Parent and its Subsidiaries, as of the respective dates thereof or the periods then ended, in each case except as may be noted therein and (C) have been prepared from, and are consistent with, the books and records of Keurig Parent and its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Section 2.8(b)</u> of the Disclosure Letter sets forth certain financial data of the JV Business for the years ended December 31, 2024 and December 31, 2025 (the "<u>JV Financial Statements</u>"). The JV Financial Statements were extracted from the Keurig Parent Financial Statements, and were are prepared in accordance with GAAP using the same principles,

------

methodology, and practices used to extract the underlying data that were used to prepare the Keurig Parent Financial Statements. The JV Financial Statements present fairly, in all material respects, the combined financial position and the combined results of operations of JV Business, as of the respective dates thereof or the periods then ended, in each case except as may be noted therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The JV Financial Statements and <u>Section</u> <u>2.8(b)</u> are qualified by the fact that (A) the JV Business has not operated on a standalone basis and has historically been reported within Keurig Parent's consolidated financial statements, (B) the Keurig Parent Financial Statements assume certain allocated charges and credits which do not necessarily reflect amounts that would have resulted from arm's-length transactions or that the JV Business would incur on a standalone basis, and (C) the JV Financial Statements (1) were not subject to an audit or any year-end close process with normal year-end adjustments (such as tax computations, intercompany eliminations) and (2) were calculated on the following basis: (A) balances were calculated on a constant currency basis; (B) without reflecting corporate overlay adjustments in respect of leases, asset retirement obligations, audit, stock compensation, restructuring accruals and (C) do not reflect certain adjustments related to different bases of financial reporting required as a result of the carve out accounting (such as goodwill).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Keurig Parent has established and maintains a system of internal accounting controls sufficient to provide reasonable assurance that transactions are recorded as necessary to permit preparation of the Keurig Parent Financial Statements and the JV Financial Statements in conformity with GAAP, except for any deficiency that, individually or in the aggregate, would not reasonably be expected to be material to the JV Business.

Section 2.9 <u>Compliance with Laws; Permits</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Since December 31, 2022, the JV Entities and, to the extent relating to or affecting the JV Business, the Keurig Entities and except as would not, individually or in the aggregate, reasonably be expected to be material to the JV Business (i) have not been, and are not, in violation of any Laws or Orders (including Laws with respect to the collection or use of Personal Information), and (ii) have not received any fine, citation, notification or communication from any Governmental Entity or other Person nor, to the Knowledge of the Keurig Partners, has any notice, action or assertion been filed or commenced against the JV Entities or, to the extent relating to or affecting the JV Business, the Keurig Entities, (A) asserting that such Person is not in compliance with any Law or Order or (B) threatening to revoke any Permit owned by the JV Entities and, to the extent relating to or affecting the JV Business, the Keurig Entities or otherwise used or held by the JV Business. Neither the JV Entities, nor, to the extent related to the JV Business, the Keurig Entities, in each case are, or since December 31, 2022 have been, under investigation with respect to, or been given notice of, any violation of any applicable Law or Order except as would not, individually or in the aggregate, reasonably be expected to be material to the JV Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth on <u>Section</u> <u>2.9(b)</u> of the Disclosure Letter, the JV Entities have, or at the Closing will have, all Permits necessary to own and operate the JV Assets and to carry on the JV Business as presently conducted and as is presently contemplated to be conducted except as would not, individually or in the aggregate, reasonably be expected to be

------

material to the JV Business. All such Permits are valid and in good standing and full force and effect. The Keurig Parties or their Affiliates have obtained, and since December 31, 2022 have been in compliance with, all Permits issued or granted by a Governmental Entity to the extent necessary to validly and lawfully conduct such portion of the JV Business, except those the absence of which would not, individually or in the aggregate, reasonably be expected to be material to the JV Business. There are no, and since December 31, 2022 there have not been, any Claims pending or threatened in writing or, to the Knowledge of the Keurig Partners, orally, in each case in writing, that would reasonably be expected to result in the termination, revocation, cancellation, suspension, invalidation or modification of any such Permit, except for such Claims which would not, individually or in the aggregate, reasonably be expected to be material to the JV Business. To the Knowledge of the Keurig Partners, no event has occurred or circumstance exists that, with or without notice or lapse of time or both, would reasonably be expected to result in the termination, revocation, cancellation, suspension, invalidation or modification, default or violation of any such Permit except as would not, individually or in the aggregate, reasonably be expected to be material to the JV Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as would not, individually or in the aggregate, reasonably be expected to be material to the JV Business, since December 31, 2022, (i) none of the JV Entities nor, to the extent relating to or affecting the JV Business, the Keurig Entities has violated any applicable Law relating to anti-bribery or anti-corruption, including the U.S. Foreign Corrupt Practices Act of 1977, as amended, and the U.K. Bribery Act 2010, in each case, as in effect at the time of such action (any such Law, an "<u>Anti-Corruption Law</u>"), and (ii) no director, officer, or, to the Knowledge of the Keurig Partners, agent, employee, representative, consultant, joint venture partner or other Person acting for or on behalf of the JV Entities or Keurig Entities has, with respect to the JV Business, violated any Anti-Corruption Law. Through the Effective Date, none of the JV Entities nor, to the extent related to the JV Business, the Keurig Entities has received any written notice alleging any such violation of any Anti-Corruption Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Since December 31, 2022, (i) neither the JV Entities nor, to the extent related to the JV Business, the Keurig Entities has (x) violated applicable Sanctions, (y) engaged in a transaction or dealing, direct or indirect, with or involving a Sanctioned Country or Sanctioned Person or (z) been the subject of or otherwise involved in an investigation or enforcement action by any Governmental Entity or other Claim with respect to any actual or alleged violations of Sanctions, and has not been notified of any such pending Claims, Claims threatened in writing or, to the Knowledge of the Keurig Partners, oral Claims and (ii) JV Entities nor, to the extent related to the JV Business, the Keurig Entities, nor any of their respective directors, officers, or to the Keurig Partners' Knowledge, any agent, employee, representative, consultant, joint venture partner or other Person acting for or on behalf of the foregoing has been a Sanctioned Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Since December 31, 2022, (i) neither the JV Entities nor, to the extent related to the JV Business, the Keurig Entities have (i) violated applicable Trade Control Laws or (ii) been the subject of or otherwise involved in an investigation or enforcement action by any Governmental Entity or other Claim with respect to any actual or alleged violations of Trade Control Laws, and have not been notified in writing of any such pending Claims, Claims threatened in writing or, to the Knowledge of the Keurig Partners, oral Claims.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The JV Entities and, to the extent related to the JV Business, each Keurig Entity have implemented and maintained policies and procedures to promote compliance with Anti-Corruption Laws, Sanctions and Trade Control Laws.

Section 2.10 <u>Sufficiency of Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as would not be, individually or in the aggregate, reasonably likely to be material to the JV Business, taking into account this Agreement, the Ancillary Agreements and the Transactions, as of the Effective Date the Keurig Parties or their Affiliates have, and as of the Closing the JV Entities will have, good and valid title to, or a valid leasehold interest in, the JV Assets (including all Real Property but excluding any Excluded Assets). The JV Assets, together with the rights, services and licenses provided to the JV under the Ancillary Agreements (which, for the avoidance of doubt, shall include the Real Property and the rights granted to the JV pursuant to the IP License Agreement but shall not otherwise include the Excluded Assets) constitute all of the assets, properties, rights (including Contracts and rights to Intellectual Property), privileges and interests of whatever kind or nature, real or personal or mixed, tangible or intangible, used in or necessary to conduct the JV Business as presently conducted and as is presently contemplated to be conducted, consistent with past practices and are sufficient for the continued conduct of the JV Business after the Closing in substantially the same manner as conducted prior to the Closing, it being understood that no assets expressly identified as Excluded Assets or outside the scope of the Ancillary Agreements shall be required for such operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as would not, individually or in the aggregate, reasonably be expected to be material to the JV Business, all improvements, fixtures, machinery, equipment, and other tangible JV Assets for use in the JV Business are in good operating condition, ordinary wear and tear excepted, have been regularly and properly serviced and maintained in the ordinary course of business consistent with past practice in a manner that, to the Knowledge of the Keurig Partners, would not void or limit the coverage of any warranty thereon.

Section 2.11 <u>Keurig IP</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as would not, individually or in the aggregate, reasonably be expected to be material to the JV Business: (i) the Keurig Parties or their Affiliates, as applicable, own the Keurig IP to be licensed or sublicensed to the JV under the Main JV Agreements as of the Closing, free and clear of all Liens other than Permitted Liens, or license such Keurig IP pursuant to a valid Contract to which such Keurig Party or Affiliate is a party, (ii) since December 31, 2022, (x) the conduct and operations of the JV Business have not and, as presently conducted, do not infringe, misappropriate, or otherwise, violate any Intellectual Property owned by any other Person, (y) to the Knowledge of the Keurig Partners, no Person has infringed, misappropriated or otherwise violated, or is infringing, misappropriating or otherwise violating, any Keurig IP, and (z) no Keurig Parties or their Affiliates has received from or delivered to any Person written notice of a Claim for any such actual, alleged, or suspected infringement, misappropriation or other violation.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Keurig Parties and their Affiliates have taken commercially reasonable steps designed to protect and maintain the secrecy, and confidentiality of all Trade Secrets included in the Keurig IP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Since December 31, 2022, all current and former employees, consultants and contractors of the Keurig Parties or their Affiliates who have created, developed or authored material Keurig IP (i) have assigned to the Keurig Parties (or their Affiliates) their rights in such Keurig IP as a matter of Law or (ii) are subject to customary confidentiality and invention assignment agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The IT Systems are in good working order and condition in all material respects, and the Keurig Parties and their Affiliates have in place commercially reasonable administrative, technical and physical safeguards designed to protect the confidentiality, integrity and security of the IT Systems and data used in the JV Business from unauthorized access or use.

Section 2.12 <u>Real Property</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 2.12(a)</u> of the Disclosure Letter sets forth a correct and complete list as of the Effective Date, of all Owned Real Property. Except in any such case as would not, individually or in the aggregate, reasonably be expected to be material to the JV Business, the JV Entities have good and valid title to the Owned Real Property, free and clear of all Liens except for Permitted Liens. No party has any right of first offer, right of first refusal or purchase option with respect to any Owned Real Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Section 2.12(b)</u> of the Disclosure Letter sets forth a correct and complete list of all the Leased Real Property and the Leases used in or held for use in the JV Business. The Keurig Partners have made available to Co-Investor Limited Partner complete and accurate copies of all Leases. Each Lease is, and following the Closing and after giving effect to the Transactions will be, legal, valid, binding, enforceable and in full force and effect. The Keurig Parties and their Affiliates have a valid leasehold interest in all Leased Real Property, free and clear of all Liens, except Permitted Liens. Except in any such case as would not, individually or in the aggregate, reasonably be expected to be material to the JV Business, (i) none of the Keurig Parties or their Affiliates nor, to the Knowledge of the Keurig Partners, any other party to the Lease is in breach or default under such Lease and no event has occurred or circumstance exists which, with the delivery of notice, passage of time or both, would constitute such a breach or default or permit the termination, modification or acceleration of rent under such Lease and (ii) no Leased Real Property violates any applicable building code, zoning requirement or other Law relating to such property or operations thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as set forth on <u>Section 2.12(c)</u> of the Disclosure Letter neither the Keurig Parties nor their Affiliates has transferred or assigned any interest in any Real Property or any Lease (including the collateral assignment or granting of any other security interest in such Real Property or Lease or any interest therein) other than a Permitted Lien, nor have the Keurig Parties or their Affiliates leased, subleased or otherwise granted rights of use or occupancy of any of the Real Property to any other Person or entity except, in each case, to the Keurig Parties or their Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as set forth on <u>Section 2.12(d)</u> of the Disclosure Letter, to the knowledge of the Keurig Parties, the Keurig Parties and their Affiliates have not received notice in writing

------

of any pending, and there are no threatened, condemnation, rezoning, taking, eminent domain or similar proceeding with respect to any material part of the Real Property. Except as would not materially interfere with the present uses of the improvements on any Real Property or as would not reasonably be expected to be material to the JV Business, taken as a whole, the improvements located on the Real Property are in reasonably good working order and condition for use in the JV Business, ordinary wear and tear excepted.

Section 2.13 <u>Insurance</u>. All material fire and casualty, general liability, business interruption, product liability and sprinkler and water damage insurance policies maintained by the Keurig Parties or their Affiliates with respect to the JV Business ("<u>Insurance Policies</u>") (i) are with reputable insurance carriers, (ii) provide full and adequate coverage for all normal risks incident to the JV Business, (iii) are sufficient for compliance with applicable Laws and any material Contracts and (iv) are in character and amount at least equivalent to that carried by Persons engaged in similar businesses and subject to the same or similar perils or hazards, except for any such failures to maintain Insurance Policies that would not, individually or in the aggregate, reasonably be expected to be material to the JV Business. Each Insurance Policy is valid, binding and in full force and effect and all premiums due with respect to all Insurance Policies have been paid except as would not, individually or in the aggregate, reasonably be expected to be material to the JV Business.

Section 2.14 <u>No Employees</u>. Other than with respect to KCULC (as defined in <u>Schedule 3</u>), as of the Effective Date, and after giving effect to the Transactions, the JV Entities will have no employees.

Section 2.15 <u>No Other Business</u>. The JV has been formed solely for the purpose of engaging in the Transactions and, following the Closing, holding the JV Assets. The JV has not engaged, and will not engage prior to Closing, in any business activities other than those that are incidental to the Transactions and will have incurred no Liabilities or obligations other than those that are in relation to this Agreement, the Ancillary Agreements and the Transactions.

Section 2.16 <u>Brokers and Finders</u>. No Keurig Party has employed any investment banker, broker or finder or incurred or shall incur any Liability for any brokerage payments, investment banking fees, commissions, finders' fees or other similar payments in connection with the Transactions, except that the Keurig Partners or their Affiliates has employed Goldman Sachs & Co. LLC as its financial advisor in connection with the Transactions. The Keurig Partners are solely responsible for the fees and expenses of Goldman Sachs & Co. LLC.

Section 2.17 <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All income and other material Tax Returns required to be filed by or with respect to the JV Entities have been timely filed and all such Tax Returns are true, correct and complete in all material respects. All income and other material Taxes required to be paid by or with respect to the JV Entities and the JV Assets (whether or not shown on any such Tax Return) have been paid to the proper Tax Authority or properly reserved for in accordance with applicable accounting principles. All material amounts that are required by law to be deducted, withheld or

------

collected on payments to third parties by or with respect to the JV Entities and the JV Assets have been deducted, withheld and collected and have been remitted to the proper Tax Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) No waiver or extension of any statute of limitations period for Taxes is currently in effect with respect to the JV Entities and the JV Assets, (ii) none of the JV Entities or the JV Assets are the subject of an audit or other examination relating to the payment of material Taxes, (iii) no written notice from any Tax Authority has been received that such an audit or examination described in clause (ii) is contemplated or pending, (iv) none of the JV Entities or the JV Assets are the subject of any assessment or other deficiency proceeding with respect to material Taxes, and (v) there are no Liens on the JV Assets for any failure to pay material Taxes (other than Permitted Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No JV Entity (i) has been a member of an affiliated group filing a consolidated federal income Tax Return (other than a U.S. federal income Tax consolidated group the common parent of which is Keurig Parent), (ii) has liability for the Taxes of any Person under Treasury Regulation Section 1.1502-6 (or any similar provision of state, local or foreign law), as a transferee or successor, or by Contract (excluding customary commercial agreements entered into in the ordinary course of business and the primary purpose of which does not relate to Taxes), (iii) has participated in any "listed transaction" within the meaning of Treasury Regulation Section 1.6011-4(b), (iv) has constituted either a "distributing corporation" or a "controlled corporation" (within the meaning of Section 355(a)(1)(A) of the Code) in a distribution of stock intended to qualify for tax-free treatment under Section 355 of the Code, (v) is a party to any Tax allocation or sharing agreement or similar arrangement or (vi) has an outstanding request for, or has received, a written ruling from a Tax Authority or entered into any written agreement with a Tax Authority with respect to any Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) KCULC is, and has been since its conversion from Keurig Canada Inc. to an unlimited liability company, properly treated as a disregarded entity for U.S. federal income Tax purposes. KCM is, and has been since its inception, properly treated as a disregarded entity for U.S. federal income Tax purposes. The JV (i) had been properly treated as a disregarded entity since its inception and prior to the KCULC Contribution and (ii) is, and has been since the KCULC Contribution, properly treated as a partnership for U.S. federal income Tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Claim has been made in writing by any Tax Authority in a jurisdiction where a JV Entity does not file Tax Returns that such JV Entity is or may be subject to taxation with respect to the JV Assets in that jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No JV Entity will be required to include or accelerate any material item of income in, or exclude or defer any material item of deduction from, taxable income for any period (or any portion thereof) ending after the Closing Date as a result of any (i) installment sale or open transaction disposition on or prior to the Closing Date, (ii) accounting method change or agreement with any Governmental Entity filed or made on or prior to the Closing Date or use of an improper method of accounting on or prior to the Closing Date, (iii) prepaid amount received or deferred revenue accrued on or prior to the Closing or (iv) intercompany transaction or excess loss account described in Section 1502 of the Code (or any similar provision of state, local or foreign law).

------

Section 2.18 <u>Contracts</u>. Except as set forth on <u>Section</u> <u>2.18</u> of the Disclosure Letter, as of immediately following the Closing, the JV Entities will not have any Contracts with the Keurig Partners or any of their Affiliates other than this Agreement and the Ancillary Agreements.

Section 2.19 <u>Environmental Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the JV Entities and, to the extent relating to or affecting the JV Business, the Keurig Entities is and, since December 31, 2022, has been, in compliance with all Environmental Laws and Environmental Permits obtained or necessary for the ownership and operation of the JV Assets and the conduct of the JV Business, except for any noncompliance that would not, individually or in the aggregate, be material to the JV Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Environmental Permits necessary for the ownership and operation of the JV Assets and the conduct of the JV Business as currently conducted have been obtained by the Keurig Parties or their Affiliates, are valid and in full force and effect, and there are no Claims pending or, to the Knowledge of the Keurig Partners, threatened to revoke, terminate, cancel, suspend or materially modify any such Environmental Permit, except as would not, individually or in the aggregate, be material to the JV Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There has been no Release, treatment, storage, handling, transport, or arrangement for disposal of, exposure of any Person to, or contamination by any Hazardous Substances at, on, under or migrating to or from, and Hazardous Materials are not present at, any property or facility, including any Real Property included in the JV Assets or utilized in connection with the JV Business, in each case in a manner or amount that has resulted in, or would reasonably be expected to result in, an obligation to investigate, remediate or otherwise respond, or other Liability, under Environmental Laws for the JV Business, except as would not, individually or in the aggregate, be material to the JV Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) Since December 31, 2022, no Environmental Claims have been received by, and there are no Environmental Claims pending or, to the Knowledge of the Keurig Partners, threatened against, the JV Entities nor, to the extent relating to or affecting the JV Business, the Keurig Entities, and (ii) there are no environmental liens filed or recorded against any Real Property included in the JV Assets, except in each case of (i) and (ii) as would not, individually or in the aggregate, be material to the JV Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No JV Entity or, to the extent relating to or affecting the JV Business, any Keurig Entity has assumed, undertaken, or provided an indemnity with respect to, any Liabilities of any other Person under any Environmental Laws or concerning any Hazardous Substances, except as would not, individually or in the aggregate, be material to the JV Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Without limiting the foregoing, to the Knowledge of the Keurig Partners, the materials used in the manufacture of Products by the JV Business and in Product packaging are, and since December 31, 2022 have been, in compliance with all Environmental Laws that regulate the chemical content or composition of, or environmental stewardship for, materials or packaging in each jurisdiction where the JV Business or its contractors, suppliers, or other supply chain participants operate, source, manufacture, transport, or sell Products, including extended

------

producer responsibility and recyclability labeling, except for any noncompliance that would not, individually or in the aggregate, be material to the JV Business.

Section 2.20 <u>No Other Representations or Warranties</u>. Each of the Keurig Parties acknowledges and agrees that, except for the representations and warranties expressly set forth in <u>Article</u> <u>IV</u>, the certificate contemplated by <u>Section</u> <u>1.3(c)(iv)</u> or any Ancillary Agreement, neither Co-Investor Limited Partner nor any other Person has made any express or implied representation or warranty with respect to the Transactions or with respect to the accuracy or completeness of any other information provided, or made available, to the Keurig Parties or any of their Subsidiaries or their respective Affiliates in connection with the Transactions, and the Keurig Parties have not relied on any representation or warranty other than those expressly set forth in <u>Article</u> <u>IV</u>, the certificate contemplated by <u>Section</u> <u>1.3(c)(iv)</u> or any Ancillary Agreement. Without limiting the generality of the foregoing sentence, the Keurig Parties acknowledge and agree that they have not relied on any other information provided, or made available, to the Keurig Parties or any of their Subsidiaries or their respective Affiliates in connection with the Transactions, and that neither Co-Investor Limited Partner nor any of its Affiliates or any other Person shall be subject to any Liability to the Keurig Parties or any other Person resulting from (a) any misrepresentation by Co-Investor Limited Partner or its Affiliates or any other Person with respect to such information or (b) the Keurig Parties' use of, or the use by any of its Affiliates or any other Person of, any such information, unless such information is expressly and specifically included in a representation or warranty set forth in <u>Article</u> <u>IV</u>, the certificate contemplated by <u>Section</u> <u>1.3(c)(iv)</u> or any Ancillary Agreement. The Keurig Parties expressly disclaim any express or implied representation or warranty with respect to the JV Business (including any implied warranties that may otherwise be applicable because of the provisions of the UCC or any other applicable Law, including the warranties of merchantability and fitness for a particular purpose) or with respect to the accuracy or completeness of any other information provided, or made available, to Co-Investor Limited Partner or any of its Subsidiaries or their respective Affiliates in connection with the Transactions (including information, documents, projections, forecasts or other material made available to Co-Investor Limited Partner, its Affiliates or their respective agents or Representatives in any "data rooms," teaser, confidential information memorandum, management presentations or otherwise in connection with the Transactions or any misrepresentation or omission by the Keurig Parties or their Affiliates or any other Person with respect to any such information) other than those expressly set forth in <u>Article</u> <u>II</u>, <u>Article</u> <u>III</u>, the certificates contemplated by <u>Section</u> <u>1.3(a)(vi)</u> or <u>Section</u> <u>1.3(b)(v)</u> or any Ancillary Agreement.

**<u>ARTICLE III</u>**

**REPRESENTATIONS AND WARRANTIES OF THE KEURIG PARTNERS** 

The Keurig Partners hereby represent to Co-Investor Limited Partner as of the Effective Date and as of the Closing as follows:

Section 3.1 <u>Title</u>. Keurig USA Partner has good and valid title to all the Units of the JV outstanding as of immediately prior to the Keurig U.S. Contribution, free and clear of all Liens. Other than this Agreement, no Keurig Partner a party to (a) any option, warrant, purchase right or other Contract or commitment that could require such it to sell, transfer or

------

otherwise dispose of any Units or (b) any voting trust, proxy, or other agreement or understanding with respect to the voting of any equity securities of the JV.

Section 3.2 <u>Organization, Good Standing and Qualification</u>. Each of the Keurig Partners is a legal entity duly organized, validly existing and in good standing under the Laws of its jurisdiction of organization except as would not, individually or in the aggregate, reasonably be expected to be material to the JV Business or prevent, materially delay or materially impede the performance by the JV of its obligations under this Agreement or the Ancillary Agreements or the consummation of the Transactions. Each of the Keurig Partners (i) has all requisite corporate or similar power and authority to carry on its business as is presently conducted and (ii) is qualified to do business and are in good standing as a foreign corporation or other legal entity in each jurisdiction where the ownership, leasing or operation of its assets or properties or conduct of its business requires such qualification, except in the case of <u>clauses</u> <u>(i)</u> and <u>(ii)</u> where the failure to be so qualified or in good standing, or to have such power or authority, would not, individually or in the aggregate, reasonably be expected to be material to the JV Business or prevent, materially delay or materially impede the performance by the Keurig Partners of their obligations under this Agreement or the Ancillary Agreements or the consummation of the Transactions.

Section 3.3 <u>Authority; Approval</u><u>; Enforceability</u>. The Keurig USA Partner has, and the Keurig Lux Partner will have upon execution of the joinder pursuant to Section 10.6, all requisite corporate or other organizational power and authority to execute and deliver this Agreement and each of the Ancillary Agreements to which it is or shall be a party, to perform its obligations hereunder and thereunder and to consummate the Transactions. The execution, delivery and performance of this Agreement by the Keurig USA Partner has been, and, in the case of the Keurig Lux Partner, will have been upon the execution of the joinder pursuant to Section 10.6, duly and validly authorized by all necessary organizational action on the part of the Keurig Partners. The execution, delivery and performance of each of the Ancillary Agreements to which the Keurig Partners will be a party has been, and, in the case of the Keurig Lux Partner, will have been upon the execution of the joinder pursuant to Section 10.6, duly and validly authorized by all necessary corporate or other action on the part of the Keurig Partners. This Agreement and each of the Ancillary Agreements have been duly executed and delivered by the Keurig USA Partner, and will have been duly executed and delivered by the Keurig Lux Partner upon execution of the joinder pursuant to Section 10.6, and, when executed and delivered by the other parties thereto, will constitute a valid and legally binding agreement of the Keurig Partners, enforceable against such party pursuant to its terms, subject to the Bankruptcy and Equity Exception.

Section 3.4 <u>No Conflict; Required Filings and Consents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The execution, delivery and performance by the Keurig Partners of this Agreement or the Ancillary Agreements to which the Keurig Partners are, or at the Closing will be, party or the consummation of the Transactions will not (i) conflict with, breach or violate the Organizational Documents of the Keurig Partners, (ii) conflict with, breach or violate any Law applicable to the Keurig Partners or by which any property or asset of the Keurig Partners is bound or affected, or (iii) with or without notice or lapse of time, or both, result in any breach or violation of or loss of any rights under, or constitute a default under, or give rise to any right of

------

termination, amendment, acceleration or cancellation of, any Contract to which a Keurig Partner is party any or by which any of their respective properties or assets are bound or require the consent from or notice to a counterparty under any Contract, other than, in the case of <u>clauses</u> <u>(ii)</u> and <u>(iii)</u>, any such failures to obtain a consent or send a notice or violations, conflicts, breaches or defaults that is not and would not, individually or in the aggregate, reasonably be expected to be material to the JV Business or materially impede the consummation of the Transactions by the Keurig Partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by the Keurig Partners of this Agreement or the Ancillary Agreements to which the Keurig Partners are, or at the Closing will be, party or the consummation of the Transactions by the Keurig Partners will not require any consent, approval, authorization, waiver or permit of, or filing with or notification to, any Governmental Entity, other than where the failure to obtain such consents, approvals, authorizations, waivers or Permits, or to make such filings or notifications is not and would not, individually or in the aggregate, reasonably be expected to be material to the JV Business or materially impede the consummation of the Transactions by the Keurig Partners.

Section 3.5 <u>Litigation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) There are no Claims pending or, to the Knowledge of the Keurig Partners, threatened, in each case in writing, against the Keurig Partners which would, individually or in the aggregate, reasonably be expected to prevent or materially delay, or materially impede the performance by the Keurig Partners of their obligations under this Agreement or the Ancillary Agreements or the consummation of the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Keurig Partner is party to or subject to the provisions of any judgment, Order, writ, injunction, decree or award of any Governmental Entity which would, individually or in the aggregate, reasonably be expected to be material to the JV Business or prevent or materially delay, or materially impede the performance by the Keurig Partners of their obligations under this Agreement or the Ancillary Agreements or the consummation of the Transactions.

Section 3.6 <u>Solvency</u>. Each of the Keurig Partners is, and, after giving effect to the Transactions, including the payment of any related fees and expenses, at and immediately after the Closing, will be, Solvent, and no Keurig Partner is entering into this Agreement with the intent to hinder, delay or defraud either present or future creditors of the Keurig Partners or any of their Subsidiaries or any other Person.

**<u>ARTICLE IV</u>**

**REPRESENTATIONS AND WARRANTIES OF CO-INVESTOR LIMITED PARTNER** 

Co-Investor Limited Partner hereby represents and warrants to the Keurig Partners and the JV as of the Effective Date and as of the Closing as follows:

Section 4.1 <u>Organization, Good Standing and Qualification</u>. Co-Investor Limited Partner is a legal entity duly organized, validly existing and in good standing under the Laws of its respective jurisdiction of organization, except as would not, individually or in the aggregate, materially delay or materially impede the performance by Co-Investor Limited

------

Partner of its obligations under this Agreement or the Ancillary Agreements or the consummation of the Transactions. Co-Investor Limited Partner (i) has all requisite corporate or similar power and authority to carry on its business as is presently conducted and (ii) is qualified to do business and are in good standing as a foreign corporation or other legal entity in each jurisdiction where the ownership, leasing or operation of its assets or properties or conduct of its business requires such qualification, except in the case of <u>clauses</u> <u>(i)</u> and <u>(ii)</u> where the failure to be so qualified or in good standing, or to have such power or authority, would not, individually or in the aggregate, reasonably be expected prevent, materially delay, or materially impede the performance by Co-Investor Limited Partner of its obligations under this Agreement or the Ancillary Agreements or the consummation of the Transactions.

Section 4.2 <u>Authority; Approval</u><u>; Enforceability</u>. Co-Investor Limited Partner has all requisite corporate or other organizational power and authority to execute and deliver this Agreement and each of the Ancillary Agreements to which it is or shall be a party, to perform its obligations hereunder and thereunder and to consummate the Transactions. The execution, delivery and performance of this Agreement by Co-Investor Limited Partner has been duly and validly authorized by all necessary organizational action on the part of Co-Investor Limited Partner. The execution, delivery and performance of each of the Ancillary Agreements to which Co-Investor Limited Partner will be a party has been duly and validly authorized by all necessary corporate or other action on the part of Co-Investor Limited Partner. This Agreement and each of the Ancillary Agreements have been duly executed and delivered by Co-Investor Limited Partner and, when executed and delivered by the other parties thereto, will constitute a valid and legally binding agreement of Co-Investor Limited Partner, enforceable against such party pursuant to its terms, subject to the Bankruptcy and Equity Exception.

Section 4.3 <u>No Conflict; Required Filings and Consents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The execution, delivery and performance by the Co-Investor Limited Partner of this Agreement or the Ancillary Agreements to which the Co-Investor Limited Partner is, or at the Closing will be, party or the consummation of the Transactions will not (i) conflict with, breach or violate the Organizational Documents of Co-Investor Limited Partner, (ii) conflict with, breach or violate any Law applicable to Co-Investor Limited Partner or by which any property or asset of Co-Investor Limited Partner is bound or affected, or (iii) with or without notice or lapse of time, or both, result in any breach or violation of or loss of any rights under, or constitute a default under, or give rise to any right of termination, amendment, acceleration or cancellation of, any Contract to which a Co-Investor Limited Partner is party any or by which any of their respective properties or assets are bound or require the consent from or notice to a counterparty under any Contract, other than, in the case of <u>clauses</u> <u>(ii)</u> and <u>(iii)</u>, any such failures to obtain a consent or send a notice or violations, conflicts, breaches or defaults that have not had and would not, individually or in the aggregate, reasonably be expected to prevent, materially delay, or materially impede the consummation of the Transactions by the Co-Investor Limited Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by the Co-Investor Limited Partner of this Agreement or the Ancillary Agreements to which the Co-Investor Limited Partner is, or at the Closing will be, party or the consummation of the Transactions by Co-Investor Limited Partner will not require any consent, approval, authorization, waiver or permit of, or filing with

------

or notification to, any Governmental Entity, other than where the failure to obtain such consents, approvals, authorizations, waivers or permits, or to make such filings or notifications has not had and would not, individually or in the aggregate, reasonably be expected to prevent, materially delay, or materially impede the consummation of the Transactions by the Co-Investor Limited Partner.

Section 4.4 <u>Acquisition Entirely for Own Account</u>. (a) The Units being acquired by Co-Investor Limited Partner are being acquired for investment for Co-Investor Limited Partner's own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, (b) Co-Investor Limited Partner has no present intention of selling, transferring or otherwise distributing the same and (c) except as set forth in the Ancillary Agreements, Co-Investor Limited Partner does not have any contract, agreement or other arrangement with any other Person to sell, transferor otherwise distribute the Units being acquired by Co-Investor Limited Partner to any other Person (it being acknowledged that the foregoing clauses (a) through (c) shall not be a limitation on the sale of notes or issuance of debt by the Co-Investor Limited Partner, which shall be excluded from this <u>Section</u> <u>4.4</u>).

Section 4.5 <u>Litigation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) There are no Claims pending or, to the Knowledge of Co-Investor Limited Partner, threatened in each case in writing, against Co-Investor Limited Partner which would, individually or in the aggregate, reasonably be expected to prevent or materially delay, or materially impede the consummation of the Transactions by the Co-Investor Limited Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Co-Investor Limited Partner is not party to or subject to the provisions of any judgment, Order, writ, injunction, decree or award of any Governmental Entity which would, individually or in the aggregate, reasonably be expected to prevent or materially delay, or materially impede the consummation of the Transactions by the Co-Investor Limited Partner. 

Section 4.6 <u>Equity Commitment Letter</u>. The obligations of Co-Investor Limited Partner under this Agreement and the other Ancillary Agreements are not contingent on the receipt or availability of any funds or financing, and Co-Investor Limited Partner acknowledges and agrees that it is not a condition to the Closing that Co-Investor Limited Partner obtain financing for or relating to the transactions contemplated hereby. The A&R Commitment Letter is valid and in full force and effect, except as enforceability may be limited by Bankruptcy and Equity Exceptions. Except as specifically set forth in the A&R Commitment Letter, there are no conditions precedent to the obligation of Co-Investors to fund the amounts contemplated under the A&R Commitment Letter.

Section 4.7 <u>Brokers and Finders</u>. Co-Investor Limited Partner has not employed any investment banker, broker or finder or incurred or shall incur any Liability for any brokerage payments, investment banking fees, commissions, finders' fees or other similar payments in connection with the Transactions.

Section 4.8 <u>Independent Investigation; Investment Experience</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Co-Investor Limited Partner has conducted its own independent review and analysis of the business, operations, assets, Liabilities, results of operations, financial condition

------

and prospects of the JV and has been provided access to the books and records of the JV sufficient to make an informed investment decision regarding its acquisition of the Units and entry into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Co-Investor Limited Partner has such knowledge and experience in financial and business matters to enable Co-Investor Limited Partner to evaluate the merits and risks of an investment in the Units and to make an informed investment decision and understands that (i) such investment is suitable only for an investor that is able to bear the economic consequences of losing its entire investment, (ii) the acquisition of the Units hereunder is a speculative investment that involves a high degree of risk of loss of the entire investment and (iii) there are substantial restrictions on the transferability of, and there is no public market for, the Units.

Section 4.9 <u>No Other Representations or Warranties</u>. Co-Investor Limited Partner acknowledges and agrees that, except for the representations and warranties expressly set forth in <u>Article</u> <u>II</u>, <u>Article</u> <u>III</u>, the certificates contemplated by <u>Section</u> <u>1.3(a)(vi)</u> or <u>Section</u> <u>1.3(b)(v)</u> or the Ancillary Agreements, none of the Keurig Parties nor any other Person has made any express or implied representation or warranty with respect to the Transactions or with respect to the accuracy or completeness of any other information provided, or made available, to Co-Investor Limited Partner or any of its Subsidiaries or their respective Affiliates in connection with the Transactions, and Co-Investor Limited Partner has not relied on any representation or warranty other than those expressly set forth in <u>Article</u> <u>II</u>, <u>Article</u> <u>III</u>, the certificates contemplated by <u>Section</u> <u>1.3(a)(vi)</u> or <u>Section</u> <u>1.3(b)(v)</u> or the Ancillary Agreements. Without limiting the generality of the foregoing sentence, Co-Investor Limited Partner acknowledges and agrees that it has not relied on any other information provided, or made available, to Co-Investor Limited Partner or any of its Subsidiaries or their respective Affiliates in connection with the Transactions, and that none of the Keurig Parties nor their Affiliates or any other Person shall be subject to any Liability to Co-Investor Limited Partner or any other Person resulting from (a) any misrepresentation by the Keurig Parties or their Affiliates or any other Person with respect to such information or (b) Co-Investor Limited Partner's use of, or the use by any of its Affiliates or any other Person of, any such information, unless such information is expressly and specifically included in a representation or warranty set forth in <u>Article</u> <u>II</u>, <u>Article</u> <u>III</u>, the certificates contemplated by <u>Section</u> <u>1.3(a)(vi)</u> or <u>Section</u> <u>1.3(b)(v)</u> or the Ancillary Agreements. The Co-Investor Limited Partner expressly disclaims any express or implied representation or warranty with respect to the Transactions or with respect to the accuracy or completeness of any other information provided, or made available, to Co-Investor Limited Partner or any of its Subsidiaries or their respective Affiliates in connection with the Transactions other than those expressly set forth in <u>Article</u> <u>IV</u>, the certificate contemplated by <u>Section</u> <u>1.3(c)(iv)</u> or any Ancillary Agreement.

**<u>ARTICLE V</u>**

**PRE-CLOSING COVENANTS** 

Section 5.1 <u>Conduct of Business</u>. Except as expressly required or permitted by this Agreement, from the Effective Date until the earlier of the Closing or termination of this Agreement pursuant to <u>Section</u> <u>8.1</u> (the "<u>Interim Period</u>"), unless Co-Investor Limited Partner shall otherwise approve in writing (such approval not to be unreasonably withheld or delayed),

------

and except as reasonably required or necessary to effect the JDEP Acquisition or the Transactions, or as required by Law, the Keurig Parties and their respective Affiliates shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) conduct the JV Business in the ordinary course of business in all material respects and use commercially reasonable efforts to maintain the JV Business and the JV Assets in substantially the same condition as they exist as of the Effective Date (normal wear and tear excepted), except, in each case, as may be reasonably required or necessary to respond to any emergency relating to protection of life or material property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not take any action that, if taken after the Closing, would have been prohibited without the prior approval of the Co-Investor Limited Partner pursuant to the A&R LPA (which, for avoidance of doubt, includes all Unanimous Approval Matters (as defined in the A&R LPA));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not take any action that would reasonably be expected to prevent, materially delay or materially impair the consummation of the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) not permit the JV Entities to incur or otherwise have any Liability for any Indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) promptly notify Co-Investor Limited Partner in writing of any fact, circumstance, event or action that is discovered or arises after the Effective Date, the existence, occurrence or taking of which has had, or would reasonably be expected to have, a material and adverse effect on the JV entities or the JV Business.

Section 5.2 <u>Cooperation</u>. During the Interim Period, upon the terms and subject to the conditions set forth in this Agreement, each of the Parties agrees to use its reasonable best efforts to take or cause to be taken all action, to do or cause to be done, and to assist and cooperate with the other Party in doing, all things necessary, proper or advisable under applicable Laws and regulations to consummate and make effective, in the most expeditious manner practicable, the Transactions, including, but not limited to, the satisfaction of the conditions precedent to the obligations of any of the Parties. During the Interim Period, to the extent of the Knowledge of the Keurig Partners, the Keurig Partners shall promptly notify Co-Investor Limited Partner in writing of any fact, circumstance, event or action the existence, occurrence or taking of which has resulted in, or could reasonably be expected to prevent, materially delay or materially impair the consummation of the Transactions.

Section 5.3<u> </u><u>Consents</u>. During the Interim Period, the Keurig Parties shall, and shall cause their Affiliates to, use commercially reasonable efforts to obtain or make, or cause to be obtained or made, any consent, approval, authorization, waiver or permit of, or filing with or notification to, any Person that is reasonably required in order to consummate the Transactions, including to assign or transfer the JV Assets to the JV Entities and to consummate the Restructuring Steps at or prior to the Closing.

Section 5.4 <u>Access</u>. During the Interim Period, the Keurig Parties shall (and shall cause their Subsidiaries to), at Co-Investor Limited Partner's reasonable request, solely to the extent reasonably required or reasonably requested in connection with the consummation of the Transactions in accordance with the terms hereof, provide Co-Investor Limited Partner and

------

its Representatives with reasonable access to (i) Keurig Parties' and their Subsidiaries' books and records (including copies reasonably needed to address transition planning for the JV Business) to the extent relating to the JV Business or the JV Assets; (ii) to the extent reasonably consistent with their access prior to the Effective Date, senior management responsible for the JV Business; and (iii) such other information relating to the JV Business and the JV Assets as Co-Investor Limited Partner or any of its Representatives may reasonably request; provided that nothing in this <u>Section</u> <u>5.4</u> shall require any Keurig Party to prepare any report, analysis, or other document not already in existence or otherwise prepared in the ordinary course of business. All access and investigation pursuant to this <u>Section</u> <u>5.4</u> shall be conducted (A) during normal business hours upon reasonable advance notice to the Keurig Parties, (B) in such a manner as not to unreasonably interfere with the normal operations of the JV Business, (C) in a manner that minimizes disruption to the Keurig Parties and the JV Business and (D) at Co-Investor Limited Partner's sole cost and expense. The Keurig Parties shall have the right to have one or more of its Representatives present at all times during any visits, examinations, discussions or contacts contemplated by this <u>Section</u> <u>5.4</u>. Notwithstanding anything to the contrary contained herein, during the Interim Period, the Keurig Parties shall not be required to provide access or disclose information (1) to the extent (but only to the extent) that such information contains or comprises information relating to any businesses of the Keurig Partners or any of their Affiliates other than the JV Business or (2) where such access or disclosure would, (x) violate the attorney-client privilege of the Keurig Parties or (y) conflict with any Law, Order or Contract applicable to the Keurig Parties or any of their Affiliates; provided, in the case of this clause (2), that the Keurig Parties shall give notice to Co-Investor Limited Partner of the fact that such documents or information are being withheld and thereafter the Keurig Parties shall provide Co-Investor Limited Partner with a reasonably detailed summary as to the information that is being withheld and use commercially reasonable efforts to cause such documents or information, as applicable, to be made available in a manner that would not reasonably be expected to cause such a violation or conflict.

Section 5.5 <u>Restructuring</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At or prior to the Closing, the Keurig Parties shall, and shall cause their Affiliates to, use reasonable best efforts to take all steps necessary to cause the JV Assets to be contributed to the JV Entities and to effect and carry out the Restructuring Steps. Except with the prior written consent of Co-Investor Limited Partner (not to be unreasonably withheld, conditioned or delayed), the Restructuring Steps shall be taken substantially in the manner and sequence shown in <u>Schedule 1</u>. The Keurig Parties shall keep the Co-Investor Limited Partner reasonably informed of the status of the Restructuring Steps and, to the extent reasonably practicable, shall afford the Co-Investor Limited Partner an opportunity to review in advance any material agreements implementing such Restructuring Steps and shall consider in good faith any comments that are promptly provided by Co-Investor Limited Partner following receipt thereof. The Keurig Parties will share all final, executed material agreements implementing the Restructuring Steps with Co-Investor Limited Partner as they become available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the Interim Period, the Keurig Partners shall cause the JV to negotiate and, as of the Closing, enter into a supply agreement with KGM pursuant to which the JV will sell to KGM and its Affiliates roasted traditional coffee beans and related products (but, for the avoidance of doubt, excluding any Products (as defined in the A&R LPA)), at cost without

------

markup. The terms of such supply agreement shall be reasonably acceptable to the Co-Investor Limited Partner, it being understood that all costs and liabilities relating to such supply agreement shall be borne by KGM (through such supply agreement or the Operations and Maintenance Agreement).

Section 5.6 <u>Lien Releases</u>. At or prior to the Closing, the Keurig Parties shall use commercially reasonable efforts to (a) obtain the release of all Liens with respect to the JV Assets that relate to Liens in respect of Indebtedness for borrowed money or all Liens (other than Permitted Liens) which relate to the business or assets of the Keurig Partners or their Affiliates other than the JV Business, and (b) provide customary Lien Releases in connection with, and evidencing, the foregoing; provided, however that (i) with respect to any of the foregoing Liens that have not been released as of the Closing, the Keurig Parties shall use commercially reasonable efforts following the Closing to obtain the release of all Liens with respect to the JV Assets that relate to Liens in respect of Indebtedness for borrowed money or all Liens (other than Permitted Liens); provided, further that with respect to any of the foregoing Liens for which Lien Releases are not provided as of the Closing, the Keurig Parties shall use commercially reasonable efforts following the Closing to provide customary Lien Releases in connection with, and evidencing, the foregoing.

Section 5.7 <u>Intercompany</u> <u>Arrangements</u>. Except for this Agreement and the Ancillary Agreements or as set forth on <u>Section</u> <u>5.7</u> of the Disclosure Letter, at or prior to the Closing, the Keurig Parties and their Affiliates shall take actions to settle (irrespective of the terms of payment), terminate or cancel all obligations, accounts and Contracts between the Keurig Partners and their Affiliates, on the one hand, and the JV Entities, on the other.

Section 5.8 <u>Exclusivity</u>. During the Interim Period, the Keurig Parties will not, and will not permit their Affiliates or its or their respective Representatives to, directly or indirectly, (a) initiate, solicit, or knowingly facilitate or encourage any inquiries or the making of any proposal or offer from any Person that may constitute, or would reasonably be expected to lead to, an Alternative Transaction, (b) engage in, enter into, continue or otherwise participate in any discussions or negotiations with any Person relating to any proposal, indication of interest, inquiry, request or any offer that constitutes, or would reasonably be expected to lead to, or deliver or make available to any Person any non-public information with respect to, an Alternative Transaction, or (c) approve, endorse, recommend or enter into any acquisition agreement, purchase agreement, merger agreement or similar definitive Contract, or any letter of intent, memorandum of understanding or agreement in principle, or any other Contract, relating to an Alternative Transaction.

Section 5.9 <u>Kodiak Preferred Stock Investment Agreement</u>. As of the Closing, the Keurig Parties shall cause the JV and Keurig Newco to enter into an investment agreement, on terms and conditions consistent with the term sheet attached hereto as <u>Exhibit J</u> (the "<u>Kodiak Preferred Stock Investment Agreement</u>"), pursuant to which the JV will invest the Purchase Price in Kodiak Newco in exchange for Series A Nonvoting Preferred Stock of Kodiak Newco and Kodiak Newco will use the proceeds from such investment to directly or indirectly fund the JDEP Acquisition. The Keurig Parties shall (a) afford the Co-Investor Limited Partner a reasonable opportunity to review the Kodiak Preferred Stock Investment Agreement and any other agreements related thereto, and shall consider in good faith the Co-Investor Limited Partner's comments thereto and (b) ensure that all such agreements related thereto shall provide that the Co-Investor Limited Partner will not bear any cost, adverse economic effect or liability in respect of, or arising as a result of, such agreements or the terms of such Series A Nonvoting Preferred Stock of Kodiak Newco.

------

Section 5.10 <u>Conversion of Co-Investor Limited Partner</u>. During the Interim Period, the Parties shall cooperate in good faith to convert Co-Investor Limited Partner from a Delaware limited liability company to a Delaware limited partnership.

**<u>ARTICLE VI</u>**

**COVENANTS** 

Section 6.1 <u>Confidentiality</u>. The Confidentiality Agreement shall terminate as of the Closing, and thereafter the Parties' confidentiality obligations shall be exclusively governed by Section 6.5 of the A&R LPA, it being agreed that such confidentiality obligations shall be deemed to apply to each Keurig Partner, regardless of whether such Keurig Partner is a party to the A&R LPA.

Section 6.2 <u>Use of Proceeds</u>. The Keurig Parties shall not, directly or indirectly, use the Purchase Price, or lend, contribute or otherwise make available the Purchase Price, to any Subsidiary, joint venture partner or other Person (a) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person or in any Sanctioned Country; or (b) in any manner that would result in the violation of any Sanctions or Anti-Corruption Law applicable to any Party. The Keurig Parties shall use the Purchase Price to, directly or indirectly, fund the JDEP Acquisition pursuant to the Keurig Preferred Stock Investment Agreement.

Section 6.3 <u>Tax Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All sales, use, value added, stamp, registration, recording, documentary, conveyancing, stamp duty, transfer and similar Taxes, levies, charges and fees incurred in connection with the Contribution (collectively, "<u>Transfer Taxes</u>") shall be borne by KGM or its Affiliates (other than the JV, KCULC and KCM). All such Transfer Taxes shall be timely paid, and all applicable filings, reports and returns shall be filed, as provided by applicable Law. The Parties shall reasonably cooperate in the preparation of any such filings, reports or returns with respect to Transfer Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For United States federal income tax purposes, except as otherwise required by a final determination under applicable law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the transactions described in <u>Section</u> <u>1.1</u> shall be treated as contributions to the capital of the JV by KGM, Keurig Lux Partner and Co-Investor Limited Partner in exchange for partnership interests in the JV under Section 721 of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the merger of KGMM with and into the JV described in the Keurig Merger Agreement shall be treated as a "reorganization" within the meaning of Section 368(a)(1)(F) of the Code, whereby Keurig USA Partner is treated as successor to KGMM; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the formation of Keurig Lux Partner, the contribution of the shares of Keurig Canada Inc. to Keurig Lux Partner and the conversion of Keurig Canada Inc. to KCULC, pursuant to Steps 11 and 12 of the Restructuring Steps, shall be treated as a

------

"reorganization" within the meaning of Section 368(a)(1)(F) of the Code, whereby Keurig Lux Partner is treated as successor to Keurig Canada Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the Interim Period, except as otherwise expressly provided in this Agreement, the Main JV Agreements, any Ancillary Agreement or the Restructuring Steps, unless Co-Investor Limited Partner shall otherwise approve in writing (which approval shall not be unreasonably withheld, conditioned or delayed), the Keurig Parties and their respective Affiliates shall not (i) settle or compromise any Tax Claim, if such Tax Claim could reasonably be expected to have adverse Tax consequences to the JV Entities, the Co-Investors or the Co-Investor Limited Partner that are not fully indemnified under the terms of this Agreement, (ii) file any Tax Return with respect to the JV Entities or the JV Assets in a manner that is materially inconsistent with past practices, (iii) cause the JV Entities to enter into any Tax allocation, sharing or similar agreement, (iv) make any voluntary Tax disclosure or Tax amnesty or similar filing with respect to matters that could reasonably be expected to result in or otherwise implicate Liabilities for which the JV Entities, the Co-Investors or the Co-Investor Limited Partner would be liable or (v) make or change a material Tax election or change the Tax classification of the JV Entities.

Section 6.4 <u>Excluded Liabilities</u>. Notwithstanding anything to the contrary set forth in this Agreement or any Ancillary Agreement, the Keurig Partners shall pay and be responsible for, and shall indemnify the JV pursuant to <u>Section</u> <u>9.2(c)</u> with respect to, any and all Excluded Liabilities, and neither the JV nor the Co-Investor Limited Partner shall have any Liability for any Excluded Liabilities.

Section 6.5 <u>Financing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Co-Investor Limited Partner shall not permit any assignment of the A&R Commitment Letter, or any amendment or modification to be made to, or any waiver of any provision or remedy under, the A&R Commitment Letter, in each case without obtaining the Keurig Partners' prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Co-Investor Limited Partner shall take all actions and do all things necessary, proper or advisable to obtain the financing contemplated by the A&R Commitment Letter and, in furtherance of the foregoing, shall: (i) maintain in effect the A&R Commitment Letter; (ii) ensure the accuracy of all representations and warranties of Co-Investor Limited Partner set forth in the A&R Commitment Letter; (iii) comply with its obligations under the A&R Commitment Letter; (iv) satisfy on a timely basis all conditions applicable to the Co-Investors in the A&R Commitment Letter that are within its control; and (v) consummate, if necessary, the financing at or prior to the Closing, including by requesting Co-Investors to fund the Purchase Price at the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Co-Investor Limited Partner shall promptly provide Keurig Partners with copies of all executed amendments or modifications of the A&R Commitment Letter (it being understood that any amendments, modifications shall only be as permitted herein). Without limiting the generality of the foregoing, Co-Investor Limited Partner shall promptly notify the Keurig Partners: (i) of any breach (or breach threatened in writing) or default (or any event or circumstance that could reasonably be expected to give rise to any breach or default) by any

------

party to the A&R Commitment Letter of which Co-Investor Limited Partner becomes aware; (ii) of the receipt by Co-Investor Limited Partner of any written notice or communication from the Co-Investors with respect to any breach (or breach threatened in writing) or default (or any event or circumstance that could reasonably be expected to give rise to any breach or default), or any termination or repudiation, in each case by any party to the A&R Commitment Letter of any provisions of the A&R Commitment Letter; and (iii) if for any reason Co-Investor Limited Partner at any time believes it may not be able to obtain all or any portion of the financing on the terms, in the manner or from the sources contemplated by the A&R Commitment Letter; provided, however, that in no event will Co-Investor Limited Partner be under any obligation to disclose any information that is subject to attorney-client or similar legal privilege if Co-Investor Limited Partner shall have used commercially reasonable efforts to disclose such information in a way that would not waive such privilege.

Section 6.6 <u>Non-Transferable Assets; Misplaced Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary in this Agreement, this Agreement shall not constitute an agreement to assign or transfer any JV Asset or any claim or right or any benefit arising thereunder or resulting therefrom to a JV Entity if an attempted assignment or transfer thereof, without the consent of a third party (including any Governmental Entity or employee representative body), would constitute a breach or other contravention thereof or a violation of Law. Without limiting the Keurig Parties' obligations under <u>Section</u> <u>5.3</u>, if, as of or following the Closing, any such consent has not been obtained, or if an attempted transfer or assignment thereof would be ineffective or a violation of Law, the Keurig Partners and their Affiliates shall (x) cooperate in an arrangement that is mutually agreeable to the Keurig Partners or such Affiliates, on the one hand, and the Co-Investor Limited Partner, on the other hand, under which (i) the JV would, in compliance with Law, obtain the benefits and assume the obligations and bear the economic burdens associated with such JV Asset, claim, right or benefit in accordance with this Agreement, including subcontracting, sublicensing or subleasing to the JV, (ii) the Keurig Partners or their Affiliates would enforce for the benefit (and at the expense) of the JV any and all of the Keurig Partners and their Affiliates' rights against a third party associated with such JV Asset, claim, right or benefit, and the Keurig Partners would promptly pay to the JV when received all monies received by them under any such JV Asset, claim, right or benefit, and (iii) the Keurig Partners would otherwise assume the obligations and bear the economic burdens associated with such arrangement, which, for the avoidance of doubt, shall be at no cost to the JV and (y) to the extent reasonably practicable, continue to pursue such consent or clearance under applicable Law. If such consent is obtained or clearance under applicable Law is received after the Closing, the Keurig Partners shall as promptly as practicable, transfer and assign, or cause the transfer and assignment of, such JV Asset to the JV without payment of any further consideration and the JV, without the payment of any further consideration, shall assume such JV Asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If and to the extent that it is determined at any time after the Closing Date that (i) legal title to or beneficial or other interest in all or part of any of a JV Asset has been retained by KGM or any of their Affiliates, or (ii) legal title to or beneficial or other interest in all or part of any of any Excluded Assets has been retained by or transferred to the JV or any of its Subsidiaries (each of (i) and (ii), a "<u>Misplaced Asset</u>"), KGM, the JV or their respective Affiliates, as applicable, shall promptly: (1) reasonably promptly notify the other Party and the Co-Investor Limited Partner of the discovery of such Misplaced Asset, (2) execute all such

------

agreements, deeds or other documents as may be necessary for the purposes of contributing such Misplaced Assets (or part thereof) or the relevant interests in them to the other party for no or nominal consideration, in each case, in a form that is reasonably acceptable to Co-Investor Limited Partner, (3) use reasonable best efforts to obtain all consents from Persons necessary or appropriate for the purposes of contributing such Misplaced Assets (or part thereof) or the relevant interests in them to the other party, and (4) hold such Misplaced Assets (or part thereof), or relevant interest in such Misplaced Assets, in trust for the benefit of the other party (to the extent permitted by applicable Law) until such time as the transfer is validly effected to vest the asset (or part thereof) or relevant interest in the Misplaced Asset to such other party, in each case, to ensure that the JV is able to perform its obligations under the Main JV Agreements. Pending the transfer pursuant to this <u>Section 6.6</u>, each of KGM and the JV shall, and shall cause its Affiliates to, use commercially reasonable efforts to cooperate (at its own expense) in any lawful arrangement to (A) provide to the JV, upon the same economic terms of such Misplaced Assets, all operational and economic benefits and burdens of any Misplaced Assets (whether tangible or intangible) constituting JV Assets that have not been transferred to the JV and (B) provide to KGM, upon the same economic terms of such Misplaced Assets, all operational and economic benefits and burdens of any Misplaced Assets (whether tangible or intangible) constituting Excluded Assets that have been retained or transferred to the JV. During such time period, each party and its Affiliates shall comply with all applicable covenants and obligations with respect to any such Misplaced Asset held by it, including the payment of any costs and expenses in connection therewith, which shall be performed by such party or its applicable Affiliate for the other party's account and such other party shall promptly reimburse such party for any such out-of-pocket costs, expenses or payments in respect thereto.

Section 6.7 <u>Further Assurances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Following the Closing, and subject to the terms and conditions of this Agreement, each of Party shall, and shall cause its applicable Affiliates to, execute and deliver such additional documents, instruments, conveyances and assurances and take such further actions as may be reasonably required and requested by the other Party to carry out the provisions hereof and give effect to the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the Parties' obligations under <u>Section</u> <u>6.6</u>, from the Closing until the two-year anniversary of the Closing, the Keurig Parties shall ensure that, from and after the Closing, the JV Assets, together with the rights, services and licenses directly or indirectly provided to the JV under the Ancillary Agreements (which, for the avoidance of doubt, shall include the Real Property and the rights granted to the JV pursuant to the IP License Agreement but shall not otherwise include the Excluded Assets) are sufficient for the continued conduct of the JV Business as of immediately after the Closing in substantially the same manner as conducted immediately prior to the Closing, it being understood that no assets expressly identified as Excluded Assets or outside the scope of the Ancillary Agreements shall be required for such operation.

**<u>ARTICLE VII</u>**

**CONDITIONS PRECEDENT** 

------

Section 7.1 <u>Condition to Obligations of All Parties</u>. The respective obligations of the Keurig Partners, the JV and Co-Investor Limited Partner to consummate the Transactions to be effected at the Closing shall be subject to the satisfaction at or prior to the Closing of the following conditions (any or all of which may be waived in writing by KGM and Co-Investor Limited Partner, in whole or in part, to the extent permitted by applicable Law):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) No temporary restraining order, preliminary or permanent injunction or other Order issued by a court of competent jurisdiction that prevents the consummation of the Transactions shall be been issued and remain in effect, (ii) no Law (that is effective and has not been vacated, withdrawn or overturned as of the time of determination) shall have been issued, enacted, entered, enforced or promulgated by any Governmental Entity that prevents, or makes illegal, the consummation of the Transaction and (iii) no material and adverse legal action shall have been commenced by any Governmental Entity against any of the parties to the Ancillary Agreements seeking to prevent or prohibit the consummation of the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All approvals, consents or waiting periods required pursuant to applicable Law as set forth on <u>Section</u> <u>7.1(b)</u> of the Disclosure Letter shall have been obtained, terminated or expired with respect to the Transaction.

Section 7.2 <u>Condition to Obligations of the Keurig Partners and the</u> <u>JV</u>. The obligation of the Keurig Partners and the JV to consummate the Transactions to be effected at the Closing shall be subject to the satisfaction at or prior to the Closing of the following conditions (any or all of which may be waived in writing by KGM, in whole or in part, to the extent permitted by applicable Law):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) the Co-Investor Limited Partner Fundamental Representations qualified as to materiality shall be true and correct in all respects, and those not so qualified shall be true and correct in all material respects and (ii) the representations and warranties made by the Co-Investor Limited Partner that are not Co-Investor Limited Partner Fundamental Representations shall be true and correct in all respects except where the failure of such representations and warranties to be so true and correct would not reasonably be expected to, individually or in the aggregate, prevent or materially delay or impair the ability of Co-Investor Limited Partner to perform its obligations under this Agreement or consummate the Transaction, in each case of clauses <u>(i)</u> and <u>(ii)</u>, as of the Closing Date, as though such representations and warranties had been made on and as of the Closing Date (in each case, except to the extent that any such representations and warranties expressly speak of an earlier date, in which case such representation and warranty shall be so true and correct as of such earlier date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Co-Investor Limited Partner shall have performed and complied in all material respects with all of the covenants and agreements under this Agreement required to be performed and complied with by it prior to the Closing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Co-Investor Limited Partner shall have delivered to the Keurig Partners and the JV, as applicable, each of the deliverables set forth in <u>Section</u> <u>1.3(b)(vi)</u>.

Section 7.3 <u>Condition to Obligations of Co-Investor Limited Partner</u>. Subject to Section 1.2, the obligation of Co-Investor Limited Partner to consummate the Transactions to

------

be effected at the Closing shall be subject to the satisfaction at or prior to the Closing of the following conditions, any or all of which may be waived in writing by Co-Investor Limited Partner, in whole or in part, to the extent permitted by applicable Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) the Keurig Partners Fundamental Representations qualified as to materiality shall be true and correct in all respects, and those not so qualified shall be true and correct in all material respects and (ii) the representations and warranties made by the Keurig Partners that are not Keurig Partners Fundamental Representations shall be true and correct in all respects except where the failure of such representations and warranties to be so true and correct does not have a JV Material Adverse Change (in each case, disregarding all qualification as to "materiality" or similar qualifications), in each case of clauses <u>(i)</u> and <u>(ii)</u>, as of the Closing Date, as though such representations and warranties had been made on and as of the Closing Date (in each case, except to the extent that any such representations and warranties expressly speak of an earlier date, in which case such representation and warranty shall be so true and correct as of such earlier date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) the JV Fundamental Representations qualified as to materiality shall be true and correct in all respects, and those not so qualified shall be true and correct in all material respects and (ii) the representations and warranties made by the JV that are not JV Fundamental Representations shall be true and correct in all respects except where the failure of such representations and warranties to be so true and correct does not have a JV Material Adverse Change (in each case, disregarding all qualification as to "materiality" or similar qualifications) , in each case of clauses <u>(i)</u> and <u>(ii)</u>, as of the Closing Date, as though such representations and warranties had been made on and as of the Closing Date (in each case, except to the extent that any such representations and warranties expressly speak of an earlier date, in which case such representation and warranty shall be so true and correct as of such earlier date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Keurig Partners shall have performed and complied in all material respects with all of the covenants and agreements under this Agreement required to be performed and complied with by it prior to the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the JV shall have performed and complied in all material respects with all of the covenants and agreements under this Agreement required to be performed and complied with by it prior to the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) since the Effective Date, no JV Material Adverse Change or KDP Change of Control shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Keurig Parent shall have, as of the Closing Date, a long-term credit rating that is not lower than Investment Grade from at least two (2) of S&P, Moody's and Fitch. As used herein, "Investment Grade" means a long-term credit rating equal to or better than (i) Baa3 by Moody's Investors Service, Inc., (ii) BBB- by S&P Global Ratings or (iii) BBB- by Fitch Ratings, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all or substantially all of the JV Assets shall have been contributed to the JV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (i) all the Offer Conditions (as defined in the merger protocol between Keurig Parent and JDEP, dated as of August 24, 2025 (the "<u>JDEP Merger Protocol</u>")) and the other

------

conditions precedent to the consummation of the JDEP Acquisition set forth in the JDEP Merger Protocol shall have been satisfied or waived (other than those conditions that by their nature are to be satisfied at the closing of the JDEP Acquisition, but which conditions shall at the time of the Closing be capable of being satisfied) and (ii) the Offeror (as defined in the JDEP Merger Protocol) shall have declared the Offer (as defined in the JDEP Merger Protocol) unconditional, in accordance with applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all of the fees contemplated by the A&R Commitment Letter, the Fee Letters and the Allocation and Expense Reimbursement Letter (if any), and all reasonable and documented out-of-pocket costs and expenses under the A&R Commitment Letter and the Allocation and Expense Reimbursement Letter (if any) (including reasonable out-of-pocket legal fees and expenses), in each case to the extent due and payable and invoiced at least three (3) Business Days prior to the Closing Date, shall have been paid, or cause to be paid, on or prior to the Closing Date, in each case, to the extent required by the A&R Commitment Letter, the Fee Letters or the Allocation and Expense Reimbursement Letter, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) each of the Keurig Partners and the JV shall have delivered to Co-Investor Limited Partner each of the deliverables set forth in <u>Sections</u> <u>1.3(a)</u> and <u>(b</u>), respectively.

**<u>ARTICLE VIII</u>**

**TERMINATION** 

Section 8.1 <u>Termination</u>. This Agreement may be terminated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by mutual written consent of the Keurig Partners and Co-Investor Limited Partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by either the Keurig Partners or Co-Investor Limited Partner, by written notice to the other, if the Closing shall not have occurred by March 3, 2027 (the "<u>Outside Date</u>"); provided, that the right to terminate this Agreement under this <u>Section</u> <u>8.1(b)</u> shall not be available to any Party to this Agreement whose failure to perform any material covenant or obligation under this Agreement has been the cause of, or has resulted in, the failure of the Closing to occur on or before such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by Co-Investor Limited Partner (in case of a breach by the Keurig Partners or the JV) or by the Keurig Partners (in case of a breach by Co-Investor Limited Partner), if the other Parties shall have breached or failed to perform in any material respect any of their respective representations, warranties, covenants or other agreements contained in this Agreement, and such breach or failure to perform (i) would give rise to the failure of a condition set forth in <u>Section</u> <u>7.1</u> or <u>Section</u> <u>7.3</u> (in the case of termination by Co-Investor Limited Partner) or <u>Section</u> <u>7.1</u> or <u>Section</u> <u>7.2</u> (in the case of termination by the Keurig Partners), as applicable, and (ii) (A) is incapable of being cured prior to the Outside Date or (B) has not been cured prior to the date that is ninety (90) days from the date that the breaching or non-performing party is notified in writing by the other party of such breach or failure to perform; provided, that the right to terminate this Agreement under this <u>Section</u> <u>8.1(c)</u> shall not be available to any Party to this Agreement if such

------

Party shall have breached or failed to perform in any material respect any of its representations, warranties, covenants or other agreements contained in this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by either the Keurig Partners or Co-Investor Limited Partner, by written notice to the other, if there shall be any Law (that is effective and has not been vacated, withdrawn or overturned as of the time of determination) issued, enacted, entered, enforced or promulgated by any Governmental Entity that prevents, or makes illegal, the consummation of the Transaction, ; provided, that the right to terminate this Agreement under this <u>Section</u> <u>8.1(d)</u> shall not be available to any Party to this Agreement whose failure to perform any material covenant or obligation under this Agreement has been the cause of, or has resulted in, was the primary cause of such enactment, promulgation or issuance.

Section 8.2 <u>Effect of Termination</u>. If this Agreement is terminated as provided in <u>Section</u> <u>8.1</u>, this Agreement shall become null and void and of no further force or effect and all rights and obligations of the Parties hereunder shall terminate without any Liability on the part of any Party or its Affiliates in respect thereof; provided, that such termination shall not relieve any Party of any Liability for (x) Fraud or (y) any knowing and intentional breach of this Agreement up to and in no event exceeding the Purchase Price. Notwithstanding the foregoing, the provisions of <u>Article X</u> (including Section 10.8) and this <u>Section</u> <u>8.1(c)</u> shall survive any termination of this Agreement.

**<u>ARTICLE IX</u>**

**INDEMNIFICATION** 

Section 9.1 <u>Survival of Representations and Warranties</u>. The Parties, intending to modify any otherwise applicable statute of limitations, agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) other than the Fundamental Representations and <u>Section</u> <u>2.3(a)</u>, which shall survive until the date that is twenty-four (24) months after the Closing Date, the representations and warranties set forth in this Agreement shall not survive the Closing, except in the case of Fraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the covenants and other agreements set forth in this Agreement that are contemplated by this Agreement to be performed at or following the Closing shall survive for the period for the performance thereof expressly set forth in such covenant or other agreement, if any, or if no period is so set forth, until such time as such covenants and agreements are fully performed and observed in accordance with their terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the covenants and other agreements set forth in this Agreement that are contemplated by this Agreement to be performed prior to the Closing shall survive until the date that is six (6) months after the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except in the case of Fraud, (i) no Party shall have any Liability or other obligation of any nature (whether in contract or in tort, in law or in equity or otherwise) with respect to any representation, warranty, covenant or other agreement set forth in this Agreement after the expiration of such representation, warranty, covenant or other agreement and (ii) no Claim shall be made in respect thereof as of and following such expiration.

------

Section 9.2 <u>Indemnification by</u> <u>the Keurig Partners</u>. Subject to the limitations set forth in this <u>Article</u> <u>IX</u> (including, for the avoidance of doubt, the survival periods set forth in <u>Section</u> <u>9.1</u>) the Keurig Partners shall indemnify, defend and hold harmless Co-Investor Limited Partner and its Affiliates and its and their respective directors, officers, employees, agents and Representatives, from and against any Losses incurred by any such Person arising out of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any inaccuracy or breach of any Keurig Partners Fundamental Representation, any JV Fundamental Representation or <u>Section</u> <u>2.3(a)</u> or;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the breach or failure to perform by the Keurig Partners or the JV any of its covenants or agreements contained in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Excluded Liabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Excluded Taxes.

Section 9.3 <u>Indemnification by Co-Investor Limited Partner</u>. Subject to the limitations set forth in this <u>Article</u> <u>IX</u>, Co-Investor Limited Partner shall indemnify, defend and hold harmless the Keurig Partners and the JV and their respective Affiliates and its and their respective directors, officers, employees, agents and Representatives, from and against any Losses incurred by any such Person arising out of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any inaccuracy or breach of any Co-Investor Limited Partner Fundamental Representation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the breach or failure to perform by Co-Investor Limited Partner any of its covenants or agreements contained in this Agreement.

Section 9.4 <u>[Reserved]</u>.

Section 9.5 <u>Other</u> <u>Indemnification Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary contained in this <u>Article</u> <u>IX,</u> except (solely in the case of (i) below) for the Excluded Liabilities or Excluded Taxes or in the case of Fraud, no Party providing indemnification pursuant to <u>Section</u> <u>9.2</u> or <u>Section</u> <u>9.3</u> (the "<u>Indemnitor</u>") shall be liable to any party that is entitled to indemnification pursuant to <u>Section</u> <u>9.2</u> or <u>Section</u> <u>9.3</u> (the "<u>Indemnitee</u>") for (i) any Losses in excess of the Purchase Price in the aggregate or (ii) any special, exemplary or punitive damages, diminution in value, damages based upon a multiple of earnings or similar financial measure or indirect damages except, in the case of this clause (ii), with respect to any damages that are the reasonably foreseeable result of such matter or any damages awarded to a third party pursuant to a Third-Party Claim for which such Indemnitor is obligated to indemnify an Indemnitee hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In no event shall any Indemnitee recover more than once for any Loss, regardless of whether alternative theories of recovery exist under this Agreement or applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This <u>Article</u> <u>IX</u> sets forth the Parties' exclusive remedy, following the Closing, for any Loss that may result from the breach of any of the representations or warranties, covenants

------

or agreements contained in this Agreement or any other matter arising under this Agreement, except (i) for Losses resulting from Fraud or willful misconduct of an Indemnitor and (ii) to the extent provided in <u>Section</u> <u>9.5(d)</u>. For the avoidance of doubt, nothing in this <u>Article IX</u> limits or restricts payment obligations expressly provided in the Risk of Loss Agreement, the A&R Commitment Letter, the Fee Letters or the Allocation and Expense Reimbursement Letter or the Parties other rights and Liabilities under the Main JV Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any Indemnitee actually receives any amounts in respect of Losses previously paid by the Indemnitor, the Indemnitee shall distribute to the Indemnitor the lesser of (x) such amounts received by the Indemnitee and (y) the amount previously paid by the Indemnitor with respect to such Losses, in each case, net of any Taxes, costs and expenses incurred by such Indemnitee in collecting such amounts. Any Losses shall be net of any amounts recovered by any Indemnitee under applicable insurance policies but net of any costs incurred in the pursuit of the underlying Claim and any increase in insurance premiums arising from or relating to the underlying Claim; provided, that, for the avoidance of doubt, (x) in no event shall any Indemnitee have any obligation hereunder to commence or threaten litigation against any insurance carrier with respect thereto and (y) the pursuit of such recovery shall not delay the Indemnitee from validly making, or seeking recovery and obtaining payment for any claim for indemnification hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Indemnitee shall use commercially reasonable efforts to mitigate any Loss for which such Indemnitee seeks indemnification under this Agreement to the extent required by applicable Law; provided, however, that any costs and expenses of such mitigation shall constitute indemnifiable Losses hereunder.

Section 9.6 <u>Procedures for Direct Claims</u>. In the event any Indemnitee has a Claim under this <u>Article</u> <u>IX</u> against any Indemnitor that does not involve a Claim being asserted against or sought to be collected from such Indemnitee by a third party, the Indemnitee shall deliver written notice of such Claim, specifying in reasonable detail the basis therefor (taking into account the information then available to the Indemnitee), with reasonable promptness to the Indemnitor. The failure or delay by any Indemnitee so to notify the Indemnitor shall not relieve the Indemnitor from any Liability which it may have to such Indemnitee, except to the extent (and then only to the extent) that the Indemnitor has been actually prejudiced by such failure or delay. If the Indemnitor does not notify the Indemnitee within forty-five (45) days following its receipt of such notice that the Indemnitor disputes its Liability to the Indemnitee, any Losses for such Claims specified by the Indemnitee in such notice shall be conclusively deemed a Liability of the Indemnitor. If the Indemnitor has timely disputed its Liability with respect to such Claim, the Indemnitor and Indemnitee will proceed in good faith to negotiate a resolution of such dispute.

Section 9.7 <u>Procedures for Third-Party Claims</u>. The following procedures shall apply to all matters or circumstances that may result in a Loss by reason of a Claim brought by a third party, including a Claim that may be asserted by a Governmental Entity ("<u>Third-Party Claim</u>"; provided, that the term "Third-Party Claim" shall include a Claim that may be asserted by an employee of a Party or any of its Subsidiaries):

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notice</u>. Promptly after an Indemnitee receives written notice of any matter or circumstance that may reasonably be expected to result in a Loss to such Indemnitee by reason of a Third-Party Claim, the Indemnitee shall give written notice thereof to the Indemnitor. The right to indemnification hereunder will not be affected by any failure of an Indemnitee to give such notice (or delay by any Indemnitee in giving such notice) unless (and then only to the extent that) the rights and remedies of the Indemnitor have been actually prejudiced as a result of the failure to give, or the delay in giving, such notice. The notice of the Third-Party Claim shall describe the Third-Party Claim in reasonable detail (taking into account the information then available to the Indemnitee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Control of Third-Party Claims</u>. The Indemnitor shall be entitled to assume and control, at its sole cost and expense, the defense of a Third-Party Claim (the "<u>Controlling Party</u>"), provided that the Indemnitor shall not be entitled to assume and control the defense of a Third-Party Claim if (i) such Third-Party Claim seeks injunctive relief or any other equitable remedy against any Indemnitee, (ii) such Third-Party Claim seeks imposition of criminal or quasi-criminal penalties against the Indemnitee, (iii) the Third-Party Claim relates to Taxes or (iv) in the good faith judgment of the Indemnitee, the Indemnitor fails to vigorously prosecute or defend such Third-Party Claim (provided that Indemnitee shall provide written notice to the Indemnitor of any such failure to vigorously prosecute, and the Indemnitor shall have thirty (30) days following receipt of such notice to cure such failure before the Indemnitee may assume control of such Third-Party Claim). If the Indemnitor elects to control it shall: (A) retain counsel of its own choosing, which counsel shall be reasonably acceptable to the Indemnitee and (B) control and direct the defense of any such Third-Party Claim, including the development and implementation of legal strategy for such Third-Party Claim, subject to <u>Section</u> <u>9.7(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Settlements</u>. No Party shall have any Liability for any settlement or compromise effected without its consent, which consent shall not be unreasonably withheld or delayed. No Controlling Party may affect any settlement or compromise unless (i) the Indemnitee has no Liability or obligation in connection therewith which is not fully satisfied by the Controlling Party and for which Indemnitee is not fully and unconditionally released under the terms of such settlement or compromise, (ii) such settlement or compromise does not require Indemnitee to comply with any covenants or other obligations other than such relevant and customary covenants to keep the terms of such settlement or compromise confidential, and (iii) such settlement or compromise does not result in (A) a finding or admission of a fault or misconduct by Indemnitee, (B) a finding or admission that would have an adverse effect on other Claims made or threatened against Indemnitee or (C) injunctive or other nonmonetary relief against the Indemnitee, including the imposition of a temporary or permanent injunction or other Order that would restrict the future activity or conduct of the Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Conflicts of Interest</u>. The Indemnitee in respect of any Claim shall be entitled to engage separate counsel of its choice to participate in the defense of such Claim; provided that, except for the reasonable and documented out-of-pocket fees and expenses of counsel employed by the Indemnitee for any period during which the Controlling Party has not assumed the defense thereof (other than during any period in which the Indemnitee shall have failed to give notice of the Third-Party Claim as provided in <u>Section</u> <u>9.7(a)</u>) or as otherwise set forth in the remainder of this <u>Section</u> <u>9.7(d)</u>, the fees and expenses of such separate counsel shall be borne solely by the Indemnitee and shall not be subject to reimbursement by the Indemnitor; and provided, further,

------

that this sentence shall not affect, in any respect, the control of such Claim as provided in (and subject to) Section 9.7(b), if applicable. Notwithstanding the foregoing, if the defendants in a Claim include both an Indemnitee and the Indemnitor, and counsel to the Indemnitee shall have reasonably concluded that joint representation would be inappropriate due to potential or actual conflicts of interest between the Controlling Party, the Indemnitor and/or the Indemnitee, or because there are defenses available to the Indemnitee that are unavailable to the Indemnitor or Controlling Party, the Indemnitee shall have the right to retain a single firm of separate counsel in each jurisdiction for which the Indemnitee determines counsel is required, in the defense of that Claim on behalf of such Indemnitee and at the expense of the Indemnitor. Notwithstanding anything to the contrary set forth herein, the Indemnitee shall be entitled to reimbursement for the reasonable and documented fees and expenses incurred by the Indemnitee for the defense or prosecution of any Third-Party Claim to the extent that the Indemnitee does not elect, or is not able, to assume such Third-Party Claim in accordance with Section 9.7(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Status</u>. The Controlling Party shall, at the request of the Indemnitee from time to time, notify the Indemnitee regarding the status, and shall keep the Indemnitee timely apprised of any material developments, with respect to Third-Party Claims the defense of which is being conducted by the Controlling Party on behalf of an Indemnitee (or the Indemnitor, as the case may be). The Indemnitee shall be entitled to receive copies of all substantive pleadings, notices and communications with respect to such Third-Party Claim as the Indemnitee may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Defense of Claims Against Officers and Directors</u>. Notwithstanding any provision to the contrary regarding the rights of an Indemnitor to be the Controlling Party with respect to Third-Party Claims, to the extent that any executive officer or director of a Party is named as a defendant in a Third-Party Claim under circumstances in which such individual is an Indemnitee, that individual nevertheless may, at its sole discretion, conduct its own defense or elect to transfer the defense to the Indemnitor, in either situation with the cost of the defense to be borne by the Indemnitor.

Section 9.8 <u>Mutual Assistance</u>. The Indemnitor and Indemnitee shall reasonably cooperate with each other in the defense of any Claim subject to indemnity pursuant to this <u>Article</u> <u>IX</u> and furnish to each of them reasonable access to such employees and other Persons under their control, and such information, documents, records, evidence, testimony and other assistance as any of them may reasonably request, in connection with any such Claims and for which such Person has records, information or knowledge (in each case, except for any consolidated, unitary, combined or similar Tax Returns including the Keurig Partners or any of their Subsidiaries). The reasonable expenses incurred by any Person in complying with any request for cooperation pursuant to this <u>Section</u> <u>9.8</u> shall be borne by the Indemnitor; provided, that such expenses shall not include incidental time incurred by employees of any Party responding to such a request for cooperation.

Section 9.9 <u>Payment of Claims</u>. Any indemnification payment pursuant to this <u>Article</u> <u>IX</u> shall be effected by wire transfer of immediately available funds by Indemnitor to an account designated by the Indemnitee within ten (10) Business Days after the final determination of the amount thereof, whether pursuant to a final judgment, settlement or agreement among the applicable Parties. To the extent that any Indemnitor has such an indemnification payment

------

obligation pursuant to this Agreement that remains unpaid, the JV shall, upon written notice from the Indemnitee, reduce the amount of any distributions payable to the Indemnitor or its Affiliates under the A&R LPA by the amount of such unpaid indemnification payment obligations and shall pay such amounts instead to the Indemnitee.

Section 9.10 <u>Tax Treatment</u>. Any payments made pursuant to this <u>Article</u> <u>IX</u> shall be treated by the Parties hereto as an adjustment to the Contribution and the Purchase Price for Tax purposes, to the extent permitted by Law.

**<u>ARTICLE X</u>**

**MISCELLANEOUS AND GENERAL** 

Section 10.1 <u>Amendment; Waiver</u>. Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and signed, in the case of an amendment, by the Keurig Partners and Co-Investor Limited Partner or in the case of a waiver, by the Party or Parties granting the waiver; provided, in the case of an amendment or waiver by the JV, such amendment or waiver shall require the prior written consent of both KGM and Co-Investor Limited Partner. No failure or delay by any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Law.

Section 10.2 <u>Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided in this Agreement and the Ancillary Agreements, and whether or not the Transactions are consummated, all costs and expenses (including fees and expenses of counsel and financial advisors, if any) incurred in connection with this Agreement and the Transactions shall be paid by the Party incurring such costs and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary in this Agreement, promptly following the earlier of (a) the Closing Date or (b) the date on which this Agreement is terminated in accordance with <u>Article</u> <u>VIII</u>, the Keurig Partners shall reimburse Apollo or its designee for their reasonable and documented out-of-pocket expenses and costs incurred prior to such date in connection with the transactions contemplated by this Agreement, including costs associated with the completion of Apollo's financial, market, legal, tax, accounting and other due diligence, rating agency fees, and the negotiation, preparation and execution of definitive documentation in respect of the transactions contemplated by this Agreement (collectively, the "<u>Expenses</u>"). The Expenses reimbursable pursuant to this <u>Section</u> <u>10.2(b)</u> shall not exceed $6,000,000 in the aggregate and, for the avoidance of doubt, such aggregate cap shall be inclusive of, and not in addition to, any other expense reimbursement provided by the Keurig Partners pursuant to any other agreement among the parties. Notwithstanding the foregoing, the Keurig Partners shall have no obligation to reimburse any Expenses if, prior to the Closing Date, Apollo has materially breached this Agreement or that certain non-disclosure agreement between the parties dated as of September 15, 2025. Any reimbursement of Expenses payable pursuant to this <u>Section</u> <u>10.2(b)</u> shall be made reasonably promptly, and in any event no later than thirty (30) days following the

------

Keurig Partners' receipt of invoices from Apollo (or its designee) identifying the incurrence of such Expenses and reasonably supporting documentation therefor or, if sooner, at the Closing. For the avoidance of doubt, the provisions of this <u>Section</u> <u>10.2(b)</u> shall survive any termination of this Agreement pursuant to <u>Article</u> <u>VIII</u>. Apollo shall be an express third party beneficiary of, and shall be entitled to enforce, this <u>Section</u> <u>10.2(b)</u>.

Section 10.3 <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same Agreement.

Section 10.4 <u>GOVERNING LAW AND VENUE; WAIVER OF JURY TRIAL; SPECIFIC PERFORMANCE</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement, and all Claims (whether in contract, tort or statute) that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement (including any Claims based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement), shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflict of laws principles thereof to the extent that such principles would direct a matter to another jurisdiction. Each party hereto agrees that it shall bring any Claims in respect of any claim arising out of or related to this Agreement exclusively in the courts of the State of Delaware and the federal courts of the United States of America located in the State of Delaware (the "<u>Chosen Courts</u>"), and, solely in connection with claims arising under this Agreement, (a) irrevocably submits to the exclusive jurisdiction of the Chosen Courts, (b) waives, to the fullest extent permitted by law, any objection to laying venue in any such Claims in the Chosen Courts, (c) waives, to the fullest extent permitted by law, any objection that the Chosen Courts are an inconvenient forum or do not have jurisdiction over any party hereto and (d) agrees that service of process upon such party in any such Claim shall be effective if notice is given in accordance with <u>Section</u> <u>10.5</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) EACH PARTY HERETO KNOWINGLY, VOLUNTARILY, INTENTIONALLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, WHETHER MADE BY CLAIM, COUNTERCLAIM, THIRD-PARTY CLAIM OR OTHERWISE. THIS WAIVER APPLIES TO ANY ACTION OR LEGAL PROCEEDING, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Irreparable damage would occur in the event that any covenant herein were not to be performed in accordance with its terms. Accordingly, each Party shall be entitled to seek one or more injunctions to prevent any breach of covenant and to enforce specifically this Agreement in the Chosen Courts, in addition to any other remedy to which such Party may be entitled at law or in equity.

Section 10.5 <u>Notices</u>. All notices and other communications to be given or made hereunder shall be in writing and shall be deemed to have been duly given or made on

------

the date of delivery to the recipient thereof if received prior to 5:00 p.m. ET in the place of delivery and such day is a Business Day (or otherwise on the next succeeding Business Day) if (a) served by personal delivery or by an internationally recognized overnight courier to the Person or entity for whom it is intended, (b) delivered by registered or certified mail, return receipt requested, or (c) sent by email, as provided in this <u>Section</u> <u>10.5</u>; provided that the email is confirmed orally or in writing by the recipient thereof (excluding out-of-office replies or other automatically generated responses):

To the Keurig Partners:

c/o Keurig Dr Pepper Inc.

53 South Avenue

Burlington, MA 01803

Attn: Anthony Shoemaker

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dan Morrell

Email: [\*\*\*]

With a copy to:

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, New York, 10019-6064

Attn: James Langston

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ravi Purohit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nickolas Bogdanovich

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael Spirtos

Email: [\*\*\*]

To the JV:

c/o Keurig Dr Pepper Inc.

53 South Avenue

Burlington, MA 01803

Attn: Anthony Shoemaker

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dan Morrell

Email: [\*\*\*]

With a copy to:

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, New York, 10019-6064

Attn: Ravi Purohit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Langston

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nickolas Bogdanovich

Email: rpurohit@paulweiss.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;jlangston@paulweiss.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nbogdanovich@paulweiss.com

------

To Co-Investor Limited Partner:

AP Kona Holdings LLC

c/o Apollo Capital Management, L.P.

9 West 57<sup>th</sup> Street, 41<sup>st</sup> Floor

New York, New York 10019

Email: [\*\*\*]

Attn: William B. Kuesel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jonathan Bar

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Somil Kadakia

With a copy to:

Latham & Watkins LLP

1271 Avenue of the Americas

New York, New York 10020

Email: gary.boss@lw.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;chirag.dedania@lw.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;javier.stark@lw.com

Attn: Gary Boss

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chirag Dedania

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Javier Stark

or to such other Person or addressees as may be designated in writing by the Party to receive such notice as provided above; provided, that copies shall be provided to outside counsel for convenience only, such copies shall not, in and of themselves, constitute notice and the failure to provide any such copy shall not alter the effectiveness of any notice or other communication otherwise duly made or given.

Section 10.6 <u>Entire Agreement</u>. This Agreement (including any exhibits or schedules hereto) and the Ancillary Agreements constitute the entire agreement and supersede all other prior agreements, understandings, representations and warranties both written and oral, among the Parties, with respect to the subject matter hereof (excluding the A&R Commitment Letter, the Fee Letters and the Allocation and Expense Reimbursement Letter). Keurig Parent shall cause Keurig Lux Partner to execute a joinder to this Agreement as soon as reasonably practicable following the Effective Date (and in any event prior to the Closing) and immediately upon the execution of such joinder by Keurig Lux Partner, and without further action by any party, the Keurig Lux Partner shall become a party and shall be bound by the terms, covenants and other provisions of this Agreement applicable to it as the Keurig Lux Partner and shall assume all rights and obligations of the Keurig Lux Partner with effect from and after the Effective Date and with the same force and effect as if it were an original signatory hereto.

Section 10.7 <u>No Third-Party Beneficiaries</u>. Except as otherwise expressly set forth herein, there shall be no third-party beneficiaries of this Agreement, any Ancillary Agreement or any Exhibit, Annex or Schedule hereto or thereto, and none of them shall confer on any Person other than the parties hereto and thereto Claim, right or remedy.

------

Section 10.8 <u>Obligations of the Parties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever this Agreement requires a Subsidiary of a Party to take any action, such requirement shall be deemed to include an undertaking on the part of such Party to cause such Subsidiary to take such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless and until the Guaranty is in effect, Keurig Parent hereby fully guarantees the due, prompt and full performance, payment and discharge when due of all of the covenants, obligations, agreements and undertakings, including any payment obligations, of any other Keurig Partners under this Agreement. Whenever this Agreement requires a Keurig Partner to take any action or refrain from taking any action, such requirement shall be deemed to include an undertaking on the part of Keurig Parent to cause such Keurig Partner to take such action or refrain from taking such action. The obligations of Keurig Parent under this <u>Section</u> <u>10.8(b)</u> are not conditioned upon pursuit of any other right or remedy against Keurig Parent through the commencement of a proceeding or otherwise. With respect to its obligations hereunder, Keurig Parent expressly waives diligence, presentment, demand of payment, protest and all notices whatsoever, all defenses which may be available by virtue of any valuation, stay, moratorium law or other similar applicable Law now or hereafter in effect, and all surety defenses generally. Keurig Parent acknowledges and agrees that its obligations under this <u>Section</u> <u>10.8(b)</u> shall continue, and not be released or discharged, in whole or in part, or otherwise affected by (i) the failure or delay on the part of Co-Investor Limited Partner to assert any claim or demand or to enforce any right or remedy against Keurig Parent or any other Keurig Partner; (ii) any change in the time, place or manner of payment or performance of any of the obligations of the Keurig Partners hereunder or any rescission, waiver, compromise, consolidation or other amendment or modification of any of the terms or provisions of this Agreement (other than this <u>Section</u> <u>10.8(b)</u>, as applicable) or any Ancillary Agreement; (iii) any change in the corporate existence, structure or ownership of Keurig Parent or any other Keurig Partner; (iv) any insolvency, bankruptcy, reorganization or other similar proceeding affecting Keurig Parent or any other Keurig Partner; (v) the existence of any claim, set-off or other right which any Keurig Partner may have at anytime against Co-Investor Limited Partner or any of its Affiliates, whether in connection with the Keurig Partners' obligations set forth in this Agreement or otherwise; (vi) the adequacy of any means Co-Investor Limited Partner or its Affiliates may have of obtaining performance related to the Keurig Partners' obligations hereunder; or (vii) any change in Law or other action by any Governmental Entity. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any obligation of any Party to any other Party under this Agreement, which obligation is performed, satisfied or fulfilled completely by an Affiliate of such Party, shall be deemed to have been performed, satisfied or fulfilled by such Party.

Section 10.9 <u>Severability</u>. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority of competent jurisdiction to be invalid, void or unenforceable, or the application of such provision, covenant or restriction to any Person or any circumstance, is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and

------

purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision, covenant or restriction to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application of such provision, in any other jurisdiction and the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

Section 10.10 <u>Interpretation; Construction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The table of contents and headings herein are for convenience of reference only, do not constitute part of this Agreement and shall not be deemed to limit or otherwise affect any of the provisions hereof. Where a reference in this Agreement is made to an Exhibit, Section, Annex or Schedule, such reference shall be to an Exhibit, Section, Annex or Schedule to this Agreement unless otherwise indicated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The terms defined in the singular have a comparable meaning when used in the plural and vice versa. Unless the context of this Agreement clearly requires otherwise, words importing the masculine gender shall include the feminine and neutral genders and vice versa. Whenever the words "include", "includes" or "including" are used in this Agreement, they shall be deemed to be followed by the words "without limitation". The words "hereof", "herein" and "hereunder" and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Currency amounts referenced herein are in U.S. Dollars. The word "or" is inclusive and not exclusive, unless used in conjunction with "either" or the like. The phrase "to the extent" shall mean the degree to which a subject or other thing extends, and such phrase shall not mean simply "if". All accounting terms used herein and not expressly defined herein shall have the meanings given to them under GAAP. Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in singular form will be construed to include the plural and vice versa, unless the context otherwise requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as otherwise specifically provided herein, all references in this Agreement to any Law shall mean such Law as it shall be amended from time to time and shall include any similar successor Law; provided, that for purposes of any representations and warranties contained in this Agreement that are made as of a specific date, references to any Law shall be deemed to refer to such Law as amended as of such date and includes any successor legislation thereto and any regulations promulgated thereunder. Any agreement or instrument referred to herein means such agreement or instrument as from time to time amended, modified or supplemented to the extent permitted by the provisions thereof, including by waiver or consent and all attachments thereto and instruments incorporated therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whenever this Agreement refers to a number of days, such number shall refer to calendar days unless Business Days are specified. Whenever any action must be taken hereunder within a period of time, (i) the date that is the reference date in calculating such period shall be excluded and (ii) if the last day of such period is not a Business Day, then such action may be validly taken on or by the next day that is a Business Day.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each representation, warranty, covenant and condition herein shall be given full, separate and independent effect. The provisions hereof are cumulative. A more specific provision shall not limit the applicability of any other, more general, provision. If a breach of an applicable representation, warranty, covenant or condition contained in this Agreement has occurred, the fact that there exists another covenant, representation or warranty, or other agreement herein relating to the same subject matter (regardless of the relative levels of specificity) for which a breach has not occurred, shall not detract from or mitigate the breach that did occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Parties drafted this Agreement jointly through the exchange of drafts hereof, so no presumption or burden of proof favoring or disfavoring any Party by virtue of the authorship of any provision of this Agreement. This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. The Schedules and Exhibits referred to herein shall be construed with, and as an integral part of, this Agreement to the same extent as if they were set forth verbatim herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Unless the context requires otherwise or unless otherwise indicated in the Schedules, capitalized terms used but not defined in the Schedules have their respective meanings set forth in this Agreement. Neither the specification of any dollar amount in any representation or warranty contained in this Agreement nor the inclusion of any specific item in any Schedule is intended to imply that such amount, or higher or lower amounts, or the item so included or other items, are or are not material, except, in each case, to the extent provided in this Agreement or in any Schedule. Unless this Agreement or any Schedule specifically provides otherwise, neither the specification of any item or matter in any representation or warranty contained in this Agreement nor the inclusion of any specific item in any Schedule is intended to imply that such item or matter, or other items or matters, are or are not in the ordinary course of business, and no Party shall use the fact of the setting forth or the inclusion of any specific item or matter in any dispute or controversy between the Parties as to whether any obligation, item or matter not described herein or included in any Schedule is or is not in the ordinary course of business for purposes of this Agreement. Any reference to a Contract, statement, plan, report or other document in any Schedule shall only be deemed a disclosure of such disclosure item to the extent made available to Co-Investor Limited Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Keurig Parties have or may have set forth information in the Disclosure Letter in a Section of such Disclosure Letter that corresponds to the Section of this Agreement to which it relates. The fact that any item of information is disclosed in any section or subsection of the Disclosure Letter shall be deemed disclosure with respect to any other section or subsection to which the relevance and applicability of such item is reasonably apparent based on a plain reading of such disclosure.

Section 10.11 <u>Successors and Assigns</u>. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors, legal representatives and permitted assigns. No Party may assign any of its rights or delegate any of its obligations under this Agreement, directly or indirectly, by operation of Law or otherwise, without the prior written consent of the other Parties; provided, that in each case, no such assignment shall relieve such assigning Party of any of its obligations hereunder. Notwithstanding the foregoing, from and after the Closing, any Party may assign any of its rights or delegate any of its obligations

------

under this Agreement, directly or indirectly, to its successor by operation of Law, without the prior written consent of the other Parties. Any purported assignment in violation of this Agreement is void.

Section 10.12 <u>No Recourse</u>. All Claims, Liabilities, or causes of action (whether at Law, in equity, in contract, in tort or otherwise) that may be based upon, in respect of, arise under, out or by reason of, be connected with, or relate in any manner to this Agreement, or the negotiation, execution, or performance of this Agreement (including any representation or warranty made in, in connection with, or as an inducement to, this Agreement), may be made only against (and such representations and warranties are those solely of) the Parties and then only with respect to the specific obligations set forth herein with respect to such Party. No (i) past, present or future director, officer, employee, incorporator, manager, member, partner, Affiliate, agent, lender (including, in the case of Co-Investor Limited Partner, any of the Co-Investors), attorney or other Representative of any party or (ii) past, present or future director, officer, employee, incorporator, manager, member, partner, Affiliate, agent, lender, attorney or other Representative of any of the foregoing, or any of their successors or permitted assigns (each of the foregoing a "<u>Non-Recourse Party</u>"), shall have any Liability for any obligations or Liabilities of any Party or for any Claim based on, in respect of or by reason of this Agreement and, to the maximum extent permitted by Law, each Party hereby waives and releases all such Liabilities against any such Non-Recourse Party. Each Non-Recourse Party shall be an express third-party beneficiary of, and may enforce, this <u>Section</u> <u>10.12</u>.

Section 10.13 <u>Public Announcements</u>. Except as otherwise expressly contemplated by the provisions of this Agreement, the Parties shall consult with each other before issuing any press release or otherwise making any public statement, directly or indirectly, regarding this Agreement or the Transactions. Notwithstanding the foregoing, or anything to the contrary in the Confidentiality Agreement, (a) each Party may, without the prior consent of the other Party hereto, make any such public announcement or statement as may be required by Law, by any Governmental Entity or the rules and regulations of the Nasdaq Stock Market or any relevant securities exchange (including, in the case of Keurig Parent and its Affiliates, any disclosure in periodic reports, current reports, proxy statements, earnings releases or earnings calls, investor presentations, or other filings or meetings with the U.S. Securities and Exchange Commission or analysts, investors or attendees of any industry conference), in which case such Party shall use its commercially reasonable efforts to (i) consult in good faith with the other Party hereto prior to issuing any such press release or making any such public announcement or statement and (ii) provide such other Party with the opportunity to review and comment in advance of such disclosure and (b) (i) prior to the Closing, Co-Investor Limited Partner and its Affiliates may make disclosures to its equity holders or current or prospective investors or debt financing sources in connection with a bona fide fundraising, financing and reporting activities, in each case to the extent consistent with public disclosures already made regarding the Transactions and consistent with Co-Investor Limited Partner's obligations under the Confidentiality Agreement and (ii) following the Closing, nothing set forth in this Agreement shall prohibit Co-Investor Limited Partner or any of its Affiliates from making disclosures regarding the Transactions or the transactions contemplated by the Ancillary Agreements to its equity holders or current or prospective investors or debt financing sources in connection with a bona fide fundraising, financing and reporting activities; provided, that, in each case of clauses (i) and (ii), Co-Investor Limited Partner shall not use any logo or marks of Keurig Parent or its

------

Affiliates without the prior written consent (email being sufficient) of Keurig Parent (such consent not to be unreasonably withheld, conditioned or delayed).

[*Signature Page Follows*]

------

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the date first written above.

---

| | |
|:---|:---|
| KEURIG DR PEPPER INC. | KEURIG DR PEPPER INC. |
| By: | /s/ Anthony DiSilvestro |
|  | Name: Anthony DiSilvestro |
|  | Title: Chief Financial Officer |

---

---

| | |
|:---|:---|
| KEURIG GREEN MOUNTAIN, INC. | KEURIG GREEN MOUNTAIN, INC. |
| By: | /s/ Anthony DiSilvestro |
|  | Name: Anthony DiSilvestro |
|  | Title: Chief Financial Officer |

---

[Signature Page to Transaction Agreement]

------

---

| | |
|:---|:---|
| KEURIG JV, LP | KEURIG JV, LP |
| By: | /s/ M. Quinton Cutler |
|  | Name: M. Quinton Cutler |
|  | Title: Vice President |
| KEURIG PRODUCTION HOLDING, LLC | KEURIG PRODUCTION HOLDING, LLC |
| By: | /s/ M. Quinton Cutler |
|  | Name: M. Quinton Cutler |
|  | Title: Authorized Signatory |
| KGM MANUFACTURING LLC | KGM MANUFACTURING LLC |
| By: | /s/ M. Quinton Cutler |
|  | Name: M. Quinton Cutler |
|  | Title: Authorized Signatory |

---

[Signature Page to Transaction Agreement]

------

---

| | |
|:---|:---|
| AP KONA HOLDINGS LLC | AP KONA HOLDINGS LLC |
| By: AP HGA Manager LLC, its member | By: AP HGA Manager LLC, its member |
| By: | /s/ Josh Mandel |
|  | Name: Josh Mandel |
|  | Title: Manager |

---

[Signature Page to Transaction Agreement]

------

**<u>EXHIBIT A</u>**

**<u>DEFINITIONS</u>**

As used in this Agreement, the following terms have the meanings specified in this <u>Exhibit A</u>.

"<u>A&R Commitment Letter</u>" means that certain amended and restated commitment letter, dated as of the Effective Date, by and among the Co-Investor Limited Partner and the investors party thereto.

"<u>A&R LPA</u>" has the meaning set forth in the Recitals.

"<u>Affiliate</u>" means, with respect to any Person, a Person that directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with such Person. As used in this Agreement, the term "<u>control</u>" (including the terms "controlled by" and "under common control with" and whether or not such terms are capitalized) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by Contract or otherwise. For the purposes of this Agreement, (a) from and after the Closing, the JV Entities shall not be deemed to be Affiliates of any of the Keurig Partners, and (b) JDEP shall not be deemed to be an Affiliate of the Keurig Partners or the JV.

"<u>Agreement</u>" has the meaning set forth in the Preamble.

"<u>Allocation and Expense Reimbursement Letter</u>" means that certain Preferred Allocation & Expense Reimbursement Letter, dated as of October 17, 2025, by and among Keurig Parent and Apollo Management Holdings L.P.

"<u>Alternative Transaction</u>" means any direct or indirect divestiture by the Keurig Partners or any of their Affiliates of all or substantially all of the JV Business or the JV Assets, taken as a whole, whether by merger, purchase of stock or equity interests or otherwise, other than the Restructuring Steps, the other Transactions and any sale of inventory of other goods or assets in the ordinary course of business; provided, however, that "Alternative Transaction" shall not include a KDP Change of Control.

"<u>Ancillary Agreements</u>" means the Main JV Agreements, the Keurig Merger Agreement, the KCULC Contribution Agreement, the Confidentiality Agreement, any agreement expressly contemplated by this Main JV Agreements (including the certificates delivered pursuant to Section 1.3(a)(vi), <u>Section</u> <u>1.3(b)(v)</u> or <u>Section</u> <u>1.3(c)(iv))</u>.

"<u>Anti-Corruption Law</u>" has the meaning set forth in <u>Section</u> <u>2.9(c)</u>.

"<u>Assumed Liabilities</u>" means all Liabilities and obligations to the extent arising out of or related to the ownership of the JV Assets or the operation of the JV Business, to the extent arising after the Closing, but excluding, in all cases, the Excluded Liabilities; provided, that in no event will any Liability or obligation for Taxes constitute an Assumed Liability.

------

"<u>Bankruptcy and Equity Exception</u>" has the meaning set forth in <u>Section</u> <u>2.1(a)</u>.

"<u>Business Day</u>" means a day, other than a Saturday or Sunday or a public holiday, on which banks are generally open for business in New York, New York or in Burlington, Massachusetts.

"<u>Canada Contributed Assets</u>" has the meaning set forth in the Recitals.

"<u>Chosen Courts</u>" has the meaning set forth in Section 10.4(a).

"<u>Claim</u>" means any and all civil, criminal or administrative actions, suits, litigation, charges, contests, petitions, complaints, demands, claims or counterclaims, Orders or legal, administrative or arbitral proceedings, information requests, investigations, reviews, audits, formal proceedings, notices of violation, citations, summons, subpoenas, mediations, arbitrations, hearings or other similar disputes.

"<u>Class</u> <u>A-1 Units</u>" means Class A-1 limited partnership units of JV.

"<u>Class</u> <u>A-2 Units</u>" means Class A-2 limited partnership units of JV.

"<u>Class</u> <u>B-1 Units</u>" means, Class B-1 limited partnership units of JV.

"<u>Class</u> <u>B-2 Units</u>" means, Class B-1 limited partnership units of JV.

"<u>Class</u> <u>C Units</u>" means, Class C limited partnership units of JV.

"<u>Closing</u>" has the meaning set forth in <u>Section</u> <u>1.1(a)</u>.

"<u>Closing Date</u>" has the meaning set forth in <u>Section</u> <u>1.1(a)</u>.

"<u>Closing Notice</u>" has the meaning set forth in <u>Section</u> <u>1.1(a)</u>.

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended.

"<u>Co-Investor Issuance</u>" has the meaning set forth in <u>Section</u> <u>1.1(c</u>).

"<u>Co-Investor Limited Partner</u>" has the meaning set forth in the Preamble.

"<u>Co-Investor Limited Partner Fundamental Representations</u>" means the representations and warranties of the Keurig Partners set forth in <u>Section</u> <u>4.1</u> (*Organization, Good Standing and Qualification*), <u>Section</u> <u>4.2</u> (*Authority; Approval; Enforceability*), <u>Section</u> <u>4.3(a)(i)</u> (*No Conflict*) and Section 4.7 (*Brokers*).

"<u>Co-Investors</u>" means each of (a) Apollo Capital Management, L.P. and its Affiliates ("<u>Apollo</u>"), (b) Kohlberg Kravis Roberts & Co. and its affiliates ("<u>KKR</u>"), and (c) Goldman Sachs Asset Management L.P. and its affiliates ("<u>GSAM</u>").

"<u>Confidentiality Agreement</u>" means the letter agreement, dated as of October 26, 2025, between Keurig Dr Pepper Inc. and each of the Co-Investors.

------

"<u>Contract</u>" means any agreement, commitment, undertaking, lease, license, contract, note, mortgage, indenture, arrangement, purchase order, letter of credit, or other obligation.

"<u>Contribution</u>" has the meaning set forth in <u>Section</u> <u>1.1(c)</u>.

"<u>Controlling Party</u>" has the meaning set forth in <u>Section</u> <u>9.7(a)</u>.

"<u>Delaware Act</u>" means the Delaware Limited Liability Company Act, 6 Del. C. §§ 18-101, *et seq.*

"<u>Disclosure Letter</u>" has the meaning set forth in <u>Article</u> <u>II</u>.

"<u>Environmental Claim</u>" means any Claim, notice, or directive by or before any Governmental Entity or any other Person arising out of or relating to Environmental Laws.

"<u>Environmental Laws</u>" means any Law relating to the pollution or protection of the environment (including air, surface water, groundwater, land surface or subsurface land), human health or safety (solely as such matters relate to Hazardous Substances), or the manufacture, generation, processing, distribution, recycling, removal, remediation, response, recovery, reporting, management, labeling, licensing, use, handling, transportation, treatment, storage, Release, or threatened Release of Hazardous Substances.

"<u>Environmental Permit</u>" means any Permit issued under any Environmental Law.

"<u>Equity Securities</u>" of any Person (other than an individual) means, as applicable (a) any and all shares of capital stock, membership interests, partnership (general or limited) interests or other equity interests or share capital in such Person, (b) any warrants, Contracts or other rights or options directly or indirectly to subscribe for or to purchase any capital stock, membership interests, partnership (general or limited) interests or other equity interests or share capital in such Person or (c) any and all securities or instruments, directly or indirectly, exchangeable for or convertible or exercisable into, any of the foregoing or with any profit participation features.

"<u>Excluded Liabilities</u>" means, (a) any Liability of the Keurig Partners or their Subsidiaries that does not arise out of the JV Assets, (b) any Liability, whether arising prior to, on or after the Closing Date, relating to, arising out of, or resulting from any restructuring or reorganization effected by the Keurig Partners, including the Restructuring Steps, (c) any Transfer Taxes and related expenses, (d) any Excluded Taxes, (e) any Liability relating to, arising out of, or resulting from the JV Assets to the extent attributable to facts, events, acts, omissions, conditions or circumstances occurring or existing on or prior to the Closing or otherwise relating to, arising out of, or resulting from the ownership of the JV Assets or the operation of the JV Business on or prior to the Closing, (f) any Indebtedness of the Keurig Partners or their Affiliates or, to the extent incurred prior to the Closing, the JV Entities, (g) any Liabilities between the Keurig Partners and their Affiliates, on the one hand, and the JV Entities, on the other to the extent attributable to facts, events, acts, omissions, conditions or circumstances occurring or existing on or prior to the Closing and (h) any Transaction Expenses incurred by the Keurig Partners or the JV Entities.

------

"<u>Excluded Taxes</u>" means (a) any Taxes imposed on or relating to the JV Assets, KCULC or KCM or for which any JV Entity is or becomes liable, in each case, with respect to or attributable to any Pre-Closing Tax Period, (b) any Taxes imposed by a Canadian Tax Authority or Pillar Two Taxes in respect of KCULC or KCM or otherwise in respect of any Canadian operations of the JV, and (c) any Taxes attributable to the Restructuring Steps and the Keurig Parent Contribution. For purposes of this Agreement, whenever it is necessary to determine the portion of any Taxes imposed on or with respect to JV Assets for a Straddle Period, the determination shall be made: (i) in the case of real, intangible or personal property, ad valorem and similar Taxes and franchise Taxes (except franchise Taxes based upon or related to income or receipts), ratably on a per diem basis and (ii) in the case of any other Taxes (such as, but not limited to, Taxes that are based on wages payments and Taxes that are based upon or related to income or receipts), based on an interim closing of the books of each of the Keurig Parties and any or their Affiliates as if the relevant taxable period ended at the end of the Closing Date.

"<u>Expenses</u>" has the meaning set forth in <u>Section</u> <u>10.2(b</u>).

"<u>Fee Letters</u>" means each of (a) the Fee Letter, dated as of October 26, by and between Keurig Parent and Apollo, (b) the Fee Letter, dated as of October 26, by and between Keurig Parent and KKR and (c) the Fee Letter, dated as of October 26, by and between Keurig Parent and GSAM.

"<u>Fraud</u>" means actual fraud under Delaware common law with respect to the making of representations and warranties.

"<u>Fundamental Representations</u>" means the Keurig Partners Fundamental Representations, the JV Fundamental Representations and the Co-Investor Limited Partner Fundamental Representations.

"<u>GAAP</u>" means Generally Accepted Accounting Principles as adopted by the U.S. Securities and Exchange Commission.

"<u>Governmental Entity</u>" means any domestic or foreign governmental or regulatory authority, agency, commission, body or other governmental entity.

"<u>Guaranty</u>" has the meaning set forth in the Recitals.

"<u>Hazardous Substances</u>" means (a) any "hazardous substance" as that term is defined under the Comprehensive Environmental Response, Compensation and Liability Act, (b) any "hazardous waste" as that term is defined under the Resource Conservation and Recovery Act, and (c) any other chemicals, substances, materials and wastes listed or regulated under, or which may form the basis of liability under, any Environmental Law, including petroleum and petroleum products and byproducts, asbestos and asbestos-containing materials, mold, lead, polychlorinated biphenyls, and per- and polyfluoroalkyl substances.

"<u>Indebtedness</u>" means any (a) obligations for borrowed money, (b) indebtedness of any kind evidenced by notes, bonds, debentures or other securities or instruments or other rights to acquire any such securities or instruments, (c) obligations in respect of letters of credit, surety bonds or bank guarantees, in each case to the extent funds have been drawn or are payable

------

thereunder, and (d) all penalty payments, premiums, charges, yield maintenance amounts and other expenses in respect of obligations of the types referred to in clauses (a) through (f) or which are payable as a result of or in connection with the Transactions. Indebtedness shall be calculated in accordance with GAAP.

"<u>Indemnitee</u>" has the meaning set forth in <u>Section</u> <u>9.5(a)</u>.

"<u>Indemnitor</u>" has the meaning set forth in <u>Section</u> <u>9.5(a)</u>.

"<u>Insurance Policies</u>" has the meaning set forth in <u>Section</u> <u>2.13</u>.

"<u>Intellectual Property</u>" means all rights anywhere in the world in or to: (a) trademarks, service marks, brand names, certification marks, collective marks, d/b/a's, Internet domain names, logos, symbols, trade dress, assumed names, fictitious names, trade names and other indicia of origin, all applications and registrations for the foregoing, and all goodwill associated therewith and symbolized thereby, including all renewals of same (collectively, "<u>Trademarks</u>"); (b) inventions and discoveries, whether patentable or not, and all patents, registrations, invention disclosures and applications therefor, including divisions, continuations, continuations-in-part and renewal applications, and including renewals, extensions and reissues; (c) trade secrets, confidential information and know-how, including processes, schematics, business methods, formulae, drawings, prototypes, models, designs, customer lists and supplier lists (collectively, "<u>Trade Secrets</u>"); (d) published and unpublished works of authorship, whether copyrightable or not (including any computer program, software, application, data, databases and other compilations of information), including mask rights and computer software, copyrights therein and thereto, registrations and applications therefor, and all renewals, extensions, restorations and reversions thereof; and (e) any other intellectual property or proprietary rights, in each case, to the extent entitled to legal protection as such.

"<u>Interim Period</u>" has the meaning set forth in <u>Section</u> <u>5.1</u>.

"<u>IP License Agreement</u>" has the meaning set forth in the Recitals.

"<u>IT Systems</u>" means all software; computer hardware (whether general or special purpose); electronic data processing, information, record keeping, communications, and telecommunications systems, including any outsourced such systems; networks, interfaces, platforms, servers, peripherals, and other information technology equipment, in each case that are owned or controlled by the JV Business.

"<u>JDEP</u>" means JDE Peet's N.V. and its Subsidiaries.

"<u>JDEP Acquisition</u>" means the acquisition by Keurig Parent or its Subsidiaries of JDEP.

"<u>JV</u>" has the meaning set forth in the Preamble.

"<u>JV Assets</u>" has the meaning set forth in the Recitals.

------

"<u>JV Business</u>" means (i) the manufacture of the Products in the Territory, (ii) the roasting and grinding of coffee beans and cocoa beans and the processing of tea leaves, in each case for use in the Products in the Territory and (iii) the sale of Products to KGM pursuant to the Wholesale Agreement or to its direct and indirect Subsidiaries in the Territory, in each case, as conducted by the Keurig Partners and their Affiliates as of the Closing.

"<u>JV Entities</u>" means the JV, KCULC, KGMM and their respective Subsidiaries.

"<u>JV Financial Statements</u>" has the meaning set forth in <u>Section</u> <u>2.8(b)</u>.

"<u>JV Fundamental Representations</u>" means the representations and warranties of the JV set forth in <u>Section</u> <u>2.1</u> (*Organization, Good Standing and Qualification*), <u>Section</u> <u>2.2</u> (*Authority; Approval; Enforceability*), <u>Section</u> <u>2.3(a)(i)-(ii)</u> (*No Conflict*), <u>Section</u> <u>2.4</u> (*Capitalization; Subsidiaries*), <u>Section</u> <u>2.16</u> (*Brokers*).

"<u>JV Material Adverse Change</u>" means any change, event, development, occurrence or circumstance, or effect (any such items an "<u>Effect</u>") that, individually or together with other Effects, has or could reasonably be expected to have a material adverse effect on (a) the business, assets, operations or condition (financial or otherwise) of (i) the JV Business, or (ii) Keurig Parent and its Subsidiaries, taken as a whole, or (b) the ability of the Keurig Parties or any of their Subsidiaries to consummate the Transactions, provided, however, that for the purpose of determining whether there has been a JV Material Adverse Change for purposes of <u>clause (a)</u> above, the following Effects will not be taken into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) changes or conditions generally affecting the coffee beverage industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) changes in applicable laws or regulations or generally accepted accounting principles, or the interpretation
or enforcement thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any failure, in and of itself, by the Keurig Partners or any of their Subsidiaries or the JV Business 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 JV
Material Adverse Change);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the credit, financial strength or other ratings of Keurig Parent (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 JV Material Adverse Change); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) any Effect resulting from (A) the entry into, execution, performance (including the taking of any
action required hereby or the failure to take any action prohibited hereby) of the transactions contemplates herein, (B) the announcement of the transactions contemplates herein, or (C) the implementation of the transactions contemplates
herein, in each case of <u>clauses (A)</u> through <u>(C)</u>, to the extent relating to the identity of the Co-Investor Limited Partner;

and provided, that if any adverse Effect described in subparagraphs <u>(1</u>), <u>(2)</u>, <u>(3)</u> and <u>(4)</u> has or would reasonably be expected to have a disproportionate adverse effect on (x) the JV Business or (y) the Keurig Partners and their Subsidiaries, taken as a whole, as compared to similarly situated companies in the industries in which the Keurig Partners operate, the impact of such Effect shall be included for purposes of determining whether a JV Material Adverse Change has occurred or could reasonably be expected to occur.

"<u>KCULC</u>" has the meaning set forth in the Recitals.

"<u>KCULC Contribution</u>" has the meaning set forth in the Recitals.

"<u>KCULC Contribution Agreement</u>" has the meaning set forth in the Recitals.

"<u>KDP Change of Control</u>" means any sale of all or substantially all of the assets or equity of Keurig Parent (or any of its Affiliates other than the JV Entities) or any transaction resulting in any Person or group of Persons acquiring more than 50% of the voting power of Keurig Parent.

"<u>Keurig Entities</u>" means Keurig Parent and its Subsidiaries other than the JV Entities.

"<u>Keurig IP</u>" means all Intellectual Property that is (i) owned or purported to be owned by the Keurig Parties and their Affiliates and (ii) used or held for use in the JV Business.

"<u>Keurig Lux Partner</u>" has the meaning set forth in the Preamble.

"<u>Keurig Merger Agreement</u>" has the meaning set forth in the Recitals.

"<u>Keurig Parent</u>" has the meaning set forth in the Preamble.

"<u>Keurig Parent Audited Financial Statements</u>" has the meaning set forth in <u>Section</u> <u>2.8(a)</u>.

"<u>Keurig Parent Financial Statements</u>" has the meaning set forth in <u>Section</u> <u>2.8(a)</u>.

"<u>Keurig Parent Unaudited Financial Statements</u>" has the meaning set forth in <u>Section</u> <u>2.8(a)</u>.

------

"<u>Keurig Parties</u>" has the meaning set forth in the Preamble.

"<u>Keurig Partners</u>" has the meaning set forth in the Preamble.

"<u>Keurig Partners Fundamental Representations</u>" means the representations and warranties of the Keurig Partners set forth in <u>Section</u> <u>2.1</u> (*Organization, Good Standing and Qualification*), <u>Section</u> <u>2.2</u> (*Authority; Approval; Enforceability*), <u>Section</u> <u>2.4</u> (*Capitalization; Subsidiaries*), <u>Section</u> <u>2.15</u> (*No Other Business*), <u>Section</u> <u>2.16</u> (*Brokers*), <u>Section</u> <u>3.1</u> (*Title*), <u>Section</u> <u>3.2</u> (*Organization, Good Standing and Qualification*), <u>Section</u> <u>3.3</u> (*Authority; Approval; Enforceability*) and <u>Section</u> <u>3.4(a)(i)</u> (*No Conflict*).

"<u>Keurig US Contribution</u>" has the meaning set forth in the Recitals.

"<u>Keurig USA Partner</u>" has the meaning set forth in the Preamble.

"<u>KGM</u>" has the meaning set forth in the Preamble.

"<u>KGMM</u>" has the meaning set forth in the Preamble.

"<u>Knowledge</u>" or any similar phrase means the actual knowledge, after reasonable inquiry, of (a) with respect to the Keurig Partners, Dan Morrell, Michael Merkler and Jonathan Choa and (b) with respect to Co-Investor Limited Partner, Jonathan Bar and Somil Kadakia.

"<u>Kodiak Newco</u>" means Kodiak Newco Inc.

"<u>Kodiak Preferred Stock Investment Agreement</u>" has the meaning set forth in Section 5.9.

"<u>Law</u>" or "<u>Laws</u>" means any domestic or foreign, federal, state, provincial or local law, statute, ordinance, common law, rule, regulation, Order or other legal requirement enacted, issued, promulgated, enforced or entered by a Governmental Entity of competent jurisdiction.

"<u>Leased Real Property</u>" means all real property leased, subleased, licensed, used or occupied pursuant to a Lease.

"<u>Leases</u>" means any leases, subleases, licenses and other Contracts used in or held for use in the JV Business, giving the right to occupy or use real property, including all amendments, modifications, guaranties, subordination, non-disturbance and attachment agreements and other Contracts related thereto governing the Real Property.

"<u>Liabilities</u>" of any Person means, as of any given time, any and all debts, liabilities, commitments and obligations of any kind of such Person, whether fixed, contingent or absolute, matured or unmatured, liquidated or unliquidated, accrued or not accrued, asserted or not asserted, known or unknown, determined, determinable or otherwise, whenever or however arising (including whether arising out of any Contract or tort based on negligence or strict liability) and whether or not the same would be required by GAAP to be reflected in the financial statements or disclosed in the notes thereto.

------

"<u>Lien</u>" means any lien, charge, pledge, mortgage, easement, right-of-way, covenant, restriction, hypothecation, usufruct, deed of trust, security interest, claim, title retention agreement, encroachment, lease, license, charge, option, covenant, condition, restriction, adverse claim, imperfection of title or other encumbrance, other than, in each case, restrictions on transfer arising solely under applicable federal and state securities Laws.

"<u>Lien Releases</u>" means such agreements, certificates and other documentation (including UCC-3 termination statements, mortgage releases, intellectual property security releases and deposit account control agreement terminations) as are necessary or as Co-Investor Limited Partner may reasonably request to demonstrate and evidence that, as of the Closing Date, the JV Assets are free from any and all Liens in respect of borrowed money or which relate to the business or assets of Keurig Partners or their Affiliates other than the JV Business.

"<u>Losses</u>" means, with respect to any Person, any and all probable and reasonably foreseeable losses, assessments, damages, Liabilities, Taxes, costs and expenses asserted against, imposed upon or incurred by such Person, including interest, penalties, reasonable attorneys' fees and expenses, settlement costs, fines, judgments and awards, in each case imposed upon or incurred by such Person.

"<u>made available</u>" means that such information, document or material was provided in the online data room titled "Project Kona", hosted by Venue, for review by the Parties, in each case, at least twenty-four (24) hours prior to the Effective Date.

"<u>Main JV Agreements</u>" means the A&R LPA, the Wholesale Agreement, the O&M Agreement, the Guaranty, the IP License Agreement, the Risk of Loss Agreement and the Supply Agreements.

"<u>Non-Recourse Party</u>" has the meaning set forth in Section 10.12.

"<u>O&M Agreement</u>" has the meaning set forth in the Recitals.

"<u>Order</u>" means any administrative decision or award, decree, injunction, judgment, directive, determination, order, quasi-judicial decision or award, ruling or writ of any arbitrator, mediator or Governmental Entity.

"<u>Organizational Documents</u>" means (a) with respect to any Person that is a corporation, its articles or certificate of incorporation or memorandum and articles of association, as the case may be, and bylaws, (b) with respect to any Person that is a partnership, its certificate of partnership and partnership agreement, (c) with respect to any Person that is a limited liability company, its certificate of formation and limited liability company or operating agreement, (d) with respect to any Person that is a trust or other entity, its declaration or agreement of trust or other constituent document, and (e) with respect to any other Person, its comparable organizational documents.

"<u>Owned Real Property</u>" means real property owned by the JV Entities

"<u>Parties</u>" or "<u>Party</u>" has the meaning set forth in the Preamble.

------

"<u>Permit</u>" means any consent, license, permit, waiver, approval, authorization, certificate, registration, filing or similar consent granted, issued or required by, obtained from or made with a Governmental Entity.

"<u>Permitted Liens</u>" means the following Liens: (a) Liens for current Taxes, assessments or other governmental charges not yet due and payable, or which may be hereafter paid without penalty or interest or that the taxpayer is contesting in good faith through appropriate proceedings and for which adequate reserves have been established in accordance with GAAP in the accounting books and records prior to the Effective Date, (b) mechanics', materialmens', carriers', workmen's, repairmen's or other like common law, statutory or consensual Liens arising or incurred in the ordinary course of business for amounts not yet due and payable and which are not, in the aggregate, material to the JV Business, (c) with respect to the Real Property, mortgages and other Liens on the fee simple or other superior interest in such Real Property incurred, created, assumed or permitted to exist and arising by, through or under a landlord or owner of the Real Property so long as the same do not, and cannot reasonably be expected to, materially and adversely impair, interfere with or prevent the operation of the JV Business, (d) zoning, building, subdivision or other similar requirements or restrictions so long as the same do not, and cannot reasonably be expected to, individually or in the aggregate, materially and adversely impair, interfere or prevent the operation of the JV Business, (e) other Liens (excluding monetary Liens) that do not, individually or in the aggregate, materially impair the present use and operation, or negatively affect the intended use or value, of the Real Property to which they relate, (f) Liens in favor of banking or other financial institutions arising as a matter of Law encumbering deposits or other funds maintained with a financial institution and not incurred in connection with the borrowing of money by the JV Business, (g) licenses, covenants not to assert or other similar rights relating to intellectual property, (h) Liens under leases or capital and equipment leases in the ordinary course of business and (i) Liens that are, individually or in the aggregate, *de minimis* to the JV Business.

"<u>Person</u>" means any natural person and any corporation, company, partnership (general or limited), unincorporated association (whether or not having separate legal personality), trust or other entity.

"<u>Personal Information</u>" means any information that, alone or in combination with other information held by the JV Business, can be used to specifically identify an individual natural person.

"<u>Pillar Two Rule(s)</u>" means the rules in the document "OECD/G20 Base Erosion and Profit Shifting Project Tax Challenges Arising from Digitalisation of the Economy – Global Anti-Base Erosion Model Rules (Pillar Two): Inclusive Framework on BEPS", including any associated guidance, published by the OECD, and/or any related or similar national or international (including supranational) laws of any jurisdiction, in each case as issued, amended or replaced from time to time, or as substituted or superseded and overruled by any law, statute, ordinance, regulation or the like as in force from time to time.

"<u>Pillar Two Taxes</u>" means any Tax imposed under any Pillar Two Rule, including for the avoidance of doubt any Tax which is suffered by reason of the disallowance of any deduction or relief, or any other adjustment required, pursuant to any Pillar Two Rule.

------

"<u>Pre-Closing Tax Period</u>" means any Tax year or other taxable period that ends on or before the Closing Date and, in the case of any Straddle Period, that part of the Tax year or other taxable period through the end of the day on which the Closing occurs.

"<u>Product</u>" has the meaning set forth in the Wholesale Agreement.

"<u>Purchase Price</u>" means and amount equal to $4,000,000,000.

"<u>Real Property</u>" means all Owned Real Property and all Leased Real Property.

"<u>Release</u>" means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping or disposing into the indoor or outdoor environment, including the movement or migration of any Hazardous Substances through or in the air, soil, surface water, groundwater, or any structure or building.

"<u>Representative</u>" of a Person means any officer, director or employee of such Person or any investment banker, attorney, accountant or other advisor, agent or representative of such Person.

"<u>Restructuring Steps</u>" has the meaning set forth in the Recitals.

"<u>Risk of Loss Agreement</u>" has the meaning set forth in the Recitals.

"<u>Sanctioned Country</u>" means, at any time, a country or territory that is itself the target of comprehensive Sanctions (as of the Effective Date, Cuba, Iran, North Korea, the Crimea region of Ukraine, the so-called Donetsk People's Republic, and so-called Luhansk People's Republic).

"<u>Sanctioned Person</u>" means (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 ("<u>OFAC</u>") or the U.S. Department of State, the United Nations Security Council, the European Union, any Member State of the European Union, or the United Kingdom; (b) any Person operating, organized, or resident in a Sanctioned Country; (c) the government of a Sanctioned Country or the Government of Venezuela; or (d) any Person 50% or more owned or controlled by any such Person or Persons or acting for or on behalf of such Person or Persons.

"<u>Sanctions</u>" means 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 OFAC or the U.S. Department of State, or (b) the United Nations Security Council, the European Union, any European Union member state or the United Kingdom.

"<u>Solvent</u>" means, with respect to any Person as of any date of determination, that (a) at fair valuations, the sum of such Person's obligations and liabilities on a consolidated basis (including contingent obligations and liabilities) is less than the sum of such Person's assets on a consolidated basis, (b) such Person will not have, on a consolidated basis, unreasonably small capital to conduct the businesses in which it is engaged or intends to be engaged and (c) such Person has not incurred and does not intend to incur, or reasonably believes that it will incur,

------

debts, including contingent and other obligations or liabilities, beyond its ability to pay such debts as they become absolute and mature in the ordinary course of business.

"<u>Straddle Period</u>" means any taxable period beginning on or prior to, and ending after, the Closing Date.

"<u>Subsidiary</u>" means, with respect to any Person, any other Person of which at least a majority of the securities or ownership interests having by their terms ordinary voting power to elect a majority of the board of directors or other Persons performing similar functions is directly or indirectly owned or controlled by such Person and/or by one or more of its Subsidiaries.

"<u>Supply Agreements</u>" has the meaning set forth in the Recitals.

"<u>Tax</u>" or "<u>Taxes</u>" means any and all forms of taxation, charges, duties, imposts and levies in the nature of a tax, including all federal, state, local and foreign income, capital gains, estimated, surtax, transfer, business, payroll, profits, franchise, gross receipts, unclaimed property, environmental, customs duty, capital stock, severances, stamp, payroll, sales, employment, unemployment, disability, use, property, withholding, excise, production, value-added, occupancy, imputed underpayment and other taxes, together with all interest, penalties and additions imposed with respect to such amounts and any interest in respect of such penalties and additions.

"<u>Tax Authority</u>" means any Governmental Entity having jurisdiction over the administration, assessment, determination or collection of any Tax or the filing or collection or Tax Returns.

"<u>Tax Returns</u>" means any return, election, declaration, report, claim (including claim for refund), estimate or information return or statement or other document relating to Taxes filed or required to be filed with any Tax Authority, including any schedule, supplement or attachment thereto and extension request with respect thereto, and including any amendment thereof.

"<u>Territory</u>" means the United States and Canada.

"<u>Third-Party Claim</u>" has the meaning set forth in <u>Section</u> <u>9.7</u>.

"<u>Trade Controls</u>" means (a) all applicable trade, export control, import, and antiboycott laws and regulations imposed, administered, or enforced by the U.S. government, including the Arms Export Control Act (22 U.S.C. § 1778), the International Emergency Economic Powers Act (50 U.S.C. §§ 1701–1706), Section 999 of the Internal Revenue Code, the U.S. customs laws at Title 19 of the U.S. Code, the Export Control Reform Act of 2018 (50 U.S.C. §§ 4801-4861), the International Traffic in Arms Regulations (22 C.F.R. Parts 120–130), the Export Administration Regulations (15 C.F.R. Parts 730-774), the U.S. customs regulations at 19 C.F.R. Chapter 1, and the Foreign Trade Regulations (15 C.F.R. Part 30); and (b) all applicable trade, export control, import, and antiboycott laws and regulations imposed, administered or enforced by any other country, except to the extent inconsistent with U.S. law.

------

"<u>Transaction Expenses</u>" means without duplication, all fees, costs and expenses (including brokerage fees, commissions, or finders' fees) incurred, or to be incurred or otherwise payable, by or on behalf of the JV, the Keurig Partner or their respective Affiliates in connection with the negotiation, documentation and consummation of the transactions contemplated by this Agreement and the Ancillary Agreements (including legal counsel, financial advisors, investment bankers, accountants) for which, in each case, the JV or its Subsidiaries may be liable.

"<u>Transactions</u>" means transactions contemplated hereby (including the Restructuring Steps) or by the Ancillary Agreements.

"<u>Transfer Taxes</u>" has the meaning set forth in <u>Section</u> 6.3.

"<u>U.S. Contributed Assets</u>" has the meaning set forth in the Recitals.

"<u>UCC</u>" means the Uniform Commercial Code as in effect from time to time in the State of Delaware.

"<u>Units</u>" has the meaning set forth in the Recitals.

"<u>Wholesale Agreement</u>" has the meaning set forth in the Recitals.

------

**<u>SCHEDULE 1</u>**

**<u>Restructuring Steps</u>**

*See Attached*.

------

**<u>SCHEDULE 2</u>**

**<u>Ownership of Units</u>**

------

**<u>SCHEDULE 3</u>** 

------

**<u>EXHIBIT B</u>**

**<u>FORM OF A&R LPA</u>**

*See Attached*.

------

**<u>EXHIBIT C</u>**

**<u>WHOLESALE AGREEMENT</u>**

*See Attached*.

------

**<u>EXHIBIT D</u>**

**<u>FORM OF O&M AGREEMENT</u>**

*See Attached*.

------

**<u>EXHIBIT E</u>**

**<u>FORM OF KEURIG PARENT GUARANTY</u>**

*See Attached*.

------

**<u>EXHIBIT F</u>**

**<u>FORM OF IP LICENSE AGREEMENT</u>**

*See Attached*.

------

**<u>EXHIBIT G</u>**

**<u>FORM OF TRANSFER INSTRUMENT</u>**

*See Attached*.

------

**<u>EXHIBIT H</u>**

**<u>FORM OF RISK OF LOSS AGREEMENT</u>**

*See Attached*.

------

**<u>EXHIBIT I</u>**

**<u>FORM OF AGREEMENT AND PLAN OF MERGER</u>**

*See Attached*.

------

**<u>EXHIBIT J</u>**

**<u>KODIAK PREFERRED STOCK TERM SHEET</u>**

*See Attached*.

------

**<u>EXHIBIT K</u>**

**<u>SUPPLY AGREEMENT</u>**

*See Attached*.

## Exhibit 10.2

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. [\*\*\*] INDICATES THAT INFORMATION HAS BEEN REDACTED.

**Exhibit 10.2** 

AMENDED AND RESTATED

AGREEMENT OF LIMITED PARTNERSHIP

OF

KEURIG JV, LP

Dated on [●], 2026

THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY APPLICABLE LAWS, INCLUDING, WITHOUT LIMITATION, DOMESTIC AND FOREIGN FEDERAL AND STATE SECURITIES APPLICABLE LAWS, AND ARE BEING OFFERED AND SOLD IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE LAWS, INCLUDING, WITHOUT LIMITATION, DOMESTIC AND FOREIGN FEDERAL AND STATE SECURITIES APPLICABLE LAWS. THE SECURITIES PURCHASED HEREUNDER MAY NOT BE RE-OFFERED FOR SALE, RE-SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND ALL APPLICABLE LAWS, INCLUDING, WITHOUT LIMITATION, DOMESTIC AND FOREIGN FEDERAL AND STATE SECURITIES APPLICABLE LAWS, OR PURSUANT TO AN APPLICABLE EXEMPTION THEREFROM, AND COMPLIANCE WITH THE OTHER RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN.

------

**TABLE OF CONTENTS** 

<u>Page</u> 

---

| | | |
|:---|:---|:---|
| ARTICLE 1 | ARTICLE 1 | ARTICLE 1 |
| CAPITAL CONTRIBUTIONS AND UNITS | CAPITAL CONTRIBUTIONS AND UNITS | CAPITAL CONTRIBUTIONS AND UNITS |
|  Section 1.1 | Formation | 2 |
|  Section 1.2 | Name | 2 |
|  Section 1.3 | Registered Office | 2 |
|  Section 1.4 | Principal Office | 2 |
|  Section 1.5 | Purpose | 2 |
|  Section 1.6 | Term | 2 |
|  Section 1.7 | Partners | 2 |
|  Section 1.8 | Units | 3 |
|  Section 1.9 | Specific Limitations | 3 |
|  Section 1.10 | Additional Units | 3 |
|  Section 1.11 | Capital Contributions | 4 |
|  Section 1.12 | Additional Capital Contributions | 4 |

---

ARTICLE 2

DISTRIBUTIONS, CAPITAL ACCOUNTS AND ALLOCATIONS OF NET PROFIT AND NET LOSS

---

| | | |
|:---|:---|:---|
|  Section 2.1 | Distributions | 6.0 |
|  Section 2.2 | No Violation | 6.0 |
|  Section 2.3 | Capital Accounts | 6.0 |
|  Section 2.4 | Negative Capital Accounts | 7.0 |
|  Section 2.5 | No Withdrawal | 7.0 |
|  Section 2.6 | Allocations | 7.0 |
|  Section 2.7 | Regulatory Allocations; Other Allocation Rules | 8.0 |
|  Section 2.8 | Tax Allocations | 9.0 |
|  Section 2.9 | Intended Tax Treatment | 10.0 |
|  Section 2.10 | Withholding and Indemnification for Payments on Behalf of a Limited Partner | 10.0 |

---

ARTICLE 3

STATUS, RIGHTS AND POWERS OF LIMITED PARTNERS

---

| | | |
|:---|:---|:---|
|  Section 3.1 | Return of Distributions of Capital | 11.0 |
|  Section 3.2 | No Management or Control | 12.0 |
|  Section 3.3 | Voting | 12.0 |

---

i

------

ARTICLE 4

DESIGNATION, RIGHTS, AUTHORITIES, POWERS, RESPONSIBILITIES AND DUTIES OF THE LP COMMITTEE

---

| | | |
|:---|:---|:---|
|  Section 4.1 | LP Committee | 13.0 |
|  Section 4.2 | Authority of the LP Committee | 13.0 |
|  Section 4.3 | Reliance by Third Parties | 14.0 |
|  Section 4.4 | Certain Approval Rights | 14.0 |
|  Section 4.5 | Operation of the JV | 14.0 |

---

ARTICLE 5

DESIGNATION, RIGHTS, AUTHORITIES, POWERS, RESPONSIBILITIES AND DUTIES OF OFFICERS AND AGENTS; SUBSIDIARIES

---

| | | |
|:---|:---|:---|
|  Section 5.1 | Officers and Agents | 15.0 |
|  Section 5.2 | Tenure | 15.0 |
|  Section 5.3 | Vacancies | 15.0 |
|  Section 5.4 | Resignation and Removal | 15.0 |
|  Section 5.5 | President | 15.0 |
|  Section 5.6 | Vice-Presidents | 16.0 |
|  Section 5.7 | Secretary | 16.0 |
|  Section 5.8 | Assistant Secretaries | 16.0 |
|  Section 5.9 | Treasurer | 16.0 |
|  Section 5.10 | Assistant Treasurers | 16.0 |
|  Section 5.11 | KCULC and KCM Directors and Officers | 17.0 |
|  Section 5.12 | Separateness | 17.0 |

---

ARTICLE 6

LP COMMITTEE

PLANS; BOOKS, RECORDS, ACCOUNTING AND REPORTS

---

| | | |
|:---|:---|:---|
|  Section 6.1 | Business Plans | 18.0 |
|  Section 6.2 | Books and Records | 19.0 |
|  Section 6.3 | Main JV Agreements Reports and Notices | 19.0 |
|  Section 6.4 | Inspection | 19.0 |
|  Section 6.5 | Confidentiality | 20.0 |
|  Section 6.6 | Information Rights | 23.0 |

---

ARTICLE 7

TAX MATTERS

Section 7.1 Preparation of Tax Returns 24 <br> Section 7.2 Tax Elections 25

ii

------

Section 7.3 Tax Controversies 25 <br> Section 7.4 Tax Representations and Covenants 26

ARTICLE 8

TRANSFER OF INTERESTS

---

| | | |
|:---|:---|:---|
|  Section 8.1 | Restricted Transfer | 27.0 |
|  Section 8.2 | Permitted Transfers | 28.0 |
|  Section 8.3 | Transfer Requirements | 30.0 |
|  Section 8.4 | Withdrawal of a Limited Partner | 31.0 |
|  Section 8.5 | Amendment of Schedule 1.7 | 31.0 |
|  Section 8.6 | Net Profits and Net Losses | 31.0 |
|  Section 8.7 | Tag-Along | 31.0 |

---

ARTICLE 9

KEURIG CALL RIGHTS

---

| | | |
|:---|:---|:---|
| Section 9.1 | Keurig Call Rights | 33.0 |
| Section 9.2 | Documentation and Procedures | 36.0 |
| Section 9.3 | Cooperation | 37.0 |
| Section 9.4 | Redemption | 37.0 |
| Section 9.5 | Remedies | 37.0 |

---

ARTICLE 10

CONVERSION RIGHT; RIGHT OF FIRST OFFER; SPIN-OFF

---

| | | |
|:---|:---|:---|
|  Section 10.1 | Conversion Right | 38.0 |
|  Section 10.2 | Right of First Offer; Change of Control | 43.0 |
|  Section 10.3 | Spin-Off | 45.0 |

---

ARTICLE 11

TERMINATION; DISSOLUTION OF JV

---

| | | |
|:---|:---|:---|
| Section 11.1 | Term and Termination | 46.0 |
| Section 11.2 | Effect of Termination | 46.0 |
| Section 11.3 | Events of Dissolution | 46.0 |
| Section 11.4 | Winding Up and Dissolution | 46.0 |

---

ARTICLE 12

DUTIES

Section 12.1 Business Opportunities 47 <br> Section 12.2 Reliance 47

iii

------

---

| | | |
|:---|:---|:---|
|  Section 12.3 | Duties | 48 |
|  Section 12.4 | LP Committee Member and Officer Indemnification | 49 |
|  Section 12.5 | Co-Investor Member Indemnification | 50 |
|  Section 12.6 | Waiver of Consequential Damages | 51 |
| ARTICLE 13 | ARTICLE 13 | ARTICLE 13 |
| REPRESENTATIONS BY THE LIMITED PARTNERS | REPRESENTATIONS BY THE LIMITED PARTNERS | REPRESENTATIONS BY THE LIMITED PARTNERS |
|  Section 13.1 | Organization; Authority and Power; Binding Obligation | 52 |
|  Section 13.2 | Investment Intent | 52 |
|  Section 13.3 | Securities Regulation | 52 |
|  Section 13.4 | Knowledge and Experience; Independent Investigation | 53 |
|  Section 13.5 | Economic Risk | 53 |
|  Section 13.6 | No Litigation | 53 |
|  Section 13.7 | Information | 53 |
|  Section 13.8 | Tax and Other Advice | 54 |
|  Section 13.9 | Tax Information | 54 |
|  Section 13.10 | Restricted Persons | 54 |
|  Section 13.11 | Consents and Approvals; No Conflict | 54 |
|  Section 13.12 | ERISA Representation | 54 |
|  Section 13.13 | No Other Representations and Warranties | 54 |
| ARTICLE 14 | ARTICLE 14 | ARTICLE 14 |
| COVENANTS OF THE LIMITED PARTNERS | COVENANTS OF THE LIMITED PARTNERS | COVENANTS OF THE LIMITED PARTNERS |
|  Section 14.1 | Enforcement of Certain Contracts | 55 |
|  Section 14.2 | Material Breach | 57 |
|  Section 14.3 | Third Party Contracts | 57 |
|  Section 14.4 | Ownership of Units | 58 |
|  Section 14.5 | Co-Investor Limited Partner Representations and Warranties | 58 |
|  Section 14.6 | Licenses and Permits | 58 |
|  Section 14.7 | Indemnities | 58 |
|  Section 14.8 | Foreign Investment Laws | 59 |
|  Section 14.9 | Insurance | 59 |
| ARTICLE 15 | ARTICLE 15 | ARTICLE 15 |
| REPRESENTATIONS OF THE JV | REPRESENTATIONS OF THE JV | REPRESENTATIONS OF THE JV |
|  Section 15.1 | Duly Formed | 59 |
|  Section 15.2 | Valid Issuance | 59 |
| ARTICLE 16 | ARTICLE 16 | ARTICLE 16 |
| GENERAL | GENERAL | GENERAL |
|  Section 16.1 | Management Fees | 59 |

---

iv

------

---

| | | |
|:---|:---|:---|
|  Section 16.2 | Governing Law | 60.0 |
|  Section 16.3 | Dispute Resolution; Consent to Jurisdiction; Waiver of Jury Trial | 60.0 |
|  Section 16.4 | Notices | 61.0 |
|  Section 16.5 | Execution of Documents | 62.0 |
|  Section 16.6 | Amendment | 62.0 |
|  Section 16.7 | Successors | 62.0 |
|  Section 16.8 | Severability | 62.0 |
|  Section 16.9 | No Third Party Rights | 62.0 |
|  Section 16.10 | Specific Performance | 62.0 |
|  Section 16.11 | Entire Agreement | 63.0 |
|  Section 16.12 | Effect of Waiver or Consent | 63.0 |
|  Section 16.13 | Counterparts | 63.0 |
|  Section 16.14 | Survival | 63.0 |
|  Section 16.15 | Amended and Restated Agreement | 63.0 |
|  Section 16.16 | Definitions and Rules of Interpretation | 64.0 |
|  Section 16.17 | Non-Recourse | 65.0 |

---

**<u>Exhibits</u>**

---

| | |
|:---|:---|
| Exhibit A | Definitions |
| Exhibit B | Unanimous Approval Matters |
| Exhibit B-1 | Unanimous Approval Matters with Respect to KCULC |
| Exhibit B-2 | Unanimous Approval Matters with Respect to Coffee Assets of |
|  | KCULC |
| Exhibit C | Call Price Sample Calculation |
| Exhibit D | Early Call Price Sample Calculation |
| **<u>Schedules</u>** |  |
| Schedule 1.7 | Limited Partners of the JV |
| Schedule 2.1 | Distribution Policy |
| Schedule 4.1 | LP Committee |
| Schedule 10.1 | Registration Procedures |
| Schedule 12.1 | Business Opportunities |
| Schedule 10YP | 10-Year Plan |
| Schedule 30YP | 30-Year Plan |
| Schedule AP (United States) | Annual Plan – United States (2026 Fiscal Year) |
| Schedule AP (Canada) | Annual Plan – Canada (2026 Fiscal Year) |
| Schedule CA | Coffee Assets |
| Schedule FMV Margin | Call Right FMV Product Margin |
| Schedule FMV Multiplier | Call Right FMV Floor Multiplier |
| Schedule KC | Keurig Competitor |

---

v

------

**<u>KEURIG JV, LP</u>**

**<u>AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP</u>**

This Amended and Restated Agreement of Limited Partnership (this "**Agreement**") of Keurig JV, LP, a Delaware limited partnership (the "**JV**"), is dated [●], 2026 (the "**Effective Date**"), by and among the JV, Keurig JV GP, LLC, a Delaware limited liability company (the "**Withdrawing General Partner**"), as the general partner, and each of Keurig Production Subco, LLC, a Delaware limited liability company ("**Keurig USA Partner**"), Keurig Lux Holdco, S.a.r.l., a *société à responsabilité limitée* organized under the laws of the Grand Duchy of Luxembourg (the "**Keurig Lux Partner**" and, together with the Keurig USA Partner, the "**Keurig Partners**" and each, a "**Keurig Partner**"), AP Kona Holdings LLC, a Delaware limited liability company (together with its Permitted Transferees, "**Co-Investor Limited Partner**"), as a limited partner, and the Persons, if any, who from time to time become parties hereto by executing a counterpart signature page hereof in accordance with the terms of this Agreement (collectively, the "**Limited Partners**" and, together with the Withdrawing General Partner, the "**Partners**" and each, a "**Partner**"). Each of the Partners and the JV is also referred to herein individually as a "**Party**" and collectively as the "**Parties**".

**RECITALS** 

WHEREAS, the JV was formed as a limited partnership under the Act (as defined herein) upon the filing of a Certificate of Limited Partnership of the JV with the Office of the Secretary of State of the State of Delaware on November 20, 2025 and the execution of the Agreement of Limited Partnership of the JV, dated as of December 18, 2025 (the "**Initial LP Agreement**");

WHEREAS, the JV, the Keurig Partners and the Co-Investor Limited Partner are parties to that certain Transaction Agreement, dated as of February [●], 2026 (the "**Transaction Agreement**") pursuant to which, at the Closing, (i) KGM Manufacturing LLC, a Delaware limited liability company, and a wholly owned subsidiary of Keurig USA Partner, agreed to merge with and into the JV, with the JV surviving (the "**Keurig U.S. Contribution**"), and in exchange therefor, the Keurig USA Partner received certain Class A-1 Units, Class B-1 Units and Class C Units (each, as defined herein), (ii) Keurig Lux Partner agreed to contribute 100% of the equity interests of Keurig Canada ULC, a Canadian unlimited liability corporation ("**KCULC**") as a Capital Contribution to the JV (the "**Keurig Canada Contribution**" and, together with the Keurig U.S. Contribution, the "**Keurig Parent Contribution**") in exchange for certain Class A-1 Units, Class B-1 Units and Class C Units and (iii) the Co-Investor Limited Partner agreed to make a Capital Contribution of $4,000,000,000 to the JV in exchange for certain Class A-1 Units, Class A-2 Units, Class B-1 Units and Class B-2 Units (in accordance with the Transaction Agreement);

WHEREAS, it is a condition to the consummation of the transactions contemplated by the Transaction Agreement that the Parties enter into this Agreement, to be effective only upon, and contingent on the occurrence of, the Closing (as defined in the Transaction Agreement), at which time the Initial LP Agreement will be superseded entirely by this Agreement; and

------

WHEREAS, the Partners and the JV now desire to amend and restate the Initial LP Agreement in its entirety as set forth herein to provide for, among other things, the management of the business and affairs of the JV, the allocation of profits and losses among the Limited Partners, the respective rights and obligations of the Limited Partners to each other and to the JV and certain other matters described herein.

NOW, THEREFORE, in consideration of the mutual covenants expressed herein, the Parties hereby agree as follows:

**ARTICLE 1** 

**<u>CAPITAL CONTRIBUTIONS AND UNITS</u>**

Section 1.1 <u>Formation</u>. The JV was formed by the filing of a Certificate of Limited Partnership with the Secretary of State of the State of Delaware. The Initial LP Agreement is replaced and superseded in its entirety by this Agreement. The Parties hereby agree to continue a limited partnership formed pursuant to the provisions of the Act and in accordance with the terms and provisions of this Agreement.

Section 1.2 <u>Name</u>. The name of the JV is "Keurig JV, LP" or such other name or names as may be selected by the LP Committee from time to time, and its business will be carried on in such name with such variations and changes as the LP Committee deems necessary to comply with requirements of the jurisdictions in which the JV's operations are conducted.

Section 1.3 <u>Registered Office</u>. Unless and until changed by the LP Committee, the registered office of the JV in the State of Delaware and the registered agent for service of process on the JV in the State of Delaware at such registered office shall be the initial registered office and the initial registered agent named in the Certificate of Limited Partnership, or at such other place as may be designated by the LP Committee from time to time.

Section 1.4 <u>Principal Office</u>. The JV shall have its principal place of business at 53 South Avenue Burlington, MA 01803, or at such other place or places as the LP Committee may from time to time determine. The LP Committee shall give the Limited Partners prompt notice of any change in the location of the JV's principal place of business.

Section 1.5 <u>Purpose</u>. The JV is formed for the object and purpose of (i) engaging in any lawful business or activity and exercising all of the powers, rights and privileges which a limited liability company formed pursuant to the Act may have and exercise and (ii) engaging in any and all activities necessary or incidental to the foregoing.

Section 1.6 <u>Term</u>. The term of the JV commenced on the date that the Certificate was filed with the Secretary of State and shall continue until the JV is wound up and dissolved pursuant to the provisions of <u>Section</u> <u>11.4</u>.

Section 1.7 <u>Partners</u>. <u>Schedule 1.7</u> sets forth, as of the date hereof, (a) a current list of Partners with mailing addresses, (b) the total amount of Capital Contributions made by, or deemed to be made by, each Partner, and (c) the number of Units held by each Partner. Without limiting the Keurig USA Partner's obligations pursuant to <u>Section</u> <u>1.12(</u>b), a Limited Partner

------

may (but in no event shall the Co-Investor Limited Partner be required to) make additional Capital Contributions at any time in compliance with <u>Section</u> <u>1.11</u> and <u>Section</u> <u>1.12</u>, as applicable. To the extent that a Limited Partner makes any approved additional Capital Contribution to the JV, the LP Committee shall revise <u>Schedule 1.7</u> to reflect such Capital Contribution.

Section 1.8 <u>Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The interests of the Limited Partners in the JV are represented by limited partnership units referred to as the "**Units**". Each Unit represents a limited partner ownership interest in the JV, is designated as a Unit of the JV and is entitled to the Distributions provided for in Article 2. Fractional Units are hereby expressly permitted. The Units shall be the only Equity Securities of the JV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The classes of Units shall be designated 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;(i) Class A-1 Units and Class B-1 Units shall hereby be designated as Voting Units. The Voting Units shall represent 100% of the voting power of the JV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Class A-2 Units, Class B-2 Units and Class C Units shall hereby be designated as Non-Voting Units, and shall be not entitled to vote on any matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Except for the voting designations set forth in this Section, the economic rights, preferences, privileges and limitations of the Class A Units, the Class B Units and the Class C Units shall be identical in all respects as provided in this Agreement and any related schedules, without change to distributions, allocations, priority, redemption, conversion or other economic terms, unless expressly provided otherwise in this Agreement.

Section 1.9 <u>Specific Limitations</u>. No Partner will have the right or power to: (a) withdraw or reduce its Capital Contribution except as provided by Applicable Law or in this Agreement, (b) make voluntary Capital Contributions, except in compliance with <u>Section</u> <u>1.11</u> and <u>Section</u> <u>1.12</u>, (c) bring an action for partition against the JV or any JV assets, (d) except as set forth in <u>Article</u> <u>9</u> of this Agreement or as required by Applicable Law, cause the winding up and dissolution of the JV, (e) require that property other than cash be distributed upon any Distribution or (f) bind the JV acting as a single Partner.

Section 1.10 <u>Additional Units</u>. Other than in accordance with <u>Section</u> <u>1.7</u> and <u>Section</u> <u>4.4</u>, but without limiting <u>Article</u> <u>8</u>, the LP Committee shall not issue any additional Units or any other equity interests in the JV. Promptly following the issuance of any additional Units, the LP Committee shall cause the books and records and the register of Limited Partners of the JV to reflect the number of Units issued and the Limited Partners holding such Units. Upon the execution and delivery of this Agreement or a counterpart of this Agreement and any other documents or instruments required by the LP Committee in connection therewith, compliance with the provisions of this Agreement and the making of the Capital Contribution (if any) specified to be made at such time, a Person shall be admitted to the JV as a Limited Partner of the JV, and the LP Committee shall amend <u>Schedule 1.7</u> to reflect any such admittance,

------

contribution and issuance. Notwithstanding anything to the contrary in this Agreement, in no event shall the Keurig Partners own or otherwise be entitled to less than fifty-one percent (51%) of all the outstanding Units or of any class of outstanding Units (other than the Class A-2 Units or Class B-2 Units) at any time without the Keurig Partners' prior written consent.

Section 1.11 <u>Capital Contributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Limited Partner's Capital Contribution shall be made in accordance with this <u>Section</u> <u>1.11</u> and <u>Section</u> <u>1.7</u>. No additional Units shall be issued in connection with any Capital Contribution made by a Limited Partner in respect of its required Capital Contribution or any discretionary Capital Contribution (including any additional Capital Contribution, if any, made by the Co-Investor Limited Partner).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Limited Partner shall fund any Capital Contribution in cash, except with the approval of the LP Committee (and receipt of any Unanimous Approval), in which case, (i) any such in-kind Capital Contributions shall be valued at Fair Value and effected by a written assignment or such other documents as the LP Committee shall direct to perfect the JV's interest in such in-kind Capital Contributions, and (ii) <u>Schedule 1.7</u> shall be updated to (A) delineate between cash and in-kind Capital Contributions, as applicable, and (B) reflect the Fair Value of any in-kind property contributed to the JV in accordance with <u>Section</u> <u>1.7</u>.

Section 1.12 <u>Additional Capital Contributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Generally</u>. In addition to the initial Capital Contributions of each Limited Partner, except as required pursuant to <u>Section</u> <u>1.12</u><u>(b)</u>, no Limited Partner shall be obligated to make any additional Capital Contributions to the JV. No Limited Partner shall be permitted to make discretionary Capital Contributions except with the prior written consent of the LP Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Keurig USA Partner Required Capital Contributions</u>. In the event that the JV's and MarketingCo's consolidated operational expenses, capital expenditures and any other expenses exceed the budgeted expenses reflected in the initial Annual Plans in respect of the 2026 Fiscal Year (with such amounts escalating annually after the 2026 Fiscal Year based on the PPI) by more than one hundred twenty percent (120%) of the pro-rated annual amount thereof in any Fiscal Quarter, the JV shall issue a capital call notice promptly (but in any event within ten (10) Business Days of the earlier of the JV learning of such excess or the end of such Fiscal Quarter) to the Keurig USA Partner requiring the Keurig USA Partner or its designee to fund such excess by means of a Capital Contribution in the form of cash within thirty (30) days following receipt of such capital call notice. Any such Capital Contribution (i) will be non-dilutive and non-priming with respect to any distributions to the Co-Investor Limited Partner, (ii) will be made in respect of the Units held by the Keurig USA Partner as of the date hereof and (iii) will not result in the issuance of additional Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Working Capital Facility</u>. Solely to the extent the LP Committee determines in good faith that additional funding to the JV is required to (x) respond to an emergency, (y) cure any default under any Indebtedness of the JV or its Subsidiaries or (z) fund quarterly expenses up to one hundred twenty percent (120%) of the pro-rated annual amount set

------

forth in the initial Annual Plans in respect of the 2026 Fiscal Year (with such amounts escalating annually based on the PPI) allocated to such quarter should there be a shortfall in the JV's or its Subsidiaries' ability to do so (after taking into account the JV's and its Subsidiaries' available cash reserves, which shall be utilized prior to providing additional funding pursuant to the Working Capital Facility), (i) the JV shall be permitted, with Unanimous Approval, to obtain such capital pursuant to a working capital facility of up to $200,000,000, in the aggregate, from a third-party lender and/or (ii) the Keurig Partners, or their respective Affiliates, shall be permitted, in their good faith discretion, to make additional capital available to the JV pursuant to a working capital facility available to be drawn up to $200,000,000 in the aggregate over the life of the investment (the "**Working Capital Facility**"). Co-Investor Limited Partner shall have the right to participate alongside any Keurig Partner or its Affiliates, as applicable, in funding such Working Capital Facility on a pro rata basis based on their relative Class A Units and Class B Units; provided, however, that in the event that Co-Investor Limited Partner elects to participate in such Working Capital Facility, the Keurig Partners and the Co-Investor Limited Partner shall negotiate in good faith to agree upon minority protections for the Co-Investor Limited Partner to be included in the documentation governing such Working Capital Facility (it being acknowledged and agreed that such Working Capital Facility shall not permit the relevant Keurig Partners to take any actions thereunder that would disproportionately and adversely affect the Co-Investor Limited Partner); provided, further, that if the parties are unable to reach agreement on such minority protections within five (5) Business Days, then the relevant Keurig Partner shall be permitted to proceed with such Working Capital Facility without the Co-Investor Limited Partner's participation. Notwithstanding the foregoing, there shall not be a cap on any funding required pursuant to sub-clause (z) of the first sentence of this clause (c). The (x) Working Capital Facility will (i) have an interest rate comparable to similar liquidity facilities, (ii) not contain any maintenance covenants, (iii) mature in five (5) years and (iv) require that any actions or proceedings to enforce the terms of such facility shall require approval of the Co-Investor Limited Partner, (y) JV will be required to repay in full all amounts drawn down from such Working Capital Facility prior to making any Distributions under <u>Section</u> <u>2.1</u> and (z) Working Capital Facility will be treated as Indebtedness of the JV and will not result in the issuance of additional Units. For avoidance of doubt, except as described in clause (y) above or in <u>Section</u> <u>11.4</u>, in no event shall any Working Capital Facility or other indebtedness entered into in accordance with the terms of this Agreement contractually prohibit or restrict the JV from making any payments to or for the benefit of the Co-Investor Limited Partner (including the Call Price, Early Call Price or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Co-Investor Limited Partner</u><u>'</u><u>s Liability</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;(i) The Co-Investor Limited Partner shall be liable for Losses only to the extent such Losses arise from any of the following Specified Circumstances (as defined below): (i) willful misconduct of the Co-Investor Limited Partner in respect of its obligations under this Agreement (it being understood and agreed that the exercise of any Unanimous Approvals of the Co-Investor Limited Partner shall not constitute willful

------

misconduct) or (ii) liability resulting from the failure to fund its Capital Contribution when required to do so under the Transaction Agreement (collectively, the "**Specified Circumstances**" and such liabilities, the "**Co-Investor Liabilities**"). Any liabilities or Losses not arising from the Specified Circumstances shall be borne and funded by the Keurig Partners (and for avoidance of doubt, any such funding by the Keurig Partners (i) will be non-dilutive and non-priming with respect to any distributions to the Co-Investor Limited Partner, (ii) will be made in respect of the Units held by the Keurig USA Partner as of the date hereof and (iii) will not result in the issuance of additional Units).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) In the case of the Co-Investor Limited Partner's failure to timely fund any Losses in respect of the Specified Circumstances, the Keurig Partners may, following written Notice by the Keurig Partners to the Co-Investor Limited Partner and the Co-Investor Limited Partner failing to cure such failure to fund within thirty (30) days after receipt of such written Notice, enter into loan agreement(s) or note(s) ("**Member Loans**"), for the Keurig Partners to loan the unfunded amount of such Losses to the JV, and cause the JV to execute such Member Loan. Interest on Member Loans shall accrue at four percent (4%) per annum, and there shall be no fixed maturity date for any Member Loan.

**ARTICLE 2** 

**<u>DISTRIBUTIONS, CAPITAL ACCOUNTS AND ALLOCATIONS OF NET PROFIT AND NET LOSS</u>**

Section 2.1 <u>Distributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Distribution Policy</u>. The LP Committee shall have full and sole discretion to declare distributions by the JV. The JV hereby adopts the distribution policy (the "**Distribution Policy**") set forth on <u>Schedule 2.1</u>, which such Distribution Policy shall govern the making of distributions by the JV and its Subsidiaries, except as set forth in <u>Section</u> <u>11.4</u>. The JV and the LP Committee shall at all times comply with the Distribution Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Parent Guaranty</u>. The Keurig Partners shall, concurrently with the execution of this Agreement by the Parties, provide the Parent Guaranty to the JV and the Co-Investor Limited Partner. Any amounts paid or contributed to the JV by Keurig Parent in its capacity as guarantor or by any other credit support provider shall be deposited into the same account into which such proceeds would have been deposited if the applicable Keurig Partner had made the applicable payment or contribution itself. 

Section 2.2 <u>No Violation</u>. Notwithstanding any provision to the contrary contained in this Agreement, the JV shall not make a Distribution to any Limited Partner on account of such Limited Partner's Units if such Distribution would violate any Applicable Law.

Section 2.3 <u>Capital Accounts</u>. The JV shall maintain a separate capital account for each Limited Partner in accordance with the following provisions, <u>provided</u>, that sub-capital accounts may be maintained to facilitate tracking with respect to each class of Units (each such account, a "**Capital Account**"):

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to each Limited Partner's Capital Account there shall be credited (x) such Limited Partner's contributions of cash and the Book Value of other properties and assets contributed to the JV, (y) such Limited Partner's distributive share of Net Profits and other items of income or gain which are specifically allocated to such Limited Partner and (z) the amount of any JV liabilities assumed by such Limited Partner or which are secured by any property distributed to such Limited Partner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to each Limited Partner's Capital Account there shall be debited (x) the amount of money and the book value of any property distributed to such Limited Partner pursuant to any provision of this Agreement (for the avoidance of doubt, not including any Distribution treated as a payment for the use of capital under Section 707(c) of the Code pursuant to <u>Section</u> <u>2.9</u>), (y) such Limited Partner's distributive share of Net Losses and other items of expense or loss which are specifically allocated to such Limited Partner and (z) the amount of any liabilities of such Limited Partner assumed by the JV or which are secured by any property contributed by such Limited Partner to the JV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This <u>Section</u> <u>2.3</u> and other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulations Section 1.704-1(b)(2)(iv), and shall be interpreted and applied in a manner consistent with such Treasury Regulations. If any Unit or other interest in the JV (or portion thereof) is transferred in accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account to the extent such capital is attributable to such transferred Unit or other interest in the JV (or portion thereof).

Section 2.4 <u>Negative Capital Accounts</u>. No Limited Partner shall be required to pay to any other Limited Partner or the JV any deficit or negative balance which may exist from time to time in such Limited Partner's Capital Account (including upon and after dissolution, termination, or cancellation of the JV).

Section 2.5 <u>No Withdrawal</u>. No Limited Partner shall be entitled to withdraw any part of such Limited Partner's Capital Contributions or Capital Account balance or to receive any Distribution from the JV, except as expressly provided herein.

Section 2.6 <u>Allocations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Allocations Generally*. Except as otherwise provided herein, and after giving effect to the allocations set forth in <u>Section</u> <u>2.7</u> and consistent with the Intended Tax Treatment under <u>Section</u> <u>2.9</u>, Net Profit and Net Loss (and, to the extent necessary, individual items of income, gain, loss, deduction or credit) of the JV shall be allocated among the Capital Accounts of the Limited Partners in a manner that, as closely as possible, gives economic effect to the provisions of Section 2.1 and <u>Section</u> <u>11.4</u> and the other relevant provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Special Allocations*. Notwithstanding <u>Section</u> <u>2.6(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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Net Profit or Net Loss (and, to the extent necessary, individual items of income, gain, loss, deduction or credit) in respect of the JV's interest in KCULC ("**Canadian Profit or Loss**") that is allocated to the Keurig Partners pursuant

------

to <u>Section</u> <u>2.6(a)</u> shall be specially allocated ninety-five percent (95%) to the Keurig Lux Partner and five percent (5%) to the Keurig USA Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Net Profit or Net Loss (and, to the extent necessary, individual items of income, gain, loss, deduction or credit) that is not Canadian Net Profit or Net Loss and that is allocated to the Keurig Partners pursuant to <u>Section</u> <u>2.6(a)</u> shall by specially allocated five percent (5%) to the Keurig Lux Partner and ninety-five percent (95%) to the Keurig USA Partner.

Section 2.7 <u>Regulatory Allocations; Other Allocation Rules</u>. The JV shall maintain a separate Capital Account for each Limited Partner in accordance with the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Regulatory Compliance*. The provisions of <u>Section</u> <u>2.1</u> (including the Distribution Policy), <u>Section</u> <u>2.3</u>, <u>Section</u> <u>2.4</u>, <u>Section</u> <u>2.5</u>, <u>Section</u> <u>2.6</u>, this <u>Section</u> <u>2.7</u>, and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulations Section 1.704-1(b) and shall be interpreted and applied in a manner consistent with such Treasury Regulation. In furtherance of the foregoing, Section 704 of the Code and the Treasury Regulations thereunder, including the provisions of such Regulations addressing qualified income offset, minimum gain chargeback requirements and allocations of deductions attributable to nonrecourse debt and partner nonrecourse debt (as defined in Regulation Section 1.704-2(b)(4)), are hereby incorporated by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Modification of Allocations*. The allocations set forth in <u>Section</u> <u>2.6</u>, and this <u>Section</u> <u>2.7</u> are intended to comply with certain requirements of the Treasury Regulations. Notwithstanding the other provisions of this <u>Article</u> <u>2</u>, the LP Committee shall be authorized to make, in its reasonable discretion, appropriate amendments to the allocations of Net Profit and Net Loss (and to individual items of income, gain, loss, deduction and credit) pursuant to this Agreement (i) in order to comply with Section 704 of the Code or applicable Treasury Regulations, (ii) to allocate properly Net Profit and Net Loss (and individual items of income, gain, loss, deduction and credit) to those Limited Partners that bear the economic burden or benefit associated therewith (including by making one or more special allocations of income, gain, loss, deduction and credit to one or more Limited Partners), and/or (iii) to otherwise cause the Limited Partners to achieve the objectives underlying this Agreement as reasonably determined by the LP Committee. If there are any changes after the date of this Agreement in applicable tax law, regulations or interpretation, or any errors, ambiguities, inconsistencies or omissions in this Agreement with respect to allocations to be made to Capital Accounts which would, individually or in the aggregate, cause the Limited Partners not to achieve in any material respect the economic objectives underlying this Agreement, the LP Committee may, in its discretion, make appropriate adjustments to such allocations in order to achieve or approximate such economic objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Capital Accounts of the Limited Partners may, at the discretion of the LP Committee, be adjusted in accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(f), and thereafter maintained in accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(g) (including the computation of Net Profit and Net Loss with reference to such adjustment), to reflect the Fair Value of JV property whenever an interest in the JV is relinquished to the JV, whenever an additional Limited Partner is admitted to the JV or a Limited Partner increases its

------

Capital Contributions and the amount of capital contributed by such Limited Partner upon its admission or increase, as the case may be, is more than *de minimis* and reflects changes in the value of JV assets upon a liquidation of the JV, and shall be adjusted in accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(e) in the case of a distribution of more than a de minimis amount of property (other than cash).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any amendment or adjustment by the LP Committee pursuant to <u>Section</u> <u>2.7(b)</u> or <u>Section</u> <u>2.7(c)</u> shall be subject to consent by the Co-Investor Limited Partner if such amendment or adjustment could materially, adversely and disproportionately impact the Co-Investor Limited Partner as compared to the Keurig Partners, taking into account the differences between the rights and intended tax treatment of the Keurig Partners' Units, on the one hand, and the Co-Investor Limited Partner's Units on the other.

Section 2.8 <u>Tax Allocations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The income, gains, losses, deductions and credits of the JV will be allocated for federal, state and local income tax purposes among the Limited Partners in accordance with the allocation of such income, gains, losses, deductions and credits among the Partners for computing their Capital Accounts; except that if any such allocation is not permitted by the Code or other applicable law, the JV's subsequent income, gains, losses, deductions and credits will be allocated for federal, state and local income tax purposes among the Limited Partners so as to reflect as nearly as possible the allocation set forth herein in computing their Capital Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Items of the JV's taxable income, gain, loss and deduction with respect to any property contributed to the capital of the JV shall be allocated among the Limited Partners in accordance with Section 704(c) of the Code so as to take account of any variation between the adjusted basis of such property to the JV for U.S. federal income tax purposes and its Book Value. In addition, if the Book Value of any of the JV's asset is adjusted pursuant to the requirements of Treasury Regulations Section 1.704-l(b)(2)(iv)(f), then subsequent allocations of items of taxable income, gain, loss and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for U.S. federal income tax purposes and its Book Value in the same manner as under Section 704(c) of the Code. The LP Committee shall determine all allocations pursuant to this <u>Section</u> <u>2.8</u><u>(b)</u> using the "traditional method" (or such other method elected by the Keurig Partners) as described in Treasury Regulations Section 1.704-3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Allocations of tax credits, tax credit recapture, and any items related thereto shall be allocated to the Partners according to their interests in such items as determined by the LP Committee taking into account the principles of Treasury Regulations Section 1.704-1(b)(4)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any recapture of depreciation or any other item of deduction shall be allocated, in accordance with Treasury Regulations Sections 1.1245-1(e) and 1.1254-5, to the Partners who received the benefit of such deductions (taking into account the effect of any remedial allocations).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Allocations pursuant to this <u>Section</u> <u>2.8</u> are solely for purposes of U.S. federal, state and local taxes and shall not affect any Limited Partner's Capital Account.

Section 2.9 <u>Intended Tax Treatment</u>. For U.S. federal (and applicable state and local) income tax purposes, the Parties shall treat: (i) the JV as a partnership in which the Keurig Partners and the Co-Investor Limited Partner are partners, (ii) each Distribution or accrual of the Target IRR to the Co-Investor Limited Partner as: (A) a payment for the use of capital under Section 707(c) of the Code, the deduction of which by the JV is subject to limitations of Section 163(j) of the Code, assuming such deduction is defined as "properly allocable to a trade or business" as defined in Section 163(j)(5) of the Code, (B) thereafter, a tax-free distribution governed by Section 731(a) of the Code to the extent of the Co-Investor Limited Partner's unreturned Purchase Price plus the deemed capital contribution pursuant to clause (iii); and (C) thereafter, a distributive share of the JV's income attributable to USA Available Cash and KCM Available Cash (in accordance with its Class A Distribution Percentage and Class B Distribution Percentage and <u>Schedule 2.1</u>) for which the Co-Investor Limited Partner shall be allocated items of net income, (iii) any accrual of the Target IRR that does not have a corresponding cash distribution to the Co-Investor Limited Partner shall be treated as a deemed capital contribution for purposes of Section 704(b) of the Code, which shall result in a tax-free distribution governed by Section 731(a) of the Code when such amounts are distributed pursuant to clause (B), and (iv) each Upfront Fee (as defined in the applicable Fee Letter (as defined in the Transaction Agreement)) shall be deductible to the payor thereof (clauses (i)-(iv), the "**Intended Tax Treatment**"). For the avoidance of doubt, for these purposes, (x) the amount of each Distribution or accrual of the Target IRR treated as described under clause (ii)(A) would be calculated at the Target IRR for the life of the Co-Investor Limited Partner's investment, based on the Target IRR in effect at the time of the Distribution or accrual and the amount of the Purchase Price for such Taxable Year remaining after the application of clause (B), (y) the Co-Investor Limited Partner's investment into Class A Units or Class B Units shall not be considered to result in any capital shift or other allocation of JV income other than as described under clause (A) and clause (C), and (z) if the Co-Investor Limited Partner does not recover any amounts beyond its Target IRR along with the Purchase Price amount, any allocation under clause (C) would be expected, based on the facts as of the date hereof, to be de minimis. No Party shall take a position inconsistent with the Intended Tax Treatment on any Tax Return or filing or in any Tax proceeding except as otherwise required by a change in applicable law or the good faith resolution of a tax contest. For the avoidance of doubt, the Parties intend and agree that any Coffee Assets in the United States are intended to be held by the JV and its Subsidiaries predominantly on a pass-through basis for U.S. federal (and applicable state and local) income tax purposes.

Section 2.10 <u>Withholding and Indemnification for Payments on Behalf of a Limited</u> <u>Partner</u>. The JV may withhold from Distributions with respect to any Unit or portions thereof if it is required by Applicable Law to make any payment to a Governmental Authority that is specifically attributable to a Limited Partner with respect to Units held by such Person (including federal, state or local taxes), and each such Limited Partner hereby authorizes the JV to withhold from or pay on behalf of or with respect to such Limited Partner any such payment that the JV is required to withhold or pay with respect to any amount distributable or allocable to such Limited Partner with respect to Units held by such Person pursuant to this Agreement. Any taxes, penalties and interest payable under the Partnership Tax Audit Rules by the JV or any fiscally transparent entity in which the JV owns an interest shall be treated as specifically attributable to

------

the Limited Partners and the LP Committee shall use commercially reasonable efforts to allocate the burden of (or any diminution in distributable proceeds resulting from) any such taxes, penalties or interest to the Limited Partners to whom such amounts are specifically attributable (whether as a result of their status, actions, inactions or otherwise) as reasonably determined by the LP Committee; <u>provided</u>, that for the avoidance of doubt, that if a "push-out" election under Section 6226 of the Code (or any analogous election under state or local tax law) with respect to any fiscally transparent entity in which the JV owns an equity interest is not made for any taxable period that ends prior to or includes the Effective Date, the burden of (or any diminution in distributable proceeds resulting from) any such taxes, penalties or interest payable under the Partnership Tax Audit Rules shall be specifically allocated to the Keurig Partners; <u>provided</u>, <u>further</u>, <u>however</u>, that with respect to any taxable period that includes the Effective Date, such burden shall be specifically allocated to the Keurig Partners only to the extent attributable to the portion of such taxable period up to and including the Effective Date. Any amounts withheld from, paid on behalf of or otherwise specifically attributable to any Limited Partner pursuant to this <u>Section</u> <u>2.10</u> will be treated as having been distributed to such Limited Partner. To the extent that the cumulative amount withheld or paid for any period exceeds the Distributions to which such Limited Partner is entitled for such period with respect to Units held by such Person, the JV will provide notice to such Limited Partner and such amount will (a) be treated as having been distributed to such Limited Partner as an advance against the next Distributions that would otherwise be made to such Limited Partner with respect to Units held by such Person, and such amount shall be satisfied by offset from such next Distributions or (b) if requested in writing by the LP Committee, be contributed by such Limited Partner to the JV within fifteen (15) days of demand therefor. If a Limited Partner fails to comply with its obligation to contribute to the JV pursuant to clause (b) above, such Limited Partner shall indemnify the JV in full for the entire amount paid by the JV (including interest, penalties and related expenses). Each Limited Partner will furnish the LP Committee with such information as may reasonably be requested by the LP Committee from time to time to determine whether withholding is required and the amount thereof, and each Limited Partner will promptly notify the LP Committee if such Limited Partner determines at any time that it is subject to withholding. A Limited Partner's obligation to indemnify and make contributions to the JV under this <u>Section</u> <u>2.10</u> shall survive (i) the termination, dissolution, liquidation, cancellation, and winding up of the JV, and for purposes of this <u>Section</u> <u>2.10</u>, to the fullest extent permitted by applicable law, the JV shall be treated as continuing in existence and (ii) such Limited Partner ceasing to be a Limited Partner. The JV may pursue and enforce all rights and remedies it may have against each Limited Partner under this <u>Section</u> <u>2.10</u> if a Limited Partner does not comply with the provisions in this <u>Section</u> <u>2.10</u>, including instituting a lawsuit to collect such amounts required to be paid to the JV or otherwise borne by such Limited Partner, with interest calculated at a rate equal to the prime rate plus three percentage (3%) points per annum (but not in excess of the highest rate per annum permitted by applicable law), compounded on the last day of each Fiscal Quarter.

**ARTICLE 3** 

**<u>STATUS, RIGHTS AND POWERS OF LIMITED PARTNERS</u>**

Section 3.1 <u>Return of Distributions of Capital</u>. Except as expressly set forth in this Agreement or as otherwise expressly required by Applicable Law, a Limited Partner, in such capacity, shall have no liability for obligations or liabilities of the JV in excess of (a) the amount

------

of Capital Contributions made or required to be made by such Limited Partner, (b) such Limited Partner's share of any assets and undistributed profits of the JV and (c) to the extent required by Applicable Law or this Agreement, the amount of any Distributions wrongfully distributed to such Limited Partner. For the avoidance of doubt, the Co-Investor Limited Partner shall have no liability for obligations or liabilities of the JV or otherwise hereunder other than the Co-Investor Liabilities. Except as expressly set forth in this Agreement or as otherwise required by Applicable Law, upon an insolvency of the JV, no Limited Partner shall be obligated by this Agreement to return any Distribution to the JV or pay the amount of any Distribution for the account of the JV or to any creditor of the JV; <u>provided</u>, <u>however</u>, that if any court of competent jurisdiction determines in a final, non-appealable order that, notwithstanding this Agreement, any Limited Partner is obligated to return or pay any part of any Distribution, such obligation shall bind such Limited Partner alone and not any other Limited Partner or any LP Committee Member; <u>provided</u>, <u>further</u>, that, without limiting the terms of <u>Section</u> <u>1.12(d)</u>, if any Limited Partner is required to return all or any portion of any Distribution under circumstances that are not unique to such Limited Partner but that would have been applicable to all Limited Partners if such Limited Partners had been named in the lawsuit against the Limited Partner in question (such as where a Distribution was made to all Limited Partners and rendered the JV insolvent, but only one Limited Partner was sued for the return of such Distribution), the Limited Partner that was required to return or repay the Distribution (or any portion thereof) shall be entitled to reimbursement from the other Limited Partners that were not required to return the Distributions made to them based on each such Limited Partner's Pro Rata Share of the Distribution in question. The provisions of the immediately preceding sentence are solely for the benefit of the Limited Partners and shall not be construed as benefiting any Third Party. The amount of any Distribution returned to the JV by a Limited Partner or paid by a Limited Partner for the account of the JV or to a creditor of the JV pursuant to this <u>Section</u> <u>3.1</u> shall be added to the account or accounts from which it was subtracted when it was distributed to such Limited Partner.

Section 3.2 <u>No Management or Control</u>. Except as expressly provided in this Agreement (including, for the avoidance of doubt, the Unanimous Approval Matters and <u>Section</u> <u>14.1</u>) or as delegated by the LP Committee or as provided for in the Operations and Maintenance Agreement, no Limited Partner shall take part in or interfere in any manner with the management of the business and affairs of the JV.

Section 3.3 <u>Voting</u>. Except as otherwise expressly set forth in this Agreement (including <u>Article</u> <u>4</u> and <u>Article</u> <u>5</u> and <u>Schedule 4.1</u> hereof) or as required by Applicable Law that cannot be waived, no matter or action will require the vote or approval of the Limited Partners. In the event any matter or action is required by Applicable Law to be submitted to a vote (or for the approval) of the Limited Partners and such Law cannot be waived, (a) the Class A-1 Units and the Class B-1 Units will vote together as a single class, (b) each Limited Partner that holds Class A-1 Units and Class B-1 Units shall be entitled to one (1) vote per Class A-1 Unit and one (1) vote per Class B-1 Unit held by such Limited Partner, and (c) action by written consent in lieu of a meeting is expressly permitted if such written consent is provided to all Limited Partners in a reasonable amount of time (it being agreed that five (5) Business Days shall be deemed to be reasonable) prior to the execution thereof and is subsequently signed by Limited Partners having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all Units entitled to vote thereon were present and voted.

------

**ARTICLE 4** 

**<u>DESIGNATION, RIGHTS, AUTHORITIES, POWERS, RESPONSIBILITIES AND DUTIES OF THE LP COMMITTEE</u>**

Section 4.1 <u>LP Committee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The business of the JV will be managed by the General Partner that hereby delegates authority to a committee appointed and determined as provided in <u>Schedule 4.1</u> attached hereto (the "**LP Committee**"); <u>provided</u>, that, except as otherwise provided herein, no single member of the LP Committee (in their capacity as such) may bind the JV, and the LP Committee will have the power to act only collectively in accordance with the provisions and in the manner specified herein and in <u>Schedule 4.1</u>. The LP Committee will initially be comprised of the individuals set forth in <u>Schedule 4.1</u>. Thereafter, the individuals constituting the LP Committee will be determined in accordance with the provisions of <u>Schedule 4.1</u>. <u>Schedule 4.1</u> sets forth the procedures for the conduct of the affairs of the LP Committee and decisions of the LP Committee will be set forth in a resolution adopted in accordance with the procedures set forth in <u>Schedule 4.1</u>. Such decisions will be carried out by officers or agents of the JV designated by the LP Committee in such resolution or in one or more standing resolutions or with the power and authority to do so under <u>Article</u> <u>5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A decision of the LP Committee may be amended, modified or repealed in the same manner in which it was adopted or in accordance with the procedures set forth in <u>Schedule 4.1</u> as then in effect; <u>provided</u>, <u>however</u>, that no such amendment, modification or repeal will affect any Person who has been furnished a copy of the original resolution, certified by a duly authorized officer of the JV, until such Person has been notified in writing of such amendment, modification or repeal; <u>provided</u>, <u>further</u>*,* that no such amendment, modification or repeal will invalidate actions previously authorized by such original resolution with respect to any Person if such original resolution has been relied upon in good faith by such Person.

Section 4.2 <u>Authority of the</u> <u>LP Committee</u>. Except as otherwise expressly provided in this Agreement, the General Partner has designated the LP Committee to have the exclusive power and authority on its behalf to manage the business and affairs of the JV and to make all decisions with respect thereto. The LP Committee is hereby vested with all rights and powers of a general partner under the Act and has full authority to manage the JV and exercise all rights on behalf of the JV under, and in accordance with, this Agreement, including all rights and powers to manage and control the business and affairs of the JV in accordance with this Agreement. For the avoidance of doubt, the General Partner has no rights or powers as a partner of the JV, and pursuant to Section 17-403 of the Act, the General Partner, solely in its capacity as such, has irrevocably delegated to the LP Committee *ab initio* all of its rights and powers with respect to the JV (for the avoidance of doubt, this sentence shall not apply to any rights or powers of Keurig Lux Partner in its capacity as a Limited Partner or a holder of Units or as otherwise expressly provided to the Keurig Lux Partner or the Keurig USA Partner hereunder). No Partner or Designee (acting individually) shall have the authority to manage the business and affairs of the JV or contract for or incur on behalf of the JV any debts, liabilities or other obligations or bind the JV, except as expressly permitted by this Agreement. Except as otherwise expressly provided in this Agreement, the LP Committee or Persons designated by the LP Committee,

------

including officers and agents of the JV appointed by the LP Committee, will be the only Persons authorized to execute documents which will be binding on the JV. To the fullest extent permitted by Applicable Law, but subject to any specific provisions hereof granting rights to the Limited Partners, the LP Committee will have the power to perform any acts, statutory or otherwise, with respect to the JV or this Agreement, which would otherwise be possessed by the Limited Partners under the Act, and the Limited Partners will have no power whatsoever with respect to the management of the business and affairs of the JV. The power and authority granted to the LP Committee hereunder will include all those necessary, advisable or incidental for the accomplishment of the purposes of the JV and the exercise of the powers of the JV. Except as otherwise stated herein, any decision, action, approval, authorization, election or determination made by the LP Committee in furtherance of the terms herein may be made by the LP Committee in its sole discretion.

Section 4.3 <u>Reliance by Third Parties</u>. Any Person dealing with the JV or the Limited Partners may rely upon a certificate signed by any Keurig Designee as to: (a) the identity of the Limited Partners, (b) the existence or non-existence of any fact or facts which constitute a condition precedent to acts by Limited Partners or are in any other manner germane to the affairs of the JV, (c) the Persons which are authorized to execute and deliver any instrument or document of or on behalf of the JV, (d) the authorization of any action by or on behalf of the JV by the LP Committee or any officer or agent acting on behalf of the JV or (e) any act or failure to act by the JV or as to any other matter whatsoever involving the JV or the Limited Partners.

Section 4.4 <u>Certain Approval Rights</u>. Notwithstanding anything to the contrary herein, none of the JV, any of its Subsidiaries nor any officer or agent of the JV (including the Operator or the LP Committee) or any other person or entity acting on behalf of the JV or any of its Subsidiaries (which may include any Affiliate of the JV or any Keurig Partner), shall take or consent to any of the actions described in <u>Exhibit B</u> and, solely with respect to KCULC and its Subsidiaries, <u>Exhibit B-1</u> and <u>Exhibit B-2</u>, in each case, without (i) the unanimous approval of the LP Committee and (ii) the unanimous prior written approval of each of the Limited Partners holding at least ten percent (10%) of the voting power in the JV (such approval, "**Unanimous Approval**," and such matters subject to Unanimous Approval, the "**Unanimous Approval Matters**"); <u>provided</u>, that in no event shall any partial exercise of the Early Call Right, Call Right or the Conversion Right alter or impair the Unanimous Approval rights of the Co-Investor Limited Partner or the Co-Investor Designees. Any action (or inaction) taken (or not taken) that is not in compliance with this <u>Section</u> <u>4.4</u> and <u>Exhibit B</u> shall be null and void *ab initio* and of no force or effect. The JV shall not permit its Subsidiaries to take any actions that would otherwise require Unanimous Approval absent receipt of such Unanimous Approval.

Section 4.5 <u>Operation of</u> <u>the JV</u>. The JV and its Subsidiaries shall be operated in material compliance with all Applicable Laws, and each Limited Partner shall act in its capacity as such in accordance with all Applicable Laws in all material respects.

------

**ARTICLE 5** 

**<u>DESIGNATION, RIGHTS, AUTHORITIES, POWERS, RESPONSIBILITIES AND DUTIES OF OFFICERS AND AGENTS; SUBSIDIARIES</u>**

Section 5.1 <u>Officers and Agents</u>. Except as otherwise determined by the LP Committee, Keurig Lux Partner may appoint the officers of the JV, which may consist of such officers as it deems appropriate, including, as Keurig Lux Partner may elect, a president, a secretary and a treasurer and one or more vice-presidents and one or more assistant secretaries and assistant treasurers and such other officers as it deems appropriate, and/or agents of the JV to such positions and with such titles, if any, as Keurig Lux Partner deems appropriate, or may determine that no such officers or agents of the JV will be appointed, and may delegate to such officers or agents (if so appointed) such powers as are granted to the LP Committee hereunder, including (as applicable) the power to run the day-to-day business of the JV, to execute documents on behalf of the JV and to cause the JV to perform and/or make elections under any agreement of the JV, in each case, as Keurig Lux Partner may reasonably determine; <u>provided</u>, that no such delegation by Keurig Lux Partner shall be permitted if it shall impair or limit the application of any consent right held by any Co-Investor Limited Partner set forth in this Agreement, including any such delegation that will result in the JV taking any of the actions set forth in <u>Section</u> <u>4.4</u> or <u>Exhibit B</u> without the written consent of all Persons having approval rights pursuant thereto and in breach of <u>Section</u> <u>4.4</u> or <u>Exhibit B</u>, as the case may be. Any number of offices may be held by the same person. Such officers or agents of the JV, if so appointed, shall not be compensated by the JV. Other than as expressly permitted by this Agreement, the JV shall not hire any employees. No officer shall be entitled to receive any fees or other payments in respect of services rendered in their capacity as an officer of the JV.

Section 5.2 <u>Tenure</u>. Each officer of the JV shall hold office until his or her respective successor is chosen and qualified unless a shorter period shall have been specified by the terms of his or her election or appointment, or in each case, until he or she sooner dies, resigns, is removed or becomes disqualified. Each agent of the JV shall retain his or her authority at the pleasure of the LP Committee or Keurig Lux Partner, or the officer by whom he or she was appointed or by the officer who then holds agent appointive power.

Section 5.3 <u>Vacancies</u>. If the office of any officer of the JV becomes vacant, Keurig Lux Partner may choose a successor. Each such successor shall hold office for the unexpired term, and until his or her successor is chosen and qualified or in each case, until he or she sooner dies, resigns, is removed or becomes disqualified.

Section 5.4 <u>Resignation and Removal</u>. Keurig Lux Partner may at any time remove any officer and/or agent of the JV with or without cause. Any officer may resign at any time by delivering his or her resignation in writing to the LP Committee. Such resignation shall be effective upon receipt unless specified to be effective at some other time, and without in either case the necessity of its being accepted unless the resignation shall so state.

Section 5.5 <u>President</u>. The president, if any, shall be the chief executive officer of the JV, shall preside at all meetings of the LP Committee unless a Chair of the LP Committee has

------

been appointed and determined as provided in <u>Schedule 4.1)</u> attached hereto and is present, and shall see that all orders and resolutions of the LP Committee are carried into effect.

Section 5.6 <u>Vice-Presidents</u>. In the absence of the president or in the event of the president's inability or refusal to act, the vice-president, if any (or in the event there be more than one vice-president, the vice-presidents in the order designated by Keurig Lux Partner, or in the absence of any designation, then in the order of their appointment), shall perform the duties of the president and when so acting, shall have all the powers of and be subject to all the restrictions upon the president. The vice-president shall perform such other duties and have such other powers as Keurig Lux Partner or the president, if any, may from time to time prescribe.

Section 5.7 <u>Secretary</u>. The secretary, if any, shall attend all meetings of the LP Committee and record all the proceedings of the meetings of the JV and of the LP Committee in a book to be kept for that purpose and shall perform like duties for any standing committees when required. The secretary shall give, or cause to be given, notice of all special meetings of the LP Committee, and shall perform such other duties as may be prescribed by Keurig Lux Partner or the president, if any, under whose supervision the secretary shall be. The secretary shall have custody of the corporate seal of the JV (if any) and the secretary, or an assistant secretary, shall have authority to affix the same to any instrument requiring it and when so affixed, it may be attested by the secretary's signature or by the signature of such assistant secretary. Keurig Lux Partner may give general authority to any other officer to affix the corporate seal of the JV (if any) and to attest the affixing by the secretary's signature.

Section 5.8 <u>Assistant Secretaries</u>. The assistant secretaries, if any, shall assist the secretary with the secretary's duties and shall, in the absence of the secretary or in the event of the secretary's inability or refusal to act, perform the duties and exercise the powers of the secretary and shall perform such other duties and have such other powers as Keurig Lux Partner may from time to time prescribe.

Section 5.9 <u>Treasurer</u>. The treasurer, if any, shall have the custody of the corporate funds and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the JV and shall deposit all moneys and other valuable effects in the name and to the credit of the JV in such depositories as may be designated by the LP Committee. The treasurer shall disburse the funds of the JV as may be ordered by the LP Committee, taking proper vouchers for such disbursements, and shall render to the president and the LP Committee, at its regular meetings, or when the LP Committee so requires, an account of all the treasurer's transactions as treasurer and of the financial condition of the JV. If required by the LP Committee, the treasurer shall give the JV a bond (which shall be renewed every six (6) years) in such sum and with such surety or sureties as shall be satisfactory to the LP Committee for the faithful performance of the duties of the treasurer's office and for the restoration to the JV, in case of the treasurer's death, resignation, retirement or removal from office, of all books, papers, vouchers, money and other property of whatever kind in the treasurer's possession or under the treasurer's control belonging to the JV.

Section 5.10 <u>Assistant Treasurers</u>. The assistant treasurers, if any, shall assist the treasurer in the treasurer's duties and shall, in the absence of the treasurer or in the event of the treasurer's inability or refusal to act, perform the duties and exercise the powers of the treasurer

------

and shall perform such other duties and have such other powers as Keurig Lux Partner may from time to time prescribe.

Section 5.11 <u>KCULC and KCM Directors and Officers</u>. Except as otherwise determined by the LP Committee, the Keurig Lux Partner shall have the exclusive right to appoint or designate all directors and officers of KCULC or KCM, as applicable; provided, however, that the foregoing shall not be permitted if it shall impair or limit the application of any consent right held by any Co-Investor Limited Partner set forth in this Agreement, including any such delegation that will result in the JV taking any of the actions set forth in <u>Section</u> <u>4.4</u> or <u>Exhibit B</u> without the written consent of all Persons having approval rights pursuant thereto and in breach of <u>Section</u> <u>4.4</u> or <u>Exhibit B</u>, as the case may be.

Section 5.12 <u>Separateness</u>. The JV, the LP Committee and the General Partner (solely in such capacity) shall use reasonable best efforts to do or cause to be done all things reasonably necessary to cause the JV and its Subsidiaries to comply with each of the following: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) preserve and keep in full force and effect its existence, rights (charter and statutory) and franchises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) maintain its own separate books and records and bank accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at all times hold itself out to the public and all other Persons as a legal entity separate from the Keurig Partners and any other Person (although, in any case, it may be identified and operate as a subsidiary or affiliate of the Keurig Partners);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) file its own Tax Returns, if any, as may be required under applicable law, to the extent (i) not part of a consolidated group filing a consolidated return or returns or (ii) not treated as a division for tax purposes of another taxpayer, and pay any taxes so required to be paid under the Applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) not commingle its assets with the assets of any other Person (other than ordinary course sharing arrangements on an arm's-length basis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) conduct its business in its own name and strictly comply with all organizational formalities to maintain its separate existence (although, in any case, it may be identified and operate as a subsidiary or affiliate of the Keurig Partners);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) pay, or cause to be paid, its own liabilities only out of its own funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) not hold out its credit or assets as being available to satisfy the obligations of others (other than any guarantees, termination, cross-default and similar provisions in ordinary course agreements on arm's length terms); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) correct any known misunderstanding regarding its separate identity.

Failure of the JV, or the LP Committee and the General Partner on behalf of the JV, to comply with any of the foregoing covenants or any other covenants contained in this Agreement shall not affect the status of the JV as a separate legal entity. For the avoidance of doubt, nothing in this

------

 <u>Section</u> <u>5.12</u> shall restrict the JV, the LP Committee, the General Partner, the Keurig Partner or their Affiliates from taking any action contemplated by this Agreement or the Main JV Agreements or from any accounting consolidation or related reporting.

**ARTICLE 6** 

**<u>LP COMMITTEE</u>**

**<u>PLANS; BOOKS, RECORDS, ACCOUNTING AND REPORTS</u>**

Section 6.1 <u>Business Plans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Annual Plans; 10-Year Plan; 30-Year Plan.* Concurrently with the execution and delivery of this Agreement, the Limited Partners and the LP Committee have adopted the initial Annual Plans, 10-Year Plan and 30-Year Plan. The LP Committee shall be entitled to amend or adopt any new Annual Plan and adopt a new 10-Year Plan, in each case, only with the receipt of the requisite Unanimous Approval (if any); *provided*, that the LP Committee shall reasonably consult with (and consider in good faith the comments of) the Co-Investor Designees in connection with any material amendments and approvals thereto. Once adopted, a 10-Year Plan will not be amended except in connection with the approval of a new 10-Year Plan at the end of the applicable ten-year period, and, from and after the Closing, the 30-Year Plan will not be amended, except in connection the approval of a new 30-Year Plan at the end of the applicable thirty-year period. In the event the LP Committee cannot agree on any changes to any subsequent 10-Year Plan or any requisite Unanimous Approval is not obtained therefor, the budget of the JV for the first year following the expiring 10-Year Plan shall be equal to the budget set forth in the final year of the most recent approved 10-Year Plan, subject to the relevant volume and PPI escalators set forth therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Additional Business Plan Assets; Alternative Business Plan.* If MarketingCo exercises its Expansion Election (as defined in the Wholesale Agreement) under the Wholesale Agreement, (A) the JV shall accept the contribution of the Additional Business Plan Assets (as defined in the Wholesale Agreement) from the Keurig Partners (it being understood that no Units shall be issued in respect thereof and such contribution shall not dilute the Co-Investor Limited Partner), (B) the JV will amend and restate the Wholesale Agreement pursuant to which the JV will exclusively produce roasted coffee beans for MarketingCo and its Affiliates for sale in the US and Canada (regardless of whether such roasted coffee beans are consumed as single-serve beverages), (C) the Limited Partners will mutually agree upon a new 10-Year Plan that will encompass the Additional Business Plan Assets and the roasted coffee beans produced by such assets (such 10-Year Plan, the "**Alternative Business Plan**") and (D) the Parties and MarketingCo shall cooperate in good faith to agree upon a new Marketing Plan in accordance with such Alternative Business Plan associated with such Expansion Election (including any required proportionate adjustments to the Volumes, Margins and Product Price and references to Products to include any changes to the scope of products included in the applicable Alternative Business Plan). The unit economics (including the Volume, pricing and Tiers) will be agreed at the time of MarketingCo making the Expansion Election, and the Co-

------

Investor Limited Partner will have a consent right to the extent that the unit economics are not proportionate with the expected unit economics of the Products for the applicable Marketing Term (i.e., the volume and margin tiers will be calculated proportionately based on the aggregate volume of roasted coffee beans produced by the assets of the JV and its Subsidiaries (including the Additional Business Plan Assets) during the most recent twelve-month period). For avoidance of doubt, in no event shall any loss assets be contributed as Additional Business Plan Assets and the JV shall have no obligation to accept any such loss assets.

Section 6.2 <u>Books and Records</u>. The JV shall maintain at its principal office, or such other office as the LP Committee shall determine, such books and records with respect to the JV's business as the LP Committee deems appropriate. Subject to <u>Section</u> <u>6.5</u>, each Limited Partner shall have the right, exercisable no more than once in any twelve (12)-month period or upon reasonable cause (as determined in good faith by the LP Committee), to reasonably inspect such books and records upon its reasonable request and upon reasonable advance notice to the JV, and the JV shall, and the Keurig Partners shall cause the JV and each of their respective Affiliates, to provide such access (including, for avoidance of doubt, any books and records held by a Keurig Partner or any of its Affiliates to the extent related to the JV).

Section 6.3 <u>Main JV Agreements Reports and Notices</u>. From and after the Effective Date, the JV will reasonably promptly, and in no event later than ten (10) Business Days after receipt by the JV of any material Notice under the Main JV Agreements, deliver to the Limited Partners: (a) each such Notice and/or (b) the Quarterly Operating Reports, Annual Operating Budgets, and any incident reports or remedial plans provided by the Operator following an Operational Failure.

Section 6.4 <u>Inspection</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as expressly provided in <u>Section</u> <u>6.2</u>, <u>Section</u> <u>6.5</u> and/or <u>Section</u> <u>6.6</u>, the JV and each of the Limited Partners acknowledge that (1) neither the JV nor the Keurig Partners shall be obligated to grant to any other Limited Partner or the Limited Partners' respective Representatives, and no other Limited Partner or any of such Representatives shall have, the right to access to visit or inspect the manufacturing facilities held or operated by, or on behalf of, the JV or its Subsidiaries (the "**Facilities**") or any Keurig Partner's or its Affiliates' properties that are unrelated to the business of the JV (as applicable) and (2) subject to the Limited Partners' rights pursuant to <u>Section</u> <u>6.2</u> and <u>Section</u> <u>6.6</u>, no Limited Partner shall be obligated to grant to any other Limited Partner or such Limited Partners' respective Representatives, and no other Limited Partner or any of such Representatives shall have, the right to examine any Limited Partner's or its Affiliates' books of account and records (excluding, for avoidance of doubt, any books and records held by a Keurig Partner or any of its Affiliates to the extent related to the JV); <u>provided</u>, <u>however</u>, that the JV or the Keurig Partners (in the case of clause (1)) or such Limited Partner (in the case of clause (2)) may grant any such access in its sole discretion; <u>provided</u>, <u>further</u>, that, in each case, an independent contractor approved in advance by the Keurig Partners (in its reasonable discretion and in good faith consultation with Co-Investor Limited Partner) (each, a "**Designated Representative**") shall be provided access by the Keurig Partners to the Facilities during normal business hours and upon reasonable advance notice, but shall be subject to Keurig Parent's policies and procedures for the purpose of (A) if the JV or Co-Investor Limited Partner so requests, reviewing and certifying any incident

------

reports or remedial plans provided by the Operator following an Operational Failure and (B) evaluating a Major Casualty Event (as defined in the Risk of Loss Agreement) in the event of a dispute by the JV under the Risk of Loss Agreement.

&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 in this Agreement, (i) auditors and accountants of the JV shall not be obligated to make any work papers available to a Limited Partner unless and until such Limited Partner has signed a customary agreement relating to such access in form and substance reasonably acceptable to such auditors or accountants and the provision of such information is not prohibited by Applicable Law or regulation or pursuant to any agreement with or obligation to a Governmental Authority, and (ii) in no circumstance shall the Keurig Partners be obligated to provide, or the JV, any other Limited Partner or the JV's or any other Limited Partner's Representatives have the right to, access to any restricted access areas or any information (including information provided pursuant to <u>Section</u> <u>6.3</u>): (A) to the extent prohibited by Applicable Law or regulation or pursuant to any agreement with or obligation to a Governmental Authority, or (B) that any Keurig Partner reasonably considers in good faith to be a trade secret or similarly competitively sensitive confidential information to such Keurig Partner and its Affiliates or the disclosure of which, on the advice of counsel, would adversely affect the attorney-client privilege between such Keurig Partner or the JV and its counsel; <u>provided,</u> that, in the case of the foregoing clause (ii)(B), the Keurig Partners shall use commercially reasonable efforts to take measures to provide the material portions of such information to the extent such information is otherwise required or desired by the Keurig Partners to be provided to another Limited Partner pursuant to the terms and conditions in this Agreement.

Section 6.5 <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Party (each, a "**Receiving Party**") shall, for any purpose other than performing its obligations under this Agreement, use, divulge, disclose, produce, publish or permit access to, without the prior written consent of any other Party (the "**Disclosing Party**"), any commercially sensitive, non-public, confidential or proprietary information of the Disclosing Party ("**Confidential Information**"). Confidential Information includes this Agreement, all information or materials prepared in connection with the services performed under any Main JV Agreement, designs, drawings, specifications, techniques, models, data, documentation, source code, object code, diagrams, flow charts, research, development, processes, procedures, formulae, know-how, manufacturing, development or marketing techniques and materials, development or marketing timetables, strategies and development plans, customer, supplier or personnel names and other information related to customers, suppliers or personnel, pricing policies and financial information or concerning industrial, commercial or scientific expertise, and other information of a similar nature, whether or not reduced to writing or other tangible form, and any other trade secrets, in each case, where such information or material is clearly marked as "confidential," "proprietary" or the like at the time of disclosure or after disclosure, or, if first disclosed in non-tangible form, is orally identified as confidential or proprietary at the time of disclosure or confirmed as such in writing after disclosure, or where, under the circumstances, such information or material is reasonably considered Confidential Information of the Disclosing Party. The Receiving Party may grant access to such Confidential Information to its respective employees and authorized contractors, subcontractors and agents whose access is necessary to fulfill the terms of this Agreement. Confidential Information does not include any

------

information (a) known to the Receiving Party prior to obtaining the same from the Disclosing Party, (b) that is or becomes generally available to the public other than as a result of a disclosure by any Person not otherwise permitted pursuant to this <u>Section</u> <u>6.5</u>, (c) of which such Person (or its Affiliates) learns from sources other than the Disclosing Party or its Affiliates or their representatives or predecessors; <u>provided</u>, that such source is not known (after reasonable inquiry undertaken in good faith) to be bound by a confidentiality agreement with or other contractual, legal or fiduciary obligation of confidentiality to the Disclosing Party or any of its Affiliates with respect to such information or (d) that is disclosed in a prospectus or other documents available for dissemination to the public by express prior written consent of an authorized officer of Disclosing Party. The Receiving Party shall use the higher of the standard of care that the Receiving Party uses to preserve its own Confidential Information of a similar nature or a reasonable standard of care to prevent unauthorized use or disclosure of such Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything herein to the contrary, each Receiving Party and its Affiliates and its and their respective managers, officers, shareholders, partners, employees, agents and members shall be permitted to disclose such Confidential Information without the prior written consent of the Disclosing Party (i) to those of such Receiving Party's Affiliates, and its and their respective agents (including, for the avoidance of doubt, investment, compliance and other personnel of the Co-Investor Limited Partner, its direct and indirect owners and their respective Affiliates) ("**Co-Investor Personnel**"), representatives and employees who (x) need access to such Confidential Information to directly support such Receiving Party's obligations under this Agreement or, in the case of the Co-Investor Personnel, need access to such Confidential Information for the purpose of administering (or otherwise have a need to know about) Co-Investor Limited Partner's investment in the JV and (y) are subject to confidentiality obligations at least as restrictive as the obligations set forth herein, (ii) to such Receiving Party's prospective direct or indirect limited partners and equity holders so long as they are subject to substantially comparable confidentiality obligations as those set forth herein (and provided that, in the case of Co-Investor Limited Partner, the allowance of this clause (ii) shall be limited to information provided pursuant to Section 6.6, (iii) to the extent required to be disclosed by order of a court of competent jurisdiction or other Governmental Authority, or by any stock exchange where the shares of any Person are listed, or by any Applicable Law, or by subpoena, summons or any other administrative or legal process, or by applicable regulatory standards, (iv) as required in connection with any government or regulatory filings, including filings with any regulating authorities covering the relevant financial markets, (v) to the extent necessary for the enforcement of any right of such Receiving Party arising under this Agreement, (vi) to its attorneys, accountants, rating agencies, financial advisors or other agents, in each case, bound by the same or similar confidentiality obligations, (vii) to banks, insurers, investors and other equity or debt financing sources and their advisors, in each case, if the Person receiving the Confidential Information is bound by the same or similar confidentiality obligations, (viii) to a potential acquiror and its representatives and employees in an actual or prospective merger or acquisition or similar transaction where the Person receiving the Confidential Information is bound by the same or similar confidentiality obligations, (ix) to the extent required to be disclosed on any Tax Return or in connection with any audit or other proceeding relating to Taxes or to the U.S. Department of the Treasury or the Internal Revenue Service (or any relevant state or local Taxing authority) in connection with Tax incentives, exemptions, deductions, abatements, exclusions or other benefits, and (x) to insurance agents to the extent necessary to

------

perform its obligations under this Agreement; *provided*, *however*, that each of Co-Investor Limited Partner and the JV agrees that it will not disclose any Confidential Information of any Keurig Partner to any Person that is a Keurig Competitor or an Affiliate thereof (it being understood and agreed that in no event shall providing Confidential Information to Co-Investor Personnel in and of itself be deemed to be providing such information to a Keurig Competitor).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Receiving Party believes that it will be compelled to disclose Confidential Information of the Disclosing Party pursuant to any of sub-clauses (iii), (iv), (vii) and (viii) in <u>Section</u> <u>6.5(b)</u>, then, to the extent permitted by Applicable Law, it shall give the Disclosing Party prompt written Notice so that the Disclosing Party may determine whether to take steps to oppose such disclosure. Except for disclosures pursuant to sub-clauses (iii), (iv), (ix) and (x) of <u>Section</u> <u>6.5(b)</u>, a Receiving Party shall advise each Person to whom it provides the Disclosing Party's Confidential Information of the confidentiality obligations in this Agreement, and a Receiving Party shall be liable to the Disclosing Party for any breach of such confidentiality obligations by any such Person to whom such Receiving Party has provided the Disclosing Party's Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Co-Investor Limited Partner acknowledges and agrees that certain Confidential Information furnished or made available by or on behalf of the JV, the Keurig Partners or their respective Affiliates may constitute or may contain material non-public information regarding Keurig Parent. Co-Investor Limited Partner further acknowledges that it is aware of applicable United States securities laws, and that such applicable securities laws may restrict the trading of securities by a person who has received material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Parties shall cause the confidentiality provisions of this <u>Section</u> <u>6.5</u> to remain in full force and effect with respect to any Confidential Information until the date that is five (5) years after the date of the termination of this Agreement or, in the case of Co-Investor Limited Partner, until the date that is two (2) years following the date the Co-Investor Limited Partner is no longer a Limited Partner or Controlled by the Co-Investors; provided, however, that, with respect to Confidential Information that constitutes a trade secret, the confidentiality obligations of the Co-Investor Limited Partner under this <u>Section</u> <u>6.5</u> shall survive for so long as such information remains a trade secret under Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Except as is necessary for each Party's obligations hereunder, at any time upon the request of a Disclosing Party, the Receiving Party shall promptly return or destroy (with such return or destruction to be confirmed by the Receiving Party), all documents (and all copies thereof) furnished to or prepared by such Receiving Party to the extent that they contain Confidential Information of the Disclosing Party and all other documents in such Receiving Party's possession to the extent that they contain such Confidential Information delivered to such Receiving Party by or on behalf of such Disclosing Party; <u>provided</u>, that, such Receiving Party may retain copies of such Confidential Information solely for the purpose of complying with Applicable Law or professional standards or its audit and document retention policies so long as all such retained Confidential Information is held subject to the terms and conditions of this <u>Section</u> <u>6.5</u>; <u>provided</u>, <u>further</u>, that, with respect to Confidential Information that constitutes a trade secret, obligations under this <u>Section</u> <u>6.5</u> shall survive for so long as such information remains a trade secret.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Parties acknowledge that the Confidential Information is valuable and unique, and that damages would be an inadequate remedy for breach of this <u>Section</u> <u>6.5</u> and that the obligations of each Party under this <u>Section</u> <u>6.5</u> are specifically enforceable. Accordingly, the Parties agree that a breach or threatened breach of this <u>Section</u> <u>6.5</u> by any Party shall entitle the other Parties to seek a decree compelling specific performance or granting injunctive relief with respect thereto, and shall be entitled, without the necessity of filing any bond, to enjoin any actual breach of this <u>Section</u> <u>6.5</u>. Any such relief shall be in addition to, and not in lieu of, monetary damages or other rights and remedies that may be available to such Party at law or in equity, unless expressly prohibited or otherwise restricted by any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Co-Investor Limited Partner, the Co-Investors and their Affiliates shall have the right to disclose its participation in the transactions contemplated by the Transaction Documents by listing Keurig Parent's name and logo on its website and in its marketing materials, in each case, subject to Keurig Parent's review and consent (which consent shall not be unreasonably withheld, conditioned or delayed) unless such disclosure is consistent with any information previously disclosed by or on behalf of Keurig Parent. Each Limited Partner further acknowledges that Co-Investor Limited Partner's, the Co-Investors' and their Affiliates' review of information that is subject to this <u>Section</u> <u>6.5</u> may enhance their and their respective personnel's knowledge and understanding of the JV's and its Subsidiaries' industry in a way that cannot be separated from their or their respective personnel's other generalized industry knowledge. Each Limited Partner agrees that this Agreement shall not restrict Co-Investor Limited Partner's, the Co-Investors' and their Affiliates', as applicable, or their respective personnel's use of such generalized industry knowledge and understanding, including in connection with investments in other companies (including in the same or similar industries).

Section 6.6 <u>Information Rights</u>. From and after the Effective Date, the JV shall furnish to each Limited Partner concurrently:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No later than one hundred twenty (120) calendar days after the end of each Fiscal Year of the JV, the consolidated balance sheet of the JV as of the end of such Fiscal Year and the consolidated statements of income, cash flows and changes in the Limited Partners' equity of the JV for such Fiscal Year, setting forth, in each case, in comparative form the figures for the immediately preceding Fiscal Year and, in each case, accompanied by an audit report of independent certified public accountants of recognized national standing thereon, which accountants shall be selected by the LP Committee; 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No later than forty-five (45) calendar days after the end of each Fiscal Quarter of the JV for the first three (3) Fiscal Quarters of a Fiscal Year, the consolidated balance sheet of the JV as of the end of such Fiscal Quarter and the consolidated statements of income, cash flows and changes in the Limited Partners' equity of the JV for the portion of the Fiscal Year then ended, setting forth in the case of the consolidated statements of income, cash flows and changes in the Limited Partners' equity in comparative form the figures for the corresponding period of the previous Fiscal Year, and, in the case of such balance sheet in comparative form the figures for the last day of the previous Fiscal Year, and in each case, which shall not be required to include footnotes and shall not be required to be reviewed by the accountants; <u>provided</u>, <u>however</u>, that for Fiscal Quarters ending after the Closing and prior to the

------

first Fiscal Quarter of 2027, the information described in this <u>Section</u> <u>6.6(b)</u> shall be delivered no later than seventy-five (75) calendar days after the end of such Fiscal Quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) Upon a Limited Partner's reasonable request and at such Limited Partner's sole cost and expense, such additional information as shall be required in order for each Limited Partner and its Affiliates (including its and their direct or indirect owners, investors and lenders) to comply with any applicable reporting requirements and other obligations under (A) the Securities Act and the Exchange Act, (B) any national securities exchange or automated quotation system, or (C) any other Applicable Laws with respect to such Limited Partner or its Affiliates (including its and their direct or indirect owners, investors and lenders) and (ii) any reports expressly required to be delivered to the JV pursuant to any of the Main JV Agreements, concurrently with their delivery to the JV; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Concurrently with their delivery to the LP Committee, copies of all annual and other periodic business plans, operating budgets and other materials that are submitted to the LP Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon a Limited Partner's reasonable request, the results of any audit conducted by the JV or an independent auditor under the Operations and Maintenance Agreement.

**ARTICLE 7** 

**<u>TAX MATTERS</u>**

Section 7.1 <u>Preparation of Tax Returns</u>. The JV shall cause to be prepared and timely filed all necessary federal, state and local Tax Returns for the JV, and each such Tax Return shall be prepared consistent with the Intended Tax Treatment. The JV shall provide to each Limited Partner a draft of any income Tax Returns of the JV at least 30 days prior to the date on which such Tax Return is required to be filed and, shall consider in good faith any reasonable written comments from any Limited Partner received within twenty (20) days of receipt thereof. The JV shall provide each Limited Partner and, in the case of clauses (a) and (b) below, each Person who was a Limited Partner at any time during a Taxable Year, with (a) an estimated K-1 no later than ninety (90) days after the end of the applicable Taxable Year for such Limited Partner's review and comment, and the JV shall consider in good faith all reasonable comments provided by any such Limited Partner to the JV within twenty (20) days after receipt of such estimated K-1, (b) a final K-1 reflecting any such reasonable comments incorporated into such K-1 pursuant to clause (a) (and, at such Limited Partner's reasonable request and at such Limited Partner's sole cost and expense, any other information necessary for the preparation of such Limited Partner's (or its direct and indirect owners') United States federal, state and local income Tax Returns) no later than one hundred twenty (120) days after the end of the applicable Taxable Year and (c) information reasonably requested by such Limited Partner to allow it to calculate its federal, state and local quarterly estimated tax payments for the second, third and fourth quarter of the applicable Taxable Year no later than twenty (20) days prior to the due date of the applicable federal quarterly estimated tax payment. Upon a Limited Partner's reasonable request and at such Limited Partner's sole cost and expense, the JV shall take commercially reasonable efforts to provide information reasonably necessary to enable such Limited Partner (or its direct or indirect

------

owners) to prepare any applicable Tax Returns, make any applicable Tax elections or to make any other determinations with respect to Taxes with respect to its direct or indirect investment in the JV and its Subsidiaries. Each Partner agrees that it shall not, without the prior written consent of the LP Committee (such consent not to be unreasonably withheld, conditioned or delayed), (x) treat, on its own income Tax Returns, any item of income, gain, loss, deduction or credit relating to its interest in the JV in a manner inconsistent with the treatment of such items by the JV as reflected on the final K-1 or other information statement furnished to such Limited Partner or (y) file any claim for a refund relating to any such item based on, or which would result in, such inconsistent treatment.

Section 7.2 <u>Tax Elections</u>. The JV shall make the following elections:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to elect the calendar year as the JV's Fiscal Year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to elect the accrual method of accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if requested by a Limited Partner, to elect, in accordance with Section 754 of the Code and applicable Treasury Regulations and comparable state law provisions, to adjust basis in the event any interest of the JV is transferred in accordance with this Agreement or any JV property is distributed to any Limited Partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to elect to deduct and amortize all costs of the JV to the extent permitted under Section 709 of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) subject to <u>Section</u> <u>7.3</u>, any other elections determined by the LP Committee; <u>provided,</u> however, that, subject to the last sentence in <u>Section</u> <u>2.8(b)</u>, the JV shall not make any tax election that could be reasonably expected to materially, adversely and disproportionately impact the Co-Investor Limited Partner as compared to the Keurig Partners (taking into account the differences between the rights and intended tax treatment of the Keurig Partners' Units, on the one hand, and the Co-Investor Limited Partner's Units on the other) without the Co-Investor Limited Partner's consent. Each Limited Partner will upon request supply any information necessary to give proper effect to any elections made by the JV.

Section 7.3 <u>Tax Controversies</u>. The Keurig USA Partner shall be the Partnership Representative for purposes of the Partnership Tax Audit Rules. If the Partnership Representative is not a natural person, the Partnership Representative shall designate a "designated individual" to act on behalf of the Partnership Representative and such designated individual shall be subject to replacement by the Partnership Representative in accordance with Treasury Regulations Section 301.6223-1, and the Partnership Representative shall be responsible for the actions of the "designated individual" in their capacity as such. In addition, (a) the LP Committee is hereby authorized to take, or cause the JV to take, such other actions as may be necessary or advisable pursuant to Treasury Regulations or other guidance to ratify the designation, pursuant to this <u>Section</u> <u>7.3</u>, of the Keurig Partners, or its designee, as the Partnership Representative; and (b) each Limited Partner agrees to take such other actions as may be requested by the LP Committee to ratify or confirm any such designation pursuant to this <u>Section</u> <u>7.3</u>. The Partnership Representative is authorized to take such actions and to execute and file all statements and forms on behalf of the JV that are approved by the LP Committee and are

------

permitted or required by the applicable provisions of the Partnership Tax Audit Rules (including making a "push-out" election under Section 6226 of the Code or any analogous election under state or local tax law and taking any actions it deems necessary or appropriate to comply with the requirements of the Code and conduct the JV's affairs under Sections 6221 through 6241 of the Code); <u>provided</u>, that the Partnership Representative shall not take any actions with respect to any Tax audit or administrative or judicial proceeding that could be reasonably expected to materially, adversely and disproportionately impact the Co-Investor Limited Partner as compared to the Keurig Partners (taking into account the differences between the rights and intended tax treatment of the Keurig Partners' Units, on the one hand, and the Co-Investor Limited Partner on the other) without the Co-Investor Limited Partner's consent. The Partnership Representative shall keep the Limited Partners reasonably informed of any material Tax audit or administrative or judicial proceeding, including promptly notifying Limited Partners of the beginning and completion of such Tax audit or administrative or judicial proceeding involving the JV upon such notice being received by the Partnership Representative and promptly delivering to Limited Partners copies of material correspondences with Governmental Authority with respect to such Tax audit or administrative or judicial proceeding. Each Limited Partner agrees to use commercially reasonable efforts to cooperate with the Partnership Representative in accordance with this <u>Section</u> <u>7.3</u> in connection with any examination of the JV's affairs by any U.S. federal, state, or local tax authorities, including resulting administrative and judicial proceedings; <u>provided</u>, that no Limited Partner shall have an obligation to file any amended tax return. No Partner shall have any claim against the Partnership Representative, the LP Committee or the JV for any actions taken (or any failures to take action) by such Persons in good faith pursuant to this Agreement. Any cost or expense incurred by the Partnership Representative or designated individual in connection with its duties, including the preparation for or pursuance of administrative or judicial proceedings, shall be paid by the JV.

Section 7.4 <u>Tax Representations and Covenants</u>. The Co-Investor Limited Partner, on behalf of itself and, to the best of the Co-Investor Limited Partner's knowledge upon reasonable diligence, any Affiliate, hereby represents, warrants or covenants (as applicable) that, notwithstanding anything to the contrary herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the date such Co-Investor Limited Partner acquires its Units, neither the Co-Investor Limited Partner nor, to the best of its knowledge after reasonable diligence, any of its Affiliates, owns, directly, indirectly or, to the best of its knowledge after reasonable diligence, constructively within the meaning of Section 318 of the Code (as applied for purposes of Section 355 of the Code or Treasury Regulations Section 1.355-7), any of the stock or other equity interests of Keurig Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the Co-Investor Limited Partner nor, to the best of its knowledge after reasonable diligence, any of its Affiliates has any present plan or intention to acquire, and shall not in fact acquire (in each case, directly, indirectly or, to the best of its knowledge after reasonable diligence, constructively within the meaning of Section 318 of the Code (as applied for purposes of Section 355 of the Code or Treasury Regulations Section 1.355-7)), (i) any of the stock or other equity interests of Keurig Parent prior to any Spin-Off (or if such Spin-Off has been completed more than two (2) years after Closing, for the two years prior to the Spin-Off) or (ii) any of the stock or other equity interests of Keurig Parent or SpinCo prior to the second anniversary of any Spin-Off.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the Co-Investor Limited Partner nor any of its Affiliates has any present plan or intention to, and shall not in fact Transfer any of its Units from the Closing (or if Spin-Off has been completed more than two (2) years after Closing, for the two years prior to the Spin-Off) until the second anniversary of any Spin-Off, unless such Transferee also provides the representations and covenants in this <u>Section</u> <u>7.4</u> to the JV on or prior to the effective date of the proposed Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Co-Investor Limited Partner (or its Transferees of Units) covenant they have no plan or intention to acquire, and shall not acquire directly or indirectly through their subsidiaries (i) any of the stock or other equity interests of Keurig Parent prior to any Spin-Off (or if Spin-Off has been completed more than two (2) years after Closing, for the two years prior to the Spin-Off) or (ii) any of the stock or other equity interests of Keurig Parent or SpinCo prior to the second anniversary of any Spin-Off.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Co-Investor Limited Partner (and its Transferees of Units) represent that their decision to invest in the Units was independent of any decision of any Affiliate to acquire any other stock or other equity interests of Keurig Parent or SpinCo that they may own or acquire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Parties agree that the Co-Investor Limited Partner and Transferees (and, in each case, their Affiliates) are entitled to (x) in making the representations, warranties, or covenants in this <u>Section</u> <u>7.4(a)</u> and <u>(b)</u>, assume any ownership or acquisition of stock or other equity interests of Keurig Parent and/or SpinCo not exceeding one percent (1%) in the aggregate of the overall equity value of Keurig Parent and/or SpinCo (respectively) is less than de minimis and therefore ignored altogether and (y) in making the representations, warranties, or covenants in this <u>Section</u> <u>7.4(a)</u>, <u>(b)</u> and <u>(d)</u> ignore (i) their investment into Units (and, for the avoidance of doubt, any stock they may own (or may be deemed to own, including constructively) through the equity conversion feature embedded in the Units) and (ii) their investment into the convertible preferred stock issued by Keurig Parent or its Affiliates in connection with acquisition of JDEP and its Subsidiaries (and, for the avoidance of doubt, any stock they may own (or may be deemed to own, including constructively) through the equity conversion feature embedded in such preferred stock).

**ARTICLE 8** 

**<u>TRANSFER OF INTERESTS</u>**

Section 8.1 <u>Restricted Transfer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Partner shall Transfer or permit the Transfer of any Units, except (i) Transfers to a Permitted Transferee in compliance with this <u>Article</u> <u>8</u>, (ii) pursuant to the Early Call Right or the Call Right as set forth in <u>Article</u> <u>9</u>, (iii) pursuant to <u>Section</u> <u>8.7</u>, and (iv) with the prior written consent of the Keurig Partners and Co-Investor Limited Partner. Any attempted Transfer not in compliance with the terms of this <u>Article</u> <u>8</u> will be null and void, and the JV will not in any way give effect to any such Transfer. Further, any direct Transfer of Units in violation of this <u>Section</u> <u>8.1</u> shall result in a suspension of all information rights and voting rights (including with respect to Unanimous Approvals (but excluding, for the avoidance of doubt, the

------

matters relating to the Distribution Policy or distribution rights), in which case, the consent of any removed LP Committee Members appointed by such Limited Partner shall be deemed to have been provided with respect to such matters) of the breaching Limited Partner, and all LP Committee Members appointed by such Limited Partner shall be deemed immediately removed upon the occurrence of such breach, in each case, until the earlier of the time at which (x) such Transfer is rescinded or (y) the Units subject to such impermissible Transfer are Transferred to a Person permitted by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Limited Partner who assigns any Units in the JV (any such Limited Partner, an "**Assignor**") in accordance with this <u>Article</u> <u>8</u> will cease to be a Limited Partner of the JV with respect to such Units or other interest in the JV represented by such assigned Units and will no longer have any rights or privileges of a Limited Partner with respect to such assigned Units or such portion of its interest represented by such assigned Units (but will still be bound by this Agreement in accordance with this <u>Article</u> <u>8</u>, subject to<u> </u><u>Section</u> <u>8.5</u>), including the power and right to vote (in proportion to the extent of the interest Transferred) on any matter submitted to the Limited Partners, and, for voting purposes, such interest will not be counted as outstanding in proportion to the extent of the interest Transferred unless and until the Transferee is admitted as a Limited Partner in accordance with <u>Section</u> <u>8.3</u>.

&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 of this <u>Article</u> <u>8</u>, any Person who acquires in any manner whatsoever any Unit (any such Person, an "**Assignee**"), irrespective of whether such Person has accepted and adopted in writing the terms and provisions of this Agreement, will be deemed by the acceptance of the benefits of the acquisition thereof to have agreed to be subject to and bound by all of the terms, conditions and obligations (but will be entitled to none of the rights or benefits) of this Agreement that any Transferor of such Unit of such Person was subject to or by which such Transferor was bound.

Section 8.2 <u>Permitted Transfers</u>. The following Partners, as applicable, will be entitled to Transfer such Limited Partner's Units to a Person (a "**Permitted Transferee**") in accordance with the following and subject to the other provisions of this <u>Article</u> <u>8</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Keurig Partner Permitted Transferees</u>. Subject to compliance with the requirements set forth in this Agreement, the Keurig Partners shall be entitled to Transfer, in each case, all or any portion of their Units:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 any time, to Keurig Parent; 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;(ii) at any time, to an Affiliate of Keurig Parent, so long as Keurig Parent remains liable for the obligations and liabilities of such Affiliate under this Agreement pursuant to the Parent Guaranty or the Parent Guaranty is replaced in accordance with its terms; 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;(iii) following the twelfth (12) anniversary of the Effective Date (such date, the "**Lock-Up Date**"), the Keurig Partners may Transfer all or any portion of their Units to a Keurig Qualified Transferee; <u>provided</u>, <u>however</u>, that the Keurig Partners shall not transfer any Class A Units or Class B Units without first complying with their obligations pursuant to <u>Section</u> <u>8.7</u>.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Co-Investor Limited Partner Permitted Transferees</u>. Subject to compliance with the requirements set forth in this Agreement (including<u> </u><u>Section</u> <u>8.3</u>), but without limitation of the rights of the Co-Investor Limited Partner pursuant to <u>Section</u> <u>10.2</u> or <u>Section</u> <u>10.3</u>, Co-Investor Limited Partner shall be entitled to Transfer its Units (in whole or in part):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 any time, indirectly, to any (x) Affiliate of Co-Investor Limited Partner or (y) unaffiliated Third Party in connection with customary syndication activities (provided that (A) without limitation to <u>Section</u> <u>8.2(b)(iii)</u>, such Third Party does not have direct participation or governance rights in, or recourse to, the JV, (B) such Transfer is not to a Sanctioned Person and (C) such Transfer does not conflict with Applicable Law); <u>provided,</u> that in no event shall the Co-Investors cease to retain Control of a majority of the issued Units not owned by the Keurig Partners at all times prior to the Lock-Up Date pursuant to this clause (i); <u>provided</u>, <u>further</u>, that for purposes of this clause (i), "Affiliate" of the Co-Investor Limited Partner shall include any fund, managed account or other vehicle managed, advised or sub-advised by Affiliates of the Co-Investor Limited Partner, including Apollo Capital Management, L.P., Kohlberg Kravis Roberts & Co., Goldman Sachs Asset Management, L.P. or any of their respective Subsidiaries or 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;(ii) following the Lock-Up Date, the Co-Investor Limited Partner may Transfer all or any portion of its Units to a Co-Investor Qualified Transferee; provided, however, that if MarketingCo does not exercise the Expansion Election and the Parties cannot agree upon the Marketing Plan (as defined in the Wholesale Agreement) at least 60 days prior to the beginning of the applicable Marketing Term, Co-Investor Limited Partner may Transfer all or any portion of its Units in accordance with this <u>Section</u> <u>8.2(b)(ii)</u> notwithstanding that the Lock-Up Date may not yet have occurred; 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;(iii) at any time, directly or indirectly to the collateral or security agent, trustee or other agent of any secured parties providing financing to Co-Investor Limited Partner or any Affiliate thereof; <u>provided</u>, that (A) such arrangement is not entered into with a principal purpose of avoiding the transfer restrictions set forth in this <u>Article</u> <u>8</u> and (B) any subsequent Transfer by such agent transferee shall comply with the Transfer restrictions in <u>Section</u> <u>8.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Publicly Traded Securities; Indirect Transfers</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; (i) Except as would result in a Change of Control of such Limited Partner or in connection with a Spin-off, Transfers of publicly traded equity interests (including of Co-Investor Limited Partner and Keurig Partner) shall not constitute Transfers of the Limited Partners' Units in violation of this <u>Article</u> <u>8</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;(ii) Transfers of any interests in the Co-Investors (or any investment funds, managed accounts or other vehicles managed, advised or sub-advised by any of the Co-Investors or their Affiliates) shall not constitute Transfers of the Co-Investor Limited Partners' Units in violation of this <u>Article</u> <u>8</u>.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Transfer of Co-Investor Debt</u>. Transfers of debt instruments (whether notes, bonds or loans) issued by Co-Investor Limited Partner (or one or more of its parent companies or Affiliates) shall not constitute Transfers of the Limited Partners' Units in violation of this <u>Article</u> <u>8</u>, <u>provided</u>, <u>however</u>, that such Transfer does not result in a change in beneficial ownership of the Co-Investor Limited Partner's Units for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>General Partner Permitted Transferees</u>. For the avoidance of doubt, in the event of the dissolution of the General Partner, the Keurig Partners shall be entitled to Transfer its general partner interest in the JV to any Person that would qualify as a Permitted Transferee of the Keurig Partners under <u>Section</u> <u>8.2(a)</u>.

Section 8.3 <u>Transfer Requirements</u>. Subject to the provisions of <u>Section</u> <u>8.1</u>, no Transfer shall be permitted and, in the case of a direct Transfer, no Assignee (including a Permitted Transferee) will be admitted to the JV as a Limited Partner unless the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of a direct Transfer to a Permitted Transferee, a duly executed written instrument of Transfer is provided to the LP Committee, specifying the Units being transferred and setting forth the intention of the Limited Partner effecting the Transfer that the transferee succeed to a portion or all of such Limited Partner's Units and status as a Limited Partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Such Transfer would not violate the Securities Act or any Applicable Laws, including, without limitation, domestic and foreign federal and state securities and "blue sky" Applicable Laws, relating to the JV or the Unit to be transferred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the case of a direct Transfer to a Permitted Transferee, the Limited Partner effecting the Transfer and such Permitted Transferee shall execute any other instruments that the LP Committee deems reasonably necessary or advisable for admission of the transferee, including the written acceptance by such Permitted Transferee of this Agreement and such Permitted Transferee's agreement to be bound by and comply with the provisions hereof and confirmation that the representations and warranties in <u>Article</u> <u>13</u> are true and correct with respect to it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Limited Partner effecting the Transfer or the Transferee shall provide to the JV any information necessary for the JV to make required basis adjustments and comply with Tax reporting requirements. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Certain Transfer Restrictions</u>. No holder of a Unit shall Transfer or permit the Transfer of any Units:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) with respect to Co-Investor Limited Partner (or any successor thereto), to any Keurig Competitor or any other Person set forth on Schedule 8.4, other than with the prior written consent of the Keurig Partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 any Person if such Transfer would result in the failure of any of the representations and warranties set forth in <u>Section</u> <u>13.11</u> and <u>Section</u> <u>13.12</u> to be true

------

in all respects as if such representations and warranties were made on the date of such Transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) with respect to Co-Investor Limited Partner (or any successor thereto), notwithstanding anything to the contrary herein, in the case of direct Transfer of Units only, to any Person unless such Person provides the JV with a duly and properly executed Internal Revenue Service Form W-9 prior to such Transfer; 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;(iv) that would create a material risk of the JV being treated as an association taxable as a corporation or be treated as a publicly treated partnership (within the meaning of Code Section 7704) treated as a corporation, in each case, for U.S. federal income tax purposes.

Any such attempted Transfer not in compliance with this <u>Section</u> <u>8.3(e)</u> shall be null and void and not give effect to any such Transfer.

Section 8.4 <u>Withdrawal of</u> <u>a Limited Partner</u>. If a Limited Partner Transfers all of its Units pursuant to <u>Section</u> <u>8.2</u> and the Assignee of such interest is admitted as a Limited Partner pursuant to <u>Section</u> <u>8.3</u>, such Assignee will be admitted to the JV as a Limited Partner effective on the effective date of the Transfer or such other date as may be specified by the Assignee when the Assignee is admitted and, if such Assignor has not already ceased to be a Limited Partner pursuant to <u>Section</u> <u>8.1(a)</u>, then immediately following such admission the Assignor will cease to be a Limited Partner of the JV. Upon the Assignor ceasing to be a Limited Partner, the Assignor will not be entitled to any Distributions from and after the date of such Transfer. Notwithstanding the admission of an Assignee as a Limited Partner and except as otherwise expressly approved by the LP Committee, the Assignor will not be released from any obligations to the JV as a Limited Partner (or otherwise) existing as of the Transfer and which are intended to survive such withdrawal of a Limited Partner, including the obligations set forth in <u>Section</u> <u>6.5</u> and <u>Section</u> <u>12.1</u>.

Section 8.5 <u>Amendment of</u> <u>Schedule 1.7</u>. In the event of the admission of any Transferee as a Limited Partner of the JV in accordance with this <u>Article</u> <u>8</u>, the LP Committee will promptly amend <u>Schedule 1.7</u> and the register of Limited Partners of the JV to reflect such Transfer or admission, as the case may be.

Section 8.6 <u>Net Profits and Net Losses</u>. For any Taxable Year during which there is a Transfer of any Unit, the portion of the Net Profits, Net Losses and other items of the JV that is distributable in respect of such Limited Partner's interest shall be apportioned between the Transferor and the Transferee of such Limited Partner's interest using any permissible method under Section 706 of the Code and the Treasury Regulations thereunder, as determined by the LP Committee.

Section 8.7 <u>Tag-Along</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Keurig Partner shall consummate any Transfer of its Units to any Person (the "**Tag-Along Purchaser**") pursuant to <u>Section</u> <u>8.2(a)(iii)</u> (a "**Tag-Along Transfer**") unless the terms and conditions of such Tag-Along Transfer includes an offer by the Tag-Along Purchaser to the Co-Investor Limited Partner to, at the option of the Co-Investor Limited Partner,

------

include in such Tag-Along Transfer all or a portion of the Units owned by the Co-Investor Limited Partner determined in accordance with <u>Section</u> <u>8.7(b)</u>. If a Keurig Partner desires to consummate a Tag-Along Transfer (in such capacity, the "**Tag-Along Seller**"), the Tag-Along Seller shall send a written notice of the Tag-Along Transfer (the "**Tag Offer Notice**") to the Co-Investor Limited Partner, which shall set forth the number and class of Units proposed to be Transferred by the Tag-Along Seller, the consideration to be paid by the Tag-Along Purchaser and the other material terms and conditions of the Tag-Along Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Co-Investor Limited Partner desires to participate in the Tag-Along Transfer, it must provide written notice to the Tag-Along Seller within ten (10) Business Days of receipt of the Tag Offer Notice, which notice shall set forth the number of Units the Co-Investor desires to Transfer in such Tag-Along Transfer. The Co-Investor Limited Partner shall have the right to sell in such Tag-Along Transfer, if consummated, a number of Units equal to such number and classes of Units elected to be Transferred by the Co-Investor Limited Partner on a pro rata basis in proportion to the number of the classes of Units, as applicable, being Transferred by a Tag-Along Seller; <u>provided</u>, <u>further</u>, that Class A Units, on the one hand, and Class B Units, on the other hand, sold by the Co-Investor Limited Partner in such Tag-Along Transfer shall be allocated pro rata among the voting and non-voting Units of each such class of Units. For the avoidance of doubt, the Co-Investor Limited Partner shall not have the right to participate in a Tag-Along Transfer if such participation would result in the violation of the Transfer Restrictions in <u>Section</u> <u>8.3(e)(iii)</u> or <u>Section</u> <u>8.3(e)(iv)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The purchase of Units by a Tag-Along Purchaser from the Co-Investor Limited Partner pursuant to this <u>Section</u> <u>8.7</u> shall be on substantially the same terms and conditions, and at substantially the same time as the purchase from the Tag-Along Seller, including the same base valuation for the JV (as determined on the basis of the hypothetical liquidation of the JV) implied by the consideration to be received by the Tag-Along Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If within ten (10) Business Days after its receipt of the Tag Offer Notice the Co-Investor Limited Partner has not accepted the offer contained in the Tag Offer Notice, the Co-Investor Limited Partner shall be deemed to have waived, subject to <u>Section</u> <u>8.7(e)</u>, any and all rights with respect to the Transfer of Units described in the Tag Offer Notice and the Tag-Along Seller shall have sixty (60) days in which to Transfer not more than the Units described in the Tag Offer Notice, on the terms not more favorable to the Tag-Along Seller than were set forth in the Tag Offer Notice; <u>provided</u> that if the Tag-Along Transfer requires any regulatory approval or competition clearance prior to consummating such transaction, such sixty (60) day period shall be extended to the date that is five (5) Business Days after such regulatory approval or clearance has been obtained or finally denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If, at the end of such sixty (60) days following the Co-Investor Limited Partner's receipt of the Tag Offer Notice (as it may be extended), the Tag-Along Seller has not completed a Transfer of Units in accordance with the terms of the Tag Offer Notice, the obligations with respect to a Transfer contained in this <u>Section</u> <u>8.7</u> with respect to Units owned by the Tag-Along Seller shall again be in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the event that the Co-Investor Limited Partner elects to participate in a Tag-Along Transfer, it shall (i) make customary representations and warranties solely with

------

respect to title to and ownership of the Units it is selling in such Tag-Along Transfer and due power and authority of the Co-Investor Limited Partner in connection with such Tag-Along Transfer; (ii) execute all documents, certificates and other deliveries signed by the Tag-Along Seller in connection with such Transfer, and be severally (but not jointly) obligated to join on a pro rata basis (based on its share of the aggregate proceeds received by the Limited Partners in such Tag-Along Transfer) in any indemnification obligation the Tag-Along Seller agrees to in connection with such Transfer (other than any such obligations that relate specifically to another Limited Partner, such as indemnification with respect to representations and warranties given by such Limited Partner regarding his, her or its title to and ownership of its Units); <u>provided</u>, <u>however</u>, that the Co-Investor Limited Partner shall not be obligated in connection with such Tag-Along Transfer to indemnify any party in an aggregate amount in excess of the net cash proceeds actually paid to and received by the Co-Investor Limited Partner in such Tag-Along Transfer, other than in respect of Fraud or representations with respect to title to and ownership of its Transferred Units and its due power and authority in connection with such Transfer; (iii) consent to, vote in favor of and raise no objections against any such Tag-Along Transfer; (iv) not exercise any rights of appraisal, dissenters' rights or similar rights, all of which are hereby waived; and (v) furnish information and copies of documents, in each case, that are reasonable and customary for transactions of its type. For the avoidance of doubt, the Co-Investor Limited Partner shall not be required to agree to any non-competition, non-solicitation or other restrictive covenants in connection with the Tag-Along Transfer, other than reasonable and customary confidentiality restrictions to which the Tag-Along Seller is also bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In the event that the Co-Investor Limited Partner elects to participate in a Tag-Along Transfer, the closing of such Tag-Along Transfer will take place at such time and place as the Tag-Along Seller shall specify by notice to the Co-Investor Limited Partner; <u>provided</u>, <u>however</u>, that, without the prior written consent of the Co-Investor Limited Partner, in no event shall the Tag-Along Transfer be consummated within fewer than twenty (20) Business Days of the Co-Investor's receipt of the Tag Offer Notice.

**ARTICLE 9** 

**<u>KEURIG CALL RIGHTS</u>**

Section 9.1 <u>Keurig Call Right</u><u>s</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)*** *Early Call Right.* 

&nbsp;&nbsp;&nbsp;&nbsp;&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 any time prior to the eighth (8th) anniversary of the Closing, the JV or the Keurig Partners (or any Affiliated designee of the Keurig Partners) shall have the right, but not the obligation, to purchase, solely for cash, all (but not less than all) of the Co-Investor Limited Partner's Units (the "**Early Call Right**" and such Units, the "**Early Forced Transfer Units**"), upon twenty-five (25) Business Days' prior written Notice (an "**Early Call Right Notice**") to the Co-Investor Limited Partner (the "**Early Call Right**"), subject to the satisfaction of the following conditions: (A) following the second (2nd) anniversary of the Closing, in eleven (11) discrete quarterly periods, the actual quarterly sales Volumes of the JV under the Wholesale Agreement is less than eighty-five percent (85%) of the aggregate Expected Volumes (as defined in the

------

Wholesale Agreement) for each such period as set forth in the 30-Year Plan, and (B) the 20-Day VWAP of MarketingCo Parent as of the last trading of such eleventh (11<sup>th</sup>) quarterly period has declined by at least 8.0% relative to the 20-Day VWAP of MarketingCo Parent as of the Closing (or as of immediately following a Spin-Off) in a manner that the existence of the Co-Investor Limited Partner's Conversion Right would reasonably be expected to cause an adverse impact on MarketingCo Parent's earnings per share. The date on which the purchase of the Early Forced Transfer Units is consummated pursuant to the exercise of the Early Call Right is referred to herein as the "**Early Call Right 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;(ii) The aggregate purchase price payable in respect of the Forced Transfer Units shall be equal to the amount necessary to provide the Co-Investor Limited Partner an IRR (taking into account all prior Distributions) as of the Early Call Right Closing Date equal to the Target IRR with respect to the aggregate amount of Purchase Price and additional Capital Contributions (if any) applicable to such Units (the "**Early Call Price**"); <u>provided,</u> that if the Early Call Right is exercised prior to the commencement of the Call Right Window, then the Early Call Price shall be measured and determined as if the Early Call Right Closing Date occurred immediately following the first (1st) day of the Call Right Window. The Early Call Price shall be calculated in a manner consistent with this Agreement and the Early Call Price Sample Calculation, and shall be reasonably mutually agreed by the Keurig Partners and the Co-Investor Limited Partner consistent therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Early Call Right Notice shall specify (A) the number of Early Forced Transfer Units to be purchased and (B) a reasonably detailed calculation of the Early Call Price. The closing of any purchase pursuant to the Early Call Right shall occur on the date specified in the Early Call Right Notice (or such other date mutually agreed by the Keurig Partners and the Co-Investor Limited Partner).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)*** *Call Right.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 any time after the eighth (8th) anniversary and until the fifteenth (15th) anniversary of the Closing (the "**Call Right Window**"), upon twenty-five (25) Business Days' prior written Notice (a "**Call Right Notice**") to the Co-Investor Limited Partner, the JV or the Keurig Partners (or an Affiliated designee of the Keurig Partners) shall have the right to optionally purchase all (but not less than all) of the Co-Investor Limited Partner's Units (such Units, the "**Forced Transfer Units**" and, together with the Early Forced Transfer Units, as applicable, the "**Called Units**"), solely for cash, at a purchase price per Unit equal to the Call Price (the "**Call Right**"). The date on which the purchase of the Forced Transfer Units is consummated pursuant to the exercise of the Call Right is referred to herein as the "**Call Right 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;(ii) The aggregate purchase price payable in respect of the Forced Transfer Units shall be equal to the lesser of (A) the Call Right Fair Market Value in respect of the Forced Transfer Units as of the Call Right Closing Date and (B) the amount necessary to provide the Co-Investor Limited Partner an IRR (taking into account all prior Distributions) as of the Call Right Closing Date equal to the Target IRR with

------

respect to the aggregate amount of the Purchase Price and additional Capital Contributions (if any) amount for such Units (the "**Call Price**"); <u>provided,</u> that the Call Price shall not be less than (x) the Call Price Product Margin *multiplied by* (y) 0.5 *multiplied by* (z) the Co-Investor Percentage Interest. The Call Price shall be calculated in a manner consistent with this Agreement and the Call Price Sample Calculation, and shall be reasonably mutually agreed by the Keurig Partners and the Co-Investor Limited Partner consistent therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) For purposes of this <u>Section</u> <u>9.1(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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. "**Call Right Fair Market Value**" means, with respect to the Forced Transfer Units, the value mutually agreed by the Partners in good faith; <u>provided</u>, that if the Members cannot mutually agree on the Call Right Fair Market Value of the Forced Transfer Units within fifteen (15) Business Days' of receipt of the Call Right Notice (or such longer period as may be mutually agreed), each of the Keurig Partners and the Co-Investor Limited Partner shall have the right to appoint an independent, internationally recognized appraiser with experience in valuing similar assets. Each appraiser so appointed shall independently determine the Call Right Fair Market Value of such Forced Transfer Units and deliver written valuations to both such Partners. If the higher of the two (2) valuations does not exceed one hundred ten percent (110%) of the lower valuation, the "**Call Right Fair Market Value**" shall be deemed to be the average of the two (2) valuations. If the higher valuation exceeds one hundred ten percent (110%) of the lower valuation, the two (2) appraisers shall jointly appoint a third (3<sup>rd</sup>) independent, internationally recognized appraiser with experience in valuing similar assets, to determine the Call Right Fair Market Value of such Forced Transfer Units (which shall be no greater than the higher valuation and no less than the lower valuation previously provided by the other two (2) appraisers) and such third (3<sup>rd</sup>) appraiser's determination of the Call Right Fair Market Value of such Forced Transfer Units shall be final and binding on the Parties; <u>provided,</u> <u>however</u>, in no event shall the Call Right Fair Market Value be less than an amount equal to (i) the Co-Investor Percentage Interest, *multiplied* by (ii) the Call Right FMV Product Margin *multiplied by* (iii) the Call Right FMV Multiplier. Each appraiser's determination of the Call Right Fair Market Value shall be made assuming a price for the Forced Transfer Units determined on arms'-length terms and without applying any minority interest discount, any illiquidity discount, lack of control discount or any assumed compulsion to sell.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. "**Co-Investor Percentage Interest**" means, as of any date of determination, the quotient expressed as a percentage equal to the (A) the aggregate number Class A Units and Class B Units collectively held by the Co-Investor Limited Partner *divided by* (B) the aggregate number of Class A Units and Class B Units issued and outstanding as of the date of determination. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Call Right Notice shall specify (A) the number of Forced Transfer Units to be purchased and (B) a reasonably detailed calculation of the Call Price.

------

The closing of any purchase pursuant to the Call Right shall occur on the date specified in the Call Right Notice (or such other date mutually agreed by the Keurig Partners and the Co-Investor Limited Partner).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Cooperation</u>. Each of Co-Investor Limited Partner and the Keurig Partner shall cooperate with the other in calculating the Early Call Price or the Call Price, as applicable.

Section 9.2 <u>Documentation and Procedures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that the JV or the Keurig Partners exercise the Early Call Right or the Call Right pursuant to this <u>Article</u> <u>9</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;(i) Co-Investor Limited Partner shall deliver or cause to be delivered all of the Called Units, duly endorsed or accompanied by customary written instruments of transfer in form reasonably satisfactory to the Keurig Partners or the applicable Transferee, duly executed by Co-Investor Limited Partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Co-Investor Limited Partner shall represent and warrant (A) that it is the sole beneficial and record owner of such Called Units (as applicable), with valid and good title to the interests, (B) that it is duly organized and in good standing under the Applicable Laws of its jurisdiction of formation and jurisdictions where it conducts business, (C) that such interests are being validly transferred free and clear of all liabilities and Liens (other than Permitted Liens or transfer restrictions arising from any applicable stock exchange rules and any applicable requirements under the Securities Act, the Exchange Act and any Applicable Laws, including, without limitation, domestic and foreign federal and state securities and "blue sky" Applicable Laws (collectively with any applicable stock exchange rules, "**Applicable Securities Laws**") or under this Agreement), (D) with respect to the due authorization, execution and delivery of any agreement entered into in connection therewith, and (E) with respect to its power and authority to enter into such agreement and consummate the transactions contemplated thereby without the consent or approval of any other Person, and shall otherwise agree to complete such transaction on customary terms and conditions and pursuant to customary 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Co-Investor Limited Partner shall cause all liabilities and all Liens associated with the Called Units, as applicable, to be discharged prior to or concurrently with consummation of the Early Call Right or the Call Right (other than Permitted Liens or transfer restrictions arising from Applicable Securities Laws or 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;(iv) The Keurig Partners or the applicable Transferee of the Called Units shall pay the Early Call Price or Call Price, as applicable, in immediately available funds to a bank account or bank accounts of (as designated by) Co-Investor Limited Partner, subject to the consummation of the Transfer of the applicable Called Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Such Early Call Right or Call Right transaction shall be consummated on the last Business Day of applicable Fiscal Quarter or such other date as mutually agreed by the Keurig Partners and Co-Investor Limited Partner, subject to extension if necessary to permit approvals from Governmental Authorities; <u>provided</u>,

------

 <u>however</u>, that in no event shall such Early Call Right or Call Right be consummated prior to the date that is at least twenty-five (25) Business Days after delivery of the Early Call Right Notice or Call Right Notice, respectfully, unless otherwise agreed by the Co-Investor Limited Partner; 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;(vi) Following the consummation of such Early Call Right or Call Right transaction, as applicable, Co-Investor Limited Partner shall no longer be entitled to any rights in respect of the Called Units, including the right to any Distributions or payments by the JV and shall thereupon cease to be a Limited Partner of the JV in respect of such Called Units.

Section 9.3 <u>Cooperation</u>. Co-Investor Limited Partner shall, subject to compliance with Applicable Law, use commercially reasonable efforts to take such actions as may be necessary to consummate the Transfer of the applicable Called Units to the JV or the Keurig Partners or its designee, including executing, acknowledging and delivering transfer agreements, sale agreements, consents and any other documents or instruments, in each case, that are reasonable and customary for transactions of its type.

Section 9.4 <u>Redemption</u>. Notwithstanding any other provision in this Agreement, at the option and sole discretion of the Keurig Partners, the Early Call Right or the Call Right may be effected by a redemption of Co-Investor Limited Partner's Units and the re-issuance of such Units to the Keurig Partners, subject to Applicable Law. In the event of any such redemption, each of Co-Investor Limited Partner and the Keurig Partners shall take all such actions and procure and provide all such approvals as may be required to ensure such redemption can be effected; provided, however, that in no event shall the Co-Investor Limited Partner be required to take any action that would, or would reasonably be expected, to result in an adverse impact to the Co-Investor Limited Partner, the Co-Investors or their Affiliates.

Section 9.5 <u>Remedies</u>. Without limitation to any other remedies available to the Keurig Partners and notwithstanding anything to the contrary in Schedule 4.1, any material breach by Co-Investor Limited Partner of any of its (or their) obligations to discharge liabilities or Liens as required by this Article 9, shall result in the immediate suspension of all information rights, voting rights (including with respect to Unanimous Approvals) and distribution rights of Co-Investor Limited Partner pursuant to this Agreement, and the LP Committee shall cause the register of Designees of the JV to be updated to reflect the removal of all Co-Investor Designees, whom shall be deemed removed upon the occurrence of such breach, in each case, until (a) the Keurig Partners either rescinds the exercise of their Early Call Right or Call Right, as applicable, or (b) the Called Units are transferred to the JV or the Keurig Partners or the applicable Transferee, in each case, pursuant to this Article 9.

------

**ARTICLE 10** 

**<u>CONVERSION RIGHT; RIGHT OF FIRST OFFER; SPIN-OFF</u>**

Section 10.1 <u>Conversion Right</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms and conditions of this <u>Section</u> <u>10.1</u>, at any time after the fifteenth (15th) anniversary of the Effective Date but prior to the thirtieth (30th) anniversary of the Closing, if (i) the Keurig Partners have not exercised the Early Call Right or the Call Right with respect to all of the outstanding Units and (ii) the JV's actual quarterly sales Volumes in any discrete twelve (12) quarterly periods following the second (2nd) anniversary of the Effective Date fall below eighty-five percent (85%) of the aggregate Expected Volumes (as defined in the Wholesale Agreement) set forth in the 30-Year Plan for such discrete twelve (12) quarter period, then the Co-Investor Limited Partner shall have the right (the "**Conversion Right**") to elect to convert all of its Units (or, solely to the extent conversion of all of its Units is not then permitted under <u>Section</u> <u>10.1(e)</u>, a portion thereof; provided that, in the event of any such partial conversion, the Co-Investor Limited Partner shall use commercially reasonable efforts to convert the remainder of its Units as promptly as is commercially reasonable under the circumstances) into publicly traded shares of common stock of the parent company of MarketingCo (or any successor thereto, third party acquiror or surviving entity thereof) at any such one or more point(s) in time (which, for the avoidance of doubt, could be Keurig Parent) ("**MarketingCo Parent**" and such shares, the "**Conversion Shares**"). For the avoidance of doubt, receipt of a Conversion Notice (as defined below) shall not affect or impair the Keurig Partners' right to exercise the Call Right in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To exercise the Conversion Right, the Co-Investor Limited Partner shall deliver to the Keurig Partners a prior written Notice of such election (the "**Conversion Notice**") stating the number of its Units that the Co-Investor Limited Partner is electing to convert (the "**Converting Co-Investors Units**") pursuant to this <u>Section</u> <u>10.1</u>. Within twenty-five (25) Business Days following delivery of the Conversion Notice, MarketingCo Parent and the Keurig Partners shall cause the Converting Co-Investors Units to be converted into Conversion Shares at the Conversion Rate (as defined below) subject, in each case, to (i) the Co-Investor Limited Partner's delivery of customary closing deliverables reasonably required to effect such conversion and issuance (for the avoidance of doubt, MarketingCo Parent and the Keurig Partners shall not require, and will use commercially reasonable efforts to cause the transfer agent for the Conversion Shares not to require, that Co-Investor Limited Partner do any of the following in relation to any conversion of the Converting Co-Investors Units into Conversion Shares: (x) deliver any additional endorsements, legal opinions or officer's certificates, (y) perform any other actions to effect such conversion, or (z) pay any stock transfer, documentary, stamp or similar taxes and/or provide medallion guarantees, in each case other than as explicitly set forth in this Agreement), (ii) the availability of any required approval of a Governmental Authority or securities exchange, if any, and of an applicable exemption from registration under securities laws for such issuance, and (iii) the absence of any Legal Impediment; <u>provided</u> that MarketingCo Parent and the Keurig Partners shall use commercially reasonable efforts to cause any such Legal Impediment to cease as promptly as is commercially reasonable under the circumstances. If the number of Conversion Shares deliverable in respect of the applicable Conversion Notice is not a whole number, then such number shall be rounded down to the

------

nearest whole number and the Keurig Partners shall pay cash in lieu of issuing any fractional Conversion Shares that would otherwise be issuable upon conversion of any Converting Co-Investors Units in an amount equal to the product of (x) such fractional Conversion Shares and (y) the 20-Day VWAP as of the date of the Conversion Notice. "**Legal Impediment**" means any applicable Law, order, injunction or stay, that MarketingCo Parent determines, based on the advice of outside counsel and after consulting with Co-Investor Limited Partner in good faith, (A) would prohibit or render unlawful the contemplated issuance and (B) cannot be mitigated or avoided through any commercially reasonable efforts of MarketingCo Parent and Co-Investor Limited Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the limitations set forth herein, the "Conversion Rate" shall equal the number of Conversion Shares issuable per each Converting Co-Investors Unit determined by dividing (i) the Call Price by (ii) the greater of (x) $8.00 (the "**Share Floor Price**") and (y) the 20-Day VWAP as of the date of the Conversion Notice; <u>provided,</u> 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;(i) it is understood by the parties that the Share Floor Price has been agreed based on the share price of the Keurig Parent of $27.16 on or about October 26, 2025 and following any Spin-Off, merger or similar transaction involving the Keurig Parent or MarketingCo Parent, as applicable, the Share Floor Price shall be automatically proportionately adjusted in good faith and a commercially reasonable manner based on the 20-Day VWAP as of the twentieth (20<sup>th</sup>) trading day following the completion of such transaction, and within five (5) Business Days following a written request by Co-Investor Limited Partner, Keurig Lux Partner shall provide a description of the methodology, calculations and basis for such adjustment in reasonable detail; 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;(ii) following any reclassification, recapitalization, stock split or combination, exchange, dividend or distribution of assets or Equity Securities (including distributions of any rights to purchase stock, warrants, securities or other property or assets pro rata to the record holders of any class of shares), readjustment of the shares of the Keurig Parent or MarketingCo Parent, as applicable, or other similar transaction, the Share Floor Price and any other terms relevant to the Conversion Right shall be appropriately adjusted by MarketingCo Parent in good faith and a commercially reasonable manner to preserve the economic intent of the Conversion Right within thirty (30) days of such event or occurrence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 MarketingCo Parent, directly or indirectly, in one or more related transactions (I) effects any merger or consolidation with or into another Person, (II) effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets, (III) completes a purchase offer, tender offer or exchange offer (whether by MarketingCo Parent or another Person) pursuant to which holders of its common stock are permitted to sell, tender or exchange their shares for other securities, cash or property that has been accepted by the holders of more than 50% of the outstanding common stock or more than 50% of the voting power of the capital stock of MarketingCo Parent (including with respect to the election of directors), (IV) effects any reclassification, reorganization or recapitalization or any compulsory share exchange pursuant to which the common stock of MarketingCo Parent is effectively converted into or exchanged for other securities, cash or property or (V) consummates a

------

stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding common stock or more than 50% of the voting power of the capital stock of MarketingCo Parent (not including any shares of capital stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) and in connection with such transaction MarketingCo Parent's common stock is converted into or exchanged for other securities, cash or property (each of (I)-(V), a "**Fundamental Transaction**"), the Conversion Right shall remain outstanding following such Fundamental Transaction and, in such case, appropriate adjustment shall be made with respect to the Co-Investor Limited Partner's rights under this <u>Section</u> <u>10.1</u> (including the Conversion Rate, Share Floor Price, and Conversion Shares Caps) to ensure that the provisions of this <u>Section</u> <u>10.1(c)</u> shall thereafter be applicable, as nearly as reasonably practicable in the good faith, commercially reasonable judgment of MarketingCo Parent, to the Conversion Right in relation to any shares of stock, securities, cash or assets thereafter acquirable upon exercise of the Conversion Right. In addition, MarketingCo Parent shall cause any successor entity in a Fundamental Transaction in which MarketingCo Parent is not the survivor (the "**Successor Entity**") to assume in writing all of the obligations of MarketingCo Parent hereunder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Agreement referring to "MarketingCo Parent" shall refer instead to the Successor Entity), and may exercise every right and power of MarketingCo Parent and shall assume all of the obligations of MarketingCo Parent under this Agreement with the same effect as if such Successor Entity had been named as MarketingCo Parent herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Conversion Shares issued in connection with the Conversion Right shall be subject to customary demand registration rights (including with respect to block trades on a registered basis) and piggyback registration rights, including registration for resale of the Conversion Shares reasonably promptly following the issuance thereof. The MarketingCo Parent (and, for the avoidance of doubt, if the MarketingCo Parent is Keurig Parent, then Keurig Parent) shall use its reasonable best efforts to file, reasonably promptly following delivery of the Conversion Notice, a resale registration statement with respect to the Conversion Shares and otherwise comply with the terms set forth in <u>Schedule 10.1</u>. If MarketingCo Parent is not Keurig Parent or a successor entity to Keurig Parent, then, prior to the listing of the MarketingCo Parent's common stock on any national securities exchange, the MarketingCo Parent shall, subject to Section 10.1(e), take all requisite action to provide that the issuance of the Conversion Shares upon exercise of the Conversion Right shall not require any vote of the MarketingCo Parent's stockholders. If the MarketingCo Parent is Keurig Parent or a successor entity to Keurig Parent and the Call Right is not exercised during the Call Right Window, then following the expiration of the Call Right Window, Keurig Parent shall seek the approval of its stockholders pursuant to the rules of the NASDAQ Stock Market LLC (or such other national exchange on which the Conversion Shares are listed) or any other national securities exchange on which the MarketingCo Parent's common stock is then listed to permit the full exercise of the Conversion Right and the issuance of the Conversion Shares pursuant thereto ("**Stockholder Approval**").

------

Without limiting any of the limitations on the exercise of the Co-Investor Limited Partner's Conversion Right and/or the issuance of Conversion Shares expressly set forth in this Agreement, none of Keurig Parent, MarketingCo Parent or any Successor Entity shall take any action, enter into any contract or other agreement, or otherwise subject Co-Investor Limited Partner's exercise of the Conversion Right and/or the issuance of Conversion Shares to the consent of any third party in accordance with the terms and conditions hereunder.

&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 contained herein, in no event shall the number of Conversion Shares issued to the Co-Investor Limited Partner upon any exercise of the Conversion Right exceed (i) to the extent Stockholder Approval has not been obtained as of an exercise of the Conversion Right, nineteen and nine-tenths percent (19.9%) of the outstanding shares of common stock of the MarketingCo Parent, or such other limitation imposed by the applicable national securities exchange in respect of Conversion Shares, as of the time of such conversion (the "**Stockholder Approval Conversion Shares Cap**"), (ii) 200,000,000 shares of common stock of MarketingCo Parent (the "**Authorized Capacity Conversion Shares Cap**") or (iii) forty percent (40.0%) of the outstanding shares of common stock of the MarketingCo Parent as of the time of such conversion (the "**Aggregate Conversion Shares Cap**" and, together with the Stockholder Approval Conversion Shares Cap and the Authorized Capacity Conversion Shares Cap, the "**Conversion Shares Caps**"). For these purposes, beneficial ownership and calculations of percentage ownership will be determined in accordance with Rule 13d-3 under the Exchange Act. If the exercise of the Conversion Right would otherwise result in the issuance of Conversion Shares in excess of any Conversion Shares Cap, but the Converting Co-Investors Units are not converted into Conversion Shares as a result of the Conversion Share Caps, then the number of Units to be converted shall be reduced proportionately so that the Co-Investor Limited Partner shall receive one (1) Conversion Share less than the applicable Conversion Shares Cap; <u>provided,</u> that, once Stockholder Approval has been obtained, the Stockholder Approval Conversion Shares Cap shall no longer apply. For the avoidance of doubt, if any Units are not converted into Conversion Shares in connection with the exercise of the Conversion Right as a result of any Conversion Shares Cap, then such Units shall remain outstanding and the MarketingCo Parent shall be required to subsequently issue, as promptly as reasonably practicable following any time at which such subsequent issuance(s) would not contravene the applicable Conversion Shares Caps (whether as a result of having obtained Stockholder Approval, in the case of the Stockholder Approval Conversion Shares Cap, or the issuance of additional shares of common stock of MarketingCo Parent), to the Co-Investor Limited Partner such remaining number of Conversion Shares (such remaining number, for the avoidance of doubt, to be based on the Conversion Rate calculated on the date of the related Conversion Notice, after giving effect to any subsequent adjustments, if any, under this <u>Section</u> <u>10.1</u>) in one or more issuances up to the lesser of the Authorized Capacity Conversion Shares Cap and the Aggregate Conversion Shares Cap, with any excess unconverted Units remaining outstanding. If, as of the thirteenth (13th) anniversary of the Closing and as of each anniversary thereafter, the number of Conversion Shares into which the Co-Investor Limited Partner's Units would be converted upon exercise of the Conversion Right (if exercised as of such date, but assuming for purposes of this provision that the 20-Day VWAP is less than the Share Floor Price and that the amount described in clause (A) of the definition of Call Price is greater than the amount described in clause (B) of the definition of Call Price) (the "**Conversion Obligation Shares**") *plus* the number of Conversion Shares, if any, previously issued to Co-Investor Limited Partner upon any exercise of the Conversion Right, exceeds the Authorized Capacity Conversion

------

Shares Cap, then MarketingCo Parent shall use reasonable best efforts to as promptly as practicable increase the number of its authorized shares of common stock to permit the issuance of all such Conversion Obligation Shares upon exercise of the Conversion Right and, upon any such authorization increasing the number of authorized shares of common stock of MarketingCo Parent taking effect, the Keurig Partners and the Co-Investor Limited Partner shall discuss in good faith and mutually agree upon and give effect to an appropriate increase to the Authorized Capacity Conversion Shares Cap as promptly as practicable following such authorization taking effect, such that the number of Conversion Obligation Shares, plus the number of Conversion Shares, if any, previously issued to Co-Investor Limited Partner upon any exercise of the Conversion Right, is less than the increased Authorized Capacity Conversion Shares Cap. In the event that, on any subsequent anniversary of the Closing following the thirteenth (13th) anniversary, the number of Conversion Obligation Shares (calculated as of such anniversary) *plus* the number of Conversion Shares, if any, previously issued to Co-Investor Limited Partner upon any exercise of the Conversion Right exceeds the Authorized Capacity Conversion Shares Cap then in effect, the provisions and obligations of the immediately preceding sentence shall apply *mutatis mutandis* on such anniversary of the Closing; <u>provided</u> that the provisions and obligations of the immediately preceding sentence shall not apply if the Authorized Capacity Conversion Shares Cap then in effect is greater than or equal to the Aggregate Conversion Shares Cap. In connection with any Spin-Off, the Keurig Partners and the Co-Investor Limited Partner shall promptly mutually agree upon and give effect to a proportionate adjustment to the Authorized Capacity Conversion Shares Cap relative to the aggregate number of authorized shares of common stock of MarketingCo Parent, or such greater amount as the Keurig Partners and the Co-Investor Limited Partner may mutually agree. For the avoidance of doubt, subject to any applicable requirements of US securities laws, Co-Investor Limited Partner shall be permitted to enter into hedging arrangements (including by way of a sale, forward contract or other type of derivative contract) with respect to any Conversion Shares received or to be received by Co-Investor Limited Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If MarketingCo does not exercise the Expansion Election and the Parties cannot agree upon the Marketing Plan (as defined in the Wholesale Agreement) at least 60 days prior to the beginning of the applicable Marketing Term, the Co-Investor Limited Partner may exercise its Conversion Right in accordance with and subject to the terms and conditions set forth herein notwithstanding that the fifteenth (15th) anniversary of the Effective Date or other conditions contemplated in <u>Section</u> <u>10.1(a)</u> may not yet have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If, at the time the Co-Investor Limited Partner exercises the Conversion Right, the common stock of MarketingCo Parent is not publicly traded, then the Conversion Right shall entitle the Co-Investor Limited Partner to convert its Units into equity interests of the MarketingCo Parent without any restrictions on the transfer or sale of such equity interests and otherwise on terms and conditions substantially similar to those set forth herein, with such terms to be mutually agreed by the Parties, acting reasonably, at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Conversion Shares shall not be or become subject to any restrictions on transfer imposed by MarketingCo Parent or any of its Affiliates, or pursuant to any contractual agreements of MarketingCo Parent or its Affiliates or any contractual agreements that are binding on the assets of MarketingCo Parent and/or any of its Affiliates.

------

&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 Co-Investor Limited Partner exercises its Conversion Right, MarketingCo Parent shall, as reasonably requested by Co-Investor Limited Partner (or its Affiliate), in connection with Co-Investor Limited Partner (or its Affiliate) obtaining a Share-Based Financing, use reasonable best efforts to promptly provide such Person with customary cooperation, at the sole expenses of such Person, by, among other matters: (a) providing customary assistance in connection with any contemplated Encumbrance of any Conversion Shares ("**Pledged Shares**"), (b) entering into an "issuer agreement", in a form reasonably acceptable to MarketingCo Parent (an "**Issuer Agreement**") to be consistent with the scope of similar agreements customarily entered into in connection with transactions of the nature of the relevant Share-Based Financing, with a financing provider (and, if applicable, its Affiliate) and Co-Investor Limited Partner (or its Affiliate) and (c) subject to customary representations and undertakings of such financing provider, including as to U.S. securities laws matters, facilitating the transfer of such Pledged Shares in the form eligible for clearing through the facilities of the Depositary Trust and Clearing Corporation to effect such Encumbrance; <u>provided</u> that such assistance will not unreasonably disrupt the operation of MarketingCo Parent's business and that Co-Investor Limited Partner (or its Affiliate) shall reimburse any out-of-pocket costs and expenses incurred by MarketingCo Parent in connection with any such Share-Based Financing. Co-Investor Limited Partner acknowledges and agrees that the statements and agreements of MarketingCo Parent in any Issuer Agreement will be intended to be solely for the benefit of the financing provider party thereto and that Co-Investor Limited Partner shall not be entitled to use the statements and agreements of MarketingCo Parent in an Issuer Agreement against MarketingCo Parent.

Section 10.2 <u>Right of First Offer; Change of Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to prior <u>Section</u> <u>10.2(b)</u>, the Keurig Partners (or the direct or indirect parent of the Keurig Partners), shall have the right, in their sole discretion, to cause a Change of Control with respect to (a) the JV, (b) MarketingCo or (c) MarketingCo Parent (or any parent thereof); <u>provided</u>, <u>however</u>, that, with respect to a Change of Control of MarketingCo Parent (or any parent thereof), such Change of Control shall only be deemed to have occurred for purposes of this <u>Section</u> <u>10.2</u> if such Change of Control is, at any point in time, approved or ratified, or otherwise acted upon, by the board of directors of MarketingCo Parent (or such parent thereof) (or such other equivalent governing body (including a committee) thereof); provided, further, that in the event of any such transaction that would otherwise be a Change of Control of MarketingCo Parent (or any parent thereof) but that does not meet the requirements in the foregoing proviso, the Keurig Partners and the Co-Investor Limited Partner shall work together in good faith to implement an alternative structure that reasonably satisfies the relevant tax and economic characterization of such transaction that is contemplated by the Keurig Partners and the Co-Investor Limited Partner in accordance with this Section 10.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At least thirty (30) days prior to the consummation of a Change of Control described in <u>Section</u> <u>10.2(a)</u>, the Keurig Partners shall deliver written Notice thereof to the Co-Investor Limited Partner describing in reasonable detail the proposed Change of Control and the Keurig Partners' good faith estimate of the purchase price determined in accordance with this <u>Section</u> <u>10.2(b)</u> and shall make an irrevocable, unconditional offer to purchase, solely for cash, all (and not less than all) of the Co-Investor Limited Partner's Units (the "**Change of Control Offer**"). The purchase price payable pursuant to the Change of Control Offer (x) shall be an

------

amount equal to (i) if the applicable Change of Control is consummated at any time prior to the commencement of the Call Right Window, the amount necessary to provide the Co-Investor Limited Partner an IRR (taking into account all prior Distributions) with respect to its Units as of the closing date for such purchase equal to the Target IRR with respect to the amount of Cash Contributions attributable to such Units, which shall be measured and determined as if the closing of such Change of Control occurred immediately following the first (1st) day of the Call Right Window, and (ii) if the applicable Change of Control is consummated at any time during or after the Call Right Window, the Call Price, measured and determined as of the closing of the Change of Control and (y) shall be calculated in a manner consistent with this Agreement and the Sample IRR Calculation, and shall be reasonably mutually agreed by the Keurig Partners and the Co-Investor Limited Partner consistent therewith. The Co-Investor Limited Partner shall have a period of thirty (30) days from receipt of the Change of Control Offer to deliver to the Keurig Partners a written Notice accepting or rejecting the Change of Control Offer. The Co-Investor Limited Partner's failure to deliver a written acceptance of the Change of Control Offer within such thirty (30)-day period shall be deemed a rejection of the Change of Control Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Co-Investor Limited Partner timely accepts the Change of Control Offer, the Keurig Partners shall be obligated to consummate the purchase of all of the Co-Investor Limited Partner's Units at or prior to the consummation of the applicable Change of Control. The closing of such purchase shall occur on the date of, and immediately prior to, the closing of the Change of Control, at the price determined pursuant to <u>Section</u> <u>10.2(b)</u>. At such closing, (i) the Co-Investor Limited Partner shall deliver to the Keurig Partners reasonable and customary instruments of transfer and assignment of its Units, free and clear of all Liens (other than Permitted Liens or transfer restrictions arising from Applicable Securities Laws or under this Agreement), and (ii) the Keurig Partners shall pay the aggregate purchase price in cash, by wire transfer of immediately available funds, against delivery of such Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In all cases in which a Change of Control of the JV is consummated, whether or not the Co-Investor Limited Partner accepts the Change of Control Offer or is deemed to have rejected the Change of Control Offer, all outstanding Units shall, immediately prior to (or contemporaneously with) the consummation of such Change of Control, be redeemed by the JV for cash, and the Co-Investor Limited Partner shall be entitled to receive, for each Unit so redeemed, a cash amount equal to the price determined pursuant to <u>Section</u> <u>10.2(b</u>). The closing of such redemption transaction shall occur on the date of, and immediately prior to, the consummation of such Change of Control, and the consideration shall be paid in cash, by wire transfer of immediately available funds, in exchange for the cancellation of the redeemed Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Co-Investor Limited Partner accepts the Change of Control Offer (or if a redemption transaction will nonetheless be consummated in accordance with Section 10.2(d)), each of the Keurig Partners, the Co-Investor Limited Partner and the JV shall, subject to compliance with Applicable Law, use commercially reasonable efforts to take such actions as may be necessary to consummate the transactions contemplated by this <u>Section</u> <u>10.2</u>, including executing, acknowledging and delivering transfer agreements, sale agreements, consents and any other documents or instruments, in each case, that are reasonable and customary for transactions of its type.

------

Section 10.3 <u>Spin-Off</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that the Keurig Partners intend to effect a Spin-Off that is not a Qualifying Spin-Off, the Keurig Partners shall provide the Co-Investor Limited Partner with written Notice of any such proposed Spin-Off at least twenty-five (25) Business Days prior to the closing of such Spin-Off, which Notice shall include reasonable details of the proposed transaction and the Keurig Partners' good faith estimate of the purchase price determined in accordance with this <u>Section</u> <u>10.3</u>. The Redemption (as defined below) (unless waived by the Co-Investor Limited Partner) shall be effected for cash, by wire transfer of immediately available funds, at the closing of the Spin-Off, against delivery of the Co-Investor Limited Partner's Units, free and clear of all Liens (other than Permitted Liens or transfer restrictions arising from Applicable Securities Laws or under this Agreement). For the avoidance of doubt, no consent by the Co-Investor Limited Partner shall be required to effect a Spin-Off.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the occurrence of any Spin-Off, other than a Qualifying Spin-Off, the Keurig Partners shall have the right to cause the JV to redeem, solely for cash, all (but not less than all) of the Co-Investor Limited Partner's Units, or to cause the Keurig Partners or an Affiliate thereof to purchase, solely for cash, all (but not less than all) of the Co-Investor Limited Partner's Units (such redemption or purchase, the "**Redemption**"). The purchase price payable in connection with the Redemption shall be determined 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;(i) If the Spin-Off occurs at any time prior to the commencement of the Call Right Window, the purchase price for the Redemption shall equal the amount necessary for the Co-Investor Limited Partner to receive one hundred ten percent (110%) of the amount required to provide the Co-Investor Limited Partner with an IRR with respect to its Units, calculated as of the expected closing of the Spin-Off and taking into account all prior Distributions, equal to the Target IRR with respect to the Purchase Price amount in respect of such Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Spin-Off occurs during the Call Right Window, the purchase price for the Redemption shall equal the amount necessary for the Co-Investor Limited Partner to receive an IRR with respect to its Units, calculated as of the closing of the Spin-Off and taking into account all prior Distributions, equal to the Target IRR with respect to the Purchase Price amount in respect of such Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 the Spin-Off occurs at any time after the expiration of the Call Right Window, the purchase price for the Redemption shall equal the Call Right Fair Market Value of the Co-Investor Limited Partner's Units as of the closing of the Spin-Off.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the avoidance of doubt, the Co-Investor Limited Partner may, in its sole discretion, waive the Redemption, in whole or in part, in connection with any Spin-Off.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless the Redemption is waived by the Co-Investor Limited Partner, each of the Keurig Partners, the Co-Investor Limited Partner and the JV shall, subject to compliance with Applicable Law, use commercially reasonable efforts to take such actions as may be necessary to consummate the Redemption, including executing, acknowledging and

------

delivering transfer agreements, sale agreements, consents and any other documents or instruments, in each case, that are reasonable and customary for transactions of its type.

**ARTICLE 11** 

**<u>TERMINATION; DISSOLUTION OF JV</u>**

Section 11.1 <u>Term and Termination</u>. This Agreement shall remain in effect until the Limited Partners unanimously agree to terminate this Agreement.

Section 11.2 <u>Effect of Termination</u>. In the event that this Agreement is terminated pursuant to <u>Section</u> <u>11.1</u>, all further obligations of the Parties (other than pursuant to <u>Section</u> <u>6.6</u> (Information Rights), this <u>Section</u> <u>11.2</u> (Effect of Termination) and <u>Article</u> <u>16</u> (General), each of which shall continue in full force and effect) shall terminate without further liability or other obligation of the Parties. No termination under this Agreement shall relieve any Person of liability for breach prior to termination.

Section 11.3 <u>Events of Dissolution</u>. The JV will be wound up and dissolved upon the happening of any of the following events: (a) the entry of a decree of judicial dissolution under Applicable Law, (b) subject to compliance with <u>Section</u> <u>4.4</u> and <u>Exhibit B</u>, the determination of the LP Committee, (c) the disposition of all of the JV's assets or (d) the termination of the legal existence of the last remaining Limited Partner or the occurrence of any other event which terminates the continued membership of the last remaining Limited Partner unless the business of the JV is continued in a manner permitted by this Agreement or Applicable Law (such events, "**Dissolution Events**").

Section 11.4 <u>Winding Up and</u> <u>Dissolution</u>. Notwithstanding anything to the contrary in this Agreement, upon the occurrence of a Dissolution Event pursuant to <u>Section</u> <u>11.3</u>, the JV shall immediately commence to wind up its affairs. A reasonable period of time shall be allowed for the orderly termination of the JV's business, discharge of its liabilities, and distribution or liquidation of its remaining assets to enable the JV to minimize the normal losses attendant to the liquidation process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the winding up of the JV, the assets of the JV shall be applied and distributed in the following order
of priority, with no distribution being made in any category set forth below until each preceding category has been satisfied in full:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *first*, *pari passu* to the payment and discharge of all the JV's debts and liabilities to
creditors, in each case, under any Working Capital Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *second*, to the establishment of reserves deemed necessary or advisable to provide for any such
liabilities of the JV (which, to the extent no longer needed by the JV, shall be distributed in accordance with the order of priority set forth below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *third*, to the Limited Partners in accordance with their respective Class A Distribution
Percentages, Class B Distribution Percentages

------

and Class C Distribution Percentages and the Distribution Policy until the Co-Investor Limited Partner receives the Call Price (and if such dissolution occurs prior to the Call Right Window, with the Call Price to be measured as if such dissolution occurred on the first (1<sup>st</sup>) day immediately following the commencement of the Call Right Window); and <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *fourth*, to the Limited Partners ratably on the basis of each Limited Partner's remaining
Capital Account balance, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A full accounting of the assets and liabilities of the JV will be taken and a statement thereof will be
furnished to each Limited Partner promptly after the distribution of all of the assets of the JV. Such accounting and statements will be prepared under the direction of the LP Committee.

**ARTICLE 12** 

**<u>DUTIES</u>**

Section 12.1 <u>Business Opportunities</u>. To the fullest extent permitted by Applicable Law, and without limiting any obligations of the Keurig Partners or their Affiliates under the Transaction Documents and the Main JV Agreements, (x) the doctrine of corporate opportunity and any analogous doctrine will not apply to any Exempted Person, (y) the JV renounces any interest or expectancy of the JV in, or in being offered an opportunity to participate in, business opportunities that are known or from time to time presented to an Exempted Person, including with respect to those set forth on <u>Schedule 12.1</u> and (z) each Exempted Person who acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the JV, including with respect to those set forth on <u>Schedule 12.1</u>, (a) will not have any duty to communicate or offer such opportunity to the JV and (b) will not be liable to the JV or to the Limited Partners of the JV because such Exempted Person pursues or acquires for, or directs such opportunity to, itself or another Person or does not communicate such opportunity or information to the JV.

Section 12.2 <u>Reliance</u>. Notwithstanding any other provision of this Agreement, an Exempted Person acting under this Agreement shall not be liable to the JV for such Person's good faith reliance on the provisions of this Agreement. Whenever in this Agreement any LP Committee Member (other than a Person who is also an officer or employee of the JV) is permitted or required to make a decision (a) in such Person's discretion or under a grant of similar authority, such Person shall be entitled to consider only such interests and factors as such Exempted Person desires, including the interests of such Person's and Affiliates thereof, and shall, to the fullest extent permitted by Applicable Law, have no duty or obligation to give any consideration to any interest of or factors affecting the JV, any Limited Partner, any LP Committee Member or any other Person, or (b) in such Person's good faith or under another express standard, such Person shall act under such express standard and shall not be subject to any other or different standards; <u>provided,</u> <u>however</u>, that such Persons shall not take any actions in contravention of their duties set forth in <u>Section</u> <u>12.3</u>.

------

Section 12.3 <u>Duties</u>. Without limiting the applicability of any other provision of this Agreement, including the provisions of <u>Section</u> <u>12.1</u> and the other provisions of this <u>Section</u> <u>12.3</u>, the following provisions, as applicable, shall be applicable to the LP Committee and the Limited Partners thereof in their capacity as members of the LP Committee and to officers of the JV in their capacity as officers of the JV, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each LP Committee Member and officer of the JV shall act in good faith in performing his or her duties and obligations set forth in this Agreement. Notwithstanding the foregoing, (i) no LP Committee Member, in his or her capacity as a LP Committee Member, shall have any fiduciary or other duty to the JV, any Limited Partner, any other LP Committee Member or any other Person that is a party to or is otherwise bound by this Agreement, other than such LP Committee Member's express obligations under this Agreement, and (ii) no officer of the JV, in his or her capacity as an officer of the JV, shall have any fiduciary or other duty to the JV, any Limited Partner, any other officer of the JV or any other Person that is a party to or is otherwise bound by this Agreement, other than such officer's express obligations under this Agreement. To the maximum extent permitted by Applicable Law, whenever a LP Committee Member, in his or her capacity as a LP Committee Member, or an officer of the JV, in his or her capacity as an officer of the JV, is permitted or required to make a decision or take an action or omit to take an action (including wherever in this Agreement that any LP Committee Member or officer of the JV is permitted or required to make, grant or take a determination, a decision, consent, vote, judgment or action at its "discretion," "sole discretion" or under a grant of similar authority or latitude), such LP Committee Member or officer of the JV shall be entitled to consider only such interests and factors, including his or her own (or those of the Member that appointed such LP Committee Member or officer of the JV), as such LP Committee Member or officer of the JV desires, and shall have no duty or obligation to give any consideration to any other interest or factors whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the maximum extent permitted by Applicable Law, no LP Committee Member or officer of the JV shall be liable to the JV, to any Limited Partner or to any other LP Committee Member or officer of the JV, respectively, for losses sustained or liabilities incurred as a result of any act or omission (in relation to the JV, any transaction, any investment or any business decision or action, including for breach of duties, including fiduciary duties) taken or omitted by such LP Committee Member or officer of the JV, respectively, unless there has been a final and non-appealable judgment entered by a court of competent jurisdiction determining that, in respect of such act or omission, and taking into account the acknowledgments and agreements set forth in this Agreement, such LP Committee Member or officer of the JV engaged in bad faith, Fraud or willful or intentional misconduct or criminal wrongdoing; <u>provided,</u> <u>however</u>, the foregoing shall not limit or otherwise affect (i) the scope or applicability of Co-Investor Liabilities or (ii) a LP Committee Member's or officer's liability with respect to a breach of the express terms of this Agreement applicable to such LP Committee Member or officer of the JV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any LP Committee Member or officer of the JV, in his or her capacity as a LP Committee Member or officer of the JV, respectively, shall be entitled to rely on the provisions of this Agreement and on the advice of counsel, accountants and other professionals that is provided to the JV or such LP Committee Member or officer of the JV, respectively, and such LP Committee Member or officer of the JV shall not be liable to the JV or to any Limited

------

Partner for such reliance on this Agreement or such advice; <u>provided,</u> <u>however</u>, that there has not been a final and non-appealable judgment entered by a court of competent jurisdiction determining that, in respect of such reliance, and taking into account the acknowledgments and agreements set forth in this Agreement, such LP Committee Member or officer of the JV engaged in bad faith, Fraud or willful or intentional misconduct or criminal wrongdoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary in this <u>Section</u> <u>12.3</u>, the limitations set forth herein shall not limit the duties or obligations of any Limited Partner or LP Committee Member who is also an officer or employee of the JV from performing such duties in accordance with any employment or similar agreement, any policies or procedures applicable to such Person in such capacity or any duty or obligation in such capacity arising under Applicable Law.

Section 12.4 <u>LP Committee Member and Officer Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the limitations set forth in <u>Section</u> <u>12.4(f)</u>, the JV shall indemnify any LP Committee Member or officer of the JV who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (each, a "**Proceeding**") by reason of the fact that such Person is or was a LP Committee Member or officer of the JV, against any and all losses, claims, expenses (including reasonable out-of-pocket attorneys' fees), costs, liabilities, damages, judgments, fines and amounts paid in settlement actually and reasonably incurred by such LP Committee Member or officer of the JV in connection with such Proceeding; <u>provided,</u> <u>however</u>, that such LP Committee Member or officer of the JV shall not be indemnified by the JV if there has been a final and nonappealable judgment entered by a court of competent jurisdiction determining that, in respect of the matter for which such LP Committee Member or officer of the JV is seeking indemnification hereunder, and taking into account the acknowledgments and agreements set forth in this Agreement, such LP Committee Member or officer of the JV committed bad faith, Fraud or willful or intentional misconduct or criminal wrongdoing. Any indemnification provided hereunder shall be satisfied solely out of the assets of the JV (including available insurance coverage, if any), as an expense of the JV and, accordingly, no LP Committee Member or officer of the JV shall be subject to personal liability by reason of these indemnification provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as provided in <u>Section</u> <u>12.4(c)</u>, any indemnification under this <u>Section</u> <u>12.4</u> (unless ordered by a court) shall be made by the JV only as authorized in the specific case upon a determination that indemnification of a LP Committee Member or officer of the JV is proper in the circumstances because he or she has met the applicable standard of conduct set forth in <u>Section</u> <u>12.4(a)</u>. The determination of whether a LP Committee Member or officer of the JV has met the standard of conduct that entitled it to indemnification hereunder shall be made by the LP Committee. To the extent that a LP Committee Member or officer of the JV has been successful on the merits or otherwise in defense of any Proceeding referred to in <u>Section</u> <u>12.4(a)</u>, or in defense of any claim, issue or matter therein, such LP Committee Member or officer of the JV shall be indemnified against expenses (including reasonable out-of-pocket attorneys' fees) actually and reasonably incurred by such LP Committee Member or officer of the JV in connection therewith without the necessity of authorization in the specific case.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon written request by a LP Committee Member or officer of the JV, the JV shall pay reasonable out-of-pocket expenses incurred (or reasonably expected to be incurred) by such LP Committee Member or officer of the JV in defending or investigating a Proceeding in advance of (a) the final disposition of such Proceeding and (b) the determination of whether such LP Committee Member or officer of the JV has met the standard of conduct that entitles such LP Committee Member or officer of the JV to indemnification hereunder; <u>provided,</u> <u>however</u>, prior to payment (or advancement) by the JV of any such expenses, the LP Committee Member or officer of the JV shall provide an unsecured undertaking to the JV to repay all such amounts if it shall ultimately be determined that such LP Committee Member or officer of the JV is not entitled to be indemnified by the JV as authorized by this <u>Section</u> <u>12.4</u>; <u>provided</u>, <u>further</u>, that in no event shall the JV be required to pay or advance to any LP Committee Member or officer of the JV any amounts in connection with a Proceeding initiated by (i) such LP Committee Member or officer of the JV, (ii) the JV, (iii) the Keurig Partners or any of their Affiliates (in the case of any Keurig Designee) or (iv) Co-Investor Limited Partner or any of its Affiliates (in the case of any Co-Investor Designee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The indemnification and advancement of expenses provided by or granted pursuant to this <u>Section</u> <u>12.4</u> shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any agreement, contract, a vote of the LP Committee or pursuant to the direction (howsoever embodied) of any court of competent jurisdiction or otherwise, both as to action of a LP Committee Member or officer of the JV in his or her official capacity and as to action in another capacity while holding such office. The provisions of this <u>Section</u> <u>12.4</u> shall not be deemed to preclude the indemnification of any Person who is not specified in <u>Section</u> <u>12.4(a)</u>, but whom the JV has the power or obligation to indemnify under the provisions of the Act or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The indemnification and advancement of expenses provided by or granted pursuant to this <u>Section</u> <u>12.4</u> shall, unless otherwise provided when authorized or ratified, inure to the benefit of the heirs, executors and administrators of a LP Committee Member or officer of the JV. Any amendment, modification or repeal of this <u>Section</u> <u>12.4(e)</u> or any provision hereof shall be prospective only and shall not in any way affect the limitations on liability of the LP Committee Members or officers of the JV, or terminate, reduce or impair the right of any past, present or future LP Committee Members or officers of the JV, under and in accordance with the provisions of this <u>Section</u> <u>12.4</u> as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary in this <u>Section</u> <u>12.4</u>, the JV shall not be required to indemnify a LP Committee Member appointed by Co-Investor Limited Partner in connection with liabilities that constitute Co-Investor Liabilities, except to the extent Co-Investor Limited Partner makes an Indemnity Payment Contribution to fund any Losses in respect of the Specified Circumstances under <u>Section</u> <u>1.12(d)</u>, and then, such indemnification obligation shall be limited to the aggregate amount of such contribution.

Section 12.5 <u>Co-Investor Member Indemnification</u>. The JV shall indemnify Co- Investor Member and its Affiliates and each of its and their directors, officers, shareholders,

------

partners, members, investment managers, managers, employees, agents, successors, transferees, assignees and representatives of any of the foregoing (the "**Co-Investor Indemnified Parties**") who is party or is threatened to be made a party to any threatened, pending or completed Proceeding against any and all out-of-pocket losses, claims, expenses (including reasonable and documented out-of-pocket attorneys' fees), costs, liabilities, damages, judgments, fines and amounts paid in settlement actually and reasonably incurred by such Co-Investor Indemnified Party in connection with such Proceeding, in each case, solely to the extent that (a) if such Proceeding does not arise out of any actual or alleged infringement, misappropriation or other violation of any intellectual property of a Third Party, such Proceeding arises out of a willful act or omission by the Keurig Partners or their Affiliates, and (b) in all cases, (i) if such Proceeding arises out of or is related to the operation of the JV, the JV's coffee production and sale business or assets or any other related matter and (ii) does not constitute a Co-Investor Liability. For the avoidance of doubt, any indemnification pursuant to this <u>Section</u> <u>12.5</u> shall be a liability for which the Keurig Partners are responsible.

Section 12.6 <u>Waiver of Consequential Damages</u>. EXCEPT (A) IN THE CASE OF FRAUD, (B) FOR ANY SHORTFALL DAMAGES OWED HEREUNDER UNDER OR UNDER ANY MAIN JV AGREEMENT, (C) FOR ANY MATERIAL BREACH UNDER SECTION 14.1 OR SECTION 14.2, AND/OR (D) TO THE EXTENT THAT PAYMENT TO THE KEURIG PARTNERS OR THE CO-INVESTOR LIMITED PARTNER (INCLUDING PURSUANT TO SECTION 14.1 OR SECTION 14.2) IS DETERMINED BY A COURT OF COMPETENT JURISDICTION TO BE UNENFORCEABLE (IN EACH CASE, IF AND TO THE EXTENT OWED PURSUANT HERETO OR THERETO), NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY FOR SPECIAL, PUNITIVE, EXEMPLARY, INCIDENTAL, CONSEQUENTIAL OR INDIRECT DAMAGES, FINANCING LOSSES, LOSS OF FINANCING, LOST REVENUE, LOSS OF BUSINESS OPPORTUNITY OR LOST PROFITS, WHETHER BASED IN CONTRACT (INCLUDING BREACH, INDEMNITY OR WARRANTY), IN TORT (INCLUDING FAULT, NEGLIGENCE OR STRICT LIABILITY) OR ANY OTHER LEGAL OR EQUITABLE THEORY, AND WHETHER OR NOT ARISING FROM THE OTHER PARTY'S SOLE, JOINT OR CONCURRENT NEGLIGENCE, STRICT LIABILITY OR OTHER FAULT (COLLECTIVELY, "CONSEQUENTIAL DAMAGES WAIVER"). SUCH WAIVER OF FINANCING LOSSES AND LOSS OF FINANCING, AS PART OF SUCH CONSEQUENTIAL DAMAGES WAIVER, INCLUDES, TO THE EXTENT APPLICABLE, THAT NEITHER PARTY NOR ANY OF THEIR AFFILIATES SHALL BE LIABLE FOR ANY AMOUNTS RELATED TO OR IN CONNECTION WITH THE JV'S OR OTHER PERSON'S FINANCING (INCLUDING ANY REQUIRED PAYMENT OR PREPAYMENT OF AMOUNTS OWED IN CONNECTION WITH ANY DEBT FINANCING, TAX EQUITY OR OTHER EQUITY FINANCING OR OTHER CREDIT SUPPORT OR ANY DAMAGES, LOSSES, COSTS AND EXPENSES (INCLUDING ALL ATTORNEYS' FEES, CONSULTANT FEES AND LITIGATION EXPENSES ACTUALLY INCURRED) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RESULTING FROM ANY SUCH FINANCING OR OTHER CREDIT SUPPORT) OR POTENTIAL TAX BENEFITS, INCLUDING TAX CREDITS, GRANTS IN LIEU OF TAX CREDITS, SALES AND USE TAX EXCLUSIONS OR EXCEPTIONS, PROPERTY TAX EXCLUSIONS OR ABATEMENTS, ACCELERATED OR BONUS TAX DEPRECIATION, INCENTIVES FROM ANY GOVERNMENTAL AUTHORITY OR OTHERWISE, OTHER THAN ANY LIABILITIES THAT ARE INDEMNIFIED BY KEURIG PARNERS UNDER THIS

------

AGREEMENT. FOR THE AVOIDANCE OF DOUBT, TO THE EXTENT THAT ANY PAYMENT TO THE KEURIG PARTNERS OR THE CO-INVESTOR LIMITED PARTNER HEREUNDER (INCLUDING PURSUANT TO SECTION 14.1 OR SECTION 14.2) IS DETERMINED BY A COURT OF COMPETENT JURISDICTION TO BE UNENFORCEABLE, THE CONSEQUENTIAL DAMAGES WAIVER SET FORTH IN THIS SECTION 12.6 SHALL BE NULL AND VOID. NOTHING CONTAINED IN THIS SECTION 12.6 SHALL BE DEEMED TO PRECLUDE AN AWARD OF SHORTFALL DAMAGES OWED HEREUNDER OR UNDER ANY MAIN JV AGREEMENT OR ANY PAYMENT TO THE CO-INVESTOR LIMITED PARTNER HEREUNDER (INCLUDING PURSUANT TO SECTION 14.1 OR SECTION 14.2).

**ARTICLE 13** 

**<u>REPRESENTATIONS BY THE LIMITED PARTNERS</u>**

Each Limited Partner hereby represents and warrants to, and agrees with, the other Limited Partners and the JV, severally and not jointly and solely on its own behalf, as follows:

Section 13.1 <u>Organization; Authority and Power; Binding Obligation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Such Limited Partner is duly formed, validly existing and in good standing under the laws of its jurisdiction of formation, and has full power and authority to execute, deliver and perform its obligations hereunder and to engage in the business it presently conducts and contemplates conducting, and is and will be duly licensed or qualified to do business and in good standing in each jurisdiction wherein the nature of the business transacted by it makes such licensing or qualification necessary and where the failure to be licensed or qualified would be material to such Limited Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement has been duly authorized, executed and delivered by or on behalf of such Limited Partner and is, upon execution and delivery, such Limited Partner's legal, valid, and binding obligation, enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting creditors' rights generally and by general equitable principles.

Section 13.2 <u>Investment Intent</u>. Such Limited Partner (a) is acquiring such Limited Partner's Units with the intent of holding the same for investment for such Limited Partner's own account and without the intent or a view of participating directly or indirectly in any distribution of such Units within the meaning of the Securities Act or any Applicable Laws, including, without limitation, domestic and foreign federal and state securities and "blue sky" Applicable Laws, or otherwise Transferring such Units, in each case, in violation of such Applicable Laws and (b) acknowledges that any attempt, directly or indirectly, to Transfer, or offer to Transfer, any Units or any interest therein or any rights relating thereto without complying with the provisions of this Agreement shall be void and of no effect.

Section 13.3 <u>Securities Regulation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Such Limited Partner acknowledges and agrees that such Limited Partner's Units are being issued and sold in reliance on the exemptions from registration under

------

the Securities Act and exemptions contained in Applicable Laws, including, without limitation, domestic and foreign federal and state securities and "blue sky" Applicable Laws, and that such Limited Partner's Units cannot and will not be sold or transferred except in a transaction that is exempt under the Securities Act and Applicable Laws, including, without limitation, domestic and foreign federal and state securities and "blue sky" Applicable Laws, or pursuant to an effective registration statement under the Securities Act and Applicable Laws, including, without limitation, domestic and foreign federal and state securities and "blue sky" Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise set forth in this Agreement, such Limited Partner understands that such Limited Partner has no contractual right for the registration under the Securities Act and Applicable Laws, of such Limited Partner's Units for public sale and that, unless such Limited Partner's Units are registered or an exemption from registration is available, such Limited Partner's Units may be required to be held indefinitely.

Section 13.4 <u>Knowledge and Experience; Independent Investigation</u>. Such Limited Partner is an "accredited investor" as defined in Rule 501(a) under the Securities Act and Applicable Laws, and/or such Limited Partner has such knowledge and experience in financial, Tax and business matters as to enable such Limited Partner to evaluate the merits and risks of such Limited Partner's investment in the JV and to make an informed investment decision with respect thereto. Such Limited Partner has conducted its own independent review and analysis of the business, operations, assets, liabilities, results of operations, financial condition and prospects of the JV and such Limited Partner has been provided access to the personnel, books and records of the JV sufficient to make an informed investment decision regarding its acquisition of the Units and entry into this Agreement.

Section 13.5 <u>Economic Risk</u>. Such Limited Partner is able to bear the economic risk of such Limited Partner's investment in such Limited Partner's Units for an indefinite period of time, and such Limited Partner is aware that such Limited Partner may lose the entire amount of such Limited Partner's investment in the JV.

Section 13.6 <u>No Litigation</u>. There are no actions, suits, proceedings or investigations pending or, to such Limited Partner's knowledge, threatened against such Limited Partner in writing at law or in equity before any court or before any other Governmental Authority (whether or not covered by insurance) that individually or in the aggregate would result in a material adverse effect on such Limited Partner's obligations under this Agreement. Such Limited Partner has no knowledge of any violation or default with respect to any order, writ, injunction or any decree of any court or any other Governmental Authority to which it is subject.

Section 13.7 <u>Information</u>. Such Limited Partner has received all documents, books and records pertaining to an investment in the JV requested by such Limited Partner. Such Limited Partner has had a reasonable opportunity to ask questions of and receive answers concerning the JV, and all such questions have been answered to such Limited Partner's satisfaction and the determination of such Limited Partner to acquire any Units pursuant to this Agreement has been made by such Limited Partner independent of any such answers given or other statements made by the JV and its Affiliates and Representatives.

------

Section 13.8 <u>Tax and Other Advice</u>. Such Limited Partner has had the opportunity to consult with such Limited Partner's own Tax and other advisors with respect to the consequences to such Limited Partner of the purchase, receipt or ownership of the Units, including the Tax consequences under Applicable Laws, including, without limitation, for federal, state, local, and other income Taxes of the United States or any other country, and the possible effects of changes in such Applicable Laws. Such Limited Partner acknowledges that none of the JV, its Affiliates, successors, beneficiaries, heirs and assigns and its and their past and present managers, officers, employees, and agents (including, without limitation, their attorneys) makes or has made any representations or warranties to such Limited Partner regarding the consequences to such Limited Partner of the purchase, receipt or ownership of the Units, including the Tax consequences under Applicable Laws, including, without limitation, for federal, state, local and other Taxes of the United States or any other country, and the possible effects of changes in such Applicable Laws.

Section 13.9 <u>Tax Information</u>. Such Limited Partner has executed and provided the JV properly completed copies of IRS Form W-8BEN-E, W-8BEN, or W-9, as appropriate, which is valid as of the date hereof, and will promptly provide any additional information or documentation reasonably requested by the JV relating to Tax matters. If any such information or documentation previously provided becomes incorrect or obsolete, such Limited Partner will promptly notify the JV and provide applicable updated information and documentation.

Section 13.10 <u>Restricted Persons</u>. Each Limited Partner confirms that it is not, nor is it Controlled by or acting on behalf of any Keurig Competitor and no Keurig Competitor directly or indirectly owns more than five percent (5%) of the JV through such Limited Partner's ownership interest, except as set forth in <u>Schedule 1.7</u>.

Section 13.11 <u>Consents and Approvals; No Conflict</u>. The execution and delivery by such Limited Partner of this Agreement will not (a) conflict with the organizational documents of such Limited Partner, (b) result in the creation of any Lien upon the ownership interests of such Limited Partner or upon such Limited Partner's assets (other than Liens on the Units arising under this Agreement (and, in the case of Co-Investor Limited Partner, Liens on the Units and its other assets (i) granted to the collateral agent or other secured party in connection with any Financing or (ii) that are Permitted Liens) and restrictions on transferability under Applicable Laws for state or federal securities), (c) give any Third Party the right to modify, terminate, cancel or accelerate any obligation under the provisions of the organizational documents of such Limited Partner or (d) violate any Applicable Law to which such Limited Partner or its assets is subject, except in the case of clauses (b) and (c), as would not individually or in the aggregate reasonably be expected to be material to such Limited Partner.

Section 13.12 <u>ERISA Representation</u>. Such Limited Partner is not acquiring the Units with, or contributing any property to the JV that is, any asset that is deemed to be an asset of one or more employee benefit plans as defined in Section 3(3) of ERISA subject to Title I of ERISA, or a plan subject to Code §4975.

Section 13.13 <u>No Other Representations and Warranties</u>. Except for the express representations and warranties provided in this <u>Article</u> <u>13</u> or in any certificate delivered pursuant to this Agreement, none of Co-Investor Limited Partner nor the Keurig Partners, nor any of their

------

respective Affiliates or Representatives has made, or is making, any representation or warranty of any kind or nature whatsoever, oral or written, express or implied, relating to Co-Investor Limited Partner to the Keurig Partners, the JV or any of their respective Affiliates or their respective Representatives, or relating to the Keurig Partners to Co-Investor Limited Partner or any of its Affiliates or Representatives, as applicable, and Co-Investor Limited Partner and the Keurig Partners each hereby disclaim any such other representations or warranties and no such party shall be liable in respect of the accuracy or completeness of any information provided to Co-Investor Limited Partner, the Keurig Partners, the JV or any of their respective Affiliates or their respective Representatives, as applicable, other than the express representations and warranties provided in this <u>Article</u> <u>13</u> or in any certificate delivered pursuant to this Agreement.

**ARTICLE 14** 

**<u>COVENANTS OF THE LIMITED PARTNERS</u>**

Each applicable Limited Partner hereby covenants to, and agrees with, the other Limited Partners and the JV, severally and not jointly and solely on its own behalf, as follows:

Section 14.1 <u>Enforcement of Certain Contracts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Conflict Matters</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;(i) If there exists, or is reasonably anticipated to be, any conflict or threatened conflict, issue under any Affiliate Contract, including any actual or threatened breach or default, intercompany litigation or similar issue (including the existence of a contractual right to exercise by or against the JV or any of its Subsidiaries in respect of any such breach or default or similar issue), the JV shall deliver, and shall cause to be delivered, prompt (and in the case of any actual or threatened material breach or material default, within five (5) Business Days after the JV (or any Affiliate thereof) becomes aware of such actual or threatened material breach or material default) written Notice thereof to the Limited Partners (and, without limiting the foregoing obligation of the JV, the JV and its Subsidiaries shall cause any counterparties under any such Affiliate Contracts to promptly deliver written notice thereof to the JV). Notwithstanding the foregoing notice requirements, and without regard to whether any notice has been delivered, and following any applicable cure period provided under such Affiliate Contract, in the event of any such conflict issue, (a) the Co-Investor Limited Partner shall have the sole right to cause the JV or its applicable Subsidiary to exercise any available rights, remedies or defenses relating to such conflict issue or other such matter under such Affiliate Contract (including, without limitation, the enforcement of the Wholesale Agreements, Intellectual Property License Agreement, the Keurig Parent Guaranty and/or any other Main JV Agreement), (b) any decision of the LP Committee or the Limited Partners in connection therewith will not require the approval of the Keurig Partners or any Keurig Designee, and no Keurig Partner or Keurig Designee shall be permitted to participate in any such decision (c) any decision of the Co-Investor Limited Partner or the Co-Investor Manager, as applicable, will bind the JV or its applicable Subsidiary without the requirement of any further approval, LP Committee meeting or other formal process. Notwithstanding the foregoing, this paragraph does not apply with respect to any action taken in respect of the JV's ownership of Kodiak Preferred Stock, and the Co-Investor Limited Partner shall have no right to cause the JV

------

to exercise any right or remedy or otherwise take action in respect of the Kodiak Preferred Stock or the Kodiak Preferred Stock Investment 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;(ii) In addition, and without limiting the rights and remedies set forth in the preceding clause (i) or in the section below titled "Material Breach", (a) in the event the JV or any of its Subsidiaries is entitled to receive damages payments from Keurig Parent, MarketingCo or any of its Affiliates pursuant to the Transaction Documents and/or Main JV Agreements, the Co-Investor Limited Partner shall be entitled, at its election, to require the JV or its applicable Subsidiary to enforce the JV's or such Subsidiary's rights and/or remedies under such Transaction Documents and/or Main JV Agreements (including as to applicable damages) against the counterparty to such Transaction Documents and/or Main JV Agreements and (b) in furtherance thereof, in the event that the Wholesale Agreement is terminable for any reason, the Co-Investor Limited Partner shall be entitled, at its election, to require the JV to redeem the Co-Investor Limited Partner's Units for cash at a redemption price equal to the Call Price (and if such matter occurs prior to the Call Right Window, with the Call Price being measured and determined as if such redemption occurred immediately following the first (1<sup>st</sup>) day of the Call Right Window); provided, however, that in the event the JV or its applicable Subsidiary recovers an amount less than the full Call Price (including, without limitation, as a result of any Bankruptcy-Related Action involving Keurig Parent, MarketingCo or any of their Affiliates), the Co-Investor Limited Partner shall be entitled, at its election, to (x) require the JV to redeem a portion of the Co-Investor Limited Partner's Units for cash at a redemption price equal to the amount actually recovered by the JV or its applicable Subsidiary or (y) receive a special distribution from the JV in an amount equal to such recovered amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Company Obligations</u>. Each of the Keurig Partners and the Co-Investor Limited Partner, as applicable, shall exercise its respective rights under this Agreement to cause the JV to comply with its obligations under this Agreement or other Main JV Agreements to which it is a party. Each of the Keurig Partners and the JV shall provide the Co-Investor Limited Partner a reasonable opportunity to exercise any rights expressly granted to the Co-Investor Limited Partner under any Main JV Agreement (including, but not limited to, the Co-Investor Limited Partner's right to negotiate appropriate changes to Product Volumes under Section 2.5(e) of the Wholesale Agreement) and, if so requested by the Co-Investor Limited Partner, shall enforce (at their sole cost and expense) such rights on behalf of the Co-Investor Limited Partner under such Main JV Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Parent Guaranty</u>. In the event that the Keurig Parent intends to undergo a Qualifying Spin-Off or a Change of Control in accordance with the terms of Section 8.2 of the Parent Guaranty, (i) the Co-Investor Limited Partner shall have the right to cause, and the Keurig Partners and the JV shall afford the Co-Investor Limited Partner a reasonable opportunity to cause, the JV to exercise any available rights, remedies or defenses relating to any Replacement Support or Non-Qualifying Spin-Off Approved Credit Support or any other alternative credit support under Section 8 of the Parent Guaranty (including, for the avoidance of doubt, any determination to be made, or consent to be provided, by the JV with respect to a Qualifying Spin-Off, Qualifying Parent or Qualifying Successor), (ii) JV shall promptly deliver to the Co-Investor Limited Partner copies of any Replacement Support, Non-Qualifying Spin-Off

------

Approved Credit Support or any other alternative credit support under Section [8] of the Parent Guaranty and any notices provided to the JV thereunder in connection therewith, (iii) any decision of the LP Committee or the Limited Partners in connection therewith will not require the approval of the Keurig Partners or any Keurig Designee, and no Keurig Partner or Keurig Designee shall be permitted to participate in any such decision and (iv) any decision of the Co-Investor Limited Partner or the Co-Investor Designee, as applicable, with respect thereto will bind the JV or its applicable Subsidiary without the requirement of any further approval, LP Committee meeting or other formal process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Supply Agreements</u>. Notwithstanding anything to the contrary in this Agreement, solely in the event that Kodiak Newco fails to pay all or any portion of any quarterly dividend due and payable in respect of the Kodiak Preferred Stock, the Co-Investor Limited Partner shall have the right to cause the JV not to pay the Markup portion of any invoice under the Supply Agreements (up to an amount equal to Kodiak Newco's payment shortfall with respect to such quarterly dividend), until such time as Kodiak Newco has paid all amounts then owing with respect to the Kodiak Preferred Stock. In addition, in the event that Kodiak Newco fails to pay all or any portion of the quarterly dividend due and payable in respect of the Kodiak Preferred Stock, the JV shall deliver, and shall cause to be delivered, prompt written notice (and in any event, within two (2) Business Days after the occurrence thereof) of such event to the Co-Investor Limited Partner.

Section 14.2 <u>Material Breach</u>. In the event that the LP Committee or the Keurig Partners materially breaches any of their respective material obligations under this Agreement, subject to a cure period of ninety (90) days (extendable by an additional thirty (30) days if the LP Committee or the Keurig Partners commences and demonstrates that it is diligently pursuing a cure such failure), Co-Investor Limited Partner shall have the right to require the JV and/or the Keurig Partners to redeem the Co-Investor Limited Partner's Units for cash at a redemption price equal to the Call Price (and if such redemption occurs prior to the Call Right Window, with the Call Price being measured and determined as if such redemption occurred immediately following the first (1<sup>st</sup>) day of the Call Right Window). All such amounts shall be payable in cash directly to the Co-Investor Limited Partner. Solely for purposes hereof, a material breach of a material obligation shall include, without limitation, (a) any payment or funding default by the Keurig Partners, (b) any failure to obtain Unanimous Approval (other than clauses 11 and 13 of <u>Exhibit B</u> and other than clause 8 of <u>Exhibit B</u> unless such matter in clause 8 has an adverse impact on Co-Investor Limited Partner) and/or (c) any other material breach of a material obligation of this Agreement that would have or would reasonably be expected to have an adverse economic impact on Co-Investor Limited Partner; provided, however, that in the event the JV or its applicable Subsidiary recovers an amount less than the full Call Price (including, without limitation, as a result of any Bankruptcy-Related Action involving Keurig Parent, MarketingCo or any of their Affiliates), the Co-Investor Limited Partner shall be entitled, at its election, to (x) require the JV to redeem a portion of the Co-Investor Limited Partner's Units for cash at a redemption price equal to the amount actually recovered by the JV or its applicable Subsidiary or (y) receive a special distribution from the JV in an amount equal to such recovered amounts.

Section 14.3 <u>Third Party Contracts</u>. Pursuant to the terms of the Operations and Maintenance Agreement, the Designee may require the JV to enter into contracts directly with third-party providers selected by the Designee to perform the work or services thereunder, pursuant to the terms thereof; <u>provided,</u> that, (a) the Designee shall covenant to administer and enforce all such contracts and (b) the execution by the JV of such contracts will not relieve the Designee of its duties, responsibilities, obligations or liabilities under the Operations and Maintenance Agreement. The Designee will be responsible for the payment of all costs associated with such contracts and all such costs incurred by the Designee will be considered

------

Product Manufacturing Costs (as defined in the Wholesale Agreement). Keurig USA Partner shall be permitted to cause the JV to comply with the foregoing and subject to obtaining the approval of the LP Committee and Unanimous Approval, as applicable, subject to obtaining the approval of the LP Committee and Unanimous Approval, as applicable.

Section 14.4 <u>Ownership of Units</u>. Each of the Limited Partners is, and at all times shall remain, in material compliance with all Applicable Laws respecting their ownership of the Units and status as a Limited Partner of the JV.

Section 14.5 <u>Co-Investor Limited Partner Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) None of Co-Investor Limited Partner or any of its Affiliates shall take, fail to take, or permit to be taken, any action that would cause such Person to be in breach of the following representations and warranties; <u>provided</u>, that, prior to determining whether there has been a breach of this <u>Section</u> <u>14.5</u> by Co-Investor Limited Partner as a result of any action that Co-Investor Limited Partner has taken, failed to take or permitted a third party to take, Co-Investor Limited Partner shall first have a period of ten (10) calendar days following the earliest date upon which Co-Investor Limited Partner knew or would reasonably be expected to know of such breach (but only to the extent such breach is curable without resulting in any Liability to the JV or Keurig Partners or their respective Affiliates as a result of Co-Investor Limited Partner's breach of this <u>Section</u> <u>14.5</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of Co-Investor Limited Partner or its Affiliates, nor any of their respective directors, officers, general partners, managers, employees or agents, in each case, acting on behalf of Co-Investor Limited Partner or its Affiliates: (i) has, directly or indirectly violated any applicable Anti-Corruption Laws or Ex-Im Laws, (ii) has been, nor is, a Sanctioned Person, (iii) transacted business or had any dealings with or for the benefit of any Sanctioned Person nor otherwise violated Sanctions, (iv) has received any notice, request, penalty, citation, allegation, inquiry, notice or communication that alleges that the JV, Co-Investor Limited Partner or any Person acting for or on behalf or at the direction thereof is under investigation for or may have violated any Anti-Corruption Laws, Sanctions, or Ex-Im Laws, or (v) is aware of any such circumstances in the preceding clauses (i) through (iv) presently in existence likely to give rise to any allegation, inquiry, notice or communication set forth in the foregoing clause (iv).

Section 14.6 <u>Licenses and Permits</u>. Each Limited Partner agrees that it shall use commercially reasonable efforts to cooperate in providing such information, in signing such documents and in taking any other action as may reasonably be requested by the JV in connection with obtaining any federal, state, local or foreign license or Permit needed to operate its business or the business of any entity in which the JV invests.

------

Section 14.7 <u>Indemnities</u>. In the event the acts or omissions of a Limited Partner give rise to any indemnification obligation of the JV under the Transaction Agreement, such Limited Partner shall make a Capital Contribution in cash to the JV (for no additional Units) in the amount of such indemnification obligation (an "**Indemnity Payment Contribution**"), and the JV shall pay such indemnification obligation in accordance with <u>Section</u> <u>2.1</u>; <u>provided</u>, that, with respect to the Co-Investor Limited Partner, no Indemnity Payment Contribution shall be required except to the extent such indemnification obligation results from Specified Circumstances.

Section 14.8 <u>Foreign Investment Laws</u>. The Limited Partners agree to use reasonable best efforts to minimize the nature and burden of mitigation imposed under Foreign Investment Laws including taking actions and agreeing to certain limitations consistent with this Agreement to reduce the burden of any required mitigation imposed under Foreign Investment Laws; <u>provided,</u> that the foregoing shall in no way limit, restrict, hinder, or otherwise impede Co-Investor Limited Partner's ability to designate the Co-Investor Designees (and any proportional committee representation on any committee of the LP Committee) or restrict Co-Investor Limited Partner's access to information or reporting that would limit, restrict, hinder, materially delay, or prevent Co-Investor Limited Partner from providing required information or reports to its or its Affiliates' lenders.

Section 14.9 <u>Insurance</u>. The Keurig Partners shall obtain and maintain customary directors' and officers' liability insurance for the JV consistent with industry standards, which obligation may be satisfied by adding the JV to the liability policies of Keurig Parent or any other Affiliate of the Keurig Partners.

**ARTICLE 15** 

**<u>REPRESENTATIONS OF THE JV</u>** 

In order to induce the Limited Partners to enter into this Agreement and to make the Capital Contributions contemplated hereby, the JV hereby represents and warrants to each Limited Partner as follows:

Section 15.1 <u>Duly Formed</u>. The JV is a duly formed and validly existing Delaware limited partnership under the Act, with all necessary power and authority under the Act to issue the Units to be issued to the Limited Partners hereunder.

Section 15.2 <u>Valid Issu</u><u>ance</u>. When the Units are issued to the Limited Partners as contemplated by this Agreement and the Capital Contributions required to be made by the Limited Partners are made, the Units issued to the Limited Partners will be duly and validly issued and, subject to <u>Section</u> <u>1.12</u> in respect of Capital Contributions, no additional liability or for any obligations of the JV will attach thereto.

**ARTICLE 16** 

**<u>GENERAL</u>**

Section 16.1 <u>Management Fees</u>. Neither of the Keurig Partners nor Co-Investor Limited Partner shall be entitled to receive any management fee in respect of services rendered to the JV

------

in connection with the actions contemplated by this Agreement; <u>provided</u>, that, this <u>Section</u> <u>16.1</u> shall not affect any amounts payable by or to the JV pursuant to other Transaction Documents.

Section 16.2 <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of State of Delaware, excluding any conflicts of law rule or principle that might refer such construction to the laws of another jurisdiction.

Section 16.3 <u>Dispute Resolution; Consent to Jurisdiction; Waiver of Jury</u> <u>Trial</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for claims for misappropriation of trade secrets or breach of confidentiality obligations if the requested relief includes injunctive or other non-monetary relief, any dispute or matter in question between or among the Parties arising out of or related to this Agreement or the breach, termination or validity thereof (a "**Dispute**") shall be resolved pursuant to the procedures set forth in this <u>Section</u> <u>16.3</u>. Any Party shall provide a written notice of such Dispute (a "**Dispute Notice**") to the other Party (or Parties, as applicable) involved in such Dispute. Each Party consents and agrees that, in order to avoid inconsistent interpretations and adjudications of this Agreement and the Main JV Agreements, either Party may, to the extent permitted by Law and without objection from the other Party, whether by means of joinder, consolidation or otherwise, raise two (2) or more Disputes under this Agreement or the Main JV Agreements in the same Dispute resolution proceeding. The Parties shall use all reasonable efforts to settle the Dispute through negotiation between authorized members of each Party's senior management, to be held within ten (10) Business Days after the receiving Party's (or Parties', as applicable) receipt of the Dispute Notice, at a mutually agreed time and place. If the matter is not resolved within twenty (20) Business Days after the receiving Party's (or Parties', as applicable) receipt of the Dispute Notice, then any Party involved in such Dispute may exercise any rights and remedies that may be available at law or in equity, unless expressly prohibited or otherwise restricted by any other provision of this Agreement. Notwithstanding the existence of any Dispute, the Parties shall continue to perform their respective obligations under this Agreement unless the Parties otherwise mutually agree in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties irrevocably accept and submit to the exclusive jurisdiction of the Chancery Court of the State of Delaware or the Federal District Court for the District of Delaware with respect to any suit, action or proceeding arising out of or related to this Agreement or any of the transactions contemplated hereby and (i) the Parties irrevocably waive any objection to the laying of venue or defense that the forum is inconvenient with respect to any such suit, action or proceeding for such purpose, and (ii) each of the Parties irrevocably consents to service of process sent by a national courier service (with written confirmation of receipt) to its address identified in <u>Section</u> <u>16.4</u> of this Agreement or in any other manner permitted by Applicable Law. Each of the Parties agrees that a judgment in any such Dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Applicable Law. This consent to jurisdiction is being given solely for purposes of this Agreement, and it is not intended to, and shall not, confer consent to jurisdiction with respect to any other dispute in which a Party may become involved. The Parties acknowledge and agree that terms and conditions of this Agreement have been freely, fairly and thoroughly negotiated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY** 

------

 **HAVE TO A TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING ARISING OUT OF, RELATING TO OR OTHERWISE WITH RESPECT TO THIS AGREEMENT, THE TRANSACTION DOCUMENTS OR ANY TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY**.

Section 16.4 <u>Notic</u><u>es</u>. All notices and other communications to be given to any Party (each, a "**Notice**") shall be sufficiently given for all purposes hereunder if in writing and: (a) upon delivery, if delivered by hand; (b) immediately, if transmitted via e-mail with the subject line "Project Kona Notice" (with confirmation by non-automated reply); (c) on the first (1<u><sup>st</sup></u>) Business Day following the date of dispatch if delivered utilizing a next-day service by a nationally recognized next-day courier (or in the case of any recipients sending or receiving notices outside of the United States, then on the second (2<u><sup>nd</sup></u>) Business Day following the date of dispatch); or (d) on the earlier of confirmed receipt or the fifth (5<u><sup>th</sup></u>) Business Day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid, so long as all senders and receivers of any notices are in the United States. All notices and other communications hereunder shall be delivered to the addresses set forth below:

<u>if to the Keurig Partners or the JV</u>:

c/o Keurig Dr Pepper Inc.

53 South Avenue

Burlington, MA 01803

Attention: Anthony Shoemaker,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dan Morrell

Email: [\*\*\*]

with a copy (which shall not constitute notice) to:

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, New York

United States 10019-6064

Attention: James E. Langston

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ravi Purohit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nickolas Bogdanovich

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael Spirtos

Email: jlangston@paulweiss.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;rpurohit@paulweiss.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nbogdanovich@paulweiss.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mspirtos@paulweiss.com

and

<u>if to Co-Investor Limited Partner</u>:

AP Kona Holdings LLC

C/O Apollo Capital Management, L.P.

------

9 West 57th Street, 41st Floor

New York, New York 10019

Attention: William B. Kuesel, Jonathan Bar, Somil Kadakia

Email: [\*\*\*]

with a mandatory copy (which shall not constitute notice) to:

Latham & Watkins LLP

1271 Avenue of the Americas

New York, New York 10020

Attention: Gary Boss

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chirag Dedania

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Javier Stark

Email: gary.boss@lw.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;chirag.dedania@lw.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;javier.stark@lw.com

Section 16.5 <u>Execution of Documents</u>. From time to time after the date of this Agreement, upon the request of the LP Committee, each Limited Partner will perform, or cause to be performed, all such additional acts, and will execute and deliver, or cause to be executed and delivered, all such additional instruments and documents, as may be reasonably required to effectuate the purposes of this Agreement.

Section 16.6 <u>Amendment</u>. This Agreement may be amended or modified from time to time only by a written instrument executed by all Limited Partners. Any amendment or modification to this Agreement made in breach of this <u>Section</u> <u>16.6</u> shall be void ab initio and of no force or effect.

Section 16.7 <u>Successors</u>. This Agreement will be binding upon the executors, administrators, estates, heirs and legal successors of the Limited Partners.

Section 16.8 <u>Severability</u>. If any provision of this Agreement is determined by a court to be invalid or unenforceable, that determination shall not affect the other provisions hereof, each of which shall be construed and enforced as if the invalid or unenforceable portion were not contained herein. Such invalidity or unenforceability shall not affect any valid and enforceable application thereof, and each such provision shall be deemed to be effective, operative, made, entered into or taken in the manner and to the full extent permitted by Applicable Law.

Section 16.9 <u>No Third Party Rights</u>. Except as expressly provided herein, the provisions of this Agreement are solely for the benefit of the JV, the LP Committee and the Limited Partners and no other Person, including creditors of the JV, will have any right or claim against the JV, the LP Committee or any Limited Partner by reason of this Agreement or any provision hereof or be entitled to enforce any provision of this Agreement. The consent of or notice to any Person who is not a Party to this Agreement shall not be required for any termination rescission or agreement to any variation, waiver, assignment, novation, release or settlement under this Agreement at any time. Notwithstanding the foregoing, each Exempted Person not otherwise party to this Agreement shall be an express third-party beneficiary of this Agreement as though such Exempted Person was a Party.

Section 16.10 <u>Specific Performance</u>. The Parties recognize that irreparable injury may result from a breach of any provision of this Agreement and that money damages may be

------

inadequate to fully remedy the injury. Accordingly, in the event of a breach or threatened breach of one or more of the provisions of this Agreement or the other organizational documents of the JV, any Party which may be injured (in addition to any other remedies which may be available to that Party) shall be entitled to seek one or more preliminary or permanent orders (a) restraining and enjoining any act which would constitute a breach or (b) compelling the performance of any obligation which, if not performed, would constitute a breach, all without the need to post a bond and in an expedited hearing. Without limiting the foregoing, Co-Investor Limited Partner shall have the right to seek enforcement on behalf of the JV of the Parent Guaranty.

Section 16.11 <u>Entire Agreement</u>. This Agreement, the Transaction Documents and the other agreements contemplated hereby and thereby constitute the entire agreement of the Limited Partners and their Affiliates relating to the JV and supersede all prior meetings, communications, representations, negotiations, contracts or agreements (including any prior drafts thereof) with respect to the JV, whether oral or written, none of which will be used as evidence of the Parties' intent. In addition, each Party acknowledges and agrees that all prior drafts of this Agreement contain attorney work product and will in all respects be subject to the foregoing sentence.

Section 16.12 <u>Effect of Waiver or Consent</u>. A waiver or consent, express or implied, to or of any breach or default by any Person in the performance by that Person of its obligations with respect to the JV is not a consent or waiver to or of any other breach or default in the performance by that Person of the same or any other obligations of that Person with respect to the JV. Failure on the part of a Person to complain of any act of any Person or to declare any Person in default with respect to the JV, irrespective of how long that failure continues, does not constitute a waiver by that Person of its rights with respect to that default until the applicable statute-of-limitations period has run.

Section 16.13 <u>Counterparts</u>. This Agreement may be executed in multiple counterparts with the same effect as if all signing parties had signed the same document. All counterparts will be construed together and constitute the same instrument. This Agreement and any amendments hereto or thereto, to the extent signed and delivered by means of electronic delivery (i.e., by email of a PDF signature page), will be treated in all manner and respects as an original agreement or instrument and will be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person, and the Parties shall be entitled to rely on any such electronic signature for the purposes of the Electronic Transactions Act (as amended) of the Cayman Islands. At the request of any Party to any such agreement or instrument, each other Party hereto or thereto will re-execute original forms thereof and deliver them to all other Parties. No Party to any such agreement or instrument will raise the use of an electronic signature or the fact that any signature or agreement or instrument was transmitted or communicated electronically as a defense to the formation or enforceability of a contract and each such Party forever waives any such defense.

Section 16.14 <u>Survival</u>. <u>Section</u> <u>3.1</u>, <u>Section</u> <u>6.4</u> and <u>Article</u> <u>11</u> will survive and continue in full force in accordance with their terms notwithstanding any termination of this Agreement or the dissolution of the JV.

Section 16.15 <u>Amended and Restated Agreement</u>. The Initial LP Agreement is hereby amended and restated in its entirety.

------

Section 16.16 <u>Definitions and Rules of Interpretation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Defined Terms</u>. For the purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires, the capitalized terms used in this Agreement shall have the meanings set forth in <u>Exhibit A</u> attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Exhibits; Schedules; Annexes</u>. This Agreement includes all Exhibits, Schedules and Annexes attached hereto, and any reference in this Agreement to an "Exhibit", a "Schedule" or an "Annex" by letter or number designation or by title shall mean the corresponding Exhibit, Schedule or Annex identified in the table of contents. Each Exhibit, Schedule and Annex attached to this Agreement is incorporated into this Agreement in its entirety by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Interpretation</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;(i) Terms defined in a given number, tense or form shall have the corresponding meaning when used in this Agreement with initial capitals in another number, tense or form. The meaning assigned to each term defined herein shall be equally applicable to both the singular and the plural forms of such term and vice versa, and words denoting either gender shall include both genders as the context requires. Where a word or phrase is defined herein, each of its other grammatical forms shall have a corresponding meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) "Hereof," "herein," "hereto," "hereinafter" and other terms of like import are not limited in applicability to the specific provision within which such references are set forth but instead refer to this Agreement 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;(iii) When a reference is made in this Agreement to an Article, Section, subsection, clause, Annex, Exhibit or Schedule, such reference is to an Article, Section, subsection, clause, Annex, Exhibit or Schedule of this Agreement unless otherwise specified. For the avoidance of doubt, any reference to <u>Exhibit B</u> shall also include <u>Exhibit B-1</u> and <u>Exhibit B-2</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;(iv) The words "include," "includes," and "including" when used in this Agreement shall be deemed to be followed by the words "without limitation," and, unless otherwise specified shall not be deemed limited by the specific enumeration of items, but shall be deemed without limitation. The term "or" is not exclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) A reference to any Party to this Agreement or in any other agreement or document shall include such Party's predecessors, successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Reference to any Applicable Law means such Applicable Law existing at the relevant time, as amended, modified, codified, replaced or re-enacted, and all rules and regulations promulgated thereunder. Any agreement or document defined or referred to herein means such agreement or document as from time to time amended, supplemented or otherwise modified.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) The word "U.S." means the United States of America, the word "federal" means U.S. federal and the word "State" means any U.S. state. Any reference to "dollar", "dollars" or "$" shall mean U.S. dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Any reference to a "day" or number of "days" (without the explicit qualification of "business") will be deemed to refer to a calendar day or number of calendar days. If any time period for giving notice or taking action hereunder expires on a day which is a Saturday, Sunday or legal holiday in Ireland or Santa Clara, California, the time period will automatically be extended to the Business Day immediately following such Saturday, Sunday or legal holiday.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Unless the context otherwise requires with respect to defined terms set forth herein, all accounting terms used in respect of the JV are to be interpreted in accordance with GAAP. All determinations of an accounting nature in respect of the JV required to be made will be made in a manner consistent with GAAP, as consistently applied by the JV. Nothing herein shall restrict the accounting terms utilized by the Limited Partners, or require determinations of an accounting nature in respect of any Limited Partner to be made in a manner consistent with GAAP or require any Limited Partner to adhere its books and records to 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The Parties have participated jointly in the negotiation and drafting of this Agreement. Any rule of construction or interpretation otherwise requiring this Agreement to be construed or interpreted against either Party by virtue of the authorship of this Agreement shall not apply to the construction and interpretation hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Headings</u>. All headings or captions contained in this Agreement are for convenience of reference only, do not form a part of this Agreement and shall not affect in any way the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Documentation Format</u>. This Agreement and all documentation to be supplied hereunder shall be in the English language and all units of measurement in this Agreement and all such documentation shall be specified in dimensions as customarily used in the United States.

Section 16.17 <u>Non-Recourse</u>. Notwithstanding anything to the contrary set forth in this Agreement but without limiting the terms of any other agreement (including any Transaction Document or Main JV Agreement), there shall be no obligations whatsoever of any Affiliate, member, stockholder, officer, employee, director or partner of any Limited Partner under this Agreement. For the avoidance of doubt but in each case in no way limiting the obligations of Co-Investor Limited Partner, in no event shall the Co-Investors or any of their respective Subsidiaries or (a) any portfolio company of, (b) any fund, managed account or other similar vehicle managed or advised or sub-advised by or (c) any general partner or fund manager of a fund, managed account or similar vehicle managed or advised or sub-advised by, the Co-Investors or any of their respective Subsidiaries or any Affiliate thereof be required to take any action in connection with an obligation of Co-Investor Limited Partner hereunder (including any obligation qualified by a commercially reasonable, reasonable best or other similar efforts standard). Solely for purposes of this <u>Section</u> <u>16.17</u>, "Affiliate" shall mean, with respect to the

------

Co-Investor Limited Partner, any other Person that directly, or indirectly through one or more intermediaries, Controls, is under common Control with, or is Controlled by such specified Person.

\* \* \* \*

------

This Agreement is executed and delivered as a deed on the date first written above.

***THE JV***

---

| | |
|:---|:---|
| **<u>THE JV</u>** | **<u>THE JV</u>** |
| **KEURIG JV, LP** | **KEURIG JV, LP** |
| By: |  |
|  | Name: |
|  | Title: |

---

*Signature Page to Amended and Restated Agreement of Limited Partnership of Keurig JV, LP* 

------

***GENERAL PARTNER***

---

| | |
|:---|:---|
| **KEURIG JV GP, LLC** | **KEURIG JV GP, LLC** |
| By: |  |
|  | Name: |
|  | Title: |

---

***LIMITED PARTNERS***

---

| | |
|:---|:---|
| **<u>KEURIG PARTNERS</u>** | **<u>KEURIG PARTNERS</u>** |
| **KEURIG LUX HOLDCO S.A.R.L** | **KEURIG LUX HOLDCO S.A.R.L** |
| By: |  |
|  | Name: |
|  | Title: |
| **KEURIG PRODUCTION SUBCO, LLC** | **KEURIG PRODUCTION SUBCO, LLC** |
| By: |  |
|  | Name: |
|  | Title: |

---

*Signature Page to Amended and Restated Agreement of Limited Partnership of Keurig JV, LP* 

------

***LIMITED PARTNERS***

---

| | |
|:---|:---|
| **<u>CO-INVESTOR LIMITED PARTNER</u>** | **<u>CO-INVESTOR LIMITED PARTNER</u>** |
| **AP KONA HOLDINGS LLC** | **AP KONA HOLDINGS LLC** |
| By: | AP HGA Manager LLC, its member |
| By: |  |
|  | Name: |
|  | Title: |

---

*Signature Page to Amended and Restated Agreement of Limited Partnership of Keurig JV, LP* 

------

<u>Exhibit A</u> 

**EXHIBIT A** 

**DEFINITIONS** 

"**5-Year Shortfall Amount**" is defined in the Wholesale Agreement.

"**10-Year Plan**" means the JV's long-term financial model and operating plan for the period commencing on the Closing and ending on the tenth (10th) anniversary of the Closing (including a Marketing Plan for such period), which will include the Blended Table (as defined in the Wholesale Agreement), as attached hereto as <u>Schedule 10YP</u>.

"**20-Day VWAP**" means, as of any specified date, the arithmetic average of the Daily VWAP over the twenty (20) trading days immediately preceding such date, which shall include such specified date if (x) such specified date is not a trading day or (y) if such specified date is a trading day and the 20-Day VWAP is being calculated after 4:15 p.m., New York Time, on such specified date.

"**30-Year Plan**" means the JV's long-term forecast of the projected Volume per Tier for the period commencing on the Closing and ending on the thirtieth (30th) anniversary of the Closing, as attached hereto as <u>Schedule 30YP</u>.

"**Act**" is defined in the recitals to this Agreement.

"**Affiliate**" means, with respect to any specified Person, any other Person that directly, or indirectly through one or more intermediaries, Controls, is under common Control with, or is Controlled by such specified Person; <u>provided,</u> that, for all purposes hereunder, in no event shall Co-Investor Limited Partner be deemed an Affiliate of the JV, and except in the case of <u>Section</u> <u>8.2(b)</u> and <u>Section</u> <u>16.17</u> (subject to the definition of "Affiliate" referred to in such sections), in no event shall any Co-Investor or any of their Subsidiaries or (i) any portfolio company or (ii) any fund, managed account or similar vehicle managed or advised or sub-advised by, or (iii) any general partner or fund manager of a fund, managed account or similar vehicle managed or advised or sub-advised by, a Co-Investor. or any of their respective Subsidiaries or any Affiliate thereof be considered to be an Affiliate of Co-Investor, nor shall Co-Investor Limited Partner be considered an Affiliate of such parties.

"**Affiliate Contract**" means any contract, agreement, transactions or arrangement between the JV (or any of its Subsidiaries), on the one hand, and any Affiliate of the JV or any of its Subsidiaries, any Partner or Affiliate of any Partner or any of the JV's officers or Directors, on the other hand. For avoidance of doubt, the Main JV Agreements shall be Affiliate Contracts.

"**Agreement**" is defined in the preamble to this Agreement.

"**Alternate Consideration**" is defined in Section 10.1(c)(iii).

"**Annual Operating Budget**" is defined in the Operations and Maintenance Agreement.

Exhibit A - 1

------

"**Annual Plan**" means (a) the near-term business plans and budgets for the JV and its Subsidiaries for each of the United States and Canada in respect of the 2026 Fiscal Year, including the scope of operating and capital expenses in respect of the 2026 Fiscal Year, as attached hereto as <u>Schedule AP (United States)</u> and <u>Schedule AP (Canada)</u>, respectively and (b) thereafter, the annual business plans and budgets for the JV and its Subsidiaries for each of the United States and Canada in respect of each subsequent Fiscal Year adopted in accordance with this Agreement.

"**Annual Services Fee**" is defined in the Risk of Loss Agreement.

"**Anti-Corruption Laws**" is defined in the Transaction Agreement.

"**Applicable Law**" means any statute, license, law, rule, regulation, code, ordinance, judgment, Permit Requirement, decree, writ, legal requirement or order, of any national, federal, state or local court or other Governmental Authority, and the official, written judicial interpretations thereof, in each case that is applicable to the referenced Party.

"**Applicable Securities Laws**" is defined in <u>Section</u> <u>9.2(a)(ii)</u>.

"**Assignee**" is defined in <u>Section</u> <u>8.1(c)</u>.

"**Assignor**" is defined in <u>Section</u> <u>8.1(b)</u>.

"**Book Value**" means, with respect to any asset of the JV, the asset's adjusted basis for U.S. federal income tax purposes, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Book Value of property distributed to a Partner shall be adjusted to equal the Fair Value of such property as of the date of such distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Book Value of all property shall be increased (or decreased) to reflect any adjustment to the adjusted basis of such property pursuant to Section 734(b) or 743(b) of the Code (including such adjustments pursuant to Treasury Regulations Sections 1.734-2(b)(1)), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m) or clause (e) of the definition of Net Profits and Net Losses; <u>provided</u>, <u>however</u>, that the Book Value of property shall not be adjusted pursuant to this clause (b) to the extent that the LP Committee reasonably determines an adjustment pursuant to Section 2.7(c) is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this clause (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Book Value of property contributed by a Partner shall be the Fair Value of such property as of the date of such contribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Book Value of an asset has been determined or adjusted pursuant to the above, such Book Value will thereafter be adjusted by the amount of Depreciation calculated for purposes of the definition of "Net Profits" and "Net Losses."

"**Business Day**" means a day, other than a Saturday or Sunday or a public holiday, on which banks are generally open for business in New York, New York.

Exhibit A - 2

------

"**Call Price Product Margin**" means $1,282,899,131.32.

"**Call Price Sample Calculation**" means the sample calculation set forth in the "Call Price Calculation" tab of the Financial Model. For ease of reference only, a copy of the Call Price Sample Calculation is attached hereto as Exhibit C. In the event of a conflict between Exhibit C and the Financial Model, the Financial Model shall control.

"**Call Right FMV Floor Multiplier**" means, for the applicable quarter in which the Call Right is consummated, the amount set forth on Schedule FMV Multiplier.

"**Call Right FMV Product Margin**" means, for the applicable quarter in which the Call Right is consummated, the amount set forth on Schedule FMV Margin.

"**Called Units**" is defined in <u>Section</u> <u>9.1</u>.

"**Canadian Profit or Loss**" is defined in <u>Section</u> <u>2.6(b)(i)</u>.

"**Capital Account**" is defined in <u>Section</u> <u>2.3</u>.

"**Capital Contribution**" means, with respect to any Limited Partner, the sum of the amount of cash contributed, or deemed to be contributed, to the JV with respect to the Units held by such Limited Partner pursuant to this Agreement.

"**Certificate**" is defined in the recitals to this Agreement.

"**Change of Control**" means, with respect to any Person, directly or indirectly, (a) a Transfer, sale or issuance of more than fifty percent (50%) of the total outstanding Equity Securities of such Person in a single transaction or series of related transactions; (b) any consolidation or merger of such Person with or into any other corporation or other entity, or any other reorganization (including, any conversion, transfer, or domestication of such Person) in a single transaction or series of related transactions, in which the equityholders of such Person immediately prior to such consolidation, merger or reorganization own equity of the entity surviving such merger, consolidation or reorganization representing less than fifty percent (50%) of the outstanding equity securities of such entity immediately after such consolidation, merger or reorganization; (c) a sale, lease or other disposition in a single transaction or series of related transactions of more than fifty percent (50%) of the assets of such Person and its Subsidiaries on a consolidated basis (measured either by book value in accordance with GAAP or by fair market value (which, in the case of the JV, shall be Fair Value), which, for the avoidance of doubt, may include Equity Securities of such Person's Subsidiaries); (d) a recapitalization, reclassification or change of the Equity Securities of such Person as a result of which such Equity Securities would be converted into, would be exchanged for, or would represent solely the right to receive, capital stock, other securities, other property or assets of another Person (other than a change only in par value, from par value to no par value or from no par value to par value, or changes resulting from a subdivision or combination of such Equity Securities); (e) a share exchange, consolidation or merger of such Person pursuant to which the Equity Securities of such Person will be converted into, will be exchanged for, or will represent solely the right to receive, stock, other securities, other property or assets of another Person; (f) in the case of a Person whose Equity Securities are listed on a national securities exchange or otherwise publicly traded, the consummation of any "take private" transaction, or any similar transaction or series of related transactions, in which (i) any third Person or "group" (as such term is used in Section 13(d) of the Exchange Act) becomes, directly or indirectly, the beneficial owner of more than 50% of the then-outstanding Equity Securities of such Person, and (ii) such Equity Securities cease to be listed on a national securities exchange (or similar) and the registration of such Equity Securities under the Exchange Act (or similar applicable law) is terminated; or (g) any other transaction or series of related transactions resulting in the direct or indirect acquisition by any third-party Person or group of beneficial ownership of more than fifty percent (50%) of the voting interests of such

Exhibit A - 3

------

Person or in the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through ownership of securities, by contract or otherwise. For the avoidance of doubt, a Change of Control will not include a Spin-Off.

"**Class A Limited Partner**" means a Limited Partner who holds Class A Units.

"**Class A Units**" means, collectively, the Units designated as Class A-1 Units and Class A-2 Units.

"**Class B Limited Partner**" means a Limited Partner who holds Class B Units.

"**Class B Units**" means, collectively, the Units designated as Class B-1 Units and Class B-2 Units.

"**Class C Limited Partner**" means a Limited Partner who holds Class C Units.

"**Class C Units**" means the Units designated as Class C Units.

"**Closing**" is defined in the Transaction Agreement.

"**Code**" means the U.S. Internal Revenue Code of 1986, as amended.

"**Coffee Assets**" means all of the assets, properties and rights of Keurig Parent and its Affiliates that are used in, or held for use in, the Coffee Business for the manufacture of Products in the United States and Canada, including the equity securities of the JV, KCULC and the facilities (and any leases related thereto and all equipment and production lines contained therein), listed on <u>Schedule CA</u>.

"**Coffee Business**" means the business of (i) the manufacture of Products in the US and Canada; (ii) roasting and grinding of coffee beans, cocoa beans and tea leaves for use in the Products in the US and Canada (but excluding, subject to the terms hereof, any assets of an Acquired Person (as defined in the Wholesale Agreement)) and (iii) the sale of Products to (A) MarketingCo pursuant to the Wholesale Agreement and (B) select other parties, in each case, in the US and Canada.

"**Co-Investor Designees**" is defined in <u>Schedule 4.1</u>.

"**Co-Investor Liabilities**" is defined in <u>Section</u> <u>1.12(d)(</u><u>i</u><u>)</u>.

"**Co-Investor Limited Partner**" is defined in the preamble to this Agreement.

"**Co-Investor Qualified Transferee**" means a Person that (a) is not, and is not, to the Co-Investor's knowledge, a controlled Affiliate of, an entity primarily engaged in distressed or activist investments, (b) is not a Keurig Competitor, and (c) not a Sanctioned Person.

"**Co-Investors**" means, collectively, (a) Apollo Capital Management, L.P. and its Affiliates, (b) Kohlberg Kravis Roberts & Co. and its Affiliates and (c) Goldman Sachs Asset Management L.P. and its Affiliates.

Exhibit A - 4

------

"**Confidential Information**" is defined in <u>Section</u> <u>6.5(a)</u>.

"**Control**" means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. "**Controlled**" and "**Controlling**" shall have correlative meanings.

"**Conversion Obligation Shares**" is defined in <u>Section</u> <u>10.1(d)</u>.

"**Daily VWAP**" means, with respect to any trading day, the per share volume-weighted average price of the common stock of MarketingCo Parent on the applicable national securities exchange (as reported by Bloomberg L.P. displayed under the heading "Bloomberg VWAP" on Bloomberg page "[*insert stock ticker of MarketingCo Parent*] AQR" (or any successor thereto) at 4:15 P.M. New York time (or 15 minutes following the end of any extension of the regular trading session) on such trading day or, if not reported therein, in another authoritative source mutually selected by the Keurig Partners and the Co-Investor Limited Partner), rounded to four (4) decimal places (with amounts 0.00005 and above rounded up), in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such trading day (or, if such volume-weighted average price is unavailable, the market value of one share of common stock of MarketingCo Parent on such trading day, determined using a volume-weighted average price method if practicable, by a nationally recognized independent investment banking firm selected by the Keurig Partners and the Co-Investor Limited Partner).

"**Depreciation**" means, for each Taxable Year, an amount equal to the depreciation, amortization or other cost recovery deduction allowable for U.S. federal income tax purposes with respect to property for such Taxable Year, except that with respect to any other such property, the Book Value of which differs from its adjusted tax basis at the beginning of such Taxable Year, Depreciation shall be an amount which bears the same ratio to such beginning Book Value as the U.S. federal income tax depreciation, amortization or other cost recovery deduction for such Taxable Year bears to such beginning adjusted tax basis; <u>provided</u>, <u>however</u>, that if the adjusted tax basis of any property at the beginning of such Taxable Year is zero dollars, Depreciation with respect to such property shall be determined with reference to such beginning Book Value using any reasonable method selected by the LP Committee.

"**Designated Representative**" is defined in <u>Section</u> <u>6.3(b)</u>.

"**Designees**" is defined in <u>Schedule 4.1</u>.

"**Disclosing Party**" is defined in <u>Section</u> <u>6.5(a)</u>.

"**Dispute**" is defined in <u>Section</u> <u>16.3(a)</u>.

"**Dissolution Events**" is defined in <u>Section</u> <u>11.3</u>.

"**Distribution**" means cash distributed or paid by the JV to a Limited Partner in respect of the Limited Partner's Units, whether by liquidation, distribution, dividend, redemption or repurchase by the JV of any Units or otherwise.

"**Early Call Price Sample Calculation**" means the sample calculation set forth in the "Early Call" tab of the Financial Model. For ease of reference only, a copy of the Early Call Price Sample Calculation is attached hereto as Exhibit D. In the event of a conflict between Exhibit D and the Financial Model, the Financial Model shall control.

Exhibit A - 5

------

"**Effective Date**" is defined in the preamble to this Agreement.

"**Encumbrance**" means a mortgage, charge, pledge, lien, hypothecation, trust, option, restriction, right of first refusal or first offer, right of pre-emption, third-party right or interest, other encumbrance or security interest of any kind (including, for the avoidance of doubt, rehypothecation rights of the pledgee), or another type of agreement or arrangement having similar effect.

"**Equity Securities**" means (a) with respect to a partnership, limited liability company or similar Person, any and all units, interests, rights to purchase, warrants, options or other equivalents of, or other ownership interests in, any such Person as well as debt or equity instruments convertible, exchangeable or exercisable into any such units, interests, rights or other ownership interests and (b) with respect to a corporation, any and all shares, interests, participation or other equivalents (however designated) of corporate stock, including all common stock and preferred stock, or warrants, options or other rights to acquire any of the foregoing, including any debt instrument convertible or exchangeable into any of the foregoing.

"**ERISA**" means the Employee Retirement Income Security Act of 1974, as amended.

"**Ex-Im Laws**" is defined in the Transaction Agreement.

"**Exchange Act**" means the U.S. Securities Exchange Act of 1934, as amended, and applicable rules and regulations thereunder.

"**Exempted Person**" means (a) each of the Keurig Partners, Keurig Parent, MarketingCo Parent and each of their respective shareholders, members, Affiliates, managers and officers, (b) Co-Investor Limited Partner, Co-Investors and each of their respective shareholders, members, Affiliates, managers and officers, excluding, in each of clauses (a) and (b), the JV and any such Person that would qualify as an Exempted Person solely by reason of its affiliation or service relationship with the JV, (c) the Keurig Designees and (d) the Co-Investor Designees.

"**Expansion Election**" is defined in the Wholesale Agreement.

"**Expected Annual Products Margin**" is defined in the Wholesale Agreement.

"**Expected Tier 1 Volume**" is defined in the Wholesale Agreement.

"**Expected Tier 2 Volume**" is defined in the Wholesale Agreement.

"**Expected Volume**" is defined in the Wholesale Agreement.

"**Fair Value**" means as applied to any asset of any kind or nature:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as applied to any asset constituting cash or cash equivalents, the amount of such cash or cash equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as applied to any asset constituting publicly traded securities that may be immediately sold in the public markets without any restrictions or limitations, the average,

Exhibit A - 6

------

over a period of twenty-one (21) calendar days consisting of the date of valuation and the twenty (20) consecutive Business Days prior to that date, of the average of the closing prices of the sales of such securities on the primary securities exchange on which such securities may at that time be listed, or, if there have been no sales on such exchange on any day, the average of the highest bid and lowest asked prices on such exchange at the end of such day, or, if on any day such securities are not so listed, the average of the representative bid and asked prices quoted in the NASDAQ System as of 4:00 p.m., New York time, or, if on any day such securities are not quoted in the NASDAQ System, the average of the highest bid and lowest asked prices on such day in the domestic over the counter market as reported by the National Quotation Bureau Incorporated, or any similar successor organization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as applied to any assets other than cash, cash equivalents, or publicly traded securities that may be immediately sold in the public markets without any restrictions or limitations, the fair market value of such assets, as determined by the LP Committee, which shall take into account any factors that it reasonably deems relevant.

"**Financing**" means any debt financing or other credit support provided to Co-Investor Limited Partner or any of its Affiliates in connection with the JV.

"**Financial Model**" means the financial model set forth in a Microsoft Excel file labeled "2026.02.23 - Project Kona Transaction Model vFF.xlsx".

"**Financing Losses**" means any required payment or prepayment of amounts owed in connection with the Financing or any damages, losses, costs and expenses (including all attorneys' fees, consultant fees and litigation expenses actually incurred) directly or indirectly arising out of or resulting from the Financing.

"**Fiscal Quarter**" means the fiscal quarter of Keurig Parent, which shall be the same as the fiscal quarter of the JV.

"**Fiscal Year**" means the fiscal year of Keurig Parent, which shall be the same as the fiscal year of the JV.

"**Forced Transfer Units**" is defined in <u>Section</u> <u>9.1</u>.

"**Foreign Investment Laws**" means any Applicable Laws, including any state, national or multi-jurisdictional Applicable Laws, that are designed or intended to prohibit, restrict or regulate action by foreigners to acquire interests in or control over domestic equities, securities, entities, assets, land or interests.

"**Fraud**" means, with respect to any Party, actual and intentional common law fraud under Delaware law committed by such Party with respect to the making of any representation or warranty set forth in this Agreement or in any other document or certificate delivered in connection with this Agreement. Unless otherwise permitted by Applicable Law, a claim for Fraud may only be made against the Party committing such Fraud.

"**GAAP**" means United States generally accepted accounting principles consistently applied.

Exhibit A - 7

------

"**General Partner**" means Keurig Lux Partner, in its capacity as the general partner of the JV.

"**Governmental Authority**" means applicable national, federal, state, county, municipal and local governments and all agencies, authorities, departments, instrumentalities, courts, corporations, other authorities lawfully exercising or entitled to exercise any administrative, executive, judicial, legislative, police, regulatory or Taxing authority or power, or other subdivisions of any of the foregoing having a regulatory interest in or jurisdiction over the Parties.

"**Indebtedness**" is defined in the Parent Guaranty.

"**Indemnity Payment Contribution**" is defined in <u>Section 14.7</u>.

"**Initial LP Agreement**" is defined in the recitals to this Agreement.

"**IRR**" means, with respect to any Units held by the Co-Investor Limited Partner, the unlevered quarterly compounded internal rate of return, calculated on a pre-tax basis and based on actual inflows and outflows as of the relevant measurement date and using the "XIRR" function in Microsoft Excel, that is realized by Co-Investor Limited Partner on such Units from the date of first outflow through and including the relevant measurement date, it being understood that (i) the only outflows for purposes of this calculation shall be the Purchase Price paid by Co-Investor Limited Partner under the Transaction Agreement and any Capital Contributions made pursuant to this Agreement, in each case, in respect of such Units and (ii) the only inflows for purposes of this calculation shall be (a) all Distributions to Co-Investor Limited Partner hereunder in respect of such Units, and (b) any amount paid (or to be paid) to Co-Investor Limited Partner in respect of such Units in the transaction giving rise to the calculation of IRR. The IRR shall be calculated in a manner consistent with this Agreement and the Sample IRR Calculation. For the avoidance of doubt, the relevant measurement date shall be the date on which the Co-Investor Limited Partner receives the applicable proceeds in the transaction giving rise to the calculation of IRR.

"**JDEP**" means JDE Peet's N.V.

"**JV**" is defined in the preamble to this Agreement.

"**KCM**" means Keurig Canada Manufacturing ULC, a Canadian unlimited liability company.

"**KCULC**" is defined in the preamble to this Agreement.

"**Keurig Call Right**" is defined in <u>Section</u> <u>9.1</u>.

"**Keurig Competitor**" is defined in <u>Schedule KC</u>.

"**Keurig Designee**" is defined in <u>Schedule 4.1</u>.

Exhibit A - 8

------

"**Keurig Group**" means Keurig Parent, the Keurig Partners, the Keurig Designees and any of their respective Affiliates, and any Subcontractors, directors, officers, shareholders (other than public shareholders of Keurig Parent), partners, members, managers, employees, agents, advisors, successors, transferees, lenders, assignees and representatives of any of the foregoing, in each case, except for the JV.

"**Keurig Parent**" means Keurig Dr Pepper Inc., a Delaware corporation, and any surviving corporation as the result of a merger of Keurig Dr Pepper Inc., with and into another Person, and/or any successor thereto.

"**Keurig Partner**" is defined in the preamble to this Agreement.

"**Keurig Qualified Transferee**" means a Person that (a) is not a Keurig Competitor, and (b) not a Sanctioned Person.

"**Kodiak Newco**" means Kodiak Newco Inc.

"**Kodiak Preferred Stock Investment Agreement**" means that certain investment agreement, dated as of the Closing, by and between the JV and Kodiak Newco governing the issuance of Kodiak Preferred Stock by Kodiak Newco to the JV on such terms and conditions as set forth therein.

"**Kodiak Preferred Stock**" means Series A Nonvoting Preferred Stock of Kodiak Newco.

"**Law**" means any constitutional provision, statute, act, code (including the Code), law (including common law), regulation, rule, ordinance, order, proclamation, resolution, declaration, or interpretative or advisory opinion or letter of an applicable domestic, foreign or international Governmental Authority.

"**Legal Impediment**" is defined in <u>Section</u> <u>10.1(b)</u>.

"**Liabilities**" means any payment obligation of the JV (including, for the avoidance of doubt, in respect of any liability, debt, Tax or other obligation).

"**Lien**" means any lien, mortgage, pledge, charge or security interest, option, right of first offer, encumbrance or other restriction or limitation of any nature whatsoever.

"**Limited Partners**" means the Persons listed as Limited Partners on <u>Schedule 1.7</u> and any other Person that both acquires any Unit and is admitted to the JV as a Limited Partner, in each case, so long as such Person continues to hold any Unit(s).

"**Lock-Up Date**" is defined in <u>Section</u> <u>8.2(b)(ii)</u>.

"**Losses**" means any and all claims (including environmental claims), liabilities, damages, losses, causes of action, fines, penalties, Taxes, litigation, lawsuits, administrative proceedings, administrative investigations, costs, disbursements and expenses, including reasonable attorneys' fees, court costs, and other costs of suit, arbitration, dispute resolution or other proceedings, including those owed to third parties, of whatsoever kind and nature; <u>provided,</u> <u>however</u>, that in

Exhibit A - 9

------

no event shall Losses for which the JV or the Keurig Partners are responsible include (x) any Financing Losses or (y) any Co-Investor Liabilities or any amounts derived from, imposed on, incurred or suffered by or asserted against any Person to the extent in any way relating to, arising out of or in connection with any Co-Investor Liabilities.

"**LP Committee**" is defined in <u>Section</u> <u>4.1(a)</u>.

"**LP Committee Member**" is defined in <u>Schedule 4.1</u>.

"**Main JV Agreements**" means, collectively, the Operations and Maintenance Agreement, the Risk of Loss Agreement, the Wholesale Agreement, the Parent Guaranty and the Supply Agreements.

"**Major Casualty Event**" is defined in the Risk of Loss Agreement.

"**Market Disruption Event**" means, with respect to any date, the occurrence or existence, during the one-half hour period ending at the scheduled close of trading on such date on the principal U.S. national or regional securities exchange or other market on which the common stock of MarketingCo Parent is listed for trading or trades, of any material suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the common stock of MarketingCo Parent or in any options contracts or futures contracts relating to the common stock of MarketingCo Parent.

"**Marketing Plan**" is defined in the Wholesale Agreement.

"**Marketing Term**" is defined in the Wholesale Agreement.

"**MarketingCo**" means Keurig Green Mountain, Inc., or its successor or permitted assign under the Wholesale Agreement.

"**MarketingCo Group**" means Keurig Parent, MarketingCo and their current and future Affiliates and subsidiaries.

"**MarketingCo Parent**" is defined in <u>Section</u> <u>10.1</u>.

"**Moody's**" means Moody's Investors Service, Inc., a credit rating agency.

"**Net Profits**" and "**Net Losses**" means, for each Fiscal Year or other period, the taxable income or loss, respectively, of the JV, as determined in accordance with Section 703(a) of the Code (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Section 703(a)(1) of the Code shall be included in taxable income or loss) with the following adjustments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the computation of all items of income, gain, loss and deduction shall include any income of the Partnership
that is exempt from U.S. federal income tax and those items described in Sections 705(a)(1)(B) or 705(a)(2)(B) of the Code and Treasury Regulations Section 1.704-l(b)(2)(iv)(i), without regard to the fact
that

Exhibit A - 10

------

such items are not includable in gross income or are not deductible for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Book Value of any the Partnership's property is adjusted pursuant to <u>clause (a)</u> or <u>(b)</u> of the definition of Book Value, the amount of such adjustment shall be taken into account as gain or loss from the disposition of such property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) items of income, gain, loss or deduction attributable to the disposition of the Partnership's property
having a Book Value that differs from its adjusted basis for tax purposes shall be computed by reference to the Book Value of such property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing
such taxable income or loss, there shall be taken into account Depreciation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the extent an adjustment to the adjusted tax basis of any asset of the Partnership pursuant to Sections
732(d), 734(b) or 743(b) of the Code is required, pursuant to Treasury Regulations Section 1.704-l(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment to
the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any items of income, gain, loss, or deduction which are specially allocated pursuant to <u>Section 2.7</u> shall not be taken into account in computing Net Profits and Net Losses, but the amounts of the items of income, gain, loss or deduction available to be specially allocated pursuant to <u>Section 2.7</u> will be determined by applying rules analogous to those set forth in <u>clause (a)</u> through <u>clause (e)</u> above.

"**Notice**" is defined in <u>Section</u> <u>16.4</u>.

"**Non-Qualifying Spin-Off Approved Credit Support**" is defined in Parent Guaranty.

"**Operational Failure**" is defined in the Operations and Maintenance Agreement.

"**Operations and Maintenance Agreement**" means the Operations and Maintenance Agreement, dated as of the Effective Date, by and between MarketingCo, the JV, KCULC and Keurig Canada Manufacturing ULC.

"**Operator**" is defined in the Operations and Maintenance Agreement.

"**Parent Guaranty**" is defined in the Transaction Agreement.

"**Partnership Representative**" means the "partnership representative" (as defined in Section 6223 of the Code) of the JV.

"**Partnership Tax Audit Rules**" means Sections 6221 through 6241 of the Code, together with any guidance issued thereunder or successor provisions and any similar provision of state and local tax laws.

Exhibit A - 11

------

"**Party**" or "**Parties**" is defined in the preamble to this Agreement.

"**Permit**" means each federal, state, county, municipal, local or other license, consent, appraisal, authorization, exemption, variance, permit (including, where applicable, conditional permits) or other approval with, from or of any Governmental Authority, including each and every design, construction, commissioning, operating or occupancy permit.

"**Permit Requirement**" means any requirement or condition on or with respect to the issuance, maintenance, renewal, transfer of, or otherwise relating to, any applicable Permit or any application therefor.

"**Permitted Liens**" means (a) Liens imposed by any Governmental Authority for any Tax, assessment or other charge to the extent not yet past due and payable, unless being contested in good faith by appropriate proceedings and for which appropriate amounts have been reserved on the JV's books and records in accordance with GAAP; (b) materialmen's, mechanics', warehousemen's, workers', repairmen's, employees' or other like Liens arising in the ordinary course of business or in the restoration, repair or replacement of the Facilities, in each case, for amounts not yet due unless being contested in good faith and for which appropriate amounts have been reserved in accordance with GAAP; (c) banker's Liens or rights of offset, (d) Liens arising out of judgments or awards so long as an appeal or proceeding for review is being prosecuted in good faith; (e) easements, covenants, conditions, right of way restrictions, title imperfections, encroachments, minor defects or irregularities in title and similar matters, in each case, that do not or would not reasonably be expected to materially impair or interfere with the use or occupancy of such real property in the ordinary course of business; (f) zoning and other land use governmental rules of any municipality or Governmental Authority that do not materially interfere with the construction, development, operation or maintenance of the Facilities; (g) rights of owners, lessors or grantors of interests in real property pursuant to the terms of any applicable real property agreements, in each case, that do not or would not reasonably be expected to materially impair or interfere with the use or occupancy of the Facilities in the ordinary course of business; and (h) Liens arising in the ordinary course of business and not incurred in connection with the borrowing of money and not adversely impacting the operation of the Facilities.

"**Permitted Transferee**" is defined in <u>Section</u> <u>8.2</u>.

"**Person**" means any individual, corporation, company, voluntary association, partnership, incorporated organization, trust, limited liability company, or any other entity or organization, including any Governmental Authority. A Person shall include any officer, director, member, manager, employee or agent of such Person.

"**PPI**" means the annual producer price index published by the U.S. Department of Labor (calculated using the 12-month change in final demand goods published by the U.S. Bureau of Labor Statistics (or, if no longer available, the applicable successor index published by the U.S. government)), in each case, in effect as of the first day of an applicable Fiscal Year.

Exhibit A - 12

------

"**Pro Rata Share**" means, at the time of determination, with respect to any Limited Partner, the percentage determined by dividing (a) the number of Units held by such Limited Partner at such time by (b) the aggregate number of Units issued and outstanding at such time.

"**Proceeding**" is defined in <u>Section</u> <u>12.4(a)</u>.

"**Product**" is defined in the Wholesale Agreement.

"**Purchase Price**" is defined in the Transaction Agreement.

"**Qualifying Parent**" is defined in the Parent Guaranty.

"**Qualifying Spin-Off**" is defined in the Parent Guaranty.

"**Qualifying Successor**" is defined in the Parent Guaranty.

"**Quarterly Operating Report**" is defined in the Operations and Maintenance Agreement.

"**Receiving Party**" is defined in <u>Section</u> <u>6.5(a)</u>.

"**Replacement Support**" is defined in the Parent Guaranty.

"**Representative**" means, with respect to any Person, any manager, officer, employee, agent, consultant, advisor, or other representative of such Person, including legal counsel, accountants, and financial advisors.

"**Risk of Loss Agreement**" means the Risk of Loss Agreement, dated as of the date hereof, by and between the JV and Keurig Partner.

"**S&P**" means S&P Global Ratings, a credit rating agency.

"**Sample IRR Calculation**" means the calculation of IRR used in item (K) of the "Call Price Calculation" tab of the Financial Model.

"**Sanctioned Person**" is defined in the Transaction Agreement.

"**Sanctions**" is defined in the Transaction Agreement.

"**Securities Act**" means the U.S. Securities Act of 1933 and applicable rules and regulations thereunder.

"**Share-Based Financing**" means any bona fide margin loan(s), other extension(s) of credit or hedging and/or monetization equity derivative transaction(s), including (without limitation) equity collar transaction(s) (including a collar plus loan), variable share or fixed share forward transaction(s) or covered call transaction(s), referencing and secured by any Conversion Shares between Co-Investor Limited Partner and/or any Affiliate of Co-Investor Limited Partner and a financing provider.

"**Spin-Off**" means any transaction (whether by initial public offering, change of control, spin-off or separation, other sale of equity interests or assets or otherwise) involving the separation of MarketingCo (or such other Subsidiary of Keurig Parent that holds all or

Exhibit A - 13

------

substantially all of the business lines of MarketingCo and JDEP) ("**SpinCo**") from the other businesses of Keurig Parent and following which SpinCo ceases to be a Subsidiary of Keurig Parent; <u>provided,</u> that, for the avoidance of doubt, any spin-off of bottling plants in the United States related to, or any other material portion of, Keurig Parent's cold beverage business would constitute a "Spin-Off", but only if it occurs prior to the separation of SpinCo from the other business of Keurig Parent.

"**Subcontractor**" means any supplier, contractor or subcontractor (of any tier and including Affiliates, as applicable).

"**Subsidiary**" means, with respect to any Person, any corporation, limited liability company, partnership, association or business entity of which (a) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of managers, managers or trustees thereof is at the time owned or Controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (b) if a limited liability company, partnership, association or other business entity (other than a corporation), a majority of partnership or other similar ownership interests thereof is at the time owned or Controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity (other than a corporation) if such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or Control any managing manager, general partner or LP Committee of such limited liability company, partnership, association or other business entity. For purposes hereof, references to a "Subsidiary" of any Person shall be given effect only at such times that such Person has one or more Subsidiaries.

"**Supply Agreements**" means one or more Supply Agreements pursuant to which the JV would purchase green coffee beans, raw materials, capital expenditures, services and other consumables necessary for the JV to perform its obligations under the Wholesale Agreement from MarketingCo.

"**Tag-Along Purchaser**" is defined in <u>Section</u> <u>8.7(a)</u>.

"**Tag-Along Seller**" is defined in <u>Section</u> <u>8.7(a)</u>.

"**Tag-Along Transfer**" is defined in <u>Section</u> <u>8.7(a)</u>.

"**Target IRR**" means (a) if the Early Call Right or Call Right is exercised prior to the tenth (10th) anniversary of the Closing, an IRR of 7.125% and (b) if the Early Call Right or Call Right is exercised at or after the tenth (10th) anniversary of the Closing, an IRR of 7.25%.

"**Tag Offer Notice**" is defined in <u>Section</u> <u>8.7(a)</u>.

"**Tax**" or "**Taxes**" means any and all forms of taxation, charges, duties, imposts and levies in the nature of a tax, whenever imposed by any Governmental Authority, including sales tax, use tax, gross receipts tax, transaction tax, privilege tax, property tax, ad valorem tax,

Exhibit A - 14

------

income tax, withholding tax, corporation tax, franchise tax, capital gains tax, capital transfer tax, inheritance tax, value added tax, customs duties, capital duty, excise duties, minimum tax, stamp duty reserve tax, payroll tax, national insurance, social security or other similar contributions, together with any interest, penalty, fine or other amount imposed in connection therewith.

"**Tax Return**" means any return, election, declaration, report, claim (including a claim for refund), estimate, information, statement or other document pertaining to any Taxes filed or required to be filed with a Governmental Authority, including but not limited to any attachment, supplement or schedule thereto or amendment thereof.

"**Taxable Year**" means the JV's accounting period for U.S. federal income tax purposes determined pursuant to <u>Section</u> <u>7.2</u> or such other relevant period.

"**Third Party**" means any Person other than Keurig Parent, the Keurig Partners, Co-Investor Limited Partner, Co-Investors and any of their respective Affiliates.

"**Tier**" is defined in the Wholesale Agreement.

"**Trading Day**" means any day on which (A) trading in the common stock of MarketingCo Parent generally occurs on the principal U.S. national or regional securities exchange on which the common stock of MarketingCo Parent is then listed or, if the common stock of MarketingCo Parent is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the common stock of MarketingCo Parent is then traded; and (B) there is no Market Disruption Event. If the common stock of MarketingCo Parent is not so listed or traded, then "Trading Day" means a Business Day.

"**Transaction Agreement**" is defined in the recitals to this Agreement.

"**Transaction Documents**" means, collectively, the Transaction Agreement and the Main JV Agreements.

"**Transfer**" means: (a) when used as a noun, any direct or indirect, voluntary or involuntary, sale, disposition, hypothecation, assignment, or any other transfer (including the creation of any derivative or synthetic interest, but expressly excluding pledges, charges and liens), and (b) when used as a verb, to voluntarily (whether in fulfillment of contractual obligation or otherwise), directly or indirectly, sell, dispose, hypothecate, assign, or otherwise transfer (including by creating any derivative or synthetic interest, but expressly excluding pledges, charges and liens) or any other similar participation or interest, in any case, whether by operation of Applicable Law or otherwise; and "**Transferred**", "**Transferring**", "**Transferee**" and "**Transferor**" shall each have a correlative meaning.

"**Unanimous Approval**" is defined in <u>Section</u> <u>4.4</u>.

"**Unanimous Approval Matters**" is defined in <u>Section</u> <u>4.4</u>.

"**Units**" is defined in <u>Section</u> <u>1.8</u>.

"**Volume**" is defined in the Wholesale Agreement.

Exhibit A - 15

------

"**Volume Escalator**" is defined in the Wholesale Agreement.

"**Wholesale Agreement**" means the Wholesale Agreement, dated as of the Effective Date, by and among MarketingCo, the JV, KCULC and Keurig Canada Manufacturing ULC.

Exhibit A - 16

------

<u>Exhibit B</u> 

**EXHIBIT B** 

Exhibit B - 1

------

<u>Exhibit B-1</u> 

**EXHIBIT B-1** 

Exhibit B-1-(i)

------

<u>Exhibit B-2</u> 

**EXHIBIT B-2** 

Exhibit B-2 – (i)

------

<u>Schedule 1.7</u> 

**PARTNERS OF THE JV** 

Schedule 1.7 – 1

------

<u>Schedule 2.1</u> 

**DISTRIBUTION POLICY** 

Schedule 2.1 – 1

------

<u>Schedule 4.1</u> 

**LP COMMITTEE** 

Schedule 4.1 – 1

------

<u>Schedule 10.1</u> 

**REGISTRATION PROCEDURES** 

Schedule 10.1 – 1

------

<u>Schedule 12.1</u> 

**BUSINESS OPPORTUNITIES** 

Schedule 12.1 – 1

------

<u>Schedule 10YP</u> 

**10-YEAR PLAN** 

Schedule 10YP – 1

------

<u>Schedule 30YP</u> 

**30-YEAR PLAN** 

Schedule 30YP – 1

------

<u>Schedule AP (United States)</u> 

**ANNUAL PLAN – UNITED STATES (2026 FISCAL YEAR)** 

Schedule AP (United States) – 1

------

<u>Schedule AP (Canada)</u> 

**ANNUAL PLAN – CANADA (2026 FISCAL YEAR)** 

Schedule AP (Canada) – 1

------

<u>Schedule CA</u> 

**COFFEE ASSETS** 

Schedule CA – 1

------

<u>Schedule IRR</u> 

**SAMPLE CALCULATION** 

Schedule IRR – 1

------

<u>Schedule KC</u> 

**KEURIG COMPETITOR** 

Schedule KC – 1

## Exhibit 10.3

**Exhibit 10.3** 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. [\*\*\*] INDICATES THAT INFORMATION HAS BEEN REDACTED.

**KEURIG DR PEPPER INC.** 

**6425 Hall of Fame Lane** 

**Frisco, Texas 75034** 

February 23, 2026

**<u>AMENDMENT TO INVESTMENT AGREEMENT</u>**

Ladies and Gentlemen:

Reference is made to that certain Investment Agreement, dated as of October 27, 2025, by and among Keurig Dr Pepper Inc., a Delaware corporation (the "<u>Company</u>"), Pour Purchaser L.P., a Delaware limited partnership (together with any Investor Transferee that becomes a party thereto pursuant to Section 8.03 thereto, the "<u>KKR Investor</u>"), AP Pour Holdings, L.P., a Delaware limited partnership (together with any Investor Transferee that becomes a party thereto pursuant to Section 8.03 thereto, the "<u>Apollo Investor</u>") and certain other investors party thereto. Capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in the Investment Agreement.

WHEREAS, pursuant to <u>Section</u> <u>8.01</u> of the Investment Agreement, prior to the Closing Date, the Investment Agreement (including the Exhibits thereto) may be amended or supplemented with the prior written consent of the Company, the KKR Investor and the Apollo Investor; and

WHEREAS, the parties hereto desire to amend certain provisions of the Investment Agreement and the form of Certificate of Designations attached as Exhibit C (the "<u>Certificate of Designations</u>") to the Investment Agreement.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This letter (this " <u>Letter Agreement</u> ") reflects our mutual agreement to amend the terms of
the Investment Agreement and the Certificate of Designations in accordance with the changed pages shown on <u>Annex 1-A</u> and <u>Annex 1-B</u>, respectively, attached
hereto (in each case, deletions of text are indicated by struck-through text, and insertions of text are indicated by bold underlined text).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Annex 2-A</u> and <u>Annex 2-B</u> attached hereto set forth a clean copy of the Investment Agreement and the Certificate of Designations, respectively, as amended hereby. Except as set forth in this Letter Agreement (including the
Annexes hereto), all other terms of the Investment Agreement and the Certificate of Designations shall remain unchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The provisions of Section 8.01 (Amendments; Waivers), Section 8.04 (Counterparts), Section 8.06
(Governing Law; Jurisdiction), Section 8.07 (Specific Enforcement), Section 8.08 (Waiver of Jury Trial) and Section 8.10 (Severability) of the Investment Agreement shall be deemed incorporated herein by reference and shall apply to
this Letter Agreement *mutatis mutandis*.

*[Signature Page to Letter Agreement]* 

------

IN WITNESS WHEREOF, the Company has caused this Letter Agreement to be executed as of the date first written above.

---

| | |
|:---|:---|
| **KEURIG DR PEPPER INC.** | **KEURIG DR PEPPER INC.** |
| By: | /s/ Dan Morrell |
|  | Name: Dan Morrell |
|  | Title: Vice President and Treasurer |

---

*[Signature Page to Letter Agreement]* 

------

---

| | |
|:---|:---|
| Accepted and agreed: | Accepted and agreed: |
| **<u>Investors</u>:** | **<u>Investors</u>:** |
| **POUR PURCHASER L.P.** | **POUR PURCHASER L.P.** |
| By: | Pour Purchaser GP LLC, its general partner |
| By: | /s/ Samuel Plotner |
|  | Name: Samuel Plotner |
|  | Title: Vice President |
| **AP POUR HOLDINGS, L.P.** | **AP POUR HOLDINGS, L.P.** |
| By: AP CA XXIII, LLC, its general partner | By: AP CA XXIII, LLC, its general partner |
| By: | /s/ William B. Kuesel |
|  | Name: William B. Kuesel |
|  | Title: Vice President |

---

*[Signature Page to Letter Agreement]* 

------

<u>Annex 1-A</u> 

**Investment Agreement (Changed Pages)** 

*[see attached]* 

------

**EXECUTION VERSION** 

**INVESTMENT AGREEMENT** 

**<u>Dated as of October 27, 2025</u>** 

**<u>as amended by</u>** 

**<u>AMENDMENT TO INVESTMENT AGREEMENT</u>** 

**<u>Dated as of February 23, 2026</u>** 

by and among

**KEURIG DR PEPPER INC.,** 

**POUR PURCHASER L.P.,** 

**AP POUR HOLDINGS, L.P.** 

and

**THE OTHER INVESTORS PARTY HERETO** 

Dated as of October 27, 2025

------

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
|  ARTICLE I DEFINITIONS | ARTICLE I DEFINITIONS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.01 | Definitions | 1 |
|  ARTICLE II PURCHASE AND SALE | ARTICLE II PURCHASE AND SALE | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.01 | Purchase and Sale | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.02 | Closing | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.03 | Defaulting Investors | 15 |
|  ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY | ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.01 | Organization; Standing | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.02 | Capitalization | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.03 | Authority; Non-contravention | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.04 | Governmental Approvals | 19**<u>18</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.05 | Company SEC Documents; Undisclosed Liabilities | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.06 | Absence of Certain Changes | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.07 | Legal Proceedings | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.08 | Compliance with Laws; Permits | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.09 | Contracts | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.10 | Tax Matters | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.11 | Real Property Holding Corporation | 23**<u>22</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.12 | No Rights Agreement; Anti-Takeover Provisions | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.13 | Brokers and Other Advisors | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.14 | Employee Benefit Plans | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.15 | Labor Matters | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.16 | Sale of Securities | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.17 | Listing and Maintenance Requirements | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.18 | Status of Securities | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.19 | Indebtedness | 25**<u>24</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.20 | Real Property | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.21 | Intellectual Property | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.22 | Information Technology; Data Security | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.23 | Affiliate Transactions | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.24 | Environmental Matters | 26 |

---

i

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.25 | No Other Representations or Warranties | 27**<u>26</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp; ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE INVESTOR | &nbsp;&nbsp;&nbsp;&nbsp; ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE INVESTOR | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.01 | Organization; Standing | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.02 | Authority; Non-contravention | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.03 | Governmental Approvals | 28**<u>27</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.04 | Brokers and Other Advisors | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.05 | Purchase for Investment | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.06 | Non-Reliance on Company Estimates, Projections, Forecasts, Forward-Looking Statements and Business Plans | 2928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.07 | No Other Representations or Warranties | 29 |
|  ARTICLE V ADDITIONAL AGREEMENTS | ARTICLE V ADDITIONAL AGREEMENTS | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.01 | Antitrust Filings | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.02 | Corporate Actions | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.03 | Public Disclosure | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.04 | Confidentiality | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.05 | Nasdaq Listing of Shares | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.06 | Standstill | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.07 | Transfer Restrictions | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.08 | Legends | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.09 | [Reserved] | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.10 | Tax Matters | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.11 | Investor Tax Representations | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.12 | Specified Spin-Off Transaction Matters | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.13 | Use of Proceeds | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.14 | DTC Eligibility | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.15 | Financing Cooperation | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.16 | State Securities Laws | 42**<u>41</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.17 | Participation Rights | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.18 | [Reserved] | 45**<u>44</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.19 | Information Rights | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.20 | [Reserved] | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.21 | [Reserved] | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.22 | [Reserved] | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.23 | [Reserved] | 45 |

---

ii

------

INVESTMENT AGREEMENT, dated as of October 27, 2025 (**<u>, as amended by AMENDMENT TO INVESTMENT AGREEMENT, dated as of February 23, 2026 (as amended,</u>** this "<u>Agreement</u>"), by and among Keurig Dr Pepper Inc., a Delaware corporation (the "<u>Company</u>"), Pour Purchaser L.P., a Delaware limited partnership (together with any Investor Transferee that becomes a party hereto pursuant to Section 8.03, the "<u>KKR Investor</u>"), AP Pour Holdings, L.P., a Delaware limited partnership (together with any Investor Transferee that becomes a party hereto pursuant to Section 8.03, the "<u>Apollo Investor</u>"), the other investors that become a party hereto pursuant to <u>Section 2.01(b)</u> by the execution of a joinder agreement substantially in the form of <u>Exhibit A-1</u> hereto (the "<u>Post-Signing Investors</u>"), and the other investors that become a party hereto pursuant to <u>Section 5.07</u> by the execution of a joinder agreement substantially in the form of <u>Exhibit A-2</u> hereto (the "<u>Post-Closing Investors</u>").

WHEREAS, subject to the terms and conditions set forth herein, the Company desires to issue, sell and deliver to each Investor, and each Investor, severally and not jointly, desires to purchase and acquire from the Company, the number of shares of the Company's Series A Convertible Perpetual Preferred Stock, par value $0.01 per share (the "<u>Series A Preferred Stock</u>"), set forth opposite its name on <u>Schedule A</u>, subject to adjustment pursuant to <u>Section 2.01(b)</u>, having the designation, preferences, rights, privileges, powers, and terms and conditions, as specified in the Certificate of Designations, Preferences and Rights of Series A Convertible Perpetual Preferred Stock substantially in the form attached hereto as <u>Exhibit B</u> (the "<u>Certificate of Designations</u>").

NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements contained in this Agreement, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows:

**ARTICLE I** 

**DEFINITIONS** 

Section 1.01 <u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As used in this Agreement (including the recitals hereto), the following terms shall have the following meanings:

**<u>"25% Beneficial Holding Requirement" means any Investor that continues to beneficially own shares of Series A Preferred Stock and/or shares of Common Stock issued upon conversion of shares of Series A Preferred Stock that represent, in the aggregate and on an as-converted basis, at least 25% of the number of shares of Common Stock beneficially owned by such Investor in the aggregate on an as-converted basis as at the Closing, in each case as appropriately adjusted to account for any event that results in an adjustment to the Conversion Price in accordance with the applicable section of the Certificate of Designations without regard to the Applicable Value Cap or the Conversion Cap.</u>** 

"50% Beneficial Holding Requirement" means that the KKR Investor or the Apollo Investor, as applicable, continues to beneficially own shares of Series A Preferred Stock and/or shares of Common Stock issued upon conversion of shares of Series A Preferred Stock that represent, in the aggregate and on an as-converted basis, at least 50% of the number of shares of Common Stock beneficially owned by the KKR Investor or the Apollo Investor, as applicable, in the aggregate on an as-converted basis as at the Closing, in each case as appropriately adjusted to account for any event that results in an adjustment to the Conversion Price in accordance with the applicable section of the Certificate of Designations without regard to the Applicable Value Cap or the Conversion Cap.

------

common equity interests in an underwritten primary public offering (other than pursuant to a registration statement on Form S-8) pursuant to an effective registration statement filed with the SEC in accordance with the Securities Act (whether alone or in connection with a secondary public offering), which must be completed at or prior to the consummation of the Specified Spin-Off Transaction.

"<u>Board</u>" means the Board of Directors of the Company.

"<u>Business Day</u>" means any day except a Saturday, a Sunday or other day on which the SEC or banks in the City of New York are authorized or required by Law to be closed.

"<u>Capital Lease</u>" means any lease of Property, which, in accordance with GAAP, is required to be capitalized on the balance sheet of the lessee; <u>provided</u> that, notwithstanding the foregoing, only those leases and obligations that would constitute Capital Leases prior to the implementation of Accounting Standards Codification 842, Leases, will be considered to be Capital Leases for purposes of this Agreement.

"<u>Closing</u>" or "<u>Closing Date</u>" means the closing **<u>or closing</u>** date of the JDE Peet's Acquisition**<u>s</u><u>ale and purchase of the Acquired Shares</u>**.

"<u>Code</u>" means the United States Internal Revenue Code of 1986, as amended.

"<u>Coffee Business</u>" means, collectively, (A) (i) the "U.S. Coffee" operating segment of the Company **<u>excluding the sales related to the distribution of ready-to-drink La Colombe coffee beverages</u>** and (ii) that portion of the "International" operating segment of the Company consisting of sales in Canada from the manufacture and distribution of finished goods relating to single serve brewers, K-Cup pods, K-rounds and other coffee products, in each case as described in the Company's Form 10-K for the fiscal year ended December 31, 2024, and (B) the business of JDE Peet's as described in its annual report for the fiscal year ended December 31, 2024.

"<u>Collective Bargaining Agreement</u>" means any collective bargaining or other agreement with a labor union, works council, labor organization or other employee representative.

"<u>Common Stock</u>" means the common stock, par value $0.01 per share, of the Company.

"<u>Company Charter Documents</u>" means the Company's amended and restated certificate of incorporation and amended and restated bylaws, each as amended to the date of this Agreement.

"<u>Company Related Party</u>" means the Company and its former, current or future Affiliates and any of the foregoing's respective former, current or future, direct or indirect, officers, other fiduciary, directors, employees, affiliates, stockholders, equityholders, managers, members, partners, agents, attorneys, advisors, lenders or other representatives or any of the foregoing's respective successors or assigns.

"<u>Company Stock Plans</u>" means the Keurig Dr Pepper Omnibus Incentive Plan of 2009 and Keurig Dr Pepper Inc. Omnibus Incentive Plan of 2019, each as may be amended from time to time.

"<u>Confidentiality Agreement</u>" means the letter agreements between the Company and each Investor (or one of its Affiliates) entered into in connection with the Transactions, each as may be amended from time to time in accordance with its terms.

------

---

| | |
|:---|:---|
| **Term** | **Section** |
| Data Security Obligations | 3.22(b) |
| Defaulting Investor | 2.03(a) |
| DOJ | 5.01(c) |
| DWAC Deposit | 2.02(b)(ii) |
| Excluded Stock | 5.17(a) |
| Filed SEC Documents | Article III |
| Foreclosure | 5.07(h) |
| FTC | 5.01(c) |
| Goldman | 3.13 |
| Hedging Arrangements | 5.07(e) |
| Initial Investor Rights | 8.03(b) |
| Intellectual Property Rights | 3.21 |
| Judgments | 3.07 |
| KKR Investor | Preamble |
| Material Contract | 3.09 |
| Multiemployer Plan | 3.14(a) |
| Participation Portion | 5.17(b)(ii) |
| PBGC | 3.14(a) |
| Permits | 3.08(b) |
| Permitted Loan | 5.07(h) |
| Plan | 3.14(a) |
| Proposed Securities | 5.17(b)(i) |
| Purchase Price | 2.01(a) |
| Required Regulatory Approvals | 5.01(a) |
| Restricted Issuance Information | 5.17(b)(ii) |
| Sanctions | 3.08(c)(ii) |
| Sanctioned Jurisdiction | 3.08(c)(ii) |
| Series A Preferred Stock | Recitals |
| **<u>Syndicated Default Shares</u>** | **<u>2.03(b)</u>** |
| **<u>Syndicated Defaulting Investor</u>** | **<u>2.03(b)</u>** |
| USRPHC | 3.11 |

---

**ARTICLE II** 

**PURCHASE AND SALE** 

Section 2.01 <u>Purchase and Sale</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On the terms of this Agreement and subject to the satisfaction (or, to the extent permitted by applicable Laws, waiver by the party entitled to the benefit thereof) of the conditions set forth herein, at the Closing, each Investor, severally and not jointly, agrees to purchase and acquire from the Company the number of shares of Series A Preferred Stock set forth opposite its name on <u>Schedule A</u>, and the Company shall issue, sell and deliver to such Investor, such shares of Series A Preferred Stock (the "<u>Acquired Shares</u>") for a purchase price per Share equal to $1,000 and an aggregate purchase price of $3.0**<u>4.5</u>** billion (such aggregate purchase price paid in respect of the Acquired Shares, the "<u>Purchase Price</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For a period beginning on the date of this Agreement and ending 15 calendar days thereafter (or such longer period with the written consent of the KKR Investor and the Apollo Investor), the Company shall have the right to allocate up to 750,000 Acquired Shares to each of the Company's existing stockholders or their Affiliates that delivers a joinder agreement substantially in the form of <u>Exhibit A-1</u> hereto; <u>provided</u> that the Company shall consult in good faith with the KKR Investor

------

and the Apollo Investor with respect to such allocations. The Acquired Shares allocated to such Post-Signing Investors shall reduce the Acquired Shares allocated to the KKR Investor and the Apollo Investor set forth on Schedule A on a *pro rata* basis; provided that in no event shall the Acquired Shares allocated to the KKR Investor be less than 1,125,000 Acquired Shares and the Apollo Investor be less than 1,125,000 Acquired Shares. The Company shall amend Schedule A in a manner consistent with this Section 2.01(b) without the consent of any Investor upon the request of the KKR Investor and the Apollo Investor.**<u>[Reserved].</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to the Closing Date, each of the KKR Investor and the Apollo Investor shall have the right to allocate any or all of the shares of Series A Preferred Stock set forth opposite its name on <u>Schedule A</u> to any Person (other than a Restricted Person or Persons described in <u>Section 5.07(c)(ii)</u>) that delivers a joinder agreement substantially in the form of <u>Exhibit A-1</u> hereto (to the extent such Person is not an Investor Transferee with respect to either the KKR Investor or the Apollo Investor) or <u>Exhibit A-2</u> hereto (to the extent such Person is an Investor Transferee with respect to either the KKR Investor or the Apollo Investor); <u>provided</u> that no Person shall be required to deliver a joinder agreement if such Person has previously become a party to this Agreement. The Company shall amend <u>Schedule A</u> in a manner consistent with this <u>Section 2.01(c)</u> without the consent of any Investor upon request of the KKR Investor and the Apollo Investor.

Section 2.02 Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (a**i**) On the terms of this Agreement, and subject to the satisfaction (or, to the extent permitted by applicable Laws, waiver by the party entitled to the benefit thereof) of the conditions set forth herein (other than those conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of those conditions at such time), the closing of the sale and purchase of the Acquired Shares**<u>Closing</u>** shall occur at the offices of Paul, Weiss, Rifkind, Wharton & Garrison LLP at 1285 Avenue of the Americas, New York, NY 10019.

&nbsp;&nbsp;&nbsp;&nbsp;&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>(ii)</u>**<u>**The Closing and**</u> **<u>the Closing Date</u> <u>shall occur</u> <u>on the date</u> <u>selected by the Company upon written notice to the Investors at least 10 Business Days prior to such date, provided that such date shall be on or after the Unconditional Date (as defined in the Merger Protocol). In the event that the Settlement Date (as defined in the Merger Protocol) does not occur</u> <u>on or prior to the seventh (7<sup>th</sup>) Business Day after</u> <u>the Closing Date</u> <u>(such date, the "Repurchase Date"), the Company and each of the Investors agree that the Company shall repurchase, and each Investor shall sell, all Acquired Shares of each such Investor (and any of its Investor Transferees) at a repurchase price in cash equal to the Purchase Price paid by such Investor for its Acquired Shares, plus accrued and unpaid dividends thereon, and the Company shall cancel the Acquired Shares for no further consideration upon payment therefor without further action from any Investor or holder of the Acquired Shares, in each case, on the first Business Day after the Repurchase Date.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&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 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) file with the Secretary of State of the State of Delaware the Certificate of Designations, and shall deliver to each Investor a certified copy 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) deliver to each Investor (A) to the extent the Acquired Shares are eligible for book-entry delivery through DTC, the aggregate number of Acquired Shares that such Investor is entitled to receive pursuant to this Agreement to the DTC account of such Investor specified by such Investor prior to the Closing Date in the form set forth on <u>Exhibit E</u> hereto (or comply with such other settlement procedures mutually agreed in writing by the Company, the KKR Investor and the Apollo **<u>and such</u>** Investor), (B) to the extent the Acquired Shares are not eligible for book-entry delivery through DTC, evidence of book-entry shares representing the Acquired Shares credited to book-entry accounts maintained by the Transfer Agent and (C) the Registration Rights Agreement, duly executed by the Company; 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;(3) pay the applicable expense reimbursement amount set forth in <u>Section 8.11</u>, by wire transfer in immediately available U.S. federal funds, to the account(s) designated by the KKR Investor and the Apollo Investor in writing at least one (1) Business Day prior to the Closing Date; 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;(ii) each Investor shall (1) to the extent the Acquired Shares are eligible for book-entry delivery through DTC, direct an eligible DTC participant to submit a DWAC deposit instruction (the "<u>DWAC Deposit</u>") to the Transfer Agent for the aggregate number of Acquired Shares that such Investor is entitled to receive pursuant to this Agreement (or comply with such other settlement procedures mutually agreed in writing by the Company, the KKR Investor and the Apollo **<u>and such</u>** Investor), (2) pay the applicable Purchase Price to the Company, by wire transfer in immediately available U.S. federal funds, to the account designated by the Company in writing at least one (1) Business Day prior to the Closing Date, (3) deliver to the Company the Registration Rights Agreement, duly executed by such Investor and/or its applicable Affiliates and (4) deliver to the Company or its paying agent a duly executed, valid, accurate and properly completed IRS Form W-9 or an appropriate IRS Form W-8, as applicable (<u>provided</u>, that each of the KKR Investor and Apollo Investor agree that it will deliver to the Company an IRS Form W-9).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent the Acquired Shares are eligible for book-entry delivery through DTC and if the Transfer Agent is unable to locate the DWAC Deposit for any Acquired Shares or such DWAC Deposit does not conform to the Acquired Shares to be issued pursuant to this Agreement, then the Company will promptly notify the relevant Investor. If, because of the occurrence of an event described in the preceding sentence, any Acquired Shares are not delivered on the Closing Date, then such Acquired Shares will be delivered on the first business day following the Closing Date on which all applicable deficiencies set forth in the preceding sentence of this paragraph have been cured.

Section 2.03 <u>Defaulting Investors</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the KKR Investor or the Apollo Investor fails to purchase at the Closing (or provides written notice of its intent not to purchase) its portion of the Acquired Shares in accordance with the terms of this Agreement (the Acquired Shares not timely purchased, the "<u>Default Shares</u>" and such defaulting **<u>KKR Investor or Apollo</u>** Investor, the "<u>Defaulting Investor</u>"), then the Company shall promptly deliver a notice to the non-defaulting KKR Investor or Apollo Investor (such non-defaulting KKR Investor or Apollo Investor, the "<u>Non-Defaulting Investor</u>"), which notice shall include the number of Default Shares and the aggregate purchase price payable therefor (which shall be calculated based on a purchase price per Default Share equal to $1,000). The Non-Defaulting**<u>Such non-defaulting KKR</u>** Investor **<u>or</u> <u>Apollo Investor, as applicable,</u>** shall have the right, in its sole discretion, to purchase and acquire from the Company at the Closing such Default Shares for the aggregate purchase price specified in the notice provided by the Company to the Non-Defaulting**<u>such non-defaulting KKR</u>** Investor **<u>or Apollo Investor, as applicable</u>**.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Post-Signing Investor fails to purchase at the Closing (or provides written notice of its intent not to purchase) its portion of the Acquired Shares in accordance with the terms of this Agreement (the Acquired Shares not timely purchased**,** the "**<u>Syndicated Default Shares</u>**" **<u>and such defaulting Post-Signing Investor, the "Syndicated Defaulting Investor"</u>**), then the Company shall promptly deliver a notice to both the KKR Investor and**,** the Apollo Investor **<u>and the non-defaulting Post-Signing Investors (collectively, the "Non-Defaulting Investors")</u>**, which notice shall include the number of Syndicated Default Shares and the aggregate purchase price payable therefor (which shall be calculated based on a purchase price per Syndicated Default Share equal to $1,000). The KKR Investor and the Apollo Investor (so long as the KKR Investor or Apollo Investor is a**<u>Each</u>** Non-Defaulting Investor) shall each have the right, in their sole discretion, to purchase and acquire from the Company at the Closing their *pro rata* portion (based on the relative portion of the aggregate Purchase Price allocated to the KKR Investor or the Apollo Investor, as applicable) of the Syndicated Default Shares for the aggregate purchase price specified in the notice provided by the Company to the KKR Investor and the Apollo Investor. If the KKR Investor or the Apollo Investor, as applicable, declines to exercise such right, then the Apollo Investor or the KKR Investor, respectively, shall have the right, in its sole discretion, to purchase and acquire from the Company at the Closing all **<u>its</u>** ***<u>pro rata</u>* <u>portion (based on the relative portion of the aggregate Purchase Price allocated to</u> <u>such Non-Defaulting Investor) of such</u> <u>Syndicated Default Shares for the aggregate purchase price specified in the notice provided by the Company to the</u> <u>Non-Defaulting Investors. If any Non-Defaulting Investor</u> <u>declines to exercise such right</u> <u>with respect to its pro rata portion</u>** of the Syndicated Default Shares**<u>, then each other Non-Defaulting Investor shall</u> <u>have the right, in</u> <u>its</u> <u>sole discretion, to purchase and acquire from the Company at the Closing</u> <u>its</u>** ***<u>pro rata</u>* <u>portion (based on the relative portion of the aggregate Purchase Price allocated to such other Non-Defaulting Investor) all such Syndicated Default Shares not otherwise purchased</u>** at a purchase price per Syndicated Default Share equal to $1,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in this Section 2.03 shall obligate or require the KKR Investor or the Apollo**<u>any</u>** Investor to exercise their right to acquire any Default Shares or Syndicated Default Shares (as applicable) or to fund any additional portion of the Purchase Price with respect to such Default Shares or Syndicated Default Shares (as applicable). The Company may pursue any other remedies against any Defaulting Investor **<u>and Syndicated Defaulting Investor</u>** available to the Company, subject to applicable law and the terms of this Agreement.

**ARTICLE III** 

**REPRESENTATIONS AND WARRANTIES OF THE COMPANY** 

The Company represents and warrants to each Investor that, except as disclosed in any report, schedule, form, statement or other document (including exhibits) filed with, or furnished to, the SEC and publicly available on or after January 1, 2025 and prior to the date hereof (the "<u>Filed SEC Documents</u>"), other than any disclosures in any such Filed SEC Document contained in the "Risk Factors" section thereof or any forward-looking statements within the meaning of the Securities Act or the Exchange Act thereof (it being acknowledged that nothing disclosed in the Filed SEC Documents shall be deemed to qualify or modify the representations and warranties set forth in <u>Sections 3.01</u>, <u>3.02</u>, <u>3.03(a)</u>, <u>3.06</u>, <u>3.12</u>, 3.13 and 3.18):

<u>Section 3.01 Organization; Standing.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is a corporation duly incorporated and validly existing as a corporation in good standing under the Laws of the State of Delaware and has the corporate power and authority necessary to own or lease its property and to conduct its business and is qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership

------

or leasing of property requires such qualification, except to the extent that the failure to be so qualified would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company is duly licensed or qualified as a foreign corporation for the transaction of business and is in good standing (if applicable) under the Laws of each other jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification, except to the extent that the failure to be so licensed, qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. True and complete copies of the Company Charter Documents are included in the Filed SEC Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Company's Subsidiaries is duly incorporated, organized or formed, validly existing as a corporation or other business entity in good standing (where such concept is recognized under applicable Law) under the Laws of the jurisdiction of its incorporation, organization or formation, except where the failure to be so organized, existing and in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

<u>Section 3.02</u> <u>Capitalization</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The authorized capital stock of the Company consists of 2,000,000,000 shares of Common Stock and 15,000,000 shares of preferred stock, par value $0.01 per share ("<u>Company Preferred Stock</u>"). At the close of business on October 23, 2025 (the "<u>Capitalization Date</u>"), (i) 1,358,553,125 shares of Common Stock were issued and outstanding, (ii) 11,485,232 shares of Common Stock were reserved and available for issuance pursuant to the Company Stock Plans and (iii) no shares of Company Preferred Stock were issued or outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as described in this <u>Section 3.02</u>, as of the Capitalization Date, there were (i) no outstanding shares of capital stock of, or other equity or voting interests in, the Company, (ii) no outstanding securities convertible into or exchangeable for shares of capital stock of, or other equity or voting interests in, the Company other than obligations under the Company Stock Plans, (iii) no outstanding options, warrants, rights or other commitments or agreements to acquire from the Company or any Subsidiary, or that obligate the Company or any Subsidiary to issue, any capital stock of, or other equity or voting interests (or voting debt) in, or any securities convertible into or exchangeable for shares of capital stock of, or other equity or voting interests in, the Company other than obligations under the Company Stock Plans, (iv) no obligations of the Company or any Subsidiary to grant, extend or enter into any subscription, warrant, right, debt, convertible or exchangeable security or other similar agreement or commitment relating to any capital stock of, or other equity or voting interests in, the Company (the items in clauses (i), (ii), (iii) and (iv) being referred to collectively as "<u>Company Securities</u>") and (v) no other obligations by the Company or any of its Subsidiaries to make any payments based on the price or value of any Company Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except for the JV Investment **<u>and as provided in Section 5.17</u>**, there are no outstanding agreements of any kind which obligate the Company or any of its Subsidiaries to repurchase, redeem or otherwise acquire any Company Securities, or obligate the Company to grant, extend or enter into any such agreements relating to any Company Securities, including any agreements granting any preemptive rights, subscription rights, anti-dilutive rights, rights of first refusal or similar rights with respect to any Company Securities. None of the Company or any Subsidiary of the Company is a party to any stockholders' agreement, voting trust agreement, registration rights agreement or other similar agreement or understanding relating to any Company Securities or any other agreement relating to the disposition, voting or dividends with respect to any Company Securities**<u>, other than this Agreement, the Investor Rights Agreement, by and among the Company and the holders listed on Schedule A thereto, dated as of July 9, 2018, the Registration Rights Agreement and in connection with the JV</u>**

------

**<u>Investment</u>**. All outstanding shares of Common Stock have been duly authorized and validly issued and are fully paid, nonassessable and free of preemptive rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Acquired Shares and the shares of Common Stock issuable upon conversion of the Acquired Shares will be, when issued, duly authorized and validly issued, fully paid and nonassessable and issued in compliance with all applicable federal and state securities laws, and such shares will not be issued in violation of any purchase option, call option, preemptive right, resale right, subscription right, right of first refusal or similar right, and will be free and clear of all Liens, except restrictions imposed by the Securities Act and any applicable foreign and state securities Laws, Liens contemplated by the Transaction Documents and <u>Section 5.07</u>. The Acquired Shares, when issued, and the shares of Common Stock issuable upon conversion of the Acquired Shares, if and when issued, will have the terms and conditions and entitle the holders thereof to the rights set forth in the Company Charter Documents, as amended by the Certificate of Designations. The shares of Common Stock issuable upon conversion of the Acquired Shares have been duly reserved for such issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, all of the outstanding shares of capital stock of, or other equity or voting interests in, each Subsidiary of the Company (except for directors' qualifying shares or the like) are owned directly or indirectly, beneficially and of record, by the Company free and clear of all Liens.

<u>Section 3.03 Authority; Non-contravention.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has all necessary corporate power and corporate authority to execute and deliver this Agreement and the other Transaction Documents and to perform its obligations hereunder and thereunder and to consummate the Transactions. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents, and the consummation by it of the Transactions, have been duly authorized by the Board and the Board has duly reserved (x) the shares of Series A Preferred Stock to be issued in accordance with the terms and conditions of the Certificate of Designations and (y) the shares of Common Stock to be issued upon any conversion of shares of Series A Preferred Stock into Common Stock. No other action on the part of the Company or its stockholders is necessary to authorize the execution, delivery and performance by the Company of this Agreement and the other Transaction Documents and the consummation by it of the Transactions. This Agreement has been duly executed and delivered by the Company and, assuming due authorization, execution and delivery hereof by each Investor, constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except that such enforceability (i) may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar Laws of general application affecting or relating to the enforcement of creditors' rights generally and (ii) is subject to general principles of equity, whether considered in a proceeding at law or in equity (the "<u>Bankruptcy and Equity Exception</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the execution and delivery of this Agreement or the other Transaction Documents by the Company, nor the consummation by the Company of the Transactions, nor performance or compliance by the Company with any of the terms or provisions hereof or thereof, will (i) conflict with or violate any provision of the Company's Charter Documents or (ii) assuming that the authorizations, consents and approvals referred to in <u>Section 3.04</u> are obtained at or prior to the Closing Date and the filings referred to in <u>Section 3.04</u> are made and any waiting periods thereunder have terminated or expired at or prior to the Closing Date, (x) violate any Law or Judgment applicable to the Company or any of its Subsidiaries or (y) violate or constitute a default (or constitute an event which, with notice or lapse of time or both, would violate or constitute a default) or accelerate the performance required by the Company under any of the terms or provisions of any loan or credit agreement, indenture, debenture, note, bond, mortgage, deed of trust, lease, sublease, license, contract or other agreement (a

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms and conditions of this Agreement, including the terms of this <u>Section 5.01</u>, each of the Company and each Investor shall cooperate with each other and use (and shall cause its Subsidiaries to use) its reasonable best efforts to obtain or submit, as the case may be, as promptly as practicable following the date hereof, all applications relating to applicable Regulatory Laws as set forth on Schedule 5.01(a) attached hereto (collectively with the expiration or termination of the waiting period, and any extension thereof, under the HSR Act, the "<u>Required Regulatory Approvals</u>"). In furtherance of the foregoing, each of the parties hereto shall cooperate with each other to evaluate and identify any filings, consents, clearances or approvals required under or in connection with any Regulatory Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company and each Investor agree to make any required filings pursuant to the Required Regulatory Approvals with respect to the Transactions as promptly as reasonably practicable following the date of this Agreement **<u>or following the date of such Investor's joinder agreement, as applicable,</u>** and, with respect to filings under the HSR Act, no later than twenty-five (25) Business Days after the date hereof**<u>of this Agreement, or following the date of such Investor's joinder agreement</u>**, and to respond as promptly as reasonably practicable to any request for additional information and documentary material pursuant to the HSR Act or any other Regulatory Law, as applicable, and to promptly take any and all steps necessary to avoid or eliminate each and every impediment and obtain all consents that may be required pursuant to the HSR Act or any other Required Regulatory Approvals, as applicable, so as to enable the parties hereto to consummate the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the Company and each Investor shall use its reasonable best efforts to (i) cooperate in all respects with the other party in connection with any filing or submission with a Governmental Authority in connection with the Transactions and in connection with any investigation or other inquiry by or before a Governmental Authority relating to the Transactions, including any proceeding initiated by a private person, (ii) provide to the other any information in their possession that may be reasonably requested for the purposes of preparing submissions to a Governmental Authority (and the Company shall use its reasonable endeavors to make such reasonable requests for the same from JDE Peet's where this is necessary to enable Investor to meet its obligations under this Section 5), (iii) keep the other party informed in all material respects and on a reasonably timely basis of any material communication received by the Company or such Investor, as the case may be, from or given by the Company or such Investor, as the case may be, to any Governmental Authority and of any material communication received or given in connection with any proceeding by a private Person, in each case regarding the Transactions, (iv) subject to applicable Laws relating to the exchange of information, and to the extent reasonably practicable, consult with the other parties with respect to information relating to such party and its respective Subsidiaries, as the case may be, that appears in any filing made with, or written materials submitted to, any third Person or any Governmental Authority in connection with the Transactions, and (v) to the extent permitted by the applicable Governmental Authority or other Person, give the other party the opportunity to attend and participate in such meetings and conferences. For the avoidance of doubt, the requirements of this Section 5.01(c) shall apply only to this specific Transaction and shall not apply to any filings, submissions, requests, communications, meetings, conferences, or otherwise with the FTC or DOJ or any other Governmental Authority related to the JDE Peet's Acquisition. Any documents or other materials provided pursuant to this <u>Section 5.01(c)</u> may be redacted or withheld as necessary to address reasonable privilege or confidentiality concerns, and to remove references concerning the valuation of the Company or other competitively sensitive material, and the parties may, as each deems advisable, reasonably designate any material provided under this <u>Section 5.01(c)</u> as "outside counsel only material".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary in this Agreement, nothing in this <u>Section 5.01</u> or elsewhere in this Agreement shall require any Investor to take any action with respect to any of its Affiliates or their direct or indirect portfolio companies, including selling, divesting,

------

to the extent required by Nasdaq. From time to time following the Closing Date, the Company shall cause the number of shares of Common Stock issuable upon the conversion of the then outstanding shares of Series A Preferred Stock to be approved for listing on the Nasdaq, subject to official notice of issuance.

Section 5.06 <u>Standstill</u>. To preserve the tax-free treatment of the Specified Spin-Off Transaction under Section 355 of the Code, each Investor, severally but not jointly, agrees that during the Standstill Period applicable to such Investor, without the prior written approval of the Board, such Investor will not, directly or indirectly, and will not cause its Affiliates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acquire, offer or seek to acquire, agree to acquire or make a public proposal to acquire, by purchase or otherwise, beneficial ownership of any Company Securities, any securities convertible into or exchangeable for any Company Securities, any options or other derivative securities or contracts or instruments in any way related to the price of such Company Securities (other than cash-settled swaps or other cash-settled instruments) (but in each case other than (i) as a result of any stock split, stock dividend or distribution, subdivision, reorganization, reclassification or similar capital transaction involving Company Securities, (ii) the acquisition of shares of Common Stock issuable upon conversion of the Series A Preferred Stock, (iii) pursuant to or in connection with (A) an acquisition of Series A Preferred Stock, shares of Common Stock issuable upon conversion of the Series A Preferred Stock or common stock of the IPO Entity acquired pursuant to any Beverage Co. IPO from another Investor or one of its Affiliates or (B) a Permitted Loan, (iv) as a result of the exercise by the KKR Investor or the Apollo Investor of its participation rights pursuant to <u>Section 5.17,</u> (vi) as a result of the Apollo Investor's interest in KGM Manufacturing, LLC or, (vii) as a result of the KKR Investor, the Apollo Investor or any of their Affiliates investment in the JV Investment **<u>or (viii) the acquisition of common stock of the IPO Entity acquired pursuant to any Beverage Co. IPO</u>**; <u>provided</u>, <u>that</u>, upon consummating any such transactions prior to the date that is twenty-four (24) months following the Spin-Off Closing, such Investor shall provide a certificate to the Company, signed on behalf of such Investor by an officer of such Investor, certifying that the representations and warranties set forth in <u>Section 5.11</u> are true and correct, assuming that the Series A Preferred Stock has reached the Applicable Value Cap and the Conversion Cap**)**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make or in any way participate in or knowingly encourage any "solicitation" of "proxies" (whether or not relating to the election or removal of directors), as such terms are used in the rules of the SEC, to vote, or knowingly seek to advise or influence any Person with respect to voting of, any voting securities of the Company, or call or seek to call a meeting of the Company's stockholders, or initiate any stockholder proposal or action by the Company's stockholders, or seek election to or to place a representative on the Board or seek the removal of any director from the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) propose, offer, seek or indicate an interest in (in each case, with or without conditions) any merger or business combination, tender or exchange offer, recapitalization, reorganization or purchase of a material portion of the assets, properties or securities of the Company or any Subsidiary, or any other extraordinary transaction involving the Company or its Subsidiaries or any Subsidiary or any of their respective securities, or enter into any discussions, negotiations, arrangements, understandings or agreements whether written or oral) with any other Person (other than its Representatives) regarding any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) otherwise act, alone or in concert with others, to seek to control or influence, in any manner, the management, Board or policies of the Company or any Subsidiary (for the avoidance of doubt, excluding any such act in their capacity as a commercial counterparty, customer, supplier or the like);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) make any public proposal or statement of inquiry or publicly disclose any intention, plan or arrangement consistent with the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) advise or knowingly assist or encourage or direct any Person to do any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) enter into any discussions, negotiations, arrangements or understandings with any third party (including security holders of the Company, but excluding, for the avoidance of doubt, any other Investor) with respect to any of the foregoing, including forming, joining or in any way participating in a "group" (as defined in Section 13(d)(3) of the Exchange Act) with any third party with respect to any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) request the Company or any of its Representatives to amend or waive any provision of this <u>Section 5.06</u>, provided that this clause shall not prohibit the KKR Investor or the Apollo**<u>an</u>** Investor from making a confidential request to the Company seeking an amendment or waiver of the provisions of this <u>Section 5.06</u>, which the Company may accept or reject in its sole discretion, so long as any such request is made in a manner that does not require public disclosure thereof by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) contest the validity of this <u>Section 5.06</u> or make, initiate, take or participate in any Action to amend, waive or terminate any provision of this <u>Section 5.06</u>;

<u>provided</u>, <u>however</u>, that nothing in this <u>Section 5.06</u> will limit <u>the KKR Investor's or the Apollo</u>**<u>an</u>** Investor's ability to vote, Transfer (subject to <u>Section 5.07</u>), convert (subject to Article VIII of the Certificate of Designations) or otherwise exercise rights under its Common Stock or Series A Preferred Stock; <u>provided</u>, further, that notwithstanding anything to the contrary in this <u>Section 5.06</u>, the KKR Investor, the Apollo**<u>each</u>** Investor and their respective**<u>its</u>** Affiliates may at any time communicate privately with the Company's directors, officers or advisors or submit to the Board one or more confidential proposals or offers for a transaction (including a transaction that, if consummated, would result in a Fundamental Change), so long as, in each case, such communications and submissions are not intended to, and would not reasonably be expected to, require any public disclosure by the Company of such communications or submissions, as applicable. Until the **<u>earliest of (i) the</u>** day after any Specified Spin-Off Transaction, (or, if a**<u>ii) the three (3) year anniversary of the Closing, if no</u>** Specified Spin-Off Transaction has not occurred on or before the**<u>such</u>** date that is thirty-six (36) months following the Closing Date), the**<u>, or (iii) a public announcement by the Company that it does not intend to pursue a Specified Spin-Off Transaction, no</u>** Investor shall not enter into any agreement, understanding, arrangement, or substantial negotiations (within the meaning of Treasury Regulations Section 1.355-7(h)(1)) to acquire any Company Securities, any securities convertible into or exchangeable for any such equity securities**<u>Company Securities</u>**, any options or other derivative securities or contracts or instruments in any way related to the price of such Company Securities **<u>(except as expressly allowed pursuant to this Section 5.06)</u>**.

<u>Section 5.07 Transfer Restrictions.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Investor shall be permitted to Transfer (x) any Series A Preferred Stock, (y) any Common Stock issued upon conversion of any Series A Preferred Stock or (z) any common stock of the IPO Entity acquired pursuant to any Beverage Co. IPO prior to the earliest of (x) the completion of a Specified Spin-Off transaction, (y) the three (3) year anniversary of the Closing, if no Specified Spin-Off Transaction has been completed by such date, or (z) a public announcement by the Company that it does not intend to pursue a Specified Spin-Off Transaction, unless:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notwithstanding anything to the contrary herein, subject to Section 5.07(a) and Section 5.07(b), no Investor shall be restricted from Transferring any Series A Preferred Stock (or any Common Stock issued upon conversion of any Series A Preferred Stock) or any common stock of the IPO Entity acquired pursuant to any Beverage Co. IPO to a Person or group in connection with a merger, tender offer or exchange offer or other business combination, acquisition of assets or similar transaction or any Fundamental Change involving the Company or any of its Subsidiaries that, in each case, is approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Any Person acquiring the Series A Preferred Stock or Common Stock issued upon conversion of the Series A Preferred Stock pursuant to a Transfer in a private transaction shall be required to be bound by the terms of this Agreement by executing a joinder agreement substantially in the form of <u>Exhibit A-2</u> hereto prior to such Transfer for the benefit of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Until the **<u>earliest of (i) the</u>** day after any Specified Spin-Off Transaction**<u>,</u>** (or, if a**<u>ii) the three (3) year anniversary of the Closing, if no</u>** Specified Spin-Off Transaction has not occurred on or before the**<u>such</u>** date that is thirty-six (36) months following the Closing Date, the earliest of (i) thirty-six (36) months following the Closing Date**<u>,</u>** or (ii**<u>iii</u>**) a public announcement by the Company that it does not intend to pursue a Specified Spin-Off Transaction), the Investor shall not enter into any agreement, understanding, arrangement, or substantial negotiations (within the meaning of Treasury Regulations Section 1.355-7(h)(1)) regarding (x) Transfers to occur after any Specified Spin-Off Transaction of Company Securities, any securities convertible into or exchangeable for any such equity securities, any options or other derivative securities or contracts or instruments in any way related to the price of such Company Securities; or (y) Public Offerings to occur after any Specified Spin-Off Transaction. Each Investor agrees to notify the Company as soon as practicably possible before any Transfer subject to <u>Section 5.07</u>.

Section 5.08 <u>Legends</u>. (a) All certificates or other instruments representing the Series A Preferred Stock or Common Stock issued upon conversion of the Series A Preferred Stock will bear a legend substantially to the following effect:

THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS, OR EXCEPT, WITH RESPECT TO ANY COMMON STOCK, WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS.

Notwithstanding the foregoing, the legend under this <u>Section 5.08(a)</u> shall be removed by the Company and the Series A Preferred Stock or Common Stock issued upon conversion of the Series A Preferred Stock may be Transferred without such legend if (i) such Series A Preferred Stock or Common Stock is registered for resale by the Company pursuant to an effective registration statement filed under the Securities Act and resold pursuant to such registration statement, (ii) such Series A Preferred Stock or Common Stock is eligible for resale pursuant to Rule 144 promulgated under the Securities Act, and solely in the period from the six-month to 12-month anniversary of the Closing Date such Series A Preferred Stock or Common Stock is sold pursuant to Rule 144, or (iii) such Series A Preferred Stock or Common Stock is sold pursuant to an exemption from registration and, in the case of this clause (iii), the Company receives an opinion of counsel reasonably satisfactory to the Company to the effect that the legend may be removed in accordance with applicable securities laws and any other documentation reasonably requested by the Company with respect to compliance with such exemption.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All certificates or other instruments representing the Series A Preferred Stock or, if issued while the transfer restrictions of <u>Section 5.07(a)</u> and <u>(b)</u> are still in effect, Common Stock issued upon conversion of the Series A Preferred Stock will bear a legend substantially to the following effect:

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO TRANSFER AND OTHER RESTRICTIONS SET FORTH IN AN INVESTMENT AGREEMENT, DATED AS OF OCTOBER 27, 2025, **<u>AS AMENDED BY AMENDMENT TO INVESTMENT AGREEMENT, DATED AS OF FEBRUARY 23, 2026, AS MAY BE FURTHER AMENDED OR SUPPLEMENTED FROM TIME TO TIME PURSUANT TO TERMS THEREOF,</u>** COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE ISSUER.

Notwithstanding the foregoing, the legend under this <u>Section 5.08(b)</u> shall be removed by the Company and the Series A Preferred Stock or Common Stock issued upon conversion of the Series A Preferred Stock may be Transferred without such legend when such legend is no longer applicable to such securities, including, without limitation, upon the sale of such securities in a transaction in which the transferee is not required to be bound by this Agreement, including in an open market transaction.

<u>Section 5.09 [Reserved]</u>.

<u>Section 5.10 Tax Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company and its paying agent shall be entitled to withhold Taxes on all payments on the Series A Preferred Stock or Common Stock or other securities issued upon conversion of the Series A Preferred Stock in each case to the extent required by applicable Law; <u>provided</u>, that to the extent that the Investor has previously delivered an appropriate IRS Form W-8 or W-9 to the Company establishing an exemption for U.S. federal withholding (including backup withholding), the Company shall not be permitted to withhold unless the Company has provided the Investor advance written notice of its intent to withhold at least five (5) days prior to the payment of the amount subject to withholding, and has given the Investor a reasonable opportunity to provide any form or certificate available to reduce or eliminate such withholding. Within a reasonable amount of time after making such withholding payment, the Company shall furnish the Investor with copies of any tax certificate, receipt or other documentation reasonably acceptable to the Investor evidencing such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall pay any and all documentary, stamp and similar issue or transfer Tax due on (x) the issuance of the Series A Preferred Stock and (y) the issuance of shares of Common Stock upon conversion of the Series A Preferred Stock. However, in the case of conversion of Series A Preferred Stock, the Company shall not be required to pay any Tax or duty that may be payable in respect of any transfer involved in the issuance and delivery of shares of Common Stock or Series A Preferred Stock to a beneficial owner other than the beneficial owner of the Series A Preferred Stock immediately prior to such conversion, and no such issue or delivery shall be made unless and until the person requesting such issue has paid to the Company the amount of any such Tax or duty, or has established to the satisfaction of the Company that such Tax or duty has been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties shall, and shall cause each of their Affiliates to, treat the Acquired Shares as "common stock" rather than as "preferred stock" for purposes of Section 305 of the Code. Without the prior written consent of each Investor, the Company shall not (and the Board shall not authorize the Company to) take any action that would reasonably be expected to cause an Investor (or its direct or indirect equityholders) to recognize taxable income by reason of the operation of Section 305(b)(2) of the Code. Neither party will, nor will permit their Affiliates to, take a contrary position

------

connection with the Beverage Co. IPO. For these purposes, a "Coordinating Group" is two or more persons that, pursuant to a formal or informal understanding, join in one or more coordinated acquisitions or dispositions of stock of the Company or Beverage Co. A principal element in determining if such an understanding exists is whether the investment decision of each person is based on the investment decision of one or more other existing or prospective shareholders.

<u>Section 5.12 Specified Spin-Off Transaction Matters.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall, and shall cause each of its Affiliates to, (i) cause the Specified Spin-Off Transaction to be conducted on a basis that is substantially consistent with that presented to the KKR Investor and the Apollo Investor with respect to the allocation of assets and liabilities and the allocation of expenses; <u>provided</u> that the Company shall be permitted to make any amendments that it determines in good faith are required to preserve the tax-free nature of the Specified Spin-Off Transaction to the extent so required, (ii) consult in good faith with the KKR Investor and the Apollo Investor with respect to the structuring of the Specified Spin-Off Transaction, (iii) give reasonable and good faith consideration to any proposals or comments made by the KKR Investor and the Apollo Investor and their respective counsel, (iv) provide the KKR Investor and the Apollo Investor with a reasonable opportunity to review and comment upon (A) all Spin-Off Transaction Documents (including any amendment or waiver to the Spin-Off Transaction Documents) prior to execution (or waiver) thereof, (B) any registration statement (including any amendments or supplements thereto) to be filed by SpinCo with the SEC in connection with the Specified Spin-Off Transaction prior to such filing, and, in each case, give reasonable and good faith consideration to any comments made by the KKR Investor, the Apollo Investor and their respective counsel and (C) any information, other than publicly available information that has previously been filed with the SEC in connection with the transactions contemplated hereby, contained in any filings with a Governmental Authority (including the SEC and the IRS or any other Taxing Authority) that relates to the KKR Investor, the Apollo Investor or this Agreement (which approval will not be unreasonably withheld, conditioned or delayed), and (v) keep each Investor apprised on a reasonably current basis of (A) the anticipated date and time of the consummation of such Specified Spin-Off Transaction, (B) progress of any antitrust, regulatory or other notification or filing required in connection with the transactions contemplated by the Spin-Off Transaction Documents, (C) any material disputes that arise under or relate to the Spin-Off Transaction Documents and (D) material communications or submissions with the IRS or other Taxing Authority concerning the matters set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the avoidance of doubt, each Investor acknowledges and agrees that no Investor will be entitled, by virtue of its holding of Series A Preferred Stock, to receive shares of SpinCo in connection with the Specified Spin-Off Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall not permit the Specified Spin-Off Transaction to be consummated without the prior written consent of the KKR Investor and the Apollo Investor, so long as, with respect to the KKR Investor's consent, the KKR Investor satisfies the 50% Beneficial Holding Requirement at such time, and with respect to the Apollo Investor's consent, the Apollo Investor satisfies the 50% Beneficial Holding Requirement at such time, if the Consolidated Net Total Leverage Ratio of the Company immediately following the consummation of the Specified Spin-Off Transaction after giving Pro Forma Effect thereto (including the Qualified IPO, if consummated), to**<u>would</u>** be greater than (i) 4.00 to 1.00, if the Qualified IPO shall have been consummated on or prior to the consummation of the Specified Spin-Off Transaction, or (ii) 4.25 to 1.00, if the Qualified IPO shall not have been consummated on or prior to the consummation of the Specified Spin-Off Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall not permit the Specified Spin-Off Transaction to be consummated without the prior written consent of the KKR Investor and the Apollo Investor, so long as,

------

or similar party to a Permitted Loan, with respect to a Permitted Loan as securities intermediary and only to the extent the applicable Investor (or its or their Affiliates) continue to beneficially own such pledged shares of Series A Preferred Stock and/or Common Stock and (iv) such other cooperation and assistance as the KKR Investor or the Apollo Investor may reasonably request (which cooperation and assistance, for the avoidance of doubt, shall not include any requirements that the Company deliver information, compliance certificates or any other materials typically provided by borrowers to lenders) that will not unreasonably disrupt the operation of the Company's business. Notwithstanding anything to the contrary in the preceding sentence, the Company's obligation to deliver an issuer agreement is conditioned on the KKR Investor or the Apollo Investor certifying to the Company in writing, solely with respect to the Permitted Loan obtained by the KKR Investor or the Apollo Investor, as applicable, that (A) the loan agreement with respect to which the issuer agreement is being delivered constitutes a Permitted Loan being entered into in accordance with this Agreement, the applicable Investor has pledged the Series A Preferred Stock and/or the underlying shares of Common Stock as collateral to the lenders under such Permitted Loan and that the execution of such Permitted Loan and the terms thereof do not violate the terms of this Agreement and (B) each of the KKR Investor and the Apollo Investor acknowledges and agrees that the Company will be relying on such certificate when entering into the issuer agreement and any material inaccuracy in such certificate will be deemed a breach of this Agreement. Each of the KKR Investor and the Apollo Investor acknowledges and agrees that the statements and agreements of the Company in an issuer agreement are solely for the benefit of the applicable lenders party thereto and that in any dispute between the Company and any Investor under this Agreement the applicable Investor shall not be entitled to use the statements and agreements of the Company in an issuer agreement against the Company.

Section 5.16 <u>State Securities Laws</u>. Promptly following the date hereof, the Company shall use its reasonable best efforts to (a) make all filings with the SEC under the Securities Act and Exchange Act related to the execution of the Transaction Documents and the consummation of the transactions contemplated thereby in the time periods required by (including any extensions permitted by) the Securities Act and Exchange Act, as applicable, (b) obtain all necessary permits and qualifications, if any, or secure an exemption therefrom, required by any state or country prior to the offer and sale of Common Stock and/or Series A Preferred Stock and (c) cause such authorization, approval, permit or qualification to be effective as of the Closing and as of any conversion of Series A Preferred Stock; <u>provided</u>, that in connection therewith the Company shall not be required to qualify as a foreign corporation or to file a general consent to service of process in any jurisdiction or subject itself to taxation in any jurisdiction in which it is not otherwise subject to taxation on the date of this Agreement.

<u>Section 5.17 Participation Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purposes of this <u>Section 5.17</u>, "<u>Excluded Stock</u>" shall mean (i) shares of equity securities issued by the Company as a stock dividend payable in shares of equity securities, or upon any subdivision or split-up of the outstanding shares of capital stock, (ii) the issuance of shares of equity securities (including upon exercise of options) to directors, employees or consultants of the Company pursuant to a Company Stock Plan or other stock option plan, restricted stock plan or other similar plan approved by the Board, (iii) **<u>the issuance of Series A Preferred Stock pursuant to this Agreement and</u>** securities issued pursuant to the conversion, exercise or exchange of the Series A Preferred Stock issued to an Investor, (iv) shares of equity securities issued as consideration pursuant to a "business combination" (as defined by the rules and regulations promulgated by the SEC) or as consideration pursuant to bona fide acquisitions of securities or substantially all of the assets of another Person, business unit, division or business, (v) securities issued pursuant to acquisitions or strategic transactions (including, for the avoidance of doubt, whether structured as a merger, consolidation, asset or stock purchase, or other similar transaction), (vi) securities issued pursuant to the conversion, exercise or exchange of Series A Preferred Stock, (vii) shares of a Subsidiary of the Company issued to the

------

Company (including Common Stock) equivalent to its Participation Portion of the Proposed Securities such Investor would have been entitled to purchase had it been entitled to acquire such Proposed Securities pursuant to <u>Section 5.17(c)</u> (provided, that such request by the KKR Investor or the Apollo Investor shall not be deemed to be a violation of <u>Section 5.06(h)</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;(ii) consider and discuss in good faith modifications proposed by the KKR Investor or the Apollo Investor to the terms and conditions of such portion of the Proposed Securities which would otherwise be issued to such Investor such that the Company would not be required to obtain stockholder approval in respect of the issuance of such Proposed Securities as so modified; and/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;(iii) solely to the extent that stockholder approval is required in connection with the issuance of equity securities to Persons other than the KKR Investor and the Apollo Investor, take such actions as may be reasonably necessary to seek stockholder approval in respect of the issuance of any Proposed Securities to the KKR Investor and the Apollo Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding the foregoing, if the Company determines in good faith that the participation by the KKR Investor or the Apollo Investor in any such issuance (other than the Beverage Co. IPO) may have an adverse impact on its ability to ensure that the Specified Spin-Off Transaction qualifies under Section 355 or Section 361 of the Code as a tax-free transaction, together with any transactions related thereto or contemplated thereby, the Company shall be not required to grant the KKR Investor or the Apollo Investor rights to participate in such issuance (other than the Beverage Co. IPO), assuming for these purposes that the Series A Preferred Stock has reached the Applicable Value Cap and the Conversion Cap. For the avoidance of doubt, the KKR Investor shall have the right to participate in any Beverage Co. IPO that is consummated at or prior to the consummation of the Specified Spin-Off Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **<u>Notwithstanding the foregoing, the rights and obligations set forth under this Section 5.17 shall apply to any Investor only for</u>** <u>so long as the</u> **<u>25% Beneficial Holding Requirement is satisfied with respect to such Investor. Upon reasonable request by the Company solely in connection with confirming the 25% Beneficial Holding Requirement is satisfied with respect to an Investor, determining the Participation Portion applicable to such Investor or otherwise performing the Company's obligations under this Section 5.17, such Investor shall provide the Company the number of shares of Series A Preferred Stock and shares of Common Stock issued upon conversion of shares of Series A Preferred Stock beneficially owned by such Investor as of the most recent practicable date.</u>**

Section 5.18 <u>[Reserved]</u>.

<u>Section 5.19 Information Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For so long as the 50% Beneficial Holding Requirement is satisfied with respect to the KKR Investor or the Apollo Investor, as applicable, to the extent requested in writing by the KKR Investor or the Apollo Investor, the Company agrees promptly to provide the KKR Investor and the Apollo Investor with the same information and access to members of the Company's management team as provided to lenders under any credit agreement or other similar document or holders of any senior indebtedness of the Company to the extent not publicly disclosed, subject to the KKR Investor or the Apollo Investor, as applicable, entering into a customary confidentiality agreement substantially in the form previously entered into with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Individuals associated with the KKR Investor and the Apollo Investor may from time to time serve on the Board. The Company, on its behalf and on behalf of its Subsidiaries,

------

occur at the Company, but occurs at the IPO Entity prior to Closing), would (i) require the prior written consent of the holders of the Series A Preferred Stock pursuant to this Agreement or the Certificate of Designations, or (ii) result in an adjustment to the Conversion Price pursuant to the Certificate of Designations unless (in the case of this clause (ii)) such adjustment is effected upon the Closing and the issuance of the Series A Preferred Stock pursuant to this Agreement; provided, that, the Company and its Subsidiaries shall be permitted to undertake sales of minority equity investments and take any actions the Company believes in good faith are reasonably required or desirable in connection with the JDE Peet's Acquisition, the Transactions, the JV Investment, the Beverage Co. IPO, the merger of the IPO Subsidiary into the Company and the Specified Spin-Off Transaction and any transaction contemplated thereby (in each case, to the extent not otherwise prohibited by this Agreement) (and may not issue any equity interest that would be senior or pari passu to the Series A Preferred Stock upon issuance of the Series A Preferred Stock or upon the merger of the IPO Entity into the Company).

Section 5.26 <u>JDE Peet's Acquisition</u>. At and prior to Closing**<u>the closing of the</u> <u>JDE Peet's Acquisition</u>**, the Company shall not, and shall not permit any of its Subsidiaries to, without the prior written consent of the KKR Investor and the Apollo Investor (which consent shall not be unreasonably withheld, conditioned or delayed), make any amendment, supplement, waiver or other modification to the Merger Protocol in a manner that would be materially adverse to the rights, powers, preferences or privileges of the holders of the Series A Preferred Stock or holders' economic interest. Upon the KKR Investor's or the Apollo Investor's request to the Company in writing, the Company shall reasonably inform the KKR Investor or the Apollo Investor, as applicable, regarding the JDE Peet's Acquisition and the transactions contemplated by the Merger Protocol, including the status thereof, the expected timing of the closing under the Merger Protocol, the anticipated date of the closing under the Merger Protocol and any developments that would reasonably be expected, individually or in the aggregate, to materially delay the Closing**<u>closing of the JDE Peet's Acquisition</u>** or make the Closing**<u>closing of the JDE Peet's Acquisition</u>** unlikely to occur.

<u>Section 5.27 Beverage Co. IPO</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a Beverage Co. IPO is consummated prior to the Specified Spin-Off Transaction, the Company shall use commercially reasonable efforts to consummate the Specified Spin-Off Transaction within one (1) year of the consummation of the Beverage Co. IPO. Substantially concurrently with the consummation of any Specified Spin-Off Transaction at or following the consummation of a Beverage Co. IPO, the Company shall merge (the "<u>Merger</u>") the IPO Entity with and into the Company, with the Company surviving the Merger. The Merger shall be consummated on a 1:1 basis, with each share of common stock of the IPO Entity being exchanged for one share of Common Stock. Until the later of (i) the consummation of the Specified Spin-Off Transaction and (ii) the consummation of the Merger, the IPO Entity shall not take any action that would not be permitted under this Agreement or the Certificate of Designations if it were the "Company" or "Corporation" hereunder or thereunder. The Company shall use the net proceeds of the Beverage Co. IPO to repay or refinance any Indebtedness of Beverage Co. or any Subsidiary of Beverage Co., or any Indebtedness that, upon consummation of the Specified Spin-Off Transaction, would have otherwise become Indebtedness of Beverage Co. or any Subsidiary of Beverage Co. as presented to the KKR Investor and the Apollo Investor on or prior to the Signing Date, in each case other than Indebtedness owed to Beverage Co. or any Subsidiary of Beverage Co.

<u>Section 5.28 KKR and Apollo</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary set forth in this Agreement, none of the terms or provisions of this Agreement (including, for the avoidance of doubt, <u>Section 5.06</u>) shall in any way limit the activities of KKR, Apollo or any of their respective Affiliates, other than the KKR Investor

------

applicable Laws shall be in effect, in each case which has the effect of restraining, enjoining or otherwise prohibiting the consummation of the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the waiting period (and any extension thereof) applicable to the consummation of Transactions under the HSR Act and any other applicable competition Laws shall have expired or been terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Required Regulatory Approvals have been obtained; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the JDE Peet's Acquisition pursuant to the Merger Protocol shall be consummated substantially concurrently with the Closing on the terms and conditions contemplated by the Merger Protocol (subject to any amendments, supplements, waivers or other modifications but only to the extent not prohibited by <u>Section 5.26</u> or otherwise consented to by the KKR Investor and the Apollo Investor). **<u>or, if the Company has requested an earlier Closing Date pursuant to Section 2.02(a)(ii) hereof, the Unconditional Date (as defined in the Merger Protocol) shall have occurred on or prior to</u>** <u>the Closing Date</u> **<u>on the terms and conditions contemplated by the Merger Protocol (subject to any amendments, supplements, waivers or other modifications but only to the extent not prohibited by Section 5.26 or otherwise consented to by</u>** <u>the KKR Investor and the Apollo</u> <u>Investor).</u>

Section 7.02 <u>Conditions to the Obligations of the Company</u>. The obligations of the Company to effect the Closing with respect to each Investor shall be further subject to the satisfaction (or waiver, if permissible under applicable Law) on or prior to the Closing of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to each Investor severally, and not jointly: (i) the representations and warranties of such Investor set forth in <u>Section 4.01</u> and <u>Section 4.02(a)</u> of this Agreement shall be true and correct (disregarding all qualifications or limitations as to "materiality," "Investor Material Adverse Effect" and words of similar import set forth therein) in all material respects as of the date hereof and as of the Closing with the same effect as though made on and as of the Closing (except to the extent expressly made as of an earlier date, in which case as of such earlier date), and (ii) the other representations and warranties set forth in <u>Article IV</u> of this Agreement, other than those listed in the immediately preceding clause (i), shall be true and correct (disregarding all qualifications or limitations as to "materiality," "Investor Material Adverse Effect" and words of similar import set forth therein) as of the Closing with the same effect as though made as of the Closing (except to the extent expressly made as of an earlier date, in which case as of such earlier date), except where the failure to be true and correct would not, individually or in the aggregate, reasonably be expected to have an Investor Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to each Investor severally, and not jointly, such Investor shall have complied with or performed in all material respects its obligations required to be complied with or performed by it pursuant to this Agreement at or prior to the Closing.

For the avoidance of doubt, the failure for any condition in <u>Section 7.02(a)</u> or <u>Section 7.02(b)</u> to be satisfied with respect to any Investor shall only be with respect to the obligation for the Company to effect the Closing with such Investor and not any other Investor who has otherwise satisfied the conditions in <u>Section 7.02(a)</u> or <u>Section 7.02(b)</u> with respect to itself on or prior to the Closing.

Section 7.03 <u>Conditions to the Obligations of each Investor</u>. The obligation of each Investor to effect the Closing with respect to such Investor shall be further subject to the satisfaction (or waiver, if permissible under applicable Laws) on or prior to the Closing of the following conditions:

------

<u>Exhibit A-1</u> 

<u>FORM OF</u> 

<u>JOINDER TO INVESTMENT AGREEMENT</u> 

The undersigned hereby agrees to join, become a party to and be bound by, as a "**<u>[KKR Investor][Apollo Investor][</u>**Post-Signing Investor**]**", the Investment Agreement, dated as of October 27, 2025**<u>, as amended by the Amendment to Investment Agreement, dated as of February 23, 2026</u>**, by and among: (i) Keurig Dr Pepper Inc., a Delaware corporation, and (ii) the other Investors party thereto.

---

| |
|:---|
| <br> [NAME] |
| Acquired Shares: [●]<br>Aggregate Purchase Price: $[●] |
| Dated: [DATE] |
| Address for notices: |
| [ADDRESS] |

---

---

| |
|:---|
| Acknowledged and agreed: |
| Keurig Dr Pepper Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [NAME] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Title] |

---

A-1-1

------

<u>Exhibit A-2</u> 

<u>FORM OF</u> 

<u>JOINDER TO INVESTMENT AGREEMENT</u> 

The undersigned hereby agrees to join, become a party to and be bound by, as a "[KKR Investor][Apollo Investor][Post-Closing Investor]", the Investment Agreement, dated as of October 27, 2025, **<u>as amended by the Amendment to Investment Agreement, dated as of February 23, 2026,</u>** by and among: (i) Keurig Dr Pepper Inc., a Delaware corporation, and (ii) the other Investors party thereto.

---

| |
|:---|
| <br> [NAME] |
| Shares of Series A Preferred Stock Acquired: [●] |
| Dated: [DATE] |
| Address for notices: |
| [ADDRESS] |

---

---

| |
|:---|
| Acknowledged and agreed: |
| Keurig Dr Pepper Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [NAME] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Title] |

---

A-2-1

------

<u>Annex 1-B</u> 

**Certificate of Designations (Changed Pages)** 

*[see attached]* 

------

**CERTIFICATE OF DESIGNATIONS, PREFERENCES AND RIGHTS OF SERIES A** 

**CONVERTIBLE PERPETUAL PREFERRED STOCK OF KEURIG DR PEPPER INC.** 

Pursuant to Section 151 of the Delaware General Corporation Law (as amended, supplemented or restated from time to time, the "**DGCL**"), Keurig Dr Pepper Inc., a corporation organized and existing under the laws of the State of Delaware (the "**Corporation**"), in accordance with the provisions of Section 103 of the DGCL DOES HEREBY CERTIFY

FIRST: That, the Amended and Restated Certificate of Incorporation of the Corporation (as amended, the "**Certificate of Incorporation**") authorizes the issuance of up to Fifteen Million (15,000,000) shares of Preferred Stock, par value $0.01 per share, of the Corporation ("**Preferred Stock**") in one or more series and expressly vests the Board of Directors of the Corporation (the "**Board**") with the authority to fix by resolution the number of shares constituting such series, the powers, designations, preferences and relative, participating, optional or other special rights (if any), and the qualifications, limitations or restrictions thereof (if any), of the Preferred Stock, including, without limitation, the dividend rate, conversion rights, redemption price, stated value and liquidation preference, of any series of shares of Preferred Stock, and to fix the maximum number of shares to constitute such series, which may subsequently be increased or decreased (but not below the number of shares of that series then outstanding); and

SECOND: That, pursuant to the authority vested in the Board by the Certificate of Incorporation, the Board on [ ], <u>[ ]</u>**<u>2026</u>**, adopted the following resolution designating a new series of Preferred Stock as "Series A Convertible Perpetual Preferred Stock," which shall consist of 3,000,000 **<u>4, 5000,000</u>** shares of the Preferred Stock, which the Corporation has the authority to issue:

NOW, THEREFORE, BE IT RESOLVED, that, pursuant to the authority vested in the Board in accordance with the provisions of Article Fifth of the Certificate of Incorporation and the provisions of Section 151 of the DGCL, a series of Preferred Stock of the Corporation designated as "Series A Convertible Perpetual Preferred Stock" is hereby authorized, and the designations, rights, preferences, powers, restrictions and limitations of the Series A Convertible Perpetual Preferred Stock shall be as follows:

------

**1.**  **<u>Designation</u>** . There shall be a series of Preferred Stock that shall be designated as "Series
A Convertible Perpetual Preferred Stock" (the "**Series A Preferred Stock**") and the number of shares constituting such series ()"**Shares**") shall be 3,000,000  **<u>4,500,000</u>** with a Stated Value of $1,000.00 per Share. The rights, preferences, powers, restrictions and limitations of the Series A Preferred Stock shall be
as set forth herein. The Series A Preferred Stock shall be issued in book-entry form on the Corporation's share ledger, subject to the rights of holders to receive certificated Shares under the DGCL.

**2.**  **<u>Defined Terms</u>** . For purposes hereof, the following terms shall have the following meanings:

"**Affiliate**" means, as to any Person, any other Person that, directly or indirectly, controls, or is controlled by, or is under common control with, such Person, including any investment fund, vehicle or account sponsored or managed by such Person or any other Person that controls, is controlled by, or is under common control with such Person (for clarity, an investment fund, vehicle or account shall be deemed to be an "Affiliate" of all other investment funds, vehicles and accounts under common management, directly or indirectly, with such Person); *provided*, *however*, that in no event shall any portfolio company managed by an Affiliate of either the KKR Investor or the Apollo Investor be considered to be an Affiliate of the KKR Investor or the Apollo Investor, as applicable. For this purpose, "<u>control</u>" (including, with its correlative meanings, "<u>controlled by</u>" and "<u>under common control with</u>") shall mean the possession, directly or indirectly, of the power to direct or cause the direction of management or policies of a Person, whether through the ownership of securities or partnership or other ownership interests, by contract or otherwise.

"**Apollo Investor**" has the meaning given to such term in the Investment Agreement.

"**Applicable Value Cap**" has the meaning set forth in **<u>Section 5.4</u>**.

"**Acquisition**" has the meaning given to such term in the Investment Agreement.

"**as-converted basis**" means (i) with respect to the outstanding shares of Common Stock as of any date, all outstanding shares of Common Stock calculated on a basis in which all shares of Common Stock issuable upon conversion of the outstanding Shares of Series A Preferred Stock (at the Conversion Price in effect on such date) are assumed to be outstanding as of such date and (ii) with respect to any outstanding Shares of Series A Preferred Stock as of any date, the number of shares of Common Stock issuable upon conversion of such Shares of Series A Preferred Stock on such date (at the Conversion Price in effect on such date).

"**beneficially own**", "**beneficial ownership of**", or "**beneficially owning**" any securities shall have the meaning set forth in Rule 13d-3 of the rules and regulations under the Exchange Act; *provided*, that any Person shall be deemed to beneficially own any securities that such Person has the right to acquire, whether or not such right is exercisable immediately (including assuming conversion of all Preferred Stock, if any, owned by such Person to Common Stock).

"**Beverage Co**." has the meaning given to such term in the Investment Agreement.

"**Beverage Co**. IPO" has the meaning given to such term in the Investment Agreement.

"**Bloomberg**" means Bloomberg Financial Markets and its successors.

"**Board**" has the meaning set forth in the Recitals.

------

any of its Material Subsidiaries, and such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Corporation or any of its Material Subsidiaries shall (i) voluntarily commence any proceeding or file any petition seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, or any other federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or the filing of any petition described in clause (b) above, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Corporation or any of its Material Subsidiaries or for a substantial part of the property or assets of the Corporation or any of its Material Subsidiaries, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) become unable or admit in writing its inability or fail generally to pay its debts as they become due.

"**Investment Agreement**" means the Investment Agreement, dated October 27, 2025, **<u>as may be amended or supplemented from time to time pursuant to terms thereof,</u>** by and among the Corporation and the Investors party thereto.

"**Investment Grade Rating**" means a rating equal to or higher than (x) Baa3 (or the equivalent), with respect to Moody's, (y) BBB- (or the equivalent), with respect to S&P, (z) BBB- (or equivalent), with respect to Fitch, or in each case, an equivalent rating by any other Rating Agency.

"**IPO Subsidiary**" has the meaning given to such term in the Investment Agreement.

"**IRS**" means the United States Internal Revenue Service.

"**Issue Date**" means [ ].

"**Junior Securities**" means, collectively, the Common Stock and each other class or series of capital stock of the Corporation now existing or hereafter authorized, classified or reclassified, the terms of which do not expressly provide that such class or series ranks on a parity basis with or senior to the Series A Preferred Stock as to dividend rights and rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation.

"**KKR Investor**" has the meaning given to such term in the Investment Agreement.

"**Last Reported Sale Price**" of the Common Stock on any date means the closing sale price per share (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in composite transactions for the principal U.S. national or regional securities exchange on which the Common Stock is traded. If the Common Stock is not listed for trading on a U.S. national or regional securities exchange on the relevant date, the "**Last Reported Sale Price**" shall be the last quoted bid price per share for the Common Stock in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. or a similar organization. If the Common Stock is not so quoted, the "**Last Reported Sale Price**" shall be the average of the mid-point of the last bid and ask prices per share for the Common Stock on the relevant date from each of at least three nationally recognized independent investment banking firms selected by the Corporation for this purpose.

"**Laws**" mean all state or federal laws, common law, statutes, ordinances, codes, rules or regulations, orders, executive orders, judgments, injunctions, governmental guidelines or interpretations

------

**5.**  **<u>Liquidation</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Liquidation</u>. In the event of any Insolvency Event of the Corporation (a "**Liquidation**"), the holders of Shares of Series A Preferred Stock then outstanding shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders, pari passu with any payment to the holders of any Parity Securities and subject to the rights of Senior Securities and the Corporation's creditors, but before any distribution or payment out of the assets of the Corporation shall be made to the holders of Junior Securities by reason of their ownership thereof, an amount in cash equal to the Corporation Redemption Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Insufficient Assets</u>. If upon any Liquidation the remaining assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the holders of the Shares of Series A Preferred Stock the Corporation Redemption Price to which they are entitled under **<u>Section 5.1</u>**, (a) the holders of the Shares shall share ratably in any distribution of the remaining assets and funds of the Corporation in proportion to the respective full preferential amounts which would otherwise be payable in respect of the Series A Preferred Stock any Parity Securities in the aggregate upon such Liquidation if all amounts payable on or with respect to such Shares were paid in full, taking into account the Corporation Redemption Price payable in respect of such Series A Preferred Stock, and (b) the Corporation shall not make or agree to make, or set aside for the benefit of the holders of Junior Securities, any payments to the holders of Junior Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Notice Requirement</u>. In the event of any Liquidation, the Corporation shall, within ten (10) days of the date the Board approves such action, or no later than twenty (20) days of any stockholders' meeting called to approve such action, or within twenty (20) days of the commencement of any involuntary proceeding, whichever is earlier, give each holder of Shares of Series A Preferred Stock written notice of the proposed action. Such written notice shall describe the material terms and conditions of such proposed action, including a description of the stock, cash and property to be received by the holders of Shares upon consummation of the proposed action and the date of delivery thereof. If any material change in the facts set forth in the initial notice shall occur, the Corporation shall promptly give written notice to each holder of Shares of such material change. If any Shares of Series A Preferred Stock are held in book-entry form through DTC, any such notice pursuant to this <u>**Section 5.3**</u> may be given to the holders at such time in any manner required or permitted by the procedures of DTC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Applicable Value Cap</u>. Notwithstanding anything to the contrary, the Stated Value, the Corporation Redemption Price (other than in connection with an Optional Redemption) and the Fundamental Change Redemption Price of Series A Preferred Stock shall be subject to a limitation, applicable at each of (i) the date of issuance of Series A Preferred Stock, (ii) the date of any Transfer (as defined in the Investment Agreement) of any Series A Preferred Stock during the Pre-Spin Period pursuant to Section 5.07(a) of the Investment Agreement, (iii) the date of consummation of a Beverage Co. IPO that occurs prior to consummation of the Specified Spin-Off Transaction, (iv) the date of consummation of the Specified Spin-Off Transaction, (v) the date of any merger of the IPO Subsidiary into the Corporation, (vi) the date of the conversion of any Preferred Stock into Common Stock of the Corporation, (vii) the date of any Transfer of Series A Preferred Stock pursuant to a Public Offering and (viii) any date the Deferred Dividend Amount or the Excess Deferred Dividend Amount is increased pursuant to <u>**Sections 4.1**</u> and <u>**4.2**</u>, such that the Fair Market Value of the Series A Preferred Stock and any Common Stock outstanding into which it has been converted shall under no circumstance exceed 20**<u>30</u>**% of the Equity Value of the Corporation, which shall be adjusted based on a fraction, the numerator of which is the number of Shares of Preferred Stock which have not been redeemed and the denominator of which is the number of Shares of Preferred Stock outstanding at the Issue Date at such time (such limitation, the "**Applicable Value Cap**").

------

provisions of **<u>Section 8.7(g)</u>** shall apply) entitling them to purchase, for a period of not more than 45 calendar days from the announcement date for such distribution, shares of the Common Stock at a price per share less than the average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement date for such distribution, the Conversion Price shall be decreased based on the following formula:

---

| | | |
|:---|:---|:---|
| CP<sub>1</sub> = | CP<sub>0</sub> x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>OS<sub>0</sub> + X</u> <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OS<sub>1 </sub>**<u>OS<sub>0</sub></u>** +<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Y |

---

where

---

| | |
|:---|:---|
| CP<sub>1</sub> | the Conversion Price in effect immediately after the open of business on the Ex-Dividend Date for such distribution; |
| CP<sub>0</sub> | the Conversion Price in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution; |
| OS<sub>0</sub> | the number of shares of the Common Stock outstanding immediately prior to the open of business on the Ex-Dividend Date for such distribution; |
| X | the number of shares of the Common Stock equal to the aggregate price payable to exercise such rights, options or warrants, divided by the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the announcement date of such distribution; and |
| Y | the total number of shares of the Common Stock issuable pursuant to such rights, options or warrants. |

---

Any decrease made under this clause (c) shall be made successively whenever any such rights, options or warrants are distributed and shall become effective immediately after the open of business on the Ex-Dividend Date for such distribution. To the extent that shares of the Common Stock are not delivered after the expiration of such rights, options or warrants, the Conversion Price shall be increased to the Conversion Price that would then be in effect had the increase with respect to the distribution of such rights, options or warrants been made on the basis of delivery of only the number of shares of the Common Stock actually delivered. If such rights, options or warrants are not so distributed, the Conversion Price shall be increased to the Conversion Price that would then be in effect if such record date for such distribution had not occurred.

For purposes of this clause (c), in determining whether any rights, options or warrants entitle the holders to subscribe for or purchase shares of the Common Stock at a price per share less than such average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the announcement date for such distribution, and in determining the aggregate offering price of such shares of the Common Stock, there shall be taken into account any consideration received by the Corporation for such rights, options or warrants and any amount payable upon exercise or conversion thereof, the value of such consideration, if other than cash, as reasonably determined by the Corporation in good faith.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Tender Offer, Exchange Offer</u>. If the Corporation or any of its Subsidiaries makes a payment in respect of a tender offer or exchange offer for the Common Stock, to the extent that the cash and value of any other consideration included in the payment per share of the Common Stock exceeds the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the last date (the "**Expiration Date**") on which tenders or exchanges may be made pursuant to such tender or exchange offer (as it may be amended), the Conversion Price shall be decreased based on the following formula:

---

| | | |
|:---|:---|:---|
| CP<sub>1</sub> = | CP<sub>0</sub> x | &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>SP<sub>1</sub> x OS<sub>0</sub></u> <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AC =**<u>+</u>** (SP<sub>1</sub> x OS<sub>1</sub>) |

---

where

---

| | |
|:---|:---|
| CP<sub>1</sub> | the Conversion Price in effect immediately after the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the Expiration Date; |
| CP<sub>0</sub> | the Conversion Price in effect immediately prior to the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the Expiration Date; |
| AC | the aggregate value of all cash and any other consideration (as determined by the Board in good faith) paid or payable for shares purchased or exchanged in such tender or exchange offer; |
| SP<sub>1</sub> | the average of the Last Reported Sales Prices of the Common Stock of over the ten (10) consecutive Trading Day period beginning on, and including, the Trading Day next succeeding the Expiration Date (the "**Tender/Exchange Offer Valuation Period**"); |
| OS<sub>1</sub> | the number of shares of the Common Stock outstanding immediately after the close of business on the Expiration Date (adjusted to give effect to the purchase or exchange of all shares accepted for purchase in such tender offer or exchange offer); and |
| OS<sub>0</sub> | the number of shares of the Common Stock outstanding immediately prior to the Expiration Date (prior to giving effect to such tender offer or exchange offer); |

---

*provided, however*, that the Conversion Price will in no event be adjusted up pursuant to this **<u>Section 8.7(f)</u>**, except to the extent provided in the immediately following paragraph. The adjustment to the Conversion Price pursuant to this **<u>Section 8.7(f)</u>** will be calculated as of the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the Expiration Date. If the Conversion Date for any Share of Series A Preferred Stock to be converted occurs on the Expiration Date or during the Tender/Exchange Offer Valuation Period, then, notwithstanding anything to the contrary in this Certificate of Designations, the Corporation will, if necessary, delay the settlement of such conversion until the second (2nd) Business Day after the last Trading Day of the Tender/Exchange Offer Valuation Period. 

------

any of the Corporation's securities are then listed, the Corporation also may (but is not required to) decrease the Conversion Price to avoid or diminish income tax to holders of Common Stock or rights to purchase shares of Common Stock in connection with a dividend or distribution of shares (or rights to acquire shares) or similar event. Whenever the Conversion Price is decreased pursuant to either of the preceding two sentences, the Corporation shall deliver to the holders of the Series A Preferred Stock a notice of the decrease at least fifteen (15) days prior to the date the decreased Conversion Price takes effect, and such notice shall state the decreased Conversion Price and the period during which it will be in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Adjustment Upon Specified Spin-Off Transaction</u>. If the Corporation consummates a Specified Spin-Off Transaction, the Conversion Price shall be adjusted by multiplying the Conversion Price in effect prior to the Specified Spin-Off Transaction by the Spin-Off Transaction Adjustment Ratio; *provided* that, in the event that the Spin-Off Transaction Adjustment Ratio is greater than 0.6916**<u>0.6791</u>**, it shall be deemed to be 0.6916**<u>0.6791</u>** for the purposes of this adjustment to the Conversion Price, and in the event that the Spin-Off Transaction Adjustment Ratio is less than 0.6416**<u>0.6541</u>**, it shall be deemed to be 0.6416**<u>0.6541</u>** for the purposes of this adjustment to the Conversion Price; *provided further*, that any such adjustment to the Conversion Price shall be subject to the Conversion Cap and the Applicable Value Cap. For the avoidance of doubt, holders of Series A Preferred Stock will not be entitled to receive Spin-Off Transaction Shares in the Specified Spin-Off Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Rounding; Par Value; De-minimis Adjustments</u>. All calculations under <u>**Section 8.7**</u> shall be made to the nearest 1/10,000th of a cent or to the nearest 1/10,000th of a share, as the case may be. No adjustment in the Conversion Price shall reduce the Conversion Price below the then par value of the Common Stock. If an adjustment to the Conversion Price otherwise required by this **<u>Section 8.7</u>** would result in a change of less than 1% to the Conversion Price, then, notwithstanding anything to the contrary in this <u>**Section 8.7**</u>, the Corporation may, at its election, defer and carry forward such adjustment, except that all such deferred adjustments must be given effect (i) when all such deferred adjustments would result in an aggregate change to the Conversion Price of at least 1%, (ii) on the Conversion Date of any Share of Series A Preferred Stock, (iii) on the effective date of any Fundamental Change and (iv) in connection with Dividends paid on the Common Stock pursuant to <u>**Section 4.4**</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Treatment of Pre-Record Date Adjustments</u>. Notwithstanding this **<u>Section 8.7</u>** or any other provision of this Certificate of Designations, if a Conversion Price adjustment becomes effective on any Ex-Dividend Date, and a holder that has converted its Series A Preferred Stock on or after such Ex-Dividend Date and on or prior to the related record date would be treated as the record holder of the shares of Common Stock as of the related Conversion Date based on an adjusted Conversion Price for such Ex-Dividend Date, then, notwithstanding the Conversion Price adjustment provisions in this **<u>Section 8.7</u>**, the Conversion Price adjustment relating to such Ex-Dividend Date shall not be made for such converting holder. Instead, such holder shall be treated as if such holder were the record owner of the shares of Common Stock on an unadjusted basis and participate in the related dividend, distribution or other event giving rise to such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Notwithstanding anything to the contrary in this **<u>Section 8</u>**, the Conversion Price shall not be adjusted:

------

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Designations, Preferences and Rights to be executed this<u> </u> day of<u> </u>, **<u>2026</u>**<u>.</u> 

---

| | |
|:---|:---|
| **KEURIG DR PEPPER INC.** | **KEURIG DR PEPPER INC.** |
| By: |  |
|  | Name: |
|  | Title: |

---

Signature Page to Certificate of Designations, Preferences and Rights

------

<u>Annex 2-A</u> 

**Investment Agreement (As Amended)** 

*[see attached]* 

------

**EXECUTION VERSION** 

**INVESTMENT AGREEMENT** 

Dated as of October 27, 2025

as amended by

**AMENDMENT TO INVESTMENT AGREEMENT** 

Dated as of February 23, 2026

by and among

**KEURIG DR PEPPER INC.,** 

**POUR PURCHASER L.P.,** 

**AP POUR HOLDINGS, L.P.** 

and

**THE OTHER INVESTORS PARTY HERETO** 

------

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE I DEFINITIONS | ARTICLE I DEFINITIONS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.01 | Definitions | 1 |
| ARTICLE II PURCHASE AND SALE | ARTICLE II PURCHASE AND SALE | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.01 | Purchase and Sale | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.02 | Closing | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.03 | Defaulting Investors | 16 |
| ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY | ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.01 | Organization; Standing | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.02 | Capitalization | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.03 | Authority; Non-contravention | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.04 | Governmental Approvals | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.05 | Company SEC Documents; Undisclosed Liabilities | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.06 | Absence of Certain Changes | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.07 | Legal Proceedings | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.08 | Compliance with Laws; Permits | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.09 | Contracts | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.10 | Tax Matters | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.11 | Real Property Holding Corporation | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.12 | No Rights Agreement; Anti-Takeover Provisions | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.13 | Brokers and Other Advisors | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.14 | Employee Benefit Plans | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.15 | Labor Matters | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.16 | Sale of Securities | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.17 | Listing and Maintenance Requirements | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.18 | Status of Securities | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.19 | Indebtedness | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.20 | Real Property | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.21 | Intellectual Property | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.22 | Information Technology; Data Security | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.23 | Affiliate Transactions | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.24 | Environmental Matters | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.25 | No Other Representations or Warranties | 27 |

---

i

------

---

| | | |
|:---|:---|:---|
| ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE INVESTOR | ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE INVESTOR | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.01 | Organization; Standing | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.02 | Authority; Non-contravention | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.03 | Governmental Approvals | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.04 | Brokers and Other Advisors | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.05 | Purchase for Investment | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.06 | Non-Reliance on Company Estimates, Projections, Forecasts, Forward-Looking Statements and Business Plans | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.07 | No Other Representations or Warranties | 29 |
| ARTICLE V ADDITIONAL AGREEMENTS | ARTICLE V ADDITIONAL AGREEMENTS | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.01 | Antitrust Filings | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.02 | Corporate Actions | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.03 | Public Disclosure | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.04 | Confidentiality | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.05 | Nasdaq Listing of Shares | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.06 | Standstill | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.07 | Transfer Restrictions | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.08 | Legends | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.09 | [Reserved] | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.10 | Tax Matters | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.11 | Investor Tax Representations. | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.12 | Specified Spin-Off Transaction Matters | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.13 | Use of Proceeds | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.14 | DTC Eligibility | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.15 | Financing Cooperation | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.16 | State Securities Laws | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.17 | Participation Rights | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.18 | [Reserved] | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.19 | Information Rights | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.20 | [Reserved] | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.21 | [Reserved] | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.22 | [Reserved] | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.23 | [Reserved] | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.24 | Voting Requirements | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.25 | Interim Operating Covenants | 46 |

---

ii

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.26 | JDE Peet's Acquisition | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.27 | Beverage Co. IPO | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.28 | KKR and Apollo | 47 |
| ARTICLE VI SURVIVAL AND TERMINATION | ARTICLE VI SURVIVAL AND TERMINATION | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.01 | Survival | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.02 | Termination | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.03 | Effect of Termination | 49 |
| ARTICLE VII CLOSING CONDITIONS | ARTICLE VII CLOSING CONDITIONS | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.01 | Conditions to the Obligations of the Company and each Investor | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.02 | Conditions to the Obligations of the Company | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.03 | Conditions to the Obligations of each Investor | 50 |
| ARTICLE VIII MISCELLANEOUS | ARTICLE VIII MISCELLANEOUS | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.01 | Amendments; Waivers | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.02 | Extension of Time, Waiver, Etc. | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.03 | Assignment | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.04 | Counterparts | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.05 | Entire Agreement; No Third-Party Beneficiaries | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.06 | Governing Law; Jurisdiction | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.07 | Specific Enforcement | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.08 | WAIVER OF JURY TRIAL | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.09 | Notices | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.10 | Severability | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.11 | Expenses | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.12 | Interpretation | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.13 | Non-Recourse | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.14 | Not a Group; Independent Nature of Investors' Obligations and Rights | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.15 | Financial Advisor | 58 |

---

---

| | |
|:---|:---|
| EXHIBITS |  |
| Exhibit A-1 | Form of Joinder Agreement for Post-Signing Investors |
| Exhibit A-2 | Form of Joinder Agreement for Post-Closing Investors |
| Exhibit B | Form of Certificate of Designations |
| Exhibit C | Form of Registration Rights Agreement |
| Exhibit D | List of Restricted Persons |
| Exhibit E | Form of Investor Information |

---

iii

------

INVESTMENT AGREEMENT, dated as of October 27, 2025, as amended by AMENDMENT TO INVESTMENT AGREEMENT, dated as of February 23, 2026 (as amended, this "<u>Agreement</u>"), by and among Keurig Dr Pepper Inc., a Delaware corporation (the "<u>Company</u>"), Pour Purchaser L.P., a Delaware limited partnership (together with any Investor Transferee that becomes a party hereto pursuant to Section 8.03, the "<u>KKR Investor</u>"), AP Pour Holdings, L.P., a Delaware limited partnership (together with any Investor Transferee that becomes a party hereto pursuant to Section 8.03, the "<u>Apollo Investor</u>"), the other investors that become a party hereto pursuant to <u>Section</u> <u>2.01(b)</u> by the execution of a joinder agreement substantially in the form of <u>Exhibit A-1</u> hereto (the "<u>Post-Signing Investors</u>"), and the other investors that become a party hereto pursuant to <u>Section</u> <u>5.07</u> by the execution of a joinder agreement substantially in the form of <u>Exhibit A-2</u> hereto (the "<u>Post-Closing Investors</u>").

WHEREAS, subject to the terms and conditions set forth herein, the Company desires to issue, sell and deliver to each Investor, and each Investor, severally and not jointly, desires to purchase and acquire from the Company, the number of shares of the Company's Series A Convertible Perpetual Preferred Stock, par value $0.01 per share (the "<u>Series A Preferred Stock</u>"), set forth opposite its name on <u>Schedule A</u>, subject to adjustment pursuant to <u>Section</u> <u>2.01(b)</u>, having the designation, preferences, rights, privileges, powers, and terms and conditions, as specified in the Certificate of Designations, Preferences and Rights of Series A Convertible Perpetual Preferred Stock substantially in the form attached hereto as <u>Exhibit B</u> (the "<u>Certificate of Designations</u>").

NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements contained in this Agreement, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows:

**ARTICLE I** 

**DEFINITIONS** 

Section 1.01 <u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As used in this Agreement (including the recitals hereto), the following terms shall have the following meanings:

"<u>25% Beneficial Holding Requirement</u>" means any Investor that continues to beneficially own shares of Series A Preferred Stock and/or shares of Common Stock issued upon conversion of shares of Series A Preferred Stock that represent, in the aggregate and on an as-converted basis, at least 25% of the number of shares of Common Stock beneficially owned by such Investor in the aggregate on an as-converted basis as at the Closing, in each case as appropriately adjusted to account for any event that results in an adjustment to the Conversion Price in accordance with the applicable section of the Certificate of Designations without regard to the Applicable Value Cap or the Conversion Cap.

<u>"50% Beneficial Holding Requirement</u>" means that the KKR Investor or the Apollo Investor, as applicable, continues to beneficially own shares of Series A Preferred Stock and/or shares of Common Stock issued upon conversion of shares of Series A Preferred Stock that represent, in the aggregate and on an as-converted basis, at least 50% of the number of shares of Common Stock beneficially owned by the KKR Investor or the Apollo Investor, as applicable, in the aggregate on an as-converted basis as at the Closing, in each case as appropriately adjusted to account for any event that results in an adjustment to the Conversion Price in accordance with the applicable section of the Certificate of Designations without regard to the Applicable Value Cap or the Conversion Cap.

------

"<u>Acquisition</u>" means any transaction or series of related transactions for the purpose of or resulting, directly or indirectly, in (a) the acquisition of all or substantially all of the assets of a Person, or of any line of business or division of a Person, (b) the acquisition of in excess of 50.00% of the capital stock, partnership interests, membership interests or equity of any Person (other than a Person that is a Subsidiary of the Company), but, at the Company's option, including acquisitions of Equity Securities increasing the ownership of the Company or a Subsidiary of the Company in an existing Subsidiary of the Company, or (c) a merger or consolidation or any other combination with another Person (other than a Person that is already a Subsidiary of the Company); <u>provided</u> that the Company or a Subsidiary of the Company is the surviving entity or the surviving entity becomes a Subsidiary of the Company.

"<u>Affiliate</u>" means, as to any Person, any other Person that, directly or indirectly, controls, or is controlled by, or is under common control with, such Person; <u>provided</u>, <u>however</u>, (i) that the Company and its Subsidiaries shall not be considered Affiliates of any Investor or any of its Affiliates, and (ii) other than in the case of the definitions of "Investor Related Party" and "Excluded Investor Parties," <u>Section</u> <u>4.07</u>, <u>Section</u> <u>5.01(d)</u>, <u>Article</u> <u>VI</u>, <u>Section</u> <u>8.03</u> or <u>Section</u> <u>8.13</u>, in no event shall any Investor or any of its controlled Affiliates be considered an Affiliate of any portfolio company affiliated with or managed by affiliates of such Investor, nor shall any portfolio company affiliated with or managed by affiliates of any Investor be considered an Affiliate of such Investor or any of its controlled Affiliates. For this purpose, "<u>control</u>" (including, with its correlative meanings, "<u>controlled by</u>" and "<u>under common control with</u>") shall mean the possession, directly or indirectly, of the power to direct or cause the direction of management or policies of a Person, whether through the ownership of securities or partnership or other ownership interests, by contract or otherwise.

"<u>Applicable Value Cap</u>" has the meaning set forth in the Certificate of Designations.

"<u>Apollo</u>" means Apollo Global Management, Inc.

"<u>as-converted basis</u>" means (i) with respect to the outstanding shares of Common Stock as of any date, all outstanding shares of Common Stock calculated on a basis in which all shares of Common Stock issuable upon conversion of the outstanding shares of Series A Preferred Stock (at the Conversion Price in effect on such date as set forth in the Certificate of Designations) are assumed to be outstanding as of such date and (ii) with respect to any outstanding shares of Series A Preferred Stock as of any date, the number of shares of Common Stock issuable upon conversion of such shares of Series A Preferred Stock on such date (at the Conversion Price in effect on such date as set forth in the Certificate of Designations).

"<u>beneficially own</u>", "<u>beneficial ownership of</u>" or "<u>beneficially owning</u>" any securities shall have the meaning set forth in Rule 13d-3 of the rules and regulations under the Exchange Act; <u>provided</u>, that any Person shall be deemed to beneficially own any securities that such Person has the right to acquire, whether or not such right is exercisable immediately (including assuming conversion of all Series A Preferred Stock, if any, owned by such Person to Common Stock).

"<u>Beverage Co.</u>" means (i) a Person that holds the Company's business consisting of the "U.S. Refreshment Beverages" operating segment of the Company and (ii) that portion of the "International" operating segment of the Company consisting of sales in Canada, Mexico and other international markets from the manufacture and distribution of liquid refreshment beverages, including branded concentrates, syrup, and finished beverages, in each case as described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

"<u>Beverage Co. IPO</u>" means the issuance by Beverage Co., any direct or indirect parent of Beverage Co. (other than the Company) or any IPO Subsidiary (such issuer, the "<u>IPO Entity</u>") of its common equity interests in an underwritten primary public offering (other than pursuant to a registration statement on Form S-8) pursuant to an effective registration statement filed with the SEC in accordance with the Securities Act (whether alone or in connection with a secondary public offering), which must be completed at or prior to the consummation of the Specified Spin-Off Transaction.

------

"<u>Board</u>" means the Board of Directors of the Company.

"<u>Business Day</u>" means any day except a Saturday, a Sunday or other day on which the SEC or banks in the City of New York are authorized or required by Law to be closed.

"<u>Capital Lease</u>" means any lease of Property, which, in accordance with GAAP, is required to be capitalized on the balance sheet of the lessee; <u>provided</u> that, notwithstanding the foregoing, only those leases and obligations that would constitute Capital Leases prior to the implementation of Accounting Standards Codification 842, Leases, will be considered to be Capital Leases for purposes of this Agreement.

"<u>Closing</u>" or "<u>Closing Date</u>" means the closing or closing date of the sale and purchase of the Acquired Shares.

"<u>Code</u>" means the United States Internal Revenue Code of 1986, as amended.

"<u>Coffee Business</u>" means, collectively, (A) (i) the "U.S. Coffee" operating segment of the Company excluding the sales related to the distribution of ready-to-drink La Colombe coffee beverages and (ii) that portion of the "International" operating segment of the Company consisting of sales in Canada from the manufacture and distribution of finished goods relating to single serve brewers, K-Cup pods, K-rounds and other coffee products, in each case as described in the Company's Form 10-K for the fiscal year ended December 31, 2024, and (B) the business of JDE Peet's as described in its annual report for the fiscal year ended December 31, 2024.

"<u>Collective Bargaining Agreement</u>" means any collective bargaining or other agreement with a labor union, works council, labor organization or other employee representative.

"<u>Common Stock</u>" means the common stock, par value $0.01 per share, of the Company.

"<u>Company Charter Documents</u>" means the Company's amended and restated certificate of incorporation and amended and restated bylaws, each as amended to the date of this Agreement.

"<u>Company Related Party</u>" means the Company and its former, current or future Affiliates and any of the foregoing's respective former, current or future, direct or indirect, officers, other fiduciary, directors, employees, affiliates, stockholders, equityholders, managers, members, partners, agents, attorneys, advisors, lenders or other representatives or any of the foregoing's respective successors or assigns.

"<u>Company Stock Plans</u>" means the Keurig Dr Pepper Omnibus Incentive Plan of 2009 and Keurig Dr Pepper Inc. Omnibus Incentive Plan of 2019, each as may be amended from time to time.

"<u>Confidentiality Agreement</u>" means the letter agreements between the Company and each Investor (or one of its Affiliates) entered into in connection with the Transactions, each as may be amended from time to time in accordance with its terms.

------

"<u>Consolidated EBITDA</u>" means with respect to any Person, for any period, Consolidated Net Income of such Person for such period plus, without duplication and to the extent deducted in determining such Consolidated Net Income (other than with respect to clause (8) below), the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the aggregate amount of Consolidated Interest Expense for such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) expense for income taxes paid or accrued for such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) at the discretion of the Company, Transaction Costs (including those related to this Agreement and the related
transactions) incurred or paid in cash in such period (whether or not such underlying transaction is successful),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Company 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 Company) 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,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Closing Date) which is paid or accrued during the
applicable period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Company 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),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) (A) 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 Closing 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 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 Inco</u>me" 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 Net Total Leverage Ratio</u>" means the quotient of (a) the total consolidated amount of Indebtedness of the Company and its consolidated Subsidiaries under clauses (a), (c), (d) and (e) of such definition, minus the unrestricted cash and cash equivalents of the Company and its consolidated Subsidiaries, divided by (b) the Company's Consolidated EBITDA for the last four (4) fiscal quarters for which internal financial statements are available.

------

"<u>Consolidated Total Assets</u>" means, at any time, all assets that would, in conformity with GAAP, be set forth under the caption "total assets" (or any like caption) on a consolidated balance sheet of the Company and its Subsidiaries at such date.

"<u>Contingent Obligation</u>**"** means as to any Person, any obligation of such Person guaranteeing any Indebtedness ("*primary obligations*") of any other Person (the "*primary obligor*") in any manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent, (i) to purchase any such primary obligation or any Property constituting direct or indirect security therefor, (ii) to advance or supply funds (x) for the purchase or payment of any such primary obligation or (y) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the holder of such primary obligation against loss in respect thereof; <u>provided</u>, <u>however</u>, that the term Contingent Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as determined by such Person in good faith.

"<u>Conversion Cap</u>" has the meaning set forth in the Certificate of Designations.

"<u>Conversion Price</u>" has the meaning set forth in the Certificate of Designations.

"<u>DTC</u>" means The Depository Trust Company.

"<u>DWAC</u>" means DTC's Deposit and Withdrawal at Custodian program.

"<u>Environmental Laws</u>" means all Laws relating to pollution, public or work health or safety (to the extent relating to Hazardous Materials) or protection of the environment or natural resources.

"<u>Equity Securities</u>" has the meaning set forth in the Certificate of Designations.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>Fair Market Value</u>" means, with respect to any security or other property, the fair market value of such security or other property as reasonably determined in good faith by the Company.

"<u>Fitch</u>" means Fitch, Inc.

"<u>Fundamental Change</u>" has the meaning set forth in the Certificate of Designations.

"<u>Fundamental Representations</u>" means the representations and warranties of the Company set forth in <u>Sections 3.01</u>, <u>3.02</u>, <u>3.03(a)</u>, <u>3.12</u>, <u>3.13</u> and <u>3.18</u>.

"<u>GAAP</u>" means generally accepted accounting principles in the United States, consistently applied.

------

"<u>Governmental Authority</u>" means any government, court, regulatory or administrative agency, commission, arbitrator or arbitral body (public or private) or authority or other legislative, executive or judicial governmental entity (in each case including any self-regulatory organization), whether federal, state or local, domestic, foreign or multinational.

"<u>Hazardous Material</u>" means: (a) any material, substance or waste regulated by, or for which liability or standards of conduct may be imposed under, any Environmental Law due to their toxic or hazardous characteristics; and (b) petroleum and petroleum derivatives or products, per- or polyfluoroalkyl substances, asbestos and asbestos-containing materials, and polychlorinated biphenyls.

"<u>HSR Act</u>" means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated thereunder.

"<u>Indebtedness</u>" means for any Person (without duplication): (a) all indebtedness of such Person for borrowed money, whether current or funded, or secured or unsecured, (b) all indebtedness for the deferred purchase price of Property, (c) all indebtedness secured by a purchase money mortgage or other Lien to secure all or part of the purchase price of Property subject to such mortgage or Lien, (d) all obligations under leases which shall have been or must be, in accordance with GAAP, recorded as Capital Leases in respect of which such Person is liable as lessee, (e) any liability in respect of banker's acceptances or letters of credit, (f) any indebtedness of another Person, whether or not assumed, of the types described in clauses (a) through (c) above or clause (g) below, secured by Liens on Property acquired by the Company or its Subsidiaries at the time of acquisition thereof and (g) all Contingent Obligations in respect of indebtedness of the types described in clauses (a) through (f) hereof, <u>provided</u> that the term "Indebtedness" shall not include (i) trade payables or similar obligations, and accrued expenses, in each case arising in the ordinary course of business, (ii) any earn-out obligation in connection with an Acquisition except to the extent that the amount payable pursuant to such earnout becomes payable, (iii) prepaid or deferred revenue arising in the ordinary course of business, (iv) any leases, concessions, license of property or guarantees thereof, in each case that is not a Capital Lease, including of joint ventures, (v) any prepayments of deposits received from clients or customers in the ordinary course of business or consistent with past practice, (vi) obligations under any license, permit or approval or guarantees thereof incurred prior to the Closing Date or in the ordinary course of business or consistent with past practice, (vii) any obligations in respect of workers' compensation claims, early retirement or termination obligations, pension fund obligations or contributions or similar claims, obligations or contributions or social security or wage taxes, (viii) all intercompany Indebtedness having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) made in the ordinary course of business or consistent with past practice, (ix) any hedging obligations that are not incurred for speculative purposes, (x) intercompany liabilities arising in the ordinary course of business or consistent with past practice or industry norm, (xi) intercompany liabilities in connection with cash management, tax and accounting operations of the Company and (xii) any take or pay or similar obligation to the extent such obligation is not shown as a liability on the balance sheet of such Person in accordance with GAAP. The amount of Indebtedness of any person for purposes of clause (f) above shall (unless such indebtedness has been assumed by such person or is otherwise recourse to such person) be deemed to be equal to the lesser of (A) the aggregate unpaid amount of such indebtedness and (B) the Fair Market Value of the property encumbered thereby. The amount of Indebtedness of any Person at any time in the case of a revolving credit or similar facility shall be the total amount of funds borrowed and then outstanding.

"<u>Information Technology Systems</u>" means all software, hardware, telecommunications and communications systems, networks, platforms, servers, peripherals, computers, and other information technology systems owned, leased, licensed or otherwise used by the Company or its Subsidiaries.

------

"<u>Investor</u>" or "<u>Investors</u>" means, individually or collectively, as applicable, the KKR Investor, the Apollo Investor, the Post-Signing Investors, the Post-Closing Investors and their respective Affiliates and other transferees to whom shares of Series A Preferred Stock or Common Stock are transferred in accordance with the terms of this Agreement.

"<u>Investor Related Party</u>" means any Investor and any financing sources of such Investor and any of the foregoing's respective former, current or future Affiliates and any of the foregoing's respective former, current or future, direct or indirect, officers, other fiduciary, directors, employees, affiliates, stockholders, equityholders, managers, members, partners, agents, attorneys, advisors, lenders or other representatives or any of the foregoing's respective successors or assigns.

"<u>Investor Transferee</u>" means (i) an Affiliate, (ii) any successor entity, (iii) any customary co-investment vehicle so long as the transferor or its Affiliates continue to retain sole control of the voting and disposition of the Series A Preferred Stock or the Common Stock so transferred or (iv) any investment fund, vehicle, holding company or similar entity for separately managed accounts with respect to which the Investor or any Affiliate thereof serves as a general partner, managing member, manager or fund advisor, or any successor entity of the Persons described in this clause (iv), in each case, to whom the Investor transfers any Acquired Shares in accordance with the terms of <u>Section</u> <u>5.07</u>.

"<u>IPO Subsidiary</u>" means any direct or indirect Subsidiary of Beverage Co.

"<u>IRS</u>" means the United States Internal Revenue Service.

"<u>JDE Peet's</u>" means JDE Peet's N.V.

"<u>JDE Peet's Acquisition</u>" means the acquisition by the Company of JDE Peet's pursuant to the merger protocol, dated August 24, 2025 (the "<u>Merger Protocol</u>"), pursuant to which the Company will commence a tender offer to acquire all of the issued ordinary shares of JDE Peet's, for a cash offer price of €31.85 per share.

"<u>JV Investment</u>" means the minority investment into a newly formed K-Cup pod manufacturing joint venture by certain third party institutions or investors at or prior to the closing of the JDE Peet's Acquisition.

"<u>KKR</u>" means KKR Credit Advisors (US) LLC and its Affiliates.

"<u>Knowledge</u>" means, with respect to the Company, the actual knowledge of the individuals listed on <u>Exhibit C</u>, in each case after reasonable inquiry with his or her direct reports.

"<u>Laws</u>" means all state or federal laws, common law, acts, statutes, ordinances, codes, rules or regulations, orders, executive orders, judgments, injunctions, governmental guidelines or interpretations having the force of law, Permits, decrees, Judgments or other similar requirements enacted, adopted, promulgated, or applied by any Governmental Authority.

"<u>Lien</u>" means, with respect to any asset, any mortgage, lien (statutory or otherwise), pledge, hypothecation, charge, security interest, preference, priority or encumbrance of any kind in respect of such asset, whether or not filed, recorded, registered, published or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; <u>provided</u> that in no event shall an operating lease be deemed to constitute a Lien.

------

"<u>Material Adverse Effect</u>" means any effect, change, event or occurrence that has or would reasonably be expected to have, individually or in the aggregate, a material adverse effect on (x) the business, results of operations, assets, liabilities or condition (financial or otherwise) of the Company and its Subsidiaries, taken as a whole or (y) the ability of the Company to (i) consummate the Transactions on a timely basis or (ii) comply with its obligations under this Agreement; <u>provided</u>, <u>however</u>, that, for purposes of clause (x) above, none of the following, and no effect, change, event or occurrence arising out of, or resulting from, the following, shall constitute or be taken into account in determining whether a Material Adverse Effect has occurred or would reasonably be expected to occur: any effect, change, event or occurrence (A) generally affecting (1) the industry in which the Company and its Subsidiaries operate or (2) the economy, credit or financial or capital markets, in the United States or elsewhere in the world, including changes in interest or exchange rates, or (B) to the extent arising out of, resulting from or attributable to (1) changes or prospective changes in Laws or in GAAP or in accounting standards, or any changes or prospective changes in the interpretation or enforcement of any of the foregoing, or any changes or prospective changes in general legal, regulatory or political conditions, in each case occurring after the date hereof, (2) the public announcement of this Agreement, the Transaction Documents, the consummation of the Transactions, the JDE Peet's Acquisition, the JV Investment, the Specified Spin-Off Transaction or the Beverage Co. IPO, (3) acts of war (whether or not declared), sabotage or terrorism, or any escalation or worsening of any such acts of war (whether or not declared), sabotage or terrorism, (4) volcanoes, tsunamis, pandemics, earthquakes, hurricanes, tornados or other natural disasters, (5) any action taken by the Company or its Subsidiaries (w) that is expressly required by this Agreement, the Transaction Documents or documents governing the JDE Peet's Acquisition as in effect on the date hereof and as amended in a manner not prohibited by this Agreement, documents governing the JV Investment or documents governing the Specified Spin-Off Transaction or the Beverage Co. IPO, (x) to negotiate and consummate the JV Investment, the Specified Spin-Off Transaction or the Beverage Co. IPO in accordance with the terms hereof (except, in the case of (w) and (x), as otherwise expressly prohibited by this Agreement or the Transaction Documents), (y) with the KKR Investor's and the Apollo Investor's express written consent, or (z) at the KKR Investor's and the Apollo Investor's express prior written request, (6) any decline in the market price, or change in trading volume, of the capital stock of the Company (it being understood that this clause (6) shall not prevent a determination that the underlying cause of any such change or decline is a Material Adverse Effect), (7) any failure to meet any internal or public projections, forecasts, guidance, estimates, milestones, budgets or internal or published financial or operating predictions of revenue, earnings, cash flow or cash position (it being understood that this clause (7) shall not prevent or otherwise affect a determination that the underlying cause of any such failure is a Material Adverse Effect or that such matters may be taken into account in determining whether a Material Adverse Effect has occurred), (8) any change or prospective change in the Company's or its debt's credit ratings (it being understood that this clause (8) shall not prevent or otherwise affect a determination that the underlying cause of any such change or prospective change is a Material Adverse Effect or that such matters may be taken into account in determining whether a Material Adverse Effect has occurred), or (9) any change resulting or arising from the identity of any Investor or any of its Affiliates; <u>provided</u>, <u>further</u>, <u>however</u>, that any effect, change, event or occurrence referred to in clause (A) or clauses (B)(1), (B)(3) or (B)(4) may be taken into account in determining whether there has been, or would reasonably be expected to be, individually or in the aggregate, a Material Adverse Effect to the extent such effect, change, event or occurrence has a disproportionate adverse effect on the business, results of operations, assets or financial condition of the Company and its Subsidiaries, taken as a whole, as compared to other participants in the industry in which the Company and its Subsidiaries operate (in which case the incremental disproportionate impact or impacts may be taken into account in determining whether there has been, or would reasonably be expected to be, a Material Adverse Effect).

"<u>Moody's</u>" means Moody's Investors Service, Inc.

"<u>Nasdaq</u>" means the Nasdaq Global Select Market.

------

"<u>Person</u>" means an individual, corporation, limited liability company, partnership, joint venture, association, trust, unincorporated organization or any other entity, including a Governmental Authority.

"<u>Portfolio Company</u>" means any privately or publicly owned enterprise or separately identifiable subpart thereof (i) that is a Subsidiary of any Investor or a Specified Affiliate and (ii) that is treated as a "controlling shareholder" or a "ten-percent shareholder" (including by virtue of such Subsidiary being a member of a Coordinating Group) of the Company, in each case within the meaning of Treasury Regulations Section 1.355-7.

"<u>Pro Forma Basis</u>" and "<u>Pro Forma Effect</u>" means, with respect to compliance with any test or covenant hereunder, that all Specified Transactions and the following transactions in connection therewith shall be deemed to have occurred as of the first day of the applicable period of measurement in such test or covenant: (a) income statement items (whether positive or negative) attributable to the property or Person subject to such Specified Transaction, (i) in the case of a sale, transfer or other disposition of all or substantially all capital stock in any Subsidiary of the Company or any division or product line of the Company or any of its Subsidiaries, shall be excluded, and (ii) in the case of an Acquisition or investment described in the definition of the term "Specified Transaction," shall be included, (b) any retirement or repayment of Indebtedness, (c) any Indebtedness incurred by the Company or any of its Subsidiaries in connection therewith and if such indebtedness has a floating or formula rate, shall have an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate that is or would be in effect with respect to such Indebtedness at the relevant date of determination and (d) the acquisition of any Consolidated Total Assets, whether pursuant to any Specified Transaction or any Person becoming a Subsidiary or merging, amalgamating or consolidating with or into the Company or any of its Subsidiaries or the Company or any of its Subsidiaries.

"<u>Property</u>" means, as to any Person, all types of real, personal, tangible, intangible or mixed property owned by such Person whether or not included in the most recent balance sheet of such Person and its Subsidiaries under GAAP.

"<u>Public Offering</u>" means, in accordance with Treasury Regulations Section 1.355-7(h)(11), an acquisition where the terms of the acquisition are established by the Company or the transferor with the involvement of one or more investment bankers and the potential transferees have no opportunity to negotiate the terms of the acquisition.

"<u>Qualified IPO</u>" means a Beverage Co. IPO that results in Beverage Co., any direct or indirect parent of Beverage Co. (other than the Company) or any IPO Subsidiary receiving gross proceeds of at least $2.0 billion.

"<u>Registration Rights Agreement</u>" means that certain Registration Rights Agreement to be entered into by the Company and the Investor, the form of which is set forth as <u>Exhibit C</u> hereto.

"<u>Regulatory Laws</u>" means, collectively, any Laws that are designed or intended to prohibit, restrict or regulate actions having the purpose or effect of monopolization or lessening of competition through merger or acquisition or restraint of trade or that affect foreign investment, outbound investment, foreign exchange, national security or national interest of any jurisdiction.

"<u>Representatives</u>" means, with respect to any Person, its officers, directors, principals, partners, managers, members, employees, consultants, agents, financial advisors, investment bankers, attorneys, accountants, other advisors and other representatives.

------

"<u>Restricted Persons</u>" means any transferee listed on <u>Exhibit D</u> hereto and its controlled Affiliates, which list may be updated in writing from time to time by the Company with respect to additional bona fide competitors of the Company (each, a "<u>Competitor</u>").

"<u>S&P</u>" means S&P Global Ratings.

"<u>SEC</u>" means the Securities and Exchange Commission.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Significant Subsidiary</u>" means each of the Company's Subsidiaries that is a "significant subsidiary" (as defined in Rule 405 under the Securities Act).

"<u>Signing Date</u>" means the date on which this Agreement is executed.

"<u>Specified Affiliate</u>" means each Affiliate of any Investor (without regard to clause (ii) in the proviso of the definition thereof) treated as a "controlling shareholder" or a "ten-percent shareholder" (including by virtue of such Affiliate being a member of a Coordinating Group) of the Company, in each case within the meaning of Treasury Regulations Section 1.355-7; provided, that a Portfolio Company shall not be a Specified Affiliate.

"<u>Specified Spin-Off Transaction</u>" has the meaning set forth in the Certificate of Designations.

"<u>Specified Transaction</u>" means, with respect to any period, (a) any Acquisition or the making of other investments pursuant to which all or substantially all of the assets or stock of a Person (or any line of business or division thereof) are acquired, (b) the disposition of all or substantially all of the assets or stock of a Subsidiary of the Company (or any line of business or division of the Company or such Subsidiary of the Company), (c) any retirement or repayment of Indebtedness or (d) any other event that by the terms of this Agreement or the Certificate of Designations requires a test or covenant hereunder to be calculated on a Pro Forma Basis or after giving Pro Forma Effect thereto.

"<u>Specified Person</u>" means (x) any Person (or any Affiliate of any such Person) with whom the transferring Investor entered into any agreement, understanding, arrangement, or substantial negotiations (within the meaning of Treasury Regulations Section 1.355-7(h)(1)) regarding the acquisition of any Company Securities prior to the consummation of a Specified Spin-Off Transaction and (y) any person identified as a Specified Person pursuant to a list provided by the Investor to the Company at the time of the Specified Spin-Off Transaction.

"<u>SpinCo</u>" means the entity that will directly or indirectly own the applicable assets and liabilities of the Coffee Business in connection with the anticipated contribution or transfer of all or substantially all of such business in the Specified Spin-Off Transaction.

"<u>Spin-Off Closing Date</u>" means the closing date of the Specified Spin-Off Transaction.

"<u>Spin-Off Transaction Documents</u>" means all transaction documents prepared in connection with, arising out of, or relating to, the Specified Spin-Off Transaction or any transactions related thereto or undertaken in connection therewith.

------

"<u>Standstill Period</u>" means, with respect to each Investor, until twenty-four (24) months following the Spin-Off Closing Date or, if the Specified Spin-Off Transaction has not occurred on or before the date that is thirty-six (36) months following the Closing Date, thirty-six (36) months following the Closing Date; <u>provided</u>, <u>that</u>, in each case, the Standstill Period shall immediately terminate and expire (and the restrictions of <u>Section</u> <u>5.06</u> shall cease to apply and shall be of no further force and effect) at the earlier of: (i) the Company entering into a definitive written agreement to consummate a Fundamental Change (regardless of the form of such transaction) and (ii) the Board approving (or, in the case of a tender or exchange offer, failing to recommend against such tender or exchange offer within ten (10) Business Days of the commencement thereof) a transaction that, if consummated, would result in a Fundamental Change.

"<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>", when used with respect to any Person, means any corporation, limited liability company, partnership, association, trust or other entity of which (x) securities or other ownership interests representing more than 50% of the ordinary voting power (or, in the case of a partnership, more than 50% of the general partnership interests) or (y) sufficient voting rights to elect at least a majority of the board of directors or other governing body are, as of such date, owned by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person.

"<u>Tax</u>" or "<u>Taxes</u>" means any and all United States federal, state, local or non-United States taxes, fees, levies, duties, tariffs, imposts, and other similar charges (together with any and all interest, penalties and additions to tax) imposed by any Governmental Authority, including taxes or other charges on or with respect to income, franchises, windfall or other profits, gross receipts, property, sales, use, capital stock, payroll, employment, social security, workers' compensation, unemployment compensation or net worth; taxes or other charges in the nature of excise, withholding, ad valorem, stamp, transfer, value added or gains taxes; license, registration and documentation fees; and customs duties, tariffs and similar charges, together with any interest, penalties, and additions to tax imposed by any Governmental Authority.

"<u>Taxing Authority</u>" means any Governmental Authority or any subdivision, agency, commission or entity thereof or any quasi-governmental or private body having jurisdiction over the assessment, determination, collection or imposition of any Tax (including the IRS).

"<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 of the Company and/or its Subsidiaries and/or (ii) any acquisition or disposition by the Company 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; provided, that, "Transaction Costs" shall include all non-recurring transaction fees, costs and expenses relating to the Transactions, the JDE Peet's Acquisition, the JV Investment, the Specified Spin-Off Transaction and the Beverage Co. IPO.

------

"<u>Transaction Documents</u>" means this Agreement, the Certificate of Designations, the Registration Rights Agreement and all other documents, certificates or agreements executed in connection with the transactions contemplated by this Agreement, the Certificate of Designations and the Registration Rights Agreement.

"<u>Transactions</u>" means the transactions expressly contemplated by this Agreement and the other Transaction Documents; <u>provided</u>, that, for the avoidance of doubt, "Transactions" shall not include the Specified Spin-Off Transaction or the JDE Peet's Acquisition.

"<u>Transfer</u>" by any Person means, directly or indirectly, to sell, transfer, assign, pledge, encumber, hypothecate or otherwise dispose of or transfer, either voluntarily or involuntarily (by the operation of law or otherwise), or to enter into any contract, option or other arrangement, agreement or understanding with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation or other disposition or transfer (by the operation of law or otherwise), of any interest in any equity securities beneficially owned by such Person; provided, however, that, notwithstanding anything to the contrary in this Agreement a Transfer shall not include (i) the conversion of one or more shares of Series A Preferred Stock into shares of Common Stock pursuant to the Certificate of Designations, (ii) the redemption or other acquisition of Common Stock or Series A Preferred Stock by the Company or (iii) the transfer of any limited partnership interests or other equity interests in an Investor (or any direct or indirect parent entity of an Investor) (provided that if any Investor referred to in this clause (iii) ceases to be controlled (directly or indirectly) by the Person (directly or indirectly) ultimately controlling such Person immediately prior to such transfer, such event shall be deemed to constitute a "Transfer").

"<u>Transfer Agent</u>" means Computershare Trust Company, N.A., acting in its capacity as the DTC custodian for the Series A Preferred Stock, or any successor transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the terms defined in <u>Section</u> <u>1.01(a)</u>, the following terms have the meanings assigned thereto in the Sections set forth below:

---

| | |
|:---|:---|
| **Term** | **Section** |
|  Acquired Shares | 2.01(a) |
|  Action | 3.07 |
|  Agreement | Preamble |
|  Announcement | 5.03 |
|  Anti-Money Laundering Laws | 3.08(i) |
|  Apollo Investor | Preamble |
|  Balance Sheet Date | 3.05(c) |
|  Bankruptcy and Equity Exception | 3.03(a) |
|  Breach | 3.22 |
|  Capitalization Date | 3.02(a) |
|  Certificate of Designations | Recitals |
|  Company | Preamble |
|  Company Preferred Stock | 3.02(a) |
|  Company SEC Documents | 3.05(a) |
|  Company Securities | 3.02(b) |
|  Coordinating Group | 5.11(d) |
|  Data | 3.22(b) |
|  Data Security Obligations | 3.22(b) |
|  Defaulting Investor | 2.03(a) |
|  DOJ | 5.01(c) |
|  DWAC Deposit | 2.02(b)(ii) |
|  Excluded Stock | 5.17(a) |
|  Filed SEC Documents | Article III |

---

------

---

| | |
|:---|:---|
| **Term** | **Section** |
|  Foreclosure | 5.07(h) |
|  FTC | 5.01(c) |
|  Goldman | 3.13 |
|  Hedging Arrangements | 5.07(e) |
|  Initial Investor Rights | 8.03(b) |
|  Intellectual Property Rights | 3.21 |
|  Judgments | 3.07 |
|  KKR Investor | Preamble |
|  Material Contract | 3.09 |
|  Multiemployer Plan | 3.14(a) |
|  Participation Portion | 5.17(b)(ii) |
|  PBGC | 3.14(a) |
|  Permits | 3.08(b) |
|  Permitted Loan | 5.07(h) |
|  Plan | 3.14(a) |
|  Proposed Securities | 5.17(b)(i) |
|  Purchase Price | 2.01(a) |
|  Required Regulatory Approvals | 5.01(a) |
|  Restricted Issuance Information | 5.17(b)(ii) |
|  Sanctions | 3.08(c)(ii) |
|  Sanctioned Jurisdiction | 3.08(c)(ii) |
|  Series A Preferred Stock | Recitals |
|  Syndicated Default Shares | 2.03(b) |
|  Syndicated Defaulting Investor | 2.03(b) |
|  USRPHC | 3.11 |

---

**ARTICLE II** 

**PURCHASE AND SALE** 

Section 2.01 <u>Purchase and Sale</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On the terms of this Agreement and subject to the satisfaction (or, to the extent permitted by applicable Laws, waiver by the party entitled to the benefit thereof) of the conditions set forth herein, at the Closing, each Investor, severally and not jointly, agrees to purchase and acquire from the Company the number of shares of Series A Preferred Stock set forth opposite its name on <u>Schedule A</u>, and the Company shall issue, sell and deliver to such Investor, such shares of Series A Preferred Stock (the "<u>Acquired Shares</u>") for a purchase price per Share equal to $1,000 and an aggregate purchase price of $[•] billion (such aggregate purchase price paid in respect of the Acquired Shares, the "<u>Purchase Price</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to the Closing Date, each of the KKR Investor and the Apollo Investor shall have the right to allocate any or all of the shares of Series A Preferred Stock set forth opposite its name on <u>Schedule A</u> to any Person (other than a Restricted Person or Persons described in <u>Section</u> <u>5.07(c)(ii)</u>) that delivers a joinder agreement substantially in the form of <u>Exhibit A-1</u> hereto (to the extent such Person is not an Investor Transferee with respect to either the KKR Investor or the Apollo Investor) or <u>Exhibit A-2</u> hereto (to the extent such Person is an Investor Transferee with respect to either the KKR Investor or the Apollo Investor); <u>provided</u> that no Person shall be required to deliver a joinder agreement if such Person has previously become a party to this Agreement. The Company shall amend <u>Schedule A</u> in a manner consistent with this <u>Section</u> <u>2.01(c)</u> without the consent of any Investor upon request of the KKR Investor and the Apollo Investor.

------

Section 2.02 <u>Closing</u>.

&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;(i) On the terms of this Agreement, and subject to the satisfaction (or, to the extent permitted by applicable Laws, waiver by the party entitled to the benefit thereof) of the conditions set forth herein (other than those conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of those conditions at such time), the Closing shall occur at the offices of Paul, Weiss, Rifkind, Wharton & Garrison LLP at 1285 Avenue of the Americas, New York, NY 10019.

&nbsp;&nbsp;&nbsp;&nbsp;&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 Closing and the Closing Date shall occur on the date selected by the Company upon written notice to the Investors at least 10 Business Days prior to such date, <u>provided</u> that such date shall be on or after the Unconditional Date (as defined in the Merger Protocol). In the event that the Settlement Date (as defined in the Merger Protocol) does not occur on or prior to the seventh (7<sup>th</sup>) Business Day after the Closing Date (such date, the "<u>Repurchase Date</u>"), the Company and each of the Investors agree that the Company shall repurchase, and each Investor shall sell, all Acquired Shares of each such Investor (and any of its Investor Transferees) at a repurchase price in cash equal to the Purchase Price paid by such Investor for its Acquired Shares, plus accrued and unpaid dividends thereon, and the Company shall cancel the Acquired Shares for no further consideration upon payment therefor without further action from any Investor or holder of the Acquired Shares, in each case, on the first Business Day after the Repurchase Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&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 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) file with the Secretary of State of the State of Delaware the Certificate of Designations, and shall deliver to each Investor a certified copy 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) deliver to each Investor (A) to the extent the Acquired Shares are eligible for book-entry delivery through DTC, the aggregate number of Acquired Shares that such Investor is entitled to receive pursuant to this Agreement to the DTC account of such Investor specified by such Investor prior to the Closing Date in the form set forth on <u>Exhibit E</u> hereto (or comply with such other settlement procedures mutually agreed in writing by the Company and such Investor), (B) to the extent the Acquired Shares are not eligible for book-entry delivery through DTC, evidence of book-entry shares representing the Acquired Shares credited to book-entry accounts maintained by the Transfer Agent and (C) the Registration Rights Agreement, duly executed by the Company; 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;(3) pay the applicable expense reimbursement amount set forth in <u>Section</u> <u>8.11</u>, by wire transfer in immediately available U.S. federal funds, to the account(s) designated by the KKR Investor and the Apollo Investor in writing at least one (1) Business Day prior to the Closing Date; 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;(ii) each Investor shall (1) to the extent the Acquired Shares are eligible for book-entry delivery through DTC, direct an eligible DTC participant to submit a DWAC deposit instruction (the "<u>DWAC Deposit</u>") to the Transfer Agent for the aggregate number of Acquired Shares that such Investor is entitled to receive pursuant to this Agreement (or comply with such other settlement procedures mutually agreed in writing by the Company and such Investor), (2) pay the applicable Purchase Price to the Company, by wire transfer in immediately available U.S. federal funds, to the account designated by the Company in writing at least one (1) Business Day prior to the Closing Date, (3) deliver to the Company the Registration Rights Agreement, duly executed by such Investor and/or its applicable Affiliates and (4) deliver to the Company or its paying agent a duly executed, valid, accurate and properly completed IRS Form W-9 or an appropriate IRS Form W-8, as applicable (<u>provided</u>, that each of the KKR Investor and Apollo Investor agree that it will deliver to the Company an IRS Form W-9).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent the Acquired Shares are eligible for book-entry delivery through DTC and if the Transfer Agent is unable to locate the DWAC Deposit for any Acquired Shares or such DWAC Deposit does not conform to the Acquired Shares to be issued pursuant to this Agreement, then the Company will promptly notify the relevant Investor. If, because of the occurrence of an event described in the preceding sentence, any Acquired Shares are not delivered on the Closing Date, then such Acquired Shares will be delivered on the first business day following the Closing Date on which all applicable deficiencies set forth in the preceding sentence of this paragraph have been cured.

Section 2.03 <u>Defaulting Investors</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the KKR Investor or the Apollo Investor fails to purchase at the Closing (or provides written notice of its intent not to purchase) its portion of the Acquired Shares in accordance with the terms of this Agreement (the Acquired Shares not timely purchased, the "<u>Default Shares</u>" and such defaulting KKR Investor or Apollo Investor, the "<u>Defaulting Investor</u>"), then the Company shall promptly deliver a notice to the non-defaulting KKR Investor or Apollo Investor, which notice shall include the number of Default Shares and the aggregate purchase price payable therefor (which shall be calculated based on a purchase price per Default Share equal to $1,000). Such non-defaulting KKR Investor or Apollo Investor, as applicable, shall have the right, in its sole discretion, to purchase and acquire from the Company at the Closing such Default Shares for the aggregate purchase price specified in the notice provided by the Company to such non-defaulting KKR Investor or Apollo Investor, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Post-Signing Investor fails to purchase at the Closing (or provides written notice of its intent not to purchase) its portion of the Acquired Shares in accordance with the terms of this Agreement (the Acquired Shares not timely purchased, the "<u>Syndicated Default Shares</u>" and such defaulting Post-Signing Investor, the "<u>Syndicated Defaulting Investor</u>"), then the Company shall promptly deliver a notice to the KKR Investor, the Apollo Investor and the non-defaulting Post-Signing Investors (collectively, the "<u>Non-Defaulting Investors</u>"), which notice shall include the number of Syndicated Default Shares and the aggregate purchase price payable therefor (which shall be calculated based on a purchase price per Syndicated Default Share equal to $1,000). Each Non-Defaulting Investor shall have the right, in its sole discretion, to purchase and acquire from the Company at the Closing its *pro rata* portion (based on the relative portion of the aggregate Purchase Price allocated to such Non-Defaulting Investor) of such Syndicated Default Shares for the aggregate purchase price specified in the notice provided by the Company to the Non-Defaulting Investors. If any Non-Defaulting Investor declines to exercise such right with respect to its pro rata portion of the Syndicated Default Shares, then each other Non-Defaulting Investor shall have the right, in its sole discretion, to purchase and acquire from the Company at the Closing its *pro rata* portion (based on the relative portion of the aggregate Purchase Price allocated to such other Non-Defaulting Investor) all such Syndicated Default Shares not otherwise purchased at a purchase price per Syndicated Default Share equal to $1,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in this Section 2.03 shall obligate or require any Investor to exercise their right to acquire any Default Shares or Syndicated Default Shares (as applicable) or to fund any additional portion of the Purchase Price with respect to such Default Shares or Syndicated Default Shares (as applicable). The Company may pursue any other remedies against any Defaulting Investor and Syndicated Defaulting Investor available to the Company, subject to applicable law and the terms of this Agreement.

------

**ARTICLE III** 

**REPRESENTATIONS AND WARRANTIES OF THE COMPANY** 

The Company represents and warrants to each Investor that, except as disclosed in any report, schedule, form, statement or other document (including exhibits) filed with, or furnished to, the SEC and publicly available on or after January 1, 2025 and prior to the date hereof (the "<u>Filed SEC Documents</u>"), other than any disclosures in any such Filed SEC Document contained in the "Risk Factors" section thereof or any forward-looking statements within the meaning of the Securities Act or the Exchange Act thereof (it being acknowledged that nothing disclosed in the Filed SEC Documents shall be deemed to qualify or modify the representations and warranties set forth in <u>Sections 3.01</u>, <u>3.02</u>, <u>3.03(a)</u>, <u>3.06</u>, <u>3.12</u>, <u>3.13</u> and <u>3.18)</u>:

Section 3.01 <u>Organization; Standing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is a corporation duly incorporated and validly existing as a corporation in good standing under the Laws of the State of Delaware and has the corporate power and authority necessary to own or lease its property and to conduct its business and is qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company is duly licensed or qualified as a foreign corporation for the transaction of business and is in good standing (if applicable) under the Laws of each other jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification, except to the extent that the failure to be so licensed, qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. True and complete copies of the Company Charter Documents are included in the Filed SEC Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Company's Subsidiaries is duly incorporated, organized or formed, validly existing as a corporation or other business entity in good standing (where such concept is recognized under applicable Law) under the Laws of the jurisdiction of its incorporation, organization or formation, except where the failure to be so organized, existing and in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

Section 3.02 <u>Capitalization</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The authorized capital stock of the Company consists of 2,000,000,000 shares of Common Stock and 15,000,000 shares of preferred stock, par value $0.01 per share ("<u>Company Preferred Stock</u>"). At the close of business on October 23, 2025 (the "<u>Capitalization Date</u>"), (i) 1,358,553,125 shares of Common Stock were issued and outstanding, (ii) 11,485,232 shares of Common Stock were reserved and available for issuance pursuant to the Company Stock Plans and (iii) no shares of Company Preferred Stock were issued or outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as described in this <u>Section</u> <u>3.02</u>, as of the Capitalization Date, there were (i) no outstanding shares of capital stock of, or other equity or voting interests in, the Company, (ii) no outstanding securities convertible into or exchangeable for shares of capital stock of, or other equity or voting interests in, the Company other than obligations under the Company Stock Plans, (iii) no outstanding options, warrants, rights or other commitments or agreements to acquire from the Company or any Subsidiary, or that obligate the Company or any Subsidiary to issue, any capital stock of, or other equity or voting interests (or voting debt) in, or any securities convertible into or exchangeable for shares of capital stock of, or other equity or voting interests in, the Company other than obligations under the Company Stock Plans, (iv) no obligations of the Company or any Subsidiary to grant, extend or enter into

------

any subscription, warrant, right, debt, convertible or exchangeable security or other similar agreement or commitment relating to any capital stock of, or other equity or voting interests in, the Company (the items in clauses (i), (ii), (iii) and (iv) being referred to collectively as "<u>Company Securities</u>") and (v) no other obligations by the Company or any of its Subsidiaries to make any payments based on the price or value of any Company Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except for the JV Investment and as provided in <u>Section</u> <u>5.17</u>, there are no outstanding agreements of any kind which obligate the Company or any of its Subsidiaries to repurchase, redeem or otherwise acquire any Company Securities, or obligate the Company to grant, extend or enter into any such agreements relating to any Company Securities, including any agreements granting any preemptive rights, subscription rights, anti-dilutive rights, rights of first refusal or similar rights with respect to any Company Securities. None of the Company or any Subsidiary of the Company is a party to any stockholders' agreement, voting trust agreement, registration rights agreement or other similar agreement or understanding relating to any Company Securities or any other agreement relating to the disposition, voting or dividends with respect to any Company Securities, other than this Agreement, the Investor Rights Agreement, by and among the Company and the holders listed on Schedule A thereto, dated as of July 9, 2018, the Registration Rights Agreement and in connection with the JV Investment. All outstanding shares of Common Stock have been duly authorized and validly issued and are fully paid, nonassessable and free of preemptive rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Acquired Shares and the shares of Common Stock issuable upon conversion of the Acquired Shares will be, when issued, duly authorized and validly issued, fully paid and nonassessable and issued in compliance with all applicable federal and state securities laws, and such shares will not be issued in violation of any purchase option, call option, preemptive right, resale right, subscription right, right of first refusal or similar right, and will be free and clear of all Liens, except restrictions imposed by the Securities Act and any applicable foreign and state securities Laws, Liens contemplated by the Transaction Documents and <u>Section</u> <u>5.07</u>. The Acquired Shares, when issued, and the shares of Common Stock issuable upon conversion of the Acquired Shares, if and when issued, will have the terms and conditions and entitle the holders thereof to the rights set forth in the Company Charter Documents, as amended by the Certificate of Designations. The shares of Common Stock issuable upon conversion of the Acquired Shares have been duly reserved for such issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, all of the outstanding shares of capital stock of, or other equity or voting interests in, each Subsidiary of the Company (except for directors' qualifying shares or the like) are owned directly or indirectly, beneficially and of record, by the Company free and clear of all Liens.

Section 3.03 <u>Authority; Non-contravention</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has all necessary corporate power and corporate authority to execute and deliver this Agreement and the other Transaction Documents and to perform its obligations hereunder and thereunder and to consummate the Transactions. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents, and the consummation by it of the Transactions, have been duly authorized by the Board and the Board has duly reserved (x) the shares of Series A Preferred Stock to be issued in accordance with the terms and conditions of the Certificate of Designations and (y) the shares of Common Stock to be issued upon any conversion of shares of Series A Preferred Stock into Common Stock. No other action on the part of the Company or its stockholders is necessary to authorize the execution, delivery and performance by the Company of this Agreement and the other Transaction Documents and the consummation by it of the Transactions. This Agreement has been duly executed and delivered by the Company and, assuming due authorization, execution and delivery hereof by each Investor, constitutes a legal, valid and binding obligation of the Company,

------

enforceable against the Company in accordance with its terms, except that such enforceability (i) may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar Laws of general application affecting or relating to the enforcement of creditors' rights generally and (ii) is subject to general principles of equity, whether considered in a proceeding at law or in equity (the "<u>Bankruptcy and Equity Exception</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the execution and delivery of this Agreement or the other Transaction Documents by the Company, nor the consummation by the Company of the Transactions, nor performance or compliance by the Company with any of the terms or provisions hereof or thereof, will (i) conflict with or violate any provision of the Company's Charter Documents or (ii) assuming that the authorizations, consents and approvals referred to in <u>Section</u> <u>3.04</u> are obtained at or prior to the Closing Date and the filings referred to in <u>Section</u> <u>3.04</u> are made and any waiting periods thereunder have terminated or expired at or prior to the Closing Date, (x) violate any Law or Judgment applicable to the Company or any of its Subsidiaries or (y) violate or constitute a default (or constitute an event which, with notice or lapse of time or both, would violate or constitute a default) or accelerate the performance required by the Company under any of the terms or provisions of any loan or credit agreement, indenture, debenture, note, bond, mortgage, deed of trust, lease, sublease, license, contract or other agreement (a "<u>Contract</u>") to which the Company or any of its Subsidiaries is a party or accelerate the Company's or, if applicable, any of its Subsidiaries' obligations under any such Contract, except, in the case of clause (ii), as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

Section 3.04 <u>Governmental Approvals</u>. Except for (a) the filing of the Certificate of Designations with the Secretary of State of the State for Delaware, (b) filings required under, and compliance with other applicable requirements of the HSR Act and any other applicable Regulatory Laws, (c) filings with the SEC under the Securities Act and Exchange Act and (d) compliance with any applicable state securities or blue sky laws, no consent or approval of or filing, license, permit or authorization, declaration or registration with, or notice to any Governmental Authority or any stock market or stock exchange is necessary for the execution and delivery of this Agreement and the other Transaction Documents by the Company, the performance by the Company of its obligations hereunder and thereunder and the consummation by the Company of the Transactions, other than such other consents, approvals, filings, licenses, permits or authorizations, declarations or registrations that, if not obtained, made or given, would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

Section 3.05 <u>Company SEC Documents; Undisclosed Liabilities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has filed with the SEC, on a timely basis, all required reports, schedules, forms, statements and other documents required to be filed by the Company with the SEC pursuant to the Exchange Act since January 1, 2024 (collectively, the "<u>Company SEC Documents</u>"). As of their respective SEC filing dates, the Company SEC Documents complied in all material respects with the requirements of the Securities Act, the Exchange Act or the Sarbanes-Oxley Act of 2002 (and the regulations promulgated thereunder), as the case may be, applicable to such Company SEC Documents, and none of the Company SEC Documents as of such respective dates (or, if amended prior to the date hereof, the date of the filing of such amendment, with respect to the disclosures that are amended) contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. As of the date hereof, (i) the Company is eligible to file a registration statement on Form S-3, (ii) none of the Company's Subsidiaries is required to file any documents with the SEC, (iii) there are no outstanding or unresolved comments in comment letters from the SEC staff with respect to any of the Company SEC Documents and (iv) to the Knowledge of the Company, none of the Company SEC Documents is the subject of ongoing SEC review, outstanding SEC comment or outstanding SEC investigation. Each of the certifications and statements relating to the Company SEC Documents required by: (A) Rule 13a-14 or Rule 15d-14 under the Exchange Act; (B) 18 U.S.C. §1350 (Section 906 of the Sarbanes-Oxley Act); or (C) any other rule or regulation promulgated by the SEC or applicable to the Company SEC Documents is accurate and complete, and complies as to form and content in all material respects with all applicable Laws.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The consolidated financial statements of the Company (including all related notes or schedules) included or incorporated by reference in the Company SEC Documents (i) complied as to form, as of their respective dates of filing with the SEC in all material respects with the applicable accounting requirements of the Securities Act with respect thereto, (ii) have been prepared in accordance with GAAP (except, in the case of unaudited quarterly statements, as permitted by Form 10-Q of the SEC or other rules and regulations of the SEC) applied on a consistent basis during the periods involved (except (i) as may be indicated in the notes thereto or (ii) as permitted by Regulation S-X), and (iii) fairly present in all material respects the consolidated financial position of the Company and its Subsidiaries as of the dates thereof and the consolidated results of their operations and cash flows for the periods shown (subject, in the case of unaudited quarterly financial statements, to normal year-end adjustments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the Company nor any of its Subsidiaries has any liabilities of any nature (whether accrued, absolute, contingent or otherwise) that would be required under GAAP, as in effect on the date hereof, to be reflected on a consolidated balance sheet of the Company (including the notes thereto) except liabilities (i) reflected or reserved against in the balance sheet (or the notes thereto) of the Company and its Subsidiaries as of December 31, 2024 (the "<u>Balance Sheet Date</u>") included in the Filed SEC Documents, (ii) incurred after the Balance Sheet Date in the ordinary course of business (other than any such liabilities related to any breach of Contract, violation of Laws, infringement, misappropriation or tort) or (iii) as would not, individually or in the aggregate, 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;(d) The Company has established and maintains, and at all times since January 1, 2024 has maintained, disclosure controls and procedures and a system of internal controls over financial reporting (as such terms are defined in paragraphs (e) and (f), respectively, of Rule 13a-15 under the Exchange Act) as required by Rule 13a-15 under the Exchange Act. Neither the Company nor, to the Knowledge of the Company, the Company's independent registered public accounting firm, has identified or been made aware of "material weaknesses" (as defined by the Public Company Accounting Oversight Board) in the design or operation of the Company's internal controls over and procedures relating to financial reporting which would reasonably be expected to adversely affect in any material respect the Company's ability to record, process, summarize and report financial data, in each case which has not been subsequently remediated. The Company is, and has been at all times since January 1, 2024, in compliance in all material respects with the applicable listing requirements and corporate governance rules and regulations of the Nasdaq.

Section 3.06 <u>Absence of Certain Changes</u>. Since January 1, 2025, there has not been any Material Adverse Effect.

Section 3.07 <u>Legal Proceedings</u>. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, there is no (a) pending legal or governmental action, claim, lawsuit, charge, complaint, audit, investigation, arbitration, inquiry<u>,</u> proceeding or lawsuit (an "<u>Action</u>") against the Company or any of its Subsidiaries and, to the Knowledge of the Company, no such Actions have been threatened by any Governmental Authority or any other Person or (b) judgment, injunction, ruling, writ, order or decree of any Governmental Authority having jurisdiction over the Company and its Subsidiaries ("<u>Judgments</u>") imposed upon the Company or any of its Subsidiaries.

------

Section 3.08 <u>Compliance with Laws; Permits</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i) the Company and each of its Subsidiaries have complied, and are presently in compliance, with applicable Laws, statutes, judgments, orders, rules and regulations of any court or arbitrator or other governmental or regulatory authority and any other legal obligations; (ii) the Company has not received any notification of or complaint regarding and is unaware of any other facts or circumstances that would result in a non-compliance with any such Laws; and (iii) there is no action, lawsuit or proceeding by or before any court or governmental agency, authority or body pending or, to the knowledge of the Company, threatened alleging the Company's or any of its Subsidiaries' non-compliance with any such Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company and its Subsidiaries possess all licenses, certificates, permits, registrations, approvals or other authorizations ("<u>Permits</u>") issued by the appropriate federal, state, local or foreign governmental or regulatory authorities that are necessary for the ownership or lease of their respective properties or conduct of their respective businesses, and have fulfilled all material obligations with respect to such Permits, except where the failure to possess such Permits or perform such obligations would not individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, taken as a whole. Neither the Company nor any of its Subsidiaries has received notice of any revocation or modification of any Permit or has any knowledge that any such Permits will not be renewed in the ordinary course, except for such revocations, modifications or renewals as would not individually or in the aggregate, 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;(c) None of the Company or its Subsidiaries, or any of their respective directors, officers or, to the Company's knowledge, any employee, agent, controlled affiliate or other Person acting on behalf of the Company or its Subsidiaries, is an individual or entity that is, or is owned or controlled by one or more Persons that are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the subject of any sanctions administered or enforced by the U.S. Department of the Treasury's Office of Foreign Assets Control, the United Nations Security Council, the European Union, His Majesty's Treasury, or any other relevant sanctions authority (collectively, "<u>Sanctions</u>"), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) located, organized or resident in a country or territory that is or has been since April 24, 2019, the target of Sanctions (including, without limitation, the so-called Donetsk People's Republic, the so-called Luhansk People's Republic, the Crimea Region and the non-government controlled areas of the Zaporizhzhia and Kherson Regions of Ukraine, Cuba, Iran, North Korea, and Syria, or any other Covered Region of Ukraine identified pursuant to Executive Order 14065) (together with Belarus and Russia, each, a "<u>Sanctioned Jurisdiction</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) None of the Company or its Subsidiaries will, directly or indirectly, use any part of the proceeds of the Transactions or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture or 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;&nbsp;&nbsp;&nbsp;&nbsp;(i) to fund or facilitate any activities of or business with or involving any Person that, at the time of such funding or facilitation, is the subject of Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&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 fund or facilitate any activities of or business with, in or involving any country or territory that is, at the time of such funding or facilitation, a Sanctioned Jurisdiction; 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;(iii) in any other manner that would result in a violation of Sanctions by any Person (including any Person participating in the Transactions).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Since April 24, 2019, the Company and each of its Subsidiaries have not knowingly engaged in, and are not now engaged in, and will not engage in any dealings or transactions with any Person, in any country or territory, or with any Person located, organized, or resident in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions, in each case in violation of applicable Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the past five (5) years, neither the Company nor its Subsidiaries, nor any of their respective directors, officers, or employees, or, to the Company's knowledge, any agent, controlled affiliate, or other Person acting on behalf of the Company or its Subsidiaries is or has been (i) engaged in any export, reexport, transfer or provision of any goods, software, technology, data or service without, or exceeding the scope of, any required or applicable licenses or authorizations under all applicable Laws relating to export, reexport, transfer, and import controls, including the Export Administration Regulations, the International Traffic in Arms Regulations, the customs and import Laws administered by U.S. Customs and Border Protection, and the EU Dual Use Regulation (collectively, "<u>Ex-Im Laws</u>"); or (ii) otherwise in violation of Ex-Im Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (i) Neither the Company or its Subsidiaries, nor any of their respective directors, officers, or employees, or, to the Company's knowledge, any agent, controlled affiliate or other Person acting on behalf of the Company or its Subsidiaries, has taken or will take any unlawful action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment, giving or receipt of money, property, gifts or anything else of value, directly or indirectly, to any government official (including any officer or employee of a government or government-owned or controlled entity or of a public international organization, or any Person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office) in order to influence official action, or to any Person in violation of any applicable anti-corruption laws, including the U.S. Foreign Corrupt Practices Act of 1977, as amended; and (ii) the Company and its controlled affiliates have conducted their businesses in compliance with applicable anti-corruption laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In the past five years (or in the case of Sanctions, since April 24, 2019) neither the Company nor any of its Subsidiaries have received from any Governmental Authority or any Person any notice, inquiry, or internal or external allegation; made any voluntary or involuntary disclosure to a Governmental Authority; or conducted any internal investigation or audit concerning any actual or potential violation or wrongdoing, in each case related to anti-corruption Laws, Ex-Im Laws, and Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The operations of the Company and its Subsidiaries are and have been conducted within the last five years in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes of jurisdictions where the Company and its Subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the "<u>Anti-Money Laundering Laws</u>"), and no action, lawsuit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its Subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

Section 3.09 <u>Contracts</u>. Each Contract that is material to the business of the Company and its Subsidiaries, taken as a whole (each, a "<u>Material Contract</u>"), and to which the Company or any of its Subsidiaries is a party or by which the Company, any of its Subsidiaries or any of their respective properties or assets is bound, is valid, binding and enforceable on the Company and any of its Subsidiaries to the extent such

------

Person is a party thereto, as applicable, and to the Knowledge of the Company, each other party thereto, and is in full force and effect, except where the failure to be valid, binding or in full force and effect, individually or in the aggregate, has not had and would not reasonably be expected to have a Material Adverse Effect. The Company and each of its Subsidiaries, and, to the Knowledge of the Company, any other party thereto, is in compliance in all respects with all Material Contracts and the Merger Protocol and has performed all obligations required to be performed by it, except where such noncompliance, individually or in the aggregate, has not had and would not reasonably be expected to have a Material Adverse Effect.

Section 3.10 <u>Tax Matters</u>. The Company and each of its Subsidiaries have timely filed all federal, state, local and non-U.S. Tax returns required to be filed through the date of this Agreement or have requested extensions thereof (except where the failure to file would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect) and have paid all Taxes required to be paid thereon (except for cases in which the failure to file or pay would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, or, except as currently being contested in good faith by appropriate proceedings and for which reserves required by GAAP have been created in the financial statements of the Company), and there is no Tax deficiency that has been asserted against the Company or any of its Subsidiaries or any of their respective properties or assets which, individually or in the aggregate, has had a Material Adverse Effect.

Section 3.11 <u>Real Property Holding Corporation</u>. The Company is not currently and has not been during the prior five (5) years a United States real property holding corporation (a "<u>USRPHC</u>") within the meaning of Section 897 of the Code. If the Coffee Business were, as of the date hereof, owned by a single domestic corporation (and not owned by the Company) which held no other businesses or assets, neither such corporation nor the Company would be a USRPHC within the meaning of Section 897 of the Code.

Section 3.12 <u>No Rights Agreement; Anti-Takeover Provisions</u>. The Company is not party to a stockholder rights agreement, "poison pill" or similar anti-takeover agreement or plan.

Section 3.13 <u>Brokers and Other Advisors</u>. Except for Goldman Sachs & Co. LLC ("<u>Goldman</u>"), no broker, investment banker, financial advisor or other Person is entitled to any broker's, finder's, financial advisor's or other similar fee or commission, or the reimbursement of expenses in connection therewith, in connection with the Transactions based upon arrangements made by or on behalf of the Company or any of its Subsidiaries.

Section 3.14 <u>Employee Benefit Plans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect (i) each employee benefit pension plan, within the meaning of Section 3(2) of the ERISA subject to Title IV of ERISA that is maintained, sponsored or contributed to the Company, its Subsidiaries or any member of their respective "Controlled Group" (defined as any entity, whether or not incorporated, that is under common control with the Company within the meaning of Section 4001(a)(14) of ERISA or any entity that would be regarded as a single employer with the Company under Section 414(b), (c), (m) or (o) of the Code or with respect to which the Company, its Subsidiaries or any member of the Controlled Group has any liability (each, a "<u>Plan</u>") has been maintained, funded and administered in compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Code; (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any Plan, excluding transactions effected pursuant to a statutory or administrative exemption; (iii) for each Plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no "accumulated funding deficiency" as defined in Section 412 of the Code, whether or not waived, has

------

occurred or is reasonably expected to occur; (iv) the fair market value of the assets of each Plan exceeds the present value of all benefits accrued under such Plan (determined based on those assumptions used to fund such Plan); (v) no "reportable event" (within the meaning of Section 4043(c) of ERISA) not waived by the Pension Benefit Guarantee Corporation ("<u>PBGC</u>") has occurred or is reasonably expected to occur; and (vi) neither the Company nor, to the knowledge of the Company, any member of the respective Controlled Group has incurred, nor reasonably expects to incur, any liability under Title IV of ERISA (other than contributions to the Plan or premiums to the PBGC, in the ordinary course and without default) with respect to the termination of a Plan (or the withdrawal from a "multiemployer plan" within the meaning of Section 4001(a)(3) of ERISA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as would not reasonably be expected to have a Material Adverse Effect, each "employee benefit plan" as defined in Section 3(3) of ERISA and each other employee benefit or compensation plan, program or arrangement of any kind maintained, sponsored or contributed to by the Company and its Subsidiaries or with respect to which the Company and its Subsidiaries has any liability (each a "Benefit Plan") (i) has been maintained, funded and administered in compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Code; and (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any Benefit Plan, excluding transactions effected pursuant to a statutory or administrative exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Benefit Plan intended to be tax-qualified under Section 401(a) of the Code has received a current determination letter from the Internal Revenue Service as to the qualification of such Benefit Plan or such Benefit Plan is entitled to rely on an opinion letter issued on the form of the plan by the Internal Revenue Service as to the qualification of such Benefit plan and nothing has occurred that could adversely affect the qualified status of such Benefit Plan.

Section 3.15 <u>Labor Matters</u>. No labor disturbance, strike, lockout, work stoppage, slowdown, picketing, hand billing by or dispute with employees of the Company or its Subsidiaries or their representatives exists or, to the knowledge of the Company, is contemplated or threatened, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. To the Knowledge of the Company, there are no pending or threatened material (i) labor organizing activities with respect to the employees of the Company or any of its Subsidiaries, or (ii) unfair labor practice charges, grievances or arbitrations, in each case, as of the date of this Agreement. The Company or the applicable Subsidiary has satisfied in all material respects any notice, consultation or other obligations owed to employees or any labor union, works council, employee representative or other labor organization under applicable Law or Collective Bargaining Agreement in connection with entering into this Agreement. The Company and its Subsidiaries have reasonably investigated all sexual harassment allegations of which any of them has Knowledge. With respect to each such allegation with potential merit, the Company or the applicable Subsidiary has taken corrective action that is reasonably calculated to prevent further improper action.

Section 3.16 <u>Sale of Securities</u>. Based in part on the representations and warranties set forth in <u>Section</u> <u>4.05</u>, the sale and offer of the Acquired Shares pursuant to this Agreement is exempt from the registration and prospectus delivery requirements of the Securities Act. Without limiting the foregoing, neither the Company nor, to the Knowledge of the Company, any other Person authorized by the Company to act on its behalf, has engaged in a general solicitation or general advertising (within the meaning of Regulation D of the Securities Act) of investors with respect to offers or sales of Series A Preferred Stock, and neither the Company nor, to the Knowledge of the Company, any Person acting on its behalf has made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the offering or issuance of Series A Preferred Stock under this Agreement to be integrated with prior offerings by the Company for purposes of the Securities Act that would result in none of Regulation D or any other applicable exemption from registration under the Securities Act to be available, nor will the Company take any action or steps that would cause the offering or issuance of Series A Preferred Stock under this Agreement to be integrated with other offerings by the Company.

------

Section 3.17 <u>Listing and Maintenance Requirements</u>. The Common Stock is registered pursuant to Section 12(b) of the Exchange Act and listed on the Nasdaq, and the Company has taken no action designed to, or which to the Knowledge of the Company is reasonably likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act or delisting the Common Stock from the Nasdaq, nor has the Company received as of the date of this Agreement any notification that the SEC or the Nasdaq is contemplating terminating such registration or listing or otherwise.

Section 3.18 <u>Status of Securities</u>. As a result of the approval by the Board referred to in <u>Section</u> <u>3.03(a)</u>, the Acquired Shares to be issued pursuant to this Agreement, and the shares of Common Stock to be issued upon conversion of the Acquired Shares, have been duly authorized and reserved for issuance by all necessary corporate action of the Company. The respective rights, preferences, privileges, and restrictions of the Series A Preferred Stock and the Common Stock are as stated in the Company Charter Documents (including the Certificate of Designations).

Section 3.19 <u>Indebtedness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the date hereof, the Company is not party to any Contract, and is not subject to any provision in the Company Charter Documents or other governing documents or resolutions of the Board, that, in each case, by its terms restricts, limits, prohibits or prevents the Company from paying dividends in form and the amounts contemplated by the Certificate of Designations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company and its Subsidiaries and, to the Knowledge of the Company, each of the other parties thereto, are not in material breach of, default or violation under, any Contract governing Indebtedness of the Company, and no event has occurred that with notice or lapse of time, or both, would constitute such a material breach, default or violation.

Section 3.20 <u>Real Property</u>. The Company and its Subsidiaries have good and marketable title in fee simple to, or have valid rights to lease or otherwise use, all items of real and personal property that are material to their respective businesses, taken as a whole, in each case free and clear of all liens, encumbrances, claims and defects with respect to the Company and its Subsidiaries, except those that (i) do not materially interfere with the use made and proposed to be made of such property by the Company and its Subsidiaries or (ii) would not individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

Section 3.21 <u>Intellectual Property</u>. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect: (i) the Company and its Subsidiaries own or possess the valid and enforceable right to use all intellectual property or proprietary rights, including patents, patent applications, domain names, trademarks and trademark applications, service marks, Internet domain names, and trade names, together with all goodwill associated with any of the foregoing, copyrights, proprietary rights in software, data and databases, know-how and trade secrets and all other intellectual property rights (collectively, "<u>Intellectual Property Rights</u>") that are used in, or necessary for the conduct of their businesses, <u>provided</u>, that the foregoing clause (i) shall not be construed as a representation or warranty of non-infringement of any third-party Intellectual Property Rights; (ii) each of Company and its Subsidiaries have taken commercially reasonable measures to maintain, protect, and enforce the Intellectual Property Rights owned or purported to be owned by them, including the secrecy of all trade secrets and confidential information included therein; (iii) to the Knowledge of the Company, the conduct of the Company's or any of its Subsidiaries' businesses did not and has not, in the past three (3) years, infringed, misappropriated or violated, and, does not infringe, misappropriate or otherwise violate any

------

Intellectual Property Rights of any Person; (iv) neither the Company nor any of its Subsidiaries has received any written notice of any claim, request for indemnification, or threats against the Company or its Subsidiaries concerning the matters described in the foregoing clause (iii); (v) to the Knowledge of the Company, no Person is infringing upon, misappropriating or otherwise violating any Intellectual Property Rights owned by the Company or any of its Subsidiaries; (vi) all registered, issued and applied-for Intellectual Property Rights owned by the Company and its Subsidiaries are subsisting and, to the knowledge of the Company, valid and enforceable; and (vii) there are no claims or actions pending or threatened against the Company or any of its Subsidiaries challenging the validity, enforceability or ownership of any Intellectual Property Rights owned by the Company or any of its Subsidiaries.

Section 3.22 <u>Information Technology; Data Security</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect: (i) the Company and each of its Subsidiaries have taken technical and organizational measures necessary to protect the Information Technology Systems and Data contained therein or transmitted thereby in connection with the operation of the Company's and its Subsidiaries' businesses; (ii) without limiting the foregoing, the Company and its Subsidiaries have used commercially reasonable efforts to establish and maintain, and have established, maintained, implemented and complied with commercially reasonable information technology, information security, cyber security and data protection controls, policies and procedures, including oversight, access controls, encryption, technological and physical safeguards and business continuity, disaster recovery and security plans that are designed to protect against and prevent breach, destruction, loss, unauthorized distribution, use, processing, access, disablement, misappropriation or modification, or other compromise or misuse of or relating to any Information Technology Systems or Data in the possession or control of the Company's and its Subsidiaries' businesses ("<u>Breach</u>"); and (iii) to the Knowledge of the Company, there has been no Breach, and the Company and the Subsidiaries have not been notified of, and have no knowledge of any event or condition that would reasonably be expected to result in, any Breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i) the Company and each of its Subsidiaries have complied, and are presently in compliance with, internal and external privacy policies, contractual obligations, binding industry standards, applicable Laws, statutes, judgments, orders, rules and regulations of any court or arbitrator or other governmental or regulatory authority and any other legal obligations, in each case, relating to data privacy, data security, or Breach notification requirements or the collection, use, processing, transfer, import, export, storage, protection, disposal and disclosure by the Company or any of its Subsidiaries of personal, personally identifiable data or equivalent term ("<u>Data Security Obligations</u>", and such data, "<u>Data</u>"); and (ii) the Company has not received any written notification of or complaint regarding material non-compliance with any Data Security Obligations; and (iii) there is currently no action, lawsuit or proceeding by or before any court or governmental agency, authority or body alleging the Company's or any of its Subsidiaries' material non-compliance with any Data Security Obligation.

Section 3.23 <u>Affiliate Transactions</u>. None of the officers or directors of the Company is presently a party to any transaction with the Company or any of its Subsidiaries (other than as holders of options, and/or other grants or awards under the Company Stock Plans, and for services as employees, officers and directors) that is material to the Company and its Subsidiaries, taken as a whole. Since January 1, 2024, neither the Company nor any Subsidiary has entered into any transaction between the Company or any of its Subsidiaries, on the one hand, and any Affiliate of the Company (other than (i) between the Company itself and any of its Subsidiaries or (ii) between any of the Subsidiaries themselves), on the other hand, except in compliance with the Company's related party transaction policy.

------

Section 3.24 <u>Environmental Matters</u>(a) . Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect: (i) the Company and each of its Subsidiaries have complied and are presently in compliance with all applicable Environmental Laws, which compliance includes possession of and compliance with all Permits required by Environmental Laws; (ii) the Company and its Subsidiaries have not received any written notice or claim from any Person of any violation of, or liability under or related to, any Environmental Laws; (iii) neither the Company nor any of its Subsidiaries has released, disposed or arranged for disposal of, exposed any Person to, or owned or operated any property contaminated by, any Hazardous Material, in each case as would give rise to liability for the Company or any of its Subsidiaries under Environmental Laws; and (iv) neither the Company nor any of its Subsidiaries has assumed or retained, as a result of any contract, any liabilities under any Environmental Laws or concerning any Hazardous Substances.

Section 3.25 <u>No Other Representations or Warranties</u>. Except for the representations and warranties made by the Company in this <u>Article</u> <u>III</u>, in any Transaction Documents or in any certificate or other document delivered in connection with this Agreement or the Transaction Documents, neither the Company nor any other Person acting on its behalf makes any other express or implied representation or warranty with respect to the Series A Preferred Stock, the Common Stock, the Company or any of its Subsidiaries or their respective businesses, operations, properties, assets, liabilities, condition (financial or otherwise) or prospects, notwithstanding the delivery or disclosure to any Investor or its respective Representatives of any documentation, forecasts or other information with respect to any one or more of the foregoing, and the Investor acknowledges the foregoing. In particular, and without limiting the generality of the foregoing, except for the representations and warranties made by the Company in this <u>Article</u> <u>III</u>, the Transaction Documents, or in any certificate or other document delivered in connection with this Agreement or the Transaction Documents, neither the Company nor any other Person makes or has made any express or implied representation or warranty to the Investors or their respective Representatives with respect to (a) any financial projection, forecast, estimate, budget or prospect information relating to the Company, any of its Subsidiaries or their respective businesses or (b) any oral or written information presented to any Investor or its respective Representatives in the course of its due diligence investigation of the Company, the negotiation of this Agreement or the course of the Transactions or any other transactions or potential transactions involving the Company and any Investor.

**ARTICLE IV** 

**REPRESENTATIONS AND WARRANTIES OF THE INVESTOR** 

Each Investor, severally in respect of itself only and not jointly, represents and warrants to the Company:

Section 4.01 <u>Organization; Standing</u>. Such Investor is duly organized, validly existing and in good standing under the Laws of its jurisdiction of organization and has all requisite limited partnership power and authority to carry on its business as presently conducted.

Section 4.02 <u>Authority; Non-contravention</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Such Investor has all necessary power and authority to execute and deliver this Agreement and the other Transaction Documents to which it is a party and to perform its obligations hereunder and thereunder and to consummate the Transactions. The execution, delivery and performance by such Investor of this Agreement and the other Transaction Documents and the consummation by such Investor of the Transactions have been duly authorized and approved by all necessary action on the part of such Investor, and no further action, approval or authorization by any of its partners, is necessary to authorize the execution, delivery and performance by such Investor of this Agreement and the other Transaction Documents and the consummation by such Investor of the Transactions. This Agreement has been duly executed and delivered by such Investor and, assuming due authorization, execution and delivery hereof by the Company, constitutes a legal, valid and binding obligation of such Investor, enforceable against such Investor in accordance with its terms, except that such enforceability may be limited by the Bankruptcy and Equity Exception.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the execution and delivery of this Agreement or the other Transaction Documents by such Investor, nor the consummation of the Transactions by such Investor, nor performance or compliance by such Investor with any of the terms or provisions hereof or thereof, will (i) conflict with or violate any provision of the certificate of incorporation, bylaws or other comparable organizational documents of such Investor, or (ii) assuming that the authorizations, consents and approvals referred to in <u>Section</u> <u>4.03</u> are obtained at or prior to the Closing Date (other than the authorizations, consents and approvals referred to in <u>Section</u> <u>4.03(b)</u>, which are to be obtained following the Closing in accordance with <u>Section</u> <u>5.01</u>) and the filings referred to in <u>Section</u> <u>4.03</u> are made and any waiting periods with respect to such filings have terminated or expired at or prior to the Closing Date (other than the filings referred to in <u>Section</u> <u>4.03(b)</u>, which are to be made and any waiting periods thereunder are to terminate or expire following the Closing in accordance with <u>Section</u> <u>5.01</u>), (x) violate any Laws or Judgment applicable to such Investor or (y) violate or constitute a default (or constitute an event which, with notice or lapse of time or both, would violate or constitute a default) under any of the terms, conditions or provisions of any Contract to which such Investor is a party or accelerate such Investor's obligations under any such Contract, except, in the case of clause (ii), as would not, individually or in the aggregate, reasonably be expected to have an Investor Material Adverse Effect.

Section 4.03 <u>Governmental Approvals</u>. Except for (a) the filing by the Company of the Certificate of Designations with the Delaware Secretary of State and (b) filings required under, and compliance with other applicable requirements of, the HSR Act and any other applicable Regulatory Laws, based on the information provided to such Investor's Representatives by the Company and its Representatives, no consent or approval of, or filing, license, permit or authorization, declaration or registration with, any Governmental Authority is necessary for the execution and delivery of this Agreement and the other Transaction Documents by such Investor, the performance by such Investor of its obligations hereunder and thereunder and the consummation by such Investor of the Transactions, other than such other consents, approvals, filings, licenses, permits, authorizations, declarations or registrations that, if not obtained, made or given, would not, individually or in the aggregate, reasonably be expected to have an Investor Material Adverse Effect.

Section 4.04 <u>Brokers and Other Advisors</u>. No broker, investment banker, financial advisor or other Person is entitled to any broker's, finder's, financial advisor's or other similar fee or commission, or the reimbursement of expenses in connection therewith, in connection with the Transactions based upon arrangements made by or on behalf of any Investor, except for Persons, if any, whose fees and expenses will be paid by such Investor.

Section 4.05 <u>Purchase for Investment</u>. Such Investor acknowledges that the offer and sale of the Acquired Shares and the Common Stock issuable upon the conversion of the Acquired Shares have not been registered under the Securities Act or under any state or other applicable securities laws. Such Investor (a) acknowledges that it is acquiring the Acquired Shares and the Common Stock issuable upon the conversion of the Acquired Shares pursuant to an exemption from registration under the Securities Act solely for investment with no intention to distribute any of the foregoing to any Person, (b) will not sell, transfer, or otherwise dispose of any of the Acquired Shares or the Common Stock issuable upon the conversion of the Acquired Shares, except in compliance with this Agreement and the registration requirements or exemption provisions of the Securities Act and any other applicable securities Laws, (c) has such knowledge and experience in financial and business matters and in investments of this type that it is capable of evaluating the merits and risks of its investment in the Acquired Shares and the Common

------

Stock issuable upon the conversion of the Acquired Shares and of making an informed investment decision, (d) is an "accredited investor" (as that term is defined by Rule 501 of the Securities Act) and an "Institutional Account" (as that term is defined by FINRA Rule 4512(c)), and (e) (1) has reviewed the information that it considers necessary or appropriate to make an informed investment decision with respect to the Acquired Shares and the Common Stock issuable upon conversion of the Acquired Shares, (2) has had an opportunity to discuss with the Company and its Representatives the intended business and financial affairs of the Company and to obtain information necessary to verify the information furnished to it or to which it had access and (3) can bear the economic risk of (i) an investment in the Acquired Shares and the Common Stock issuable upon the conversion of the Acquired Shares indefinitely and (ii) a total loss in respect of such investment. Such Investor has such knowledge and experience in business and financial matters so as to enable it to understand and evaluate the risks of, and form an investment decision with respect to its investment in, the Acquired Shares and the Common Stock issuable upon the conversion of the Acquired Shares.

Section 4.06 <u>Non-Reliance on Company Estimates, Projections, Forecasts, Forward-Looking Statements and Business Plans</u>. In connection with the due diligence investigation of the Company by such Investor and its Representatives, such Investor and its Representatives have received and may continue to receive from the Company and its Representatives certain estimates, projections, forecasts and other forward-looking information, as well as certain business plan information, in each case containing forward-looking information, regarding the Company and its Subsidiaries and their respective businesses and operations. Such Investor hereby acknowledges that there are uncertainties inherent in attempting to make such estimates, projections, forecasts and other forward-looking statements, as well as in such business plans to the extent each of them contain forward-looking information, with which such Investor is familiar, including with respect to the JDE Peet's Acquisition, the JV Investment, the Specified Spin-Off Transaction, the merger of the IPO Subsidiary into the Company and the Beverage Co. IPO, that such Investor is making its own evaluation of the adequacy and accuracy of such forward-looking information so furnished to such Investor (including the reasonableness of the assumptions underlying such forward-looking information), and that except for the representations and warranties made by the Company in <u>Article</u> <u>III</u>, the Transaction Documents and in any certificate or other document delivered in connection with this Agreement or the Transaction Documents, and other than for fraud, such Investor will have no claim against the Company or any of its Subsidiaries, or any of their respective Representatives, with respect thereto.

Section 4.07 <u>No Other Representations or Warranties</u>. Except for the representations and warranties made by each Investor in this <u>Article</u> <u>IV</u>, the Transaction Documents and in any certificate or other document delivered in connection with this Agreement or the Transaction Documents, neither any Investor nor any other Person acting on its behalf makes any other express or implied representation or warranty with respect to such Investor or any of its Affiliates or their respective businesses, operations, properties, assets, liabilities, condition (financial or otherwise) or prospects, notwithstanding the delivery or disclosure to the Company or its Representatives of any documentation, forecasts or other information with respect to any one or more of the foregoing, and the Company acknowledges the foregoing. In particular, and without limiting the generality of the foregoing, except for the representations and warranties made by the Investor in this <u>Article</u> <u>IV</u>, the Transaction Documents and in any certificate or other document delivered in connection with this Agreement or the Transaction Documents, neither any Investor nor any other Person makes or has made any express or implied representation or warranty to such Investor or its Representatives with respect to any oral or written information presented to the Company or its Representatives in the course of its due diligence investigation of the Company, the negotiation of this Agreement or the course of the Transactions or any other transactions or potential transactions involving the Company and such Investor. Nothing herein shall limit any claim for fraud.

------

**ARTICLE V** 

**ADDITIONAL AGREEMENTS** 

Section 5.01 <u>Antitrust Filings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms and conditions of this Agreement, including the terms of this <u>Section</u> <u>5.01</u>, each of the Company and each Investor shall cooperate with each other and use (and shall cause its Subsidiaries to use) its reasonable best efforts to obtain or submit, as the case may be, as promptly as practicable following the date hereof, all applications relating to applicable Regulatory Laws as set forth on Schedule 5.01(a) attached hereto (collectively with the expiration or termination of the waiting period, and any extension thereof, under the HSR Act, the "<u>Required Regulatory Approvals</u>"). In furtherance of the foregoing, each of the parties hereto shall cooperate with each other to evaluate and identify any filings, consents, clearances or approvals required under or in connection with any Regulatory Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company and each Investor agree to make any required filings pursuant to the Required Regulatory Approvals with respect to the Transactions as promptly as reasonably practicable following the date of this Agreement or following the date of such Investor's joinder agreement, as applicable, and, with respect to filings under the HSR Act, no later than twenty-five (25) Business Days after the date of this Agreement, or following the date of such Investor's joinder agreement, and to respond as promptly as reasonably practicable to any request for additional information and documentary material pursuant to the HSR Act or any other Regulatory Law, as applicable, and to promptly take any and all steps necessary to avoid or eliminate each and every impediment and obtain all consents that may be required pursuant to the HSR Act or any other Required Regulatory Approvals, as applicable, so as to enable the parties hereto to consummate the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the Company and each Investor shall use its reasonable best efforts to (i) cooperate in all respects with the other party in connection with any filing or submission with a Governmental Authority in connection with the Transactions and in connection with any investigation or other inquiry by or before a Governmental Authority relating to the Transactions, including any proceeding initiated by a private person, (ii) provide to the other any information in their possession that may be reasonably requested for the purposes of preparing submissions to a Governmental Authority (and the Company shall use its reasonable endeavors to make such reasonable requests for the same from JDE Peet's where this is necessary to enable Investor to meet its obligations under this Section 5), (iii) keep the other party informed in all material respects and on a reasonably timely basis of any material communication received by the Company or such Investor, as the case may be, from or given by the Company or such Investor, as the case may be, to any Governmental Authority and of any material communication received or given in connection with any proceeding by a private Person, in each case regarding the Transactions, (iv) subject to applicable Laws relating to the exchange of information, and to the extent reasonably practicable, consult with the other parties with respect to information relating to such party and its respective Subsidiaries, as the case may be, that appears in any filing made with, or written materials submitted to, any third Person or any Governmental Authority in connection with the Transactions, and (v) to the extent permitted by the applicable Governmental Authority or other Person, give the other party the opportunity to attend and participate in such meetings and conferences. For the avoidance of doubt, the requirements of this Section 5.01(c) shall apply only to this specific Transaction and shall not apply to any filings, submissions, requests, communications, meetings, conferences, or otherwise with the FTC or DOJ or any other Governmental Authority related to the JDE Peet's Acquisition. Any documents or other materials provided pursuant to this <u>Section</u> <u>5.01(c)</u> may be redacted or withheld as necessary to address reasonable privilege or confidentiality concerns, and to remove references concerning the valuation of the Company or other competitively sensitive material, and the parties may, as each deems advisable, reasonably designate any material provided under this <u>Section</u> <u>5.01(c)</u> as "outside counsel only material".

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary in this Agreement, nothing in this <u>Section</u> <u>5.01</u> or elsewhere in this Agreement shall require any Investor to take any action with respect to any of its Affiliates or their direct or indirect portfolio companies, including selling, divesting, conveying, holding separate, or otherwise limiting its freedom of action with respect to any assets, rights, products, licenses, businesses, operations, or interest therein, of any such Affiliates or any direct or indirect portfolio companies of investment funds advised or managed by one or more Affiliates of such Investor. The parties agree that all obligations of other parties related to regulatory approvals shall be governed exclusively by this <u>Section</u> <u>5.01</u>.

Section 5.02 <u>Corporate Actions</u>. At any time that any Series A Preferred Stock is outstanding, the Company shall (i) from time to time take all lawful action within its control to cause the authorized capital stock of the Company to include a sufficient number of authorized but unissued shares of Common Stock to satisfy the conversion requirements of all shares of the Series A Preferred Stock then outstanding, and (ii) not effect any voluntary deregistration under the Exchange Act or any voluntary delisting with the Nasdaq (or any other national securities exchange upon which the Common Stock may subsequently be listed) in respect of the Common Stock other than in connection with a Fundamental Change (other than a delisting pursuant to the definition thereof) pursuant to which the Company satisfies in full its obligations under the Certificate of Designations.

Section 5.03 <u>Public Disclosure</u>. The KKR Investor, the Apollo Investor and the Company shall consult with each other before issuing, and give each other the opportunity to review and comment upon, any press release or other public statements with respect to the Transaction Documents or the Transactions, and shall not issue any such press release or make any such public statement prior to such consultation, except as may be required by applicable Laws, Judgment, court process or the rules and regulations of any national securities exchange or national securities quotation system. The KKR Investor, the Apollo Investor and the Company agree that the initial press release to be issued with respect to the Transactions following execution of this Agreement shall be in a form agreed to by the parties hereto (the "<u>Announcement</u>"). Notwithstanding the forgoing, this <u>Section</u> <u>5.03</u> shall not apply to any press release or other public statement made by the Company or any Investor (a) which is consistent with the Announcement and does not contain any information relating to the Transactions that has not been previously announced or made public in accordance with the terms of this Agreement or (b) is made in the ordinary course of business and does not relate specifically to the signing of the Transaction Documents or the Transactions. Notwithstanding the foregoing or anything to the contrary in this <u>Section</u> <u>5.03</u> and <u>Section</u> <u>5.04</u>, (i) this <u>Section</u> <u>5.03</u> and <u>Section</u> <u>5.04</u> shall not prohibit any disclosure of information concerning this Agreement in connection with any dispute between the parties hereto regarding this Agreement and (ii) any Investor may, without consulting the Company, provide ordinary course communications regarding this Agreement and the transactions contemplated hereby in connection with financial reporting and fundraising activities to existing or prospective general and limited partners, equity holders, members, managers and investors of any Affiliates of such Person, which in each case are subject to customary confidentiality obligations.

Section 5.04 <u>Confidentiality</u>. Each Investor's confidentiality obligations under the Confidentiality Agreement shall survive the Closing Date in accordance with its terms and the confidential information thereunder (including oral, written and electronic information) shall include information concerning the Company, its Subsidiaries or its Affiliates that has been, or may be, furnished to the Investor, its Affiliates or their respective Representatives by or on behalf of the Company or any of its Representatives pursuant to, or in connection with, this Agreement and/or the Transactions and Transaction Documents (such information, the "<u>Confidential Information</u>").

------

Section 5.05 <u>Nasdaq Listing of Shares</u>. To the extent the Company has not done so prior to the date of this Agreement, the Company shall, as promptly as practicable and in any event <u>at least thirty (30)</u> <u>days</u> prior to the Closing Date, apply to cause the aggregate number of shares of Common Stock issuable upon the conversion of the Series A Preferred Stock to be issued to each Investor pursuant to this Agreement and pursuant to the Certificate of Designations to be approved for listing on the Nasdaq to the extent required by Nasdaq. From time to time following the Closing Date, the Company shall cause the number of shares of Common Stock issuable upon the conversion of the then outstanding shares of Series A Preferred Stock to be approved for listing on the Nasdaq, subject to official notice of issuance.

Section 5.06 <u>Standstill</u>. To preserve the tax-free treatment of the Specified Spin-Off Transaction under Section 355 of the Code, each Investor, severally but not jointly, agrees that during the Standstill Period applicable to such Investor, without the prior written approval of the Board, such Investor will not, directly or indirectly, and will not cause its Affiliates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acquire, offer or seek to acquire, agree to acquire or make a public proposal to acquire, by purchase or otherwise, beneficial ownership of any Company Securities, any securities convertible into or exchangeable for any Company Securities, any options or other derivative securities or contracts or instruments in any way related to the price of such Company Securities (other than cash-settled swaps or other cash-settled instruments) (but in each case other than (i) as a result of any stock split, stock dividend or distribution, subdivision, reorganization, reclassification or similar capital transaction involving Company Securities, (ii) the acquisition of shares of Common Stock issuable upon conversion of the Series A Preferred Stock, (iii) pursuant to or in connection with (A) an acquisition of Series A Preferred Stock, shares of Common Stock issuable upon conversion of the Series A Preferred Stock or common stock of the IPO Entity acquired pursuant to any Beverage Co. IPO from another Investor or one of its Affiliates or (B) a Permitted Loan, (iv) as a result of the exercise by the KKR Investor or the Apollo Investor of its participation rights pursuant to <u>Section</u> <u>5.17</u><u>,</u> (vi) as a result of the Apollo Investor's interest in KGM Manufacturing, LLC, (vii) as a result of the KKR Investor, the Apollo Investor or any of their Affiliates investment in the JV Investment or (viii) the acquisition of common stock of the IPO Entity acquired pursuant to any Beverage Co. IPO; <u>provided</u>, <u>that</u>, upon consummating any such transactions prior to the date that is twenty-four (24) months following the Spin-Off Closing, such Investor shall provide a certificate to the Company, signed on behalf of such Investor by an officer of such Investor, certifying that the representations and warranties set forth in <u>Section</u> <u>5.11</u> are true and correct, assuming that the Series A Preferred Stock has reached the Applicable Value Cap and the Conversion Cap);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make or in any way participate in or knowingly encourage any "solicitation" of "proxies" (whether or not relating to the election or removal of directors), as such terms are used in the rules of the SEC, to vote, or knowingly seek to advise or influence any Person with respect to voting of, any voting securities of the Company, or call or seek to call a meeting of the Company's stockholders, or initiate any stockholder proposal or action by the Company's stockholders, or seek election to or to place a representative on the Board or seek the removal of any director from the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) propose, offer, seek or indicate an interest in (in each case, with or without conditions) any merger or business combination, tender or exchange offer, recapitalization, reorganization or purchase of a material portion of the assets, properties or securities of the Company or any Subsidiary, or any other extraordinary transaction involving the Company or its Subsidiaries or any Subsidiary or any of their respective securities, or enter into any discussions, negotiations, arrangements, understandings or agreements whether written or oral) with any other Person (other than its Representatives) regarding any of the foregoing;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) otherwise act, alone or in concert with others, to seek to control or influence, in any manner, the management, Board or policies of the Company or any Subsidiary (for the avoidance of doubt, excluding any such act in their capacity as a commercial counterparty, customer, supplier or the like);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) make any public proposal or statement of inquiry or publicly disclose any intention, plan or arrangement consistent with the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) advise or knowingly assist or encourage or direct any Person to do any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) enter into any discussions, negotiations, arrangements or understandings with any third party (including security holders of the Company, but excluding, for the avoidance of doubt, any other Investor) with respect to any of the foregoing, including forming, joining or in any way participating in a "group" (as defined in Section 13(d)(3) of the Exchange Act) with any third party with respect to any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) request the Company or any of its Representatives to amend or waive any provision of this <u>Section</u> <u>5.06</u>, provided that this clause shall not prohibit an Investor from making a confidential request to the Company seeking an amendment or waiver of the provisions of this <u>Section</u> <u>5.06</u>, which the Company may accept or reject in its sole discretion, so long as any such request is made in a manner that does not require public disclosure thereof by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) contest the validity of this <u>Section</u> <u>5.06</u> or make, initiate, take or participate in any Action to amend, waive or terminate any provision of this <u>Section</u> <u>5.06</u>;

<u>provided</u>, <u>however</u>, that nothing in this <u>Section</u> <u>5.06</u> will limit an Investor's ability to vote, Transfer (subject to <u>Section</u> <u>5.07</u>), convert (subject to Article VIII of the Certificate of Designations) or otherwise exercise rights under its Common Stock or Series A Preferred Stock; <u>provided</u>, <u>further</u>, that notwithstanding anything to the contrary in this <u>Section</u> <u>5.06</u>, each Investor and its Affiliates may at any time communicate privately with the Company's directors, officers or advisors or submit to the Board one or more confidential proposals or offers for a transaction (including a transaction that, if consummated, would result in a Fundamental Change), so long as, in each case, such communications and submissions are not intended to, and would not reasonably be expected to, require any public disclosure by the Company of such communications or submissions, as applicable. Until the earliest of (i) the day after any Specified Spin-Off Transaction, (ii) the three (3) year anniversary of the Closing, if no Specified Spin-Off Transaction has occurred on or before such date, or (iii) a public announcement by the Company that it does not intend to pursue a Specified Spin-Off Transaction, no Investor shall enter into any agreement, understanding, arrangement, or substantial negotiations (within the meaning of Treasury Regulations Section 1.355-7(h)(1)) to acquire any Company Securities, any securities convertible into or exchangeable for any Company Securities, any options or other derivative securities or contracts or instruments in any way related to the price of such Company Securities (except as expressly allowed pursuant to this Section 5.06).

Section 5.07 <u>Transfer Restrictions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Investor shall be permitted to Transfer (x) any Series A Preferred Stock, (y) any Common Stock issued upon conversion of any Series A Preferred Stock or (z) any common stock of the IPO Entity acquired pursuant to any Beverage Co. IPO prior to the earliest of (x) the completion of a Specified Spin-Off transaction, (y) the three (3) year anniversary of the Closing, if no Specified Spin-Off Transaction has been completed by such date, or (z) a public announcement by the Company that it does not intend to pursue a Specified Spin-Off Transaction, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&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) with respect to a Transfer of Series A Preferred Stock, such Transfer is in a private transaction, and the transferee agrees to be bound by 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;(ii) with respect to a Transfer of Common Stock acquired on a conversion of the Series A Preferred Stock or common stock of the IPO Entity acquired pursuant to any Beverage Co. IPO, such Transfer is either (x) in a private transaction without any involvement by the Investor of an investment banker, and the transferee agrees to be bound by this Agreement, or (y) in an open market transaction (including, for the avoidance of doubt, sales pursuant to Rule 144 of the Securities Act being permitted) without the Company's involvement in marketing, brokering or otherwise soliciting such transaction, it being understood that ordinary course assistance with respect to removing legends or facilitating transfers through the Company's transfer agent shall not be deemed to be Company involvement in marketing, brokering or otherwise soliciting such transaction.

For the avoidance of doubt, KKR Capital Markets LLC and Apollo Global Securities, LLC (or any other broker-dealer affiliated with an Investor with respect to such Investor) shall not be deemed an "investment banker" for purposes of this Agreement or Treasury Regulations Section 1.355-7(h)(11) solely to the extent that they are providing customary financial advisory services to their Affiliates in connection with sales of Company Securities via a third party broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Investor shall be permitted to Transfer (x) any Series A Preferred Stock, (y) any Common Stock issued upon conversion of any Series A Preferred Stock or (z) any common stock of the IPO Entity acquired pursuant to any Beverage Co. IPO prior to the earliest of (x) following the consummation of a Specified Spin-Off Transaction, the day after the two (2) year anniversary of a Specified Spin-Off Transaction, (y) the three (3) year anniversary of the Closing, if no Specified Spin-Off Transaction has been completed by such date, or (z) a public announcement by the Company that it does not intend to pursue a Specified Spin-Off Transaction, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&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) with respect to a Transfer of Series A Preferred Stock, such Transfer is not to a Specified Person; <u>provided</u>, that Transfers to such Specified Person shall be permitted the day after the one (1) year anniversary of the Specified Spin-Off Transaction if all substantial negotiations (within the meaning of Treasury Regulations Section 1.355-7(h)(1)) with such Specified Person ceased prior to the Specified Spin-Off Transaction and do not resume prior to the day after the one (1) year anniversary of the Specified Spin-Off Transaction; 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;(ii) with respect to a Transfer of Common Stock acquired on a conversion of the Series A Preferred Stock or common stock of the IPO Entity acquired pursuant to any Beverage Co. IPO, such Transfer is either (x) an open market transaction (including, for the avoidance of doubt, sales pursuant to Rule 144 of the Securities Act being permitted) without the Company's involvement in marketing, brokering or otherwise soliciting such transaction, it being understood that ordinary course assistance with respect to removing legends or facilitating transfers through the Company's transfer agent shall not be deemed to be Company involvement in marketing, brokering or otherwise soliciting such transaction, or (y) not to a Specified Person; <u>provided</u>, that Transfers to a Specified Person shall be permitted the day after the one (1) year anniversary of the Specified Spin-Off Transaction if all substantial negotiations (within the meaning of Treasury Regulations Section 1.355-7(h)(1)) with such Specified Person ceased prior to the Specified Spin-Off Transaction and do not resume prior to the day after the one (1) year anniversary of the Specified Spin-Off Transaction.

------

&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, for so long as any Investor continues to hold any Series A Preferred Stock (or any Common Stock issued upon conversion of any Series A Preferred Stock) or any other shares of the Company's Common Stock, such Investor will not Transfer:

&nbsp;&nbsp;&nbsp;&nbsp;&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 Series A Preferred Stock (or any Common Stock issued upon conversion of any Series A Preferred Stock) to a Person who is known to be a Restricted Person (after reasonable inquiry); <u>provided</u>, that the foregoing shall not restrict any Investor from Transferring their Series A Preferred Stock (or any Common Stock issued upon conversion of any Series A Preferred Stock) to a Restricted Person in connection with a merger, tender offer or exchange offer or other business combination, acquisition of assets or similar transaction or any Fundamental Change involving the Company or any of its Subsidiaries that, in each case, is approved by the Board; 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;(ii) any Series A Preferred Stock (or any Common Stock issued upon conversion of any Series A Preferred Stock) to a Person or "group" (as defined in Section 13(d)(3) of the Exchange Act) that such Investor knows would, after giving effect to a proposed Transfer, beneficially own greater than five percent (5%) of the then outstanding Common Stock; provided, that the foregoing (x) shall not restrict the Investors from Transferring any Common Stock issued upon conversion of any Preferred Stock to a Person or group in connection with a merger, tender offer or exchange offer or other business combination, acquisition of assets or similar transaction or any Fundamental Change involving the Company or any of its Subsidiaries that, in each case, is approved by the Board and (y) will not apply with respect to any Person or group who makes filings with respect to the Company's securities to the SEC on Schedule 13G pursuant to Rule 13d-1(b) under the Exchange Act, so long as such Person represents that it, as a result of such Transfer, will not beneficially own for U.S. federal income tax purposes, individually or as part of a Coordinating Group, more than 5% of any class of Company Securities;

<u>provided</u> that the foregoing will not apply to any Transfer undertaken in any broadly marketed underwritten offering (including an underwritten block trade) or in unsolicited broker transactions effected pursuant to Rule 144 of the Securities Act, so long as such Investor takes commercially reasonable efforts (including by directing, instructing or requesting any underwriter or broker in connection with such offering or transaction) to not knowingly sell, dispose of or otherwise transfer such Series A Preferred Stock or Common Stock issued upon conversion of any Series A Preferred Stock to Restricted Persons or Persons described in clause (ii) without the Company's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) From the Signing Date until the six (6)-month anniversary of the Spin-Off Closing Date, each Investor will not make any "short sale" (as defined in Rule 200 of Regulation SHO under the Exchange Act) of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a "short sale" (as defined in Rule 200 of Regulation SHO under the Exchange Act) of or the purpose of which is to offset the loss which results from a decline in the market price of, any Series A Preferred Stock (or any Common Stock issued upon conversion of any Series A Preferred Stock), or otherwise establish or increase, directly or indirectly, a put equivalent position, as defined in Rule 16a-1(h) under the Exchange Act (collectively, "<u>Hedging Arrangements</u>"); <u>provided</u> that the restrictions in this clause (e) shall not apply beginning on the twenty-four (24)-month anniversary following the Closing Date if the Specified Spin-Off Transaction has not occurred at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The restrictions set forth in this <u>Section</u> <u>5.07</u> shall terminate automatically upon the commencement by the Company or one of its Significant Subsidiaries of bankruptcy, insolvency or other similar proceedings.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary (including any of the Company's policies), at any time from and after the Closing Date, (i) each Investor shall be permitted to Transfer any or all of their Series A Preferred Stock (or any Common Stock issued upon conversion of any Series A Preferred Stock) or any Company Securities acquired pursuant to the exercise of the KKR Investor's or the Apollo Investor's participation rights under <u>Section</u> <u>5.17</u> in connection with a total return swap or a bona fide loan or other financing arrangement, including pledging, hypothecating or otherwise granting a security interest in shares of Series A Preferred Stock and/or shares of Common Stock issued upon conversion of shares of Series A Preferred Stock to one or more lending institutions as collateral or security for any bona fide loan, advance or extension of credit and any Transfer upon foreclosure (or in lieu of foreclosure) upon such shares of Series A Preferred Stock or Common Stock (a "<u>Permitted Loan</u>"), and (ii) nothing shall prohibit or otherwise restrict the ability of any lender or other creditor or collateral agent under a Permitted Loan (including any agent or trustee on their behalf) or any Affiliate of the foregoing to foreclose upon, or accept a Transfer in lieu of foreclosure, and sell, dispose of or otherwise Transfer the applicable Series A Preferred Stock or Common Stock mortgaged, hypothecated and/or pledged to secure the obligations of the borrower following an event of default (any of the foregoing, collectively, a "<u>Foreclosure</u>") under a Permitted Loan; <u>provided</u>, <u>that</u>, such lender or other creditor or collateral agent under a Permitted Loan or any Affiliate of the foregoing shall not sell, dispose of or otherwise Transfer such Series A Preferred Stock or Common Stock to a Restricted Person without the Company's prior written consent, except if undertaken in a registered offering or an offering exempt from registration under Rule 144 or Rule 144A of the Securities Act, in which such lender or other creditor or collateral agent takes commercially reasonable efforts (including by directing or instructing any underwriter or broker in connection with such offering or transaction) to not knowingly sell, dispose of or otherwise Transfer such Preferred Stock or Common Stock to Restricted Persons without the Company's prior written consent; <u>provided</u>, <u>further</u>, that in the event that any lender or other creditor or collateral agent under a Permitted Loan transaction (including any agent or trustee on their behalf) or any Affiliate of the foregoing exercises any rights or remedies in respect of the applicable Series A Preferred Stock or Common Stock or any other collateral for any Permitted Loan, no lender, creditor, agent or trustee on their behalf or Affiliate of any of the foregoing (other than, for the avoidance of doubt, any Investor) shall be entitled to any rights or have any obligations or be subject to any restrictions or limitations set forth in this Agreement. Each Investor hereby represents that any arrangement entered into pursuant to this paragraph (f) will be on customary commercial terms and will not be entered into with a principal purpose of effecting a sale or disposal of such Investor's shares of Preferred Stock or Common Stock in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any attempted Transfer in violation of this <u>Section</u> <u>5.07</u> shall be null and void *ab initio.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) So long as such Transfer is not violation of this <u>Section</u> <u>5.07</u>, the Company shall cooperate with any Investor in connection with the Transfer of any Series A Preferred Stock (or any Common Stock issued upon conversion of any Series A Preferred Stock), including providing reasonable and customary information (i) in connection with the relevant Investor's marketing efforts or any such potential transferee's due diligence, (ii) in order to comply with applicable securities Laws and (iii) in connection with the removal of a restrictive legend, if any, and effectuating or instructing its Transfer Agent to effectuate conversions in accordance with the Certificate of Designations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything to the contrary herein, each Investor shall be permitted to Transfer any or all of their Series A Preferred Stock or Common Stock issued upon conversion of the Series A Preferred Stock or Company Securities acquired pursuant to the exercise of the KKR Investor's or the Apollo Investor's participation rights under <u>Section</u> <u>5.17</u> at any time to any Investor Transferee of such Investor, but only if such Investor Transferee agrees prior to such Transfer to be bound by the terms of this Agreement by executing a joinder agreement substantially in the form of <u>Exhibit A-2</u> hereto for the benefit of the Company.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notwithstanding anything to the contrary herein, subject to Section 5.07(a) and Section 5.07(b), no Investor shall be restricted from Transferring any Series A Preferred Stock (or any Common Stock issued upon conversion of any Series A Preferred Stock) or any common stock of the IPO Entity acquired pursuant to any Beverage Co. IPO to a Person or group in connection with a merger, tender offer or exchange offer or other business combination, acquisition of assets or similar transaction or any Fundamental Change involving the Company or any of its Subsidiaries that, in each case, is approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Any Person acquiring the Series A Preferred Stock or Common Stock issued upon conversion of the Series A Preferred Stock pursuant to a Transfer in a private transaction shall be required to be bound by the terms of this Agreement by executing a joinder agreement substantially in the form of <u>Exhibit A-2</u> hereto prior to such Transfer for the benefit of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Until the earliest of (i) the day after any Specified Spin-Off Transaction, (ii) the three (3) year anniversary of the Closing, if no Specified Spin-Off Transaction has occurred on or before such date, or (iii) a public announcement by the Company that it does not intend to pursue a Specified Spin-Off Transaction, the Investor shall not enter into any agreement, understanding, arrangement, or substantial negotiations (within the meaning of Treasury Regulations Section 1.355-7(h)(1)) regarding (x) Transfers to occur after any Specified Spin-Off Transaction of Company Securities, any securities convertible into or exchangeable for any such equity securities, any options or other derivative securities or contracts or instruments in any way related to the price of such Company Securities; or (y) Public Offerings to occur after any Specified Spin-Off Transaction. Each Investor agrees to notify the Company as soon as practicably possible before any Transfer subject to <u>Section</u> <u>5.07</u>.

Section 5.08 <u>Legend</u><u>s</u>. (a) All certificates or other instruments representing the Series A Preferred Stock or Common Stock issued upon conversion of the Series A Preferred Stock will bear a legend substantially to the following effect:

THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS, OR EXCEPT, WITH RESPECT TO ANY COMMON STOCK, WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS.

Notwithstanding the foregoing, the legend under this <u>Section</u> <u>5.08(a)</u> shall be removed by the Company and the Series A Preferred Stock or Common Stock issued upon conversion of the Series A Preferred Stock may be Transferred without such legend if (i) such Series A Preferred Stock or Common Stock is registered for resale by the Company pursuant to an effective registration statement filed under the Securities Act and resold pursuant to such registration statement, (ii) such Series A Preferred Stock or Common Stock is eligible for resale pursuant to Rule 144 promulgated under the Securities Act, and solely in the period from the six-month to 12-month anniversary of the Closing Date such Series A Preferred Stock or Common Stock is sold pursuant to Rule 144, or (iii) such Series A Preferred Stock or Common Stock is sold pursuant to an exemption from registration and, in the case of this clause (iii), the Company receives an opinion of counsel reasonably satisfactory to the Company to the effect that the legend may be removed in accordance with applicable securities laws and any other documentation reasonably requested by the Company with respect to compliance with such exemption.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All certificates or other instruments representing the Series A Preferred Stock or, if issued while the transfer restrictions of <u>Section</u> <u>5.07</u><u>(a)</u> and <u>(b)</u> are still in effect, Common Stock issued upon conversion of the Series A Preferred Stock will bear a legend substantially to the following effect:

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO TRANSFER AND OTHER RESTRICTIONS SET FORTH IN AN INVESTMENT AGREEMENT, DATED AS OF OCTOBER 27, 2025, AS AMENDED BY AMENDMENT TO INVESTMENT AGREEMENT, DATED AS OF FEBRUARY 23, 2026, AS MAY BE FURTHER AMENDED OR SUPPLEMENTED FROM TIME TO TIME PURSUANT TO TERMS THEREOF, COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE ISSUER.

Notwithstanding the foregoing, the legend under this <u>Section</u> <u>5.08(b)</u> shall be removed by the Company and the Series A Preferred Stock or Common Stock issued upon conversion of the Series A Preferred Stock may be Transferred without such legend when such legend is no longer applicable to such securities, including, without limitation, upon the sale of such securities in a transaction in which the transferee is not required to be bound by this Agreement, including in an open market transaction.

Section 5.09 <u>[Reserved]</u>.

Section 5.10 <u>Tax Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company and its paying agent shall be entitled to withhold Taxes on all payments on the Series A Preferred Stock or Common Stock or other securities issued upon conversion of the Series A Preferred Stock in each case to the extent required by applicable Law; <u>provided</u>, that to the extent that the Investor has previously delivered an appropriate IRS Form W-8 or W-9 to the Company establishing an exemption for U.S. federal withholding (including backup withholding), the Company shall not be permitted to withhold unless the Company has provided the Investor advance written notice of its intent to withhold at least five (5) days prior to the payment of the amount subject to withholding, and has given the Investor a reasonable opportunity to provide any form or certificate available to reduce or eliminate such withholding. Within a reasonable amount of time after making such withholding payment, the Company shall furnish the Investor with copies of any tax certificate, receipt or other documentation reasonably acceptable to the Investor evidencing such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall pay any and all documentary, stamp and similar issue or transfer Tax due on (x) the issuance of the Series A Preferred Stock and (y) the issuance of shares of Common Stock upon conversion of the Series A Preferred Stock. However, in the case of conversion of Series A Preferred Stock, the Company shall not be required to pay any Tax or duty that may be payable in respect of any transfer involved in the issuance and delivery of shares of Common Stock or Series A Preferred Stock to a beneficial owner other than the beneficial owner of the Series A Preferred Stock immediately prior to such conversion, and no such issue or delivery shall be made unless and until the person requesting such issue has paid to the Company the amount of any such Tax or duty, or has established to the satisfaction of the Company that such Tax or duty has been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties shall, and shall cause each of their Affiliates to, treat the Acquired Shares as "common stock" rather than as "preferred stock" for purposes of Section 305 of the Code. Without the prior written consent of each Investor, the Company shall not (and the Board shall not authorize the Company to) take any action that would reasonably be expected to cause an Investor (or its direct or indirect equityholders) to recognize taxable income by reason of the operation of Section 305(b)(2) of the Code. Neither party will, nor will permit their Affiliates to, take a contrary position without the other party's prior written consent unless otherwise required pursuant to a final determination within the meaning of Section 1313 of the Code.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon any Investor's reasonable request, and to the extent permitted by applicable Law, the Company shall provide a duly executed and correctly completed statement, in accordance with Treasury Regulations Sections 1.897-2(h) and 1.1445-2(c)(3) (or any successor Treasury Regulations thereto), that the Acquired Shares and/or the shares of Common Stock are not a U.S. real property interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall provide each Investor with an estimate of the value of the Series A Preferred Stock relative to the Applicable Value Cap (in the case of the Series A Preferred Stock, calculated in a manner consistent with the calculation of the Applicable Value Cap), along with any supporting information and documentation reasonably requested by the Investor within fifteen (15) days of: (i) the reasonable request of an Investor (because such Investor is contemplating a Transfer) and (ii) the close of each calendar quarter in which the Series A Preferred Stock remains outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) At the time of any Specified Spin-Off Transaction, the Company shall provide a list of Specified Persons with respect to the Company to each Investor.

Section 5.11 <u>Investor Tax Representations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the date hereof (or the date of the execution of a joinder agreement substantially in the form of <u>Exhibit A-2</u>, if applicable), other than the acquisition of the Series A Preferred Stock pursuant to this Agreement or pursuant to any Beverage Co. IPO that is consummated at or prior to the consummation of the Specified Spin-Off Transaction, neither the Investor nor, to its knowledge after due inquiry, any of its Affiliates, has entered into any agreement, understanding, arrangement, or substantial negotiations (within the meaning of Treasury Regulations Section 1.355-7(h)(1)) with any person to acquire any Company Securities, any securities convertible into or exchangeable for any such equity securities, any options or other derivative securities or contracts or instruments in any way related to the price of such Company Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the date hereof, neither the Investor nor, to its knowledge after due inquiry, any of its Affiliates, has entered into any agreements, understandings, arrangements or substantial negotiations (within the meaning of Treasury Regulations Section 1.355-7(h)(1)) regarding (x) Transfers to occur after any Specified Spin-Off Transaction of Company Securities, any securities convertible into or exchangeable for any such equity securities, any options or other derivative securities or contracts or instruments in any way related to the price of such Company Securities; or (y) Public Offerings to occur after any Specified Spin-Off Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Investor, or to its knowledge after due inquiry, any of its Affiliates, owns any Common Stock or other equity interests of the Company as of the date hereof other than the Series A Preferred Stock: (A) such Investor, or to its knowledge after due inquiry, such Affiliate, had no formal or informal understanding with any other Investors in the Series A Preferred Stock at the time such Common Stock was acquired and (B) the decision of such Investor, or to its knowledge after due inquiry, such Affiliate, to purchase such Common Stock was independent of the investment decision of the other Investors in the Series A Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Investor, to its knowledge after due inquiry, represents that none of its Portfolio Companies have made or will make investments in the stock of the Company or Beverage Co. as part of a "Coordinating Group" with any Investor or its Affiliates in connection with the Investor's acquisition of (i) the Series A Preferred Stock on or after the Closing Date or (ii) Common Stock in connection with the Beverage Co. IPO. For these purposes, a "Coordinating Group" is two or more persons that, pursuant to a formal or informal understanding, join in one or more coordinated acquisitions or dispositions of stock of the Company or Beverage Co. A principal element in determining if such an understanding exists is whether the investment decision of each person is based on the investment decision of one or more other existing or prospective shareholders.

------

Section 5.12 <u>Specified Spin-Off Transaction Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall, and shall cause each of its Affiliates to, (i) cause the Specified Spin-Off Transaction to be conducted on a basis that is substantially consistent with that presented to the KKR Investor and the Apollo Investor with respect to the allocation of assets and liabilities and the allocation of expenses; <u>provided</u> that the Company shall be permitted to make any amendments that it determines in good faith are required to preserve the tax-free nature of the Specified Spin-Off Transaction to the extent so required, (ii) consult in good faith with the KKR Investor and the Apollo Investor with respect to the structuring of the Specified Spin-Off Transaction, (iii) give reasonable and good faith consideration to any proposals or comments made by the KKR Investor and the Apollo Investor and their respective counsel, (iv) provide the KKR Investor and the Apollo Investor with a reasonable opportunity to review and comment upon (A) all Spin-Off Transaction Documents (including any amendment or waiver to the Spin-Off Transaction Documents) prior to execution (or waiver) thereof, (B) any registration statement (including any amendments or supplements thereto) to be filed by SpinCo with the SEC in connection with the Specified Spin-Off Transaction prior to such filing, and, in each case, give reasonable and good faith consideration to any comments made by the KKR Investor, the Apollo Investor and their respective counsel and (C) any information, other than publicly available information that has previously been filed with the SEC in connection with the transactions contemplated hereby, contained in any filings with a Governmental Authority (including the SEC and the IRS or any other Taxing Authority) that relates to the KKR Investor, the Apollo Investor or this Agreement (which approval will not be unreasonably withheld, conditioned or delayed), and (v) keep each Investor apprised on a reasonably current basis of (A) the anticipated date and time of the consummation of such Specified Spin-Off Transaction, (B) progress of any antitrust, regulatory or other notification or filing required in connection with the transactions contemplated by the Spin-Off Transaction Documents, (C) any material disputes that arise under or relate to the Spin-Off Transaction Documents and (D) material communications or submissions with the IRS or other Taxing Authority concerning the matters set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the avoidance of doubt, each Investor acknowledges and agrees that no Investor will be entitled, by virtue of its holding of Series A Preferred Stock, to receive shares of SpinCo in connection with the Specified Spin-Off Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall not permit the Specified Spin-Off Transaction to be consummated without the prior written consent of the KKR Investor and the Apollo Investor, so long as, with respect to the KKR Investor's consent, the KKR Investor satisfies the 50% Beneficial Holding Requirement at such time, and with respect to the Apollo Investor's consent, the Apollo Investor satisfies the 50% Beneficial Holding Requirement at such time, if the Consolidated Net Total Leverage Ratio of the Company immediately following the consummation of the Specified Spin-Off Transaction after giving Pro Forma Effect thereto (including the Qualified IPO, if consummated), would be greater than (i) 4.00 to 1.00, if the Qualified IPO shall have been consummated on or prior to the consummation of the Specified Spin-Off Transaction, or (ii) 4.25 to 1.00, if the Qualified IPO shall not have been consummated on or prior to the consummation of the Specified Spin-Off Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall not permit the Specified Spin-Off Transaction to be consummated without the prior written consent of the KKR Investor and the Apollo Investor, so long as, with respect to the KKR Investor's consent, the KKR Investor satisfies the 50% Beneficial Holding Requirement at such time, and with respect to the Apollo Investor's consent, the Apollo Investor satisfies the 50% Beneficial Holding Requirement at such time, if, at the time of the Spin-Off after giving Pro Forma Effect to the Specified Spin-Off Transaction, the corporate rating of either Beverage Co. or the Coffee Business would be less than the following from either Moody's or S&P: (x) Baa3 (or the equivalent) from Moody's (or any successor to the rating agency business thereof) or (y) BBB- (or the equivalent) from S&P (or any successor to the rating agency business thereof).

------

Section 5.13 <u>Use of Proceeds</u>. The Company shall use the proceeds from the issuance and sale of the Acquired Shares to pay for any costs, fees and expenses incurred in connection with the Transactions and the JDE Peet's Acquisition.

Section 5.14 <u>DTC Eligibility</u>. The Company shall use its commercially reasonable efforts to cause the Acquired Shares to be (i) rendered eligible for book-entry delivery through DTC and (ii) assigned a valid CUSIP number in accordance with the applicable rules and procedures of the CUSIP Service Bureau, in each case, as soon as reasonably practicable, but in any event, on or prior to the Closing Date. If the Company is unable to cause the Acquired Shares to be delivered in book-entry form through DTC on the Closing Date, then the Company shall use its commercially reasonable efforts to deliver the Acquired Shares in book-entry form through DTC as promptly as practicable thereafter and in any event on or prior to the earliest of (x) following the consummation of a Specified Spin-Off Transaction, the day after the two (2) year anniversary of a Specified Spin-Off Transaction, (y) the three (3) year anniversary of the Closing, if no Specified Spin-Off Transaction has been completed by such date, or (z) a public announcement by the Company that it does not intend to pursue a Specified Spin-Off Transaction.

Section 5.15 <u>Financing Cooperation</u>. From and after the Closing, if reasonably requested by the KKR Investor or the Apollo Investor, the Company will provide customary cooperation (with, in each case, all reasonable, documented out-of-pocket expenses, including legal expenses, incurred by the Company in connection with the foregoing, being borne by such Investor) in connection with such Investor obtaining any Permitted Loan, including with respect to the following: (i) entering into an issuer agreement with each lender in customary form in connection with such transactions (which agreement may include, without limitation, agreements and obligations of the Company relating to procedures and specified time periods for effecting transfers and/or conversions upon Foreclosure, agreements to not hinder or delay exercises of remedies on Foreclosure and certain acknowledgments regarding the pledged shares of Series A Preferred Stock and/or shares of Common Stock issued upon conversion of shares of Series A Preferred Stock and securities law status of the pledge arrangements and a specified list of Competitors (which, for the avoidance of doubt, shall only apply if such transaction is not undertaken in any broadly marketed underwritten offering (including an underwritten block trade) or in unsolicited broker transactions effected pursuant to Rule 144 of the Securities Act), (ii) using commercially reasonable efforts to (A) remove any restrictive legends on certificates representing pledged shares of Series A Preferred Stock and/or shares of Common Stock issued upon conversion of shares of Series A Preferred Stock and depositing any pledged shares of Series A Preferred Stock and/or shares of Common Stock issued upon conversion of shares of Series A Preferred Stock in book entry form on the books of DTC, in each case when eligible to do so or otherwise as agreed with the transfer agent or (B) without limiting the generality of clause (A), if such shares of Series A Preferred Stock or Common Stock are eligible for resale under Rule 144A, depositing such pledged shares of Series A Preferred Stock and/or shares of Common Stock in book entry form on the books of DTC or other depository with customary representations and warranties from the applicable Investor or its applicable Affiliates regarding compliance with securities Laws, (iii) if so reasonably requested by such lender or counterparty, as applicable, re-registering on the books and records of the transfer agent the pledged shares of Series A Preferred Stock and/or Common Stock in the name of the relevant lender, agent, counterparty, custodian or similar party to a Permitted Loan, with respect to a Permitted Loan as securities intermediary and only to the extent the applicable Investor (or its or their Affiliates) continue to beneficially own such pledged shares of Series A Preferred Stock and/or Common Stock and (iv) such other cooperation and assistance as the KKR Investor or the Apollo Investor may reasonably request (which cooperation and assistance, for the avoidance of doubt,

------

shall not include any requirements that the Company deliver information, compliance certificates or any other materials typically provided by borrowers to lenders) that will not unreasonably disrupt the operation of the Company's business. Notwithstanding anything to the contrary in the preceding sentence, the Company's obligation to deliver an issuer agreement is conditioned on the KKR Investor or the Apollo Investor certifying to the Company in writing, solely with respect to the Permitted Loan obtained by the KKR Investor or the Apollo Investor, as applicable, that (A) the loan agreement with respect to which the issuer agreement is being delivered constitutes a Permitted Loan being entered into in accordance with this Agreement, the applicable Investor has pledged the Series A Preferred Stock and/or the underlying shares of Common Stock as collateral to the lenders under such Permitted Loan and that the execution of such Permitted Loan and the terms thereof do not violate the terms of this Agreement and (B) each of the KKR Investor and the Apollo Investor acknowledges and agrees that the Company will be relying on such certificate when entering into the issuer agreement and any material inaccuracy in such certificate will be deemed a breach of this Agreement. Each of the KKR Investor and the Apollo Investor acknowledges and agrees that the statements and agreements of the Company in an issuer agreement are solely for the benefit of the applicable lenders party thereto and that in any dispute between the Company and any Investor under this Agreement the applicable Investor shall not be entitled to use the statements and agreements of the Company in an issuer agreement against the Company.

Section 5.16 <u>State Securities Laws</u>. Promptly following the date hereof, the Company shall use its reasonable best efforts to (a) make all filings with the SEC under the Securities Act and Exchange Act related to the execution of the Transaction Documents and the consummation of the transactions contemplated thereby in the time periods required by (including any extensions permitted by) the Securities Act and Exchange Act, as applicable, (b) obtain all necessary permits and qualifications, if any, or secure an exemption therefrom, required by any state or country prior to the offer and sale of Common Stock and/or Series A Preferred Stock and (c) cause such authorization, approval, permit or qualification to be effective as of the Closing and as of any conversion of Series A Preferred Stock; <u>provided</u>, that in connection therewith the Company shall not be required to qualify as a foreign corporation or to file a general consent to service of process in any jurisdiction or subject itself to taxation in any jurisdiction in which it is not otherwise subject to taxation on the date of this Agreement.

Section 5.17 <u>Participation Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purposes of this <u>Section</u> <u>5.17</u>, "<u>Excluded Stock</u>" shall mean (i) shares of equity securities issued by the Company as a stock dividend payable in shares of equity securities, or upon any subdivision or split-up of the outstanding shares of capital stock, (ii) the issuance of shares of equity securities (including upon exercise of options) to directors, employees or consultants of the Company pursuant to a Company Stock Plan or other stock option plan, restricted stock plan or other similar plan approved by the Board, (iii) the issuance of Series A Preferred Stock pursuant to this Agreement and securities issued pursuant to the conversion, exercise or exchange of the Series A Preferred Stock issued to an Investor, (iv) shares of equity securities issued as consideration pursuant to a "business combination" (as defined by the rules and regulations promulgated by the SEC) or as consideration pursuant to bona fide acquisitions of securities or substantially all of the assets of another Person, business unit, division or business, (v) securities issued pursuant to acquisitions or strategic transactions (including, for the avoidance of doubt, whether structured as a merger, consolidation, asset or stock purchase, or other similar transaction), (vi) securities issued pursuant to the conversion, exercise or exchange of Series A Preferred Stock, (vii) shares of a Subsidiary of the Company issued to the Company or a Subsidiary of the Company, (viii) securities of a joint venture (provided that no Affiliate (other than any Subsidiary of the Company) of the Company acquires any interest in such securities in connection with such issuance) or (ix) shares of equity securities to a third-party lender in connection with a bona fide borrowing by the Company that is primarily a debt financing transaction.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From the Signing Date, subject to the obligation of the KKR Investor and the Apollo Investor to maintain the confidentiality of such information, if the Company or a Subsidiary of the Company proposes to issue equity securities of any kind (the term "equity securities" shall include for these purposes Common Stock and any warrants, options or other rights to acquire, or any securities that are exercisable for, exchangeable for or convertible into, Common Stock or any other class of capital stock of the Company), other than Excluded Stock, then 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;&nbsp;&nbsp;&nbsp;&nbsp;(i) give written notice to the KKR Investor and the Apollo Investor, no less than five (5) Business Days prior to the closing of such issuance, setting forth in reasonable detail (A) the designation and all of the terms and provisions of the securities proposed to be issued (the "<u>Proposed Securities</u>"), including, where applicable, the voting powers, preferences and relative participating, optional or other special rights, and the qualification, limitations or restrictions thereof and interest rate and maturity; (B) the price and other terms of the proposed sale of such securities; (C) the amount of such securities proposed to be issued; and (D) such other information as the KKR Investor or the Apollo Investor may reasonably request in order to evaluate the proposed issuance (except that the Company shall not be required to deliver any information that has not been or will not be provided or otherwise made available to the proposed purchasers of the Proposed Securities); 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;(ii) offer to issue and sell to the KKR Investor and the Apollo Investor, on such terms as the Proposed Securities are issued and upon full payment by the KKR Investor and the Apollo Investor, as applicable, a portion of the Proposed Securities equal to a percentage determined by dividing (A) the number of shares of Common Stock the KKR Investor or the Apollo Investor, as applicable, beneficially owns (on an "as-issued" basis and "as-converted basis") by (B) the total number of shares of Common Stock then outstanding (on an "as-issued basis" and "as-converted basis") (such percentage, the "<u>Participation Portion</u>"); <u>provided</u>, <u>however</u>, that, subject to compliance with the terms and conditions set forth in <u>Section</u> <u>5.17(h)</u>, the Company shall not be required to offer to issue or sell to the KKR Investor or the Apollo Investor the portion of the Proposed Securities that would require the Company to obtain stockholder approval in respect of the issuance of any Proposed Securities under the listing rules of Nasdaq or any other securities exchange or any other applicable Laws (<u>provided</u>, <u>further</u>, <u>however</u>, that the Company shall still be obligated to provide written notice of such proposed issuance to the KKR Investor and the Apollo Investor pursuant to <u>Section</u> <u>5.17(b)(i)</u>, which notice shall include a description of the Proposed Securities (including the number thereof) that would require stockholder approval in respect of the issuance thereof (the "<u>Restricted Issuance Information</u>")).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the KKR Investor and the Apollo Investor will have the option exercisable by written notice to the Company, to accept the Company's offer and commit to purchase any or all of the securities offered to be sold by the Company to such Investor, which notice must be given within three (3) Business Days after receipt of such notice from the Company. The closing of the exercise of such subscription right shall take place simultaneously with the closing of the sale of the Proposed Securities giving rise to such subscription right; <u>provided</u>, <u>however</u>, that the closing of any purchase by the KKR Investor or the Apollo Investor, as applicable, may be extended beyond the closing of the sale of the Proposed Securities giving rise to such preemptive right (but shall not delay such closing for any other purchaser) to the extent necessary to (i) obtain required approvals from any Governmental Authority or (ii) permit such KKR Investor or the Apollo Investor to receive proceeds from calling capital pursuant to commitments made by its (or its affiliated investment funds') limited partners. If the KKR Investor or the Apollo Investor elects to purchase any securities pursuant to this <u>Section</u> <u>5.17(c)</u>, such Investor, at its sole expense, shall make any filings required in connection with such participation under antitrust or other applicable Laws promptly following the delivery to the Company of the corresponding notice of acceptance and shall use reasonable best efforts to obtain applicable antitrust clearance and/or approval under antitrust or other applicable Laws. Notwithstanding anything to the contrary contained herein, if the Company desires to modify or amend the terms and conditions of the offer prior to the

------

expiration of the offering period described above, the Company shall deliver to the KKR Investor and the Apollo Investor a new notice and the KKR Investor and the Apollo Investor will have the option, exercisable by written notice to the Company, to accept the Company's offer and commit to purchase any or all of the securities offered to be sold by the Company to such Investor, which notice must be given within five (5) Business Days after receipt of such new notice from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the expiration of the offering period described above, the Company will be free to sell such Proposed Securities that the KKR Investor and the Apollo Investor have not elected to purchase during the ninety (90) days following such expiration on terms and conditions no more favorable to the purchasers thereof than those offered to the KKR Investor and the Apollo Investor in the notice delivered in accordance with <u>Section</u> <u>5.17(b)</u>. Any Proposed Securities offered or sold by the Company after such ninety (90)-day period must be reoffered to the KKR Investor and the Apollo Investor pursuant to this <u>Section</u> <u>5.17</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The election by the KKR Investor or the Apollo Investor not to exercise its subscription rights under this <u>Section</u> <u>5.17</u> in any one instance shall not affect their right as to any subsequent proposed issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything in this <u>Section</u> <u>5.17</u> to the contrary, the Company will not be deemed to have breached this <u>Section</u> <u>5.17</u> if not later than thirty (30) Business Days following the issuance of any Proposed Securities in contravention of this <u>Section</u> <u>5.17</u>, the Company or the transferee of such Proposed Securities offers to sell a portion of such equity securities or additional equity securities of the type(s) in question to the KKR Investor and the Apollo Investor so that, taking into account such previously-issued Proposed Securities and any such additional Proposed Securities, the KKR Investor and the Apollo Investor will have had the right to purchase or subscribe for Proposed Securities in a manner consistent with the allocation and other terms and upon the same economic and other terms provided for in <u>Section</u> <u>5.17(b)</u> and <u>Section</u> <u>5.17(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In the case of an issuance subject to this <u>Section</u> <u>5.17</u> for consideration in whole or in part other than cash, including securities acquired in exchange therefor (other than securities by their terms so exchangeable), the consideration other than cash shall be deemed to be the Fair Market Value thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In the event that the Company is not required to offer or reoffer to the KKR Investor and the Apollo Investor any Proposed Securities because such issuance would require the Company to obtain stockholder approval in respect of the issuance of any Proposed Securities under the listing rules of Nasdaq or any other securities exchange or any other applicable Law, the Company shall, upon the KKR Investor's or the Apollo Investor's reasonable request delivered to the Company in writing within no later than three (3) Business Days following its receipt of the written notice of such issuance to the KKR Investor and the Apollo Investor pursuant to <u>Section</u> <u>5.17(b)(i)</u> (together with the Restricted Issuance Information), at the election of the KKR Investor or the Apollo Investor, 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;&nbsp;&nbsp;&nbsp;&nbsp;(i) waive the restrictions set forth in <u>Section</u> <u>5.06(a)</u> solely to the extent necessary to permit KKR Investor or the Apollo Investor to acquire such number of securities of the Company (including Common Stock) equivalent to its Participation Portion of the Proposed Securities such Investor would have been entitled to purchase had it been entitled to acquire such Proposed Securities pursuant to <u>Section</u> <u>5.17(c)</u> (provided, that such request by the KKR Investor or the Apollo Investor shall not be deemed to be a violation of <u>Section</u> <u>5.06(h)</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;(ii) consider and discuss in good faith modifications proposed by the KKR Investor or the Apollo Investor to the terms and conditions of such portion of the Proposed Securities which would otherwise be issued to such Investor such that the Company would not be required to obtain stockholder approval in respect of the issuance of such Proposed Securities as so modified; and/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;(iii) solely to the extent that stockholder approval is required in connection with the issuance of equity securities to Persons other than the KKR Investor and the Apollo Investor, take such actions as may be reasonably necessary to seek stockholder approval in respect of the issuance of any Proposed Securities to the KKR Investor and the Apollo Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding the foregoing, if the Company determines in good faith that the participation by the KKR Investor or the Apollo Investor in any such issuance (other than the Beverage Co. IPO) may have an adverse impact on its ability to ensure that the Specified Spin-Off Transaction qualifies under Section 355 or Section 361 of the Code as a tax-free transaction, together with any transactions related thereto or contemplated thereby, the Company shall be not required to grant the KKR Investor or the Apollo Investor rights to participate in such issuance (other than the Beverage Co. IPO), assuming for these purposes that the Series A Preferred Stock has reached the Applicable Value Cap and the Conversion Cap. For the avoidance of doubt, the KKR Investor shall have the right to participate in any Beverage Co. IPO that is consummated at or prior to the consummation of the Specified Spin-Off Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notwithstanding the foregoing, the rights and obligations set forth under this <u>Section</u> <u>5.17</u> shall apply to any Investor only for so long as the 25% Beneficial Holding Requirement is satisfied with respect to such Investor. Upon reasonable request by the Company solely in connection with confirming the 25% Beneficial Holding Requirement is satisfied with respect to an Investor, determining the Participation Portion applicable to such Investor or otherwise performing the Company's obligations under this <u>Section</u> <u>5.17</u>, such Investor shall provide the Company the number of shares of Series A Preferred Stock and shares of Common Stock issued upon conversion of shares of Series A Preferred Stock beneficially owned by such Investor as of the most recent practicable date.

Section 5.18 <u>[Reserved]</u>.

Section 5.19 <u>Information Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For so long as the 50% Beneficial Holding Requirement is satisfied with respect to the KKR Investor or the Apollo Investor, as applicable, to the extent requested in writing by the KKR Investor or the Apollo Investor, the Company agrees promptly to provide the KKR Investor and the Apollo Investor with the same information and access to members of the Company's management team as provided to lenders under any credit agreement or other similar document or holders of any senior indebtedness of the Company to the extent not publicly disclosed, subject to the KKR Investor or the Apollo Investor, as applicable, entering into a customary confidentiality agreement substantially in the form previously entered into with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Individuals associated with the KKR Investor and the Apollo Investor may from time to time serve on the Board. The Company, on its behalf and on behalf of its Subsidiaries, recognizes that such individuals (i) will from time to time receive non-public information concerning the Company and its Subsidiaries, and (ii) may (subject to the obligation to maintain the confidentiality of such information in accordance with <u>Section</u> <u>5.04</u>) share such information with other individuals associated with the KKR Investor or the Apollo Investor who have a need to know such information for the purpose of facilitating support to such individuals in their capacity as members of the Board or enabling the KKR Investor or the Apollo Investor, as equityholders, to better evaluate the Company's performance and prospects; <u>provided</u>, that such other individuals are informed about the confidential nature of (a) such information and agree in writing to maintain the confidentiality of such information consistent with the confidentiality obligations under <u>Section</u> <u>5.04</u> and (b) the Company reserves the right to withhold from anyone any information if access to such information would be reasonably likely, on the advice of outside counsel, to adversely affect the attorney-client privilege between the Company and its counsel.

------

Section 5.20 <u>[Reserved]</u>.

Section 5.21 <u>[Reserved].</u>

Section 5.22 <u>[Reserved]</u>.

Section 5.23 <u>[Reserved]</u><u>.</u>

Section 5.24 <u>Voting Requirements</u>. Each Investor shall take such action as may be required so that all of the shares of Series A Preferred Stock or Common Stock beneficially owned, directly or indirectly, by such Investor and entitled to vote at any meeting of stockholders (and at every postponement or adjournment thereof) are voted (i) in favor of each director nominated or recommended by the Board for election at any such meeting and against the removal of any director who has been elected following nomination or recommendation by the Board, (ii) against any director nominated by a stockholder who has not been recommended for election by the Board, (iii) in favor of the Company's "say-on-pay" proposal and any proposal by the Company relating to equity compensation that has been approved by the Board or the Nomination and Governance Committee of the Board (or any successor committee, however denominated), (iv) in favor of the Company's proposal for ratification of the appointment of the Company's independent registered public accounting firm, and (v) in accordance with the recommendation of the Board with respect to any amendment or modification of the Company Charter Documents that does not adversely alter or change the rights, powers, preferences or privileges of the holders of any series of the Series A Preferred Stock or otherwise adversely affects such Investor, but no Investor shall be under any obligation to vote in the same manner as recommended by the Board or in any other manner, other than in its sole discretion, with respect to any other matter. In furtherance of the foregoing, each Investor shall take such action as may be required so that such Investor is present, in person or by proxy, at each meeting of the stockholders of the Company and at every postponement or adjournment thereof so that all of the shares of Series A Preferred Stock or Common Stock beneficially owned, directly or indirectly, by such Investor may be counted for the purposes of determining the presence of a quorum and voted in accordance with the terms and conditions of this <u>Section</u> <u>5.24</u>.

Section 5.25 <u>Interim Operating Covenants</u>. Except as required by applicable Law or the regulations or requirements of any stock exchange or regulatory organization applicable to the Company or any of its Subsidiaries or as expressly contemplated, required or permitted by this Agreement from the date of this Agreement through the Closing, the Company and its Subsidiaries shall (i) use reasonable best efforts to operate their business in the ordinary course or consistent with the public announcements made by the Company on or prior to the date hereof and (ii) unless the KKR Investor and the Apollo Investor otherwise consent in writing (such consent not to be unreasonably withheld, conditioned or delayed), not take any other action that, if taken following the Closing (including if such action were to occur at the Company, but occurs at the IPO Entity prior to Closing), would (i) require the prior written consent of the holders of the Series A Preferred Stock pursuant to this Agreement or the Certificate of Designations, or (ii) result in an adjustment to the Conversion Price pursuant to the Certificate of Designations unless (in the case of this clause (ii)) such adjustment is effected upon the Closing and the issuance of the Series A Preferred Stock pursuant to this Agreement; provided, that, the Company and its Subsidiaries shall be permitted to undertake sales of minority equity investments and take any actions the Company believes in good faith are reasonably required or desirable in connection with the JDE Peet's Acquisition, the Transactions, the JV Investment, the Beverage Co. IPO, the merger of the IPO Subsidiary into the Company and the Specified Spin-Off Transaction and any transaction contemplated thereby (in each case, to the extent not otherwise prohibited by this Agreement) (and may not issue any equity interest that would be senior or *pari passu* to the Series A Preferred Stock upon issuance of the Series A Preferred Stock or upon the merger of the IPO Entity into the Company).

------

Section 5.26 <u>JDE Peet</u><u>'</u><u>s Acquisition</u>. At and prior to the closing of the JDE Peet's Acquisition, the Company shall not, and shall not permit any of its Subsidiaries to, without the prior written consent of the KKR Investor and the Apollo Investor (which consent shall not be unreasonably withheld, conditioned or delayed), make any amendment, supplement, waiver or other modification to the Merger Protocol in a manner that would be materially adverse to the rights, powers, preferences or privileges of the holders of the Series A Preferred Stock or holders' economic interest. Upon the KKR Investor's or the Apollo Investor's request to the Company in writing, the Company shall reasonably inform the KKR Investor or the Apollo Investor, as applicable, regarding the JDE Peet's Acquisition and the transactions contemplated by the Merger Protocol, including the status thereof, the expected timing of the closing under the Merger Protocol, the anticipated date of the closing under the Merger Protocol and any developments that would reasonably be expected, individually or in the aggregate, to materially delay the closing of the JDE Peet's Acquisition or make the closing of the JDE Peet's Acquisition unlikely to occur.

Section 5.27 <u>Beverage Co. IPO</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a Beverage Co. IPO is consummated prior to the Specified Spin-Off Transaction, the Company shall use commercially reasonable efforts to consummate the Specified Spin-Off Transaction within one (1) year of the consummation of the Beverage Co. IPO. Substantially concurrently with the consummation of any Specified Spin-Off Transaction at or following the consummation of a Beverage Co. IPO, the Company shall merge (the "<u>Merger</u>") the IPO Entity with and into the Company, with the Company surviving the Merger. The Merger shall be consummated on a 1:1 basis, with each share of common stock of the IPO Entity being exchanged for one share of Common Stock. Until the later of (i) the consummation of the Specified Spin-Off Transaction and (ii) the consummation of the Merger, the IPO Entity shall not take any action that would not be permitted under this Agreement or the Certificate of Designations if it were the "Company" or "Corporation" hereunder or thereunder. The Company shall use the net proceeds of the Beverage Co. IPO to repay or refinance any Indebtedness of Beverage Co. or any Subsidiary of Beverage Co., or any Indebtedness that, upon consummation of the Specified Spin-Off Transaction, would have otherwise become Indebtedness of Beverage Co. or any Subsidiary of Beverage Co. as presented to the KKR Investor and the Apollo Investor on or prior to the Signing Date, in each case other than Indebtedness owed to Beverage Co. or any Subsidiary of Beverage Co.

Section 5.28 <u>KKR and Apollo</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary set forth in this Agreement, none of the terms or provisions of this Agreement (including, for the avoidance of doubt, <u>Section</u> <u>5.06</u>) shall in any way limit the activities of KKR, Apollo or any of their respective Affiliates, other than the KKR Investor and the Apollo Investor, as applicable, in their businesses distinct from KKR's or Apollo's business of managing investment funds and managed accounts (the "<u>Excluded Investor Parties</u>"), so long as (i) no such Excluded Investor Party or any of its Representatives is acting on behalf of or at the direction of the KKR Investor or the Apollo Investor, as applicable, with respect to any matter that otherwise would violate any term or provision of this Agreement and (ii) no Confidential Information is made available to directors, officers or employees of any Excluded Investor Party who operates in a business distinct from KKR's or Apollo's, as applicable, business of managing investment funds and managed accounts by or on behalf of the KKR Investor, the Apollo Investor or any of their Representatives, except with respect to any such directors, officers or employees who are (x) compliance personnel for compliance purposes or (y) non-compliance personnel of KKR or Apollo, as applicable, who are directors or officers of, or function in a similar oversight role at, such Affiliate as long as Confidential Information is not otherwise disclosed to such Affiliate.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The KKR Investor, the Apollo Investor and the Company hereby agree that, to the maximum extent permitted by Law, when the KKR Investor or the Apollo Investor takes any action under this Agreement to give or withhold its consent, such Investor shall have no duty (fiduciary or other) to consider the interests of the Company or the other stockholders of the Company and may act exclusively in its own interest; provided, however, that the foregoing shall in no way affect the obligations of the parties hereto to comply with the provisions of this Agreement.

**ARTICLE VI** 

**SURVIVAL AND TERMINATION** 

Section 6.01 <u>Survival</u>. All of the covenants or other agreements of the parties contained in this Agreement shall survive until fully performed or fulfilled, unless and to the extent that non-compliance with such covenants or agreements is waived in writing by the party entitled to such performance. All representations and warranties contained in this Agreement (including the schedules and the certificates delivered pursuant hereto) will survive until the twelve (12) month anniversary of the Closing; <u>provided</u>, that the Fundamental Representations shall survive the Closing for forty-eight (48) months following the Closing; <u>provided</u>, <u>further</u> that nothing herein shall relieve any party of liability for fraud, or for any inaccuracy or breach of such representation or warranty to the extent that any good faith allegation of such inaccuracy or breach is made in writing prior to such expiration by a Person entitled to make such claim pursuant to the terms and conditions of this Agreement. For the avoidance of doubt, claims may be made with respect to the breach of any representation, warranty or covenant until the applicable survival period therefor as described above expires. Notwithstanding anything in this Agreement to the contrary, subject to <u>Section</u> <u>8.13</u>, (a) each Investor will only be responsible in respect of any breach by itself and not of any other Investor, (b) in no event will any Investor or any of such Investor's Investor Related Parties have any liability (including damages for fraud or breach, whether willful, intentional, unintentional or otherwise (including willful breach) or monetary damages in lieu of specific performance) in the aggregate in excess of the amount of its *pro rata* portion of the Purchase Price as set forth on Schedule A, (c) in no event will the Investors and the Investor Related Parties, collectively, have any liability (including damages for fraud or breach, whether willful, intentional, unintentional or otherwise (including willful breach) or monetary damages in lieu of specific performance) in the aggregate in excess of the amount of the Purchase Price and (d) in no event will the Company Related Parties, collectively, have any liability in the aggregate in excess of the amount of the Purchase Price, except in the case of fraud.

Section 6.02 <u>Termination</u>. The rights and obligations of the parties in respect of the Closing and the provisions of this Agreement may be terminated at any time prior to the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the mutual written consent of the Company, the KKR Investor and the Apollo Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Company, the KKR Investor or the Apollo Investor, if any Governmental Authority shall have issued a final Judgment restraining, enjoining or otherwise prohibiting the consummation of the Transactions;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by notice given by the Company to the KKR Investor and the Apollo Investor if there have been one or more inaccuracies in or breaches of one or more representations, warranties, covenants or agreements made by any Investor in this Agreement such that the condition to Closing in <u>Section</u> <u>7.02(a)</u> or <u>Section</u> <u>7.02(b)</u> would not be satisfied and, if capable of being cured, which have not been cured by such Investor thirty (30) days after receipt by such Investor of written notice from the Company requesting such inaccuracies or breaches to be cured; provided, however, that the Company is not then in material breach of any of its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by notice given by the KKR Investor or the Apollo Investor to the Company if there have been one or more inaccuracies in or breaches of one or more representations, warranties, covenants or agreements made by the Company in this Agreement such that the condition to Closing in or <u>Section</u> <u>7.03(a)</u> or <u>Section</u> <u>7.03(b)</u> would not be satisfied and, if capable of being cured, which have not been cured by the Company thirty (30) days after receipt by the Company of written notice from the KKR Investor or the Apollo Investor requesting such inaccuracies or breaches to be cured; provided, however, that such Investor is not then in material breach of any of its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) by the Company, the KKR Investor or the Apollo Investor, if the Closing Date has not occurred on or before 11:59 p.m. (Central European Time) on March 11, 2027; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) automatically upon the valid termination of the Merger Protocol for any reason in accordance with its terms and conditions.

Section 6.03 <u>Effect of Termination</u>. In the event that this Agreement is terminated in accordance with <u>Section</u> <u>6.02</u>, no party (nor any of its Affiliates) shall have any liability or obligation to any other party (or any of its Affiliates) under or in respect of this Agreement, except to the extent of (a) any liability arising from any breach by such party of its obligations pursuant to this Agreement arising prior to such termination, (b) expense reimbursement pursuant to Section 8.11, and (c) any actual and intentional fraud or intentional or willful breach of this Agreement. In the event of any such termination, this Agreement shall become void and have no effect, and the transactions contemplated hereby shall be abandoned without further action by the parties, in each case, except (x) as set forth in the preceding sentence and (y) that the provisions of <u>Section</u> <u>5.04</u> (*Confidentiality*), this <u>Article</u> <u>VI</u> and <u>Article</u> <u>VIII</u>, including <u>Section</u> <u>8.11</u>, shall survive the termination of this Agreement.

**ARTICLE VII** 

**CLOSING CONDITIONS** 

Section 7.01 <u>Conditions to the Obligations of the Company and</u> <u>each Investor</u>. The respective obligations of each of the Company and each Investor to effect the Closing with respect to such Investor shall be subject to the satisfaction (or waiver by the Company and each Investor (with respect to such Investor), if permissible under applicable Law) on or prior to the Closing of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no temporary or permanent Judgment or Law shall have been enacted, promulgated, issued, entered, amended or enforced by any Governmental Authority nor shall any proceeding brought by a Governmental Authority seeking any of the foregoing be pending, or any applicable Laws shall be in effect, in each case which has the effect of restraining, enjoining or otherwise prohibiting the consummation of the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the waiting period (and any extension thereof) applicable to the consummation of Transactions under the HSR Act and any other applicable competition Laws shall have expired or been terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Required Regulatory Approvals have been obtained; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the JDE Peet's Acquisition pursuant to the Merger Protocol shall be consummated substantially concurrently with the Closing on the terms and conditions contemplated by the Merger Protocol (subject to any amendments, supplements, waivers or other modifications but only to the extent not prohibited by <u>Section</u> <u>5.26</u> or otherwise consented to by the KKR Investor and the Apollo Investor) or, if the Company has requested an earlier Closing Date pursuant to <u>Section</u> <u>2.02(a)(ii)</u> hereof, the Unconditional Date (as defined in the Merger Protocol) shall have occurred on or prior to the Closing Date on the terms and conditions contemplated by the Merger Protocol (subject to any amendments, supplements, waivers or other modifications but only to the extent not prohibited by <u>Section</u> <u>5.26</u> or otherwise consented to by the KKR Investor and the Apollo Investor).

Section 7.02 <u>Conditions to the Obligations of the Company</u>. The obligations of the Company to effect the Closing with respect to each Investor shall be further subject to the satisfaction (or waiver, if permissible under applicable Law) on or prior to the Closing of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to each Investor severally, and not jointly: (i) the representations and warranties of such Investor set forth in <u>Section</u> <u>4.01</u> and <u>Section</u> <u>4.02(a)</u> of this Agreement shall be true and correct (disregarding all qualifications or limitations as to "materiality," "Investor Material Adverse Effect" and words of similar import set forth therein) in all material respects as of the date hereof and as of the Closing with the same effect as though made on and as of the Closing (except to the extent expressly made as of an earlier date, in which case as of such earlier date), and (ii) the other representations and warranties set forth in <u>Article</u> <u>IV</u> of this Agreement, other than those listed in the immediately preceding clause (i), shall be true and correct (disregarding all qualifications or limitations as to "materiality," "Investor Material Adverse Effect" and words of similar import set forth therein) as of the Closing with the same effect as though made as of the Closing (except to the extent expressly made as of an earlier date, in which case as of such earlier date), except where the failure to be true and correct would not, individually or in the aggregate, reasonably be expected to have an Investor Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to each Investor severally, and not jointly, such Investor shall have complied with or performed in all material respects its obligations required to be complied with or performed by it pursuant to this Agreement at or prior to the Closing.

For the avoidance of doubt, the failure for any condition in <u>Section</u> <u>7.02(a)</u> or <u>Section</u> <u>7.02(b)</u> to be satisfied with respect to any Investor shall only be with respect to the obligation for the Company to effect the Closing with such Investor and not any other Investor who has otherwise satisfied the conditions in <u>Section</u> <u>7.02(a)</u> or <u>Section</u> <u>7.02(b)</u> with respect to itself on or prior to the Closing.

Section 7.03 <u>Conditions to the Obligations of</u> <u>each Investor</u>. The obligation of each Investor to effect the Closing with respect to such Investor shall be further subject to the satisfaction (or waiver, if permissible under applicable Laws) on or prior to the Closing of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) the Fundamental Representations shall be true and correct (disregarding all qualifications or limitations as to "materiality," "Material Adverse Effect" and words of similar import set forth therein) in all material respects as of the date hereof and as of the Closing with the same effect as though made as of the Closing (except to the extent expressly made as of an earlier date, in which case as of such earlier date), (ii) the representations and warranties in <u>Section</u> <u>3.06</u> of this Agreement shall be true and correct in all respects as of the date hereof and as of the Closing with the same effect as though made as of the Closing, and (iii) the representations and warranties set forth in this Agreement, other than those listed in the immediately preceding clauses (i) and (ii) shall be true and correct (disregarding all qualifications or limitations as to "materiality," "Material Adverse Effect" and words of similar import set forth therein) as of the Closing with the same effect as though made as of the Closing (except to the extent expressly made as of an earlier date, in which case as of such earlier date), except where the failure to be true and correct would not, individually or in the aggregate, 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;(b) the Company shall have complied with or performed in all material respects its obligations required to be complied with or performed by it pursuant to this Agreement at or prior to the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any shares of Common Stock issuable upon conversion of the Series A Preferred Stock (other than any additional shares of Series A Preferred Stock that may be issued as dividends payable in kind) at the Conversion Price specified in the Certificate of Designations as in effect on the date hereof shall have been approved for listing on the Nasdaq, to the extent such approval is required by Nasdaq;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each other Investor shall have complied with its obligations under <u>Section</u> <u>2.02(b)(ii)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the KKR Investor and the Apollo Investor shall have received a certificate signed on behalf of the Company by a duly authorized officer certifying to the effect that the conditions set forth in <u>Section</u> <u>7.03(a)</u>, <u>Section</u> <u>7.03(b)</u> and <u>Section</u> <u>7.01(d)</u> have been satisfied.

**ARTICLE VIII** 

**MISCELLANEOUS** 

Section 8.01 <u>Amendments; Waivers</u>. Subject to compliance with applicable Law, this Agreement may be amended or supplemented in any and all respects only by written agreement of the Company and the holders of a majority of outstanding shares of Series A Preferred Stock or the holders of a majority of the allocations for such shares of Series A Preferred Stock, as applicable, which shall at all times include the KKR Investor and the Apollo Investor, so long as, with respect to the KKR Investor's consent, the KKR Investor satisfies the 50% Beneficial Holding Requirement at such time, and with respect to the Apollo Investor's consent, the Apollo Investor satisfies the 50% Beneficial Holding Requirement at such time. Notwithstanding the foregoing or anything contrary herein, prior to the Closing Date, this Agreement (including the Exhibits hereto) may be amended or supplemented with the prior written consent of the Company, the KKR Investor and the Apollo Investor.

Section 8.02 <u>Extension of Time, Waiver, Etc</u><u>.</u> The Company and any Investor may, subject to applicable Law, (a) waive any inaccuracies in the representations and warranties of the other party contained herein or in any document delivered pursuant hereto, (b) extend the time for the performance of any of the obligations or acts of the other party or (c) waive compliance by the other party with any of the agreements contained herein applicable to such party or, except as otherwise provided herein, waive any of such party's conditions. Notwithstanding the foregoing, no failure or delay by the Company or any Investor in exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right hereunder. Any agreement on the part of a party hereto to any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party.

------

Section 8.03 <u>Assignment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned, in whole or in part, by operation of Laws or otherwise, by any of the parties hereto without the prior written consent of the other party hereto; <u>provided</u>, <u>however</u>, that (A) without the prior written consent of the Company, any Investor may assign its rights, interests and obligations set forth in this Agreement, in whole or in part, to one or more Investor Transferees so long as the assignee shall agree in writing to be bound by the provisions of this Agreement, including the rights, interests and obligations so assigned, (B) without the prior written consent of the Company, an Investor may grant a security interest in its respective rights (but not its obligations) under this Agreement in connection any Permitted Loan and (C) if the Company consolidates or merges with or into any Person and the Common Stock is, in whole or in part, converted into or exchanged for securities of a different issuer in a transaction that does not constitute a Fundamental Change, then as a condition to such transaction the Company will cause such issuer to assume all of the Company's rights and obligations under this Agreement in a written instrument delivered to such Investor; <u>provided</u>, <u>further</u> that no such assignment under <u>clause (A)</u> above will relieve the Investor of its obligations hereunder prior to the Closing. Subject to the immediately preceding sentence, this Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the parties hereto and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Investor understands and agrees that the rights set forth under <u>Section</u> <u>5.01</u>, <u>Section</u> <u>5.03</u>, <u>Section</u> <u>5.12(a)</u>, <u>Section</u> <u>5.15</u>, <u>Section</u> <u>5.17</u>, <u>Section</u> <u>5.19</u> and <u>Section</u> <u>5.20</u> (collectively, the "<u>Initial Investor Rights</u>") shall inure solely to the benefit of any Investor and, notwithstanding anything in this Agreement to the contrary, an Investor shall not Transfer or assign, in whole or in part, by operation of Laws or otherwise, any or all of the Initial Investor Rights to any Person (other than an Investor Transferee as otherwise permitted by this Agreement).

Section 8.04 <u>Counterparts</u>. This Agreement may be executed in one or more counterparts (including by electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com)), each of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered to the other parties hereto.

Section 8.05 <u>Entire Agreement; No Third-Party Beneficiaries</u>. This Agreement, including the Confidentiality Agreements, the other Transaction Documents and the Certificate of Designations, constitutes the entire agreement, and supersedes all other prior agreements and understandings, both written and oral, among the parties and their Affiliates, or any of them, with respect to the subject matter hereof and thereof. No provision of this Agreement shall confer upon any Person other than the parties hereto and their permitted assigns any rights or remedies hereunder; <u>provided</u>, <u>Section</u> <u>8.13</u> shall be for the benefit of and fully enforceable by each of the Investor Related Parties.

Section 8.06 <u>Governing Law; Jurisdiction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware applicable to contracts executed in and to be performed entirely within that State, regardless of the laws that might otherwise govern under any applicable conflict of Laws principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Actions arising out of or relating to this Agreement shall be heard and determined in the Chancery Court of the State of Delaware (or, if the Chancery Court of the State of Delaware declines to accept jurisdiction over any Action, any state or federal court within the State of Delaware) and the parties hereto hereby irrevocably submit to the exclusive jurisdiction and venue of such courts in any such Action and irrevocably waive the defense of an inconvenient forum or lack of jurisdiction to the maintenance of any such Action. The consents to jurisdiction and venue set forth in this <u>Section</u> <u>8.06</u> shall not constitute general consents to service of process in the State of Delaware and shall have no effect for any purpose except as provided in this paragraph and shall not be deemed to confer rights on any Person other than the parties hereto. Each party hereto agrees that service of process

------

upon such party in any Action arising out of or relating to this Agreement shall be effective if notice is given by overnight courier at the address set forth in <u>Section</u> <u>8.09</u> of this Agreement. The parties hereto agree that a final judgment in any such Action shall be conclusive and may be enforced in other jurisdictions by lawsuit on the judgment or in any other manner provided by applicable Law; <u>provided</u>, <u>however</u>, that nothing in the foregoing shall restrict any party's rights to seek any post-judgment relief regarding, or any appeal from, a final trial court judgment.

Section 8.07 <u>Specific Enforcement</u>. The parties hereto agree that irreparable damage for which monetary relief, even if available, would not be an adequate remedy, would occur in the event that any provision of this Agreement is not performed in accordance with its specific terms or is otherwise breached. The parties acknowledge and agree that (a) the parties shall be entitled to seek an injunction or injunctions, specific performance or other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in the courts described in <u>Section</u> <u>8.06</u> without proof of damages or otherwise (in each case, subject to the terms and conditions of this <u>Section</u> <u>8.07</u>), this being in addition to any other remedy to which they are entitled under this Agreement and (b) the right of specific enforcement is an integral part of the Transactions and without that right, none of the Company or any Investor would have entered into this Agreement. The parties hereto agree not to assert that a remedy of specific enforcement is unenforceable, invalid, contrary to Laws or inequitable for any reason, and agree not to assert that a remedy of monetary damages would provide an adequate remedy or that the parties otherwise have an adequate remedy at law. The parties hereto acknowledge and agree that any party seeking an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in accordance with this <u>Section</u> <u>8.07</u> shall not be required to provide any bond or other security in connection with any such order or injunction.

Section 8.08 <u>WAIVER OF JURY TRIAL</u>. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) 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, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (C) IT MAKES SUCH WAIVER VOLUNTARILY AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS <u>SECTION 8.08</u>.

Section 8.09 <u>Notices</u>. All notices, requests and other communications to any party hereunder shall be in writing and shall be deemed given if delivered personally, emailed (which is confirmed) or sent by overnight courier (providing proof of delivery) to the parties at the following addresses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If to the Company, to it at:

Keurig Dr Pepper Inc.

6425 Hall of Fame Lane

Frisco, Texas 75034

Attention: Chief Legal Officer and General Counsel

Email: [\*\*\*]

------

with a copy to (which shall not constitute notice):

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019

Attention: James Langston; Chelsea Darnell; Timothy Cruickshank

Email: jlangston@paulweiss.com; cdarnell@paulweiss.com;

tcruickshank@paulweiss.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If to the KKR Investor, to the KKR Investor at:

KKR Credit Advisors (US) LLC

555 California Street

50th floor

San Francisco, CA 94104

Attention: Jennifer Box; Samuel Plotner

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

with a copy to (which will not constitute notice):

Kirkland & Ellis LLP

601 Lexington Avenue New York, NY 10023

Attention: Jennifer Perkins, P.C.; Ravi Agarwal, P.C.; Joshua Korff, P.C.; Ross Leff, P.C.

E-mail: jennifer.perkins@kirkland.com; ravi.agarwal@kirkland.com; jkorff@kirkland.com; ross.leff@kirkland.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If to the Apollo Investor, to the Apollo Investor at:

AP Pour Holdings, L.P.

c/o Apollo Management Holdings, LP

9 West 57th Street, 43rd Floor

New York, New York 10019

Attention: Justin Korval

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zachary Allen

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Elworth, General Counsel, Equity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William Kuesel, General Counsel, Credit

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*]

with a copy to (which will not constitute notice):

Latham & Watkins LLP

1271 Avenue of the Americas

New York, NY 10020

Attention: Tracey A. Zaccone

E-mail: tracey.zaccone@lw.com

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If to any other Investor, to such Investor at the address included in the applicable joinder agreement.

or such other address or email address as such party may hereafter specify by like notice to the other parties hereto. All such notices, requests and other communications shall be deemed received on the date of actual receipt by the recipient thereof if received prior to 5:00 p.m. local time in the place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt.

Section 8.10 <u>Severability</u>. If any term, condition or other provision of this Agreement is determined by a court of competent jurisdiction to be invalid, illegal or incapable of being enforced by any rule of Laws or public policy, all other terms, provisions and conditions of this Agreement shall nevertheless remain in full force and effect. Upon such determination that any term, condition or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible to the fullest extent permitted by applicable Law.

Section 8.11 <u>Expenses</u>. Except as otherwise expressly provided herein or in any other Transaction Document, all costs and expenses, including fees and disbursements of counsel, financial advisors and accountants, incurred in connection with this Agreement and the Transactions shall be paid by the party incurring such costs and expenses; <u>provided</u>, that (a) at the Closing, the Company shall reimburse the KKR Investor and the Apollo Investor for all reasonable and documented expenses incurred in connection with the Transactions, including the reasonable and documented fees and expenses of Kirkland & Ellis LLP, as counsel to the KKR Investor, <u>and</u> Latham & Watkins LLP, as counsel to the Apollo Investor<u>,</u> in an amount not to exceed, in the aggregate, $8.0 million, or (b) on a termination of this Agreement in accordance with its terms (other than a termination by the Company pursuant to <u>Section</u> <u>6.02(c)</u>) the Company shall reimburse the KKR Investor and the Apollo Investor for all reasonable and documented expenses incurred in connection with the Transactions, including the reasonable and documented fees and expenses of (i) Kirkland & Ellis LLP, as counsel to the KKR Investor, and (ii) Latham & Watkins LLP, as counsel to the Apollo Investor, in an amount not to exceed, in the aggregate, $8.0 million.

Section 8.12 <u>Interpretation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) When a reference is made in this Agreement to an Article, a Section, Exhibit or Schedule, such reference shall be to an Article of, a Section of, or an Exhibit or Schedule to, this Agreement unless otherwise indicated. The table of contents and headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Where a reference is made in this Agreement to the "<u>KKR Investor</u>" or the "<u>Apollo Investor</u>" that satisfies the 50% Beneficial Holding Requirement, if such "<u>KKR Investor</u>" or such "<u>Apollo Investor</u>" consists of more than one Person, the beneficial ownership required under the definition of the "50% Beneficial Holding Requirement" shall count in the aggregate all such Persons constituting the "KKR Investor" or the "Apollo Investor," respectively. Where a reference is made in this Agreement to the consent or approval of the "<u>KKR Investor</u>" or the "<u>Apollo Investor</u>", if there is more than one KKR Investor or more than one Apollo Investor, as applicable, such consent or approval shall be the consent or approval of the KKR Investors or Apollo Investors, as applicable, holding a majority of outstanding shares of Series A Preferred Stock or the holders of a majority of the allocations for such shares of Series A Preferred Stock, as applicable, held by such KKR Investors or Apollo Investors, as applicable. Whenever the words "<u>include</u>", "<u>includes</u>" or "<u>including</u>" are used in this Agreement, they shall be deemed to be followed by the words "<u>without limitation</u>". Whenever the words "<u>ordinary course of</u> <u>business</u>" are used in this Agreement, they shall be deemed to be followed by the words "<u>consistent with</u>

------

 <u>past practice</u>". The words "<u>hereof</u>", "<u>herein</u>" and "<u>hereunder</u>" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement unless the context requires otherwise. The words "<u>date hereof</u>" when used in this Agreement shall refer to the date of this Agreement. The terms "<u>or</u>", "<u>any</u>" and "<u>either</u>" are not exclusive. The word "<u>extent</u>" in the phrase "<u>to the extent</u>" shall mean the degree to which a subject or other thing extends, and such phrase shall not mean simply "<u>if</u>". The word "<u>will</u>" shall be constructed to have the same meaning and affect as the word "<u>shall</u>". The words "<u>made available to the Investor</u>" and words of similar import refer to documents (A) posted to the VDR for Project Pour by or on behalf of the Company or (B) delivered in Person or electronically to the Investor or its respective Representatives, in each case no later than two (2) Business Days prior to the date hereof. All accounting terms used and not defined herein shall have the respective meanings given to them under GAAP. All terms defined in this Agreement shall have the defined meanings when used in any document made or delivered pursuant hereto unless otherwise defined therein. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such term. In the event that the Common Stock is listed on a national securities exchange other than the Nasdaq, all references herein to Nasdaq shall be deemed to be references to such other national securities exchange. Any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and references to all attachments thereto and instruments incorporated therein. Unless otherwise specifically indicated, all references to "<u>dollars</u>" or "<u>$</u>" shall refer to the lawful money of the United States. References to a Person are also to its permitted assigns and successors. When calculating the period of time between which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded (unless, otherwise required by Law, if the last day of such period is not a Business Day, the period in question shall end on the next succeeding Business Day).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties hereto have participated jointly in the negotiation and drafting of this Agreement and, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party hereto by virtue of the authorship of any provision of this Agreement.

Section 8.13 <u>Non-Recourse</u>. Each party hereto agrees, on behalf of itself and its Affiliates and its and their present or former directors, officers, stockholders, partners, members or employees, that all Actions, claims, obligations, liabilities or causes of action (whether in Contract or in tort, in Laws or in equity or otherwise, or granted by statute or otherwise, whether by or through attempted piercing of the corporate, limited partnership or limited liability company veil or any other theory or doctrine, including alter ego or otherwise) that may be based upon, in respect of, arise under, out or by reason of, be connected with, or relate in any manner to: (A) this Agreement or any other Transaction Document, or any of the transactions contemplated hereunder or thereunder, (B) the negotiation, execution or performance of this Agreement or any of the other Transaction Documents (including any representation or warranty made in, in connection with, or as an inducement to, this Agreement or any of the other Transaction Documents), (C) any breach or violation of this Agreement or any other of the other Transaction Documents and (D) any failure of any of the transactions contemplated hereunder or under any of the other Transaction Documents or any other agreement referenced herein or therein to be consummated, in each case, may be made only against (and are those solely of) the Persons that are, in the case of this Agreement, expressly identified as parties to this Agreement or, in the case of any of the other Transaction Documents, Persons that are expressly identified as parties to such other Transaction Documents and in accordance with, and subject to the terms and conditions of this Agreement or such other Transaction Documents, as

------

applicable. In furtherance and not in limitation of the foregoing and notwithstanding anything contained in this Agreement or any of the other Transaction Documents to the contrary and without limiting the foregoing or any other agreement referenced herein or therein or otherwise to the contrary, each party hereto covenants, agrees and acknowledges on behalf of itself and its respective Affiliates and its and their present or former directors, officers, stockholders, partners, members or employees, that no recourse under this Agreement or any of the other Transaction Documents or in connection with any of the transactions contemplated hereunder or thereunder shall be sought or had against any other Person, including any Investor Related Party, and no other Person, including any Investor Related Party, shall have any liabilities or obligations (whether in Contract or in tort, in Law or in equity or otherwise, or granted by statute or otherwise, whether by or through attempted piercing of the corporate, limited partnership or limited liability company veil or any other theory or doctrine, including alter ego or otherwise) for any claims, causes of action, obligations or liabilities arising under, out of, in connection with or related in any manner to the items in the immediately preceding clauses (A) through (D), it being expressly agreed and acknowledged that no personal liability or losses whatsoever shall attach to, be imposed on or otherwise be incurred by any of the aforementioned, as such, arising under, out of, in connection with or related in any manner to the items in the immediately preceding clauses (A) through (D), in each case, except for claims that the Company or any Investor, as applicable, may assert: (i) against any Person that is party to and solely pursuant to the terms and conditions of, the Confidentiality Agreement or (ii) against any Investor solely in accordance with, and pursuant to the terms and conditions of, this Agreement. Notwithstanding anything to the contrary in this Agreement or any of the other Transaction Documents or otherwise, no party hereto or any Investor Related Party shall be responsible or liable for any multiple, consequential, indirect, special, statutory, exemplary or punitive damages or lost profits, opportunity costs, loss of business reputation, diminution in value or damages based upon a multiple of earnings or similar financial measure which may be alleged as a result of this Agreement or any of the other Transaction Documents or any of the transactions contemplated hereunder or thereunder, or the termination or abandonment of any of the foregoing.

Section 8.14 <u>Not a Group; Independent Nature of Investors</u><u>'</u> <u>Obligations and Rights</u>. Each Investor and the Company agree that the arrangements contemplated by this Agreement are not intended to constitute the formation of a "group" (as defined in Section 13(d)(3) of the Exchange Act). Each Investor agrees that, for purposes of determining beneficial ownership of such Investor and its Investor Transferees, it shall disclaim any beneficial ownership by virtue of this Agreement of any Acquired Shares owned by the other Investors (other than such Investor's Investor Transferees), and the Company agrees to recognize such disclaimer in its Exchange Act and Securities Act reports. The obligations of each Investor under this Agreement are several and not joint with the obligations of any other Investor, and no Investor shall be responsible in any way for the performance of the obligations of any other Investor under this Agreement. Nothing contained herein, and no action taken by any Investor pursuant hereto, shall be deemed to constitute the Investors as, and the Company acknowledges that the Investors do not so constitute, a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that the Investors are in any way acting in concert or as a group or entity with respect to such obligations or the transactions contemplated by this Agreement, and the Company acknowledges that the Investors are not acting in concert or as a group by virtue of this Agreement, and the Company shall not assert any such claim, with respect to such obligations or the transactions contemplated by this Agreement. Each Investor shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this Agreement, and it shall not be necessary for any other Investor to be joined as an additional party in any proceeding for such purpose.

------

Section 8.15 <u>Financial Advisor</u>. Each Investor, severally but not jointly, acknowledges that (a) Goldman is acting as a financial advisor to the Company and is not acting as an underwriter or in any other capacity and is not and shall not be construed as a fiduciary for any Investor, the Company or any other person or entity in connection with the Transactions, (b) Goldman has not made and will not make any representation or warranty, whether express or implied, of any kind or character and has not provided any advice or recommendation in connection with the Transactions, (c) Goldman will have no responsibility with respect to (i) any representations, warranties or agreements made by any person or entity under or in connection with the Transactions or any of the documents furnished pursuant thereto or in connection therewith, or the execution, legality, validity or enforceability (with respect to any person) or any thereof, or (ii) the business, affairs, financial condition, operations, properties or prospects of, or any other matter concerning the Company or the Transactions, and (d) Goldman shall have no liability or obligation (including without limitation, for or with respect to any losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses or disbursements incurred by any Investor, the Company or any other person or entity), whether in contract, tort or otherwise, to such Investor, or to any person claiming through such Investor, in respect of the Transactions.

[*Remainder of page intentionally left blank*]

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of the date first above written.

---

| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
|  **KEURIG DR PEPPER INC.** | **KEURIG DR PEPPER INC.** |
| By: |  |
|  | Name: |
|  | Title: |

---

[*Signature Page to Investment Agreement*]

------

---

| | |
|:---|:---|
|  **[INVESTOR SIGNATURE BLOCKS]** | **[INVESTOR SIGNATURE BLOCKS]** |
|  By: |  |
|  | Name: [•] |
|  | Title: [•] |

---

---

| | |
|:---|:---|
| **KKR INVESTOR:** | **KKR INVESTOR:** |
| **POUR PURCHASER L.P.** | **POUR PURCHASER L.P.** |
| By: Pour Purchaser GP LLC, its general partner | By: Pour Purchaser GP LLC, its general partner |
|  By: |  |
|  | Name: |
|  | Title: |

---

[*Signature Page to Investment Agreement*]

------

---

| | |
|:---|:---|
| **APOLLO INVESTOR:** | **APOLLO INVESTOR:** |
| **AP POUR HOLDINGS, L.P.** | **AP POUR HOLDINGS, L.P.** |
| By: AP CA XXIII, LLC, its general partner | By: AP CA XXIII, LLC, its general partner |
|  By: |  |
|  | Name: |
|  | Title: |

---

[*Signature Page to Investment Agreement*]

------

**<u>Schedule 5.01(a)</u>**

Antitrust or competition laws or regulations of the following jurisdictions:

None.

------

<u>Exhibit A-1</u> 

<u>FORM OF</u> 

<u>JOINDER TO INVESTMENT AGREEMENT</u> 

The undersigned hereby agrees to join, become a party to and be bound by, as a "[KKR Investor][Apollo Investor][Post-Signing Investor]", the Investment Agreement, dated as of October 27, 2025, as amended by the Amendment to Investment Agreement, dated as of February 23, 2026, by and among: (i) Keurig Dr Pepper Inc., a Delaware corporation, and (ii) the other Investors party thereto.

---

| | |
|:---|:---|
|  [NAME] |  |
|  Acquired Shares: [•] |  |
|  Aggregate Purchase Price: $[•] |  |
|  Dated: [DATE] |  |
|  Address for notices: |  |
|  [ADDRESS] |  |
|  | Acknowledged and agreed: |
|  | Keurig Dr Pepper Inc. |
|  | [NAME] |
|  | [Title] |

---

A-1-1

------

<u>Exhibit A-2</u> 

<u>FORM OF</u> 

<u>JOINDER TO INVESTMENT AGREEMENT</u> 

The undersigned hereby agrees to join, become a party to and be bound by, as a "[KKR Investor][Apollo Investor][Post-Closing Investor]", the Investment Agreement, dated as of October 27, 2025, as amended by the Amendment to Investment Agreement, dated as of February 23, 2026, by and among: (i) Keurig Dr Pepper Inc., a Delaware corporation, and (ii) the other Investors party thereto.

---

| | |
|:---|:---|
|  [NAME] |  |
|  Shares of Series A Preferred Stock Acquired: [•] |  |
|  Dated: [DATE] |  |
|  Address for notices: |  |
|  [ADDRESS] |  |
|  | Acknowledged and agreed: |
|  | Keurig Dr Pepper Inc. |
|  | [NAME] |
|  | [Title] |

---

A-2-1

------

<u>Exhibit B</u> 

<u>FORM OF</u> 

<u>CERTIFICATE OF DESIGNATION</u> 

[See Annex 2-B]

------

<u>Exhibit C</u> 

<u>FORM OF</u> 

<u>REGISTRATION RIGHTS AGREEMENT</u> 

------

**REGISTRATION RIGHTS AGREEMENT** 

**by and among** 

**KEURIG DR PEPPER INC.** 

**and** 

**[•]** 

**[•]** 

**[•]** 

**Dated as of [ ], [ ]** 

------

**<u>**TABLE OF CONTENTS**</u>**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE I | ARTICLE I | ARTICLE I |
| Resale Shelf Registration | Resale Shelf Registration | Resale Shelf Registration |
|  Section 1.1 | Resale Shelf Registration Statement | 1 |
|  Section 1.2 | Effectiveness Period | 2 |
|  Section 1.3 | Subsequent Shelf Registration Statement | 2 |
|  Section 1.4 | Supplements and Amendments | 3 |
|  Section 1.5 | Subsequent Investor Notice | 3 |
|  Section 1.6 | Underwritten Offering | 4 |
|  Section 1.7 | Take-Down Notice | 4 |
|  Section 1.8 | Piggyback Registration | 5 |
|  Section 1.9 | Demand Registration | 6 |
| ARTICLE II | ARTICLE II | ARTICLE II |
| Additional Provisions Regarding Registration Rights | Additional Provisions Regarding Registration Rights | Additional Provisions Regarding Registration Rights |
|  Section 2.1 | Registration Procedures | 7 |
|  Section 2.2 | Suspension | 10 |
|  Section 2.3 | Expenses of Registration | 10 |
|  Section 2.4 | Information by Investors | 10 |
|  Section 2.5 | Rule 144 Reporting | 12 |
| ARTICLE III | ARTICLE III | ARTICLE III |
| Indemnification | Indemnification | Indemnification |
|  Section 3.1 | Indemnification by Company | 12 |
|  Section 3.2 | Indemnification by Investors | 13 |
|  Section 3.3 | Notification | 13 |
|  Section 3.4 | Contribution | 14 |
|  Section 3.5 | Survival | 15 |
| ARTICLE IV | ARTICLE IV | ARTICLE IV |
| Transfer, Assumption and Termination of Registration Rights | Transfer, Assumption and Termination of Registration Rights | Transfer, Assumption and Termination of Registration Rights |
|  Section 4.1 | Transfer of Registration Rights | 15 |
|  Section 4.2 | Termination of Registration Rights | 15 |

---

------

---

| | | |
|:---|:---|:---|
| ARTICLE V | ARTICLE V | ARTICLE V |
| Miscellaneous | Miscellaneous | Miscellaneous |
|  Section 5.1 | Amendments and Waivers | 15 |
|  Section 5.2 | Extension of Time, Waiver, Etc. | 15 |
|  Section 5.3 | Assignment | 15 |
|  Section 5.4 | Counterparts | 16 |
|  Section 5.5 | Entire Agreement; No Third Party Beneficiary | 16 |
|  Section 5.6 | Governing Law; Jurisdiction | 16 |
|  Section 5.7 | Waiver of Jury Trial | 16 |
|  Section 5.8 | Notices | 17 |
|  Section 5.9 | Severability | 18 |
|  Section 5.10 | Expenses | 18 |
|  Section 5.11 | Interpretation | 18 |

---

------

**REGISTRATION RIGHTS AGREEMENT** 

This REGISTRATION RIGHTS AGREEMENT (this "<u>Agreement</u>") is entered into as of ,<u> </u> (the "<u>Closing Date</u>") by and among Keurig Dr Pepper Inc., a Delaware corporation (the "<u>Company</u>"), [•], a [•] (together with its Investor Transferees that become a party hereto pursuant to <u>Section</u> <u>4.1</u>, the "<u>KKR Investor</u>"), [•], a [•] (together with its Investor Transferees that become a party hereto pursuant to <u>Section</u> <u>4.1</u>, the "<u>Apollo Investor</u>" and, together with the KKR Investor, the "<u>Demand Investors</u>"), and [_____], a [_____] (together with its Investor Transferees that become a party hereto pursuant to <u>Section</u> <u>4.1</u>, the "<u>[___] Investor</u>"). Capitalized terms that are used but not defined elsewhere herein are defined in Exhibit A.

WHEREAS, the Company and each of the Investors are parties to the Investment Agreement, dated as of October 27, 2025, by and among the Company and the Investors (as amended by the Amendment to Investment Agreement, dated as of February 23, 2026, the "<u>Investment Agreement</u>"), pursuant to which the Company is selling to the Investors, and the Investors are purchasing from the Company, severally and not jointly, an aggregate of 4,500,000 shares of Series A Convertible Perpetual Preferred Stock of the Company, par value $0.01 per share (the "<u>Preferred Stock</u>"), which are convertible into shares of Common Stock.

WHEREAS, as a condition to the obligations of the Company and each of the Investors under the Investment Agreement, the Company and the Investors are entering into this Agreement for the purpose of granting certain registration and other rights to the Investors.

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows:

**ARTICLE I** 

**Resale Shelf Registration** 

Section 1.1 <u>Resale Shelf Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon request of Investors (other than Demand Investors) collectively holding at least 10.0% of the Registrable Securities on an as-converted basis, solely during the six-month period immediately following the Closing Date, or any Demand Investor, at any time, and subject to the other applicable provisions of this Agreement, if and to the extent that (i) any Investor (other than a Demand Investor) will hold any Registrable Securities on the Closing Date or (ii) any Demand Investor will hold any Registrable Securities on the Closing Date, in each case, and such securities are not eligible to be sold without conditions under Rule 144 (or any similar provisions then in force), the Company shall use its reasonable best efforts to prepare and file a registration statement covering the sale or distribution from time to time by the applicable Investors, on a delayed or continuous basis pursuant to Rule 415 of the Securities Act, of all of the Registrable Securities on Form S-3 (which may be in the form of a prospectus supplement to an existing Form S-3) (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, then such registration shall be on another appropriate form, including a resale registration statement on Form S-1, and shall provide for the registration of

------

such Registrable Securities for resale by the applicable Investors in accordance with any reasonable method of distribution elected by the Investors) (the "<u>Resale Shelf Registration Statement</u>") and shall use its reasonable best efforts to cause such Resale Shelf Registration Statement to be declared effective by the SEC as promptly as is reasonably practicable after the filing thereof which effectiveness date shall be no later than the first Business Day following the Closing Date (it being agreed that the Resale Shelf Registration Statement shall be an automatic shelf registration statement that shall become effective upon filing with the SEC pursuant to Rule 462(e) if Rule 462(e) is available to the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the other applicable provisions of this Agreement, if and to the extent that (i) any Demand Investor holds any Registrable Securities, (ii) such Demand Investor (A) is, or within three (3) months prior thereto was, an Affiliate of the Company or (B) such Demand Investor beneficially owns a number of shares of Common Stock issued or issuable to such Demand Investor upon conversion of the Preferred Stock that exceeds 3% of the Company's outstanding Common Stock (after giving effect to any such conversion) and (iii) such Demand Investor requests by written notice, the Company shall use its reasonable best efforts to promptly prepare and file a Resale Shelf Registration Statement and shall use its reasonable best efforts to cause such Resale Shelf Registration Statement to be declared effective by the SEC as promptly as is reasonably practicable after the filing thereof but no earlier than the first Business Day following the Closing Date (it being agreed that the Resale Shelf Registration Statement shall be an automatic shelf registration statement that shall become effective upon filing with the SEC pursuant to Rule 462(e) if Rule 462(e) is available to the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the other applicable provisions of this Agreement, the Company may, in its sole discretion, prepare and file a Resale Shelf Registration Statement in order to satisfy the Common Stock Liquidity Conditions with respect to a Mandatory Conversion or a Corporation Redemption (such Resale Shelf Registration Statement, the "<u>Liquidity Condition Registration Statement</u>").

Section 1.2 <u>Effectiveness Period</u>. Once declared effective, the Company shall, subject to the other applicable provisions of this Agreement, use its reasonable best efforts to cause the Resale Shelf Registration Statement to be continuously effective and usable, in the case of any Liquidity Condition Registration Statement, until 30 days after the applicable date of the Mandatory Conversion or the Corporation Redemption, in the case of a Resale Shelf Registration Statement filed under Section 1.1(b), until the earlier of the date there are no longer any Registrable Securities registered on such Resale Registration Statement or the date the conditions in Section 1.1(b)(ii) are no longer satisfied, and, in the case of any other Resale Shelf Registration Statement, until there are no longer any Registrable Securities registered on such Resale Registration Statement (the "<u>Effectiveness Period</u>").

Section 1.3 <u>Subsequent Shelf Registration Statement</u>. If any Shelf Registration Statement ceases to be effective under the Securities Act for any reason at any time during the Effectiveness Period, the Company shall use its reasonable best efforts to as promptly as is reasonably practicable cause such Shelf Registration Statement to again become effective under the Securities Act (including obtaining the prompt withdrawal of any order suspending the effectiveness of such Shelf Registration Statement), and shall use its reasonable best efforts to as promptly as is reasonably practicable amend such Shelf Registration Statement in a manner

------

reasonably expected to result in the withdrawal of any order suspending the effectiveness of such Shelf Registration Statement or file an additional registration statement (a "<u>Subsequent Shelf Registration Statement</u>") for an offering to be made on a delayed or continuous basis pursuant to Rule 415 of the Securities Act registering the resale from time to time by the Investors thereof of all securities that are Registrable Securities as of the time of such filing. If a Subsequent Shelf Registration Statement is filed, the Company shall use its reasonable best efforts to (a) cause such Subsequent Shelf Registration Statement to become effective under the Securities Act as promptly as reasonably practicable after the filing thereof (it being agreed that the Subsequent Shelf Registration Statement shall be an automatic shelf registration statement that shall become effective upon filing with the SEC pursuant to Rule 462(e) if Rule 462(e) is available to the Company) and (b) keep such Subsequent Shelf Registration Statement continuously effective and usable until the end of the Effectiveness Period. Any such Subsequent Shelf Registration Statement shall be a registration statement on Form S-3 to the extent that the Company is eligible to use such form. Otherwise, such Subsequent Shelf Registration Statement shall be on another appropriate form, including Form S-1, and shall provide for the registration of such Registrable Securities for resale by the Investors in accordance with any reasonable method of distribution elected by the Investors. The Subsequent Shelf Registration Statement may, at the Company's sole discretion, also cover any other securities of the Company so long as inclusion of such other securities of the Company does not limit the number of Registrable Securities registered for offer and sale pursuant to such Shelf Registration Statement.

Section 1.4 <u>Supplements and Amendments</u>. The Company shall supplement and amend any Shelf Registration Statement if required by the Securities Act or the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement.

Section 1.5 <u>Subsequent Investor Notice</u>. If a Person entitled to the benefits of this Agreement becomes an Investor after a Shelf Registration Statement becomes effective under the Securities Act, the Company shall as promptly as is reasonably practicable following delivery of written notice to the Company of such Investor's request for its name to be included as a selling securityholder in the prospectus related to the Shelf Registration Statement with respect to its Registrable Securities (a "<u>Subsequent Investor Notice</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;(a) if required and permitted by applicable law, file with the SEC a supplement to the related prospectus or a post-effective amendment to the Shelf Registration Statement so that such Investor is named as a selling securityholder in the Shelf Registration Statement and the related prospectus in such a manner as to permit such Investor to deliver a prospectus to purchasers of the Registrable Securities in accordance with applicable 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;&nbsp;&nbsp;&nbsp;&nbsp;(b) if, pursuant to <u>Section</u> <u>1.5(a)</u>, the Company shall have filed a post-effective amendment to the Shelf Registration Statement that is not automatically effective, use its reasonable best efforts to cause such post-effective amendment to become effective under the Securities Act as promptly as is reasonably practicable; 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;(c) notify such Investor as promptly as is reasonably practicable after the effectiveness under the Securities Act of any post-effective amendment filed pursuant to <u>Section</u> <u>1.5(a)</u>.

------

Section 1.6 <u>Underwritten Offering</u>. Subject to any applicable securities laws, any Demand Investor may, after a Resale Shelf Registration Statement becomes effective or after a Demand Registration is requested by such Demand Investor in accordance with the requirements set forth in <u>Section</u> <u>1.9(a)</u>, deliver a written notice to the Company (the "<u>Underwritten Offering Notice</u>") specifying that the sale of some or all of the Demand Investor Registrable Securities subject to the Shelf Registration Statement or the Demand Registration, as the case may be, is intended to be conducted through an underwritten offering, an offering known as a "block trade" or a "registered direct" offering (the "<u>Underwritten Offering</u>"); <u>provided</u>, that no Demand Investor may, without the Company's prior written consent, (i) request an Underwritten Offering the anticipated gross proceeds of which shall be less than $300,000,000 (unless such Demand Investor is proposing to sell all of its remaining Registrable Securities), or (ii) request more than two (2) Underwritten Offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&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) In the event of an Underwritten Offering, the Demand Investors holding a majority of the Registrable Securities on an as converted basis participating in an Underwritten Offering shall, upon consultation with the Company, select the managing underwriter(s) to administer the Underwritten Offering; <u>provided</u>, that each of the Demand Investors acknowledges and agrees that (i) with respect to an Underwritten Offering in which the KKR Investor participates, KKR Capital Markets LLC (or any related entity through which it conducts business) shall serve as an underwriter, if KKR Capital Markets LLC (or any related entity through which it conducts business) agrees to act as such, and (ii) with respect to an Underwritten Offering in which the Apollo Investor participates, Apollo Global Securities, LLC (or any related entity through which it conducts business) shall serve as an underwriter, if Apollo Global Securities, LLC (or any related entity through which it conducts business) agrees to act as such. The Company, the Demand Investors or any other stockholders (subject to the Demand Investors' consent as set forth below) participating in an Underwritten Offering will enter into an underwriting agreement in customary form with the managing underwriter or underwriters selected for such offering.

&nbsp;&nbsp;&nbsp;&nbsp;&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 not include in any Underwritten Offering pursuant to this <u>Section</u> <u>1.6</u>, <u>Section</u> <u>1.7</u> or <u>Section</u> <u>1.8</u>, any securities that are not Registrable Securities without the prior written consent of the Demand Investors participating in such Underwritten Offering. If the managing underwriter or underwriters advise the Company and the Investors in writing that in its or their good faith opinion the number of Registrable Securities (and, if permitted hereunder, other securities requested to be included in such offering) exceeds the number of securities which can be sold in such offering in light of market conditions or is such so as to adversely affect the success of such offering, the Company will include in such offering only such number of securities that can be sold without adversely affecting the marketability of the offering, which securities will be allocated *pro rata* among such Demand Investors on the basis of the percentage of the Registrable Securities then-owned by such Demand Investors.

Section 1.7 <u>Take-Down Notice</u>. Subject to the other applicable provisions of this Agreement, at any time that any Shelf Registration Statement is effective, if any Demand Investor delivers a notice to the Company (a "<u>Take-Down Notice</u>") stating that any such Demand Investor intends to effect a sale or distribution of all or part of its Registrable Securities included by it on any Shelf Registration Statement (a "<u>Shelf Offering</u>") which may or may not be an

------

Underwritten Offering conducted in accordance with the terms and conditions of <u>Section</u> <u>1.6</u>, and stating the number of the Registrable Securities to be included in such Shelf Offering, then the Company shall amend, subject to the other applicable provisions of this Agreement or supplement the Shelf Registration Statement (including by means of one or more prospectus supplements) as may be necessary in order to enable such Registrable Securities to be sold and distributed pursuant to the Shelf Offering. The number of Shelf Offerings that do not constitute an Underwritten Offering shall be unlimited, subject to applicable securities laws.

Section 1.8 <u>Piggyback Registration</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;(a) Subject to <u>Section</u> <u>2.2</u>, if the Company receives any Demand Notice from any Demand Investor pursuant to Section 1.9 (the "<u>Requesting Demand Investor</u>")), then the Company shall, promptly (but in any event within (5) Business Days after receipt thereof) give written notice (the "<u>Piggyback Notice</u>") to the Demand Investors (other than the Requesting Demand Investor) (the "<u>Piggyback Demand Investor</u>") of such Demand Notice. The Piggyback Notice shall offer such Piggyback Demand Investor the opportunity to include (or cause to be included) in such registration statement the number of shares of Demand Investor Registrable Securities as such other Piggyback Demand Investor may request (each, a "<u>Piggyback Registration Statement</u>"). Subject to <u>Section</u> <u>1.8(b)</u>, the Company shall include in each Piggyback Registration Statement all Demand Investor Registrable Securities with respect to which the Company has received written requests for inclusion therein (each a "<u>Piggyback Request</u>") promptly following delivery of the Piggyback Notice but in any event no later than three (3) Business Days prior to the filing date of a Piggyback Registration Statement. The Company shall not be required to maintain the effectiveness of a Piggyback Registration Statement beyond the earlier of (x) 180 days after the effective date thereof and (y) consummation of the distribution by the Demand Investors of the Demand Investor Registrable Securities included in such registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&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 of the securities to be offered or sold pursuant to the registration giving rise to the rights under this <u>Section</u> <u>1.8</u> are to be sold in an underwritten offering, the Requesting Demand Investor shall use reasonable best efforts to cause the managing underwriter or underwriters of the proposed underwritten offering to permit the Piggyback Demand Investor, if such Piggyback Demand Investor has timely submitted a Piggyback Request in connection with such offering, to include in such offering all Demand Investor Registrable Securities included in each such Piggyback Demand Investor's Piggyback Request on the same terms and subject to the same conditions as any other shares of capital stock, if any, of the Requesting Demand Investor included in the offering. Notwithstanding the foregoing, if the managing underwriter or underwriters of such underwritten offering advise the Requesting Demand Investor in writing that in its or their good faith opinion the number of securities exceeds the number of securities which can be sold in such offering in light of market conditions or is such so as to adversely affect the success of such offering, the Requesting Demand Investor will include in such offering only such number of securities that can be sold without adversely affecting the marketability of the offering, which securities will be so included in the following order of priority: (i) first, the Registrable Securities of the Demand Investors that have requested to participate in such underwritten offering, allocated *pro rata* among such Demand Investors on the basis of the percentage of the Registrable Securities then-owned by such Demand Investors; and (ii) second, any other securities of the Company that have been requested to be included in such offering; <u>provided</u> that Demand Investors may, prior to the earlier of the (a) effectiveness of the registration statement and (b) the time at which the offering price or underwriter's discount is determined with the managing underwriter or underwriters, withdraw their request to be included in such registration pursuant to this <u>Section</u> <u>1.8</u>.

------

Section 1.9 <u>Demand Registration</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;(a) At any time following the first Business Day following the Closing Date, each Demand Investor may request in writing (a "<u>Demand Notice</u>") that all or part of the Registrable Securities held by such Demand Investor shall be registered under the Securities Act (a "<u>Demand Registration</u>"), to the extent the Company is not then eligible to file a Resale Shelf Registration Statement; <u>provided</u> that the Company shall not be required to comply with this Section 1.9 unless (i) such Demand Investor holds any Registrable Securities and (ii) such Demand Investor (A) is, or within three (3) months prior thereto was, an Affiliate of the Company or (B) such Demand Investor beneficially owns a number of shares of Common Stock issued or issuable to such Demand Investor upon conversion of the Preferred Stock that exceeds 3% of the Company's outstanding Common Stock (after giving effect to any such conversion). The Company shall effect the registration of all such or such part of Demand Investor Registrable Securities as soon as practicable; <u>provided</u> that (i) the Company shall not be required to effect any registration under this <u>Section</u> <u>1.9</u> within a period of ninety (90) days following the effective date of a previous registration for which such Demand Investor had an opportunity to participate, and (ii) this provision shall not apply if a Resale Shelf Registration Statement, as applicable, has been filed pursuant to <u>Section</u> <u>1.1</u> and is effective and available for use. The Company shall not be required to effect (x) more than two (2) registrations under this <u>Section</u> <u>1.9</u> requested by the applicable Demand Investor; or (y) any offering the anticipated gross proceeds of which shall be less than $300,000,000. Any Demand Investor may elect to withdraw from any offering for which such Demand Investor delivered its Demand Notice pursuant to this <u>Section</u> <u>1.9</u> by giving written notice to the Company and the underwriter(s) of its request to withdraw prior to the effectiveness of the registration statement filed with the SEC with respect to such Demand Registration. If such Demand Investor withdraws from a proposed offering relating to a Demand Registration, then such Demand Investor shall reimburse the Company for the costs associated with the withdrawn Demand Registration (in which case such registration shall not count as a Demand Registration provided for in this <u>Section</u> <u>1.9</u>) or such withdrawn registration shall count as a Demand Registration provided for in this <u>Section</u> <u>1.9</u>. Notwithstanding any other provision of this <u>Section</u> <u>1.9</u>, if the managing underwriter advises the applicable Demand Investor in writing that marketing factors require a limitation on the dollar amount or the number of shares to be underwritten, then the amount of Demand Investor Registrable Securities proposed to be registered shall be reduced appropriately. The Company shall not register securities for sale for its own account in any registration requested pursuant to this <u>Section</u> <u>1.9</u> unless permitted to do so by the written consent of such Demand Investor.

------

**ARTICLE II** 

**Additional Provisions Regarding Registration Rights** 

Section 2.1 <u>Registration Procedures</u>. Subject to the other applicable provisions of this Agreement, in the case of each registration of Registrable Securities effected by the Company pursuant to <u>Article I</u>, 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;&nbsp;&nbsp;&nbsp;&nbsp;(a) prepare and promptly file with the SEC a registration statement with respect to such securities and use reasonable best efforts to cause such registration statement to become and remain effective for the period of the distribution contemplated thereby, in accordance with the applicable provisions 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;&nbsp;&nbsp;&nbsp;&nbsp;(b) prepare and file with the SEC such amendments (including post-effective amendments) and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to keep such registration statement effective for the period specified in paragraph (a) above and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement in accordance with the Investors' intended method of distribution set forth in such registration statement for such 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;&nbsp;&nbsp;&nbsp;&nbsp;(c) furnish to the Investors' legal counsel copies of the registration statement and the prospectus included therein (including each preliminary prospectus) proposed to be filed and provide such legal counsel a reasonable opportunity to review and comment on such registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&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 requested by the managing underwriter or underwriters, if any, or the Investors, promptly include in any prospectus supplement or post-effective amendment such information as the managing underwriter or underwriters, if any, or the Investors may reasonably request in order to permit the intended method of distribution of such securities and make all required filings of such prospectus supplement or post-effective amendment as soon as reasonably practicable after the Company has received such 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;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the event that the Registrable Securities are being offered in an Underwritten Offering, furnish to the Investors and to the underwriters of the securities being registered such reasonable number of copies of the registration statement, preliminary prospectus and final prospectus as the Investors or such underwriters may reasonably request in order to facilitate the public offering or other disposition of such securities;

&nbsp;&nbsp;&nbsp;&nbsp;&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) as promptly as is reasonably practicable notify the Investors at any time when a prospectus relating thereto is required to be delivered under the Securities Act or of the Company's discovery of the occurrence of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in the light of the circumstances then existing, and, subject to <u>Section</u> <u>2.2</u>, at the request of the Investors, prepare promptly and furnish to the Investors a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in the light of the circumstances then existing;

------

&nbsp;&nbsp;&nbsp;&nbsp;&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) use reasonable best efforts to register and qualify (or exempt from such registration or qualification) the securities covered by such registration statement under such other securities or "blue sky" laws of such jurisdictions within the United States as shall be reasonably requested in writing by the Investors; <u>provided</u>, <u>however</u>, that the Company shall not be required in connection therewith or as a condition thereto to (i) qualify to do business in any jurisdictions where it would not otherwise be required to qualify but for this subsection, (ii) take any action that would subject it to general service of process in any such jurisdictions or (iii) subject itself to taxation in any such jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&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) in the event that the Registrable Securities are being offered in an underwritten public offering, enter into an underwriting agreement in accordance with the applicable provisions 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;&nbsp;&nbsp;&nbsp;&nbsp;(i) in connection with an Underwritten Offering, the Company shall cause its officers to use their reasonable best efforts to support the marketing of the Registrable Securities covered by such offering (including participation in "*road shows*" or other similar marketing efforts);

&nbsp;&nbsp;&nbsp;&nbsp;&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 connection with an Underwritten Offering, furnish, at the Company's expense, (a) on the date that such Registrable Securities are delivered either (x) to the underwriters for sale, if such securities are being sold through underwriters or (y) to the purchasers thereof, if so requested by one or more purchasers or any placement agent in connection with such Underwritten Offering (the "<u>Delivery Date</u>"), (i) an opinion, dated the Delivery Date, of the legal counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, or to the purchasers, as the case may be, and to the placement agent, if any, and (ii) a "negative assurances letter", dated the Delivery Date, of the legal counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, or to the purchasers, as the case may be, and to the placement agent, if any, and (b) on the trade date, a "cold comfort" letter, dated as of the trade date, from the independent certified public accountants of the Company and a customary bring down of such letter as of the Delivery Date, in form and substance as is customarily given by independent certified public accountants to underwriters or placement agents in an Underwritten Offering, addressed to the underwriters, if any, or placement agents, as the case may be, and cause such authorized officers of the Company to execute customary certificates as may be reasonably requested by any underwriter or placement agent of such Registrable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&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) use reasonable best efforts to list the Registrable Securities (other than the Preferred Stock) covered by such registration statement with any securities exchange on which the Common Stock is then listed;

------

&nbsp;&nbsp;&nbsp;&nbsp;&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) provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of such registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&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) in connection with a customary due diligence review, make available for inspection by the Investors, any underwriter participating in any such disposition of Registrable Securities, if any, and any counsel or accountants retained by the Investors or underwriter (collectively, the "<u>Offering Persons</u>"), upon reasonable prior written notice and at the offices where normally kept, during regular business hours, all financial and other records and pertinent corporate documents (unless covered by attorney-client privilege) of the Company and its subsidiaries, and cause the officers, directors and employees of the Company and its subsidiaries to supply all information and participate upon reasonable prior written notice and during regular business hours, in customary due diligence sessions in each case reasonably requested by any such representative, underwriter, counsel or accountant in connection with such registration statement, <u>provided</u>, however, that any information that is not generally publicly available at the time of delivery of such information shall be kept confidential by such Offering Persons unless (i) disclosure of such information is required by court or administrative order or in connection with an audit or examination by, or a blanket document request from, a regulatory or self-regulatory authority, bank examiner or auditor, (ii) disclosure of such information, in the reasonable judgment of the Offering Persons, is required by law or applicable legal process (including in connection with the offer and sale of securities pursuant to the rules and regulations of the SEC), (iii) such information is or becomes generally available to the public other than as a result of a non-permitted disclosure or failure to safeguard by such Offering Persons in violation of this Agreement or (iv) such information (A) was known to such Offering Persons or their representatives from a source other than the Company when such source, to the knowledge of the Offering Persons, was not bound by any contractual, legal or fiduciary obligation of confidentiality to the Company with respect to such information, (B) becomes available to the Offering Persons from a source other than the Company when such source, to the knowledge of the Offering Persons, is not bound by any contractual, legal or fiduciary obligation of confidentiality to the Company with respect to such information or (C) was developed independently by the Offering Persons or their respective representatives without the use of, or reliance on, information provided by the Company; <u>provided</u>, further, that each Investor agrees that it and its Affiliates will not use, and will restrict the other Offering Persons from using, any information obtained pursuant to this clause (m) for any purpose other the distribution of Registrable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&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) cooperate with the Investors and each underwriter or agent participating in the disposition of Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA, including the use of reasonable best efforts to obtain FINRA's pre-clearance or pre-approval of the registration statement and applicable prospectus upon filing with the SEC; 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;(o) as promptly as is reasonably practicable notify the Investors (i) when the prospectus or any prospectus supplement or post-effective amendment has been filed and, with respect to such registration statement or any post-effective amendment, when the same has become effective, (ii) of any request by the SEC or other federal or state governmental authority for amendments or supplements to such registration statement or related prospectus or to amend or to supplement such prospectus or for additional information, (iii) of the issuance by

------

the SEC of any stop order suspending the effectiveness of such registration statement or the initiation of any proceedings for such purpose, (iv) if at any time the Company has reason to believe that the representations and warranties of the Company contained in any agreement (including any underwriting agreement contemplated by <u>Section</u> <u>2.1(f)</u> above) cease to be true and correct or (v) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose.

Section 2.2 <u>Suspension</u>. The Company shall be entitled, (a) following the consummation of the Specified Spin-Off Transaction, for a period not to exceed six (6) months beginning on the date of the consummation of the Specified Spin-Off Transaction, and (b) on one (1) occasion in any six (6) month period, for a period of time not to exceed sixty (60) days in the aggregate in any such six (6) month period, in the case of either clause (a) or (b), to (x) defer any registration of such Registrable Securities and shall have the right not to file and not to cause the effectiveness of any registration covering such Registrable Securities, (y) suspend the use of any prospectus and registration statement covering such Registrable Securities, and (z) require the Investors to suspend any offerings or sales of such Registrable Securities pursuant to a registration statement, if the Company delivers to the Investors a certificate signed by an executive officer certifying that the Board has determined in good faith that such registration and offering would (i) require the Company to make an Adverse Disclosure, (ii) upon the happening of any event described in <u>Section</u> <u>2.1(f)</u>, <u>Section</u> <u>2.1(o)(ii)</u> or <u>Section</u> <u>2.1(o)(iii)</u> or (iii) materially interfere with any *bona fide* material financing, acquisition, disposition or other similar transaction involving the Company or any of its subsidiaries then under consideration. Such certificate shall not contain a statement of the reasons for such suspension, but shall contain the anticipated length of such suspension. The Company expressly agrees that the Investors shall not receive any material non-public information in connection with such certificate. If the Company defers any registration of Registrable Securities in response to an Underwritten Offering Notice, or requires the Investors to suspend any Underwritten Offering, the Investors shall be entitled to withdraw such Underwritten Offering Notice and if it does so, such request shall not be treated for any purpose as the delivery of an Underwritten Offering Notice pursuant to <u>Section</u> <u>1.6</u>.

Section 2.3 <u>Expenses of Registration</u>. All Registration Expenses incurred in connection with any registration shall be borne by the Company, provided that each Investor participating in an offering shall pay all applicable underwriting discounts and commissions, brokers' commissions and stock transfer taxes, if any, on the Registrable Securities sold by such Investor and the fees and expenses of any counsel to the Investors (other than such fees and expenses of any counsel to the Demand Investors or otherwise, in each case expressly included in Registration Expenses).

Section 2.4 <u>Information by Investors</u>. The Investor or Investors included in any registration shall furnish to the Company such information regarding such Investor or Investors and their Affiliates, the Registrable Securities held by them and the distribution proposed by such Investor or Investors and their Affiliates as the Company may reasonably request and as shall be required in connection with any registration, qualification or compliance referred to in this Agreement. It is understood and agreed that the obligations of the Company under <u>Article I</u> are conditioned on the timely provision of the foregoing information by such Investor or Investors and, without limitation of the foregoing, will be conditioned on compliance by such Investor or Investors with 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;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Investor or Investors will, and will cause their respective Affiliates to, cooperate with the Company in connection with the preparation of the applicable registration statement and prospectus and, for so long as the Company is obligated to keep such registration statement effective, such Investor or Investors will and will cause their respective Affiliates to provide to the Company, in writing and in a timely manner, for use in such registration statement (and expressly identified in writing as such), all information regarding themselves and their respective Affiliates and such other information as may be required by applicable law to enable the Company to prepare or amend such registration statement, any related prospectus and any other documents related to such offering covering the applicable Registrable Securities owned by such Investor or Investors and to maintain the currency and effectiveness 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;&nbsp;&nbsp;&nbsp;&nbsp;(b) during such time as such Investor or Investors and their respective Affiliates may be engaged in a distribution of the Registrable Securities, such Investor or Investors will, and they will cause their Affiliates to, comply with all laws applicable to such distribution, including Regulation M promulgated under the Exchange Act, and, to the extent required by such laws, will, and will cause their Affiliates to, among other things (i) not engage in any stabilization activity in connection with the securities of the Company in contravention of such laws; (ii) distribute the Registrable Securities acquired by them solely in the manner described in the applicable registration statement and (iii) if required by applicable law, cause to be furnished to each agent or broker-dealer to or through whom such Registrable Securities may be offered, or to the offeree if an offer is made directly by such Investor or Investors or their respective Affiliates, such copies of the applicable prospectus (as amended and supplemented to such date) and documents incorporated by reference therein as may be required by such agent, broker-dealer or offeree;

&nbsp;&nbsp;&nbsp;&nbsp;&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) such Investor or Investors shall, and they shall cause their respective Affiliates to, (i) permit the Company and its representatives to examine such documents and records and will supply in a timely manner any information as they may be reasonably requested to provide in connection with the offering or other distribution of Registrable Securities by such Investor or Investors and (ii) execute, deliver and perform under any agreements and instruments reasonably requested by the Company or its representatives to effectuate such registered offering, including opinions of counsel and questionnaires; 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;(d) on receipt of any notice from the Company of the occurrence of any of the events specified in <u>Section</u> <u>2.1(f)</u> or clauses (ii) or (iii) of <u>Section</u> <u>2.1(o)</u>, or that otherwise requires the suspension by such Investor or Investors and their respective Affiliates of the offering, sale or distribution of any of the Registrable Securities owned by such Investor or Investors, such Investors shall, and they shall cause their respective Affiliates to, cease offering, selling or distributing the Registrable Securities owned by such Investor or Investors until the offering, sale and distribution of the Registrable Securities owned by such Investor or Investors may recommence in accordance with the terms hereof and applicable law.

------

Section 2.5 <u>Rule 144 Reporting</u>. With a view to making available the benefits of Rule 144 to the Investors, the Company agrees that, for so long as an Investor owns Registrable Securities, the Company will use its reasonable best efforts 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;&nbsp;&nbsp;&nbsp;&nbsp;(a) make and keep public information available, as those terms are understood and defined in Rule 144, at all times after the date of this Agreement; 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;(b) so long as an Investor owns any Restricted Securities, furnish to the Investor upon written request a written statement by the Company as to its compliance with the reporting requirements of the Exchange Act.

**ARTICLE III** 

**Indemnification** 

Section 3.1 <u>Indemnification by Company</u>. To the fullest extent permitted by applicable law, the Company will, with respect to any Registrable Securities covered by a registration statement or prospectus, or as to which registration, qualification or compliance under applicable "blue sky" laws has been effected pursuant to this Agreement, indemnify and hold harmless each Investor, each Investor's current and former officers, directors, partners, members, managers, stockholders, accountants, attorneys, agents and employees, and each Person controlling such Investor within the meaning of Section 15 of the Securities Act and such Investor's current and former officers, directors, partners, members, managers, stockholders, accountants, attorneys, agents and employees, and each underwriter thereof, if any, and each Person who controls any such underwriter within the meaning of Section 15 of the Securities Act (collectively, the "<u>Company Indemnified Parties</u>"), from and against any and all expenses, claims, losses, damages, costs (including costs of preparation and reasonable attorney's fees and any legal or other fees or expenses actually incurred by such party in connection with any investigation or proceeding), judgments, fines, penalties, charges, amounts paid in settlement and other liabilities, joint or several, (or actions in respect thereof) (collectively, "<u>Losses</u>") to the extent arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement, prospectus, preliminary prospectus, offering circular, "issuer free writing prospectus" (as such term is defined in Rule 433 under the Securities Act) or other document, in each case related to such registration statement, or any amendment or supplement thereto, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, or any violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rules or regulations thereunder applicable to the Company and (without limiting the preceding portions of this <u>Section</u> <u>3.1</u>), the Company will reimburse each of the Company Indemnified Parties for any reasonable and documented out-of-pocket legal expenses and any other reasonable and documented out-of-pocket expenses actually incurred in connection with investigating, defending or, subject to the last sentence of this <u>Section</u> <u>3.1</u>, settling any such Losses or action, as such expenses are incurred; <u>provided</u> that the Company's indemnification obligations shall not apply to amounts paid in settlement of any Losses or action if such settlement is effected without the prior written consent of the Company (which consent shall not be unreasonably withheld or delayed), nor shall the Company be liable to an Investor in any such case for any such Losses or action to the extent that it arises out of or is based upon a violation or

------

alleged violation of any state or federal law (including any claim arising out of or based on any untrue statement or alleged untrue statement or omission or alleged omission in the registration statement or prospectus) which occurs in reliance upon and in conformity with written information regarding such Investor furnished to the Company by such Investor expressly for use in connection with such registration by any such Investor.

Section 3.2 <u>Indemnification by Investors</u>. To the fullest extent permitted by applicable law, each Investor will, if Registrable Securities held by such Investor are included in the securities as to which registration or qualification or compliance under applicable "blue sky" laws is being effected, indemnify, severally and not jointly with any other Investors, the Company, each of its representatives, each Person who controls the Company or such underwriter within the meaning of Section 15 of the Securities Act (collectively, the "<u>Investor Indemnified Parties</u>"), against all Losses (or actions in respect thereof) to the extent arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement, prospectus, preliminary prospectus, offering circular, "issuer free writing prospectus" or other document, in each case related to such registration statement, or any amendment or supplement thereto, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, and will reimburse each of the Investor Indemnified Parties for any reasonable and documented out-of-pocket legal expenses and any other reasonable and documented out-of-pocket expenses actually incurred in connection with investigating, defending or, subject to the last sentence of this <u>Section</u> <u>3.2</u>, settling any such Losses or action, as such expenses are incurred, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular, "issuer free writing prospectus" or other document in reliance upon and in conformity with written information regarding such Investor furnished to the Company by such Investor and stated to be specifically for use therein; <u>provided</u>*,* however, that in no event shall any indemnity under this <u>Section</u> <u>3.2</u> payable by any Investor exceed an amount equal to the net proceeds received by such Investor in respect of the Registrable Securities sold pursuant to the registration statement. The indemnity agreement contained in this <u>Section</u> <u>3.2</u> shall not apply to amounts paid in settlement of any loss, claim, damage, liability or action if such settlement is effected without the prior written consent of the applicable Investor (which consent shall not be unreasonably withheld or delayed).

Section 3.3 <u>Notification</u>. If any Person shall be entitled to indemnification under this <u>Article III</u> (each, an "<u>Indemnified Party</u>"), such Indemnified Party shall give prompt notice to the party required to provide indemnification (each, an "<u>Indemnifying Party</u>") of any claim or of the commencement of any proceeding as to which indemnity is sought. The Indemnifying Party shall have the right, exercisable by giving written notice to the Indemnified Party as promptly as is reasonably practicable after the receipt of written notice from such Indemnified Party of such claim or proceeding, to assume, at the Indemnifying Party's expense, the defense of any such claim or litigation, with counsel reasonably satisfactory to the Indemnified Party and, after notice from the Indemnifying Party to such Indemnified Party of its election to assume the defense thereof, the Indemnifying Party will not (so long as it shall continue to have the right to defend, contest, litigate and settle the matter in question in accordance with this paragraph) be liable to such Indemnified Party hereunder for any legal expenses and other expenses subsequently incurred by such Indemnified Party in connection with the defense thereof;

------

 <u>provided</u>, however, that an Indemnified Party shall have the right to employ separate counsel in any such claim or litigation, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless the Indemnifying Party shall have failed within a reasonable period of time to assume such defense and the Indemnified Party is or would reasonably be expected to be materially prejudiced by such delay. The failure of any Indemnified Party to give notice as provided herein shall relieve an Indemnifying Party of its obligations under this <u>Article III</u> only to the extent that the failure to give such notice is materially prejudicial or harmful to such Indemnifying Party's ability to defend such action. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the prior written consent of each Indemnified Party (which consent shall not be unreasonably withheld or delayed), consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. The indemnity agreements contained in this <u>Article III</u> shall not apply to amounts paid in settlement of any claim, loss, damage, liability or action if such settlement is effected without the prior written consent of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed. The indemnification set forth in this <u>Article III</u> shall be in addition to any other indemnification rights or agreements that an Indemnified Party may have. An Indemnifying Party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such Indemnifying Party with respect to such claim, unless in the reasonable judgment of any Indemnified Party a conflict of interest may exist between such Indemnified Party and any other Indemnified Parties with respect to such claim.

Section 3.4 <u>Contribution</u>. If the indemnification provided for in this <u>Article III</u> is held by a court of competent jurisdiction to be unavailable to an Indemnified Party, other than pursuant to its terms, with respect to any Losses or action referred to therein, then, subject to the limitations contained in this <u>Article III</u>, the Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses or action in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party, on the one hand, and the Indemnified Party, on the other, in connection with the actions, statements or omissions that resulted in such Losses or action, as well as any other relevant equitable considerations. The relative fault of the Indemnifying Party, on the one hand, and the Indemnified Party, on the other hand, shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made (or omitted) by, or relates to information supplied by such Indemnifying Party or such Indemnified Party, and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent any such action, statement or omission. The Company and the Investors agree that it would not be just and equitable if contribution pursuant to this <u>Section</u> <u>3.4</u> was determined solely upon *pro rata* allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding sentence of this <u>Section</u> <u>3.4</u>. Notwithstanding the foregoing, the amount any Investor will be obligated to contribute pursuant to this <u>Section</u> <u>3.4</u> will be limited to an amount equal to the net proceeds received by such Investor in respect of the Registrable Securities sold pursuant to the registration statement which gives rise to such obligation to contribute. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

------

Section 3.5 <u>Survival</u>. The indemnification provided for under this <u>Article III</u> shall survive the sale or other transfer of the Registrable Securities and the termination of this Agreement.

**ARTICLE IV** 

**Transfer, Assumption and Termination of Registration Rights** 

Section 4.1 <u>Transfer of Registration Rights</u>. Any rights to cause the Company to register the resale of securities granted to an Investor under this Agreement may be transferred or assigned only to such Investor's Investor Transferees that become a party to the Investment Agreement pursuant to Section 8.03 thereto; <u>provided</u>, however, that (i) prior written notice of such assignment of rights is given to the Company, and (ii) such transferee agrees in writing to be bound by, and subject to, this Agreement as an "Investor" and/or "Demand Investor" pursuant to a written instrument in the form of Exhibit B hereto.

Section 4.2 <u>Termination of Registration Rights</u>. The rights of any particular Investor to cause the Company to register securities under <u>Article I</u> shall terminate with respect to such Investor upon the date upon which such Investor no longer holds any Registrable Securities. The registration rights set forth in this Agreement shall terminate on the date on which all shares of Preferred Stock and shares of Common Stock issuable (or actually issued) upon conversion of the Preferred Stock are not Registrable Securities.

**ARTICLE V** 

**Miscellaneous** 

Section 5.1 <u>Amendments and Waivers</u>. Subject to compliance with applicable law, this Agreement may be amended or supplemented in any and all respects by written agreement of the Company and the Investors holding a majority of Registrable Securities on an as-converted basis; <u>provided</u> that for so long as a Demand Investor and its Affiliates own Registrable Securities representing at least such Demand Investor's and its Affiliates' 50% Beneficial Holding Requirement (as defined in the Investment Agreement), such Demand Investor's rights under this Agreement may not be amended or waived without such Demand Investor's prior written consent.

Section 5.2 <u>Extension of Time, Waiver, Etc.</u> The parties hereto may, subject to applicable law, (a) extend the time for the performance of any of the obligations or acts of any other party or (b) waive compliance by any other party with any of the agreements contained herein applicable to such party or, except as otherwise provided herein, waive any of such party's conditions. Notwithstanding the foregoing, no failure or delay by the parties hereto in exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right hereunder. Any agreement on the part of a party hereto to any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party.

Section 5.3 <u>Assignment</u>. Except as provided in <u>Section</u> <u>4.1</u>, neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned, in whole or in part, by operation of law or otherwise, by any of the parties hereto without the prior written consent of the other parties hereto.

------

Section 5.4 <u>Counterparts</u>. This Agreement may be executed in one or more counterparts (including by facsimile or electronic mail), each of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered to the other parties hereto.

Section 5.5 <u>Entire Agreement; No Third Party Beneficiary</u>. This Agreement, including the Transaction Documents, constitutes the entire agreement, and supersedes all other prior agreements and understandings, both written and oral, among the parties and their Affiliates, or any of them, with respect to the subject matter hereof and thereof. No provision of this Agreement shall confer upon any Person other than the parties hereto and their permitted assigns any rights or remedies hereunder.

Section 5.6 <u>Governing Law; Jurisdiction</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;(a) This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware applicable to contracts executed in and to be performed entirely within that State, regardless of the laws that might otherwise govern under any applicable conflict of laws principles.

&nbsp;&nbsp;&nbsp;&nbsp;&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 legal or administrative proceedings, suits, investigations, arbitrations or actions ("<u>Actions</u>") arising out of or relating to this Agreement shall be heard and determined in the Chancery Court of the State of Delaware (or, if the Chancery Court of the State of Delaware declines to accept jurisdiction over any Action, any state or federal court within the State of Delaware) and the parties hereto hereby irrevocably submit to the exclusive jurisdiction and venue of such courts in any such Action and irrevocably waive the defense of an inconvenient forum or lack of jurisdiction to the maintenance of any such Action. The consents to jurisdiction and venue set forth in this <u>Section</u> <u>5.6</u> shall not constitute general consents to service of process in the State of Delaware and shall have no effect for any purpose except as provided in this paragraph and shall not be deemed to confer rights on any Person other than the parties hereto. Each party hereto agrees that service of process upon such party in any Action arising out of or relating to this Agreement shall be effective if notice is given by overnight courier at the address set forth in <u>Section</u> <u>5.8</u> of this Agreement. The parties hereto agree that a final judgment in any such Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable law; <u>provided</u>, <u>however</u>, that nothing in the foregoing shall restrict any party's rights to seek any post-judgment relief regarding, or any appeal from, a final trial court judgment.

Section 5.7 <u>Waiver of Jury Trial</u>. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT

------

OF OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) 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, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (C) IT MAKES SUCH WAIVER VOLUNTARILY AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS <u>SECTION 5.7</u>.

Section 5.8 <u>Notices</u>. All notices, requests and other communications to any party hereunder shall be in writing and shall be deemed given if delivered personally, emailed (which is confirmed) or sent by overnight courier (providing proof of delivery) to the parties at the following addresses:

&nbsp;&nbsp;&nbsp;&nbsp;&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) If to the Company, to it at:

Keurig Dr Pepper Inc.

6425 Hall of Fame Lane

Frisco, Texas 75034

Attention: Chief Legal Officer and General Counsel

Email: [\*\*\*]

with a copy to (which shall not constitute notice):

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019

Attention: James Langston; Timothy Cruickshank; Tony Rim

Email: [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&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 to the KKR Investor at:

[Name]

[Address]

Attention: [•]

E-mail: [•]

with a copy to (which will not constitute notice):

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY 10023

------

Attention: Jennifer Perkins, P.C., Ravi Agarwal, P.C., Joshua

Korff, P.C.; Ross Leff, P.C.

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

&nbsp;&nbsp;&nbsp;&nbsp;&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 to the Apollo Investor at:

[Name]

[Address]

Attention: [•]

E-mail: [•]

with a copy to (which will not constitute notice):

Latham & Watkins LLP

1271 Avenue of the Americas

New York, NY 10020

Attention: Tracey A. Zaccone

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

or such other address or email address as such party may hereafter specify by like notice to the other parties hereto. All such notices, requests and other communications shall be deemed received on the date of actual receipt by the recipient thereof if received prior to 5:00 p.m. local time in the place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt.

Section 5.9 <u>Severability</u>. If any term, condition or other provision of this Agreement is determined by a court of competent jurisdiction to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other terms, provisions and conditions of this Agreement shall nevertheless remain in full force and effect. Upon such determination that any term, condition or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible to the fullest extent permitted by applicable law.

Section 5.10 <u>Expenses</u>. Except as provided in <u>Section</u> <u>2.3</u> and in the definition of Registration Expenses, all costs and expenses, including fees and disbursements of counsel, financial advisors and accountants, incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses.

Section 5.11 <u>Interpretation</u>. The rules of interpretation set forth in <u>Section</u> <u>8.12</u><u> </u>of the Investment Agreement shall apply to this Agreement, *mutatis mutandis*.

[*Signature pages follow*]

------

IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first above written.

---

| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| **KEURIG DR PEPPER INC.** | **KEURIG DR PEPPER INC.** |
| By: |  |
|  | Name: |
|  | Title: |

---

SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

------

---

| | |
|:---|:---|
| **INVESTORS:** | **INVESTORS:** |
| **[•]** | **[•]** |
| **By:** | **[[•],** |
|  | **its general partner]** |
| By: | /s/ |
|  | Name: |
|  | Title: |

---

SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

------

---

| | |
|:---|:---|
| **[•]** | **[•]** |
| **By:** | **[[•],** |
|  | **as Attorney-in-Fact]** |
| By: | /s/ |
|  | Name: |
|  | Title: |
| **[•]** | **[•]** |
| **By:** | **[[•],** |
|  | **Its General Partner]** |
| **By:** | **[[•],** |
|  | **as Attorney-in-Fact]** |
| By: | /s/ |
|  | Name: |
|  | Title: |

---

SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

------

**EXHIBIT A** 

**<u>DEFINED TERMS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The following capitalized terms have the meanings indicated:

"<u>Adverse Disclosure</u>" means public disclosure of material non-public information that, in the good faith judgment of the Company (after consultation with external legal counsel): (i) would be required to be made in any registration statement filed with the SEC by the Company so that such registration statement would not be materially misleading; (ii) would not be required to be made at such time but for the filing, effectiveness or continued use of such registration statement; and (iii) the Company has a bona fide business purpose for not disclosing publicly.

"<u>Affiliate</u>" shall have the meaning given to such term in the Investment Agreement.

"<u>Board</u>" means the Board of Directors of the Company.

"<u>Business Day</u>" shall have the meaning given to such term in the Investment Agreement.

"<u>Certificate of Designations</u>" means the Form of Certificate of Designations, Preferences and Rights of Series A Convertible Perpetual Preferred Stock of Keurig Dr Pepper Inc. attached to the Investment Agreement as Exhibit B, as it may be amended from time to time.

"<u>Common Stock</u>" means the common stock, par value $0.01 per share, of the Company.

"<u>Common Stock Liquidity Conditions</u>" shall have the meaning given to such term in the Investment Agreement.

"<u>Corporation Redemption</u>" shall have the meaning given to such term in the Investment Agreement.

"<u>Demand Investor Registrable Securities</u>" means, as of any date of determination, (i) any shares of Preferred Stock owned by any Demand Investor, (ii) any shares of Common Stock acquired by such Demand Investor pursuant to the conversion of such shares of Preferred Stock and (iii) any other securities issued or issuable with respect to any such shares of Preferred Stock or Common Stock by way of share split, share dividend, distribution, recapitalization, merger, exchange, replacement or similar event or otherwise. As to any particular Demand Investor Registrable Securities, such securities shall cease to be Demand Investor Registrable Securities when (i) such securities are sold or otherwise transferred pursuant to an effective registration statement under the Securities Act, (ii) such securities shall have ceased to be outstanding or are repurchased by the Company or any Subsidiary of the Company, (iii) such securities have been transferred in a transaction in which the Investor's rights under this Agreement are not assigned to the transferee of the securities or (iv) such securities are sold in a broker's transaction under circumstances in which all of the applicable conditions of Rule 144 (or any similar provisions then in force) under the Securities Act are met.

------

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and any successor statute thereto, and the rules and regulations of the SEC promulgated thereunder.

"<u>FINRA</u>" means the Financial Industry Regulatory Authority, Inc.

"<u>Foreclosure</u>" shall have the meaning given to such term in the Certificate of Designations.

"<u>Governmental Authority</u>" means any government, court, regulatory or administrative agency, commission, arbitrator (public or private) or authority or other legislative, executive or judicial governmental entity (in each case including any self-regulatory organization), whether federal, state or local, domestic, foreign or multinational.

"<u>Investor</u>" or "<u>Investors</u>" means, individually or collectively as the context may require, the KKR Investor, the Apollo Investor, the [_] Investor and any other Person that becomes a party hereto pursuant to <u>Section</u> <u>4.1</u>.

"<u>Mandatory Conversion</u>" shall have the meaning given to such term in the Investment Agreement.

"<u>Non-Demand Investor Registrable Securities</u>" means, as of any date of determination, any shares of Preferred Stock owned by any Investor (other than any Demand Investor) and any shares of Common Stock acquired by such Investor pursuant to the conversion of such shares of Preferred Stock, and any other securities issued or issuable with respect to any such shares of Preferred Stock or Common Stock by way of share split, share dividend, distribution, recapitalization, merger, exchange, replacement or similar event or otherwise. As to any particular Non-Demand Investor Registrable Securities, such securities shall cease to be Non-Demand Investor Registrable Securities when (i) such securities are sold or otherwise transferred pursuant to an effective registration statement under the Securities Act, (ii) such securities shall have ceased to be outstanding or are repurchased by the Company or any Subsidiary of the Company, (iii) such securities have been transferred in a transaction in which the Investor's rights under this Agreement are not assigned to the transferee of the securities or (iv) such securities are eligible to be sold without conditions under Rule 144 (or any similar provisions then in force).

"<u>Person</u>" means any individual, corporation, limited liability company, partnership, joint venture, association, trust, unincorporated organization or any other entity, including a Governmental Authority.

"<u>register</u>", "<u>registered</u>" and "<u>registration</u>" refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such registration statement or the automatic effectiveness of such registration statement, as applicable.

------

"<u>Registrable Securities</u>" means Demand Investor Registrable Securities, with respect to any Demand Investor, and Non-Demand Investor Registrable Securities, with respect to any Investor other than a Demand Investor, as the context may require.

"<u>Registration Expenses</u>" means all expenses incurred by the Company in complying with <u>Article I</u>, including all registration, qualification, listing and filing fees, printing expenses, escrow fees, fees and disbursements of its counsel and accountants, fees and expenses in connection with complying with state securities or "blue sky" laws, FINRA fees, fees of transfer agents and registrars, transfer taxes, and reasonable and documented fees and expenses of one outside legal counsel and any local counsel, as may be required, to the Demand Investors retained in connection with each registration contemplated hereby, but excluding underwriting discounts and commissions, brokers' commissions and stock transfer taxes, if any, in each case to the extent applicable to the Registrable Securities of any selling Investors.

"<u>Restricted Securities</u>" means any Common Stock required to bear the legend set forth in Section 5.08(a) of the Investment Agreement.

"<u>Rule 144</u>" means Rule 144 promulgated under the Securities Act and any successor provision.

"<u>Rule 462(e)</u>" means Rule 462(e) promulgated under the Securities Act and any successor provision.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and any successor statute thereto, and the rules and regulations of the SEC promulgated thereunder.

"<u>Shelf Registration Statement</u>" means the Resale Shelf Registration Statement or a Subsequent Shelf Registration Statement, as applicable.

"<u>Specified Spin-Off Transaction</u>" shall have the meaning given to such term in the Certificate of Designations.

"<u>Subsidiary</u>", when used with respect to any Person, means any corporation, limited liability company, partnership, association, trust or other entity of which (x) securities or other ownership interests representing more than 50% of the ordinary voting power (or, in the case of a partnership, more than 50% of the general partnership interests) or (y) sufficient voting rights to elect at least a majority of the board of directors or other governing body are, as of such date, owned by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person.

"<u>Transaction Documents</u>" shall have the meaning given to such term in the Investment Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The following terms are defined in the Sections of the Agreement indicated:

**INDEX OF TERMS** 

---

| | |
|:---|:---|
| **Term** | **Section** |
|  Actions | <u>Section 5.6(b)</u> |
|  Agreement | <u>Preamble</u> |
|  Company | <u>Preamble</u> |
|  Company Indemnified Parties | <u>Section 3.1</u> |
|  Delivery Date | <u>Section 2.1(j)</u> |
|  Demand Notice | <u>Section 1.8</u> |
|  Demand Registration | <u>Section 1.8</u> |
|  Effectiveness Period | <u>Section 1.2</u> |
|  Investor Indemnified Parties | <u>Section 3.2</u> |
|  Indemnified Party | <u>Section 3.3</u> |
|  Indemnifying Party | <u>Section 3.3</u> |
|  Investment Agreement | <u>Recitals</u> |
|  Investors | <u>Preamble</u> |
|  Losses | <u>Section 3.1</u> |
|  Offering Persons | <u>Section 2.1(m)</u> |
|  Preferred Stock | <u>Recitals</u> |
|  Resale Shelf Registration Statement | <u>Section 1.1</u> |
|  Shelf Offering | <u>Section 1.7</u> |
|  Subsequent Investor Notice | <u>Section 1.5</u> |
|  Subsequent Shelf Registration Statement | <u>Section 1.3</u> |
|  Take-Down Notice | <u>Section 1.7</u> |
|  Underwritten Offering | <u>Section 1.6</u> |
|  Underwritten Offering Notice | <u>Section 1.6</u> |

---

------

**EXHIBIT B** 

**<u>JOINDER TO REGISTRATION RIGHTS AGREEMENT</u>**

The undersigned is executing and delivering this Joinder pursuant to the Registration Rights Agreement, dated as of ,<u> </u> (the "<u>Registration Rights Agreement</u>"), by and among Keurig Dr Pepper Inc., a Delaware corporation (the "<u>Company</u>"), and [•], a [•], [•], a [•], and [•], a [•] (collectively, together with their respective successors and any Person that becomes a party hereto pursuant to <u>Section 4.1</u> of the Registration Rights Agreement, the "<u>Investors</u>" and each, an "<u>Investor</u>"). Capitalized terms used and not defined herein shall have the meanings set forth in the Registration Rights Agreement.

By executing and delivering this Joinder to the Company, the undersigned hereby agrees to become a party to, to be bound by, and to comply with the provisions of the Registration Rights Agreement as an Investor as of the date hereof in the same manner as if the undersigned were an original signatory to the Registration Rights Agreement.

Accordingly, the undersigned has executed and delivered this Joinder as of [•], 20[ ].

---

| | |
|:---|:---|
| [INVESTOR] | [INVESTOR] |
| By: |  |
|  | Name: |
|  | Title: |

---

------

<u>Exhibit D</u> 

**<u>LIST OF RESTRICTED PERSONS</u>**

------

<u>Exhibit E</u> 

**<u>Form of Investor Information</u>**

---

| |
|:---|
| Legal Name of Investor: |
| <u>DTC Account for Delivery of Series A Preferred Stock</u> |
| DTC Participant Number: |
| DTC Participant Name: |
| DTC Participant Phone Number: |
| DTC Participant Contact Email: |
|  Account # at DTC Participant: |

---

------

<u>Annex 2-B</u> 

**Certificate of Designations (As Amended)** 

*[see attached]* 

------

**CERTIFICATE OF DESIGNATIONS, PREFERENCES AND RIGHTS OF SERIES A** 

**CONVERTIBLE PERPETUAL PREFERRED STOCK OF KEURIG DR PEPPER INC.** 

Pursuant to Section 151 of the Delaware General Corporation Law (as amended, supplemented or restated from time to time, the "**DGCL**"), Keurig Dr Pepper Inc., a corporation organized and existing under the laws of the State of Delaware (the "**Corporation**"), in accordance with the provisions of Section 103 of the DGCL DOES HEREBY CERTIFY

FIRST: That, the Amended and Restated Certificate of Incorporation of the Corporation (as amended, the "**Certificate of Incorporation**") authorizes the issuance of up to Fifteen Million (15,000,000) shares of Preferred Stock, par value $0.01 per share, of the Corporation ("**Preferred Stock**") in one or more series and expressly vests the Board of Directors of the Corporation (the "**Board**") with the authority to fix by resolution the number of shares constituting such series, the powers, designations, preferences and relative, participating, optional or other special rights (if any), and the qualifications, limitations or restrictions thereof (if any), of the Preferred Stock, including, without limitation, the dividend rate, conversion rights, redemption price, stated value and liquidation preference, of any series of shares of Preferred Stock, and to fix the maximum number of shares to constitute such series, which may subsequently be increased or decreased (but not below the number of shares of that series then outstanding); and

SECOND: That, pursuant to the authority vested in the Board by the Certificate of Incorporation, the Board on [_________], 2026, adopted the following resolution designating a new series of Preferred Stock as "Series A Convertible Perpetual Preferred Stock," which shall consist of 4,500,000 shares of the Preferred Stock, which the Corporation has the authority to issue:

NOW, THEREFORE, BE IT RESOLVED, that, pursuant to the authority vested in the Board in accordance with the provisions of Article Fifth of the Certificate of Incorporation and the provisions of Section 151 of the DGCL, a series of Preferred Stock of the Corporation designated as "Series A Convertible Perpetual Preferred Stock" is hereby authorized, and the designations, rights, preferences, powers, restrictions and limitations of the Series A Convertible Perpetual Preferred Stock shall be as follows:

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| 1. Designation | 1 |
| 2. Defined Terms | 1 |
| 3. Rank | 12 |
| 4. Dividends | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Accrual of Dividends | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Payment of Dividends | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 Dividend Calculations | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 Dividends on the Common Stock | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 Conversion Prior to or Following a Record Date | 14 |
| 5. Liquidation | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Liquidation | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Insufficient Assets | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Notice Requirement | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Applicable Value Cap | 15 |
| 6. Voting; Consent | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 As-Converted Voting | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Consent | 16 |
| 7. Redemption | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Fundamental Change Redemption | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Corporation Redemption | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 Insolvency Redemption | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 Fundamental Change Redemption Notice | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 Corporation Redemption Notice | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 Insufficient Funds; Remedies For Nonpayment | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 Surrender of Certificates | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 Rights Subsequent to Redemption | 20 |
| 8. Conversion | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Holders' Optional Right to Convert | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Mandatory Conversion | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Procedures for Conversion; Effect of Conversion | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Reservation of Stock | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 No Charge or Payment | 24 |

---

i

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 Termination of Conversion Right in Connection with Redemption | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 Adjustment to Conversion Price and Number of Conversion Shares | 24 |
| 9. Reissuance of Series A Preferred Stock | 33 |
| 10. Notices | 33 |
| 11. Amendments and Waiver | 33 |
| 12. Withholding | 34 |
| 13. Tax Matters | 34 |
| 14. Form of Series A Preferred Stock and Transfer Agent. | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 Form of Series A Preferred Stock | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 Global Certificate Legend | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 Restricted Stock Legend | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 Other Legends | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 Transfer Agent | 36 |

---

ii

------

**1. <u>Designation</u>**. There shall be a series of Preferred Stock that shall be designated as "Series A Convertible Perpetual Preferred Stock" (the "**Series A Preferred Stock**") and the number of shares constituting such series ("**Shares**") shall be 4,500,000 with a Stated Value of $1,000.00 per Share. The rights, preferences, powers, restrictions and limitations of the Series A Preferred Stock shall be as set forth herein. The Series A Preferred Stock shall be issued in book-entry form on the Corporation's share ledger, subject to the rights of holders to receive certificated Shares under the DGCL.

**2. <u>Defined Terms</u>**. For purposes hereof, the following terms shall have the following meanings:

"**Affiliate**" means, as to any Person, any other Person that, directly or indirectly, controls, or is controlled by, or is under common control with, such Person, including any investment fund, vehicle or account sponsored or managed by such Person or any other Person that controls, is controlled by, or is under common control with such Person (for clarity, an investment fund, vehicle or account shall be deemed to be an "Affiliate" of all other investment funds, vehicles and accounts under common management, directly or indirectly, with such Person); *provided*, *however*, that in no event shall any portfolio company managed by an Affiliate of either the KKR Investor or the Apollo Investor be considered to be an Affiliate of the KKR Investor or the Apollo Investor, as applicable. For this purpose, "<u>control</u>" (including, with its correlative meanings, "<u>controlled by</u>" and "<u>under common control with</u>") shall mean the possession, directly or indirectly, of the power to direct or cause the direction of management or policies of a Person, whether through the ownership of securities or partnership or other ownership interests, by contract or otherwise.

"**Apollo Investor**" has the meaning given to such term in the Investment Agreement.

"**Applicable Value Cap**" has the meaning set forth in **<u>Section</u> <u>5.4</u>**.

"**Acquisition**" has the meaning given to such term in the Investment Agreement.

"**as-converted basis**" means (i) with respect to the outstanding shares of Common Stock as of any date, all outstanding shares of Common Stock calculated on a basis in which all shares of Common Stock issuable upon conversion of the outstanding Shares of Series A Preferred Stock (at the Conversion Price in effect on such date) are assumed to be outstanding as of such date and (ii) with respect to any outstanding Shares of Series A Preferred Stock as of any date, the number of shares of Common Stock issuable upon conversion of such Shares of Series A Preferred Stock on such date (at the Conversion Price in effect on such date).

"**beneficially own**", "**beneficial ownership of**", or "**beneficially owning**" any securities shall have the meaning set forth in Rule 13d-3 of the rules and regulations under the Exchange Act; *provided*, that any Person shall be deemed to beneficially own any securities that such Person has the right to acquire, whether or not such right is exercisable immediately (including assuming conversion of all Preferred Stock, if any, owned by such Person to Common Stock).

"**Beverage Co.**" has the meaning given to such term in the Investment Agreement.

"**Beverage Co. IPO**" has the meaning given to such term in the Investment Agreement.

"**Bloomberg**" means Bloomberg Financial Markets and its successors.

"**Board**" has the meaning set forth in the Recitals.

------

"**Business Day**" means a day other than a Saturday, Sunday or other day on which the SEC or banks in the City of New York are authorized or required by law to close.

"**Cap Allocation**" has the meaning set forth in **<u>Section</u> <u>8.3</u>**.

"**Cap Share**" has the meaning set forth in **<u>Section</u> <u>8.3</u>**.

"**Capital Lease**" has the meaning given to such term in the Investment Agreement.

"**Certificate of Designations**" means this Certificate of Designations, Preferences and Rights of Series A Convertible Perpetual Preferred Stock of Keurig Dr Pepper Inc., as it may be amended from time to time.

"**Certificate of Incorporation**" has the meaning set forth in the Recitals.

"**Change in Tax Law**" has the meaning set forth in **<u>Section</u> <u>13</u>**.

"**Closing**" or "**Closing Date**" has the meaning given to such term in the Investment Agreement.

"**Code**" means the U.S. Internal Revenue Code of 1986, as amended.

"**Coffee Business**" has the meaning given to such term in the Investment Agreement.

"**Common Stock**" means the common stock, par value $0.01 per share, of the Corporation.

"**Common Stock Liquidity Conditions**" with respect to a Mandatory Conversion or Corporation Redemption will be satisfied if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) solely to the extent the KKR Investor or the Apollo Investor is an Affiliate of the Corporation at the time of such Mandatory Conversion or Corporation Redemption (or was an Affiliate of the Corporation within the three months prior to the time of such Mandatory Conversion or Corporation Redemption) or the Common Stock issuable to the KKR Investor or the Apollo Investor upon such Mandatory Conversion or exercise of conversion rights by the KKR Investor or the Apollo Investor immediately prior to a Corporation Redemption, as applicable, would exceed 3% of the Corporation's outstanding Common Stock after giving effect to such Mandatory Conversion or exercise of conversion rights by the KKR Investor or the Apollo Investor immediately prior to a Corporation Redemption, as applicable, the offer and sale of such shares of Common Stock by the KKR Investor or the Apollo Investor, as applicable, upon receipt of such shares of Common Stock are registered for resale pursuant to an effective registration statement under the Securities Act and such registration statement is reasonably expected by the Corporation to remain effective and usable (including with registration rights thereunder not suspended by the Corporation) by the KKR Investor or the Apollo Investor, as applicable, to sell such shares of Common Stock, continuously during the period from, and including, the date such shares of Common Stock are issued to the KKR Investor or the Apollo Investor, as applicable, pursuant to such Mandatory Conversion or exercise of conversion rights by the KKR Investor or the Apollo Investor, as applicable, immediately prior to a Corporation Redemption, to, and including, the thirtieth (30th) calendar day thereafter; provided, however, that the KKR Investor or the Apollo Investor, as applicable, will supply all information reasonably requested by the Corporation for inclusion, and required to be included, in any registration statement or prospectus supplement related to the resale of the shares of Common Stock;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each share of Common Stock will, when issued (or when sold or otherwise transferred pursuant to the registration statement referred to above), (i) be admitted for book-entry settlement through DTC with an "unrestricted" CUSIP number, (ii) not be represented by any certificate that bears a legend referring to transfer restrictions under the Securities Act or other securities laws and (iii) be listed and admitted for trading, without suspension or material limitation on trading, on any of The New York Stock Exchange, The NYSE American, The NASDAQ Capital Market, The NASDAQ Global Market or The NASDAQ Global Select Market (or any of their respective successors); and

(c)(i) the Corporation has not received any written notice of delisting or suspension by the applicable exchange referred to in clause (b)(ii) above with a reasonable prospect of delisting, after giving effect to all applicable notice and appeal periods; and (ii) no such delisting or suspension is reasonably likely to occur or is pending based on the Corporation falling below the minimum listing maintenance requirements of such exchange.

"**Conversion Cap**" has the meaning set forth in **<u>Section</u> <u>4.2(b)</u>**.

"**Conversion Date**" has the meaning set forth in **<u>Section</u> <u>8.3(b)</u>**.

"**Conversion Election Date**" means the date upon which the holder's right to convert its Shares pursuant to **<u>Section</u> <u>8</u>** terminates in connection with a Corporation Redemption, which date shall be no earlier than two Business Days prior to the Corporation Redemption Date.

"**Conversion Price**" means, initially, $37.25 per Share, as adjusted from time to time in accordance with **<u>Section</u> <u>8.7</u>**.

"**Conversion Shares**" means the shares of Common Stock or other capital stock of the Corporation then issuable upon conversion of the Series A Preferred Stock in accordance with the terms of **<u>Section</u> <u>8</u>**.

"**Corporation**" has the meaning set forth in the Preamble.

"**Corporation Redemption**" has the meaning set forth in **<u>Section</u> <u>7.2</u>**.

"**Corporation Redemption Date**" has the meaning set forth in **<u>Section</u> <u>7.5(b)</u>**.

"**Corporation Redemption Notice**" has the meaning set forth in **<u>Section</u> <u>7.2</u>**.

"**Corporation Redemption Price**" means, as of any date of redemption (or Liquidation, if applicable), the greater of (a) the sum of (i) an amount in cash equal to 100% of the sum of the Deferred Dividend Amount, the Excess Deferred Dividend Amount and the Stated Value, *plus* (ii) accrued and unpaid dividends thereon (excluding, for the avoidance of doubt, any Deferred Dividend Amount or Excess Deferred Dividend Amount) and (b) the payment that a holder of Shares of Series A Preferred Stock would have received had such holder, immediately prior to such redemption (or Liquidation, if applicable), converted such Shares then held by such holder into shares of Common Stock at the applicable Conversion Price then in effect in accordance with **<u>Section</u> <u>8.1</u>**, before any distributions are made to holders of Common Stock and all other Junior Securities and subject to the rights of the holders of any Parity Securities or Senior Securities and the rights of the Corporation's existing and future creditors.

"**Current Market Price**" means, on any day, the average of the Daily VWAP for the five (5) consecutive Trading Days ending the Trading Day immediately prior to the day in question.

------

"**Daily VWAP**" means the consolidated volume-weighted average price per share of Common Stock as displayed under the heading "Bloomberg VWAP" on the Bloomberg page for the "AQR" page corresponding to the "ticker" for such Common Stock (or its equivalent successor if Bloomberg ceases to publish such price, or such page is not available) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable, the closing price of one share of such Common Stock on such Trading Day). The "volume weighted average price" shall be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.

"**Deferred Dividend Amount**" has the meaning set forth in **<u>Section</u> <u>4.2(a)</u>**.

"**Definitive Series A Preferred Stock Certificate**" means one or more certificates representing Series A Preferred Stock registered in the name of the holder thereof and issued in accordance with **<u>Section</u> <u>14.1</u>**, except that any such Definitive Series A Preferred Stock Certificate shall not bear a Global Certificate Legend and shall not have a schedule of increases or decreases.

"**DGCL**" has the meaning set forth in the Preamble.

"**Dividend Payment Date**" has the meaning set forth in **<u>Section</u> <u>4.2</u>**.

"**Dividend Rate**" means 4.75% *per annum*, which amount shall increase by 0.25% *per annum* on the day after the tenth (10<sup>th</sup>) anniversary of the Issue Date, as adjusted pursuant to **<u>Section</u> <u>4.2</u>**, **<u>Section</u> <u>4.4</u>** and **<u>Section</u> <u>7.6(b)</u>**; *provided*, that if and for so long as any Event of Noncompliance occurs and is continuing, then the then-current Dividend Rate shall automatically increase by an additional 1.00% per annum; *provided further*, that the Dividend Rate shall only be increased by 1.00% notwithstanding multiple Events of Noncompliance.

"**Dividends**" has the meaning set forth in **<u>Section</u> <u>4.1</u>**.

"**DTC**" means The Depository Trust Company or any successor depositary.

"**Equity Securities**" has the meaning ascribed to such term in Rule 405 promulgated under the Securities Act as in effect on the date hereof, and in any event includes any stock, any partnership interest, any limited liability company interest and any other interest, right or security convertible into, or exchangeable or exercisable for, capital stock, partnership interests, limited liability company interests or otherwise having the attendant right to vote for directors or similar representatives.

"**Equity Value of the Corporation**" means, at any time, the greater of (A) the product of (i) the number of shares of Common Stock outstanding as of such time on an as-converted basis *multiplied by* (ii) the Current Market Price and (B) the sum of (i) the product of (a) the number of shares of Common Stock outstanding as of such time, assuming no conversion of the Shares of Series A Preferred Stock outstanding as of such time, *multiplied by* (b) the Current Market Price *plus* (ii) the Fair Market Value of the Series A Preferred Stock.

"**Event of Noncompliance**" means (i) the failure by the Corporation to issue Common Stock upon receipt of a Notice of Mandatory Conversion or Notice of Conversion pursuant to the terms of **<u>Section</u> <u>8.3</u>**, (ii) the failure by the Corporation to comply with the provisions of **<u>Section</u> <u>11</u>**, and (iii) the failure of the Corporation to comply with the other terms of this Certificate of Designations and such failure continues for thirty (30) days.

------

"**Ex-Dividend Date**" means the first date on which shares of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive the issuance, dividend or distribution in question, from the Corporation or, if applicable, from the seller of Common Stock on such exchange or market (in the form of due bills or otherwise) as determined by such exchange or market.

"**Excess Deferred Dividend Amount**" has the meaning set forth in **<u>Section</u> <u>4.2(b)</u>**.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"**Expiration Date**" has the meaning set forth in **<u>Section</u> <u>8.7(f)</u>**.

"**Fair Market Value**" means, with respect to any security or other property, the fair market value of such security or other property as reasonably determined in good faith by a majority of the Board, or an authorized committee thereof, which, with respect to the Series A Preferred Stock, shall be determined by Kynex, if Kynex is available at such time, or Monis, Bloomberg or other equivalent model if Kynex is not available at such time.

"**Fitch**" means Fitch, Inc.

"**Foreclosure**" has the meaning given to such term in the Investment Agreement.

"**Fundamental Change**" shall be deemed to have occurred when any of the following has occurred; *provided* that a Specified Spin-Off Transaction shall be deemed not to be a Fundamental Change:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a "person" or "group" within the meaning of Section 13(d) of the Exchange Act, other than the Corporation, its Wholly-owned Subsidiaries and the employee benefit plans of the Corporation and its Wholly-owned Subsidiaries, files a Schedule TO or any schedule, form or report under the Exchange Act that discloses that such person or group has become the direct or indirect "beneficial owner," as defined in Rule 13d-3 under the Exchange Act, of the Common Stock representing more than 50% of the voting power of the Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the consummation of (i) any recapitalization, reclassification or change of the Common Stock (other than changes resulting from a subdivision or combination) as a result of which the Common Stock is converted into, or exchanged for, stock, other securities, other property or assets; (ii) any share exchange, consolidation or merger of the Corporation pursuant to which the Common Stock will be converted into cash, securities or other assets; or (iii) any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of the Corporation and its Subsidiaries, taken as a whole, to any person or group other than any of the Corporation's Wholly-owned Subsidiaries; *provided*, *however*, that a transaction described in clause (ii) in which the holders of all classes of the Corporation's Common Stock immediately prior to such transaction own, directly or indirectly, more than 50% of all classes of Common Stock of the continuing or surviving corporation or transferee or the parent thereof immediately after such transaction in substantially the same proportions as such ownership immediately prior to such transaction shall not be a Fundamental Change pursuant to this clause (b);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) prior to the Specified Spin-Off Transaction, the consummation of (i) any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of Beverage Co. and its Subsidiaries, taken as a whole, to any person or group other than any of Beverage Co.'s Wholly-owned Subsidiaries or (ii) any sale or other transfer in one transaction or a series of transactions of more than 50% of the voting power of the common stock of Beverage Co. and its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the stockholders of the Corporation approve any plan or proposal for the liquidation or dissolution of the Corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Common Stock (or other common stock underlying the Series A Preferred Stock) ceases to be listed or quoted on any of The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors);

*provided*, *however*, that a transaction or transactions described in clause (a) or clause (b) above shall not constitute a Fundamental Change, if at least 90% of the consideration received or to be received by the common stockholders of the Corporation, excluding cash payments for fractional shares and cash payments made in respect of dissenters' appraisal rights, in connection with such transaction or transactions consists of shares of common stock that are listed or quoted on any of The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors) or will be so listed or quoted when issued or exchanged in connection with such transaction or transactions and as a result of such transaction or transactions the Series A Preferred Stock become convertible into such consideration, excluding cash payments for fractional shares and cash payments made in respect of dissenters' appraisal rights. If any transaction in which the Common Stock is replaced by the securities of another entity occurs (or, in the case of a transaction that would have been a Fundamental Change but for the proviso immediately following clause (e) of this definition, following the effective date of such transaction) references to the Corporation in this definition shall instead be references to such other entity. For purposes of this definition, any transaction or event described in both clause (a) and in clause (b)(i) or (ii) above (without regard to the proviso in clause (b)) will be deemed to occur solely pursuant to clause (b) above (subject to such proviso).

"**Fundamental Change Redemption**" shall have the meaning specified in **<u>Section</u> <u>7.1</u>**.

"**Fundamental Change Redemption Date**" shall have the meaning specified in **<u>Section</u> <u>7.4(b)</u>**.

"**Fundamental Change Redemption Notice**" shall have the meaning specified in **<u>Section</u> <u>7.1</u>**.

"**Fundamental Change Redemption Price**" means, as of any date of redemption, the greater of (a) the sum of (i) an amount in cash equal to 110% of the sum of the Deferred Dividend Amount, the Excess Deferred Dividend Amount and the Stated Value, *plus* (ii) accrued and unpaid dividends thereon (excluding, for the avoidance of doubt, any Deferred Dividend Amount or Excess Deferred Dividend Amount) and (b) an amount in cash equal to the payment (including an amount in cash equal to the Fair Market Value of any non-cash consideration to be received by holders of shares of Common Stock) that a holder of Shares of Series A Preferred Stock would have received had such holder, immediately prior to such redemption, converted such Shares then held by such holder into shares of Common Stock at the applicable Conversion Price then in effect in accordance with **<u>Section</u> <u>8.1</u>**, before any distributions are made to holders of Common Stock and all other Junior Securities and subject to the rights of the holders of any Parity Securities or Senior Securities and the rights of the Corporation's existing and future creditors.

"**Governmental Authority**" means any government, court, regulatory or administrative agency, commission, arbitrator (public or private) or authority or other legislative, executive or judicial governmental entity (in each case including any self-regulatory organization), whether federal, state or local, domestic, foreign or multinational.

------

"**Global Certificate**" means one or more global certificates representing Shares of Series A Preferred Stock registered in the name of the holder thereof that bears the Global Certificate Legend.

"**Global Certificate Legend**" means the legend set forth in <u>Exhibit B</u> hereto, which legend is required to be placed on all Global Certificates issued under this Certificate of Designations.

"**holder**," as of a particular time, means any Person that, as of such time, is the holder of record of at least one Share of Series A Preferred Stock.

"**Immaterial Subsidiary**" shall mean any Subsidiary of the Corporation that did not, as of the last day of the fiscal quarter of the Corporation most recently ended, have assets with a value in excess of 10.00% of the consolidated total assets or revenues and income from continuing operations before taxes representing in excess of 10.00% of total revenues and income from continuing operations before taxes, respectively, of the Corporation and its Subsidiaries on a consolidated basis as of such date and after giving pro forma effect to any acquisitions or dispositions which occur after such balance sheet date.

"**Indebtedness**" means for any Person (without duplication): (a) all indebtedness of such Person for borrowed money, whether current or funded, or secured or unsecured, (b) all indebtedness for the deferred purchase price of Property, (c) all obligations under leases which shall have been or must be, in accordance with GAAP, recorded as Capital Leases in respect of which such Person is liable as lessee, and (e) any liability in respect of banker's acceptances or letters of credit, provided that the term "Indebtedness" shall not include (i) trade payables or similar obligations, and accrued expenses, in each case arising in the ordinary course of business, (ii) any earn-out obligation in connection with an Acquisition except to the extent that the amount payable pursuant to such earnout becomes payable, (iii) prepaid or deferred revenue arising in the ordinary course of business, (iv) any leases, concessions, license of property or guarantees thereof, in each case that is not a Capital Lease, including of joint ventures, (v) any prepayments of deposits received from clients or customers in the ordinary course of business or consistent with past practice, (vi) obligations under any license, permit or approval or guarantees thereof incurred prior to the Closing Date or in the ordinary course of business or consistent with past practice, (vii) any obligations in respect of workers' compensation claims, early retirement or termination obligations, pension fund obligations or contributions or similar claims, obligations or contributions or social security or wage taxes, (viii) any intercompany Indebtedness, (ix) any hedging obligations that are not incurred for speculative purposes, and (x) any take or pay or similar obligation to the extent such obligation is not shown as a liability on the balance sheet of such Person in accordance with GAAP. The amount of Indebtedness of any Person at any time in the case of a revolving credit or similar facility shall be the total amount of funds borrowed and then outstanding.

"**Insolvency Event**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any voluntary or involuntary liquidation, dissolution or winding up of the Corporation or any of its Material Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking (i) relief in respect of the Corporation or any of its Material Subsidiaries, or of a substantial part of the property or assets of the Corporation or any of its Material Subsidiaries, under Title 11 of the United States Code, as now constituted or hereafter amended, or any other federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Corporation or any of its Material Subsidiaries or for a substantial part of the property or assets of the Corporation or any of its Material Subsidiaries or (iii) the winding-up or liquidation of the Corporation or any of its Material Subsidiaries, and such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Corporation or any of its Material Subsidiaries shall (i) voluntarily commence any proceeding or file any petition seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, or any other federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or the filing of any petition described in clause (b) above, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Corporation or any of its Material Subsidiaries or for a substantial part of the property or assets of the Corporation or any of its Material Subsidiaries, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) become unable or admit in writing its inability or fail generally to pay its debts as they become due.

"**Investment Agreement**" means the Investment Agreement, dated October 27, 2025, as may be amended or supplemented from time to time pursuant to terms thereof, by and among the Corporation and the Investors party thereto.

"**Investment Grade Rating**" means a rating equal to or higher than (x) Baa3 (or the equivalent), with respect to Moody's, (y) BBB- (or the equivalent), with respect to S&P, (z) BBB- (or equivalent), with respect to Fitch, or in each case, an equivalent rating by any other Rating Agency.

"**IPO Subsidiary**" has the meaning given to such term in the Investment Agreement.

"**IRS**" means the United States Internal Revenue Service.

"**Issue Date**" means [________].

"**Junior Securities**" means, collectively, the Common Stock and each other class or series of capital stock of the Corporation now existing or hereafter authorized, classified or reclassified, the terms of which do not expressly provide that such class or series ranks on a parity basis with or senior to the Series A Preferred Stock as to dividend rights and rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation.

"**KKR Investor**" has the meaning given to such term in the Investment Agreement.

"**Last Reported Sale Price**" of the Common Stock on any date means the closing sale price per share (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in composite transactions for the principal U.S. national or regional securities exchange on which the Common Stock is traded. If the Common Stock is not listed for trading on a U.S. national or regional securities exchange on the relevant date, the "**Last Reported Sale Price**" shall be the last quoted bid price per share for the Common Stock in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. or a similar organization. If the Common Stock is not so quoted, the "**Last Reported Sale Price**" shall be the average of the mid-point of the last bid and ask prices per share for the Common Stock on the relevant date from each of at least three nationally recognized independent investment banking firms selected by the Corporation for this purpose.

------

"**Laws**" mean all state or federal laws, common law, statutes, ordinances, codes, rules or regulations, orders, executive orders, judgments, injunctions, governmental guidelines or interpretations have the force of law, Permits, decrees, or other similar requirement enacted, adopted, promulgated, or applied by any Governmental Authority.

"**Liquidation**" has the meaning set forth in **<u>Section</u> <u>5.1</u>**.

"**Material Subsidiary**" shall mean any Subsidiary other than an Immaterial Subsidiary.

"**Mandatory Conversion**" has the meaning set forth in **<u>Section</u> <u>8.2</u>**.

"**Mandatory Conversion Date**" has the meaning set forth in **<u>Section</u> <u>8.2</u>**.

"**Mandatory Conversion Right**" has the meaning set forth in **<u>Section</u> <u>8.2</u>**.

"**Moody's**" means Moody's Investors Service, Inc.

**"MP0"** means the average of the Daily VWAP of the Common Stock over the ten (10) consecutive Trading Days immediately following, but including, the Spin-Off Ex-Dividend Date.

"**NASDAQ**" means the NASDAQ Global Select Market.

"**Notice of Conversion**" has the meaning set forth in **<u>Section</u> <u>8.3(b)</u>**.

"**Notice of Mandatory Conversion**" has the meaning set forth in **<u>Section</u> <u>8.2</u>**.

"**Optional Conversion**" has the meaning set forth in **<u>Section</u> <u>8.1</u>**.

"**Optional Conversion Date**" has the meaning set forth in **<u>Section</u> <u>8.3(b)</u>**.

"**Optional Redemption Price**" means an amount in cash equal to (i) 110% of the sum of the Deferred Dividend Amount, the Excess Deferred Dividend Amount and the Stated Value, with respect to a Redemption Date on or following the seventh anniversary of the Issue Date but prior to the eighth anniversary of the Issue Date, (ii) 105% of the sum of the Deferred Dividend Amount, the Excess Deferred Dividend Amount and the Stated Value, with respect to a Redemption Date on or following the eighth anniversary of the Issue Date but prior to the ninth anniversary of the Issue Date, and (iii) 100% of the sum of the Deferred Dividend Amount, the Excess Deferred Dividend Amount and the Stated Value, with respect to a Redemption Date on or following the ninth anniversary of the Issue Date.

"**Parity Securities**" means any class or series of capital stock, the terms of which expressly provide that such class ranks pari passu with the Series A Preferred Stock as to dividend rights and rights on the distribution of assets on any voluntary or involuntary bankruptcy, liquidation, dissolution or winding up of the affairs of the Corporation.

"**Permits**" mean all licenses, franchises, permits, certificates, approvals and authorizations from Governmental Authorities.

"**Person**" means an individual, corporation, limited liability company, partnership, joint venture, association, trust, unincorporated organization or any other entity, including a Governmental Authority.

"**Preferred Stock**" has the meaning set forth in the Recitals.

------

"**Pre-Spin Period**" means the period beginning on the Issue Date and ending on the earlier of (x) the completion of a Specified Spin-Off transaction, (y) the three (3) year anniversary of the Closing, if no Specified Spin-Off Transaction has been completed by such date, or (z) a public announcement by the Corporation that it does not intend to pursue a Specified Spin-Off Transaction.

"**Property**" has the meaning given to such term in the Investment Agreement.

"**Public Offering**" means, in accordance with Treasury Regulations Section 1.355-7(h)(11), an acquisition where the terms of the acquisition are established by the Corporation or the transferor with the involvement of one or more investment bankers and the potential transferees have no opportunity to negotiate the terms of the acquisition.

"**Rating Agency**" means (1) S&P, Moody's and Fitch or (2) if S&P, Moody's or Fitch or any of them shall not make a corporate rating with respect to the Company publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Company, which shall be substituted for any or all of S&P, Moody's or Fitch, as the case may be, with respect to such corporate rating.

"**Redemption Dates**" has the meaning set forth in **<u>Section</u> <u>7.5(b)</u>**.

"**Reorganization Event**" has the meaning set forth in **<u>Section</u> <u>8.7(g)</u>**.

"**Restrictive Definitive Series A Preferred Stock Certificate**" means a Definitive Series A Preferred Stock Certificate bearing Restricted Stock Legend.

"**Restricted Global Certificate**" means a Global Certificate bearing the Restricted Stock Legend.

"**Restricted Stock Legend**" means the legend set forth in <u>Exhibit A</u> hereto, which legend is required to be placed on all Restrictive Definitive Series A Preferred Stock Certificates and Restricted Global Certificates issued under this Certificate of Designations.

"**S&P**" means S&P Global Ratings.

"**Securities Act**" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"**Senior Securities**" means any class or series of capital stock, the terms of which expressly provide that such class ranks senior to any series of the Series A Preferred Stock, has preference or priority over the Series A Preferred Stock as to dividend rights and rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation.

"**Series A Preferred Stock**" has the meaning set forth in **<u>Section</u> <u>1</u>**.

"**Shares**" has the meaning set forth in **<u>Section</u> <u>1</u>**.

"**Specified Spin-Off Transaction**" means the consummation of a separation of all or substantially all of the Coffee Business through a contribution, directly or indirectly, of the applicable assets and liabilities of such business and/or through a contribution, directly or indirectly, of the applicable legal entities comprising such business to a Wholly-owned Subsidiary of the Corporation and the distribution of all of the outstanding equity securities of such Subsidiary to the holders of Common Stock as of a record date to be determined by the Board, in each case of the foregoing, in a transaction qualifying under Section 355 or Section 361 of the Code, together with any transactions related thereto or contemplated thereby (it being understood that such a distribution shall be a Specified Spin-Off Transaction only to the extent that the Corporation has obtained a Tax Opinion or Ruling with respect to such transaction).

------

"**Spin Cut-Off Date**" has the meaning set forth in **<u>Section</u> <u>8.1</u>**.

"**Spin-Co**" means the entity that directly or indirectly owns the applicable assets and liabilities of all or substantially all of the Coffee Business in connection with the contribution or transfer of such business in a Specified Spin-Off Transaction.

**"Spin-Co FMV"** means the average of the Daily VWAP of a Spin-Off Transaction Share over the ten (10) consecutive Trading Days immediately following but including the Spin-Off Ex-Dividend Date; *provided*, that if the ratio of Spin-Off Transaction Shares to Common Stock (the **"Spin-Off Ratio"**) is not 1:1 in connection with a Specified Spin-Off Transaction, then the Spin-Co FMV used to calculate the Spin-Off Transaction Adjustment Ratio will be multiplied by the Spin-Off Ratio.

"**Spin-Off**" has the meaning set forth in **<u>Section</u> <u>8.7(d)</u>**.

"**Spin-Off Closing Date**" means the closing date of the Specified Spin-Off Transaction.

**"Spin-Off Ex-Dividend Date"** means, in connection with a Specified Spin-Off Transaction, the first date on which shares of the applicable common stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive the issuance, dividend or distribution in question, from the Corporation or Spin-Co, as applicable, on such exchange or market (in the form of due bills or otherwise) as determined by such exchange or market; *provided*, that if the applicable common stock does not trade on an exchange or market, the "Spin-Off Ex-Dividend Date" shall mean the record date for such issuance, dividend or distribution.

**"Spin-Off Transaction Adjustment Ratio"** means the quotient of (i) MP0 and (ii) MP0 *plus* Spin-Co FMV.

**"Spin-Off Transaction Share"** means one share of common stock of Spin-Co.

"**Stated Value**" means, with respect to any Share on any given date, $1,000.00.

"**Subsidiary**" when used with respect to any Person, means any corporation, limited liability company, partnership, association, trust or other entity of which (x) securities or other ownership interests representing more than 50% of the ordinary voting power (or, in the case of a partnership, more than 50% of the general partnership interests) or (y) sufficient voting rights to elect at least a majority of the board of directors or other governing body are, as of such date, owned by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person.

"**Surplus Amount**" has the meaning set forth in **<u>Section</u> <u>4.4</u>**.

"**Tax**" and "**Taxes**" means any and all United States federal, state, local or non-United States taxes, fees, levies, duties, tariffs, imposts, and other similar charges (together with any and all interest, penalties and additions to tax) imposed by any Governmental Authority, including taxes or other charges on or with respect to income, franchises, windfall or other profits, gross receipts, property, sales, use, capital stock, payroll, employment, social security, workers' compensation, unemployment compensation or net worth; taxes or other charges in the nature of excise, withholding, ad valorem, stamp, transfer, value added or gains taxes; license, registration and documentation fees; and customs duties, tariffs and similar charges, together with any interest, or penalties and additions to tax imposed by any Governmental Authority.

------

"**Tax Opinion or Ruling**" means a "will" level opinion from national recognized tax counsel or an IRS private letter ruling to the effect that a distribution (taking into account any other transactions related thereto or contemplated thereby) meets the requirements of Section 355 or Section 361 of the Code, as the case may be, and is not a distribution to which Section 355(d) or (e) of the Code applies.

"**Trading Day**" means a Business Day on which the NASDAQ (or any other national securities exchange on which the Common Stock is listed at such time) is open for business.

"**Transfer Agent**" means the transfer agent with respect to the Series A Preferred Stock, which, on and as of the Issue Date, shall be [ ], and any successor transfer agent of national reputation appointed by the Corporation and notified to the holders.

"**Tender/Exchange Offer Valuation Period**" has the meaning set forth in **<u>Section</u> <u>8.7(f)</u>**.

"**Wholly-owned Subsidiary**" means, at any time, any Subsidiary of which all of the issued and outstanding Equity Securities (other than directors' qualifying shares and shares held by a resident of the jurisdiction, in each case, as required by law) are owned by any one (1) or more of the Corporation and the Corporation's other Wholly-owned Subsidiaries at such time.

**3. <u>Rank</u>**. With respect to payment of dividends and distribution of assets upon liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, all Shares of the Series A Preferred Stock shall rank (a) senior to all Junior Securities, (b) pari passu with any Parity Securities in issue from time to time, and (c) junior to all Senior Securities.

**4. <u>Dividends</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Accrual of Dividends</u>. From and after the Issue Date of the Shares, cumulative dividends ("**Dividends**") on each such Share shall accrue whether or not there are funds legally available for the payment of dividends, on a daily basis in arrears at the applicable Dividend Rate on the Stated Value thereof. Subject to the provisions of this **<u>Section</u> <u>4</u>** and **<u>Section</u> <u>5.4</u>**, all accrued dividends on any Share shall be declared and paid in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Payment of Dividends</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If, as and when declared by the Board out of funds legally available therefor to the maximum extent not prohibited by Delaware law, the Corporation shall make each dividend payment on the Series A Preferred Stock in cash on the last day of March, June, September and December of each calendar year (each such date, a "**Dividend Payment Date**") at the applicable Dividend Rate; *provided*, that if the Corporation elects and declares and pays in cash any such dividend payments, the Corporation shall elect and declare and pay in cash such dividend payments on the same *pro rata* portion of each holder's Shares. The record date for payment of dividends on the Series A Preferred Stock will be the fifteenth (15th) day of the calendar month of the applicable Dividend Payment Date, whether or not such date is a Business Day, and dividends shall only be payable to registered holders of record of the Series A Preferred Stock as such holders appear on the stock register of the Corporation at the close of business on the related record date. If any Dividend Payment Date is not a Business Day, the applicable payment shall be due on the next succeeding Business Day and no additional dividend amount for such period shall be payable during such period as a result of such delay, but shall be paid on the next succeeding Dividend

------

Payment Date. Notwithstanding anything to the contrary herein, the Corporation may, in its sole discretion (including as a result of being prohibited by applicable Delaware law from making such payment), on one or more occasions, defer payment of all or a part of any Dividend on a Dividend Payment Date (the amount of such Dividends *less* any Excess Deferred Dividend Amount under **<u>Section</u> <u>4.2(b)</u>**, the "**Deferred Dividend Amount**"). If the Corporation elects to defer payment of a Dividend on any Dividend Payment Date, then (i) any such Deferred Dividend Amount shall continue to accrue and accumulate at the Dividend Rate for the period from and including the applicable Dividend Payment Date upon which the Corporation fails to pay in cash such Deferred Dividend Amount through but not including the day upon which the Corporation pays in cash such Deferred Dividend Amount, (ii) the Corporation shall not, and shall not be required to, add to or otherwise increase the Stated Value of the Shares of Series A Preferred Stock in respect of such Deferred Dividend Amount and (iii) the Corporation shall not be permitted to pay in cash such Deferred Dividend Amount following the submission of a Notice of Conversion.

&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, to the extent that upon any Dividend Payment Date, the election to defer a Dividend would either: (1) result in the number of shares of Common Stock issued and/or into which the outstanding Series A Preferred Stock could be converted, individually or in the aggregate, to exceed the lesser of (x) 271,580,767 shares of Common Stock (as adjusted for any event set forth in **<u>Section</u> <u>8.7</u>**) and (y) after giving effect to the increase in the number of shares of Common Stock outstanding on an as-converted basis after giving effect to the election to defer payment of the Dividend (and conversion of such Deferred Dividend Amount), the number of shares equal to 19.99% of the number of shares of Common Stock outstanding at the time of payment, issuance or conversion, as applicable (such lesser number, the "**Conversion Cap**"), or (2) result in the Fair Market Value of the Series A Preferred Stock to exceed the Applicable Value Cap, then the Corporation must declare and make each dividend payment on the Series A Preferred Stock on each such Dividend Payment Date in cash (the aggregate amount of such dividend payments required to be paid in cash on such Dividend Payment Date, the "**Excess Deferred Dividend Amount**") unless the Corporation elects to defer such payment of the Excess Deferred Dividend Amount (including if prohibited by applicable Delaware law) (and any such Excess Deferred Dividend Amount must be paid in cash upon any conversion of the Series A Preferred Stock in accordance with <u>Section</u> <u>8</u> rather than converting into shares of Common Stock).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Corporation fails to pay any Excess Deferred Dividend Amount in cash on the applicable Dividend Payment Date as set forth in clause (b) above (including as a result of being prohibited by applicable Delaware law from making such payment), then (i) any such Excess Deferred Dividend Amount shall continue to accrue and accumulate at the Dividend Rate then in effect for the period from and including the applicable Dividend Payment Date upon which the Corporation fails to pay in cash such Excess Deferred Dividend Amount through but not including the day upon which the Corporation pays in cash such Excess Deferred Dividend Amount and (ii) the Corporation shall not, and shall not be required to, add to or otherwise increase the Stated Value of the Shares of Series A Preferred Stock in respect of such Excess Deferred Dividend Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In addition, unless and until all Deferred Dividend Amounts and Excess Deferred Dividend Amounts that are required to be paid in cash have been paid in full in cash, the Corporation shall not declare or pay any dividends or make any distributions, whether in cash, securities or other property, on any Junior Securities (other than dividends, payments or distributions payable solely in Junior Securities or in options, warrants or other rights to purchase such Junior Securities), nor shall the Corporation directly or indirectly redeem, purchase or otherwise acquire for consideration any Junior Securities; *provided*, that the foregoing shall not restrict (i) any repurchase of unvested shares of Junior Securities following termination of an employee, advisor or consultant of the Corporation or its Subsidiaries, (ii) the forfeiture or withholding of taxes payable in connection with, and repurchases or

------

withholdings of Junior Securities deemed to occur with respect to the exercise or vesting of any stock or other equity options or warrants, stock units or other incentive interests or the vesting of equity awards if such Junior Securities represents a portion of the exercise price thereof or the withholding of a portion of such Junior Securities to pay taxes payable on account of such exercise, (iii) net settlement of derivatives or convertible, exchangeable or similar securities, (iv) repurchase or redemption of Junior Securities made in exchange for, or in amount equal to or less than the proceeds of a substantially concurrent sale or issuance of Junior Securities to the extent contributed to the Corporation, (v) repurchase or redemption of Junior Securities deemed to occur in connection with paying cash in lieu of fractional shares of such Junior Securities in connection with a share dividend, distribution, share split, reverse share split, merger, consolidation, amalgamation or other business combination of the Corporation and (vi) repurchase or redemption of Junior Securities in accordance with provisions similar to those described in **<u>Section</u> <u>7.1</u>** hereof (*provided* that, for the purposes of this clause (vi), all Shares of Series A Preferred Stock tendered by Holders in connection with such Fundamental Change Redemption have been repurchased or redeemed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Dividend Calculations</u>. Dividends on the Series A Preferred Stock shall accrue on the basis of a 360-day year, consisting of twelve (12), thirty (30) calendar day periods, and shall accrue daily commencing on the Issue Date, and shall be deemed to accrue from such date whether or not earned or declared and whether or not there are profits, surplus or other funds of the Corporation legally available for the payment of dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Dividends on the Common Stock</u>. If the Corporation declares a dividend or makes a distribution of cash (or any other distribution treated as a dividend under Section 301 of the Code) on its Common Stock, each holder of Shares of Series A Preferred Stock shall be entitled to participate in such dividend or distribution in an amount equal to the largest number of whole shares of Common Stock into which all Shares of Series A Preferred Stock (including any unpaid Deferred Dividend Amount and, without duplication, accrued but unpaid dividends up to, but excluding, the applicable record date, but not with respect to any Excess Deferred Dividend Amount, and in any event subject to the limitations set forth in **<u>Section</u> 4** and **<u>Section</u> 5.4**) held of record by such holder is convertible pursuant to **<u>Section</u> <u>8</u>** herein as of the record date for such dividend or distribution or, if there is no specified record date, as of the date of such dividend or distribution; *provided* that any such cash dividend or distribution received by the holders of Shares of Series A Preferred Stock shall reduce, on a dollar-for-dollar basis, the Dividends payable as provided in **<u>Section</u> <u>4.2</u>** on the immediately succeeding Dividend Payment Date and, if applicable, subsequent Dividend Payment Dates in respect of such Shares of Series A Preferred Stock as of the time such cash dividend or distribution is made. For the avoidance of doubt, if any such cash dividend or distribution received by the holders of Shares of Series A Preferred Stock pursuant to this **<u>Section</u> <u>4.4</u>** is greater than the Dividends payable as provided in **<u>Section</u> <u>4.2</u>** for the immediately succeeding Dividend Payment Date (the "**Surplus Amount**"), the Dividends payable as provided in **<u>Section</u> <u>4.2</u>** for succeeding Dividend Payment Dates shall be reduced on a dollar-for-dollar basis until the Surplus Amount is zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>Conversion Prior to or Following a Record Date</u>. If the Conversion Date for any Shares is prior to the close of business on the record date for a dividend as provided in **<u>Section</u> <u>4.2</u>**, the holder of such Shares shall not be entitled to any dividend in respect of such record date. If the Conversion Date for any Shares is after the close of business on the record date for a dividend as provided in **<u>Section</u> <u>4.2</u>** but prior to the corresponding Dividend Payment Date, the holder of such Shares as of the applicable record date shall be entitled to receive such dividend, notwithstanding the conversion of such Shares prior to the applicable Dividend Payment Date.

------

**5. <u>Liquidation</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Liquidation</u>. In the event of any Insolvency Event of the Corporation (a "**Liquidation**"), the holders of Shares of Series A Preferred Stock then outstanding shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders, pari passu with any payment to the holders of any Parity Securities and subject to the rights of Senior Securities and the Corporation's creditors, but before any distribution or payment out of the assets of the Corporation shall be made to the holders of Junior Securities by reason of their ownership thereof, an amount in cash equal to the Corporation Redemption Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Insufficient Assets</u>. If upon any Liquidation the remaining assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the holders of the Shares of Series A Preferred Stock the Corporation Redemption Price to which they are entitled under **<u>Section</u> <u>5.1</u>**, (a) the holders of the Shares shall share ratably in any distribution of the remaining assets and funds of the Corporation in proportion to the respective full preferential amounts which would otherwise be payable in respect of the Series A Preferred Stock any Parity Securities in the aggregate upon such Liquidation if all amounts payable on or with respect to such Shares were paid in full, taking into account the Corporation Redemption Price payable in respect of such Series A Preferred Stock, and (b) the Corporation shall not make or agree to make, or set aside for the benefit of the holders of Junior Securities, any payments to the holders of Junior Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Notice Requirement</u>. In the event of any Liquidation, the Corporation shall, within ten (10) days of the date the Board approves such action, or no later than twenty (20) days of any stockholders' meeting called to approve such action, or within twenty (20) days of the commencement of any involuntary proceeding, whichever is earlier, give each holder of Shares of Series A Preferred Stock written notice of the proposed action. Such written notice shall describe the material terms and conditions of such proposed action, including a description of the stock, cash and property to be received by the holders of Shares upon consummation of the proposed action and the date of delivery thereof. If any material change in the facts set forth in the initial notice shall occur, the Corporation shall promptly give written notice to each holder of Shares of such material change. If any Shares of Series A Preferred Stock are held in book-entry form through DTC, any such notice pursuant to this **<u>Section</u> <u>5.3</u>** may be given to the holders at such time in any manner required or permitted by the procedures of DTC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Applicable Value Cap</u>. Notwithstanding anything to the contrary, the Stated Value, the Corporation Redemption Price (other than in connection with an Optional Redemption) and the Fundamental Change Redemption Price of Series A Preferred Stock shall be subject to a limitation, applicable at each of (i) the date of issuance of Series A Preferred Stock, (ii) the date of any Transfer (as defined in the Investment Agreement) of any Series A Preferred Stock during the Pre-Spin Period pursuant to Section 5.07(a) of the Investment Agreement, (iii) the date of consummation of a Beverage Co. IPO that occurs prior to consummation of the Specified Spin-Off Transaction, (iv) the date of consummation of the Specified Spin-Off Transaction, (v) the date of any merger of the IPO Subsidiary into the Corporation, (vi) the date of the conversion of any Preferred Stock into Common Stock of the Corporation, (vii) the date of any Transfer of Series A Preferred Stock pursuant to a Public Offering and (viii) any date the Deferred Dividend Amount or the Excess Deferred Dividend Amount is increased pursuant to **<u>Sections 4.1</u>** and **<u>4.2</u>**, such that the Fair Market Value of the Series A Preferred Stock and any Common Stock outstanding into which it has been converted shall under no circumstance exceed 30% of the Equity Value of the Corporation, which shall be adjusted based on a fraction, the numerator of which is the number of Shares of Preferred Stock which have not been redeemed and the denominator of which is the number of Shares of Preferred Stock outstanding at the Issue Date at such time (such limitation, the "**Applicable Value Cap**").

------

**6. <u>Voting</u><u>; Consent</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>As-Converted Voting</u>. Each holder of outstanding Shares of Series A Preferred Stock shall be entitled to vote with holders of outstanding shares of Common Stock, voting together as a single class, with respect to any and all matters presented to the stockholders of the Corporation for their action or consideration (whether at a meeting of stockholders of the Corporation, by written action of stockholders in lieu of a meeting or otherwise), except as provided by law. In any such vote, each holder of Shares of Series A Preferred Stock shall be entitled to a number of votes equal to the largest number of whole shares of Common Stock into which all Shares of Series A Preferred Stock (including any unpaid Deferred Dividend Amount and, without duplication, accrued but unpaid dividends up to, but excluding, the applicable record date, but not with respect to any Excess Deferred Dividend Amount, and in any event subject to the limitations set forth in **<u>Section</u> <u>4</u>** and **<u>Section</u> <u>5.4</u>**) held of record by such holder is convertible pursuant to **<u>Section</u> <u>8</u>** herein as of the record date for such vote or written consent or, if there is no specified record date, as of the date of such vote or written consent. Each holder of outstanding Shares of Series A Preferred Stock shall be entitled to notice of all stockholder meetings (or requests for written consent) in accordance with the amended and restated bylaws of the Corporation (the "**Bylaws**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Consent</u>. (a) As long as any Share of Series A Preferred Stock is outstanding, without the prior written approval of the holders of at least 80% of the then-outstanding Shares of Series A Preferred Stock, the Corporation shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend, modify or waive any provision of this Certificate of Designations or the Certificate of Incorporation or the Bylaws in a manner that adversely alters or changes the rights, powers, preferences or privileges of the holders of the Series A Preferred Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) create (by reclassification or otherwise) any new class or series of shares having rights, preferences or privileges senior to or on parity with the Series A Preferred Stock, or increase or decrease the authorized number of Shares of Series A Preferred Stock, or issue any additional Shares of Series A Preferred Stock; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) until the date that is twenty-four (24) months following the Spin-Off Closing Date or in the event that the corporate family rating for the Corporation shall be less than the following from either Moody's or S&P: (x) Baa3 (or the equivalent) from Moody's (or any successor to the rating agency business thereof) or (y) BBB- (or the equivalent) from S&P (or any successor to the rating agency business thereof), repurchase or redeem any Junior Securities (provided that this clause (iii) shall not restrict (1) any repurchase of unvested shares of Junior Securities following termination of an employee, advisor or consultant of the Corporation or its Subsidiaries, (2) the forfeiture or withholding of taxes payable in connection with, and repurchases or withholdings of Junior Securities deemed to occur with respect to the exercise or vesting of any stock or other equity options or warrants, stock units or other incentive interests or the vesting of equity awards if such Junior Securities represents a portion of the exercise price thereof or the withholding of a portion of such Junior Securities to pay taxes payable on account of such exercise, (3) net settlement of derivatives or Convertible Securities, (4) repurchase or redemption of Junior Securities made in exchange for, or in amount equal to or less than the proceeds of a substantially concurrent sale or issuance of Junior Securities by the Corporation, (5) repurchase or redemption of Junior Securities deemed to occur in connection with paying cash in lieu of fractional shares of such Junior Securities in connection with a share dividend, distribution, share split, reverse share split, merger, consolidation, amalgamation or other business combination of the Corporation and (6) repurchase or redemption of Junior Securities in accordance with provisions similar to those described in **<u>Section</u> <u>7.1</u>** (provided, that, for the purposes of this clause (6), all shares of Preferred Stock tendered by holders in connection with such Fundamental Change Redemption have been repurchased or redeemed).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If on any date following the Closing Date, the Corporation has a corporate rating below an Investment Grade Rating from either Moody's or S&P (the "**Covenant Trigger Event**"), then beginning on such date (the "**Covenant Trigger Date**") and continuing until the Reversion Date (such period from the Covenant Trigger Date to the Reversion Date, the "**Covenant Trigger Period**"), the Corporation and its Subsidiaries will be subject to the covenants set forth in **<u>Annex I</u>** hereto (the "**Triggered Covenants**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Corporation and its Subsidiaries are subject to the Triggered Covenants for any period of time as a result of the foregoing, and on any subsequent date (the "**Reversion Date**"), the Corporation has a corporate rating that is an Investment Grade Rating from any two of the three Rating Agencies (or, if Fitch ceases to publish ratings, from both Moody's and S&P), then the Corporation and its Subsidiaries will thereafter no longer be subject to the Triggered Covenants unless and until another Covenant Trigger Event occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On each Covenant Trigger Date, all Indebtedness (as defined in Annex I) incurred, or Disqualified Stock (as defined in Annex I) or Preferred Stock (as defined in Annex I) issued, prior to such Covenant Trigger Date will be deemed to have been outstanding on the Closing Date so that it is classified as permitted under **<u>Section</u> <u>3(b)(i)</u>** set forth in **<u>Annex I</u>**. For the avoidance of doubt, no violation of any provision of this Agreement will be deemed to have occurred on any Covenant Trigger Date as a result of any actions taken by the Corporation or its Subsidiaries prior to such Covenant Trigger Date or as a result of any actions taken by the Corporation or its Subsidiaries on or after such Covenant Trigger Date pursuant to binding agreements entered into before such Covenant Trigger Date.

**7. <u>Redemption</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Fundamental Change Redemption</u>. Subject to the provisions of this **<u>Section</u> <u>7</u>**, upon the occurrence of a Fundamental Change, each holder of Series A Preferred Stock shall have the right to require the Corporation to redeem, and the Corporation shall redeem, out of funds legally available therefor, all of the then-outstanding Shares of Series A Preferred Stock held by such holder requested by such holder to be redeemed (a "**Fundamental Change Redemption**") for a price per Share equal to the Fundamental Change Redemption Price. In connection with a Fundamental Change, the Corporation shall provide to the holders of Series A Preferred Stock written notice of the proposed Fundamental Change (the "**Fundamental Change Redemption Notice**") at least twenty (20) calendar days prior to the date on which the Corporation anticipates consummating a Fundamental Change (or if later and subject to this **<u>Section</u> <u>7.1</u>**, promptly after the Corporation discovers that a Fundamental Change may occur). Any such Fundamental Change Redemption shall occur on the date of consummation of the Fundamental Change and in accordance with the Fundamental Change Redemption Notice, if such notice is received by the holders of Series A Preferred Stock at least five (5) Business Days prior to the consummation of such Fundamental Change (solely in the case of the Corporation discovering a Fundamental Change may occur following the twenty (20) calendar day period above and within five (5) Business Days after the consummation of such Fundamental Change if the Corporation shall discover the occurrence of such Fundamental Change at a later date); *provided, however*, that if Shares of Series A Preferred Stock are held in book-entry form through DTC, any Fundamental Change Redemption Notice may be given to holders at such time in any manner required or permitted by the procedures of DTC. In exchange for the cancellation of Shares of Series A Preferred Stock of their certificate or certificates, if any, or an affidavit of loss, representing such Shares on or after the applicable Fundamental Change Redemption Date in accordance with **<u>Section</u> <u>7.8</u>** below (or, if Shares of Series A Preferred Stock are held in book-entry form through DTC, the book-entry transfer in accordance with the applicable procedures of DTC to the Transfer Agent's account at DTC), the Fundamental Change Redemption Price for the Shares being redeemed shall be payable in cash by the Corporation in immediately available funds to the respective holders of the Series A Preferred Stock, except to the extent prohibited by applicable Delaware law, and *provided* that the Corporation shall only be required to pay the Fundamental Change Redemption Price simultaneously with, or immediately after, satisfaction of all obligations then due under the Corporation's then-existing Indebtedness.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Corporation Redemption</u>. Subject to the provisions of this **<u>Section</u> <u>7</u>**, the Corporation shall have the right, but not the obligation, subject to the Common Stock Liquidity Conditions, to redeem, from time to time, out of funds legally available therefor, all or any portion of the then-outstanding Shares of Series A Preferred Stock (a "**Corporation Redemption**") at any time on or following the seventh (7<sup>th</sup>) anniversary of the Issue Date for a price per Share equal to the Optional Redemption Price *plus* accrued and unpaid dividends thereon; *provided*, the Corporation shall use reasonable best efforts to redeem an amount of then-outstanding Shares of Series A Preferred Stock sufficient for such redemption to qualify for sale or exchange treatment by reason of Section 302(b) of the Code, assuming that such Investor owns no shares of Common Stock of the Corporation other than such shares acquired pursuant to a Beverage Co. IPO or as a result of a conversion of Series A Preferred Stock. Any such Corporation Redemption shall occur not less than twenty (20) days and not more than sixty (60) days following receipt by the applicable holder(s) of Series A Preferred Stock of a written election notice (the "**Corporation Redemption Notice**") from the Corporation; *provided*, *however*, that if Shares of Series A Preferred Stock are held in book-entry form through DTC, any Corporation Redemption Notice may be given to holders at such time in any manner required or permitted by the procedures of DTC. Following the notice period required by the Corporation Redemption Notice, the Corporation shall redeem all, or in the case of an election to redeem less than all of the Shares of Series A Preferred Stock, the same *pro rata* portion of each such holder's Shares redeemed pursuant to this **<u>Section</u> <u>7.2</u>**; *provided*, *however*, that if any Shares of Series A Preferred Stock are held in book-entry form through DTC, the Shares of Series A Preferred Stock to be redeemed shall be selected in accordance with the applicable procedures of DTC and any notice of redemption may be given to the holders at such time in any manner permitted by the procedures of DTC. In exchange for the surrender to the Corporation by the respective holders of Shares of Series A Preferred Stock of their certificate or certificates, if any, or an affidavit of loss, representing such Shares on or after the applicable Corporation Redemption Date in accordance with **<u>Section</u> <u>7.8</u>** below (or, if Shares of Series A Preferred Stock are held in book-entry form through DTC, the book-entry transfer in accordance with the applicable procedures of DTC to the Transfer Agent's account at DTC), the Optional Redemption Price for the Shares being redeemed shall be payable in cash by the Corporation in immediately available funds to the respective holders of the Series A Preferred Stock, except to the extent prohibited by applicable Delaware law. Notwithstanding anything to the contrary contained herein, each holder of Shares of Series A Preferred Stock shall have the right to elect, prior to the Corporation Redemption Date, to exercise the conversion rights, if any, in accordance with **<u>Section</u> <u>8</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Insolvency Redemption</u>. Upon the occurrence of an Insolvency Event, the Corporation shall immediately redeem out of assets legally available therefor all the then outstanding Shares of Series A Preferred Stock for an amount equal to the Corporation Redemption Price. In exchange for the surrender to the Corporation by the respective holders of Shares of Series A Preferred Stock of their certificate or certificates, if any, or an affidavit of loss, representing such Shares on or after the applicable Insolvency Event in accordance with **<u>Section</u> <u>7.8</u>** below, the Corporation Redemption Price for the Shares being redeemed shall be payable in cash by the Corporation in immediately available funds to the respective holders of the Series A Preferred Stock, except to the extent prohibited by applicable Delaware law and subject to the rights of the holders of any Parity Securities or Senior Securities and the rights of the Corporation's existing and future creditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Fundamental Change Redemption Notice</u>. Each Fundamental Change Redemption Notice shall state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Fundamental Change Redemption Price;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date of the closing of the redemption, which pursuant to **<u>Section</u> <u>7.1</u>** shall be the date of consummation of the Fundamental Change (the applicable date, the "**Fundamental Change Redemption Date**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the current Conversion Price of the Series A Preferred Stock, after giving effect to any adjustments pursuant to **<u>Section</u> <u>8.7</u>**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a description of the information needed from the holder to elect to participate in such redemption, including a form of any notice required to be delivered by a holder to participate in such redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a description of the payments and other actions required to be made or taken in order to satisfy all of the Corporation's obligations under any outstanding indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the manner and place designated for surrender by the holder to the Corporation of his, her or its certificate or certificates, if any, representing the Shares of Series A Preferred Stock to be redeemed or, if applicable, that the Shares of Series A Preferred Stock to be redeemed must be surrendered by book-entry transfer in accordance with the applicable procedures of DTC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Corporation Redemption Notice</u>. Each Corporation Redemption Notice shall state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the number of Shares of Series A Preferred Stock held by the holder that the Corporation proposes to redeem on the Corporation Redemption Date specified in the Corporation Redemption Notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date of the closing of the redemption, which pursuant to **<u>Section</u> <u>7.2</u>** shall be no earlier than twenty (20) days and no later than sixty (60) days following circulation by the Corporation of the Corporation Redemption Notice (the applicable date, the "**Corporation Redemption Date**" and, together with the Fundamental Change Redemption Date, the "**Redemption Dates**"), and the Optional Redemption Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Conversion Election Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the current Conversion Price of the Series A Preferred Stock, after giving effect to any adjustments pursuant to **<u>Section</u> <u>8.7</u>**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the manner and place designated for surrender by the holder to the Corporation of his, her or its certificate or certificates, if any, representing the Shares of Series A Preferred Stock to be redeemed or, if applicable, that the Shares of Series A Preferred Stock to be redeemed must be surrendered by book-entry transfer in accordance with the applicable procedures of DTC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Insufficient Funds; Remedies For Nonpayment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Insufficient Funds</u>. If on any Fundamental Change Redemption Date the assets of the Corporation legally available are insufficient to pay the full Fundamental Change Redemption Price for the total number of Shares to be redeemed, the Corporation shall (i) take all commercially reasonable actions required and permitted under applicable law to maximize the assets legally available for paying the Fundamental Change Redemption Price, as applicable, (ii) redeem out of all such assets legally available therefor on the applicable Fundamental Change Redemption Date the maximum possible number of Shares that it can redeem on such date, *pro rata* among the holders of such Shares to be redeemed in proportion to the aggregate number of Shares to be redeemed by each such holder on the

------

applicable Fundamental Change Redemption Date; *provided*, *however*, that if any Shares of Series A Preferred Stock are held in book-entry form through DTC, the Shares of Series A Preferred Stock to be redeemed shall be selected in accordance with the procedures of DTC, and (iii) following the applicable Fundamental Change Redemption Date, at any time and from time to time when additional assets of the Corporation become legally available to redeem the remaining Shares, the Corporation shall use such assets to pay the remaining balance of the aggregate applicable Fundamental Change Redemption Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Remedies For Nonpayment</u>. If on any Redemption Date all of the Shares elected to be redeemed pursuant to such redemption are not redeemed in full by the Corporation by paying the entire applicable redemption price until such Shares are fully redeemed and the aggregate redemption price is paid in full, all of the unredeemed Shares shall remain outstanding and continue to have the rights, preferences and privileges expressed herein, including the accrual and accumulation of dividends thereon as provided in **<u>Section</u> <u>4</u>**; *provided* that the applicable Dividend Rate on all of the unredeemed Shares shall increase by 1.00% per annum on the applicable Redemption Date until such time as the full Fundamental Change Redemption Price or Optional Redemption Price, as applicable (including any unpaid Deferred Dividend Amount and Excess Deferred Dividend Amount and, without duplication, accrued but unpaid dividends up to, but excluding, the record date for the applicable distribution on such Shares at the adjusted Dividend Rate), has been paid in full in respect of all Shares to be redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Surrender of Certificates</u>. On or before the applicable Redemption Date, each holder of Shares of Series A Preferred Stock being redeemed shall surrender the certificate or certificates, if any, representing such Shares to the Corporation in the manner and place designated in the Fundamental Change Redemption Notice or Corporation Redemption Notice, as applicable, or to the Corporation's corporate secretary at the Corporation's headquarters, duly assigned or endorsed for transfer to the Corporation (or accompanied by duly executed stock powers relating thereto), or, in the event such certificate or certificates are lost, stolen or missing, shall deliver an affidavit of loss, in the manner and place designated in the Fundamental Change Redemption Notice or Corporation Redemption Notice, as applicable. Each surrendered certificate shall be canceled and retired and the Corporation shall thereafter make payment of the Fundamental Change Redemption Price or Optional Redemption Price, as applicable, by certified check or wire transfer to the holder of record of such certificate; *provided*, that if less than all the Shares represented by a surrendered certificate are redeemed, then a new stock certificate representing the unredeemed Shares shall be issued in the name of the applicable holder of record of the canceled stock certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Rights Subsequent to Redemption</u>. If on the applicable Redemption Date, the applicable redemption price is paid (or tendered for payment, including if the Shares of Series A Preferred Stock are held in book-entry form through DTC by tender for payment to DTC with irrevocable instructions and authority provided to DTC to pay the applicable Fundamental Change Redemption Price or Optional Redemption Price to holders of such Shares of Series A Preferred Stock) for any of the Shares to be redeemed on such Redemption Date, then on such date all rights of the holder in the Shares so redeemed and paid or tendered, including any rights to dividends on such Shares, shall cease, and such Shares shall no longer be deemed issued and outstanding.

**8. <u>Conversion</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Holders</u><u>'</u> <u>Optional Right to Convert</u>. Subject to the provisions of this **<u>Section</u> <u>8</u>** (including the Conversion Cap), (A) at any time and from time to time, the holders of Series A Preferred Stock shall have the right by written election to the Corporation to convert all or any portion of up to in the aggregate 50% of the outstanding Shares of Series A Preferred Stock issued on the Issue Date (including any fraction of a Share) and allocated among the holders and their permitted transferees pro rata, and (B) at any time and from time to time on or after the earliest of (i) the 18-month anniversary of the Issue Date ("**Spin**

------

 **Cut-Off Date**"), (ii) the completion of a Specified Spin-Off Transaction, (iii) a Foreclosure and (iv) if the completion of a Specified Spin-Off Transaction has not occurred by the 12-month anniversary of the date of consummation of a Beverage Co. IPO, the 12-month anniversary of the date of consummation of a Beverage Co. IPO, any holder of Series A Preferred Stock shall have the right by written election to the Corporation to convert all or any portion of the outstanding Shares of Series A Preferred Stock (including any fraction of a Share) held by such holder (provided that in the event of clause (iii) above only, only the lender(s) exercising remedies in connection with such Foreclosure and only with respect to the number of Shares of Series A Preferred Stock upon which it is exercising remedies may be converted) (each, an "**Optional Conversion**"), in each case into an aggregate number of shares of Common Stock as is determined by (a) *multiplying* the number of Shares (including any fraction of a Share) to be converted by the sum of (i) the Stated Value plus (ii) the unpaid Deferred Dividend Amount and any accrued but unpaid dividends up to, but excluding, the applicable record date (but not with respect to any Excess Deferred Dividend Amount, and in any event subject to the limitations set forth in **<u>Section</u> <u>4</u>** and **<u>Section</u> <u>5.4</u>**) and then (b) *dividing* the result by the Conversion Price in effect immediately prior to such conversion, and in addition thereto the holder shall receive cash in lieu of any fractional shares as set out in **<u>Section</u> <u>8.3(d)</u>**. Notwithstanding the foregoing, no holder of Series A Preferred Stock shall have the right to elect to convert all or any portion of the outstanding Shares of Series A Preferred Stock over the ten (10) consecutive Trading Days immediately following, but including, the Spin-Off Ex-Dividend Date. Notwithstanding anything to the contrary herein, if any holder of Shares of Series A Preferred Stock converts such Shares of Series A Preferred Stock into shares of Common Stock prior to the earlier of (x) the Spin Cut-Off Date and (y) the completion of a Specified Spin-Off Transaction, 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;&nbsp;&nbsp;&nbsp;&nbsp;(i) all such shares of Common Stock must be Transferred prior to the completion of any Specified Spin-Off Transaction; 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;(ii) if such shares of Common Stock are Transferred after the completion of any Specified Spin-Off Transaction, to the extent such holder holds shares of Spin-Co, such holder must Transfer such shares of Common Stock and a pro rata number (or such lesser number as such holder holds) of shares of Spin-Co in substantially simultaneous sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Mandatory Conversion</u>. Subject to the provisions of this **<u>Section</u> <u>8</u>** (including the Conversion Cap), and subject to the Common Stock Liquidity Conditions, at any time following the third (3<sup>rd</sup>) anniversary of the Issue Date, if the closing price per share of Common Stock exceeds 150% of the Conversion Price for at least twenty (20) Trading Days in any period of thirty (30) consecutive Trading Days (including the last Trading Day) immediately prior to the receipt by each holder of a Notice of Mandatory Conversion, the Corporation may elect to convert all or any portion of the outstanding Shares of Series A Preferred Stock (including any fraction of a Share) (the "**Mandatory Conversion Right**" and each conversion pursuant to this **<u>Section</u> <u>8.2</u>**, a "**Mandatory Conversion**") at the Conversion Price in effect immediately prior to such conversion (with the aggregate number of shares of Common Stock to be delivered by the Corporation determined pursuant to the formula set forth in **<u>Section</u> <u>8.1</u>**), and in addition thereto the holder shall receive cash in lieu of any fractional shares as set out in **<u>Section</u> <u>8.3(d)</u>**; *provided*, that in the case of an election to convert less than all of the outstanding Shares of Series A Preferred Stock, the Corporation shall convert the same *pro rata* portion of each holder's Shares converted pursuant to this **<u>Section</u> <u>8.2</u>**.

The Corporation will not exercise its Mandatory Conversion Right, or otherwise send a Notice of Conversion, with respect to any Shares of Series A Preferred Stock pursuant to this **<u>Section</u> <u>8.2</u>** (x) unless the Common Stock Liquidity Conditions are satisfied with respect to the Mandatory Conversion (including on the Mandatory Conversion Date) and (y) without limiting the application of the Common Stock Liquidity Conditions, from, and including, the date that is ten (10) Business Days prior to December 25 of each calendar year to, but excluding, the date that is one (1) Business Day after January 1 of the next calendar year.

------

Notwithstanding anything to the contrary in this **<u>Section</u> <u>8.2</u>**, the Corporation's exercise of its Mandatory Conversion Right, and any related Notice of Mandatory Conversion, will not apply to any Share of Series A Preferred Stock as to which a Fundamental Change Redemption Notice has been duly delivered and not withdrawn. The date (the "**Mandatory Conversion Date**") for any Mandatory Conversion will be a Business Day of the Corporation's choosing that is no more than twenty (20), nor less than ten (10), Business Days after the Notice of Mandatory Conversion for such Mandatory Conversion. To exercise its Mandatory Conversion Right with respect to any Shares of Series A Preferred Stock, the Corporation must send to each holder of such Shares a written notice of such exercise (a "**Notice of Mandatory Conversion**"). Such Notice of Mandatory Conversion must state: (1) that the Corporation has exercised its Mandatory Conversion Right to cause the Mandatory Conversion of such Shares, briefly describing the Corporation's Mandatory Conversion Right under this Certificate of Designations; (2) the Mandatory Conversion Date for such Mandatory Conversion (which shall be the date scheduled for the settlement of such Mandatory Conversion); (3) that Shares of Series A Preferred Stock subject to Mandatory Conversion may be converted earlier at the option of the holders thereof pursuant to an Optional Conversion at any time before the close of business on the Business Day immediately before the Mandatory Conversion Date; (4) the Conversion Price in effect on the Notice of Mandatory Conversion Date for such Mandatory Conversion; and (5) the CUSIP and ISIN numbers, if any, of the Series A Preferred Stock. If less than all Shares of Series A Preferred Stock then outstanding are subject to Mandatory Conversion, then the Shares of Series A Preferred Stock to be subject to such Mandatory Conversion will be selected by the Corporation pro rata.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Procedures for Conversion; Effect of Conversion</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Procedures for Mandatory Conversion</u>. If the Corporation duly exercises, in accordance with **<u>Section</u> <u>8</u>**, its Mandatory Conversion Right with respect to any Share of Series A Preferred Stock, then (1) the Mandatory Conversion of such Share will occur automatically and without the need for any action on the part of the holder(s) thereof; and (2) the shares of Common Stock due upon such Mandatory Conversion will be registered in the name of the holder(s) of such Shares of Series A Preferred stock as of the close of business on the related Mandatory Conversion Date; *provided*, if any Shares of Series A Preferred Stock are held in book-entry form through DTC, holders must convert their Shares in accordance with the applicable procedures of DTC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Procedures for Holder Conversion</u>. In order to effectuate a conversion of Shares of Series A Preferred Stock pursuant to **<u>Section</u> <u>8.1</u>**, a holder shall submit a written election to the Corporation that such holder elects to convert Shares specifying the number of Shares elected to be converted (a "**Notice of Conversion**"). The holder shall surrender, along with a Notice of Conversion, if applicable, to the Corporation the certificate or certificates, if any, representing the Shares being converted, duly assigned or endorsed for transfer to the Corporation (or accompanied by duly executed stock powers relating thereto) or, in the event such certificate or certificates are lost, stolen or missing, accompanied by an affidavit of loss executed by the holder. The conversion of such Shares hereunder shall be deemed effective as of the date of submission of the Notice of Conversion and surrender of such Series A Preferred Stock certificate or certificates, if any, or delivery of such affidavit of loss, if applicable (such date, the "**Optional Conversion Date**" and, together with the Mandatory Conversion Date, the "**Conversion Dates**"). Upon the receipt by the Corporation of a Notice of Conversion and the surrender of such certificate(s) and accompanying materials (if any), the Corporation shall as promptly as practicable (but in any event within three (3) Trading Days thereafter) deliver to the relevant holder or holders, as applicable, (A) the number of shares of Common Stock (including, subject to **<u>Section</u> <u>8.3(c)</u>**, any fractional share) to which such holder or holders shall be entitled upon conversion of the applicable

------

Shares as calculated pursuant to **<u>Section</u> <u>8.1</u>**, as applicable, and, if applicable, (B) the number of Shares of Series A Preferred Stock delivered to the Corporation for conversion but otherwise not elected to be converted pursuant to the written election, in each case in book-entry form on the Corporation's share ledger. All shares of capital stock issued hereunder by the Corporation shall be duly and validly issued, fully paid and non-assessable, free and clear of all Taxes, liens, charges and encumbrances with respect to the issuance thereof. Notwithstanding anything to the contrary in this **<u>Section</u> <u>8.3(b)</u>**, if any Shares of Series A Preferred Stock are held in book-entry form through DTC, holders must convert their Shares in accordance with the applicable procedures of DTC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Fractional Shares</u>. The Corporation shall not issue any fractional shares of Common Stock upon conversion of Series A Preferred Stock. Instead, the Corporation shall pay a cash adjustment to the holder of Series A Preferred Stock being converted based upon the Current Market Price on the Trading Day prior to the Conversion Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Effect of Conversion</u>. All Shares of Series A Preferred Stock converted as provided in **<u>Section</u> <u>8.1</u>** or **<u>Section</u> <u>8.2</u>**, as applicable, shall no longer be deemed outstanding as of the applicable Conversion Date and all rights with respect to such Shares shall immediately cease and terminate as of such time (including, without limitation, any right of redemption pursuant to **<u>Section</u> <u>7</u>**), other than the right of the holder to receive shares of Common Stock and payment in lieu of any fraction of a Share in exchange therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Limitation on Conversions</u>. Notwithstanding anything to the contrary herein, the Corporation shall not be obligated to issue any shares of Common Stock pursuant to the terms of this Certificate of Designations, and the holders of Series A Preferred Stock shall not have the right to receive any shares of Common Stock pursuant to the terms of this Certificate of Designations, to the extent the issuance of such shares of Common Stock would cause the Conversion Cap or the Applicable Value Cap to be exceeded. No holder of Series A Preferred Stock shall be issued in the aggregate, pursuant to the terms of this Certificate of Designations, shares of Common Stock in an amount greater than such holder's *pro rata* allocation of shares of Common Stock issuable in an amount not to cause the Conversion Cap or the Applicable Value Cap to be exceeded based on a fraction, the numerator of which is the number of Shares of Series A Preferred Stock issued to such initial holder pursuant to the Investment Agreement on the Issue Date and the denominator of which is the aggregate number of all Shares of Series A Preferred Stock issued to the initial holders pursuant to the Investment Agreement on the Issue Date (with respect to each such holder, the "**Cap Allocation**"). In the event that any initial holder (or a transferee of an initial holder) shall sell or otherwise transfer any of such holder's Series A Preferred Stock, the transferee shall be allocated a pro rata portion of such holder's Cap Allocation, and the restrictions of the prior sentence shall apply to such transferee with respect to the portion of the Cap Allocation allocated to such transferee. In the event that any holder shall have converted all of such holder's Series A Preferred Stock into a number of shares of Common Stock which, in the aggregate, is less than such holder's Cap Allocation, then the difference between such holder's Cap Allocation and the number of shares of Common Stock actually issued to such holder shall be allocated to the respective Cap Allocations of the remaining holders on a *pro rata* basis in proportion to the shares of Common Stock underlying the Series A Preferred Stock then held by each such holder. Upon any conversion of Series A Preferred Stock into shares of Common Stock, the Corporation shall also pay in cash to the converting holder, concurrently with the issuance of such shares of Common Stock, all Excess Deferred Dividend Amounts with respect to the Shares of Series A Preferred Stock so converted. In the event that the Corporation is prohibited from issuing any shares of Common Stock in connection with a conversion of Series A Preferred Stock pursuant to **<u>Section</u> <u>8.1</u>** or **<u>Section</u> <u>8.2</u>** (the "**Cap Shares**"), the Corporation shall, to the fullest extent permitted by law and out of funds lawfully available therefor, pay cash on or prior to the applicable share delivery date to such holder in exchange for the redemption of such number of Shares of Series A Preferred Stock held by the holder that are not convertible into such Cap Shares at a price equal to the product of (x) such number of Cap Shares and (y) the Current Market Price of the share of Common Stock on the applicable Conversion Date or Mandatory Conversion Date.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>Reservation of Stock</u>. The Corporation shall at all times when any Shares of Series A Preferred Stock are outstanding reserve and keep available out of its authorized but unissued shares of capital stock, solely for the purpose of issuance upon the conversion of the Series A Preferred Stock, such number of shares of Common Stock issuable upon the conversion of all outstanding Series A Preferred Stock pursuant to this **<u>Section</u> <u>8</u>**, taking into account any adjustment to such number of shares so issuable in accordance with **<u>Section</u> <u>8.7</u>** hereof. The Corporation shall take all such actions as may be necessary to assure that all such shares of Common Stock may be so issued without violation of any applicable law or governmental regulation or any requirements of any domestic securities exchange upon which shares of Common Stock may be listed (except for official notice of issuance which shall be immediately delivered by the Corporation upon each such issuance). The Corporation shall not close its books against the transfer of any of its capital stock in any manner which would prevent the timely conversion of the Shares of Series A Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 <u>No Charge or Payment</u>. The issuance of certificates for shares of Common Stock upon conversion of Shares of Series A Preferred Stock pursuant to **<u>Section</u> <u>8.1</u>** or **<u>Section</u> <u>8.2</u>**, as applicable, shall be made without payment of additional consideration by, or other charge, cost or Tax to, the holder in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 <u>Termination of Conversion Right in Connection with Redemption</u>. Notwithstanding anything to the contrary set forth in this Certificate of Designations, in no event may Shares of Series A Preferred Stock be converted as provided in **<u>Section</u> <u>8.1</u>** or **<u>Section</u> <u>8.2</u>**, as applicable, on and following the date that is two (2) Business Days prior to the Corporation Redemption Date in respect of such Shares, *provided that*, for the avoidance of doubt, this **<u>Section</u> <u>8.6</u>** shall no longer apply in respect of Shares of Series A Preferred Stock to be redeemed in accordance with **<u>Section</u> <u>7</u>** if the closing of the redemption of such Shares does not occur on the applicable Redemption Date and so long as such Shares are not otherwise redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 <u>Adjustment to Conversion Price and Number of Conversion Shares</u>. In order to prevent dilution of the conversion rights granted under this **<u>Section</u> <u>8</u>**, the Conversion Price and the number of Conversion Shares issuable on conversion of the Shares of Series A Preferred Stock shall be subject to adjustment, without duplication, from time to time as provided in this **<u>Section</u> <u>8.7</u>**, except that the Corporation shall not make any adjustment to the Conversion Price if each holder of the Series A Preferred Stock participates, at the same time and upon the same terms as all holders of Common Stock and solely as a result of holding Series A Preferred Stock, in any transaction described in this **<u>Section</u> <u>8.7</u>**, without having to convert its Series A Preferred Stock, as if each such holder held a number of shares of Common Stock that would be issuable upon conversion of such Series A Preferred Stock in accordance with **<u>Section</u> <u>8.1</u>** (without giving effect to the proposed adjustment and notwithstanding the exercise by any holder of its rights pursuant to Section 5.17of the Investment Agreement). For the avoidance of doubt, upon receipt by holders of any cash dividend or distribution in accordance with **<u>Section</u> <u>4.4</u>**, each holder of the Series A Preferred Stock shall be deemed to have participated, at the same time and upon the same terms as all holders of Common Stock and solely as a result of holding Series A Preferred Stock, in such cash dividend or distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Subdivisions and Combinations</u>. In case the outstanding shares of Common Stock shall be subdivided (whether by stock split, recapitalization or otherwise) into a greater number of shares of Common Stock or combined (whether by consolidation, reverse stock split or otherwise) into a lesser number of shares of Common Stock, then the Conversion Price in effect at the opening of business on the day following the day upon which such subdivision or combination becomes effective shall be

------

adjusted to equal the product of the Conversion Price in effect on such date and a fraction the numerator of which shall be the number of shares of Common Stock outstanding immediately prior to such subdivision or combination, and the denominator of which shall be the number of shares of Common Stock outstanding immediately after such subdivision or combination. Such adjustment shall become effective retroactively to the close of business on the day upon which such subdivision or combination becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Stock Dividends or Distributions</u>. If the Corporation shall issue shares of Common Stock as a dividend or distribution on all or substantially all shares of Common Stock or if the Corporation effects a stock split or combination of the Common Stock (other than as set forth in **<u>Section</u> <u>8.7(g)</u>**), the Conversion Price shall be adjusted based on the following formula:

---

| | | |
|:---|:---|:---|
| CP<sub>1 </sub>= | CP<sub>0 </sub>x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OS<sub>0</sub> |
| CP<sub>1 </sub>= | CP<sub>0 </sub>x |  |
|  |  | OS<sub>1</sub> |

---

where,

---

| | |
|:---|:---|
| CP<sub>1</sub> | the Conversion Price in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution or the effective date of such share split or share combination, as the case may be; |
| CP<sub>0</sub> | the Conversion Price in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution or the effective date of such share split or share combination, as the case may be; |
| OS<sub>0</sub> | the number of shares of Common Stock outstanding immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution or the effective date of such share split or share combination, as the case may be; and |
| OS<sub>1</sub> | the number of shares of Common Stock that would be outstanding immediately after giving effect to such dividend, distribution, share split or share combination, as the case may be. |

---

Any adjustment made under this clause (b) shall become effective immediately after the open of business on such Ex-Dividend Date for such dividend or distribution, or immediately after the open of business on the effective date for such share split or share combination, as applicable. If any dividend or distribution of the type described in this clause (b) is declared but not so paid or made, the Conversion Price shall be immediately readjusted, effective as of the date the Board determines not to pay such dividend or distribution, to the Conversion Price that would then be in effect if such dividend or distribution had not been declared or announced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Distributions of Rights, Options or Warrants</u>. If the Corporation shall distribute to all or substantially all holders of its Common Stock any rights, options or warrants (other than rights, options or warrants distributed in connection with a stockholders' rights plan, in which case the provisions of **<u>Section</u> <u>8.7(g)</u>** shall apply) entitling them to purchase, for a period of not more than 45 calendar days from the announcement date for such distribution, shares of the Common Stock at a price per share less than the average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the

------

date of announcement date for such distribution, the Conversion Price shall be decreased based on the following formula:

---

| | | |
|:---|:---|:---|
| CP<sub>1 </sub>= | CP<sub>0 </sub>x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OS<sub>0 </sub>+ X |
| CP<sub>1 </sub>= | CP<sub>0 </sub>x |  |
|  |  | OS<sub>0 </sub>+ Y |

---

where

---

| | |
|:---|:---|
| CP<sub>1</sub> | the Conversion Price in effect immediately after the open of business on the Ex-Dividend Date for such distribution; |
| CP<sub>0</sub> | the Conversion Price in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution; |
| OS<sub>0</sub> | the number of shares of the Common Stock outstanding immediately prior to the open of business on the Ex-Dividend Date for such distribution; |
| X | the number of shares of the Common Stock equal to the aggregate price payable to exercise such rights, options or warrants, *divided by* the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the announcement date of such distribution; and |
| Y | the total number of shares of the Common Stock issuable pursuant to such rights, options or warrants. |

---

Any decrease made under this clause (c) shall be made successively whenever any such rights, options or warrants are distributed and shall become effective immediately after the open of business on the Ex-Dividend Date for such distribution. To the extent that shares of the Common Stock are not delivered after the expiration of such rights, options or warrants, the Conversion Price shall be increased to the Conversion Price that would then be in effect had the increase with respect to the distribution of such rights, options or warrants been made on the basis of delivery of only the number of shares of the Common Stock actually delivered. If such rights, options or warrants are not so distributed, the Conversion Price shall be increased to the Conversion Price that would then be in effect if such record date for such distribution had not occurred.

For purposes of this clause (c), in determining whether any rights, options or warrants entitle the holders to subscribe for or purchase shares of the Common Stock at a price per share less than such average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the announcement date for such distribution, and in determining the aggregate offering price of such shares of the Common Stock, there shall be taken into account any consideration received by the Corporation for such rights, options or warrants and any amount payable upon exercise or conversion thereof, the value of such consideration, if other than cash, as reasonably determined by the Corporation in good faith.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Distributions of Equity Securities, Indebtedness, other</u> <u>Securities</u><u>,</u> <u>Assets or Property</u>. If the Corporation distributes shares of its Equity Securities, evidences of its Indebtedness, other assets or property of the Corporation or rights, options or warrants to acquire its Equity Securities or other securities to all or substantially all holders of Common Stock, excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&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) dividends or distributions as to which adjustment is required to be effected pursuant to clause (b) or (c) above;

&nbsp;&nbsp;&nbsp;&nbsp;&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) rights issued to all holders of the Common Stock pursuant to a rights plan, where such rights are not presently exercisable, trade with the Common Stock and the plan provides that the holders of Shares of Series A Preferred Stock will receive such rights;

&nbsp;&nbsp;&nbsp;&nbsp;&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) dividends or distributions in which Series A Preferred Stock participates on an as-converted basis pursuant to **<u>Section</u> <u>4.4</u>**; 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;(iv) Spin-Offs described below in this clause (d) and a Specified Spin-Off Transaction for which the adjustments in **<u>Section</u> <u>8.7(m)</u>** shall apply,

then the Conversion Price shall be decreased based on the following formula:

---

| | | |
|:---|:---|:---|
| CP<sub>1 </sub>= | CP<sub>0 </sub>x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SP<sub>0 </sub>– FMV |
| CP<sub>1 </sub>= | CP<sub>0 </sub>x |  |
|  |  | SP<sub>0</sub> |

---

where

---

| | |
|:---|:---|
| CP<sub>1</sub> | the Conversion Price in effect immediately after the open of business on the Ex-Dividend Date for such distribution; |
| CP<sub>0</sub> | the Conversion Price in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution; |
| SP<sub>0</sub> | the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and |
| FMV | the fair market value (as determined by the Board in good faith) of the shares of Equity Securities, evidences of Indebtedness, securities, assets or property distributed with respect to each outstanding share of the Common Stock immediately prior to the open of business on the Ex-Dividend Date for such distribution. |

---

Any decrease made under the portion of this clause (d) above shall become effective immediately after the open of business on the Ex-Dividend Date for such distribution. If such distribution is not so paid or made, the Conversion Price shall be increased to be the Conversion Price that would then be in effect if such distribution had not been declared.

Notwithstanding the foregoing, if "FMV" (as defined above) is equal to or greater than "SP0" (as defined above), in lieu of the foregoing decrease, each holder of Shares of Series A Preferred Stock may elect to receive at the same time and upon the same terms as holders of shares of Common Stock without having to convert its Series A Preferred Stock, the amount and kind of the Equity Securities, evidences of the Corporation's Indebtedness, other assets or property of the Corporation or rights, options or warrants to acquire its Equity Securities or other securities of the Corporation that such holder would have received as if such holder owned a number of shares of Common Stock into which the Share of Series A Preferred Stock was convertible at the Conversion Price in effect on the Ex-Dividend Date for the distribution. If the Board of Directors determines the "FMV" (as defined above) of any distribution for purposes of this clause (d) by reference to the actual or when-issued trading market for any securities, it shall in doing so consider the prices in such market over the same period used in computing the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution.

------

With respect to an adjustment pursuant to this clause (d) where there has been a payment of a dividend or other distribution on the Common Stock in shares of Equity Securities of any class or series, or similar equity interests, of or relating to a Subsidiary or other business unit of the Corporation that will be, upon distribution, listed on a U.S. national or regional securities exchange (a "**Spin-Off**") (other than a Specified Spin-Off Transaction pursuant to **<u>Section</u> <u>8.7(m)</u>**), the Conversion Price shall be decreased based on the following formula:

---

| | | |
|:---|:---|:---|
| CP<sub>1 </sub>= | CP<sub>0 </sub>x | MP<sub>0 </sub> |
| CP<sub>1 </sub>= | CP<sub>0 </sub>x |  |
|  |  | FMV + MP<sub>0</sub> |

---

where

---

| | |
|:---|:---|
| CP<sub>1</sub> | Conversion Price in effect immediately after the end of the Valuation Period; |
| CP<sub>0</sub> | the Conversion Price in effect immediately prior to the end of the Valuation Period; |
| FMV | the average of the Last Reported Sale Prices of the Equity Securities or similar equity interest distributed to holders of the Common Stock applicable to one share of the Common Stock (determined by reference to the definition of Last Reported Sale Price as set forth in **<u>Section 2</u>** as if references therein to Common Stock were to such Equity Securities or similar equity interest) over the first 10 consecutive Trading Day period after, and including, the Ex-Dividend Date of the Spin-Off (the "**Valuation Period**"); and |
| MP<sub>0</sub> | the average of the Last Reported Sale Prices of the Common Stock over the Valuation Period. |

---

Any adjustment to the Conversion Price under the preceding paragraph of this clause (d) shall be made immediately after the close of business on the last Trading Day of the Valuation Period. If the Conversion Date for any Share of Series A Preferred Stock to be converted occurs on or during the Valuation Period, then, notwithstanding anything to the contrary in this Certificate of Designations, the Corporation will, if necessary, delay the settlement of such conversion until the second (2nd) Business Day after the last Trading Day of the Valuation Period.

Notwithstanding the foregoing, if the "FMV" (as defined above) is equal to or greater than the Daily VWAP of the Common Stock over the Valuation Period, in lieu of the foregoing decrease, each holder of Shares of Series A Preferred Stock may elect to receive at the same time and upon the same terms as holders of shares of Common Stock without having to convert its Shares of Series A Preferred Stock, the amount and kind of Equity Securities or similar equity interest that such holder would have received as if such holder owned a number of shares of Common Stock into which the Series A Preferred Stock was convertible at the Conversion Price in effect on the Ex-Dividend Date for the distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Reserved].

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Tender Offer, Exchange Offer</u>. If the Corporation or any of its Subsidiaries makes a payment in respect of a tender offer or exchange offer for the Common Stock, to the extent that the cash and value of any other consideration included in the payment per share of the Common Stock exceeds the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the last date (the "**Expiration Date**") on which tenders or exchanges may be made pursuant to such tender or exchange offer (as it may be amended), the Conversion Price shall be decreased based on the following formula:

---

| | | |
|:---|:---|:---|
| CP<sub>1 </sub>= | CP<sub>0 </sub>x | SP<sub>1</sub> x OS<sub>0 </sub> |
| CP<sub>1 </sub>= | CP<sub>0 </sub>x |  |
|  |  | AC + (SP<sub>1</sub> x OS<sub>1</sub>) |

---

where

---

| | |
|:---|:---|
| CP<sub>1</sub> | the Conversion Price in effect immediately after the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the Expiration Date; |
| CP<sub>0</sub> | the Conversion Price in effect immediately prior to the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the Expiration Date; |
| AC | the aggregate value of all cash and any other consideration (as determined by the Board in good faith) paid or payable for shares purchased or exchanged in such tender or exchange offer; |
| SP<sub>1</sub> | the average of the Last Reported Sales Prices of the Common Stock of over the ten (10) consecutive Trading Day period beginning on, and including, the Trading Day next succeeding the Expiration Date (the "**Tender/Exchange Offer Valuation Period**"); |
| OS<sub>1</sub> | the number of shares of the Common Stock outstanding immediately after the close of business on the Expiration Date (adjusted to give effect to the purchase or exchange of all shares accepted for purchase in such tender offer or exchange offer); and |
| OS<sub>0</sub> | the number of shares of the Common Stock outstanding immediately prior to the Expiration Date (prior to giving effect to such tender offer or exchange offer); |

---

*provided, however*, that the Conversion Price will in no event be adjusted up pursuant to this **<u>Section</u> <u>8.7(f)</u>**, except to the extent provided in the immediately following paragraph. The adjustment to the Conversion Price pursuant to this **<u>Section</u> <u>8.7(f)</u>** will be calculated as of the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the Expiration Date. If the Conversion Date for any Share of Series A Preferred Stock to be converted occurs on the Expiration Date or during the Tender/Exchange Offer Valuation Period, then, notwithstanding anything to the contrary in this Certificate of Designations, the Corporation will, if necessary, delay the settlement of such conversion until the second (2nd) Business Day after the last Trading Day of the Tender/Exchange Offer Valuation Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Adjustment for Reorganization Events</u>. If there shall occur any reclassification, statutory share exchange, reorganization, recapitalization, consolidation or merger involving the Corporation with or into another Person in which the Common Stock (but not the Series A Preferred Stock) is converted into or exchanged for securities, cash or other property (excluding a merger solely for the purpose of changing the Corporation's jurisdiction of incorporation) including a Fundamental Change (without limiting the rights of holders of Series A Preferred Stock or the Corporation with respect to any

------

Fundamental Change) (a "**Reorganization Event**"), then, subject to **<u>Section</u> <u>5</u>**, following any such Reorganization Event, each Share of Series A Preferred Stock shall remain outstanding and be convertible into the number, kind and amount of securities, cash or other property which a holder of such Share of Series A Preferred Stock would have received in such Reorganization Event had such holder converted its Shares of Series A Preferred Stock into the applicable number of shares of Common Stock immediately prior to the effective date of the Reorganization Event using the Conversion Price applicable immediately prior to the effective date of the Reorganization Event; and, in such case, appropriate adjustment (as determined in good faith by the Board) shall be made in the application of the provisions in this **<u>Section</u> <u>8.7</u>** set forth with respect to the rights and interest thereafter of the holders of Series A Preferred Stock, to the end that the provisions set forth in this **<u>Section</u> <u>8.7</u>** (including provisions with respect to changes in and other adjustments of the Conversion Price) shall thereafter be applicable, as nearly as reasonably practicable, in relation to any shares of stock or other property thereafter deliverable upon the conversion of the Series A Preferred Stock. Without limiting the Corporation's obligations with respect to a Fundamental Change, the Corporation (or any successor) shall, no less than twenty (20) calendar days prior to the occurrence of any Reorganization Event, provide written notice to the holders of Series A Preferred Stock of the expected occurrence of such event and of the kind and amount of the cash, securities or other property that each Share of Series A Preferred Stock is expected to be convertible into under this **<u>Section</u> <u>8.7(g)</u>**. Failure to deliver such notice shall not affect the operation of this **<u>Section</u> <u>8.7(g)</u>**. The Corporation shall not enter into any agreement for a transaction constituting a Reorganization Event unless, to the extent that the Corporation is not the surviving corporation in such Reorganization Event, or will be dissolved in connection with such Reorganization Event, proper provision shall be made in the agreements governing such Reorganization Event for the conversion of the Series A Preferred Stock into stock of the Person surviving such Reorganization Event or such other continuing entity in such Reorganization Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Stockholders</u><u>'</u> <u>Rights Plan</u>. To the extent that any stockholders' rights plan adopted by the Corporation is in effect upon conversion of the Shares of Series A Preferred Stock, the holders of Shares of Series A Preferred Stock will receive, in addition to any Common Stock due upon conversion, the appropriate number of rights, if any, under the applicable rights agreement (as the same may be amended from time to time). However, if, prior to any conversion, the rights have separated from the shares of the Common Stock in accordance with the provisions of the applicable stockholders' rights plan, the Conversion Price will be adjusted at the time of separation as if the Corporation distributed to all holders of the Common Stock, shares of Equity Securities, evidences of Indebtedness, securities, assets or property as described in clause (d) above, subject to readjustment in the event of the expiration, termination or redemption of such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Other Issuances</u>. Except as stated in this **<u>Section</u> <u>8.7</u>**, the Corporation shall not adjust the Conversion Price for the issuances of shares of Common Stock or any securities convertible into or exchangeable for shares of Common Stock or rights to purchase shares of Common Stock or such convertible or exchangeable securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Adjustment at the Discretion of the Board</u>. The Corporation shall be permitted to decrease the Conversion Price by any amount for a period of at least 20 Business Days if the Board determines in good faith that such decrease would be in the best interest of the Corporation. In addition, to the extent permitted by applicable law and subject to the applicable rules of any exchange on which any of the Corporation's securities are then listed, the Corporation also may (but is not required to) decrease the Conversion Price to avoid or diminish income tax to holders of Common Stock or rights to purchase shares of Common Stock in connection with a dividend or distribution of shares (or rights to acquire shares) or similar event. Whenever the Conversion Price is decreased pursuant to either of the preceding two sentences, the Corporation shall deliver to the holders of the Series A Preferred Stock a notice of the decrease at least fifteen (15) days prior to the date the decreased Conversion Price takes effect, and such notice shall state the decreased Conversion Price and the period during which it will be in effect.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Adjustment Upon Specified Spin-Off Transaction</u>. If the Corporation consummates a Specified Spin-Off Transaction, the Conversion Price shall be adjusted by multiplying the Conversion Price in effect prior to the Specified Spin-Off Transaction by the Spin-Off Transaction Adjustment Ratio; *provided* that, in the event that the Spin-Off Transaction Adjustment Ratio is greater than 0.6791, it shall be deemed to be 0.6791 for the purposes of this adjustment to the Conversion Price, and in the event that the Spin-Off Transaction Adjustment Ratio is less than 0.6541, it shall be deemed to be 0.6541 for the purposes of this adjustment to the Conversion Price; *provided further*, that any such adjustment to the Conversion Price shall be subject to the Conversion Cap and the Applicable Value Cap. For the avoidance of doubt, holders of Series A Preferred Stock will not be entitled to receive Spin-Off Transaction Shares in the Specified Spin-Off Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Rounding;</u> <u>Par Value</u><u>;</u> <u>De-minimis Adjustments</u>. All calculations under **<u>Section</u> <u>8.7</u>** shall be made to the nearest 1/10,000th of a cent or to the nearest 1/10,000th of a share, as the case may be. No adjustment in the Conversion Price shall reduce the Conversion Price below the then par value of the Common Stock. If an adjustment to the Conversion Price otherwise required by this **<u>Section</u> <u>8.7</u>** would result in a change of less than 1% to the Conversion Price, then, notwithstanding anything to the contrary in this **<u>Section</u> <u>8.7</u>**, the Corporation may, at its election, defer and carry forward such adjustment, except that all such deferred adjustments must be given effect (i) when all such deferred adjustments would result in an aggregate change to the Conversion Price of at least 1%, (ii) on the Conversion Date of any Share of Series A Preferred Stock, (iii) on the effective date of any Fundamental Change and (iv) in connection with Dividends paid on the Common Stock pursuant to **<u>Section</u> <u>4.4</u>** hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Treatment of Pre-Record Date Adjustments</u>. Notwithstanding this **<u>Section</u> <u>8.7</u>** or any other provision of this Certificate of Designations, if a Conversion Price adjustment becomes effective on any Ex-Dividend Date, and a holder that has converted its Series A Preferred Stock on or after such Ex-Dividend Date and on or prior to the related record date would be treated as the record holder of the shares of Common Stock as of the related Conversion Date based on an adjusted Conversion Price for such Ex-Dividend Date, then, notwithstanding the Conversion Price adjustment provisions in this **<u>Section</u> <u>8.7</u>**, the Conversion Price adjustment relating to such Ex-Dividend Date shall not be made for such converting holder. Instead, such holder shall be treated as if such holder were the record owner of the shares of Common Stock on an unadjusted basis and participate in the related dividend, distribution or other event giving rise to such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Notwithstanding anything to the contrary in this **<u>Section</u> <u>8</u>**, the Conversion Price shall not be adjusted:

&nbsp;&nbsp;&nbsp;&nbsp;&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) upon the issuance of any shares of Common Stock pursuant to any present or future plan providing for the reinvestment of dividends or interest payable on the Corporation's securities and the investment of additional optional amounts in shares of Common Stock under any plan;

&nbsp;&nbsp;&nbsp;&nbsp;&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) upon the issuance of any shares of Common Stock or options or rights to purchase those shares pursuant to any present or future employee, director or consultant benefit plan or program of or assumed by the Corporation or any of the Corporation's 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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) upon the issuance of any shares of the Common Stock pursuant to any option, warrant, right or exercisable, exchangeable or convertible security not described in clause (ii) of this subsection and outstanding as of the Issue 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;(iv) upon the repurchase of any shares of Common Stock pursuant to an open market share repurchase program or other buy back transaction, including structured or derivative transactions, that is not a tender or exchange offer of the kind described in **<u>Section</u> <u>8.7(f)</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;(v) solely for a change in the par value of the Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&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) for accrued and unpaid Dividends, if any; 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;(vii) if and to the extent such adjustment would cause the Conversion Cap or the Applicable Value Cap to be exceeded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Certificate as to Adjustment</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;(i) As promptly as reasonably practicable following any adjustment of the Conversion Price, but in any event not later than thirty (30) days thereafter, the Corporation shall furnish to each holder of record of Series A Preferred Stock at the address specified for such holder in the books and records of the Corporation (or at such other address as may be provided to the Corporation in writing by such holder) a certificate of an executive officer setting forth in reasonable detail such adjustment and the facts upon which it is based and certifying the calculation 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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) As promptly as reasonably practicable following the receipt by the Corporation of a written request by any holder of Series A Preferred Stock, but in any event not later than thirty (30) days thereafter, the Corporation shall furnish to such holder a certificate of an executive officer certifying the Conversion Price then in effect and the number of Conversion Shares or the amount, if any, of other shares of stock, securities or assets then issuable to such holder upon conversion of the Shares of Series A Preferred Stock held by such holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Notices</u>. In the 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;&nbsp;&nbsp;&nbsp;&nbsp;(i) that the Corporation shall take a record of the holders of its Common Stock (or other capital stock or securities at the time issuable upon conversion of the Series A Preferred Stock) for the purpose of entitling or enabling them to receive any dividend or other distribution, to vote at a meeting (or by written consent), to receive any right to subscribe for or purchase any shares of capital stock of any class or any other securities, or to receive any other security; 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;(ii) of any capital reorganization of the Corporation, any reclassification of the Common Stock of the Corporation, any consolidation or merger of the Corporation with or into another Person, or sale of all or substantially all of the Corporation's assets to another Person; 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;(iii) of the voluntary or involuntary dissolution, liquidation or winding-up of the Corporation;

then, and in each such case, unless the Corporation has previously publicly announced such information (including through filing or furnishing such information with the Securities and Exchange Commission), the Corporation shall send or cause to be sent to each holder of record of Series A Preferred Stock at the address specified for such holder in the books and records of the Corporation (or at such other address as may be provided to the Corporation in writing by such holder) or, if the Shares of Series A Preferred

------

Stock are held in book-entry form through DTC, in accordance with the applicable procedures of DTC at least ten (10) days prior to the applicable record date or the applicable expected effective date, as the case may be, for the event, a written notice specifying, as the case may be, (A) the record date for such dividend, distribution, meeting or consent or other right or action, and a description of such dividend, distribution or other right or action to be taken at such meeting or by written consent, or (B) the effective date on which such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up is proposed to take place, and the date, if any is to be fixed, as of which the books of the Corporation shall close or a record shall be taken with respect to which the holders of record of Common Stock (or such other capital stock or securities at the time issuable upon conversion of the Series A Preferred Stock) shall be entitled to exchange their shares of Common Stock (or such other capital stock or securities) for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, and the amount per share and character of such exchange applicable to the Series A Preferred Stock and the Conversion Shares.

**9. <u>Reissuance of Series A Preferred Stock</u>**. Shares of Series A Preferred Stock that have been issued and reacquired by the Corporation in any manner, including shares purchased or redeemed or exchanged or converted, shall (upon compliance with any applicable provisions of the laws of Delaware) have the status of authorized but unissued shares of Preferred Stock of the Corporation undesignated as to series and may be designated or re-designated and issued or reissued, as the case may be, as part of any series of preferred stock of the Corporation, *provided* that any issuance of such shares as Series A Preferred Stock must be in compliance with the terms hereof.

**10. <u>Notices</u>**. Except as otherwise provided herein, all notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by e-mail of a PDF document if sent during normal business hours of the recipient, and on the next business day if sent after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent (a) to the Corporation, at its principal executive offices and (b) to any stockholder, at such holder's address at it appears in the stock records of the Corporation (or at such other address for a stockholder as shall be specified in a notice given in accordance with this **<u>Section</u> <u>10</u>**).

**11. <u>Amendments and Waiver</u>**. Subject to **<u>Section</u> <u>6</u><u>.2</u>**, no provision of this Certificate of Designations may be amended, modified or waived, whether by merger, consolidation or otherwise, except by an instrument in writing executed by the Corporation and holders of at least 80% of the then-outstanding Shares of Series A Preferred Stock, and any such written amendment, modification or waiver will be binding upon the Corporation and each holder of Series A Preferred Stock; *provided*, that any amendment, whether by merger, consolidation or otherwise, to (A)(i) decrease the Stated Value, Optional Redemption Price, Corporation Redemption Price, Deferred Dividend Amounts, Excess Deferred Dividend Amounts or Dividend Rate of any Share of Series A Preferred Stock or otherwise amend or modify in any manner adverse to a holder of Series A Preferred Stock the Corporation's obligations to pay, or the circumstances under which the Corporation is obligated to offer or pay, the Optional Redemption Price or the Corporation Redemption Price, (ii) adversely affect the right of a holder of Series A Preferred Stock to convert Series A Preferred Stock into Common Stock or otherwise modify the provisions with respect to conversion in a manner adverse to a holder of Series A Preferred Stock, or increase the Conversion Price (or any amendment, modification or waiver, whether by merger or otherwise, which would in its application increase the Conversion Price) (subject to such modifications as are required under this Certificate of Designations) or (iii) otherwise amend any other terms of the Series A Preferred Stock in a manner that would have a disproportionate adverse effect on any holder of the Series A Preferred Stock as compared to other holders of the Series A Preferred Stock, requires the

------

consent of holders of each Share of Series A Preferred Stock and to (B) without limiting the foregoing, amend or modify the provisions of **<u>Section</u> <u>8.7</u>** requires the consent of each holder of Series A Preferred Stock affected thereby. The holders of Series A Preferred Stock shall have all remedies available at law or in equity for a breach of this Certificate of Designations, including the right to seek specific performance. This Certificate of Designations shall cease to apply upon the first day on which no share of Series A Preferred Stock is outstanding.

**12. <u>Withholding</u>**. The Corporation and its paying agent shall be entitled to withhold Taxes on all payments on the Series A Preferred Stock or Common Stock or other securities issued upon conversion of the Series A Preferred Stock in each case to the extent required by applicable Law; *provided* that to the extent that the holders of Series A Preferred Stock have previously delivered an appropriate IRS Form W-8 or W-9 to the Corporation establishing an exemption for U.S. federal withholding (including backup withholding), the Corporation shall not be permitted to withhold unless the Corporation has provided such a holder advance written notice of its intent to withhold at least five (5) days prior to the payment of the amount subject to withholding, and has given such a holder a reasonable opportunity to provide any form or certificate available to reduce or eliminate such withholding. Within a reasonable amount of time after making such withholding payment, the Corporation shall furnish the applicable holder with copies of any tax certificate, receipt or other documentation reasonably acceptable to the holder evidencing such payment.

**13. <u>Tax Matters</u>**.

Absent a change in Tax law (a "**Change in Tax Law**"), or a contrary determination (as defined in Section 1313(a)(1) of the Code), the holders of Series A Preferred Stock and the Corporation agree (i) to treat the Series A Preferred Stock as "common stock" and not "preferred stock" for purposes of Section 305 of the Code and Treasury Regulations Section 1.305-5, (ii) not to treat any dividend paid on the Corporation's Common Stock in which the Series A Preferred Stock participates as giving rise to a "disproportionate distribution" within the meaning of Section 305(b)(2) of the Code, (iii) not to take any action that would reasonably be expected to cause any holder of the Series A Preferred Stock to recognize taxable income by reason of the operation of Section 305(b)(2) of the Code and (iv) with respect to the KKR Investor, the Apollo investor and any Investor that has provided the Corporation with an IRS Form W-9, in connection with any redemption of the Series A Preferred Stock, to treat such redemption as a payment in exchange for stock pursuant to Section 302(a) of the Code, *provided*, that, such Investor has, prior to such redemption, provided the Corporation (x) with evidence reasonably satisfactory to the Corporation that it does not directly, indirectly or constructively own (taking into account the attribution rules of Section 318 of the Code) any stock of the Corporation other than the Series A Preferred Stock (or Common Stock acquired as a result of the conversion of the Preferred Stock) or Common Stock acquired as a result of the Beverage Co. IPO and (y) with certification (A) attesting to the number of Shares of Series A Preferred Stock and shares of Common Stock that such Investor directly, indirectly or constructively owns (taking into account the attribution rules of Section 318 of the Code) and (B) representing that it is not acquiring, as part of a plan that includes such redemption, any additional Shares of Series A Preferred Stock or shares of Common Stock. Absent a Change in Tax Law, or a contrary determination (as defined in Section 1313(a)(1) of the Code), the Corporation shall treat any adjustment to the Conversion Price pursuant to **<u>Section</u> <u>8.7</u>** as being made pursuant to a "bona fide, reasonable, adjustment formula" within the meaning of Treasury Regulations Section 1.305-7(b) for U.S. federal and applicable state and local income Tax and withholding purposes, and shall not take any position inconsistent with such treatment.

------

**14. <u>Form of Series A Preferred Stock and Transfer Agent.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 <u>Form of Series A Preferred Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent eligible, the Series A Preferred Stock may be issued in the form of one or more permanent Global Certificates in definitive, fully registered form with the Global Certificate Legend set forth in <u>Exhibit B</u> hereto. The Global Certificates may have notations, legends or endorsements as set forth herein or as required by law, stock exchange rules or applicable procedures of DTC to which the Corporation is subject, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Global Certificates shall be deposited on behalf of the holders represented thereby with the Transfer Agent, as custodian for DTC, and registered in the name of DTC or a nominee of DTC, duly executed by an officer of the Corporation for the Corporation, in accordance with the Corporation's bylaws and applicable law. If an officer whose signature is on a Series A Preferred Stock Certificate no longer holds that office at the time the Transfer Agent countersigned the Series A Preferred Stock Certificate, the Series A Preferred Stock Certificate shall be valid nevertheless. A Series A Preferred Stock Certificate shall not be valid until an authorized signatory of the Transfer Agent countersigns such Series A Preferred Stock Certificate. The Transfer Agent will, upon receipt of a written order of the Corporation signed by an officer of the Corporation, countersign a Series A Preferred Stock Certificate for original issue. Each Series A Preferred Stock Certificate shall be dated the date of its countersignature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate number of Shares represented by each Global Certificate may from time to time be increased or decreased by adjustments made on the records of the Transfer Agent and DTC or its nominee as hereinafter provided. At such time as all interests in Shares represented by a Global Certificate have been canceled, repurchased or transferred, such Global Certificate shall be canceled by the Transfer Agent upon receipt of a written order of the Corporation signed by an officer of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This **<u>Section</u> <u>14.1</u>** shall apply only to a Global Certificate deposited with or on behalf of DTC. The Corporation may execute and deliver initially one or more Global Certificates that (i) shall be registered in the name of Cede & Co. or other nominee of DTC and (ii) shall be delivered by the Corporation to Cede & Co. or pursuant to instructions received from Cede & Co. or held by the Transfer Agent as custodian for DTC. Members of, or participants in, DTC ("**Agent Members**") shall have no rights under this Certificate of Designations, with respect to any Global Certificate held on their behalf by DTC or by the Transfer Agent as the custodian of DTC, or under such Global Certificate, and DTC or its nominee may be treated by the Corporation, the Transfer Agent and any agent of the Corporation or the Transfer Agent as the absolute owner of such Global Certificate for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Corporation, the Transfer Agent or any agent of the Corporation or the Transfer Agent from giving effect to any written certification, proxy or other authorization furnished by DTC or impair, as between DTC and its Agent Members, the operation of customary practices of DTC governing the exercise of the rights of a holder of a beneficial interest in any Global Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 <u>Global Certificate Legend</u>. Each Global Certificate will bear the Global Certificate Legend (or any similar legend, not inconsistent with this Certificate of Designations, required by DTC for such Global Certificate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 <u>Restricted Stock Legend</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Restrictive Definitive Series A Preferred Stock Certificate and Restricted Global Certificate will bear the Restricted Stock Legend; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if any Shares are issued in exchange for, or in substitution of, any other Shares, or to effect a partial conversion, then the certificate for such new Shares will bear the Restricted Stock Legend if the Certificate representing such old Shares bore the Restricted Stock Legend at the time of such exchange or substitution, or on the related Conversion Date with respect to such conversion, as applicable; *provided*, *however*, that the certificate representing such new Shares need not bear the Restricted Stock Legend if such new Shares is freely transferable subject to this Certificate of Designations and the applicable provisions of the Investment Agreement immediately after such exchange or substitution, or as of such Conversion Date, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 <u>Other Legends</u>. The certificate representing any Series A Preferred Stock may bear any other legend or text, not inconsistent with this Certificate of Designations, as may be required by applicable law or any securities exchange or automated quotation system on which such Series A Preferred Stock is traded or quoted or as may be otherwise reasonably determined by the Corporation to be appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 <u>Transfer Agent</u>. The duly appointed Transfer Agent for the Series A Preferred Stock on the Issue Date shall be [ ]. The Corporation may, in its sole discretion, remove the Transfer Agent in accordance with the agreement between the Corporation and the Transfer Agent; *provided* that the Corporation shall appoint a successor transfer agent who shall accept such appointment prior to the effectiveness of such removal.

[SIGNATURE PAGE FOLLOWS]

------

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Designations, Preferences and Rights to be executed this ____ day of _________, 2026.

---

| | |
|:---|:---|
| **KEURIG DR PEPPER INC.** | **KEURIG DR PEPPER INC.** |
|  By: |  |
|  | Name: |
|  | Title: |

---

Signature Page to Certificate of Designations, Preferences and Rights

------

**<u>EXHIBIT A</u>**

**RESTRICTIVE LEGEND TO THE SERIES A PREFERRED STOCK CERTIFICATE** 

THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS, OR EXCEPT, WITH RESPECT TO ANY COMMON STOCK, WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS.

**<u>EXHIBIT B</u>**

**GLOBAL LEGEND CERTIFICATE** 

THIS IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE CERTIFICATE OF DESIGNATIONS HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF DTC OR A NOMINEE OF THE DEPOSITORY TRUST COMPANY ("DTC"), WHICH MAY BE TREATED BY THE CORPORATION, THE TRANSFER AGENT AND ANY AGENT THEREOF AS THE OWNER AND HOLDER OF THE SERIES A PREFERRED STOCK REPRESENTED BY THIS GLOBAL CERTIFICATE FOR ALL PURPOSES. UNLESS THIS GLOBAL CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. TRANSFERS OF THE SERIES A PREFERRED STOCK REPRESENTED BY THIS GLOBAL CERTIFICATE WILL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC, OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S NOMINEE, AND TRANSFERS OF PORTIONS OF THE SERIES A PREFERRED STOCK REPRESENTED BY THIS GLOBAL CERTIFICATE WILL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE CERTIFICATE OF DESIGNATIONS.

------

**ANNEX I** 

**Section 1.** <u>Asset</u><u> </u><u>Sales.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As long as any Share of Series A Preferred Stock is outstanding, during the Covenant Trigger Period, without the prior written consent of the holders of at least 80% of the then-outstanding Shares of Series A Preferred Stock, the Corporation will not, and will not permit any of its Subsidiaries to, consummate, directly or indirectly, an Asset Sale unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Corporation or such Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at least equal to the fair market value (measured at the time of contractually agreeing to such Asset Sale) of the assets sold or otherwise disposed of; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) except in the case of a Permitted Asset Swap, at least 75% of the consideration for such Asset Sale (measured at the time of contractually agreeing to such Asset Sale), together with all other Asset Sales during the applicable Covenant Trigger Period (on a cumulative basis), received by the Corporation or such Subsidiary, as the case may be, is in the form of cash or Cash Equivalents; <u>provided</u> that each of the following will be deemed to be cash or Cash Equivalents for purposes of this **<u>Section</u> <u>1(a)(ii)</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;(1) any liabilities (as reflected on the Corporation's or such Subsidiary's most recent consolidated balance sheet or in the footnotes thereto, or if incurred, accrued or increased subsequent to the date of such balance sheet, such liabilities that would have been reflected on the Corporation's or such Subsidiary's consolidated balance sheet or in the footnotes thereto if such incurrence, accrual or increase had taken place on or prior to the date of such balance sheet, as determined by the Corporation) of the Corporation or any Subsidiary that are assumed by the transferee of any such assets (or are otherwise extinguished in connection with the transactions relating to such Asset Sale) pursuant to a written agreement which releases the Corporation or such Subsidiary from such liabilities;

&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) any securities, notes or other obligations or assets received by the Corporation or such Subsidiary from such transferee that are converted by the Corporation or such Subsidiary into cash or Cash Equivalents, or by their terms are required to be satisfied for cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received), in each case, within 180 days following the closing of such Asset Sale; 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;(3) any Designated Non-cash Consideration received by the Corporation or such Subsidiary in such Asset Sale having an aggregate fair market value, taken together with all other Designated Non-cash Consideration received pursuant to this **<u>Section</u> <u>1(a)(ii)(3)</u>** that is at that time outstanding, not to exceed the greater of (x) $6,600 million (or $3,500 million after consummation of the Specified Spin-Off Transaction) and (y) 100% of Consolidated EBITDA of the Corporation for the Applicable Measurement Period at the time of the receipt of such Designated Non-cash Consideration, with the fair market value of each item of Designated Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within 450 days after the Corporation's or any Subsidiary's receipt of any Net Proceeds from any Asset Sale (the "<u>Asset Sale Proceeds Application Period</u>"), the Corporation or such Subsidiary, at its option, may apply an amount equal to the Net Proceeds from such Asset Sale,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to make (a) an Investment in any one or more businesses; provided that such Investment in any business is in the form of the acquisition of Capital Stock and results in the Corporation or a Subsidiary, as the case may be, owning an amount of the Capital Stock of such business such that it constitutes or continues to constitute a Subsidiary, (b) capital expenditures or (c) acquisitions of other property or assets (other than Capital Stock), in the case of each of clauses (a), (b) and (c), either (A) that is used or useful in a Similar Business or (B) that replace the businesses, properties and/or assets that are the subject of such Asset Sale; provided that the Corporation may elect to deem Investments, capital expenditures or acquisitions within the scope of the foregoing clauses (a), (b) or (c), as applicable, that occur prior to the receipt of the Net Proceeds to have been made in accordance with this clause (i) so long as such deemed Investments, capital expenditures or acquisitions shall have been made no earlier than the earlier of (x) the execution of a definitive agreement relating to such Asset Sale or (y) 180 days prior to the consummation of such Asset Sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to repay any Indebtedness of the Corporation or any Subsidiary (other than Indebtedness owed to the Corporation or any Subsidiary);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to redeem shares of Series A Preferred Stock on a pro rata basis; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any combination of the foregoing;

<u>provided</u>, <u>that</u>, in the case of clause (i) above, a binding commitment or letter of intent shall be treated as a permitted application of the Net Proceeds from the date of such commitment or letter of intent so long as the Corporation or such Subsidiary enters into such commitment or letter of intent with the good faith expectation that such Net Proceeds will be applied to satisfy such commitment or letter of intent within 180 days of the Asset Sale Proceeds Application Period (an "<u>Acceptable Commitment</u>") and such Net Proceeds are actually applied in such manner within the later of (x) 450 days from the consummation of the Asset Sale and (y) 180 days from the date of the Acceptable Commitment.

**Section 2.** <u>Limitation on Extraordinary Dividends.</u> As long as any Share of Series A Preferred Stock is outstanding, during the Covenant Trigger Period, without the prior written consent of the holders of at least 80% of the then-outstanding Shares of Series A Preferred Stock, the Corporation will not declare or pay any dividend on shares of Common Stock per annum in excess of the amount of dividends paid per share of Common Stock per annum for the most recently completed four consecutive fiscal quarters of the Corporation immediately preceding the date of the Covenant Trigger Date for which internal financial statements are available (the "<u>Pre-Spin Dividend Cap</u>"); <u>provided</u>, that on and after consummation of the Specified Spin-Off Transaction, the portion of the Pre-Spin Dividend Cap that was declared or paid prior to consummation of the Specified Spin-Off Transaction shall be adjusted by multiplying such portion by the Spin-Off Transaction Adjustment Ratio. Solely for the purposes of this **<u>Section</u> <u>2</u>**, "<u>Spin-Off Transaction Adjustment Ratio</u>" means a ratio equal to the Conversion Price in effect immediately after consummation of the Specified Spin-Off Transaction divided by the Conversion Price in effect immediately prior to consummation of the Specified Spin-Off Transaction, in each case as determined pursuant to the terms of the Certificate of Designations.

**Section 3.** <u>Limitation</u> <u>on</u><u> </u><u>Incurrence</u><u> </u><u>of</u><u> </u><u>Indebtedness</u><u> </u><u>and</u><u> </u><u>Issuance</u><u> </u><u>of</u><u> </u><u>Disqualified</u> <u>Stock and Preferred Stock.</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As long as any Share of Series A Preferred Stock is outstanding, during the Covenant Trigger Period, without the prior written consent of the holders of at least 80% of the then-outstanding Shares of Series A Preferred Stock, the Corporation will not, and will not permit any of its Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise (collectively, "<u>incur</u>" and collectively, an "<u>incurrence</u>") with respect to any Indebtedness (including Acquired Indebtedness) and the Corporation will not issue any shares of Disqualified Stock and will not permit any Subsidiary to issue any shares of Disqualified Stock or Preferred Stock; <u>provided</u>, <u>however</u>, that the Corporation may incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock, and any of its Subsidiaries may incur Indebtedness (including Acquired Indebtedness), issue shares of Disqualified Stock and issue shares of Preferred Stock, if (i) the Fixed Charge Coverage Ratio for the Applicable Measurement Period would have been at least 2.00 to 1.00 or (ii) the Consolidated Total Debt Ratio for the Applicable Measurement Period would have been equal to or less than 6.25 to 1.00, in each case determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred, or the Disqualified Stock or Preferred Stock had been issued, as the case may be, and the application of proceeds therefrom had occurred at the beginning of such four-quarter period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The foregoing limitations will not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Indebtedness of the Corporation and the Subsidiaries in existence on the applicable Covenant Trigger Date and any Indebtedness incurred pursuant to commitments in existence on the applicable Covenant Trigger Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Indebtedness (including Finance Lease Obligations and Purchase Money Obligations), Disqualified Stock and Preferred Stock incurred by the Corporation or any of the Subsidiaries, to finance the purchase, lease, expansion, construction, development, replacement, maintenance, upgrade, installation, replacement, repair or improvement of property (real or personal), equipment or any other asset, whether through the direct purchase of assets or the Capital Stock of any Person owning such assets; provided that the aggregate amount of Indebtedness, Disqualified Stock and Preferred Stock incurred or issued and outstanding pursuant to this **<u>Section</u> <u>3(b)(ii)</u>**, when aggregated with the outstanding amount of Indebtedness under **<u>Section</u> <u>3(b)(xi)</u>** below incurred to refinance Indebtedness initially incurred in reliance on this **<u>Section</u> <u>3(b)(ii)</u>**, does not at any time outstanding exceed the greater of (x) $3,465 million (or $1,850 million after consummation of the Specified Spin-Off Transaction) and (y) 52.5% of Consolidated EBITDA of the Corporation for the Applicable Measurement Period at the time of any incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (a) Indebtedness incurred by the Corporation or any of the Subsidiaries constituting reimbursement obligations with respect to letters of credit, bankers' acceptances, bank guarantees, warehouse receipts or similar instruments issued or entered into, or relating to obligations or liabilities incurred, in the ordinary course of business or consistent with past practice, including letters of credit in favor of suppliers or trade creditors or in respect of workers' compensation claims, performance, completion or surety bonds, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to obligations regarding workers' compensation claims, performance, completion or surety bonds, health, disability or other employee benefits or property, casualty or liability insurance or self insurance and (b) Indebtedness of the Corporation or any of its Subsidiaries as an account party in respect of letters of credit, bank guarantees or similar

------

instruments in favor of suppliers, customers or other creditors issued in the ordinary course of business or consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Indebtedness arising from agreements of the Corporation or any of the Subsidiaries providing for indemnification, adjustment of purchase price, earn-out or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets, a Subsidiary or an Investment, other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Indebtedness, Disqualified Stock or Preferred Stock of the Corporation issued to or held by a Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Indebtedness, Disqualified Stock and Preferred Stock of a Subsidiary owing to or held by the Corporation or another Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) shares of Preferred Stock or Disqualified Stock of a Subsidiary issued to the Corporation or another Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Hedging Obligations (excluding Hedging Obligations entered into for speculative purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) obligations in respect of self-insurance and obligations in respect of stays, customs, performance, indemnity, bid, appeal, judgment, surety and other similar bonds or instruments and performance, bankers' acceptance facilities and completion guarantees and similar obligations provided by the Corporation or any of the Subsidiaries or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case, in the ordinary course of business or consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) (a) Indebtedness, Disqualified Stock or Preferred Stock of the Corporation or any of its Subsidiaries in an aggregate principal amount or liquidation preference up to 100.0% of the net cash proceeds received by the Corporation since the Covenant Trigger Date from the issue or sale of Equity Interests of the Corporation or cash contributed to the capital of the Corporation (in each case, other than proceeds of Disqualified Stock or sales of Equity Interests to any of the Corporation's 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;(b) Indebtedness, Disqualified Stock or Preferred Stock of the Corporation or any Subsidiary in an aggregate principal amount or liquidation preference, which when aggregated with the principal amount and liquidation preference of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding and incurred or issued pursuant to this **<u>Section</u> <u>3(b)(x)(b)</u>** and any outstanding amount of Indebtedness under **<u>Section</u> <u>3(b)(xi)</u>** below incurred to refinance Indebtedness initially incurred in reliance on this **<u>Section</u> <u>3(b)(x)</u>**, does not at any one time outstanding exceed the greater of (x) $3,300 million (or $1,750 million after consummation of the Specified Spin-Off Transaction) and (y) 50% of Consolidated EBITDA of the Corporation for the Applicable Measurement Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the incurrence by the Corporation or any of its Subsidiaries of Indebtedness or the issuance by the Corporation or any Subsidiary of Disqualified Stock or Preferred Stock that serves to refund, refinance, replace, renew, extend or defease (collectively, "<u>refinance</u>" with "<u>refinances</u>", "<u>refinanced</u>" and "<u>refinancing</u>" having a correlative meaning) any Indebtedness, Disqualified Stock or Preferred Stock of the Corporation or any of its Subsidiaries

------

incurred or issued as permitted under **<u>Section</u> <u>3(a)</u>** and **<u>Sections 3(b)(i)</u>**, **<u>(ii)</u>**, **<u>(iii)(b)</u>** and **<u>(x)</u>**, this **<u>Section</u> <u>3(b)(xi)</u>** and **<u>Sections 3(b)(xii)</u>**, **<u>(xvi)</u>** and **<u>(xxiii)</u>** or any Indebtedness, Disqualified Stock or Preferred Stock incurred or issued to so refinance such Indebtedness, Disqualified Stock or Preferred Stock including additional Indebtedness, Disqualified Stock or Preferred Stock incurred to pay accrued but unpaid interest, dividends, premiums (including tender premiums), defeasance costs, underwriting discounts, fees, costs and expenses (including original issue discount, upfront fees or similar fees) in connection with such refinancing (the "<u>Refinancing Indebtedness</u>") on or prior to its respective maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Indebtedness, Disqualified Stock or Preferred Stock of (x) the Corporation or a Subsidiary incurred or issued to finance an acquisition or Investment or (y) Persons that are acquired by the Corporation or a Subsidiary or merged into, amalgamated with or consolidated with the Corporation or a Subsidiary; provided that after giving pro forma effect to such Investment, acquisition, merger, amalgamation or consolidation:

&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) (i) the Corporation would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in **<u>Section</u> <u>3(a)</u>** or (ii) the Fixed Charge Coverage Ratio of the Corporation and its Subsidiaries is equal to or greater than immediately prior to such Investment, acquisition, merger, amalgamation or consolidation; 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;(2) (i) the Corporation would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Consolidated Total Debt Ratio test set forth in **<u>Section</u> <u>3(a)</u>** or **(ii)** the Consolidated Total Debt Ratio of the Corporation and its Subsidiaries is equal to or less than immediately prior to such Investment, acquisition, merger, amalgamation or consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) (a) Cash Management Obligations, (b) Indebtedness in respect of netting services, overdraft protections and similar arrangements and other Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business, or (c) Indebtedness owed on a short-term basis of no longer than 30 days to banks and other financial institutions incurred in the ordinary course of business or consistent with past practice of the Corporation and its Subsidiaries with such banks or financial institutions that arises in connection with ordinary banking arrangements to manage cash balances of the Corporation and its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Indebtedness of the Corporation or any of its Subsidiaries supported by a letter of credit, bank guarantee or other instrument issued pursuant to any Credit Facility, in a principal amount not in excess of the stated amount of such letter of credit, bank guarantee or such other instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) (a) any guarantee by the Corporation or any Subsidiary of Indebtedness or other obligations of the Corporation or any Subsidiary so long as the incurrence of such Indebtedness incurred by the Corporation or such Subsidiary was not prohibited by this Agreement when incurred, or (b) any co-issuance by the Corporation or any Subsidiary of Indebtedness of the Corporation or any Subsidiary that was not prohibited by this Agreement when incurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) Indebtedness, Disqualified Stock or Preferred Stock of the Corporation or any of its Subsidiaries incurred or issued to finance or assumed in connection with an acquisition or Investment in a principal amount not to exceed the greater of (x) $4,000 million (or

------

$2,000 million after consummation of the Specified Spin-Off Transaction) and (y) 60% of Consolidated EBITDA of the Corporation for the Applicable Measurement Period in the aggregate at any one time outstanding together with all other outstanding Indebtedness, Disqualified Stock or Preferred Stock issued under this **<u>Section</u> <u>3(b)(xvi)</u>** and any outstanding Indebtedness under **<u>Section</u> <u>3(b)(xi)</u>** incurred to refinance Indebtedness initially incurred in reliance on this **<u>Section</u> <u>3(b)(xvi)</u>**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) Indebtedness of the Corporation or any of its Subsidiaries consisting of (a) the financing of insurance premiums or (b) take-or-pay obligations contained in supply arrangements in each case, incurred in the ordinary course of business or consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) Indebtedness consisting of Indebtedness issued by the Corporation or any of its Subsidiaries to future, current or former officers, directors, employees, managers or consultants thereof (or their respective Controlled Investment Affiliates or Immediate Family Members, or any permitted transferee thereof) of the Corporation or any Subsidiary, in each case to finance the purchase or redemption of Equity Interests of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) Indebtedness attributable to (but not incurred to finance) the exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential) with respect thereto, in each case with respect to any acquisition (by merger, consolidation or amalgamation or otherwise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) Indebtedness representing deferred compensation to employees of the Corporation or any Subsidiary incurred in the ordinary course of business or consistent with past practice; (xxi) Indebtedness consisting of obligations under deferred compensation or any other similar arrangements incurred in connection with any Investment or any acquisition (by merger, consolidation or amalgamation or otherwise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) Indebtedness in the form of Finance Lease Obligations arising out of any Sale and Lease-Back Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) Indebtedness in connection with (i) Permitted Receivables Financings and (ii) receivables sales and receivables financings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) to the extent constituting Indebtedness, customer deposits and advance payments (including progress premiums) received in the ordinary course of business from customers for goods and services purchased in the ordinary course of business or consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) unfunded pension fund and other employee benefits plan obligations and liabilities incurred in the ordinary course of business or consistent with past practice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) all premiums (if any), interest (including post-petition interest), fees, expenses, charges and additional or contingent interest on obligations described in clauses (i) through (xxv) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of determining compliance with this **<u>Section</u> <u>3</u>**:

&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 an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) meets the criteria of more than one of the categories of permitted

------

Indebtedness, Disqualified Stock or Preferred Stock described in **<u>Section</u> <u>3(b)(i)</u>** through **<u>(xxvi)</u>** above or is entitled to be incurred pursuant to **<u>Section</u> <u>3(a)</u>** above, the Corporation, in its sole discretion, will divide, classify or reclassify all or a portion of such item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) in any manner that complies with this <u>Section</u> <u>3(c)</u> and will only be required to include the amount and type of such Indebtedness, Disqualified Stock or Preferred Stock (or portion thereof) in one of the clauses set forth in **<u>Section</u> <u>3(a)</u>** or **(b)** above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at the time of incurrence, the Corporation will be entitled to divide and classify an item of Indebtedness, Disqualified Stock or Preferred Stock in more than one of the types of Indebtedness, Disqualified Stock or Preferred Stock set forth in **<u>Section</u> <u>3(a)</u>** and **<u>(b)</u>** above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the principal amount of Indebtedness outstanding under any clause of this **<u>Section</u> <u>3</u>** shall be determined after giving effect to the application of proceeds of any Indebtedness incurred to refinance any such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) guarantees of, or obligations in respect of letters of credit, bankers' acceptances or other similar instruments relating to, or Liens securing, Indebtedness, Disqualified Stock or Preferred Stock that is otherwise included in the determination of a particular amount of Indebtedness, Disqualified Stock or Preferred Stock shall not be included;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if obligations in respect of letters of credit, bankers' acceptances or other similar instruments are incurred pursuant to any Credit Facility and are being treated as incurred pursuant to **<u>Section</u> <u>3(a)</u>** or **<u>(b)</u>** above and the letters of credit, bankers' acceptances or other similar instruments relate to other Indebtedness, Disqualified Stock or Preferred Stock, then such other Indebtedness, Disqualified Stock or Preferred Stock shall not be included; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) for purposes of calculating the Fixed Charge Coverage Ratio or the Consolidated Total Debt Ratio, as applicable, in connection with the incurrence of any Indebtedness pursuant to **<u>Section</u> <u>3(a)</u>** or **<u>(b)</u>** above, the Corporation may elect, at its option, to treat all or any portion of the committed amount of any Indebtedness (and the issuance and creation of letters of credit and bankers' acceptances thereunder) which is to be incurred (or any commitment in respect thereof) (any such committed amount elected until revoked as described below, the "**Reserved Indebtedness Amount**"), as being incurred as of such election date, and, if such Fixed Charge Coverage Ratio or Consolidated Total Debt Ratio, as applicable, is satisfied with respect thereto on such election date, any subsequent borrowing or reborrowing thereunder (and the issuance and creation of letters of credit and bankers' acceptances thereunder) will be deemed to be permitted under this **<u>Section</u> <u>3(c)(vi)</u>** whether or not the Fixed Charge Coverage Ratio or the Consolidated Total Debt Ratio, as applicable, at the actual time of any subsequent borrowing or reborrowing (or issuance or creation of letters of credit or bankers' acceptances thereunder) is met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Accrual of interest or dividends, the accretion of accreted value, the accretion or amortization of original issue discount and the payment of interest or dividends in the form of additional Indebtedness, Disqualified Stock or Preferred Stock will not be deemed to be an incurrence of Indebtedness, Disqualified Stock or Preferred Stock for purposes of this **<u>Section</u> <u>3(d)</u>**. If Indebtedness, Disqualified Stock or Preferred Stock originally incurred or issued in reliance upon a percentage of Consolidated EBITDA and such refinancing would cause the maximum amount of Indebtedness, Disqualified Stock or Preferred Stock thereunder to be exceeded at such time, then such refinancing will nevertheless be permitted thereunder and such

------

additional Indebtedness, Disqualified Stock or Preferred Stock will be deemed to have been incurred under the applicable clause above so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of Indebtedness being refinanced plus amounts permitted by the next sentence. Any Indebtedness incurred to refinance Indebtedness incurred pursuant to **<u>Section</u> <u>3(b)(x)</u>** above shall be permitted to include additional Indebtedness, Disqualified Stock or Preferred Stock incurred to pay accrued but unpaid interest, dividends, premiums (including tender premiums), defeasance costs, underwriting discounts, fees, costs and expenses (including original issue discount, upfront fees or similar fees) incurred in connection with such refinancing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving credit debt; <u>provided</u> that if such Indebtedness is incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable U.S. dollar denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced, plus the aggregate amount of accrued but unpaid interest, dividends, premiums (including tender premiums), defeasance costs, underwriting discounts, fees, costs and expenses (including original issue discount, upfront fees or similar fees) incurred in connection with such refinancing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Indebtedness is denominated that is in effect on the date of such refinancing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) When calculating the availability under any basket, test or ratio under this Agreement or compliance with any provision of this Agreement in connection with any Limited Condition Transaction and any actions or transactions related thereto (including acquisitions, Investments, the incurrence, issuance or assumption of Indebtedness, Disqualified Stock or Preferred Stock and the use of proceeds thereof, repayments and Asset Sales or any disposition, issuance or other transaction excluded from the definition of "Asset Sale"), in each case, at the option of the Corporation or any of its Subsidiaries or any successor entity of any of the foregoing (including a third party) (the "**Testing Party**," and the election to exercise such option, an "**LCT Election**"), the date of determination for availability under any such basket, test or ratio or whether any such action or transaction is permitted (or any requirement or condition therefor is complied with or satisfied) under this Agreement shall be deemed to be the date (the "**LCT Test Date**") either (i) the definitive agreements or letter of intent (or, if applicable, a binding offer, or launch of a "certain funds" tender offer) for such Limited Condition Transaction are entered into (or, if applicable, the date of delivery of a notice, declaration or making of an Investment or similar event), or (ii) solely in connection with an acquisition to which the United Kingdom City Code on Takeovers and Mergers or similar law or practices in other jurisdictions apply, the date on which a "Rule 2.7 announcement" of a firm intention to make an offer or similar announcement or determination in another jurisdiction subject to similar laws in respect of a target of a Limited Condition Transaction and, in each case, if, after giving pro forma effect to the Limited Condition Transaction and any actions or transactions related thereto (including acquisitions, Investments, the incurrence, issuance or assumption of Indebtedness, Disqualified

------

Stock or Preferred Stock and the use of proceeds thereof, repayments and Asset Sales or any disposition, issuance or other transaction excluded from the definition of "Asset Sale" and any related pro forma adjustments, disregarding for the purposes of such pro forma calculation any borrowing under a revolving credit, working capital or letter of credit facility), as if they had occurred at the beginning of the most recently ended four full fiscal quarters ending prior to the LCT Test Date for which internal consolidated financial statements of the Corporation are available, the Corporation or any of its Subsidiaries would have been permitted to take such actions or consummate such transactions on the relevant LCT Test Date in compliance with such ratio, test or basket (and any related requirements and conditions), such ratio, test or basket (and any related requirements and conditions) shall be deemed to have been complied with (or satisfied) for all purposes (in the case of Indebtedness, for example, whether such Indebtedness is committed, issued or incurred at the LCT Test Date or at any time thereafter); provided that (i) if financial statements for one or more subsequent fiscal quarters shall have become available, the Testing Party may elect, in its sole discretion, to re-determine all such ratios, tests or baskets on the basis of such financial statements, in which case, such date of redetermination shall thereafter be deemed to be the applicable LCT Test Date for purposes of such ratios, tests or baskets, (ii) except as contemplated in the foregoing clause (i), compliance with such ratios, tests or baskets (and any related requirements and conditions) shall not be determined or tested at any time after the applicable LCT Test Date for such Limited Condition Transaction and any actions or transactions related thereto (including acquisitions, Investments, the incurrence, issuance or assumption of Indebtedness, Disqualified Stock or Preferred Stock and the use of proceeds thereof, repayments and Asset Sales or any disposition, issuance or other transactions excluded from the definition of "Asset Sale") and (iii) Consolidated Interest Expense for purposes of the Fixed Charge Coverage Ratio will be calculated using an assumed interest rate based on the indicative interest margin contained in any financing commitment documentation with respect to such Indebtedness or, if no such indicative interest margin exists, as reasonably determined by the Testing Party in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) For the avoidance of doubt, if the Testing Party has made an LCT Election, (i) if any of the ratios, tests or baskets for which compliance was determined or tested as of the LCT Test Date would at any time after the LCT Test Date have been exceeded or otherwise failed to have been complied with, including as a result of fluctuations in any such ratio, test or basket, including due to fluctuations in exchange rates or Consolidated EBITDA or total assets of the Corporation or the Person subject to such Limited Condition Transaction at or prior to the consummation of the relevant transaction or action, such baskets, tests or ratios will not be deemed to have been exceeded or failed to have been complied with as a result of such fluctuations; <u>provided</u> that if such ratios, tests or baskets improve as a result of such fluctuations, such improved ratios, tests and/or baskets may be utilized; (ii) if any related requirements and conditions for which compliance or satisfaction was determined or tested as of the LCT Test Date would at any time after the LCT Test Date not have been complied with or satisfied, such requirements and conditions will not be deemed to have been failed to be complied with or satisfied; and (iii) in calculating the availability under any ratio, test or basket in connection with any action or transaction unrelated to such Limited Condition Transaction (including without limitation a separate Limited Condition Transaction) following the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the date that the definitive agreement, the date of notice or offer or date for redemption, purchase or repayment specified in a notice for such Limited Condition Transaction is terminated, expires or passes, as applicable, without consummation of such Limited Condition Transaction, any such ratio, test or basket shall be determined or tested giving pro forma effect to such Limited Condition Transaction and any actions or transactions related thereto.

------

**<u>Definitions</u>**

Terms used but not defined in this Annex I have the meanings given to such term in the Certificate of Designations to which this Annex is a part.

"**Acquired Indebtedness**" means, with respect to any specified Person,

1) Indebtedness of any other Person existing at the time such other Person is merged, consolidated or amalgamated with or into or became a Subsidiary of such specified Person, including Indebtedness incurred in connection with, or in contemplation of, such other Person merging, consolidating or amalgamating with or into or becoming a Subsidiary of such specified Person; and 

2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person.

"**Applicable Calculation Date**" means the applicable date of calculation for (i) the Consolidated Total Debt Ratio, (ii) the Fixed Charge Coverage Ratio or (iii) Consolidated EBITDA.

"**Applicable Measurement Period**" means the most recently completed four consecutive fiscal quarters of the Corporation immediately preceding the Applicable Calculation Date for which internal financial statements are available; <u>provided</u>, that on and after consummation of the Specified Spin-Off Transaction, the portion of the Consolidated EBITDA that was generated prior to consummation of the Specified Spin-Off Transaction shall be adjusted by multiplying such portion by the Spin-Off Transaction Adjustment Ratio. Solely for the purposes of this definition, "<u>Spin-Off Transaction Adjustment Ratio</u>" means a ratio equal to the Conversion Price in effect immediately after consummation of the Specified Spin-Off Transaction divided by the Conversion Price in effect immediately prior to consummation of the Specified Spin-Off Transaction, in each case as determined pursuant to the terms of the Certificate of Designations.

"**Asset Sale**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the sale, conveyance, transfer or other disposition, whether in a single transaction or a series of related
transactions, of property or assets (including by way of a Sale and Lease-Back Transaction) of the Corporation or any Subsidiary (each referred to in this definition as a "disposition"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the issuance or sale of Equity Interests of any Subsidiary (other than Preferred Stock of Subsidiaries issued
in compliance with the covenant described under  **<u>Section</u> <u>1</u>**), whether in a single transaction or a series of related transactions, in each case, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any disposition of Cash Equivalents or Investment Grade Securities or obsolete, damaged, unnecessary,
unsuitable or worn out property or equipment or other assets in the ordinary course of business or any disposition of inventory, immaterial assets or goods (or other assets), property or equipment held for sale or no longer used or useful, or
economically practicable to maintain, in the conduct of the business of the Corporation and its Subsidiaries;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the disposition of all or substantially all of the assets of the Corporation or any Subsidiary or any
disposition that constitutes a Fundamental Change under the Certificate of Designations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any disposition, issuance or sale in connection with the making of (i) any dividend or distribution not
prohibited by this Agreement or (ii) any Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any disposition of property or assets, or issuance of securities by a Subsidiary, to the Corporation or by the
Corporation or a Subsidiary to another Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the extent allowable under Section 1031 of the Code, or any comparable or successor provision, an
exchange of like property (excluding any boot thereon) for use in a Similar Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the lease, assignment, sub-lease, license or sub-license of any real or personal property in the ordinary course of business or consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) foreclosures, condemnation, expropriation, forced dispositions, eminent domain or any similar action (whether
by deed of condemnation or otherwise) with respect to assets or the granting of Liens, and transfers of any property that have been subject to a casualty to the respective insurer of such property as part of an insurance settlement or upon receipt
of the net proceeds of such casualty event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) sales of accounts receivables, or participations therein and related assets pursuant to any Permitted
Receivables Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any financing transaction with respect to property built or acquired by the Corporation or any Subsidiary after
the Closing Date, including Sale and Lease-Back Transactions and asset securitizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any surrender or waiver of contractual rights or the settlement, release or surrender of contractual rights or
other litigation claims in the ordinary course of business or consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the sale, lease, assignment, license, sublease or discount of inventory, equipment, accounts receivable, notes
receivable or other current assets in the ordinary course of business or consistent with past practice or the conversion of accounts receivable to notes receivable or other dispositions of accounts receivable in connection with the collection or
compromise thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the licensing, sub-licensing or cross-licensing of intellectual
property or other general intangibles in the ordinary course of business or consistent with past practice or that is immaterial;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the unwinding of any Hedging Obligations or Cash Management Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) sales, transfers and other dispositions of Investments in joint ventures to the extent required by, or made
pursuant to, customary buy/sell arrangements between the joint venture parties set forth in joint venture arrangements and similar binding arrangements;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the lapse, abandonment or invalidation of intellectual property rights, which in the reasonable determination
of the Board of the Corporation or the senior management thereof are not material to the conduct of the business of the Corporation and its Subsidiaries taken as a whole or are no longer used or useful or economically practicable or commercially
reasonable to maintain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the issuance of directors' qualifying shares and shares issued to foreign nationals or other third
parties as required by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the disposition of any assets (including Equity Interests) (i) that are not used or useful in the core or
principal business of the Corporation and its Subsidiaries, or (ii) made in connection with the approval of any applicable antitrust authority or otherwise necessary or advisable in the good faith determination of the Corporation to consummate any
acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) dispositions of property to the extent that (i) such property is exchanged for credit against the purchase
price of similar replacement property or (ii) an amount equal to the Net Proceeds of such disposition are promptly applied to the purchase price of such replacement property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) any sale, transfer or other disposition to effect the formation of any Subsidiary that has been formed upon the
consummation of a Division; provided that any disposition or other allocation of assets (including any Equity Interests of such Subsidiary) in connection therewith is otherwise not prohibited by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) the sales or dispositions of a property or asset (or related properties and assets), or issuance or sale of
Equity Interests of any Subsidiary, for fair market value not to exceed the greater of (i) $2,475 million (or $1,300 million after consummation of the Specified Spin-Off Transaction) and (ii) 37.5%
of Consolidated EBITDA of the Corporation for the Applicable Measurement Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Dispositions of any asset between or among the Corporation and/or Subsidiaries.

Further, in the event that a transaction (or a portion thereof) meets the criteria of more than one of the categories of permitted Asset Sale described above, the Corporation, in its sole discretion, may divide or classify, and may from time to time redivide and reclassify, such permitted Asset Sale (or any portion thereof) and will only be required to include the amount and type of such permitted Asset Sale in one or more of the above clauses.

"**Beverage Co.**" means (i) a Person that holds the Corporation's business consisting of the "U.S. Refreshment Beverages" operating segment of the Corporation and (ii) that portion of the "International" operating segment of the Corporation consisting of sales in Canada, Mexico and other international markets from the manufacture and distribution of liquid refreshment beverages, including branded concentrates, syrup, and finished beverages, in each case as described in the Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

"**Beverage Co. IPO**" means the issuance by Beverage Co., any direct or indirect parent of Beverage Co. (other than the Corporation) or any IPO Subsidiary (such issuer, the "<u>IPO</u> <u>Entity</u>") of its common equity interests in an underwritten primary public offering (other than

------

pursuant to a registration statement on Form S-8) pursuant to an effective registration statement filed with the SEC in accordance with the Securities Act (whether alone or in connection with a secondary public offering), which must be completed at or prior to the consummation of the Specified Spin-Off Transaction.

"**Board**" means the Board of Directors of the Corporation.

"**Capital Stock**" means:

1) in the case of a corporation, corporate stock;

2) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock;

3) in the case of a partnership or limited liability Corporation, partnership or membership interests (whether general or limited); and

4) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person.

"**Cash Equivalents**" means:

1) U.S. dollars;

2) (a) Canadian dollars, euros, pounds sterling or any national currency of any participating member state of the EMU; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) other currencies held by the Corporation and the Subsidiaries from time to time in the ordinary course of business;

3) securities issued or directly and fully and unconditionally guaranteed or insured by the U.S. government or any agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of the U.S. government with average maturities of 24 months or less from the date of acquisition; 

4) certificates of deposit, time deposits and Eurodollar time deposits with average maturities of one year or less from the date of acquisition, demand deposits, bankers' acceptances with average maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and surplus of not less than $100.0 million (or the foreign currency equivalent thereof); 

5) repurchase obligations for underlying securities of the types described in clauses (3), (4) and (10) entered into with any financial institution meeting the qualifications specified in clause (4) above;

6) commercial paper rated at least P-2 by Moody's or at least A-2 by S&P (or, if at any time, neither Moody's nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency) and variable and fixed rate notes issued by any financial institution meeting the qualifications specified in clause (4) above, in each case with average maturities of 36 months after the date of creation thereof; 

------

7) marketable short-term money market and similar securities having a rating of at least P-2 or A-2 from either Moody's or S&P, respectively (or, if at any time neither Moody's nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency);

8) investment funds investing at least 90% of their assets in securities of the types described in clauses (1) through (7) above and (9) through (12) below; 

9) securities issued or directly and fully and unconditionally guaranteed by any state, commonwealth or territory of the United States or any political subdivision or taxing authority of any such state, commonwealth or territory or any public instrumentality thereof having average maturities of not more than 36 months from the date of acquisition thereof; 

10) readily marketable direct obligations issued or directly and fully and unconditionally guaranteed by any foreign government or any political subdivision or public instrumentality thereof, in each case (other than in the case of such securities issued or guaranteed by any participating member state of the EMU) having an Investment Grade Rating from either Moody's or S&P (or, if at any time neither Moody's nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency) with average maturities of 36 months or less from the date of acquisition; 

11) Indebtedness or Preferred Stock issued by Persons with a rating of "A" or higher from S&P or "A2" or higher from Moody's (or, if at any time neither Moody's nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency) with average maturities of 36 months or less from the date of acquisition; 

12) Investments with average maturities of 36 months or less from the date of acquisition in money market funds rated A (or the equivalent thereof) or better by S&P or A2 (or the equivalent thereof) or better by Moody's (or, if at any time neither Moody's nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency); 

13) in the case of Investments by any Foreign Subsidiary of the Corporation, Investments for short-term cash management purposes of comparable tenor and credit quality to those described in the foregoing clauses (1) through (12) customarily utilized in countries in which such Foreign Subsidiary operates; and 

14) Investments, classified in accordance with GAAP as current assets, in money market investment programs that are registered under the Investment Company Act of 1940 or that are administered by financial institutions meeting the qualifications specified in clause (4) above, and, in either case, the portfolios of which are limited such that substantially all of such Investments are of the character, quality and maturity described in clauses (1) through (13) of this definition. 

Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth in clauses (1) and (2) above; <u>provided</u> that such amounts are converted into any currency listed in clauses (1) and (2) as promptly as practicable and in any event within ten Business Days following the receipt of such amounts.

------

For the avoidance of doubt, any items identified as Cash Equivalents under this definition will be deemed to be Cash Equivalents for all purposes under this Agreement regardless of the treatment of such items under GAAP.

"**Cash Management Obligations**" means (1) obligations in respect of any overdraft and related liabilities arising from treasury, depository, cash pooling arrangements and cash management or treasury services or any automated clearing house transfers of funds, (2) other obligations in respect of netting services, employee credit or purchase card programs and similar arrangements and (3) obligations in respect of any other services related, ancillary or complementary to the foregoing (including any overdraft and related liabilities arising from treasury, depository, cash pooling arrangements and cash management services, corporate credit and purchasing cards and related programs or any automated clearing house transfers of funds).

"**Closing**" or "**Closing Date**" means the closing date of the JDE Peet's Acquisition.

"**Code**" means the United States Internal Revenue Code of 1986, as amended.

"**Consolidated EBITDA**" means with respect to any Person, for any period, Consolidated Net Income of such Person for such period plus, 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 Corporation, Transaction Costs (including those related to this Agreement and the related 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 Corporation 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 Corporation) 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 Closing 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 Corporation 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) (A) 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 Closing 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. 

"**Consolidated Interest Expense**" 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.

"**Consolidated Net Income**" 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.

"**Consolidated Total Debt Ratio**" means, as of any Applicable Calculation Date, the ratio of (1) Consolidated Total Indebtedness of the Corporation and its Subsidiaries minus cash and Cash Equivalents of the Corporation and its Subsidiaries, in each case, computed as of the end of the most recent fiscal quarter for which internal financial statements are available immediately preceding the Applicable Calculation Date to (2) the Corporation's Consolidated EBITDA for the Applicable Measurement Period, in each case with such pro forma adjustments to Consolidated Total Indebtedness, cash, Cash Equivalents and Consolidated EBITDA as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of "Fixed Charge Coverage Ratio"; <u>provided</u> that, for purposes of the calculation of Consolidated Total Debt Ratio, in connection with the incurrence of any Indebtedness pursuant to [**<u>Section</u> <u>3</u>**](#rider2897620_4), the Corporation may elect to treat all or any portion of the commitment (any such amount elected until revoked as described below, an "<u>Elected Amount</u>") under any Indebtedness which is to be incurred (or any commitment in respect thereof) as being Incurred as of the Applicable Calculation Date and (i) any subsequent incurrence of such Indebtedness under such commitment (so long as the total amount under such Indebtedness does not exceed the Elected Amount) shall not be deemed, for purposes of this calculation, to be an incurrence of additional Indebtedness at such subsequent time, (ii) the Corporation may revoke an election of an Elected Amount and (iii) for purposes of all subsequent calculations of the Consolidated Total Debt Ratio, the Elected Amount (if any) shall be deemed to be outstanding, whether or not such amount is actually outstanding, so long as the applicable commitment remains outstanding.

"**Consolidated Total Indebtedness**" means, as at any date of determination, an amount equal to the sum of (1) the aggregate amount of all outstanding Indebtedness of the Corporation and its Subsidiaries on a consolidated basis consisting of Indebtedness for borrowed money, unreimbursed drawings under letters of credit, Obligations in respect of Finance Lease Obligations and third party debt obligations evidenced by promissory notes and similar instruments (and excluding, for the avoidance of doubt, (A) all undrawn amounts under revolving credit facilities (except to the extent of any Elected Amount), (B) Hedging Obligations, and (C) performance bonds or any similar instruments) and (2) the aggregate amount of all outstanding Disqualified Stock of the Corporation and all Preferred Stock of the Subsidiaries on a

------

consolidated basis, with the amount of such Disqualified Stock and Preferred Stock equal to the greater of their respective voluntary or involuntary liquidation preferences and maximum fixed repurchase prices, in each case determined on a consolidated basis in accordance with GAAP. For purposes hereof, the "<u>maximum fixed repurchase price</u>" of any Disqualified Stock or Preferred Stock that does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Stock or Preferred Stock as if such Disqualified Stock or Preferred Stock were purchased on any date on which Consolidated Total Indebtedness shall be required to be determined pursuant to this Agreement, and if such price is based upon, or measured by, the fair market value of such Disqualified Stock or Preferred Stock, such fair market value shall be determined in good faith by the senior management of the Corporation.

"**Controlled Investment Affiliate**" means, as to any Person, any other Person, other than any Investor, which directly or indirectly controls, is controlled by, or is under common control with such Person and is organized by such Person (or any Person controlling such Person) primarily for making direct or indirect equity or debt investments in the Corporation and/or other Persons.

"**Credit Facility**" means, with respect to the Corporation or any of its Subsidiaries, a debt facility or other financing arrangement (including, without limitation, a commercial paper facility with banks or other institutional lenders or investors or an indenture) providing for revolving credit loans, term loans, letters of credit or other indebtedness, including any notes, mortgages, guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendment, supplement, modification, extension, renewal, restatement or refunding thereof, in whole or in part, and any indenture or credit facility or commercial paper facility with banks or other institutional lenders or investors that replaces, refunds, refinances, extends, renews, restates, amends, supplements or modifies any part of the loans, notes, other credit facilities or commitments thereunder, including any such exchanged, replacement, refunding, refinancing, extended, renewed, restated, amended, supplemented or modified facility or indenture that increases the amount permitted to be borrowed or issued thereunder or alters the maturity thereof (provided that such increase in borrowings or issuance is permitted under **<u>Section</u> <u>3</u>**) or adds Subsidiaries as additional borrowers or guarantors thereunder and whether by the same or any other agent, trustee, lender or group of lenders or other holders or investors.

"**Designated Non-cash Consideration**" means the fair market value of non-cash consideration received by the Corporation or a Subsidiary in connection with an Asset Sale that is so designated as Designated Non-cash Consideration, less the amount of cash or Cash Equivalents received in connection with a subsequent sale, redemption or repurchase of or collection or payment on such Designated Non-cash Consideration. A particular item of Designated Non-Cash Consideration will no longer be considered to be outstanding when and to the extent it has been paid, redeemed or otherwise retired or sold or otherwise disposed of in exchange for consideration in the form of cash or Cash Equivalents in compliance with **<u>Section</u> <u>1</u>**.

"**Disqualified Stock**" means, with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms of any security into which it is convertible or for which it is putable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable (other than solely as a result of a change of control, asset sale, casualty condemnation or eminent domain) pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than solely as a result of a change of control, asset sale, casualty, condemnation or eminent domain), in whole or in part, in each case while the Series A Preferred Stock remains outstanding; <u>provided</u>, <u>however</u>, that if such Capital Stock is issued to any plan for the benefit of employees of the Corporation or its Subsidiaries or by any

------

such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Corporation or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employees' termination, death or disability; <u>provided</u>, <u>further</u>, that any Capital Stock held by any future, current or former employee, director, officer, manager or consultant (or their respective Controlled Investment Affiliates or Immediate Family Members, or any permitted transferee thereof) of the Corporation, any of its Subsidiaries or any other entity in which the Corporation or a Subsidiary has an Investment and is designated in good faith as an "affiliate" by the Board of the Corporation (or the compensation committee thereof) shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Corporation or its Subsidiaries pursuant to any stockholders' agreement, management equity plan, stock option plan or any other management or employee benefit plan or agreement or in order to satisfy applicable statutory or regulatory obligations. For the avoidance of doubt, the Series A Preferred Stock shall be deemed not to be Disqualified Stock of the Corporation.

"**Division**" 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.

"**Domestic Subsidiary**" means each Subsidiary of the Corporation that is organized under the laws of the United States, any state thereof, or the District of Columbia

"**EMU**" means the economic and monetary union as contemplated in the Treaty on European Union.

"**Equity Interests**" means Capital Stock and all warrants, options or other rights to acquire Capital Stock, but excluding any debt security that is convertible into, or exchangeable for, Capital Stock.

"**fair market value**" means, solely for the purposes of Annex I, with respect to any security or other property, the fair market value of such security or other property as reasonably determined in good faith by the Corporation.

"**Finance Lease Obligation**" means, at the time any determination thereof is to be made, the amount of the liability in respect of a finance lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in accordance with GAAP.

"**Fitch**" means Fitch, Inc.

"**Fixed Charge Coverage Ratio**" means, with respect to any Person as of any Applicable Calculation Date, the ratio of Consolidated EBITDA of such Person for the Applicable Measurement Period to the Fixed Charges of such Person for such Applicable Measurement Period. In the event that the Corporation or any Subsidiary incurs, assumes, guarantees, redeems, repays, retires or extinguishes any Indebtedness or issues or redeems Disqualified Stock or Preferred Stock subsequent to the commencement of the Applicable Measurement Period but on or prior to the Applicable Calculation Date, then the Fixed Charge Coverage Ratio shall be calculated giving Pro Forma Effect to such incurrence, assumption, guarantee, redemption, repayment, retirement or extinguishment of Indebtedness, or such issuance or redemption of Disqualified Stock or Preferred Stock (in each case, including a pro forma application of the net

------

proceeds therefrom), as if the same had occurred at the beginning of the Applicable Measurement Period; <u>provided</u>, <u>however</u>, that the pro forma calculation shall not give effect to any Indebtedness incurred on such determination date pursuant to the provisions described in **<u>Section</u> <u>3(b</u>**<u>)</u> (other than pursuant to clause (xiv) thereof); <u>provided</u>, further, that for purposes of the calculation of the Fixed Charge Coverage Ratio, in connection with the Incurrence of any Indebtedness pursuant to **<u>Section</u> <u>3(a)</u>**, the Corporation may elect to treat an Elected Amount under any Indebtedness which is to be Incurred (or any commitment in respect thereof), as being Incurred as of the Applicable Calculation Date and (i) any subsequent Incurrence of Indebtedness under such commitment that was so treated (so long as the total amount under such Indebtedness does not exceed the Elected Amount) shall not be deemed, for purposes of this calculation, to be an Incurrence of additional Indebtedness at such subsequent time, (ii) the Corporation may revoke an election of an Elected Amount and (iii) for subsequent calculations of the Fixed Charge Coverage Ratio, the Elected Amount (if any) shall be deemed to be outstanding, whether or not such amount is actually outstanding, so long as the applicable commitment remains outstanding.

For purposes of making the computation referred to above, Investments, acquisitions, dispositions, mergers, amalgamations, consolidations and disposed operations (as determined in accordance with GAAP) and operational changes that have been made by the Corporation or any of its Subsidiaries during the Applicable Measurement Period or subsequent to such Applicable Measurement Period and on or prior to or simultaneously with the Applicable Calculation Date shall be calculated on a Pro Forma Basis assuming that all such Investments, acquisitions, dispositions, mergers, amalgamations, consolidations, disposed operations and operational changes (and the change in any associated fixed charge obligations and the change in Consolidated EBITDA resulting therefrom) had occurred on the first day of the Applicable Measurement Period. If since the beginning of such period any Person that subsequently became a Subsidiary or was merged or amalgamated with or into the Corporation or any of its Subsidiaries since the beginning of such period shall have made any Investment, acquisition, disposition, merger, amalgamation, consolidation or disposed operation that would have required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio shall be calculated giving Pro Forma Effect thereto for such Applicable Measurement Period as if such Investment, acquisition, disposition, merger, amalgamation, consolidation or disposed operation had occurred at the beginning of the Applicable Measurement Period.

For purposes of this definition, whenever Pro Forma Effect is to be given to a transaction, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Corporation (and may include, for the avoidance of doubt and without duplication, cost savings, operating expense reductions and synergies resulting from any Asset Sale or other disposition or such Investment, acquisition, disposition, merger, amalgamation or consolidation or other transaction, in each case calculated in accordance with and permitted by clause (8) of the definition of "Consolidated EBITDA" herein). If any Indebtedness bears a floating rate of interest and is being given Pro Forma Effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Applicable Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness). Interest on a Finance Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Corporation to be the rate of interest implicit in such Finance Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a Pro Forma Basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period or, if lower, the maximum commitments under such revolving credit facility as of the Applicable Calculation Date. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a

------

eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Corporation may designate.

"**Fixed Charges**" means, with respect to any Person for any period, the sum of (without duplication):

1) Consolidated Interest Expense of such Person for such period;

2) all cash dividends or other distributions paid (excluding items eliminated in consolidation) on any series of Preferred Stock during such period; and

3) all cash dividends or other distributions paid (excluding items eliminated in consolidation) on any series of Disqualified Stock during such period.

"**Foreign Subsidiary**" means each Subsidiary of the Corporation that is not a Domestic Subsidiary.

"**GAAP**" means generally accepted accounting principles in the United States, consistently applied.

"**Government Securities**" means securities that are:

1) direct obligations of, or obligations guaranteed by, the United States for the timely payment of which its full faith and credit is pledged; or

2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States,

which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank (as defined in **Section 3(a)(2)** of the Securities Act), as custodian with respect to any such Government Securities or a specific payment of principal of or interest on any such Government Securities held by such custodian for the account of the holder of such depository receipt; <u>provided</u> that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Securities or the specific payment of principal of or interest on the Government Securities evidenced by such depository receipt.

"**Hedging Obligations**" means, with respect to any Person, (1) the obligations of such Person under any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, commodity swap agreement, commodity cap agreement, commodity collar agreement, foreign exchange contract, currency swap agreement or similar agreement providing for the transfer, modification or mitigation of interest rate, currency, commodity or equity risks either generally or under specific contingencies and (2) 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 (any such master agreement, together with any related schedules, a "<u>Master Agreement</u>"), including any such obligations or liabilities under any Master Agreement.

------

"**holder**" means, with reference to any Indebtedness or other Obligations, any holder or lender of, or trustee or collateral agent or other authorized representative with respect to, such Indebtedness or Obligations, and, in the case of Hedging Obligations, any counter-party to such Hedging Obligations.

"**Immediate Family Members**" means with respect to any individual, such individual's child, stepchild, grandchild or more remote descendant, parent, stepparent, grandparent, spouse, former spouse, qualified domestic partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law (including adoptive relationships), and any trust, partnership or other bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing individuals or any private foundation or fund that is controlled by any of the foregoing individuals or any donor advised fund of which any such individual is the donor.

"**Indebtedness**" means for any Person (without duplication): (a) all indebtedness of such Person for borrowed money, whether current or funded, or secured or unsecured, (b) all indebtedness for the deferred purchase price of Property, (c) all indebtedness secured by a purchase money mortgage or other Lien to secure all or part of the purchase price of Property subject to such mortgage or Lien, (d) all obligations under leases which shall have been or must be, in accordance with GAAP, recorded as Capital Leases in respect of which such Person is liable as lessee, (e) any liability in respect of banker's acceptances or letters of credit, (f) any indebtedness of another Person, whether or not assumed, of the types described in clauses (a) through (c) above or clause (g) below, secured by Liens on Property acquired by the Corporation or its Subsidiaries at the time of acquisition thereof and (g) all Contingent Obligations in respect of indebtedness of the types described in clauses (a) through (f) hereof, <u>provided</u> that the term "Indebtedness" shall not include (i) trade payables or similar obligations, and accrued expenses, in each case arising in the ordinary course of business, (ii) any earn-out obligation in connection with an Acquisition except to the extent that the amount payable pursuant to such earnout becomes payable, (iii) prepaid or deferred revenue arising in the ordinary course of business, (iv) any leases, concessions, license of property or guarantees thereof, in each case that is not a Capital Lease, including of joint ventures, (v) any prepayments of deposits received from clients or customers in the ordinary course of business or consistent with past practice, (vi) obligations under any license, permit or approval or guarantees thereof incurred prior to the Closing Date or in the ordinary course of business or consistent with past practice, (vii) any obligations in respect of workers' compensation claims, early retirement or termination obligations, pension fund obligations or contributions or similar claims, obligations or contributions or social security or wage taxes, (viii) all intercompany Indebtedness having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) made in the ordinary course of business or consistent with past practice, (ix) any hedging obligations that are not incurred for speculative purposes, (x) intercompany liabilities arising in the ordinary course of business or consistent with past practice or industry norm, (xi) intercompany liabilities in connection with cash management, tax and accounting operations of the Corporation and (xii) any take or pay or similar obligation to the extent such obligation is not shown as a liability on the balance sheet of such Person in accordance with GAAP. The amount of Indebtedness of any person for purposes of clause (f) above shall (unless such indebtedness has been assumed by such person or is otherwise recourse to such person) be deemed to be equal to the lesser of (A) the aggregate unpaid amount of such indebtedness and (B) the Fair Market Value of the property encumbered thereby. The amount of Indebtedness of any Person at any time in the case of a revolving credit or similar facility shall be the total amount of funds borrowed and then outstanding.

"**Investment Grade Rating**" means a rating equal to or higher than (x) Baa3 (or the equivalent), with respect to Moody's, (y) BBB- (or the equivalent), with respect to S&P, (z) BBB-

------

(or equivalent), with respect to Fitch, or in each case, an equivalent rating by any other Rating Agency.

"**Investment Grade Securities**" means:

(1) securities issued or directly and fully guaranteed or insured by the U.S. government or any agency or
instrumentality thereof (other than Cash Equivalents);

(2) debt securities or debt instruments with an Investment Grade Rating, but excluding any debt securities or
instruments constituting loans or advances among the Corporation and its Subsidiaries;

(3) investments in any fund that invests at least 90% of its assets in investments of the type described in clauses
(1) and (2) which fund may also hold immaterial amounts of cash pending investment or distribution; and

(4) corresponding instruments in countries other than the United States customarily utilized for high-quality
investments.

"**Investments**" means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans (including guarantees), advances or capital contributions (excluding accounts receivable, trade credit, advances to customers, commission, travel and similar advances to officers, directors, managers, employees and consultants, in each case made in the ordinary course of business or consistent with past practice), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person and investments that are required by GAAP to be classified on the balance sheet (excluding the footnotes) of the Corporation in the same manner as the other investments included in this definition to the extent such transactions involve the transfer of cash or other property.

"**JDE Peet's Acquisition**" means the acquisition by the Company of JDE Peet's pursuant to the merger protocol, dated August 24, 2025 (the "<u>Merger Protocol</u>"), pursuant to which the Corporation will commence a tender offer to acquire all of the issued ordinary shares of JDE Peet's, for a cash offer price of €31.85 per share.

"**JV Investment**" means the investment into a newly formed joint venture by certain third party institutions or investors at or prior to the closing of the JDE Peet's Acquisition for purposes of manufacturing and selling certain un-brewed single-serve beverage products.

"**Lien**" means, with respect to any asset, any mortgage, lien (statutory or otherwise), pledge, hypothecation, charge, security interest, preference, priority or encumbrance of any kind in respect of such asset, whether or not filed, recorded, registered, published or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; <u>provided</u> that in no event shall an operating lease be deemed to constitute a Lien.

"**Limited Condition Transaction**" means (1) any Investment or acquisition (whether by merger, amalgamation, consolidation or other business combination or the acquisition of Capital Stock or otherwise and which may include, for the avoidance of doubt, a transaction that may

------

constitute a Fundamental Change (as defined in the Certificate of Designations)) or other transaction, (2) any incurrence, issuance, prepayment, redemption, repurchase, defeasance, satisfaction and discharge or repayment of Indebtedness, Disqualified Stock or Preferred Stock, (3) any Asset Sale or a disposition excluded from the definition of "Asset Sale" and (4) any other transaction or plan undertaken or proposed to be undertaken in connection with any of the preceding clauses (1) through (4).

"**Moody's**" means Moody's Investors Service, Inc.

"**Net Proceeds**" means the aggregate cash proceeds and the fair market value of any Cash Equivalents received by the Corporation or any of the Subsidiaries in respect of any Asset Sale, including any cash or Cash Equivalents received upon the sale or other disposition of any Designated Non-cash Consideration received in any Asset Sale, net of (1) fees, out-of-pocket expenses and other direct costs relating to such Asset Sale and the sale or disposition of such Designated Non-cash Consideration, including, without limitation, legal, accounting, consulting, investment banking and other customary fees, underwriting discounts and commissions, survey costs, title and recordation expenses, title insurance premiums, payments made in order to obtain a necessary consent or required by applicable law and brokerage and sales commissions and any relocation expenses incurred as a result thereof, (2) taxes paid or payable as a result thereof (including transfer taxes, deed or mortgage recording taxes and estimated taxes payable in connection with any repatriation of funds and after taking into account any available tax credits or deductions and any tax sharing arrangements), (3) amounts required to be applied to the repayment of principal, premium, if any, and interest on Indebtedness required (other than required by clause **Section 1(b)(ii))** to be paid as a result of such transaction, (4) the pro rata portion of Net Proceeds thereof attributable to minority interests and not available for distribution to or for the account of the Corporation and the Subsidiaries as a result thereof, (5) any costs associated with unwinding any related Hedging Obligations in connection with such transaction, (6) any deduction of appropriate amounts to be provided by the Corporation or any of its Subsidiaries as a reserve in accordance with GAAP against any liabilities associated with the asset disposed of in such transaction and retained by the Corporation or any of the Subsidiaries after such sale or other disposition thereof, including pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction, (7) any portion of the purchase price from an Asset Sale placed in escrow, whether as a reserve for adjustment of the purchase price, for satisfaction of indemnities in respect of such Asset Sale or otherwise in connection with such Asset Sale; provided, that upon the termination of that escrow (other than in connection with a payment in respect of any such adjustment or satisfaction of indemnities), Net Proceeds will be increased by any portion of funds in the escrow that are released to the Corporation or any of its Subsidiaries and (8) the amount of any liabilities (other than Indebtedness) directly associated with such asset being sold and retained by the Corporation or any of its Subsidiaries.

Any non-cash consideration received in connection with any Asset Sale that is subsequently converted to cash shall become Net Proceeds only at such time as it is so converted.

Net Proceeds denominated in a currency other than U.S. dollars shall be the U.S. Dollar Equivalent of such Net Proceeds.

"**Obligations**" means any principal, interest (including any interest accruing on or subsequent to the filing of a petition in bankruptcy, reorganization or similar proceeding at the rate <u>provided</u> for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state, provincial, federal or foreign law), premium, penalties, fees,

------

indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and bankers' acceptances), damages and other liabilities, and guarantees of payment of such principal, interest, premium, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Indebtedness; <u>provided</u>, that any of the foregoing (other than principal and interest) shall no longer constitute "Obligations" after payment in full of such principal and interest except to the extent such obligations are fully liquidated and non-contingent on or prior to such payment in full.

"**Permitted Asset Swap**" means the substantially concurrent purchase and sale or exchange, including as a deposit for future purchases, of Related Business Assets or a combination of Related Business Assets and cash or Cash Equivalents between the Corporation or any of its Subsidiaries and another Person; <u>provided</u> that any cash or Cash Equivalents received must be applied in accordance with **<u>Section</u> <u>1(b</u>)**.

"**Permitted Receivables Financing**" means, collectively, (i) with respect to receivables of the type constituting any term securitizations, receivables securitizations or other receivables financings (including any factoring program), in each case that are non-recourse to the Corporation and the Subsidiaries and (ii) with respect to receivables (including, without limitation, trade and lease receivables) not otherwise constituting term securitizations, other receivables securitizations or other similar financings (including any factoring program), in each case in an amount not to exceed 85% of the book value of all accounts receivable of the Corporation and its Subsidiaries as of any date and that are non-recourse to the Corporation and its Subsidiaries.

"**Person**" means an individual, corporation, limited liability company, partnership, joint venture, association, trust, unincorporated organization or any other entity, including a Governmental Authority.

"**Preferred Stock**" means any Equity Interest with preferential rights of payment of dividends or upon liquidation, dissolution, or winding up.

"**Pro Forma Basis**" and "**Pro Forma Effect**" means, with respect to compliance with any test or covenant hereunder, that all Specified Transactions and the following transactions in connection therewith shall be deemed to have occurred as of the first day of the applicable period of measurement in such test or covenant: (a) income statement items (whether positive or negative) attributable to the property or Person subject to such Specified Transaction, (i) in the case of a sale, transfer or other disposition of all or substantially all capital stock in any Subsidiary of the Corporation or any division or product line of the Corporation or any of its Subsidiaries, shall be excluded, and (ii) in the case of an Acquisition or investment described in the definition of the term "Specified Transaction," shall be included, (b) any retirement or repayment of Indebtedness, (c) any Indebtedness incurred by the Corporation or any of its Subsidiaries in connection therewith and if such indebtedness has a floating or formula rate, shall have an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate that is or would be in effect with respect to such Indebtedness at the relevant date of determination and (d) the acquisition of any Consolidated Total Assets, whether pursuant to any Specified Transaction or any Person becoming a Subsidiary or merging, amalgamating or consolidating with or into the Corporation or any of its Subsidiaries or the Corporation or any of its Subsidiaries.

"**Purchase Money Obligations**" means any Indebtedness incurred to finance or refinance the acquisition, leasing, construction or improvement of property (real or personal) or

------

assets (other than Capital Stock), and whether acquired through the direct acquisition of such property or assets, or otherwise (including through the purchase of Capital Stock of any Person owning such property or assets).

"**Related Business Assets**" means assets (other than cash or Cash Equivalents) used or useful in a Similar Business; <u>provided</u> that any assets received by the Corporation or a Subsidiary in exchange for assets transferred by the Corporation or a Subsidiary shall not be deemed to be Related Business Assets if they consist of securities of a Person, unless upon receipt of the securities of such Person, such Person would become a Subsidiary.

"**S&P**" means S&P Global Ratings.

"**Sale and Lease-Back Transaction**" means any arrangement with any Person providing for the leasing by the Corporation or any of its Subsidiaries of any real property or tangible personal property, which property has been or is to be sold or transferred by the Corporation or such Subsidiary to such Person in contemplation of such leasing.

"**Similar Business**" means any business conducted or proposed to be conducted by the Corporation and its Subsidiaries on the Closing Date or any business that is similar, reasonably related, complementary, incidental or ancillary thereto, or is a reasonable extension, development or expansion thereof.

"**Specified Transaction**" means, with respect to any period, (a) any Acquisition or the making of other investments pursuant to which all or substantially all of the assets or stock of a Person (or any line of business or division thereof) are acquired, (b) the disposition of all or substantially all of the assets or stock of a Subsidiary of the Corporation (or any line of business or division of the Corporation or such Subsidiary of the Corporation), (c) any retirement or repayment of Indebtedness or (d) any other event that by the terms of this Agreement or the Certificate of Designations requires a test or covenant hereunder to be calculated on a Pro Forma Basis or after giving Pro Forma Effect thereto.

"**Subsidiary**", when used with respect to any Person, means any corporation, limited liability company, partnership, association, trust or other entity of which (x) securities or other ownership interests representing more than 50% of the ordinary voting power (or, in the case of a partnership, more than 50% of the general partnership interests) or (y) sufficient voting rights to elect at least a majority of the board of directors or other governing body are, as of such date, owned by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person.

"**Transaction Costs**" 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 of the Corporation and/or its Subsidiaries and/or (ii) any acquisition or disposition by the Corporation 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; provided, that, "Transaction Costs" shall include all non-recurring transaction fees, costs and expenses relating to the Transactions, the JDE Peet's Acquisition, the JV Investment, the Specified Spin-Off Transaction and the Beverage Co. IPO.

------

"**U.S. Dollar Equivalent**" means with respect to any monetary amount in a currency other than U.S. dollars, at any time for determination thereof, the amount of U.S. dollars obtained by converting such foreign currency involved in such computation into U.S. dollars at the spot rate for the purchase of U.S. dollars with the applicable foreign currency as published in The Wall Street Journal in the "Exchange Rates" column under the heading "Currency Trading" on the date two business days prior to such determination.

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g897620snap3.jpg)

**Keurig Dr Pepper Announces Updated Financing Plan for JDE Peet's Acquisition** 

*Company strengthens balance sheet by further reducing projected leverage and attracts additional high-quality investors* 

BURLINGTON, MA and FRISCO, TX (February 23, 2026) – Keurig Dr Pepper Inc. (NASDAQ: KDP; "the Company") today announced updated financing plans and transaction timelines for the acquisition of JDE Peet's and subsequent planned separation into two independent companies ("Beverage Co." and "Global Coffee Co." pending the announcement of official corporate names).

**Key developments include:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A targeted close of the JDE Peet's acquisition in early April 2026, with expected combined net leverage of
approximately 4.5x<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An agreement to upsize the previously announced Beverage Co. convertible preferred equity investment co-led by Apollo and KKR to $4.5 billion from $3 billion, with additional participation from high-quality, long-term oriented investors including accounts advised by T. Rowe Price Investment Management; as
a result, the Company will no longer consider a partial IPO of Beverage Co.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Definitive agreements finalized for the Global Coffee Co. Pod Manufacturing JV first announced in October 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Long term debt to be issued by the future Global Coffee Co. to finance the remaining portion of the JDE
Peet's transaction

Commenting on the announcements, Keurig Dr Pepper CFO Anthony DiSilvestro stated: "Today's update demonstrates our commitment to ensuring strong and resilient capital structures at each stage of this transaction by introducing an additional $1.5 billion of cost-efficient equity capital into the financing and bringing on board a high-quality mix of shareholders who recognize the value creation opportunity ahead. Our comprehensive financing solution, combined with strong cash generation, will drive rapid deleveraging, reinforce KDP's balance sheet, and help to establish Beverage Co. and Global Coffee Co. as successful, investment-grade companies."

The Company now plans to finance the upcoming acquisition through a combination of approximately $9 billion of long-term debt, $8.5 billion of equity capital, and the assumption of approximately $5 billion of existing JDE Peet's bonds, resulting in projected combined net leverage of 4.5x1. The transaction, which is expected to close in early April 2026, remains forecasted to be approximately 10% EPS accretive in its first full year. The company continues to evaluate additional avenues to accelerate deleveraging, including potential non-core asset monetization opportunities.

Separation timing will be based on the achievement of key milestones, including appropriate leverage levels at each company, and supportive market conditions. Though exact timing of the tax-free spin of Global Coffee Co. is yet to be determined, key transformation workstreams continue to target operational readiness to separate by year-end 2026.

<sup>1</sup> Projected as of June 30, 2026. Management net leverage is a non-GAAP metric. See "Non-GAAP Financial Measures" for additional information.

------

**Equity Financing** 

The Company reached a definitive agreement to increase the size of the previously announced convertible preferred stock investment in KDP to $4.5 billion, from the $3 billion co-led by funds managed by affiliates of Apollo (NYSE: APO) and funds and accounts managed by KKR (NYSE: KKR). Accounts advised by T. Rowe Price Investment Management (TRPIM) have provided an anchor commitment to support the upsize, alongside significant additional participation from Apollo, KKR, and other high-quality, long-term oriented investors. Post separation, the instrument will remain with Beverage Co.

The key terms of the instrument are substantially consistent with the October 2025 announcement, including an initial conversion price of $37.25 per share and a preferred dividend rate of 4.75%. As a result of the upsize, the Company will no longer consider a partial IPO of the Beverage Co.

In addition, definitive agreements for the Global Coffee Co. Pod Manufacturing JV have been executed on terms substantially consistent with the October 2025 announcement. The $4 billion investment into the joint venture will be co-led by Apollo and KKR with participation from Goldman Sachs Alternatives, as previously disclosed. The agreements are subject to customary closing conditions for transactions of this type.

**Debt Financing** 

To complete the financing for the acquisition, the Company expects Global Coffee Co. to raise approximately $9 billion of debt capital through a mix of long-term senior debt and a temporary borrowing under the existing term loan facility. Global Coffee Co. will also assume approximately $5 billion of existing JDE Peet's bonds upon acquisition close.

After the separation is complete, and accounting for additional deleveraging that will occur between acquisition close and the spin-off transaction, Global Coffee Co. plans to issue junior subordinated notes to repay any remaining portion outstanding on the term loan.

**ABOUT KEURIG DR PEPPER** 

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<sup>®</sup>, Dr Pepper<sup>®</sup>, Canada Dry<sup>®</sup>, Mott's<sup>®</sup>, A&W<sup>®</sup>, Peñafiel<sup>®</sup>, Snapple<sup>®</sup>, 7UP<sup>®</sup>, Green Mountain Coffee Roasters<sup>®</sup>, GHOST<sup>®</sup>, Clamato<sup>®</sup>, Core Hydration<sup>®</sup> and The Original Donut Shop<sup>®</sup>. 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 www.keurigdrpepper.com and follow us @KeurigDrPepper on LinkedIn and Instagram.

------

**FORWARD LOOKING STATEMENTS** 

Certain statements in this press release, such as statements relating to the Company's contemplated acquisition of JDE Peet's, the pod manufacturing JV, the preferred investment, the combined business, the contemplated separation of the beverage and coffee portfolios, future financial targets and results, anticipated leverage ratios, credit ratings and anticipated additional sources of funding may be considered "forward-looking statements" within the meaning of applicable securities laws and regulations. Forward-looking statements include those preceded by, followed by or that include the words "anticipate," "expect," "believe," "could," "continue," "ongoing," "forecast," "estimate," "intend," "may," "plan," "potential," "project," "should," "target," "will," "would" and similar words or phrases. These forward-looking statements speak only as of the date of this release. These statements are based on the current expectations of our management and are not predictions of actual performance.

Although the Company believes that the assumptions upon which its 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) the inherent uncertainty of estimates, forecasts and projections, (ii) global economic uncertainty or economic downturns, (iii) tariffs or the imposition of new tariffs, trade wars, barriers or restrictions, or threats of such actions and related uncertainty, (iv) the risk that our financial performance may be better or worse than anticipated, (v) the possibility that we are unable to successfully integrate GHOST Lifestyle LLC into our business, (vi) risks relating to the completion of the acquisition of JDE Peet's and the subsequent separation of our beverage and coffee portfolios in the anticipated timeframe or at all, (vii) risks related to the receipt of regulatory approvals without unexpected delays or conditions, (viii) risks relating to our incurrence of significant debt or our entry into other funding alternatives, in each case, to fund the acquisition of JDE Peet's, which may result in dilution to our stockholders or introduce complexity to our capital structure, (ix) additional risks associated with the acquisition of JDE Peet's and those geographies where JDE Peet's currently operates, (x) our ability to successfully integrate JDE Peet's into our business, or that such integration may be more difficult, time-consuming or costly than expected, (xi) constraints on management's attention to operating and growing our business during the execution of the acquisition of JDE Peet's and the separation, (xii) the potential downgrade of our credit ratings as a result of debt incurred and/or assumed in connection with the acquisition of JDE Peet's and the separation, (xiii) the risk that the acquisition of JDE Peet's and the separation may incur significant additional costs, (xiv) the risk of potential litigation, (xv) negative effects of the announcement and pendency of the acquisition of JDE Peet's and the separation on our share price, and (xvi) the ability to achieve the anticipated strategic and financial benefits from the separation, and (xvii) the other risks and uncertainties discussed in the Company's press releases and public filings. These risks and uncertainties, as well as others, are more fully discussed in the Company's filings with the Securities and Exchange Commission (the "SEC"), including our Annual Report on Form 10-K filed with the SEC on February 25, 2025. While the lists of risk factors presented here and in our public filings are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties.

Any forward-looking statement made herein speaks only as of the date of this release. 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.

------

**NON-GAAP FINANCIAL MEASURES** 

This release includes non-GAAP financial measures, which differ from results using U.S. Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures should be considered as supplements to and should not be considered replacements for, or superior to, the GAAP measures. These measures may differ from similarly titled non-GAAP financial measures presented by other companies, and other companies may not define the non-GAAP financial measure in the same way. Non-GAAP financial measures typically exclude certain charges, including one-time costs that are not expected to occur routinely in future periods, described by the Company as "items affecting comparability." The Company uses non-GAAP financial measures to evaluate our operating and financial performance and to compare such performance to that of prior periods and to the performance of our competitors. Additionally, we use non-GAAP financial measures in making operational and financial decisions and in our budgeting and planning process. We believe that providing non-GAAP financial measures to investors helps investors evaluate our operating performance, profitability and business trends in a way that is consistent with how management evaluates such performance.

Management leverage ratio is defined as the Company's total principal amounts of debt less cash and cash equivalents, divided by Adjusted EBITDA. Management believes that the Management leverage ratio is useful for investors in evaluating the Company's liquidity and assessing the Company's ability to meet its financial obligations. Adjusted EBITDA is defined as EBITDA, as adjusted for items affecting comparability, which include: (i) the unrealized mark-to-market impact of derivative instruments not designated as hedges in accordance with U.S. GAAP that do not have an offsetting risk reflected within the financial results, as well as the unrealized mark-to-market impact of our Vita Coco investment prior to its sale in the first quarter of 2025; (ii) the amortization associated with definite-lived intangible assets; (iii) the amortization of the deferred financing costs associated with the combination of the business operations with Dr Pepper Snapple Group, Inc. as of July 9, 2018 (the "DPS Merger"); (iv) the amortization of the fair value adjustment of the senior unsecured notes obtained as a result of the DPS Merger; (v) stock compensation expense and the associated windfall tax benefit attributable to the matching awards made to employees who made an initial investment in KDP; (vi) transaction costs for significant business combinations (completed or abandoned), excluding costs related to the JDE Peet's acquisition; (vii) non-cash changes in deferred tax liabilities related to goodwill and intangible assets as a result of tax rate or apportionment changes; and (viii) certain other items that are excluded for comparison purposes to prior year periods. EBITDA is defined as Net income as adjusted for interest expense, net; provision for income taxes; depreciation expense; amortization of intangibles; and other amortization. Management believes that Adjusted EBITDA is useful for investors in evaluating the Company's operating results and understanding the Company's operating trends by adjusting certain items that can vary significantly depending on specific underlying transactions or events, thereby affecting comparability.

The Company does not provide reconciliations of such forward-looking non-GAAP measures to GAAP measures, due to the inability to predict the amount and timing of impacts outside of the Company's control on certain items, such as non-cash gains or losses resulting from mark-to-market adjustments of derivative instruments, among others, which could be material. Reconciling such items would require unreasonable efforts.

**RESTRICTIONS** 

This release does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities in JDE Peet's N.V. Any offer will be made only by means of the offer memorandum approved by the Dutch Authority for the Financial Markets, which is available as of January 15, 2026. 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.