Document:

Exhibit 4.37

 

SECOND AMENDMENT TO THE IMPLEMENTATION AGREEMENT

 

This Second Amendment Agreement (the “Second
Amendment Agreement”) to the implementation agreement dated 25 April 2018, as amended by the first amendment to the implementation
agreement dated August 31, 2020 (“Implementation Agreement”), is entered into on November 19, 2020 at New
Delhi, India, among:

 

		(1)	BHARTI INFRATEL LIMITED, a company incorporated in India under the Companies Act, 1956, and having
its registered office at 901, Park Centra, Sector – 30, NH – 8, Gurugram, Haryana – 122001, India and corporate
office at Bharti Crescent, 1 Nelson Mandela Road, Vasant Kunj, Phase II, New Delhi – 110 070, Delhi, India (“BIL”);

 

		(2)	THE PERSONS LISTED IN PART A OF SCHEDULE 1 OF THE IMPLEMENTATION AGREEMENT (collectively,
the “VIL Promoters”);

 

		(3)	THE PERSONS LISTED IN PART B OF SCHEDULE 1 OF THE IMPLEMENTATION AGREEMENT (collectively,
the “BIL Promoters”);

 

		(4)	VODAFONE IDEA LIMITED, a company incorporated in India under the Companies Act, 1956, and having
its registered office at Suman Tower, Plot No. 18, Sector –11, Gandhinagar – 382 011, Gujarat, India (“Vodafone
Idea”);

 

		(5)	INDUS TOWERS LIMITED, a company incorporated in India under the Companies Act, 1956, and having
its registered office at Building No.10, Tower-A, 4th Floor, DLF Cyber City, Gurugram 122002, Haryana, India (“Indus”);
and

 

		(6)	VODAFONE INTERNATIONAL HOLDINGS B.V., a company incorporated in the Netherlands, and having its
registered office at Rivium Quadrant 173, 2909 LC Capelle aan den IJssel, the Netherlands (“Vodafone Confirming Party”).

 

BIL, the VIL Promoters, the BIL Promoters, Vodafone
Idea and Indus are collectively referred to as the “Parties” and individually as a “Party”.

 

WHEREAS:

 

		(A)	The Parties have entered into the Implementation Agreement in connection with the proposed merger of Indus
with BIL through a scheme of amalgamation and arrangement under Sections 230 to 232 of the Act (the “Merger Scheme”),
which prescribes certain conditions precedent for the Merger Scheme to become effective.

 

		(B)	The Parties have now agreed certain revised terms and conditions on which the Transaction will be undertaken
and implemented and are entering into this Second Amendment Agreement to make necessary amendments to the Implementation Agreement in
accordance with Clause 16.5 of the Implementation Agreement.

 

		(C)	Capitalised words and expressions used but not defined herein shall
have the same meaning as assigned to them under the Implementation Agreement and references to Clauses shall mean Clauses of the Implementation
Agreement.

 

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NOW THEREFORE
THE PARTIES HEREBY AGREE TO AMEND THE IMPLEMENTATION AGREEMENT AS FOLLOWS:

 

		1.	AMENDMENTS TO THE IMPLEMENTATION AGREEMENT

 

		(a)	In Clause 1.1 (Definitions), the definition of “BIL EBITDA” shall be, and is
hereby, substituted in its entirety by the following

 

““BIL
EBITDA” means the sum of INR 31,335 million (Rupees thirty one thousand three hundred and thirty five million) for BIL
on a standalone basis and 42% of the Indus EBITDA, as increased by an addition of 50% of INR 221 million being the amount of provision
for doubtful debts within BIL standalone EBITDA as at 31 March 2020.”

 

		(b)	In Clause 1 of Schedule 9, the definition of “BIL Sale EBITDA” shall be, and is hereby,
substituted in its entirety by the following

 

“BIL
Sale EBITDA” means the sum of INR 31,335 Million (Rupees thirty one thousand three hundred and thirty five million) for BIL
on a standalone basis and 42% of the Indus Sale EBITDA, as increased by an addition of 50% of INR 221 Million being the amount
of provision for doubtful debts within BIL standalone EBITDA as at 31 March 2020.”

 

		(c)	In Paragraph 2.2 of Part B of Schedule 4 (Pre-Closing Adjustments) to the Implementation Agreement,
the following adjustment (l) shall be, and is hereby, inserted after (k):

 

“(l) An
asset shall be recognised of an amount of INR 522 Million as provision for doubtful debts (“PDD”) as of September 30,
2020 (BIL standalone basis) for Airtel and Vodafone Idea”

 

		(d)	In Paragraph 3.2 of Part B of Schedule 4 (Pre-Closing Adjustments) to the Implementation Agreement,
the adjustment (e) shall be, and is hereby, substituted in its entirety by the following.

 

“(e) An
asset shall be recognised of an amount of INR 3,792 Million as provision for doubtful debts (“PDD”) as of September 30,
2020 for Airtel and Vodafone Idea”

 

		(e)	In Paragraph 2.2 of Part B of Appendix A of Schedule 9 (Terms and Conditions Applicable to Idea
Cash Election) to the Implementation Agreement, the adjustment (d) shall be, and is hereby, substituted in its entirety by the
following.

 

“(d) An
asset shall be recognised of an amount of INR 3,792 Million as provision for doubtful debts (“PDD”) as of September 30,
2020 for Airtel and Vodafone Idea”

 

		(f)	In Paragraph 2.2 of Part C of Appendix A of Schedule 9 (Terms and Conditions Applicable to Idea
Cash Election) to the Implementation Agreement, the following adjustment (k) shall be, and is hereby, inserted after (j).

 

“(k) An
asset shall be recognised of an amount of INR 522 Million as provision for doubtful debts (“PDD”) as of September 30,
2020 (BIL standalone basis) for Airtel and Vodafone Idea”

 

		(g)	Clause 6.5.3 (Key Employees) shall be, and is hereby, substituted in its entirety by the following.

 

“Manish Dawar shall be appointed
as the Chief Financial Officer of the Merged Entity with effect from the Closing Date.”

 

		2.	FULL FORCE AND EFFECT

 

This Second Amendment Agreement shall
be effective from the date hereof, and shall be read together with, and as a part of, the Implementation Agreement. Except as amended
hereby, all of the terms and conditions of the Implementation Agreement shall remain in full force and effect.

 

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		3.	COUNTERPARTS

 

This Second
Amendment Agreement may be entered into in any number of counterparts, all of which taken together shall constitute one and the same instrument,
but shall not be effective until each Party has executed at least one counterpart. Further, the delivery of a PDF format copy of
an executed signature page with the same force and effect as the delivery of an originally executed signature page.

 

		4.	GOVERNING LAW AND DISPUTE RESOLUTION

 

This Second Amendment Agreement shall
be governed by and construed in accordance with Laws of India. Any dispute or difference arising out of or in connection with this Second
Amendment Agreement shall be resolved in the manner provided in Clauses 16.8 (Consultation) and 16.9 (Arbitration) of the
Implementation Agreement, mutatis mutandis.

 

[Remainder of this page has been intentionally
left blank]

 

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In witness whereof, this Second Amendment Agreement has been entered
into on the date and year first above written.

 

For and on behalf of Bharti Infratel Limited

 

 

	/s/ Akhil Gupta	 
	Name: Akhil Gupta	 
	Title: Chairman	 

 

 

For and on behalf of Bharti Airtel Limited

 

 

	/s/ Sameer Chugh	 
	Name: Sameer Chugh	 
	Title:	 

 

 

For and on behalf of Nettle Infrastructure Investments Limited

 

 

	/s/ Sameer Chugh	 
	Name: Sameer Chugh	 
	Title:	 

 

[Signature
Page to the Second Amendment to the Implementation Agreement]

 

    

     

    

 

For and on behalf of Al-Amin Investments Limited

 

 

	/s/ Gerhardus A van Niekerk	 
	Name: Gerhardus A van Niekerk	 
	Title: Director	 

 

 

For and on behalf of Asian Telecommunication Investments (Mauritius)
Limited

 

 

	/s/ Gerhardus A van Niekerk	 
	Name: Gerhardus A van Niekerk	 
	Title: Director	 

 

 

For and on behalf of CCII (Mauritius), Inc.

 

 

	/s/ Gerhardus A van Niekerk	 
	Name: Gerhardus A van Niekerk	 
	Title: Director	 

 

 

For and on behalf of Euro Pacific Securities Ltd

 

 

	 /s/ Gerhardus A van Niekerk
	 
	Name: Gerhardus A van Niekerk	 
	Title: Director	 

 

[Signature Page to the Second Amendment
to the Implementation Agreement]

 

    

     

    

 

For and on behalf of Vodafone Telecommunications (India) Limited

 

 

	/s/ Gerhardus A van Niekerk	 
	Name: Gerhardus A van Niekerk	 
	Title: Director	 

 

 

For and on behalf of Mobilvest

 

 

	/s/ Gerhardus A van Niekerk	 
	Name: Gerhardus A van Niekerk	 
	Title: Director	 

 

 

For and on behalf of Prime Metals Ltd

 

 

	/s/ Gerhardus A van Niekerk	 
	Name: Gerhardus A van Niekerk	 
	Title: Director	 

 

 

For and on behalf of Trans Crystal Ltd

 

 

	/s/ Gerhardus A van Niekerk	 
	Name: Gerhardus A van Niekerk	 
	Title: Director	 

 

[Signature Page to the Second Amendment
to the Implementation Agreement]

 

    

     

    

 

For and on behalf of Omega Telecom Holdings Private Limited

 

 

	/s/ Priyanka Sinha	 
	Name: Priyanka Sinha	 
	Title: Director	 

 

 

For and on behalf of Usha Martin Telematics Limited

 

 

	/s/ Priyanka Sinha	 
	Name: Priyanka Sinha	 
	Title: Director	 

 

[Signature Page to
the Second Amendment to the Implementation Agreement]

 

    

     

    

 

For and on behalf of

Vodafone Idea Limited

 

 

	/s/ Ravinder Takker	 
	Name:	 
	Title:	 

 

[Signature Page to the Second Amendment
to the Implementation Agreement]

 

    

     

    

 

For and on behalf of Indus Towers Limited

 

 

	/s/ Rajinder Kumar	 
	Name: Rajinder Kumar	 
	Title: Chief of Legal & Company Secretary	 

 

[Signature Page to the Second Amendment
to the Implementation Agreement]

 

    

     

    

 

For and on behalf of Vodafone International
Holdings B.V.

 

 

	/s/ M Buckers	 	/s/ L.R.M. Kraan	 
	Name: M Buckers	 	Name:  L.R.M. Kraan	 
	Title: Director	 	Title: Director	 

 

[Signature Page to the Second Amendment
to the Implementation Agreement]Exhibit 4.40

 

EXECUTION
VERSION

 

DATED
17 JULY 2020

 

 

LIBERTY
GLOBAL B.V.

 

and

 

VODAFONE
CZECH REPUBLIC A.S.

 

and

 

VODAFONE
WEST GMBH

 

and

 

VODAFONE
MAGYARORSZAG ZRT.

 

and

 

VODAFONE
ROMANIA S.A.

 

 

 

 

FIRST
AMENDMENT AGREEMENT

 

to
the

 

TRANSITIONAL
SERVICES 

AGREEMENT DATED 31 JULY 2019

 

 

 

    	 	 	 

     

    

 

This
First Amendment Agreement (“this Amendment”) is made
on 17 July 2020 between:

 

		1.	LIBERTY
                                            GLOBAL B.V., whose registered office is at Boeing Avenue 53, 1119 PE Schiphol-Rijk, The
                                            Netherlands (registered in The Netherlands at the Commercial Registry with registration No. 34168993)
                                            (the “Service Provider”);

 

		2.	VODAFONE
                                            CZECH REPUBLIC A.S (the universal successor of UPC Ceska Republika s.r.o.), whose registered
                                            office is at náměstí Junkových 2808/2, Stodůlky 155 00
                                            Praha 5, Czech Republic (registered in the Czech Republic with No. 25788001) (the
                                            “CZ Service Recipient”);

 

		3.	VODAFONE
                                            WEST GMBH (formally known as Unitymedia GmbH), whose registered office is at Aachener
                                            Staße 746-750, 50933 Cologne, Germany (registered with the local court of Cologne with
                                            No. HRB 68501) (the “DE Service Recipient”);

 

		4.	VODAFONE
                                            MAGYARORSZAG ZRT. (the universal successor of UPC Magyarorszag Kft.), whose registered
                                            office is at 1096 Budapest, Lechner Ödön fasor 6, Hungary (registered
                                            in Hungary with No. 01 10 044159) (the “HU Service Recipient”); and

 

		5.	VODAFONE
                                            ROMANIA S.A. (the universal successor of UPC Romania S.A.), whose registered office is
                                            at 201 Barbu Vacarescu, 8th Floor, 2nd District, Bucharest, Romania (registered in Bucharest,
                                            Romania with No. J40/9852/19960 (the “RO Service Recipient”).

 

together
the “parties” and individually a “party”.

 

RECITALS:

 

		(A)	Pursuant
                                            to an agreement dated 31 July 2019 between Liberty
                                            Global B.V., UPC Ceska Republica s.r.o., Unitymedia GmbH, UPC Magyarorszag Kft., UPC Romania
                                            S.A., Liberty Global Plc and Vodafone Group Plc (the “TSA”) it was agreed
                                            that: (i) the Service Provider should provide, or procure the provision of, certain
                                            services to the Service Recipient Group and (ii) the parties should co-operate to achieve
                                            Migration and Integration in accordance with the terms of the TSA.

 

		(B)	It
                                            is agreed that the parties now wish to use this Amendment to make certain changes to the
                                            TSA given that the:

 

		(i)	legal
                                            mergers the CZ Service Recipient, HU Service Recipient and HU Service Receipt have now taken
                                            place;

 

		(ii)	DE
                                            Service Recipient has been renamed;

 

		(iii)	parties
                                            have agreed that the DE Service Recipient will no longer receive the “Pega Digitisation
                                            Service” in Development Mode and no further development or roll out of the Pega platform
                                            will occur as of Effective Date; and

 

		(iv)	Phase
                                            2 Baseline Exercise has been completed.

 

    	 	2	 

     

    

 

THE
PARTIES AGREE as follows:

 

		1.	Definitions
                                            and Interpretation

 

		1.1	In
                                            this Amendment, unless otherwise specified or the context otherwise requires:

 

		(A)	Terms
                                            defined in the TSA shall have corresponding meanings when used in this Amendment.

 

		(B)	The
                                            principles of interpretation set out in clause 1.2 (Interpretation) of the TSA shall apply
                                            to this Amendment.

 

		(C)	Reference
                                            to “this Amendment” shall include its Annexes.

 

		(D)	Reference
                                            to an Annex means an annex to this Amendment.

 

		1.2	In
                                            this Amendment:

 

“Amendment
Effective Date” means 31 July 2019; and

 

“TSA”
has the meaning given to it in Recital (A).

 

		1.3	If
                                            there is any conflict between the terms of this Amendment and the terms of the TSA, the terms
                                            of this Amendment shall prevail.

 

		2.	Amendment
                                            and Restatement

 

		2.1	The
                                            following amendment and restatement shall be deemed to take effect from the Amendment Effective
                                            Date.

 

		2.2	In
                                            relation to legal merger and entity name change of the Service Recipients, the parties acknowledge
                                            and agree that:

 

		(A)	the
                                            obligations and rights of UPC Ceska Republika s.r.o have now been assumed by the CZ Service
                                            Recipient by way of universal succession effective from 1 April 2020 whereby UPC Ceska
                                            Republika s.r.o. merged with the CZ Service Recipient;

 

		(B)	Unitymedia
                                            GmbH has been renamed ‘Vodafone West GmbH’;

 

		(C)	the
                                            obligations and rights of UPC Magyarorszag Kft. have now been assumed by the HU Service Recipient
                                            by way of universal succession effective from 31 March 2020 whereby UPC Magyarorszag
                                            Kft. merged with the HU Service Recipient; and

 

		(D)	the
                                            obligations and rights of UPC Romania S.A. have now been assumed by the RO Service Recipient
                                            by way of universal succession effective from 31 March 2020 whereby UPC Romania S.A.
                                            merged with the RO Service Recipient.

 

		2.3	In
                                            relation to the Pega Digitisation Service:

 

		(A)	Schedule
                                            1 Part G (German IT Services) of the TSA shall be amended and restated in the form set
                                            out in Annex 1; and

 

		(i)	Schedule
                                            3 (DE Charges) of the TSA shall be amended and restated in the form set out in Annex 2

 

with
the insertions shown in underlined text and deletions shown in strike through text.

 

    	 	3	 

     

    

 

		2.4	In
                                            relation to the Baseline Exercise:

 

		(A)	Schedule
                                            12 (Service Levels and Credits) of the TSA shall be amended and restated as set out in Annex
                                            3; and

 

		(B)	Annex
                                            5 to Schedule 12 (Service Levels Description Documents) of the TSA shall be amended and restated
                                            in the form set out in Annex 4

 

with
the insertions shown in underlined text and deletions shown in strike through text.

 

		2.5	As
                                            a consequence of the amendments set out in paragraph 2.2 and paragraph 2.3 above, the parties
                                            agree that the Phase 2 Baseline Exercise has now been completed.

 

		3.	Counterparts

 

		3.1	This
                                            Amendment may be executed in any number of counterparts, and by separate counterparts, but
                                            shall not be effective until each party has executed at least one counterpart. Each counterpart
                                            shall constitute an original of this Amendment, but all the counterparts shall together constitute
                                            but one and the same instrument. Delivery of a counterpart of this Agreement by e-mail attachment
                                            shall be an effective mode of delivery.

 

		4.	Confirmation
                                            and Incorporation of Terms

 

		4.1	The
                                            parties further agree and declare that the terms of the TSA, except as varied by this Amendment,
                                            are confirmed as if the same were set out in this Amendment in full, and that such terms
                                            as so varied shall for all purposes be deemed incorporated in this Amendment.

 

		4.2	The
                                            provisions of clause 44 (choice of governing law) of the TSA shall apply mutatis mutandis
                                            to this Amendment (including that any reference to “this Agreement” in the incorporated
                                            terms shall be deemed as a reference to this Amendment).

 

    	 	4	 

     

    

 

SIGNATURE

 

This First
Amendment Agreement is signed by duly authorised representatives of the parties on the date first written above:

 

LIBERTY
GLOBAL B.V.

 

	Signed by	)	SIGNATURE:
	 	 	 
	as duly authorised Attorney-in-Fact of	)	/s/ Ron Huisman /s/ Cherilyn Laban
	 	 	 
	Liberty Global B.V.	)	NAME: 	 Ron Huisman & Cherilyn
	 	 	Laban, Directors

    	 	5	 

     

    

 

	VODAFONE WEST GMBH	 
	 	 	 
	Signature: 	/s/ Gregor Laue	 
	 	 	 
	Name: 	Gregor Laue	 
	 	 	 
	Title:	Head of Supply Chain Management	 
	 	Department Commercial & Services	 
	 	Vodafone GmbH	 
	 	Germany	 

 

	Signature: 	/s/ Lena Bettermann	 
	 	 	 
	Name: 	Lena Bettermann	 
	 	 	 
	Title:	Director Procurement	 

 

    	 	6	 

     

    

 

	VODAFONE
CZECH REPUBLIC A.S	 
	 	 	 
	Signature: 	/s/ Milan Kniže	 
	 	 	 
	Name: 	Milan Kniže	 
	 	 	 
	Title:	Member of Board of Directors	 

 

	Signature: 	/s/ Jan Klouda	 
	 	 	 
	Name: 	Jan Klouda	 
	 	 	 
	Title:	Member of Board of Directors	 

 

    	 	7	 

     

    

 

	VODAFONE
MAGYARORSZAG ZRT	 
	 	 	 
	Signature: 	/s/ Ahmed Eisayed	 
	 	 	 
	Name: 	Ahmed Eisayed	 
	 	 	 
	Title:	Technology Director	 

 

     

     

    

 

	VODAFONE
ROMANIA S.A.	 
	 	 	 
	Signature: 	/s/ Murielle Mane Christine Puglionisi ép. Lorilloux	 
	 	 	 
	Name: 	Murielle Mane Christine Puglionisi ép. Lorilloux	 
	 	 	 
	Title:	Chief Executive Officer	 

 

	Signature: 	/s/ Marius Tarcolea Corcoman	 
	 	 	 
	Name: 	Marius Tarcolea Corcoman	 
	 	 	 
	Title:	Chief Financial Officer	 

  

    	 	9

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