Document:

Purchase Agreement

 Exhibit 10.20 
  
 PURCHASE AGREEMENT 
  
 THIS PURCHASE AGREEMENT (“Agreement”) is made as of the 19th day of July, 2005 by and among Tut Systems, Inc., a Delaware corporation (the “Company”), and the Investors set forth on the signature pages affixed hereto (each an “Investor” and
collectively the “Investors”). 
  
 Recitals

  
 A. The Company and the Investors are executing and
delivering this Agreement in reliance upon the exemption from securities registration afforded by the provisions of Regulation D (“Regulation D”), as promulgated by the U.S. Securities and Exchange Commission (the “SEC”) under
the Securities Act of 1933, as amended; and 
  
 B. The Investors
wish to purchase from the Company, and the Company wishes to sell and issue to the Investors, upon the terms and conditions stated in this Agreement, (i) an aggregate of 5,535,000 shares of the Company’s Common Stock, par value $0.001 per share
(together with any securities into which such shares may be reclassified the “Common Stock”), at a purchase price of $2.70 per share, and (ii) warrants to purchase an aggregate of 2,767,500 shares of Common Stock (subject to adjustment) at
an exercise price of $4.25 per share (subject to adjustment) in the form attached hereto as Exhibit A (the “Warrants”); and 
  
 C. Contemporaneous with the sale of the Common Stock and Warrants, the parties hereto will execute and deliver a Registration Rights Agreement, in the
form attached hereto as Exhibit B (the “Registration Rights Agreement”), pursuant to which the Company will agree to provide certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder, and applicable state securities laws. 
  
 In consideration of the mutual promises made herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  
 1. Definitions. In addition to those terms defined above and
elsewhere in this Agreement, for the purposes of this Agreement, the following terms shall have the meanings set forth below: 
  
 “Affiliate” means, with respect to any Person, any other Person which directly or indirectly through one or more intermediaries Controls,
is controlled by, or is under common control with, such Person. 
  
 “Business Day” means a day, other than a Saturday or Sunday, on which banks in New York City are open for the general transaction of business. 

 “Common Stock Equivalents” means any securities of the Company or the Subsidiaries which
would entitle the holder thereof to acquire at any time Common Stock, including without limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any time convertible into or exchangeable for, or otherwise
entitles the holder thereof to receive, Common Stock. 
  
 “Company’s Knowledge” means the actual knowledge of the executive officers (as defined in Rule 405 under the 1933 Act) of the Company, after due inquiry. 
  
 “Confidential Information” means trade secrets, confidential information and know-how (including but not
limited to ideas, formulae, compositions, processes, procedures and techniques, research and development information, computer program code, performance specifications, support documentation, drawings, specifications, designs, business and marketing
plans, and customer and supplier lists and related information). 
  
 “Control” (including the terms “controlling”, “controlled by” or “under common control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the
management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 
  
 “Effective Date” means the date on which the initial Registration Statement is declared effective by the SEC. 
  
 “Effectiveness Deadline” means the date on which the initial
Registration Statement is required to be declared effective by the SEC under the terms of the Registration Rights Agreement. 
  
 “Intellectual Property” means all of the following: (i) patents, patent applications, patent disclosures and inventions (whether or not
patentable and whether or not reduced to practice); (ii) trademarks, service marks, trade dress, trade names, corporate names, logos, slogans and Internet domain names, together with all goodwill associated with each of the foregoing; (iii)
copyrights and copyrightable works; (iv) registrations, applications and renewals for any of the foregoing; and (v) proprietary computer software (including but not limited to data, data bases and documentation). 
  
 “Material Adverse Effect” means a material adverse effect on
(i) the assets, liabilities, results of operations, condition (financial or otherwise), business, or prospects of the Company and its Subsidiaries taken as a whole, or (ii) the ability of the Company to perform its obligations under the Transaction
Documents. 
  
 “Nasdaq” means The Nasdaq Stock
Market, Inc. 
  
 “Person” means an individual,
corporation, partnership, limited liability company, trust, business trust, association, joint stock company, joint venture, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically listed
herein. 
  

 -2- 

 “Purchase Price” means Fourteen Million Nine Hundred Forty-Four Thousand Five Hundred
Dollars ($14,944,500). 
  
 “Required Investors”
means the Investors purchasing a least a majority of the Shares issued on the Closing Date pursuant to this Agreement. 
  
 “SEC Filings” has the meaning set forth in Section 4.6. 
  
 “Registration Statement” has the meaning set forth in the Registration Rights Agreement. 
  
 “Securities” means the Shares, the Warrants and the Warrant
Shares. 
  
 “Shares” means the shares of Common
Stock being purchased by the Investors hereunder. 
  
 “Subsidiary” of any Person means another Person, an amount of the voting securities, other voting ownership or voting partnership interests of which is sufficient to elect at least a majority of its Board of Directors or
other governing body (or, if there are no such voting interests, 50% or more of the equity interests of which) is owned directly or indirectly by such first Person. 
  
 “Transaction Documents” means this Agreement, the Warrants and the Registration Rights Agreement.

  
 “Warrant Shares” means the shares of Common
Stock issuable upon the exercise of the Warrants. 
  
 “1933 Act” means the Securities Act of 1933, as amended, or any successor statute, and the rules and regulations promulgated thereunder. 
  
 “1934 Act” means the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules
and regulations promulgated thereunder. 
  
 2. Purchase and
Sale of the Shares and Warrants. Subject to the terms and conditions of this Agreement, on the Closing Date, each of the Investors shall severally, and not jointly, purchase, and the Company shall sell and issue to each Investor, the Shares and
Warrants in the respective amounts set forth opposite each Investor’s name on the signature pages of this Agreement in exchange for the Purchase Price as specified in Section 3 below. 
  
 3. Closing. Upon confirmation that the other conditions to closing
specified herein have been satisfied or duly waived by the Investors, the Company shall deliver to Lowenstein Sandler PC, in trust, a certificate or certificates, registered in such name or names as the Investors may designate, representing the
Shares and Warrants, with instructions that such certificates are to be held for release to the Investors only upon payment in full of the Purchase 

  

 -3- 

 
Price to the Company by all the Investors. Upon such receipt by Lowenstein Sandler PC of the certificates, each Investor shall promptly, but no more than one
Business Day thereafter, cause a wire transfer in same day funds to be sent to the account of the Company as instructed in writing by the Company, in an amount representing such Investor’s pro rata portion of the Purchase Price as set forth on
the signature pages to this Agreement. On the date (the “Closing Date”) the Company receives the Purchase Price, the certificates evidencing the Shares and Warrants shall be released to the Investors (the “Closing”). The Closing
shall take place at the offices of Lowenstein Sandler PC, 1251 Avenue of the Americas, 18th Floor, New York, New York 10020, or at such other location and on such other date as the Company and the Investors shall mutually agree. 
  
 4. Representations and Warranties of the Company. The Company hereby
represents and warrants to each of the Investors that: 
  
 4. 1
Organization, Good Standing and Qualification. Each of the Company and its Subsidiaries is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation and has all requisite
corporate power and authority to carry on its business as now conducted and to own its properties. Each of the Company and its Subsidiaries is duly qualified to do business as a foreign corporation and is in good standing in each jurisdiction in
which the conduct of its business or its ownership or leasing of property makes such qualification or leasing necessary unless the failure to so qualify has not had and could not reasonably be expected to have a Material Adverse Effect. The
Company’s Subsidiaries are as set forth in the SEC Filings. 
  
 4.2 Authorization. The Company has full power and authority and has taken all requisite action on the part of the Company, its officers, directors and stockholders necessary for (i) the authorization, execution and delivery of the
Transaction Documents, (ii) the authorization of the performance of all obligations of the Company hereunder or thereunder, and (iii) the authorization, issuance (or reservation for issuance) and delivery of the Securities. The Transaction
Documents, when delivered in accordance with the terms of this Agreement, will constitute the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, except (i) as may be limited by (1)
applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability, relating to or affecting creditors’ rights generally and (2) the effect of rules of law governing the availability of
equitable remedies and (ii) as rights to indemnity or contribution may be limited under federal or state securities laws or by principles of public policy thereunder. 
  
 4.3 Capitalization. The number of shares and type of all authorized, issued and outstanding capital stock, options
and other securities of the Company (whether or not presently convertible into or exercisable or exchangeable for shares of capital stock of the Company) is as set forth in the SEC Filings. All of the issued and outstanding shares of the
Company’s capital stock have been duly authorized and validly issued and are fully paid, nonassessable and free of pre-emptive rights and were issued in full compliance with applicable state and federal securities law and any rights of third
parties. Except as described in the SEC Filings, all of the issued and outstanding shares of capital stock of each Subsidiary have been 

  

 -4- 

 
duly authorized and validly issued and are fully paid, nonassessable and free of pre-emptive rights, were issued in full compliance with applicable state and
federal securities law and any rights of third parties and are owned by the Company, beneficially and of record, subject to no lien, encumbrance or other adverse claim. Except as described in the SEC Filings, no Person is entitled to pre-emptive or
similar statutory or contractual rights with respect to any securities of the Company. Except as described in the SEC Filings, there are no outstanding warrants, options, convertible securities or other rights, agreements or arrangements of any
character under which the Company or any of its Subsidiaries is or may be obligated to issue any equity securities of any kind and except as contemplated by this Agreement, neither the Company nor any of its Subsidiaries is currently in negotiations
for the issuance of any equity securities of any kind. Except as described in the SEC Filings and except for the Registration Rights Agreement, there are no voting agreements, buy-sell agreements, option or right of first purchase agreements or
other agreements of any kind among the Company and any of the securityholders of the Company relating to the securities of the Company held by them. Except as described in the SEC Filings and except as provided in the Registration Rights Agreement,
no Person has the right to require the Company to register any securities of the Company under the 1933 Act, whether on a demand basis or in connection with the registration of securities of the Company for its own account or for the account of any
other Person. 
  
 Except as described in the SEC Filings, the
issuance and sale of the Securities hereunder will not obligate the Company to issue shares of Common Stock or other securities to any other Person (other than the Investors) and will not result in the adjustment of the exercise, conversion,
exchange or reset price of any outstanding security. 
  
 Except as
described in the SEC Filings, the Company does not have outstanding stockholder purchase rights or “poison pill” or any similar arrangement in effect giving any Person the right to purchase any equity interest in the Company upon the
occurrence of certain events. 
  
 4.4 Valid Issuance. The
Shares have been duly and validly authorized and, when issued and paid for pursuant to this Agreement, will be validly issued, fully paid and nonassessable, and shall be free and clear of all encumbrances and restrictions (other than those created
by the Investors), except for restrictions on transfer set forth in the Transaction Documents or imposed by applicable securities laws. The Warrants have been duly and validly authorized. Upon the due exercise of the Warrants, the Warrant Shares
will be validly issued, fully paid and non-assessable free and clear of all encumbrances and restrictions, except for restrictions on transfer set forth in the Transaction Documents or imposed by applicable securities laws and except for those
created by the Investors. The Company has reserved a sufficient number of shares of Common Stock for issuance upon the exercise of the Warrants, free and clear of all encumbrances and restrictions, except for restrictions on transfer set forth in
the Transaction Documents or imposed by applicable securities laws and except for those created by the Investors. 
  
 4.5 Consents. The execution, delivery and performance by the Company of the Transaction Documents and the offer, issuance and sale of the
Securities require no consent of, action by or in respect of, or filing with, any Person, governmental body, agency, or official 

  

 -5- 

 
other than filings that have been made pursuant to applicable state securities laws and post-sale filings pursuant to applicable state and federal securities
laws which the Company undertakes to file within the applicable time periods. Subject to the accuracy of the representations and warranties of each Investor set forth in Section 5 hereof, the Company has taken all action necessary to exempt (i) the
issuance and sale of the Securities, (ii) the issuance of the Warrant Shares upon due exercise of the Warrants, and (iii) the other transactions contemplated by the Transaction Documents from the provisions of any stockholder rights plan or other
“poison pill” arrangement, any anti-takeover, business combination or control share law or statute binding on the Company or to which the Company or any of its assets and properties may be subject and any provision of the Company’s
Certificate of Incorporation or Bylaws that is or could reasonably be expected to become applicable to the Investors as a result of the transactions contemplated hereby, including without limitation, the issuance of the Securities and the ownership,
disposition or voting of the Securities, as applicable, by the Investors or the exercise of any right granted to the Investors pursuant to this Agreement or the other Transaction Documents. 
  
 4.6 Delivery of SEC Filings; Business. The Company has made available
to the Investors through the EDGAR system, true and complete copies of the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2004 (as amended as of the date hereof, the “10-K”), and all other
reports filed by the Company pursuant to the 1934 Act since the filing of the 10-K and prior to the date hereof (collectively, the “SEC Filings”). The SEC Filings are the only filings required of the Company pursuant to the 1934 Act for
such period. The Company and its Subsidiaries are engaged in all material respects only in the business described in the SEC Filings and the SEC Filings contain a complete and accurate description in all material respects of the business of the
Company and its Subsidiaries, taken as a whole. 
  
 4.7 Use of
Proceeds. The net proceeds of the sale of the Shares and the Warrants hereunder shall be used by the Company for working capital and general corporate purposes. 
  
 4.8 No Material Adverse Change. Since December 31, 2004, except as identified and described in the SEC Filings, there
has not been: 
  
 (i) any change in the consolidated assets,
liabilities, financial condition or operating results of the Company from that reflected in the financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2005, except for changes in the
ordinary course of business which have not had and could not reasonably be expected to have a Material Adverse Effect, individually or in the aggregate; 
  
 (ii) any declaration or payment of any dividend, or any authorization or payment of any distribution, on any of the capital stock of the Company, or any
redemption or repurchase of any securities of the Company; 
  
 (iii) any material damage, destruction or loss, whether or not covered by insurance to any assets or properties of the Company or its Subsidiaries; 
  

 -6- 

 (iv) any waiver, not in the ordinary course of business, by the Company or any Subsidiary of a material
right or of a material debt owed to it; 
  
 (v) any satisfaction
or discharge of any lien, claim or encumbrance or payment of any obligation by the Company or a Subsidiary, except in the ordinary course of business and which is not material to the assets, properties, financial condition, operating results or
business of the Company and its Subsidiaries taken as a whole (as such business is presently conducted and as it is proposed to be conducted); 
  
 (vi) any change or amendment to the Company’s Certificate of Incorporation or Bylaws, or material change to any material contract or arrangement by
which the Company or any Subsidiary is bound or to which any of their respective assets or properties is subject; 
  
 (vii) any material labor difficulties or labor union organizing activities with respect to employees of the Company or any Subsidiary; 
  
 (viii) any material transaction entered into by the Company or a Subsidiary
other than in the ordinary course of business; 
  
 (ix) the loss
of the services of any key employee, or material change in the composition or duties of the senior management of the Company; 
  
 (x) the loss or threatened loss of any customer which has had or could reasonably be expected to have a Material Adverse Effect; or 
  
 (xi) any other event or condition of any character that has had or could
reasonably be expected to have a Material Adverse Effect. 
  
 4.9
SEC Filings; S-3 Eligibility. 
  
 (a) At the time of
filing thereof, the SEC Filings complied as to form in all material respects with the requirements of the 1934 Act and did not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the
statements made therein, in the light of the circumstances under which they were made, not misleading. 
  
 (b) Each registration statement and any amendment thereto filed by the Company since January 1, 2002 pursuant to the 1933 Act and the rules and
regulations thereunder, as of the date such statement or amendment became effective, complied as to form in all material respects with the 1933 Act and did not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary in order to make the statements made therein not misleading; and each prospectus filed pursuant to Rule 424(b) under the 1933 Act, as of its issue date and as of the closing of any sale of securities
pursuant thereto did not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements made therein, in the light of the circumstances under which they
were made, not misleading. 
  

 -7- 

 (c) The Company is eligible to use Form S-3 to register the Registrable Securities (as such term is
defined in the Registration Rights Agreement) for sale by the Investors as contemplated by the Registration Rights Agreement. 
  
 4.10 No Conflict, Breach, Violation or Default. The execution, delivery and performance of the Transaction Documents by the Company and the
issuance and sale of the Securities will not conflict with or result in a breach or violation of any of the terms and provisions of, or constitute a default under (i) the Company’s Certificate of Incorporation or the Company’s Bylaws, both
as in effect on the date hereof (true and complete copies of which have been made available to the Investors through the EDGAR system), or (ii)(a) any statute, rule, regulation or order of any governmental agency or body or any court, domestic or
foreign, having jurisdiction over the Company, any Subsidiary or any of their respective assets or properties, or (b) any agreement or instrument to which the Company or any Subsidiary is a party or by which the Company or a Subsidiary is bound or
to which any of their respective assets or properties is subject. 
  
 4.11 Tax Matters. The Company and each Subsidiary has timely prepared and filed all tax returns required to have been filed by the Company or such Subsidiary with all appropriate governmental agencies and timely paid all taxes shown
thereon or otherwise owed by it, except where the failure to do so would not cause a Material Adverse Effect. The charges, accruals and reserves on the books of the Company in respect of taxes for all fiscal periods are adequate in all material
respects, and there are no material unpaid assessments against the Company or any Subsidiary nor, to the Company’s Knowledge, any basis for the assessment of any additional taxes, penalties or interest for any fiscal period or audits by any
federal, state or local taxing authority except for any assessment which is not material to the Company and its Subsidiaries, taken as a whole. All taxes and other assessments and levies that the Company or any Subsidiary is required to withhold or
to collect for payment have been duly withheld and collected and paid to the proper governmental entity or third party when due, except where the failure to do so would not cause a Material Adverse Effect. There are no tax liens or claims pending
or, to the Company’s Knowledge, threatened against the Company or any Subsidiary or any of their respective assets or property. There are no outstanding tax sharing agreements or other such arrangements between the Company and any Subsidiary or
other corporation or entity. 
  
 4.12 Title to Properties.
Except as disclosed in the SEC Filings, the Company and each Subsidiary has good and marketable title to all real properties and all other properties and assets owned by it, in each case free from liens, encumbrances and defects that would
materially affect the value thereof or materially interfere with the use made or currently planned to be made thereof by them; and except as disclosed in the SEC Filings, the Company and each Subsidiary holds any leased real or personal property
under valid and enforceable leases with no exceptions that would materially interfere with the use made or currently planned to be made thereof by them. 
  

 -8- 

 4.13 Certificates, Authorities and Permits. The Company and each Subsidiary possess adequate
certificates, authorities or permits issued by appropriate governmental agencies or bodies necessary to conduct the business now operated by it, except where the failure to do so would not cause a Material Adverse Effect, and, to the Company’s
Knowledge, neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authority or permit that, if determined adversely to the Company or such Subsidiary, could
reasonably be expected to have a Material Adverse Effect, individually or in the aggregate. 
  
 4.14 Labor Matters. 
  
 (a) The Company is not a party to or bound by any collective bargaining agreements or other agreements with labor organizations. The Company has not violated in any material respect any laws, regulations, orders or contract terms, affecting
the collective bargaining rights of employees, labor organizations or any laws, regulations or orders affecting employment discrimination, equal opportunity employment, or employees’ health, safety, welfare, wages and hours. 
  
 (b) (i) There are no labor disputes existing, or to the Company’s
Knowledge, threatened, involving strikes, slow-downs, work stoppages, job actions, disputes, lockouts or any other disruptions of or by the Company’s employees, (ii) there are no unfair labor practices or petitions for election pending or, to
the Company’s Knowledge, threatened before the National Labor Relations Board or any other federal, state or local labor commission relating to the Company’s employees, (iii) no demand for recognition or certification heretofore made by
any labor organization or group of employees is pending with respect to the Company and (iv) to the Company’s Knowledge, the Company enjoys good labor and employee relations with its employees and labor organizations. 
  
 (c) The Company is, and at all times has been, in compliance in all material
respects with all applicable laws respecting employment (including laws relating to classification of employees and independent contractors) and employment practices, terms and conditions of employment, wages and hours, and immigration and
naturalization. There are no claims pending against the Company before the Equal Employment Opportunity Commission or any other administrative body or in any court asserting any violation of Title VII of the Civil Rights Act of 1964, the Age
Discrimination Act of 1967, 42 U.S.C. §§ 1981 or 1983 or any other federal, state or local Law, statute or ordinance barring discrimination in employment. 
  
 (d) Except as disclosed in the SEC Filings, the Company is not a party to, or bound by, any employment or other contract or
agreement that contains any severance, termination pay or change of control liability or obligation, including, without limitation, any “excess parachute payment,” as defined in Section 2806(b) of the Internal Revenue Code. 
  
 (e) Each of the Company’s employees is a Person who is either a United
States citizen or a permanent resident entitled to work in the United States. To the Company’s Knowledge, the Company has no liability for the improper classification by the Company of such employees as independent contractors or leased
employees prior to the Closing. 
  

 -9- 

 4.15 Intellectual Property. 
  
 (a) All Intellectual Property of the Company and its Subsidiaries is currently in compliance in all material respects with
all legal requirements (including timely filings, proofs and payments of fees) and is, to the Company’s Knowledge, valid and enforceable. No Intellectual Property of the Company or its Subsidiaries which is necessary for the conduct of
Company’s and each of its Subsidiaries’ respective businesses as currently conducted or as currently proposed to be conducted has been or is now involved in any cancellation, dispute or litigation, and, to the Company’s Knowledge, no
such action is threatened. No patent of the Company or its Subsidiaries has been or is now involved in any interference, reissue, re-examination or opposition proceeding. 
  
 (b) All of the licenses and sublicenses and consent, royalty or other agreements concerning Intellectual Property which are
necessary for the conduct of the Company’s and each of its Subsidiaries’ respective businesses as currently conducted or as currently proposed to be conducted to which the Company or any Subsidiary is a party or by which any of their
assets are bound (other than generally commercially available, non-custom, off-the-shelf software application programs having a retail acquisition price of less than $10,000 per license) (collectively, “License Agreements”) are valid and
binding obligations of the Company or its Subsidiaries that are parties thereto and, to the Company’s Knowledge, the other parties thereto, enforceable in accordance with their terms, except to the extent that enforcement thereof may be limited
by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws affecting the enforcement of creditors’ rights generally, and there exists no event or condition which will result in a material violation or
breach of or constitute (with or without due notice or lapse of time or both) a default by the Company or any of its Subsidiaries under any such License Agreement. 
  
 (c) The Company and its Subsidiaries own or have the valid right to use all of the Intellectual Property that is necessary
for the conduct of the Company’s and each of its Subsidiaries’ respective businesses as currently conducted or as currently proposed to be conducted and for the ownership, maintenance and operation of the Company’s and its
Subsidiaries’ properties and assets, free and clear of all liens, encumbrances, adverse claims or obligations to license all such owned Intellectual Property and Confidential Information, other than licenses entered into in the ordinary course
of the Company’s and its Subsidiaries’ businesses. The Company or a Subsidiary has a valid and enforceable right to use all third party Intellectual Property and Confidential Information used or held for use in the respective businesses of
the Company and its Subsidiaries, except to the extent that enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws affecting the enforcement of creditors’ rights
generally. 
  
 (d) To the Company’s Knowledge, the conduct
of the Company’s and its Subsidiaries’ businesses as currently conducted does not infringe or otherwise impair or conflict with (collectively, “Infringe”) any Intellectual Property rights of any third party or any 

  

 -10- 

 
confidentiality obligation owed to a third party, the Intellectual Property and Confidential Information of the Company and its Subsidiaries which are
necessary for the conduct of Company’s and each of its Subsidiaries’ respective businesses as currently conducted or as currently proposed to be conducted are not being Infringed by any third party in any material respect. There is no
litigation or order pending or outstanding or, to the Company’s Knowledge, threatened claim, that seeks to limit or challenge or that concerns the ownership, use, validity or enforceability of any Intellectual Property or Confidential
Information of the Company and its Subsidiaries and the Company’s and its Subsidiaries’ use of any Intellectual Property or Confidential Information owned by a third party, and, to the Company’s Knowledge, there is no valid basis for
the same. 
  
 (e) The consummation of the transactions
contemplated hereby and by the other Transaction Documents will not result in the alteration, loss, impairment of or restriction on the Company’s or any of its Subsidiaries’ ownership or right to use any of the Intellectual Property or
Confidential Information which is necessary for the conduct of Company’s and each of its Subsidiaries’ respective businesses as currently conducted or as currently proposed to be conducted. 
  
 (f) The Company and its Subsidiaries have taken reasonable steps to protect
the Company’s and its Subsidiaries’ rights in their Intellectual Property and Confidential Information. Each employee, consultant and contractor who has had access to Confidential Information which is necessary for the conduct of
Company’s and each of its Subsidiaries’ respective businesses as currently conducted or as currently proposed to be conducted has executed an agreement to maintain the confidentiality of such Confidential Information and has executed
appropriate agreements that are substantially consistent with the Company’s standard forms thereof. Except under confidentiality obligations, there has been no material disclosure of any of the Company’s or its Subsidiaries’
Confidential Information to any third party. 
  
 4.16
Environmental Matters. Neither the Company nor any Subsidiary is in violation of any statute, rule, regulation, decision or order of any governmental agency or body or any court, domestic or foreign, relating to the use, disposal or release
of hazardous or toxic substances or relating to the protection or restoration of the environment or human exposure to hazardous or toxic substances (collectively, “Environmental Laws”), owns or operates any real property contaminated with
any substance that is subject to any Environmental Laws, is liable for any off-site disposal or contamination pursuant to any Environmental Laws, or is subject to any claim relating to any Environmental Laws, which violation, contamination,
liability or claim has had or could reasonably be expected to have a Material Adverse Effect, individually or in the aggregate; and there is no pending or, to the Company’s Knowledge, threatened investigation that might lead to such a claim.

  
 4.17 Litigation. Except as described in the SEC
Filings, there are no pending material actions, suits or proceedings against or affecting the Company, its Subsidiaries or any of its or their properties; and to the Company’s Knowledge, no such actions, suits or proceedings are threatened or
contemplated. 
  

 -11- 

 4.18 Financial Statements. The financial statements included in each SEC Filing present fairly, in
all material respects, the consolidated financial position of the Company as of the dates shown and its consolidated results of operations and cash flows for the periods shown, and such financial statements have been prepared in conformity with
United States generally accepted accounting principles applied on a consistent basis (“GAAP”) (except as may be disclosed therein or in the notes thereto, and, in the case of quarterly financial statements, as permitted by Form 10-Q under
the 1934 Act). Except as set forth in the financial statements of the Company included in the SEC Filings filed prior to the date hereof, neither the Company nor any of its Subsidiaries has incurred any liabilities, contingent or otherwise, except
those incurred in the ordinary course of business, consistent (as to amount and nature) with past practices since the date of such financial statements, none of which, individually or in the aggregate, have had or could reasonably be expected to
have a Material Adverse Effect. 
  
 4.19 Insurance
Coverage. The Company and each Subsidiary maintains in full force and effect insurance coverage that is customary for comparably situated companies for the business being conducted and properties owned or leased by the Company and each
Subsidiary, and the Company reasonably believes such insurance coverage to be adequate against all liabilities, claims and risks against which it is customary for comparably situated companies to insure. 
  
 4.20 Compliance with Nasdaq Continued Listing Requirements. The
Company is in compliance with applicable Nasdaq continued listing requirements. There are no proceedings pending or, to the Company’s Knowledge, threatened against the Company relating to the continued listing of the Common Stock on Nasdaq and
the Company has not received any notice of, nor to the Company’s Knowledge is there any basis for, the delisting of the Common Stock from Nasdaq. 
  
 4.21 Brokers and Finders. No Person will have, as a result of the transactions contemplated by the Transaction Documents, any valid right, interest
or claim against or upon the Company, any Subsidiary or an Investor for any commission, fee or other compensation pursuant to any agreement, arrangement or understanding entered into by or on behalf of the Company, other than as previously disclosed
to the Investors in writing. 
  
 4.22 No Directed Selling
Efforts or General Solicitation. Neither the Company nor any Person acting on its behalf has conducted any general solicitation or general advertising (as those terms are used in Regulation D) in connection with the offer or sale of any of the
Securities. 
  
 4.23 No Integrated Offering. Neither the
Company nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any Company security or solicited any offers to buy any security, under circumstances that would adversely
affect reliance by the Company on Section 4(2) for the exemption from registration for the transactions contemplated hereby or would require registration of the Securities under the 1933 Act. 
  

 -12- 

 4.24 Private Placement. Assuming the accuracy of the representations of the Investors in Section
5, the offer and sale of the Securities to the Investors as contemplated hereby is exempt from the registration requirements of the 1933 Act. 
  
 4.25 Questionable Payments. Neither the Company nor any of its Subsidiaries nor, to the Company’s Knowledge, any of their
respective current or former stockholders, directors, officers, employees, agents or other Persons acting on behalf of the Company or any Subsidiary, has on behalf of the Company or any Subsidiary or in connection with their respective businesses:
(a) used any corporate funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity; (b) made any direct or indirect unlawful payments to any governmental officials or employees from corporate
funds; (c) established or maintained any unlawful or unrecorded fund of corporate monies or other assets; (d) made any false or fictitious entries on the books and records of the Company or any Subsidiary; or (e) made any unlawful bribe, rebate,
payoff, influence payment, kickback or other unlawful payment of any nature. 
  
 4.26 Transactions with Affiliates. Except as disclosed in the SEC Filings, none of the officers or directors of the Company and, to the Company’s Knowledge, none of the employees of the Company is
presently a party to any transaction with the Company or any Subsidiary (other than as holders of stock options and/or warrants, and for services as employees, officers and directors), including any contract, agreement or other arrangement providing
for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any officer, director or such employee or, to the Company’s Knowledge, any entity in which any
officer, director, or any such employee has a substantial interest or is an officer, director, trustee or partner. 
  
 4.27 Internal Controls. The Company is in material compliance with the provisions of the Sarbanes-Oxley Act of 2002 currently applicable to the
Company. The Company and the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii)
transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific
authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company has established disclosure controls and
procedures (as defined in 1934 Act Rules 13a-14 and 15d-14) for the Company and designed such disclosure controls and procedures to ensure that material information relating to the Company, including the Subsidiaries, is made known to the certifying
officers by others within those entities, particularly during the period in which the Company’s most recently filed period report under the 1934 Act, as the case may be, is being prepared. The Company’s certifying officers have evaluated
the effectiveness of the Company’s controls and procedures as of the end of the period covered by the most recently filed periodic report under the 1934 Act (such date, the “Evaluation Date”). The Company presented in its most
recently filed periodic report under the 1934 Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date, 

  

 -13- 

 
there have been no significant changes in the Company’s internal controls (as such term is defined in Item 308 of Regulation S-K) or, to the
Company’s Knowledge, in other factors that could significantly affect the Company’s internal controls. The Company maintains and will continue to maintain a standard system of accounting established and administered in accordance with GAAP
and the applicable requirements of the 1934 Act. 
  
 4.28
Disclosures. Neither the Company nor any Person acting on its behalf has provided the Investors or their agents or counsel with any information that constitutes or might constitute material, non-public information. The written materials
delivered to the Investors in connection with the transactions contemplated by the Transaction Documents do not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained
therein, in light of the circumstances under which they were made, not misleading. 
  
 5. Representations and Warranties of the Investors. Each of the Investors hereby severally, and not jointly, represents and warrants to the Company that: 
  
 5.1 Organization and Existence. Such Investor is a validly existing
corporation, limited partnership or limited liability company and has all requisite corporate, partnership or limited liability company power and authority to invest in the Securities pursuant to this Agreement. 
  
 5.2 Authorization. The execution, delivery and performance by such
Investor of the Transaction Documents to which such Investor is a party have been duly authorized and will each constitute the valid and legally binding obligation of such Investor, enforceable against such Investor in accordance with their
respective terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability, relating to or affecting creditors’ rights generally. 
  
 5.3 Purchase Entirely for Own Account. The Securities to be received
by such Investor hereunder will be acquired for such Investor’s own account, not as nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of the 1933 Act, and such Investor has no present intention
of selling, granting any participation in, or otherwise distributing the same in violation of the 1933 Act without prejudice, however, to such Investor’s right at all times to sell or otherwise dispose of all or any part of such Securities in
compliance with applicable federal and state securities laws. Nothing contained herein shall be deemed a representation or warranty by such Investor to hold the Securities for any period of time. Such Investor is not a broker-dealer
registered with the SEC under the 1934 Act or an entity engaged in a business that would require it to be so registered. 
  
 5.4 Investment Experience. Such Investor acknowledges that it can bear the economic risk and complete loss of its investment in the Securities and
has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment contemplated hereby. 
  

 -14- 

 5.5 Disclosure of Information. Such Investor has had an opportunity to receive all information
related to the Company requested by it and to ask questions of and receive answers from the Company regarding the Company, its business and the terms and conditions of the offering of the Securities. Such Investor acknowledges receipt of copies of
the SEC Filings. Neither such inquiries nor any other due diligence investigation conducted by such Investor shall modify, amend or affect such Investor’s right to rely on the Company’s representations and warranties contained in this
Agreement. 
  
 5.6 Restricted Securities. Such Investor
understands that the Securities are characterized as “restricted securities” under the U.S. federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such
laws and applicable regulations such securities may be resold without registration under the 1933 Act only in certain limited circumstances. 
  
 5.7 Legends. It is understood that, except as provided below, certificates evidencing the Securities may bear the following or any similar legend:

  
 (a) “The securities represented hereby may not be
transferred unless (i) such securities have been registered for sale pursuant to the Securities Act of 1933, as amended, (ii) such securities may be sold pursuant to Rule 144(k), or (iii) the Company has received an opinion of counsel reasonably
satisfactory to it that such transfer may lawfully be made without registration under the Securities Act of 1933 or qualification under applicable state securities laws.” 
  
 (b) If required by the authorities of any state in connection with the issuance of sale of the Securities, the legend
required by such state authority. 
  
 5.8 Accredited
Investor. Such Investor is an accredited investor as defined in Rule 501(a) of Regulation D, as amended, under the 1933 Act. 
  
 5.9 No General Solicitation. Such Investor did not learn of the investment in the Securities as a result of any public advertising or general
solicitation. 
  
 5.10 Brokers and Finders. No Person will
have, as a result of the transactions contemplated by the Transaction Documents, any valid right, interest or claim against or upon the Company, any Subsidiary or an Investor for any commission, fee or other compensation pursuant to any agreement,
arrangement or understanding entered into by or on behalf of such Investor. 
  
 5.11 Prohibited Transactions. During the last thirty (30) days prior to the date hereof, neither such Investor nor any Affiliate of such Investor which (x) had knowledge of the transactions contemplated hereby,
(y) has or shares discretion relating to such Investor’s investments or trading or information concerning such Investor’s investments, including in respect of the Securities, or (z) is subject to such Investor’s review or input
concerning such Affiliate’s investments or trading (collectively, “Trading Affiliates”) has, directly or indirectly, effected or agreed to effect any short sale, whether or not against the box, established any “put 

  

 -15- 

 
equivalent position” (as defined in Rule 16a-1(h) under the 1934 Act) with respect to the Common Stock, granted any other right (including, without
limitation, any put or call option) with respect to the Common Stock or with respect to any security that includes, relates to or derived any significant part of its value from the Common Stock or otherwise sought to hedge its position in the
Securities (each, a “Prohibited Transaction”). Prior to the earliest to occur of (i) the termination of this Agreement, (ii) the Effective Date or (iii) the Effectiveness Deadline, such Investor shall not, and shall cause its Trading
Affiliates not to, engage, directly or indirectly, in a Prohibited Transaction. Such Investor acknowledges that the representations, warranties and covenants contained in this Section 5.11 are being made for the benefit of the Investors as well as
the Company and that each of the other Investors shall have an independent right to assert any claims against such Investor arising out of any breach or violation of the provisions of this Section 5.11. 
  
 6. Conditions to Closing. 
  
 6.1 Conditions to the Investors’ Obligations. The obligation of
each Investor to purchase the Shares and the Warrants at the Closing is subject to the fulfillment to such Investor’s satisfaction, on or prior to the Closing Date, of the following conditions, any of which may be waived by such Investor (as to
itself only): 
  
 (a) The representations and warranties made by
the Company in Section 4 hereof qualified as to materiality shall be true and correct at all times prior to and on the Closing Date, except to the extent any such representation or warranty expressly speaks as of an earlier date, in which case such
representation or warranty shall be true and correct as of such earlier date, and, the representations and warranties made by the Company in Section 4 hereof not qualified as to materiality shall be true and correct in all material respects at all
times prior to and on the Closing Date, except to the extent any such representation or warranty expressly speaks as of an earlier date, in which case such representation or warranty shall be true and correct in all material respects as of such
earlier date. The Company shall have performed in all material respects all obligations and covenants herein required to be performed by it on or prior to the Closing Date. 
  
 (b) The Company shall have obtained any and all consents, permits, approvals, registrations and waivers necessary or
appropriate for consummation of the purchase and sale of the Securities and the consummation of the other transactions contemplated by the Transaction Documents, all of which shall be in full force and effect. 
  
 (c) The Company shall have executed and delivered the Registration Rights
Agreement. 
  
 (d) The Company shall have received confirmation
from Nasdaq to the effect that (i) the issuance and sale of the Securities as contemplated hereby will not require stockholder approval pursuant to the requirements of Nasdaq Marketplace Rule 4350(i), and (ii) that the Shares and the Warrant Shares
have been approved for inclusion in The Nasdaq National Market System upon official notice of issuance. 
  

 -16- 

 (e) No judgment, writ, order, injunction, award or decree of or by any court, or judge, justice or
magistrate, including any bankruptcy court or judge, or any order of or by any governmental authority, shall have been issued, and no action or proceeding shall have been instituted by any governmental authority, enjoining or preventing the
consummation of the transactions contemplated hereby or in the other Transaction Documents. 
  
 (f) The Company shall have delivered a Certificate, executed on behalf of the Company by its Chief Executive Officer or its Chief Financial Officer, dated as of the Closing Date, certifying to the fulfillment of the
conditions specified in subsections (a), (b), (d), (e) and (i) of this Section 6.1. 
  
 (g) The Company shall have delivered a Certificate, executed on behalf of the Company by its Secretary, dated as of the Closing Date, certifying the resolutions adopted by the Board of Directors of the Company
approving the transactions contemplated by this Agreement and the other Transaction Documents and the issuance of the Securities, certifying the current versions of the Certificate of Incorporation and Bylaws of the Company and certifying as to the
signatures and authority of persons signing the Transaction Documents and related documents on behalf of the Company. 
  
 (h) The Investors shall have received an opinion from DLA Piper Rudnick Gray Cary US LLP, the Company’s counsel, dated as of the Closing Date, in
form and substance reasonably acceptable to the Investors and addressing such legal matters as the Investors may reasonably request. 
  
 (i) No stop order or suspension of trading shall have been imposed by Nasdaq, the SEC or any other governmental or regulatory body with respect to public
trading in the Common Stock. 
  
 6.2 Conditions to Obligations
of the Company. The Company’s obligation to sell and issue the Shares and the Warrants at the Closing is subject to the fulfillment to the satisfaction of the Company on or prior to the Closing Date of the following conditions, any of which
may be waived by the Company: 
  
 (a) The representations and
warranties made by the Investors in Section 5 hereof, other than the representations and warranties contained in Sections 5.3, 5.4, 5.5, 5.6, 5.7, 5.8 and 5.9 (the “Investment Representations”), shall be true and correct in all material
respects when made, and shall be true and correct in all material respects on the Closing Date with the same force and effect as if they had been made on and as of said date. The Investment Representations shall be true and correct in all respects
when made, and shall be true and correct in all respects on the Closing Date with the same force and effect as if they had been made on and as of said date. The Investors shall have performed in all material respects all obligations and covenants
herein required to be performed by them on or prior to the Closing Date. 
  
 (b) The Investors shall have executed and delivered the Registration Rights Agreement. 
  

 -17- 

 (c) The Investors shall have delivered the Purchase Price to the Company. 
  
 (d) The Company shall have received confirmation from Nasdaq to the effect
that (i) the issuance and sale of the Securities as contemplated hereby will not require stockholder approval pursuant to the requirements of Nasdaq Marketplace Rule 4350(i), and (ii) that the Shares and the Warrant Shares have been approved for
inclusion in The Nasdaq National Market System upon official notice of issuance. 
  
 6.3 Termination of Obligations to Effect Closing; Effects. 
  
 (a) The obligations of the Company, on the one hand, and the Investors, on the other hand, to effect the Closing shall terminate as follows: 

 
 (i) Upon the mutual written consent of the Company and the Investors;

  
 (ii) By the Company if any of the conditions set forth in
Section 6.2 shall have become incapable of fulfillment, and shall not have been waived by the Company; 
  
 (iii) By an Investor (with respect to itself only) if any of the conditions set forth in Section 6.1 shall have become incapable of fulfillment, and
shall not have been waived by the Investor; or 
  
 (iv) By either
the Company or any Investor (with respect to itself only) if the Closing has not occurred on or prior to August 15, 2005; 
  
 provided, however, that, except in the case of clause (i) above, the party seeking to terminate its obligation to effect the Closing shall not then be in breach of any of
its representations, warranties, covenants or agreements contained in this Agreement or the other Transaction Documents if such breach has resulted in the circumstances giving rise to such party’s seeking to terminate its obligation to effect
the Closing. 
  
 (b) In the event of termination by the Company
or any Investor of its obligations to effect the Closing pursuant to this Section 6.3, written notice thereof shall forthwith be given to the other Investors and the other Investors shall have the right to terminate their obligations to effect the
Closing upon written notice to the Company and the other Investors. Nothing in this Section 6.3 shall be deemed to release any party from any liability for any breach by such party of the terms and provisions of this Agreement or the other
Transaction Documents or to impair the right of any party to compel specific performance by any other party of its obligations under this Agreement or the other Transaction Documents. 
  

 -18- 

 7. Covenants and Agreements of the Company. 
  
 7.1 Reservation of Common Stock. The Company shall at all times
reserve and keep available out of its authorized but unissued shares of Common Stock, solely for the purpose of providing for the exercise of the Warrants, such number of shares of Common Stock as shall from time to time equal the number of shares
sufficient to permit the exercise of the Warrants issued pursuant to this Agreement in accordance with their respective terms. 
  
 7.2 Reports. The Company will furnish to the Investors and/or their assignees such information relating to the Company and its Subsidiaries as from
time to time may reasonably be requested by the Investors and/or their assignees; provided, however, that the Company shall not disclose material nonpublic information to the Investors, or to advisors to or representatives of the Investors, unless
prior to disclosure of such information the Company identifies such information as being material nonpublic information and provides the Investors, such advisors and representatives with the opportunity to accept or refuse to accept such material
nonpublic information for review and any Investor wishing to obtain such information enters into an appropriate confidentiality agreement with the Company with respect thereto. 
  
 7.3 No Conflicting Agreements. The Company will not take any action, enter into any agreement or make any commitment
that would conflict or interfere in any material respect with the Company’s obligations to the Investors under the Transaction Documents. 
  
 7.4 Insurance. The Company shall not materially reduce the insurance coverages described in Section 4.19. 
  
 7.5 Compliance with Laws. The Company will comply in all material
respects with all applicable laws, rules, regulations, orders and decrees of all governmental authorities. 
  
 7.6 Listing of Underlying Shares and Related Matters. Promptly following the date hereof, the Company shall take all necessary action to cause the
Shares and the Warrant Shares to be listed on the Nasdaq National Market System no later than the Closing Date. Further, if the Company applies to have its Common Stock or other securities traded on any other principal stock exchange or market, it
shall include in such application the Shares and the Warrant Shares and will take such other action as is necessary to cause such Common Stock to be so listed. The Company will use commercially reasonable efforts to continue the listing and trading
of its Common Stock on the Nasdaq National Market System and, in accordance, therewith, will use commercially reasonable efforts to comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of
such market or exchange, as applicable. 
  
 7.7 Termination of
Covenants. The provisions of Sections 7.2 through 7.5 shall terminate and be of no further force and effect on the date on which the Company’s obligations under the Registration Rights Agreement to register or maintain the effectiveness of
any registration covering the Registrable Securities (as such term is defined in the Registration Rights Agreement) shall terminate. 
  

 -19- 

 7.8 Removal of Legends. Upon the earlier of (i) registration for resale pursuant to the
Registration Rights Agreement and receipt by the Company of the Investor’s written confirmation that such Securities will not be disposed of except in compliance with the prospectus delivery requirements of the 1933 Act or (ii) Rule 144(k)
becoming available the Company shall, upon an Investor’s written request, promptly cause certificates evidencing the Investor’s Securities to be replaced with certificates which do not bear such restrictive legends, and Warrant Shares
subsequently issued upon due exercise of the Warrants shall not bear such restrictive legends provided the provisions of either clause (i) or clause (ii) above, as applicable, are satisfied with respect to such Warrant Shares. When the Company is
required to cause unlegended certificates to replace previously issued legended certificates, if unlegended certificates are not delivered to an Investor within three (3) Business Days of submission by that Investor of legended certificate(s) to the
Company’s transfer agent together with a representation letter in customary form, the Company shall be liable to the Investor for liquidated damages in an amount equal to 1.5% of the aggregate purchase price of the Securities evidenced by such
certificate(s) for each thirty (30) day period (or portion thereof) beyond such three (3) Business Day that the unlegended certificates have not been so delivered. 
  
 7.9 Purchase Price Adjustments. 
  
 (a) If during the one-year period commencing on the Closing Date and ending on the first anniversary of the Closing Date
(the “Adjustment Period”), the Company issues or sells any shares of its Common Stock in a capital raising transaction to one or more institutional investors at a Per Share Selling Price (as defined below) lower than $2.70 (appropriately
adjusted for any stock split, reverse stock split, stock dividend or other reclassification or combination of the Common Stock occurring after the Closing Date) (the “Per Share Purchase Price”), the Per Share Purchase Price of the Shares
sold to the Investors hereunder shall be adjusted downward to equal such lower Per Share Selling Price and the Investors shall be entitled to receive additional shares of Common Stock as provided in Section 7.9(c). The Company shall give to the
Investors written notice of any such issuance or sale within 24 hours of the closing of the related capital raising transaction. The term “Shares” as used in this Agreement shall include any shares issued to the Investors pursuant to this
Section 7.9. This Section 7.9 shall not apply to the Company’s issuance of shares of its Common Stock in a merger, acquisition, or other similar transaction. 
  
 (b) (i) For the purposes of this Section 7.9, the term “Per Share Selling Price” shall include the amount
actually paid by third parties for each share of Common Stock without deduction of any expenses incurred or any underwriting commissions or concessions paid or allowed by the Company in connection therewith. A sale of shares of Common Stock shall
include the sale or issuance of Common Stock Equivalents under which the Company is or may become obligated to issue shares of Common Stock, and in such circumstances the Per Share Selling Price of the Common Stock covered thereby shall also include
the exercise or conversion price thereof (in addition to the consideration received by the Company upon such sale or issuance). In case of any such security issued in a “Variable Rate Transaction” or an “MFN Transaction” (each as
defined below), the Per Share Selling Price shall be deemed to be the lowest conversion or exercise price in effect at any time during the Adjustment Period in the case of a Variable Rate Transaction, or the lowest adjustment price in 

  

 -20- 

 
effect at any time during the Adjustment Period in the case of an MFN Transaction (regardless of whether shares of Common Stock are actually issued at such
price). If an adjustment is made in accordance with the preceding sentence and the relevant conversion, exercise or adjustment price is subsequently reduced at any time during the Adjustment Period below the price in effect at the time such
adjustment was made, further adjustments shall be made pursuant hereto to reflect any such subsequent reductions. 
  
 (ii) The term “Variable Rate Transaction” shall mean a transaction in which the Company issues or sells (a) Common Stock Equivalents either (x)
at a conversion, exercise or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the Common Stock at any time after the initial issuance of such debt or equity securities, or (y) with a fixed
conversion, exercise or exchange price that is subject to being adjusted at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the
business of the Company or the market for the Common Stock (but excluding standard stock split anti-dilution provisions), or (b) any securities of the Company pursuant to an “equity line” structure which provides for the sale, from time to
time, of securities of the Company which are registered for resale pursuant to the 1933 Act. 
  
 (iii) The term “MFN Transaction” shall mean a transaction in which the Company issues or sells any securities in a capital raising transaction or series of related transactions (the “New Offering”)
which grants to the investor (the “New Investor”) the right to receive additional securities based upon future capital raising transactions of the Company on terms more favorable than those granted to the New Investor in the New Offering.

  
 (c) If an adjustment of the Per Share Purchase Price is
required pursuant to Section 7.9(a), to effect such adjustment the Company shall deliver to each Investor within twenty (20) calendar days of the closing of the transaction giving rise to the adjustment (“Delivery Date”) additional newly
issued, fully paid and nonassessable shares of Common Stock in an amount equal to (i) the aggregate Purchase Price paid by the Investor divided by the Per Share Selling Price determined under Section 7.9(a), minus (ii) the total number of shares of
Common Stock originally purchased by that Investor hereunder; provided, however, that if at the time of the closing of the transaction giving rise to the adjustment, the Investor and its assignees hereunder collectively own less than all of the
Shares originally purchased by the Investor hereunder, the additional shares to be delivered pursuant to this adjustment shall be pro rated by a fraction, the numerator of which is the number of original Shares owned by the Investor and such
assignees at the time of the closing of the transaction giving rise to the adjustment and the denominator of which is the total number of Shares originally purchased by the Investor hereunder, and; provided, further, that for purposes of calculating
any such adjustment, the Investor or an assignee shall be deemed to have sold a number of Shares equal to any short position in the Common Stock maintained by the Investor or any such assignee, as the case may be, at the time of the transaction
giving rise to the adjustment. In the event the Company fails to deliver the additional shares by the Delivery Date, the Company shall be liable to the Investors and/or their assignees for a penalty equal to 1.5% of the aggregate Purchase Price
adjustment (in each instance to such Investor or its assignees pro rata in accordance with its participation in this offering) per 30-day period or pro rata for any portion thereof following the Delivery Date until 

  

 -21- 

 
the delivery of the additional shares, payable in Common Stock or cash, at the election of each Investor and/or its assignees. For this purpose, each share
of Common Stock shall be deemed to have a value equal to the arithmetic mean of the Market Price (as defined in the Warrants) for the ten (10) trading days beginning twenty (20) trading days prior to the issuance of such shares. 
  
 (d) The Company shall not enter into any agreement, arrangement or
understanding, take or refrain from taking any action or suffer to exist any circumstances that, in any such case, would result in the transactions contemplated by the Transaction Documents becoming subject to stockholder approval under Nasdaq
Marketplace Rule 4350(i) unless and until the Company first obtains such stockholder approval. 
  
 8. Survival and Indemnification. 
  
 8.1 Survival. The representations, warranties, covenants and agreements contained in this Agreement shall survive the Closing of the transactions contemplated by this Agreement. 
  
 8.2 Indemnification. The Company agrees to indemnify and hold harmless
each Investor and its Affiliates and their respective directors, officers, employees and agents from and against any and all losses, claims, damages, liabilities and expenses (including without limitation reasonable attorney fees and disbursements
and other expenses incurred in connection with investigating, preparing or defending any action, claim or proceeding, pending or threatened and the costs of enforcement thereof) (collectively, “Losses”) to which such Person may become
subject as a result of any breach of representation, warranty, covenant or agreement made by or to be performed on the part of the Company under the Transaction Documents, and will reimburse any such Person for all such amounts as they are incurred
by such Person. 
  
 8.3 Conduct of Indemnification
Proceedings. Promptly after receipt by any Person (the “Indemnified Person”) of notice of any demand, claim or circumstances which would or might give rise to a claim or the commencement of any action, proceeding
or investigation in respect of which indemnity may be sought pursuant to Section 8.2, such Indemnified Person shall promptly notify the Company in writing and the Company shall assume the defense thereof, including the employment of counsel
reasonably satisfactory to such Indemnified Person, and shall assume the payment of all fees and expenses; provided, however, that the failure of any Indemnified Person so to notify the Company shall not relieve the Company of its
obligations hereunder except to the extent that the Company is materially prejudiced by such failure to notify. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel
shall be at the expense of such Indemnified Person unless: (i) the Company and the Indemnified Person shall have mutually agreed to the retention of such counsel; or (ii) in the reasonable judgment of counsel to such Indemnified Person
representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Company shall not be liable for any settlement of any proceeding effected without its written consent, which
consent shall not be unreasonably withheld, but if settled with such consent, or if there be a final judgment for the plaintiff, the Company shall indemnify and hold harmless such Indemnified Person from and against any loss or liability (to the
extent stated above) by reason of such 

  

 -22- 

 
settlement or judgment. Without the prior written consent of the Indemnified Person, which consent shall not be unreasonably withheld, the Company shall not
effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an
unconditional release of such Indemnified Person from all liability arising out of such proceeding. 
  
 9. Miscellaneous. 
  
 9.1 Successors and Assigns. This Agreement may not be assigned by a party hereto without the prior written consent of the Company or the Investors,
as applicable, provided, however, that an Investor may assign its rights and delegate its duties hereunder in whole or in part to an Affiliate or to a third party acquiring some or all of its Securities in a private transaction without the prior
written consent of the Company or the other Investors, after notice duly given by such Investor to the Company provided, that no such assignment or obligation shall affect the obligations of such Investor hereunder. The provisions of this Agreement
shall inure to the benefit of and be binding upon the respective permitted successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective
successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 
  

9.2 Counterparts; Faxes. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. This Agreement may also be executed via facsimile, which shall be deemed an original. 
  
 9.3 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing
or interpreting this Agreement. 
  
 9.4 Notices. Unless
otherwise provided, any notice required or permitted under this Agreement shall be given in writing and shall be deemed effectively given as hereinafter described (i) if given by personal delivery, then such notice shall be deemed given upon such
delivery, (ii) if given by telex or telecopier, then such notice shall be deemed given upon receipt of confirmation of complete transmittal, (iii) if given by mail, then such notice shall be deemed given upon the earlier of (A) receipt of such
notice by the recipient or (B) three days after such notice is deposited in first class mail, postage prepaid, and (iv) if given by an internationally recognized overnight air courier, then such notice shall be deemed given one Business Day after
delivery to such carrier. All notices shall be addressed to the party to be notified at the address as follows, or at such other address as such party may designate by ten days’ advance written notice to the other party: 
  
 If to the Company: 
  
 Tut Systems, Inc. 
 6000 SW Meadows Drive, Suite 200 
 Lake Oswego, Oregon 97035 
 Attention: Chief Financial Officer (Randy Gausman) 

Fax: 971.217.0458 
  

 -23- 

 With a copy to: 
  
 DLA Piper Rudnick Gray Cary US LLP 
 4365 Executive Drive, Suite 1100 
 San Diego, CA 92121 
 Attention: Marty B. Lorenzo, Esq. 
 Fax: 858.677.1401 
  
 If to the Investors: 
  
 to the addresses set forth on the signature pages hereto. 
  
 9.5 Expenses. The parties hereto shall pay their own costs and expenses in connection herewith, except that the Company shall pay the reasonable
fees and expenses of Lowenstein Sandler PC not to exceed $30,000. Such expenses shall be paid not later than the Closing. The Company shall reimburse the Investors upon demand for all reasonable out-of-pocket expenses incurred by the Investors,
including without limitation reimbursement of attorneys’ fees and disbursements, in connection with any amendment, modification or waiver of this Agreement or the other Transaction Documents. In the event that legal proceedings are commenced by
any party to this Agreement against another party to this Agreement in connection with this Agreement or the other Transaction Documents, the party or parties which do not prevail in such proceedings shall severally, but not jointly, pay their pro
rata share of the reasonable attorneys’ fees and other reasonable out-of-pocket costs and expenses incurred by the prevailing party in such proceedings. 
  
 9.6 Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Investors. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each holder of
any Securities purchased under this Agreement at the time outstanding, each future holder of all such Securities, and the Company. 
  
 9.7 Publicity. Except as set forth below, no public release or announcement concerning the transactions contemplated hereby shall be issued by the
Company or the Investors without the prior consent of the Company (in the case of a release or announcement by the Investors) or the Investors (in the case of a release or announcement by the Company) (which consents shall not be unreasonably
withheld), except as such release or announcement may be required by law or the applicable rules or regulations of any securities exchange or securities market, in which case the Company or the Investors, as the case may be, shall allow the
Investors or the Company, as applicable, to the extent reasonably practicable in the circumstances, reasonable time to comment on such release or announcement in advance of such issuance. By 

  

 -24- 

 
8:30 a.m. (New York City time) on the trading day immediately following the Closing Date, the Company shall issue a press release disclosing the consummation
of the transactions contemplated by this Agreement. No later than the third trading day following the Closing Date, the Company will file a Current Report on Form 8-K attaching the press release described in the foregoing sentence as well as copies
of the Transaction Documents. In addition, the Company will make such other filings and notices in the manner and time required by the SEC or Nasdaq. Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Investor, or
include the name of any Investor in any filing with the SEC (other than the Registration Statement and any exhibits to filings made in respect of this transaction in accordance with periodic filing requirements under the 1934 Act) or any regulatory
agency or Nasdaq, without the prior written consent of such Investor, except to the extent such disclosure is required by law or trading market regulations, in which case the Company shall provide the Investors with prior notice of such disclosure.

  
 9.8 Severability. Any provision of this Agreement that
is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted as if it were
written so as to be enforceable to the maximum extent permitted by applicable law, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent
permitted by applicable law, the parties hereby waive any provision of law which renders any provision hereof prohibited or unenforceable in any respect. 
  
 9.9 Entire Agreement. This Agreement, including the Exhibits, and the other Transaction Documents constitute the entire agreement among the parties
hereof with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, both oral and written, between the parties with respect to the subject matter hereof and thereof. 
  
 9.10 Further Assurances. The parties shall execute and deliver all
such further instruments and documents and take all such other actions as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements herein contained. 
  
 9.11 Governing Law; Consent to Jurisdiction; Waiver of Jury Trial.
This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to the choice of law principles thereof. Each of the parties hereto irrevocably submits to the exclusive jurisdiction of
the courts of the State of New York located in New York County and the United States District Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and
the transactions contemplated hereby. Service of process in connection with any such suit, action or proceeding may be served on each party hereto by the same methods as are specified for the giving of notices under this Agreement. Each of the
parties hereto irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court. Each party hereto irrevocably waives any objection to the laying of venue of any such suit,
action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in 

  

 -25- 

 
an inconvenient forum. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND
REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER. 
  
 9.12 Independent Nature of Investors’ Obligations and Rights. The obligations of each Investor under any Transaction Document 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 any Transaction Document. The decision of each Investor to purchase Securities pursuant to the Transaction Documents has been made by such
Investor independently of any other Investor. Nothing contained herein or in any Transaction Document, and no action taken by any Investor pursuant thereto, shall be deemed to constitute the Investors as a partnership, an association, a joint
venture or any other kind of entity, or create a presumption that the Investors are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Investor acknowledges
that no other Investor has acted as agent for such Investor in connection with making its investment hereunder and that no Investor will be acting as agent of such Investor in connection with monitoring its investment in the Securities or enforcing
its rights under the Transaction Documents. Each Investor shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it
shall not be necessary for any other Investor to be joined as an additional party in any proceeding for such purpose. The Company acknowledges that each of the Investors has been provided with the same Transaction Documents for the purpose of
closing a transaction with multiple Investors and not because it was required or requested to do so by any Investor. 
  
 [signature page follows] 
  

 -26- 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to
execute this Agreement as of the date first above written. 
  

					
	 The Company:
	 	TUT SYSTEMS, INC.
			
	 	 	By:	 	  

	 	 	Name:	 	 
	 	 	Title:	 	 

  

 -27- 

					
	 The Investors:
	 	SPECIAL SITUATIONS FUND III, L.P.
			
	 	 	By:	 	  

	 	 	Name:	 	David Greenhouse
	 	 	Title:	 	General Partner

  
 Aggregate Purchase Price: $3,975,800

 Number of Shares: 1,472,518 
 Number of Warrants: 736,259

  
 Address for Notice: 
  
 153 E. 53rd Street 
 55th Floor 
 New York, NY 10022 
  
 with a copy to:

  
 Lowenstein Sandler PC 
 65 Livingston Avenue 
 Roseland, NJ 07068 
 Attn: John D. Hogoboom, Esq. 
 Telephone:    973.597.2500 
 Facsimile:     973.597.2400 
  

					
	 	 	 SPECIAL SITUATIONS PRIVATE EQUITY FUND, L.P.

			
	 	 	 By:
	 	  

	 	 	 Name:
	 	David Greenhouse
	 	 	 Title:
	 	General Partner

  
 Aggregate Purchase Price: $845,000

 Number of Shares: 312,962 
 Number of Warrants: 156,481

  
 153 E. 53rd Street 
 55th Floor 
 New York, NY 10022 
  

 -28- 

 with a copy to: 
  
 Lowenstein Sandler PC 
 65 Livingston Avenue 
 Roseland, NJ 07068 
 Attn: John D. Hogoboom, Esq. 
 Telephone:    973.597.2500 
 Facsimile:     973.597.2400 
  

					
	 	 	SPECIAL SITUATIONS TECHNOLOGY FUND, L.P.
			
	 	 	By:	 	  

	 	 	Name:	 	David Greenhouse
	 	 	Title:	 	General Partner

  
 Aggregate Purchase Price: $161,000

 Number of Shares: 59,629 
 Number of Warrants: 29,814

  
 Address for Notice: 
  
 153 E. 53rd Street 
 55th Floor 
 New York, NY 10022 
  
 with a copy to:

  
 Lowenstein Sandler PC 
 65 Livingston Avenue 
 Roseland, NJ 07068 
 Attn: John D. Hogoboom, Esq. 
 Telephone:    973.597.2500 
 Facsimile:     973.597.2400 
  

					
	 	 	SPECIAL SITUATIONS TECHNOLOGY FUND II, L.P.
			
	 	 	 By:
	 	  

	 	 	 Name:
	 	David Greenhouse
	 	 	 Title:
	 	General Partner

  
 Aggregate Purchase Price: $996,000

 Number of Shares: 368,888 
 Number of Warrants: 184,444

  

 -29- 

 Address for Notice: 
  
 153 E. 53rd Street 
 55th Floor 
 New York, NY 10022 
  
 with a copy to: 
  
 Lowenstein Sandler PC 
 65 Livingston Avenue 
 Roseland, NJ 07068 
 Attn: John D. Hogoboom, Esq. 
 Telephone:    973.597.2500 
 Facsimile:     973.597.2400 
  

 -30- 

					
	 	 	 SRB GREENWAY CAPITAL, L.P.

			
	 	 	 By:
	 	SRB Management, L.P., General Partner
			
	 	 	 By:
	 	BC Advisors, L.L.C., General Partner
			
	 	 	 By:
	 	  

	 	 	 Name:
	 	Steven R. Becker
	 	 	 Title:
	 	Member

  
 Aggregate Purchase Price: $214,100

 Number of Shares: 79,296 
 Number of Warrants: 39,648

  
 Address for Notice: 
  
 300 Crescent Court, Suite 1111 
 Dallas, Texas 75201 
  
 with a copy to: 
  
 Lowenstein Sandler PC 
 65 Livingston Avenue 
 Roseland, NJ 07068 
 Attn: John D. Hogoboom, Esq. 
 Telephone:    973.597.2500 
 Facsimile:     973.597.2400 
  

					
	 	 	SRB GREENWAY CAPITAL (Q.P.), L.P.
			
	 	 	 By:
	 	SRB Management, L.P., General Partner
			
	 	 	 By:
	 	BC Advisors, L.L.C., General Partner
			
	 	 	 By:
	 	  

	 	 	 Name:
	 	Steven R. Becker
	 	 	 Title:
	 	Member

  
 Aggregate Purchase Price: $1,643,500

 Number of Shares: 608,703 
 Number of Warrants: 304,351

  

 -31- 

 Address for Notice: 
  
 300 Crescent Court, Suite 1111 
 Dallas, Texas 75201 
  
 with a copy to: 
  
 Lowenstein Sandler
PC 
 65 Livingston Avenue 
 Roseland, NJ 07068 
 Attn: John D. Hogoboom, Esq. 
 Telephone:    973.597.2500 
 Facsimile:     973.597.2400 
  

					
	 	 	 SRB GREENWAY OFFSHORE

	 	 	 OPERATING FUND, L.P.

			
	 	 	 By:
	 	SRB Management, L.P., General Partner
	 	 	 By:
	 	BC Advisors, L.L.C., General Partner
			
	 	 	 By:
	 	  

	 	 	 Name:
	 	Steven R. Becker
	 	 	 Title:
	 	Member

  
 Aggregate Purchase Price: $135,000

 Number of Shares: 50,000 
 Number of Warrants: 25,000

  
 Address for Notice: 
  
 300 Crescent Court, Suite 1111 
 Dallas, Texas 75201 
  
 with a copy to: 
  
 Lowenstein Sandler PC 
 65 Livingston Avenue 
 Roseland, NJ 07068 
 Attn: John D. Hogoboom, Esq. 
 Telephone:    973.597.2500 
 Facsimile:     973.597.2400 
  

 -32- 

					
	 	 	 WALKER SMITH INTERNATIONAL FUND, LTD.

			
	 	 	 By:
	 	WS Capital Management, L.P., Attorney-in-Fact
			
	 	 	 By:
	 	WS Capital, L.L.C., General Partner
			
	 	 	 By:
	 	  

	 	 	 Name:
	 	 
	 	 	 Title:
	 	Member

  
 Aggregate Purchase Price: $881,600

 Number of Shares: 326,518 
 Number of Warrants: 163,259

  
 Address for Notice: 
  
 300 Crescent Court, Suite 1111 
 Dallas, Texas 75201 
  
 with a copy to: 
  
 Lowenstein Sandler PC 
 65 Livingston Avenue 
 Roseland, NJ 07068 
 Attn: John D. Hogoboom, Esq. 
 Telephone:    973.597.2500 
 Facsimile:     973.597.2400 
  

					
	 	 	 WALKER SMITH CAPITAL (Q.P.), L.P.

			
	 	 	 By:
	 	WS Capital Management, L.P., General Partner
			
	 	 	 By:
	 	WS Capital, L.L.C., General Partner
			
	 	 	 By:
	 	  

	 	 	 Name:
	 	 
	 	 	 Title:
	 	Member

  
 Aggregate Purchase Price: $111,400

 Number of Shares: 41,259 
 Number of Warrants: 20,629

  

 -33- 

 Address for Notice: 
  
 300 Crescent Court, Suite 1111 
 Dallas, Texas 75201 
  
 with a copy to: 
  
 Lowenstein Sandler
PC 
 65 Livingston Avenue 
 Roseland, NJ 07068 
 Attn: John D. Hogoboom, Esq. 
 Telephone:    973.597.2500 
 Facsimile:     973.597.2400 
  

					
	 	 	WALKER SMITH CAPITAL, L.P.
			
	 	 	By:	 	WS Capital Management, L.P., General Partner
			
	 	 	By:	 	WS Capital, L.L.C., General Partner
			
	 	 	By:	 	  

	 	 	Name:	 	 
	 	 	Title:	 	Member

  
 Aggregate Purchase Price: $627,300

 Number of Shares: 232,333 
 Number of Warrants: 116,166

  
 Address for Notice: 
  
 300 Crescent Court, Suite 1111 
 Dallas, Texas 75201 
  

 -34- 

 with a copy to: 
  
 Lowenstein Sandler PC 
 65 Livingston Avenue 
 Roseland, NJ 07068 
 Attn: John D. Hogoboom, Esq. 
 Telephone:    973.597.2500 
 Facsimile:     973.597.2400 
  

					
	 	 	 WS OPPORTUNITY FUND INTERNATIONAL, LTD.

			
	 	 	 By:
	 	WS Ventures Management, L.P., Attorney-in-Fact
			
	 	 	 By:
	 	WSV Management, L.L.C., General Partner
			
	 	 	 By:
	 	  

	 	 	 Name:
	 	 
	 	 	 Title:
	 	Member

  
 Aggregate Purchase Price: $154,700

 Number of Shares: 57,296 
 Number of Warrants: 28,648

  
 Address for Notice: 
  
 300 Crescent Court, Suite 1111 
 Dallas, Texas 75201 
  

 -35- 

 with a copy to: 
  
 Lowenstein Sandler PC 
 65 Livingston Avenue 
 Roseland, NJ 07068 
 Attn: John D. Hogoboom, Esq. 
 Telephone:    973.597.2500 
 Facsimile:     973.597.2400 
  

					
	 	 	 WS OPPORTUNITY FUND, L.P.

			
	 	 	 By:
	 	WS Ventures Management, L.P., General Partner
			
	 	 	 By:
	 	WSV Management, L.L.C., General Partner
			
	 	 	 By:
	 	  

	 	 	 Name:
	 	 
	 	 	 Title:
	 	Member

  
 Aggregate Purchase Price: $109,600

 Number of Shares: 40,592 
 Number of Warrants: 20,296

  
 Address for Notice: 
  
 300 Crescent Court, Suite 1111 
 Dallas, Texas 75201 
  

 -36- 

 with a copy to: 
  
 Lowenstein Sandler PC 
 65 Livingston Avenue 
 Roseland, NJ 07068 
 Attn: John D. Hogoboom, Esq. 
 Telephone:    973.597.2500 
 Facsimile:     973.597.2400 
  

					
	 	 	 WS OPPORTUNITY FUND (Q.P.), L.P.

			
	 	 	 By:
	 	WS Ventures Management, L.P., General Partner
			
	 	 	 By:
	 	WSV Management, L.L.C., General Partner
			
	 	 	 By:
	 	  

	 	 	 Name:
	 	 
	 	 	 Title:
	 	Member

  
 Aggregate Purchase Price: $108,000

 Number of Shares: 40,000 
 Number of Warrants: 20,000

  
 Address for Notice: 
  
 300 Crescent Court, Suite 1111 
 Dallas, Texas 75201 
  
 with a copy to: 
  
 Lowenstein Sandler PC 
 65 Livingston Avenue 
 Roseland, NJ 07068 
 Attn: John D. Hogoboom, Esq. 
 Telephone:    973.597.2500 
 Facsimile:     973.597.2400 
  
 [other investors] 
  

 -37-Indenture, dated July 25, 2005

 Exhibit 4.1 
  

  
 CENTRAL EUROPEAN DISTRIBUTION CORPORATION 
  
 as the
Company, 
  
 CAREY AGRI INTERNATIONAL-POLAND SP. Z O.O.,

 ONUFRY S.A., MULTI-EX S.A., ASTOR SP. Z O.O., 
 POLSKIE HURTOWNIE ALKOHOLI SP. Z O.O., MTC SP. Z O.O., 
 PRZEDSIEBIORSTWO DYSTRYBUCJI ALKOHOLI AGIS S.A.,

 DAKO-GALANT PRZEDSIEBIORSTWO HANDLOWO PRODUKCYJNE SP. Z O.O., 
 DAMIANEX S.A., PWW SP. Z O.O. AND MIRO SP. Z O.O. 
 as the Guarantors, 
  
 THE BANK OF NEW YORK 
  
 as Trustee, Principal Paying Agent, Registrar and Transfer Agent, 

 
 and 
  
 ING BANK N.V., London Branch 
  
 as Note Security Agent 
  

  
 INDENTURE 
  
 Dated as of July 25, 2005 
  

  
 €325,000,000 
  
 8% Senior Secured Notes due 2012 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	1
	 SECTION 1.1
	  	Definitions	  	1
	 SECTION 1.3
	  	Rules of Construction	  	28
		
	 ARTICLE II THE NOTES
	  	28
	 SECTION 2.1
	  	Form and Dating	  	28
	 SECTION 2.2
	  	Execution and Authentication	  	29
	 SECTION 2.3
	  	Registrar and Paying Agent	  	30
	 SECTION 2.4
	  	Paying Agent to Hold Assets	  	31
	 SECTION 2.5
	  	List of Holders	  	32
	 SECTION 2.6
	  	Transfer and Exchange	  	32
	 SECTION 2.7
	  	Replacement Notes	  	37
	 SECTION 2.8
	  	Outstanding Notes	  	37
	 SECTION 2.9
	  	Treasury Notes	  	38
	 SECTION 2.10
	  	Temporary Notes	  	38
	 SECTION 2.11
	  	Cancellation	  	38
	 SECTION 2.12
	  	Defaulted Interest	  	39
	 SECTION 2.13
	  	ISINs and Common Codes	  	39
	 SECTION 2.14
	  	Deposit of Moneys	  	39
	 SECTION 2.15
	  	Certain Matters Relating to Global Notes	  	39
		
	 ARTICLE III REDEMPTION
	  	40
	 SECTION 3.1
	  	Redemption	  	40
	 SECTION 3.2
	  	Notices to Trustee	  	40
	 SECTION 3.3
	  	Selection of Notes to Be Redeemed	  	40
	 SECTION 3.4
	  	Notice of Redemption	  	40
	 SECTION 3.5
	  	Effect of Notice of Redemption	  	42
	 SECTION 3.6
	  	Deposit of Redemption Price or Special Redemption Price	  	42
	 SECTION 3.7
	  	Notes Redeemed in Part	  	43
	 SECTION 3.8
	  	Notice of Special Redemption	  	43
		
	 ARTICLE IV COVENANTS
	  	43
	 SECTION 4.1
	  	Payment of Notes	  	43
	 SECTION 4.2
	  	Maintenance of Office or Agency	  	43
	 SECTION 4.3
	  	Incurrence of Indebtedness and Issuance of Preference Shares	  	44
	 SECTION 4.4
	  	Limitation on Restricted Payments	  	48
	 SECTION 4.5
	  	Corporate Existence	  	51
	 SECTION 4.6
	  	Payment of Taxes and Other Claims	  	51
	 SECTION 4.7
	  	Maintenance of Properties and Insurance	  	52
	 SECTION 4.8
	  	Compliance with Laws	  	52
	 SECTION 4.9
	  	Limitation on Liens	  	53
	 SECTION 4.10
	  	Waiver of Stay; Extension or Usury Laws	  	53
	 SECTION 4.11
	  	Limitation on Dividend and Other Payment Restrictions Affecting Subsidiaries	  	53
	 SECTION 4.12
	  	Asset Sales.	  	55

  

 i 

					
	 SECTION 4.13
	  	Limitation on Transactions with Affiliates	  	57
	 SECTION 4.14
	  	Reports	  	59
	 SECTION 4.15
	  	Limitation on Lines of Business	  	60
	 SECTION 4.16
	  	Change of Control	  	60
	 SECTION 4.17
	  	Additional Amounts	  	61
	 SECTION 4.18
	  	Payment of Non-Income Taxes and Similar Charges	  	62
	 SECTION 4.19
	  	Compliance Certificate; Notice of Default	  	62
	 SECTION 4.20
	  	Merger, Consolidation or Sale of Assets	  	63
	 SECTION 4.21
	  	Limitation on Sale/Leaseback Transactions	  	64
	 SECTION 4.22
	  	Additional Guarantors	  	65
	 SECTION 4.23
	  	Future Security	  	66
	 SECTION 4.24
	  	Impairment of Security Interest	  	66
	 SECTION 4.25
	  	Designation of Restricted and Unrestricted Subsidiaries	  	66
	 SECTION 4.26
	  	Proceeds Loan	  	67
		
	 ARTICLE V SUCCESSOR COMPANY
	  	68
		
	 ARTICLE VI DEFAULT AND REMEDIES
	  	68
	 SECTION 6.1
	  	Events of Default	  	68
	 SECTION 6.2
	  	Acceleration	  	70
	 SECTION 6.3
	  	Other Remedies	  	70
	 SECTION 6.4
	  	The Trustee May Enforce Claims Without Possession of Securities	  	70
	 SECTION 6.5
	  	Rights and Remedies Cumulative	  	70
	 SECTION 6.6
	  	Delay or Omission Not Waiver	  	71
	 SECTION 6.7
	  	Waiver of Past Defaults	  	71
	 SECTION 6.8
	  	Control by Majority	  	71
	 SECTION 6.9
	  	Limitation on Suits	  	71
	 SECTION 6.10
	  	Rights of Holders to Receive Payment	  	72
	 SECTION 6.11
	  	Collection Suit by Trustee	  	72
	 SECTION 6.12
	  	Trustee May File Proofs of Claim	  	72
	 SECTION 6.13
	  	Priorities	  	73
	 SECTION 6.14
	  	Restoration of Rights and Remedies	  	73
	 SECTION 6.15
	  	Undertaking for Costs	  	73
		
	 ARTICLE VII TRUSTEE AND NOTE SECURITY AGENT
	  	74
	 SECTION 7.1
	  	Duties of Trustee	  	74
	 SECTION 7.2
	  	Rights of Trustee	  	75
	 SECTION 7.3
	  	Individual Rights of Trustee	  	78
	 SECTION 7.4
	  	Trustee’s Disclaimer	  	78
	 SECTION 7.5
	  	Notice of Default	  	78
	 SECTION 7.6
	  	Compensation and Indemnity	  	78
	 SECTION 7.7
	  	Replacement of Trustee	  	79
	 SECTION 7.8
	  	Successor Trustee by Merger, etc.	  	81
		
	 ARTICLE VIII SATISFACTION AND DISCHARGE OF INDENTURE
	  	83
	 SECTION 8.1
	  	Option to Effect Legal Defeasance or Covenant Defeasance	  	83
	 SECTION 8.2
	  	Legal Defeasance and Discharge	  	83
	 SECTION 8.3
	  	Covenant Defeasance	  	84
	 SECTION 8.4
	  	Conditions to Legal or Covenant Defeasance	  	84

  

 ii 

					
	 SECTION 8.5
	  	Satisfaction and Discharge of the Indenture	  	85
	 SECTION 8.6
	  	Survival of Certain Obligations	  	86
	 SECTION 8.7
	  	Acknowledgment of Discharge by Trustee	  	86
	 SECTION 8.8
	  	Application of Trust Moneys	  	86
	 SECTION 8.9
	  	Repayment to the Company; Unclaimed Money	  	87
	 SECTION 8.10
	  	Reinstatement	  	87
		
	 ARTICLE IX AMENDMENTS, SUPPLEMENTS AND WAIVERS
	  	88
	 SECTION 9.1
	  	Amendment and Supplement	  	88
	 SECTION 9.3
	  	Revocation and Effect of Consents	  	90
	 SECTION 9.4
	  	Notation on or Exchange of Notes	  	91
	 SECTION 9.5
	  	Trustee to Sign Amendments, etc	  	91
		
	 ARTICLE X GUARANTEES
	  	91
	 SECTION 10.1
	  	Guarantees	  	91
	 SECTION 10.2
	  	Limitation on Dutch Guarantors	  	93
	 SECTION 10.3
	  	No Subrogation	  	93
	 SECTION 10.4
	  	Release	  	93
		
	 ARTICLE XI SECURITY AND SECURITY AGENT
	  	94
	 SECTION 11.1
	  	Collateral and Note Security Documents	  	94
	 SECTION 11.2
	  	Responsibilities of Note Security Agent	  	95
	 SECTION 11.3
	  	Note Security Agent’s Individual Capacity	  	95
	 SECTION 11.4
	  	Trustee May Perform	  	95
	 SECTION 11.5
	  	Fees, etc	  	96
	 SECTION 11.6
	  	Indemnification: Disclaimers, etc	  	96
	 SECTION 11.7
	  	Illegality; No inconsistency	  	96
	 SECTION 11.8
	  	Rights of Trustee, the Note Security Agent and the Paying Agent	  	97
	 SECTION 11.9
	  	Release	  	97
	 SECTION 11.10
	  	Authorization of Actions to be Taken by the Note Security Agent Under the Note Security Documents	  	97
	 SECTION 11.11
	  	Authorization of Receipt of Funds by the Note Security Agent Under the Note Security Documents	  	98
	 SECTION 11.12
	  	Trustee’s and Note Security Agent’s Compensation Not Prejudiced	  	98
	 SECTION 11.13
	  	Creation of Parallel Debt	  	98
	 SECTION 11.14
	  	Enforcement	  	99
		
	 ARTICLE XII MISCELLANEOUS
	  	100
	 SECTION 12.1
	  	Notices	  	100
	 SECTION 12.2
	  	Certificate and Opinion as to Conditions Precedent	  	101
	 SECTION 12.3
	  	Statements Required in Certificate or Opinion	  	102
	 SECTION 12.4
	  	Rules by Trustee, Paying Agents (Including Principal Paying Agent), Registrar	  	102
	 SECTION 12.5
	  	Legal Holidays	  	102
	 SECTION 12.6
	  	Governing Law	  	103
	 SECTION 12.7
	  	Submission to Jurisdiction; Appointment of Agent for Service	  	103
	 SECTION 12.8
	  	No Adverse Interpretation of Other Agreements	  	103

  

 iii 

					
	 SECTION 12.9
	  	No Personal Liability of Directors, Officers, Employees, Incorporators or Shareholders	  	103
	 SECTION 12.10
	  	Currency Indemnity	  	104
	 SECTION 12.11
	  	Currency Calculation	  	104
	 SECTION 12.12
	  	Information	  	104
	 SECTION 12.13
	  	Successors	  	104
	 SECTION 12.14
	  	Counterpart Originals	  	104
	 SECTION 12.15
	  	Severability	  	105
	 SECTION 12.16
	  	Table of Contents, Headings, etc	  	105
		
	 EXHIBIT B FORM OF CERTIFICATE OF TRANSFER
	  	B-1
		
	 EXHIBIT C FORM OF SHARE PLEDGES
	  	C-1

  
 Exhibit A - Form of Note 

 
 Exhibit B - Form of Certificate for Transfer 
  
 Exhibit C - Forms of Share Pledge Agreements 
  
 NOTE: This Table of Contents shall not, for any purpose, be deemed to be part of this
Indenture. 
  

 iv 

 INDENTURE, dated as of July 25, 2005 among (i) CENTRAL EUROPEAN DISTRIBUTION CORPORATION, a company
incorporated under the laws of Delaware (the “Company”), (ii) CAREY AGRI INTERNATIONAL-POLAND SP. Z O.O. (“Carey Agri”), ONUFRY S.A., MULTI-EX S.A., ASTOR SP. Z O.O., POLSKIE HURTOWNIE ALKOHOLI SP. Z O.O., MTC SP. Z
O.O., PRZEDSIEBIORSTWO DYSTRYBUCJI ALKOHOLI AGIS S.A., DAKO-GALANT PRZEDSIEBIORSTWO HANDLOWO PRODUKCYJNE SP. Z O.O., DAMIANEX S.A., PWW SP. Z O.O. AND MIRO SP. Z O.O., each a company organized under the laws of the Republic of Poland (the
“Initial Guarantors”), (iii) THE BANK OF NEW YORK (the “Trustee”, “Principal Paying Agent”, “Registrar” and “Transfer Agent”), and (iv) ING BANK N.V., London Branch
(the “Note Security Agent”). 
  
 The Company has
duly authorized the creation and issuance of its (i) €325,000,000 8% Senior Secured Notes due 2012 issued on the date hereof (the “Original Notes”) and (ii) Additional Notes (as defined herein) that may be issued from time to
time subsequent to the Issue Date (all such notes referred to in clauses (i) and (ii) being referred to as the “Notes”); and, to provide therefor, the Company and each of the Guarantors have duly authorized the execution and
delivery of this Indenture. Except as otherwise provided herein, €325,000,000 in aggregate principal amount of Notes shall be initially issued on the date hereof. 
  
 Each party hereto agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the
Holders: 
  
 ARTICLE I  
  
 DEFINITIONS AND INCORPORATION BY REFERENCE 
  
 SECTION 1.1 Definitions. For purposes of this Indenture, unless
otherwise specifically indicated herein, the term “consolidated” with respect to any Person refers to such Person consolidated with its Restricted Subsidiaries, and excludes from such consolidation any Unrestricted Subsidiary as if such
Unrestricted Subsidiary were not an Affiliate of such Person. In addition, for purposes of the following definitions and this Indenture generally, all ratios and computations based on GAAP shall be made in accordance with GAAP and shall be based
upon the consolidated financial statements of the Company and its Subsidiaries prepared in conformity with GAAP. As used in this Indenture, the following terms shall have the following meanings: 
  
 “144A Definitive Note” means a Definitive Note bearing the
144A Legend. 
  
 “144A Global Note” means the
Global Note bearing the 144A Legend that will be issued on the Issue Date in a principal amount equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A. 
  
 “144A Legend” means the legend initially set forth on the 144A Notes in the form set forth in Section
2.6(g)(144A Legends) hereof. 
  
 “144A
Note” means a 144A Definitive Note or a 144A Global Note, as applicable. 
  
 “Acquired Debt” means, with respect to any specified Person: 
  

	 	(1)	Indebtedness of any other Person existing at the time such other Person is merged, consolidated, amalgamated or otherwise combined with or into or 

  

 1 

 became a Restricted Subsidiary of such specified Person, whether or not such Indebtedness is incurred in
connection with, or in contemplation of, such other Person merging, consolidating, amalgamating or otherwise combining with or into, or becoming a Restricted Subsidiary of, such specified Person; and 
  

	 	(2)	Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 

  
 provided that Indebtedness of such Person which is redeemed, defeased, retired or otherwise repaid at the time of or
immediately upon consummation of such asset acquisition or the transactions by which such Person is merged or consolidated with or into the Company or any Restricted Subsidiary or becomes a Restricted Subsidiary shall not constitute Acquired Debt.

  
 “Additional Amounts” has the meaning set
forth in Section 4.17 (Additional Amounts). 
  
 “Additional Guarantor” means Botapol, Bols and any Material Subsidiary that Guarantees the Notes pursuant to the provisions of Section 4.22 (Additional Guarantors) hereof. 
  
 “Additional Notes” means any additional principal amounts of
8% Senior Secured Notes due 2012 issued from time to time under the terms of this Indenture after the Issue Date. 
  
 “Additional Shares” means the Share Capital of Botapol and Bols. 
  
 “Additional Share Pledges” means: 
  

	 	(1)	the share pledge dated on or before 20 Business Days following the Bols Acquisition relating to the Share Capital in Bols between Botapol and the Note Security Agent and in a form
substantially consistent with the relevant share pledge agreement attached as Exhibit C; and 

  

	 	(2)	the share pledge dated on or before 20 Business Days following the Issue Date relating to the Share Capital in Botapol between Carey Agri and the Note Security Agent and in a
customary form for Dutch law share pledges and including any necessary limitations or qualifications relating to Dutch financial assistance issues. 

  
 “Affiliate” of any specified Person means any other person directly or indirectly controlling or controlled
by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise; provided that beneficial ownership of 10% or more of the Voting Stock of a Person will be deemed to be
control. For purposes of this definition: (i) the terms “controlling,” “controlled by” and “under common control with” have correlative meanings and (ii) “Affiliate” shall include funds advised by the
specified Person. 
  
 “Affiliate Transaction” has
the meaning set forth in Section 4.15 (Deposit of Moneys). 
  

 2 

 “Agent” means each of the Registrar, the Principal Paying Agent, each other Paying
Agent, each Authenticating Agent, the Transfer Agent, the Note Security Agent and their respective successors. 
  
 “Agent Members” has the meaning set forth in Section 2.15. 
  
 “Anti-Monopoly Office” means the Office for Protection of Competition and Consumers of the Republic of
Poland. 
  
 “Applicable Premium” means:

  
 With respect to any Note on any redemption date, the greater
of: 
  

	 	(1)	1.0% of the principal amount of the Note; or 

  

	 	(2)	the excess of: 

  

	 	(a)	the present value at such redemption date of (i) the redemption price of the Note at July 25, 2009 (such redemption price being set forth in the table appearing under Paragraph 7 of
the Notes); plus (ii) all required interest payments due on the Notes through July 25, 2009, (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Bund Rate as of such redemption plus 50 basis
points; over 

  

	 	(b)	the principal amount of the Note, if greater. 

  
 “Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and
procedures of either Depositary that apply to such transfer or exchange. 
  
 “Asset Sale” means: (i) the sale, lease, conveyance or other disposition of any assets or rights; provided that the sale, conveyance or other disposition of all or substantially all of the
assets of the Company and its Restricted Subsidiaries taken as a whole or of assets of Carey Agri and its Restricted Subsidiaries taken as a whole will be governed by the provisions of Section 4.16 (Change of Control) and/or the provisions of
Section 4.20 (Merger, Consolidation or Sale of Assets) and not by the provisions of Section 4.12 (Asset Sales); and (ii) the issuance of Equity Interests in any Restricted Subsidiary of the Company or the sale of Equity Interests in
any of its Subsidiaries. 
  
 Notwithstanding the preceding, none
of the following items will be deemed to be an Asset Sale: 
  

	 	(1)	any single transaction or series of related transactions that involves assets having a Fair Market Value of less than $500,000; 

  

	 	(2)	a transfer of assets between or among the Company and its Restricted Subsidiaries, 

  

	 	(3)	an issuance of Equity Interests by a Restricted Subsidiary of the Company to the Company or to a Restricted Subsidiary of the Company; 

  

	 	(4)	the sale or lease of products (including, for the avoidance of doubt, user terminals), services or accounts receivable in the ordinary course of business 

 

 3 

 and any sale or other disposition of damaged, worn-out or obsolete assets in the ordinary course of
business; 
  

	 	(5)	the sale or other disposition of cash or Cash Equivalents; 

  

	 	(6)	a Restricted Payment or Permitted Investment that is permitted by Section 4.4 (Limitation on Restricted Payments) hereof; 

  

	 	(7)	the waiver, compromise, settlement, release or surrender of any right or claim in the ordinary course of business; and 

  

	 	(8)	the sale or other disposition or assets received by the Company or any of its Restricted Subsidiaries in compromise or settlement of claims of the Company or any of its Restricted
Subsidiaries; provided however that the net cash proceeds of such sale or disposition are applied in accordance with provisions of Section 4.12 (Asset Sales). 

  
 “Asset Sale Offer” shall have the meaning set forth in Section 4.12. 
  
 “Asset Sale Offer Amount” shall have the meaning set forth
in Section 4.12. 
  
 “Asset Sale Offer Period”
shall have the meaning set forth in Section 4.12. 
  
 “Asset Sale Purchase Date” shall have the meaning set forth in Section 4.12. 
  
 “Attributable Debt” in respect of a sale and leaseback transaction means, at the time of determination, the present value of the
obligation of the lessee for net rental payments during the remaining term of the lease included in such sale and leaseback transaction including any period for which such lease has been extended or may, at the option of the lessor, be extended.
Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP; provided, however, that if such sale and leaseback transaction results in a Capital
Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition of “Capital Lease Obligation.” 
  

“Authenticating Agent” means each Person authorized pursuant to Section 12.7 (Appointment of Agents) to authenticate Notes and
any Person authorized pursuant to Section 12.7 (Appointment of Agents) to act on behalf of the Trustee to authenticate Notes. 
  
 “Bank Account Charge” means the agreement between Carey Agri and the Trustee dated the Closing Date whereby Carey Agri grants a first
priority security interest over the proceeds in the escrow account to the Trustee. 
  
 “Bankruptcy Law” means Title 11, United States Code or any similar federal, state or foreign law relating to bankruptcy, insolvency, receivership, winding-up, liquidation, reorganization or relief of
debtors. 
  
 “Beneficial Owner” has the meaning
assigned to such term in Rule 13d-3 and Rule 13d-5 under the U.S. Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the U.S. Exchange Act), such
“person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such 
  

 4 

 right is currently exercisable or is exercisable only after the passage of time. The terms “Beneficially Owns”
and “Beneficially Owned” have a corresponding meaning. 
  
 “Bialystok” means Polmos Bialystok S.A. 
  
 “Bialystok Acquisition” means the acquisition by the Company or one of its Restricted Subsidiaries of at least 51% of the ordinary shares of Bialystok financed with a portion of the proceeds from this Offering, available
cash, proceeds from an Equity Offering, or some combination thereof pursuant to the terms of the Bialystok Purchase Agreement. 
  
 “Bialystok Acquisition Event” means the completion of the Bialystok Acquisition. 
  
 “Bialystok Acquisition Termination Event” means either (1)
the Bialystok Purchase Agreement being rescinded or terminated or (2) Anti-Monopoly Office or other competent regulatory authority issuing a formal final and non-appealable written decision prohibiting the Bialystok Acquisition. 
  
 “Bialystok Deposit” means the PLN 100 million deposit
payment required by the Polish government from the Company or any of its subsidiaries in connection with the execution of the Bialystok Purchase Agreement. 
  
 “Bialystok Purchase Agreement” means the share purchase agreement dated July 11, 2005 entered into by CEDC, Carey Agri, and the Ministry
of the State Treasury relating to the purchase of 61% of the outstanding capital stock of Bialystok. 
  
 “Bialystok Special Redemption” means the special mandatory redemption by the Company of certain of the Notes in relation to the Bialystok
Acquisition pursuant to Paragraph 9 of the Notes. 
  
 “Bialystok Special Redemption Date” shall have the meaning set forth in Paragraph 9 of the Notes. 
  
 “Bialystok Special Redemption Price” shall have the meaning set forth in Paragraph 9 of the Notes. 
  
 “Board of Directors” means: 
  

	 	(1)	with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of such board; 

  

	 	(2)	with respect to a partnership, the Board of Directors of the general partner of the partnership; 

  

	 	(3)	with respect to a limited liability company, the managing member or members or any controlling committee of managing members thereof; and 

  

	 	(4)	with respect to any other Person, the board or committee of such Person serving a similar function. 

  
 “Bols” means Bols Sp. z o.o. 
  

 5 

 “Bols Acquisition” means the acquisition, directly or indirectly, by the Company or one
of its Restricted Subsidiaries of Botapol and its subsidiaries, including Bols, pursuant to the Bols Share Sale Agreement. 
  
 “Bols Acquisition Termination Event” means either (1) the Bols Share Sale Agreement being rescinded or terminated or (2) the
Anti-Monopoly Office or other competent regulatory authority issuing a formal final and non-appealable written decision prohibiting the Bols Acquisition. 
  
 “Bols Share Sale Agreement” means the share sale agreement dated June 27, 2005 entered into by the Company, Carey Agri, Remy Cointreau
S.A., Botapol Management B.V. and Takirra Investment Corporation N.V. relating to the acquisition by the Company and Carey Agri of Botapol and its subsidiaries. 
  

“Bols Special Redemption” means the special mandatory redemption by the Company of all of the Notes pursuant to Paragraph 9 of the
Notes. 
  
 “Bols Special Redemption Date” shall
have the meaning set forth in Paragraph 9 of the Notes. 
  
 “Bols Special Redemption Date” shall have the meaning set forth in Paragraph 9 of the Notes. 
  
 “Bols Special Redemption Price” shall have the meaning set forth in Paragraph 9 of the Notes. 
  
 “Book Entry Interest” means a beneficial interest in a
Global Note held through and shown on, and transferred only through, records maintained in book entry form by a Depositary. 
  
 “Borrowing Base” means 65% of Inventory (determined as of the end of the most recently ended fiscal quarter for which consolidated
financial statements of the Company are publicly available) of the Company and its Restricted Subsidiaries. 
  
 “Botapol” means Botapol Holding B.V. 
  
 “Bund Rate” means, with respect to any relevant date, the rate per annum equal to the equivalent yield to maturity as of such date of the
Comparable German Bund Issue, assuming a price for the Comparable German Bund Price for such relevant date, where: 
  
 “Comparable German Bund Issue” means the German Bundesanleihe security selected to by any Reference German Bund
Dealer as having a fixed maturity most nearly equal to the period from such redemption date to July 25, 2012, and that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of
euro-denominated corporate debt securities in a principal amount approximately equal to the then outstanding principal amount of the Notes and of a maturity most nearly equal to July 25, 2012; provided, however, that, if the period from such
redemption date to July 25, 2012 is less than one year, a fixed maturity of one year shall be used. 
  
 “Comparable German Bund Price” means, with respect to any relevant date, the average of all Reference German Bund Dealer
Quotations for such date (which, in 
  

 6 

 any event, must include at least two such quotations), after excluding the highest and lowest such
Reference German Bund Dealer Quotations or, if the Company obtains fewer than four such Reference German Bund Dealer Quotations, the average of all such quotations. Member of the Board of Directors. 
  
 “Reference German Bund Dealer” means any
dealer of German Bundesanleihe securities appointed by the Company. 
  
 “Reference German Bund Dealer Quotations” means, with respect to each Reference German Bund Dealer and any relevant date, the average as determined by the Company of the bid and offered prices for the
Comparable German Bund Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference German Bund Dealer at or about 3:30 p.m. Frankfurt, Germany time on the third Business Day preceding the
relevant date. 
  
 “Business Day” means any day
other than a Saturday, a Sunday or a day on which banking institutions in the City of London or at a place of payment are authorized by law, regulation or executive order to remain closed. 
  
 “Capital Lease Obligation” means, at the time any
determination is to be made, the amount of the liability in respect of a capital or finance lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP, and the Stated Maturity thereof shall be the date of
the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be prepaid by the lessee without payment of a penalty. 
  
 “Cash Equivalents” means: 
  

	 	(1)	securities (i) issued or directly and fully guaranteed or insured by the U.S. government or any agency or instrumentality of the U.S. government (provided that the full faith
and credit of the United States is pledged in support of those securities), or (ii) which are denominated in euros and are issued by, or directly and fully guaranteed or insured by a member of the European Union as of January 1, 2004 or the Republic
of Poland on the Issue Date, or any agency or instrumentality thereof, in each case having maturities of not more than six months from the date of acquisition; 

  

	 	(2)	certificates of deposit, time deposits and other bank deposits in U.S. dollars or euro with maturities of six months or less from the date of acquisition, bankers’ acceptances
with maturities not exceeding six months and overnight bank deposits, in each case, with any domestic commercial bank having capital and surplus in excess of $500.0 million and a rating of A-1/P-1 or better from Moody’s and S&P;

  

	 	(3)	repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses (2) above entered into with any financial institution
meeting the qualifications specified in clause (2) above; 

  

	 	(4)	commercial paper having one of the two highest ratings obtainable from Moody’s Investors Service, Inc. or Standard & Poor’s Rating Services and in each case maturing
within six months after the date of acquisition; and 

  

 7 

	 	(5)	money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (1) through (4) of this definition. 

  
 “Change of Control” means the occurrence of any of the
following: 
  

	 	(1)	the Company consolidates with, or merges with or into, another Person or sells, assigns, conveys, transfers, leases or otherwise disposes of all or substantially all of its assets
to any Person, or any Person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which the outstanding Voting Stock of the Company is converted into or exchanged for cash, securities or other
property, other than any such transaction where (i) the outstanding Voting Stock of the Company is converted into or exchanged for (1) Voting Stock (other than Disqualified Shares) of the surviving or transferee corporation or its parent corporation
and/or (2) cash, securities or other property in any amount which could be paid by the Company as a Restricted Payment in accordance with provisions of Section 4.4 (Limitation on Restricted Payments), (ii) the Beneficial Owners of the Voting
Stock of the Company immediately before such transaction own, directly or indirectly, immediately after such transaction, at least a majority of the voting power of all Voting Stock of the surviving or transferee corporation or its parent
corporation immediately after such transaction, as applicable, and (iii) immediately after such transaction, no “person” or “group” (as such terms are used in Sections 13(d) or 14(d) of the Exchange Act) other than William Carey
or Related Parties, is the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of such surviving or transferee corporation or its parent corporation, as applicable, or has, directly or indirectly, the right to elect or
designate a majority of the board of directors of the surviving or transferee corporation or its parent corporation, as applicable; 

  

	 	(2)	any “person” or “group” (within the meaning of Sections 13(d) or 14(d) of the Exchange Act but excluding any Wholly Owned Subsidiary of the Company) other than
William Carey or Related Parties has become, directly or indirectly, the beneficial owner, by way of merger, consolidation or otherwise, of more than 50% of the voting power of the Voting Stock of the Company on a fully-diluted basis, after giving
effect to the conversion and exercise of all outstanding warrants, options and other securities of the Company convertible into or exercisable for Voting Stock of the Company (whether or not such securities are then currently convertible or
exercisable); 

  

	 	(3)	the first day on which a majority of the members of the Board of Directors of the Company are not Continuing Directors; or 

  

	 	(4)	the first day on which the Company ceases to own, directly or indirectly through Subsidiaries, 100% of the outstanding Equity Interests of Carey Agri. 

  
 “Change of Control Offer” has the meaning set forth in
Section 4.16 (Change of Control). 
  
 “Change of
Control Payment” shall have the meaning set forth in Section 4.16 (Change of Control). 
  

 8 

 “Change of Control Payment Date” shall have the meaning set forth in Section 4.16
(Change of Control). 
  
 “Clearing System”
means one or more of Euroclear, Clearstream, or the successor of either of them, in each case acting directly, or through a custodian, nominee or depositary. 
  
 “Clearstream” means Clearstream Banking, société anonyme. 
  
 “Code” means the United States Internal Revenue Code of 1986, as amended. 
  
 “Collateral” means the collateral that secures the
obligations of the Company and the Guarantors under the Notes, the Guarantees and the Indenture pursuant to the Note Security Documents. 
  
 “Common Depositary” means The Bank of New York, and any successor as common depositary for the Notes. 
  
 “Company Order” means a written order or request signed in
the name of a Guarantor or the Company by an Officer or a member of the Board of Directors. 
  
 “Consolidated Cash Flow” means, with respect to any specified Person for any period, the Consolidated Net Income of such Person for such period plus, without duplication: 
  

	 	(1)	provision for taxes based on income or profits of such Person and its Restricted Subsidiaries for such period, to the extent that such provision for taxes was deducted in computing
such Consolidated Net Income; plus 

  

	 	(2)	the Fixed Charges of such Person and its Restricted Subsidiaries for such period, to the extent that such Fixed Charges were deducted in computing such Consolidated Net Income;
plus 

  

	 	(3)	depreciation, amortization and any other non-cash items for such period to the extent deducted in determining Consolidated Net Income for such period (other than any non-cash item
which requires the accrual of, or a reserve for, cash charges for any future period) of the Company and the Restricted Subsidiaries (including amortization of capitalized debt issuance costs for such period and any non-cash compensation expense,
realized for grants of stock options or other rights to officers, directors and employees), all of the foregoing determined on a consolidated basis in accordance with GAAP; plus 

  

	 	(4)	minority interests to the extent that such minority interests were deducted in computing Consolidated Net Income; minus 

  

	 	(5)	to the extent they increase Consolidated Net Income, net after-tax exceptional or non-recurring gains plus; 

  

	 	(6)	to the extent they decrease Consolidated Net Income, net after-tax exceptional or non-recurring losses; minus 

  

	 	(7)	to the extent they increase Consolidated Net Income, non-cash items (including the partial or entire reversal of reserves taken in prior periods, but 

  

 9 

 excluding reversals of accruals or reserves for cash charges taken in prior periods and excluding the
accrual of revenue in the ordinary course of business) for such period; 
  
 in each case, on a consolidated basis and determined in accordance with GAAP. 
  
 Notwithstanding the preceding, the provision for taxes based on the income or profits of, and the depreciation and amortization and other non-cash
expenses of, a Restricted Subsidiary of the Company will be added to Consolidated Net Income to compute Consolidated Cash Flow of the Company only in the same proportion as the relevant Person’s Net Income was included in Consolidated Net
Income. 
  
 “Consolidated Coverage Ratio” means
with respect to any specified Person for any period, the ratio of the Consolidated Cash Flow of such Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any of its Subsidiaries
incurs, assumes, Guarantees, repays, repurchases or redeems any Indebtedness (other than ordinary working capital borrowings) or issues, repurchases or redeems preferred shares subsequent to the commencement of the period for which the Consolidated
Coverage Ratio is being calculated and on or prior to the date on which the event for which the calculation of the Consolidated Coverage Ratio is made (the “Calculation Date”), then the Consolidated Coverage Ratio will be calculated
giving pro forma effect to such incurrence, assumption, Guarantee, repayment, repurchase or redemption of Indebtedness, or such issuance, repurchase or redemption of preference shares, and the use of the proceeds therefrom as if the same had
occurred at the beginning of the applicable four-quarter reference period. 
  
 In addition, for purposes of calculating the Consolidated Coverage Ratio: 
  

	 	(1)	acquisitions that have been made by the specified Person or any of its Restricted Subsidiaries, including through mergers, consolidations, amalgamations or other business
combinations and including any related financing transactions, during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date will be given pro forma effect as if they had occurred on the
first day of the four-quarter reference period and Consolidated Cash Flow for such reference period will be calculated on a pro forma basis in accordance with Regulation S-X under the U.S. Securities Act; 

  

	 	(2)	the Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses disposed of prior to the Calculation Date,
will be excluded; and 

  

	 	(3)	the Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses disposed of prior to the Calculation Date, will be
excluded, but only to the extent that the obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any of its Restricted Subsidiaries following the Calculation Date. 

  
 “Consolidated Net Income” means, with respect to any Person
for any period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided that: 
  

 10 

	 	(1)	the Net Income (but not loss) of any Person that is not a Restricted Subsidiary or that is accounted for by the equity method of accounting will be included only to the extent of
the amount of dividends or similar distributions paid in cash to the specified Person or a Restricted Subsidiary of the Person; 

  

	 	(2)	the Net Income of any Restricted Subsidiary will be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of
that Net Income is not at the date of determination permitted without any prior governmental approval (that has not been obtained) or, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree,
order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its shareholders; 

  

	 	(3)	the cumulative effect of a change in accounting principles will be excluded; 

  

	 	(4)	notwithstanding clause (1) above, the Net Income of any Unrestricted Subsidiary will be excluded, whether or not distributed to the specified Person or one of its Subsidiaries; and

  

	 	(5)	any expenses, charges or other costs related to the Transactions (including amortization of any such expenses, charges or other costs that have been capitalized) will be excluded.

  
 “Continuing Directors” means,
as of any date of determination, any member of the Board of Directors of the Company who: 
  

	 	(1)	was a member of such Board of Directors on the Issue Date; or 

  

	 	(2)	was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board at the time of such
nomination or election. 

  
 “Corporate Trust
Office” means the designated office of the Trustee at which at any time its corporate trust business shall be administered, which office at the dated hereof is located at One Canada Square, London E14 5AL, Attention: Corporate Trust
Department, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may
designate from time to time by notice to the Holders and the Company). 
  
 “Covenant Defeasance” has the meaning set forth in Section 8.3 (Covenant Defeasance). 
  
 “Credit Facilities” means, one or more borrowing facilities or commercial paper facilities, in each case, with banks or other
institutional lenders providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or
letters of credit, in each case, as amended, restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time. 
  

 11 

 “Default” means any event that is, or with the passage of time or the giving of notice
or both would be, an Event of Default. 
  
 “Definitive
Notes” means any definitive Note issued in accordance with Section 2.6(a)(2) registered in the Register, substantially in the form attached as Exhibit A hereto. 
  
 “Depositary” means any of Euroclear, Clearstream and their respective nominees and successors, acting
through itself or the Common Depositary. 
  
 “Disqualified
Shares” means any Equity Interests that, by their terms (or by the terms of any security into which it is convertible, or for which it is exchangeable, in each case at the option of the holder of the Equity Interests), or upon the happening
of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder of the Equity Interests, in whole or in part, on or prior to the date that is 91 days after the date on
which the Notes mature. Notwithstanding the preceding sentence, any Equity Interests that would constitute Disqualified Shares solely because the holders of the Share Capital have the right to require the Company to repurchase such Equity Interests
upon the occurrence of a change of control or an asset sale will not constitute Disqualified Shares if the terms of such Equity Interests provide that the Company may not repurchase or redeem any such Equity Interests pursuant to such provisions
unless such repurchase or redemption complies with Section 4.4 (Limitation on Restricted Payments) hereof. 
  
 “Equity Interests” of any Person means Share Capital and all warrants, options or other rights to acquire Share Capital (but excluding
any Indebtedness that is convertible into, or exchangeable for, Share Capital) of any Person. 
  
 “Equity Offering” means an underwritten primary public offering of ordinary shares of the Company. 
  
 “Escrow Agent” means The Bank of New York, as escrow agent under the Escrow Agreement. 
  
 “Escrow Agreement” means the escrow agreement to be dated
the Issue Date among the Company, the Escrow Agent, the Trustee and ING Bank N.V., London Branch. 
  
 “Escrowed Proceeds” means the proceeds from the offering of the Notes paid into an escrow account with the Escrow Agent on the Issue Date
pursuant to the Escrow Agreement. The term “Escrowed Proceeds” shall include any interest earned on the amounts held in escrow. 
  
 “EMU” means economic and monetary union as contemplated in the Treaty on European Union. 
  
 “Euro” or “€” means the single
currency of participating member states of the EMU. 
  
 “Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear system. 
  
 “European Union” means the European Union, including any country that is a member state as of the Issue Date, but not including any
country which becomes a member of the European Union after the Issue Date. 
  

 12 

 “European Council Savings Directive” means the European Council Directive 2003/48/EC.

  
 “Existing Indebtedness” means Indebtedness of
the Company and its Subsidiaries in existence on the Issue Date (other than Indebtedness under the Notes), until such amounts are repaid. 
  
 “Fair Market Value” means the value that would be paid by a willing buyer to a willing seller that is not an Affiliate of the buyer in a
transaction not involving distress or necessity of either party, determined in good faith by the Board of Directors (unless otherwise provided in this Indenture). 
  
 “Fixed Charges” means, with respect to any specified Person for any period, the sum, without duplication,
of: 
  

	 	(1)	the consolidated interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued, including, without limitation, amortization of
indebtedness issuance costs and original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations, imputed interest with
respect to Attributable Debt, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, and net of the effect of all expenses accrued or paid or payments received pursuant to
Hedging Obligations; plus 

  

	 	(2)	the consolidated interest of such Person and its Restricted Subsidiaries that was capitalized during such period; plus 

  

	 	(3)	any interest expense on Indebtedness of another Person that is Guaranteed by such Person or one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one
of its Restricted Subsidiaries, whether or not such Guarantee or Lien is called upon; plus 

  

	 	(4)	the product of (a) all dividends, whether paid or accrued and whether or not in cash, on any series of preference shares of such Person or any of its Restricted Subsidiaries, other
than dividends on Equity Interests payable solely in Equity Interests of the Company (other than Disqualified Shares) or to the Company or a Restricted Subsidiary of the Company, times (b) a fraction, the numerator of which is one and the
denominator of which is one minus the then current combined statutory income or corporation tax rate of such Person, expressed as a decimal, in each case, on a consolidated basis and in accordance with GAAP; minus 

  

	 	(5)	any expenses, charges or other costs related to the Transactions (or any amortization thereof) and included in such period in computing Fixed Charges. 

  
 “GAAP” means generally accepted accounting principles
applicable in the United States as in effect from time to time. 
  

 13 

 “Global Notes” means one or more registered global notes, without coupons, substantially
in the form of Exhibit A attached hereto. 
  
 “Government
Securities” means direct obligations of, obligations fully guaranteed by, or participations in pools consisting solely of obligations of or obligations guaranteed by any country of the European Union that uses the euro as its currency and
participated in the EMU for the payment of which guarantee of obligations the full faith and credit of any country of the European Union that uses the Euro as its currency and participates in the EMU is pledged and which are not callable or
redeemable at the option of the Company thereof. 
  
 “Guarantee” means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of
assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities
or services, to take or pay or to maintain financial statement conditions or otherwise). 
  
 “Guarantor” means each Initial Guarantor and, upon the execution of the relevant supplemental indenture required by Section 4.22 (Additional Guarantors), each Additional Guarantor. 

 
 “Hedging Obligations” means, with respect to any
specified Person, the obligations of such Person under: 
  

	 	(1)	interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and interest rate collar agreements; 

 

	 	(2)	other agreements or arrangements designed to manage interest rates or interest rate risk; and 

  

	 	(3)	other agreements or arrangements designed to protect such Person against fluctuations in currency exchange rates or commodity prices. 

  
 “Holder” means a Person in whose name a Note is registered
on the Registrar’s or any co-registrar’s books. 
  
 “Indebtedness” means, with respect to any specified Person, any indebtedness of such Person (excluding accrued expenses and trade payables), without duplication, whether or not contingent: 
  

	 	(1)	in respect of borrowed money; 

  

	 	(2)	evidenced by bonds, Notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof); 

  

	 	(3)	in respect of banker’s acceptances; 

  

	 	(4)	representing Capital Lease Obligations or Attributable Debt in respect of sale and leaseback transactions; 

  

 14 

	 	(5)	representing the balance deferred and unpaid of the purchase price of any property or services due more than six months after such property is acquired or such services are
completed; or 

  

	 	(6)	representing any Hedging Obligations, 

  
 if and to the extent any of the preceding items (other than letters of credit, Attributable Debt and Hedging Obligations) would appear as a liability upon
a balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is
assumed by the specified Person) and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person. 
  
 “Indirect Participant” means a Person who holds a Book Entry Interest in a Global Note through a Participant. 
  
 “Initial Guarantor” means each of (i) Carey Agri
International-Poland Sp. z o.o., (ii) Onufry S.A., (iii) Multi-Ex S.A., (iv) Astor Sp. z o.o., (v) Polskie Hurtownie Alkoholi Sp. z o.o., (vi) MTC Sp. z o.o., (vii) Przedsiebiorstwo Dystrybucji Alkoholi Agis S.A., (viii) Dako-Galant Przedsiebiorstwo
Handlowo Produkcyjne Sp. z o.o., (ix) Damianex S.A., (x) PWW Sp. z o.o. and (xi) Miro Sp. z o.o. 
  
 “Initial Shares” means the Share Capital of each of (i) Carey Agri International-Poland Sp. z o.o., (ii) Onufry S.A., (iii) Multi-Ex
S.A., (iv) Astor Sp. z o.o., (v) Polskie Hurtownie Alkoholi Sp. z o.o., (vi) MTC Sp. z o.o., (vii) Przedsiebiorstwo Dystrybucji Alkoholi Agis S.A., (viii) Dako-Galant Przedsiebiorstwo Handlowo Produkcyjne Sp. z o.o., (ix) Damianex S.A., (x) PWW Sp.
z o.o. and (xi) Miro Sp. z o.o. 
  
 “Initial Security
Documents” means the Proceeds Loan Pledge Agreement and the Bank Account Charge. 
  
 “Inventory” means goods held for sale or lease by a Person in the ordinary course of business, net of any reserve for goods that have been segregated by such Person to be returned to the applicable
vendor for credit, as determined in accordance with GAAP. 
  
 “Investments” means, with respect to any Person, all direct or indirect investments by such Person in other Persons (including Affiliates) in the forms of loans (including Guarantees or other obligations), advances or
capital contributions (excluding commission, travel and similar advances to officers and employees made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities,
together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. If the Company or any Subsidiary of the Company sells or otherwise disposes of any Equity Interests of any direct or indirect
Subsidiary of the Company such that, after giving effect to any such sale or disposition, such Subsidiary is no longer a Restricted Subsidiary of the Company, the Company will be deemed to have made an Investment on the date of any such sale or
disposition equal to the Fair Market Value of the Company Investments in such Subsidiary that were not sold or disposed of in an amount determined as provided in the final paragraph of Section 4.4 (Limitation on Restricted Payments) hereof.
The acquisition by the Company or any Subsidiary of the Company of a Person that holds an Investment in a third person will be deemed to be an Investment by the Company or such Subsidiary in such third Person in an 
  

 15 

 amount equal to the Fair Market Value of the Investments held by the acquired Person in such third Person in an amount
determined as provided in the final paragraph of Section 4.4 (Limitation on Restricted Payments) hereof. Except as otherwise provided in this Indenture, the amount of an Investment will be determined at the time the Investment is made and
without giving effect to subsequent changes in value. 
  
 “Issue Date” means July 25, 2005, the date of original issuance of the Notes. 
  
 “Legal Defeasance” has the meaning set forth in Section 8.2 (Legal Defeasance and Discharge). 
  
 “Lien” means, with respect to any asset, any mortgage, lien,
pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded 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 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. 
  
 “Marketable Securities” means Cash Equivalents, Government
Securities and freely tradeable debt securities with a debt rating no lower than A granted by S&P or A2 granted by Moody’s for so long as such ratings are maintained. 
  
 “Material Subsidiary” means, as of any date, any Restricted Subsidiary whose Consolidated Cash Flow for the
most recent twelve-month period for which financial statements are available exceeds 5.0% of the Consolidated Cash Flow of the Company. 
  
 “Maturity Date” means July 25, 2012. 
  
 “Moody’s” means Moody’s Investors Service, Inc. 
  
 “Net Income” means, with respect to any specified person, the net income (loss) of such Person, determined
in accordance with GAAP and before any reduction in respect of preference shares dividends, excluding, however: 
  
 (1) any gain or loss, together with any related provision for taxes on such gain or loss, realized in connection with (a) any Asset Sale or (b) the
disposition of any securities by such Person or any of its Restricted Subsidiaries or the extinguishment of any Indebtedness of such Person or any of its Restricted Subsidiaries; and 
  
 (2) any extraordinary gain or loss, together with any related provision for taxes on such extraordinary gain or loss.

  
 “Net Proceeds” means the aggregate cash
proceeds received by the Company or any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net
of the direct costs relating to such Asset Sale, including, without limitation, legal, accounting and investment banking fees, and sales commissions, and any relocation expenses incurred as a result of the Asset Sale, taxes paid or payable as a
result of the Asset Sale, in each case, after taking into account any available tax credits or deductions and any tax sharing arrangements, and amounts required to be applied to the repayment of Indebtedness, other than Indebtedness under Credit
Facilities, secured by a Lien on the asset 
  

 16 

 or assets that were the subject of such Asset Sale and any reserve for adjustment in respect of the sale price of such
asset or assets established in accordance with GAAP. 
  
 “Non-Recourse Debt” means Indebtedness: 
  

	 	(1)	as to which neither the Company nor any of its Restricted Subsidiaries (a) provides credit support of any kind (including any undertaking, agreement or instrument that would
constitute Indebtedness), (b) is directly or indirectly liable as a Guarantors or otherwise or (c) constitutes the lender; 

  

	 	(2)	no default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement action against an Unrestricted Subsidiary) would permit upon
notice, lapse of time or both any holder of any other Indebtedness of the Company or any of its Restricted Subsidiaries to declare a default on such other Indebtedness or cause the payment of the Indebtedness to be accelerated or payable prior to
its Stated Maturity; and 

  

	 	(3)	as to which the lenders have been notified in writing that they will not have any recourse to the stock or assets of the Company or any of its Restricted Subsidiaries.

  
 “Note Security Agent” means ING
Bank N.V., London Branch (or, if applicable, such other person as may from time to time hold the whole or any part if the security granted under the Note Security Documents) as Note Security Agent under the Note Security Documents. 
  
 “Note Security Documents” means the Initial Security
Documents, the Share Pledges and the Additional Share Pledges, as replaced or supplemented by any security agreement covering the same assets permitted to be entered into by the Note Security Agent pursuant to the terms hereof. 
  
 “Obligations” means any principal, interest, penalties,
fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness. 
  
 “Offering Memorandum” means the Offering Memorandum, dated July 15, 2005, relating to the Notes. 
  
 “Officer” means, with respect to any Person, the Chairman of
the Board of Directors, the Chief Executive Officer, the President, the Chief Operating Officer, or the Chief Financial Officer of such Person. 
  
 “Officers’ Certificate” means a certificate signed on behalf of the Company, by two Officers of the Company that meets the
requirements of Section 12.3 (Statements Required in Certificate or Opinion) hereof and any other relevant provisions of this Indenture. One of the Officers signing an Officers’ Certificate given pursuant to Section 4.19 (Compliance
Certificate; Notice of Default ) should be the principal executive officer or the principal financial officer of the Company. 
  
 “Opinion of Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee, which meets the requirements of
Section 12.3 (Statements Required in Certificate or Opinion) hereof and any other relevant provisions of this Indenture. The 
  

 17 

 counsel may be an employee of or counsel to the Company, any Subsidiary of the Company or the Trustee. 
  
 “Participant” means a Person who has an account with
Euroclear or Clearstream. 
  
 “Paying Agent” has
the meaning set forth in Section 2.3 (Registrar and Paying Agent). 
  
 “Permitted Business” means (i) the production and bottling of vodka and other alcoholic beverages and sales thereof, (ii) the importing, exporting, transportation, distribution and sale of beverages
(including alcoholic beverages), cigars and cigarettes and other fast moving consumer goods; and (iii) any activity or business that is a reasonable extension or expansion of, or reasonably related to, the business described in the preceding clauses
(i) and (ii). 
  
 “Permitted Business Investment”
means an Investment in any Person the primary business of which consists of a Permitted Business. 
  
 “Permitted Investments” means: 
  

	 	(1)	any Investment in the Company or in a Restricted Subsidiary of the Company; 

  

	 	(2)	any Investment in Cash Equivalents or Government Securities; 

  

	 	(3)	any Investment by the Company or any Restricted Subsidiary of the Company in a person, if as a result of such Investment: 

  

	 	(a)	such person becomes a Restricted Subsidiary of the Company; or 

  

	 	(b)	such person is merged, consolidated, amalgamated or otherwise combined with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Company
or a Restricted Subsidiary of the Company; 

  

	 	(4)	any Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with Section 4.12 (Asset Sales);

  

	 	(5)	any acquisition of assets or Share Capital solely in exchange for the issuance of Equity Interests (other than Disqualified Shares) of the Company; 

  

	 	(6)	any Investments received in compromise or resolution of (a) obligations of trade creditors or customers that were incurred in the ordinary course of business of the Company or any
of its Restricted Subsidiaries, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer; or (b) litigation, arbitration or other disputes with Persons who are not
Affiliates; 

  

	 	(7)	Investments represented by Hedging Obligations; 

  

	 	(8)	loans or advances to employees made in the ordinary course of business of the Company or the Restricted Subsidiary of the Company in an aggregate principal amount not to exceed $1.0
million at any one time outstanding; 

  

 18 

	 	(9)	repurchases of the Notes; 

  

	 	(10)	Investments existing on the Issue Date and any amendment, modification, restatement, supplement, extension, renewal, refunding, replacement or refinancing, in whole or in part,
thereof; 

  

	 	(11)	Investments constituting Permitted Business Investments, the sum of which does not exceed the greater of $5.0 million at any time outstanding; and 

  

	 	(12)	other Investments in any person having an aggregate Fair Market Value (measured on the date each such Investment was made and without giving effect to subsequent changes in value),
when taken together with all other Investments made pursuant to this clause (12) that are at the time outstanding of no more than $10.0 million. 

  

“Permitted Liens” means: 
  

	 	(1)	Liens on the Shares securing Indebtedness and other Obligations under Credit Facilities and Hedging Obligations related thereto permitted to be incurred under Section 4.3
(Incurrence of Indebtedness and Issuance of Preference Shares); provided that such Liens rank equally and ratably with the Liens over the Shares under the Note Purchase Agreement; 

  

	 	(2)	Liens on Inventory purchased with Indebtedness incurred under Credit Facilities permitted under Clause (1) of the second paragraph of Section 4.4 (Incurrence of Indebtedness and
Issuance of Preference Shares). 

  

	 	(3)	Liens in favor of the Company or the Guarantors to secure obligations which are not pledged to secure Indebtedness owing to third parties; 

  

	 	(4)	Liens on property of a person existing at the time such person is merged, consolidated, amalgamated or otherwise combined with or into the Company or any Subsidiary of the Company;
provided that such Liens were in existence prior to the contemplation of such merger, consolidation, amalgamation or other combination and do not extend to any assets other than those of the person merged, consolidated, amalgamated or
combined with the Company or the Subsidiary; 

  

	 	(5)	Liens on property (including Share Capital) existing at the time of acquisition of the property or of the Restricted Subsidiary which owns the property by the Company or any
Subsidiary of the Company; provided that such Liens were in existence prior to, such acquisition, and not incurred in contemplation of, such acquisition; 

  

	 	(6)	Liens to secure the performance of statutory obligations, surety or appeal bonds, performance bonds or other obligations of a like nature incurred in the ordinary course of
business; 

  

 19 

	 	(7)	Liens to secure Indebtedness (including Capital Lease Obligations) permitted by clause (4) of the second paragraph of Section 4.3 (Incurrence of Indebtedness and Issuance of
Preference Shares) covering only the assets acquired with or financed by such Indebtedness; 

  

	 	(8)	Liens existing on the Issue Date (including the extension, re-issuance or renewal of such Liens in connection with Permitted Refinancing Indebtedness permitted to be incurred under
clause (5) of the definition of Permitted Debt); 

  

	 	(9)	Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith by appropriate proceedings instituted within a
reasonable period of time and diligently pursued; provided that any reserve or other appropriate provision as is required in conformity with GAAP has been made therefor; 

  

	 	(10)	Liens imposed by law, such as carriers’, warehousemen’s, landlord’s and mechanics’ Liens or other similar Liens, in each case, incurred in the ordinary course of
business; 

  

	 	(11)	survey exceptions, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes,
or zoning or other restrictions as to the use of real property that were not incurred in connection with Indebtedness and that do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the
operation of the business of such Person; 

  

	 	(12)	Liens created for the benefit of (or to secure) the Notes (or the Guarantees); 

  

	 	(13)	Liens securing Hedging Obligations permitted by clause (7) of the second paragraph under Section 4.3 (Incurrence of Indebtedness and Issuance of Preference Shares) and any
Lien the principle purpose of which is to allow the setting off or netting of obligations under or in connection with any Hedging Obligation, in either case, so long as such Lien is over only (i) the assets that secure the Indebtedness that is the
subject of the relevant Hedging Obligations or (ii) cash or cash equivalents securing such Hedging Obligations. 

  

	 	(14)	Liens incurred or deposits made in connection with workers’ compensation, unemployment insurance, other types of social security and other types of related statutory
obligations; 

  

	 	(15)	rights of set-off under contracts that do not relate to Indebtedness for borrowed money; 

  

 20 

	 	(16)	Liens in favor of customs or revenue authorities to secure payment of customs duties in connection with the importation of goods in the ordinary course of business;

  

	 	(17)	Liens resulting from escrow arrangements unrelated to Indebtedness for borrowed money entered into in connection with a disposition of assets; 

  

	 	(18)	any retention of title reserved by any seller of goods or any Lien imposed, reserved or granted over goods supplied by such seller; 

  

	 	(19)	Liens arising out of or in connection with pre-judgment legal process or a judgement or a judicial awarded relating to security for costs; and 

  

	 	(20)	Liens on any Escrowed Proceeds; 

  

	 	(21)	Liens on and pledges of Equity Interests of any Unrestricted Subsidiary securing any Indebtedness of such Unrestricted Subsidiary; 

  

	 	(22)	Liens held by the Company on the assets or property of a Restricted Subsidiary to secure Indebtedness of such Restricted Subsidiary owing to and held by the Company; and

  

	 	(23)	Liens incurred in the ordinary course of business of the Company or any of its Restricted Subsidiaries with respect to obligations that do not exceed $5.0 million at any one time
outstanding. 

  
 “Permitted Refinancing
Indebtedness” means any Indebtedness of the Company or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to refund, refinance, replace, defease or discharge other Indebtedness of the Company or
any of its Restricted Subsidiaries (other than intercompany Indebtedness); provided that: 
  

	 	(1)	the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the
Indebtedness extended, refinanced, renewed, replaced, defeased or refunded (plus all accrued interest on the Indebtedness and the amount of all expenses and premiums incurred in connection therewith); 

  

	 	(2)	such Permitted Refinancing Indebtedness has a final Stated Maturity later than the final Stated Maturity of, and has a Weighted Average Life to Maturity equal to or greater than the
Weighted Average Life to Maturity of, the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; 

  

	 	(3)	if the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is subordinated in right of payment to the Guarantees, such Permitted Refinancing
Indebtedness has a final Stated Maturity later than the final Stated 

  

 21 

 Maturity of, and is subordinated in right of payment to, the Notes and the Guarantees on terms at least
as favorable to the Holders of Notes as those contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; and 
  

	 	(4)	such Indebtedness is incurred either by the Company or by the Restricted Subsidiary who is the obligor on the Indebtedness being extended, refinanced, renewed, replaced, defeased or
refunded. 

  
 “Person” means any
individual, corporation, company, partnership, joint venture, association, joint stock company, trust, unincorporated organization, limited liability company or government or other entity. 
  
 “Principal Paying Agent” has the meaning set forth in
Section 2.3 (Registrar and Paying Agent). 
  
 “Proceeds Loan” means one or more loans between Carey Agri, as borrower, and the Company, as lender, of the proceeds received by the Company from the Notes on their respective dates of issue. 
  
 “Proceeds Loan Pledge Agreement” means the agreement
governing the assignment of the Proceeds Loan by the Company to the Note Security Agent. 
  
 “QIB” means a “qualified institutional buyer” as defined in Rule 144A. 
  
 “Qualified Expert” means an accounting, appraisal, investment bank or other firm, in each case, of international standing or another firm
with specialist knowledge in valuing the property, assets or rights that are the subject of the relevant transaction. 
  
 “Record Date” means the Record Dates specified in the Notes. 
  
 “Redemption Date” when used with respect to any Note to be redeemed, means the date fixed for such
redemption pursuant to this Indenture and Paragraph 7 of any such Note. 
  
 “Redemption Price” when used with respect to any Note to be redeemed, means the price fixed for such redemption pursuant to this Indenture and Paragraphs 7 and 8 of any such Note. 
  
 “Reg S Definitive Note” means a Definitive Note bearing the
Reg S Legend. 
  
 “Reg S Global Note” means the
Global Note bearing the Reg S Legend that will be issued on the Issue Date in a principal amount equal to the outstanding principal amount of the Notes sold in reliance on Regulation S. 
  
 “Reg S Legend” means the legend initially set forth on the Reg S Notes in the form set forth in Section
2.6(g)(Legends) hereof. 
  
 “Reg S Note”
means a Reg S Definitive Note or a Reg S Global Note, as applicable. 
  
 “Registrar” has the meaning set forth in Section 2.3 (Registrar and Paying Agent). 
  
 “Regulation S” means Regulation S promulgated under the U.S. Securities Act. 
  

 22 

 “Related Party” means the spouse of or immediate family member of William Carey or any
trust, corporation, partnership or other entity, the only beneficiaries, stockholders, partners or owners of which, consist of William Carey, his spouse, and/or immediate family members of William Carey. 
  
 “Restricted Definitive Note” means a Definitive Note bearing
either the 144A Legend or the Reg S Legend. 
  
 “Restricted Investment” means an Investment other than a Permitted Investment. 
  
 “Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary. 
  
 “Rule 144” means Rule 144 promulgated under the U.S.
Securities Act. 
  
 “Rule 144A” means Rule 144A
promulgated under the U.S. Securities Act. 
  
 “Rule
903” means Rule 903 promulgated under the U.S. Securities Act. 
  
 “Rule 904” means Rule 904 promulgated under the U.S. Securities Act. 
  
 “S&P” means Standard & Poor’s Ratings Group. 
  
 “SEC” means the United States Securities and Exchange Commission, as from time to time constituted, created under the U.S. Exchange Act,
or if at any time after the execution of this Indenture such commission is not existing and performing the duties now assigned to it under the U.S. Securities Act and the U.S. Exchange Act, then the body performing such duties at such time.

  
 “Secured Parties” means the Trustee, the Note
Security Agent and the Holders. 
  
 “Security”
means the Shares, the Proceeds Loan and the escrow account. 
  
 “Shares” means the Initial Shares and the Additional Shares. 
  
 “Share Capital” 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 company, partnership interests (whether general or limited) or membership interests; 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, but
excluding from all of the foregoing any debt securities convertible into Share Capital, whether or not such debt securities include any right of participation with Share Capital. 

  
 “Share Pledges” mean: 
  

 23 

	 	(1)	the share pledge dated on or before 20 Business Days following the Issue Date relating to the Share Capital in Carey Agri International-Poland Sp. z o.o. between the Company and the
Note Security Agent; 

  

	 	(2)	the share pledge dated on or before 20 Business Days following the Issue Date relating to the Share Capital in Onufry S.A. between the Company and the Note Security Agent;

  

	 	(3)	the share pledge dated on or before 20 Business Days following the Issue Date relating to the Share Capital in Multi-Ex S.A. between the Company and the Note Security Agent;

  

	 	(4)	the share pledge dated on or before 20 Business Days following the Issue Date relating to the Share Capital in Astor Sp. z o.o. between the Company and the Note Security Agent;

  

	 	(5)	the share pledge dated on or before 20 Business Days following the Issue Date relating to the Share Capital in Polskie Hurtownie Alkoholi Sp. z o.o. between the Company and the Note
Security Agent; 

  

	 	(6)	the share pledge dated on or before 20 Business Days following the Issue Date relating to the Share Capital in MTC Sp. z o.o. between the Company and the Note Security Agent;

  

	 	(7)	the share pledge dated on or before 20 Business Days following the Issue Date relating to the Share Capital in Przedsiebiorstwo Dystrybucji Alkoholi Agis S.A. between the Company
and the Note Security Agent; 

  

	 	(8)	the share pledge dated on or before 20 Business Days following the Issue Date relating to the Share Capital in Dako-Galant Przedsiebiorstwo Handlowo Produkcyjne Sp. z o.o. between
the Company and the Note Security Agent; 

  

	 	(9)	the share pledge dated on or before 20 Business Days following the Issue Date relating to the Share Capital in Damianex S.A. between the Company and the Note Security Agent;

  

	 	(10)	the share pledge dated on or before 20 Business Days following the Issue Date relating to the Share Capital in PWW Sp. z o.o. between the Company and the Note Security Agent;

  

	 	(11)	the share pledge dated on or before 20 Business Days following the Issue Date relating to the Share Capital in Miro Sp. z o.o. between the Company and the Note Security Agent;

  

	 	(12)	the share pledge dated on or before 20 Business Days following the Issue Date relating to the Share Capital in Onufry S.A. between Carey Agri and the Note Security Agent;

  

 24 

	 	(13)	the share pledge dated on or before 20 Business Days following the Issue Date relating to the Share Capital in Multi-Ex S.A. between Carey Agri and the Note Security Agent;

  

	 	(14)	the share pledge dated on or before 20 Business Days following the Issue Date relating to the Share Capital in Astor Sp. z o.o. between Carey Agri and the Note Security Agent;

  

	 	(15)	the share pledge dated on or before 20 Business Days following the Issue Date relating to the Share Capital in Polskie Hurtownie Alkoholi Sp. z o.o. between Carey Agri and the Note
Security Agent; 

  

	 	(16)	the share pledge dated on or before 20 Business Days following the Issue Date relating to the Share Capital in MTC Sp. z o.o. between Carey Agri and the Note Security Agent;

  

	 	(17)	the share pledge dated on or before 20 Business Days following the Issue Date relating to the Share Capital in Przedsiebiorstwo Dystrybucji Alkoholi Agis S.A. between Carey Agri and
the Note Security Agent; 

  

	 	(18)	the share pledge dated on or before 20 Business Days following the Issue Date relating to the Share Capital in Dako-Galant Przedsiebiorstwo Handlowo Produkcyjne Sp. z o.o. between
Carey Agri and the Note Security Agent; 

  

	 	(19)	the share pledge dated on or before 20 Business Days following the Issue Date relating to the Share Capital in Damianex S.A. between Carey Agri and the Note Security Agent;

  

	 	(20)	the share pledge dated on or before 20 Business Days following the Issue Date relating to the Share Capital in PWW Sp. z o.o. between Carey Agri and the Note Security Agent; and

  

	 	(21)	the share pledge dated on or before 20 Business Days following the Issue Date relating to the Share Capital in Miro Sp. z o.o. between Carey Agri and the Note Security Agent,

  
 in each case, in a form substantially consistent
with the relevant form of share pledge agreement attached as Exhibit C hereto. 
  
 “Significant Group” means any group of Restricted Subsidiaries of any of the Guarantors that, taken together (as of the latest audited consolidated financial statements of such Guarantor and its
Restricted Subsidiaries), would constitute a Significant Subsidiary. 
  
 “Significant Subsidiary” means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the U.S. Securities Act, as such Regulation is
in effect on the date hereof. 
  
 “Special
Redemption” means either the Bols Special Redemption or the Bialystok Special Redemption, as the case may be. 
  

 25 

 “Special Redemption Date” shall mean either the Bols Special Redemption Date or the
Bialystok Special Redemption Date, as the case may be. 
  
 “Special Redemption Price” shall mean either the Bols Special Redemption Price or the Bialystok Special Redemption Price, as the case may be. 
  
 “Stated Maturity” means, with respect to any installment of interest or principal on any series of
Indebtedness, the date on which the payment of interest or principal was scheduled to be paid in the documentation governing such Indebtedness as of the Issue Date, and will not include any contingent obligations to repay, redeem or repurchase any
such interest or principal prior to the date originally scheduled for the payment thereof. 
  
 “Subsidiary” means, with respect to any specified Person: 
  

	 	(1)	any corporation, association or other business entity of which more than 50% of the total voting power of Share Capital entitled (without regard to the occurrence of any contingency
and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or Trustees of the corporation, association or other business entity 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); and 

  

	 	(2)	any partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (b) the only general partners of which are
that Person or one or more Subsidiaries of that Person (or any combination thereof). 

  
 “Successor Company” has the meaning set forth in Article V. 
  
 “Successor Guarantor” has the meaning set forth in Article V. 
  
 “Transactions” means (i) this offering of Notes, (ii) the
Bols Acquisition, (iii) the Bialystok Acquisition, and the financing thereof, (iv) the making of the Proceeds Loan to Carey Agri, and (vi) the payment of costs, fees and expenses, in each case, related thereto. 
  
 “Trust Officer” shall mean, when used with respect to the
Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs
functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and
who shall have direct responsibility for the administration of this Indenture. 
  
 “Unrestricted Definitive Note” means one or more Definitive Notes that do not bear and are not required to bear either the 144A Legend or the Reg S Legend. 
  
 “Unrestricted Subsidiary” means any Subsidiary of the
Company that is designated by the Board of Directors of the Company as an Unrestricted Subsidiary in accordance with the provisions summarized under Section 4.24 (Designation of Restricted and Unrestricted Subsidiaries) pursuant to a Board
Resolution, but only to the extent that such Subsidiary: 
  

 26 

	 	(1)	has no Indebtedness other than Non-Recourse Debt; and 

  

	 	(2)	is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity Interests
or (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results. 

  
 “U.S. Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder. 
  
 “U.S. Securities
Act” means the United States Securities Act of 1933, as amended and the rules and regulations promulgated thereunder. 
  
 “Voting Stock” of any Person as of any date means the Share Capital of such Person that is at the time entitled to vote in the election
of the Board of Directors of such Person. 
  
 “Weighted
Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing: 
  

	 	(1)	the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including
payment at final maturity, in respect of the Indebtedness, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by 

  

	 	(2)	the then outstanding principal amount of such Indebtedness. 

  
 “Wholly Owned Restricted Subsidiary” of any specified Person means a Restricted Subsidiary of such Person all of the outstanding Equity
Interests or other ownership interests of which (other than directors’ qualifying shares) or shares required by applicable law to be held by a Person other than the Company or a Restricted Subsidiary will at the time be owned by such Person or
by one or more Wholly Owned Restricted Subsidiaries of such Person. 
  
 SECTION 1.2 Other Definitions 
  

			
	 Term

	  	Section

	 “Change in Tax Law”
	  	Paragraph 8
of the Notes
	 “Default Interest Payment Date”
	  	2.12
	 “Defeasance Trust”
	  	8.4
	 “Event of Default”
	  	6.1
	 “Excess Proceeds”
	  	4.12
	 “incur”
	  	4.3
	 “Irish Paying Agent”
	  	2.3
	 “Legal Defeasance”
	  	8.2
	 “Payment Default”
	  	6.1
	 “Permitted Debt”
	  	4.3
	 “Relevant Taxing Jurisdiction”
	  	Paragraph 2
of the Notes
	 “Restricted Payments”
	  	4.3

  

 27 

 SECTION 1.3 Rules of Construction. Unless the context otherwise requires: 
  
 (a) a term has the meaning assigned to it; 
  
 (b) an accounting term not otherwise defined has the meaning
assigned to it in accordance with GAAP; 
  
 (c) “or” is not exclusive; 
  
 (d) words in the singular include the plural, and words in the plural include the singular; 
  
 (e) provisions apply to successive events and transactions; 
  
 (f) “herein,” “hereof” and other words of similar import refer to this Indenture as a
whole and not to any particular Article, Section or other subdivision; and 
  
 (g) all references to “€” or “euro” are to the lawful currency of the participating member states of the Third Stage of European Economic and Monetary Union of the Treaty Establishing the
European Community. 
  
 ARTICLE II 
  
 THE NOTES 
  
 SECTION 2.1 Form and Dating. The Notes and the notation relating to
the Trustee’s certificate of authentication thereof, shall be substantially in the form of Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rules or usage. The Company and the Trustee shall
approve the form of the Notes and any notation, legend or endorsement on them not inconsistent with the terms of this Indenture. Each Note shall be dated the date of its authentication. 
  
 The terms and provisions contained in the Notes, annexed hereto as Exhibit A, shall constitute, and are hereby expressly
made, a part of this Indenture and, to the extent applicable, the Company, each Guarantor, the Trustee and the Principal Paying Agent, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound
thereby. The Notes will initially be represented by the Global Notes. 
  
 As long as the Notes are in global form, the Principal Paying Agent shall be responsible for: 
  

	 	(i)	effecting payments due on the Global Notes (following receipt of payment thereof from the Company); and 

  

	 	(ii)	arranging on behalf of and at the expense of the Company for notices to be communicated to Holders in accordance with the terms of this Indenture. 

  
 Each reference in this Indenture to the performance of duties set forth in
clauses (i) and (ii), above by the Trustee includes performance of such duties by the Principal Paying Agent. 
  

 28 

 Notes offered and sold in their initial distribution in reliance on Regulation S shall be initially
issued as one or more global notes, in registered global form without interest coupons, substantially in the form of Exhibit A hereto, with such applicable legends and other text as are provided in Exhibit A hereto, except as otherwise permitted
herein. Such Global Notes shall be referred to collectively herein as the “Reg S Global Note.” The aggregate principal amount of the Reg S Global Note may from time to time be increased or decreased by adjustments made on the
records of the Registrar (following receipt by the Registrar of all information required hereunder), as hereinafter provided (or by the issue of a further Reg S Global Note), in connection with a corresponding decrease or increase in the aggregate
principal amount of the 144A Global Note (as defined below) or in consequence of the issue of Definitive Notes or additional Reg S Notes, as hereinafter provided. The Reg S Global Note and all other Notes that are not 144A Notes shall collectively
be referred to herein as the “Reg S Notes.” 
  
 Notes offered and sold in their initial distribution in reliance on Rule 144A shall be initially issued as one or more global notes in registered, global form without interest coupons, substantially in the form of Exhibit A hereto, with
such applicable legends and other text as are provided in Exhibit A, except as otherwise permitted herein. Such Global Notes shall be referred to collectively herein as the “144A Global Note.” The aggregate principal amount of the
144A Global Note may from time to time be increased or decreased by adjustments made on the records of the Registrar (following receipt by the Trustee of all information required hereunder), as hereinafter provided (or by the issue of a further 144A
Global Note), in connection with a corresponding decrease or increase in the aggregate principal amount of the Reg S Global Note or in consequence of the issue of Definitive Notes or additional 144A Notes, as hereinafter provided. The 144A Global
Note and all other Notes, if any, evidencing the debt, or any portion of the debt, initially evidenced by such 144A Global Note, shall collectively be referred to herein as the “144A Notes.” 
  
 SECTION 2.2 Execution and Authentication. An Officer (whom shall have
been duly authorized by all requisite corporate actions) shall sign the Notes for the Company by manual or facsimile signature. 
  
 If an Officer whose signature is on a Note was an Officer at the time of such execution but no longer holds that office or position at the time the
Trustee authenticates the Note, the Note shall be valid nevertheless. The Trustee shall be entitled to rely on such signature as authentic and shall be under no obligation to make any investigation in relation thereto. 
  
 A Note shall not be valid until an authorized signatory of the Trustee
manually signs the certificate of authentication on the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. The Notes shall be dated the date of authentication. 
  
 Except as otherwise provided herein, the aggregate principal amount of Notes
that may be outstanding at any time under this Indenture is not limited in amount. The Trustee shall authenticate such Notes which shall consist of (i) Original Notes for original issue on the Issue Date in an aggregate principal amount not to
exceed €325,000,000 and (ii) Additional Notes from time to time for issuance after the Issue Date to the extent otherwise permitted hereunder (including, without limitation, under Section 4.3 hereof), in each case upon receipt by the Trustee of
a Company Order in the form of an officer’s certificate. Additional Notes will be treated as the same series of Notes as the Original Notes for all 
  

 29 

 purposes under this Indenture, including, without limitation, for purposes of waivers, amendments, redemptions and offers
to purchase. Such Company Order shall specify the aggregate principal amount of Notes to be authenticated, the series and type of Notes, the date on which the Notes are to be authenticated, the issue price and the date from which interest on such
Notes shall accrue, whether the Notes are to be Original Notes or Additional Notes, whether the Notes are to be issued as Definitive Notes or Global Notes and whether or not the Notes shall bear the 144A Legend, or such other information as the
Trustee may reasonably request. In addition, such Company Order shall include (a) a statement that the Persons signing the Company Order have (i) read and understood the provisions of this Indenture relevant to the statements in the Company Order
and (ii) made such examination or investigation as is necessary to enable them to make such statements, (b) a brief statement as to the nature and scope of the examination or investigation on which the statements set forth in the Company Order are
based and (c) that based upon (a) and (b) all conditions precedent relating to the Company Order have been complied with in accordance with Section 12.2 and 12.3 hereof. In authenticating the Notes and accepting the responsibilities under this
Indenture in relation to the Notes, the Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel in a form reasonably satisfactory to the Trustee stating that the form and terms thereof have been
established in conformity with the provisions of this Indenture, do not give rise to a Default and that the issuance of such Notes has been duly authorized by the Company and each Guarantor and constitute a legal valid binding obligation of the
Company. Upon receipt of a Company Order, the Trustee shall authenticate Notes in substitution of Notes originally issued to reflect any name change of the Company. 
  
 The Trustee may appoint an authenticating agent (“Authenticating Agent”) reasonably acceptable to the
Company to authenticate Notes. Unless otherwise provided in the appointment, an Authenticating Agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by
such Authenticating Agent. An Authenticating Agent has the same rights as an Agent to deal with the Company and Affiliates of the Company. 
  
 The Notes shall be issuable only in denominations of €50,000 and any integral multiple of €1,000 in excess thereof. 
  
 SECTION 2.3 Registrar and Paying Agent. The Company shall maintain an
office or agency in London, England where Global Notes may be presented for registration of transfer or for exchange (“Registrar”). The Company shall maintain an office or agency in (i) London, England, (the “Principal
Paying Agent”), (ii), for so long as the Notes are listed on the Irish Stock Exchange and its rules so require, Dublin, Ireland (the “Irish Paying Agent”) (together, the “Paying Agents”) and (iii) if, after
the issue date, both such Paying Agents become obliged to withhold or deduct tax in connection with any payment made by them in relation to the Notes, another member state of the European Union (including any country which becomes a member of the
European Union after the issue date) where a paying agent would not be obliged to withhold or deduct such tax unless a paying agent would be so obliged if it were located in all other member states (any such paying agent appointed pursuant to this
clause (iii) being referred to thereafter as the “Principal Paying Agent”). At the offices of such Paying Agents, the (i) Global Notes may be presented or surrendered for payment and (ii) notices and demands in respect of such
Global Notes and this Indenture may be served. In the event that Definitive Notes are issued, (x) Definitive Notes may be presented or surrendered for registration of transfer or for exchange, (y) Definitive Notes may be presented or surrendered for
payment and (z) notices and demands in respect of the 
  

 30 

 Definitive Notes and this Indenture may be served at an office of the Registrar or the Principal Paying Agent, as
applicable, in Dublin, Ireland or London, England. The Registrar shall keep a register of the Notes and of their transfer and exchange. The Company, upon notice to the Trustee, may have one or more co-registrars and one or more additional Paying
Agents reasonably acceptable to the Trustee. The term “Registrar” includes any co-Registrar, and the term “Paying Agent” includes any additional Paying Agent. The Company, any Guarantor or any of their Subsidiaries
may act as Paying Agent or Registrar for the Notes. The Company initially appoints The Bank of New York as Principal Paying Agent, Registrar and Transfer Agent, until such time as such appointee has resigned and a successor has been appointed and
provided that, if the Notes are listed on the Irish Stock Exchange and the rules of such stock exchange so require, the Company will appoint a successor Paying Agent in Ireland who is reasonably acceptable to the Trustee as an additional
Paying Agent. In the event that a Paying Agent or Transfer Agent is replaced, the Company will provide notice thereof, in accordance with Section 12.1. The Company may change any Registrar or Paying Agent without prior notice to the Holders as long
as an Irish Paying Agent is kept so long as the Notes are listed on the Irish Stock Exchange and the rules of such stock exchange so require. Payment of principal will be made upon the surrender of Definitive Notes at the office of any Paying Agent,
including, if any, the Paying Agent in Ireland. In the case of a transfer of a Definitive Note in part, upon surrender of the Definitive Note to be transferred, a Definitive Note shall be issued to the transferee in respect of the principal amount
transferred and a Definitive Note shall be issued to the transferor in respect of the balance of the principal amount of the transferred Definitive Note at the office of any Transfer Agent, including, if any, the Transfer Agent in Ireland.

  
 For as long as the Notes remain outstanding, each of the
Company and the Guarantors shall undertake that, if the conditions in the European Council Savings Directive are satisfied, it will ensure that it maintains a Paying Agent in an EU Member State that will not be obliged to withhold or deduct tax
pursuant to the European Council Savings Directive. 
  
 Claims
against the Company for payment of principal, interest and Additional Amounts, if any, on the Notes will become void unless presentment for payment is made (where so required herein) within, in the case of principal and Additional Amounts, if any, a
period of ten years or, in the case of interest, a period of five years, in each case from the applicable original date of payment therefor. 
  
 The obligations of the Paying Agents are several and not joint. 
  

SECTION 2.4 Paying Agent to Hold Assets. The Company shall require each Paying Agent other than the Trustee to agree in writing that each Paying
Agent shall hold in trust for the benefit of Holders or the Trustee all assets held by the Paying Agent for the payment of principal of, premium, if any, or interest on, the Notes, and shall promptly notify the Trustee of any Default by the Company
or any Guarantor in making any such payment. The Company at any time may require a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed and the Trustee may at any time during the continuance of any
Payment Default, upon written request to a Paying Agent, require such Paying Agent to distribute all assets held by it to the Trustee and to account for any assets distributed. Upon distribution to the Trustee of all assets that shall have been
delivered by the Company to the Paying Agent pursuant to this Section 2.4, the Paying Agent shall have no further liability for such assets. If the Company or any of its Subsidiaries acts as Paying Agent, it shall segregate the assets held by it as
Paying Agent and hold it as a separate trust fund. 
  

 31 

 SECTION 2.5 List of Holders. In the event that Definitive Notes are issued, the Trustee shall
preserve, in as current a form as is reasonably practicable, the most recent list available to it of the names and addresses of Holders, together with the principal amount of Notes held by each such Holder and the aggregate principal amount of debt
obligations outstanding. If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least two Business Days before each Record Date and at such other times as the Trustee may request in writing, a list as of such date, and in
such form as the Trustee may reasonably require of the names and addresses of Holders, which list may be conclusively relied upon by the Trustee. 
  
 SECTION 2.6 Transfer and Exchange 
  
 (a) Transfer and Exchange of Global Notes 
  

	 	(1)	The Global Notes cannot be transferred to any Person other than to another nominee of the Depositary or to a successor Clearing System or its nominee approved by the Company, the
Guarantors and the Trustee. 

  

	 	(2)	All Global Notes will be exchanged by the Company for Definitive Notes (A) if each Depositary notifies the Company that it is unwilling or unable to act as a Clearing System in
respect of the Notes and a successor Clearing System is not appointed by the Company within 120 days; (B) if either Depositary so requests following an Event of Default; (C) in whole, but not in part, at any time if the Company in its sole
discretion determines that the Global Notes should be exchanged for Definitive Notes; or (D) if the owner of a Book Entry Interest requires such exchange in writing delivered through either Depositary following an Event of Default. Upon the
occurrence of any of the preceding events, Definitive Notes shall be issued in the name or names and issued in any approved denominations, as the Depositary shall instruct the Company based on the instructions received by the Depositary from the
holders of Book Entry Interests. Definitive Notes issued in exchange for Book Entry Interests in the 144A Global Note shall be issued as a 144A Definitive Note. Definitive Notes issued in exchange for Book Entry Interest in a Reg S Global Note prior
to September 3, 2005 shall be issued as a Reg S Definitive Note. 

  

	 	(3)	Global Notes may also be exchanged or replaced, in whole or in part, as provided in Section 2.7 (Replacement Notes) and Section 2.10 (Temporary Notes). Every Note
authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to Section 2.7 (Replacement Notes) or Section 2.10 (Temporary Notes) hereof, shall be authenticated and delivered in the form
of, and shall be, a Global Note. A Global Note may not be exchanged for another Note, other than as provided in this Section 2.6(a)(Transfer and Exchange of Global Notes). 

  

 32 

 (b) General Provisions Applicable to Transfers and Exchanges of the Notes Transfers of Book Entry
Interests in the Global Notes (other than transfers of Book Entry Interests in connection with which the transferor takes delivery thereof in the form of a Book Entry Interest in the same Global Note) shall require compliance with this Section
2.6(b)(General Provisions Applicable to Transfers and Exchanges of the Notes), as well as one or more of the other following subparagraphs of this Section 2.6 (Transfer and Exchange), as applicable. 
  
 In connection with all transfers and exchanges of Book Entry Interests (other
than transfers of Book Entry Interests in connection with which the transferor takes delivery thereof in the form of a Book Entry Interest in the same Global Note), the Principal Paying Agent must receive: (i) a written order from a Participant or
an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to debit from the transferor a Book Entry Interest in an amount equal to the Book Entry Interest to be transferred or exchanged;
(ii) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a Book Entry Interest in another Global Note in an
amount equal to the Book Entry Interest to be transferred or exchanged; and (iii) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase. 

 
 In connection with a transfer or exchange of a Book Entry Interest for a
Definitive Note, the Principal Paying Agent and the Registrar must receive: (i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to debit from
the transferor a Book Entry Interest in an amount equal to the Book Entry Interest to be transferred or exchanged; (ii) a written order from a Participant directing the Registrar to cause to be issued a Definitive Note in an amount equal to the Book
Entry Interest to be transferred or exchanged; and (iii) instructions containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to above. 
  
 In connection with any transfer or exchange of Definitive Notes, the Holder
of such Notes shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized
in writing. In addition, in connection with a transfer or exchange of a Definitive Note for a Book Entry Interest, the Principal Paying Agent must receive a written order directing the Depositary to credit the account of the transferee in an amount
equal to the Book Entry Interest to be transferred or exchanged. 
  
 Upon satisfaction of all of the requirements for transfer or exchange of Book Entry Interests in Global Notes contained in this Indenture, the Principal Paying Agent or the Registrar, as specified in this Section 2.6 (Transfer and
Exchange), shall endorse the relevant Global Note(s) with any increase or decrease and instruct the Depositary to reflect such increase or decrease in its systems. 
  
 (c) Transfer of Book Entry Interests in a Reg S Global Note to Book Entry Interests in a 144A Global Note. A Book
Entry Interest in the Reg S Global Note may be transferred to a Person who takes delivery thereof in the form of a Book Entry Interest in the 144A Global Note only if the transfer complies with the requirements of Section 2.6(b) (General
Provisions Applicable to Transfers and Exchanges of the Notes) above and the 
  

 33 

 Principal Paying Agent receives a certificate to the effect set forth in Exhibit B hereto, including the certifications
in item (1) thereof. 
  
 Upon the receipt of such certificate and
the orders and instructions required by Section 2.6(b) (General Provisions Applicable to Transfers and Exchanges of the Notes) above, the Principal Paying Agent shall (i) instruct the Common Depositary to deliver, or cause to be delivered,
the Global Notes to the Principal Paying Agent for endorsement and upon receipt thereof decrease Schedule A to the Reg S Global Note and increase Schedule A to the 144A Global Note by the principal amount of such transfer, and (ii) thereafter,
return the Global Notes to the Common Depositary, together with all information regarding the Participant accounts to be credited and debited in connection with such transfer. 
  
 (d) Transfer of Book Entry Interests in a 144A Global Note to Book Entry Interests in a Reg S Global Note. A Book
Entry Interest in the 144A Global Note may be transferred to a Person who takes delivery thereof in the form of a Book Entry Interest in the Reg S Global Note only if the transfer complies with the requirements of Section 2.6(b)(General
Provisions Applicable to Transfers and Exchanges of the Notes) above, such transfer takes place after September 3, 2005, and the Principal Paying Agent receives a certificate from the holder of such Book Entry Interest in the form of Exhibit B
hereto, including the certifications in item (2) or (3) thereof. 
  
 Upon receipt of such certificates and the orders and instructions required by Section 2.6(b)(General Provisions Applicable to Transfers and Exchanges of the Notes) above, the Principal Paying Agent shall (i) instruct the Common
Depositary to deliver, or cause to be delivered, the Global Notes to the Principal Paying Agent for endorsement and, upon receipt thereof, increase Schedule A to the Reg S Global Note and decrease Schedule A to the 144A Global Note by the principal
amount of such transfer, and (ii) thereafter, return the Global Notes to the Common Depositary, together with all information regarding the Participant accounts to be credited and debited in connection with such transfer. 
  
 (e) Transfer of Restricted Definitive Notes for Definitive Notes. Any
Holder of a Restricted Definitive Note may transfer such Note to a Person who takes delivery thereof in the form of Definitive Notes if the transfer complies with Section 2.6(b) (General Provisions Applicable to Transfers and Exchanges of the
Notes) above and the Registrar receives the following additional documentation: 
  

	 	(1)	in the case of a transfer on or before September 3, 2005 by a holder of a Reg S Definitive Note, the Registrar shall have received a certificate to the effect set forth in Exhibit B
hereto, including the certifications in either (A) item (1), or (B) item (2) thereof; 

  

	 	(2)	in the case of a transfer after September 3, 2005 by a holder of a Reg S Definitive Note, the transfer complies with Section 2.6(b) (General Provisions Applicable to Transfers
and Exchanges of the Notes); 

  

	 	(3)	in the case of a transfer by a holder of a 144A Definitive Note to a QIB in reliance on Rule 144A, the Registrar shall have received a certificate to the effect set forth in Exhibit
B hereto, including the certifications in item (1) thereof; 

  

 34 

	 	(4)	in the case of a transfer by a holder of a 144A Definitive Note in reliance on Regulation S, the Registrar shall have received a certificate to the effect set forth in Exhibit B
hereto, including the certifications in item (2) thereof; or 

  

	 	(5)	in the case of a transfer by a holder of a 144A Definitive Note in reliance on Rule 144, the Registrar shall have received a certificate to the effect set forth in Exhibit B hereto,
including the certifications in item (3) thereof. 

  
 Upon the receipt of any Definitive Note, the Registrar shall cancel such Note pursuant to Section 2.11(Cancellation) hereof and complete and deliver to the Company (i) in the case of a transfer pursuant to Section 2.6(e)(1) or (e)(3)
(Transfer of Restricted Definitive Notes for Definitive Notes), a 144A Definitive Note; (ii) in the case of a transfer pursuant to Section 2.6(e)(2) or (e)(4), a Reg S Definitive Note; and (iii) in the case of a transfer pursuant to Section
2.6(e)(5), an Unrestricted Definitive Note. The Company shall execute and the Authenticating Agent shall authenticate and deliver such Definitive Note to such Person(s) as the Holder of the surrendered Definitive Note shall designate. 
  
 (f) Transfer of Unrestricted Definitive Notes. Any Holder of an
Unrestricted Definitive Note may transfer such Note to a Person who takes delivery thereof in the form of Definitive Notes if the transfer complies with Section (b) (General Provisions Applicable to Transfers and Exchanges of the Notes)
above. 
  
 (g) Legends. 
  
 (1) 144A Legend. The following legend shall appear on the face of
all 144A Notes issued under this Indenture, unless the Company determines otherwise in compliance with applicable law: 
  
 “THIS NOTE DUE 2012 AND ANY INTEREST HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“U.S. SECURITIES ACT”), AND ANY OFFER, SALE, PLEDGE OR OTHER TRANSFER THEREOF MUST BE MADE ONLY (i) (A) TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE
U.S. SECURITIES ACT (“RULE 144A”) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (B) IN A TRANSACTION MEETING THE REQUIREMENTS OF REGULATION S UNDER THE U.S. SECURITIES ACT (“REGULATION S”), (C) PURSUANT TO
AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), OR (D) TO CENTRAL EUROPEAN DISTRIBUTION CORPORATION OR ANY SUBSIDIARY THEREOF; AND (ii) IN EACH CASE, IN ACCORDANCE WITH ALL APPLICABLE LAWS
OF ANY OTHER JURISDICTION. EACH PURCHASER OF THIS NOTE OR ANY INTEREST HEREIN AGREES THAT IT WILL DELIVER TO EACH PURCHASER OF THIS NOTE OR BOOK-ENTRY INTERESTS HEREIN A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.” 
  
 (2) Regulation S Legend. The following legend shall appear on the
face of all Reg S Notes issued under this Indenture, unless the Company determines otherwise in compliance with applicable law: 
  

 35 

 “THIS NOTE DUE 2012 AND ANY INTEREST HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS IN THE
ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. THIS NOTE AND ANY OTHER INTEREST HEREIN MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE U.S. SECURITIES ACT AND ALL APPLICABLE LAWS OF ANY OTHER JURISDICTION. EACH PURCHASER OF THIS
NOTE OR ANY INTEREST HEREIN AGREES THAT IT WILL DELIVER TO EACH PURCHASER OF THIS NOTE OR BOOK-ENTRY INTERESTS HEREIN A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.” 
  
 (3) Global Note Legend. Each Global Note shall bear a legend in substantially the following form: 
  
 “THIS GLOBAL NOTE IS HELD BY THE COMMON DEPOSITARY (AS DEFINED IN THE
INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (i) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART
PURSUANT TO SECTION 2.6(a) OF THE INDENTURE; AND (ii) THIS GLOBAL NOTE MAY BE DELIVERED IN ACCORDANCE WITH SECTION 2.7(h) OF THE INDENTURE TO THE REGISTRAR FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE.” 
  
 (h) Cancellation. At such time as all Book Entry Interests have been
exchanged for Definitive Notes or all Global Notes have been redeemed or repurchased, the Global Notes shall be returned to the Registrar for cancellation in accordance with Section 2.11(Cancellation) hereof. 
  
 (i) General Provisions Relating to Registration of Transfers and
Exchanges. To permit registration of transfers and exchanges, the Company shall execute and the Authentication Agent shall authenticate Global Notes and Definitive Notes upon the Company’s order in accordance with the provisions of Section
2.2 (Execution and Authentication) hereof. 
  

	 	(1)	No service charge shall be made to a Holder for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any taxes, duties or
governmental charge payable in connection therewith (other than any such taxes, duties or governmental charge payable upon exchange or transfer pursuant to Sections 2.10 (Temporary Notes), 4.12 (Asset Sales), 4.16 (Change of
Control) and 9.3 (Notation on or Exchange of Notes) hereof). 

  

	 	(2)	All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall be the valid obligations of the Company and the
Guarantors, evidencing the same debt and entitled to the same benefits under this Indenture, as the Global Notes or 

  

 36 

 Definitive Notes surrendered upon such registration of transfer or exchange. 

 

	 	(3)	The Company shall not be required to register the transfer of or, to exchange, Definitive Notes during (A) a period beginning at the opening of business 15 calendar days before any
Redemption Date and ending at the close of business on the Redemption Date; (B) a period beginning at the opening of 15 calendar days immediately prior to the date fixed for selection of Notes to be redeemed in part, and ending at the close of
business on the date on which such Notes are selected; or (C) which the holder has tendered (and not withdrawn) for repurchase in connection with a Change of Control Offer or an Asset Sale Offer. 

  
 As soon as practicable after delivering any Global Note or Definitive Note,
the Registrar shall supply to the Trustee and the Agents all relevant details of the Notes delivered.  
  
 SECTION 2.7 Replacement Notes. If a mutilated Definitive Note is surrendered to the Registrar, if a mutilated Global Note is surrendered to the
Company or if a Holder claims that a Note has been lost, destroyed or wrongfully taken, the Company shall (at its own expense) issue and the Trustee shall authenticate a replacement Note in such form as the Note being replaced if the requirements of
the Trustee, the Registrar, the Company and the Guarantors are met. If required by the Trustee, the Registrar, the Company or the Guarantor, such Holder must provide an indemnity bond or other indemnity, sufficient in the judgment of the Company,
the Guarantor, the Registrar and the Trustee, to protect the Company, the Guarantor, the Trustee and the Registrar and any Agent from any loss, fee, expense or liability which any of them may suffer when such Note is replaced. The Company may charge
such Holder of the Notes for its reasonable, out-of-pocket expenses in replacing a Note, including reasonable fees and expenses of counsel. Every replacement Note is an additional obligation of the Company. If any mutilated, lost, destroyed or
wrongfully taken Note has become or is about to become due and payable, the Company may, in its sole discretion, instead of issuing a replacement Note, pay such Note. The provisions of this Section 2.7 are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement of mutilated, destroyed, lost, stolen or taken Notes. 
  
 SECTION 2.8 Outstanding Notes. Notes outstanding at any time are all the Notes that have been authenticated by the Trustee except those canceled by
it, those delivered to it for cancellation, those reductions in the Global Note effected in accordance with the provisions hereof and those described in this Section 2.8 as not outstanding. Subject to Section 2.9, a Note does not cease to be
outstanding because the Company or any of its Affiliates holds the Note. 
  
 If a Note is replaced pursuant to Section 2.7 (other than a mutilated Note surrendered for replacement), it ceases to be outstanding unless the Trustee receives proof satisfactory to it, and upon which it shall be
entitled to rely without liability, that the replaced Note is held by a bona fide purchaser. A mutilated Note ceases to be outstanding upon surrender of such Note and replacement thereof pursuant to Section 2.7. 
  

 37 

 If the principal amount of any Note is considered paid under Section 4.1 hereof, it ceases to be
outstanding and interest and Additional Amounts, if any, on it cease to accrue. 
  
 If on a Redemption Date, Special Redemption Date or the Maturity Date the Paying Agent holds cash in euro sufficient to pay all of the principal, interest and Additional Amounts, if any, due on the Notes payable on
that date, then on and after that date such Notes cease to be outstanding and interest and Additional Amounts, if any, on such Notes cease to accrue. 
  
 SECTION 2.9 Treasury Notes. In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or
consent, Notes owned by the Company or its Subsidiaries shall be disregarded, except that, for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that the Trustee knows
(as provided in Section 7.2) are so owned shall be disregarded. 
  
 The Company shall notify the Trustee, in writing, when the Company or any of its Subsidiaries repurchases or otherwise acquires Notes of the aggregate principal amount of such Notes so repurchased or otherwise acquired. The Trustee may
require an Officers’ Certificate, which shall be promptly provided, listing Notes owned by the Company or any of their Subsidiaries. 
  
 SECTION 2.10 Temporary Notes. In the event that Definitive Notes become issuable under this Indenture, until permanent Definitive Notes are ready
for delivery, the Company may prepare and the Trustee shall authenticate temporary Definitive Notes upon receipt of a Company Order pursuant to Section 2.2. The Company Order shall specify the amount of temporary Definitive Notes to be authenticated
and the date on which the temporary Definitive Notes are to be authenticated. Temporary Definitive Notes shall be substantially in the form of permanent Definitive Notes but may have variations that the Company considers appropriate for temporary
Definitive Notes. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate, upon receipt of a Company Order pursuant to Section 2.2, permanent Definitive Notes in exchange for temporary Definitive Notes. 

 
 SECTION 2.11 Cancellation. The Company at any time may deliver
Notes to the Trustee for cancellation. The Registrar or the Paying Agent, as the case may be, shall promptly forward to the Trustee any Notes surrendered to them for transfer, exchange or payment. The Trustee, or at the direction of the Trustee, the
Registrar or the Paying Agent, and no one else, shall cancel and, at the written direction of the Company, shall dispose of (subject to the record retention requirements of the U.S. Exchange Act) all Notes surrendered for transfer, exchange, payment
or cancellation, in accordance with its current standards; provided, that the Company shall not require the Trustee to destroy cancelled Notes. Upon completion of any disposal, the Trustee shall (at the Company’s expense) upon written
request deliver a certificate of such disposal to the Company, unless the Company directs the Trustee in writing to deliver (at the Company’s expense) the cancelled Notes to the Company. Subject to Section 2.6, the Company may not issue new
Notes to replace Notes that it has paid or delivered to the Trustee for cancellation. If the Company shall acquire any of the Notes, such acquisition shall not operate as a redemption or satisfaction of the Indebtedness represented by such Notes
unless and until the same are surrendered to the Registrar or the Paying Agent, as the case may be, for cancellation pursuant to this Section 2.11. 
  

 38 

 SECTION 2.12 Defaulted Interest. If the Company defaults in a payment of interest on the Notes, it
shall pay the defaulted interest, plus (to the extent lawful) any interest payable on the defaulted interest at the rate specified in Section 4.1(b), to the Holder thereof on a subsequent special record date, which date shall be the fifteenth day
next preceding the date fixed by the Company for the payment of defaulted interest. The Company shall notify the Trustee and Paying Agent in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed
payment (a “Default Interest Payment Date”), and at the same time the Company shall deposit with the Trustee or Paying Agent an amount of money equal to the aggregate amount proposed to be paid in respect of such defaulted interest
or shall make arrangements satisfactory to the Trustee or Paying Agent for such deposit prior to the date of the proposed payment, such money when deposited to be held for the benefit of the Persons entitled to such defaulted interest as in this
Section 2.12; provided, however, that in no event shall the Company deposit monies proposed to be paid in respect of defaulted interest later than 10:00 a.m. London time on the Business Day prior to the proposed Default Interest
Payment Date with respect to defaulted interest to be paid on the Note. At least 15 days before the subsequent special record date, the Company shall mail to each Holder at its registered address, with a copy to the Trustee, a notice that states the
subsequent special record date, the payment date and the amount of defaulted interest, and interest payable on such defaulted interest, if any, to be paid. 
  
 SECTION 2.13 ISINs and Common Codes. The Company in issuing the Notes may use an “ISIN” or “Common Code”, and if so, the
Trustee shall use the ISIN and Common Code in notices of redemption or exchange as a convenience to Holders; provided, however, that any such notice may state that no representation is made by the Trustee as to the correctness or accuracy of
the ISIN and Common Code printed in the notice or on the Notes, and that reliance may be placed only on the other identification numbers printed on the Notes. The Company shall promptly notify the Trustee of any change in any ISIN or Common Code.

  
 SECTION 2.14 Deposit of Moneys. Prior to 10:00 a.m.
London time on the Business Day immediately preceding each interest payment date, Maturity Date or any other payment date, the Company shall have deposited with the Trustee or its designated Paying Agent (which shall be the Principal Paying Agent
unless otherwise notified to the Company by the Trustee) in immediately available funds money sufficient to make cash payments, if any, due on such interest payment date, Maturity Date or any other payment date, as the case may be, on all Notes then
outstanding. Such payments shall be made by the Company in a timely manner which permits the Paying Agent to remit payment to the Holders on such interest payment date, Maturity Date or any other payment date, as the case may be. The Company shall,
prior to 10:00 a.m. Warsaw time on the second Business Day prior to the date on which the Paying Agent is to receive payment, procure that the bank effecting payment for it confirms by tested telex or SWIFT MT100 message to the Paying Agent that an
irrevocable payment instruction has been given. 
  
 SECTION
2.15 Certain Matters Relating to Global Notes. Members of, or participants in, a Clearing System (“Agent Members”) shall have no rights under this Indenture or any Global Note with respect to any Global Note held on their
behalf by the Clearing System, common depositary or its nominee, and the Clearing System, the common depositary or its nominee may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of the Global
Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished
by the Clearing System or its nominee or 
  

 39 

 impair, as between the Clearing System and its Agent Members, the operation of customary practices governing the exercise
of the rights of any Holder. 
  
 The Holder of an interest in any
Global Note may grant proxies and otherwise authorize any person, including Euroclear and Clearstream and their Agent Members and persons that may hold interests through Agent Members, to take any action which a Holder of such interest in a Global
Note is entitled to take under this Indenture or the Notes. 
  
 ARTICLE III 
  
 REDEMPTION.

  
 SECTION 3.1 Redemption. The Notes may be redeemed,
as a whole or from time to time in part, upon the terms and at the redemption prices set forth in each of the Notes. Any redemption pursuant to this Section 3.1 shall be made pursuant to the provisions of this Article III. 
  
 SECTION 3.2 Notices to Trustee. If the Company elects to redeem Notes
pursuant to Paragraphs 7 or 8 of such Notes, it shall notify the Trustee and the Principal Paying Agent in writing of the Redemption Date and the principal amount of Notes to be redeemed at least 30 days but not more than 60 days before the
Redemption Date (or such shorter period as the Trustee in its sole discretion shall determine). The Company shall give notice of redemption as required under the relevant paragraph of the Notes pursuant to which such Notes are being redeemed.

  
 SECTION 3.3 Selection of Notes to Be Redeemed. If fewer
than all of the Notes are to be redeemed at any time, selection of such Notes for redemption will be made by the Trustee in compliance with the requirements of the principal securities exchange, if any, on which such Notes are listed and/or in
compliance with the requirements of any Clearing Systems, or if the Notes are not so listed or such exchange prescribes no method of selection and the Notes are not held through a Clearing Systems or such Clearing Systems does not prescribe any
method of selection, on a pro rata basis, by lot or by such other method as the Trustee in its sole discretion shall deem fair and appropriate (and in such manner as complies with applicable legal and exchange requirements);
provided, however, that no Note of €50,000 in aggregate principal amount or less shall be redeemed in part. In the event of partial redemption by lot, the particular Notes to be redeemed shall be selected, unless otherwise
provided herein, not less than 30 nor more than 60 days prior to the Redemption Date by the Trustee from the outstanding Notes not previously called for redemption provided, however that in the case of a Special Redemption, the particular
Notes to be redeemed shall be selected as soon as practicable following receipt by the Trustee of notice of a Special Redemption required by Section 3.8. The Trustee assumes no liability in relation to selections made by it pursuant to this Section
3.3. 
  
 SECTION 3.4 Notice of Redemption. If the Notes, or
any portion thereof, are listed on the Irish Stock Exchange, the Company shall provide notice of any redemption (including a Special Redemption) to the Irish Stock Exchange and confirm the aggregate principal amount of the Notes, if any, that will
remain outstanding following such redemption. Other than as provided in the paragraph below and Section 3.8, at least 30 days but not more than 60 days before a Redemption Date or a Special Redemption Date, as the case may be, so long as the Notes
are in global form, the Company (a) shall notify the Trustee and (b) shall notify the Holders in accordance with Section 12.1(b). At the Company’s 
  

 40 

 request made at least 35 days before the Redemption Date (or such shorter period as the Trustee in its sole discretion
shall determine), the Trustee shall give the notice of redemption in the Company’s name and at the Company’s expense; provided, however, that the Company shall deliver to the Trustee (in advance) an Officers’ Certificate
requesting that the Trustee give such notice and setting forth in full the information to be stated in such notice as provided in the following items. 
  
 Each notice of redemption shall identify the Notes to be redeemed and shall state: 
  
 (a) the Redemption Date or the Special Redemption Date, as the case may be; 
  
 (b) the Redemption Prices and the amount of accrued and unpaid interest, if
any, Additional Amounts, if any, or the Special Redemption Price, as the case may be, to be paid (subject to the right of holders of record of Definitive Notes on the relevant Record Date to receive interest and Additional Amounts, if any, due on
the relevant interest payment date); 
  
 (c) the name and address
of the Paying Agents; 
  
 (d) that Notes called for redemption
must be surrendered to a Paying Agent to collect the Redemption Price plus accrued and unpaid interest, if any, and Additional Amounts, if any, or the Special Redemption Price, as the case may be; 
  
 (e) that, unless the Company defaults in making the redemption payment,
interest and Additional Amounts, if any, on Notes called for redemption cease to accrue on and after the Redemption Date or the Special Redemption Date, as the case may be, and the only remaining right of the holders of such Notes is to receive
payment of the Redemption Price or the Special Redemption Price, as the case may be, upon surrender to the Paying Agent of the Notes redeemed; 
  
 (f) (i) if any Global Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the Redemption Date,
interest and Additional Amounts, if any, shall cease to accrue on the portion called for redemption, and upon surrender of such Global Note, the Global Note with a notation on Schedule A thereof adjusting the principal amount thereof to be equal to
the unredeemed portion, will be returned and (ii) if any Definitive Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed, and that, after the Redemption Date, upon surrender of such Definitive Note, a new
Definitive Note or Notes in aggregate principal amount equal to the unredeemed portion thereof will be issued in the name of the holder thereof, upon cancellation of the original Note; 
  
 (g) if fewer than all the Notes are to be redeemed, the identification of the particular Notes (or portion thereof) to be
redeemed, as well as the aggregate principal amount of Notes to be redeemed and the aggregate principal amount of Notes to be outstanding after such partial redemption; 
  
 (h) the paragraph of the terms of the Notes pursuant to which the Notes are to be redeemed; and 
  
 (i) the ISIN or Common Code, and that no representation is made as to the
correctness or accuracy of the ISIN or Common Code, if any, listed in such notice or printed on the Notes. 
  

 41 

 Prior to the giving of any notice of redemption pursuant to Paragraph 8 of the Notes, the Company will
deliver to the Trustee (a) an Officers’ Certificate of the Company stating that the Company is entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent to the right of the Company so to
redeem have occurred and (b) an Opinion of Counsel qualified under the laws of the Relevant Taxing Jurisdiction to the effect that the Company has or will become obligated to pay such Additional Amounts as a result of a Change in Tax Law, and that
the Company cannot avoid such obligation by taking reasonable measures available to it. 
  
 SECTION 3.5 Effect of Notice of Redemption. Once notice of redemption is given in accordance with Section 3.4 or Section 3.8, Notes called for redemption become due and payable on the Redemption Date or the
Special Redemption Date, as the case may be, and at the Redemption Price plus accrued and unpaid interest, if any, and Additional Amounts, if any, or the Special Redemption Price, as the case may be. Upon surrender to the Registrar or Paying Agent,
such Notes called for redemption shall be paid at the Redemption Price, or the Special Redemption Price, as the case may be, (which shall include accrued and unpaid interest thereon, if any, and Additional Amounts, if any, to the Redemption Date)
but (in the case of Definitive Notes) installments of interest, the maturity of which is on or prior to the Redemption Date, shall be payable to holders of record at the close of business on the relevant Record Dates. 
  
 SECTION 3.6 Deposit of Redemption Price or Special Redemption Price.

  
 Prior to 10:00 a.m. London time on the Business Day
immediately preceding the Redemption Date or the Special Redemption Date, the Company shall deposit with the Trustee or its designated Paying Agent (which shall be the Principal Paying Agent unless otherwise notified to the Company by the Trustee)
cash in euro sufficient to pay the Redemption Price plus accrued and unpaid interest, if any, and Additional Amounts, if any, or the Special Redemption Price, as the case may be, of all Notes to be redeemed on that date. The Paying Agent (including
the Principal Paying Agent) shall promptly return to the Company any cash in euro so deposited which is not required for that purpose upon the written request of the Company. The Company shall, prior to 10:00 a.m. London time on the second Business
Day prior to the date on which the Principal Paying Agent receives payment, procure that the bank effecting payment for it confirms by SWIFT MT100 message to the Principal Paying Agent that an irrevocable payment instruction has been given.

  
 If the Company complies with the preceding paragraph, then,
unless the Company defaults in the payment of such Redemption Price plus accrued and unpaid interest, if any, and Additional Amounts, if any, or such Special Redemption Price, as the case may be, then the Notes to be redeemed will cease to accrue on
and after the applicable Redemption Date, whether or not such Notes are presented for payment. With respect to Definitive Notes, if a Definitive Note is redeemed on or after an interest Record Date but on or prior to the related interest payment
date, then any accrued and unpaid interest, and Additional Amounts, if any, shall be paid to the Person in whose name such Note was registered at the close of business on such Record Date. If any Note called for redemption shall not be so paid upon
surrender for redemption because of the failure of the Company to comply with the preceding paragraph, interest and Additional Amounts, if any, shall be paid on the unpaid principal, from the Redemption Date until such principal is paid, and to the
extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.1. 
  

 42 

 SECTION 3.7 Notes Redeemed in Part. Upon surrender and cancellation of a Definitive Note that is
redeemed in part, the Company shall execute and upon receipt of a Company Order the Trustee shall authenticate for the Holder of the Notes (at the Company’s expense) a new Definitive Note equal in principal amount to the unredeemed portion of
the Definitive Note surrendered and canceled; provided, however, that each such Definitive Note shall be in a principal amount at maturity of €50,000 and any integral multiple of €1,000 in excess thereof. Upon surrender of a Global
Note that is redeemed in part, the Paying Agent shall promptly forward such Global Note to the Trustee who shall make a notation on Schedule A thereof to reduce the principal amount of such Global Note to an amount equal to the unredeemed portion of
the Global Note surrendered; provided, however, that each such Global Note shall be in a principal amount at maturity of €50,000 and any integral multiple of €1,000 in excess thereof. 
  
 SECTION 3.8 Notice of Special Redemption. Notwithstanding any other
provision of this Article III, in the event of a Special Redemption, the Company shall provide written notice to the Trustee and the Escrow Agent and notice to the Holders in accordance with Section 12.1(b) specifying (a) that the Company is making
a Special Redemption pursuant to Paragraph 9 of the Notes and (b) the other applicable matters set forth in Section 3.4. The Company shall provide such notice at least nine Business Days prior to the Special Redemption Date, unless a shorter period
is acceptable to the Escrow Agent and the Trustee. In the case of a Bialystok Special Redemption, the Trustee shall determine the Notes to be redeemed as soon as practicable following receipt of such notice, pursuant to Section 3.3 herein.

  
 ARTICLE IV 
  
 COVENANTS 
  
 SECTION 4.1 Payment of Notes. (a) The Company shall pay the principal,
premium, if any, interest and Additional Amounts, if any, on the Notes in the manner provided in such Notes and this Indenture. An installment of principal of or interest on the Notes shall be considered paid on the date it is due if the Trustee or
Paying Agent (including the Principal Paying Agent) holds prior to 10:00 a.m. London time on the Business Day immediately preceding each interest payment date, the Maturity Date or other payment date money deposited by the Company in immediately
available, freely transferable, cleared funds and designated for, and sufficient to pay the installment in full and is not prohibited from paying such money to the Holders pursuant to the terms of this Indenture. 
  
 (b) The Company shall pay, to the extent such payments are lawful, interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and on overdue installments of interest (without regard to any applicable grace periods) and, on any Additional Amounts from time to time on demand at
the rate borne by the Notes plus 1.0% per annum. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. 
  
 SECTION 4.2 Maintenance of Office or Agency. (a) The Company shall maintain an office or agency (which office may be an office of the Trustee or an
affiliate of the Trustee, Registrar or co-Registrar) required under Section 2.3 where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this
Indenture may be served. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, 
  

 43 

 of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall
fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the address of the Trustee set forth in Section 12.1(a). The Company may also from time to time designate one or more
other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner
relieve the Company of its obligation to maintain an office or agency in London, England for such purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any
such other office or agency. The Company hereby initially designates the office of The Bank of New York, as its office or agency at One Canada Square, London E14 5AL, United Kingdom as required under Section 2.3 hereof. The Company has appointed
Custom House Administration and Corporate Services Limited, as an additional Paying Agent. 
  
 SECTION 4.3 Incurrence of Indebtedness and Issuance of Preference Shares. (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue,
assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and the Company will not issue any Disqualified
Shares and will not permit any of its Restricted Subsidiaries to issue any preference shares; provided, however, that the Company may incur Indebtedness or issue Disqualified Shares and any Guarantor may incur Indebtedness (including Acquired
Debt), if on the date thereof: 
  

	 	(1)	if the Consolidated Coverage Ratio for the Company’s most recently ended four full fiscal quarters for which publicly available financial statements are available immediately
preceding the date on which such additional Indebtedness is incurred or such Disqualified Shares are issued would have been no less than 2.25 to 1, 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 Disqualified Shares had been issued, as the case may be, at the beginning of such four-quarter period; and 

  

	 	(2)	no Default or Event of Default will have occurred or be continuing or would occur as a consequence of Incurring the Indebtedness or transactions relating to such Incurrence.

  
 (b) Section 4.3(a) will not
prohibit the Incurrence of any of the following items of Indebtedness (collectively, “Permitted Debt”): 
  

	 	(1)	the incurrence by the Company and its Restricted Subsidiaries of Indebtedness for working capital purposes under or in the form of one or more Credit Facilities in an aggregate
principal amount at any one time outstanding under this clause (1) (with Credit Facilities being deemed to have a principal amount equal to the maximum potential liability of the Company and its Restricted Subsidiaries thereunder) not to exceed the
greater of (i) $40.0 million and (ii) the Borrowing Base; provided that the total Indebtedness incurred under this clause (1) by Restricted Subsidiaries that on the date of such incurrence are not Guarantors shall not exceed $10.0 million at any
time; 

  

 44 

	 	(2)	the incurrence by the Company and its Restricted Subsidiaries of Existing Indebtedness (other than Indebtedness described in clauses (1) and (3) of this paragraph);

  

	 	(3)	the incurrence by the Company and the Guarantors of Indebtedness represented by the Notes and the related Guarantees to be issued on the Issue Date on the Issue Date (for the
avoidance of doubt, no Additional Notes may be issued in reliance on this clause (3)); 

  

	 	(4)	the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness represented by Capital Lease Obligations, mortgage financings or purchase money obligations, in
each case, incurred for the purpose of financing all or any part of the purchase price or cost of design, construction, installation or improvement of property, plant or equipment used in the business of the Company or any of its Restricted
Subsidiaries, whether through the direct purchase of assets or the ordinary shares of any Person owning such assets (including any Indebtedness deemed to be incurred in connection with such purchase), in an aggregate principal amount, including all
Permitted Refinancing Indebtedness incurred to refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (4), not to exceed $15.0 million at any time outstanding; provided that the total Indebtedness
incurred under this clause (4) by a Restricted Subsidiary that is not a Guarantor shall not exceed $5.0 million at any time; 

  

	 	(5)	the incurrence by the Company or any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which are used to refund,
refinance, replace, defease or discharge Indebtedness (other than intercompany Indebtedness (provided that the Proceeds Loan may be refunded or refinanced to the extent required in connection with any permitted refinancing of the Notes)) that
was permitted by this Indenture to be incurred under the first paragraph of this covenant or clauses (2), (3) or (5) of this paragraph; provided that neither the Company nor any of its Restricted Subsidiaries may rely on this clause (5) to
refund, refinance, replace, defease or discharge Indebtedness under a Credit Facility that is in existence on the Issue Date; 

  

	 	(6)	the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness between or among the Company and any of its Restricted Subsidiaries; provided, however,
that: 

  

	 	(a)	if the Company or any Guarantor is the obligor on such Indebtedness and the payee is not the Company or a Guarantor, such Indebtedness must be expressly subordinated in right of
payment to the prior payment in full in cash of all Obligations with respect to the Notes, in the case of the Company, or the Guarantees, in the case of a Guarantor; and 

  

	 	(b)	(i) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other 

  

 45 

 than the Company or a Restricted Subsidiary of the Company and (ii) any sale or other transfer of any
such Indebtedness to a Person that is neither the Company nor a Restricted Subsidiary of the Company will be deemed, in each case, to constitute an incurrence of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be,
that was not permitted by this clause (6); 
  

	 	(7)	the incurrence by the Company or any of its Restricted Subsidiaries of Hedging Obligations (A) for the purpose of fixing or hedging interest rate risk with respect to or in
connection with any Indebtedness that is permitted by the terms of this Indenture to be outstanding or (B) for the purpose of fixing or hedging currency exchange rate risk or changes in the prices of commodities and, in each case, not entered into
for speculative purposes and including any such Hedging Obligations incurred in connection with the issuance of the Notes; 

  

	 	(8)	the guarantee by the Company or any of its Restricted Subsidiaries (other than the Company) of Indebtedness of the Company or a Restricted Subsidiary of the Company that was
permitted to be incurred by another provision of this covenant; provided that if the Indebtedness being guaranteed is subordinated in right of payment to the Notes or the Guarantees thereof, then such guarantee shall be subordinated to the
same extent as the Indebtedness guaranteed; 

  

	 	(9)	the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness in respect of workers’ compensation claims, self-insurance obligations, bankers’
acceptances, performance and surety bonds in the ordinary course of business (including guarantees or indemnities related thereto); 

  

	 	(10)	the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar
instrument inadvertently drawn against insufficient funds, so long as such Indebtedness is covered within five Business Days; 

  

	 	(11)	Indebtedness of the Company and its Restricted Subsidiaries consisting of advance or extended payment terms in the ordinary course of business; 

  

	 	(12)	the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness arising from agreements of the Company or a Restricted Subsidiary providing for indemnification,
adjustment of purchase price or similar obligations, in each case, incurred or assumed in connection with the disposition of any business, assets or Share Capital of a Subsidiary, other than guarantees of Indebtedness of the Subsidiary disposed of,
or incurred or assumed by any Person acquiring all or any portion of such business, assets or Share Capital for the purpose of financing such acquisition; provided that the maximum liability of the Company and its Restricted Subsidiaries in
respect of all such 

  

 46 

 Indebtedness shall at no time exceed the gross proceeds, including the Fair Market Value of non-cash
proceeds (measured at the time received and without giving effect to any subsequent changes in value) actually received by the Company and its Restricted Subsidiaries in connection with such disposition; 
  

	 	(13)	the incurrence or acquisition by the Company or any of its Restricted Subsidiaries of Indebtedness, Disqualified Shares or preference shares of Persons that are acquired by the
Company or any of its Restricted Subsidiaries or merged, consolidated, amalgamated or otherwise combined with (including pursuant to any acquisition of assets and assumption of related liabilities) the Company or any of its Restricted Subsidiaries
in accordance with the terms of this Indenture; provided that such Indebtedness, Disqualified Shares or preference shares are not incurred or issued in connection with such acquisition, merger, consolidation, amalgamation or other
combination, and, after giving effect to such acquisition, merger, consolidation, amalgamation or other combination the Company or such Restricted Subsidiary would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the
Consolidated Coverage Ratio test set forth in Section 4.3(a); 

  

	 	(14)	the incurrence by the Company and any Guarantor of additional Indebtedness in an aggregate principal amount (or accreted value, as applicable) at any time outstanding, including all
Permitted Refinancing Indebtedness incurred to refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (14), not to exceed $15.0 million at any time outstanding. 

  
 For purposes of determining compliance with, and the outstanding principal
amount of any particular Indebtedness Incurred pursuant to and in compliance with, this Section 4.3, in the event that an item of proposed Indebtedness meets the criteria of more than one of the categories of Permitted Debt described in clauses (1)
through (14) above, or is entitled to be incurred pursuant to the first paragraph of this covenant, the Company will be permitted to classify such item of Indebtedness on the date of its incurrence in any manner that complies with this covenant.
Notwithstanding the foregoing sentence, (i) Indebtedness under Credit Facilities outstanding on the Issue Date used to fund working capital will be deemed to have been incurred on such date in reliance on the exception provided by clause (1) of the
definition of Permitted Debt and shall not constitute “Existing Indebtedness” incurred in reliance on the exception provided by clause (2) of the definition of Permitted Debt and (ii) all other Indebtedness under Credit Facilities
outstanding on the Issue Date will be deemed to be incurred on such date shall constitute “Existing Indebtedness” and shall be deemed to be incurred in reliance on the exception provided by clause (2) of the definition of Permitted Debt.
The accrual of interest, the accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, and the payment of dividends on Disqualified Shares in the
form of additional shares of the same class of Disqualified Shares will not be deemed to be an incurrence of Indebtedness or an issuance of Disqualified Shares for purposes of this covenant; provided, in each such case, that the amount
thereof is included in Fixed Charges of the Company as accrued. Notwithstanding any other provision of this covenant, the maximum amount of Indebtedness that the Company or any Restricted Subsidiary may incur pursuant to this 
  

 47 

 covenant shall not be deemed to be exceeded solely as a result of fluctuations in exchange rates or currency values.

  
 The amount of any Indebtedness outstanding as of any date will
be: 
  
 (1) the accreted value of the Indebtedness, in the case
of any Indebtedness issued with original issue discount; 
  
 (2)
in respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser of: 
  
 (A) the Fair Market Value of such asset at the date of determination, and 
  
 (B) the amount of the Indebtedness of the other Person; 
  
 (3) the greater of the liquidation preference or the maximum fixed redemption or repurchase price of the Disqualified
Shares, in the case of Disqualified Shares; 
  
 (4) the
Attributable Debt related thereto, in the case of any lease that is part of a sale and leaseback transaction; and 
  
 (5) the principal amount of the Indebtedness, in the case of any other Indebtedness. 
  
 For purposes of the foregoing, the “maximum fixed repurchase price” of any Disqualified Shares that do not have a
fixed redemption or repurchase price shall be calculated in accordance with the terms of such Disqualified Shares as if such Disqualified Shares were redeemed or repurchased on any date of determination. 
  
 SECTION 4.4 Limitation on Restricted Payments. (a) The Company will
not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly: 
  
 (1) declare or pay any dividend or make any other payment or distribution on account of the Company’s or any of its Restricted Subsidiaries’ Equity Interests (including, without limitation, any payment in
connection with any merger, consolidation, amalgamation or other business combination involving the Company or any of its Restricted Subsidiaries) or to the direct or indirect holders of the Company’s or any of its Restricted Subsidiaries’
Equity Interests in their capacity as such (other than dividends or distributions payable in Equity Interests (other than Disqualified Shares) of the Company or to a Guarantor); 
  
 (2) purchase, redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger,
consolidation, amalgamation or other business combination involving the Company) any Equity Interests of the Company or any direct or indirect parent of the Company, in each case held by Persons other than the Company; 
  
 (3) make any payment on or with respect to, or purchase, redeem, defease or
otherwise acquire or retire for value any Indebtedness of the Company or any Restricted Subsidiary that is contractually subordinated to the Notes, any Guarantee or the Proceeds Loan (excluding any intercompany Indebtedness between or among the
Company and any of its Restricted Subsidiaries), except a payment of interest or principal no more than 90 days prior to the original Stated Maturity thereof; or 
  

 48 

 (4) make any Restricted Investment; 
  
 (all such payments and other actions set forth in these clauses (1) through (4) above being collectively
referred to as “Restricted Payments”), 
  
 unless, at the time of
and after giving effect to such Restricted Payment: 
  
 (1) no
Default or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment; and 
  
 (2) the Company would, at the time of such Restricted Payment and after giving pro forma effect thereto as if such Restricted Payment had been made at the
beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the Consolidated Coverage Ratio test set forth in the first paragraph of Section 4.3 (Incurrence of Indebtedness
and Issuance of Preference Shares); and 
  
 (3) such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its Restricted Subsidiaries since the Issue Date (excluding Restricted Payments permitted by clauses (2), (3), (4), (5), (6) and (7) of
the next succeeding paragraph), is less than the sum, without duplication, of: 
  
 (1) 50% of the Consolidated Net Income of the Company for the period (taken as one accounting period) from the beginning of the first fiscal quarter commencing after the Issue Date to the end of the Company’s
most recently ended fiscal quarter for which publicly available financial statements are available at the time of such Restricted Payment (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit), plus 

 
 (2) 100% of the aggregate net cash proceeds received by the Company since
the Issue Date (i) as a contribution to its ordinary equity capital, (ii) from the issue or sale or exercise of Equity Interests of the Company (other than Disqualified Shares), or (iii) from the issue or sale of convertible or exchangeable
Disqualified Shares or convertible or exchangeable debt securities of the Company that have been converted into or exchanged for such Equity Interests (other than Equity Interests (or Disqualified Shares or debt securities) sold to a Subsidiary of
the Company), plus 
  
 (3) an amount equal to the aggregate net
reduction in Restricted Investments (other than any such Restricted Investment made pursuant to paragraphs (1) to (10) of the next succeeding paragraph) made after the Issue Date by the Company or any Restricted Subsidiary and resulting from the
repurchase, repayment or redemption of such Restricted Investments for cash, or from cash proceeds realized on the sale of all or part of such Investment or representing a return of capital (excluding dividends) with respect thereto; provided,
however, that the foregoing net reduction shall not exceed the amount (in respect of any Person) of the Restricted Investment previously made (and treated as a Restricted Payment) by the Company or any Restricted Subsidiary in such Person; plus

  
 (4) to the extent that any Unrestricted Subsidiary of the
Company designated as such after the Issue Date is redesignated as a Restricted Subsidiary after the Issue Date, the lesser of (i) the Fair Market Value of the Company’s Investment in such Subsidiary as of the date of such redesignation or (ii)
the sum of (A) such Fair Market Value as of the date on which such Subsidiary was originally designated as an 
  

 49 

 Unrestricted Subsidiary after the Issue Date and (B) the amount of any subsequent Investment by the
Company and its Restricted Subsidiaries in such Unrestricted Subsidiary made (and treated as a Restricted Payment) after the Issue Date and the original date of designation; plus 
  
 (5) 50% of any dividends received in cash by the Company or a Guarantor after the Issue Date from an Unrestricted Subsidiary
of the Company, to the extent that such dividends were not otherwise included in Consolidated Net Income of the Company for such period. 
  
 (b) The provisions of Section 4.4(a) will not prohibit: 
  
 (1) the payment of any dividend within 60 days after the date of declaration of the dividend, if at the date of declaration the dividend payment would
have complied with the provisions of this Indenture; 
  
 (2) the
making of any Restricted Payment in exchange for, or out of the net cash proceeds of the substantially concurrent sale (other than to a Subsidiary of the Company) of, Equity Interests of the Company (other than Disqualified Shares) or from the
substantially concurrent contribution of ordinary equity capital to the Company; provided that the amount of any such net cash proceeds that are utilized for any such Restricted Payment will be excluded from Section 4.4(a)(3)(b); 

 
 (3) the defeasance, redemption, repurchase or other acquisition of
Indebtedness of the Company or any Restricted Subsidiary that is contractually subordinated to the Notes, any Guarantee or the Proceeds Loan with the net cash proceeds from a substantially concurrent incurrence of Permitted Refinancing Indebtedness;

  
 (4) the payment of any dividend (or, in the case of any
partnership or limited liability company, any similar distribution) by a Restricted Subsidiary of the Company to the holders of such Restricted Subsidiary’s ordinary Equity Interests on a pro rata basis; 
  
 (5) the repurchase of Equity Interests deemed to occur upon the exercise of
stock options or warrants to the extent such Equity Interests represent a portion of the exercise price of such stock options or warrants; 
  
 (6) the repurchase, redemption, or other acquisition for value of Share Capital of the Company or any Restricted Subsidiary of the Company representing
fractional shares of such Share Capital in connection with a share dividend, distribution, share split, reverse share split, merger, consolidation, amalgamation or other business combination of the Company or such Restricted Subsidiary, in each
case, permitted under this Indenture; 
  
 (7) so long as no Event
of Default or Default that is not capable of cure has occurred and is continuing and no Default or Event of Default would be caused thereby, the declaration and payment of regularly scheduled or accrued dividends to holders of any class or series of
Disqualified Shares of the Company issued on or after the Issue Date in accordance with the Consolidated Coverage Ratio described in Section 4.3 (Incurrence of Indebtedness and Issuance of Preference Shares); 
  
 (8) so long as no Event of Default or Default that is not capable of cure has
occurred and is continuing and no Default or Event of Default would be caused thereby, the repurchase, redemption or other acquisition or retirement for value of any Equity Interests of 
  

 50 

 the Company that are held by any member of the management of the Company (or any of its Restricted Subsidiaries) pursuant
to any management equity subscription agreement or stock option agreement; provided, that the aggregate price paid for all such repurchased, redeemed, acquired or retired Equity Interests shall not exceed $1.0 million in any twelve-month
period and not more than $5.0 million in the aggregate; 
  
 (9) so
long as no Event of Default or Default that is not capable of cure has occurred and is continuing and no Default or Event of Default would be caused thereby, the purchase, redemption, acquisition, cancellation or other retirement for a nominal value
per right of any rights granted to all the holders of Equity Interests of the Company pursuant to any shareholders’ rights plan adopted for the purpose of protecting shareholders from unfair takeover tactics; provided that any such
purchase, redemption, acquisition, cancellation or other retirement of such rights shall not be for the purpose of evading the limitations of this covenant (all as determined in good faith by the Board of Directors of the Company) and, provided
further, that the aggregate price paid for all such purchased, redeemed, acquired cancelled or retired rights shall not exceed $2.0 million in the aggregate; and 
  
 (10) so long as no Event of Default or Default that is not capable of cure has occurred and is continuing and no Default or
Event of Default would be caused thereby, other Restricted Payments in an aggregate amount not to exceed $12.5 million since the Issue Date. 
  
 The amount of all Restricted Payments (other than cash) will be the Fair Market Value on the date of the Restricted Payment of the asset(s) or securities
proposed to be transferred or issued by the Company or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. The Fair Market Value of any assets or securities that are required to be valued by this covenant will be
determined in good faith by the Board of Directors whose resolution with respect thereto will be delivered to the Trustee along with an Officers’ Certificate setting forth the Fair Market Value. The Board of Directors’ determination must
be based upon an opinion or appraisal issued by a Qualified Expert if the estimated Fair Market Value thereof exceeds $10.0 million. 
  
 SECTION 4.5 Corporate Existence. Except as otherwise permitted by Article V hereof, the Company shall do or cause to be done all things necessary
to preserve and keep in full force and effect its corporate existence and the corporate, partnership, limited liability or other existence of each of the Company’s other Restricted Subsidiaries in accordance with the respective organizational
documents (as the same may be amended from time to time) of each such Person and the rights (charter and statutory) of the Company’s Restricted Subsidiaries; provided, however that the liquidation of Botapol following the transfer
of all of its assets to other Guarantors shall be permitted under this Section 4.5 and provided further that the Company shall not be required to preserve any such right, or the corporate, partnership, limited liability or other existence of
any of its Restricted Subsidiaries, if the Board of Directors of the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and each of its Restricted Subsidiaries, taken as a
whole, and that the loss thereof is not, and will not be, adverse in any material respect to the Holders. 
  
 SECTION 4.6 Payment of Taxes and Other Claims. The Company shall pay or discharge or cause to be paid or discharged, and shall cause each of its
Restricted Subsidiaries to pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (i) all material taxes, assessments and governmental charges levied or imposed upon it or 
  

 51 

 any of its Restricted Subsidiaries or upon the income, profits or property of it or any of its Restricted Subsidiaries
and (ii) all lawful claims for labor, materials and supplies which, in each case, if unpaid, might by law become a material liability or Lien upon the property of it or any of its Restricted Subsidiaries; provided, however, that the
Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings. 
  
 SECTION 4.7 Maintenance of Properties and Insurance. (a) The Company
shall cause all material properties owned by or leased by it or any of its Restricted Subsidiaries useful and necessary to the conduct of its business or the business of any of its Restricted Subsidiaries to be improved or maintained and kept in
normal condition, repair and working order and shall cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in its judgment may be necessary, so that the business carried on in connection
therewith may be properly conducted at all times; provided, however, that nothing in this Section 4.7 shall prevent the Company or any of its Restricted Subsidiaries from discontinuing the use, operation or maintenance of any of such
properties, or disposing of any of them, if such discontinuance or disposal is, as determined by the Company, the Restricted Subsidiary concerned or an Officer (or other agent employed by the Company or of any of its Subsidiaries) of the Company or
any of its Restricted Subsidiaries having managerial responsibility for any such property, desirable in the conduct of the business of the Company or any of its Restricted Subsidiaries, and if such discontinuance or disposal is not adverse in any
material respect to the Holders. 
  
 (b) To the extent available
at commercially reasonable rates, the Company shall maintain, and shall cause its Restricted Subsidiaries to maintain, insurance with responsible carriers against such risks and in such amounts, and with such deductibles, retentions, self-insured
amounts and co-insurance provisions, as are customarily carried by similar businesses of similar size. 
  
 SECTION 4.8 Compliance with Laws. The Company shall comply, and shall cause each of its Subsidiaries to comply, with all applicable statutes,
rules, regulations, orders of the relevant jurisdiction in which they are incorporated or organized and/or in which they carry on business, all political subdivisions thereof, and of any relevant governmental regulatory authority, in respect of the
conduct of their respective businesses and the ownership of their respective properties, except for such noncompliances as would not in the aggregate have a material adverse effect on the financial condition or results of operations of the Company
and its Subsidiaries taken as a whole. 
  

 52 

 SECTION 4.9 Limitation on Liens. The Company will not, and will not permit any of its Restricted
Subsidiaries to, directly or indirectly, create, incur, assume or suffer to exist any Lien (other than Permitted Liens) of any kind on any asset now owned or hereafter acquired; provided, however, that the Company or any Guarantor may,
directly or indirectly, create, incur, assume or suffer to exist any Lien: 
  
 (1) to secure Indebtedness that is pari passu with the Notes or a Guarantor’s Guarantee of the Notes; provided that all Obligations under the Notes or the Guarantee, as the case may be, are secured on an
equal and ratable basis with the Indebtedness so secured; and 
  
 (2) to secure Indebtedness that is expressly subordinated to the Notes or a Guarantor’s Guarantee of the Notes; provided that all Obligations under the Notes or the Guarantee, as the case may be, are secured on a senior basis to
the Indebtedness so secured. 
  
 Any such Lien in favor of the
Trustee and the Holders of the Notes will be automatically and unconditionally released and discharged concurrently with (i) the unconditional release of the Lien which gave rise to the Lien in favor of the Trustee and the Holders of the Notes
(other than as a consequence of an enforcement action with respect to the assets subject to such Lien), (ii) upon the full and final payment of all amounts payable by the Company and the Guarantors under the Notes, this Indenture and the Guarantees
or (iii) upon legal defeasance or satisfaction and discharge of the Notes as provided below under Sections 8.2 (Legal Defeasance and Covenant Defeasance) and 8.5 (Satisfaction and Discharge). 
  
 SECTION 4.10 Waiver of Stay; Extension or Usury Laws. Each of the
Company and the Guarantors covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or
other law that would prohibit or forgive the Company and/or any Guarantor, as the case may be, from paying all or any portion of the principal of and/or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in
force, or which may affect the covenants or the performance of this Indenture, and (to the extent that it may lawfully do so) each of the Company and/or any Guarantor hereby expressly waives all benefit or advantage of any such law, and covenants
that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
  
 SECTION 4.11 Limitation on Dividend and Other Payment Restrictions
Affecting Subsidiaries. (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist or become effective any consensual encumbrance or restriction on the ability of any
Restricted Subsidiary to: 
  

	 	(1)	pay dividends or make any other distributions on its Share Capital to the Company or any of its Restricted Subsidiaries, or with respect to any other interest or participation in,
or measured by, its profits; or 

  

	 	(2)	pay any indebtedness owed to the Company or any of its Restricted Subsidiaries; or 

  

	 	(3)	make loans or advances to the Company or any of its Restricted Subsidiaries; or 

  

 53 

	 	(4)	transfer any of its properties or assets to the Company or any of its Restricted Subsidiaries. 

  
 (b) The provisions of Section 4.11(a) will not apply to encumbrances or restrictions existing under or by reason of:

  

	 	(1)	this Indenture, the Notes (including any Additional Notes), the Guarantees and the Note Security Documents; 

  

	 	(2)	any applicable law, rule, regulation or order; 

  

	 	(3)	any instrument governing Indebtedness of a Person acquired by the Company or any of its Restricted Subsidiaries, as in effect at the time of such acquisition (except to the extent
such Indebtedness was incurred in connection with or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets
of the Person, so acquired; provided that, in the case of Indebtedness, such Indebtedness was permitted by the terms of this Indenture to be incurred; 

  

	 	(4)	customary non-assignment provisions in contracts and licenses entered into in the ordinary course of business; 

  

	 	(5)	purchase money obligations for property acquired in the ordinary course of business and Capital Lease Obligations that impose restrictions on the property purchased or leased of the
nature described in clause (4) of the preceding paragraph; 

  

	 	(6)	any agreement for the sale or other disposition of a Restricted Subsidiary that restricts distributions by that Restricted Subsidiary pending the sale or other disposition;

  

	 	(7)	Permitted Refinancing Indebtedness permitted to be incurred under Section 4.3(b)(5); provided that the restrictions and encumbrances contained in the agreements governing
such Permitted Refinancing Indebtedness are either (i) no more restrictive or (ii) not materially less favorable to the Holders of the Notes and/or the Proceeds Loan, in each case, taken as a whole and determined in good faith by the Board of
Directors, than the dividend and other payment restrictions contained in the Indebtedness being refinanced; 

  

	 	(8)	Liens permitted to be incurred under the provisions of Section 4.9 (Limitation on Liens) that limit the right of the debtor to dispose of the assets subject to such Liens;

  

	 	(9)	customary provisions limiting the disposition or distribution of assets or property in joint venture agreements, asset sale agreements, sale-leaseback agreements, share sale
agreements and other similar agreements entered into with the approval of the Board of Directors, which limitation is applicable only to the assets that are the subject of such agreements; 

  

	 	(10)	restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business; 

  

 54 

	 	(11)	restrictions in the Bialystok Sale and Purchase Agreement provided that such restrictions are not materially less favourable to the Holders than the restrictions described in
the Offering Memorandum under “—Description of the Bialystok Purchase Agreement”; and 

  

	 	(12)	any encumbrance or restriction applicable to a Restricted Subsidiary at the time it becomes a Restricted Subsidiary that is not created in contemplation thereof provided that
such restriction apply only to such Restricted Subsidiary and provided further that the exception provided by this clause (12) shall not apply to any encumbrance or restriction contained in any Indebtedness that refunds, refinances, replaces,
defeases or discharges any Indebtedness which was in existence at the time such Restricted Subsidiary became a Restricted Subsidiary. 

  
 SECTION 4.12 Asset Sales. The Company will not, and will not permit any of the Company’s Restricted Subsidiaries to, consummate an Asset Sale
unless: 
  
 (1) the Company (or the Restricted Subsidiary, as the
case may be) receives consideration at the time of the Asset Sale at least equal to the Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of; and 
  
 (2) at least 75% of the consideration received in the Asset Sale by the Company or such Restricted Subsidiary is in the form
of cash or Cash Equivalents. For purposes of this provision, each of the following will be deemed to be cash: 
  
 (a) any liabilities, as shown on the most recent consolidated balance sheet, of the Company or any Restricted Subsidiary (other than contingent
liabilities and liabilities that are by their terms subordinated to the Notes, any Guarantee or the Proceeds Loan) that are assumed by the transferee of any such assets pursuant to a customary novation agreement that releases the Company or such
Restricted Subsidiary from liability in respect of those liabilities; and 
  
 (b) any securities, notes or other obligations received by the Company or any such Restricted Subsidiary from such transferee that are converted by the Company or such Restricted Subsidiary into cash or Cash
Equivalents within 60 days, to the extent of the cash or Cash Equivalents received in that conversion. 
  
 Within 365 days after the receipt of any Net Proceeds from an Asset Sale to be applied as set out in this paragraph, the Company (or the applicable
Restricted Subsidiary, as the case may be) may apply those Net Proceeds, at its option: 
  
 (1) to acquire all or substantially all of the assets of, or any Share Capital of, a Permitted Business if, after giving effect to any such acquisition of Share Capital, the Permitted Business is or becomes a
Restricted Subsidiary of the Company; 
  
 (2) to make a capital
expenditure; or 
  
 (3) to acquire other assets that are not
classified as current assets under GAAP and that are used or useful in a Permitted Business. 
  

 55 

 Pending the final application of any Net Proceeds, the Company may temporarily reduce revolving credit borrowings or
otherwise invest the Net Proceeds in any manner that is not prohibited by this Indenture. 
  
 Any Net Proceeds from Asset Sales that are not applied or invested as provided in the preceding paragraph will constitute “Excess Proceeds”. On the 366th day after an Asset Sale, if the aggregate
amount of Excess Proceeds exceeds $10.0 million, the Company will make an Asset Sale Offer to all Holders of Notes and all holders of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in
this Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets to purchase the maximum principal amount of Notes and such other pari passu Indebtedness that may be purchased out of the Excess Proceeds. The
offer price in any Asset Sale Offer will be equal to 100% of principal amount plus accrued and unpaid interest and Additional Amounts, if any, to the date of purchase, and will be payable in cash. If any Excess Proceeds remain after consummation of
an Asset Sale Offer, the Company and its Restricted Subsidiaries may use those Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of Notes and other pari passu Indebtedness tendered
into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee will select the Notes and such other pari passu Indebtedness to be purchased on a pro rata basis provided that Notes of €50,000 or less may only be
purchased in whole and not in part. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero. 
  
 Upon the commencement of an Asset Sale Offer, the Company shall send, by first class mail or its equivalent, a notice to the Trustee and each of the
Holders. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The Asset Sale Offer shall be made to all Holders. The notice, which shall govern the terms of the
Asset Sale Offer, shall state: 
  
 (a) that the
Asset Sale Offer is being made pursuant to this Section 4.12 (Asset Sales) and the length of time the Asset Sale Offer shall remain open; 
  
 (b) the Offer Amount, the purchase price and the Purchase Date; 
  
 (c) that any Note not tendered or accepted for payment shall continue to accrue interest; 
  
 (d) that, unless the Company defaults in making such
payment, any Note accepted for payment pursuant to the Asset Sale Offer shall cease to accrue interest after the Purchase Date; 
  
 (e) that Holders electing to have a Note purchased pursuant to an Asset Sale Offer may elect to have Notes purchased in integral multiples
of €1,000 only; 
  
 (f) that Holders
electing to have a Note purchased pursuant to any Asset Sale Offer shall be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, or transfer by book-entry
transfer, to the Company, a depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice at least three days before the Purchase Date; 
  
 (g) that Holders shall be entitled to withdraw their election if the Company, the depositary or the Paying
Agent, as the case may be, receives, not later than the 
  

 56 

 expiration of the Offer Period, a telegram, telex, facsimile transmission or letter setting forth the
name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 
  
 (h) that, if the aggregate principal amount of Notes surrendered by Holders exceeds the Offer Amount, the
Company shall select the Notes to be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by the Company so that only Notes in denominations of €1,000 or integral multiples thereof, shall be purchased); and

  
 (i) that Holders whose Notes were purchased
only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). 
  
 On or before the Purchase Date, the Company shall, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Offer
Amount of Notes or portions thereof tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all Notes tendered, and shall deliver to the Trustee an Officers’ Certificate stating that such Notes or portions
thereof were accepted for payment by the Company in accordance with the terms of this Section 4.12 (Asset Sales). The Company, the Depositary or the Paying Agent, as the case may be, shall promptly (but in any case not later than five days
after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for purchase, and the Company shall promptly issue a new Note, and the Trustee,
upon written request from the Company shall procure that the Authenticating Agent authenticate and the Trustee shall mail or deliver such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any
Note not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. The Company shall publicly announce the results of the Asset Sale Offer on the Purchase Date. 
  
 The Company will comply with the requirements of Rule 14e-1 under the U.S.
Exchange Act and any other securities laws and regulations and stock exchange rules, to the extent those laws, regulations and rules are applicable in connection with each repurchase of Notes pursuant to an Asset Sale Offer. To the extent that the
provisions of any securities laws or regulations or securities or investment exchange rules conflict with the Asset Sale provisions of this Indenture, the Company will comply with the applicable laws, regulations and rules and will not be deemed to
have breached its obligations under the Asset Sale provisions of this Indenture by virtue of such conflict. 
  
 SECTION 4.13 Limitation on Transactions with Affiliates. (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, make
any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or
guarantee with, or for the benefit of, any Affiliate of the Company (each, an “Affiliate Transaction”), unless: 
  
 (1) the Affiliate Transaction is on terms that are no less favorable to the Company or the relevant Restricted Subsidiary than those that could be
obtained at the time of such transaction in arm’s-length dealings in a comparable transaction with a Person that is not such an Affiliate; and 
  

 57 

	 	(2)	the Company delivers to the Trustee: 

  

	 	(i)	with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $2.5 million, a resolution of the Company’s
Board of Directors set forth in an Officers’ Certificate certifying that such Affiliate Transaction complies with this covenant and that such Affiliate Transaction has been approved by a majority of the disinterested members of such Board of
Directors; and 

  

	 	(ii)	with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $7.5 million, an opinion as to the fairness to
the Company or such Subsidiary of such Affiliate Transaction from a financial point of view issued by a Qualified Expert. 

  
 (b) The following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to the provisions of Section 4.13(a):

  

	 	(1)	any employment agreement, employee benefit plan, officer and director indemnification agreement or any similar arrangement entered into by the Company or any of its Restricted
Subsidiaries in the ordinary course of business and compensation (including bonuses and equity compensation) paid to and other benefits (including retirement, health and other benefit plans) and indemnification arrangements provided on behalf of
directors, officers and employees of the Company or any Restricted Subsidiary; 

  

	 	(2)	transactions between or among or solely for the benefit of the Company and/or its Restricted Subsidiaries; 

  

	 	(3)	transactions with a Person (other than an Unrestricted Subsidiary of the Company) that is an Affiliate of the Company solely because the Company owns, directly or through a
Restricted Subsidiary, an Equity Interest in, or controls, such Person; 

  

	 	(4)	payment of reasonable directors’ fees to Persons who are not otherwise Affiliates of the Company; 

  

	 	(5)	any issuance of Equity Interests (other than Disqualified Shares) of the Company to Affiliates of the Company; 

  

	 	(6)	Restricted Payments that do not violate the provisions of this Indenture described above under Section 4.4 (Limitation on Restricted Payments) or Permitted Investments;

  

	 	(7)	loans or advances to employees for travel and relocation in the ordinary course of business not to exceed $1.0 million in the aggregate at any one time outstanding;

  

	 	(8)	the entering into of a tax sharing agreement, or payments pursuant thereto, between the Company and/or one or more 

  

 58 

 Subsidiaries, on the one hand, and any other Person with which the Company or such Subsidiaries are
required or permitted to file a consolidated tax return or with which the Company or such Subsidiaries are part of a consolidated group for tax purposes, on the other hand; provided that any payments by the Company and the Restricted
Subsidiaries required under such agreement are not in excess of the tax liabilities that would have been payable by them on a stand-alone basis; 
  

	 	(9)	transactions contemplated by supply, purchase or sale agreements with suppliers or purchasers or sellers of goods or services (other than the Company or its Subsidiaries), in each
case in the ordinary course of business and otherwise in compliance with the terms of this Indenture; provided that if such agreement is effected on or after the Issue Date, such agreement is fair to the Company or such Subsidiary of the
Company or is on terms (taken as a whole) at least as favourable as might reasonably have been obtained at such time from an unaffiliated party and the Company delivers to the Trustee a resolution of the Company’s Board of Directors set forth
in an Officers’ Certificate certifying that such agreement complies with this clause (9) and that such agreement has been approved by a majority of the disinterested members of such Board of Directors; 

  

	 	(10)	the granting and performance of SEC registration rights for securities of the Company; and 

  

	 	(11)	transactions pursuant to agreements in existence on the Issue Date (on the terms in effect on such date) and disclosed in this offering memorandum. 

  
 SECTION 4.14 Reports. Whether or not the Company is subject to the
reporting requirements of Section 13 or 15(d) of the U.S. Exchange Act or otherwise is required to report on an annual basis on forms provided for such annual and quarterly reporting pursuant to rules and regulations promulgated by the SEC, this
Indenture requires the Company to file with, or furnish to, the SEC and to provide the Trustee with annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K (or any successor form), in each case containing the
information required to be contained therein, in accordance with the requirements for filing such reports prescribed by the SEC applicable to the Company and as such requirements may be modified by the SEC from time to time. 
  
 If, at any time the Company is no longer subject to the periodic reporting
requirements of the U.S. Exchange Act for any reason, the Company will nevertheless continue filing the reports specified in the preceding paragraph with the SEC within the time periods specified above unless the SEC will not accept such a filing.
The Company agrees that it will not take any action for the purpose of causing the SEC not to accept any such filings. If, notwithstanding the foregoing, the SEC will not accept the Company’s filings for any reason, the Company will (i) furnish
the reports to the Trustee and (ii) post the reports referred to in the preceding paragraph on its website within the time periods that would apply if the Company were required to file those reports with the SEC. 
  

 59 

 In addition to the foregoing, the Company shall provide the Trustee, within 10 days after it files with,
or furnishes to, the SEC copies of any other information, documents and reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which it is required to file with the SEC pursuant to Section 13
of 15(d) of the U.S. Exchange Act or is required to furnish to the SEC pursuant to this Indenture. 
  
 If the Company has designated any of its Subsidiaries as Unrestricted Subsidiaries, then the quarterly and annual financial information required by the
preceding paragraph will include a reasonably detailed presentation, either on the face of the financial statements or in the Notes and footnotes thereto, and in the “Operating Review and Financial Prospects,” of the financial condition
and results of operations of the Company and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Company. 
  
 The Company and the Guarantors agree that, for so long as any Notes remain outstanding, at any time they are not required to
file the reports required by the preceding paragraphs with the SEC, they will furnish to the Trustee and to the Holders of Notes, securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to
Rule 144A(d)(4) under the U.S. Securities Act. In addition, for so long as the Notes are listed on the Irish Stock Exchange and the rules of the exchange so require, all such reports will be available at the office of the Irish Paying Agent.

  
 SECTION 4.15 Limitation on Lines of Business. The
Company will not, and will not permit any of its Restricted Subsidiaries to, engage in any business other than a Permitted Business, except to such extent as would not be material to the Company and its Restricted Subsidiaries, taken as a whole.

  
 SECTION 4.16 Change of Control. If a Change of Control
occurs, each Holder of Notes will have the right to require the Company to repurchase all or any part (equal to €1,000 or an integral multiple of €1,000 provided that a Note of €50,000 or less may only be redeemed in whole and not in
part) of that Holder’s Notes pursuant to a Change of Control Offer on the terms set forth herein. In the Change of Control Offer, the Company will offer a Change of Control Payment in cash equal to 101% of the aggregate principal amount of
Notes repurchased plus accrued and unpaid interest and Additional Amounts, if any, on the Notes repurchased, to the date of purchase, subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest
payment date. Within ten Business Days following any Change of Control, the Company will mail a notice to the Trustee and each Holder describing the transaction or transactions that constitute the Change of Control and offering to repurchase Notes
on the Change of Control Payment Date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed, pursuant to the procedures required by this Indenture and described in such
notice. The Company will comply with the requirements of Rule 14e-1 under the U.S. Exchange Act and any other securities laws and regulations and stock exchange rules to the extent those laws, regulations and rules are applicable in connection with
the repurchase of the Notes as a result of a Change of Control. To the extent that the provisions of any securities laws or regulations or stock exchange rules conflict with the Change of Control provisions of this Indenture, the Company will comply
with the applicable laws, regulations and rules, and will not be deemed to have breached its obligations under the Change of Control provisions of this Indenture by virtue of such compliance. 
  
 On the Change of Control Payment Date, the Company will, to the extent
lawful: 
  

 60 

 (1) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control
Offer; 
  
 (2) deposit with the Paying Agent an amount equal to
the Change of Control Payment in respect of all Notes or portions of Notes properly tendered; and 
  
 (3) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate
principal amount of Notes or portions of Notes being purchased by the Company. 
  
 The Principal Paying Agent or Paying Agent, as the case may be, will promptly mail to each Holder of Notes properly tendered the Change of Control Payment for such Notes, in respect of Global Notes, make such
notations thereon as are necessary to reflect the Notes (or interests therein) purchased in such Change of Control Offer and, in respect of Definitive Notes, cause to be authenticated and mailed to each Holder a new note equal in principal amount to
any unpurchased portion of the Notes surrendered, if any; provided that each new Note or Notes will be in a principal amount of €50,000 or an integral multiple of €1,000 above €50,000 and the Holder has tendered its old
Definitive Note for cancellation. 
  
 The Company will publicly
announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 
  
 The provisions described above that require the Company to make a Change of Control Offer following a Change of Control will be applicable whether or not
any other provisions of this Indenture are applicable. 
  
 The
Company will not be required to make a Change of Control Offer upon a Change of Control if (i) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth herein applicable
to a Change of Control Offer made by the Company and purchases all Notes properly tendered and not withdrawn under the Change of Control Offer or (ii) notice of redemption has been given pursuant to Section 3.1 (Redemption), unless and until
there is a default in payment of the applicable redemption price. 
  
 SECTION 4.17 Additional Amounts. At least 30 days prior to each date on which payment under or with respect to the Notes or the Guarantees, as the case may be, is due and payable (unless such obligation to pay Additional Amounts
arises shortly before or after the 30th day prior to such date, in which case it shall be promptly thereafter), if
the Company or the Guarantors (as the case may be) will be obligated to pay Additional Amounts pursuant to Paragraph 2 of the Notes (the “Additional Amounts”) with respect to any such payment, the Company or the Guarantors (as the
case may be) will deliver to the Trustee an Officers’ Certificate stating that such Additional Amounts will be payable, the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional
Amounts to the Holders on the payment date. Each such Officers’ Certificate shall be relied upon until the receipt of a further Officers’ Certificate addressing such matters. The Company or the Guarantors (as the case may be) will pay to
the Trustee such Additional Amounts and, if paid to a Principal Paying Agent other than the Trustee, shall provide the Trustee with documentation evidencing the payment of such Additional Amounts. Copies of such documentation shall be made available
to the Holders upon request. The Company or the Guarantors (as the case may be) shall indemnify the Trustee for, and hold it harmless against, any loss, liability, fee or expense incurred without negligence or willful misconduct 
  

 61 

 on the Trustee’s part arising out of or in connection with actions taken or omitted by the Trustee in reliance on
any Officers’ Certificate furnished to it pursuant to this Section 4.17. 
  
 The Company or the Guarantors (as the case may be) will (i) make any required withholding or deduction and (ii) remit the full amount deducted or withheld to the relevant Taxing Authority in accordance with applicable
law. The Company or the Guarantors (as the case may be) will use reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any Taxes so deducted or withheld from each relevant Taxing Authority imposing such Taxes and
will provide such certified copy to each Holder. The Payor will attach to each certified copy an Officer’s Certificate stating (x) that the amount of withholding Taxes evidenced by the certified copy was paid in connection with payments in
respect of the principal amount of Notes then outstanding and (y) the amount of such withholding Taxes paid per €1,000, as the case may be, principal amount of the Notes. 
  
 The foregoing obligations of this Section 4.17 will survive any termination, defeasance or discharge of this Indenture and
will apply mutatis mutandis to any jurisdiction in which any successor Person to the Company or the Guarantors (as the case may be) is organized or any political subdivision or taxing authority or agency thereof or therein. 
  
 Whenever in this Indenture or in the Notes there is mentioned, in any
context, the payment of principal, premium, if any, or interest, if any, or any other amount payable under or with respect to any Note and any Guarantee, such mention shall be deemed to include mention of the payment of Additional Amounts to the
extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. 
  
 SECTION 4.18 Payment of Non-Income Taxes and Similar Charges. The Payor will pay any present or future stamp, court or documentary taxes, or any
other excise or property taxes, charges or similar levies which arise in any jurisdiction from the execution, delivery or registration of the Notes or any other document or instrument referred to therein (other than a transfer of the Notes), or the
receipt of any payments with respect to the Notes or any Guarantee, excluding any such taxes, charges or similar levies imposed by any jurisdiction outside the United Kingdom or the Republic of Ireland or any other jurisdiction in which a Paying
Agent is located, other than those resulting from, or required to be paid in connection with, the enforcement of the Notes or any Guarantee or any other such document or instrument following the occurrence of any Event of Default with respect to the
Notes. 
  
 SECTION 4.19 Compliance Certificate; Notice of
Default. The Company shall deliver to the Trustee within 120 days after the end of each fiscal year or at any time at the request of the Trustee, an Officers’ Certificate stating whether or not to the knowledge of such Officers, the Company
and its Restricted Subsidiaries have complied with all conditions and covenants under this Indenture that if not complied with, would, with the giving of notice, lapse of time or otherwise, constitute an Event of Default, and, if an Event of Default
has occurred during such period, specifying all such Events of Default and the nature thereof of which such Officer has knowledge. Upon becoming aware of, and as of such time that the Company should reasonably have become aware of, a Default or an
Event of Default, the Company shall also deliver to the Trustee promptly and in any event within 14 days of the occurrence of such Default, written notice of such events that would constitute a Default or an Event of Default, as the case may be,
their status and what action the Company is taking or proposes to take in respect thereof. Notwithstanding anything in this Section 4.19, the Company shall, at the Trustee’s request, furnish the Trustee with evidence, in such form as

  

 62 

 the Trustee may require, as to compliance with any condition thereto relating to any action required or permitted to be
taken by the Company under this Indenture. 
  
 SECTION 4.20
Merger, Consolidation or Sale of Assets (a) Neither the Company nor Carey Agri may, directly or indirectly (i) merge, consolidate, amalgamate or otherwise combine with or into another Person (whether or not the Company or Carey Agri (as
applicable) is the surviving corporation); or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company and its Restricted Subsidiaries, taken as a whole, or Carey Agri and its
Restricted Subsidiaries, taken as a whole, in one or more related transactions, to another Person; unless: 
  
 (1) either (a) the Company or Carey Agri (as applicable) is the surviving corporation or (b) the Person formed by or surviving any such merger,
consolidation, amalgamation or other combination (if other than the Company or Carey Agri (as applicable)) or to which such sale, assignment, transfer, conveyance or other disposition has been made is a corporation organized or existing under the
laws of any member state of the European Union, Switzerland, Norway, Canada, any state of the United States or the District of Columbia; 
  
 (2) the Person formed by or surviving any such merger, consolidation, amalgamation or other combination (if other than the Company or Carey Agri (as
applicable)) or the Person to which such sale, assignment, transfer, conveyance or other disposition has been made assumes all the obligations of the Company or Carey Agri (as applicable) under the Notes, this Indenture, the Note Security Documents
and the Proceeds Loan pursuant to a supplemental indenture reasonably satisfactory to the Trustee; 
  
 (3) immediately after such transaction, the Company or such surviving Person certifies to the Trustee that no Default or Event of Default exists; and

  
 (4) the Company, Carey Agri or the Person (as applicable)
formed by or surviving any such merger, consolidation, amalgamation or other combination (if other than the Company or Carey Agri (as applicable)), or to which such sale, assignment, transfer, conveyance or other disposition has been made:

  
 (i) will, on the date of such transaction after giving pro
forma effect thereto and any related financing transactions as if the same had occurred at the beginning of the applicable four-quarter period, be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Consolidated Coverage
Ratio test set forth in the first paragraph of Section 4.3 (Incurrence of Indebtedness and Issuance of Preference Shares); 
  
 (ii) will (either directly or through its Restricted Subsidiaries), on the date of such transaction after giving effect thereto, retain all licenses and
other authorizations reasonably required to operate its business as it was conducted prior to such transaction; and 
  
 (iii) furnishes to the Trustee an Officers’ Certificate and an Opinion of Counsel providing that the transaction complies with this Indenture.

  
 In addition, neither the Company nor Carey Agri may, directly
or indirectly, lease all or substantially all of its properties or assets, in one or more related transactions, to any other Person. 
  

 63 

 (b) The Company will not permit any Guarantor (other than Carey Agri) to: 
  
 (1) directly or indirectly consolidate or merge with or into another Person
(whether or not such Guarantor is the surviving corporation); or 
  
 (2) sell, assign, transfer, convey or otherwise dispose of all or substantially all of its assets, taken as a whole, in one or more related transactions, to another Person; unless 
  
 (a) immediately after such transaction, the Company or such surviving Person
certifies to the Trustee that no Default or Event of Default exists; and 
  
 (b) either: 
  
 (i) (A) such Guarantor is the surviving corporation; or (B) the Person formed by or surviving any such consolidation or merger (if other than such Guarantor) or to which such sale, assignment, transfer, conveyance or other distribution has
been made is a corporation organized or existing under the laws of any member state of the European Union as of January 1, 2004, the Republic of Poland, or any state of the United States or the District of Columbia, and immediately after such
transaction, the Surviving Entity assumes all the obligations of that Guarantor under this Indenture and its Guarantee pursuant to a supplemental indenture satisfactory to the Trustee and delivers to the Trustee an Officers’ Certificate and an
Opinion of Counsel; or 
  
 (ii) in the case of
the sale or disposition of all or substantially all of the assets of such Guarantor the Net Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of this Indenture. 
  
 (c) Notwithstanding the preceding Section 4.20(a), the
Company may merge with an Affiliate incorporated solely for the purpose of reincorporating the Company in another jurisdiction. 
  
 SECTION 4.21 Limitation on Sale/Leaseback Transactions. The Company will not, and will not permit any of its Restricted Subsidiaries to, enter into
any sale and leaseback transaction; provided that Carey Agri or any other Guarantor may enter into a sale and leaseback transaction if: 
  
 (1) Carey Agri or that Guarantor, as applicable, could have (a) incurred Indebtedness in an amount equal to the Attributable Debt relating to such sale
and leaseback transaction under the Consolidated Coverage Ratio test set forth in the first paragraph of Section 4.3 (Incurrence of Indebtedness and Issuance of Preference Shares) and (b) incurred a Lien to secure such Indebtedness pursuant
to Section 4.9 (Limitation on Liens); 
  
 (2) the gross
cash proceeds of that sale and leaseback transaction are at least equal to the Fair Market Value of the property that is the subject of that sale and leaseback transaction; and 
  
 (3) the transfer of assets in that sale and leaseback transaction is permitted by, and the Company applies the net proceeds
of such transaction in compliance with, Section 4.12 (Asset Sales). 
  

 64 

 SECTION 4.22 Additional Guarantors. (a) On or prior to the tenth Business Day following the
completion of the Bols Acquisition, the Company and Carey Agri will cause Botapol and Bols to jointly and severally Guarantee the Notes pursuant to a supplemental indenture reasonably satisfactory to the Trustee. At the time of execution of the
supplemental indenture, the Company shall deliver Opinions of Counsel addressed to and reasonably satisfactory to the Trustee as to due authorization, execution of, and valid, binding and enforceable nature of each such Guarantee and certain other
matters set out in this Indenture. 
  
 (b) In addition, if any
Restricted Subsidiary of the Company that is a Material Subsidiary Guarantees any Indebtedness of the Company or any Guarantor after the Issue Date (other than pursuant to Section 4.22(a)) then concurrently therewith, the relevant Restricted
Subsidiary will jointly and severally Guarantee the Notes pursuant to a supplemental indenture or other documentation reasonably satisfactory to the Trustee (an “Additional Guarantee”); provided that (i) a Restricted
Subsidiary’s Guarantee may be limited to the extent required by law (but, in such a case, each of the Company and its Restricted Subsidiaries will use their best efforts to overcome the relevant legal limit precluding the giving of a joint and
several Guarantee and, in the case of a financial assistance or similar prohibition, will procure that the relevant Restricted Subsidiary undertakes all whitewash or similar procedures which are legally permitted) and (ii) for so long as it is not
permissible under applicable law for a Restricted Subsidiary to become a Guarantor, such Restricted Subsidiary need not become a Guarantor (but, in such a case, each of the Company and its Restricted Subsidiaries will use their best efforts to
overcome the relevant legal prohibition precluding the giving of the Guarantee and, in the case of a financial assistance or similar prohibition, will procure that the relevant Restricted Subsidiary undertakes all whitewash or similar procedures
which are legally permitted). At the time of execution of the supplemental indenture, the Company shall deliver opinions of counsel addressed to and reasonably satisfactory to the Trustee as to due authorization, execution of, and valid, binding and
enforceable nature of each such Guarantee and certain other matters set out in this Indenture. 
  
 (c) If the Indebtedness of the Company or the Guarantor giving rise to the need to guarantee the Notes pursuant to clause (b): 
  

(1) ranks pari passu in right of payment to the Notes or the Guarantees of the Notes any guarantee of such Indebtedness will rank pari
passu in right of payment to the Notes or the relevant Guarantee of the Notes; or 
  
 (2) is contractually subordinated in right of payment to the Notes or the Guarantees of the Notes, 
  
 any guarantee of such Indebtedness shall be contractually subordinated in right of payment to the Notes or the relevant Guarantee of the Notes
substantially to the same extent as such Indebtedness is subordinated in right of payment to the Notes or the Guarantees. 
  
 (d) Until all amounts which may be or become payable by the Company and the Guarantors under the Notes have been irrevocably paid in full and to the
extent lawful, each such guarantee will provide that the Guarantor waives and will not in any manner whatsoever claim or take the benefit or advantage of, any rights of reimbursement, indemnity or subrogation or any other rights against the Company
or any Restricted Subsidiary of the Company as a result of any payment by such Guarantor under its Guarantee. 
  

 65 

 (e) Each such Guarantee will be released under the circumstances set out in Section 10.4
(Release). 
  
 SECTION 4.23 Future Security. The
Company and Carey Agri will execute the Share Pledges relating to the Shares of the Initial Guarantors within 20 Business Days following the Issue Date and on or prior to the twentieth Business Day following the Bols Acquisition, the Company, Carey
Agri and Botapol will pledge the Additional Shares on a first ranking basis to secure the Notes pursuant to the terms of the Additional Share Pledges. At the time of execution of the Additional Share Pledges, the Company shall deliver to the Trustee
opinions of counsel as to (i) the due authorization, execution and delivery of, and valid, binding and enforceable nature of the Additional Share Pledges, (ii) non-contravention of charter and by-laws, Dutch laws or Polish laws, as applicable, and
material agreements, and (iii) valid and perfected security interest, and such other opinions set out in the Indenture. 
  
 SECTION 4.24 Impairment of Security Interest. The Company will not, and will not permit any of its Restricted Subsidiaries to, take or omit to
take, any action which action or omission might or would have the result of materially impairing the security interest with respect to the Security for the benefit of the Trustee and the Holders, and the Company will not, and will not permit any of
its Restricted Subsidiaries to, grant to any Person other than the Note Security Agent for the benefit of the Trustee and the Holders and the other beneficiaries described in the Note Security Documents, any interest whatsoever in any of the
Security, except as permitted in the Note Security Documents and pursuant to Section 4.9 (Limitation on Liens) hereof. 
  
 The Company will not, and will not permit any of its Restricted Subsidiaries to amend, extend, renew, restate, supplement or otherwise modify or replace a
Note Security Document, unless contemporaneously with such amendment, extension, renewal, restatement, supplement, modification or renewal, the Company delivers to the Trustee, either: 
  
 (1) a solvency opinion, in form and substance satisfactory to the Trustee, from an independent investment bank, financial
advisor, accounting firm or valuation specialist (in each case, of international standing) confirming the solvency of the Company and its Subsidiaries, taken as a whole, after giving effect to any transactions related to such amendment, extension,
renewal, restatement, supplement, modification or replacement, or 
  
 (2) an Opinion of Counsel, in form and substance satisfactory to the Trustee, confirming that, after giving effect to any transactions related to such amendment, extension, renewal, restatement, supplement, modification or replacement, the
Lien or Liens created under the Note Security Documents so amended, extended, renewed, restated, supplemented, modified or replaced are valid and perfected Liens not otherwise subject to any limitation, imperfection or new hardening period, in
equity or at law, that such Lien or Liens were not otherwise subject to immediately prior to such amendment, extension, renewal, restatement, supplement, modification or replacement. 
  
 SECTION 4.25 Designation of Restricted and Unrestricted Subsidiaries 
  
 The Board of Directors of the Company may designate any Restricted
Subsidiary to be an Unrestricted Subsidiary if that designation would not cause a Default; provided that in no event will the business currently operated by any of the Company, Carey Agri, Bols, and, if 
  

 66 

 acquired, Bialystok be transferred to or held by an Unrestricted Subsidiary. If a Restricted Subsidiary is designated as
an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary will be deemed to be an Investment made as of
the time of the designation and will reduce the amount available for Restricted Payments under Section 4.4 (Limitation on Restricted Payments) or under one or more clauses of the definition of Permitted Investments, as determined by the
Company. That designation will only be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. The Board of Directors of the Company may redesignate
any Unrestricted Subsidiary to be a Restricted Subsidiary if that redesignation would not cause a Default. 
  
 Any designation of a Subsidiary of the Company as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee on the effective
date of such designation a certified copy of the Board Resolution giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the preceding conditions and was permitted under Section 4.4
(Limitation on Restricted Payments). If, at any time, any Unrestricted Subsidiary would fail to meet the requirements of being an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of this
Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Company as of such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 4.3 (Incurrence of
Indebtedness), the Company will be in default of such covenant. 
  
 The Board of Directors of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that such designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary
of the Company of any outstanding Indebtedness of such Unrestricted Subsidiary and such designation will only be permitted if (1) such Indebtedness is permitted under Section 4.3 (Incurrence of Indebtedness), calculated on a pro forma basis
as if such designation had occurred at the beginning of the four-quarter reference period and (2) no Default or Event of Default would be in existence following such designation. 
  
 SECTION 4.26 Proceeds Loan 
  

For so long as any Notes are outstanding, the Company shall not (i) change the Stated Maturity of the principal of, or any installment of interest on,
the Proceeds Loan; (ii) reduce the rate of interest on the Proceeds Loan; (iii) change the currency for payment of any amount under the Proceeds Loan; (iv) prepay or otherwise reduce or permit the prepayment or reduction of the Note Proceeds Loan
(save (a) to facilitate a corresponding payment of principal on the Notes or (b) as a consequence of the existinguishment, by operation of law of the Proceeds Loan in connection with a merger, consolidation, amalgamation or other business
combination transaction between Carey Agri and the Company, which complies with this Indenture and as a consequence of which Carey Agri or the Company ceases to have separate legal existence); (v) assign or novate the Note Proceeds Loan; or (vi)
amend, modify or alter the Note Proceeds Loan in any manner adverse to the Holders of the Notes. Notwithstanding the foregoing, the Note Proceeds Loan may be prepaid or reduced to facilitate or otherwise accommodate or reflect a repayment,
redemption or repurchase of outstanding Notes. 
  

 67 

 ARTICLE V 
  

SUCCESSOR COMPANY 
  
 In the event of the merger or consolidation of the Company or any of the Guarantors with or into another Person (whether or not the Company or any such
Guarantor, as the case may be, is the surviving company), or the sale, assignment, conveyance, lease, transfer or other disposition, in one transaction or a series of transactions, of all or substantially all of the assets of the Company or any such
Guarantor (except to the extent that such the sale, assignment, conveyance, lease, transfer or other disposition of assets of a Guarantor (other than Carey Agri) is disposed of in accordance with the provisions of Section 4.12 (Asset Sales)
herein) to any other Person in circumstances that do not constitute an Event of Default, then the successor entity to the Company or any Guarantor, as the case may be, will succeed to and be substituted for, and may exercise every right and power
of, the Company or any such Guarantor, as the case may be, under this Indenture with the same effect as if such successor entity to the Company or any such Guarantor had been named herein as the Company or any such Guarantor, as the case may be, and
thereafter (except in the case of a sale, assignment, transfer, lease, conveyance or other disposition) the predecessor company will be relieved of all further obligations and covenants (x), in the case of the Company, under this Indenture and the
Notes and (y) in the case of a Guarantor, under this Indenture and the relevant Guarantee. 
  
 ARTICLE VI 
  
 DEFAULT AND REMEDIES 
  
 SECTION 6.1
Events of Default. Whenever used herein with respect to the Notes, “Event of Default” means any one of the following events which shall have occurred and be continuing: 
  
 (1) default for 30 days in the payment when due of interest on, or
Additional Amounts with respect to, the Notes; 
  
 (2) default in
payment when due of the principal of, or premium, on the Notes; 
  
 (3) failure by the Company or any of its Restricted Subsidiaries to comply with its obligation to repurchase Notes described under Section 4.16 (Change of Control) and Section 4.12 (Asset Sales), or to comply with the
provisions described under Section 4.20 (Merger, Consolidation or Sale of Assets); 
  
 (4) failure by the Company or any of its Restricted Subsidiaries for 30 days after written notice by the Trustee or the Holders of not less than 25% of the aggregate principal amount of the Notes then outstanding to
comply with any of the other agreements in this Indenture and the Note Security Documents; 
  
 (5) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted
Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries) whether such Indebtedness or guarantee now exists, or is created after the Issue Date, if that default: 
  

 68 

 (A) is caused by a failure to pay principal, interest or premium, if any, on such Indebtedness prior to
the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or 
  
 (B) results in the acceleration of such Indebtedness prior to its express maturity, 
  
 and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such
Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $15.0 million or more; 
  
 (6) failure by the Company or any of its Restricted Subsidiaries to pay final judgments aggregating in excess of $15.0 million, which judgments are not
paid, discharged or stayed for a period of 60 days; 
  
 (7) breach
by the Company or any of its Restricted Subsidiaries of any material representation or warranty or agreement in the Note Security Documents, the repudiation by the Company or any of its Restricted Subsidiaries of any of its obligations under the
Note Security Documents or the unenforceability of the Note Security Documents against the Company or any of its Restricted Subsidiaries for any reason; 
  
 (8) except as permitted by this Indenture, any Guarantee shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any
reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, shall deny or disaffirm its obligations under its Guarantee; 
  
 (9) the Proceeds Loan ceases to be in full force and effect or is declared fully or partially void in a judicial proceeding
or Carey Agri asserts that the Proceeds Loan is fully or partially invalid; or 
  
 (10) (A) a court having jurisdiction in the premises enters a decree or order for (i) relief in respect of the Company, any Guarantor, any of the Company’s Significant Subsidiaries or any Significant Group in an
involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, (ii) appointment of a receiver, liquidator, assignee, custodian, trustee, examiner, administrator, sequestration or similar official of the
Company, any Guarantor, any of the Company’s Significant Subsidiaries or any Significant Group or for all or substantially all of the property and assets of the Company, any Guarantor, any of the Company’s Significant Subsidiaries or any
Significant Group or (iii) the winding up or liquidation of the affairs of the Company, any Guarantor, any of the Company’s Significant Subsidiaries or any Significant Group and, in each case, such decree or order shall remain unstayed and in
effect for a period of 30 consecutive days; or (B) the Company, any Guarantor, any of the Company’s Significant Subsidiaries or any Significant Group (i) commences a voluntary case (including taking any action for the purpose of winding up)
under any applicable bankruptcy, insolvency, examination, court protection or other similar law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case under any such law, (ii) consents to the appointment
of or taking possession by a receiver, liquidator, assignee, custodian, trustee, examiner, administrator, sequestration or similar official of the Company, any Guarantor, any of the Company’s Significant Subsidiaries or any Significant Group or
for all or substantially all of the property and assets of the Guarantors, any of their Significant Subsidiaries or any Significant Group or (iii) effects any general assignment for the benefit of creditors, 
  

 69 

 provided that the liquidation of Botapol following the transfer of all of its assets to other Guarantors shall not
constitute an Event of Default under this clause (10). 
  
 SECTION
6.2 Acceleration. 
  
 (a) If an Event of Default (other
than an Event of Default described in clause (10) of Section 6.1) occurs and is continuing, the Trustee by notice to the Company, or the Holders of at least 25% in principal amount of the outstanding Notes by notice to the Company and the Trustee,
may, and the Trustee at the request of such Holders shall, declare the principal of, premium, if any, Additional Amounts, if any, and accrued and unpaid interest, if any, on all the Notes to be due and payable. Upon such a declaration, such
principal, premium, Additional Amounts and accrued and unpaid interest will be due and payable immediately. 
  
 (b) In the event of a declaration of acceleration of the Notes because an Event of Default described in clause (5) of Section 6.1 has occurred and is
continuing, the declaration of acceleration of the Notes shall be automatically annulled if the event of default or Payment Default triggering such Event of Default pursuant to clause (5) of Section 6.1 shall be remedied or cured by the Company or a
Restricted Subsidiary or waived by the Holders of the relevant Indebtedness within 20 days after the declaration of acceleration with respect thereto and if (1) the annulment of the acceleration of the Notes would not conflict with any judgment or
decree of a court of competent jurisdiction and (2) all existing Events of Default, except nonpayment of principal, premium, Additional Amounts or interest on the Notes that became due solely because of the acceleration of the Notes, have been cured
or waived. 
  
 (c) If an Event of Default described in clause (10)
of Section 6.1 occurs and is continuing, the principal of, premium, if any, and accrued and unpaid interest on all the Notes will become and be immediately due and payable without any declaration or other act on the part of the Trustee or any
Holders. 
  
 SECTION 6.3 Other Remedies. If an Event of
Default of which the Trustee has knowledge occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of principal of or, premium, if any, interest, and Additional Amounts, if any,
on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 
  
 SECTION 6.4 The Trustee May Enforce Claims Without Possession of Securities. All rights of action and claims under this Indenture and under the Guarantees may be prosecuted and enforced, at the expense of the
Holders, by the Trustee without the possession of any of the Notes or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name and as Trustee of an express trust,
and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders in respect of which such
judgment has been recovered. 
  
 SECTION 6.5 Rights and
Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.8, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is
intended to be exclusive of any other right or remedy, and every right and remedy shall, to 
  

 70 

 the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent or subsequent assertion or employment of any other appropriate right or remedy.

  
 SECTION 6.6 Delay or Omission Not Waiver. No delay or
omission of the Trustee or of any Holder to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy
given by this Section 6.6 or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, in each case in accordance with the terms of this Indenture.

  
 SECTION 6.7 Waiver of Past Defaults. Subject to
Sections 2.10, 6.10 and 9.2, at any time after a declaration of acceleration with respect to the Notes as described in Section 6.2, the Holders of at least a majority in principal amount of the outstanding Notes by written notice to the Company and
the Trustee, may waive all past or existing Defaults or Events of Default (except with respect to nonpayment of principal, premium or interest or Additional Amounts) and rescind any such declaration of acceleration with respect to the Notes and its
consequences if (i) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (ii) all existing Events of Default, other than the nonpayment of the principal of, premium, if any, and interest and
Additional Amounts, if any, on the Notes that have become due solely by such declaration of acceleration, have been cured or waived. Such waiver shall not excuse a continuing Event of Default in the payment of interest, premium, if any, principal or
Additional Amounts, if any, on such Note held by a non-consenting Holder, or in respect of a covenant or a provision which cannot be amended or modified without the consent of all Holders. The Company shall deliver to the Trustee an Officers’
Certificate stating that the requisite percentage of Holders has consented to such waiver and attaching copies of such consents. When a Default or Event of Default is waived, it is cured and ceases. 
  
 SECTION 6.8 Control by Majority. Subject to Section 2.10, the Holders
of not less than a majority in principal amount of the outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee. Subject to
Section 7.1, however, the Trustee may refuse to follow any direction that conflicts with any law or this Indenture or that the Trustee determines is unduly prejudicial to the rights of another Holder, or that may involve the Trustee in personal
liability; provided, however, that the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. Prior to taking any action under this Indenture, the Trustee will be entitled to
reasonable security or indemnity satisfactory to it against any loss, liability, fee and expense caused by taking or not taking such action. 
  
 SECTION 6.9 Limitation on Suits. Subject to Section 6.10 of this Indenture, no Holder may pursue any remedy with respect to this Indenture or the
Notes unless: 
  
 (1) such Holder has previously given the
Trustee notice that an Event of Default is continuing; 
  
 (2)
Holders of at least 25% in aggregate principal amount of the outstanding Notes have requested in writing that the Trustee pursue the remedy; 
  

 71 

 (3) such Holders have offered the Trustee reasonable security or indemnity against any loss, liability or
expense; 
  
 (4) the Trustee has not complied with such request
within 60 days after the receipt thereof and the offer of security or indemnity; and 
  
 (5) Holders of a majority in aggregate principal amount of the outstanding Notes have not given the Trustee a direction inconsistent with such request within such 60-day period. 
  
 SECTION 6.10 Rights of Holders to Receive Payment. Notwithstanding any
other provision of this Indenture (including, without limitation, Section 8.9 hereof), the right of any Holder to receive payment of principal of, premium, if any, interest, and Additional Amounts, if any, on a Note, on or after the respective due
dates expressed in such Note, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 
  
 SECTION 6.11 Collection Suit by Trustee. If an Event of Default in
payment of principal, premium, if any, interest and Additional Amounts, if any, specified in clause (1) or clause (2) of Section 6.1 occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust
against the Company, the Guarantors or any other obligor on the Notes for the whole amount of principal and accrued interest remaining unpaid, together with interest on overdue principal and, to the extent that payment of such interest is lawful,
interest on overdue installments of interest, in each case at the rate per annum borne by the Notes and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due to the Trustee under Section 7.6. 
  
 SECTION 6.12 Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements, advances or any other amounts due to the Trustee under Section 7.6, its agents, appointees and counsel, accountants
and experts) and the Holders allowed in any judicial proceedings relating to the Company or the Guarantors, their creditors or their property or any other obligor on the Notes, its creditors or its property and shall be entitled and empowered to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same, and any Custodian in any such judicial proceedings is hereby authorized by each Holder to make such payments to the Trustee and,
in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agent and
appointee and counsel, and any other amounts due to the Trustee under Section 7.6. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and appointees and counsel, and any other
amounts due to the Trustee under Section 7.6 hereof out of the estate in any such proceeding shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money,
securities and other properties which the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. 
  

 72 

 SECTION 6.13 Priorities. If the Trustee collects any money or property pursuant to this Article
VI, it shall pay out the money or property in the following order: 
  
 First: to the Trustee, the Agents and their agents and appointees and attorneys for amounts due under this Indenture, including (but not limited to) payment of all compensation, fees, expenses and liabilities incurred, and all advances
made, by the Trustee and the costs and expenses of collection; 
  
 Second: to Holders for amounts due and unpaid on the Notes for principal, premium, if any, interest, and Additional Amounts, if any, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes
for principal, premium, if any, interest and Additional Amounts, if any, respectively; and 
  
 Third: to the Company or any other obligor on the Notes, as their interests may appear, or as a court of competent jurisdiction may direct. 
  
 The Principal Paying Agent, upon prior notice to the Company, may fix a record date and payment date for any payment to
Holders pursuant to this Section 6.13; provided that the failure to give any such notice shall not affect the establishment of such record date or payment date for Holders pursuant to this Section 6.13. 
  
 SECTION 6.14 Restoration of Rights and Remedies. If the Trustee or any
Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such
case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored by the Company severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and
the Holders shall continue as though no such proceeding had been instituted. 
  
 SECTION 6.15 Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in
its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any
party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.15 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.10, or a suit by a
Holder or Holders of more than 10% in principal amount of the outstanding Notes. 
  

 73 

 ARTICLE VII 
  
 TRUSTEE AND NOTE SECURITY AGENT 
  
 SECTION 7.1 Duties of Trustee. (a) If an Event of Default known to the Trustee has occurred and is continuing, the
Trustee shall exercise such of the rights and powers vested in it by this Indenture and use the same degree of care, skill and diligence in their exercise as a reasonably prudent person would exercise or use in the conduct of his or her own affairs.
The Trustee, however, may refuse to follow any direction that conflicts with law or this Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability.

  
 (b) Except during the continuance of an Event
of Default known to the Trustee: 
  

	 	(1)	The Trustee and the Agents will perform only those duties as are specifically set forth herein and no others and no implied covenants or obligations shall be read into this
Indenture against the Trustee or the Agents. 

  

	 	(2)	In the absence of bad faith on their part, the Trustee and the Agents may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein,
upon certificates or opinions and such other documents delivered to them and conforming to the requirements of this Indenture. However, in the case of any such certificates or opinions which by any provision hereof are required to be furnished to
the Trustee or the Agents, the Trustee or the Agents, as applicable, shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but they need not confirm or investigate the accuracy of
mathematical calculations or facts stated therein). 

  
 (c) The Trustee may not be relieved from liability for its own grossly negligent action, its own grossly negligent failure to act, or its own willful misconduct, except that: 
  

	 	(1)	this Subsection (c) does not limit the effect of Subsection (b) of this Section 7.1. 

  

	 	(2)	neither the Trustee nor Agent shall be liable for any error of judgment made in good faith by a Trust Officer of such Trustee or Agent, unless it is proved that the Trustee or such
Agent was grossly negligent in ascertaining the pertinent facts. 

  

	 	(3)	the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it hereunder. 

 
 (d) No provision of this Indenture shall require the
Trustee or any Agent to expend or risk its own funds or otherwise incur any liability in the performance of any of its duties hereunder or to take or omit to take any action under this Indenture or 
  

 74 

 take any action at the request or direction of Holders if it does not receive such funds or an indemnity
satisfactory to it in its sole discretion against such risk, liability, loss, fee or expense which might be incurred by it in compliance with such request or direction. 
  
 (e) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates
to the Trustee is subject to Subsections (a), (b), (c) and (d) of this Section 7.1. 
  
 (f) Neither the Trustee nor the Agents shall be liable for interest on any money received by it except as the Trustee and any Agent may
agree in writing with the Company. Money held in trust by the Trustee or any Agent need not be segregated from other funds except to the extent required by law. 
  
 (g) Any provision hereof relating to the conduct or affecting the liability of or affording protection to
the Trustee shall be subject to the provisions of this Section 7.1. 
  
 (h) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its rights to be indemnified, are extended to, and shall be enforceable by the Trustee in each of
its capacities in which it may serve, and to each Agent, custodian and other person employed to act hereunder. 
  
 (i) Each Holder (by accepting the Notes) hereby instructs and authorizes the Note Security Agent to enter into the Note Security Documents
and to carry out the terms thereof. 
  
 SECTION 7.2 Rights of
Trustee. Subject to Section 7.1: 
  
 (a) The
Trustee and each Agent may rely conclusively on and shall be protected from acting or refraining from acting in good faith based upon any document believed by them to be genuine and to have been signed or presented by the proper Person. Neither the
Trustee nor any Agent shall be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent order, approval, appraisal, bond, debenture, note,
coupon, security or other paper or document, but the Trustee or its Agent, as the case may be, in its discretion, may make reasonable further inquiry or investigation into such facts or matters stated in such document and if the Trustee or its Agent
as the case may be, shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, at reasonable times during normal business hours, personally or by agent or attorney
at the cost of the Company and it shall incur no liability of any kind by reason of such inquiry or investigation. The Trustee shall not be deemed to have notice or any knowledge of any matter (including without limitation Defaults or Events of
Default) unless (i) a Trust Officer assigned to and working in the Trustee’s Corporate Trust Office has actual knowledge thereof or (ii) unless written notice thereof is received by the Trustee pursuant to Section 12.1 (Notices), and
such notice clearly references the Notes, the Company or this Indenture. 
  
 (b) Before the Trustee acts or refrains from acting, it may consult with counsel of its choice and require (at the Company’s expense) an Officers’ Certificate or an Opinion of Counsel or both, which shall
conform to the provisions of Sections 12.2 
  

 75 

 and 12.3. Neither the Trustee nor any Agent shall be liable for any action it takes or omits to take in
good faith in reliance on such certificate or opinion. 
  
 (c) The Trustee may employ or retain such counsel, accountants, appraisers or other experts or advisers as it may reasonably require for the purpose of determining and discharging its rights and duties hereunder and shall not be responsible
for any misconduct on the part of any of them. 
  
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it reasonably believes to be authorized or within its rights or powers conferred upon it by this Indenture; provided, however,
that the Trustee’s conduct does not constitute willful misconduct, gross negligence or bad faith. 
  
 (e) The Trustee or any Agent may consult with counsel of its selection and the advice or opinion of such counsel as to matters of law
shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 
  
 (f) Except to the extent provided for in Section 9.1 and
subject to Section 9.2 hereof, the Trustee may (but shall not be obligated to), without the consent of the Holders, give any consent, waiver or approval required by the terms hereof, but shall not without the consent of the Holders of not less than
a majority in aggregate principal amount of the Notes at the time outstanding (i) give any consent, wavier or approval or (ii) agree to any amendment or modification of this Indenture, in each case, that shall have a material adverse effect on the
interest of any Holder. The Trustee shall be entitled to request and conclusively rely on an Opinion of Counsel with respect to whether any consent, waiver, approval, amendment or modification shall have a material adverse effect on the interests of
any Holder. The Trustee shall be entitled to request and conclusively rely on an Opinion of Counsel with respect to whether any consent, waiver, approval, amendment or modification shall have a material adverse effect on the interests of any Holder.

  
 (g) Unless otherwise specifically provided in
this Indenture, any demand, request, direction or notice from the Company will be sufficient if signed by an Officer of the Company. 
  
 (h) The Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders unless such Holders have offered to the Trustee reasonable indemnity or security satisfactory to it against the losses, liabilities and expenses that might be incurred by it in compliance with such request or
direction. 
  
 (i) The Trustee shall have no duty
to inquire as to the performance of the covenants in Article IV hereof. In addition, the Trustee shall not be deemed to have knowledge of any Default or Event of Default except: (i) any Event of Default occurring pursuant to Section 6.1(a)(1) or (2)
hereof; and (ii) any Default or Event of Default of which it shall have received written notice pursuant to Section 12.1 (Notice) of which a Trust Officer shall have obtained actual knowledge. Delivery of reports, information and documents to
the Trustee under Section 4.12 is for informational purposes only and the Trustee’s receipt of the foregoing shall not 
  

 76 

 constitute constructive notice of any information contained therein or determinable from information
contained therein, including compliance with any of the covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
  
 (j) The Trustee shall not have any obligation or duty to monitor, determine or inquire as to compliance, and
shall not be responsible or liable for compliance with restrictions on transfer, exchange, redemption, purchase or repurchase, as applicable, of minimum denominations imposed under this Indenture or under applicable law or regulation with respect to
any transfer, exchange, redemption, purchase or repurchase, as applicable, of any interest in any Notes. 
  
 (k) In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of, or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of
God; it being understood that the Trustee shall use reasonable best efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
  
 (l) The rights, privileges, protections, immunities and
benefits given to the Trustee, including its right to be indemnified, are extended to, and shall be enforceable by The Bank of New York in each of its capacities hereunder and by AIB/BNY Fund Management (Ireland) Limited and each agent, custodian
and other person employed to act hereunder. Absent willful misconduct or negligence, each Paying Agent and Transfer Agent shall not be liable for acting in good faith on instructions believed by it to be genuine and from the proper party.

  
 (m) The Trustee is not required to give any
bond or surety with respect to the performance or its duties or the exercise of its powers under this Indenture or the Notes. 
  
 (n) In the event the Trustee receives inconsistent or conflicting requests and indemnity from two or more groups of Holders, each
representing less than the requisite majority in aggregate principal amount of the Notes then outstanding, pursuant to the provisions of this Indenture, the Trustee, in its sole discretion, may determine what action, if any, shall be taken and shall
be held harmless and shall not incur any liability for its failure to act until such inconsistency or conflict is, in its reasonable opinion, resolved. 
  
 (o) The permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation or duty to
do so. 
  
 (p) Notwithstanding any provision of
this Agreement to the contrary, including, without limitation, any indemnity made by the Trustee or Agent herein, the Trustee and Agent shall not in any event be liable for special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including but not limited to lost profits), whether or not foreseeable, even if the Trustee or Agent had been advised of the likelihood of such loss or damage and regardless of whether the claim for loss or damage is made in negligence,
for breach of contract or otherwise. 
  

 77 

 (q) The Trustee may request that the Company deliver a certificate setting forth the
names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 
  
 SECTION 7.3 Individual Rights of Trustee. The Trustee or any Agent in its respective individual or any other capacity may become the owner or
pledgee of Notes and may otherwise deal with the Company, its Subsidiaries, or their respective Affiliates with the same rights it would have if it were not the Trustee or an Agent. Any Agent may do the same with like rights. 
  
 SECTION 7.4 Trustee’s Disclaimer. The Trustee and the
Agents shall not be responsible for and make no representation as to the validity, effectiveness, correctness or adequacy of this Indenture, the offering materials related to this Indenture or the Notes; it shall not be accountable for the
Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision hereof; it shall not be responsible for the use or application of any money received by any Agent and it
shall not be responsible for any statement or recital herein of the Company, or any document issued in connection with the sale of Notes or any statement in the Notes other than the Trustee’s certificate of authentication. 
  
 SECTION 7.5 Notice of Default. If an Event of Default occurs and is
continuing and such event is known by the Trustee, the Trustee must deliver to each Holder, as their names and addresses appear on the list of Holders described in Section 2.5, notice of the Default or Event of Default within 90 days after the
occurrence thereof. Except in the case of a Default or Event of Default in the payment of principal of, premium, if any, interest and Additional Amounts, if any, of any Note, the Trustee may withhold the notice of Default or an Event of Default
(except a Default in payment of principal of, premium, if any, or interest on any Note) if and for so long as the Trustee in good faith determines that it is in the best interests of the Holders to withhold such notice. 
  
 SECTION 7.6 Compensation and Indemnity. The Company shall pay to the
Trustee and Agents from time to time such compensation as the Company and the Trustee shall from time to time agree in writing for its acceptance of this Indenture and services hereunder. The Trustee’s and the Agents’ compensation shall
not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee and Agent upon request for all disbursements, expenses and advances (including reasonable fees and expenses of counsel) incurred or
made by it in addition to the compensation for their services, except any such disbursements, expenses and advances as may be attributable to the Trustee’s or any Agent’s gross negligence, willful misconduct or bad faith. Such expenses
shall include the compensation, disbursements and expenses of the Trustee’s and Agents’ accountants, experts and counsel and any taxes or other expenses incurred by a trust created pursuant to Section 8.4 hereof. 
  
 The Company agrees to pay the fees and expenses of the Trustee’s legal
counsel in connection with its review, preparation and delivery of this Indenture and related documentation. The Company shall indemnify each of the Trustee, any predecessor Trustee and the Agents (which, for purposes of this Section 7.6, include
such Trustee’s and Agents’ affiliates, officers, directors, employees and agents) and in any other capacity the Trustee may serve hereunder for, and hold them harmless against, any and all loss, damage, claim, proceedings, demands, costs,
expense or liability including taxes (other than taxes based on the income of the Trustee or franchise, doing business or other similar taxes imposed on the 
  

 78 

 Trustee) incurred by the Trustee or an Agent without gross negligence or willful misconduct on its part in connection
with acceptance of administration of this trust and performance of any provision under this Indenture, including the reasonable expenses and counsel fees and expenses of defending itself against any claim of liability arising hereunder and the
Trustee shall not be bound to take any steps hereunder unless it has been so indemnified to its reasonable satisfaction. The Trustee and the Agents shall notify the Company promptly of any claim asserted against the Trustee or such Agent for which
it may seek indemnity. However, the failure by the Trustee or the Agent to so notify the Company shall not relieve the Company of its obligations hereunder. The Company shall defend the claim and the Trustee or such Agent shall cooperate in the
defense (and may employ its own counsel reasonably satisfactory to the Trustee) at the Company’s expense provided, however, if in the judgement of the Trustee (i) a conflict of interest exists by reason of common representation, (ii)
there are legal defenses available to the Trustee that are different from or are in addition to those available to the Company or (iii) if all parties commonly represented do not agree as to the action (or inaction) of counsel, then the Company
shall not defend such claim. The Trustee or such Agent may have separate counsel and the Company shall pay the fees and expenses of such counsel. The Company need not pay for any settlement made without its written consent, which consent shall not
be unreasonably withheld. 
  
 To secure the Company’s payment
obligations in this Section 7.6, the Trustee and the Agents shall have a Lien prior to the Notes against all money or property held or collected by the Trustee and the Agents, in its capacity as Trustee or Agent, except money or property held in
trust to pay principal or premium, if any, Additional Amounts, if any, or interest on particular Notes. 
  
 When the Trustee or an Agent incurs expenses or renders services after the occurrence of an Event of Default specified in clause (10) of Section 6.1, the
expenses (including the reasonable fees and expenses of its agents and counsel) and the compensation for the services shall be preferred over the status of the Holders in a proceeding under any Bankruptcy Law and are intended to constitute expenses
of administration under any Bankruptcy Law. 
  
 The Company’s
obligations under this Section 7.6 and any claim arising hereunder shall survive the termination of this Indenture, the resignation or removal of any Trustee or Agent, the discharge of the Company’s obligations pursuant to Article VIII and any
rejection or termination under any Bankruptcy Law. 
  
 Save as
otherwise expressly provided in this Indenture, the Trustee shall have absolute and uncontrolled discretion as to the exercise of the discretions vested in the Trustee by this Indenture but, whenever the Trustee is bound to act under this Indenture
at the request or direction of the Holders, the Trustee shall nevertheless not be so bound unless first indemnified to its satisfaction against all proceedings, claims and demands to which it may render itself liable and all costs, charges,
expenses, fees and liabilities which it may incur by so doing. 
  
 Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to this Section 7.6. 
  

SECTION 7.7 Replacement of Trustee. The Trustee and any Agent may resign at any time without stating a reason by so notifying the Company in
writing; provided, however, that this Indenture, the Notes and the Guarantees shall remain valid notwithstanding a material conflict of interest of the Trustee. The Holders of a majority in principal amount of 
  

 79 

 the outstanding Notes may remove the Trustee or Agent by so notifying the Company and the Trustee or such Agent, as the
case may be, in writing and may appoint a successor Trustee or Agent with the Company’s consent. A resignation or removal of the Trustee or any Agent and appointment of a successor Trustee or Agent, as the case may be, shall become effective
only upon the successor Trustee’s or Agent’s acceptance of appointment, as the case may be, as provided in this Section 7.7. The Company may remove the Trustee or an Agent if: 
  
 (a) The Trustee or Agent, as the case may be, fails to comply with this Section 7.7; 
  
 (b) the Trustee or Agent, as the case may be, is adjudged a
bankrupt or an insolvent or an order for relief is entered with respect to the Trustee or Agent, as the case may be, under any Bankruptcy Law; 
  
 (c) a receiver or other public officer takes charge of the Trustee or Agent, as the case may be, or its respective property; or

  
 (d) the Trustee or Agent, as the case may be,
becomes incapable of acting with respect to its duties hereunder. 
  
 If the Trustee or an Agent resigns or is removed or if a vacancy exists in the office of Trustee or Agent for any reason, the Company shall notify each Holder of such event and shall promptly appoint a successor Trustee or Agent, as the
case may be. Within one year after the successor Trustee or Agent takes office, the Holders of a majority in principal amount of the then outstanding Notes may, with the Company’s consent, appoint a successor Trustee or Agent, as the case may
be, to replace the successor Trustee or Agent appointed by the Company. If the Company does not reasonably promptly appoint a successor Trustee, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor
Trustee. 
  
 If a successor Trustee does not take office within 60
days after the retiring Trustee resigns or is removed (i) the retiring Trustee, the Company, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the
appointment of a successor Trustee; or (ii) the retiring Trustee may appoint a successor trustee at any time prior to the date on which a successor trustee takes office; provided that such appointment shall be reasonably satisfactory to the
Company. 
  
 A successor Trustee or Agent, as the case may be,
shall deliver a written acceptance of its appointment to the retiring Trustee or Agent and to the Company. Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights,
powers and duties of the Trustee under this Indenture. Immediately after that, the retiring Trustee or Agent, as the case may be, shall transfer, after payment of all sums then owing to the Trustee or Agent, as the case may be, pursuant to Section
7.6, all property held by it as Trustee or Agent to the successor Trustee or Agent, subject to the Lien provided in Section 7.6, the resignation or removal of the retiring Trustee or Agent, as the case may be, shall become effective, and the
successor Trustee or Agent, as the case may be, shall have all the rights, powers and duties of the Trustee or Agent under this Indenture. A successor Trustee or Agent shall mail notice of its succession to each Holder. 
  
 The Company covenants that, in the event of the Trustee or any agent giving
notice of its resignation pursuant to this Section 7.7, it shall use its best endeavors to procure a 
  

 80 

 successor Trustee or Agent to be appointed. If a successor Trustee or Agent does not take office within 30 days after the
retiring Trustee or Agent resigns or is removed, the retiring Trustee or Agent (as the case may be), the Company or the Holders of at least 10% in principal amount of the then outstanding Notes may petition any court of competent jurisdiction for
the appointment of a successor Trustee or Agent. 
  
 If the
Trustee, within 90 days after becoming aware that a conflict of interest exists between such Trustee’s role as a trustee and any other capacity, shall not have eliminated such conflict of interest or resigned from office, the Company or any
Holder may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
  
 If the Trustee or Agent after written request by any Holder who has been a Holder for at least six months fails to comply with Section 7.8, such Holder
may petition any court of competent jurisdiction for the removal of the Trustee or Agent, as the case may be, and the appointment of a successor thereto. 
  
 Notwithstanding replacement of the Trustee or Agent pursuant to this Section 7.7, the Company’s obligations under Section 7.6 shall continue for the
benefit of the retiring Trustee or Agent, as the case may be, and the Company shall pay to any replaced or removed Trustee or Agent all amounts owed under Section 7.6 upon such replacement or removal. 
  
 SECTION 7.8 Successor Trustee by Merger, etc. If the Trustee
consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall, if
such resulting, surviving or transferee corporation is otherwise eligible hereunder, be the successor Trustee. In case any Notes shall have been authenticated, but not delivered, by the Trustee then in office, any successor by consolidation, merger
or conversion to such authenticating Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Trustee had itself authenticated such Notes. 
  
 SECTION 7.9 Eligibility. The Trustee (a) shall have a combined capital
and surplus of at least $50,000,000 or (b) shall be a wholly-owned subsidiary of a bank holding company having a consolidated capital and surplus of at least $50,000,000 in each case as set forth in its most recent published annual report of
condition. 
  
 SECTION 7.10 Limitation on Duty of Trustee in
Respect of Collateral. 
  
 (a) Beyond the exercise of
reasonable care in the custody thereof, the Trustee shall have no duty as to any Collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior
parties or any other rights pertaining thereto and the Trustee shall not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting
or maintaining the perfection of any security interest in the Collateral. The Trustee shall be deemed to have exercised reasonable care in the custody of the Collateral in its possession if the Collateral is accorded treatment substantially equal to
that which it accords its own property and shall not be liable or responsible for any loss or diminution in the value of any of the Collateral, by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by
the Trustee in good faith. 
  

 81 

 (b) The Trustee shall not be responsible for the existence, genuineness or value of any of the Collateral
or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, except to the extent such action or omission
constitutes gross negligence, bad faith or willful misconduct on the part of the Trustee, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title of the Company to the
Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. The Trustee shall have no duty to ascertain or inquire as to the performance
or observance of any of the terms of this Indenture or the Security Documents by the Company, the Guarantors, the Security Agent or any other Persons. 
  
 SECTION 7.11 Appointment of Co-Trustee. 
  
 (a) Notwithstanding any other provisions of this Indenture and subject to the prior written approval of the Company (provided that such approval is
required only if there is no Event of Default known by the Trustee to have occurred and to be continuing), at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Collateral may at the time be
located, the Trustee shall have the power and may execute and deliver all instruments necessary to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Collateral, and
to vest in such Person or Persons, in such capacity and for the benefit of the Holders, such title to the Collateral, or any part hereof, and subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the
Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 7.9 and no notice to Holders of the appointment of any co-trustee or
separate trustee shall be required under Section 7.9 hereof. 
  
 (b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 
  
 (i) all rights, powers, duties and obligations conferred or imposed upon the Trustee shall be conferred or
imposed upon and exercised or performed by the Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Trustee joining in such act), except
to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations
(including the holding of title to the Collateral or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Trustee; 
  
 (ii) no trustee hereunder shall be personally liable by
reason of any act or omission of any other trustee hereunder; and 
  
 (iii) the Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee. 
  
 (c) Any notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as
effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this Article VII. Each separate trustee and co- 
  

 82 

 trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its
instrument of appointment, either jointly with the Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the
liability of, or affording protection or rights (including the rights to compensation, reimbursement and indemnification hereunder) to, the Trustee. Every such instrument shall be filed with the Trustee. 
  
 (d) Any separate trustee or co-trustee may at any time constitute the Trustee
its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, become
incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

 
 ARTICLE VIII 
  
 DEFEASANCE AND SATISFACTION AND DISCHARGE OF INDENTURE

  
 SECTION 8.1 Option to Effect Legal Defeasance or
Covenant Defeasance. The Company (hereafter in this Article VIII, the “Defeasor”) may, at any time, with respect to the Notes, elect to have either Section 8.2 or 8.3 be applied to all outstanding Notes and all obligations of
the Guarantors with respect to the Guarantees upon compliance with the conditions set forth below in this Article VIII. 
  
 SECTION 8.2 Legal Defeasance and Discharge. Upon the Defeasor’s exercise under Section 8.1 of the option applicable to this Section 8.2, the
Company and the Guarantors shall be deemed to have been discharged from their obligations with respect to all outstanding Notes and the Guarantees on the date the conditions set forth below are satisfied (hereinafter, “Legal
Defeasance”). For this purpose, such Legal Defeasance means that the Company and the Guarantors shall be deemed to have paid and discharged all the obligations relating to the outstanding Notes and the Guarantees and the Notes shall
thereafter be deemed to be “outstanding” only for the purposes of Section 8.6, Section 8.8 and the other Sections of this Indenture referred to below in this Section 8.2, and to have satisfied all of their other obligations under such
Notes, the Guarantees and this Indenture and cured all then existing Events of Default (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following which shall
survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of outstanding Notes to receive payments in respect of the principal of, premium, if any, interest and Additional Amounts, if any, on such Notes when such payments
are due or on the Redemption Date solely out of the Defeasance Trust created pursuant to this Indenture; (b) the Company’s obligations with respect to Notes concerning issuing temporary Notes, or, where relevant, registration of such Notes,
mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust; (c) the rights, powers, trusts, duties and immunities of the Trustee, and the Company’s and the
Guarantors’ obligations in connection therewith; (d) the provisions relating to Additional Amounts set forth in Section 4.17 hereof and (d) this Article VIII and the obligations set forth in Section 8.4 hereof. 
  

 83 

 Subject to compliance with this Article VIII, the Defeasor may exercise its option under this Section 8.2
notwithstanding the prior exercise of its option under Section 8.3 with respect to the Notes. 
  
 SECTION 8.3 Covenant Defeasance. Upon the Defeasor’s exercise under Section 8.1 of the option applicable to this Section 8.3, the Company and the Guarantors shall be released from any obligations under the
covenants contained in Article IV (other than Sections 4.1, 4.2, 4.5, 4.6, 4.7, 4.8, 4.10, 4.17, 4.18 and 4.19, and clauses (a)(1), (a)(2), (a)(3), (a)(4)(b) and (a)(4)(c), and clauses (b) and (c) of Section 4.20) hereof with respect to the
outstanding Notes and the Guarantees on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of
any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood
that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, such Covenant Defeasance means that, (i) with respect to the outstanding Notes, the Company and the Guarantors may omit to comply with and shall have no
liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any
other provision herein or in any other document and (ii) payment on the Notes may not be accelerated because of an Event of Default specified in Section 6.1(3) (but only if such Event of Default is triggered solely by a failure to comply with the
conditions set forth in clause (a)(4)(a) of Section 4.20 or Section 6.1(4) (insofar as they relate to Sections 4.3, 4.4, 4.9, 4.11, 4.12, 4.13, 4.14, 4.15, 4.16, 4.21, 4.22, 4.23, 4.24, or 4.25 or clause (a)(4)(a) of Section 4.20).

  
 SECTION 8.4 Conditions to Legal or Covenant Defeasance.
In order to exercise either of the defeasance options under Section 8.2 or Section 8.3 hereof, the Defeasor must comply with the following conditions: 
  
 (a) irrevocably deposit with the Trustee, in trust (the “Defeasance Trust”), for the benefit of the Holders of the Notes,
cash, non-callable Government Securities, or a combination of cash and non-callable Government Securities, denominated in euro in amounts as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm or firm of
independent public accountants to pay the principal of, or interest and premium, if any, on the outstanding Notes on the Stated Maturity or on the applicable redemption date, as the case may be, and the Defeasor must specify whether the Notes are
being defeased to maturity or to a particular redemption date; 
  
 (b) in the case of Legal Defeasance, the Defeasor shall have delivered (a) to the Trustee an opinion of U.S. counsel addressed to and reasonably acceptable to the Trustee confirming that (i) the Defeasor has received
from, or there has been published by, the U.S. Internal Revenue Service a ruling or (ii) since the Issue Date, there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such Opinion of
Counsel will confirm that, the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such Legal Defeasance had not occurred; (b) an opinion of Polish counsel addressed to and reasonably acceptable to the Trustee to the effect that (i) Holders of the Notes will not recognize
income, gain or loss for Polish income tax 
  

 84 

 purposes as a result of the Legal Defeasance and will be subject to Polish income tax on the same
amounts, in the same manner and at the same time as would have been the case if such Legal Defeasance had not occurred, and (ii) payments from the defeasance trust can be made free and exempt from any and all withholding and other taxes or whatever
nature imposed or levied by or on behalf of the Republic of Poland or any taxing authority thereof and (b) an opinion of United Kingdom counsel addressed to and reasonably acceptable to the Trustee to the effect that (i) Holders of the Notes will
not recognize income, gain or loss for United Kingdom income tax purposes as a result of the Legal Defeasance and will be subject to United Kingdom income tax on the same amounts, in the same manner and at the same time as would have been the case
if such Legal Defeasance had not occurred, and (ii) payments from the defeasance trust can be made free and exempt from any and all withholding and other taxes or whatever nature imposed or levied by or on behalf of the United Kingdom or any taxing
authority thereof; 
  
 (c) in the case of
Covenant Defeasance, the Defeasor shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax
purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
  
 (d) no Default or Event of Default (other than to incur
Indebtedness used to defease the Notes under this Article VIII) shall have occurred and be continuing on the date of such deposit in the Defeasance Trust; 
  
 (e) such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under any material
agreement or instrument (other than this Indenture) to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound; 
  
 (f) the Defeasor shall have delivered to the Trustee an Officers’ Certificate stating that in making
the deposit, the Defeasor was not influenced by a desire to prefer the Holders of Notes over the other creditors of the Defeasor or with the intent of defeating, hindering, delaying or defrauding creditors of the Defeasor or others; and

  
 (g) the Defeasor shall have delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for or relating to the legal defeasance or the covenant defeasance have been complied with. 
  
 SECTION 8.5 Satisfaction and Discharge of the Indenture. This
Indenture will be discharged and will cease to be of further effect as to all Notes issued hereunder when (A) either (i) all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for
whose payment money has been deposited in trust and thereafter repaid to the Company, have been delivered to the Trustee for cancellation; or (ii) all such Notes not theretofore delivered to the Trustee for cancellation have become due and payable
by reason of the making of a notice of redemption or otherwise or will become due and payable within one year and the Defeasor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the
Holders, cash 
  

 85 

 denominated in Euros, non-callable Government Securities, or a combination of cash in U.S. dollars and non-callable
Euro-denominated Government Securities, in amounts as will be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire indebtedness on the Notes not delivered to the Trustee for cancellation for principal,
premium, if any, and accrued interest to the date of maturity or redemption, (B) no Default or Event of Default has occurred and is continuing on the date of the deposit (other than a Default or Event of Default resulting from the borrowing of funds
to be applied to such deposit) and the deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Company or any Guarantor is a party or by which the Company or any Guarantor is bound, (C)
the Company and the Guarantors have paid, or caused to be paid, all sums payable, under this Indenture, and (D) the Company has delivered irrevocable instructions to the Trustee under this Indenture to give the notice of redemption and apply the
deposited money toward the payment of such Notes at maturity or the Redemption Date, as the case may be. In addition, the Defeasor must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions
precedent to satisfaction and discharge have been satisfied. 
  
 SECTION 8.6 Survival of Certain Obligations. Notwithstanding the satisfaction and discharge of this Indenture and of the Notes referred to in Section 8.5, the respective obligations of the Company, the Guarantors and the Trustee
under Sections 2.2, 2.3, 2.4, 2.5, 2.6, 2.7, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 4.1, 4.2, 4.5, 4.6, 4.7, 4.8, 4.10, 4.18, 4.19, 6.10, Article VII and Article VIII shall survive until the Notes are no longer outstanding, and thereafter the
obligations of the Company, the Guarantor and the Trustee under Articles VII and VIII shall survive. Nothing contained in this Article VIII shall abrogate any of the obligations or duties of the Trustee under this Indenture. 
  
 SECTION 8.7 Acknowledgment of Discharge by Trustee. Subject to Section
8.9, after (i) the conditions of Section 8.5 have been satisfied, (ii) the Company or the Guarantors have paid or caused to be paid all other sums payable hereunder by the Company and (iii) the Company has delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that all conditions precedent referred to in clause (i) above relating to the satisfaction and discharge of this Indenture have been complied with, the Trustee upon written request shall
acknowledge in writing the discharge of all obligations of the Company and the Guarantors under this Indenture except for those surviving obligations specified in this Article VIII. 
  
 SECTION 8.8 Application of Trust Moneys. All cash in euro deposited with the Trustee pursuant to Section 8.4 or 8.5
in respect of Notes shall be held in trust and applied by it, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent as the Trustee may determine, to the Holders of all sums
due and to become due thereon for principal, premium, if any, interest, if any, and Additional Amounts, if any, but such money need not be segregated from other funds except to the extent required by law. 
  
 The Company and the Guarantors shall jointly and severally pay and indemnify
the Trustee against any tax, fee or other charge imposed on or assessed against the cash deposited pursuant to Section 8.4 or 8.5 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is
for the account of the Holders of outstanding Notes. 
  

 86 

 SECTION 8.9 Repayment to the Company; Unclaimed Money. The Trustee and any Paying Agent shall
promptly pay or return to the Company upon Company Order any cash held by them at any time that are not required for the payment of the principal of, premium, if any, interest and Additional Amounts, if any, on the Notes for which cash has been
deposited pursuant to Section 8.4 or 8.5. 
  
 Any money held by
the Trustee or any Paying Agent under this Article VIII in trust for the payment of the principal of, premium, if any, interest and Additional Amounts, if any, on any Note and remaining unclaimed for two years after such principal, premium, if any,
interest and Additional Amounts, if any, that has become due and payable shall be paid to the Company upon Company Order or if then held by the Company shall be discharged from such trust; and the Holder of such Note shall thereafter, as an
unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, shall thereupon cease; provided, however, that the Trustee or such Paying Agent,
before being required to make any such repayment, may at the expense of the Company give notice to the Holders or cause to be published a notice in accordance with Section 12.1(b) that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such notification, any unclaimed balance of such money then remaining will be repaid to the Company. 
  
 Claims against the Company for the payment of principal or interest and Additional Amounts, if any, on the Notes will become
void unless presentment for payment is made (where so required in this Indenture) within, in the case of principal and Additional Amounts, if any, a period of ten years, or, in the case of interest, a period of five years, in each case from the
applicable original payment date therefor. 
  
 SECTION 8.10
Reinstatement. If the Trustee or Paying Agent is unable to apply any cash in accordance with Section 8.2, 8.3, 8.4 or 8.5 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.2, 8.3, 8.4 or 8.5 until such
time as the Trustee or Paying Agent is permitted to apply all such cash in accordance with Section 8.2, 8.3, 8.4 or 8.5; provided, however, that if the Company has made any payment of interest on, premium, if any, principal and
Additional Amounts, if any, of any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent.

  

 87 

 ARTICLE IX 
  
 AMENDMENTS, SUPPLEMENTS AND WAIVERS 
  
 SECTION 9.1 Amendment and Supplement. This Indenture, the Guarantees and the Note Security Documents, when signed,
may be amended or supplemented in the following circumstances: 
  
 (a) Without Consent of Holders. Notwithstanding Section 9.1(b) hereof, the Company, the Guarantors, the Trustee and the Note Security Agent together may amend or supplement this Indenture, the Notes, the Guarantees or the Note
Security Documents without the consent of any Holder: 
  

	 	(1)	to cure any ambiguity, defect or inconsistency; 

  

	 	(2)	to provide for uncertificated Notes in addition to or in place of certificated Notes; 

  

	 	(3)	to provide for the assumption of the Obligations of the Company or any Guarantor to Holders of the Notes in the case of a merger, consolidation, amalgamation or other combination,
or a sale of all or substantially all of the assets of, the Company or such Guarantor; 

  

	 	(4)	to make any change that would provide any additional rights or benefits to the Holders of Notes or that does not adversely affect the legal rights under this Indenture, the Notes,
the Guarantees or the Note Security Documents of any such Holder; 

  

	 	(5)	to conform the text of this Indenture, the Notes, the Guarantees or the Note Security Documents to any provision of the “Description of Notes” section of the Offering
Memorandum to the extent that such provision in such Description of Notes section was intended to be a verbatim recitation of a provision of this Indenture, the Notes, the Guarantees or the Note Security Documents; 

  

	 	(6)	to provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture; 

  

	 	(7)	to provide for the discharge of a Guarantor in accordance with the terms of this Indenture; 

  

	 	(8)	to release any Security pursuant to the terms of Section 11.9; or 

  

	 	(9)	to enter into any intercreditor agreement with the holder of any other Indebtedness permitted to be incurred under this Indenture; provided that no such intercreditor
agreement shall provide that the Notes or any Guarantee are subordinated to any such Indebtedness or subject to any payment blockage or enforcement standstill or that any Lien securing the Notes or 

  

 88 

 the Guarantees ranks behind any Lien securing such Indebtedness. 
  
 The Holders agree that the Trustee may agree to any such amendment without
liability. 
  
 Upon the request of the Company, accompanied by a
Board Resolution authorizing the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents described in Section 9.4, the Trustee and the Note Security Agent shall join with the Company and the
Guarantors in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations which may be therein contained, but the Trustee shall not be
obligated to enter into such amended or supplemental indenture which adversely affects its own rights, duties or immunities hereunder or otherwise. 
  
 (b) With Consent of Holders Except as otherwise provided in Section 9.1 and in the next two succeeding paragraphs, this Indenture, the Notes, the
Guarantees and the Note Security Documents may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the Notes then outstanding (including, without limitation, consents obtained in connection with a
purchase of, or tender offer or exchange offer for, Notes), and any existing default or compliance with any provision of this Indenture, the Notes, the Guarantees and the Note Security Documents may be waived with the consent of the Holders of a
majority in principal amount of the then outstanding Notes (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes). 
  
 However, without the consent of Holders of at least 90% of the aggregate
principal amount of the outstanding Notes affected thereby, any such amendment or waiver may not: 
  

	 	(1)	reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver; 

  

	 	(2)	reduce the principal of or change the Stated Maturity of any note or alter the provisions with respect to the redemption of the Notes; 

  

	 	(3)	reduce the rate of or change the Stated Maturity of any payment of interest on any note; 

  

	 	(4)	waive a Default or Event of Default in the payment of principal of, premium, interest or Additional Amounts on the Notes (except a rescission of acceleration of the Notes by the
Holders of at least a majority in aggregate principal amount of the Notes and a waiver of the Payment Default that resulted from such acceleration); 

  

	 	(5)	make any note payable in money other than that stated in the Notes; 

  

	 	(6)	make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive payments of principal of, premium, interest or
Additional Amounts on the Notes; 

  

 89 

	 	(7)	waive a redemption payment with respect to any note; 

  

	 	(8)	change the ranking of the Notes, the Guarantees or the Security granted under the Note Security Documents; 

  

	 	(9)	make any change in the preceding amendment and waiver provisions. 

  
 In addition, any amendment to, or waiver of, the provisions of this Indenture, the Notes, the Guarantees, or the Note Security Documents (except in
accordance with this Indenture) that adversely affects the rights of the Holders of the Notes will require the consent of the Holders of at least 90% in aggregate principal amount of Notes then outstanding. 
  
 The consent of the Holders is not necessary under this Indenture to approve
the particular form of any proposed amendment. It is sufficient if such consent approves the substance of the proposed amendment. A consent to any amendment or waiver under this Indenture by any Holder given in connection with a tender of such
Holder’s Notes will not be rendered invalid by such tender. 
  
 Upon the request of the Company, accompanied by a Board Resolution authorizing the execution of any such amended or supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the
Holders as aforesaid, and upon receipt by the Trustee of the documents described in Section 9.4, the Trustee and the Note Security Agent shall join with the Company and the Guarantors in the execution of such amended or supplemental indenture unless
such amended or supplemental indenture adversely affects the Trustee’s own rights, duties or immunities hereunder or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such amended or
supplemental indenture. It shall not be necessary for the consent of the Holders under this Section 9.1 to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof.

  
 After an amendment, supplement or waiver under this Section
9.1 becomes effective, the Company shall mail to the Holders (with a copy to the Trustee) a notice briefly describing the amendment, supplement or waiver. However, the failure to give such notice to all Holders, or any defect therein, will not in
any way impair or affect the validity of such amended or supplemented indenture or waiver. 
  
 SECTION 9.2 Revocation and Effect of Consents. Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder is a continuing consent by the Holder and every subsequent Holder of a Note
or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder or subsequent Holder of a Note may revoke the consent as to its Note if the
Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 
  
 The Company may fix a record date for determining which Holders must consent
to such amendment, supplement or waiver. If the Company fixes a record date, the record date shall be fixed at (i) the later of 30 days prior to the first solicitation of such consent or the date of the most recent list of Holders furnished to the
Trustee prior to such solicitation pursuant to Section 2.5 or (ii) such other date as the Company shall designate. 
  

 90 

 SECTION 9.3 Notation on or Exchange of Notes. The Trustee may place an appropriate notation about
an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange for all Notes may issue and the Trustee shall authenticate new Notes that reflect the amendment, supplement or waiver. Failure to make the appropriate
notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver. 
  
 SECTION 9.4 Trustee to Sign Amendments, etc. The Trustee shall execute any amendment, supplement or waiver authorized pursuant to this Article IX;
provided, however, that the Trustee may, but shall not be obligated to, execute any such amendment, supplement or waiver which adversely affects the Trustee’s own rights, duties or immunities under this Indenture. The Trustee
shall be entitled to receive indemnity reasonably satisfactory to it, and shall be fully protected in relying upon an Opinion of Counsel and an Officers’ Certificate each stating that the execution of any amendment, supplement or waiver
authorized pursuant to this Article IX is authorized or permitted by this Indenture and constitutes the legal, valid and binding obligations of the Company enforceable in accordance with its terms. Any Opinion of Counsel shall not be an expense of
the Trustee. 
  
 ARTICLE X 
  
 GUARANTEES 
  
 SECTION 10.1 Guarantees. Each of the Guarantors hereby fully,
unconditionally and irrevocably Guarantees, as primary obligor and not merely as surety, on a senior subordinated basis to each Holder of a Note authenticated by the Trustee or the Authenticating Agent and to the Trustee and the Note Security Agent
and each of their successors and assigns the full and prompt performance of all of the Company’s obligations under this Indenture and the Notes including the payment of principal of, and premium, if any, interest and Additional Amounts, if any,
on the Notes and all other obligations of the Company to the Holders, the Trustee and the Note Security Agent hereunder and under the Notes. The obligations of the Company under this Indenture and Notes shall be referred to herein as the
“Obligations”. 
  
 The obligations of each of the
Guarantors set forth in this Article X shall be referred to herein as the “Guarantees.” 
  
 Each Guarantor further agrees that the Obligations may be extended or renewed by the Trustee for and on behalf of itself and the Holders and the Note
Security Agent in an amount equal to the sum of (i) the unpaid amount of the Obligations then due and owing and (ii) accrued and unpaid interest on the Obligations then due and owing. Payments made under the Guarantees shall be made to the Trustee
on behalf of the Holders or the Note Security Agent, as the case may be. 
  
 The Guarantors waive presentation to, demand of payment from and protest to the Company of any of the Obligations and also waive notice of protest for nonpayment. Each of the Guarantors waives notice of any default
under the Notes or the Obligations. The obligations of each Guarantor hereunder shall not be affected by (a) the failure of any Holder to assert any claim or demand or to enforce any right or remedy against the Company or any other person under this
Indenture, the Notes or any other agreement or otherwise; (b) any extension or renewal of any thereof; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement; (d)
the 
  

 91 

 release of any Pledge held by any Holder, the Note Security Agent or the Trustee for the Obligations or any of them; or
(e) any change in the ownership of the Company. 
  
 Each Guarantor
further agrees that each Guarantee herein constitutes a Guarantee of payment when due (and not a Guarantee of collection) and waives any right to require that any resort be had by any Holder to any security held for payment of the Obligations.

  
 The obligations of each of the Guarantors hereunder shall,
subject to this Article X, Article VIII and Sections 11.2 and 11.3, not be subject to any reduction, limitation, impairment or termination for any reason (other than payment of the Obligations in full), including any claim of waiver, release,
surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Obligations or otherwise. Without
limiting the generality of the foregoing, the obligations of each Guarantor herein shall, subject to this Article X, Article VIII and Sections 10.2, not be discharged or impaired or otherwise affected by the failure of any Holder to assert any claim
or demand or to enforce any remedy under this Indenture, the Notes or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the Obligations, or by any other
act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of a Guarantor or would otherwise operate as a discharge of such Guarantor as a matter of law or equity. Each Guarantee is
a confirming Guarantee and will remain in full force and effect until payment in full of all of the Obligations. 
  
 Subject to the provisions of Section 10.4 hereof, each Guarantor further agrees that its Guarantee shall continue to be effective or be reinstated, as the
case may be, if at any time payment, or any part thereof, of principal of or interest, or Additional Amounts, if any, on any of the Obligations is rescinded or must otherwise be restored by any Holder upon the bankruptcy or reorganization of the
Company or otherwise. 
  
 Subject to the provisions of Section
10.3 hereof, in furtherance of the foregoing and not in limitation of any other right which any Holder has at law or in equity against the Guarantors, by virtue hereof, upon the failure of the Company to pay any of the Obligations when and as the
same shall become due, whether at maturity, by acceleration, by redemption or otherwise, each Guarantor hereby promises to and will, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Trustee for and
on behalf of itself and the Holders an amount equal to the unpaid amount of such Obligations then due and owing. 
  
 Each Guarantor further agrees that, as between it, on the one hand, and the Holders, on the other hand, but subject always to Sections 1.2 hereof, (x) the
maturity of the Obligations guaranteed hereby may be accelerated as provided in this Indenture for the purposes of the Guarantees herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the
Obligations guaranteed hereby and (y) in the event of any such declaration of acceleration of such Obligations, such Obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purposes of the
Guarantees. 
  
 Each Guarantor also agrees to pay any and all
reasonable costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee or the Holders in enforcing any rights under this Article X. 
  

 92 

 SECTION 10.2 Limitation on Dutch Guarantors. Notwithstanding any other provision of this Article
X, the Guarantee, indemnity and other obligations of any Guarantor incorporated in The Netherlands expressed to be assumed in this Article X or elsewhere in this Indenture shall be deemed not to be assumed by such Guarantor to the extent that the
same would constitute unlawful financial assistance within the meaning of the Dutch Civil Code and the provisions of this Indenture shall be construed accordingly. 
  
 SECTION 10.3 No Subrogation. Notwithstanding any payment or payments made by any Guarantor hereunder, such Guarantor
shall not be entitled to be subrogated to any of the rights of the Trustee or any Holder against the Company or any collateral security or Guarantee or right of offset held by the Trustee or any Holder for the payment of the Obligations nor shall
such Guarantor seek or be entitled to seek any contribution or reimbursement from the Company in respect of payments made by such Guarantor hereunder, until all amounts owing to the Trustee and the Holders by the Company on account of the
Obligations are paid in full. If any amount shall be paid to a Guarantor on account of such subrogation rights at any time when all of the Obligations shall not have been paid in full, such amount shall be held by such Guarantor in trust for the
Trustee and the Holders, segregated from other funds of such Guarantor and shall, forthwith upon receipt by such Guarantor, be turned over to the Trustee in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Trustee,
if required), to be applied against the Obligations. 
  
 SECTION
10.4 Release. The Guarantee of a Guarantor will be automatically and unconditionally released without further action on the part of any Holder or the Trustee (and thereupon shall terminate and be discharged and be of no further force and
effect): 
  
 (a) in the event that such Guarantor
is disposed of in a manner which is permitted by this Indenture (provided that, in any event, the disposal is not made to a Restricted Subsidiary), and the proceeds of such disposal are applied for a purpose permitted by this Indenture;

  
 (b) upon legal defeasance or covenant
defeasance of the Notes pursuant to Section 8.2 or 8.3; 
  
 (c) when the Company designates such Guarantor as an Unrestricted Subsidiary in compliance with Section 4.25; or 
  
 (d) the liquidation of such Guarantor in accordance with this Indenture. 
  
 Upon any occurrence giving rise to a release of a Guarantee as specified above, the Trustee shall execute any documents
reasonably required in order to evidence or effect such release, discharge and termination in respect of such Guarantee. Neither the Company nor any Guarantor shall be required to make a notation on the Notes to reflect any such release, termination
or discharge of a Guarantee. Such Guarantor shall provide to the Trustee an Opinion of Counsel and an Officers’ Certificate providing that the conditions of this Section have been met. 
  

 93 

 ARTICLE XI 
  
 SECURITY AND SECURITY AGENT 
  
 SECTION 11.1 Collateral and Note Security Documents. (a) To secure the full and punctual payment when due and the
full and punctual performance of the Notes and the Guarantee of Carey Agri, the Company and Carey Agri will execute the Share Pledges relating to the Shares of the Initial Guarantors within 20 Business Days following the Issue Date and the Initial
Security Documents as of the Issue Date. The Additional Share Pledges will be executed within 20 Business Days following the Bols Acquisition. At the time of execution of the relevant Note Security Documents, the Company shall deliver an Opinion of
Counsel addressed to and reasonably satisfactory to the Trustee and the Note Security Agent, covering the enforceability of such Note Security Documents and certain other matters required in this Indenture. 
  
 (b) Each Holder by accepting a Note shall be deemed to appoint the Note
Security Agent to act as its trustee and representative in connection with the Collateral and the Note Security Documents and authorizes the Note Security Agent (acting only at the direction of the Trustee) to exercise such rights, powers and
discretions as are specifically delegated to the Note Security Agent by the terms hereof and together with all rights, powers and discretions as are reasonably incidental thereto or necessary to give effect to the trusts hereby created and each
Holder by accepting a Note shall be deemed to irrevocably authorize the Note Security Agent on its behalf to release any existing security being held in favor of the Holders, to enter into any and each Note Security Document and to deal with any
formalities in relation to the perfection of any security created by such Note Security Documents (including, inter alia, entering into such other documents as may be necessary to such perfection). 
  
 (c) The Note Security Agent agrees that it shall hold the Collateral on trust
for the Holders and the Trustee on the terms contained in this Indenture. Each Holder by accepting a Note shall be deemed to agree that the Note Security Agent shall have only those duties, obligations and responsibilities and such rights and
protections as expressly specified in this Indenture or in the Note Security Documents (and no others shall be implied). 
  
 (d) The Note Security Agent agrees that it will hold the security interests in Collateral created under any Note Security Document to which it is a party
as contemplated by this Indenture, and any and all proceeds thereof, for the benefit of, among others, the Trustee and the Holders, without limiting the Note Security Agent’s rights to act in preservation of the security interest in the
Collateral. The Note Security Agent will take action or refrain from taking action in connection therewith only as directed by the Trustee. 
  
 (e) Each Holder, by accepting a Note, shall be deemed to have agreed to all the terms and provisions of the Note Security Documents. Without prejudice to
any automatic release of the Liens granted under the Note Security Documents, the Note Security Agent shall (upon direction of the Company) release the Pledges if and when required by this Indenture. 
  
 (f) Beyond the exercise of reasonable care in the custody thereof, the Note
Security Agent shall have no duty as to any Collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any other rights pertaining
thereto and the Note Security Agent 
  

 94 

 shall not be responsible for filing any financing or continuation statements or recording any documents or instruments in
any public office at any time or times or otherwise perfecting or maintaining the perfection of any security interest in the Security. The Note Security Agent shall be deemed to have exercised reasonable care in the custody of the Collateral in its
possession if the Collateral is accorded treatment substantially equal to that which it accords its own property and shall not be liable or responsible for any loss or diminution in the value of any of the Collateral by reason of the act or omission
of any carrier, forwarding agency or other agent or bailee selected by the Note Security Agent in good faith. 
  
 SECTION 11.2 Responsibilities of Note Security Agent. The obligations of the Note Security Agent under this Indenture shall be to: 
  
 (a) upon the occurrence of an Event of Default, take such action as
requested by written instructions of the Trustee under this Indenture, provided that such action does not contradict applicable law or subject the Note Security Agent to any liability under applicable laws. In this regard, the Note Security Agent
shall be entitled to rely and act upon, and shall be fully protected in relying and acting upon, any note, writing, resolution, notice, consent, certificate, request, demand, direction, instruction, waiver, receipt, agreement, affidavit, letter,
cablegram, telegram, telecopy, telex or teletype message, statement, order or written document or written communication reasonably believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and
upon advice and statements of legal counsel and other experts retained or employed by the Note Security Agent in its reasonable discretion; 
  
 (b) remit according to the written instructions of the Trustee any proceeds recovered from enforcement of the Note Security Documents; and 
  
 (c) take such other actions requested by the Trustee in accordance with this
Indenture. 
  
 The Note Security Agent shall be deemed to have
actual, constructive, direct or indirect knowledge or notice of the occurrence of any Event of Default only upon receipt by the Note Security Agent of a written notice or a certificate from the Trustee, stating that an Event of Default has occurred.
The Note Security Agent shall have no obligation whatsoever either prior to or after receiving such written notice or certificate to inquire whether an Event of Default has in fact occurred and shall be entitled to rely conclusively, and shall be
fully protected in so relying, on any notice or certificate so furnished to it. 
  
 SECTION 11.3 Note Security Agent’s Individual Capacity. The Note Security Agent may accept deposits from, lend money to, and generally engage in any kind of banking, trust or other business with the
Company or any of its affiliates or subsidiaries as if it were not performing the duties specified herein, and may accept fees and other consideration from the Company for services in connection with this Indenture and otherwise without having to
account for the same to the Trustee or to the Holders from time to time. 
  
 SECTION 11.4 Trustee May Perform. If the Note Security Agent shall refuse or be incapable of performing any right or remedy provided for herein or in this Indenture, the Trustee may, but shall not be obligated
to take such actions, or cause such actions to be taken, on behalf of the Note Security Agent as appropriate to protect the interests of the Trustee, the Note Security Agent or the Holders from time to time hereunder, and shall be entitled, in
addition to the rights of the Note Security Agent to all of the immunity, indemnity and 
  

 95 

 reimbursement provisions hereof and thereof to which the Note Security Agent would be entitled, regardless of any prior
act or omission by the Note Security Agent. 
  
 SECTION 11.5
Fees, etc. For services rendered as Note Security Agent under this Indenture, the Note Security Agent shall be entitled to such compensation as is agreed to from time to time in writing between the Note Security Agent and the Company. The
Company agrees to pay the fees, expenses and other amounts payable of the Note Security Agent under this Indenture, in addition to any other fees, expenses and other amounts payable that may arise under the Note Security Documents. 
  
 SECTION 11.6 Indemnification: Disclaimers, etc. (a) The Company shall
be liable for and shall reimburse and indemnify the Note Security Agent and hold the Note Security Agent and its officers, directors, agents, employees and representatives harmless from and against any and all claims, losses, liabilities, costs,
damages, penalties, actions, judgments, suits, costs, disbursements or expenses (including reasonable attorney’s fees and expenses) (collectively, “Losses”) arising from or in connection with or related to this Indenture or
being Note Security Agent hereunder (including but not limited to Losses incurred by the Note Security Agent in connection with its successful defense, in whole or in part, of any claim of gross negligence or willful misconduct on its part),
provided, however, that nothing contained herein shall require the Note Security Agent or its officers, directors, agents, employees or representatives to be indemnified for Losses caused by its or their own gross negligence or willful
misconduct. 
  
 (b) No provision of this Indenture and the Note
Security Documents shall require the Note Security Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or under the Note Security Documents or in the exercise of any of
its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 
  
 (c) The Note Security Agent shall have no liability (whether sounding in tort, contract or otherwise) for losses in
connection with, arising out of, or in any way related to, performance by the Note Security Agent under any of the Note Security Documents and/or the relationship established by this Indenture, or any act, omission or event occurring in connection
therewith, unless it is determined by a final and nonappealable judgment of a court of competent jurisdiction that is binding on the Note Security Agent that such losses were the result of acts or omission on the part of the Note Security Agent or
its officers, directors, agents, employees and representatives constituting gross negligence or willful misconduct. 
  
 (d) Without prejudice to any other provision of this Article XII, the Note Security Agent and the Company agree that the Trustee shall have no liability
to the Note Security Agent or the Company (whether sounding in tort, contract or otherwise) hereunder except in its capacity as Trustee under, and as provided for in, this Indenture. 
  
 SECTION 11.7 Illegality; No inconsistency. Nothing in this Indenture or the Note Security Documents shall require the
Note Security Agent to take any action which may be inconsistent with, or in violation of any laws, rules or regulations in force in the jurisdiction where the Note Security Agent is located. 
  

 96 

 SECTION 11.8 Rights of Trustee, the Note Security Agent and the Paying Agent. The Trustee, the
Note Security Agent and the Paying Agent may continue to make payments on the Notes (and the Note Security Agent may pay any monies received by it in respect of the Note Security Documents to the Trustee or as it may direct or to a Paying Agent for
distribution to Holders) and shall not be charged with the knowledge of existence of facts that prohibit the making of any such payments unless, not less than two Business Days prior to the date of such payment, a Trust Officer of the Trustee or an
officer of the Note Security Agent within the department of the Note Security Agent responsible for administering the security created by the Note Security Documents receives notice in writing satisfactory to it that payments may not be made under
this Article XII. 
  
 SECTION 11.9 Release. The security
granted pursuant to the Note Security Documents shall be released, automatically and without further action on the part of any Holder or Trustee: 
  
 (a) in the event that a Restricted Subsidiary is disposed of in a manner which is permitted by this Indenture (provided that, in any event, the
disposal is not made to a Restricted Subsidiary), and the proceeds of such disposal are applied for a purpose permitted by this Indenture, provided that the only security release pursuant to this clause (a) shall be the Share Pledges relating
to the Share Capital of such Restricted Subsidiary; 
  
 (b) upon
legal defeasance or covenant defeasance of the Notes; 
  
 (c) when
the Company designates a Restricted Subsidiary as an Unrestricted Subsidiary in compliance with the terms of the Indenture, provided that the only security release pursuant to this clause (c) shall be the Share Pledges relating to the Share
Capital of such Restricted Subsidiary; 
  
 (d) upon the
liquidation of a Restricted Subsidiary permitted by and in accordance with this Indenture, provided that the only security release pursuant to this clause (d) shall be the Share Pledges relating to the Share Capital of such Restricted
Subsidiary; or 
  
 (e) upon the request of the Company in the
following circumstances, Indebtedness under existing or future Credit Facilities which rank as senior Indebtedness of the Company or any Guarantor can be granted security over the Shares on an equal and ratable basis with the Notes and the
Guarantees. To effect these provisions, the Note Security Agent is permitted to release any existing pledges of the Shares under the Note Security Documents at the request of the Company provided that immediately after such release, the
Shares are simultaneously pledged on a first priority basis for the benefit of both the Holders and the Trustee on the one hand and the lenders under the relevant Credit Facility on the other and the Trustee receiving an Opinion of Counsel addressed
to and reasonably satisfactory to the Trustee and the Note Security Agent as to the valid and binding nature and enforceability of such new share pledges. 
  
 (f) if, in the case of clauses (a), (b), (c), (d) or (e) there is delivered to the Trustee and the Note Security Agent an Opinion of Counsel and an
Officers’ Certificate providing that such release is permitted hereunder and that no Default or Event of Default exists. 
  
 SECTION 11.10 Authorization of Actions to be Taken by the Note Security Agent Under the Note Security Documents. (a) The Note Security Agent will
distribute all funds distributed under the Note Security Documents and received by the Note Security Agent for 
  

 97 

 the benefit of the Secured Parties under the Note Security Documents and in accordance with the provisions of the Note
Security Documents. 
  
 (b) The Note Security Agent will have
power to institute and maintain such suits and proceedings as it may deem necessary or expedient to prevent any impairment of the secured assets pursuant to the Note Security Documents by any acts that may be unlawful or in violation of any of the
Note Security Documents or this Indenture and such suits and proceedings as the Note Security Agent may deem expedient to preserve or protect its interests and the interests of the Trustee and the Holders under each of the Note Security Documents
and this Indenture (including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid if
the enforcement of, or compliance with such enactment, rule or order would impair the security interest hereunder or under the Note Security Documents or be prejudicial to the Trustee, the Holders or the Note Security Agent). 
  
 SECTION 11.11 Authorization of Receipt of Funds by the Note Security Agent
Under the Note Security Documents. The Note Security Agent is authorized to receive any funds as agent for and for the benefit of the Trustee and the Holders distributed under any of the Note Security Documents. 
  
 SECTION 11.12 Trustee’s and Note Security Agent’s Compensation
Not Prejudiced. Nothing in this Article shall apply to the claims of, or payments to, the Trustee under or pursuant to Section 7.6 or to those of the Note Security Agent under Sections 11.5 and 11.6. 
  
 SECTION 11.13 Creation of Parallel Debt. (a) Each Holder, by accepting
a Note, acknowledges, agrees and confirms that the Note Security Agent and any other agent under the Note Security Documents shall have the right to enforce the Parallel Obligations (as defined in Section 11.13(b)(i)) as third-party beneficiaries to
this Indenture. 
  
 (b) For the purposes of (i)
taking security in, or subject to the laws of, Poland and The Netherlands (and such other jurisdictions as the Note Security Agent and the Company (each acting reasonably) agree) (together, the “Agreed Jurisdictions”) and (ii)
ensuring the continued validity of such, the Note Security Agent, the Company and the Guarantors agree that, notwithstanding anything to the contrary contained in this Indenture, the Notes, the Guarantees or the Note Security Documents: 

 

	 	(1)	the Company and each Guarantor shall pay to the Note Security Agent sums equal to, and in the currency of, its Principal Obligations (as defined in Section 11.13(e)) as and when the
same fall due for payment under this Indenture, the Notes, the Guarantees or the Note Security Documents (the “Parallel Obligations”); 

  

	 	(2)	the rights of the Holders to receive payment of the Principal Obligations are several from the rights of the Note Security Agent to receive the Parallel Obligations;

  

	 	(3)	the Note Security Agent shall have its own independent right to demand payment of the Parallel Obligations by the Company and each of the Guarantors; 

  

 98 

	 	(4)	the payment by the Company or any Guarantor of its Parallel Obligations to the Note Security Agent in accordance with this Section 11.13 shall be a good discharge of the
corresponding Principal Obligations owed by it to the Holders, as applicable, under this Indenture, the Notes, the Guarantees or the Note Security Documents and the payment by the Company or any Guarantor of the Principal Obligations owed by it to
the Holders, as applicable, under this Indenture, the Notes, the Guarantees or the Note Security Documents, as applicable, shall be a good discharge of the corresponding Parallel Obligations owed to the Note Security Agent under this Section 11.13;
and 

  

	 	(5)	nothing in this Indenture, the Notes, the Guarantees or the Note Security Documents shall in any way limit the Note Security Agent’s right to act in the protection or
preservation of, the rights under, or to enforce any, Note Security Document as contemplated by this Indenture or the relevant Note Security Document. 

  
 (c) Without limiting or affecting the Note Security Agent’s rights against the Company and the Guarantors (whether
under this Section 11.13 or under any other provision of this Indenture, the Notes, the Guarantees or the Note Security Documents and subject to the following paragraph), the Note Security Agent agrees with the Trustee and each Holder (on a several
basis) that it will not exercise its rights in respect of the Parallel Obligations except with the consent of the Trustee or such Holder, as applicable. 
  
 (d) Nothing in this Section 11.13 shall in any way negate or affect the obligations which each of the Company and the Guarantors has to the Trustee and
the Holders under this Indenture, the Notes, the Guarantees or the Note Security Documents. For the purpose of this Section 11.13 the Note Security Agent acts in its own name and on behalf of itself and not as agent or representative of any other
party hereto or as trustee and the Collateral granted under the Note Security Documents to the Note Security Agent to secure the Parallel Obligations is granted to the Note Security Agent in its capacity as creditor in respect of the Parallel
Obligations. 
  
 (e) For the purposes of this Section 11.13,
“Principal Obligations” means, in respect of each Agreed Jurisdiction and in relation to the Company or any Guarantor, any sums owing by it to the Holders (other than the Note Security Agent under Section 12.18(b)(1)) under any of
this Indenture, the Notes, the Guarantees or the Note Security Documents. 
  
 (f) This Section 11.13 is subject, in respect of each Agreed Jurisdiction and in relation to the Company and the Guarantors, to all laws applicable to the Company and the Guarantors. 
  
 SECTION 11.14 Enforcement In relation to any Shares pledged in favour
of the Note Security Agent pursuant to the Share Pledges or Additional Share Pledges governed by Dutch or Polish law and in the event the right of foreclosure over such Shares is exercised by the Note Security Agent, the Note Security Agent shall
realize 
  

 99 

 value in such pledged Shares on the prevailing market conditions reasonably acceptable to the Note
Security Agent within 12 months after the exercise of the right of foreclosure and any value realized shall be applied in order to satisfy the Secured Claim (as defined in the Share Pledges). Any value remaining after full and unconditional
satisfaction of the Secured Claim shall be paid or returned to the Company by the Note Security Agent. 
  
 ARTICLE XII 
  
 MISCELLANEOUS 
  
 SECTION 12.1
Notices. (a) All notices or other communications required or permitted to be given under this Agreement shall be in English and in writing and shall be deemed duly given (i) on the date of confirmation of receipt, if delivered personally,
(ii) on the date of confirmation of receipt (or the first business day following such receipt if the date is not a business day) of transmission by facsimile or (iii) on the date of confirmation of receipt (or the first business day following such
receipt if the date is not a business day), if delivered by overnight courier service guaranteeing next day delivery, in each case when received at the following addresses until such time as the parties hereto designate a different or additional
address or addresses or facsimile number: 
  
 if to the Company
and/or any Guarantors: 
  
 Central European
Distribution Corporation 
 Two Bala Plaza, Suite 300 
 Bala Cynwyd, PA 19004 
 U.S.A. 
 Telecopier: +48 22 455 1810 
 Attention: Chris Biedermann, Chief Financial Officer 
  
 with a copy to: 
  
 Dickstein Shapiro Morin & Oshinsky LLP 
 1177 Avenue of the Americas 
 New York, New York 10036 
 U.S.A. 
 Telecopier: (212) 997-9880 
 Attention: Malcolm I. Ross, Esq. 
  
 if to the Trustee, Principal Paying Agent, Registrar or Transfer Agent

  
 The Bank of New York 
 One Canada Square 
 London E14 5AL 
 United Kingdom 
 Telecopier: +44(0) 207 964 6399 
 Attention: Corporate Trust Department 
  
 if to the Notes Security Agent 
  
 ING
Bank N.V., London Branch 
  

 100 

 60 London Wall 
 London EC2M 5TQ 
 Telecopier: +44 207 767 7324 
 Attention: Agency Administration 
  
 Any notice or communication mailed to a Holder shall be mailed to such Person
by first-class mail or other equivalent means at such Person’s address as it appears on the registration books of the Registrar and shall be sufficiently given to him if so mailed within the time prescribed. 
  
 Failure to mail a notice or communication to a Holder or any defect in it
shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 
  
 (b) Notices regarding the Notes will be sent to the Trustee and published in
a leading newspaper having a general circulation in New York (which is expected to be The Wall Street Journal) and a copy will be mailed to the Trustee. Notices to Holders will be validly given if mailed to them at their respective
addresses in the register of Holders, if any, maintained by the Registrar. In addition, so long as any of the Notes are listed on the Irish Stock Exchange and the rules of such stock exchange so require, notices will be published in a leading
newspaper having general circulation in Ireland (which is expected to be the Irish Times) or, if in the opinion of the Trustee such publication is not practicable, in an English language newspaper having general circulation in Europe. For so
long as any Notes are represented by Global Notes, all notices to Holders will be delivered to Euroclear and Clearstream, each of which will give notice of such notice to the Holders of the Book-Entry Interests. In the case of Definitive Notes, all
notices to Holders will be validly given if mailed to them at their respective addresses in the register of the Holders, if any, maintained by the Registrar. Each such notice shall be deemed to have been given on the date of such publication or, if
published more than once on different dates, on the first date on which publication is made; provided that, if notices are mailed, such notice shall be deemed to have been given on the later of such publication and the seventh day after being
so mailed. Any notice or communication mailed to a Holder shall be mailed to such Person by first-class mail or other equivalent means and shall be sufficiently given to him if so mailed within the time prescribed. Failure to mail a notice or
communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it.

  
 SECTION 12.2 Certificate and Opinion as to Conditions
Precedent. Upon any request or application by the Company or any Guarantor to the Trustee or an Agent to take any action under this Indenture, the Company or any Guarantor shall furnish to the Trustee at the request of the Trustee: 

 
 (a) an Officers’ Certificate, in form and substance
reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.3), stating that, in the opinion of the signers thereof, all conditions precedent and covenants, if any, provided for in this Indenture relating to
the proposed action have been satisfied or complied with; and 
  
 (b) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee or such Agent (which shall include the statements set forth in Section 12.3) 
  

 101 

 stating that, in the opinion of such counsel, all such conditions precedent and covenants have been
satisfied or complied with. 
  
 In any case where several matters
are required to be certified by, or covered by an Opinion of Counsel of, any specified Person, it is not necessary that all such matters be certified by, or covered by the Opinion of Counsel of, only one such Person, or that they be so certified or
covered by only one document, but one such Person may certify or give an Opinion of Counsel with respect to some matters and one or more such Persons as to other matters, and any such Person may certify or give an Opinion of Counsel as to such
matters in one or several documents. 
  
 Any certificate of an
Officer of the Company or any Guarantor may be based, insofar as it relates to legal matters, upon an Opinion of Counsel, unless such Officer knows, or in the exercise of reasonable care should know, that such Opinion of Counsel with respect to the
matters upon which his certificate is based are erroneous. Any Opinion of Counsel may be based, and may state that it is so based, insofar as it relates to factual matters, upon a certificate of, or representations by, an officer or officers of the
Company or any Guarantor stating that the information with respect to such factual matters is in the possession of the Company or any Guarantor, as the case may be, unless such counsel knows, or in the exercise of reasonable care should know, that
the certificate or representations with respect to such matters are erroneous. 
  
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, such instruments may, but need not, be
consolidated and form one instrument. 
  
 SECTION 12.3
Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 
  
 (a) a statement that the Person making such certificate or opinion has read such covenant or condition;

  
 (b) a brief statement as to the nature and
scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  
 (c) a statement that, in the opinion of such Person, such Person has made such examination or investigation as is necessary to enable such
Person to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
  
 (d) a statement as to whether or not, in the opinion of each such Person, such condition or covenant has been complied with. 

 
 SECTION 12.4 Rules by Trustee, Paying Agents (Including Principal
Paying Agent), Registrar. The Trustee, Paying Agent (including the Principal Paying Agent) or Registrar may make reasonable rules for its functions. 
  
 SECTION 12.5 Legal Holidays. If a payment date is not a Business Day, payment may be made on the next succeeding day that is a Business Day, and no
interest shall accrue for the intervening period. 
  

 102 

 SECTION 12.6 Governing Law. THIS INDENTURE AND THE NOTES, AND THE RIGHTS AND DUTIES OF THE PARTIES
HEREUNDER AND THEREUNDER, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  
 SECTION 12.7 Submission to Jurisdiction; Appointment of Agent for Service. To the fullest extent permitted by applicable law, each of the Company
and the Guarantors irrevocably submits to the non-exclusive jurisdiction of and venue in any federal or state court in the Borough of Manhattan in the City of New York, County and State of New York, United States of America, in any suit or
proceeding based on or arising out of or under or in connection with this Indenture, the Notes or the Guarantees, and irrevocably agrees that all claims in respect of such suit or proceeding may be determined in any such court. Each of the Company
and the Guarantors, to the fullest extent permitted by applicable law, irrevocably and fully waives the defense of an inconvenient forum to the maintenance of such suit or proceeding and hereby irrevocably designates and appoints the Corporation
Service Company (the “Authorized Agent”), as its authorized agent upon whom process may be served in any such suit or proceeding. The Company and the Guarantors hereby irrevocably authorize and direct their Authorized Agent to
accept such service. The Company and the Guarantors further agree that service of process upon their Authorized Agent and written notice of such service to the Company and the Guarantors, as the case may be, as set forth above, shall be deemed in
every respect effective service of process upon the Company or the Guarantors, as the case may be, in any such suit or proceeding. Nothing herein shall affect the right of any person to serve process in any other manner permitted by law. The Company
and the Guarantors agree that a final action in any such suit or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other lawful manner. 
  
 The Company and the Guarantors hereby irrevocably waive, to the extent
permitted by law, any immunity to jurisdiction to which it may otherwise be entitled (including, without limitation, immunity to pre-judgment attachment, post-judgment attachment and execution) in any legal suit, action or proceeding against it
arising out of or based on this Indenture, the Notes or the transactions contemplated hereby. 
  
 The provisions of this Section 12.7 are intended to be effective upon the execution of this Indenture and the Notes without any further action by the Company and the Guarantors, or the Trustee and the introduction of
a true copy of this Indenture into evidence shall be conclusive and final evidence as to such matters. 
  
 SECTION 12.8 No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret another indenture, loan or debt agreement
of any of the Company or any of its Subsidiaries. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
  
 SECTION 12.9 No Personal Liability of Directors, Officers, Employees, Incorporators or Shareholders. No director, officer, employee, incorporator
or shareholder of the Company or any Guarantor, as such, shall have any liability for any obligations of the Company or any Guarantor under the Notes, this Indenture or the Guarantees herein or for any claim based on, in respect of, or by reason of,
such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 
  

 103 

 SECTION 12.10 Currency Indemnity. The euro is the sole currency of account and payment for all
sums payable by the Company or any Guarantor under or in connection with the Notes including damages. Any amount received or recovered in a currency other than euro, whether as a result of, or the enforcement of, a judgment or order of a court of
any jurisdiction, in the winding up or dissolution of the Company or any Guarantor or otherwise, by any holder of a Note or by the Trustee in respect of any sum expressed to be due to it from the Company or any Guarantor will only constitute a
discharge to the Company or any Guarantor to the extent of the euro amount which the recipient is able to purchase with the amount so received or recovered in that other currency on the date of that receipt or recovery (or, if it is not practicable
to make that purchase on that date, on the first date on which it is practicable to do so). If a euro amount is less than the euro amount expressed to be due to the recipient under any Note, the Company or any Guarantor will indemnify such recipient
against any loss sustained by such recipient as a result. In any event, the Company or any Guarantor will indemnify the recipient against the cost of making any such purchase. 
  
 For the purposes of this Section 12.10, it will be sufficient for the holder of a Note or the Trustee to certify in a
satisfactory manner (indicating the sources of information used) that it would have suffered a loss had an actual purchase of euro been made with the amount so received in that other currency on the date of receipt or recovery (or, if a euro on such
date had not been practicable, on the first date on which it would have been practicable, it being required that the need for a change of date be certified in the manner mentioned above). This indemnity constitutes a separate and independent
obligation from the Company’s and any Guarantor’s other obligations, will give rise to a separate and independent cause of action, will apply irrespective of any indulgence granted by any holder of a Note or the Trustee and will continue
in full force and effect despite any other judgment, order, claim or proof for a liquidated amount in respect of any sum due under any Note or to the Trustee. 
  

Except as otherwise specifically set forth herein, for purposes of determining compliance with any euro denominated restriction herein, the euro
equivalent amount for purposes hereof that is denominated in non euro currency shall be calculated based on the relevant currency exchange rate in effect on the date such non euro amount is incurred or made, as the case may be. 
  
 SECTION 12.11 Currency Calculation. Except as otherwise expressly set
forth herein, for purposes of determining compliance with any dollar-denominated restriction herein, the dollar-equivalent amount for purposes hereof that is denominated in a non-dollar currency shall be calculated based on the relevant currency
exchange rate in effect on the date such non-dollar amount is incurred or made, as the case may be. 
  
 SECTION 12.12 Information. For so long as the Notes are listed on the Irish Stock Exchange and the rules of such exchange so require, copies of
this Indenture will be made available in Ireland through the offices of the Paying Agent in Ireland. 
  
 SECTION 12.13 Successors. All agreements of the Company and the Guarantors in this Indenture, the Notes and the Guarantees shall bind their
respective successors. All agreements of the Trustee in this Indenture shall bind its successor. 
  
 SECTION 12.14 Counterpart Originals. All parties hereto may sign any number of copies of this Indenture. Each signed copy or counterpart shall be
an original, but all of them together shall represent one and the same agreement. 
  

 104 

 SECTION 12.15 Severability. In case any one or more of the provisions in this Indenture or in the
Notes shall be held invalid, illegal or unenforceable, in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions shall not in any way be affected or impaired
thereby, it being intended that all of the provisions hereof shall be enforceable to the full extent permitted by law. 
  
 SECTION 12.16 Table of Contents, Headings, etc. The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 
  
 SECTION 12.17 Waiver of Jury Trial. 
  
 EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 
  

 105 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, as of the date
first written above. 
  

			
	CENTRAL EUROPEAN DISTRIBUTION CORPORATION,
	as the Company
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	 CAREY AGRI INTERNATIONAL-POLAND SP. Z O.O.,

	as a Guarantor
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	ONUFRY S.A.,
	as a Guarantor
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	MULTI-EX S.A.,
	as a Guarantor
		
	By:	 	  

	Name:	 	 
	Title:	 	 

			
	ASTOR SP. Z O.O.,
	as a Guarantor
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	POLSKIE HURTOWNIE ALKOHOLI SP. Z O.O.,
	as a Guarantor
		
	By:	 	  

	Name:	 	 
	Title:	 	 
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	MTC SP. Z O.O.,
	as a Guarantor
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	 PRZEDSIEBIORSTWO DYSTRYBUCJI
 ALKOHOLI AGIS
S.A.,

	as a Guarantor
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	 DAKO-GALANT PRZEDSIEBIORSTWO
 HANDLOWO
PRODUKCYJNE SP. Z O.O.,

	as a Guarantor
		
	By:	 	  

	Name:	 	 
	Title:	 	 

			
	DAMIANEX S.A.,
	as a Guarantor
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	PWW SP. Z O.O.
	as a Guarantor
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	MIRO SP. Z O.O.
	as a Guarantor
		
	By:	 	  

	Name:	 	 
	Title:	 	 

			
	 THE BANK OF NEW YORK,

	as Trustee, Principal Paying Agent, Registrar and Transfer Agent
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	ING BANK N.V., London Branch
	as Note Security Agent
		
	By:	 	  

	Name:	 	 
	Title:	 	 

  
  

	
	EXHIBIT A                  
	TO THE INDENTURE

  
 [FORM OF FACE OF
NOTE] 
  
 [Legend for 144A Restricted Note: 
  
 THIS NOTE DUE 2012 AND ANY INTEREST HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), AND ANY OFFER, SALE, PLEDGE OR OTHER TRANSFER THEREOF MUST BE MADE ONLY (i) (A) TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE U.S. SECURITIES ACT (“RULE 144A”) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (B) IN A TRANSACTION MEETING THE REQUIREMENTS OF REGULATION S UNDER THE U.S.
SECURITIES ACT (“REGULATION S”), (C) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), OR (D) TO CENTRAL EUROPEAN DISTRIBUTION CORPORATION OR ANY SUBSIDIARY
THEREOF; AND (ii) IN EACH CASE, IN ACCORDANCE WITH ALL APPLICABLE LAWS OF ANY OTHER JURISDICTION. 
  
 EACH PURCHASER OF THIS NOTE OR ANY INTEREST HEREIN AGREES THAT IT WILL DELIVER TO EACH PURCHASER OF THIS NOTE OR BOOK-ENTRY INTERESTS HEREIN A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.] 
  
 [Legend for Regulation S Unrestricted Note: 
  
 THIS NOTE DUE 2012 AND ANY INTEREST HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS IN THE
ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. THIS NOTE AND ANY OTHER INTEREST HEREIN MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE U.S. SECURITIES ACT AND ALL APPLICABLE LAWS OF ANY OTHER JURISDICTION. 
  
 EACH PURCHASER OF THIS NOTE OR ANY INTEREST HEREIN AGREES THAT IT WILL DELIVER TO EACH
PURCHASER OF THIS NOTE OR BOOK-ENTRY INTERESTS HEREIN A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.] 
  

 A-1 

 [in the case of Global Notes, insert: 
  
 THIS GLOBAL NOTE IS HELD BY THE COMMON DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE
BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (i) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.6(a) OF THE INDENTURE; AND (ii) THIS GLOBAL NOTE
MAY BE DELIVERED IN ACCORDANCE WITH SECTION 2.6(a) OF THE INDENTURE TO THE REGISTRAR FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE.] 
  

 A-2 

 CENTRAL EUROPEAN DISTRIBUTION CORPORATION 
  
 8% Senior Secured Note due 2012 
  
 Common Code:
             
  
 ISIN:              
  

			
	No.                        	  	€                        

  
 CENTRAL EUROPEAN
DISTRIBUTION CORPORATION, a company incorporated under the laws of Delaware (the “Company”, which term includes any successor corporation), for value received promises to pay
             or registered assigns upon surrender hereof the principal sum of €            
[in the case of Global Notes, insert: , subject to such changes as shall be indicated on Schedule A hereof,] on July 25, 2012. 
  
 Interest Payment Dates: January 25, and July 25, commencing January 25, 2006. 
  
 Record Dates: January 10 and July 10 immediately preceding each Interest Payment Date. 
  
 Reference is made to the further provisions of this Note contained herein,
which will for all purposes have the same effect as if set forth at this place. 
  

 A-3 

 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile by its duly
authorized officers. 
  

			
	 CENTRAL EUROPEAN
 DISTRIBUTION CORPORATION,
as the Company

		
	By:	 	  

	Name:	 	 
	Title:	 	 

  

			
	 This is one of the Notes referred to
in the within-mentioned
Indenture:
 THE BANK OF NEW YORK,
as Trustee

		
	By:	 	  

	Name:	 	 
	Title:	 	 
	 	 	 

  
 Dated: 
  

 A-4 

 [FORM OF REVERSE] 
  
 CENTRAL EUROPEAN DISTRIBUTION CORPORATION 
  
 8% Senior Secured Note due 2012 
  
 (1) Interest. CENTRAL EUROPEAN DISTRIBUTION CORPORATION, a company incorporated under the laws of Delaware (the “Company”),
promises to pay interest on the principal amount of this Note at the rate and in the manner specified below. Interest on the Notes will compound at the rate of 8% per annum on the principal amount then outstanding, and be payable semi-annually in
arrears on each January 25 and July 25, or if any such day is not a Business Day, on the next succeeding Business Day, commencing January 25, 2006, to the Holder hereof. Interest on the Notes will accrue from the most recent date to which interest
has been paid or, if no interest has been paid, from the Issue Date. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. 
  

The Company shall pay interest on overdue principal and on overdue installments of interest (without regard to any applicable grace periods) and on any
Additional Amounts and in certain other circumstances, from time to time on demand at the rate borne by the Notes plus 1.00% per annum to the extent lawful. Any interest paid on this Note shall be increased to the extent necessary to pay Additional
Amounts as set forth herein. 
  
 (2) Additional Amounts.
All payments made by the Company and the Guarantors under or with respect to the Notes and the Guarantees will be made free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost,
assessment, or other governmental charge of whatever nature (including penalties, interest and other liabilities related thereto) (collectively, “Taxes”) imposed or levied by or on behalf of any government or political subdivision
or territory or possession of any government or authority or agency or authority therein or thereof having the power to tax (each, a “Taxing Authority”) in any jurisdiction in which the Company or any Guarantor (including their
permitted successors and assigns) is then incorporated, engaged in business or resident for tax purposes or any jurisdiction by or through which payment is made (each, a “Relevant Taxing Jurisdiction”) unless the Company or the
Guarantor is required to withhold or deduct Taxes by Law or by the relevant Taxing Authority’s interpretation or administration thereof. 
  
 If the Company or the Guarantor is required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the
Notes or the Guarantees (as the case may be), the Company or the Guarantors (as the case may be) will pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amount received by each Holder of the Notes
(including Additional Amounts) after such withholding or deduction will be equal to the amount the Holder of the Notes would have received if such Taxes had not been withheld or deducted; provided that no Additional Amounts will be payable with
respect to a payment made to a Holder of the Notes (an “Excluded Holder”) to the extent: 
  
 (A) any such Taxes would not have been imposed but for the existence of any present or former connection between such Holder of the Notes and the Relevant
Taxing Jurisdiction imposing such Taxes otherwise than merely by the acquisition, ownership or 

  

 A-5 

 
disposition of such note or receiving any payment in respect thereof or the exercise or enforcement of any rights under the Notes or the Guarantees; or

  
 (B) such Holder of the Notes would not have been liable for or
subject to such withholding or deduction on account of such Taxes but for the failure to make a valid declaration of non-residence or similar claim for exemption or to provide information concerning nationality, residence or connection with the
Relevant Taxing Jurisdiction if the making of such declaration or claim or provision of such information is required or imposed by statute, treaty, regulation, ruling or administrative practice of a Taxing Authority of the Relevant Taxing
Jurisdiction as a pre-condition to an exemption from, or reduction in, such Taxes; or 
  
 (C) such Holder of the Notes would have been able to avoid such Taxes by presenting the relevant note to another Paying Agent in a member state of the European Union (as constituted on the Issue Date) or in the United
States; or 
  
 (D) any such Taxes would not have been imposed but
for the presentation by the Holder of such note (where presentation is required) for payment on a date more than 30 days after the date on which such payment became due or payable or was duly provided for, whichever is later; or 
  
 (E) where such withholding or deduction is imposed on a payment to an
individual and is required to be made pursuant to European Council Directive 2003/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meeting of 26-27 November 2000 on the taxation of savings income or any law
implementing or complying with, or introduced in order to conform to, such Directive; or 
  
 (F) of any combination of the immediately preceding clauses (A) to (E) (inclusive). 
  
 In addition, Additional Amounts will not be payable with respect to any estate, inheritance, gift, sales, transfer, personal property or any similar tax,
assessment or other governmental charge with respect to such Notes or with respect to any Tax which is payable otherwise than by deduction or withholding from payments of principal of, premium or discount, if any, or interest on the Notes.

  
 The Company or the Guarantors (as the case may be) will also:

  
 (i) make any required withholding or deduction; and

  
 (ii) remit the full amount deducted or withheld to the
relevant Taxing Authority in accordance with applicable Law. 
  
 The Company or the Guarantors (as the case may be) will make reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any Taxes so deducted or withheld from each Taxing Authority imposing such Taxes. The
Company or the Guarantors (as the case may be) will use reasonable efforts to furnish to the Holders of the Notes (with a copy to the Trustee), within 30 days after the date the payment of any Taxes so deducted or withheld is due pursuant to
applicable Law, either certified copies of tax receipts evidencing such payment by the Company or the Guarantors (as the case may be) or, if such receipts are 

  

 A-6 

 
not obtainable, other evidence of such payments by the Company or the Guarantors (as the case may be). 
  
 At least 30 days prior to each date on which any payment under or with
respect to the Notes is due and payable, if the Company or the Guarantors (as the case may be) will be obliged to pay Additional Amounts with respect to such payment, the Company or the Guarantors (as the case may be) will deliver to the Trustee and
the Principal Paying Agent an Officers’ Certificate stating the fact that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Paying Agent on behalf of the Trustee
to pay such Additional Amounts to the Holders on the payment date. 
  
 Whenever in this Note there is mentioned, in any context, the payment of amounts based upon the principal of, premium, interest or any other amount payable under or with respect to any of the Notes, this includes payment of any Additional
Amounts that may be applicable. 
  
 The foregoing provisions will
survive any termination, defeasance or discharge of the Notes and shall apply mutatis mutandis to any jurisdiction in which any successor Person to the Company or a Guarantor, as the case may be, is organized, engaged in business, resident
for tax purposes, or otherwise subject to taxation on a net income basis or any political sub-divisions or taxing authority or agency thereof or therein. 
  
 (3) Method of Payment. The Company shall pay interest on the Notes (except defaulted interest) to the Person in whose name this Note is registered
at the close of business on the Record Date for such interest. Holders must surrender Notes to a Paying Agent to collect principal payments. The Company shall pay principal and interest in euro. Principal of and premium, if any, and interest on the
Notes will be payable at the office or agency of one or more Paying Agents maintained for such purpose in London, England or Dublin, Ireland, except that at the option of the Company payment of premium, if any, Additional Amounts, if any, and
interest on the Notes may be by check mailed to the addresses of the holders of the Notes as such addresses appear on the Notes register. Payment of principal, premium, if any, and interest on the Notes registered in the name of or held by the
Clearing Systems or its nominee, as the case may be, will be made in immediately available funds to the Clearing Systems or its nominee, as the case may be. For so long as the Notes are listed on the Irish Stock Exchange and the rules of such stock
exchange so require, Holders of the Notes will be able to receive principal, premium, if any, and interest on the Notes at the Dublin, Ireland office of the Paying Agent, during normal office hours, subject to the rights of the Company to mail
payments in accordance with the terms of the Indenture. Immediately available funds for the payment of the principal of, premium, if any, interest and Additional Amounts, if any, on this Note due on any Interest Payment Date, Maturity Date,
Redemption Date, Special Redemption Date, or other repurchase date will be made available to the Paying Agent at 10.00 a.m. London time on the Business Day immediately preceding each Interest Payment Date and the Maturity Date to permit the Paying
Agent to pay such funds to the holders on such respective dates. 
  
 (4) Paying Agent and Registrar. Initially, The Bank of New York will act as Principal Paying Agent and Registrar. In the event that a Paying Agent or Registrar is replaced, the Company will provide notice thereof in accordance
with Section 12.1 of the Indenture. The Company or any of its Subsidiaries may act as Paying Agent or Registrar for 

  

 A-7 

 
the Notes. The Company may change Paying Agent or Registrar without prior notice to the Holders but with notice to the Trustee. 
  
 (5) Indenture. The Company issued the Notes under an Indenture, dated
as of July 25, 2005 (the “Indenture”), among the Company, the Guarantors, The Bank of New York, as Trustee, Principal Paying Agent, Registrar and Transfer Agent, and ING Bank N.V., London Branch, as Note Security Agent. This Note is one of
a duly authorized issue of Notes of the Company designated as its 8% Senior Secured Notes due 2012 (the “Notes”). The terms of the Notes include those stated in the Indenture. Notwithstanding anything to the contrary herein, the
Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of them. The Notes are general obligations of the Company. The Notes are not limited in aggregate principal amount and Additional Notes may be issued from
time to time under the Indenture, in each case subject to the terms of the Indenture. Each Holder of the Notes, by accepting a Note, agrees to be bound by all of the terms and provisions of the Indenture and the Note Security Documents, as the same
may be amended from time to time. 
  
 To guarantee the due and
punctual payment of the principal of, premium, if any, Additional Amounts, if any, and interest on the Notes and all other amounts payable by the Company under the Indenture and the Notes when and as the same shall be due and payable, whether at
maturity, by acceleration or otherwise, according to the terms of the Notes and the Indenture, each Guarantor has unconditionally guaranteed such obligations on a senior basis pursuant to the terms of the Indenture. 
  
 (6) Ranking. The Notes will be general senior obligations of the
Company and rank senior in right of payment to all existing and future subordinated obligations of the Company. In addition, the Notes have the benefit of the Guarantees and the Note Security Documents. 
  
 (7) Optional Redemption. At any time prior to July 25, 2008, the
Company may on any one or more occasions redeem up to 35% of the aggregate principal amount of Notes issued under the Indenture at a redemption price of 108% of the principal amount, plus accrued and unpaid interest and Additional Amounts, if any,
to the Redemption Date, with the net cash proceeds of one or more Equity Offerings; provided that: 
  
 (i) at least € 211.25 million (65% of the aggregate principal amount of the Notes) principal amount of Notes (excluding Notes held by the Company and
its Affiliates) remains outstanding immediately after the occurrence of such redemption; and 
  
 (ii) the redemption occurs within 90 days of the date of the closing of such Equity Offering. 
  
 At any time prior to July 25, 2009, upon not less than 30 nor more than 60 days’ notice, the Company may at its option redeem the Notes in whole at
any time or in part from time to time, at a redemption price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium as of, plus accrued and unpaid interest and Additional Amounts, if any, to, the date of redemption,
subject to the rights of the Holders of the Notes on the relevant Record Date to receive the interest due on the relevant Interest Payment Date. 
  
 On or after July 25, 2009, upon not less than 30 nor more than 60 days’ notice, the Company may redeem all or a part of the Notes at the redemption
prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest and 

  

 A-8 

 
Additional Amounts, if any, on the Notes redeemed, to the applicable redemption date, if redeemed during the twelve-month period beginning on the years
indicated below, subject to the rights of Holders on the relevant Record Date to receive interest on the relevant Interest Payment Date: 
  

				
	 Year

	  	Notes

	 
	 2009
	  	104.000	%
	 2010
	  	102.000	%
	 2011 and thereafter
	  	100.000	%

  
 (8) Optional Tax
Redemption. The Notes may be redeemed, at the option of the Company, in whole but not in part, at any time, upon giving not less than 30 nor more than 60 days’ notice (in accordance with the procedures set forth in Section 12.1(b) of the
Indenture) to each Holder of the Notes (which notice will be irrevocable), at a price equal to 100% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon, if any, to the redemption date, premium, if any, and Additional
Amounts, if any, which otherwise would be payable, if as a result of (i) any amendment to, or change in, the laws or treaties (or any regulations or rulings promulgated thereunder) of a Relevant Taxing Jurisdiction or (ii) any amendment to or change
in an official interpretation or application regarding such laws, treaties, regulations or rulings (a “Change in Tax Law”), the Company, with respect to the Notes, or any Guarantor, with respect to a Guarantee, pays or on the next
Interest Payment Date would be obligated to pay more than de minimis Additional Amounts in respect of any Note or such Guarantee pursuant to the terms and conditions thereof which obligation cannot be avoided by the taking of reasonable measures
available to it (for the avoidance of doubt, neither the Company nor any Guarantor shall be entitled to redeem the Notes pursuant to the foregoing provisions as a consequence of the European Council Savings Directive or any law implementing or
complying with, or introduced in order to conform to, such Directive); provided, however, that (a) no such notice of redemption may be given earlier than 90 days prior to the earliest date on which the Company or any Guarantor, as the
case may be, would be obligated to pay such Additional Amounts were a payment in respect of the Notes then due and payable and (b) at the time such notice is given, such obligation to pay such Additional Amounts remains in effect. The Change in Tax
Law must become effective on or after the date of the Offering Memorandum or in the case of any Guarantor after the date such entity makes payment on the Notes. 
  

Prior to the giving of any notice of redemption pursuant to this provision, the Company or the relevant Guarantor, as the case may be, will deliver to
the Trustee (a) an Officers’ Certificate of the Company or such Guarantor stating that the Company is entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent to the right of the Company so
to redeem have occurred and (b) an Opinion of Counsel qualified under the laws of the Relevant Taxing Jurisdiction to the effect that the Company or such Guarantor, as the case may be, has been or will become obligated to pay such Additional Amounts
as a result of a Change in Tax Law, and that such obligation cannot be avoided by the Company taking reasonable measures available to it. The Trustee shall accept such certificate and opinion as sufficient evidence of satisfaction of the conditions
described above, in which event it shall be conclusive and binding on the Holders. 
  

 A-9 

 (9) Special Redemption. On the tenth Business Day (the “Bols Special Redemption
Date”) following the earlier of (a) the date on which either (1) the Bols Share Sale Agreement is rescinded or terminated or (2) the Anti-Monopoly Office or other competent regulatory authority issued a formal final and non-appealable
written decision prohibiting the Bols Acquisition (each, a “Bols Acquisition Termination Event”) occurs and (b) September 30, 2005, if an Officers’ Certificate and payment instruction in the forms set forth in Annexes A
and B to the Escrow Agreement have not been received by the Escrow Agent and ING Bank N.V., London Branch by September 28, 2005, the Notes will become mandatorily redeemable at a redemption price in cash equal to 101% of the principal amount, plus
accrued and unpaid interest to the Bols Special Redemption Date (the “Bols Special Redemption Price”), in accordance with the procedures set forth in the Indenture (the “Bols Special Redemption”). 
  
 On the tenth Business Day (the “Bialystok Special Redemption
Date”) following the earlier of (a) the date on which either (1) the Bialystok Purchase Agreement is rescinded or terminated or (2) the Anti-Monopoly Office or other competent regulatory authority issued a formal final and non-appealable
written decision prohibiting the Bialystok Acquisition (each, a “Bialystok Acquisition Termination Event”) occurs and (b) November 30, 2005, if an Officers’ Certificate and payment instruction in the form set forth in
Annex D and Annex E of the Escrow Agreement have not been received by the Escrow Agent and ING Bank N.V., London Branch by November 28, 2005, €184,000,000 principal amount of the Notes will become mandatorily redeemable at a redemption price in
cash equal to 101% of the principal amount plus accrued and unpaid interest to the Bialystok Special Redemption Date (the “Bialystok Special Redemption Price”), in accordance with the procedures set forth in the Indenture (the
“Bialystok Special Redemption”). 
  
 As used
herein, references to a “Special Redemption” shall mean either the Bols Special Redemption or the Bialystok Special Redemption, as the case may be, and references to a “Special Redemption Price” shall mean either
the Bols Special Redemption Price or the Bialystok Special Redemption Price, as the case may be. 
  
 (10) Notice of Redemption. Notice of redemption (other than a Special Redemption) will be given at least 30 days but not more than 60 days before
the Redemption Date, or Tax Redemption Date, as the case may be, in accordance with Section 12.1 of the Indenture. Notice of a Special Redemption shall be given in accordance with Section 3.8 of the Indenture. 
  
 Notes in denominations of €50,000 may be redeemed only in whole. The
Trustee may select for redemption portions (equal to €50,000 and any integral multiple of €1,000 in excess thereof) of the principal of Notes that have denominations larger than €50,000, but the Trustee assumes no liability for any
such selections. 
  
 Except as set forth in the Indenture, from
and after any Redemption Date, if monies for the redemption of the Notes called for redemption shall have been deposited with the Paying Agent for redemption on such Redemption Date or a Special Redemption Date, as the case may be, then, unless the
Company defaults in the payment of such Redemption Price or Special Redemption Price, as the case may be, the Notes called for redemption will cease to bear interest and Additional Amounts, if any, and the only right of the holders of such Notes
will be to receive payment of the Redemption Price or Special Redemption Price, as the case may be. 
  

 A-10 

 (11) Change of Control Offer. Upon the occurrence of a Change of Control, the Company will be
required to make an offer to purchase all or any part (equal to €50,000 and any integral multiple of €1,000 in excess thereof) of the Notes on the Change of Control Payment Date at a purchase price in cash equal to 101% of the principal
amount of such Notes plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date). Holders that are subject to
an offer to purchase will receive a Change of Control Offer from the Company prior to any related Change of Control Payment Date and may elect to have such Notes purchased by completing the form entitled “Option of Holder to Elect
Purchase” appearing below. 
  
 (12) Limitation on Sale of
Assets. On the 366st day after an Asset Sale, if the aggregate amount of Excess Proceeds exceeds $10 million, the Company will be required to make an offer (“Asset Sale Offer”) to all Holders and, to the extent required by the
terms thereof, to all Holders of other Indebtedness outstanding that is pari passu with the Notes with similar provisions requiring the Company to make an offer to purchase such Indebtedness with the proceeds from any Asset Sale
(“Pari Passu Indebtedness”), to purchase the maximum principal amount of Notes and any such Pari Passu Indebtedness to which the Asset Sale Offer applies that may be purchased out of the Excess Proceeds, at an offer price in cash in
an amount equal to 100% of the principal amount of the Notes and Pari Passu Indebtedness plus accrued and unpaid interest to the date of purchase, in accordance with the procedures set forth in the Indenture or the agreements governing the Pari
Passu Indebtedness, as applicable, in each case in denominations of €50,000 and any integral multiple of €1,000 in excess thereof. To the extent that the aggregate amount of Notes and Pari Passu Indebtedness so validly tendered and not
properly withdrawn pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Company may use any remaining Excess Proceeds for general corporate purposes, subject to other covenants contained in the Indenture. If the aggregate principal
amount of Notes surrendered by Holders thereof and other Pari Passu Indebtedness surrendered by Holders or lenders, collectively, exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and Pari Passu Indebtedness to be purchased
on a pro rata basis on the basis of the aggregate principal amount of tendered Notes and Pari Passu Indebtedness. The Trustee assumes no liability in relation to selections made by it pursuant to this Paragraph 12. 
  
 (13) Denominations; Form. The Notes are in registered form, without
coupons, in denominations of €50,000 and any integral multiples of €1,000 in excess thereof. 
  
 (14) Persons Deemed Owners. The registered Holder of this Note shall be treated as the owner of it for all purposes, subject to the terms of the
Indenture. 
  
 (15) Unclaimed Funds. If funds for the
payment of principal, interest, premium or Additional Amounts remain unclaimed for two years, the Trustee and the Paying Agents will repay the funds to the Company at its written request. After that, all liability of the Trustee and such Paying
Agents with respect to such funds shall cease. 
  
 (16) Legal
Defeasance and Covenant Defeasance. The Company may be discharged from its obligations under the Indenture and the Notes except for certain provisions thereof (“Legal Defeasance”), and may be discharged from its obligations to
comply with certain covenants contained in the Indenture (“Covenant Defeasance”), in each case upon satisfaction of certain conditions specified in the Indenture. 
  

 A-11 

 (17) Amendment; Supplement; Waiver. Subject to certain exceptions, the Indenture, the Guarantees,
the Note Security Documents or the Notes may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the then outstanding Notes voting as a single class, and any existing default or compliance with
any provision of the Indenture, the Guarantees, the Note Security Documents or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes voting as a single class. Without the consent of
Holders of at least 90% of the Notes then outstanding, an amendment or waiver may not (i) reduce the principal amount of Notes whose holders must consent to an amendment, supplement or waiver; (ii) reduce the principal of or change the Stated
Maturity of any Note or alter the provisions with respect to the redemption of the Notes; (iii) reduce the rate of or change the Stated Maturity of any payment of interest on any Note; (iv) waive a Default of Event of Default in the payment of
principal of, premium, if any, interest or Additional Amounts on the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the Notes and a waiver of the Payment Default that
resulted from such acceleration); (v) make any Note payable in money other than that stated in the Notes; (vi) make any change in the provisions of the Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive
payments of principal of, or interest, premium or Additional Amounts, if any, on, the Notes; (vii) waive a redemption payment with respect to any Note; (viii) change the ranking of the Notes, the Guarantees or the Security granted under the Note
Security Documents; or (ix) make any change in the preceding amendment and waiver provisions. Without the consent of any Holder, the Company, the Guarantors, the Trustee and the Note Security Agent together may amend or supplement the Indenture, the
Guarantees, the Note Security Documents or the Notes to cure any ambiguity, defect or inconsistency, to provide for uncertificated Notes in addition to or in place of certificated Notes, to provide for the assumption of the Obligations of the
Company or any Guarantor to the Holders in case of a merger, consolidation, amalgamation or other combination or a sale of all or substantially all of the assets of, the Company or such Guarantor, to make any change that would provide any additional
rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights under the Indenture, the Notes, the Guarantees or the Note Security Documents of any such Holder, to conform the text of the Indenture, the Notes, the
Guarantees or the Note Security Documents to any provision of the “Description of Notes” in the Offering Memorandum dated July 15, 2005 relating to the offering of the Notes, to the extent that such provision in such Description of Notes
was intended to be a verbatim recitation of a provision of the Indenture, the Guarantees, the Note Security Documents or the Notes, to provide for the issuance of Additional Notes in accordance with the limitations set forth in the Indenture as of
its date, to provide for the discharge of a Guarantor in accordance with the terms of the Indenture, to release any Security pursuant to the terms of Section 11.9 of the Indenture and the Note Security Documents; or to enter into any intercreditor
agreement with the holder of any other Indebtedness permitted to be incurred under the Indenture; provided that no such intercreditor agreement shall provide that the Notes or any Guarantee are subordinated to any such Indebtedness or subject
to any payment blockage or enforcement standstill or that any Lien securing the Notes or the Guarantees ranks behind any Lien securing such Indebtedness. 
  
 (18) Restrictive Covenants. The Indenture imposes certain covenants that, among other things, limit the ability of the Company and its Restricted
Subsidiaries to incur additional Indebtedness, make certain distributions and Restricted Payments, create certain Liens, enter into certain transactions with Affiliates and third parties, make certain Asset Sales, and consummate certain mergers and
consolidations or sales of all or substantially all assets. The limitations are subject to a number of important qualifications and exceptions 

  

 A-12 

 
specified in the Indenture. The Company must annually report to the Trustee on compliance with such limitations. 
  
 (19) Successors. When a successor assumes all the obligations of its
predecessor under the Notes and the Indenture in accordance with the terms of the Indenture, the predecessor will be released from those obligations. 
  
 (20) Defaults and Remedies. If an Event of Default (other than an Event of Default specified in clause (10) of Section 6.1 of the Indenture) occurs
and is continuing, the Trustee by notice to the Company, or the Holders of at least 25% in principal amount of the outstanding Notes by notice to the Company and the Trustee, may, and the Trustee at the request of such Holders shall, declare all the
Notes to be due and payable immediately in the manner and with the effect provided in the Indenture. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the
Notes unless it has received indemnity satisfactory to it. The Indenture permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal amount of the Notes then outstanding to direct the Trustee in its
exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default in payment of principal of, premium, if any, or interest on any Note) if and so long as the Trustee in good
faith determines that withholding such notice is in the best interest of the Holders. 
  
 (21) Trustee Dealings with the Company. The Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Company, its
Subsidiaries or their respective Affiliates as if it were not the Trustee. 
  
 (22) No Recourse Against Others. No director, officer, employee, incorporator or shareholder of the Company or any Guarantor, as such, shall have any liability for any obligations of the Company or any
Guarantor under the Notes, the Guarantees or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release
are part of the consideration for issuance of the Notes. 
  
 (23)
Authentication. This Note shall not be valid until the Trustee or authenticating agent signs the certificate of authentication on this Note. 
  
 (24) Defined Terms. Unless otherwise defined herein, terms defined in the Indenture are used herein as defined therein. 
  
 (25) ISIN and Common Code Numbers. The Company will cause ISIN and
Common Code numbers to be printed on the Notes. No representation is made as to the accuracy of such numbers as printed on the Notes and reliance may be placed only on the other identification numbers printed hereon. 
  
 (26) Governing Law. The Indenture and the Notes, and the rights and
duties of the parties hereunder and thereunder, shall be governed by, and construed in accordance with, the laws of the State of New York. 
  

 A-13 

 [In the case of Global Notes, insert: 
  
 SCHEDULE A 
  
 SCHEDULE OF PRINCIPAL AMOUNT 
  
 The initial principal amount at maturity of this Note shall be €            . The
following decreases/increases in the principal amount at maturity of this Note have been made: 
  

									
	 Date of
 Decrease/
 Increase

	 	 Decrease in
 Principal
 Amount at
 Maturity

	 	 Increase in
 Principal
 Amount at
 Maturity

	 	 Total Principal
 Amount at
 Maturity
 Following such
 Decrease/
 Increase

	 	 Notation
 Made by
 or on
 Behalf of
 Trustee

	                                  
	 	                                  
	 	                                  
	 	                                  
	 	                                  

	                                  
	 	                                  
	 	                                  
	 	                                  
	 	                                  

	                                  
	 	                                  
	 	                                  
	 	                                  
	 	                                  

	                                  
	 	                                  
	 	                                  
	 	                                  
	 	                                  

	                                  
	 	                                  
	 	                                  
	 	                                  
	 	                                  

	                                  
	 	                                  
	 	                                  
	 	                                  
	 	                                  

	                                  
	 	                                  
	 	                                  
	 	                                  
	 	                                  

	                                  
	 	                                  
	 	                                  
	 	                                  
	 	                                  

	                                  
	 	                                  
	 	                                  
	 	                                  
	 	                                  

	                                  
	 	                                  
	 	                                  
	 	                                  
	 	                                  

	                                  
	 	                                  
	 	                                  
	 	                                  
	 	                                  

	                                  
	 	                                  
	 	                                  
	 	                                  
	 	                                  

  
 ] 
  

 A-14 

 OPTION OF HOLDER TO ELECT PURCHASE 
  
 If you want to elect to have this Note purchased by the Company pursuant to Section 4.12 (Asset Sales) and 4.16 (Change of
Control) of the Indenture, check the appropriate box below: 
  

			
	  ̈
	 	  ̈

	 Section 4.12
	 	 Section 4.16

  
 If you want to elect to have only part
of the Note purchased by the Company pursuant to Section 4.12 (Asset Sales) or 4.16 (Change of Control) of the Indenture, state the amount you elect to have purchased: 
  
 €                     
  

					
	Date:	 	                     	  	 
	 	 	 	  	 Your Signature:
                                        
    

	 	 	 	  	(Sign exactly as your name appears on the face of this Note)
			
	 	 	 	  	 Tax Identification No.:
                                

  
 Signature Guarantee*:
                                        

  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  

 A-15 

                                       
                                        
                                        
            
  
 ASSIGNMENT FORM 
  
 To assign this Note fill in the form below:

  
 I or we assign and transfer this Note to 
  
                                       
                                      
         
  
 (Print
or type assignee’s name, address and zip code) 
  
                                       
                                      
         
  
 (Insert
assignee’s social security or tax I.D. No.) 
  
 and irrevocably appoint
                     agent to transfer this Note on the books of the Company. 
  
 The agent may substitute another to act for him. 
  

			
	                                      
                                        
                                        
               
		
	Date:                         	  	Your Signature:
                                        
    
	
	                                       
                                        
                                        
               
 Sign exactly as your name appears on the other side of this
Note.

  

 A-16 

 EXHIBIT B 
 FORM OF CERTIFICATE OF TRANSFER 
  
 The Bank of
New York 
 One Canada Square 
 London E14 5AL 
  
 Central European Distribution Corporation 
 Carey Agri International-Poland Sp. z o.o. 
 Two Bala Plaza 
 Suite 300 
 Bala Cynwyd, PA 19004 
  
 Re: Senior Secured Notes due 2012 of Central European Distribution Corporation 
  
 Reference is hereby made to the Indenture, dated as of July 25, 2005 (the
“Indenture”), among Central European Distribution Corporation (the “Company”), the Initial Guarantors and The Bank of New York as Trustee Capitalized terms used but not defined herein shall have the meanings given to them in the
Indenture. 
  
                     , (the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in
Annex A hereto, in the principal amount of €             in such Note[s] or interests (the “Transfer”), to
                                        
(the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 
  
 [CHECK ALL THAT APPLY] 
  

	1.	 ̈ Check if Transfer is Pursuant to Rule 144A. The Transfer is being
effected pursuant to and in accordance with Rule 144A under the United States U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or
Definitive Note is being transferred to a Person that the Transferor reasonably believed and believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person
exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with
any applicable securities laws of any other jurisdiction. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on
transfer enumerated in the 144A Legend printed on the 144A Global Note and/or the 144A Definitive Note and in the Indenture and the U.S. Securities Act. 

  

	2.	  ̈ Check if Transfer is pursuant to Regulation S. The
Transfer is being effected pursuant to and in accordance with Rule 903 or 904 under the U.S. Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a person in the United States and (A) at
the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (B) the transaction was
executed in, on or through the facilities of a 

  

 B-1 

	 	 
designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer
in the United States; (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(a) or 904(b), as applicable, of Regulation S under the U.S. Securities Act; and (iii) the transaction is not part of a plan or
scheme to evade the registration requirements of the U.S. Securities Act. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred Book Entry Interest or Definitive Note will be subject to the
restrictions on Transfer enumerated in the Reg S Legend and in the Indenture and the U.S. Securities Act. 

  

	3.	 ̈ Check if Transfer is pursuant to Rule 144. (i) The Transfer is
being effected pursuant to and in accordance with Rule 144 under the U.S. Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable securities laws of any other jurisdiction; (ii) the Transferor is
not (and during the three months preceding the Transfer was not) an Affiliate of the Issuer or any Subsidiary Guarantor; (iii) at least two years have elapsed since such Transferor (or any previous transferor of such Book Entry Interest or
Definitive Note that was not an Affiliate of the Issuer or any Guarantor) acquired such Book Entry Interest or Definitive Note from the Issuer or any Subsidiary Guarantor or an Affiliate of the Issuer or any Subsidiary Guarantor, and (iv) the
restrictions on transfer contained in the Indenture and the 144A Legend are not required in order to maintain compliance with the U.S. Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the
transferred Book Entry Interest or 144A Definitive Note will no longer be subject to the restrictions on transfer enumerated in the 144A Legend printed on the 144A Global Notes and/or the 144A Definitive Notes and in the Indenture.

  
 This certificate and the statements contained herein are made
for your benefit and the benefit of the Issuer and the Trustee. 
  

			
	 	 	

	 	 	[Insert Name of Transferor]
		
	By:	 	  

	Name:	 	 
	Title:	 	 

 Dated:                           
  

 B-2 

 ANNEX A TO CERTIFICATE OF TRANSFER 
  

	4.	The Transferor owns and proposes to transfer the following: 

  
 [CHECK ONE] 
  
  ̈ a Book Entry Interest held through Euroclear Account No.
                     or Clearstream Account No.
                    , in the: 
  

	 	(i)	 ̈ 144A Global Note (ISIN XS0224445733), or 

  

	 	(ii)	 ̈ Reg S Global Note (ISIN XS0224445576), or 

  

	 ̈	a 144A Definitive Note. 

  

	 ̈	a Reg S Definitive Note. 

  

	5.	After the Transfer the Transferee will hold: 

  
 [CHECK ONE] 
  
  ̈ a Book Entry Interest through Euroclear Account No.
                     or Clearstream Account No.
                     in the: 
  

	 	(iii)	 ̈ 144A Global Note (ISIN XS0224445733), or 

  

	 	(iv)	 ̈ Reg S Global Note (ISIN XS0224445576), or 

  

	 ̈	a 144A Definitive Note; or 

  

	 ̈	a Reg S Definitive Note; or 

  

	 ̈	an Unrestricted Definitive Note. 

  

 B-3 

 EXHIBIT C 
  

FORM OF SHARE PLEDGES 
  
 [Form of Share Pledge to Be Used Over Bearer Shares 
  
 in a Joint Stock Company (“S.A.”)] 
  
 THIS AGREEMENT (to create a registered pledge and other security interests over shares of Przedsiebiorstwo Dystrybucji Alkoholi “Agis” S.A.)
(“this Agreement”, which expression includes all attached schedules) is made on [    ] 2005 
  
 BETWEEN: 
  

	(1)	CAREY AGRI INTERNATIONAL-POLAND SP. Z O.O. with its seat at ul. Bokserska 66 A, 02-690 Warszawa, Poland incorporated under laws of Poland and recorded under number 0000051098
in the National Court Register, maintained by the District Court for the city of Warsaw, XX Commercial Division of the National Court Register, REGON 002160096, (“Pledgor”) represented by [    ];

  

	    	and 

  

	(2)	ING BANK N.V. LONDON BRANCH, a banking corporation (naamloze vennootschap) duly incorporated under the laws of The Netherlands, with registered address at
Amstelveenseweg 500, 1081 KL, Amsterdam, The Netherlands, registration no. 33031431, acting through its London Branch, with office address at 60 London Wall, London EC2M 5TQ, United Kingdom and registered in the United Kingdom under number FC010062
(“Pledgee”), represented by [    ], attorney-in-fact. 

  
 INTRODUCTION: 
  

	(A)	On [    ] 2005, the Debtor1
(as defined below) has issued high yield bonds (“High Yield Bonds”) in the United States of America. 

  

	(B)	In connection with the High Yield Bonds, on [            ] 2005, the Debtor and the Pledgee entered into an indenture
agreement (“Indenture”) governed by the laws of the State of New York. 

  

	(C)	Pursuant to Clause 11.13 (Creation of Parallel Debt) of the Indenture, the Debtor has a pecuniary obligation constituting one single obligation under the laws of the State of
New York, towards the Pledgee. 

  

	(D)	The Debtor and the Pledgee have agreed that a subsidiary of the Debtor, the Pledgor, will establish a registered pledge over the shares of the Company (as defined below) in order to
secure the Pledgee’s claim towards the Debtor arising under Clause 11.13 (Creation of Parallel Debt) of the Indenture. 

  

	1	To be amended into “the Pledgor” if CEDC becomes a pledgor. The same applies to the remaining points of the preamble. 

  

 C-1 

 THE PARTIES AGREE as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

  

	    	In this Agreement: 

  

	 	1.1.1	“Articles of Association” means the articles of association (statut) of the Company as amended from time to time. 

  

	 	1.1.2	“Business Day” means a day (other than Saturday, Sunday and other statutory holidays in Poland) on which banks are open for business in Warsaw and London for the
transaction of non-automated business. 

  

	 	1.1.3	“CCC” means the Commercial Companies Code of 15 September 2000 (Dz.U. No. 94, item 1037 as amended). 

  

	 	1.1.4	“Civil Code” means the Civil Code of 23 April 1964 (Dz.U. No. 16 item 93 as amended). 

  

	 	1.1.5	“Company” means Przedsiebiorstwo Dystrybucji Alkoholi “Agis” S.A. with its seat at ul. Polna 52, 87-100 Torun, Poland, recorded under number 0000103408 in
the National Court Register, maintained by the District Court in Torun, VII Commercial Division of the National Court Register, REGON 008474275. 

  

	 	1.1.6	“Debtor” means Central European Distribution Corporation Inc. with its seat at 2 Bala Plaza, Suite 300, Bala Cynwyd PA 19004 USA.2 

  

	 	1.1.7	“Depositary” means [ING Bank Slaski S.A.] with its seat at [Sokolska 34], [40-086] Katowice, Poland, recorded under number [    ] in the
National Court Register, maintained by the District Court in Katowice, [    ] Commercial Division of the National Court Register, REGON [    ]. 

  

	 	1.1.8	“Distributions” means the shareholders’ rights to all future dividends and other future distributions (including, but not limited to, the proceeds of
redemptions or liquidation) in respect of the Shares for the financial years of the Company ended 2005 and for each financial year of the Company until and including 2014. 

  

	 	1.1.9	“Enforcement Notice” means a notice substantially in the form of Schedule 2. 

  

	 	1.1.10	“Event of Default” means any of the events described as such in the Indenture. 

  

	 	1.1.11	“Financial Pledge” is defined in Clause 3 (Financial Pledge). 

  

	 	1.1.12	“National Court Register” or “NCR” means a register of commercial entities kept by the relevant district court (Sad Rejonowy), as determined
in the Act on the National Court Register of 20 August 1997 (Dz.U. No. 121, item 769, as amended). 

  

	2	To be deleted if CEDC is a pledgor. 

  

 C-2 

	 	1.1.13	“New Financial Pledge” is defined in Clause 6.4 (New Pledges over New Shares and Transferred Shares). 

  

	 	1.1.14	“New Shares” means any shares of the Company issued after the date of this Agreement. 

  

	 	1.1.15	“New Registered Pledge” is defined in Clause 6.4 (New Pledges over New Shares and Transferred Shares). 

  

	 	1.1.16	“Power of Attorney for New Pledges” is defined in Clause 6.5 (Power of Attorney for New Pledges). 

  

	 	1.1.17	“Register” means the register of pledges held by the relevant district court (Sad Rejonowy), as determined under the Registered Pledge Law.

  

	 	1.1.18	“Registered Pledge” is defined in Clause 2.1 (Establishment of Registered Pledge). 

  

	 	1.1.19	“Registered Pledge Law” means the Law of 6 December 1996 on the Registered Pledge and Pledge Register (Dz. U. No. 149 item 703 as amended) and all applicable rules
and regulations in relation thereto from time to time. 

  

	 	1.1.20	“Secured Claim” means the pecuniary claim of the Pledgee towards the Debtor3 under clause 11.13 (Creation of Parallel Debt) of the Indenture. 

  

	 	1.1.21	“Security Period” means the period from the date of this Agreement to the earlier of the date: (i) on which the Registered Pledge and other security interests
created under this Agreement expire by satisfaction of the Secured Claim or by operation of the Registered Pledge Law and the Civil Code, or (ii) on which the Pledgee releases the Registered Pledge and other security interests created under this
Agreement in accordance with the Registered Pledge Law and the Civil Code. 

  

	 	1.1.22	“Shares” means [15,000] (in words: fifteen thousand) bearer shares of the Company, series [    ], each of a nominal value of 100 (in words: one
hundred) PLN and which represent [60] (in words: sixty) percent of the share capital of the Company at the date of this Agreement. 

  

	 	1.1.23	“Transferred Shares” means any shares of the Company existing as at the date of this Agreement, but not owned by the Pledgor, that the Pledgor may acquire in any
manner after the date of this Agreement. 

  

	 	1.1.24	“Voting Rights” means the right to exercise (personally or by proxy) the voting rights and any other corporate rights under Polish law or under the Articles of
Association attached to the Shares or any of the Shares, whether at a meeting of the shareholders of the Company or otherwise. 

  

	 	1.1.25	“Voting Rights Power of Attorney” is defined in Clause 7.2 (Voting Rights Power of Attorney). 

  

	3	To be amended into “the Pledgor” if CEDC is a pledgor. 

  

 C-3 

	1.2	Interpretation 

  

	    	In this Agreement: 

  

	 	1.2.1	Unless defined in this Agreement, a term defined in the Indenture has the same meaning when used in this Agreement. 

  

	 	1.2.2	The rules of interpretation in the Indenture apply to this Agreement. 

  

	 	1.2.3	A reference in this Agreement to any law or regulation includes a reference to that law or regulation as modified or re-enacted or both from time to time. 

 

	 	1.2.4	Unless otherwise stated, “Clause” is a reference to a clause or sub-clause of this Agreement and “Schedule” is a reference to a schedule attached to this
Agreement. 

  

	 	1.2.5	The headings, sub-headings and underlined captions at the beginning of some Clauses are for ease of reference only and are not intended to affect the interpretation of this
Agreement. 

  

	2.	REGISTERED PLEDGE 

  

	2.1	Establishment of Registered Pledge 

  

	    	The Pledgor hereby establishes in favour of the Pledgee a pledge over the Shares to be registered under the Registered Pledge Law (“Registered Pledge”) in order to
secure the Secured Claim. The Pledgee accepts the establishment of the Registered Pledge. 

  

	2.2	Maximum Amount of Security 

  

	    	As the amount of the Secured Claim is not yet determined, the Registered Pledge is being established to secure a maximum amount of 455,000,000 Euro (in words: for hundred fifty five
million Euro). 

  

	2.3	Registration  

  

	    	The Pledgor must act diligently in registering the Registered Pledge in the Register and, in particular: 

  

	 	2.3.1	the Pledgor must submit an application for the registration of the Registered Pledge (“Application”) (at its expense) to the relevant court within 2 Business Days
of the date hereof; 

  

	 	2.3.2	the Pledgor must submit to the Pledgee a fax copy of the Application with a court stamp confirming the day of filing of the Application with the relevant court or a confirmation
that the Application was sent to the court by registered mail with a return receipt, and evidence of payment of all applicable court fees; and 

  

 C-4 

	 	2.3.3	[the Pledgor must appoint an attorney in Poland to file the Application in its name and on its behalf and to receive any process writs connected with the registration
proceedings.]4 

  

	3.	FINANCIAL PLEDGE 

  

	    	In order to secure payment of the Secured Claim, the Pledgor hereby establishes in favour of the Pledgee the financial pledge over the Shares up to the maximum secured amount of
455,000,000 EUR in accordance with the relevant provisions of the Specific Financial Collateral Law (“Financial Pledge”). The Financial Pledge shall expire and be released on 31 December 2014, however the Financial Pledge shall
automatically expire when the decision on entry of the Registered Pledge to the Register becomes final and binding. 

  

	    	The Financial Pledge will become effective upon the delivery of the Shares to the Pledgee. The delivery of the Shares to the Pledgee shall be made through a notification of the
establishment of the Financial Pledge substantially in the form of Schedule 6 to the Depositary. 

  

	4.	DEPOSIT 

  

	    	During the Security Period the Shares will be kept in deposit by the Depositary, who shall act as a depositary of the Shares for the benefit of the Pledgee.

  

	5.	DISTRIBUTIONS 

  

	    	Notwithstanding the provisions of Article 319 of the Civil Code, the Pledgor continues to be entitled to receive all Distributions, unless the Pledgee delivers a notice to the
contrary to the Pledgor and the Company. The Pledgee agrees to refrain from exercising its rights to collect the Distributions and agrees to instruct the Company to pay Distributions to the Pledgee only if an Event of Default has occurred. At the
reasonable request of the Pledgor, the Pledgee will confirm to the Pledgor that the Pledgor is allowed to receive and dispose of specific proceeds received in respect of the Distributions. 

  

	6.	NEW SHARES AND TRANSFERRED SHARES 

  

	6.1	Pledgor’s Undertaking to Take Up New Shares 

  

	    	The Pledgor undertakes to take up any New Shares that allows the Pledgor to preserve, during the whole Security Period, its percentage in the share capital of the Company being not
less than [60] %5. 

  

	6.2	Notices of Issue and Registration of New Shares 

  

	    	The Pledgor must notify (or ensure that the Company notifies) the Pledgee of (i) the filing of an application by the Company to register New Shares in the NCR within 3 Business Days
thereof and (ii) the registration of New Shares in the NCR within 2 Business Days following receipt by the Company of the court’s registration decision. 

  

	4	This provision applies if CEDC becomes a pledgor. In case of Care Agri being a pledgor please delete. 

	5	Please insert the existing percentage of shares held by a relevant pledgor in a relevant company. 

  

 C-5 

	6.3	Notice of Acquisition of Transferred Shares 

  

	    	The Pledgor must notify the Pledgee within 2 Business Days of acquiring any Transferred Shares. The provisions of Clause 6.4 (New Pledges over New Shares and Transferred
Shares) do not apply to those Transferred Shares which are already subject to another pledge in favour of the Pledgee and the Pledgee has received all corporate consents, certificates, evidence of registrations and opinions which it is entitled
to receive under that other pledge. 

  

	6.4	New Pledges over New Shares and Transferred Shares 

  

	    	If the Pledgor acquires any New Shares or Transferred Shares after the date of this Agreement and during the Security Period, the Pledgor must establish a registered pledge
(“New Registered Pledge”) and a financial pledge (“New Financial Pledge”) over the New Shares or the Transferred Shares, as the case may be, on substantially the same terms and conditions as provided in this
Agreement (amended as necessary), within (i) 7 Business Days after receipt by the Pledgor of a court decision to register the New Shares in the National Court Register or within 7 Business Days after acquisition of the New Shares in other ways, or
(ii) within 7 Business Days after the date on which the Pledgor acquires the Transferred Shares. 

  

	6.5	Power of Attorney for New Pledges 

  

	    	At the date of execution of this Agreement, the Pledgor must grant to the Pledgee a power of attorney substantially in a form set out in Schedule 3 for the purpose of establishing
the New Registered Pledge and the New Financial Pledge (“Power of Attorney for New Pledges”). The Pledgee is authorized to use the Power of Attorney for New Pledges if the Pledgor fails to perform its obligations under Clauses 6.2
(Notices of Issue and Registration of New Shares), 6.3 (Notice of Acquisition of Transferred Shares) and 6.4 (New Pledges over New Shares and Transferred Shares). The Power of Attorney for New Pledges is irrevocable during the
Security Period and must be executed by the Pledgor in the English and Polish languages. The Power of Attorney for New Pledges expires upon the termination of the Registered Pledge. 

  

	7.	SHAREHOLDERS MEETINGS AND VOTING RIGHTS 

  

	7.1	Shareholders Meetings and Records 

  

	    	The Pledgor must ensure that the Pledgee: 

  

	 	7.1.1	Notice of Shareholders Meetings: receives a copy of each notice (and the corresponding agenda) convening a meeting of shareholders of the Company at least 7 Business Days
prior to the date of the meeting; 

  

	 	7.1.2	Attendance at Shareholders Meetings: is allowed entry (as an observer) to each meeting of shareholders of the Company; and 

  

 C-6 

	 	7.1.3	Inspection of Minutes and Share Register: is allowed at any time on reasonable notice to inspect (i) the minutes of any meeting of shareholders of the Company and (ii) the
share register of the Company. 

  

	7.2	Voting Rights Power of Attorney 

  

	    	On the date of this Agreement, the Pledgor must grant to the Pledgee a power of attorney in the form set out in Schedule 4 (“Voting Rights Power of Attorney”). The
Voting Rights Power of Attorney is irrevocable during the Security Period and expires with the expiry of the Security Period. It must be executed by the Pledgor in English and in Polish. 

  

	7.3	Exercise of Voting Rights by the Pledgor 

  

	    	During the Security Period, the Pledgor shall continue to be entitled to exercise the Voting Rights until the occurrence of an Event of Default. The Pledgor must not exercise the
Voting Rights in a way that would (i) impair the value of the Shares or (ii) result in breach of any provision of the Indenture or (iii) prejudice the Registered Pledge or the Financial Pledge or (iv) interfere with the rights of the Pledgee under
Clause 7.4 (Exercise of Voting Rights by Pledgee). 

  

	7.4	Exercise of Voting Rights by Pledgee 

  

	    	The Pledgee is entitled to exercise its rights under the Voting Rights Power of Attorney in any manner necessary for satisfaction of all or any part of the Secured Claim if an Event
of Default has occurred and if the Pledgee delivers a notice to the Pledgor and the Company substantially in the form of Schedule 5. 

  

	8.	PLEDGOR’S REPRESENTATIONS AND UNDERTAKINGS 

  

	8.1	Pledgor’s Representations 

  

	    	In addition to the representations and warranties given in the Indenture, the Pledgor represents and warrants to the Pledgee that: 

  

	 	8.1.1	Status and Ownership of Shares: the Shares are fully paid and the Pledgor owns the Shares free and clear of any rights of third parties and security interests, except those
created by this Agreement; the Shares represent all of the shares of the Company owned by the Pledgor at the date of this Agreement; 

  

	 	8.1.2	Authorisation: the Pledgor has taken all necessary actions (corporate or otherwise) and has all necessary consents and authorisations to enter into this Agreement and the
Power of Attorney for New Pledges and the Voting Rights Power of Attorney; 

  

	 	8.1.3	Validity: this Agreement and the Power of Attorney for New Pledges and the Voting Rights Power of Attorney constitute legal, valid and binding obligations of the Pledgor
under Polish law; 

  

 C-7 

	 	8.1.4	Performance of this Agreement: the Pledgor has and will continue to have the necessary power and all necessary authorisations to enable it to perform its obligations under
this Agreement; and 

  

	 	8.1.5	Validity and Ranking of Registered Pledge: upon registration, the Registered Pledge will constitute a valid first-ranking registered pledge under the Registered Pledge Law in
favour of the Pledgee subject only to the Financial Pledge. 

  

	8.2	Pledgor’s Undertakings 

  

	    	The Pledgor undertakes to the Pledgee that, subject to any agreement with or consent or direction from the Pledgee to the contrary: 

  

	 	8.2.1	No Changes to Articles of Association: it shall not make or permit any changes to the Articles of Association that would be inconsistent with the provisions of this Agreement
or the Power of Attorney for New Pledges or the Voting Rights Power of Attorney; 

  

	 	8.2.2	No Dealings with Shares: it shall not sell, assign or otherwise dispose of or encumber any of the Shares other than as permitted by (or in accordance with a waiver granted)
under this Agreement or the Indenture. This restriction shall apply only when the registration of the Registered Pledge in the Register is completed; 

  

	 	8.2.3	Distributions following the occurrence of an Event of Default: if an Event of Default occurs, the Pledgor must obey the instructions of the Pledgee in relation to
Distributions and refrain from demanding or accepting any Distributions and, on the day of receipt of an Enforcement Notice or the Pledgee’s notice under Clause 5 (Distributions), direct the Company to pay all Distributions to the
Pledgee; 

  

	 	8.2.4	Notification of Enforcement: the Pledgor must notify (and ensure that the Company notifies) the Pledgee forthwith upon becoming aware that (i) any action is taken or planned
to be taken by any party with a view to instigating execution proceedings directed against the Shares, or (ii) execution proceedings directed against the Shares have been instigated; 

  

	 	8.2.5	Co-operation with Enforcement: at the reasonable request of the Pledgee, the Pledgor must co-operate with the Pledgee in connection with any filings, consents or approvals of
governmental authorities to be made or obtained in connection with the enforcement of the security interests created under this Agreement; and 

  

	 	8.2.6	Reimbursement of Enforcement Expenses: the Pledgor must reimburse the Pledgee all expenses incurred by the Pledgee in a reasonable way in connection with the enforcement of
the security created by this Agreement, (including legal and court fees) whether or not those expenses are secured by the Registered Pledge under Article 314 of the Polish Civil Code. 

  

 C-8 

	8.3	Waiver of Preemption Right 

  

	    	The Pledgor hereby waives any right of preemption to any shares in the Company that it may have under the Articles of Association or the provisions of the CCC or otherwise.

  

	9.	ENFORCEMENT OF REGISTERED PLEDGE 

  

	9.1	Procedure and Methods 

  

	    	If an Event of Default occurs and the Secured Claim (or any part of the Secured Claim) is payable, the Pledgee may (at its discretion) deliver an Enforcement Notice to the Pledgor.
The Pledgee may enforce its rights under this Agreement 7 days after delivery of the Enforcement Notice or at any time thereafter by any of the following methods (at its discretion) in order to satisfy the Secured Claim: 

  

	 	9.1.1	Seizure: taking title to the Shares in accordance with Article 22 point 1 of the Registered Pledge Law (subject to obtaining all required regulatory consents or
notifications, if any), the value of the Shares for that purpose being [100]6 PLN for one Share (in words: [one
hundred zloty]); 

  

	 	9.1.2	Sale: selling the Shares by public tender conducted by a notary or a court bailiff in accordance with article 24 of the Registered Pledge Law, within 14 days of the
Pledgee’s application for the sale; or 

  

	 	9.1.3	Court Enforcement: instituting court enforcement proceedings in accordance with the provisions of the Civil Procedure Code. 

  

	9.2	Expenses of Sale 

  

	    	If, by virtue of Article 314 of the Polish Civil Code, any of expenses of selling the Shares are not secured by the Registered Pledge, the Pledgee is entitled to deduct these
expenses either from (i) Distributions or (ii) a surplus of the kind referred to in Clause 9.3 (Application of Funds). 

  

	9.3	Application of Funds 

  

	    	The value of the Shares set out in Clause 9.1.1 (Seizure) or the net proceeds of sale of the Shares, as the case may be, must be applied towards satisfaction of the Secured
Claim in the manner specified in the Indenture. If the value of the Shares or, as the case may be, the net proceeds of sale of the Shares exceed the amount of the Secured Claim, the surplus must be paid to the Pledgor within 14 Days of the Pledgee
receiving those net proceeds. 

  

	9.4	Settlement in Foreign Currency 

  

	    	For the purpose of Article 28 of the Registered Pledge Law, the Secured Claim of the Pledgee, which is a foreign bank, must be satisfied by the Pledgor in the relevant foreign
currency in which the respective portion of the Secured Claim is denominated on its due date. 

  

	6	Please insert a nominal value of pledged Shares. 

  

 C-9 

	10.	ENFORCEMENT OF FINANCIAL PLEDGE 

  

	    	The Pledgee shall have the right to enforce the Financial Pledge established under this Agreement immediately upon the occurrence of an Event of Default. If an Event of Default
occurs, the Pledgee may (at its discretion) deliver an Enforcement Notice to the Pledgor in its absolute discretion and without prejudice to the other Pledgee’s rights and enforcement methods available under the Specific Financial Collateral
Law, it can enforce the Financial Pledge by the seizure of title to the Shares by the Pledgee pursuant to article 10 of the Specific Financial Collateral Law, at the value per one share as set out in Clause 9.1.1. (Seizure), Clause 9.2
(Expenses of Sale) and Clause 9.3 (Application of Funds) apply to the enforcement of the Financial Pledge. 

  

	11.	POWER OF ATTORNEY FOR ENFORCEMENT 

  

	11.1	Grant of the Power of Attorney 

  

	    	The Pledgor, by way of security, hereby irrevocably appoints the Pledgee as its attorney (with full power of substitution) with effect from delivery of an Enforcement Notice for the
purpose of taking any action that the Pledgor is obliged to take under this Agreement or the Indenture. The Pledgor undertakes to ratify and confirm any action that the Pledgee or its substitutes take under the appointment in this Clause 11.1.

  

	11.2	Confirmation of the Power of Attorney 

  

	    	The Pledgor must produce and execute at the request of the Pledgee all documents necessary to evidence or confirm the grant of the power of attorney under Clause 11.1 (Grant of
the Power of Attorney) including, but not limited to, re-execution of that power of attorney in notarial form. 

  

	12.	SCOPE AND DURATION OF SECURITY 

  

	12.1	Scope of Security 

  

	    	Each of the security interests created hereunder is a continuing security and extends to the ultimate balance of the Secured Claim and remains in force notwithstanding any
intermediate payment or increase, amendment or novation of the Secured Claim or any transfer by the Pledgee of any of its rights and claims under the Indenture to any third party. 

  

	12.2	Limit on Liability of Pledgee 

  

	    	The Pledgee shall not be liable by reason of (i) taking any action permitted by this Agreement or failing to take any action permitted but not required under this Agreement or (ii)
the enforcement of any part of the security over the Shares, except in the case of wilful default upon its part. 

  

 C-10 

	12.3	Expiry of Security 

  

	    	Following the expiry of the Security Period, at the request and expense of the Pledgor, the Pledgee must without delay: 

  

	 	12.3.1	apply to remove the Registered Pledge from the Register; 

  

	 	12.3.2	if requested by the Pledgor, deliver to the Pledgor a written statement certifying that the Secured Claim has been discharged in full and this Agreement has expired; and

  

	 	12.3.3	produce any other document necessary to evidence the expiry of this Agreement in the form reasonably requested by the Pledgor. 

  

	12.4	Ineffective Performance 

  

	    	The Pledgee is not obliged to release the Shares from the security established by this Agreement if the satisfaction of the Secured Claim could reasonably be considered as
ineffective or invalid under the Polish Bankruptcy and Rehabilitation Law of 28th February, 2003 (as amended) or under the Polish Civil Code. 

  

	13.	FURTHER ASSURANCES 

  

	    	The Pledgor must (at its own expense) promptly sign any document and do any act that the Pledgee reasonably requests from time to time in order to perfect the security granted or
intended to be granted by this Agreement and to enable the Pledgee to obtain the full benefit of that security. 

  

	14.	COSTS AND EXPENSES 

  

	    	The Pledgor must, on the demand of the Pledgee, reimburse the Pledgee all costs and expenses in accordance with the provisions of the Indenture. 

  

	15.	NOTICES 

  

	15.1	Written Form Requirement and Addresses 

  

	    	All communications under or in connection with this Agreement must be in writing. The address and fax number (and the department or officer, if any, for whose attention the
communication is to be made) of each party to this Agreement to which any communication or document is to be delivered under or in connection with this Agreement are as follows: 

  

	 	15.1.1	in the case of the Pledgor: 

  
  

			
	CAREY AGRI INTERNATIONAL - POLAND SP. Z O.O.
		
	 Address:
	  	ul. Bokserska 66 A
	 	  	02-690 Warszawa
	 	  	Poland
	 Tel:  
	  	[    ]
	Fax:	  	[    ]
	Attention of:    	  	[    ]

  

 C-11 

 Or, in case of legal proceedings, in accordance with Clause 18.3 (Pledgor’s Polish Process
Agent), Clause 18.4 (Change of Process Agent) and Clause 18.5 (Alternative Service of Process); 
  

	 	15.1.2	in the case of the Pledgee: 

  

			
	ING Bank N.V., London Branch
		
	Address:	  	60 London Wall
	 	  	London EC2M 5TQ
	 	  	United Kingdom
	Tel:	  	[    ]
	Fax:	  	[    ]
	Attention of:	  	[    ]

  

	 	15.1.3	in the case of the Company: 

  
  

			
	Przedsiebiorstwo Dystrybucji Alkoholi “Agis” S.A.
		
	 Address:
	  	ul. Polna 52
	 	  	87-100 Torun
	 	  	Poland
	Fax:	  	[    ]
	Attention of:	  	[    ]

  

	    	or any substitute address, fax number or department or officer as such party may notify to the Pledgee or to the Pledgor with no less than five Business Days’ notice.

  

	15.2	Delivery Rules 

  

	    	Any communication or document made or delivered by one party to another in connection with this Agreement will only be effective (i) if by fax, when received in legible form; or
(ii) if by letter, when it is delivered to the address of the party and, in the case of a letter sent by post, five days after being deposited at a post office in a postage prepaid envelope addressed to the party. If a particular department or
officer is specified as part of a party’s address details, the communication must be addressed to that department or officer. 

  

	15.3	Language Requirements 

  

	    	Each communication and document delivered by one party to another in connection with this Agreement must be in English or Polish accompanied by an English translation certified as a
true and accurate translation by an officer of the party delivering it. 

  

	16.	ASSIGNMENT 

  

	    	The Pledgor is not entitled to assign or transfer any of its rights, benefits and obligations under this Agreement. 

  

	17.	GOVERNING LAW 

  

	    	The laws of Poland govern this Agreement. 

  

 C-12 

	18.	JURISDICTION 

  

	18.1	Polish Courts 

  

	    	The courts of Poland have jurisdiction to settle any dispute (“Dispute”) arising out of or in connection with this Agreement (including a dispute regarding the
existence, validity or termination of this Agreement). 

  

	18.2	Alternative Jurisdictions 

  

	    	This Clause 18.2 is for the benefit of the Pledgee only. Notwithstanding Clause 18.1 (Polish Courts), the Pledgee may to the extent allowed by law issue proceedings relating
to a Dispute (“Proceedings”) in any other court in any other jurisdiction. The Pledgee may not take concurrent Proceedings in more than one jurisdiction. 

  

	18.3	[Pledgor’s Polish Process Agent 

  

	    	The Pledgor agrees that the documents which start any Proceedings and any other documents required to be served in relation to any Proceedings may be served on it, at the discretion
of the Pledgee, either at the address mentioned in Clause 15.1.1 or care of 

  

			
	 [    ] (“Process Agent”)

		
	             Address:
	  	[    ]
	Fax:        [    ]	  	 

  

	18.4	Change of Process Agent 

  

	    	If the appointment of the Process Agent ceases to be effective, the Pledgor must immediately appoint another person in Poland to accept service of process on its behalf in Poland.
If the Pledgor fails to do so (and the failure continues for 10 Business Days or more), the Pledgee may exercise the power of attorney granted in Clause 11 (Power of Attorney for Enforcement) and appoint another suitable person on behalf of
the Pledgor. 

  

	18.5	Alternative Service of Process 

  

	    	Nothing in this Clause 18 restricts the right to serve process in any other manner allowed by law. This Clause 18.5 applies to Proceedings in Poland and to Proceedings
elsewhere.]7 

  

	19.	SUSPENSION OF SUBROGATION 

  

	    	The Pledgor will not use its right of subrogation that might arise if the Pledgee enforces its security under this Agreement until the full and unconditional repayment of the
Secured Claim. The Pledgor must immediately pay or transfer to the Pledgee any payment or distribution it receives by virtue of any subrogation, unless the Secured Claim is unconditionally repaid in full. 

  

	7	To be deleted if Carey Agri and not CEDC is a pledgor. 

  

 C-13 

	20.	LANGUAGE, AMENDMENTS AND COUNTERPARTS 

  

	20.1	Language of this Agreement 

  

	    	This Agreement is executed in English language and Polish language versions. Both language versions may be used for interpretation but, if there is any discrepancy between the
English and Polish versions, the Polish language version is binding. 

  

	20.2	Amendments 

  

	    	All amendments to this Agreement are null and void unless approved by the parties in writing with a date certified by the notary. 

  

	20.3	Counterparts 

  

	    	This Agreement is executed in 4 counterparts in Polish and 2 counterparts in English, one of each language version for each party, one Polish version for registration of the
Registered Pledge in the Register and one Polish version to be sent to the Company with a notice substantially in the form of Schedule 1. 

  
 SIGNATURES 
  
 The Pledgor: 
  

			
	By:	 	[    ]
		
	Name:	 	[    ]
	Title:	 	[    ]

  
 The Pledgee: 
  

			
	By:	 	[    ]
		
	Name:	 	[    ]
	Title:	 	[    ]

  
  
  

 C-14 

 SCHEDULE 1 
  
 NOTICE TO THE COMPANY OF ASSIGNMENT OF RIGHTS TO DISTRIBUTIONS 
  

			
	To:	 	[    ] “Company”
		
	From:	 	[    ] “Pledgor”
		
	Copy to:	 	[    ] “Pledgee”
		
	Date:	 	[    ]
		
	Subject:	 	Establishment of an financial pledge and, subject to registration, establishment of a registered pledge over shares of the Company under an agreement between the Pledgee and the Pledgor dated
[    ] (“Agreement”).
		
	Attachment:	 	 We attach a signed copy of the Agreement. (Expressions defined in the Agreement have the same meaning when used in this
notice).

  
 Dear Sirs, 
  
 We hereby give you notice that, under the Agreement, we have pledged the Shares by way of a
Financial Pledge and, subject to registration, a Registered Pledge. Upon registration in the Register, the Registered Pledge over the Shares will be perfected. 
  

We also inform you that we have assigned all our rights to all future dividends and other future distributions (including, but not limited to, the proceeds of
redemptions or liquidation) in respect of the Shares (“Distributions”) for the financial year ended 2005 and for each financial year until and including 2014. But we remain entitled to receive all Distributions, unless the Pledgee
delivers an Enforcement Notice to you. 
  
 We have granted an irrevocable power of
attorney to the Pledgee (“Voting Rights Power of Attorney”) to exercise all rights that we have as a shareholder in your company, including the Voting Rights. The Pledgee is authorised to use the Voting Rights Power of Attorney if
any Event of Default occurs and upon delivery to you of a notice to that effect. 
  
 This notice is governed by Polish law. 
  
 For and on behalf of:

  
 [    ] 
  

 C-15 

 SCHEDULE 2 
 ENFORCEMENT NOTICE 
  
 /to be executed on the Pledgee’s paper/ 
  

			
	 To:
	  	 [    ] “Pledgor”

		
	 And to:
	  	 [    ] “Company”

		
	 From:
	  	 [    ] “Pledgee”

		
	 Copy to:
	  	 [    ] “Depositary”

		
	 Date:
	  	 [    ]

		
	 Subject:
	  	Enforcement of the rights of the Pledgee under an agreement between the Pledgee and the Pledgor dated [    ] (“Agreement”). (Expressions defined in the
Agreement have the same meaning when used in this notice).

  
 Dear Sirs, 
  
 In accordance with Clause 5 (Distributions) and Clause 9 (Enforcement of
Registered Pledge)/Clause 10 (Enforcement of Financial Pledge) of the Agreement, we give you notice that an Event of Default has occurred and we intend to enforce our rights under the Agreement [7 days after delivery of this notice to you
/ immediately]. As from the date of this notice, all Distributions are payable to us. 
  
 This notice is governed by Polish law. 
  
 For and on behalf of:

  
 [    ] 
  

 C-16 

 SCHEDULE 3 
 FORM OF POWER OF ATTORNEY FOR NEW PLEDGES 
  
 POWER OF ATTORNEY 
  
 THIS POWER OF
ATTORNEY is granted on [    ] by CAREY AGRI INTERNATIONAL - POLAND SP. Z O.O. with its seat at ul. Bokserska 66 A, 02-690 Warszawa, Poland incorporated under laws of Poland and recorded under number
0000051098 in the National Court Register, maintained by the District Court for the city of Warsaw, XX Commercial Division of the National Court Register, REGON 002160096, (“Pledgor”), a shareholder of Przedsiébiorstwo
Dystrybucji Alkoholi “Agis” S.A. with its seat at ul. Polna 52, 87-100 Torun, Poland, recorded under number 0000103408 in the National Court Register, maintained by the District Court in Torun, VII Commercial Division of the National Court
Register, REGON 008474275, (“Company”) to ING Bank N.V., London, a banking corporation (naamloze vennootschap) duly incorporated under the laws of The Netherlands, with registered address at Amstelveenseweg 500, 1081
KL, Amsterdam, The Netherlands, registration no. 33031431, acting through its London Branch, with office address at 60 London Wall, London EC2M 5TQ, United Kingdom and registered in the United Kingdom under number FC010062
(“Pledgee”). 
  
 This Power of Attorney is granted pursuant to an
agreement between the Pledgor and the Pledgee dated [    ] (“Agreement”). Expressions defined in the Agreement have same meaning when used in this Power of Attorney. 
  

	1.	The Pledgor hereby grants to the Pledgee this irrevocable Power of Attorney with full power of substitution to establish, in favour of the Pledgee, a New Registered Pledge and a New
Financial Pledge and a new assignment of Distributions relating to the New Shares or the Transferred Shares. The Pledgee is authorised to use this Power of Attorney only if the Pledgor fails to perform its obligations under Clause 6 of the
Agreement. 

  

	2.	The Pledgee may appoint qualified attorneys to institute and conduct registration proceedings on behalf of Pledgor on the basis of this Power of Attorney. 

 

	3.	Pledgee shall be irrevocably authorized to enter with itself, on behalf of the Pledgor, into an agreement creating security interests referred to in Section 1 above, on
substantially the same terms and conditions as provided in the Agreement. 

  

	4.	The Pledgor renounces its right to revoke this Power of Attorney without the written consent of the Pledgee. The Pledgor declares that its renunciation of the right of revocation is
justified by the nature of the legal relationship created by Agreement, on which this Power of Attorney is based. 

  

	5.	This Power of Attorney expires upon expiry of the Security Period. 

  

	6.	This Power of Attorney is governed by Polish law. 

  

	7.	This power of attorney is executed in Polish and in English. If there is any discrepancy between the language versions, the English version shall prevail. 

 

			
	Signed by:	 	  

  
 /signatures with date
certified by a Notary/ 
  

 C-17 

 SCHEDULE 4 
 FORM OF VOTING RIGHTS POWER OF ATTORNEY 
  
 POWER OF ATTORNEY 
  
 THIS POWER OF
ATTORNEY is granted on [    ] by CAREY AGRI INTERNATIONAL - POLAND SP. Z O.O. with its seat at ul. Bokserska 66 A, 02-690 Warszawa, Poland incorporated under laws of Poland and recorded under number
0000051098 in the National Court Register, maintained by the District Court for the city of Warsaw, XX Commercial Division of the National Court Register, REGON 002160096, (“Pledgor”), a shareholder of Przedsiebiorstwo Dystrybucji
Alkoholi “Agis” S.A. with its seat at ul. Polna 52, 87-100 Torun, Poland, recorded under number 0000103408 in the National Court Register, maintained by the District Court in Torun, VII Commercial Division of the National Court Register,
REGON 008474275, (“Company”) to ING BANK N.V. LONDON BRANCH, a banking corporation (naamloze vennootschap) duly incorporated under the laws of The Netherlands, with registered address at Amstelveenseweg 500,
1081 KL, Amsterdam, The Netherlands, registration no. 33031431, acting through its London Branch, with office address at 60 London Wall, London EC2M 5TQ, United Kingdom and registered in the United Kingdom under number FC010062
(“Pledgee”). 
  
 This Power of Attorney is granted pursuant to an
agreement for a registered pledge over shares of the Company between the Pledgor and the Pledgee dated [    ] (“Agreement”). 
  

	1.	The Pledgor hereby grants to the Pledgee this irrevocable Power of Attorney with full power of substitution to exercise (personally or by proxy, at a meeting of Shareholders or
otherwise) at any time after the occurrence of an Event of Default (as defined in the Agreement) and delivery of a notice to the Pledgor and the Company substantially in the form of Schedule 6 of the Agreement, or abstain from exercising, the voting
rights and any other corporate rights under Polish law or under the Articles of Association of the Company attached to all or any of the shares in the capital of the Company held by the Pledgor and subject to the security created by the Agreement as
the Pledgee thinks fit, whether at a meeting of the shareholders of the Company or otherwise. In particular, but without limitation, the Pledgee has the following rights: 

  

	1.1	the right to demand that the management board of the Company convenes an extraordinary or ordinary general meeting of shareholders of the Company; and 

  

	1.2	the right to give any consent or authorisation that is required under Polish law from the Pledgor as a shareholder of the Company. 

  

	2.	The Pledgee shall not exercise these rights otherwise than within the scope necessary to protect, secure or endorse the Secured Claim (as defined in the Agreement).

  

	3.	The Pledgor renounces its right to revoke this Power of Attorney without the written consent of the Pledgee. The Pledgor declares that its renunciation of the right of revocation is
justified by the nature of the legal relationship created by the Agreement, on which this Power of Attorney is based. 

  

	4.	This Power of Attorney expires upon expiry of the Security Period. 

  

	5.	This Power of Attorney is governed by Polish law. 

  

 C-18 

	6.	This Power of Attorney is executed in Polish and in English. In if there is any discrepancy between the language versions, the English version is binding. 

 

			
	Signed by:	 	  

  
 /signatures with
date certified by Notary/ 
  

 C-19 

 SCHEDULE 5 
 NOTICE TO THE COMPANY OF THE EXERCISE OF VOTING RIGHTS 
  

			
	To:	  	[    ] “Company”
		
	From:	  	[    ] “Pledgee”
		
	Copy to:	  	[    ] “Pledgor”; and
		
	 	  	[    ] “Depositary”
		
	Date:	  	[    ]
		
	Subject:	  	Exercise of Voting Rights under an agreement between the Pledgee and the Pledgor dated [     ] (“Agreement”), a copy of which was delivered to you on or
about [    ]. Expressions defined in the Agreement have the same meaning when used in this notice.

  
 Dear Sirs, 
  
 We hereby give you notice that an Event of Default has occurred and from the date of this
notice we intend to exercise the Voting Rights. 
  
 This notice is governed by
Polish law. 
  
 For and on behalf of: 
  
 [    ] 
  

 C-20 

 SCHEDULE 6 
 NOTIFICATION TO THE DEPOSITARY 
  

					
	From:	  	(1)	 	CAREY AGRI INTERNATIONAL - POLAND SP. Z O.O. with its seat at ul. Bokserska 66 A, 02-690 Warszawa, Poland, incorporated under the laws of Poland and recorded under number 0000051098 in
the National Court Register kept by the District Court for the City of Warsaw, XX Commercial Division of the National Court Register, REGON 002160096, “Pledgor”
			
	 	  	(2)	 	ING Bank N.V., London, a banking corporation (naamloze vennootschap) duly incorporated under the laws of The Netherlands, with its registered address at Amstelveenseweg
500, 1081 KL, Amsterdam, The Netherlands, registration no. 33031431, acting through its London Branch, with its office address at 60 London Wall, London EC2M 5TQ, United Kingdom and registered in the United Kingdom under number FC010062,
“Pledgee”
		
	To:	  	[ING Bank Slaski S.A.] with its seat at ul. [Sokolska 34], [40-086] Katowice, Poland, recorded under number [    ] in the
National Court Register kept by the
District Court in Katowice, [    ] Commercial Division of the National Court Register,
REGON [    ] “Depositary”
		
	Copy to:	  	Przedsiebiorstwo Dystrybucji Alkoholi “Agis” S.A. with its seat at ul. Polna 52, 87-100 Torun, Poland, recorded under
number 0000103408 in the National Court
Register kept by the District Court in Torun, VII Commercial Division of the
National Court Register, REGON 008474275 “Company”
		
	Date:	  	[    ]
		
	Subject:	  	Notification to the Depositary concerning a deposit of shares of the Company pledged for the benefit of the Pledgee
pursuant to a registered pledge agreement between the Pledgor
and the Pledgee dated [     ] (“Agreement”).

  
 Dear Sirs, 
  
 Pursuant to Clause 3 of the Agreement, we hereby deliver to you [15,000] (in words: fifteen
thousand) shares of the Company each with a nominal value of 100 (in words: one hundred) PLN (“Shares”). 
  
 We irrevocably authorise you to keep the Shares in a deposit during the Security Period for the benefit of the Pledgee (“Deposit”). The Deposit may be
lifted only with a prior written consent of the Pledgee. 
  

 C-21 

 You will be authorised to issue a deposit certificate for the Shares to the Pledgor unless you receive from the Pledgee a
copy of the notice to the Company of the exercise of voting rights substantially in the form provided in Schedule 5 of the Agreement. Upon receipt of such notice, you will be authorised to issue a deposit certificate for the Shares to the Pledgee.

  
 Upon receipt of a copy of an enforcement notice substantially in the form
provided in Schedule 2 to the Agreement, you will be authorised to deliver the Shares to the Pledgee. 
  
 Further, we instruct you to provide written statements to the Pledgee at the address given in clause [17.1.2] of the Agreement about any movements of Shares in the Deposit including issuance of any depositary
receipts, [no later than [2] Business Days after a relevant movement takes place]/[on a monthly basis]. [TO BE CONFIRMED BY THE PLEDGEE]. 
  
 All costs and fees of the Depositary in connection with this Deposit shall be borne by the Pledgor. 
  
 Expressions defined in the Agreement have same meaning when used in this notification to the Depositary. 
  
 This notice is governed by Polish law. 
  

	
	For and on behalf of
	
	  

	CAREY AGRI INTERNATIONAL - POLAND SP. Z O.O.
	
	For and on behalf of
	
	  

	ING Bank N.V.

  
 Enclosures 
  
 A copy of the Agreement 
  

 C-22 

 [Form of Share Pledge to Be Used Over Shares in 
 a Limited Liability Company (“SP. Z O.O.”)] 
  
 THIS AGREEMENT (to create a registered pledge and other security interests over shares of Bols Sp. z o.o.) (“this Agreement”, which expression
includes all attached schedules) is made on [    ] 2005. 
  
 BETWEEN: 
  

	(1)	BOTAPOL HOLDING B.V. with its seat at [    ], incorporated under laws of [    ] and registered in the Commercial Register under number
[    ], (“Pledgor”), represented by [    ], attorney-in-fact 

  
 and 
  

	(2)	ING BANK N.V., LONDON BRANCH, a banking corporation (naamloze vennootschap) duly incorporated under the laws of The Netherlands, with registered address at
Amstelveenseweg 500, 1081 KL, Amsterdam, The Netherlands, registration no. 33031431, acting through its London Branch, with office address at 60 London Wall, London EC2M 5TQ, United Kingdom and registered in the United Kingdom under number FC010062
(“Pledgee”), represented by [ ], attorney-in-fact. 

  
 INTRODUCTION: 
  

	(A)	On [    ] 2005, the Debtor1
(as defined below) has issued high yield bonds (“High Yield Bonds”) in the United States of America. 

  

	(B)	In connection with the High Yield Bonds, on [    ] 2005, the Debtor and the Pledgee entered into an indenture agreement (“Indenture”)
governed by the laws of the State of New York. 

  

	(C)	Pursuant to Clause 11.13 (Creation of Parallel Debt) of the Indenture, the Debtor has a pecuniary obligation constituting one single obligation under the laws of the State of
New York, towards the Pledgee. 

  

	(D)	The Debtor and the Pledgee have agreed that a subsidiary of the Debtor, the Pledgor, will establish a registered pledge over the shares of the Company (as defined below) in order to
secure the Pledgee’s claim towards the Debtor arising under Clause 11.13 (Creation of Parallel Debt) of the Indenture. 

  

	1	To be amended into "the Pledgor" if CEDC becomes a pledgor. The same applies to the remaining points of the preamble. 

  

 C-23 

 THE PARTIES AGREE as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

  
 In this Agreement: 
  

	 	1.1.1	“Articles of Association” means the articles of association (umowa spólki) of the Company as amended from time to time. 

  

	 	1.1.2	“Business Day” means a day (other than Saturday, Sunday and other statutory holidays in Poland) on which banks are open for business in Warsaw and London for the
transaction of non-automated business. 

  

	 	1.1.3	“CCC” means the Commercial Companies Code of 15 September 2000 (Dz.U. No. 94, item 1037 as amended). 

  

	 	1.1.4	“Civil Code” means the Civil Code of 23 April 1964 (Dz.U. No. 16 item 93 as amended). 

  

	 	1.1.5	“Company” means Bols Sp. z o.o. with its seat at ul. Kowanowska 48, 64-600 Oborniki Wielkopolskie, Poland, registered in the National Court Register under KRS no.
13113. 

  

	 	1.1.6	“Debtor” means Central European Distribution Corporation Inc. with its seat at 2 Bala Plaza, Suite 300, Bala Cynwyd PA 19004 USA.2 

  

	 	1.1.7	“Distributions” means the shareholders’ rights to all future dividends and other future distributions (including, but not limited to, the proceeds of
redemptions or liquidation) in respect of the Shares for the financial years of the Company ended 2005 and for each financial year of the Company until and including 2014. 

  

	 	1.1.8	“Enforcement Notice” means a notice substantially in the form of Schedule 3. 

  

	 	1.1.9	“Event of Default” means any of the events described as such in the Indenture. 

  

	 	1.1.10	“Financial Pledge” is defined in Clause 3 (Establishment of the Financial Pledge). 

  

	 	1.1.11	“National Court Register” or “NCR” means a register of commercial entities kept by the relevant district court (Sad Rejonowy), as determined
in the Act on the National Court Register of 20 August 1997 (Dz.U. No. 121, item 769, as amended). 

  

	 	1.1.12	“New Financial Pledge” is defined in Clause 7.3 [7.4] (New Pledges over New Shares [and Transferred Shares]3). 

  

	 	1.1.13	“New Shares” means any shares of the Company issued after the date of this Agreement. 

  

	 	1.1.14	“New Registered Pledge” is defined in Clause 7.3 [7.4] (New Pledges over New Shares [and Transferred Shares]4). 

  

	2	To be deleted if CEDC is a pledgor. 

	3	To be deleted if Botapol is a pledgor or if CEDC is a pledgor in relation to the shares of Carey Agri. We assume that in both these cases the relevant pledgors held
100% of the pledged shares. 

	4	Please see footnote 3. 

  

 C-24 

	 	1.1.15	“Power of Attorney for New Pledges” is defined in Clause 7.5 (Power of Attorney for New Pledges). 

  

	 	1.1.16	“Register” means the register of pledges held by the relevant district court (Sad Rejonowy), as determined under the Registered Pledge Law.

  

	 	1.1.17	“Registered Pledge” is defined in Clause 2.1 (Establishment of Registered Pledge). 

  

	 	1.1.18	“Registered Pledge Law” means the Law of 6 December 1996 on the Registered Pledge and Pledge Register (Dz. U. No. 149 item 703 as amended) and all applicable rules
and regulations in relation thereto from time to time. 

  

	 	1.1.19	“Secured Claim” means the pecuniary claim of the Pledgee towards the Debtor5 under clause 11.13 (Creation of Parallel Debt) of the Indenture. 

  

	 	1.1.20	“Security Period” means the period from the date of this Agreement to the earlier of the date: (i) on which the Registered Pledge and other security interests
created under this Agreement expire by satisfaction of the Secured Claim or by operation of the Registered Pledge Law and the Civil Code, or (ii) on which the Pledgee releases the Registered Pledge and other security interests created under this
Agreement in accordance with the Registered Pledge Law, Specific Financial Collateral Law and the Civil Code. 

  

	 	1.1.21	“Shares” means 44,901 (in words: forty four thousand nine hundred and one) shares of the Company each of a nominal value of 1,000 PLN and which represent 100
percent of the share capital of the Company at the date of this Agreement. 

  

	 	1.1.22	“Specific Financial Collateral Act” means the Law of 2 April, 2004 on the Specific Financial Collateral (Dz. U. No. 91, item 871). 

  

	 	1.1.23	[“Transferred Shares” means any shares of the Company existing as at the date of this Agreement, but not owned by the Pledgor, that the Pledgor may acquire in any
manner after the date of this Agreement.]6 

  

	 	1.1.24	“Voting Rights” means the right to exercise (personally or by proxy) the voting rights and any other corporate rights under Polish law or under the Articles of
Association attached to the Shares or any of the Shares, whether at a meeting of the shareholders of the Company or otherwise. 

  

	 	1.1.25	“Voting Rights Power of Attorney” is defined in Clause 8.2 (Voting Rights Power of Attorney). 

  

	5	To be amended into "the Pledgor" if CEDC is a pledgor. 

	6	Please see footnote 3. 

  

 C-25 

	1.2	Interpretation 

  
 In this Agreement: 
  

	 	1.2.1	Unless defined in this Agreement, a term defined in the Indenture has the same meaning when used in this Agreement. 

  

	 	1.2.2	The rules of interpretation in the Indenture apply to this Agreement. 

  

	 	1.2.3	A reference in this Agreement to any law or regulation includes a reference to that law or regulation as modified or re-enacted or both from time to time. 

 

	 	1.2.4	Unless otherwise stated, “Clause” is a reference to a clause or sub-clause of this Agreement and “Schedule” is a reference to a schedule attached to this
Agreement. 

  

	 	1.2.5	The headings, sub-headings and underlined captions at the beginning of some Clauses are for ease of reference only and are not intended to affect the interpretation of this
Agreement. 

  

	2.	REGISTERED PLEDGE 

  

	2.1	Establishment of Registered Pledge 

  
 The Pledgor hereby establishes in favour of the Pledgee a pledge over the Shares to be registered under the Registered Pledge Law (“Registered
Pledge”) in order to secure the Secured Claim. The Pledgee accepts the establishment of the Registered Pledge. 
  

	2.2	Maximum Amount of Security 

  
 As the amount of the Secured Claim is not yet determined, the Registered Pledge is being established to secure a maximum amount of 455,000,000 EUR.

  

	2.3	Registration 

  
 The Pledgor must act diligently in registering the Registered Pledge in the Register and, in particular: 
  

	 	2.3.1	the Pledgor must submit an application for the registration of the Registered Pledge (“Application”) (at its expense) to the relevant court within 3 Business Days
of the date hereof; 

  

	 	2.3.2	the Pledgor must submit to the Pledgee a fax copy of the Application with a court stamp confirming the day of filing of the Application with the relevant court or a confirmation
that the Application was sent to the relevant court by registered mail with a return receipt, and evidence of payment of all applicable court fees; and 

  

 C-26 

	 	2.3.3	[the Pledgor must appoint an attorney in Poland to file the Application in its name and on its behalf and to receive any process writs connected with the registration
proceedings.]7 

  

	3.	FINANCIAL PLEDGE 

  
 In order to secure payment of the Secured Claim, the Pledgor hereby establishes in favour of the Pledgee the financial pledge over the Shares up to the
maximum secured amount of 455,000,000 EUR in accordance with the relevant provisions of the Specific Financial Collateral Law (“Financial Pledge”). The Financial Pledge shall expire and be released on 31 December 2014, however the
Financial Pledge shall automatically expire when the decision on entry of the Registered Pledge to the Register becomes final and binding. 
  

	4.	DISTRIBUTIONS 

  
 Notwithstanding Article 319 of the Civil Code, the Pledgor continues to be entitled to receive all Distributions, unless the Pledgee delivers a notice to
the contrary to the Pledgor and the Company. The Pledgee agrees to refrain from exercising its rights to collect the Distributions and agrees to instruct the Company to pay Distributions to the Pledgee only if an Event of Default occurs. At the
reasonable request of the Pledgor, the Pledgee will confirm to the Pledgor that the Pledgor is allowed to receive and dispose of specific proceeds received in respect of the Distributions. 
  

	5.	NOTICES TO THE COMPANY 

  

	5.1	Notice of Establishment of Pledges 

  
 The Pledgor must deliver to the Company (at its own expense) within 3 Business Days of the date hereof, a notice under Article 187 § 1 of the CCC
substantially in the form set out in SCHEDULE 1. 
  

	5.2	Notice of Registration of Registered Pledge 

  
 The Pledgor must deliver to the Company (at its own expense) within 5 Business Days after receipt by the Pledgor of a court decision to enter the
Registered Pledge in the Register, a notice under Article 187 § 1 of the CCC substantially in the form set out in SCHEDULE 2. 
  

	6.	ENTRIES IN COMPANY’S SHARE REGISTER AND NCR APPLICATIONS 

  

	6.1	Entry as to Establishment of Pledges 

  
 The Pledgor must deliver to the Pledgee (at its own expense) within 10 Business Days of the date hereof: 
  

	 	6.1.1	Company’s Share Register: a copy of the Company’s share register showing the entries required to be made following receipt of the notice referred to in Clause 5.1
(Notice of Establishment of Pledges); and 

  

	7	This provision applies if CEDC or Botapol become a pledgor. In case of Care Agri being a pledgor please delete. 

  

 C-27 

	 	6.1.2	NCR Application: a copy of an application filed to the NCR court of the Company with the court’s stamp attached evidencing submission of the Company’s new list of
shareholders evidencing establishment of the Financial Pledge to the NCR. 

  

	6.2	Entry as to Registration of Registered Pledge 

  
 The Pledgor must deliver to the Pledgee (at its own expense) within 10 Business Days after delivery to the Company of the court decision to enter the
Registered Pledge in the Register: 
  

	 	6.2.1	Company’s Share Register: a copy of the Company’s share register showing the entry required to be made following receipt of the notice referred to in Clause 5.2
(Notice of Registration of Registered Pledge); and 

  

	 	6.2.2	NCR Application: a copy of an application filed to the register court of the Company with the court’s stamp attached evidencing submission of the new list of
shareholders evidencing establishment of the Registered Pledge to the NCR. 

  

	7.	NEW SHARES [AND TRANSFERRED SHARES] 8 

  

	7.1	Pledgor’s Undertaking to Take Up New Shares 

  
 The Pledgor undertakes to take up any New Shares that allows the Pledgor to preserve, during the whole Security Period, its percentage in the share
capital of the Company being not less than [100]%.9 
  

	7.2	Notices of Issue and Registration of New Shares 

  
 The Pledgor must notify (or ensure that the Company notifies) the Pledgee of (i) the filing of an application by the Company to register New Shares in the
NCR within 5 Business Days thereof, (ii) the registration of New Shares in the NCR within 5 Business Days following receipt by the Company of the court’s registration decision, and (iii) the acquisition of New Shares by the Pledgor by way of a
purchase agreement or otherwise, within 3 Business Days following acquisition of the New Shares. 
  

	7.3	[Notice of Acquisition of Transferred Shares 

  
 The Pledgor must notify the Pledgee within 2 Business Days of acquiring any Transferred Shares. The provisions of Clause 7.3 (New Pledges over New
Shares and Transferred Shares) do not apply to those Transferred Shares which are already subject to another pledge in favour of the Pledgee and the Pledgee has received all corporate consents, certificates, evidence of registrations and
opinions which it is entitled to receive under that other pledge.] 10 
  

	8	Please see footnote 3. 

	9	Please insert the existing percentage of shares held by a relevant pledgor in a relevant company. 

	10	Please see footnote 3. 

  

 C-28 

	7.4	New Pledges over New Shares [and Transferred Shares] 11 

  
 If the Pledgor acquires any New Shares [or Transferred Shares] 12 after the date of this Agreement and during the Security Period, the Pledgor must enter into an agreement for a registered pledge (“New Registered Pledge”) and a financial pledge
(“New Financial Pledge”) over the New Shares [or the Transferred Shares] 13, on substantially the
same terms and conditions as provided in this Agreement (amended as necessary), within (i) 7 Business Days after receipt by the Pledgor of a court decision to register the New Shares in the National Court Register or within 7 Business Days after
acquisition of the New Shares in other ways [or (ii) within 7 Business Days after the date on which the Pledgor acquires the Transferred Shares.] 14 
  

	7.5	Power of Attorney for New Pledges 

  
 At the date of execution of this Agreement, the Pledgor must grant to the Pledgee a power of attorney substantially in the form set out in Schedule 4 for
the purpose of establishing the New Registered Pledge and the New Financial Pledge (“Power of Attorney for New Pledges”). The Pledgee is authorized to use the Power of Attorney for New Pledges if the Pledgor fails to perform its
obligations under Clauses 7.2 (Notices of Issue and Registration of New Shares), [7.3 (Notice of Acquisition of Transferred Shares)] 15 and 7.3 [7.4] (New Pledges over New Shares [and Transferred Shares]16). The Power of Attorney for New Pledges is irrevocable during the Security Period and must be executed by the Pledgor in the English and Polish languages. The Power of Attorney for New Pledges expires upon the termination of the
Registered Pledge. 
  

	8.	SHAREHOLDERS MEETINGS AND VOTING RIGHTS 

  

	8.1	Shareholders Meetings and Records 

  
 The Pledgor must ensure that the Pledgee: 
  

	 	8.1.1	Notice of Shareholders Meetings: receives a copy of each notice (and the corresponding agenda) convening a meeting of shareholders of the Company at least 7 Business Days
prior to the date of the meeting; 

  

	 	8.1.2	Attendance at Shareholders Meetings: is allowed entry (as an observer) to each meeting of shareholders of the Company; and 

  

	 	8.1.3	Inspection of Minutes and Share Register: is allowed at any time on reasonable notice to inspect (i) the minutes of any meeting of shareholders of the Company and (ii) the
share register of the Company. 

  

	11	Please see footnote 3. 

	12	Please see footnote 3. 

	13	Please see footnote 3. 

	14	Please see footnote 3. 

	15	Please see footnote 3. 

	16	Please see footnote 3. 

  

 C-29 

	8.2	Voting Rights Power of Attorney 

  
 On the date of this Agreement, the Pledgor must grant to the Pledgee a power of attorney in the form set out in Schedule 5 (“Voting Rights Power
of Attorney”). The Voting Rights Power of Attorney is irrevocable during the Security Period and expires with the expiry of the Security Period. It must be executed by the Pledgor in English and in Polish. 
  

	8.3	Amendment to Articles of Association 

  
 The Pledgor must ensure that: 
  

	 	8.3.1	Amendment to Articles of Association: not later than 20 Business Days after the date of this Agreement, the amendment of the Articles of Association to allow the Pledgee to
exercise the Voting Rights (independently of the Voting Rights Power of Attorney) is adopted and the amended Articles of Association are filed to the NCR court of the Company; 

  

	 	8.3.2	Proof of Filing with NCR: not later than 25 Business Days after the date of this Agreement, the Pledgee receives a copy of the application to the court to register the
amendment referred to in Clause 8.3.1 (Amendments to Articles of Association) in the NCR, bearing the seal of the court confirming the date of filing and proof of payment of the filing fee; and 

  

	 	8.3.3	NCR Registration: it uses its best efforts to ensure that the amendment to the Articles of Association is registered in the National Court Register promptly thereafter.

  

	8.4	Exercise of Voting Rights by the Pledgor 

  
 During the Security Period, the Pledgor shall continue to be entitled to exercise the Voting Rights until the occurrence of an Event of Default. The
Pledgor must not exercise the Voting Rights in a way that would (i) be aimed to impair the value of the Shares or (ii) result in breach of any provision of the Indenture or (iii) prejudice the Registered Pledge or the Financial Pledge or (iv)
interfere with the rights of the Pledgee under Clause 8.5 (Exercise of Voting Rights by Pledgee). 
  

	8.5	Exercise of Voting Rights by Pledgee 

  
 The Pledgee is entitled to exercise the Voting Rights (under the Voting Rights Power of Attorney or otherwise) only in a manner necessary for satisfaction
of all or any part of the Secured Claim if an Event of Default occurs and if the Pledgee delivers a notice to the Pledgor and the Company substantially in the form of SCHEDULE 6. 
  

	9.	PLEDGOR’S REPRESENTATIONS AND UNDERTAKINGS 

  

	9.1	Pledgor’s Representations 

  
 In addition to the representations and warranties given in the Indenture, the Pledgor represents and warrants to the Pledgee that: 
  

	 	9.1.1	Status and Ownership of Shares: the Shares are fully paid and the Pledgor owns the Shares free and clear of any rights of third parties and security interests, except those
created by this Agreement; the Shares represent all of the shares of the Company owned by the Pledgor at the date of this Agreement; 

  

 C-30 

	 	9.1.2	Authorisation: the Pledgor has taken all necessary actions (corporate or otherwise) and has all necessary consents and authorisations to enter into this Agreement, the Power
of Attorney for New Pledges and the Voting Rights Power of Attorney; 

  

	 	9.1.3	Validity: this Agreement, the Power of Attorney for New Pledges and the Voting Rights Power of Attorney constitute legal, valid and binding obligations of the Pledgor under
Polish law; 

  

	 	9.1.4	Performance of this Agreement: the Pledgor has and will continue to have the necessary power and all necessary authorisations to enable it to perform its obligations under
this Agreement; and 

  

	 	9.1.5	Validity and Ranking of Registered Pledge: upon registration, the Registered Pledge will constitute a valid first-ranking registered pledge under the Registered Pledge Law in
favour of the Pledgee subject only to the Financial Pledge. 

  

	9.2	Pledgor’s Undertakings 

  
 The Pledgor undertakes to the Pledgee that, subject to any agreement with or consent or direction from the Pledgee to the contrary: 
  

	 	9.2.1	No Changes to Articles of Association: it shall not make or permit any changes to the Articles of Association that would be inconsistent with the provisions of this
Agreement, the Power of Attorney for New Pledges or the Voting Rights Power of Attorney; 

  

	 	9.2.2	No Dealings with Shares: it shall not sell, assign or otherwise dispose of or encumber any of the Shares other than as permitted by (or in accordance with a waiver granted)
under this Agreement or the Indenture. This restriction shall apply only when the registration of the Registered Pledge in the Register is completed; 

  

	 	9.2.3	Distributions following the occurrence of an Event of Default: if an Event of Default occurs, the Pledgor must obey the instructions of the Pledgee in relation to
Distributions and refrain from demanding or accepting any Distributions and, on the day of receipt of an Enforcement Notice or the Pledgee’s notice under Clause 4 (Distributions), direct the Company to pay all Distributions to the
Pledgee; 

  

	 	9.2.4	Notification of Enforcement: the Pledgor must notify (and ensure that the Company notifies) the Pledgee forthwith upon becoming aware that (i) any action is taken or planned
to be taken by any party with a view to instigating execution proceedings directed against the Shares, or (ii) execution proceedings directed against the Shares have been instigated; 

  

 C-31 

	 	9.2.5	Co-operation with Enforcement: at the reasonable request of the Pledgee, the Pledgor must co-operate with the Pledgee in connection with any filings, consents or approvals of
governmental authorities to be made or obtained in connection with the enforcement of the security interests created under this Agreement; and 

  

	 	9.2.6	Reimbursement of Enforcement Expenses: the Pledgor must reimburse the Pledgee all expenses incurred by the Pledgee in a reasonable way in connection with the enforcement of
the security created by this Agreement, (including legal and court fees) whether or not those expenses are secured by the Registered Pledge under Article 314 of the Polish Civil Code. 

  

	9.3	Waiver of Preemption Right 

  
 The Pledgor hereby waives any right of preemption to any shares in the Company that it may have under the Articles of Association or the provisions of the
CCC or otherwise. 
  

	10.	ENFORCEMENT OF REGISTERED PLEDGE 

  

	10.1	Procedure and Methods 

  
 If an Event of Default occurs and the Secured Claim (or any part of the Secured Claim) is payable, the Pledgee may (at its discretion) deliver an
Enforcement Notice to the Pledgor. The Pledgee may enforce its rights under this Agreement 7 days after delivery of the Enforcement Notice or at any time thereafter by any of the following methods (at its discretion) in order to satisfy the Secured
Claim: 
  

	 	10.1.1	Seizure: taking title to the Shares in accordance with Article 22 point 1 of the Registered Pledge Law (subject to obtaining all required regulatory consents or
notifications, if any), the value of the Shares for that purpose being [1,000]17 PLN for one Share (in words: [one
thousand zloty]) ; 

  

	 	10.1.2	Sale: selling the Shares by public tender conducted by a notary or a court bailiff in accordance with article 24 of the Registered Pledge Law, within 14 days of the
Pledgee’s application for the sale; or 

  

	 	10.1.3	Court Enforcement: instituting court enforcement proceedings in accordance with the provisions of the Civil Procedure Code. 

  

	10.2	Expenses of Sale 

  
 If, by virtue of Article 314 of the Polish Civil Code, any expenses incurred in connection with the sale of the Shares are not secured by the Registered
Pledge, the Pledgee is entitled to deduct these expenses either from (i) Distributions or (ii) a surplus of the kind referred to in Clause 10.3 (Application of Funds). 
  

	17	Please insert a nominal value of pledged Shares. 

  

 C-32 

	10.3	Application of Funds 

  
 The value of the Shares set out in Clause 10.1.1 (Seizure) or the net proceeds of sale of the Shares, as the case may be, must be applied towards
satisfaction of the Secured Claim in the manner specified in the Indenture. If the value of the Shares or, as the case may be, the net proceeds of sale of the Shares exceed the amount of the Secured Claim, the surplus must be paid to the Pledgor
within 14 Business Days of the Pledgee receiving those net proceeds. 
  

	10.4	Settlement in Foreign Currency 

  
 For the purpose of Article 28 of the Registered Pledge Law, the Secured Claim of the Pledgee, which is a foreign bank, must be satisfied by the Pledgor in
the relevant foreign currency in which the respective portion of the Secured Claim is denominated on its due date. 
  

	11.	ENFORCEMENT OF FINANCIAL PLEDGE 

  
 The Pledgee shall have the right to enforce the Financial Pledge established under this Agreement immediately upon the occurrence of an Event of Default.
If an Event of Default occurs, the Pledgee may (at its discretion) deliver an Enforcement Notice to the Pledgor in its absolute discretion and without prejudice to the other Pledgee’s rights and enforcement methods available under the Specific
Financial Collateral Law, it can enforce the Financial Pledge by the seizure of title to the Shares by the Pledgee pursuant to article 10 of the Specific Financial Collateral Law, at the value per one share as set out in Clause 10.1.1
(Seizure), Clause 10.2 (Expenses of Sale) and Clause 10.3 (Application of Funds) apply to the enforcement of the Financial Pledge. 
  

	12.	POWER OF ATTORNEY FOR ENFORCEMENT 

  

	12.1	Grant of the Power of Attorney 

  
 The Pledgor, by way of security, hereby irrevocably appoints the Pledgee as its attorney (with full power of substitution) with effect from delivery of an
Enforcement Notice for the purpose of taking any action that the Pledgor is obliged to take under this Agreement or the Finance Documents. The Pledgor undertakes to ratify and confirm any action that the Pledgee or its substitutes take under the
appointment in this Clause 12.1. 
  

	12.2	Confirmation of the Power of Attorney 

  
 The Pledgor must produce and execute at the request of the Pledgee all documents necessary to evidence or confirm the grant of the power of attorney under
Clause 12.1 (Grant of the Power of Attorney) including, but not limited to, re-execution of that power of attorney in notarial form. 
  

	13.	SCOPE AND DURATION OF SECURITY 

  

	13.1	Scope of Security 

  
 Each of the security interests created hereunder (except for the Financial Pledge) is a continuing security and extends to the ultimate balance of the
Secured Claim and 

  

 C-33 

 
remains in force notwithstanding any intermediate payment or increase, amendment or novation of the Secured Claim or any transfer by the Pledgee of any of
its rights and claims under the Indenture to any third party. 
  

	13.2	Limit on Liability of Pledgee 

  
 The Pledgee will not be liable by reason of (i) taking any action permitted by this Agreement or failing to take any action permitted but not required
under this Agreement or (ii) the enforcement of any part of the security over the Shares, except in the case of wilful default upon its part. 
  

	13.3	Expiry of Security 

  
 Following the expiry of the Security Period, at the request and expense of the Pledgor, the Pledgee must without delay: 
  

	 	13.3.1	apply to remove the Registered Pledge from the Register; 

  

	 	13.3.2	if requested by the Pledgor, deliver to the Pledgor a written statement certifying that the Secured Claim has been discharged in full and this Agreement has expired; and

  

	 	13.3.3	produce any other document necessary to evidence the expiry of this Agreement in the form reasonably requested by the Pledgor. 

  

	13.4	Ineffective Performance 

  
 The Pledgee is not obliged to release the Shares from the security established by this Agreement if the satisfaction of the Secured Obligation could
reasonably be considered as ineffective or invalid under the Polish Bankruptcy and Rehabilitation Law of 28th February, 2003 (as amended) or under the Polish Civil Code. 
  

	14.	FURTHER ASSURANCES 

  
 The Pledgor must (at its own expense) promptly sign any document and do any act that the Pledgee reasonably requests from time to time in order to perfect
the security granted or intended to be granted by this Agreement and to enable the Pledgee to obtain the full benefit of that security. 
  

	15.	COSTS AND EXPENSES 

  
 The Pledgor must, on the demand of the Pledgee, reimburse the Pledgee all costs and expenses in accordance with the provisions of the Indenture.

  

	16.	NOTICES 

  

	16.1	Written Form Requirement and Addresses 

  
 All communications under or in connection with this Agreement must be in writing. The address and fax number (and the department or officer, if any, for
whose attention the communication is to be made) of each party to this Agreement to which any 
  

 C-34 

 communication or document is to be delivered under or in connection with this Agreement are as follows:

  

	 	16.1.1	in the case of the Pledgor: 

  

			
	Botapol Holding B.V
		
	 Address:
	  	[    ]
	 	  	[    ]
	 	  	[    ]
	 Fax:
	  	[    ]
	 Attention of:
	  	[    ]

  
 or, in the case of
legal proceedings, in accordance with Clause 19.3 (Pledgor’s Polish Process Agent), Clause 19.4 (Change of Process Agent) and Clause 19.5 (Alternative Service of Process). 
  

	 	16.1.2	in the case of the Pledgee: 

  

			
	ING Bank N.V., London Branch
		
	 Address:
	  	[    ]
	 	  	[    ]
	 	  	 [    ]
 United
Kingdom

		
	 Fax:
	  	[    ]
	 Attention of:
	  	[    ]

  

	 	16.1.3	in the case of the Company: 

  

			
	Bols Sp. z o.o.
		
	 Address:
	  	ul. Kowanowska 48
	 	  	64-600 Oborniki Wielkopolskie
	 	  	Poland
		
	 Fax:
	  	[    ]
	 Attention of:
	  	[    ]

  
 or any substitute
address, fax number or department or officer as such party may notify to the Pledgee or to the Pledgor with no less than five Business Days’ notice. 

	

  

 C-35 

	16.2	Delivery Rules 

  
 Any communication or document made or delivered by one party to another in connection with this Agreement will only be effective (i) if by fax, when
received in legible form; or (ii) if by letter, when it is delivered to the address of the party and, in the case of a letter sent by post, five days after being deposited at a post office in a postage prepaid envelope addressed to the party. If a
particular department or officer is specified as part of a party’s address details, the communication must be addressed to that department or officer. 
  

	16.3	Language Requirements 

  
 Each communication and document delivered by one party to another in connection with this Agreement must be in English and Polish or in Polish accompanied
by an English translation certified as a true and accurate translation by an officer of the party delivering it. 
  

	17.	ASSIGNMENT 

  
 The Pledgor is not entitled to assign or transfer any of its rights, benefits and obligations under this Agreement. 
  

	18.	GOVERNING LAW 

  
 The laws of Poland govern this Agreement. 
  

	19.	JURISDICTION 

  

	19.1	Polish Courts 

  
 The courts of Poland have jurisdiction to settle any dispute (“Dispute”) arising out of or in connection with this Agreement (including a
dispute regarding the existence, validity or termination of this Agreement). 
  

	19.2	Alternative Jurisdictions 

  
 This Clause 19.2 is for the benefit of the Pledgee only. Notwithstanding Clause 19.1 (Polish Courts), the Pledgee may to the extent allowed by law
issue proceedings relating to a Dispute (“Proceedings”) in any other court in any other jurisdiction. The Pledgee may not take concurrent Proceedings in more than one jurisdiction. 
  

	19.3	[Pledgor’s Polish Process Agent 

  
 The Pledgor agrees that the documents which start any Proceedings and any other documents required to be served in relation to any Proceedings may be
served on it, at the discretion of the Pledgee, either at the address mentioned in Clause 16.1.1 or care of 
  

			
	 [    ]  (“Process Agent”)

		
	                 Address:
	  	 [    ]

	                 Fax:
	  	 [    ]

  

 C-36 

	19.4	Change of Process Agent 

  
 If the appointment of the Process Agent ceases to be effective, the Pledgor must immediately appoint another person in Poland to accept service of process
on its behalf in Poland. If the Pledgor fails to do so (and the failure continues for 10 Business Days or more), the Pledgee may exercise the power of attorney granted in Clause 12 (Power of Attorney for Enforcement) and appoint another
suitable person on behalf of the Pledgor. 
  

	19.5	Alternative Service of Process 

  
 Nothing in this Clause 19 restricts the right to serve process in any other manner allowed by law. This Clause 19.5 applies to Proceedings in Poland and
to Proceedings elsewhere.] 18 
  

	20.	SUSPENSION OF SUBROGATION 

  
 The Pledgor will not use its right of subrogation that might arise if the Pledgee enforces its security under this Agreement until the full and
unconditional repayment of the Secured Claim. The Pledgor must immediately pay or transfer to the Pledgee any payment or distribution it receives by virtue of any subrogation, unless the Secured Claim is unconditionally repaid in full. 

 

	21.	LANGUAGE, AMENDMENTS AND COUNTERPARTS 

  

	21.1	Language of this Agreement 

  
 This Agreement is executed in English language and Polish language versions. Both language versions may be used for interpretation but, if there is any
discrepancy between the English and Polish versions, the Polish language version is binding. 
  

	21.2	Amendments 

  
 All amendments to this Agreement are null and void unless approved by the parties in writing with notarised signatures. 
  

	21.3	Counterparts 

  
 This Agreement is executed in 4 counterparts in Polish and 2 counterparts in English, one of each language version for each party, one Polish version for
registration of the Registered Pledge in the Register and one Polish version to be sent to the Company with a notice substantially in the form of Schedule 1. 
  

	18	To be deleted if Carey Agri and not CEDC or Botapol is a pledgor. 

  

 C-37 

 SIGNATURES 
  

			
	The Pledgor:
		
	By:	 	  

	Name:	 	[    ]
	Title:	 	Attorney-in-fact
	
	The Pledgee:
		
	By:	 	  

	Name:	 	[    ]
	Title:	 	Attorney-in-fact

  

 C-38 

 SCHEDULE 1 
 NOTICE TO THE COMPANY OF THE ESTABLISHMENT OF A FINANCIAL PLEDGE 
 AND INTENTION TO ESTABLISH A
REGISTERED PLEDGE 
  

			
	 To:
	 	[    ] “Company”
		
	 From:
	 	[    ] “Pledgor”
		
	 Copy to:
	 	[    ] “Pledgee”
		
	 Date:
	 	[    ]
		
	 Subject:
	 	Establishment of a financial pledge and, subject to registration, establishment of a registered pledge over shares of the Company under an agreement between the Pledgee and the Pledgor dated
[ ] 2005 (“Agreement”).
		
	 Attachment:
	 	We attach a signed copy of the Agreement. (Expressions defined in the Agreement have the same meaning when used in this notice).

  
 Dear Sirs, 
  
 Pursuant to Article 187 § 1 of the CCC, we hereby give you notice that, under the
Agreement, we have pledged the Shares by way of a Financial Pledge and, subject to registration, a Registered Pledge. Upon registration in the Register, the Registered Pledge over the Shares will be perfected. 
  
 We hereby instruct you to: 
  

	1.	disclose the establishment of the Financial Pledge and the Pledgee as beneficiary of the Financial Pledge in your share register pursuant to Article 188 of the CCC and provide us
within 5 Business Days with a copy of the Company’s share register showing the above requested entry; 

  

	2.	following receipt of notice from us of registration of the Registered Pledge, to disclose the establishment of the Registered Pledge in your share register pursuant to Article 188
of the CCC; 

  

	3.	make an entry in the share register stating that the Pledgee is authorised to exercise the Voting Rights if an Event of Default occurs and upon the Pledgee notifying you of its
intention to exercise those voting rights; and 

  

	4.	submit to the National Court Register, in accordance with Article 188 § 3 of the CCC, a new list of shareholders in the Company evidencing establishment of the Financial Pledge
and within 3 Business Days afterwards to provide us with a copy of the application with the court’s stamp attached evidencing submission of the above list. 

  
 We also inform you that we have granted an irrevocable power of attorney to the Pledgee (“Voting Rights Power of Attorney”)
to exercise all rights that we have as a shareholder in your company, including the Voting Rights. The Pledgee is authorised to use the Voting Rights Power of Attorney if an Event of Default occurs and upon delivery to you of a notice to that
effect. 
  

 C-39 

 This notice is governed by Polish law. 
  
 For and on behalf of 
  
 [    ] 
  

 C-40 

 SCHEDULE 2 
 NOTICE TO THE COMPANY OF THE ESTABLISHMENT OF A REGISTERED PLEDGE 
  

			
	 To:
	 	[    ] “Company”
		
	 From:
	 	[    ] “Pledgor”
		
	 Copy to:
	 	[    ] “Pledgee”
		
	 Date:
	 	[    ]
		
	 Subject:
	 	Establishment of a registered pledge over shares under an agreement between the Pledgee and the Pledgor dated [ ] 2005 (“Agreement”), a copy of which was delivered to you on
or about [    ]. (Expressions defined in the Agreement have the same meaning when used in this notice).
	 Attachment:
	 	Decision of the court dated [    ] to enter the Registered Pledge in the Register

  
 Dear Sirs, 
  
 Pursuant to Article 187 § 1 of the CCC, we hereby give you notice that, under the
Agreement, we have pledged the Shares by way of a Registered Pledge. The Registered Pledge has been registered in the Register by decision of the court dated [    ], a copy of which is attached. 
  
 We hereby instruct you to: 
  

	 	1.	disclose the establishment of the Registered Pledge and the Pledgee as beneficiary of the Registered Pledge in your share register pursuant to Article 188 of the CCC and to delete
the Financial Pledge from your share register; 

  

	 	2.	provide us within 5 Business Days with a copy of the Company’s share register showing the above requested entries; and 

  

	 	3.	submit to the National Court Register, in accordance with art. 188 § 3 of the CCC, a new list of shareholders in the Company evidencing establishment of the Registered Pledge
and deletion of the Financial Pledge and within 3 Business Days afterwards to provide us with a copy of the application with the court’s stamp attached evidencing submission of the above list. 

  
 This notice is governed by Polish law. 
  
 For and on behalf of 
  
 [    ] 
  

 C-41 

 SCHEDULE 3 
 ENFORCEMENT NOTICE 
  
 /to be executed on the Pledgee’s paper/ 
  

			
	 To:
	  	[    ] “Pledgor”
		
	 And to:
	  	[    ] “Company”
		
	 From:
	  	[    ] “Pledgee”
		
	 Date:
	  	[    ]
		
	 Subject:
	  	Enforcement of the rights of the Pledgee under an agreement between the Pledgee and the Pledgor dated [    ] 2005 (“Agreement”). (Expressions defined in
the Agreement have the same meaning when used in this notice).

  
 Dear Sirs, 
  
 In accordance with Clause 4 (Distributions) and Clause 10 (Enforcement of
Registered Pledge)/Clause 11 (Enforcement of Financial Pledge) of the Agreement, we give you notice that an Event of Default has occurred and we intend to enforce our rights under the Agreement [7 days after delivery of this notice to you
/ immediately]. As from the date of this notice, all Distributions are payable to us. 
  
 This notice is governed by Polish law. 
  
 For and on behalf of

  
 [    ] 
  
 [    ] 
  

 C-42 

 SCHEDULE 4 
 FORM OF POWER OF ATTORNEY FOR NEW PLEDGES 
  
 POWER OF ATTORNEY 
  
 THIS POWER OF
ATTORNEY is granted on [    ] by Botapol Holding B.V., a company incorporated under the laws of the Netherlands, with its seat at [    ], with business identity code [    ],
(“Pledgor”), a shareholder of Bols Sp. z o.o., a limited liability company incorporated in Poland, with its seat in ul. Kowanowska 48, 64-600 Oborniki Wielkopolskie, Poland, registered in the National Court Register under number KRS
13113 (“Company”) to ING Bank N.V., London Branch, with its seat at [    ] (“Pledgee”). 
  
 This Power of Attorney is granted pursuant to Clause 7 of the Agreement for Registered Pledge over Shares of Bols Sp. z o.o. between the Pledgor and the Pledgee dated
[    ] 2005 (“Agreement”). Expressions defined in the Agreement have same meaning when used in this power of attorney. 
  

	1.	The Pledgor hereby grants to the Pledgee this power of attorney with full power of substitution to establish, in favour of the Pledgee, a New Registered Pledge and a New Financial
Pledge relating to the New Shares. The Pledgee is authorised to use this Power of Attorney only if the Pledgor fails to perform its obligations under Clause 7 of the Agreement. 

  

	2.	The Pledgee may appoint qualified attorneys to institute and conduct registration proceedings on behalf of the Pledgor on the basis of this power of attorney.

  

	3.	The Pledgee shall be irrevocably authorized to enter with itself, on behalf of the Pledgor, into an agreement creating security interests referred to in Section 1 above, on
substantially the same terms and conditions as provided in the Agreement and to take any other actions which may be required under such agreement. 

  

	4.	The Pledgor renounces its right to revoke this power of attorney without the written consent of the Pledgee. The Pledgor declares that its renunciation of the right of revocation is
justified by the nature of the legal relationship created by the Agreement, on which this power of attorney is based. 

  

	5.	This Power of Attorney expires upon expiry of the Security Period. 

  

	6.	This power of attorney is governed by Polish law. 

  

	7.	This power of attorney is executed in Polish and in English. In if there is any discrepancy between the language versions, the English version shall prevail.

  

			
	Signed by:	 	  

	 	 	/signatures authorised by Notary/

  

 C-43 

 SCHEDULE 5 
 FORM OF VOTING RIGHTS POWER OF ATTORNEY 
  
 POWER OF ATTORNEY 
  
 THIS POWER OF
ATTORNEY is granted on [    ] by Botapol Holding B.V., a company incorporated under the laws of [    ], with its seat at [    ], with business identity code
[    ], (“Pledgor”), a shareholder of Bols Sp. z o.o., a limited liability company incorporated in Poland, with its seat in ul. Kowanowska 48, 64-600 Oborniki Wielkopolskie, Poland, registered in the National
Court Register under number KRS 13113 (“Company”) to ING Bank N.V., London Branch, with its seat at [    ] (“Pledgee”). 
  
 This power of attorney is granted pursuant to Clause 8.2 of the Agreement for Registered Pledge over Shares of Bols Sp. z o.o. between the
Pledgor and the Pledgee dated [    ] 2005 (“Agreement”). 
  

	1.	The Pledgor hereby grants to the Pledgee this power of attorney with full power of substitution to exercise (personally or by proxy, at a meeting of Shareholders or otherwise) at
any time after the occurrence of an Event of Default (as defined in the Agreement) and delivery of a notice to the Pledgor and the Company substantially in the form of Schedule 6 of the Agreement, or abstain from exercising, the voting rights and
any other corporate rights under Polish law or under the Articles of Association of the Company attached to all or any of the shares in the capital of the Company held by the Pledgor and subject to the security created by the Agreement as the
Pledgee thinks fit, whether at a meeting of the shareholders of the Company or otherwise. In particular, but without limitation, the Pledgee has the following rights: 

  

	1.1	the right to demand that the management board of the Company convenes an extraordinary or ordinary general meeting of shareholders of the Company; and 

  

	1.2	the right to give any consent or authorisation that is required under Polish law from the Pledgor as a shareholder of the Company. 

  

	2.	The Pledgee shall not exercise these rights otherwise than within the scope necessary to protect, secure or endorse the Secured Claim (as defined in the Agreement).

  

	3.	The Pledgor renounces its right to revoke this power of attorney without the written consent of the Pledgee. The Pledgor declares that its renunciation of the right of revocation is
justified by the nature of the legal relationship created by the Agreement, on which this power of attorney is based. 

  

	4.	This Power of Attorney expires upon expiry of the Security Period as defined in the Agreement. 

  

	5.	This power of attorney is governed by Polish law. 

  

	6.	This power of attorney is executed in Polish and in English. If there is any discrepancy between the language versions, the English version shall prevail. 

 

			
	 Signed by:
	 	  

  

 C-44 

 SCHEDULE 6 
 NOTICE TO THE COMPANY OF THE EXERCISE OF VOTING RIGHTS 
  

			
	 To:
	 	[    ] “Company”
		
	 From:
	 	[    ] “Pledgee”
		
	 Copy to:
	 	[    ] “Pledgor”
		
	 Date:
	 	[    ]
		
	 Subject:
	 	Exercise of Voting Rights under an agreement between the Pledgee and the Pledgor dated [ ] 2005 (“Agreement”), a copy of which was delivered to you on or about
[    ]. Expressions defined in the Agreement have the same meaning when used in this notice.

  
 Dear Sirs, 
  
 We hereby give you notice that an Event of Default has occurred and from the date of this
notice we intend to exercise the Voting Rights. 
  
 This notice is governed by
Polish law. 
  
 For and on behalf of: 
  
 [    ] 
  

 C-45 

 [Form of Share Pledge to Be Used Over Registered Shares 
  
 in a Joint Stock Company (“S.A.”)] 
  
 THIS AGREEMENT (to create a registered pledge and other security interests over shares
of Damianex Sp. o.o.) (“this Agreement”, which expression includes all attached schedules) is made on [    ] 2005. 
  
 BETWEEN: 
  

	(1)	CAREY AGRI INTERNATIONAL-POLAND SP. Z O.O. with its seat at ul. Bokserska 66 A, 02-690 Warszawa, Poland incorporated under laws of Poland and recorded under number 0000051098
in the National Court Register, maintained by the District Court for the city of Warsaw, XX Commercial Division of the National Court Register, REGON 002160096, (“Pledgor”) represented by [ ]; 

  

	    	and 

  

	(2)	ING BANK N.V. LONDON BRANCH, a banking corporation (naamloze vennootschap) duly incorporated under the laws of The Netherlands, with registered address at
Amstelveenseweg 500, 1081 KL, Amsterdam, The Netherlands, registration no. 33031431, acting through its London Branch, with office address at 60 London Wall, London EC2M 5TQ, United Kingdom and registered in the United Kingdom under number FC010062
(“Pledgee”), represented by [ ], attorney-in-fact. 

  
 INTRODUCTION: 
  

	(A)	On [    ] 2005, the Debtor1
(as defined below) has issued high yield bonds (“High Yield Bonds”) in the United States of America. 

  

	(B)	In connection with the High Yield Bonds, on [    ] 2005, the Debtor and the Pledgee entered into an indenture agreement (“Indenture”) governed
by the laws of the State of New York. 

  

	(C)	Pursuant to Clause 11.13 (Creation of Parallel Debt) of the Indenture, the Debtor has a pecuniary obligation constituting one single obligation under the laws of the State of
New York, towards the Pledgee. 

  

	(D)	The Debtor and the Pledgee have agreed that a subsidiary of the Debtor, the Pledgor, will establish a registered pledge over the shares of the Company (as defined below) in order to
secure the Pledgee’s claim towards the Debtor arising under Clause 11.13 (Creation of Parallel Debt) of the Indenture. 

  

	1	To be amended into “the Pledgor” if CEDC becomes a pledgor. The same applies to the remaining points of the preamble. 

  
  

 C-46 

 THE PARTIES AGREE as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

  

	    	In this Agreement: 

  

	 	1.1.1	“Articles of Association” means the articles of association (statut) of the Company as amended from time to time. 

  

	 	1.1.2	“Business Day” means a day (other than Saturday, Sunday and other statutory holidays in Poland) on which banks are open for business in Warsaw and London for the
transaction of non-automated business. 

  

	 	1.1.3	“CCC” means the Commercial Companies Code of 15 September 2000 (Dz.U. No. 94, item 1037 as amended). 

  

	 	1.1.4	“Civil Code” means the Civil Code of 23 April 1964 (Dz.U. No. 16 item 93 as amended). 

  

	 	1.1.5	“Company” means Damianex S.A. with its seat at ul. Gleboka 34, 37-200 Przeworsk, Poland, recorded under number 0000108201 in the National Court Register, maintained
by the District Court in Rzeszów, XII Commercial Division of the National Court Register, REGON 690651378. 

  

	 	1.1.6	“Debtor” means Central European Distribution Corporation Inc. with its seat at 2 Bala Plaza, Suite 300, Bala Cynwyd PA 19004 USA.2 

  

	 	1.1.7	“Depositary” means [ING Bank Slaski S.A.] with its seat at [Sokolska 34], [40-086] Katowice, Poland, recorded under number [    ] in the
National Court Register, maintained by the District Court in Katowice, [    ] Commercial Division of the National Court Register, REGON [    ]. 

  

	 	1.1.8	“Distributions” means the shareholders’ rights to all future dividends and other future distributions (including, but not limited to, the proceeds of
redemptions or liquidation) in respect of the Shares for the financial years of the Company ended 2005 and for each financial year of the Company until and including 2014. 

  

	 	1.1.9	“Enforcement Notice” means a notice substantially in the form of Schedule 3. 

  

	 	1.1.10	“Event of Default” means any of the events described as such in the Indenture. 

  

	 	1.1.11	“Financial Pledge” is defined in Clause 3 (Financial Pledge). 

  

	 	1.1.12	“National Court Register” or “NCR” means a register of commercial entities kept by the relevant district court (Sad Rejonowy), as determined
in the Act on the National Court Register of 20 August 1997 (Dz.U. No. 121, item 769, as amended). 

  

	2	To be deleted if CEDC is a pledgor. 

  

 C-47 

	 	1.1.13	“New Financial Pledge” is defined in Clause 8.4 (New Pledges over New Shares and Transferred Shares). 

  

	 	1.1.14	“New Shares” means any shares of the Company issued after the date of this Agreement. 

  

	 	1.1.15	“New Registered Pledge” is defined in Clause 8.4 (New Pledges over New Shares and Transferred Shares). 

  

	 	1.1.16	“Power of Attorney for New Pledges” is defined in Clause 8.5 (Power of Attorney for New Pledges). 

  

	 	1.1.17	“Register” means the register of pledges held by the relevant district court (Sad Rejonowy), as determined under the Registered Pledge Law.

  

	 	1.1.18	“Registered Pledge” is defined in Clause 2.1 (Establishment of Registered Pledge). 

  

	 	1.1.19	“Registered Pledge Law” means the Law of 6 December 1996 on the Registered Pledge and Pledge Register (Dz. U. No. 149 item 703 as amended) and all applicable rules
and regulations in relation thereto from time to time. 

  

	 	1.1.20	“Secured Claim” means the pecuniary claim of the Pledgee towards the Debtor3 under clause 11.13 (Creation of Parallel Debt) of the Indenture. 

  

	 	1.1.21	“Security Period” means the period from the date of this Agreement to the earlier of the date: (i) on which the Registered Pledge and other security interests
created under this Agreement expire by satisfaction of the Secured Claim or by operation of the Registered Pledge Law and the Civil Code, or (ii) on which the Pledgee releases the Registered Pledge and other security interests created under this
Agreement in accordance with the Registered Pledge Law and the Civil Code. 

  

	 	1.1.22	“Shares” means [50,809] (in words: fifty thousand eight hundred nine) registered shares of the Company, series [    ], each of a nominal value
of 200 (in words: two hundred) PLN and which represent [60] (in words: sixty) percent of the share capital of the Company at the date of this Agreement. 

  

	 	1.1.23	“Transferred Shares” means any shares of the Company existing as at the date of this Agreement, but not owned by the Pledgor, that the Pledgor may acquire in any
manner after the date of this Agreement. 

  

	 	1.1.24	“Voting Rights” means the right to exercise (personally or by proxy) the voting rights and any other corporate rights under Polish law or under the Articles of
Association attached to the Shares or any of the Shares, whether at a meeting of the shareholders of the Company or otherwise. 

  

	 	1.1.25	“Voting Rights Power of Attorney” is defined in Clause 9.2 (Voting Rights Power of Attorney). 

  

	3	To be amended into “the Pledgor” if CEDC is a pledgor. 

  

 C-48 

	1.2	Interpretation 

  

	    	In this Agreement: 

  

	 	1.2.1	Unless defined in this Agreement, a term defined in the Indenture has the same meaning when used in this Agreement. 

  

	 	1.2.2	The rules of interpretation in the Indenture apply to this Agreement. 

  

	 	1.2.3	A reference in this Agreement to any law or regulation includes a reference to that law or regulation as modified or re-enacted or both from time to time. 

 

	 	1.2.4	Unless otherwise stated, “Clause” is a reference to a clause or sub-clause of this Agreement and “Schedule” is a reference to a schedule attached to this
Agreement. 

  

	 	1.2.5	The headings, sub-headings and underlined captions at the beginning of some Clauses are for ease of reference only and are not intended to affect the interpretation of this
Agreement. 

  

	2.	REGISTERED PLEDGE 

  

	2.1	Establishment of Registered Pledge 

  

	    	The Pledgor hereby establishes in favour of the Pledgee a pledge over the Shares to be registered under the Registered Pledge Law (“Registered Pledge”) in order to
secure the Secured Claim. The Pledgee accepts the establishment of the Registered Pledge. 

  

	2.2	Maximum Amount of Security 

  

	    	As the amount of the Secured Claim is not yet determined, the Registered Pledge is being established to secure a maximum amount of 455,000,000 Euro (in words: four hundred fifty
five million Euro). 

  

	2.3	Registration  

  

	    	The Pledgor must act diligently in registering the Registered Pledge in the Register and, in particular: 

  

	 	2.3.1	the Pledgor must submit an application for the registration of the Registered Pledge (“Application”) (at its expense) to the relevant court within 2 Business Days
of the date hereof; 

  

	 	2.3.2	the Pledgor must submit to the Pledgee a fax copy of the Application with a court stamp confirming the day of filing of the Application with the relevant court or a confirmation
that the Application was sent to the relevant court by registered mail with a return receipt, and evidence of payment of all applicable court fees; and 

  

 C-49 

	 	2.3.3	[the Pledgor must appoint an attorney in Poland to file the Application in its name and on behalf and to receive any process writs connected with the registration proceedings.]
4 

  

	3.	FINANCIAL PLEDGE 

  

	    	In order to secure payment of the Secured Claim, the Pledgor hereby establishes in favour of the Pledgee the financial pledge over the Shares up to the maximum secured amount of
455,000,000 EUR in accordance with the relevant provisions of the Specific Financial Collateral Law (“Financial Pledge”). The Financial Pledge shall expire and be released on 31 December 2014, however the Financial Pledge shall
automatically expire when the decision on entry of the Registered Pledge to the Register becomes final and binding. 

  

	    	The Financial Pledge will become effective upon the delivery of the Shares to the Pledgee. The delivery of the Shares to the Pledgee shall be made through a notification of the
establishment of the Financial Pledge substantially in the form of Schedule 7 to the Depositary. 

  

	4.	DEPOSIT 

  

	    	During the Security Period the Shares will be kept in deposit by the Depositary, who shall act as a depositary of the Shares for the benefit of the Pledgee.

  

	5.	DISTRIBUTIONS 

  

	    	Notwithstanding the provisions of Article 319 of the Civil Code, the Pledgor continues to be entitled to receive all Distributions, unless the Pledgee delivers a notice to the
contrary to the Pledgor and the Company. The Pledgee agrees to refrain from exercising its rights to collect the Distributions and agrees to instruct the Company to pay Distributions to the Pledgee only if an Event of Default has occurred. At the
reasonable request of the Pledgor, the Pledgee will confirm to the Pledgor that the Pledgor is allowed to receive and dispose of specific proceeds received in respect of the Distributions. 

  

	6.	NOTICES TO THE COMPANY 

  

	6.1	Notice of Establishment of Pledges and Assignment of Distributions 

  

	    	The Pledgor must deliver to the Company (at its own expense) within 3 Business Days of the date hereof, a notice under Article 341 § 2 of the CCC substantially in the form set
out in Schedule 1. 

  

	6.2	Notice of Registration of Registered Pledge 

  

	    	The Pledgor must deliver to the Company (at its own expense) within 3 Business Days after receipt by the Pledgor of a court decision to enter the Registered Pledge in the Register,
a notice under Article 341 § 2 of the CCC substantially in the form set out in Schedule 2. 

  

	4	This provision applies if CEDC becomes a pledgor. In case of Care Agri being a pledgor please delete. 

  

 C-50 

	7.	ENTRIES IN COMPANY’S SHARE REGISTER AND NCR APPLICATIONS 

  

	7.1	Entry as to Establishment of Pledges 

  

	    	The Pledgor must deliver to the Pledgee (at its own expense) within 15 Business Days of the date hereof a copy of the Company’s share register showing the entries required to
be made following receipt of the notice referred to in Clause 6.1 (Notice of Establishment of Pledges). 

  

	7.2	Entry as to Registration of Registered Pledge 

  

	    	The Pledgor must deliver to the Pledgee (at its own expense) within 15 Business Days after delivery to the Company of the court decision to enter the Registered Pledge in the
Register a copy of the Company’s share register showing the entry required to be made following receipt of the notice referred to in Clause 6.2 (Notice of Registration of Registered Pledge). 

  

	8.	NEW SHARES AND TRANSFERRED SHARES 

  

	8.1	Pledgor’s Undertaking to Take Up New Shares 

  

	    	The Pledgor undertakes to take up any New Shares that allows the Pledgor to preserve, during the whole Security Period, its percentage in the share capital of the Company being not
less than [60]%.5 

  

	8.2	Notices of Issue and Registration of New Shares 

  

	    	The Pledgor must notify (or ensure that the Company notifies) the Pledgee of (i) the filing of an application by the Company to register New Shares in the NCR within 5 Business Days
thereof and (ii) the registration of New Shares in the NCR within 3 Business Days following receipt by the Company of the court’s registration decision. 

  

	8.3	Notice of Acquisition of Transferred Shares 

  

	    	The Pledgor must notify the Pledgee within 2 Business Days of acquiring any Transferred Shares. The provisions of Clause 8.4 (New Pledges over New Shares and Transferred
Shares) do not apply to those Transferred Shares which are already subject to another pledge in favour of the Pledgee and the Pledgee has received all corporate consents, certificates, evidence of registrations and opinions which it is entitled
to receive under that other pledge. 

  

	8.4	New Pledges over New Shares and Transferred Shares 

  

	    	If the Pledgor acquires any New Shares or Transferred Shares after the date of this Agreement and during the Security Period, the Pledgor must establish a registered pledge
(“New Registered Pledge”) and a financial pledge (“New Financial Pledge”) over the New Shares or the Transferred Shares, as the case may be, on substantially the same terms and conditions as provided in this
Agreement (amended as necessary), within (i) 7 Business Days after receipt by the Pledgor of a court decision to register the New Shares in the National Court Register or within 7 Business Days after acquisition of the New Shares in other ways, or
(ii) within 7 Business Days after the date on which the Pledgor acquires the Transferred Shares. 

  

	5	Please insert the existing percentage of shares held by a relevant pledgor in a relevant company. 

  

 C-51 

	8.5	Power of Attorney for New Pledges 

  

	    	At the date of execution of this Agreement, the Pledgor must grant to the Pledgee a power of attorney substantially in a form set out in Schedule 4 for the purpose of establishing
the New Registered Pledge and the New Financial Pledge (“Power of Attorney for New Pledges”). The Pledgee is authorized to use the Power of Attorney for New Pledges if the Pledgor fails to perform its obligations under Clauses 8.2
(Notices of Issue and Registration of New Shares), 8.3 (Notice of Acquisition of Transferred Shares) and 8.4 (New Pledges over New Shares and Transferred Shares). The Power of Attorney for New Pledges is irrevocable during the
Security Period and must be executed by the Pledgor in the English and Polish languages. The Power of Attorney for New Pledges expires upon the termination of the Registered Pledge. 

  

	9.	SHAREHOLDERS MEETINGS AND VOTING RIGHTS 

  

	9.1	Shareholders Meetings and Records 

  

	    	The Pledgor must ensure that the Pledgee: 

  

	 	9.1.1	Notice of Shareholders Meetings: receives a copy of each notice (and the corresponding agenda) convening a meeting of shareholders of the Company at least 7 Business Days
prior to the date of the meeting; 

  

	 	9.1.2	Attendance at Shareholders Meetings: is allowed entry (as an observer) to each meeting of shareholders of the Company; and 

  

	 	9.1.3	Inspection of Minutes and Share Register: is allowed at any time on reasonable notice to inspect (i) the minutes of any meeting of shareholders of the Company and (ii) the
share register of the Company. 

  

	9.2	Voting Rights Power of Attorney 

  

	    	On the date of this Agreement, the Pledgor must grant to the Pledgee a power of attorney in the form set out in Schedule 5 (“Voting Rights Power of Attorney”). The
Voting Rights Power of Attorney is irrevocable during the Security Period and expires with the expiry of the Security Period. It must be executed by the Pledgor in English and in Polish. 

  

	9.3	[Amendment to the Articles of Association (Statut) 

  

	    	The Pledgor must ensure that: 

  

	 	9.3.1	Amendment to Articles of Association: not later than 20 Business Days after the date of this Agreement, the amendment of the Articles of Association to allow the Pledgee to
exercise the Voting Rights (independently of the Voting Rights Power of Attorney) is adopted and the amended Articles of Association are filed to the NCR; 

  

 C-52 

	 	9.3.2	Proof of Filing with NCR: not later than 25 Business Days after the date of this Agreement, the Pledgee receives a copy of the application to the court to register the
amendment referred to in Clause 8.3.1 in the NCR, bearing the seal of the court confirming the date of filing and proof of payment of the filing fee; and 

  

	 	9.3.3	NCR Registration: it uses its best efforts to ensure that the amendment to the Articles of Association is registered in the National Court Register promptly thereafter.]
6 

  

	9.4	Exercise of Voting Rights by the Pledgor 

  

	    	During the Security Period, the Pledgor shall continue to be entitled to exercise the Voting Rights until the occurrence of an Event of Default. The Pledgor must not exercise the
Voting Rights in a way that would (i) impair the value of the Shares or (ii) result in breach of any provision of the Indenture or (iii) prejudice the Registered Pledge or the Financial Pledge or (iv) interfere with the rights of the Pledgee under
Clause 9.5 (Exercise of Voting Rights by Pledgee). 

  

	9.5	Exercise of Voting Rights by Pledgee 

  

	    	The Pledgee is entitled to exercise its rights under the Voting Rights Power of Attorney in any manner necessary for satisfaction of all or any part of the Secured Claim if an Event
of Default has occurred and if the Pledgee delivers a notice to the Pledgor and the Company substantially in the form of Schedule 6. 

  

	10.	PLEDGOR’S REPRESENTATIONS AND UNDERTAKINGS 

  

	10.1	Pledgor’s Representations 

  

	    	In addition to the representations and warranties given in the Indenture, the Pledgor represents and warrants to the Pledgee that: 

  

	 	10.1.1	Status and Ownership of Shares: the Shares are fully paid and the Pledgor owns the Shares free and clear of any rights of third parties and security interests, except those
created by this Agreement; the Shares represent all of the shares of the Company owned by the Pledgor at the date of this Agreement; 

  

	 	10.1.2	Authorisation: the Pledgor has taken all necessary actions (corporate or otherwise) and has all necessary consents and authorisations to enter into this Agreement, the Power
of Attorney for New Pledges and the Voting Rights Power of Attorney; 

  

	 	10.1.3	Validity: this Agreement, the Power of Attorney for New Pledges and the Voting Rights Power of Attorney constitute legal, valid and binding obligations of the Pledgor under
Polish law; 

  

	6	To be deleted if there are no restrictions to exercise voting rights by the Pledgee. 

  

 C-53 

	 	10.1.4	Performance of this Agreement: the Pledgor has and will continue to have the necessary power and all necessary authorisations to enable it to perform its obligations under
this Agreement; and 

  

	 	10.1.5	Validity and Ranking of Registered Pledge: upon registration, the Registered Pledge will constitute a valid first-ranking registered pledge under the Registered Pledge Law in
favour of the Pledgee subject only to the Financial Pledge. 

  

	10.2	Pledgor’s Undertakings 

  

	    	The Pledgor undertakes to the Pledgee that, subject to any agreement with or consent or direction from the Pledgee to the contrary: 

  

	 	10.2.1	No Changes to Articles of Association: it shall not make or permit any changes to the Articles of Association that would be inconsistent with the provisions of this
Agreement, the Power of Attorney for New Pledges or the Voting Rights Power of Attorney and in particular it shall not change the Shares into bearer shares; 

  

	 	10.2.2	No Dealings with Shares: it shall not sell, assign or otherwise dispose of or encumber any of the Shares other than as permitted by (or in accordance with a waiver granted)
under this Agreement or the Indenture. This restriction shall apply only when the registration of the Registered Pledge in the Register is completed; 

  

	 	10.2.3	Distributions following the occurrence of an Event of Default: if an Event of Default occurs, the Pledgor must obey the instructions of the Pledgee in relation to
Distributions and refrain from demanding or accepting any Distributions and, on the day of receipt of an Enforcement Notice or the Pledgee’s notice under Clause 5 (Distributions), direct the Company to pay all Distributions to the
Pledgee; 

  

	 	10.2.4	Notification of Enforcement: the Pledgor must notify (and ensure that the Company notifies) the Pledgee forthwith upon becoming aware that (i) any action is taken or planned
to be taken by any party with a view to instigating execution proceedings directed against the Shares, or (ii) execution proceedings directed against the Shares have been instigated; 

  

	 	10.2.5	Co-operation with Enforcement: at the reasonable request of the Pledgee, the Pledgor must co-operate with the Pledgee in connection with any filings, consents or approvals of
governmental authorities to be made or obtained in connection with the enforcement of the security interests created under this Agreement; and 

  

	 	10.2.6	Reimbursement of Enforcement Expenses: the Pledgor must reimburse the Pledgee all expenses incurred by the Pledgee in a reasonable way in connection with the enforcement of
the security created by this Agreement, (including legal and court fees) whether or not those expenses are secured by the Registered Pledge under Article 314 of the Polish Civil Code. 

  

 C-54 

	10.3	Waiver of Preemption Right 

  

	    	The Pledgor hereby waives any right of preemption to any shares in the Company that it may have under the Articles of Association or the provisions of the CCC or otherwise.

  

	11.	ENFORCEMENT OF REGISTERED PLEDGE 

  

	11.1	Procedure and Methods 

  

	    	If an Event of Default occurs and the Secured Claim (or any part of the Secured Claim) is payable, the Pledgee may (at its discretion) deliver an Enforcement Notice to the Pledgor.
The Pledgee may enforce its rights under this Agreement 7 days after delivery of the Enforcement Notice or at any time thereafter by any of the following methods (at its discretion) in order to satisfy the Secured Claim: 

  

	 	11.1.1	Seizure: taking title to the Shares in accordance with Article 22 point 1 of the Registered Pledge Law (subject to obtaining all required regulatory consents or
notifications, if any), the value of the Shares for that purpose being [200]7 PLN for one Share (in words: [two
hundred zloty]); 

  

	 	11.1.2	Sale: selling the Shares by public tender conducted by a notary or a court bailiff in accordance with article 24 of the Registered Pledge Law, within 14 days of the
Pledgee’s application for the sale; or 

  

	 	11.1.3	Court Enforcement: instituting court enforcement proceedings in accordance with the provisions of the Civil Procedure Code. 

  

	11.2	Expenses of Sale 

  

	    	If, by virtue of Article 314 of the Polish Civil Code, any of expenses of selling the Shares are not secured by the Registered Pledge, the Pledgee is entitled to deduct these
expenses either from (i) Distributions or (ii) a surplus of the kind referred to in Clause 11.3 (Application of Funds). 

  

	11.3	Application of Funds 

  

	    	The value of the Shares set out in Clause 11.1.1 (Seizure) or the net proceeds of sale of the Shares, as the case may be, must be applied towards satisfaction of the Secured
Claim in the manner specified in the Indenture. If the value of the Shares or, as the case may be, the net proceeds of sale of the Shares exceed the amount of the Secured Claim, the surplus must be paid to the Pledgor within 14 Business Days of the
Pledgee receiving those net proceeds. 

  

	11.4	Settlement in Foreign Currency 

  

	    	For the purpose of Article 28 of the Registered Pledge Law, the Secured Claim of the Pledgee, which is a foreign bank, must be satisfied by the Pledgor in the relevant foreign
currency in which the respective portion of the Secured Claim is denominated on its due date. 

  

	7	Please insert a nominal value of pledged Shares. 

  

 C-55 

	12.	ENFORCEMENT OF FINANCIAL PLEDGE 

  

	    	The Pledgee shall have the right to enforce the Financial Pledge established under this Agreement immediately upon the occurrence of an Event of Default. If an Event of Default
occurs, the Pledgee may (at its discretion) deliver an Enforcement Notice to the Pledgor in its absolute discretion and without prejudice to the other Pledgee’s rights and enforcement methods available under the Specific Financial Collateral
Law, it can enforce the Financial Pledge by the seizure of title to the Shares by the Pledgee pursuant to article 10 of the Specific Financial Collateral Law, at the value per one share as set out in Clause 11.1.1 (Seizure), Clause 11.2
(Expenses of Sale) and Clause 11.3 (Application of Funds) apply to the enforcement of the Financial Pledge. 

  

	13.	POWER OF ATTORNEY FOR ENFORCEMENT 

  

	13.1	Grant of the Power of Attorney 

  

	    	The Pledgor, by way of security, hereby irrevocably appoints the Pledgee as its attorney (with full power of substitution) with effect from delivery of an Enforcement Notice for the
purpose of taking any action that the Pledgor is obliged to take under this Agreement or the Indenture. The Pledgor undertakes to ratify and confirm any action that the Pledgee or its substitutes take under the appointment in this Clause 13.1.

  

	13.2	Confirmation of the Power of Attorney 

  

	    	The Pledgor must produce and execute at the request of the Pledgee all documents necessary to evidence or confirm the grant of the power of attorney under Clause 13.1 (Grant of
Power of the Attorney) including, but not limited to, re-execution of that power of attorney in notarial form. 

  

	14.	SCOPE AND DURATION OF SECURITY 

  

	14.1	Scope of Security 

  

	    	Each of the security interests created hereunder is a continuing security and extends to the ultimate balance of the Secured Claim and remains in force notwithstanding any
intermediate payment or increase, amendment or novation of the Secured Claim or any transfer by the Pledgee of any of its rights and claims under the Indenture to any third party. 

  

	14.2	Limit on Liability of Pledgee 

  

	    	The Pledgee shall not be liable by reason of (i) taking any action permitted by this Agreement or failing to take any action permitted but not required under this Agreement or (ii)
the enforcement of any part of the security over the Shares, except in the case of wilful default upon its part. 

  

	14.3	Expiry of Security 

  

	    	Following the expiry of the Security Period, at the request and expense of the Pledgor, the Pledgee must without delay: 

  

	 	14.3.1	apply to remove the Registered Pledge from the Register; 

  

 C-56 

	 	14.3.2	if requested by the Pledgor, deliver to the Pledgor a written statement certifying that the Secured Claim has been discharged in full and this Agreement has expired; and

  

	 	14.3.3	produce any other document necessary to evidence the expiry of this Agreement in the form reasonably requested by the Pledgor. 

  

	14.4	Ineffective Performance 

  

	    	The Pledgee is not obliged to release the Shares from the security established by this Agreement if the satisfaction of the Secured Claim could reasonably be considered as
ineffective or invalid under the Polish Bankruptcy and Rehabilitation Law of 28th February, 2003 (as amended) or under the Polish Civil Code. 

  

	15.	FURTHER ASSURANCES 

  

	    	The Pledgor must (at its own expense) promptly sign any document and do any act that the Pledgee reasonably requests from time to time in order to perfect the security granted or
intended to be granted by this Agreement and to enable the Pledgee to obtain the full benefit of that security. 

  

	16.	COSTS AND EXPENSES 

  

	    	The Pledgor must, on the demand of the Pledgee, reimburse the Pledgee all costs and expenses in accordance with the provisions of the Indenture. 

  

	17.	NOTICES 

  

	17.1	Written Form Requirement and Addresses 

  

	    	All communications under or in connection with this Agreement must be in writing. The address and fax number (and the department or officer, if any, for whose attention the
communication is to be made) of each party to this Agreement to which any communication or document is to be delivered under or in connection with this Agreement are as follows: 

  

	 	17.1.1	in the case of the Pledgor: 

  

	 	    	CAREY AGRI INTERNATIONAL-POLAND SP. Z O.O. 

  

			
	Address:	  	ul. Bokserska 66 A
	 	  	02-690 Warszawa
	 	  	Poland
	Tel:	  	[    ]
	Fax:	  	[    ]
	Attention of:    	  	[    ]

  

	 	    	Or, in case of legal proceedings, in accordance with Clause 20.3 (Pledgor’s Polish Process Agent), Clause 20.4 (Change of Process Agent) and Clause 20.5 (Alternative Service of
Process) 

  

 C-57 

	 	17.1.2	in the case of the Pledgee: 

  

	 	    	ING Bank N.V., London Branch 

  

			
	Address:	  	60 London Wall
	 	  	London EC2M 5TQ
	 	  	United Kingdom
	Tel:	  	[    ]
	Fax:	  	[    ]
	Attention of:    	  	[    ]

  

	 	17.1.3	in the case of the Company: 

  

	 	    	Damianex S.A. 

  

			
	Address:	  	ul. Gleboka 34
	 	  	37-200 Przeworsk
	 	  	Poland
	Fax:	  	[    ]
	Attention of:    	  	[    ]

  

	    	or any substitute address, fax number or department or officer as such party may notify to the Pledgee or to the Pledgor with no less than five Business Days’ notice.

  

	17.2	Delivery Rules 

  

	    	Any communication or document made or delivered by one party to another in connection with this Agreement will only be effective (i) if by fax, when received in legible form; or
(ii) if by letter, when it is delivered to the address of the party and, in the case of a letter sent by post, five days after being deposited at a post office in a postage prepaid envelope addressed to the party. If a particular department or
officer is specified as part of a party’s address details, the communication must be addressed to that department or officer. 

  

	17.3	Language Requirements 

  

	    	Each communication and document delivered by one party to another in connection with this Agreement must be in English or Polish accompanied by an English translation certified as a
true and accurate translation by an officer of the party delivering it. 

  

	18.	ASSIGNMENT 

  

	    	The Pledgor is not entitled to assign or transfer any of its rights, benefits and obligations under this Agreement. 

  

	19.	GOVERNING LAW 

  

	    	The laws of Poland govern this Agreement. 

  

 C-58 

	20.	JURISDICTION 

  

	20.1	Polish Courts 

  

	    	The courts of Poland have jurisdiction to settle any dispute (“Dispute”) arising out of or in connection with this Agreement (including a dispute regarding the
existence, validity or termination of this Agreement). 

  

	20.2	Alternative Jurisdictions 

  

	    	This Clause 20.2 is for the benefit of the Pledgee only. Notwithstanding Clause 20.1 (Polish Courts), the Pledgee may to the extent allowed by law issue proceedings relating
to a Dispute (“Proceedings”) in any other court in any other jurisdiction. The Pledgee may not take concurrent Proceedings in more than one jurisdiction. 

  

	20.3	[Pledgor’s Polish Process Agent 

  

	    	The Pledgor agrees that the documents which start any Proceedings and any other documents required to be served in relation to any Proceedings may be served on it, at the discretion
of the Pledgee, either at the address mentioned in Clause 17.1.1 or care of 

  

	
	 [    ] (“Process Agent”)

	
	                 Address:        [    ]

	
	 Fax:        [    ]

  

	20.4	Change of Process Agent 

  

	    	If the appointment of the Process Agent ceases to be effective, the Pledgor must immediately appoint another person in Poland to accept service of process on its behalf in Poland.
If the Pledgor fails to do so (and the failure continues for 10 Business Days or more), the Pledgee may exercise the power of attorney granted in Clause 13 (Power of Attorney for Enforcement) and appoint another suitable person on behalf of
the Pledgor. 

  

	20.5	Alternative Service of Process 

  

	    	Nothing in this Clause 20 restricts the right to serve process in any other manner allowed by law. This Clause 20.5 applies to Proceedings in Poland and to Proceedings
elsewhere.]8. 

  

	21.	SUSPENSION OF SUBROGATION 

  

	    	The Pledgor will not use its right of subrogation that might arise if the Pledgee enforces its security under this Agreement until the full and unconditional repayment of the
Secured Claim. The Pledgor must immediately pay or transfer to the Pledgee any payment or distribution it receives by virtue of any subrogation, unless the Secured Claim is unconditionally repaid in full. 

  

	8	To be deleted if Carey Agri and not CEDC is a pledgor. 

  

 C-59 

	22.	LANGUAGE, AMENDMENTS AND COUNTERPARTS 

  

	22.1	Language of this Agreement 

  
 This Agreement is executed in English language and Polish language versions. Both language versions may be used for interpretation but, if there is any
discrepancy between the English and Polish versions, the Polish language version is binding. 
  

	22.2	Amendments 

  
 All amendments to this Agreement are null and void unless approved by the parties in writing with a date certified by the notary. 
  

	22.3	Counterparts 

  
 This Agreement is executed in 4 counterparts in Polish and 2 counterparts in English, one of each language version for each party, one Polish version for
registration of the Registered Pledge in the Register and one Polish version to be sent to the Company with a notice substantially in the form of Schedule 1. 
  
 SIGNATURES 
  

			
	The Pledgor:	 	 
		
	By:	 	[    ]
		
	Name:	 	[    ]
		
	Title:	 	[    ]
		
	The Pledgee:	 	 
		
	By:	 	[    ]
		
	Name:	 	[    ]
		
	Title:	 	[    ]

  

 C-60 

 SCHEDULE 1 
  
 NOTICE TO THE COMPANY OF THE ESTABLISHMENT OF A FINANCIAL PLEDGE AND 
 INTENTION TO ESTABLISH A REGISTERED PLEDGE AND ASSIGNMENT OF RIGHTS TO 
 DISTRIBUTIONS 
  

			
	To:	  	[    ] “Company”
		
	From:	  	[    ] “Pledgor”
		
	Copy to:	  	[    ] “Pledgee”
		
	Date:	  	[    ]
		
	Subject:	  	Establishment of a financial pledge and, subject to registration, establishment of a registered pledge over shares of the Company under an agreement between the Pledgee and the Pledgor dated
[ ] (“Agreement”).
		
	Attachment:	  	We attach a signed copy of the Agreement. (Expressions defined in the Agreement have the same meaning when used in this notice).

  
 Dear Sirs, 
  
 Pursuant to Article 341 § 2 of the CCC, we hereby give you notice that, under the
Agreement, we have pledged the Shares by way of a Financial Pledge and, subject to registration, a Registered Pledge. Upon registration in the Register, the Registered Pledge over the Shares will be perfected. 
  
 We hereby instruct you to: 
  

	1.	disclose the establishment of the Financial Pledge and the Pledgee as beneficiary of the Financial Pledge in your share register pursuant to Article 341 § 2 of the Commercial
Companies Code; 

  

	2.	following receipt of notice from us of registration of the Registered Pledge, to disclose the establishment of the Registered Pledge in your share register pursuant to Article 341
§ 2 of the Commercial Companies Code; and 

  

	3.	make an entry in the share register stating that the Pledgee is authorised to exercise the Voting Rights if an Event of Default has occurred and upon the Pledgee notifying you of
its intention to exercise those voting rights. 

  
 We also inform
you that: 
  

	(1)	we have granted an irrevocable power of attorney to the Pledgee (“Voting Rights Power of Attorney”) to exercise all rights that we have as a shareholder in your
company, including the Voting Rights. The Pledgee is authorised to use the Voting Rights Power of Attorney if an Event of Default occurs and upon delivery to you of a notice to that effect; and 

  

	(2)	we have assigned all our rights to all future dividends and other future distributions (including, but not limited to, the proceeds of redemptions or liquidation) in respect of

  

 C-61 

 
the Shares (“Distributions”) for the financial year ended 2005 and for each financial year until and including 2014. But we remain entitled
to receive all Distributions, unless the Pledgee delivers an Enforcement Notice to you. 
  
 This notice is governed by Polish law. 
  
 For and on behalf of

  
 [    ] 
  

 C-62 

 SCHEDULE 2 
  
 NOTICE TO THE COMPANY OF THE ESTABLISHMENT OF A REGISTERED PLEDGE 
  

			
	To:	 	[    ] “Company”
		
	From:	 	[    ] “Pledgor”
		
	Copy to:	 	[    ] “Pledgee”
		
	Date:	 	[    ]
		
	Subject:	 	Establishment of a registered pledge over shares under an agreement between the Pledgee and the Pledgor dated [    ] (“Agreement”), a copy of which was
delivered to you on or about []. (Expressions defined in the Agreement have the same meaning when used in this notice).
		
	Attachment:	 	Decision of the court dated [    ] to enter the Registered Pledge in the Register

  
 Dear Sirs, 
  
 Pursuant to Article 341 § 2 of the Commercial Companies Code, we hereby give you notice
that, under the Agreement, we have pledged the Shares by way of a Registered Pledge. The Registered Pledge has been registered in the Register by decision of the court dated [    ], a copy of which is attached. 
  
 We hereby instruct you to disclose the establishment of the Registered Pledge and the Pledgee
as beneficiary of the Registered Pledge in your share register pursuant to Article 341 § 2 of the Commercial Companies Code. Further, we instruct you to delete the Financial Pledge from your share register. 
  
 This notice is governed by Polish law. 
  
 For and on behalf of 
  
 [    ] 
  

 C-63 

 SCHEDULE 3 
  
 ENFORCEMENT NOTICE 
  
 /to be executed on the Pledgee’s paper/ 
  

			
	To:	  	[    ] “Pledgor”
		
	And to:	  	[    ] “Company”
		
	From:	  	[    ] “Pledgee”
		
	Copy to:	  	[    ] “Depositary”
		
	Date:	  	[    ]
		
	Subject:	  	Enforcement of the rights of the Pledgee under an agreement between the Pledgee and the Pledgor dated [] (“Agreement”). (Expressions defined in the Agreement have the same
meaning when used in this notice).

  
 Dear Sirs, 
  
 In accordance with Clause 5 (Distributions) and Clause 11 (Enforcement of
Registered Pledge)/Clause 12 (Enforcement of Financial Pledge) of the Agreement, we give you notice that an Event of Default has occurred and we intend to enforce our rights under the Agreement [7 days after delivery of this notice to you
/ immediately]. As from the date of this notice, all Distributions are payable to us. 
  
 This notice is governed by Polish law. 
  
 For and on behalf of

  
 [    ] 
  
 [    ] 
  

 C-64 

 SCHEDULE 4 
  
 FORM OF POWER OF ATTORNEY FOR NEW PLEDGES 
  
 POWER OF ATTORNEY 
  
 THIS POWER OF ATTORNEY is granted on [    ] by CAREY AGRI INTERNATIONAL-POLAND SP. Z O.O. with its seat at ul. Bokserska 66 A, 02-690 Warszawa,
Poland incorporated under laws of Poland and recorded under number 0000051098 in the National Court Register, maintained by the District Court for the city of Warsaw, XX Commercial Division of the National Court Register, REGON 002160096,
(“Pledgor”), a shareholder of Damianex S.A. with its seat at ul. Gleboka 34, 37-200 Przeworsk, Poland, recorded under number 0000108201 in the National Court Register, maintained by the District Court in Rzeszów, XII
Commercial Division of the National Court Register, REGON 690651378, (“Company”) to ING Bank N.V., London, a banking corporation (naamloze vennootschap) duly incorporated under the laws of The Netherlands, with
registered address at Amstelveenseweg 500, 1081 KL, Amsterdam, The Netherlands, registration no. 33031431, acting through its London Branch, with office address at 60 London Wall, London EC2M 5TQ, United Kingdom and registered in the United Kingdom
under number FC010062 (“Pledgee”). 
  
 This Power of Attorney is
granted pursuant to Clause 8 of an agreement between the Pledgor and the Pledgee dated [    ] (“Agreement”). Expressions defined in the Agreement have same meaning when used in this power of attorney. 

 

	4.	The Pledgor hereby grants to the Pledgee this irrevocable power of attorney with full power of substitution to establish, in favour of the Pledgee, a New Registered Pledge and a New
Financial Pledge and a new assignment of Distributions relating to the New Shares or the Transferred Shares. The Pledgee is authorised to use this Power of Attorney only if the Pledgor fails to perform its obligations under Clause 8 of the
Agreement. 

  

	5.	The Pledgee may appoint qualified attorneys to institute and conduct registration proceedings on behalf of Pledgor on the basis of this power of attorney. 

 

	6.	The Pledgee shall be irrevocably authorized to enter with itself, on behalf of the Pledgor, into an agreement creating security interests referred to in Section 1 above, on
substantially the same terms and conditions as provided in the Agreement. 

  

	7.	The Pledgor renounces its right to revoke this power of attorney without the written consent of the Pledgee. The Pledgor declares that its renunciation of the right of revocation is
justified by the nature of the legal relationship created by Agreement, on which this power of attorney is based. 

  

	8.	This Power of Attorney expires upon expiry of the Security Period. 

  

	9.	This power of attorney is governed by Polish law. 

  

	10.	This power of attorney is executed in Polish and in English. If there is any discrepancy between the language versions, the English version shall prevail. 

 

			
	Signed by:	 	  

  
 /signatures with date
certified by a Notary/ 
  

 C-65 

 SCHEDULE 5 
  
 FORM OF VOTING RIGHTS POWER OF ATTORNEY 
  
 POWER OF ATTORNEY 
  
 THIS POWER OF ATTORNEY is granted on [    ] by CAREY AGRI INTERNATIONAL-POLAND SP. Z O.O. with its seat at ul. Bokserska 66 A, 02-690 Warszawa,
Poland incorporated under laws of Poland and recorded under number 0000051098 in the National Court Register, maintained by the District Court for the city of Warsaw, XX Commercial Division of the National Court Register, REGON
002160096, (“Pledgor”), a shareholder of Damianex S.A. with its seat at ul. Gleboka 34, 37-200 Przeworsk, Poland, recorded under number 0000108201 in the National Court Register, maintained by the District Court in Rzeszów,
XII Commercial Division of the National Court Register, REGON 690651378, (“Company”) to ING BANK N.V. LONDON BRANCH, a banking corporation (naamloze vennootschap) duly incorporated under the laws of The
Netherlands, with registered address at Amstelveenseweg 500, 1081 KL, Amsterdam, The Netherlands, registration no. 33031431, acting through its London Branch, with office address at 60 London Wall, London EC2M 5TQ, United Kingdom and registered in
the United Kingdom under number FC010062 (“Pledgee”). 
  
 This
power of attorney is granted pursuant to an agreement for a registered pledge over shares of the Company between the Pledgor and the Pledgee dated [    ] (“Agreement”). 
  

	1.	The Pledgor hereby grants to the Pledgee this irrevocable power of attorney with full power of substitution to exercise (personally or by proxy, at a meeting of Shareholders or
otherwise) at any time after the occurrence of an Event of Default (as defined in the Agreement) and delivery of a notice to the Pledgor and the Company substantially in the form of Schedule 6 of the Agreement, or abstain from exercising, the voting
rights and any other corporate rights under Polish law or under the Articles of Association of the Company attached to all or any of the shares in the capital of the Company held by the Pledgor and subject to the security created by the Agreement as
the Pledgee thinks fit, whether at a meeting of the shareholders of the Company or otherwise. In particular, but without limitation, the Pledgee has the following rights: 

  

	1.1	the right to demand that the management board of the Company convenes an extraordinary or ordinary general meeting of shareholders of the Company; and 

  

	1.2	the right to give any consent or authorisation that is required under Polish law from the Pledgor as a shareholder of the Company. 

  

	2.	The Pledgee shall not exercise these rights otherwise than within the scope necessary to protect, secure or endorse the Secured Claim (as defined in the Agreement).

  

	3.	The Pledgor renounces its right to revoke this power of attorney without the written consent of the Pledgee. The Pledgor declares that its renunciation of the right of revocation is
justified by the nature of the legal relationship created by the Agreement, on which this power of attorney is based. 

  

	4.	This Power of Attorney expires upon expiry of the Security Period. 

  

	5.	This power of attorney is governed by Polish law. 

  

 C-66 

	6.	This power of attorney is executed in Polish and in English. If there is any discrepancy between the language versions, the English version shall prevail. 

 

			
	Signed by:	 	  

  
 /signatures with
date certified by Notary/ 
  

 C-67 

 SCHEDULE 6 
  
 NOTICE TO THE COMPANY OF THE EXERCISE OF VOTING RIGHTS 
  

			
	To:	  	[    ] “Company”
		
	From:	  	[    ] “Pledgee”
		
	Copy to:	  	[    ] “Pledgor” and
		
	 	  	[    ] “Depositary”
		
	Date:	  	[    ]
		
	Subject:	  	Exercise of Voting Rights under an agreement between the Pledgee and the Pledgor dated [ ] (“Agreement”), a copy of which was delivered to you on or about []. Expressions
defined in the Agreement have the same meaning when used in this notice.

  
 Dear Sirs, 
  
 We hereby give you notice that an Event of Default has occurred and from the date of this
notice we intend to exercise the Voting Rights. 
  
 This notice is governed by
Polish law. 
  
 For and on behalf of: 
  
 [    ] 
  

 C-68 

 SCHEDULE 7 
  
 NOTIFICATION TO THE DEPOSITARY 
  

					
	From:	 	(1) 	 	CAREY AGRI INTERNATIONAL - POLAND SP. Z O.O. with its seat at ul. Bokserska 66 A, 02-690 Warszawa, Poland, incorporated under the laws of Poland and recorded under number 0000051098 in
the National Court Register kept by the District Court for the City of Warsaw, XX Commercial Division of the National Court Register, REGON 002160096, “Pledgor”
			
	 	 	(2)	 	ING Bank N.V., London, a banking corporation (naamloze vennootschap) duly incorporated under the laws of The Netherlands, with its registered address at Amstelveenseweg 500,
1081 KL, Amsterdam, The Netherlands, registration no. 33031431, acting through its London Branch, with its office address at 60 London Wall, London EC2M 5TQ, United Kingdom and registered in the United Kingdom under number FC010062,
“Pledgee”
		
	To:	 	[ING Bank Slaski S.A.] with its seat at ul. [Sokolska 34], [40-086] Katowice, Poland, recorded under number [    ] in the National Court Register kept by the
District Court in Katowice, [    ] Commercial Division of the National Court Register, REGON [    ] “Depositary”
		
	Copy to:	 	Damianex S.A. with its seat at ul. Gleboka 34, 37-200 Przeworsk, Poland, recorded under number 0000108201 in the National Court Register, maintained by the District Court in
Rzeszów, XII Commercial Division of the National Court Register, REGON 690651378 “Company”
		
	Date:	 	[    ]
		
	Subject:	 	Notification to the Depositary concerning a deposit of shares of the Company pledged for the benefit of the Pledgee pursuant to a registered pledge agreement between the Pledgor and
the Pledgee dated [    ] (“Agreement”).

  
 Dear Sirs, 
  
 Pursuant to Clause 3 of the Agreement, we hereby deliver to you [50,809] (in words: fifty
thousand eight hundred nine) shares of the Company each with a nominal value of 200 (in words: two hundred) PLN (“Shares”). 
  
 We irrevocably authorise you to keep the Shares in a deposit during the Security Period for the benefit of the Pledgee (“Deposit”). The Deposit may be
lifted only with a prior written consent of the Pledgee. 
  

 C-69 

 You will be authorised to issue a deposit certificate for the Shares to the Pledgor unless you receive from the Pledgee a
copy of the notice to the Company of the exercise of voting rights substantially in the form provided in Schedule 6 of the Agreement. Upon receipt of such notice, you will be authorised to issue a deposit certificate for the Shares to the Pledgee.

  
 Upon receipt of a copy of an enforcement notice substantially in the form
provided in Schedule 3 to the Agreement, you will be authorised to deliver the Shares to the Pledgee. 
  
 Further, we instruct you to provide written statements to the Pledgee at the address given in clause [17.1.2] of the Agreement about any movements of Shares in the Deposit including issuance of any depositary
receipts, [no later than [2] Business Days after a relevant movement takes place]/[on a monthly basis].[TO BE CONFIRMED BY THE PLEDGEE] 
  
 All costs and fees of the Depositary in connection with this Deposit shall be borne by the Pledgor. 
  
 Expressions defined in the Agreement have same meaning when used in this notification to the Depositary. 
  
 This notice is governed by Polish law. 
  

	
	For and on behalf of
	
	  

	
	CAREY AGRI INTERNATIONAL - POLAND SP. Z O.O.
	
	For and on behalf of
	
	

	ING Bank N.V.

  
 Enclosures 
  
 A copy of the Agreement 
  

 C-70

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00088-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00088-of-00352.parquet"}]]