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EXECUTIVE EMPLOYMENT AGREEMENT
This Executive Employment Agreement (the "Agreement") is made as of the 1st day of  January, 2022 by and between Troika Media Group, Inc. (the "Company"), Thomas Marianacci, an individual having an address at 176 Succabone Road, Bedford Hills, New York 10507 ("Executive").  Each of the Company and Executive shall individually be referred to as a “Party” and collectively as the “Parties.”
1.Duties and Scope of Employment.
(a)Positions; Duties.  During the Employment Term (as defined in Section 2), the Company shall employ Executive as the Chief Executive Officer of the Company’s subsidiaries known as Converge Direct, LLC, Converge Direct Interactive, LLC, Converge Marketing Services, LLC and Lacuna Ventures, LLC (collectively, “Converge”).  Executive shall report to the Chief Executive Officer and Board of Directors of the Company.  The Executive shall have and perform such duties as are consistent with the Executive’s experience, expertise and position as shall be assigned to the Executive from time to time and such other duties as may be assigned to Executive by the Chief Executive Officer or the Board of Directors that are consistent with Executive’s position as Chief Executive Officer of Converge.
(b)Obligations.  During the Employment Term, Executive shall devote substantially all of Executive’s business efforts and time to the Company.  Except as set forth in this Agreement, Executive agrees, during the Employment Term, not to actively engage in any other employment, occupation or consulting activity for any direct or indirect remuneration or benefit whatsoever or howsoever without the prior approval of the Chief Executive Officer or the Board of Directors of the Company (the “Board”), provided, however, that Executive may (i) serve in any capacity with any professional, community, industry, civic, educational or charitable organization, (ii) serve as a member of corporate boards of directors or as an advisor to companies that the Executive currently serves  and, with the consent of the Board (which consent shall not be unreasonably withheld or delayed), other corporate boards of directors, and (iii) manage Executive’s and Executive’s family's personal investments and legal affairs; provided, however, that in each instance, such activities do not materially interfere with the discharge of Executive's duties.
2.Employment Term.  The Company hereby agrees to employ Executive and Executive hereby accepts such employment in accordance with the terms and conditions set forth herein, for the period commencing on the date hereof (the "Employment Commencement Date") and continuing until the third (3rd) anniversary thereof (the “Initial Term”).  Thereafter the Term of Executive’s employment hereunder will be automatically extended for additional periods of one (1) year (each a “Subsequent Term”) unless either Executive or the Company has given written notice to the other that such automatic extension will not occur (a “Non-Renewal Notice”), which notice is given not less than ninety (90) days prior to the relevant anniversary of the Commencement Date. The Initial Term and all Subsequent Terms are referred to herein collectively as the “Term.”
3.Compensation/Benefits.  During the Employment Term, the Company shall pay and provide to Executive the following:
(c)Cash Compensation.  As compensation for Executive’s services to the Company, Executive shall receive a base salary and shall be eligible to receive additional variable compensation.  During the Employment Term, the Board or its Compensation Committee (the "Compensation Committee") shall review Executive's Base Salary (as defined below) and Bonus provisions (as described below) then in effect at least annually and may 

increase (but not decrease) such Base Salary and/or Bonus as the Compensation Committee may approve.  The Base Salary shall be payable in accordance with the Company's normal payroll practices in effect from time to time, but in no event less frequently than bi-monthly and, in the case of each Bonus, as soon as practical during the year following the year with respect to which such Bonus is payable, but in no event later than March 15th of such following year.  No increase in Base Salary shall be used to offset or otherwise reduce any obligations of the Company to Executive hereunder or otherwise.
(i)Annual Base Salary.  As of the Employment Commencement Date, Executive's annual Base Salary shall be THREE HUNDRED FIFTY THOUSAND DOLLARS ($350,000.00) USD ("Base Salary"). 
(ii)Annual Bonus. Executive shall receive an annual bonus as described in Exhibit B. 
(iii)Discretionary Bonus.  In addition to the Annual Base Salary and Annual Bonuses, Executive shall also be eligible to earn annual variable compensation, the amount of which be set by the Company’s Compensation Committee. The Discretionary Bonus for any calendar year shall be awarded at the sole and absolute discretion of the Compensation Committee based upon Converge's achievement of stated financial and strategic goals, as established by the Compensation Committee.  Any such Discretionary Bonus may be made to Executive by means of cash, stock options or as otherwise determined by the Compensation Committee.
(iv)Currency.  All payments and amounts hereunder shall be in United States Dollars. 
(d)Equity Compensation.
Stock Ownership.  The Company shall grant Executive “Restricted Stock Units” for 1,000,000 shares of restricted common stock of the Company (the “Stock Units”).  As is more fully set forth in the Employee, Director and Consultant Equity Incentive Plan, and with the Executive’s execution of applicable subscription documents, one third of such Stock Units shall vest on the first anniversary of this Agreement and the remaining two thirds of such Stock Units shall vest in two equal installments of the second and third anniversary of the date of this Agreement.  If Executive’s employment hereunder is terminated by the Company without Cause, Executive resigns with Good Reason, or as a result of Executive’s Disability or death, then in addition to any other benefits to which Executive is entitled pursuant to this Agreement, the Stock Units shall accelerate, and be fully vested and immediately exercisable.  The Stock Units granted hereunder are separate and apart from any other grants provided to Executive.  
Ongoing Awards.  Executive shall be eligible to participate fully in annual stock option grants, and any other long-term equity incentive program at levels commensurate with Executive’s position and as determined by the Compensation Committee.
(e)Employee Benefits.  Executive shall, to the extent eligible, be entitled to participate at a level commensurate with Executive’s position in all employee benefits, welfare and retirement plans and programs, as well as equity plans, provided by the Company to its senior executives in accordance with the terms thereof as in effect from time to time.  Notwithstanding the foregoing, at all times, the Company reserves the right to amend, modify, or terminate any such plan or program.
(f)Perquisites.  The Company shall provide to Executive, at the Company's cost, all perquisites, including health insurance pursuant to the terms of the Company’s health 
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insurance plans which may change from time to time. The Company shall pay for the costs of the Company sponsored health insurance plan chosen (including a “family plan”) by the Executive. Notwithstanding the foregoing, at all times, the Company reserves the right to amend, modify, or terminate any such perquisites. For avoidance of doubt, Executive’s current medical, dental and other insurances shall be maintained or provided for at similar levels previously received by Executive.
(g)Business and Entertainment Expenses.  Upon submission of appropriate documentation by Executive in accordance with the Company's policies in effect from time to time, the Company shall pay or reimburse Executive for all business expenses that Executive incurs in performing Executive’s duties under this Agreement, including, but not limited to, travel (excluding gas mileage), entertainment, and professional dues and subscriptions, in accordance with the Company's policies in effect from time to time.  The Company shall not be obligated to reimburse Executive for taxes incurred for any reason. 
(h)Vacation, Holidays and Sick Leave.  Executive shall be entitled to vacations of no less than six (6) weeks per calendar year.  Executive shall also be entitled to absences because of illness or other incapacity, and such other absences, whether for holiday, personal time, or for any other purpose, as set forth in the Company’s employment manual or current procedures and policies, as the case may be, as the same may be amended from time to time.
(i)Expenses. Subject to and accordance with the Company’s policies and procedures and in accordance with the Company’s expense policy, as it may be amended from time to time, the Company shall reimburse Executive for the cost associated with cellular telephone and internet access associated with business uses upon appropriate submission and documentation of such expenses.  
(j)Car Allowance.  Executive shall be provided a Car Allowance at the monthly rate of One Thousand Dollars ($1,000.00), payable in accordance with the Company’s standard payment practices. The Car Allowance shall be used at Executive's discretion toward the purchase/lease payment of a vehicle of Executive's choice.
(k)Life Insurance.  The Company shall provide to Executive the amount of up to eight thousand two hundred eighty five dollars ($8,285) each year to reimburse Executive for payments made by Executive for insurance policies on his life.  
4.Termination of Employment.
(l)Death or Disability.  The Company may terminate Executive's employment for disability in the event Executive has been unable to perform Executive’s material duties hereunder for six (6) consecutive months because of physical or mental incapacity by giving Executive notice of such termination while such continuing incapacity continues (a "Disability Termination").  Executive's employment shall automatically terminate on Executive's death.  In the event Executive's employment with the Company terminates during the Employment Term by reason of Executive's death or a Disability Termination, then upon the date of such termination:
(v)any Options or Shares that would have vested solely due to the passage of time during the twenty-four (24) month period beginning on the date of Executive's death or Disability Termination shall immediately vest;
(vi)the Company shall, within fourteen (14) days of the date Executive's employment is terminated, pay and provide Executive (or in the event of 
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Executive's death, Executive's estate) (A) any unpaid Base Salary through the date of termination and any accrued vacation, (B) reimbursement for any unreimbursed expenses incurred through the date of termination, and (C) all other payments, benefits or fringe benefits to which Executive may be entitled subject to and in accordance with, the terms of any applicable compensation arrangement or benefit, equity or fringe benefit plan or program or grant and amounts that may become due under Sections 3  and 4 hereof (collectively, items under this clause (ii) are referred to as "Accrued Benefits"); and
(vii)the Company shall pay to Executive (or in the event of Executive's death, Executive's estate) at the time other senior executives are paid under any cash bonus or long-term incentive plan, but in no event later than March 15th of the year following the year in which Executive's employment is terminated, a pro-rata bonus equal to the amount Executive would have received if Executive's employment had continued (without any discretionary cutback) multiplied by a fraction where the numerator is the number of days in each respective bonus period prior to Executive's termination and the denominator is the number of days in the bonus period (the "Prorated Bonus"); provided, however, that at the time of death or Disability Termination, Executive is on pace to achieve the performance milestones necessary to be eligible for such bonus.
(viii)the Executive will continue to participate in the performance bonus plan, in accordance with the terms of the plan until such plan has expired.
(ix)Upon completion of the appropriate COBRA forms, and subject to all the requirements of COBRA, the Executive may continue Executive’s (and that of his family’s) participation in the Company’s health insurance plan through eighteen (18) months following the effective date of such termination, at Company’s cost (except for Executive’s portion of the premium,, if any, which shall be deducted from the payments to which the Executive is otherwise entitled), to the same extent that such insurance is provided to persons currently employed by Company.
(m)Termination for Cause.  The Company may terminate Executive's employment for Cause (as defined below).  In the event that Executive's employment with the Company is terminated during the Employment Term by the Company for Cause, Executive shall not be entitled to any additional payments or benefits hereunder, other than Accrued Benefits (including, but not limited to, any then vested Option Shares and other equity awards), to be paid or provided within thirty (30) days of the date Executive's employment is terminated.  
(i)For the purposes of this Agreement, "Cause" shall mean:
(A)material breach of any provision of this Agreement by Executive, which has not been remedied within 30 days notice of such breach.
(B)the willful failure by Executive to perform Executive’s duties with the Company (other than any such failure resulting from Executive’s incapacity due to physical or mental impairment), unless any such failure is corrected within thirty (30) days following written notice by the Board that specifically identifies the manner in which the Board believes Executive has not materially performed Executive’s duties; provided, however, that no act, or failure to act, by Executive shall be "willful" unless committed without good faith and without a reasonable belief by the Executive that the act or omission was in the best interest of the Company; or 
(C)an act of gross misconduct by Executive with regard to the Company that is materially injurious to the Company and is committed without good faith and 
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without a reasonable belief by the Executive that the act or omission was in the best interest of the Company.
(a)Resignation for Good Reason.  The Executive may resign his employment for Good Reason. For the purpose of this Agreement, Good Reason means any one or more of:
(i)The Company failing to pay timely the compensation to which the Executive is entitled, after notice and five (5) days to cure;
(ii)Relocating the Executive’s primary office to which he is to report more than thirty (30) miles from 2 Depot Plaza, Bedford Hills, New York 10507;
(iii)Substantial reduction in Executive’s position or responsibilities, after notice and thirty (30) days to cure. 
(a)Termination by the Company Other Than for Cause or by the Executive for Good Reason.  Any payments to be made or benefits to be provided under this Section 4(d) are conditioned on (x) Executive's execution of a general release and/or termination agreement satisfactory to the Company, and (y) such general release and/or termination agreement becoming effective.
(iv)If Executive's employment with the Company is terminated by the Company other than for Cause or if the Executive terminates his employment for Good Reason, then the Company shall pay or provide Executive with the following as of the date of termination:
(A)any Accrued Benefits, to be paid or provided on the date Executive's employment is terminated;
(B)the Prorated Bonus; provided, however, that at the time of the termination of Executive's employment, Executive is on pace to achieve the performance milestones necessary to be eligible for such bonus, and provided further that such Prorated Bonus is paid no later than March 15 of the year following the year in which Executive's employment is terminated;
(C)a severance amount equal to twelve (12) months of the Executive's then-current annual Base Salary, or, if longer, until the end of the then Term, payable in equal monthly installments commencing on the date Executive's employment is terminated and continuing on the same day each subsequent month until paid in full, except that at any time Executive, in Executive’s sole discretion may inform the Company that Executive wishes to forego severance payments not yet received and due more than six (6) months after the date of termination;
(D)the right to participate in the Performance Bonus plan until such plan expires;
(E)all shares of unvested stock options shall immediately become vested;
(F)all shares of unvested stock grants shall immediately become vested;
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(G)upon completion of the appropriate COBRA forms and subject to all requirements of COBRA, the right to continue Executive’s participation in the Company's health benefit plans, to the extent that he is then a participant therein, for a period of eighteen (18) months starting with the first calendar month after such date of termination.  The Company shall pay the full premium for COBRA continuation coverage under its health plans for Executive (and, if applicable, Executive’s dependents enrolled as participants in such health plans as of the date of termination) for such eighteen-month period.  In the event Executive obtains other employment during the eighteen-month period in this clause (G), pursuant to which he becomes covered for substantially similar or improved benefits, the right to continue to participate in any health benefit plan, at the Company's expense, offered or provided by the Company shall immediately cease; and 
(H)reasonable outplacement services at a level commensurate with Executive's position, including use of an executive office, for a period of ninety (90) days commencing on Executive's date of termination but in no event extending beyond the date on which Executive commences other full time employment.
Payments pursuant to this Section 4(d) are expressly conditioned on the Executive executing a Separation Agreement in the form annexed hereto as Exhibit C.  
(n)Termination by Executive other than for Good Reason.  Executive may terminate Executive’s employment at any time by written notice to the Company.  In the event that during the Employment Term Executive terminates Executive’s employment with the Company other than for Good Reason, Executive shall not be entitled to any additional payments or benefits hereunder, other than Accrued Benefits (including, but not limited to, any then-vested Option Shares and other equity awards), to be paid or provided within thirty (30) days of the date Executive's employment is terminated.
(o)No Mitigation/No Offset.  Executive shall not be required to seek other employment or otherwise mitigate the value of any severance benefits contemplated by this Agreement, nor shall any such benefits be reduced by any earnings or benefits that Executive may receive from any other source, except as provided in Sections 4(d)(i)(G).  The amounts payable hereunder shall not be subject to setoff, counterclaim, recoupment, defense or other right that the Company may have against Executive or others.
5.Change of Control Vesting Acceleration.  
(p)In the event of a Change of Control (as defined below), one hundred percent (100%) of Executive's then-unvested Options or Shares shall immediately vest, all Performance Bonuses (both current and future) shall be immediately due and payable, regardless of whether any milestone has been achieved, and if, after a Change of Control, Executive terminates Executive’s employment with the Company, he shall be entitled to receive all severance benefits set forth in Section 4(d).   
(q)For the purposes of this Agreement, "Change of Control" is defined as the occurrence of any of the following after the Employment Commencement Date:
(i)any "person" (as defined in Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) excluding for this purpose, (i) the Company or any subsidiary of the Company, or (ii) any employee benefit plan of the Company or any subsidiary of the Company, or any person or entity organized, appointed or established by the Company for or pursuant to the terms of any plan which acquires beneficial ownership of voting securities of the Company, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), 
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directly or indirectly of securities of the Company representing more than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities; provided, however, that no Change of Control will be deemed to have occurred as a result of a change in ownership percentage resulting solely from an acquisition of securities by the Company, the grant or exercise of any stock option, stock award, stock purchase right or similar equity incentive, or the continued beneficial ownership by any party of voting securities of the Company which such party beneficially owned as of the Employment Commencement Date; or
(ii)persons, who, as of the Employment Commencement Date constitute the Board (the "Incumbent Directors") cease for any reason, including without limitation, as a result of a tender offer, proxy contest, merger or similar transaction, to constitute at least a majority thereof, provided, however, that any person becoming a director of the Company subsequent to the Employment Commencement Date shall be considered an Incumbent Director if such person’s election or nomination for election was approved by a vote of at least fifty percent (50%) of the Incumbent Directors; and provided further, that any such person whose initial assumption of office is in connection with an actual or threatened election contest relating to the members of the Board or other actual or threatened solicitation of proxies or consents by or on behalf of a "person" (as defined in Section 13(d) and 14(d) of the Exchange Act) other than the Board, including by reason of agreement intended to avoid or settle any such actual or threatened contest or solicitation, shall not be considered an Incumbent Director; or
(iii)consummation of a reorganization, merger or consolidation or sale or other disposition of at least 80% of the assets (other than cash and cash equivalents) of the Company (a "Business Combination"), in each case, unless, following such Business Combination, all or substantially all of the individuals and entities who were the beneficial owners of outstanding voting securities of the Company immediately prior to such Business Combination beneficially own, directly or indirectly, more than fifty percent (50%) of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the Company resulting from such Business Combination (including, without limitation, a company which, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the outstanding voting securities of the Company; or
(iv)approval by the stockholders of the Company of a complete liquidation or dissolution of the Company.
6.Golden Parachute Payments.
(b)Executive shall bear all expense of, and be solely responsible for, all federal, state, local or foreign taxes due with respect to any benefit received pursuant to this Agreement, including, without limitation, any excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code"); provided, however, that any benefit received or to be received by Executive in connection with a Change of Control ("Contract Benefits") or any other plan, arrangement or agreement with the Company or an affiliate (collectively with the Contract Benefits, the "Total Benefits") that would constitute a "parachute payment" within the meaning of Section 280G of the Code, shall be reduced to the extent necessary so that no portion thereof shall be subject to the excise tax imposed by Section 4999 of the Code, but only if, by reason of such reduction, the net after-tax benefit received by Executive as a result of such reduction shall exceed the net after-tax benefit received by Executive if no such reduction was made.  For purposes of this Section 6, "net after-tax benefit" shall mean the Total Benefits that 
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Executive receives or is then entitled to receive from the Company that would constitute a "parachute payment" within the meaning of Section 280G of the Code, less (i) the amount of all federal, state and local income and employment taxes payable by Executive with respect to such "parachute payment," calculated at the highest marginal income tax rate for each year in which the foregoing shall be paid to Executive (based on the rates set forth in the Code as in effect at the time of the first receipt of the foregoing benefits), and (ii) the amount of excise taxes imposed with respect to such "parachute payment" by Section 4999 of the Code.
(c)The accounting firm engaged by the Company (or its successor) for general tax purposes shall perform any adjustment pursuant to subsection (a) of this Section 6.  The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder.  The accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting documentation, to Executive and to the Company within fifteen (15) calendar days of being engaged to perform such determination and adjustment, or at such other time as requested by the Company.  Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon you and the Company.
7.Section 409A Compliance.  
(b)To the extent that any amount payable under this Agreement constitutes an amount payable under a "nonqualified deferred compensation plan" (as defined in Section 409A of the Code ("Section 409A")) following a "separation from service" (as defined in Section 409A), including any amount payable under Section 4, then, notwithstanding any other provision in this Agreement to the contrary, such payment will not be made to Executive earlier than the day after the date that is six (6) months following Executive's "separation from service."  This Section 7(a) will not be applicable after Executive's death. 
(c)Executive and the Company acknowledge that the requirements of Section 409A are still being developed and interpreted by government agencies, that certain issues under Section 409A remain unclear at this time, and that the parties hereto have made a good faith effort to comply with current guidance under Section 409A.  Notwithstanding anything in this Agreement to the contrary, in the event that amendments to this Agreement are necessary in order to comply with future guidance or interpretations under Section 409A, including amendments necessary to ensure that compensation will not be subject to Section 409A, Executive agrees that the Company shall be permitted to make such amendments, on a prospective and/or retroactive basis, in its sole discretion.
8.Restrictive Covenants.  Executive and Company expressly acknowledge that the following restrictions are necessary to protect the goodwill of the Company and that such restrictions are fair and reasonable.  Executive holds specialized knowledge of the business of the Company (the “Business”).  Executive and Company acknowledge and agree that (i) the Parties would be irreparably harmed and impaired if Executive were to engage directly or indirectly in any activity competing with the Business, make any disclosure in violation of this Agreement or in any unauthorized use of, any confidential information concerning the Business, and (ii) the Parties are entitled to protection from such use of the specialized knowledge of Executive.  Executive acknowledges that the Company's ability to keep its Confidential Information (as defined in Section 9(b)) secret and away from its competitors is important to the Company's and its affiliates' viability and business.  Executive further acknowledges that over the course of Executive’s employment with the Company Executive will (i) develop special and substantial relationships with the Company's and its affiliates' customers and suppliers, and/or (ii) be privy to Confidential Information.  Further, Executive has and will help develop the goodwill of the Company and its affiliates during the course of Executive’s employment.  Finally, pursuant to Section 3(b) herein, Executive will have a substantial ownership interest in the Company.  As 
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such, Executive agrees to abide by the following covenants in order to allow the Company to protect those interests:
(a)Non-Competition.  During the "Restricted Period" (as defined below), except for Executive’s ownership interests and participation in the activities listed on Exhibit D (the “Excluded Activities”), annexed hereto, all of which are exempted from this Restrictive Covenant, if Executive is terminated for cause, Executive will not either directly or indirectly, for Executive or any other person or entity, anywhere within the United States, carry on, own, be engaged in, assist, be employed by, consult for, serve as a director for, or have any financial interest in any business or enterprise that is materially engaged in  any of the services of the Company or manufactures or sells any of the products provided or offered by Company or any subsidiary or affiliate of Company, or if it performs any other services and/or engages in the production, manufacture, distribution or sale of any product similar to services or products, which services or products were performed, produced, manufactured, distributed, sold, under development or planned by Company or any subsidiary or affiliate of Company during the period while Executive performs services for Company, provided that an equity investment of not more than two percent (2%) in any company that is publicly traded and whose shares are listed on a national stock exchange will be permitted. 
For purposes of this Section 8(a), "Restricted Period" means the period beginning on the Employment Commencement Date and, if employee is terminated for Cause, continuing until the one (1) year anniversary of Executive's employment termination date, and if Executive’s employment terminates for any other reason, the longer of six (6) months or the period during which the Executive is receiving severance payments pursuant to Section 4(d)(i)(C).   
(b)Non-Solicitation.  During the Non-Solicitation Restricted Period (as defined below), Executive will not either directly or indirectly, for Executive or any other person or entity, (i) hire, solicit for services, encourage the resignation of, or in any other manner seek to engage or employ, any person who is an employee of the Company, or a consultant of the Company devoting more than seventy percent (70%) of such consultant’s time to the business of the Company or any of its affiliates, on Executive's employment termination date or during the one (1) year period preceding such termination date, or (ii) solicit, provide services to, or otherwise interfere with the Company's business relationship with, any customer of the Company in connection with services and/or products that compete with the Company's services or products, provided that such customer is a customer of the Company on the employment termination date or during the one (1) year period preceding such termination date.  Notwithstanding any other provision of this Agreement, the Executive shall be permitted to interact without any restriction with Sadiq (“Sid”) Toama in connection with the Excluded Activities, provided such activities do not violate Section 9 below.
For the Purposes of Section 8(b)(i), the “Non-Solicitation Restricted Period" shall be the same as the Non-Competition Restricted Period in Section 8(a).
(c)Equitable Relief.  Executive acknowledges that the remedy at law for Executive’s breach of Section 8, 9(a) and/or 10 will be inadequate, and that the damages flowing from such breach will not be readily susceptible to being measured in monetary terms.  Accordingly, upon a violation of any part of such Sections, the Company will be entitled to immediate injunctive relief (or other equitable relief) and may obtain a temporary order restraining any further violation.  No bond or other security will be required in obtaining such equitable relief, and Executive hereby consents to the issuance of such equitable relief.  Such equitable relief may be obtained from any court having appropriate jurisdiction over the matter.  Nothing in this Section 8(c) shall be deemed to limit the Company's remedies at law or in equity 
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that may be pursued or availed of by the Company for any breach by Executive of any of the parts of Sections 8, 9(a) and/or 10.
(d)Judicial Modification.  Executive acknowledges that it is the intent of the parties hereto that the restrictions contained or referenced in Sections 8, 9 and 10 be enforced to the fullest extent permissible under the laws of each jurisdiction in which enforcement is sought.  If any of the restrictions contained or referenced in such Sections is for any reason held by a court or arbitrator to be excessively broad as to duration, activity, geographical scope, or subject, then, for purposes of that jurisdiction, such restriction shall be construed, judicially modified, or "blue penciled" so as to thereafter be limited or reduced to the extent required to be enforceable in accordance with applicable law.  Executive acknowledges and understands that, due to the nature and scope of the Company's existing and proposed business plans and projects, and the technological advancements in electronic communications, any narrower geographic restriction of Executive’s obligations under Sections 8(a) and 8(b) would be inappropriate and counter to the protections sought by the Company thereunder.
9.Confidential Information.
(d)Non-Use and Non-Disclosure of Confidential Information.  Executive acknowledges that, during the course of Executive’s employment with the Company, he has had and will have access to information about the Company and its affiliates, and their customers and suppliers, that is confidential and/or proprietary in nature, and that belongs to the Company and/or its affiliates.  As such, at all times, both during Executive’s employment and thereafter, Executive will hold in the strictest confidence, and not use or attempt to use except for the benefit of the Company and its affiliates, and not disclose to any other person or entity (without the prior written authorization of the Board) any "Confidential Information" (as defined in Section 9(b)).  Notwithstanding anything contained in this Section 9, Executive will be permitted to disclose any Confidential Information to the extent required by validly-issued legal process or court order, provided that Executive notifies the Board immediately of any such legal process or court order in an effort to allow the Company to challenge such legal process or court order, if the Company so elects, prior to Executive's disclosure of any Confidential Information
(e)Definition of Confidential Information.  For purposes of this Agreement, "Confidential Information" means any confidential or proprietary information that belongs to the Company or its affiliates, or any of their customers or suppliers, including, without limitation, technical data, market data, trade secrets, trademarks, service marks, copyrights, other intellectual property, know-how, research, business plans, product and service information, projects, services, customer lists and information, customer preferences, customer transactions, supplier lists and information, supplier rates, software, hardware, technology, inventions, developments, processes, formulas, designs, drawings, marketing methods and strategies, pricing strategies, sales methods, financial information, project information, revenue figures, account information, credit information, financing arrangements, and other information disclosed to Executive by the Company or its affiliates in confidence, directly or indirectly, and whether in writing, orally, or by electronic records, drawings, pictures, or inspection of tangible property. 
10.Return of Company Property.  Upon the termination of Executive's employment with the Company, or at any time during such employment upon request by the Company, Executive will promptly deliver to the Company and not keep in Executive’s possession, recreate, or deliver to any other person or entity, any and all property that belongs to the Company or any of its affiliates, or that belongs to any other third party and is in Executive's possession as a result of Executive’s employment with the Company, including, without limitation, records, data, customer lists and information, supplier lists and information, notes, reports, correspondence, financial information, account information, product and service 
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information, project information, files, and other documents and information, including any and all copies of the foregoing.
11.Assignment.
(a)This Agreement shall be binding upon and inure to the benefit of (i) the heirs, beneficiaries, executors and legal representatives of Executive upon Executive's death and (ii) any successor of the Company, provided, however, that any successor shall within ten (10) days of such assumption deliver to Executive a written assumption in a form reasonably acceptable to Executive.  It shall be reasonable for the Executive to reject a successor’s assumption of this Agreement if the Executive has a reasonable belief that employment by the successor would reduce the Executive’s opportunity to benefit from stock options or stock grants had Executive remained employed by the Company.  Any such successor of the Company shall be deemed substituted for the Company under the terms of this Agreement for all purposes.  As used herein, "successor" shall mean any person, firm, corporation or other business entity that at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the Company.  Notwithstanding such assignment, the Company shall remain, with such successor, jointly and severally liable for all of its obligations hereunder.  This Agreement may not otherwise be assigned by the Company.
(b)None of the rights of Executive to receive any form of compensation payable pursuant to this Agreement shall be assignable or transferable except through a testamentary disposition or by the laws of descent and distribution upon the death of Executive or as provided in Section 20 hereof.  Any attempted assignment, transfer, conveyance or other disposition (other than as provided in this Section 11) of any interest in the rights of Executive to receive any form of compensation hereunder shall be null and void; provided, however, that notwithstanding the foregoing, Executive shall be allowed to transfer vested Option Shares or other stock options or equity awards consistent with the rules for transfers to "family members" as defined in U.S. Securities and Exchange Commission Form S-8.
12.Liability Insurance.
(f)The Company shall cover Executive under directors' and officers' liability insurance both during and, while potential liability exists, after the Employment Term in the same amount and to the same extent, if any, as the Company covers its other officers and directors but in no event in an amount that is less than the coverage afforded the Executive on the Commencement Date.
(g)The Company shall, both during and after the Employment Term, indemnify and hold harmless Executive to the fullest extent permitted by applicable law with regard to actions or inactions taken by Executive in the performance of Executive’s duties as an officer, director and employee of the Company and its affiliates or as a fiduciary of any benefit plan of the Company and its affiliates. For the avoidance of all doubt, in the event of any litigation, investigation, or any other matter naming the Executive, the Company will pay 100% of the Executive’s legal fees, including any retainers required, with an attorney or attorneys of the Executive’s choice.
13.Notices.  All notices, requests, demands and other communications called for hereunder shall be in writing and shall be deemed given if (a) delivered personally or by facsimile, (b) one (1) day after being sent by Federal Express or a similar commercial overnight service, or (c) three (3) days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed to the parties or their successors in interest at the following addresses, or at such other addresses as the parties may designate by written notice in the manner set forth in this Section 14:
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14.If to the Company:
Troika Media Group, Inc.
Attn:  Michael Tenore, Esq.
1715 N Gower St 
Los Angeles, CA 90028

If to Employee:    
    Thomas Marianacci
    176 Succabone Road
    Bedford Hills, NY 10507
15.Severability.  In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision.
16.Entire Agreement.  This Agreement represents the entire agreement and understanding between the Company and Executive concerning Executive's employment relationship with the Company and supersedes and replaces any and all prior agreements and understandings concerning Executive's employment relationship with the Company entered into prior to the date hereof, but it does not supersede or replace any written agreements entered into simultaneous with this Agreement or thereafter.
17.Arbitration.
(e)Agreement.  The Company and Executive agree that, except as otherwise provided in Section 8(c), any dispute or controversy arising out of, relating to, or in connection with the employment relationship between them, the inception of that relationship, the termination of that relationship, this Agreement, or the interpretation, validity, construction, performance, breach, or termination thereof, including, without limitation, claims of discrimination, harassment, and/or retaliation, and any violation of whistleblower laws, shall be settled by final and binding arbitration to be held in New York, NY or such other location agreed by the parties hereto, under the auspices of and in accordance with the National Rules for the Resolution of Employment Disputes then in effect of the American Arbitration Association ("AAA").  The arbitrator may grant injunctions or other relief in such dispute or controversy.  The decision of the arbitrator shall be final, conclusive and binding on the parties to the arbitration.  Judgment may be entered on the arbitrator's decision in any court having jurisdiction.  The selection of the arbitrator will be conducted in accordance with the AAA's practices and procedures for disputes of the nature here contemplated.  The arbitrator will have authority and discretion to determine the arbitrability of any particular claim, should any disputes arise with respect to such issue.
(f)Costs and Fees of Arbitration.  The moving party shall pay the costs of the initial arbitration filing (not to exceed two hundred fifty dollars ($250)), and each Party shall pay the remaining costs and expenses of such arbitration equally.  Unless otherwise required by law or pursuant to an award by the arbitrator, the Company and Executive shall each pay separately its or Executive’s counsel fees and expenses.  Notwithstanding the foregoing, the arbitrator may, but need not, award the prevailing party in any dispute its or Executive’s legal fees and expenses.
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18.No Oral Modification, Cancellation or Discharge.  This Agreement may only be amended, canceled or discharged in writing signed by Executive and an appropriate officer or director of the Company.
19.Survivorship.  The respective rights and obligations of Company and Executive hereunder shall survive any termination of Executive's employment by the Company to the extent necessary to preserve such rights and obligations.
20.Beneficiaries.  Executive shall be entitled, to the extent permitted under any applicable law, to select and change the beneficiary or beneficiaries to receive any compensation or benefit payable hereunder upon Executive’s death by giving the Company written notice thereof.  If Executive dies, severance then due or other amounts due hereunder shall be paid to Executive’s designated beneficiary or beneficiaries or, if none are designated or none survive Executive, Executive’s estate.
21.Withholding.  The Company shall be entitled to withhold, or cause to be withheld, any amount of federal, state, city or other withholding taxes required by law with respect to payments made to Executive in connection with Executive’s employment hereunder.
22.Governing Law.  This Agreement shall be governed by New York (without reference to rules of conflicts of law), which shall be applied to the merits of any dispute or claim submitted to arbitration pursuant to Section 17 of this Agreement.  Executive and the Company hereby expressly consent to the personal jurisdiction of the state and federal courts located in New York, NY for any action or proceeding relating to any arbitration pursuant to Section 17 of this Agreement in which the parties are participants, or any claim to which Section 8(c) applies.
 [Remainder of page intentionally left blank – signatures on the following page]
    IN WITNESS WHEREOF, the undersigned have executed this Agreement:
Troika Media Group, Inc.

By:      
Name: Robert Machinist 
Title: Chief Executive Officer 
Executive
By:      
Name:    Thomas Marianacci

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Exhibit A    Bonuses

Exhibit B    Separation Agreement

Exhibit C    Ownership of and Participation in Other Businesses

14

EXHIBIT A

BONUSES AND STOCK OPTIONS/GRANTS
[Provide Milestones for Bonuses]

EXHIBIT B

15

SEPARATION AGREEMENT

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FORM OF GENERAL RELEASE: 
GENERAL RELEASE
This AGREEMENT is made as of ____________, 20__, by and between Troika Media Group, Inc.  (“Company”) and __________________ (“Executive”).
In consideration for the severance benefits offered by the Company to Executive pursuant to Executive’s Employment Agreement with the Company dated ____________, 2021 (“Employment Agreement”), Executive agrees as follows:

1.    TERMINATION OF EMPLOYMENT. Executive acknowledges that his employment with the Company is terminated effective _______________ (“Termination Date”), and Executive agrees that he shall not apply for or seek re-employment with the Company, its parent companies, subsidiaries and affiliates after that date. Executive agrees that he has received and reviewed his final paycheck and he has received all wages and accrued but unpaid vacation pay earned by him through the Termination Date.

2.    WAIVER AND RELEASE.
(a)    Except as set forth in Section 2(b), which identifies claims expressly excluded from this release, Executive hereby releases the Company, all affiliated companies, and their respective officers, directors, agents, employees, stockholders, successors and assigns from any and all claims, liabilities, demands, causes of action, costs, expenses, attorney fees, damages, indemnities and obligations of every kind and nature, in law, equity or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed, arising from or relating to Executive’s employment with the Company and the termination of that employment, including (without limitation): claims of wrongful discharge, emotional distress, defamation, fraud, breach of contract, breach of the covenant of good faith and fair dealing, discrimination claims based on sex, age, race, national origin, disability or any other protected classes under Title VII of the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act of 1967, as amended (“ADEA”), the Americans with Disability Act, the Employee Retirement Income Security Act, as amended, the Equal Pay Act of 1963, as amended, the Family and Medical Leave Act (“FMLA”), as amended, and any similar law of any state or governmental entity, any contract claims, tort claims and wage or benefit claims, including (without limitation) claims for salary, bonuses, commissions, equity awards (including stock grants, stock options and restricted stock units), vesting acceleration, vacation pay, fringe benefits, severance pay or any other form of compensation.

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(b)    The only claims that Executive is not waiving and releasing under this Agreement are claims he may have for (1) unemployment, state disability, worker’s compensation, and/or paid family leave insurance benefits pursuant to the terms of applicable state law; (2) continuation of existing participation in the Company-sponsored group health benefit plans under the federal law known as “COBRA” and/or under an applicable state law counterpart(s); (3) any benefits entitlements that are vested and unpaid as of his termination date pursuant to the terms of a the Company-sponsored benefit plan; (4) any benefits to which he is entitled pursuant to the Employment Agreement (e.g., those enumerated in Section 4) or his rights to indemnification by the Company, (5) violation of any federal state or local statutory and/or public policy right or entitlement that, by applicable law, is not waivable; and (6) any wrongful act or omission occurring after the date he executes this Agreement. In addition, nothing in this Agreement prevents or prohibits Executive from filing a claim with the Equal Employment Opportunity Commission (EEOC) or any other government agency that is responsible for enforcing a law on behalf of the government and deems such claims not waivable. However, because Executive is hereby waiving and releasing all claims “for monetary damages and any other form of personal relief (per Section 2(a) above), he may only seek and receive non-personal forms of relief from the EEOC and similar government agencies.

(c)    Executive represents that he has not filed any complaints, charges, claims (excepting those for unemployment compensation), grievances, or lawsuits against the Company and/or any related persons with any local, state or federal agency or court, or with any other forum.

(d)    Executive acknowledges that he may discover facts different from or in addition to those he now knows or believes to be true with respect to the claims, demands, causes of action, obligations, damages, and liabilities of any nature whatsoever that are the subject of this Agreement, and he expressly agrees to assume the risk of the possible discovery of additional or different facts, and agrees that this Agreement will be and remain in effect in all respects regardless of such additional or different facts. Executive expressly acknowledges that this Agreement is intended to include, and does include in its effect, without limitation, all claims which Executive does not know or suspect to exist in his favor against the Company and/or any related persons at the moment of execution thereof, and that this Agreement expressly contemplates extinguishing all such claims.

(e)    Executive understands and agrees that the Company has no obligation to provide him with any severance benefits under the Employment Agreement other than the Accrued Benefits unless he executes this Agreement. Executive also understands that he has received or will receive, regardless of the execution of this Agreement, all wages owed to him, 
18

together with any accrued but unpaid vacation pay, less applicable withholdings and deductions, earned through the Termination Date.

(f)    This Agreement is binding on Executive, his heirs, legal representatives and assigns.

3.    ENTIRE AGREEMENT. This Agreement and the Employment Agreement constitute the entire understanding and agreement between Executive and the Company in connection with the matters described, and replaces and cancels all previous agreements and commitments, whether spoken or written, with respect to such matters. Nothing in this Agreement supersedes or replaces any of Executive’s obligations under his Employment Agreement that survive termination.

4.    MODIFICATION IN WRITING. No oral agreement, statement, promise, commitment or representation will alter or terminate the provisions of this Agreement. This Agreement cannot be changed or modified except by written agreement signed by Executive and authorized representatives of the Company.

5.    GOVERNING LAW; JURISDICTION. This Agreement will be governed by and enforced in accordance with the laws of the State of New York.

6.    SEVERABILITY. Any term or provision of this Agreement, which is invalid or unenforceable in any jurisdiction will, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the provision will be interpreted to be only so broad as is enforceable.

7.    NO ADMISSION OF LIABILITY. This Agreement does not constitute an admission of any unlawful discriminatory acts or liability of any kind by the Company or anyone acting under their supervision or on their behalf. This Agreement may not be used or introduced as evidence in any legal proceeding, except to enforce or challenge its terms.

8.    ACKNOWLEDGMENTS. Executive is advised to consult with an attorney of his choice prior to executing this Agreement. By signing below, Executive acknowledges and certifies that he:

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- has read and understands all of the terms of this Agreement and is not relying on any representations or statements, written or oral, not set forth in this Agreement:

    - has been provided a consideration period of twenty-one (21) calendar days within which to decide whether he shall execute this Agreement and that no one hurried him into executing this Agreement;
    - understands and acknowledges his continuing obligations under  the Employment Agreement (e.g., Restrictive Covenants and Confidentiality);

    - is signing this Agreement knowingly and voluntarily; and

    - has the right to revoke this Agreement within seven (7) days after signing it, by providing written notice of revocation via certified mail to the Company to the address specified in the Employment Agreement. Executive’s written notice of revocation shall be postmarked on or before the end of the eighth (8th) calendar day after he has timely signed this Agreement. This deadline will be extended to the next business day should it fall on a Saturday, Sunday or holiday recognized by the U.S. Postal Service.

Because of the revocation period, the Company’s obligations under this Agreement will not become effective or enforceable until the eighth (8th) calendar day after the date Executive signs this Agreement provided he has delivered it to the Company without modification and not revoked it (the “Effective Date”).

I HAVE READ, UNDERSTAND AND VOLUNTARILY ACCEPT AND AGREE TO THE ABOVE TERMS
Executive:

____________________________________
____________________________________

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EXHIBIT C

OWNERSHIP OF AND PARTICIPATION IN OTHER BUSINESSES

Executive has ownership interest in the entities listed below (“Excluded Entities”).
1.    Garrison Venture Partners LLC (“GVP”) and GlenArbor Advisors LLC (“GA”).
GVP and GA - are SPVs that acquire ownership interests and/or dealer/franchise interests in businesses in the home services and professional services sectors.  The businesses also provide strategic consulting to companies in these fields (as well as portfolio companies), curating and executing business process outsourcing solutions including (but not limited to) call center services, enterprise resource planning, funding, customer acquisition and retention solutions.
2.    Exact Customer – Executive is currently a 30% member (and Seller Maarten Terry is a 10% member) of Exact Customer, LLC.  EC is a performance based marketing company that drives leads specifically for an entity known as “Renewal by Andersen,” using digital vendors, mostly in the direct email channel.  Executive and Maarten Terry are investors and not managing members.
3.    Media Resource Group, Inc. – is a media buyer and sales representative firm for offline media.  Each of Executive and his wife, Lori, are 50% owners of this S-Corp.  MRG will limit its activities to buying traditional offline media for grandfathered clients to avoid competition with the Company.  The predominant business has evolved into a sales representative firm handling sales of consumer touch points for Home Chef, Live Nation, and an owned and operated cooperative mailer called “welcome home Coop” containing numerous consumer offers which are targeted to new homeowners.
Notwithstanding the forgoing, Executive’s activities associated with such Excluded Entities will not interfere with Executive’s obligations and undertakings under this Agreement and Executive shall not disclose, use, or provide the Excluded Entities with any Confidential Information, including but not limited to client or supplier lists.  

p:\clients\00001948\agt\2021\tom executive employment agreement_final.mgg5.docx
21criteo-rcf2022xexecution

Execution version               07/19406164_6 1        EUR 407,000,000      Multicurrency Revolving Facility Agreement           Dated 27 September 2022      CRITEO S.A.  as Company, Borrower and Guarantor  CRITEO TECHNOLOGY S.A.S.  CRITEO CORP.  as Borrowers  arranged by  BNP PARIBAS  CREDIT LYONNAIS (LCL)   HSBC CONTINENTAL EUROPE  SOCIETE GENERALE  BANK OF MONTREAL EUROPE PLC   CITIBANK N.A., LONDON BRANCH   CRÉDIT INDUSTRIEL ET COMMERCIAL (CIC)   with  SOCIÉTÉ GÉNÉRALE  acting as Agent  and  SOCIETE GENERALE   HSBC CONTINENTAL EUROPE  acting as Sustainability Coordinators     Ref: L-322377   

 

  07/19406164_6 1  CONTENTS  CLAUSE PAGE  SECTION 1  INTERPRETATION  1. Definitions and Interpretation .................................................................................................... 5  SECTION 2  THE FACILITY  2. The Facility .............................................................................................................................. 30  3. Purpose ................................................................................................................................... 35  4. Conditions of Utilisation ........................................................................................................... 35  SECTION 3  UTILISATION  5. Utilisation ................................................................................................................................. 37  6. Optional currencies .................................................................................................................. 38  SECTION 4  REPAYMENT, PREPAYMENT AND CANCELLATION  7. Repayment of Loans ............................................................................................................... 39  8. Prepayment and Cancellation ................................................................................................. 39  SECTION 5  COSTS OF UTILISATION  9. Interest ..................................................................................................................................... 45  10. Interest Periods........................................................................................................................ 50  11. Changes to the Calculation of Interest .................................................................................... 50  12. Fees ......................................................................................................................................... 53  SECTION 6  ADDITIONAL PAYMENT OBLIGATIONS  13. Tax Gross up and Indemnities ................................................................................................. 55  14. Increased Costs ....................................................................................................................... 63  15. Other Indemnities .................................................................................................................... 66  16. Mitigation by the Lenders ........................................................................................................ 67  17. Costs and Expenses ................................................................................................................ 67  SECTION 7  GUARANTEE  18. Guarantee Definitions .............................................................................................................. 69  19. Guarantee Undertaking ........................................................................................................... 69  20. Enforceability ........................................................................................................................... 70  21. Annual written notification ....................................................................................................... 71  22. Benefit of the Guarantee ......................................................................................................... 71  23. Guarantee Duration ................................................................................................................. 72  24. Release .................................................................................................................................... 72  25. U.S. Guarantee Limitation ....................................................................................................... 72  SECTION 8  REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT  26. Representations ...................................................................................................................... 73  27. Information Undertakings ........................................................................................................ 76  

 

  07/19406164_6 2  28. Financial Covenant .................................................................................................................. 80  29. General Undertakings .............................................................................................................. 82  30. Events of Default ..................................................................................................................... 87  SECTION 9  CHANGES TO PARTIES  31. Changes to the Lenders .......................................................................................................... 92  32. Changes to the Obligors .......................................................................................................... 96  SECTION 10  THE FINANCE PARTIES  33. Role of the Agent, the Arrangers, the Reference Banks, the Sustainability Coordinators and  the Coordinator and Documentation Agent ............................................................................. 97  34. Conduct of Business by the Finance Parties ........................................................................ 106  35. Sharing among the Finance Parties ...................................................................................... 106  SECTION 11  ADMINISTRATION  36. Payment Mechanics .............................................................................................................. 109  37. Set-Off .................................................................................................................................... 112  38. Notices ................................................................................................................................... 112  39. Calculations and Certificates ................................................................................................. 114  40. Partial Invalidity...................................................................................................................... 114  41. Remedies, Waivers and hardship ......................................................................................... 114  42. Amendments and Waivers .................................................................................................... 115  43. Confidential Information ......................................................................................................... 120  44. Confidentiality of Funding Rates and Reference Bank Quotations ...................................... 125  45. PATRIOT Act .......................................................................................................................... 126  46. Bail-In ..................................................................................................................................... 126  47. General Data Protection Regulation ..................................................................................... 128  SECTION 12  GOVERNING LAW AND ENFORCEMENT  48. Governing Law....................................................................................................................... 130  49. Jurisdiction ............................................................................................................................. 130  50. Electronic signature ............................................................................................................... 130    THE SCHEDULES  SCHEDULE PAGE  SCHEDULE 1 The Original Lenders ...................................................................................................... 132  SCHEDULE 2 Conditions Precedent ..................................................................................................... 133  SCHEDULE 3 Utilisation Request ......................................................................................................... 135  SCHEDULE 4 Form of Transfer Agreement .......................................................................................... 136  SCHEDULE 5 Form of Increase Confirmation ....................................................................................... 139  SCHEDULE 6 Relevant Commitment/rights and obligations to be assumed by the Increase Lender . 140  SCHEDULE 7 Form of Ratio Compliance Certificate ............................................................................ 141  SCHEDULE 8 Timetables ...................................................................................................................... 142  SCHEDULE 9 List of Approved Numbering Service Providers ............................................................. 144  SCHEDULE 10 Existing Financial Indebtedness ................................................................................... 145  SCHEDULE 11 Reference Rate Terms .................................................................................................. 146  

 

  07/19406164_6 3  SCHEDULE 12 Daily Non-Cumulative Compounded RFR Rate .......................................................... 151  SCHEDULE 13 Cumulative Compounded RFR Rate ........................................................................... 153  SCHEDULE 14 Form of Sustainability KPI Certificate .......................................................................... 154     

 

  07/19406164_6 4      THIS AGREEMENT is dated 27 September 2022 and made between:  (1) CRITEO S.A., a société anonyme, whose registered office is at 32 rue Blanche, 75009 Paris,  registered under number 484 786 249 RCS Paris as original borrower and guarantor (the  "Company");  (2) CRITEO TECHNOLOGY S.A.S., a société par actions simplifiée, whose registered office is at 32  rue Blanche, 75009 Paris, registered under number 908 274 038 RCS Paris as original borrower  ("Criteo Technology");  (3) CRITEO CORP., a corporation organized under the laws of the State of Delaware, United States  of America, with registration number 4700439, whose main office is located at 387 Park Ave,  South, 12th Floor, New York, NY 10016, as original borrower ("Criteo Corp.");  (4) BNP PARIBAS, a French société anonyme, whose registered office is at 16 boulevard des Italiens,  75009 Paris, registered under number 662 042 449 RCS Paris, as bookrunner and as mandated  lead arranger;  (5) CRÉDIT LYONNAIS (LCL), a French société anonyme, whose registered office is at 18, rue de la  République, 69002 Lyon, France and whose administrative office is at 20 avenue de Paris, 94811  Villejuif, France, registered with under number 954 509 741 RCS Lyon, as bookrunner and as  mandated lead arranger;  (6) HSBC CONTINENTAL EUROPE, a société anonyme, whose registered office is at 38 avenue  Kléber, 75116 Paris, registered under number 775 670 284 RCS Paris, as bookrunner and as  mandated lead arranger; and  (7) SOCIÉTÉ GÉNÉRALE, a société anonyme, whose registered office is at 29 boulevard  Haussmann, 75009 Paris registered under number 552 120 222 RCS Paris, as bookrunner and  as mandated lead arranger,  (the parties listed in paragraphs (4) to (7) above, whether acting individually or together the  "Bookrunners");  (8) BANK OF MONTREAL EUROPE PLC, a public limited company, whose registered office is at 6th  Floor, 2 Harbourmaster Place, IFSC, Dublin 1, registered in Ireland with company number 255687,  as mandated lead arranger;   (9) CITIBANK N.A., LONDON BRANCH, a company incorporated under the laws of the United States  of America acting through its London branch located at Citigroup Centre, Canada Square, London  E14 5LB, United Kingdom, registered with the Register of Companies of England and Wales under  number BR1018, as mandated lead arranger;   (10) CRÉDIT INDUSTRIEL ET COMMERCIAL (CIC), a société anonyme, incorporated under the laws  of France, with a share capital of Euro 611 858 064, having its registered office at 6, avenue de  Provence, 75009 Paris, France, registered under number 542 016 381                   RCS Paris, as mandated lead arranger,   (the parties listed in paragraphs (4) to (10) above, whether acting individually or together the  "Mandated Lead Arrangers", and together with the Bookrunners, the "Arrangers");  

 

  07/19406164_6 5  (11) BNP PARIBAS, a French société anonyme, whose registered office is at 16 boulevard des Italiens,  75009 Paris, registered under number 662 042 449 RCS Paris, as coordinator and documentation  agent (the "Coordinator and Documentation Agent");  (12) THE FINANCIAL INSTITUTIONS listed in Schedule 1 (The Original Lenders) as lenders (the  "Original Lenders");   (13) SOCIÉTÉ GÉNÉRALE, a société anonyme, whose registered office is at 29 boulevard  Haussmann, 75009 Paris registered under number 552 120 222 RCS Paris, as agent of the other  Finance Parties (the "Agent");   (14) SOCIÉTÉ GÉNÉRALE, a société anonyme, whose registered office is at 29 boulevard  Haussmann, 75009 Paris registered under number 552 120 222 RCS Paris, as sustainability  coordinator; and  (15) HSBC CONTINENTAL EUROPE, a société anonyme, whose registered office is at 38 avenue  Kléber, 75116 Paris, registered under number 775 670 284 RCS Paris, as sustainability  coordinator,  (the parties listed in paragraphs (14) and (15) above, whether acting individually or together the  "Sustainability Coordinators").  IT IS AGREED as follows:  SECTION 1   INTERPRETATION  1. DEFINITIONS AND INTERPRETATION  1.1 Definitions  In this Agreement:  "Accounting Principles" means:  (a) in respect of each Borrower and each Material Subsidiary, generally accepted accounting  principles in the jurisdiction where the relevant company has its seat or is incorporated;  and  (b) in respect of the consolidated financial statements of the Group, U.S. GAAP.  "Acquisition Drawdown" has the meaning given to that term in Clause 8.3 (Mandatory  Prepayment – Disposals Proceeds).  "Acquisition Repayment Amount" has the meaning given to that term in Clause 8.4 (Mandatory  Prepayment – Acquisition Drawdown).  "Additional Business Day" means any day specified as such in the applicable Reference Rate  Terms.   "Adjusted Consolidated EBITDA" has the meaning given to that term in Clause 28.1 (Financial  definitions).  "Affiliate" means, in relation to any person, a Subsidiary of that person or a Holding Company of  that person or any other Subsidiary of that Holding Company, provided that, notwithstanding the  foregoing, the term "Affiliate" shall include:   

 

  07/19406164_6 6  (a) in the case of Crédit Industriel et Commercial (CIC), any entity directly or indirectly holding  shares in la Caisse Centrale du Crédit Mutuel; (ii) any entity directly or indirectly held by  la Caisse Centrale du Crédit Mutuel; (iii) any entity directly or indirectly held by another  entity directly or indirectly holding shares in la Caisse Centrale du Crédit Mutuel; (iv) any  funds managed by any of the entities referred to in (i), (ii) or (iii); and  (b) in the case of Crédit Lyonnais (LCL), any Caisse Régionale du Crédit Agricole Mutuel or  Crédit Agricole Corporate & Investment Bank.  "Agent's Spot Rate of Exchange" means:  (a)  the Agent's spot rate of exchange; or  (b) (if the Agent does not have an available spot rate of exchange) any other publicly available  spot rate of exchange selected by the Agent (acting reasonably),  for the purchase of the relevant currency with the Base Currency in the Paris foreign exchange  market at or about 11:00 a.m. on a particular day.  "Authorisation" means an authorisation, consent, approval, resolution, licence, exemption, filing,  notarisation or registration.  "Availability Period" means the period from and including the Signing Date to and including the  date falling one month prior to the Termination Date.  "Available Commitment" means a Lender's Commitment minus:  (a) the Base Currency Amount of its participation in any outstanding Loans; and  (b) in relation to any proposed Utilisation, the Base Currency Amount of its participation in any  Loans that are due to be made on or before the proposed Utilisation Date, other than that  Lender's participation in any Loans that are due to be repaid or prepaid on or before the  proposed Utilisation Date.  "Available Facility" means the aggregate for the time being of each Lender's Available  Commitment.  "Bank Levy" means the French tax levied pursuant to Article 235 ter ZE bis of the French tax code  (Code général des impôts) (taxe pour le financement du fonds de soutien aux collectivités  territoriales), the United Kingdom tax levied pursuant to Section 73 of, and Schedule 19, to the  United Kingdom Finance Act 2011, the German tax levied pursuant to the German Restructuring  Fund Act (Restrukturierungsfondgesetz) or any other Tax of substantially similar nature, in force  on the Signing Date, imposed by reference to the assets and liabilities of a financial institution,  levied or imposed in any other jurisdiction.   "Base Currency" means euro.  "Base Currency Amount" means, in relation to a Loan, the amount specified in the Utilisation  Request delivered by the Company for that Loan (or, if the amount requested is not denominated  in the Base Currency, that amount converted into the Base Currency at the Agent's Spot Rate of  Exchange on the date which is three Business Days before the Utilisation Date or, if later, on the  

 

  07/19406164_6 7  date the Agent receives the Utilisation Request) as adjusted to reflect any repayment or  prepayment of the Loan.  "Borrower" means the Company, Criteo Technology and Criteo Corp.  "Borrowings" has the meaning given to that term in Clause 28.1 (Financial definitions).  "Break Costs" means any amount specified as such in the applicable Reference Rate Terms.  "Business Day" means a day (other than a Saturday or Sunday) on which banks are open for  general business in New-York and Paris and:  (a) (in relation to any date for payment or purchase of euro) any TARGET Day; or  (b) (in relation to any date for payment or purchase of a currency other than euro) the principal  financial centre of the country of that currency; and  (c) (in relation to:  (i) the fixing of an interest rate in relation to a Term Rate Loan;  (ii) any date for payment or purchase of an amount relating to a Compounded Rate  Loan; or  (iii) the determination of the first day or the last day of an Interest Period for a  Compounded Rate Loan, or otherwise in relation to the determination of the length  of such an Interest Period),   which is an Additional Business Day relating to that Loan or Unpaid Sum.  "Cash" has the meaning given to that term in Clause 28.1 (Financial definitions).  "Cash Equivalent Investments" has the meaning given to that term in Clause 28.1 (Financial  definitions).  "Central Bank Rate" has the meaning given to that term in the applicable Reference Rate Terms.  "Central Bank Rate Adjustment" has the meaning given to that term in the applicable Reference  Rate Terms.  "Code" means the U.S. Internal Revenue Code of 1986.  "Commitment" means:  (a) in relation to an Original Lender, the amount in the Base Currency set opposite its name  under the heading "Commitment" in Schedule 1 (The Original Lenders) and the amount  of any other Commitment transferred to it under this Agreement or assumed by it in  accordance with Clause 2.2 (Increase); and  (b) in relation to any other Lender, the amount in the Base Currency of any Commitment  transferred to it under this Agreement or assumed by it in accordance with Clause 2.2  (Increase),  to the extent not cancelled, reduced or transferred by it under this Agreement.  "Compounded Rate Currency" means any currency which is not a Term Rate Currency.  

 

  07/19406164_6 8  "Compounded Rate Interest Payment" means the aggregate amount of interest that:  (a) is, or is scheduled to become, payable under any Finance Document; and  (b) relates to a Compounded Rate Loan.  "Compounded Rate Loan" means any Loan or, if applicable, Unpaid Sum which is not a Term  Rate Loan.  "Compounded Reference Rate" means, in relation to any RFR Banking Day during the Interest  Period of a Compounded Rate Loan, the percentage rate per annum which is the aggregate of:  (a) the Daily Non-Cumulative Compounded RFR Rate for that RFR Banking Day; and  (b) the applicable Credit Adjustment Spread (if any).  "Compounding Methodology Supplement" means, in relation to the Daily Non-Cumulative  Compounded RFR Rate or the Cumulative Compounded RFR Rate, a document which:  (a) is agreed in writing by the Company, the Agent (in its own capacity) and the Agent (acting  on the instructions of the Majority Lenders);  (b) specifies a calculation methodology for that rate; and  (c) has been made available to the Company and each Finance Party.  "Confidential Information" means all information relating to the Company, any Obligor, the  Group, the Finance Documents or the Facility of which a Finance Party becomes aware in its  capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance  Party in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents  or the Facility from either:  (a) any member of the Group or any of its advisers; or  (b) another Finance Party, if the information was obtained by that Finance Party directly or  indirectly from any member of the Group or any of its advisers,  in whatever form, and includes information given orally and any document, electronic file or any  other way of representing or recording information which contains or is derived or copied from  such information but excludes:  (c) information that:  (i) is or becomes public information other than as a direct or indirect result of any  breach by that Finance Party of Clause 43 (Confidential Information); or  (ii) is identified in writing at the time of delivery as non-confidential by any member of  the Group or any of its advisers; or  (iii) is known by that Finance Party before the date the information is disclosed to it in  accordance with paragraphs (a) or (b) above or is lawfully obtained by that Finance  Party after that date, from a source which is, as far as that Finance Party is aware,  unconnected with the Group and which, in either case, as far as that Finance Party  is aware, has not been obtained in breach of, and is not otherwise subject to, any  obligation of confidentiality; and  

 

  07/19406164_6 9  (d) any Funding Rate and Reference Bank Quotations.  "Confidentiality Undertaking" means a confidentiality undertaking substantially in a  recommended form of the LMA or in any other form agreed between the Company and the Agent.  "Consolidated Total Net Debt" has the meaning given to that term in Clause 28.1 (Financial  definitions).  "Contribution ex-Tac" has the meaning given to that term in Clause 28.1 (Financial definitions).  "Credit Adjustment Spread" means, in relation to a Compounded Rate Loan in a Compounded  Rate Currency, any rate which is either:  (a) specified as such in the applicable Reference Rate Terms; or  (b) determined by the Agent (or by any other Finance Party which agrees to determine that  rate in place of the Agent) in accordance with the methodology specified in the applicable  Reference Rate Terms.  "Cumulative Compounded RFR Rate" means in relation to an Interest Period for a Compounded  Rate Loan, the percentage rate per annum determined by the Agent (or by any other Finance  Party which agrees to determine that rate in place of the Agent) in accordance with the  methodology set out in Schedule 13 (Cumulative Compounded RFR Rate) or in any relevant  Compounding Methodology Supplement.  "Daily Non-Cumulative Compounded RFR Rate" means, in relation to any RFR Banking Day  during an Interest Period for a Compounded Rate Loan, the percentage rate per annum  determined by the Agent (or by any other Finance Party which agrees to determine that rate in  place of the Agent) in accordance with the methodology set out in Schedule 12 (Daily Non- Cumulative Compounded RFR Rate) or in any relevant Compounding Methodology Supplement.  "Daily Rate" means the rate specified as such in the applicable Reference Rate Terms.  "Default" means an Event of Default or any event or circumstance specified in Clause 30 (Events  of Default) which would (with the expiry of a grace period, the giving of notice, the making of any  determination under the Finance Documents or any combination of any of the foregoing) be an  Event of Default.  "Defaulting Lender" means any Lender:  (a) which has failed to make its participation in a Loan available (or has notified the Agent or  the Company (which has notified the Agent) that it will not make its participation in a Loan  available) by the Utilisation Date of that Loan in accordance with Clause 5.4 (Lenders'  participation) unless:  (i) its failure to pay is caused by:  (A) administrative or technical error; or  (B) a Disruption Event; and  payment is made within three Business Days of its due date; or  

 

  07/19406164_6 10  (ii) the Lender is disputing in good faith whether it is contractually obliged to make the  payment in question; or  (b) with respect to which an Insolvency Event has occurred and is continuing.  "Disposal" means any sale, lease, licence, transfer or other disposal (including by way of  contribution).  "Disruption Event" means either or both of:  (a) a material disruption to those payment or communications systems or to those financial  markets which are, in each case, required to operate in order for payments to be made in  connection with the Facility (or otherwise in order for the transactions contemplated by the  Finance Documents to be carried out) which disruption is not caused by, and is beyond  the control of, any of the Parties; or  (b) the occurrence of any other event which results in a disruption (of a technical or systems- related nature) to the treasury or payments operations of a Party preventing that, or any  other Party:  (i) from performing its payment obligations under the Finance Documents; or  (ii) from communicating with other Parties in accordance with the terms of the Finance  Documents,  and which (in either such case) is not caused by, and is beyond the control of, the Party whose  operations are disrupted.  "ERISA" means the United States Employee Retirement Income Security Act of 1974, as  amended, and the rules and regulations promulgated thereunder.  "ERISA Affiliate" means any trade or business (whether or not incorporated) that, together with  the Company, is treated as a single employer under Section 414(b) or 414(c) of the Code or, solely  for the purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single  employer under Section 414(m) or 414(o) of the Code.  "ERISA Event" means (a) any "reportable event", as defined in Section 4043 of ERISA or the  regulations issued thereunder with respect to a Plan (other than an event for which the 30-day  notice period is waived), (b) any failure by any Plan to satisfy the minimum funding standard (within  the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Plan, in each  case whether or not waived, (c) the filing pursuant to Section 412(c) of the Code or Section 302(c)  of ERISA, of an application for a waiver of the minimum funding standard with respect to any Plan,  (d) any event or condition shall exist which could reasonably be expected to result in any liability  under Title IV of ERISA (other than premiums due, but not delinquent, to the PBGC), (e) the  incurrence by the Company or any of its ERISA Affiliates of any liability under Title IV of ERISA  with respect to the termination of any Plan, (f) the receipt by the Company or any of its ERISA  Affiliates from the PBGC or a plan administrator of any notice relating to an intention to terminate  any Plan or Plans or to appoint a trustee to administer any Plan, (g) the incurrence by the Company  or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from  any Plan or Multiemployer Plan, (h) the receipt by the Company or any of its ERISA Affiliates of  

 

  07/19406164_6 11  any notice, or the receipt by any Multiemployer Plan from the Company or any of its ERISA  Affiliates of any notice, concerning the imposition of a Withdrawal Liability or a determination that  a Multiemployer Plan is, or is expected to be, insolvent, within the meaning of Title IV of ERISA or  in endangered or critical status, within the meaning of Section 305 of ERISA, or (i) the engagement  in a non-exempt prohibited transaction within the meaning of Section 4975 of the Code or Section  406 of ERISA.  "Event of Default" means any event or circumstance specified as such in Clause 30 (Events of  Default).  "Existing RCF" means the existing revolving loan facility made available under the facility  agreement dated 24 September 2015 between, amongst others, the Company as borrower and  guarantor, Criteo Finance and Criteo Corp. as additional borrowers, the arrangers named therein  and Crédit Lyonnais (LCL) as agent, as amended and/or restated from time to time.   "Facility" means the revolving loan facility made available under this Agreement as described in  Clause 2 (The Facility).  "Facility Office" means the office or offices notified by a Lender to the Agent in writing on or before  the date it becomes a Lender (or, following that date, by not less than five Business Days' written  notice) as the office or offices through which it will perform its obligations under this Agreement.  "FATCA" means:  (a) sections 1471 to 1474 of the Code or any associated regulations;  (b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental  agreement between the U.S. and any other jurisdiction, which (in either case) facilitates  the implementation of any law or regulation referred to in paragraph (a) above; or  (c) any agreement pursuant to the implementation of any treaty, law or regulation referred to  in paragraphs (a) or (b) above with the U.S. Internal Revenue Service, the U.S.  government or any governmental or taxation authority in any other jurisdiction.  "FATCA Application Date" means:  (a) in relation to a "withholdable payment" described in section 1473(1)(A)(i) of the Code  (which relates to payments of interest and certain other payments from sources within the  U.S.), 1 July 2014; or  (b) in relation to a "passthru payment" described in section 1471(d)(7) of the Code not falling  within paragraph (a) above, the first date from which such payment may become subject  to a deduction or withholding required by FATCA.   "FATCA Deduction" means a deduction or withholding from a payment under a Finance  Document required by FATCA.  "FATCA Exempt Party" means a Party that is entitled to receive payments free from any FATCA  Deduction.  "Fee Letter" means any fee letter dated on or about the Signing Date between any Finance Party  and the Company setting out any of the fees referred to in Clause 12 (Fees).  

 

  07/19406164_6 12  "Finance Document" means this Agreement, any Fee Letter, any Reference Rate Supplement,  any Compounding Methodology Supplement, any Sustainability KPI Certificate and any other  document designated as such by the Agent and the Company.  "Finance Lease" has the meaning given to that term in Clause 28.1 (Financial definitions).  "Finance Party" means the Agent, an Arranger, the Coordinator and Documentation Agent, a  Sustainability Coordinator or a Lender.  "Financial Indebtedness" means any indebtedness for or in respect of:  (a) moneys borrowed;  (b) any amount raised by acceptance under any acceptance credit facility or dematerialised  equivalent;  (c) any amount raised pursuant to any note purchase facility or the issue of bonds, notes,  debentures, loan stock or any similar instrument;  (d) the amount of any liability in respect of any Finance Lease;  (e) receivables sold or discounted (other than any receivables to the extent they are sold on  a non-recourse basis);  (f) any amount raised under any other transaction (including any forward sale or purchase  agreement) of a type not referred to in any other paragraph of this definition having the  commercial effect of a borrowing;  (g) any derivative transaction entered into in connection with protection against or benefit from  fluctuation in any rate or price (and, when calculating the value of any derivative  transaction, only the marked to market value (or, if any actual amount is due as a result of  the termination or close-out of that derivative transaction, that amount) shall be taken into  account);  (h) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or  documentary letter of credit or any other instrument issued by a bank or financial  institution; and  (i) the amount of any liability in respect of any guarantee or indemnity for any of the items  referred to in paragraphs (a) to (h) above.  "First Extension Fee" has the meaning given to that term in paragraph (a)(vii) of Clause 2.6.  "Funding Rate" means any individual rate notified by a Lender to the Agent pursuant to paragraph  (a) of Clause 11.5 (Cost of funds).  "Group" means the Company and its Subsidiaries for the time being.  "Guarantee" means the cautionnement solidaire given by the Guarantor pursuant to Section 7  (Guarantee).  "Guaranteed Borrowers" means each of Criteo Technology and Criteo Corp..  "Guarantor" means the Company in its capacity as guarantor of the Guaranteed Borrowers  pursuant to Section 7 (Guarantee).  

 

  07/19406164_6 13  "Holding Company" means, in relation to a company or corporation, any other company or  corporation in respect of which it is a Subsidiary.  "IFRS" means international accounting standards within the meaning of the IAS Regulation  1606/2002 to the extent applicable to the relevant financial statements.  "Impaired Agent" means the Agent at any time when:  (a) it has failed to make (or has notified a Party that it will not make) a payment required to  be made by it under the Finance Documents by the due date for payment;  (b) (if the Agent is also a Lender) it is a Defaulting Lender; or  (c) an Insolvency Event has occurred and is continuing with respect to the Agent;  unless, in the case of paragraph (a) above:  (i) its failure to pay is caused by:  (A) administrative or technical error; or  (B) a Disruption Event; and  payment is made within three Business Days of its due date; or  (ii) the Agent is disputing in good faith whether it is contractually obliged to make the  payment in question.  "Increase Confirmation" means a confirmation substantially in the form set out in Schedule 5  (Form of Increase Confirmation).  "Increase Lender" has the meaning given to that term in Clause 2.2 (Increase).  "Initial Margin" means 0.75 per cent. per annum.  "Insolvency Event" means in relation to a Finance Party, that such Finance Party:  (a) is dissolved (other than pursuant to a consolidation, amalgamation or merger);  (b) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability  generally to pay its debts as they become due;  (c) makes a general assignment, arrangement or composition with or for the benefit of its  creditors;  (d) institutes or has instituted against it, by a regulator, supervisor or any similar official with  primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its  incorporation or organisation or the jurisdiction of its head or home office, a proceeding  seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy  or insolvency law or other similar law affecting creditors' rights, or a petition is presented  for its winding-up or liquidation by it or such regulator, supervisor or similar official;  (e) has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or  any other relief under any bankruptcy or insolvency law or other similar law affecting  creditors' rights, or a petition is presented for its winding-up or liquidation, and, in the case  of any such proceeding or petition instituted or presented against it, such proceeding or  

 

  07/19406164_6 14  petition is instituted or presented by a person or entity not described in paragraph (d)  above and:  (i) results in a judgment of insolvency or bankruptcy or the entry of an order for relief  or the making of an order for its winding-up or liquidation; or  (ii) is not dismissed, discharged, stayed or restrained in each case within 30 calendar  days of the institution or presentation thereof;  (f) has a resolution passed for its winding-up, official management or liquidation (other than  pursuant to a consolidation, amalgamation or merger);  (g) seeks or becomes subject to the appointment of an administrator, provisional liquidator,  conservator, receiver, trustee, custodian or other similar official for it or for all or  substantially all its assets (other than for so long as it is required by law or regulation not  to be publicly disclosed, any such appointment which is to be made, or is made, by a  person or entity described in paragraph (d) above);  (h) has a secured party take possession of all or substantially all its assets or has a distress,  execution, attachment, sequestration or other legal process levied, enforced or sued on  or against all or substantially all its assets and such secured party maintains possession,  or any such process is not dismissed, discharged, stayed or restrained, in each case within  30 calendar days thereafter;  (i) causes or is subject to any event with respect to it which, under the applicable laws of any  jurisdiction, has an analogous effect to any of the events specified in paragraphs (a) to (h)  above; or  (j) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence  in, any of the foregoing acts.  "Intellectual Property" means:  (a) any patents, trademarks, service marks, designs, business names, copyrights, database  rights, design rights, domain names, moral rights, inventions, confidential information,  knowhow and other intellectual property rights and interests (which may now or in the  future subsist), whether registered or unregistered; and  (b) the benefit of all applications and rights to use such assets of each member of the Group  (which may now or in the future subsist).  "Interest Period" means, in relation to a Loan, each period determined in accordance with Clause  10 (Interest Periods) and, in relation to an Unpaid Sum, each period determined in accordance  with Clause 9.4 (Default interest).  "Interpolated Primary Term Rate" means, in relation to any Term Rate Loan, the rate (rounded  to the same number of decimal places as the two relevant Primary Term Rates) which results from  interpolating on a linear basis between:  (a) the applicable Primary Term Rate for the longest period (for which that Primary Term Rate  is available) which is less than the Interest Period of that Loan; and  

 

  07/19406164_6 15  (b) the applicable Primary Term Rate for the shortest period (for which that Primary Term Rate  is available) which exceeds the Interest Period of that Loan,  each as of the Quotation Time.  "IRS" means the U.S. Internal Revenue Service.  "Joint Venture" means any joint venture entity, whether a company, unincorporated firm,  undertaking, association, joint venture or partnership or any other entity.  "KPI Adjustment Event" means:   (a) any changes in the Company or the Group's structure (such as a merger, an acquisition  or a divestiture) which may have a substantial impact on any of the sustainability KPIs;  (b) any change in the regulatory environment which may have a substantial impact on any of  the Sustainability KPIs; or  (c) any change, revision, adjustment, or update in calculation or methodology or scope of  Sustainability KPI or Target Scores related to any Sustainability KPI or in the relevance of  any Sustainability KPI,  in each case, as reasonably determined by the Company.  "KPI Relevant Period" means any financial year.  "Lender" means:  (a) any Original Lender; and  (b) any entity (excluding, for the avoidance of doubt, any natural person) which has become  a Party as a Lender in accordance with Clause 2.2 (Increase) or Clause 31 (Changes to  the Lenders),  which in each case has not ceased to be a Party as such in accordance with the terms of this  Agreement.  "Leverage" has the meaning given to that term in Clause 28.1 (Financial definitions).  "LMA" means the Loan Market Association.  "Loan" means a loan made or to be made under the Facility or the principal amount outstanding  for the time being of that loan.  "Local Financing Arrangements" means the local financing arrangements referred to in  paragraph (f) of the definition of "Permitted Financial Indebtedness".  "Lookback Period" means the number of days specified as such in the applicable Reference  Rate Terms.  "Majority Lenders" means a Lender or Lenders whose Commitments aggregate more than 662⁄3  per cent. of the Total Commitments (or, if the Total Commitments have been reduced to zero,  aggregated more than 662⁄3 per cent. of the Total Commitments immediately prior to the reduction).  "Mandate Letter" means the mandate letter executed between the Borrower and the Arrangers  on 29 July 2022.   

 

  07/19406164_6 16  "Margin" means the Initial Margin, subject to any adjustment pursuant to Clause 9.5 (Margin  adjustments) and/or Clause 9.8 (Sustainability Margin Adjustment).   "Margin Stock" means margin stock or "margin security" within the meaning of Regulations T, U  and X.  "Market Disruption Rate" means the rate (if any) specified as such in the applicable Reference  Rate Terms.  "Material Adverse Effect" means a material adverse effect on:  (a) the business or financial condition of the Group taken as a whole; and  (b) the ability of an Obligor to perform and comply with its material obligations under the  Agreement (including, but not limited to, its payment obligations and, with respect to the  Company only, its obligations pursuant to Clause 28 (Financial Covenant)).  "Material Subsidiary" means:   (a) Criteo Technology;  (b) any Subsidiary of the Company which (on a consolidated basis) accounts for at least  seven per cent. of (i) the Group's consolidated Contribution ex-TAC or (ii) the Group's  Adjusted Consolidated EBITDA; or  (c) in each case any Holding Company of any such Subsidiary,  provided that the aggregate consolidated Contribution ex-TAC and Adjusted Consolidated EBITDA  of the Material Subsidiaries and the Company shall represent at least 75 per cent. of the Group's  consolidated Contribution ex-TAC and Adjusted Consolidated EBITDA respectively (the  "Threshold"), provided that if by the foregoing method of determination the Threshold cannot be  reached, additional Subsidiaries with the next highest percentage (even if such percentage is less  than seven per cent.) of (i) the Group's consolidated Contribution ex-TAC or (ii) the Group's  Adjusted Consolidated EBITDA, shall be included until the Threshold is reached.  "Month" means, in relation to an Interest Period (or any other period for the accrual of commission  or fees in a currency), a period starting on one day in a calendar month and ending on the  numerically corresponding day in the next calendar month, subject to adjustment in accordance  with the rules specified as Business Day Conventions in the applicable Reference Rate Terms   "Multiemployer Plan" means a multiemployer plan as defined in Sections 3(37) and 4001(a)(3)  of ERISA.  "Net Disposal Proceeds" means an amount equal to the cash proceeds received by the Company  or any other member of the Group, after deducting all (i) reasonable third party expenses, fees,  underwriting discounts and commissions, (ii) taxes, and (iii) reasonable costs and expenses, in  each case in connection with any Disposal.  "Net Proceeds" means an amount equal to the cash proceeds received by the Company or any  other member of the Group, after deducting all (i) reasonable third party expenses, fees,  underwriting discounts and commissions, (ii) taxes, and (iii) reasonable costs and expenses, in  

 

  07/19406164_6 17  each case in connection with a New Debt Issue issued or raised pursuant to paragraph (o) of the  definition of "Permitted Financial Indebtedness".  "New Debt Issue" means the issuance of any unsecured loans, bonds, convertible bonds, notes,  convertible notes, debentures, loan stock or other debt instruments (including convertible debt  instruments) by the Company or any other member of the Group after the Signing Date.  "New Lender" has the meaning given to that term in Clause 31 (Changes to the Lenders).  "Non-Cooperative Jurisdiction" means a "non-cooperative state or territory" (Etat ou territoire  non-coopératif) as set out in the list referred to in Article 238-0 A of the French tax code (Code  général des impôts), as such list may be amended from time to time or replaced by any other  provision or list having a similar purpose.  "Non-Successful Completion" means, with respect to any KPI Relevant Period and any  Sustainability KPI, that the Realised Score, as assigned to such Sustainability KPI in the relevant  Sustainability KPI Report, is less than the relevant Sustainability Target in respect of that KPI  Relevant Period.  "Obligor" means a Borrower or the Guarantor.  "Optional Currency" means dollars and any other currency (other than the Base Currency) which  complies with the conditions set out in Clause 4.4 (Conditions relating to Optional Currencies).  "Original Financial Statements" means:  (a) the audited consolidated financial statements of the Group for the financial year ended 31  December 2021;  (b) the audited financial statements of the Company for the financial year ended 31 December  2021; and  (c) the unaudited financial statements of each Material Subsidiary for the financial year ended  31 December 2021.  "Participating Member State" means any member state of the European Union that has the euro  as its lawful currency in accordance with legislation of the European Union relating to Economic  and Monetary Union.  "Party" means a party to this Agreement.  "PATRIOT Act" means the United States Uniting and Strengthening America by Providing  Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 of  the United States.  "Permitted Disposal" means any Disposal:  (a) made in the ordinary course of business of the disposing entity on an arm's length basis;  (b) of assets in exchange for other assets comparable or superior as to type, value and  quality;  (c) of assets which are obsolete or surplus to requirements;  

 

  07/19406164_6 18  (d) of cash or Cash Equivalent Investments for cash or in exchange for other Cash Equivalent  Investments;  (e) arising as a result of any Permitted Security;  (f) by a member of the Group to any other member of the Group made on an arm's length  basis;  (g) under any receivables discounting programme, factoring programme or like arrangement  (including any securitisation or similar programme) of any member of the Group permitted  under paragraph (n) of the definition of Permitted Financial Indebtedness, in each case  whether on recourse or non-recourse terms;  (h) constituted by a licence of Intellectual Property for fair market value;  (i) of any Intellectual Property on an arm's length basis (and provided that any Intellectual  Property protecting the name "Criteo" may not be sold, other than, on an arm's length  basis, to another member of the Group);  (j) required by law or regulation or any order of any government entity made thereunder or  any Disposal that, in the framework of any antitrust rules or competition merger control  rules, has been imposed or has been undertaken as a remedy in order for an acquisition  by a member of the Group to be cleared;  (k) of any shares or all or any part of any business or assets acquired by any member of the  Group within 12 months of the date of such acquisition, where the purpose of such  Disposal is to dispose of non-core or non-strategic assets or to contribute or to dispose of,  at arm's length, the business or assets to a Permitted Joint Venture, and subject to, where  applicable, the provisions of Clause 8.3 (Mandatory Prepayment – Disposals Proceeds);  (l) of any securities in the Company held by the Company to the extent such shares constitute  all or part of the consideration for an acquisition by the Company or any other member of  the Group;  (m) of securities in any member of the Group in connection with share incentive schemes and  stock options; and  (n) where the higher of the market value or consideration receivable (when aggregated with  the higher of the market value or consideration receivable for any Disposal, other than any  permitted under the paragraphs above) does not exceed the greater of (i) five per cent. of  the consolidated assets of the Group, and (ii) EUR 50,000,000 (or its equivalent in another  currency or currencies) in aggregate in any financial year.  "Permitted Financial Indebtedness" means, without prejudice to the provisions of Clause 8.4  (Mandatory Prepayment – Acquisition Drawdown), Financial Indebtedness:  (a) arising under the Finance Documents;  (b) arising under a foreign exchange transaction for spot or forward delivery entered into in  connection with protection against fluctuation in currency rates where that foreign  exchange exposure arises in the ordinary course of business or in respect of Utilisations  made in Optional Currencies, or any derivative transaction entered into in connection with  

 

  07/19406164_6 19  protection against fluctuation in any rate or price where that transaction is entered into in  the ordinary course of business or in respect of the interest payable under this Agreement;  (c) arising under a Permitted Guarantee (including under or in connection with any counter- indemnity obligation in respect of a Permitted Guarantee);  (d) of any person acquired by a member of the Group after the closing date which is incurred  under arrangements in existence prior to or at the date of the acquisition, but not incurred  or increased (other than by reason of the accrual of interest or premium) or having its  maturity date extended in contemplation of, or since, that acquisition, and provided that  Financial Indebtedness is repaid within six months after the date of that acquisition;  (e) arising under a finance or capital lease or vendor financing the aggregate principal amount  of which does not at any time exceed EUR 10,000,000 (or its equivalent in another  currency or currencies);  (f) incurred by any member of the Group incorporated in Brazil, Russia, India, China, Turkey  or Argentina under any financing arrangements, provided that the aggregate outstanding  principal amount of such Financial Indebtedness does not exceed EUR 50,000,000 (or its  equivalent in another currency or currencies) at any time;  (g) existing on the Signing Date and described in Schedule 10 (Existing Financial  Indebtedness) or any refinancing or renewal of such Financial Indebtedness for the same  or a lesser aggregate principal amount;  (h) owed to any other member of the Group;  (i) arising under or in connection with any counter-indemnity obligation in the ordinary course  of business in respect of a guarantee, indemnity, bond, standby or documentary letter of  credit or any other instrument issued by a bank or financial institution in respect of the  liabilities of a member of the Group;  (j) arising under any bank guarantees in respect of any environmental, tax, customs, civil,  employment or other liabilities arising in the ordinary course of business;  (k) which is guaranteed by any member of the Group and which relates to lease arrangements  made in the ordinary course of business;  (l) made available by the relevant vendor in connection with any acquisition by any member  of the Group;  (m) arising under any overdraft or other fluctuating debit balances or on demand short term  loans on accounts of any member of the Group with any bank on a net balance basis  and/or any guarantee in respect of such debit balances or on demand short term loans,  where the debit balances or on demand short term loans representing that borrowing are  offset in full by credit balances on other accounts maintained with the relevant bank;  (n) arising under any receivables discounting programme, factoring programme or like  arrangement (including any securitisation or similar programme) of any member of the  Group on a recourse basis, provided that the aggregate outstanding principal amount of  

 

  07/19406164_6 20  such Financial Indebtedness does not exceed EUR 10,000,000 (or its equivalent in  another currency or currencies) at any time;  (o) incurred, raised or arising under or in connection with any New Debt Issue; and  (p) not permitted by the preceding paragraphs and the outstanding principal amount of which  does not exceed the greater of (i) five per cent. of the consolidated net assets of the Group,  and (ii) EUR 50,000,000 (or its equivalent in another currency or currencies) in aggregate  for the Group at any time.  "Permitted Guarantee" means:  (a) the endorsement of negotiable instruments in the ordinary course of business;  (b) any performance or similar bond guaranteeing performance by a member of the Group  under any contract entered into in the ordinary course of business;  (c) any guarantee of all or part of the liabilities of a Permitted Joint Venture in which any  member of the Group has entered into, invested in or acquired any shares, stocks,  securities or other interest in, provided that the net contingent liabilities of the relevant  member of the Group under this guarantee (taking into account any counter-guarantee  issued in favour of that member of the Group by or on behalf of the other partner(s) of the  Permitted Joint Venture) shall not exceed a percentage of such liabilities of the Permitted  Joint Venture equal to the percentage of investment of that member of the Group in the  Permitted Joint Venture;  (d) any guarantee permitted under the definition of Permitted Financial Indebtedness;  (e) any guarantee given in respect of the netting or set off arrangements permitted pursuant  to paragraph (b) of the definition of Permitted Security;  (f) any indemnity or warranty given in the ordinary course of the documentation of an  acquisition or Disposal transaction which, in the case of a Disposal, is a Permitted  Disposal, and which indemnity or warranty is, in each case, in a customary form and  subject to customary limitations;  (g) any guarantee in respect of the obligations of any member or the Group in respect of any  lease arrangements made in the ordinary course of business; and  (h) any guarantee or indemnity in respect of the Permitted Financial Indebtedness of any  member of the Group.  "Permitted Joint Venture" means a Joint Venture:  (a) engaged in a business that is similar or complementary to that carried on by the Group;  and  (b) incorporated with limited liability or held through an entity with limited liability newly  incorporated for the purpose of completing the proposed investment.  "Permitted Security" means:  (a) any Security or Quasi-Security existing as at the Signing Date or securing any refinancing  of the relevant secured indebtedness except to the extent the principal amount secured  

 

  07/19406164_6 21  by that Security or Quasi-Security exceeds the amount initially secured by such Security  or Quasi-Security;  (b) any netting or set-off arrangement entered into by any member of the Group in the ordinary  course of its banking arrangements for the purpose of netting debit and credit balances;  (c) any payment or close out netting or set-off arrangement pursuant to any derivative  transaction entered into in connection with protection against fluctuation in any rate or  price or any foreign exchange transaction entered into by a member of the Group which  constitutes Permitted Financial Indebtedness, excluding, in each case, any Security or  Quasi-Security under a credit support arrangement;  (d) any lien arising by operation of law and in the ordinary course of business;  (e) any Security or Quasi-Security over or affecting any asset acquired by a member of the  Group after the Signing Date if the principal amount secured has not been increased in  contemplation of, or since the acquisition of that asset by a member of the Group, and  provided that any such Security or Quasi-Security is released within six months following  the completion date of the acquisition;  (f) any Security or Quasi-Security over or affecting any asset of any company which becomes  a member of the Group after the Signing Date, where the Security or Quasi-Security is  created prior to the date on which that company becomes a member of the Group, if the  principal amount secured has not increased in contemplation of or since the acquisition of  that company, and provided that any such Security or Quasi-Security is released within  six months following the completion date of the acquisition;  (g) any Security or Quasi-Security arising under any retention of title, hire purchase or  conditional sale arrangement or arrangements having similar effect in respect of goods  supplied to a member of the Group in the ordinary course of business and on the supplier's  standard or usual terms and not arising as a result of any default or omission by any  member of the Group;  (h) any Security or Quasi-Security in respect of the obligations of any member or the Group  in respect of any lease arrangements made in the ordinary course of business and any  Security or Quasi-Security over any rental deposits in respect of real estate or any other  assets leased or licensed to a member of the Group;  (i) any Security granted over receivables or bank accounts pursuant to any receivables  discounting programme, factoring programme or like arrangement (including any  securitisation or similar programme) of any member of the Group permitted under  paragraph (n) of the definition of Permitted Financial Indebtedness;  (j) any Security or Quasi-Security in respect of any Local Financing Arrangement, provided  that the aggregate outstanding principal amount of the Financial Indebtedness so secured  does not exceed EUR 20,000,000 (or its equivalent in another currency or currencies);  (k) any Security or Quasi-Security arising in respect of any finance or capital lease  arrangements permitted under paragraph (e) of the definition of Permitted Financial  Indebtedness;  

 

  07/19406164_6 22  (l) any cash collateral provided in the ordinary course of business in respect of letters of credit  or bank guarantees to the issuer of such letters of credit or bank guarantees provided that  the amount of such cash collateral does not exceed the amount of the relevant exposure;  (m) any Quasi Security arising as a result of a Disposal which is a Permitted Disposal;  (n) any Security or Quasi-Security over cash paid into an escrow or similar account in  connection with an acquisition or a Permitted Disposal;  (o) any Security or Quasi-Security arising as a result of legal proceedings discharged within  60 days or otherwise contested in good faith;  (p) any Security or Quasi-Security arising in respect of unpaid taxes being contested in good  faith, provided that Security or Quasi-Security is discharged within 45 days;  (q) any Security or Quasi-Security over shares in Permitted Joint Ventures to secure  obligations of a member of the Group (as partner of the Permitted Joint Venture) to the  other Permitted Joint Venture partner(s); and  (r) any Security or Quasi-Security securing indebtedness the principal amount of which  (when aggregated with the principal amount of any other indebtedness which has the  benefit of Security or Quasi-Security given by any member of the Group other than any  permitted under the paragraphs above) does not exceed the greater of (i) five per cent. of  the consolidated assets of the Group, and (ii) EUR 50,000,000 (or its equivalent in another  currency or currencies).  "Plan" means any "employee pension benefit plan", as defined in Section 3(2) of ERISA (other  than a Multiemployer Plan), that is subject to the provisions of Title IV of ERISA or Section 412 of  the Code or Section 302 of ERISA, and in respect of which the Company or any of its ERISA  Affiliates is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to  be) an "employer" as defined in Section 3(5) of ERISA.  "Primary Term Rate" means the rate specified as such in the applicable Reference Rate Terms.  "Qualifying Lender" has the meaning given to it in Clause 13 (Tax Gross up and Indemnities).  "Quotation Day" means the day specified as such in the applicable Reference Rate Terms.   "Quotation Time" means the relevant time (if any) specified as such in the applicable Reference  Rate Terms.  "Quoted Tenor" means, in relation to a Primary Term Rate, any period for which that rate is  customarily displayed on the relevant page or screen of an information service.  "Ratio Compliance Certificate" means a certificate substantially in the form set out in Schedule  7 (Form of Ratio Compliance Certificate).  "Realised Score" means, in relation to each Sustainability KPI, the score (if applicable expressed  as a percentage) obtained for the relevant financial year and set out in the Sustainability KPI  Certificate.  "Reference Bank Rate" means the arithmetic mean of the rates (rounded upwards to four decimal  places) as supplied to the Agent at its request by the Reference Banks, any such individual rate  

 

  07/19406164_6 23  being defined as the rate (if any and applied to the relevant Reference Bank and the relevant  currency and period) determined based on the criteria which contributors to the applicable Primary  Term Rate are asked to apply in submitting the equivalent rate to the relevant administrator, which  on the date of this Agreement would be the rate at which the relevant Reference Bank believes  one prime bank is quoting to another prime bank for interbank term deposits in the relevant Term  Rate Currency in the Relevant Market for the relevant period.  "Reference Bank Quotation" means any quotation supplied to the Agent by a Reference Bank.  "Reference Banks" means any entity as may be appointed by the Agent in consultation with the  Company, subject to such entity's prior consent.  "Reference Rate Supplement" means, in relation to any currency, a document which:  (a) is agreed in writing by the Company, the Agent (in its own capacity) and the Agent (acting  on the instructions of the Majority Lenders);  (b) specifies for that currency the relevant terms which are expressed in this Agreement to be  determined by reference to Reference Rate Terms;  (c) specifies whether that currency is a Compounded Rate Currency or a Term Rate Currency;  and  (d) has been made available to the Company and each Finance Party.  "Reference Rate Terms" means, in relation to:  (a) a currency;  (b) a Loan or an Unpaid Sum in that currency;  (c) an Interest Period for such a Loan or Unpaid Sum (or other period for the accrual of  commission or fees in a currency); or  (d) any term of this Agreement relating to the determination of a rate of interest in relation to  such a Loan or Unpaid Sum,  the terms set out for that currency, and (where such terms are set out for different categories of  Loan, Unpaid Sum or accrual of commission or fees in that currency) for the applicable category  of that Loan, Unpaid Sum or accrual, in Schedule 11 (Reference Rate Terms) or in any Reference  Rate Supplement.  "Regulations T, U and X" means, respectively, Regulations T, U and X of the Board of the  Governors of the Federal Reserve System of the United States.  "Related Fund" in relation to a fund (the "first fund"), means a fund which is managed or advised  by the same investment manager or investment adviser as the first fund or, if it is managed by a  different investment manager or investment adviser, a fund whose investment manager or  investment adviser is an Affiliate of the investment manager or investment adviser of the first fund.  "Relevant Market" means the market specified as such in the applicable Reference Rate Terms.  "Relevant Period" has the meaning given to that term in Clause 28.1 (Financial definitions).  

 

  07/19406164_6 24  "Repeating Representations" means each of the representations set out in Clauses 26.1 (Status)  to 26.4 (Power and authority), 26.6 (Governing law and enforcement), 26.9 (No default), 26.12  (Pari passu ranking) to 26.17 (Sanctions, anti-money laundering and anti-corruption laws).  "Reporting Day" means the day (if any) specified as such in the applicable Reference Rate Terms.  "Reporting Time" means the relevant time (if any) specified as such in the applicable Reference  Rate Terms.  "Representative" means any delegate, agent, manager, administrator, nominee, attorney, trustee  or custodian.  "RFR" means the rate specified as such in the applicable Reference Rate Terms.  "RFR Banking Day" means any day specified as such in the applicable Reference Rate Terms.  "Rollover Loan" means one or more Loans:  (a) made or to be made on the same day that a maturing Loan is due to be repaid;  (b) the aggregate amount of which is equal to or less than the amount of the maturing Loan;  (c) in the same currency as the maturing Loan (unless it arose as a result of the operation of  Clause 6.2 (Unavailability of a currency); and  (d) made or to be made to the same Borrower for the purpose of refinancing that maturing  Loan.  "Sanctioned Person" means a person that is listed on, or owned or controlled by (as and to the  extent such terms are used in the relevant Sanctions), or acting on behalf of, a person listed on  any Sanctions List, or who is otherwise the target of Sanctions.  "Sanctions" means any laws or regulations relating to economic or financial sanctions or trade  embargoes or related restrictive measures imposed, administered or enforced from time to time  by a Sanctions Authority.  "Sanctions Authority" means (i) the United Nations Security Council; (ii) the United States  government; (iii) the European Union; (iv) the United Kingdom government; (v) the French  Republic; (vi) the Canadian government and, (vii) the respective governmental institutions and  agencies of any of the foregoing, including without limitation, the Office of Foreign Assets Control  of the U.S. Department of Treasury ("OFAC"), the United States Department of State and  Department of Commerce, and Her Majesty's Treasury (together, "Sanctions Authorities").  "Sanctions List" means the Specially Designated Nationals and Blocked Persons list maintained  by OFAC, the Denied Persons List maintained by the U.S. Department of Commerce, the  Consolidated List of Financial Sanctions Targets maintained by Her Majesty's Treasury, or any  other list issued or maintained by any Sanctions Authorities of persons subject to Sanctions  (including investment or related restrictions), each as amended, supplemented or substituted from  time to time.  "Sanctions Permitted Action" means an action which, in relation to any Sanctions imposed,  administered or enforced from time to time by a Sanctions Authority in relation to such action, is  licenced or otherwise authorised by each applicable Sanctions Authority, and provided that such  

 

  07/19406164_6 25  action would not cause any Finance Party or member of the Group to be in breach of any  Sanctions.  "Second Extension Fee" has the meaning given to it in paragraph (b)(vii) of Clause 2.6.  "Security" means a mortgage, charge, pledge, lien or other security interest securing any  obligation of any person or any other agreement or arrangement having a similar effect.  "Signing Date" means the signing date of this Agreement, i.e. 27 September 2022.  "Specified Time" means a day or time determined in accordance with Schedule 8 (Timetables).  "Subsidiary" means in relation to any company, another company which is controlled by it within  the meaning of article L.233-3 of the French Code de commerce.  "Successful Completion" means, with respect to any KPI Relevant Period and any Sustainability  KPI, that the Realised Score, as assigned to such Sustainability KPI in the relevant Sustainability  KPI Report, is equal to or greater than, the relevant Target Score in respect of that KPI Relevant  Period.   "Sustainability Auditor" means any external auditor as may be agreed pursuant to Clause 9.11  (Sustainability provisions), in charge of verifying the Realised Scores referred to in any  Sustainability KPI Certificate.  "Sustainability KPI(s)" means each of the Sustainability KPI 1 and the Sustainability KPI 2,  monitored by the Company and in respect of which the Realised Scores are reviewed by the  Sustainability Auditor (on a basis to be agreed pursuant to Clause 9.11 (Sustainability provisions)).   "Sustainability KPI 1" means the first sustainability KPI determined pursuant to Clause 9.11  (Sustainability provisions).  "Sustainability KPI 2" means the second sustainability KPI determined pursuant to Clause 9.11   (Sustainability provisions).  "Sustainability KPI Certificate" means, in respect of any KPI Relevant Period, a certificate,  executed by the Company and the Sustainability Auditor, setting out the Realised Scores in  relation to the Sustainability KPIs and the applicable Sustainability Margin Adjustment, provided  by the Company to the Agent in accordance with the provisions of Clause 9.10 (Sustainability  reporting), substantially in the form set out in Schedule 14 (Form of Sustainability KPI Certificate)  or any other form agreed between the Company and the Agent.  "Sustainability Margin Adjustment" has the meaning given to that term in Clause 9.8  (Sustainability Margin Adjustments).   "TARGET2" means the Trans-European Automated Real-time Gross Settlement Express Transfer  payment system which utilises a single shared platform and which was launched on 19 November  2007.  "TARGET Day" means any day on which TARGET2 is open for the settlement of payments in  euro.  

 

  07/19406164_6 26  "Target Score" means, in relation to a KPI Relevant Period and the relevant Sustainability KPI,  the value determined pursuant to Clause 9.11 (Sustainability provisions) (as may be subsequently  amended or supplemented in accordance with the provisions of this Agreement).  "Tax" means any tax, levy, impost, duty or other charge or withholding of a similar nature (including  any penalty or interest payable in connection with any failure to pay or any delay in paying any of  the same).  "Term Rate Currency" means:  (a) euro; and  (b) any currency specified as such in a Reference Rate Supplement relating to that currency,  to the extent, in any case, not specified otherwise in a subsequent Reference Rate Supplement.  "Term Rate Loan" means any Loan or, if applicable, Unpaid Sum in a Term Rate Currency to the  extent it has not become a "Compounded Rate Loan" for its then current Interest Period pursuant  to Clause 11.1 (Interest calculation if no Primary Term Rate).  "Term Reference Rate" means, in relation to a Term Rate Loan:  (a) the applicable Primary Term Rate as of the Quotation Time for a period equal in length to  the Interest Period of that Loan; or  (b) as otherwise determined pursuant to Clause 11.1 (Interest calculation if no Primary Term  Rate),  and if, in either case, that rate is less than zero, the Term Reference Rate shall be deemed to be  zero.  "Termination Date" means the date which is five years after the Signing Date, as may be  extended pursuant to and in accordance with Clause 2.6 (Extension of the Facility).  "Total Commitments" means the aggregate of the Commitments, being EUR 407,000,000 on the  Signing Date.  "Transaction Information" means all documents and factual information concerning the Group  which, at the Company's request and on its behalf, was prepared in relation to this transaction and  distributed to the Arrangers before the Signing Date.  "Transfer Agreement" means an agreement substantially in the form set out in Schedule 4 (Form  of Transfer Agreement) or any other form agreed between the Agent and the Company.  "Transfer Date" means, in relation to a transfer, the later of:  (a) the proposed Transfer Date specified in the relevant Transfer Agreement; and  (b) the date on which the Agent executes the Transfer Agreement.  "Unpaid Sum" means any sum due and payable but unpaid by an Obligor under the Finance  Documents.  "U.S." or "United States" means the United States of America, its territories, possessions, any  state of the United States and the District of Columbia.  

 

  07/19406164_6 27  "U.S. Bankruptcy Code" means Title 11 of the United States Code, 11 U.S.C. 101 et seq., entitled  "Bankruptcy", as amended from time to time.  "U.S. Bankruptcy Law" means the U.S. Bankruptcy Code and any other U.S. federal or state  bankruptcy, insolvency or similar law.  "U.S. GAAP" means the generally accepted accounting principles, set forth from time to time in  the opinions and pronouncements of the Accounting Principles Board and the American Institute  of Certified Public Accountants and statements and pronouncements of the Financial Accounting  Standards Board (or agencies with similar functions of comparable stature and authority within the  accounting profession), or in such other statements by such other entity as may be in general use  by significant segments of the U.S. accounting profession, which are applicable to the  circumstances as of the date of determination.  "U.S. Obligor" means an Obligor incorporated, formed or organised under the laws of the United  States or any state thereof.  "U.S. Tax Obligor" means an Obligor, if:  (a) it is resident for tax purposes in the U.S.; or  (b) some or all of its payments under the Finance Documents are from sources within the  U.S. for U.S. federal income tax purposes.  "Utilisation" means a utilisation of the Facility.  "Utilisation Date" means the date of a Utilisation, being the date on which the relevant Loan is to  be made.  "Utilisation Request" means a notice substantially in the form set out in Schedule 3 (Utilisation  Request).  "VAT" means:  (a) any tax imposed in compliance with the Council Directive of 28 November 2006 on the  common system of value added tax (EC Directive 2006/112);   (b) any other tax of a similar nature, whether imposed in the United Kingdom or in a member  state of the European Union, in substitution for, or levied in addition to, such tax referred  to in paragraph (a) above, or imposed elsewhere; And  (c) any value added tax imposed by the United Kingdom Value Added Tax Act 1994.  "Withdrawal Liability" means liability to a Multiemployer Plan as a result of a complete or partial  withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title  IV of ERISA.  1.2 Construction  (a) Unless a contrary indication appears, any reference in this Agreement to:  (i) the "Agent", an "Arranger", any "Finance Party", the "Guarantor", any "Lender", any  "Borrower", any "Obligor", any "Party" or any "Sustainability Coordinator" shall be  construed so as to include its successors in title, permitted transferees to, or of, its rights  or its rights and obligations under the Finance Documents;  

 

  07/19406164_6 28  (ii) "assets" includes present and future properties, revenues and rights of every description;  (iii) "corporate reconstruction" includes in relation to any company any contribution of part  of its business in consideration of shares (apport partiel d'actifs) and any demerger  (scission) implemented in accordance with articles L.236 1 to L.236 24 of the French Code  de commerce;  (iv) a Lender's "cost of funds" in relation to its participation in a Loan is a reference to the average  cost (determined either on an actual or a notional basis) which that Lender would incur if it  were to fund, from whatever source(s) it may reasonably select, an amount equal to the amount  of that participation in that Loan for a period equal in length to the Interest Period of that Loan;  (v) a "Finance Document" or any other agreement or instrument is a reference to that  Finance Document or other agreement or instrument as amended or novated,  supplemented, extended or restated;  (vi) a "group of Lenders" includes all the Lenders;  (vii) "gross negligence" means "faute lourde";  (viii) a "guarantee" includes any type of "sûreté personnelle";  (ix) "indebtedness" includes any obligation (whether incurred as principal or as surety) for  the payment or repayment of money, whether present or future, actual or contingent;  (x) "merger" includes any fusion implemented in accordance with articles L.236-1 to L.236- 24 of the French Code de commerce;  (xi) a "person" includes any individual, firm, company, corporation, government, state or  agency of a state or any association, trust, joint venture, consortium, partnership or other  entity (whether or not having separate legal personality);  (xii) a "regulation" includes any regulation, rule, official directive, request or guideline (whether  or not having the force of law) of any governmental, intergovernmental or supranational  body, agency, department or of any regulatory, self-regulatory or other authority or  organisation;  (xiii) a "security interest" includes any type of security (sûreté réelle) and transfer by way of  security;  (xiv) a "transfer" includes any means of transfer of rights or rights and obligations under French  law;  (xv) "trustee, fiduciary and fiduciary duty" has in each case the meaning given to such term  under any applicable law;  (xvi) "wilful misconduct" means "dol";  (xvii) a provision of law is a reference to that provision as amended or re-enacted from time to  time; and  (xviii) unless a contrary indication appears, a time of day is a reference to Paris time.  (b) Section, Clause and Schedule headings are for ease of reference only.  

 

  07/19406164_6 29  (c) Unless a contrary indication appears, a term used in any other Finance Document or in any notice  given under or in connection with any Finance Document has the same meaning in that Finance  Document or notice as in this Agreement.  (d) A Default (other than an Event of Default) is "continuing" if it has not been remedied or waived  and an Event of Default is "continuing" if it has not been remedied or waived.  (e) A reference in this Agreement to a page or screen of an information service displaying a rate shall  include:  (i) any replacement page of that information service which displays that rate; and  (ii) the appropriate page of such other information service which displays that rate from time  to time in place of that information service,  and, if such page or service ceases to be available, shall include any other page or service  displaying that rate specified by the Agent after consultation with the Company.  (f) A reference in this Agreement to a Central Bank Rate shall include any successor rate to, or  replacement rate for, that rate.  (g) Any Reference Rate Supplement relating to a currency overrides anything relating to that currency  in:  (i) Schedule 11 (Reference Rate Terms); or  (ii) any earlier Reference Rate Supplement.  (h) A Compounding Methodology Supplement relating to the Daily Non-Cumulative Compounded  RFR Rate or the Cumulative Compounded RFR Rate overrides anything related to that rate in;  (i) Schedule 12 (Daily Non-Cumulative Compounded RFR Rate) or Schedule 13 (Cumulative  Compounded RFR Rate), as the case may be; or  (ii) any earlier Compounding Methodology Supplement.  (e) The determination of the extent to which a rate is "for a period equal in length" to an Interest  Period shall disregard any inconsistency arising from the last day of that Interest Period being  determined pursuant to the terms of this Agreement.  1.3 Currency symbols and definitions  "$", "USD" and "dollars" denote the lawful currency of the United States of America;  "€", "EUR" and "euro" denote the single currency of the Participating Member States.    

 

  07/19406164_6 30  SECTION 2   THE FACILITY  2. THE FACILITY  2.1 The Facility  Subject to the terms of this Agreement, the Lenders make available to the Borrowers a  multicurrency revolving loan facility in an aggregate amount equal to the Total Commitments.  2.2 Increase  (a) The Company may by giving prior notice to the Agent by no later than the date falling 15 Business  Days after the effective date of a cancellation of:  (i) the Available Commitments of a Defaulting Lender in accordance with Clause 8.8 (Right  of cancellation in relation to a Defaulting Lender); or  (ii) the Commitments of a Lender in accordance with:  (A) Clause 8.1 (Illegality); or  (B) Clause 8.7 (Right of replacement or repayment and cancellation in relation to a  single Lender),  request that the Commitments relating to the Facility be increased (and the Commitments  relating to the Facility shall be so increased) in an aggregate amount in the Base Currency  of up to the amount of the Available Commitments or Commitments relating to the Facility  so cancelled as follows:  (iii) the increased Commitments will be assumed by one or more Lenders or other banks or  financial institutions (each an "Increase Lender") selected by the Company (each of  which shall not be a member of the Group) and each of which confirms in writing (whether  in the relevant Increase Confirmation or otherwise) its willingness to assume and does  assume all the obligations of a Lender corresponding to that part of the increased  Commitments which it is to assume, as if it had been an Original Lender in respect of  those Commitments;  (iv) each of the Obligors and any Increase Lender shall assume obligations towards one  another and/or acquire rights against one another as each Obligor and the Increase  Lender would have assumed and/or acquired had the Increase Lender been an Original  Lender in respect of that part of the increased Commitments which it is to assume;  (v) each Increase Lender shall become a Party as a "Lender" and any Increase Lender and  each of the other Finance Parties shall assume obligations towards one another and  acquire rights against one another as that Increase Lender and those Finance Parties  would have assumed and/or acquired had the Increase Lender been an Original Lender  in respect of that part of the increased Commitments which it is to assume;  (vi) the Commitments of the other Lenders shall continue in full force and effect; and  

 

  07/19406164_6 31  (vii) any increase in the Commitments relating to the Facility shall take effect on the date which  the Agent executes an otherwise duly completed Increase Confirmation delivered to it by  the relevant Increase Lender.   (b) The Agent shall, subject to paragraph (c) below, as soon as reasonably practicable after receipt  by it of a duly completed Increase Confirmation appearing on its face to comply with the terms of  this Agreement and delivered in accordance with the terms of this Agreement, execute that  Increase Confirmation.  (c) The Agent shall only be obliged to execute an Increase Confirmation delivered to it by an Increase  Lender once it is satisfied that it has complied with all necessary "know your customer" or other  similar checks under all applicable laws and regulations in relation to the assumption of the  increased Commitments by that Increase Lender. The Agent shall promptly notify the Company  and the Increase Lender upon being so satisfied.  (d) Each Increase Lender, by executing the Increase Confirmation, confirms (for the avoidance of  doubt) that the Agent has authority to execute on its behalf any amendment or waiver that has  been approved by or on behalf of the requisite Lender or Lenders in accordance with this  Agreement on or prior to the date on which the increase becomes effective in accordance with this  Agreement and that it is bound by that decision to the same extent as it would have been had it  been an Original Lender.  (e) The Company shall, promptly on demand, pay the Agent the amount of all costs and expenses  (including legal fees), upon the presentation of supporting invoices and up to an agreed cap,  reasonably incurred by it in connection with any increase in Commitments under this Clause 2.2.  (f) The Increase Lender shall, on the date upon which the increase takes effect, pay to the Agent (for  its own account) a fee in an amount equal to the fee which would be payable under Clause 31.3  (Transfer fee) if the increase was a transfer pursuant to Clause 31.5 (Procedure for Transfer) and  if the Increase Lender was a New Lender.  (g) The Company may pay to the Increase Lender a fee in the amount and at the times agreed  between the Company and the Increase Lender in a letter between the Company and the Increase  Lender setting out that fee. A reference in this Agreement to a Fee Letter shall include any letter  referred to in this paragraph (g).  (h) Neither the Agent nor any Lender shall have any obligation to find an Increase Lender and in no  event shall any Lender whose Commitment is replaced by an Increase Lender be required to pay  or surrender any of the fees received by such Lender pursuant to the Finance Documents  (i) Clause 31.4 (Limitation of responsibility of Existing Lenders) shall apply mutatis mutandis to this  Clause 2.2 in relation to an Increase Lender as if references in that Clause to:  (i) an "Existing Lender" were references to all the Lenders immediately prior to the relevant  increase;  (ii) the "New Lender" were references to that "Increase Lender"; and  (iii) a "re-transfer" were references to a "transfer".  

 

  07/19406164_6 32  2.3 Finance Parties' rights and obligations  (a) The obligations of each Finance Party under the Finance Documents are several (conjointes et  non solidaires). Failure by a Finance Party to perform its obligations under the Finance Documents  does not affect the obligations of any other Party under the Finance Documents. No Finance Party  is responsible for the obligations of any other Finance Party under the Finance Documents.  (b) The rights of each Finance Party under or in connection with the Finance Documents are separate  and independent rights and any debt arising under the Finance Documents to a Finance Party  from a Borrower is a separate and independent debt in respect of which a Finance Party shall be  entitled to enforce its rights in accordance with paragraph (c) below. The rights of each Finance  Party include any debt owing to that Finance Party under the Finance Documents and, for the  avoidance of doubt, any part of a Loan or any other amount owed by a Borrower which relates to  a Finance Party's participation in a Facility or its role under a Finance Document (including any  such amount payable to the Agent on its behalf) is a debt owing to that Finance Party by that  Borrower.  (c) A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce  its rights under the Finance Documents.  2.4 Obligors' Agent  (a) Each Obligor (other than the Company) irrevocably appoints the Company (acting through one or  more authorised signatories) to act on its behalf as its agent in relation to the Finance Documents  and irrevocably authorises:  (i) the Company on its behalf to supply all information concerning itself contemplated by this  Agreement to the Finance Parties and to give all notices and instructions (including  Utilisation Requests), to make such agreements and to effect the relevant amendments,  supplements and variations capable of being given, made or effected by any Obligor  notwithstanding that they may affect the Obligor, without further reference to or the  consent of that Obligor; and  (ii) each Finance Party to give any notice, demand or other communication to that Obligor  pursuant to the Finance Documents to the Company.  (b) The Company and each other Obligor confirms that:  (i) it will be bound by any action taken by the Company under, or in connection with, any  Finance Document; and  (ii) each Finance Party may rely on any action purported to be taken by the Company on  behalf of that Obligor.  2.5 Acts of the Company  (a) The respective liabilities of each of the Obligors under the Finance Documents shall not be in any  way affected by:  (i) any actual or purported irregularity in any act done, or failure to act, by the Company;  (ii) the Company acting (or purporting to act) in any respect outside any authority conferred  upon it by any Obligor; or  

 

  07/19406164_6 33  (iii) any actual or purported failure by, or inability of, the Company to inform any Obligor of  receipt by it of any notification under the Finance Documents.  (b) In the event of any conflict between any notices or other communications of the Company and any  other Obligor, those of the Company shall prevail.  2.6 Extension of the Facility  (a) First extension  (i) The Company may by giving written notice to the Agent (the "First Extension Request")  by no later than 30 calendar days but not earlier than 90 calendar days before the fourth  anniversary of the Signing Date, request an extension of the Termination Date of the  Facility by a period of 364 days.  (ii) The Agent shall inform each Lender of the First Extension Request promptly, upon receipt  of the same.  (iii) No Lender shall have any obligation to agree to the First Extension Request and each  Lender may, in its absolute discretion, decide whether or not it wishes to agree to the First  Extension Request. Each Lender shall give notice to the Agent (the "First Notice of  Extension") no later than 10 Business Days before the fourth anniversary of the Signing  Date, indicating whether or not it agrees to the First Extension Request. If a Lender does  not give the First Notice of Extension within the time periods specified above, that Lender  shall be deemed to have refused its consent to the First Extension Request and will be  treated as a First Non-Extending Lender for the purpose of paragraph (v) below.  (iv) The Agent shall notify the Company of the decision of each Lender, identifying which  Lenders have not given a First Notice of Extension and which Lenders have refused the  First Extension Request. The Company shall, by no later than the fourth anniversary of  the Signing Date, notify the Agent in writing whether it confirms or withdraws the First  Extension Request. If the Company elects to confirm the First Extension Request (the  "First Extension Confirmation Notice"), then the First Extension Request is irrevocable  and the extension of the Termination Date to the date requested in the Extension Request  will take effect in accordance with, and subject to, paragraphs (v) to (vii) (inclusive) below.  (v) If a Lender notifies the Agent that it does not agree to the First Extension Request or fails  to provide a First Notice of Extension (each a "First Non-Extending Lender") then,  whether or not any other Lender does agree to the First Extension Request, that First Non- Extending Lender's participation in each Loan, together with accrued interest and all other  amounts due or outstanding in relation to its participation under the Finance Documents,  shall be repaid on the initial Termination Date.  (vi) Upon receipt by the Agent of the First Extension Confirmation Notice, provided that:  (A) the Agent has received the First Extension Fee payable in accordance with  paragraph (vii) below; and  (B) no Event of Default is continuing on the First Extension Date or would result  therefrom,  

 

  07/19406164_6 34  the Termination Date will be extended in respect of the Commitments of each Lender that  has consented to the First Extension Request (each a "First Extending Lender") to the  date requested in the First Extension Request with effect from the date immediately  following the fourth anniversary of the Signing Date (the date on which it is confirmed the  Termination Date is extended, the "First Extension Date").  (vii) The Company shall pay to the Agent (for the account of each First Extending Lender) an  extension fee of 0.025 per cent. calculated on the extended Commitments (the "First  Extension Fee"). The accrued First Extension Fee is payable on the First Extension Date  at the latest. For the avoidance of doubt, no First Extension Fee is payable to any First  Non-Extending Lender.  (b) Second extension  (i) The Company may by giving written notice to the Agent (the "Second Extension  Request") by no later than 30 calendar days but not earlier than 90 calendar days before  the fifth anniversary of the Signing Date, request an extension of the Termination Date, as  extended pursuant to paragraph (a) of Clause 2.6 (First extension), by a period of 364  days, or as regards any Lender that has not agreed to the First Extension Request, by a  period of 728 days.  (ii) The Agent shall inform each Lender of the Second Extension Request promptly, upon  receipt of the same.  (iii) No Lender shall have any obligation to agree to the Second Extension Request and each  Lender may, in its absolute discretion, decide whether or not it wishes to agree to the  Second Extension Request. Each Lender so requested shall give notice to the Agent (the  "Second Notice of Extension") no later than 10 Business Days before the fifth  anniversary of the Signing Date, indicating whether or not it agrees to the Second  Extension Request. If a Lender does not give the Second Notice of Extension within the  time periods specified above, that Lender shall be deemed to have refused its consent to  the Second Extension Request and will be treated as a Second Non-Extending Lender for  the purpose of paragraph (v) below.  (iv) The Agent shall notify the Company of the decision of each Lender, identifying which  Lenders have not given a Second Notice of Extension and which Lenders have refused  the Second Extension Request. The Company shall, by no later than the fifth anniversary  of the Signing Date, notify the Agent in writing whether it confirms or withdraws the Second  Extension Request. If the Company elects to confirm the Second Extension Request (the  "Second Extension Confirmation Notice"), then the Second Extension Request is  irrevocable and the extension of the Termination Date, as extended pursuant to paragraph  (a) of Clause 2.6 (First extension), to the date requested in the Second Extension Request  will take effect in accordance with, and subject to, paragraphs (v) to (vii) (inclusive) below.  (v) If a Lender notifies the Agent that it does not agree to the Second Extension Request or  fails to provide a Second Notice of Extension (each a "Second Non-Extending Lender")  then, whether or not any other Lender does agree to the Second Extension Request, that  Second Non-Extending Lender's participation in each Loan, together with accrued interest  

 

  07/19406164_6 35  and all other amounts due or outstanding in relation to its participation under the Finance  Documents, shall be repaid on the initial Termination Date, as extended, as the case may  be, pursuant to paragraph (a) of Clause 2.6 (First extension).  (vi) Upon receipt by the Agent of the Second Extension Confirmation Notice, provided that:  (A) the Agent has received the Second Extension Fee payable in accordance with  paragraph (vii) below; and  (B) no Event of Default is continuing on the Second Extension Date or would result  therefrom,  the Termination Date, as extended pursuant to paragraph (a) of Clause 2.6 (First  extension), will be extended in respect of the Commitments of each Lender that has  consented to the Second Extension Request (each a "Second Extending Lender") to the  date requested in the Second Extension Request with effect from the date immediately  following the fifth anniversary of the Signing Date (the date on which it is confirmed the  Termination Date is extended, the "Second Extension Date").  (vii) The Company shall pay to the Agent (for the account of each Second Extending Lender)  an extension fee of (x) 0.025 per cent. calculated on the extended Commitments for any  Second Extending Lender which agreed to extend by a period of 364 days and (y) 0.050  per cent. calculated on the extended Commitments for any Second Extending Lender (that  has not agreed to the First Extension Request) which agreed to extend by a period of 728  days (the "Second Extension Fee"). The accrued Second Extension Fee is payable on  the Second Extension Date at the latest. For the avoidance of doubt, no Second Extension  Fee is payable to any Second Non-Extending Lender.   3. PURPOSE  3.1 Purpose  Each Borrower shall apply all amounts borrowed by it under the Facility towards financing general  corporate purposes of the Group, including any acquisitions of, without any limitation, shares,  assets or businesses by members of the Group and (if the Existing RCF is drawn) refinancing of  the Existing RCF.  3.2 Monitoring  No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant  to this Agreement.  4. CONDITIONS OF UTILISATION  4.1 Initial conditions precedent  (a) The entry into force of the Agreement is subject to the receipt by the Agent on the Signing Date of  all the documents and other evidence listed in Schedule 2 (Conditions Precedent) in form and  substance satisfactory to the Agent. The Agent (acting on behalf of the Lenders) shall notify  promptly the Company that such documents and other evidence have been received in  satisfactory form and substance and that the Agreement has entered into force.  

 

  07/19406164_6 36  (b) Other than to the extent that any Lender notifies the Agent in writing to the contrary before the  Agent gives the notification described in paragraph (a) above, the Lenders authorise (but do not  require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or  losses whatsoever as a result of giving any such notification unless directly caused by its gross  negligence or wilful misconduct.  4.2 Further conditions precedent  The Lenders will only be obliged to comply with Clause 5.4 (Lenders' participation) if on the date  of the Utilisation Request and on the proposed Utilisation Date:  (a) in the case of a Rollover Loan, no Event of Default is continuing or would result from the  proposed Loan and, in the case of any other Loan, no Default is continuing or would result  from the proposed Loan; and  (b) in the case of a Rollover Loan, the Repeating Representations set out in Clauses 26.1  (Status) to 26.4 (Power and authority) (inclusive), 26.6 (Governing law and enforcement),  and 26.17 (Sanctions, anti-money laundering and anti-corruption laws) to be made by  each Obligor are true in all material respects and, in the case of any other Loan, the  Repeating Representations to be made by each Obligor are true in all material respects.  4.3 Conditions precedent for the sole benefit of the Lenders  The conditions precedent provided for in Clause 4.1 (Initial conditions precedent) and Clause 4.2  (Further conditions precedent) are stipulated for the sole benefit of the Lenders.  4.4 Conditions relating to Optional Currencies  (a) A currency will constitute an Optional Currency in relation to a Loan if it is dollars or:  (i) it is readily available in the amount required and freely convertible into the Base Currency  in the wholesale market for that currency at the Specified Time and on the Utilisation Date  for that Loan;  (ii) it has been approved by the Agent (acting on the instructions of all the Lenders) on or prior  to receipt by the Agent of the relevant Utilisation Request for that Loan; and  (iii) there are Reference Rate Terms for that currency.  (b) If the Agent has received a written request from the Company for a currency to be approved under  paragraph (a)(ii) above, the Agent will confirm to the Company by the Specified Time:  (i) whether or not the Lenders have granted their approval; and  (ii) if approval has been granted, the minimum amount (and, if required, integral multiples) for  any subsequent Utilisation in that currency.  4.5 Maximum number of Loans  (a) The Company may not deliver a Utilisation Request if as a result of the proposed Utilisation, 11 or  more Loans would be outstanding.  (b) Any Loan made by a single Lender under Clause 6.2 (Unavailability of a currency) shall not be  taken into account in this Clause 4.5.    

 

  07/19406164_6 37  SECTION 3   UTILISATION  5. UTILISATION  5.1 Delivery of a Utilisation Request  A Borrower may utilise the Facility by delivery by the Company (on behalf of that Borrower) to the  Agent of a duly completed Utilisation Request not later than the Specified Time.  5.2 Completion of a Utilisation Request  (a) Each Utilisation Request is irrevocable and will not be regarded as having been duly completed  unless:  (i) the proposed Utilisation Date is a Business Day within the Availability Period;  (ii) the currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount);  (iii) it specifies the Borrower;  (iv) the proposed Interest Period complies with Clause 10 (Interest Periods); and  (v) it specifies whether or not the Utilisation is an Acquisition Drawdown.  (b) Only one Loan may be requested in each Utilisation Request.  5.3 Currency and amount  (a) The currency specified in a Utilisation Request must be the Base Currency or an Optional  Currency.  (b) The amount of the proposed Loan must be:  (i) if the currency selected is the Base Currency, a minimum of EUR 5,000,000 for the first  Utilisation and EUR 1,000,000 for each subsequent Utilisation;  (ii) if the currency selected is dollars, a minimum of the equivalent of EUR 5,000,000 in dollars  for the first Utilisation and a minimum of the equivalent of EUR  1,000,000 for each  subsequent Utilisation; and  (iii) if the currency selected is an Optional Currency (other than dollars), the minimum amount  (and if required integral multiple) specified by the Agent pursuant to paragraph (b)(ii) of  Clause 4.4 (Conditions relating to Optional Currencies),  or, in each case, if less, the Available Facility; or  (iv) in any event such that its Base Currency Amount is less than or equal to the Available  Facility.  5.4 Lenders' participation  (a) If the conditions set out in this Agreement have been met each Lender shall make its participation  in each Loan available by the Utilisation Date through its Facility Office.  (b) The amount of each Lender's participation in each Loan will be equal to the proportion borne by  its Available Commitment to the Available Facility immediately prior to making the Loan.  

 

  07/19406164_6 38  (c) The Agent shall determine the Base Currency Amount of each Loan which is to be made in an  Optional Currency and shall notify each Lender of the amount, currency and the Base Currency  Amount of each Loan and the amount of its participation in that Loan in each case by the Specified  Time.  5.5 Cancellation of Commitment  The Commitments which, at that time, are unutilised shall be immediately cancelled at the end of  the Availability Period.  6. OPTIONAL CURRENCIES  6.1 Selection of currency  The Company shall select the currency of a Loan in a Utilisation Request.  6.2 Unavailability of a currency  If before the Specified Time:  (a) in respect of an Optional Currency other than dollars, a Lender notifies the Agent that the  Optional Currency requested is not readily available to it in the amount required; or  (b) a Lender notifies the Agent that compliance with its obligation to participate in a Loan in  the proposed Optional Currency would contravene a law or regulation applicable to it,  the Agent will give notice to the Company to that effect by the Specified Time. In this event, any  Lender that gives notice pursuant to this Clause 6.2 will be required to participate in the Loan in  the Base Currency (in an amount equal to that Lender's proportion of the Base Currency Amount  or, in respect of a Rollover Loan, an amount equal to that Lender's proportion of the Base Currency  Amount of the Rollover Loan that is due to be made) and its participation will be treated as a  separate Loan denominated in the Base Currency during that Interest Period.  6.3 Agent's calculation  Each Lender's participation in a Loan will be determined in accordance with Clause 5.4 (Lenders'  participation).    

 

  07/19406164_6 39  SECTION 4   REPAYMENT, PREPAYMENT AND CANCELLATION  7. REPAYMENT OF LOANS  Each Borrower shall repay each Loan made available to it on the last day of its Interest Period.  8. PREPAYMENT AND CANCELLATION  8.1 Illegality  If (a) in any applicable jurisdiction, it becomes unlawful for any Lender to perform any of its  obligations as contemplated by this Agreement or to fund or maintain its participation in any Loan  or it becomes unlawful for any Affiliate of a Lender for that Lender to do so, or (b) if a member of  the Group becomes a Sanctioned Person:  (i) that Lender shall (or in the case of (b) above, that Lender may) promptly notify the Agent  upon becoming aware of that event;  (ii) upon the Agent notifying the Company, each Available Commitment of that Lender will (in  the case of (b) above, only if the relevant Lender so specifies in a notice to the Agent) be  immediately cancelled; and  (iii) to the extent that the Lender's participation has not been transferred pursuant to  paragraph (d) of Clause 8.7 (Right of replacement or repayment and cancellation in  relation to a single Lender), each Borrower shall (in the case of (b) above, only if the  relevant Lender so specifies in a notice to the Agent) repay that Lender's participation in  the Loans made to that Borrower on the last day of the Interest Period for each Loan  occurring after the Agent has notified the Company or, if earlier, the date specified by the  Lender in the notice delivered to the Agent (being no earlier than the last day of any  applicable grace period permitted by law) and that Lender's corresponding Commitment(s)  shall be cancelled in the amount of the participations repaid.  8.2 Change of control  (a) If any person or group of persons acting in concert gains control of the Company:  (i) the Company shall promptly notify the Agent upon becoming aware of that event and the  Agent shall then promptly notify the Lenders, with a copy to the Company, of that event;  (ii) a Lender shall not be obliged to fund a Utilisation (except for a Rollover Loan); and  (iii) if a Lender so requires and notifies the Agent within 15 Business Days of the Agent  notifying that Lender of the event, the Agent shall, by not less than 30 Business Days'  notice to the Company, cancel the Commitment of that Lender and declare the  participation of that Lender in all outstanding Loans, together with accrued interest, and  all other amounts accrued under the Finance Documents immediately due and payable,  whereupon the Commitment of that Lender will be cancelled and all such outstanding  Loans and amounts will become immediately due and payable.  (b) For the purpose of paragraph (a) above "control" has the meaning given in article L.233-3 of the  French Code de commerce.  

 

  07/19406164_6 40  (c) For the purpose of paragraph (a) above "acting in concert" has the meaning given in article  L.233-10 of the French Code de commerce.  8.3 Mandatory Prepayment – Disposals Proceeds  (a) For the purposes of this Clause 8.3:  "Acquisition Drawdown" means a Loan (and any subsequent Rollover Loan of that Loan) made  to finance, in whole or in part, the acquisition by a member of the Group of shares or a business.  (b) On a Disposal by any member of the Group of shares or of a business the acquisition of which  was financed with the proceeds of an Acquisition Drawdown, the relevant Borrower shall prepay  such Acquisition Drawdown, in each case:  (i) in an amount equal to the portion of the relevant Net Disposal Proceeds that exceeds EUR  10,000,000 (or an equivalent amount in other currencies); and  (ii) up to a maximum amount equal to the Acquisition Drawdown,  unless such Net Disposal Proceeds have been reinvested in other assets for use in the business  within 12 months of the receipt of such Net Disposal Proceeds.  (c) Any prepayment under this Clause 8.3 shall be made on the last day of the Interest Period during  which the 12-month period referred to in paragraph (b) ends.  (d) Any prepayment under this Clause 8.3 shall not reduce the Total Commitments.  (e) For the avoidance of doubt, in paragraph (b), the term "Disposal" shall exclude any Disposal made  by a member of the Group to any other member of the Group on an arm's length basis.  8.4 Mandatory Prepayment – Acquisition Drawdown  (a) If the amount of an Acquisition Drawdown used to finance the acquisition of one or several  companies and/or businesses sold by one or several vendors, forming part of the same  transaction, exceeds two thirds of the Total Commitments, the Company shall procure that  outstanding Loans shall be repaid in an amount at least equal to one quarter of the Total  Commitments (the "Acquisition Repayment Amount") within 12 months of the completion date  of such acquisition, it being provided that the Company may elect in its discretion which Loans are  to be repaid and by which Borrower(s) pursuant to this Clause 8.4. The Company shall give the  Agent no less than five Business Days prior notice of such prepayment, and no such prepayment  shall occur prior to the end of such five Business Days period.  (b) If the Net Proceeds of a New Debt Issue are to be used to finance all or part of an Acquisition  Repayment Amount:  (i) 100 per cent. of those Net Proceeds shall be applied towards repayment of the  outstanding Loans if those Net Proceeds are less than or equal to the relevant Acquisition  Repayment Amount; or  (ii) if the Net Proceeds of that New Debt Issue are greater than the relevant Acquisition  Repayment Amount, the relevant Borrower(s) shall apply those Net Proceeds towards the  prepayment of outstanding Loans in an amount up to the greater of (1) 50 per cent. of  those Net Proceeds, and (2) an amount equal to such Acquisition Repayment Amount,  

 

  07/19406164_6 41  in each case, within 12 months of the completion date of the acquisition giving rise to the  Acquisition Repayment Amount.  (c) The repayment of any Acquisition Repayment Amount (however financed) made pursuant to this  Clause 8.4 shall not entail the cancellation of a corresponding amount of the Total Commitments.  8.5 Voluntary cancellation  The Company may, if it gives the Agent not less than five Business Days' (or such shorter period  as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum  amount of €5,000,000) of the Available Facility. Any cancellation under this Clause 8.5 shall reduce  the Commitments of the Lenders rateably.  8.6 Voluntary prepayment of the Loans  (a) A Borrower to which a loan has been made may, if the Company gives the Agent not less than:  (i) in the case of a Term Rate Loan five Business Days' (or such shorter period as the Majority  Lenders may agree) prior notice; or  (ii) in the case of a Compounded Rate Loan, five RFR Banking Days' (or such shorter period  as the Majority Lenders may agree) prior notice,   prepay the whole or any part of a Loan (but if in part, being an amount that reduces the Base  Currency Amount of the Facility by a minimum amount of €5,000,000). For the avoidance of doubt,  any prepayment under this Clause 8.6 shall not reduce the Total Commitments.  (b) Voluntary prepayments of Compounded Rate Loans will be limited to four (4) in each calendar  year. To the extent more than four (4) voluntary prepayments of Compounded Rate Loans are  made in any calendar year (the "Voluntary Prepayment Limit"), the Company will pay to the  Agent for its own account, a fee of EUR 2,000 in respect of each voluntary prepayment in excess  of the Voluntary Prepayment Limit.  8.7 Right of replacement or repayment and cancellation in relation to a single Lender  (a) If:  (i) any sum payable to any Lender by an Obligor is required to be increased under paragraph  (c) of Clause 13.2 (Tax gross-up) or under an equivalent provision of any Finance  Document; or  (ii) any Lender claims indemnification from the Company or an Obligor under Clause 13.3  (Tax indemnity) or Clause 14.1 (Increased costs); or  (iii) any amount payable to any Lender by a French Borrower under a Finance Document is  not, or will not be (when the relevant corporate income tax is calculated) treated as a  deductible charge or expense for French tax purposes for that Borrower by reason of that  amount being (i) paid or accrued to a Lender incorporated, domiciled, established or acting  through a Facility Office situated in a Non-Cooperative Jurisdiction, or (ii) paid to an  account opened in the name of or for the benefit of that Lender in a financial institution  situated in a Non-Cooperative Jurisdiction,  the Company may, whilst the circumstance giving rise to the requirement for that increase,  indemnification or non-deductibility for French tax purposes continues, give the Agent notice of  

 

  07/19406164_6 42  cancellation of the Commitment of that Lender and its intention to procure the repayment of that  Lender's participation in the Loans or give the Agent notice of its intention to replace that Lender  in accordance with paragraph (d) below.  (b) On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment of that  Lender shall immediately be reduced to zero.  (c) On the last day of each Interest Period which ends after the Company has given notice of  cancellation under paragraph (a) above (or, if earlier, the date specified by the Company in that  notice), each Borrower to which a Loan is outstanding shall repay that Lender's participation in  that Loan and that Lender's corresponding Commitment(s) shall be immediately cancelled in the  amount of the participations repaid.  (d) If:  (i) any of the circumstances set out in paragraph (a) above applies to a Lender; or  (ii) a Borrower becomes obliged to pay any amount in accordance with Clause 8.1 (Illegality)  to any Lender,  the Company may, on 15 Business Days' prior notice to the Agent and that Lender, replace that  Lender by requiring that Lender to (and, to the extent permitted by law, that Lender shall) transfer  pursuant to Clause 31 (Changes to the Lenders) all (and not part only) of its rights and obligations  under this Agreement to a Lender or other bank or financial institution selected by the Company  which confirms its willingness to assume and does assume all the obligations of the transferring  Lender in accordance with Clause 31 (Changes to the Lenders) for a purchase price in cash  payable at the time of the transfer in an amount equal to the outstanding principal amount of such  Lender's participation in the outstanding Loans and all accrued interest (to the extent that the  Agent has not given a notification under Clause 31.9 (Pro rata interest settlement)), Break Costs  and other amounts payable in relation thereto under the Finance Documents.  (e) The replacement of a Lender pursuant to paragraph (d) above shall be subject to the following  conditions:  (i) the Company shall have no right to replace the Agent;  (ii) neither the Agent nor any Lender shall have any obligation to find a replacement Lender;  (iii) in no event shall the Lender replaced under paragraph (d) above be required to pay or  surrender any of the fees received by such Lender pursuant to the Finance Documents;  and  (iv) the Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph  (d) above once it is satisfied that it has complied with all necessary "know your customer"  or other similar checks under all applicable laws and regulations in relation to that transfer.  (f) A Lender shall perform the checks described in paragraph (e)(iv) above as soon as reasonably  practicable following delivery of a notice referred to in paragraph (d) above and shall notify the  Agent and the Company when it is satisfied that it has complied with those checks.  

 

  07/19406164_6 43  8.8 Right of cancellation in relation to a Defaulting Lender  (a) If any Lender becomes a Defaulting Lender, the Company may, at any time whilst the Lender  continues to be a Defaulting Lender, give the Agent five Business Days' notice of cancellation of  the Available Commitment of that Lender.  (b) On the notice referred to in paragraph (a) above becoming effective, the Available Commitment of  the Defaulting Lender will immediately be reduced to zero.  (c) The Agent shall as soon as practicable after receipt of a notice referred to in paragraph (a) above,  notify all the Lenders.  8.9 Mandatory prepayment and cancellation in relation to a single Lender  If it becomes unlawful for a Borrower to perform any of its obligations to any Lender under  paragraph (c) of Clause 13.2 (Tax gross-up) or under an equivalent provision of any Finance  Document,  (a) the Company shall promptly notify the Agent upon becoming aware of that event;  (b) upon the Agent notifying that Lender, its Commitment(s) will be immediately cancelled;  and  (c) that Borrower shall repay that Lender's participation in the Loans made to that Borrower  on the last day of each Interest Period which ends after the Company has given notice  under paragraph (a) above or, if earlier, the date specified by that Lender in a notice  delivered to the Agent (being no earlier than the last day of any applicable grace period  permitted by law).  8.10 Restrictions  (a) Any notice of cancellation or prepayment given by any Party under this Clause 8 shall be  irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or  dates upon which the relevant cancellation or prepayment is to be made and the amount of that  cancellation or prepayment.  (b) Any prepayment under this Agreement shall be made together with accrued interest on the amount  prepaid and, subject to any Break Costs, without premium or penalty.  (c) Unless a contrary indication appears in this Agreement, any part of the Facility which is prepaid or  repaid may be reborrowed in accordance with the terms of this Agreement.  (d) The Borrowers shall not repay or prepay all or any part of the Loans or cancel all or any part of  the Commitments except at the times and in the manner expressly provided for in this Agreement.  (e) Subject to Clause 2.2 (Increase), no amount of the Total Commitments cancelled under this  Agreement may be subsequently reinstated.  (f) If the Agent receives a notice under this Clause 8 it shall promptly forward a copy of that notice to  either the Company or the affected Lender, as appropriate.  (g) If all or part of any Lender's participation in a Loan under the Facility is repaid or prepaid and is  not available for redrawing (other than by operation of Clause 4.2 (Further conditions precedent)),  an amount of that Lender's Commitment (equal to the Base Currency Amount of the amount of  

 

  07/19406164_6 44  the participation which is repaid or prepaid) in respect of the Facility will be deemed to be cancelled  on the date of repayment or prepayment.  8.11 Application of prepayments  Any prepayment of a Loan pursuant to this Clause 8, other than Clause 8.1 (Illegality), 8.2 (Change  of control), 8.7 (Right of replacement or repayment and cancellation in relation to a single Lender),  Clause 8.8 (Right of cancellation in relation to a Defaulting Lender) or 8.9 (Mandatory prepayment  and cancellation in relation to a single Lender) shall be applied pro rata to each Lender's  participation in that Loan.    

 

  07/19406164_6 45  SECTION 5   COSTS OF UTILISATION  9. INTEREST  9.1 Calculation of interest – Term Rate Loans  The rate of interest on each Term Rate Loan for an Interest Period is the percentage rate per  annum which is the aggregate of the applicable:  (a) Margin; and  (b) Term Reference Rate.  9.2 Calculation of Interest – Compounded Rate Loans  (a) The rate of interest on each Compounded Rate Loan for any day during an Interest Period is the  percentage rate per annum which is the aggregate of the applicable:  (i) Margin; and  (ii) Compounded Reference Rate for that day,  plus, only in relation to any Compounded Rate Loan in USD, 0.35 per cent. per annum.  (b) If any day during an Interest Period for a Compounded Rate Loan is not an RFR Banking Day, the  rate of interest on that Compounded Rate Loan for that day will be the rate applicable to the  immediately preceding RFR Banking Day.  9.3 Payment of interest  The Borrower to which a Loan has been made shall pay accrued interest on that Loan on the last  day of each Interest Period.  9.4 Default interest  (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date,  interest shall accrue to the fullest extent permitted by law and without notice on the overdue  amount from the due date up to the date of actual payment (both before and after judgment) at a  rate which, subject to paragraph (b) below, is one per cent. per annum higher than the rate which  would have been payable if the overdue amount had, during the period of non payment,  constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of  its duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 9.4  shall be immediately payable by the Obligor on demand by the Agent.  (b) If any overdue amount consists of all or part of a Term Rate Loan and which became due on a day  which was not the last day of an Interest Period relating to that Loan:  (i) the first Interest Period for that overdue amount shall have a duration equal to the  unexpired portion of the current Interest Period relating to that Loan; and  (ii) the rate of interest applying to the overdue amount during that first Interest Period shall  be one per cent. per annum higher than the rate which would have applied if the overdue  amount had not become due.  

 

  07/19406164_6 46  (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue  amount only if, within the meaning of Article 1343-2 of the French Code civil, such interest is due  for a period of at least one year, but will remain immediately due and payable.  9.5 Margin adjustments  (a) Prior to the date on which the Ratio Compliance Certificate to be delivered in connection with the  financial year ending 31 December 2022 is delivered, the Margin in relation to each Loan will be  the Initial Margin.  (b) Subject to paragraph (c) below and Clause 9.8 (Sustainability Margin Adjustments), at any time  thereafter, the applicable Margin shall be the percentage determined on the basis of the Leverage  as confirmed by the most recently delivered Ratio Compliance Certificate, in the manner set forth  below:  Leverage ("L") Margin p.a. (bps)  L > 2.0 115  2.0 ≥ L > 1.5 100  1.5 ≥ L > 1.0 85  1.0 ≥ L 75    (c) For the purpose of paragraph (b):  (i) any increase or decrease in the Margin for a Loan shall take effect on the date which is  three Business Days after receipt by the Agent of the relevant Ratio Compliance Certificate  unless the Agent receives such Ratio Compliance Certificate five Business Days (or less)  before the end of an Interest Period in which case the relevant increase or decrease in  the Margin shall take effect on the first day of the next Interest Period; and  (ii) if an Event of Default has occurred and is continuing or any Ratio Compliance Certificate  has not been duly delivered to the Agent in accordance with paragraph (b) of Clause 19  (Ratio Compliance Certificate), the Margin shall be immediately the highest rate set out  above until the Event of Default has been remedied or waived or the Ratio Compliance  Certificate has been duly delivered to the Agent, from which date the Margin shall be  determined in accordance with paragraph (a) or, as the case may be, (b) above.  9.6 Notification of rates of interest  (a) The Agent shall promptly notify the relevant Lenders and the relevant Borrower of the  determination of a rate of interest relating to a Term Rate Loan.  (b) The Agent shall promptly upon a Compounded Rate Interest Payment being determinable notify:  (i) the relevant Borrower of that Compounded Rate Interest Payment;  (iii) each relevant Lender of the proportion of that Compounded Rate Interest Payment which  relates to that Lender's participation in the relevant Compounded Rate Loan; and  (iv) the relevant Lenders and the relevant Borrower of:  

 

  07/19406164_6 47  (A) each applicable rate of interest relating to the determination of that Compounded  Rate Interest Payment; and  (B) to the extent it is then determinable, the Market Disruption Rate (if any) relating to  the relevant Compounded Rate Loan.  This paragraph (b) shall not apply to any Compounded Rate Interest Payment determined  pursuant to Clause 11.5 (Cost of funds).  (c) The Agent shall promptly notify the relevant Borrower of each Funding Rate relating to a Loan.  (d) The Agent shall promptly notify the relevant Lenders and the relevant Borrower of the  determination of a rate of interest relating to a Compounded Rate Loan to which Clause 11.5 (Cost  of funds) applies.  (e) This Clause 9.6 shall not require the Agent to make any notification to any Party on a day which  is not a Business Day.  9.7 Effective Global Rate (Taux Effectif Global)  For the purposes of articles L.314-1 to L.314-5 and R.314-1 et seq. of the French Code de la  consommation and article L.313-4 of the French Code monétaire et financier, the Parties  acknowledge that (i) the effective global rate (taux effectif global) calculated on the Signing Date,  based on assumptions as to the period rate (taux de période) and the period term (durée de  période) and on the assumption that the interest rate and all other fees, costs or expenses payable  under this Agreement will be maintained at their original level throughout the term of this  Agreement, is set out in a letter from the Agent to each Borrower and (ii) that letter forms part of  this Agreement. Each Borrower acknowledges receipt of that letter.  9.8 Sustainability Margin Adjustments  (a) On and from the date falling five (5) Business Days following the delivery of each Sustainability  KPI Certificate as set out in Clause 9.10 (Sustainability reporting), the then applicable Margin shall  be adjusted as follows (a "Sustainability Margin Adjustment") (including for the purpose of  calculating the commitment fee referred to in Clause 12.1 (Commitment fee)):  (i) if, in respect of any KPI Relevant Period and any Sustainability KPI, Successful  Completion has been achieved, the then applicable Margin shall be reduced by 0.025 per  cent. per annum (a "Margin Decrease") in relation to that Sustainability KPI; and  (ii) if, in respect of any KPI Relevant Period and any Sustainability KPI, Non-Successful  Completion has occurred, the then applicable Margin shall be increased by 0.025 per cent.  per annum (a "Margin Increase") in relation to that Sustainability KPI,  as summarised in the table below,  Sustainability Margin Adjustment  Realised Score per  KPI Relevant Period  Sustainability KPI 1  (per annum)  Sustainability KPI 2  (per annum)  

 

  07/19406164_6 48  Successful  Completion  -0.025% -0.025%  Non-Successful  Completion  +0.025% +0.025%     provided that the Sustainability Margin Adjustment shall be equal to the aggregate of each Margin  Increase and each Margin Decrease (as applicable) resulting from the Realised Scores for the  relevant KPI Relevant Period.  (b) A Sustainability Margin Adjustment will apply without taking into account any previous applicable  Sustainability Margin Adjustment made following any prior KPI Relevant Period, and therefore the  Sustainability Margin Adjustments set out in paragraph (a) above may not exceed 0.05 per cent.  per annum and, accordingly, the Margin will never be reduced or increased by more than 0.05 per  cent. per annum as a result of the Sustainability Margin Adjustments.  (c) Subject to the provisions of paragraph (d) below, if the Company (i) has provided the Sustainability  KPI Certificate to the Agent but that Sustainability KPI Certificate does not include the Realised  Score for all Sustainability KPIs or (ii) has failed to provide to the Agent the Sustainability KPI  Certificate, in each case, for more than ten (10) Business Days after the timeframe indicated in  Clause 9.10 (Sustainability reporting), there shall be deemed to be, as from the date falling five  (5) Business Days following the date on which a satisfactory Sustainability KPI Certificate should  have been delivered as set out in Clause 9.10 (Sustainability reporting), a Non-Successful  Completion (only in relation to any Sustainability KPI for which no Realised Score has been  provided) and the Margin shall immediately be adjusted (as from the date falling five (5) Business  Days following the date on which a satisfactory Sustainability KPI Certificate should have been  delivered as set out in Clause 9.10 (Sustainability reporting)) in relation to such Sustainability  KPI(s) in accordance with paragraph (a)(ii) above, until the delivery by the Company of the  Sustainability KPI Certificate for such Sustainability KPI(s) and for the KPI Relevant Period, in  which case the Margin shall be adjusted for such Sustainability KPI(s) in accordance with  paragraph (a) above.   (d) The provisions of paragraph (c) above shall not apply to any failure by the Company to deliver a  Sustainability KPI Certificate following the occurrence of a KPI Adjustment Event in accordance  with the provisions of paragraph (b) of Clause 9.9 (KPI Adjustment Event).  (e) Any failure to achieve any Target Score in any KPI Relevant Period or any failure to deliver a  Sustainability KPI Certificate or to include any confirmation (or, as applicable, other determination  or other relevant information) as to the achievement of (or failure to achieve) any Target Score in  any Sustainability KPI Certificate shall not be (nor shall it be deemed to be or to give rise to) any  breach of or misrepresentation under this Agreement and no Default or Event of Default shall  occur as a result of such failure.  (f) The Agent shall promptly notify the Lenders and the Company of the occurrence of any  Sustainability Margin Adjustment.   

 

  07/19406164_6 49  9.9 KPI Adjustment Event  (a) In the event of any KPI Adjustment Event in relation to any Sustainability KPI(s), the Company  shall notify the Agent and the Sustainaibility Coordinators of such KPI Adjustment Event by no  later than the last day of the financial year during which such KPI Adjustment Event occurred.  Following such notification, the Company, the Sustainaibility Coordinators and the Majority  Lenders shall discuss in good faith the relevant amendments to the provisions of this Agreement  to reflect such KPI Adjustment Event (the "Negotiation Period").  (b) If no agreement is reached between the Company and the Agent (acting on the instruction of the  Majority Lenders) by the date falling thirty (30) Business Days following the first day of the  Negotiation Period, there shall be no Margin Increase and/or no Margin Decrease with respect to  the relevant Sustainability KPI(s) in respect of which such KPI Adjustment Event occurred until  such time as the Company agrees the relevant amendments with the Agent (acting on behalf of  the Majority Lenders).  (c) If for any KPI Relevant Period, by reason of the occurrence of a KPI Adjustment Event and  application of the provisions of paragraphs (a) or (b) above, it is not possible for the Company to  deliver a Sustainability KPI Certificate within the time period specified in Clause 9.10  (Sustainability reporting) with respect to the relevant Sustainability KPI(s) in respect of which such  KPI Adjustment Event occurred, then:  (i) the Company shall not be required to deliver a Sustainability KPI Certificate for that KPI  Relevant Period and for the relevant Sustainability KPI only;   (ii) the then applicable Margin shall apply without any adjustment for the relevant  Sustainability KPI pursuant to Clause 9.8 (Sustainability Margin Adjustments) until the next  Sustainability KPI Certificate for such Sustainability KPI is delivered by the Company; and   (iii) if for any KPI Relevant Period, by reason of the occurrence of KPI Adjustments Event(s)  and application of the provisions of paragraphs (a) or (b) above, it is not possible for the  Company to deliver any Sustainability KPI Certificate at all within the time period specified  in Clause 9.10 (Sustainability reporting), the Company will not publish any materials or  statements externally which relate to the Facility being considered to be a sustainability  linked facility until it is remedied.   9.10 Sustainability reporting  As soon as reasonably practicable, but in any event within one hundred and twenty (120) calendar  days after the end of each of its financial years, the Company shall, subject to the provisions of  Clause 9.9 (KPI Adjustment Event), deliver to the Agent a Sustainability KPI Certificate (that shall  include the Realised Scores for all Sustainability KPIs) duly executed by the chief executive officer,  the chief financial officer or any authorised signatory of the Company and countersigned by the  Sustainability Auditor.  9.11 Sustainability provisions  (a) The Company and the Lenders will negotiate in good faith to agree the Sustainability KPI 1, the  Sustainability KPI 2 and in each case the related Target Scores, and the Sustainability Auditor,  before 30 June 2023, with such negotiations to be coordinated by the Sustainability Coordinators.  

 

  07/19406164_6 50  (b) If the Company and all  Lenders fail to agree any Sustainability KPI in accordance with the  provisions of paragraph (a) above, then no Sustainability Margin Adjustment will be made in  relation to such Sustainability KPI and the other provisions of this Agreement will remain  unaffected until the Company agrees the relevant Sustainability KPI with the Agent (acting on  behalf of all the Lenders).  (c) If the Company and the Lenders fail to agree the Target Scores for any Sustainability KPI in  accordance with the provisions of paragraph (a) above, then no Sustainability Margin Adjustment  will be made in relation to such Sustainability KPI (in relation to the financial years in respect of  which the relevant Target Score(s) have not been determined only) and the other provisions of this  Agreement will remain unaffected until the Company agrees the relevant Target Score(s) with the  Agent (acting on behalf of all the Lenders). Until the Company and the Lenders agree on the Target  Scores for at least one Sustainability KPI, the Company shall not communicate on the Facility  being considered to be a sustainability linked facility.     10. INTEREST PERIODS  10.1 Selection of Interest Periods  (a) The Company (on behalf of itself or the relevant Borrower) shall select an Interest Period for a  Loan in the Utilisation Request for that Loan.  (b) The Company (on behalf of itself or the relevant Borrower) may select an Interest Period of any  period specified in the applicable Reference Rate Terms or of any other period agreed between  the Company and the Agent (acting on behalf of the Lenders) in relation to the relevant Loan.  (c) An Interest Period for a Loan shall not extend beyond the Termination Date.  (d) Each Interest Period for a Loan shall start on the Utilisation Date.  (e) A Loan has one Interest Period only.  (f) No Interest Period shall be longer than six Months.  10.2 Non-Business Days  Any rules specified as "Business Day Conventions" in the applicable Reference Rate Terms for a  Loan or Unpaid Sum shall apply to each Interest Period for that Loan or Unpaid Sum.  11. CHANGES TO THE CALCULATION OF INTEREST  11.1 Interest calculation if no Primary Term Rate  (a) Interpolated Primary Term Rate: If no Primary Term Rate is available for the Interest Period of a  Term Rate Loan, the applicable Term Reference Rate shall be the Interpolated Primary Term Rate  for a period equal in length to the Interest Period of that Loan.  (b) Reference Bank Rate: If no Interpolated Primary Term Rate is available for a Term Rate Loan for:  (i) the currency of a Term Rate Loan; or  (ii) the Interest Period of a Term Rate Loan and it is not possible to calculate the Interpolated  Primary Term Rate,  

 

  07/19406164_6 51  the applicable Term Reference Rate shall be the Reference Bank Rate as of the Specified Time  for the currency of that Term Rate Loan and for a period equal in length to the Interest Period of  that Loan.  (c) Compounded Reference Rate or cost of funds: If paragraph (b) above applies but no Reference  Bank Rate is available for the relevant currency or Interest Period then:  (i) if "Compounded Reference Rate will apply as a fallback" is specified in the Reference  Rate Terms for that Loan and there are Reference Rate Terms applicable to Compounded  Rate Loans in the relevant currency:   (A) there shall be no Term Reference Rate for that Loan for that Interest Period and  Clause 9.1 (Calculation of interest – Term Rate Loans) will not apply to that Loan  for that Interest Period: and  (B) that Loan shall be a "Compounded Rate Loan" for that Interest Period and Clause  9.2 (Calculation of interest – Compounded Rate Loans) shall apply to that Loan for  that Interest Period; and   (ii) if:  (A) "Compounded Reference Rate will not apply as a fallback"; and  (B) "Cost of funds will apply as a fallback",  are specified in the Reference Rate Terms for that Loan, Clause 11.5 (Cost of funds) shall  apply to that Loan for that Interest Period.  11.2 Calculation of Reference Bank Rate  (a) Subject to paragraph (b), if the Term Reference Rate is to be determined on the basis of a  Reference Bank Rate but a Reference Bank does not supply a quotation by the Specified Time,  the Reference Bank Rate shall be calculated on the basis of the quotations of the remaining  Reference Banks.  (b) If at or about 11:30 a.m. on the Quotation Day, none or only one of the Reference Banks supplies  a quotation, there shall be no Reference Bank Rate for the relevant Interest Period.  11.3 Interest calculation if no RFR or Central Bank Rate  If:  (a) there is no applicable RFR or Central Bank Rate for the purposes of calculating the Daily  Non-Cumulative Compounded RFR Rate for a RFR Banking Day during an Interest Period  for a Compounded Rate Loan; and  (b) "Cost of funds will apply as a fallback" is specified in the Reference Rate Terms for that  Loan,  Clause 11.4 (Cost of funds) shall apply to that Loan for that Interest Period.   11.4 Market disruption  If:  (a) a Market Disruption Rate is specified in the Reference Rate Terms for that Loan; and  

 

  07/19406164_6 52  (b) before the Reporting Time for that Loan, the Agent receives notification from a Lender or  Lenders (whose participations in that Loan exceed 35 per cent. of that Loan) that its cost  of funds relating to its participation in that Loan would be in excess of that Market  Disruption Rate,  then Clause 11.5 (Cost of funds) shall apply to that Loan for the relevant Interest Period.  11.5 Cost of funds  (a) If this Clause 11.5 applies to a Loan for an Interest Period, neither Clause 9.1 (Calculation of  interest – Term Rate Loans) nor Clause 9.2 (Calculation of interest – Compounded Rate Loans)  shall apply to that Loan for that Interest Period and the rate of interest on each Lender's share of  that Loan for that Interest Period shall be the percentage rate per annum which is the sum of:  (i) the applicable Margin; and  (ii) the rate notified to the Agent by that Lender as soon as practicable and in any event by  the Reporting Time for that Loan, to be that which expresses as a percentage rate per  annum its cost of funds relating to its participation in that Loan.   (b) If this Clause 11.5 applies and the Agent (acting in its name or on behalf of an affected Lender) or  the Company so requires, the Agent and the Company shall enter into negotiations (for a period  of not more than 30 days) with a view to agreeing a substitute basis for determining the rate of  interest.  (c) Any alternative basis agreed pursuant to paragraph (b) above shall, with the prior consent of all  the Lenders and the Company, be binding on all Parties.  (d) If this Clause 11.5 applies pursuant to Clause 11.3 (Market disruption) and:  (i) a Lender's Funding Rate is less than the relevant Market Disruption Rate; or   (ii) a Lender does not notify a rate to the Agent by the relevant Reporting Time,  that Lender's cost of funds relating to its participation in that Loan for that Interest Period shall be  deemed, for the purposes of paragraph (a) above, to be the Market Disruption Rate for that Loan.  (e) If this Clause 11.5 applies pursuant to Clause 11.1 (Interest calculation if no Primary Term Rate)  or Clause 11.3 (Interest calculation if no RFR or Central Bank Rate), and a Lender does not notify  a rate to the Agent by the relevant Reporting Time, that Lender's cost of funds relating to its  participation in that Loan for that Interest Period shall be calculated, for the purposes of paragraph  (a) as the weighted average of the rates notified to the Agent by each Lender who has provided a  rate to the Agent pursuant to paragraph (a) above.   (f) If this Clause 11.5 applies the Agent shall, as soon as is practicable, notify the Company.  11.6 Notification to Company  If Clause 11.5 (Cost of funds) applies the Agent shall, as soon as is practicable, notify the  Company.  11.7 Break Costs  (a) If an amount is specified as Break Costs in the Reference Rate Terms for a Loan or Unpaid Sum,  each Borrower shall, within three Business Days of demand by a Finance Party, pay to that  

 

  07/19406164_6 53  Finance Party its Break Costs (if any) attributable to all or any part of that Loan or Unpaid Sum  being paid by that Borrower on a day prior to the last day of an Interest Period for that Loan or  Unpaid Sum.  (b) Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a  certificate confirming the amount of its Break Costs for any Interest Period in which they accrue.  12. FEES  12.1 Commitment fee  (a) The Company shall pay to the Agent (for the account of each Lender) a fee in the Base Currency  computed at the rate of 35 per cent. per annum of the applicable Margin (which for the avoidance  of doubt shall take into account any Sustainability Margin Adjustment) on that Lender's Available  Commitment for the Availability Period.  (b) The accrued commitment fee is payable on the last day of each successive period of three Months  which ends during the Availability Period, on the last day of the Availability Period and, if cancelled  in full, on the cancelled amount of the relevant Lender's Commitment at the time the cancellation  is effective.  (c) No commitment fee is payable to the Agent (for the account of a Lender) on any Available  Commitment of that Lender for any day on which that Lender is a Defaulting Lender.  12.2 Utilisation fee  (a) The Company shall pay to the Agent (for the account of each Lender) a fee in the Base Currency  computed quarterly on the daily outstanding amount under the Facility during the preceding  quarter at the rate of:  (i) 0.10 per cent. per annum for the period during which the aggregate outstanding amount  of the Loans is less than or equal to 33 per cent. of the Total Commitments;  (ii) 0.20 per cent. per annum for the period during which the aggregate outstanding amount  of the Loans is strictly greater than 33 per cent. but less than or equal to 66 per cent. of  the Total Commitments; and  (iii) 0.40 per cent. per annum for the period during which the aggregate outstanding amount  of the Loans is strictly greater than 66 per cent. of the Total Commitments.  (b) The accrued utilisation fee is payable on the last day of each successive period of three Months  which ends during the Availability Period and for the last time, on the Termination Date.  12.3 Upfront fee  The Company shall pay to the Agent (for the account of each Lender) an upfront fee in the amount  and at the times agreed in the Mandate Letter.   12.4 Agency fee  The Company shall pay to the Agent (for its own account) an agency fee in the amount and at the  times agreed in a Fee Letter.  12.5 Coordination and documentation fee  The Company shall pay to the Coordinator and Documentation Agent (for its own account) a  coordination and documentation fee in the amount and at the times agreed in a Fee Letter.  

 

  07/19406164_6 54  12.6 Sustainability coordinator fee  The Company shall pay to each Sustainability Coordinator (for its own account) a sustainability  coordinator fee in the amount and at the times agreed in a Fee Letter.  12.7 Extension fees  The Company shall pay:  (a) the First Extension Fee in the amount and at the time specified in paragraph (a) of Clause  2.6 (Extension of the Facility); and  (b) the Second Extension Fee in the amount and at the time specified in paragraph (b) of  Clause 2.6 (Extension of the Facility).    

 

  07/19406164_6 55  SECTION 6   ADDITIONAL PAYMENT OBLIGATIONS  13. TAX GROSS UP AND INDEMNITIES   13.1 Definitions  (a) In this Agreement:  "BEPS-related Change" means a change in (or in the interpretation, administration, or application  of) any law or Treaty or any published practice or published concession of any relevant taxing  authority as a result of the ratification or entering into force of the Multilateral Convention to  Implement Tax Treaty Related Measures to prevent Base Erosion and Profit Shifting (the "MLI")  and which relates to any article of the MLI.  "French Qualifying Lender" means a Lender which:  (i) fulfils the conditions imposed by French Law in order for payments under the Finance  Documents not to be subject to (or as the case may be, to be exempt from) any Tax  Deduction; or  (ii) is a French Treaty Lender.  "French Treaty Lender" means, in relation to a payment by a French Obligor under a Finance  Document, a Lender which:  (i) is treated as resident of a French Treaty State for the purposes of the French Treaty;  (ii) does not carry on business in France through a permanent establishment with which that  Lender's participation in the Loan is effectively connected;  (iii) is acting from a Facility Office situated in its jurisdiction of incorporation; and  (iv) fulfils any other conditions which must be fulfilled under the French Treaty by residents of  the French Treaty State for such residents to obtain exemption from Tax imposed by  France on payments under the Finance Documents, subject to the completion of any  necessary procedural formalities.  "French Treaty State" means a jurisdiction having a double taxation agreement with France (a  "French Treaty"), which makes provision for full exemption from Tax imposed by France on  payments under the Finance Documents.  "Protected Party" means a Finance Party which is or will be subject to any liability, or required to  make any payment, for or on account of Tax in relation to a sum received or receivable (or any  sum deemed for the purposes of Tax to be received or receivable) under a Finance Document.  "Qualifying Lender" means a Lender which is:  (i) in relation to a French Obligor, a French Qualifying Lender, and  (ii) in relation to a U.S. Obligor, a U.S. Qualifying Lender.  "Tax Credit" means a credit against, relief or remission for, or repayment of any Tax.  

 

  07/19406164_6 56  "Tax Deduction" means a deduction or withholding for or on account of Tax from a payment under  a Finance Document, other than a FATCA Deduction.  "Tax Payment" means either the increase in a payment made by an Obligor to a Finance Party  under Clause 13.2 (Tax gross-up) or a payment under Clause 13.3 (Tax indemnity).  "United States Person" means a United States Person as defined in Section 7701(a)(30) of the  Code and includes an entity that is disregarded as separate from a United States Person (as  defined in such Section) for U.S. federal income tax purposes.  "U.S. Qualifying Lender" means, in relation to payments to be made by a U.S. Obligor, or by a  Guarantor on behalf of a U.S. Obligor, a Lender which is beneficially entitled to such payments  and which is:  (iii) a United States Person;  (iv) able to receive such payments from that Obligor without a Tax Deduction (other than  pursuant to a U.S. Treaty), including, without limitation, a Lender which would be exempt  from U.S. withholding Tax pursuant to Section 871(h) or 881(c) of the Code; or  (v) a U.S. Treaty Lender.  "U.S. Treaty Lender" means, in relation to a payment by a U.S. Obligor under a Finance  Document, a Lender which:  (i) is treated as a resident of a U.S. Treaty State for the purposes of the U.S. Treaty;  (ii) does not carry on a business in the U.S. through a permanent establishment, a fixed base  or a permanent representative with which that Lender's participation in the Loan is  effectively connected; and  (iii) has fulfilled any other conditions which must be fulfilled under the U.S. Treaty and has  completed and complied with any necessary procedural formalities required for residents  of that U.S. Treaty State to obtain the full exemption from Tax imposed on payments made  by a U.S. Obligor under the Finance Documents.  "U.S. Treaty State" means a jurisdiction having a double taxation agreement with the U.S. (a "U.S.  Treaty") which makes provision for full exemption from Tax imposed by the U.S. on payments  under the Finance Documents.  "U.S. Withholding Tax Form" means whichever of the following is relevant (including in each  case any successor form):  (i) IRS Form W-8BEN or W-8BEN-E,  (ii) IRS Form W-8IMY (with appropriate attachments),  (iii) IRS Form W-8ECI,  (iv) IRS Form W-8EXP,  (v) IRS Form W-9,  (vi) in the case of a Lender relying on the so-called "portfolio interest exemption", IRS Form  W-8BEN or W-8BEN-E and a certificate to the effect that such Lender is not (1) a "bank"  

 

  07/19406164_6 57  within the meaning of Section 881(c)(3)(A) of the Code, (2) a "10 percent shareholder" of  the relevant Obligor within the meaning of Section 881(c)(3)(B) of the Code, or (3) a  "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code, or  (vii) any other IRS form by which a person may claim complete exemption from, or reduction  in the rate of, withholding (including backup withholding) of U.S. federal income tax on  interest and other payments to that person.  (b) Unless a contrary indication appears, in this Clause 13 a reference to "determines" or  "determined" means a determination made in the absolute discretion of the person making the  determination.  13.2 Tax gross-up  (a) Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax  Deduction is required by law.  (b) The Company shall promptly upon becoming aware that an Obligor must make a Tax Deduction  (or that there is any change in the rate or the basis of a Tax Deduction) notify the Agent accordingly.  Similarly, a Lender shall notify the Agent on becoming so aware in respect of a payment payable  to that Lender. If the Agent receives such notification from a Lender it shall notify the Company  and that Obligor.  (c) Subject to the provisions of this Clause 13.2, if a Tax Deduction is required by law to be made by  an Obligor, the amount of the payment due from that Obligor shall be increased to an amount  which (after making any Tax Deduction) leaves an amount equal to the payment which would have  been due if no Tax Deduction had been required.  (d) A payment shall not be increased under paragraph (c) above by reason of a Tax Deduction on  account of Tax imposed by France, if on the date on which the payment falls due:  (i) the payment could have been made to the relevant Lender without a Tax Deduction if the  Lender had been a French Qualifying Lender, but on that date that Lender is not or has  ceased to be a French Qualifying Lender other than as a result of any change in (or in the  interpretation, administration, or application of) any law or double taxation agreement, or  any published practice or published concession of any relevant taxing authority ("Change  in Tax Law") after the date it became a Lender under this Agreement which is not a BEPS- related Change; or  (ii) the relevant Lender is a French Treaty Lender and the Obligor is able to demonstrate that  the payment could have been made to the Lender without the Tax Deduction had that  Lender complied with its obligations under paragraph (h) below,  provided that the exclusion for changes after the date a Lender became a Lender under this  Agreement in paragraph (d)(i) above shall not apply in respect of any Tax Deduction on account  of Tax imposed by France on a payment made to a Lender if such Tax Deduction is imposed solely  because this payment is made to an account opened in the name of or for the benefit of that  Lender in a financial institution situated in a Non-Cooperative Jurisdiction.  (e) A payment shall not be increased under paragraph (c) above by reason of a Tax Deduction on  account of Tax imposed by the United States if on the date the payment falls due:  

 

  07/19406164_6 58  (i) the payment could have been made to the relevant Lender without a Tax Deduction if the  Lender had been a U.S. Qualifying Lender, but on that date that Lender is not or has  ceased to be a U.S. Qualifying Lender other than as a result of any Change in Tax Law  after the date it became a Lender under this Agreement; or  (ii) the Obligor is able to demonstrate that the payment could have been made to the relevant  Lender or Agent without the Tax Deduction had that Lender or Agent complied with its  obligations under paragraph (h) below, or Clause 13.8 (U.S. Withholding Tax Forms).  (f) If required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment  required in connection with that Tax Deduction within the time allowed and in the minimum amount  required by law.  (g) Within 30 days of making either a Tax Deduction or any payment required in connection with that  Tax Deduction, that Obligor shall deliver to the Agent for the Finance Party entitled to the payment  evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or  (as applicable) any appropriate payment paid to the relevant taxing authority.  (h) Each Lender and each Obligor which makes a payment to which that Treaty Lender is entitled  shall co-operate in completing any procedural formalities necessary for that Obligor to obtain  authorisation to make that payment without a Tax Deduction.  13.3 Tax indemnity   (a) The Company shall (within three Business Days of demand by the Agent) pay to a Protected Party  an amount equal to the loss, liability or cost which that Protected Party determines will be or has  been (directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of  a Finance Document.  (b) Paragraph (a) above shall not apply:  (i) with respect to any Tax assessed on a Finance Party:  (A) under the law of the jurisdiction in which that Finance Party is incorporated or, if  different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as  resident for tax purposes; or  (B) under the law of the jurisdiction in which that Finance Party's Facility Office is  located in respect of amounts received or receivable in that jurisdiction,  if that Tax is imposed on or calculated by reference to the net income received or  receivable (but not any sum deemed to be received or receivable) by that Finance Party;  or  (ii) to the extent a loss, liability or cost:  (A) is compensated for by an increased payment under Clause 13.2 (Tax gross-up);  (B) would have been compensated for by an increased payment under Clause 13.2  (Tax gross-up) or in Clause 13.6 (Stamp taxes) but was not so compensated solely  because one of the exclusions in paragraph (d) or (e) of Clause 13.2 (Tax gross- up) or in Clause 13.6 (Stamp taxes) applied;  

 

  07/19406164_6 59  (C) is suffered for or on account of any Bank Levy;   (D) relates to a FATCA Deduction required to be made by a Party; or   (E)  is in respect of an amount of VAT (which shall be dealt with in accordance with  Clause 13.7 (Value added tax)).   (c) A Protected Party making, or intending to make a claim under paragraph (a) above shall promptly  notify the Agent of the event which will give, or has given, rise to the claim, following which the  Agent shall notify the Company.  (d) A Protected Party shall, on receiving a payment from an Obligor under this Clause 13.3, notify the  Agent.  13.4 Tax Credit  If an Obligor makes a Tax Payment and the relevant Finance Party determines that:  (a) a Tax Credit is attributable to an increased payment of which that Tax Payment forms part,  to that Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was  required; and  (b) that Finance Party has obtained and utilised that Tax Credit,  the Finance Party shall pay an amount to the Obligor which that Finance Party determines will  leave it (after that payment) in the same after-Tax position as it would have been in had the Tax  Payment not been required to be made by the Obligor. If an Obligor makes a Tax Payment, the  relevant Finance Party shall use upon request, such reasonable efforts as it determines to be  necessary in completing any procedural formalities to obtain and utilise a Tax Credit within the  meaning of the preceding sentence.   13.5 Lender Status Confirmation  (a) Each Lender which becomes a Party to this Agreement after the Signing Date shall indicate, in  the Transfer Agreement or Increase Confirmation which it executes on becoming a Party, and for  the benefit of the Agent and without liability to any Obligor, which of the following categories it falls  in:  (i) not a Qualifying Lender;  (ii) a Qualifying Lender (other than a Treaty Lender); or  (iii) a Treaty Lender.  If a New Lender or Increase Lender fails to indicate its status in accordance with this Clause 13.5  then such New Lender or Increase Lender shall be treated for the purposes of this Agreement  (including by each Obligor) as if it is not a Qualifying Lender until such time as it notifies the Agent  which category applies (and the Agent, upon receipt of such notification, shall inform the  Company). For the avoidance of doubt, a Transfer Agreement or Increase Confirmation shall not  be invalidated by any failure of a Lender to comply with this Clause 13.5.  (b) Such Lender shall also specify, in the Transfer Agreement or Increase Confirmation which it  executes upon becoming a Party, whether it is incorporated or acting through a Facility Office  situated in a Non-Cooperative Jurisdiction. For the avoidance of doubt, a Transfer Agreement or  

 

  07/19406164_6 60  Increase Confirmation shall not be invalidated by any failure of a Lender to comply with this  paragraph (b).  (c) Each Original Lender represents on the Signing Date that it is a Qualifying Lender and that it is  not incorporated or acting through a Facility Office situated in a Non-Cooperative Jurisdiction.  13.6 Stamp taxes  (a) The Company shall pay and, within three Business Days of demand, indemnify each Finance  Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty,  registration and other similar Taxes payable in respect of any Finance Document.  (b) Paragraph (a) above shall not apply when a Finance Document is:  (i) voluntarily registered; or   (ii) appended to a document that requires mandatory registration,   where such registration or filing is or was not required to maintain or preserve the rights of the  Finance Party or the Borrowers under the Finance Documents.   13.7 Value added tax  (a) All amounts expressed to be payable under a Finance Document by any Party to a Finance Party  which (in whole or in part) constitute the consideration for any supply for VAT purposes are deemed  to be exclusive of any VAT which is chargeable on that supply, and accordingly, subject to  paragraph (b) below, if VAT is or becomes chargeable on any supply made by any Finance Party  to any Party under a Finance Document and such Finance Party is required to account to the  relevant tax authority for the VAT, that Party must pay to such Finance Party (in addition to and at  the same time as paying any other consideration for such supply) an amount equal to the amount  of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice to that  Party).  (b) If VAT is or becomes chargeable on any supply made by any Finance Party (the "Supplier") to  any other Finance Party (the "Recipient") under a Finance Document, and any Party other than  the Recipient (the "Relevant Party") is required by the terms of any Finance Document to pay an  amount equal to the consideration for that supply to the Supplier (rather than being required to  reimburse or indemnify the Recipient in respect of that consideration):  (i) (where the Supplier is the person required to account to the relevant tax authority for the  VAT) the Relevant Party must also pay to the Supplier (at the same time as paying that  amount) an additional amount equal to the amount of the VAT. The Recipient must (where  this paragraph (i) applies) promptly pay to the Relevant Party an amount equal to any  credit or repayment the Recipient receives from the relevant tax authority which the  Recipient reasonably determines relates to the VAT chargeable on that supply; and  (ii) (where the Recipient is the person required to account to the relevant tax authority for the  VAT) the Relevant Party must promptly, following demand from the Recipient, pay to the  Recipient an amount equal to the VAT chargeable on that supply but only to the extent  that the Recipient reasonably determines that it is not entitled to credit or repayment from  the relevant tax authority in respect of that VAT.  

 

  07/19406164_6 61  (c) Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any  cost or expense, that Party shall reimburse or indemnify (as the case may be) such Finance Party  for the full amount of such cost or expense, including such part thereof as represents VAT, save  to the extent that such Finance Party reasonably determines that it is entitled to credit or  repayment in respect of such VAT from the relevant tax authority.  (d) In relation to any supply made by a Finance Party to any Party under a Finance Document, if  reasonably requested by such Finance Party, that Party must promptly provide such Finance Party  with details of that Party's VAT registration and such other information as is reasonably requested  in connection with such Finance Party's VAT reporting requirements in relation to such supply.  13.8 U.S. Withholding Tax Forms  (a) On or prior to the date on which a Lender or Agent to a U.S. Obligor becomes a party to this  Agreement (and from time to time thereafter upon the request of such Obligor or the Agent, as  applicable, or on or before the expiration, obsolescence or invalidity of any previously delivered  U.S. Withholding Tax Form), such Lender or Agent shall provide to each such Obligor and Agent,  as applicable, original, properly completed copies of U.S. Withholding Tax Forms. However, no  Lender or Agent shall be required to submit any Withholding Form if that Lender or Agent is not  legally entitled to do so.  (b) If the Agent is not a United States Person, the Agent shall deliver, on or prior to the date that it  becomes a party to this Agreement, to the U.S. Obligor an original, properly completed copy of  IRS Form W-8IMY (or successor form), certifying that it is either:  (i) a “qualified intermediary” and that it assumes primary withholding responsibility under  Chapters 3 and 4 of the Code and primary IRS Form 1099 and IRS Form 1042-S reporting  and backup withholding responsibility for payments it receives for the account of others;  or  (ii) a “U.S. branch” and that the payments it receives for the account of others are not  effectively connected with the conduct of a trade or business in the United States, and that  it is using such form as evidence of its agreement with the U.S. Obligor to be treated as a  United States Person with respect to such payments (and the U.S. Obligor and the Agent  agrees to so treat the Agent as a United States Person with respect to such payments as  contemplated by U.S. Treasury Regulations Section 1.1441-1(b)(2)(iv)(A)).  (c) If the Agent is a United States Person, the Agent shall deliver, on or prior to the date that it becomes  a party to this Agreement, to the U.S. Obligor an original, properly completed copy of IRS Form  W-9.  13.9 FATCA Information  (a) Subject to paragraph (c) below, each Party shall, within 10 Business Days of a reasonable request  by another Party:  (i) confirm to that other Party whether it is:  (A) a FATCA Exempt Party; or  (B) not a FATCA Exempt Party;  

 

  07/19406164_6 62  (ii) supply to that other Party such forms, documentation and other information relating to its  status under FATCA as that other Party reasonably requests for the purposes of that other  Party's compliance with FATCA; and  (iii) supply to that other Party such forms, documentation and other information relating to its  status as that other Party reasonably requests for the purposes of that other Party's  compliance with any other law, regulation, or exchange of information regime.  (b) If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt  Party and it subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party,  that Party shall notify that other Party reasonably promptly.  (c) Paragraph (a) above shall not oblige any Finance Party to do anything, and paragraph (a)(iii)  above shall not oblige any other Party to do anything, which would or might in its reasonable  opinion constitute a breach of:  (i) any law or regulation;  (ii) any fiduciary duty; or  (iii) any duty of confidentiality.  (d) If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms,  documentation or other information requested in accordance with paragraph (a)(i)(A) or (a)(i)(B)  above (including, for the avoidance of doubt, where paragraph (c) above applies), then such Party  shall be treated for the purposes of the Finance Documents (and payments under them) as if it is  not a FATCA Exempt Party until such time as the Party in question provides the requested  confirmation, forms, documentation or other information.  (e) If a Borrower is a U.S. Tax Obligor or the Agent reasonably believes that its obligations under  FATCA or any other applicable law or regulation require it, each Lender shall, within 10 Business  Days of:  (i) where a Borrower is a U.S. Tax Obligor and the relevant Lender is an Original Lender, the  Signing Date;  (ii) where a Borrower is a U.S. Tax Obligor on a Transfer Date or date on which an increase  in Commitments takes effect pursuant to Clause 2.2 (Increase) and the relevant Lender is  a New Lender or Increase Lender, the relevant Transfer Date or date on which the relevant  increase in Commitments takes effect pursuant to Clause 2.2 (Increase); and  (iii) where a Borrower is not a U.S. Tax Obligor, the date of a request from the Agent,  supply to the Agent:  (A) a withholding certificate on Form W-8, Form W-9 or any other relevant form; or  (B) any withholding statement or other document, authorisation or waiver as the Agent  may require to certify or establish the status of such Lender under FATCA or that  other law or regulation.  

 

  07/19406164_6 63  (f) The Agent shall provide any withholding certificate, withholding statement, document,  authorisation or waiver it receives from a Lender pursuant to paragraph (e) above to the relevant  Borrower.  (g) If any withholding certificate, withholding statement, document, authorisation or waiver provided  to the Agent by a Lender pursuant to paragraph (e) above is or becomes materially inaccurate or  incomplete, that Lender shall promptly update it and provide such updated withholding certificate,  withholding statement, document, authorisation or waiver to the Agent unless it is unlawful for the  Lender to do so (in which case the Lender shall promptly notify the Agent). The Agent shall provide  any such updated withholding certificate, withholding statement, document, authorisation or  waiver to the relevant Borrower.  (h) The Agent may rely on any withholding certificate, withholding statement, document, authorisation  or waiver it receives from a Lender pursuant to paragraph (e) or (f) above without further  verification. The Agent shall not be liable for any action taken by it under or in connection with  paragraphs (e), (f) or (g) above.  13.10 FATCA Deduction  (a) Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment  required in connection with that FATCA Deduction, and no Party shall be required to increase any  payment in respect of which it makes such a FATCA Deduction or otherwise compensate the  recipient of the payment for that FATCA Deduction.  (b) Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that  there is any change in the rate or the basis of such FATCA Deduction), notify the Party to whom it  is making the payment and, in addition, shall notify the Company and the Agent and the Agent  shall notify the other Finance Parties.  14. INCREASED COSTS  14.1 Increased costs  (a) Subject to Clause 14.3 (Exceptions) the Company shall, within three Business Days of a demand  by the Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred  by that Finance Party or any of its Affiliates as a result of (i) the introduction of or any change in  (or in the interpretation, administration or application of) any law or regulation or (ii) compliance  with any law or regulation made after the Signing Date.  (b) In this Agreement "Increased Costs" means:  (i) a reduction in the rate of return from the Facility or on a Finance Party's (or its Affiliate's)  overall capital;  (ii) an additional or increased cost; or  (iii) a reduction of any amount due and payable under any Finance Document,  which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is  attributable to that Finance Party having entered into its Commitment or funding or performing its  obligations under any Finance Document.  

 

  07/19406164_6 64  14.2 Increased cost claims  (a) A Finance Party intending to make a claim pursuant to Clause 14.1 (Increased costs) shall notify  the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the  Company.  (b) Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate  confirming the amount of its Increased Costs.  14.3 Exceptions  (a) For the purposes of this Clause 14.3:  "Basel III" means:  (i) the agreements on capital requirements, a leverage ratio and liquidity standards contained  in "Basel III: A global regulatory framework for more resilient banks and banking systems",  "Basel III: International framework for liquidity risk measurement, standards and  monitoring" and "Guidance for national authorities operating the countercyclical capital  buffer" published by the Basel Committee on Banking Supervision in December 2010,  each as amended, supplemented or restated;  (ii) the rules for global systemically important banks contained in "Global systemically  important banks: assessment methodology and the additional loss absorbency  requirement – Rules text" published by the Basel Committee on Banking Supervision in  November 2011, as amended, supplemented or restated;  (iii) any further guidance or standards published on or before the Signing Date by the Basel  Committee on Banking Supervision which addresses the proposals contained in the above  referred documents; and  (iv) including any amendment to Basel II on or before the Signing Date which takes into  account or incorporates any measure from or in respect of paragraphs (i) to (iii) above.  "CRD IV" means EU CRD IV and UK CRD IV.  "CRD V" means EU CRD V and UK CRD V.  "EU CRD IV" means:  (i) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June  2013 on prudential requirements for credit institutions and investment firms and amending  Regulation (EU) No 648/2012 ("CRR");   (ii) Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on  access to the activity of credit institutions and the prudential supervision of credit  institutions and investment firms, amending Directive 2002/87/EC and repealing  Directives 2006/48/EC and 2006/49/EC ("CRD4");   (iii) ordinance No. 2014-158 of 20 February 2014 for the adaptation of French law to EU law  with respect to financial matters; and  (iv) orders dated 5 November 2014 relating to the implementation of EU regulation referred to  in paragraphs (i) and (ii) above.  

 

  07/19406164_6 65  "EU CRD V" means:  (i) Regulation (EU) No 2019/876 of the European Parliament and of the Council of 20 May  2019 amending CRR and Regulation (EU) No 648/2012 ("CRR2"); and  (ii) Directive (EU) 2019/878 of the European Parliament and of the Council of 20 May 2019  amending CRD4 ("CRD5").  "UK CRD IV" means:  (i) CRR as it forms part of domestic law of the United Kingdom by virtue of the European  Union (Withdrawal) Act 2018 (the "Withdrawal Act");   (ii) the law of the United Kingdom or any part of it, which immediately before IP completion  day (as defined in the European Union (Withdrawal Agreement) Act 2020 ("WAA"))  implemented CRD4 and its implementing measures;   (iii) direct EU legislation (as defined in the Withdrawal Act), which immediately before IP  completion day (as defined in the WAA) implemented EU CRD IV as it forms part of  domestic law of the United Kingdom by virtue of the Withdrawal Act; and  (iv) any law or regulation which amends, replaces or restates any law or regulation specified  in paragraphs (i) to (iii) above.  "UK CRD V" means:  (i) CRR2 as it forms part of domestic law of the United Kingdom by virtue of the Withdrawal  Act;   (ii) the law of the United Kingdom or any part of it, which immediately before IP completion  day (as defined in the WAA) implemented CRD5 and its implementing measures;  (iii) direct EU legislation (as defined in the Withdrawal Act), which immediately before IP  completion day (as defined in the WAA) implemented EU CRD V as it forms part of  domestic law of the United Kingdom by virtue of the Withdrawal Act; and  (iv) any law or regulation which amends, replaces or restates any law or regulation specified  in paragraphs (i) to (iii) above or which otherwise implements Basel III in the United  Kingdom.  (b) Clause 14.1 (Increased costs) does not apply to the extent any Increased Cost is:  (i) attributable to a Tax Deduction required by law to be made by an Obligor;  (ii) attributable to a FATCA Deduction required to be made by a Party;  (iii) compensated for by Clause 13.3 (Tax indemnity) (or would have been compensated for  under Clause 13.3 (Tax indemnity) but was not so compensated solely because any of the  exclusions in paragraph (b) of Clause 13.3 (Tax indemnity) applied);  (iv) in respect of an amount of VAT (which shall be dealt with in accordance with Clause 13.7  (Value added tax));  (v) attributable to a Bank Levy (or any payment attributable to, or liability arising as a  consequence of, a Bank Levy);  

 

  07/19406164_6 66  (vi) attributable to (i) the implementation or application of, or compliance with, Basel III, CRD  IV or CRD V or (ii) any other law or regulation which implements Basel III, CRD IV or CRD  V (whether such implementation, application or compliance is by a government, regulator,  Finance Party or any of its Affiliates), in each case in force on the Signing Date; or  (vii) attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or  regulation.  (c) In this Clause 14.3, a reference to a "Tax Deduction" has the same meaning given to that term in  Clause 13.1 (Definitions).  15. OTHER INDEMNITIES  15.1 Currency indemnity  (a) If any sum due from a Borrower under the Finance Documents (a "Sum"), or any order, judgment  or award given or made in relation to a Sum, has to be converted from the currency (the "First  Currency") in which that Sum is payable into another currency (the "Second Currency") for the  purpose of:  (i) making or filing a claim or proof against that Borrower; or  (ii) obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration  proceedings,  that Borrower shall as an independent obligation within three Business Days of demand, indemnify  to the extent permitted by law each Finance Party to whom that Sum is due against any cost, loss  or liability arising out of or as a result of the conversion including any discrepancy between (A) the  rate of exchange used to convert that Sum from the First Currency into the Second Currency and  (B) the rate or rates of exchange available to that person at the time of its receipt of that Sum.  (b) Each Borrower waives any right it may have in any jurisdiction to pay any amount under the  Finance Documents in a currency or currency unit other than that in which it is expressed to be  payable.  15.2 Other indemnities  The Company shall (or shall procure that an Obligor will), within three Business Days of demand,  indemnify each Finance Party against any cost, loss or liability incurred by that Finance Party as  a result of:  (a) the occurrence of any Event of Default;  (b) a failure by an Obligor to pay any amount due under a Finance Document on its due date,  including without limitation, any cost, loss or liability arising as a result of Clause 35  (Sharing among the Finance Parties);  (c) funding, or making arrangements to fund, its participation in a Loan requested by the  Company on behalf of any Borrower in a Utilisation Request but not made by reason of  the operation of any one or more of the provisions of this Agreement (other than by reason  of default or negligence by that Finance Party alone); or  (d) a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment  given by a Borrower or the Company.  

 

  07/19406164_6 67  15.3 Indemnity to the Agent  The Company shall promptly indemnify the Agent against any cost, loss or liability incurred by the  Agent (acting reasonably) as a result of:  (a) investigating any event which it reasonably believes is a Default;  (b) acting or relying on any notice, request or instruction which it reasonably believes to be  genuine, correct and appropriately authorised; or  (c) instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or  experts as permitted under this Agreement.  16. MITIGATION BY THE LENDERS  16.1 Mitigation  (a) Each Finance Party shall, in consultation with the Company, take all reasonable steps to mitigate  any circumstances which arise and which would result in any amount becoming payable under or  pursuant to, or cancelled pursuant to, any of Clause 8.1 (Illegality), Clause 13 (Tax Gross up and  Indemnities) or Clause 14 (Increased Costs) or in any amount payable under a Finance Document  by an Obligor becoming not deductible from that Obligor's taxable income for French tax purposes  by reason of that amount being (i) paid or accrued to a Finance Party incorporated, domiciled,  established or acting through a Facility Office situated in a Non-Cooperative Jurisdiction or (ii) paid  to an account opened in the name of or for the benefit of that Finance Party in a financial institution  situated in a Non-Cooperative Jurisdiction, including (but not limited to) transferring its rights and  obligations under the Finance Documents to another Affiliate or Facility Office.  (b) Paragraph (a) above does not in any way limit the obligations of any Borrower under the Finance  Documents.  16.2 Limitation of liability  (a) The Company shall promptly indemnify each Finance Party for all costs and expenses reasonably  incurred by that Finance Party as a result of steps taken by it under Clause 16.1 (Mitigation).  (b) A Finance Party is not obliged to take any steps under Clause 16.1 (Mitigation) if, in the opinion of  that Finance Party (acting reasonably), to do so might be prejudicial to it.  17. COSTS AND EXPENSES  17.1 Transaction expenses  The Company shall promptly on demand pay the Agent and the Arrangers the amount of all costs  and expenses (including legal fees) reasonably incurred by any of them (in relation to paragraph  (a) only, subject to the cap agreed between the Company and the Coordinator and Documentation  Agent) in connection with the negotiation, preparation, printing, execution and syndication of:  (a) this Agreement and any other documents referred to in this Agreement; and  (b) any other Finance Documents executed after the Signing Date.  17.2 Amendment costs  If:  (a) an Obligor requests an amendment, waiver or consent; or  

 

  07/19406164_6 68  (b) an amendment is required pursuant to Clause 36.10 (Change of currency) ; or  (c) an amendment is required pursuant to Clause 42.6 (Changes to reference rates),  the Company shall, within three Business Days of demand, reimburse the Agent for the amount  of all costs and expenses (including legal fees) reasonably incurred by the Agent in responding to,  evaluating, negotiating or complying with that request or requirement.  17.3 Enforcement costs  The Company shall, within three Business Days of demand, pay to each Finance Party the amount  of all costs and expenses (including legal fees) incurred by that Finance Party in connection with  the enforcement of, or the preservation of any rights under, any Finance Document.    

 

  07/19406164_6 69  SECTION 7   GUARANTEE  18. GUARANTEE DEFINITIONS   For the purpose of this Section 7 (Guarantee), the following terms and expressions shall have the  meanings ascribed to them below unless otherwise specified:  "Beneficiaries" means the Lenders and the Agent.  "Guaranteed Obligations" means all payment and repayment obligations at any time incurred,  due, owing or payable by the Guaranteed Borrowers to the Beneficiaries under this Agreement, in  an initial maximum principal amount of EUR 407,000,000, increased by any interest, default  interest, indemnities, penalties, fees and commissions arising in connection therewith, as may be  increased (including any new commitment), amended, novated or modified from time to time in  accordance with the terms of the Finance Documents.  19. GUARANTEE UNDERTAKING  (a) The Guarantor hereby irrevocably and unconditionally guarantees as a caution solidaire to the  Beneficiaries, who accept it, the payment in due time of the Guaranteed Obligations in accordance  with articles 2288 et seq. of the French Code civil.  (b) The Guarantor expressly and irrevocably waives and undertakes:  (i) not to exercise any rights it may have under or with regard to the benefit of discussion  (bénéfice de discussion) provided for by articles 2305 et seq. of the French Code civil and,  consequently, undertakes to pay to the Beneficiaries any sum due in respect of the  Guaranteed Obligations without having the possibility to require the Beneficiaries to sue  the Guaranteed Borrowers first;  (ii) not to exercise any rights it may have under article 2320 of the French Code civil and  undertakes:   (x) not to make a claim against a Guaranteed Borrower in the event of any extension of  any payment date of any amount due to the Beneficiaries, and   (y) not to request any judicial security interest (sûreté judiciaire),   In each case, as long as any sums remain to be paid by a Guaranteed Borrower under  the Guaranteed Obligations;  (iii) not to exercise any rights of recourse provided for by articles 2308 to 2312 of the French  Code civil and any conventional or legal subrogation (including as a beneficiary under any  guarantee) it may have under the Guarantee as long as any sums remain to be paid by  each Guaranteed Borrower in respect of the Guaranteed Obligations;  (iv) not to rely upon the term of the Guaranteed Obligations initially agreed, so that, upon  acceleration of the Guaranteed Obligations, the Guarantor will be immediately liable for  payment of any sum due in respect of the Guaranteed Obligations that has not been paid  by the Guaranteed Borrowers on the date on which such Guaranteed Obligations have  been declared immediately due and payable in accordance with the Finance Documents;  

 

  07/19406164_6 70  (v) not to rely upon the non-performance by each Guaranteed Borrower of any of its  obligations towards the Beneficiaries including, in particular but without limitation, the  misuse of any sum granted to each Guaranteed Borrower by the Beneficiaries under the  Finance Documents; and  (vi) not to rely upon any set-off (either legal, contractual or judicial) which would partially  extinguish any right of the Beneficiaries under this Guarantee or the Finance Documents  save where any Finance Party has elected to exercise its right of set-off pursuant to Clause  37 (Set-Off).  (c) The Guarantor expressly agrees that this Guarantee will remain in full force and effect in case of:  (i) an extension, even by tacit agreement, of the term of all or part of the Guaranteed  Obligations; or  (ii) an amendment to any provision of this Guarantee or the Finance Documents,  without any opportunity for the Guarantor to invoke such circumstances as operating a novation  or decreasing or extinguishing its obligations under this Guarantee.  (d) The Guarantor refrains from invoking any novation in the event that the Guaranteed Borrowers or  the Beneficiaries or the Guarantor would be subject to a merger, a division (scission) or a partial  asset contribution (apport partiel d'actifs) (or any other operation resulting in the transfer of the  whole of its assets (transmission universelle de patrimoine) or having similar effects) with or to the  benefit of another company even though this operation results in the creation of a new legal entity.  To this end, the Guarantor undertakes to execute, on first demand from the Agent (in the name  and on behalf of the Beneficiaries), any reiteration of the Guarantee that the Agent would deem  necessary for the safeguarding of the Beneficiaries' interests.  (e) This Guarantee will remain in full force and effect even if the Guaranteed Borrowers are subject  to a restructuring or an Insolvency Event.  (f) This Guarantee shall be in addition to, and shall not in any way be prejudiced or affected by, and  shall be without prejudice to, any other security, guarantee or other rights from time to time held  by the Beneficiaries in respect of the Guaranteed Obligations or any part thereof. Moreover,  pursuant to article 2314 of the French Code civil, the Guarantor may not invoke nor contest the  choice of the enforcement method chosen by the Beneficiaries under any other security  orguarantee held by the Beneficiaries as operating a decreasing or extinguishing of its obligations  under the Guarantee.  20. ENFORCEABILITY  20.1 Call of the Guarantee  (a) If a Guaranteed Borrower does not pay all or part of any sum due and payable in respect of the  Guaranteed Obligations, any claim under the Guarantee shall be made through the issuance by  the Agent (in the name and on behalf of the Beneficiaries) of a payment demand addressed to the  Guarantor.  

 

  07/19406164_6 71  (b) The Beneficiaries shall be entitled to call the Guarantor for payment, in one or several times, at  any time without prior formal notice (mise en demeure) to the Guaranteed Borrowers, within the  duration stipulated in Clause 23 (Guarantee Duration).  20.2 Payments under the Guarantee  (a) The Guarantor shall pay to the Beneficiaries, the amounts claimed in the payment demand within  five (5) Business Days following receipt by the Guarantor of that payment demand even if the  corresponding payment is likely to occur after the expiration date of the Guarantee.  (b) The payment to the Beneficiaries of the amounts claimed in the payment demand shall be made  by bank transfer on the account of the Agent whose bank account details will be provided for in  that payment demand.  21. ANNUAL WRITTEN NOTIFICATION  (a) Pursuant to article 2302 of the French Code civil, the Agent, (in the name and on behalf of the  Beneficiaries) undertakes to notify in writing to the Guarantor, at its own expenses, prior to 31  March of each calendar year, the total of the sums guaranteed by the Guarantor pursuant to the  Guaranteed Obligations as at 31 December of the immediately preceding year; and the date of  expiry of the Guaranteed Obligations. The Guarantor and the Beneficiaries agree that this written  notification through a computerised listing shall be binding on them.  (b) The Guarantor relieves the Beneficiaries of providing any other information on the legal, financial,  accounting and tax situation of each Guaranteed Borrower or on any other existing or future  guarantee.  22. BENEFIT OF THE GUARANTEE  22.1 Merger  (a) Merger of the Guarantor – pursuant to article 2318 of the French Code civil, the obligations of the  Guarantor under the Guarantee are automatically transferred in case of early winding-up  (dissolution) of the Guarantor as a result of its merger (fusion), division (scission) or transfer of all  assets and liabilities (transmission universelle de patrimoine) with any other legal entity and  notwithstanding any change in the legal form of this entity, even though such merger or change  would result in the creation of a new legal entity.  (b) Merger of the Beneficiaries – pursuant to article 2318 of the French Code civil, the Guarantor  hereby expressly and irrevocably accepts in advance to be bound by this Guarantee regardless  of the merger, division or transfer of all assets and liabilities (or any operation having a similar  effect) of any Beneficiary with another legal entity and notwithstanding any change in the legal  form of any of these entities (including by way of division (scission) or partial asset contribution  (apport partiel d'actifs)), even though such merger or change would result in the creation of a new  legal entity.  (c) Merger of a Guaranteed Borrower – the Guarantor expressly and irrevocably waives its right to  rely on the provisions of article 2318 of the French Code civil and expressly accepts in advance  to be bound by the Guarantee regardless of the merger, division or transfer of all assets and  liabilities (or any operation having a similar effect) of a Guaranteed Borrower with any other legal  

 

  07/19406164_6 72  entity and notwithstanding any change in the legal form of any of these entities, even though such  merger or change would result in the creation of a new legal entity  22.2 Transfer  (a) This Guarantee benefits to the Beneficiaries and all of their potential transferees and successors  in title.  (b) Any beneficiary of a transfer of all or part of the rights or rights and obligations of a Beneficiary  under the Finance Documents, to which it is a party, shall automatically benefit from this  Guarantee, and any reference to that Beneficiary shall then include such beneficiary, which the  Guarantor hereby expressly acknowledges and accepts.  (c) In the event of a transfer by way of novation in favour of any third party of all or part of the rights  and obligations of a Beneficiary under the Finance Documents to which it is a party (the "New  Beneficiary"), this Guarantee will pass automatically to the New Beneficiary which is substituted  to it, in accordance with the provisions of article 1334 of the French Code civil.  23. GUARANTEE DURATION  This Guarantee shall remain in full force and effect until the Guaranteed Obligations have been  unconditionally and irrevocably paid and discharged in full.  24. RELEASE  Upon the discharge in full of the Guaranteed Obligations as confirmed by the Agent, the Agent  shall, acting in the name and on behalf of the Beneficiaries and, at the request and costs of the  Guarantor, promptly release (donner mainlevée) the Guarantee.  25. U.S. GUARANTEE LIMITATION  Notwithstanding anything to the contrary in any Finance Document, no Loan under this Agreement  or under any Finance Document to any U.S. Tax Obligor may be, directly or indirectly:  (a) guaranteed by (A) a controlled foreign corporation (as defined in section 957 of the Code)  that has as a "United States shareholder" (as defined in Section 951 of the Code) a  member of the Group (a "CFC") or (B) an entity substantially all the assets of which consist  of equity interests (or equity interests and indebtedness) of one or more CFCs (a  "FSHCO") or (C) a direct or indirect subsidiary of a CFC or a FSHCO;   (b) secured by any assets of a CFC, FSHCO or a subsidiary of a CFC or a FSHCO (including  any CFC or FSHCO equity interests held directly or indirectly by a CFC or a FSHCO); or  (c) secured by a pledge or other security interest in excess of 65 per cent. of the total  combined voting power of all classes of shares entitled to vote (and in excess of 100 per  cent. of the non-voting equity interests) of a first-tier CFC or first-tier FSHCO.    

 

  07/19406164_6 73  SECTION 8   REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT  26. REPRESENTATIONS  Each Obligor makes the representations set out in this Clause 26 in respect of itself and where  representations are indicated to be given in respect of Subsidiaries or Material Subsidiaries, only  in respect of its own Subsidiaries or Material Subsidiaries, to each Finance Party on the Signing  Date, provided that the representation in Clause 26.18 (Centre of main interests) shall only be  made by the Company and Criteo Technology.  26.1 Status  (a) It is a corporation, duly incorporated and validly existing under the law of its jurisdiction of  incorporation.  (b) It and each Material Subsidiary has the power to own its assets and carry on its business as it is  being conducted.  26.2 Binding obligations  The obligations expressed to be assumed by it in each Finance Document are, subject to any  general principles of law limiting its obligations which are specifically referred to in any legal  opinion delivered pursuant to Clause 4 (Conditions of Utilisation), legal, valid, binding and  enforceable obligations.  26.3 Non-conflict with other obligations  The entry into and performance by it of, and the transactions contemplated by, the Finance  Documents do not and will not conflict with:  (a) any law or regulation applicable to it;  (b) its or any of the Material Subsidiaries' constitutional documents; or  (c) any agreement or instrument binding upon it or any of the Material Subsidiaries or any of  its or any of the Material Subsidiaries' assets.  26.4 Power and authority  It has the power to enter into, perform and deliver, and has taken all necessary action to authorise  its entry into, performance and delivery of, the Finance Documents to which it is a party and the  transactions contemplated by those Finance Documents.  26.5 Validity and admissibility in evidence  All Authorisations required or desirable:  (a) to enable it lawfully to enter into, exercise its rights and comply with its obligations in the  Finance Documents to which it is a party; and  (b) to make the Finance Documents to which it is a party admissible in evidence in its  jurisdiction of incorporation,  have been obtained or effected and are in full force and effect.  

 

  07/19406164_6 74  26.6 Governing law and enforcement  (a) The choice of French law as the governing law of the Finance Documents will be recognised and  enforced in its jurisdiction of incorporation.  (b) Any judgment obtained in France in relation to a Finance Document will be recognised and  enforced in its jurisdiction of incorporation.  26.7 No filing or stamp taxes  Under the law of its jurisdiction of incorporation it is not necessary that the Finance Documents be  filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp,  registration or similar tax be paid on or in relation to the Finance Documents or the transactions  contemplated by the Finance Documents.  26.8 Deduction of Tax  It is not required to make any Tax Deduction (as defined in Clause 13.1 (Definitions)) levied under  the laws of France from any payment it may make under any Finance Document to a Lender which  is a Qualifying Lender.  26.9 No default  (a) No Event of Default is continuing or might reasonably be expected to result from the making of  any Utilisation.  (b) No other event or circumstance is outstanding which constitutes a default under any other  agreement or instrument which is binding on it or any of the Material Subsidiaries or to which its  (or any of the Material Subsidiaries') assets are subject which might have a Material Adverse  Effect.  26.10 No misleading information  (a) Any Transaction Information provided by the Company was true and accurate in all material  respects as at the date it was provided or as at the date (if any) at which it is stated.  (b) The financial projections contained in the Transaction Information have been prepared on the  basis of recent historical information and on the basis of reasonable assumptions.  (c) Nothing has occurred or been omitted from the Transaction Information and no information has  been given or withheld that results in the Transaction Information being untrue or misleading in  any material respect.  26.11 Financial statements  (a) Its Original Financial Statements were prepared in accordance with the Accounting Principles  consistently applied.  (b) Its Original Financial Statements fairly represent its financial condition as at the end of the relevant  financial year and operations during the relevant financial year (consolidated in the case of the  Company).  (c) There has been no material adverse change in its business or financial condition or the business  or consolidated financial condition of the Group since 31 December 2021.  

 

  07/19406164_6 75  26.12 Pari passu ranking  Its payment obligations under the Finance Documents rank at least pari passu with the claims of  all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred  by law applying to companies generally.  26.13 No proceedings pending or threatened  No litigation, arbitration or administrative proceedings of or before any court, arbitral body or  agency which, if adversely determined, might reasonably be expected to have a Material Adverse  Effect has or have (to the best of its knowledge and belief) been started or threatened against it  or any of the Material Subsidiaries.  26.14 Investment company status  Neither it nor any of its Subsidiaries is an "investment company" as defined in, or subject to  regulation under, the U.S. Investment Company Act of 1940, as amended.  26.15 Federal Reserve Regulations  Neither it nor any of its Subsidiaries is engaged or will engage, principally or as one of its important  activities, in the business of purchasing or carrying Margin Stock (within the meaning of Regulation  U of the Board of Governors), or extending credit for the purpose of purchasing or carrying Margin  Stock. No part of the proceeds of any Loan will be used, directly or indirectly, for any purpose that  entails a violation of any of the regulations of the Board of Governors of the U.S. Federal Reserve  System, including Regulations T, U and X.  26.16 ERISA liabilities  No ERISA Events have occurred or are reasonably expected to occur that would, in the aggregate,  reasonably be expected to result in a Material Adverse Effect. The excess of the present value of  all accumulated benefit obligations (i) of all underfunded Plans and (ii) under each Plan (based on  the assumptions used for purposes of Accounting Standards Codification Topic 715) over the fair  value of the assets of such Plan, as of the date of the most recent financial statements reflecting  such amounts, did not, and could not reasonably be expected to, result in a Material Adverse  Effect. Each Plan that is intended to qualify under Section 401(a) of the Code is so qualified except  for non-compliance which could not reasonably be expected to result in a Material Adverse Effect.  26.17 Sanctions, anti-money laundering and anti-corruption laws  (a) No member of the Group nor, to the best of its knowledge and belief, any member of the Group's  directors, officers or employees (in each case, in their capacity as such) is a Sanctioned Person.  (b) No member of the Group is incorporated or resident in a country which is subject to comprehensive  countrywide Sanctions.  (c) No member of the Group nor, to the best of its knowledge and belief, any of their directors, officers  or employees (in each case, in their capacity as such) has engaged in any activity or conducts  business which would violate any applicable anti-bribery, anti-corruption or anti-money laundering  laws, regulations or rules in any material respect in any applicable jurisdiction.  26.18 Centre of main interests  Its centre of main interests (as that term is used in article 3 1. of Regulation (EU) 2015/848 of the  European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast) (the  "Regulation (recast)")) is situated in its jurisdiction of incorporation and it has no establishment  

 

  07/19406164_6 76  (as that term is used in article 2, point (10) of the Regulation (recast)) in any jurisdiction other than  its jurisdiction of incorporation  26.19 Repetition  The Repeating Representations are deemed to be made by each Obligor by reference to the facts  and circumstances then existing on the date of each Utilisation Request and the first day of each  Interest Period.  27. INFORMATION UNDERTAKINGS  The undertakings in this Clause 27 remain in force from the Signing Date for so long as any  amount is outstanding under the Finance Documents or any Commitment is in force.  27.1 Financial statements  The Company shall supply to the Agent:  (a) as soon as the same become available, but in any event within 90 days after the end of  each of its financial years, its annual audited consolidated financial statements for that  financial year;  (b) as soon as the same become available, but in any event within 180 days after the end of  each of its financial years, its audited annual unconsolidated financial statements for that  financial year, together with the unaudited annual unconsolidated financial statements for  that financial year of each other Borrower (unless audited annual unconsolidated financial  statements for that financial year are available for such other Borrower, in which case they  shall be supplied in lieu of the unaudited annual unconsolidated financial statements) and  each Material Subsidiary;  (c) as soon as the same become available, but in any event within 90 days after the end of  each of its financial half-years, its half yearly consolidated financial statements; and  (d) as soon as the same become available, but in any event within 90 days after the end of  each of its financial quarters, its quarterly consolidated financial statements.  27.2 Ratio Compliance Certificate  (a) The Company shall supply to the Agent, with each set of financial statements delivered pursuant  to paragraphs (a) and (c) of Clause 27.1 (Financial statements), a Ratio Compliance Certificate  setting out (in reasonable detail) computations as to compliance with Clause 28 (Financial  Covenant) as at the date as at which those financial statements were drawn up.  (b) Each Ratio Compliance Certificate shall be signed by the Chief Financial Officer of the Company  or any duly authorised signatory or legal representative of the Company and, in the case of the  annual audited consolidated financial statements delivered pursuant to paragraph (a) of Clause  27.1 (Financial statements), shall be delivered together with a statutory auditor's attestation on the  financial information provided issued by the Company's auditors.  (c) The Company shall supply to the Agent a list of its Material Subsidiaries with each Ratio  Compliance Certificate delivered with the annual audited consolidated financial statements  delivered pursuant to paragraph (a) of Clause 27.1 (Financial statements).  

 

  07/19406164_6 77  (d) The Company shall, prior to 31 March of each year, provide to the Agent a provisional budget for  the Group for that year.  27.3 Requirements as to financial statements  (a) Each set of financial statements delivered by the Company pursuant to Clause 27.1 (Financial  statements) shall be certified by a duly authorised signatory or legal representative of the  Company as fairly representing its financial condition as at the date as at which those financial  statements were drawn up.  (b) The Company shall procure that each set of financial statements delivered pursuant to Clause  27.1 (Financial statements) in respect of each period ending after 31 December 2021, is prepared  using the Accounting Principles, accounting practices and financial reference periods consistent  with those applied in the preparation of the Original Financial Statements unless, in relation to any  set of financial statements, it notifies the Agent that there has been a change in the Accounting  Principles, the accounting practices or reference periods and its auditors deliver to the Agent:  (i) a description of any change necessary for those financial statements to reflect the  Accounting Principles, accounting practices and reference periods upon which the  Original Financial Statements were prepared; and  (ii) sufficient information, in form and substance as may be reasonably required by the Agent,  to enable the Lenders to determine whether Clause 28 (Financial Covenant) has been  complied with and make an accurate comparison between the financial position indicated  in those financial statements and the Original Financial Statements.  Any reference in this Agreement to those financial statements shall be construed as a reference  to those financial statements as adjusted to reflect the basis upon which the Original Financial  Statements were prepared.  27.4 Information: miscellaneous  The Company shall supply to the Agent:  (a) all documents dispatched by the Company to its shareholders (or any class of them) or its  creditors generally at the same time as they are dispatched (provided that the Company  shall not be required to disclose any such information to the extent that such disclosure  would breach any law or regulation applicable to it);  (b) promptly upon becoming aware of them, the details of any litigation, arbitration or  administrative proceedings which are current, threatened or pending against any member  of the Group, and which might, if adversely determined, have a Material Adverse Effect;  and  (c) promptly, such further information regarding the financial condition, business and  operations of any member of the Group as any Finance Party (through the Agent) may  reasonably request, but only to the extent that such delivery would not constitute a breach  by the Company of any applicable stock exchange rules if the Company does not wish to  make such information public knowledge.  

 

  07/19406164_6 78  27.5 Notification of default  (a) Each Borrower shall notify the Agent of any Default (and the steps, if any, being taken to remedy  it) promptly upon becoming aware of its occurrence (unless that Borrower is aware that a  notification has already been provided by another Borrower).  (b) Promptly upon a request by the Agent, the Company shall supply to the Agent a certificate signed  by two of its authorised signatories or senior officers on its behalf certifying that no Default is  continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to  remedy it).  27.6 Use of websites  (a) The obligations of the Company to deliver the information referred to in Clause 27.1 (Financial  statements) and paragraphs (a) and (b) of Clause 27.4 above shall be deemed satisfied if the  Company posts the relevant information to the Company's public website and, for Clause 27.1  (Financial statements) and paragraph (b) of Clause 27.4, notifies the Agent that it has done so.  (b) Without prejudice to the provisions of paragraph (a), the Company may satisfy its obligation under  this Agreement to deliver any information in relation to those Lenders (the "Website Lenders")  who accept this method of communication by posting this information onto an electronic website  designated by the Company and the Agent (the "Designated Website") if:  (i) the Agent expressly agrees (after consultation with each of the Lenders) that it will accept  communication of the information by this method;  (ii) both the Company and the Agent are aware of the address of and any relevant password  specifications for the Designated Website; and  (iii) the information is in a format previously agreed between the Company and the Agent.  If any Lender (a "Paper Form Lender") does not agree to the delivery of information electronically  then the Agent shall notify the Company accordingly and the Company shall supply the information  to the Agent (in sufficient copies for each Paper Form Lender) in paper form. In any event the  Company shall supply the Agent with at least one copy in paper form of any information required  to be provided by it.  (c) The Agent shall supply each Website Lender with the address of and any relevant password  specifications for the Designated Website following designation of that website by the Company  and the Agent.  (d) The Company shall promptly upon becoming aware of its occurrence notify the Agent if:  (i) the Designated Website cannot be accessed due to technical failure;  (ii) the password specifications for the Designated Website change;  (iii) any new information which is required to be provided under this Agreement is posted onto  the Designated Website;  (iv) any existing information which has been provided under this Agreement and posted onto  the Designated Website is amended; or  

 

  07/19406164_6 79  (v) the Company becomes aware that the Designated Website or any information posted onto  the Designated Website is or has been infected by any electronic virus or similar software.  If the Company notifies the Agent under paragraph (d)(i) or paragraph (d)(v) above, all information  to be provided by the Company under this Agreement after the date of that notice shall be supplied  in paper form unless and until the Agent and each Website Lender is satisfied that the  circumstances giving rise to the notification are no longer continuing.  (e) Any Website Lender may request, through the Agent, one paper copy of any information required  to be provided under this Agreement which is posted onto the Designated Website. The Company  shall comply with any such request within 10 Business Days.  27.7 "Know your customer" checks  (a) If:  (i) the introduction of or any change in (or in the interpretation, administration or application  of) any law or regulation made after the Signing Date;  (ii) any change in the status of an Obligor (or a Holding Company of an Obligor) after the  Signing Date; or  (iii) a proposed transfer by a Lender of any of its rights or its rights and obligations under this  Agreement to a party that is not a Lender prior to such transfer,  obliges the Agent or any Lender (or, in the case of paragraph (iii) above, any prospective new  Lender) to comply with "know your customer" or similar identification procedures in circumstances  where the necessary information is not already available to it, each Obligor shall promptly upon  the request of the Agent or any Lender supply, or procure the supply of, such documentation and  other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or  any Lender (for itself or, in the case of the event described in paragraph (iii) above, on behalf of  any prospective new Lender) in order for the Agent, such Lender or, in the case of the event  described in paragraph (iii) above, any prospective new Lender to carry out and be satisfied it has  complied with all necessary "know your customer" or other similar checks under all applicable laws  and regulations pursuant to the transactions contemplated in the Finance Documents.  (b) Each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such  documentation and other evidence as is reasonably requested by the Agent (for itself) in order for  the Agent to carry out and be satisfied it has complied with all necessary "know your customer" or  other similar checks under all applicable laws and regulations pursuant to the transactions  contemplated in the Finance Documents.  27.8 ERISA  The Company will furnish to the Agent prompt written notice of the occurrence of any ERISA Event  that, alone or together with any other ERISA Events that have occurred, would reasonably be  expected to result in a Material Adverse Effect.  

 

  07/19406164_6 80  28. FINANCIAL COVENANT  28.1 Financial definitions  "Adjusted Consolidated EBITDA" means consolidated earnings before financial income  (expense), income taxes, depreciation and amortization, adjusted to eliminate the impact of equity  awards compensation expense, pension service costs, restructuring and transformation costs  (provided that such deduction in respect of restructuring and transformation costs shall not exceed  an amount equal to 15 per cent. of Adjusted Consolidated EBITDA calculated (without taking into  account this cap) immediately prior to such adjustment), acquisition-related costs and deferred  price consideration, calculated using the same calculation methods, accounting principles and  scope as those used for the Group's annual financial statements published in respect of the  financial year ending in 2021.  "Borrowings" means, at any time, the aggregate outstanding principal, capital or nominal amount  (and any fixed or minimum premium payable on prepayment or redemption) of any indebtedness  of members of the Group for or in respect of:  (a) moneys borrowed and debit balances at banks or other financial institutions;  (b) loans or credits granted by a shareholder or any corporate entity (in each case which is  not a member of the group) which is neither a bank nor a financial institution, unless  subordinated to the Facility;  (c) any acceptances under any acceptance credit or bill discount facility (or dematerialised  equivalent);  (d) any note purchase facility or the issue of bonds, notes, debentures, loan stock or any  similar instrument;  (e) any Finance Lease;  (f) receivables sold or discounted (other than any receivables to the extent they are sold on  a non-recourse basis);  (g) any counter-indemnity obligation in respect of a guarantee, bond, standby or documentary  letter of credit or any other instrument issued by a bank or financial institution in respect  of an underlying liability of an entity which is not a member of the Group which liability  would fall within one of the other paragraphs of this definition;  (h) any amount of any liability under an advance or deferred purchase agreement if (i) one of  the primary reasons behind the entry into the agreement is to raise finance or to finance  the acquisition or construction of the asset or service in question or (ii) the agreement is  in respect of the supply of assets or services and payment is due more than 180 days  after the date of supply;  (i) any amount raised under any other transaction (including any forward sale or purchase  agreement, sale and sale back or sale and leaseback agreement) having the commercial  effect of a borrowing or otherwise classified as borrowings under the Accounting  Principles; and  

 

  07/19406164_6 81  (j) (without double counting) the amount of any liability in respect of any guarantee or  indemnity for any of the items referred to in paragraphs (a) to (i) above.  "Cash" means, at any time, cash as defined under U.S. GAAP – ASC 230 Statement of Cash  Flows ("ASC 230").  "Cash Equivalent Investments" means at any time all investments classified as so under ASC  230, and also including:  (a) term deposits and time deposits of any maturity provided that the invested amount can be  repayable within no more than 45 days after the relevant date of calculation;  (b) certificates of deposit maturing within one year after the relevant date of calculation;  (c) any investment in marketable debt obligations issued or guaranteed by the government of  the United States of America, the United Kingdom, any member state of the European  Economic Area or any Participating Member State or by any instrumentality or agency of  any of them having an equivalent credit rating, maturing within 12 months after the relevant  date of calculation, not convertible or exchangeable to any other security, and which has  a credit rating of either A or higher by Standard & Poor's Rating Services or A or higher by  Fitch Ratings Ltd or A2 or higher by Moody's Investors Services Limited;  (d) any investment in money market funds which (i) have a credit rating of either A-1 or higher  by Standard & Poor's Rating Services or F1 or higher by Fitch Ratings Ltd or P-1 or higher  by Moody's Investors Service Limited, (ii) which invest substantially all their assets in  securities of the types described in paragraphs (a) to (c) (inclusive) above and (iii) can be  turned into cash on not more than 30 days' notice; and  (e) any other debt security approved by all the Lenders.  "Consolidated Total Net Debt" means, at any time, the aggregate amount of all financial  obligations of members of the Group for or in respect of Borrowings at that time but:  (a) excluding any such obligations to any other member of the Group;  (b) including, in the case of Finance Leases only, their capitalised value; and  (c) deducting the aggregate amount of Cash and Cash Equivalent Investments held by any  member of the Group at that time,  and so that no amount shall be included or excluded more than once.  "Contribution ex-Tac" means the amount calculated by deducting traffic acquisition costs (TAC)  from revenue and reconciled to gross profit through the exclusion of other cost of revenue.  "Finance Lease" means any lease or hire purchase contract which would, in accordance with US  GAAP as at the date of this Agreement, be treated as a finance or capital lease.  "Leverage" means, in respect of any Relevant Period, the ratio of Consolidated Total Net Debt on  the last day of that Relevant Period to Adjusted Consolidated EBITDA in respect of that Relevant  Period.  "Relevant Period" means each period of 12 months ending on or about the last day of the relevant  financial year or financial half-year (as the case may be) of the Group.  

 

  07/19406164_6 82  28.2 Leverage  The Company shall ensure that Leverage in respect of any Relevant Period shall be lower than  3.0x.  28.3 Financial testing  Leverage shall be calculated in accordance with the Accounting Principles and tested semi- annually by reference to the Company's financial statements and Ratio Compliance Certificates  delivered pursuant to paragraphs (a) and (c) of Clause 27.1 (Financial statements) and Clause  27.2 (Ratio Compliance Certificate).  29. GENERAL UNDERTAKINGS  The undertakings in this Clause 29 remain in force from the Signing Date for so long as any  amount is outstanding under the Finance Documents or any Commitment is in force.  29.1 Authorisations  Each Obligor shall promptly:  (a) obtain, comply with and do all that is necessary to maintain in full force and effect; and  (b) supply certified copies to the Agent of,  any Authorisation required under any law or regulation of its jurisdiction of incorporation to enable  it to perform its obligations under the Finance Documents and to ensure the legality, validity,  enforceability or admissibility in evidence in its jurisdiction of incorporation of any Finance  Document.  29.2 Compliance with laws  Each Obligor shall comply in all respects with all laws to which it may be subject, if failure so to  comply would materially impair its ability to perform its obligations under the Finance Documents.  29.3 Pari passu ranking  Each Obligor shall ensure that at all times any unsecured and unsubordinated claims of a Finance  Party against it under the Finance Documents rank at least pari passu with the claims of all its  other unsecured and unsubordinated creditors except those creditors whose claims are  mandatorily preferred by laws of general application to companies.  29.4 Negative pledge  In this Clause 29.4, "Quasi-Security" means an arrangement or transaction described in  paragraph (b) below.  (a) No Obligor shall (and the Company shall ensure that no other member of the Group will)  create or permit to subsist any Security over any of its assets.  (b) No Obligor shall (and the Company shall ensure that no other member of the Group will):  (i) sell, transfer or otherwise dispose of any of its assets on terms whereby they are  or may be leased to or re-acquired by an Obligor or any other member of the  Group;  (ii) sell, transfer or otherwise dispose of any of its receivables on recourse terms;  

 

  07/19406164_6 83  (iii) enter into any arrangement under which money or the benefit of a bank or other  account may be applied, set-off or made subject to a combination of accounts; or  (iv) enter into any other preferential arrangement having a similar effect,  in circumstances where the arrangement or transaction is entered into primarily as a  method of raising Financial Indebtedness or of financing the acquisition of an asset.  (c) Paragraphs (a) and (b) above do not apply to any Permitted Security granted by any  member of the Group.  29.5 Disposals  (a) No Obligor shall (and the Company shall ensure that no other member of the Group will), enter  into a single transaction or a series of transactions (whether related or not) and whether voluntary  or involuntary to sell, lease, transfer or otherwise dispose of any asset.  (b) Paragraph (a) above does not apply to any Permitted Disposal carried out by any member of the  Group.  29.6 Merger  (a) No Obligor shall (and the Company shall ensure that no Material Subsidiary will) enter into any  amalgamation, demerger, merger or corporate reconstruction.  (b) Paragraph (a) above does not apply to:  (i) any sale, lease, transfer or other disposal permitted pursuant to Clause 29.5 (Disposals).  (ii) in relation to a Borrower, any amalgamation or merger where a Borrower is the surviving  entity or the beneficiary of the relevant contributions; or  (iii) in relation to any Material Subsidiary: (1) any amalgamation or merger with another  member of the Group or any amalgamation or merger made for the purposes of effecting  an acquisition (in which case, for the avoidance of doubt, if the Material Subsidiary is not  the surviving entity, the surviving entity will be deemed to be a Material Subsidiary  immediately after completion of the merger); and (2) any other amalgamation or merger  where such Material Subsidiary is the surviving entity or the beneficiary of the relevant  contributions,  and provided that, in each case, (1) no Default or Event of Default will result from such transaction  (but without prejudice to the provisions of Clause 30.14 (Clean-up period)), and (2) such  transaction does not have or is not likely to have a Material Adverse Effect.  29.7 Change of business  The Company shall procure that no substantial change is made to the general nature of the  business of the Company or the Group as a whole from that carried on at the Signing Date.   29.8 Sanctions, anti-money laundering and anti-corruption laws  (a) No Obligor shall (and the Company shall ensure that no other member of the Group will):  (i) directly or, to its knowledge, indirectly, use, lend, make payments of, or otherwise make  available, all or any part of the proceeds of the Facility:  

 

  07/19406164_6 84  (A) in connection with any trade, business or other activities with or for the benefit of  any Sanctioned Person or any person located or resident in, or incorporated or  organised under the laws of a country that is the target of countrywide Sanctions;  or  (B) to fund or facilitate any activity thar would at that time be in breach of applicable  Sanctions (other than where such action is a Sanctions Permitted Action); or  (C) in any other manner which would result in a Finance Party being in breach of any  Sanctions (either published or available to the relevant Obligor), applicable to that  Finance Party; or  (ii) use any revenue or benefit derived from any activity or dealing with a Sanctioned Person  or any person located or resident in, or incorporated or organised under the laws of a  country that is the target of countrywide Sanctions, to discharge any obligation due to a  Finance Party unless at the relevant time:  (A)   (1) such activity or dealing would be legal for the relevant Obligor or member  of the Group to undertake under then-applicable Sanctions;  (2) such activity or dealing would be legal for any Lender to finance under  then-applicable Sanctions; and  (3) such activity or dealing would not cause any Finance Party to breach  then-applicable Sanctions; or  (B) such activity or dealing is otherwise a Sanctions Permitted Action.  (b) Each Obligor shall (and it shall ensure that each other member of the Group will) provide to the  Agent details of any claim, action, suit, proceedings or investigation against it with respect to  Sanctions by any Sanctions Authority, to the extent permitted by law and to the extent not  prohibited by any confidentiality restrictions imposed by any Sanctions Authority, promptly upon  becoming aware of them.  (c) No Obligor shall (and the Company shall ensure that no other member of the Group will) directly  or indirectly use the proceeds of the Facility for any purpose which would breach any applicable  anti-money laundering or anti-corruption laws.  (d) Each Obligor shall (and the Company shall ensure that each other member of the Group will)  conduct its businesses in compliance with applicable anti-corruption laws.  (e) Any provision of this Clause 29.8 or Clause 26.17 (Sanctions, anti-money laundering and anti- corruption laws) shall not apply to or in favour of any person if and to the extent that it would result  in a breach, by or in respect of that person, of any applicable Blocking Law.   (f) For the purposes of this Clause 29.8 and Clause 26.17 (Sanctions, anti-money laundering and  anti-corruption laws), "Blocking Law" means:  (i) any provision of Council Regulation (EC) No 2271/1996 of 22 November 1996 (or any law  or regulation implementing such Regulation in any member state of the European Union);  

 

  07/19406164_6 85  (ii) any provision of Council Regulation (EC) No 2271/1996 of 22 November 1996, as it forms  part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal)  Act 2018; or  (iii) section 7 of the German Foreign Trade Regulation (Außenwirtschaftsverordnung).  29.9 Financial Indebtedness  (a) Except as permitted under paragraph (b) below, no Obligor shall (and the Company shall ensure  that no other member of the Group will) incur or allow to remain outstanding any Financial  Indebtedness.  (b) Paragraph (a) above does not apply to Financial Indebtedness which is Permitted Financial  Indebtedness.  29.10 No Guarantees or indemnities  (a) Except as permitted under paragraph (b) below, no Obligor shall (and the Company shall ensure  that no other member of the Group will) incur or allow to remain outstanding any guarantee in  respect of any obligation of any person.  (b) Paragraph (a) above does not apply to a guarantee which is a Permitted Guarantee.  29.11 Distributions – share redemption  The Company shall not:  (a) declare, make or pay any dividend, charge, fee or other distribution (whether in cash or in  kind) on or in respect of its share capital;  (b) repay or distribute any dividend or share premium reserve; or  (c) redeem, repurchase or repay any of its share capital or resolve to do so,  if, at the time of the relevant distribution, redemption, repurchase or repayment Leverage exceeds  (or would exceed, as a result thereof) a ratio of 2.0x, other than any redemption or repurchase of  shares made:  (i) with a view to applying such shares in payment or in exchange for assets acquired  by the Company in the context of an acquisition of shares or businesses (opération  de croissance externe), merger (fusion), division (scission) or contribution (apport)  provided that (x) the shares so redeemed or repurchased do not exceed, in  aggregate five per cent. of the total share capital of the Company as set forth in  article L.225-209-2 of the French Code de commerce, and (y) the contemplated  acquisition of shares or businesses (opération de croissance externe), merger  (fusion), division (scission) or contribution (apport) is not prohibited under this  Agreement; or  (ii) with a view to distribute such shares in connection with a share incentive scheme  or stock option in accordance with paragraph (m) of the definition of "Permitted  Disposal" and article L.225-208 or L.225-209-2 of the French Code de commerce  or otherwise,   

 

  07/19406164_6 86  and provided further that the Company shall be permitted to cancel shares and reduce its  share capital where permitted or required to do so by article L.225-209-2 or L.225-214 of  the French Code de commerce or where otherwise required to do so by law.  29.12 Intellectual Property  Each Obligor shall (and the Company shall procure that its Material Subsidiaries will) preserve  and maintain the subsistence and validity of the Intellectual Property necessary for its business.  29.13 Joint Ventures  (a) Except as permitted under paragraph (b) below, no Obligor shall (and the Company shall ensure  that no other member of the Group will) enter into, invest in or acquire (or agree to acquire) any  shares, stocks, securities or other interest in any Joint Venture.  (b) Paragraph (a) above does not apply to any acquisition of (or agreement to acquire) any interest  in a Joint Venture if such transaction is a Permitted Joint Venture.  29.14 Acquisitions financed by the Facility  If the proceeds of a Loan are used to finance (in whole or in part) the acquisition of shares or a  business by any member of the Group, the following conditions shall apply:  (a) the target is engaged in a business that is similar or complementary to that carried on by  the Group;  (b) no Default is continuing on the closing date for the acquisition or would occur as a result  of the acquisition;  (c) if the proceeds of the Facility are used to finance the acquisition of shares, the Obligor or  the relevant member of the Group making the acquisition will hold at least 50.01 per cent.  of the issued shares and voting rights of the acquired entity;  (d) the acquired entity is incorporated with limited liability or held through an entity with limited  liability newly incorporated for the purpose of completing the proposed acquisition;  (e) if the amount of the Acquisition Drawdown used to finance such acquisition exceeds two  thirds of the Total Commitments, copies of any third party legal, financial or tax due  diligence reports, to the extent commissioned by the Group or delivered by the vendor for  the purpose of the acquisition, shall be delivered to the Agent (subject to the Agent and  the other Finance Parties signing any required release, confidentiality, hold harmless or  other similar letters) for information only and without reliance; and  (f) if the amount of the Acquisition Drawdown used to finance such acquisition exceeds  €110,000,000, the Company shall deliver to the Agent prior to the contemplated acquisition  a certificate setting out the Leverage calculated on the last date of the financial quarter  immediately preceding the relevant acquisition for which financial accounts of the  Company have been published, provided that such Leverage re-calculated on a pro forma  basis must be less than or equal to 2.75x.  29.15 Holding of the Guaranteed Borrowers  The Company shall hold at any time directly or indirectly at least 90 per cent. of the shares and  voting rights of each Guaranteed Borrower.  

 

  07/19406164_6 87  29.16 Investment Company  No Obligor or any of its Subsidiaries will, either by act or omission, become an "investment  company", or an "affiliated person" of, or "promoter" or "principal underwriter" for, an "investment  company", as such terms are defined in the U.S. Investment Company Act of 1940, as amended.  29.17 Federal Reserve Regulations  Each Obligor will use the Facility without violating Regulations T, U and X.  30. EVENTS OF DEFAULT  Each of the events or circumstances set out in this Clause 30 is an Event of Default (save for  Clauses 30.12 (Acceleration), 30.13 (Automatic acceleration) and 30.14 (Clean-up period)).  30.1 Non-payment  An Obligor does not pay on the due date any amount payable pursuant to a Finance Document  (except an amount the non-payment of which requires the relevant Borrower to make a  prepayment under Clause 8.9 (Mandatory prepayment and cancellation in relation to a single  Lender)) at the place and in the currency in which it is expressed to be payable unless:  (a) its failure to pay is caused by:  (i) administrative or technical error; or  (ii) a Disruption Event; and  (b) payment is made within five Business Days of its due date.  30.2 Financial covenants  Any requirement of Clause 28 (Financial Covenant) is not satisfied.  30.3 Other obligations  (a) An Obligor does not comply with any provision of the Finance Documents (other than those  referred to in Clause 30.1 (Non-payment) and Clause 30.2 (Financial covenants)).  (b) No Event of Default under paragraph (a) above will occur:  (i) if the failure to comply is capable of remedy and is remedied within 15 Business Days of  the earlier of:  (A) the Agent giving notice to the Company or the relevant Obligor; and  (B) the Company or the relevant Obligor becoming aware of the failure to comply;   provided that this paragraph (b)(i) shall not apply to any Event of Default which arises as  a result of non-compliance with Clause 29.8 (Sanctions, anti-money laundering and anti- corruption laws), in respect of which such 15 Business Day remedy period shall not apply;  or  (ii) by failure to comply with any provisions of Clause 9.8 (Sustainability Margin Adjustments)  to Clause 9.11 (Sustainability provisions).  30.4 Misrepresentation  (a) Any representation or statement made or deemed to be made by an Obligor in the Finance  Documents or any other document delivered by or on behalf of any Obligor under or in connection  

 

  07/19406164_6 88  with any Finance Document is or proves to have been incorrect or misleading in any material  respect when made or deemed to be made.  (b) No Event of Default under paragraph (a) above will occur if the facts and circumstances causing  the relevant misrepresentation are capable of remedy and are remedied within 15 Business Days  of the earlier of:  (i) the Agent giving notice to the Company or the relevant Obligor; and  (ii) the Company or the relevant Obligor becoming aware of the misrepresentation,  provided that this paragraph (b) shall not apply to any misrepresentation in respect of Clause  26.17 (Sanctions, anti-money laundering and anti-corruption laws), in respect of which such 15  Business Day remedy period shall not apply.  30.5 Cross default  (a) Any Financial Indebtedness of an Obligor or any Material Subsidiary is not paid when due nor  within any originally applicable grace period.  (b) Any Financial Indebtedness of an Obligor or any Material Subsidiary is declared to be or otherwise  becomes due and payable prior to its specified maturity as a result of an event of default (however  described).  (c) Any commitment for any Financial Indebtedness of an Obligor or any Material Subsidiary is  cancelled or suspended by a creditor of the Company or any Material Subsidiary as a result of an  event of default (however described).  (d) Any creditor of an Obligor or any Material Subsidiary becomes entitled to declare any Financial  Indebtedness of an Obligor or any Material Subsidiary due and payable prior to its specified  maturity as a result of an event of default (however described).  (e) No Event of Default will occur under this Clause 30.5 if the aggregate amount of Financial  Indebtedness or commitment for Financial Indebtedness falling within paragraphs (a) to (d) above  is less than EUR 5,000,000 (or its equivalent in any other currency or currencies).  30.6 Insolvency  (a) An Obligor or any Material Subsidiary:  (i) is unable or admits inability to pay its debts as they fall due;  (ii) suspends making payments on any of its debts; or  (iii) by reason of actual or anticipated financial difficulties, commences negotiations with one  or more of its creditors (excluding any Finance Party in its capacity as such) with a view  to rescheduling any of its indebtedness.  (b) An Obligor or any Material Subsidiary which conducts business in France is in a state of cessation  des paiements, or becomes insolvent for the purpose of any insolvency law.  (c) A moratorium is declared in respect of any indebtedness of any Obligor or any Material Subsidiary.  30.7 Insolvency proceedings  (a) Any corporate action, legal proceedings or other procedure or step is taken in relation to:  

 

  07/19406164_6 89  (i) the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution,  the opening of proceedings for sauvegarde (including, for the avoidance of doubt,  sauvegarde accélérée), redressement judiciaire or liquidation judiciaire or reorganisation  (in the context of a mandat ad hoc or of a conciliation or otherwise) or administration of an  Obligor or any Material Subsidiary other than a solvent liquidation or reorganisation of any  Material Subsidiary which is not prohibited under this Agreement;  (ii) a composition, compromise, assignment or arrangement with any creditor of an Obligor  or any Material Subsidiary;  (iii) the appointment of a liquidator (other than in respect of a solvent liquidation of any Material  Subsidiary to the extent it is not prohibited under this Agreement), receiver, administrator,  administrative receiver, provisional administrator, mandataire ad hoc, conciliateur or other  similar officer in respect of an Obligor or any Material Subsidiary or any of their assets;  (iv) enforcement of any Security over any assets of an Obligor or any Material Subsidiary ; or  (v) any analogous procedure or step is taken in any jurisdiction.  (b) An Obligor or any Material Subsidiary applies for mandat ad hoc or conciliation in accordance with  articles L.611-3 to L.611-15 of the French Code de commerce.  (c) A judgement opening proceedings for sauvegarde (including, for the avoidance of doubt,  sauvegarde accélérée), redressement judiciaire or liquidation judiciaire or ordering a cession  totale ou partielle de l'entreprise is entered in relation to an Obligor or any Material Subsidiary  under articles L.620-1 to L.670-8 of the French Code de commerce.  (d) Any procedure, judgment or step is taken in any jurisdiction which has effects similar to those  referred to in paragraphs (a), (b) and (c) above.  (e) This Clause 30.7 shall not apply to any redressement judiciaire or liquidation judiciaire petition  which is frivolous or vexatious and is discharged, stayed or dismissed within 45 days of  commencement.  (f) In respect of Criteo Corp.:  (i) the filling of an involuntary proceeding in a court of competent jurisdiction in the United  States seeking relief under U.S. Bankruptcy Law in respect of Criteo Corp. and either such  proceeding shall continue undismissed for 60 days or an order or decree approving or  ordering any of the foregoing shall be entered or Criteo Corp. shall consent to the  institution of, or fail to contest in a timely and appropriate manner, any such involuntary  proceeding; or  (ii) the filing of a voluntarily petition by Criteo Corp. under U.S. Bankruptcy Law.  30.8 Creditors' process  Any of the enforcement proceedings provided for in the French Code des Procédures Civiles  d'Exécution, or any expropriation, attachment, sequestration, distress or execution affects any  asset or assets of an Obligor or any Material Subsidiary having an aggregate value in excess of  EUR 5,000,000 and is not discharged within 45 days.  

 

  07/19406164_6 90  30.9 Unlawfulness  Except as provided in Clause 8.9 (Mandatory prepayment and cancellation in relation to a single  Lender), it is or becomes unlawful for an Obligor to perform any of its obligations under the Finance  Documents.  30.10 Audit qualification  The Company's auditors qualify the audited annual consolidated financial statements of the  Company, where that qualification is in terms or as to issues which would reasonably be expected  to be, whether individually or cumulatively, materially adverse to the interests of the Lenders under  the Finance Documents.  30.11 Material adverse change  Any event or circumstance occurs which the Majority Lenders reasonably believe has or is  reasonably likely to have a Material Adverse Effect.  30.12 Acceleration  Without prejudice to the provisions of Clause 30.13 (Automatic acceleration) hereof, on and at any  time after the occurrence of an Event of Default which is continuing the Agent may without mise  en demeure or any other judicial or extra judicial step, and shall if so directed by the Majority  Lenders, by notice to the Company but subject to the mandatory provisions of articles L.611-16  and L.620-1 to L.670-8 of the French Code de commerce:  (a) cancel the Total Commitments whereupon they shall immediately be cancelled; and/or  (b) declare that all or part of the Loans, together with accrued interest, and all other amounts  accrued or outstanding under the Finance Documents be immediately due and payable,  whereupon they shall become immediately due and payable.  30.13 Automatic acceleration  If an Event of Default under paragraph (f)(i) or (f)(ii) of Clause 30.7 (Insolvency proceedings) shall  occur in a U.S. court of competent jurisdiction (an "Automatic Acceleration Event") in respect of  Criteo Corp., then (i) the Total Commitments shall automatically cease to be available to Criteo  Corp., and (ii) all principal of the Loans and other Utilisations then outstanding, together with all  accrued interest thereon, and all fees and other obligations in each case of Criteo Corp. accrued  under the Finance Documents then outstanding shall become immediately due and payable, in  each case without presentment, demand, protest or other notice of any kind, all of which are  expressly waived by Criteo Corp.  30.14 Clean-up period  (a) Notwithstanding any other provisions of any Finance Document:  (i) any Default or Event of Default relating to any shares or business acquired by any member  of the Group (a "Target Acquisition") existing on the date of completion of the relevant  Target Acquisition (other than, for targets which become Material Subsidiaries, any Default  arising under Clauses 30.6 (Insolvency) or 30.7 (Insolvency proceedings)); or  (ii) any Default arising under Clause 30.5 (Cross default) as a result of the relevant Target  Acquisition,  will be deemed not to be a Default or an Event of Default (as the case may be) if:  

 

  07/19406164_6 91  (A) it would have been (if it were not for this provision) a Default or an Event of Default  (as the case may be) only by reason of circumstances relating exclusively to the  company whose shares are acquired or its subsidiaries or the business acquired  (or any obligation to procure or ensure in relation to the company whose shares  are acquired or its subsidiaries or the business acquired);  (B) it is capable of remedy and reasonable steps are being taken to remedy it; and  (C) the circumstances giving rise to it have not been procured by or approved by that  member of the Group.  (b) If the relevant circumstances are continuing after the expiry of a cure period of 90 calendar days  following the date of completion of the relevant Target Acquisition, there shall be a Default or Event  of Default, as the case may be, notwithstanding the above (and without prejudice to the rights and  remedies of the Finance Parties).  

 

  07/19406164_6 92  SECTION 9   CHANGES TO PARTIES  31. CHANGES TO THE LENDERS  31.1 Transfers by the Lenders  (a) Subject to this Clause 31, a Lender (the "Existing Lender") may transfer any of its rights (including  such as relate to that Lender's participation in each Loan) or its rights and obligations, to another  bank or financial institution (the "New Lender").  (b) The consent of the Finance Parties is hereby given to a transfer by an Existing Lender to a New  Lender.  31.2 Conditions of transfer  (a) The consent of the Company is required for a transfer by an Existing Lender, provided that the  Company hereby consents to a transfer:  (i) to another Lender or an Affiliate of a Lender; or  (ii) made at a time when an Event of Default is continuing.  Notwithstanding the above, no transfer, sub-participation or subcontracting in relation to a  Utilisation and/or Commitment may be effected to a New Lender incorporated or acting through a  Facility Office situated in a Non-Cooperative Jurisdiction without the prior consent of the Company,  which shall not be unreasonably withheld or delayed.  (b) The consent of the Company to a transfer must not be unreasonably withheld or delayed. The  Company will be deemed to have given its consent five Business Days after the Existing Lender  has requested it unless consent is expressly refused by the Company within that time.  (c) Subject to any applicable laws and regulations regarding procedures for specific transfer, a  transfer will only be effective if the procedure set out in Clause 31.5 (Procedure for Transfer) is  complied with and such transfer is recorded in the Register as set out in Clause 31.6 (The  Register).  (d) If:  (i) a Lender transfers any of its rights or rights and obligations under the Finance Documents  or changes its Facility Office; and  (ii) as a result of circumstances existing at the date the transfer or change occurs, an Obligor  would be obliged to make a payment to the New Lender or Lender acting through its new  Facility Office under Clause 13 (Tax Gross up and Indemnities) or Clause 14 (Increased  Costs),  then the New Lender or Lender acting through its new Facility Office is only entitled to receive  payment under those Clauses to the same extent as the Existing Lender or Lender acting through  its previous Facility Office would have been if the transfer or change had not occurred.  (e) Each New Lender, by executing the relevant Transfer Agreement, confirms, for the avoidance of  doubt, that the Agent has authority to execute on its behalf any amendment or waiver that has  been approved by or on behalf of the requisite Lender or Lenders in accordance with this  

 

  07/19406164_6 93  Agreement on or prior to the date on which the transfer becomes effective and that it is bound by  that decision to the same extent as the Existing Lender would have been had it remained a Lender.  (f) Notwithstanding above, no transfer of an interest in a Loan or Commitment hereunder shall be  effective unless and until recorded in the Register as set out in Clause 31.6 (The Register).  31.3 Transfer fee  The New Lender shall, on the date upon which a transfer takes effect, pay to the Agent (for its own  account) a fee of 4,000 EUR.  31.4 Limitation of responsibility of Existing Lenders  (a) Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty  and assumes no responsibility to a New Lender for:  (i) the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents  or any other documents;  (ii) the financial condition of any Obligor;  (iii) the performance and observance by any Obligor of its obligations under the Finance  Documents or any other documents;  (iv) the accuracy of any statements (whether written or oral) made in or in connection with any  Finance Document or any other document; or  (v) the existence of any transferred rights or receivables or their accessories,  and any representations or warranties implied by law are excluded.  (b) Each New Lender confirms to the Existing Lender and the other Finance Parties that it:  (i) has made (and shall continue to make) its own independent investigation and assessment  of the financial condition and affairs of each Obligor and its related entities in connection  with its participation in this Agreement and has not relied exclusively on any information  provided to it by the Existing Lender in connection with any Finance Document; and  (ii) will continue to make its own independent appraisal of the creditworthiness of each Obligor  and its related entities whilst any amount is or may be outstanding under the Finance  Documents or any Commitment is in force.  (c) Nothing in any Finance Document obliges an Existing Lender to:  (i) accept a re-transfer from a New Lender of any of the rights or rights and obligations  transferred under this Clause 31; or  (ii) support any losses directly or indirectly incurred by the New Lender by reason of the non- performance by any Obligor of its obligations under the Finance Documents or otherwise.  31.5 Procedure for Transfer  (a) Subject to the conditions set out in Clause 31.2 (Conditions of transfer) and subject to any  applicable laws and regulations regarding procedures for specific transfer, a transfer of rights or  rights and obligations is effected in accordance with paragraph (c) below when the Agent executes  an otherwise duly completed Transfer Agreement delivered to it by the Existing Lender and the  New Lender. The Agent shall, subject to paragraph (b) below, as soon as reasonably practicable  

 

  07/19406164_6 94  after receipt by it of a duly completed Transfer Agreement appearing on its face to comply with the  terms of this Agreement and delivered in accordance with the terms of this Agreement, execute  that Transfer Agreement.  (b) The Agent shall only be obliged to execute a Transfer Agreement delivered to it by the Existing  Lender and the New Lender once it is satisfied it has complied with all necessary "know your  customer" or other similar checks under all applicable laws and regulations in relation to the  transfer to such New Lender.  (c) Subject to Clause 31.9 (Pro rata interest settlement), as from the Transfer Date:  (i) to the extent that in the Transfer Agreement the Existing Lender seeks to transfer its rights  and its obligations under the Finance Documents, the Existing Lender shall be discharged  to the extent provided for in the Transfer Agreement from further obligations towards each  of the Obligors and the other Finance Parties under the Finance Documents and each  Obligor and the other Finance Parties hereby consent to such discharge;  (ii) the rights or rights and obligations of the Existing Lender with respect to the Obligors shall  be transferred to the New Lender, to the extent provided for in the Transfer Agreement;  (iii) the Agent, the Arrangers, the Sustainability Coordinators, the New Lender and other  Lenders shall acquire the same rights and assume the same obligations between  themselves as they would have had had the New Lender been an Original Lender with  the rights or rights and obligations acquired or assumed by it as a result of the transfer  and to that extent the Agent, the Arrangers, the Sustainability Coordinators and the  Existing Lender shall each be released from further obligations to each other under the  Finance Documents; and  (iv) the New Lender shall become a Party as a "Lender".  31.6 The Register  The Agent, acting solely for this purpose as a non-fiduciary agent of the Obligors (and to the extent  necessary for the Facility to be considered as being in registered form for U.S. federal income tax  purposes), shall maintain at one of its offices a copy of each Transfer Agreement delivered to it  and a register (the "Register") for the recordation of the names and addresses of each Lender  and the Commitments of and obligations owing to each Lender. Without limitation of any other  provision of this Clause 31 (Changes to the Lenders), no transfer of an interest in a Loan or  Commitment hereunder shall be effective unless and until recorded in the Register. The entries in  the Register shall be conclusive absent manifest error and each Obligor, the Agent and each  Lender shall treat each person whose name is recorded in the Register as a Lender  notwithstanding any notice to the contrary. The Register shall be available for inspection by each  Obligor at any reasonable time and from time to time upon reasonable prior notice. This Clause  31.6 shall be construed so that the Facility is at all times maintained in "registered form" within the  meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code and any related Treasury  regulations.  

 

  07/19406164_6 95  31.7 Copy of Transfer Agreement or Increase Confirmation to the Company  The Agent shall, as soon as reasonably practicable after it has executed a Transfer Agreement or  Increase Confirmation, send to the Company a copy of that Transfer Agreement or Increase  Confirmation.  31.8 Security over Lenders' rights  (a) In addition to the other rights provided to Lenders under this Clause 31, each Lender may without  consulting with or obtaining consent from any Obligor, at any time transfer, charge, pledge or  otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its  rights under any Finance Document to secure obligations of that Lender including, without  limitation:  (i) any transfer, charge, pledge or other Security to secure obligations to ia federal reserve  or central bank (including, for the avoidance of doubt, the European Central Bank)  including, without limitation, any transfer of rights to a special purpose vehicle where  Security over securities issued by such special purpose vehicle is to be created in favour  of a federal reserve or central bank (including, for the avoidance of doubt, the European  Central Bank); and  (ii) any transfer, charge, pledge or other Security granted to any holders (or trustee or  representatives of holders) of obligations owed, or securities issued, by that Lender as  security for those obligations or securities,  except that no such transfer, charge, pledge or Security shall:  (A) release a Lender from any of its obligations under the Finance Documents or  substitute the beneficiary of the relevant transfer, charge, pledge or Security for  the Lender as a party to any of the Finance Documents; or  (B) require any payments to be made by an Obligor other than or in excess of, or grant  to any person any more extensive rights than, those required to be made or  granted to the relevant Lender under the Finance Documents.  (b) The limitations on transfers by a Lender set out in any Finance Document, in particular in Clause  31.1 (Transfers by the Lenders), Clause 31.2 (Conditions of transfer) and Clause 31.3 (Transfer  fee) shall not apply to the creation of Security pursuant to paragraph (a) above.  (c) The limitations and provisions referred to in paragraph (b) above shall further not apply to any  transfer of rights under the Finance Documents or of the securities issued by the special purpose  vehicle, made by a federal reserve or central bank (including, for the avoidance of doubt, the  European Central Bank) to a third party in connection with the enforcement of Security created  pursuant to paragraph (a) above.  31.9 Pro rata interest settlement  (a) If the Agent has notified the Lenders that it is able to distribute interest payments on a "pro rata  basis" to Existing Lenders and New Lenders then (in respect of any transfer pursuant to Clause  31.5 (Procedure for Transfer) the Transfer Date of which, in each case, is after the date of such  notification and is not on the last day of an Interest Period):  

 

  07/19406164_6 96  (i) any interest or fees in respect of the relevant participation which are expressed to accrue  by reference to the lapse of time shall continue to accrue in favour of the Existing Lender  up to but excluding the Transfer Date ("Accrued Amounts") and shall become due and  payable to the Existing Lender (without further interest accruing on them) on the last day  of the current Interest Period; and  (ii) the rights transferred by the Existing Lender will not include the right to the Accrued  Amounts, so that, for the avoidance of doubt:  (A) when the Accrued Amounts become payable, those Accrued Amounts will be  payable to the Existing Lender; and  (B) the amount payable to the New Lender on that date will be the amount which  would, but for the application of this Clause 31.9, have been payable to it on that  date, but after deduction of the Accrued Amounts.  (b) In this Clause 31.9 references to "Interest Period" shall be construed to include a reference to  any other period for accrual of fees.  (c) An Existing Lender which retains the right to the Accrued Amounts pursuant to this Clause 31.9  but which does not have a Commitment shall be deemed not to be a Lender for the purposes of  ascertaining whether the agreement of any specified group of Lenders has been obtained to  approve any request for a consent, waiver, amendment or other vote of lenders under the Finance  Documents.  32. CHANGES TO THE OBLIGORS  No Obligor may transfer any of its rights and/or obligations under the Finance Documents.    

 

  07/19406164_6 97  SECTION 10   THE FINANCE PARTIES  33. ROLE OF THE AGENT, THE ARRANGERS, THE REFERENCE BANKS, THE  SUSTAINABILITY COORDINATORS AND THE COORDINATOR AND DOCUMENTATION  AGENT  33.1 Appointment of the Agent  (a) Each of the Arrangers and the Lenders appoints the Agent to act as its agent under and in  connection with the Finance Documents.  (b) Each of the Arrangers and the Lenders authorises the Agent to perform the duties, obligations and  responsibilities and to exercise the rights, powers, authorities and discretions specifically given to  the Agent under or in connection with the Finance Documents together with any other incidental  rights, powers, authorities and discretions.  (c) Solely for the purposes of Clause 31.6 (The Register), each of the Obligors appoints the Agent to  act as its agent and authorises the Agent to maintain the Register, as defined in and in accordance  with Clause 31.6 (The Register).  33.2 Instructions  The Agent shall:  (a) unless a contrary indication appears in a Finance Document, exercise or refrain from  exercising any right, power, authority or discretion vested in it as Agent in accordance with  any instructions given to it by:  (i) all Lenders if the relevant Finance Document stipulates the matter is an all Lender  decision; and  (ii) in all other cases, the Majority Lenders; and  (iii) not be liable for any act (or omission) if it acts (or refrains from acting) in  accordance with paragraph (a)(i) above.  (b) The Agent shall be entitled to request instructions, or clarification of any instruction, from  the Majority Lenders (or, if the relevant Finance Document stipulates the matter is a  decision for any other Lender or group of Lenders, from that Lender or group of Lenders)  as to whether, and in what manner, it should exercise or refrain from exercising any right,  power, authority or discretion. The Agent may refrain from acting unless and until it  receives any such instructions or clarification that it has requested.  (c) Save in the case of decisions stipulated to be a matter for any other Lender or group of  Lenders under the relevant Finance Document and unless a contrary indication appears  in a Finance Document, any instructions given to the Agent by the Majority Lenders shall  override any conflicting instructions given by any other Parties and will be binding on all  Finance Parties.  (d) The Agent may refrain from acting in accordance with any instructions of any Lender or  group of Lenders until it has received any indemnification and/or security that it may in its  

 

  07/19406164_6 98  discretion require (which may be greater in extent than that contained in the Finance  Documents and which may include payment in advance) for any cost, loss or liability which  it may incur in complying with those instructions.  (e) In the absence of instructions, the Agent may act (or refrain from acting) as it considers to  be in the best interest of the Lenders.  (f) The Agent is not authorised to act on behalf of a Lender (without first obtaining that  Lender's consent) in any legal or arbitration proceedings relating to any Finance  Document.  33.3 Duties of the Agent  (a) The Agent's duties under the Finance Documents are solely mechanical and administrative in  nature.  (b) Subject to paragraph (c) below, the Agent shall promptly forward to a Party the original or a copy  of any document which is delivered to the Agent for that Party by any other Party.  (c) Without prejudice to Clause 31.7 (Copy of Transfer Agreement or Increase Confirmation to the  Company), paragraph (a) above shall not apply to any Transfer Agreement or any Increase  Confirmation.  (d) Except where a Finance Document specifically provides otherwise, the Agent is not obliged to  review or check the adequacy, accuracy or completeness of any document it forwards to another  Party.  (e) If the Agent receives notice from a Party referring to this Agreement, describing a Default and  stating that the circumstance described is a Default, it shall promptly notify the other Finance  Parties.  (f) If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee  payable to a Finance Party (other than the Agent, the Sustainability Coordinators, or the Arrangers)  under this Agreement it shall promptly notify the other Finance Parties.  (g) The Agent shall provide to the Company within seven Business Days of a reasonable request by  the Company (but no more frequently than once per calendar month), a list (which may be in  electronic form) setting out the names of the Lenders as at that Business Day, their respective  Commitments, the address and fax number (and the department or officer, if any, for whose  attention any communication is to be made) of each Lender for any communication to be made or  document to be delivered under or in connection with the Finance Documents, the electronic mail  address and/or any other information required to enable the transmission of information by  electronic mail or other electronic means to and by each Lender to whom any communication  under or in connection with the Finance Documents may be made by that means and the account  details of each Lender for any payment to be distributed by the Agent to that Lender under the  Finance Documents.  (h) The Agent shall have only those duties, obligations and responsibilities expressly specified in the  Finance Documents to which it is expressed to be a party (and no others shall be implied).  

 

  07/19406164_6 99  (i) The Agent, acting solely for this purpose as agent of the Obligors, shall maintain the Register  referred to in Clause 31.6 (The Register).  33.4 Role of the Arrangers, the Coordinator and Documentation Agent and the Sustainability  Coordinators  Except as specifically provided in the Finance Documents:  (a) none of the Arrangers has obligations of any kind to any other Party under or in connection  with any Finance Document;   (b) the Coordinator and Documentation Agent has no obligation of any kind to any other Party  under or in connection with any Finance Document and  (c) none of the Sustainability Coordinators has obligations of any kind to any other Party  under or in connection with any Finance Document.  33.5 No fiduciary duties  (a) Nothing in any Finance Document constitutes the Agent, the Arrangers, the Coordinator and  Documentation Agent or the Sustainability Coordinators as a trustee or fiduciary of any other  person.  (b) Neither the Agent nor the Arrangers, the Coordinator and Documentation Agent or the  Sustainability Coordinators shall be bound to account to any Lender for any sum or the profit  element of any sum received by it for its own account.  33.6 Business with the Group  The Agent, the Arrangers, the Coordinator and Documentation Agent and the Sustainability  Coordinators may accept deposits from, lend money to and generally engage in any kind of  banking or other business with any member of the Group.  33.7 Rights and discretions  (a) The Agent may:  (i) rely on any representation, communication, notice or document believed by it to be  genuine, correct and appropriately authorised;  (ii) assume that:  (A) any instructions received by it from the Majority Lenders, any Lenders or any group  of Lenders are duly given in accordance with the terms of the Finance Documents;  and  (B) unless it has received notice of revocation, that those instructions have not been  revoked; and  (iii) rely on a certificate from any person:  (A) as to any matter of fact or circumstance which might reasonably be expected to be  within the knowledge of that person; or  (B) to the effect that such person approves of any particular dealing, transaction, step,  action or thing,  

 

  07/19406164_6 100  as sufficient evidence that that is the case and, in the case of paragraph (a)(iii)(A) above,  may assume the truth and accuracy of that certificate.  (b) The Agent may assume (unless it has received notice to the contrary in its capacity as agent for  the Lenders) that:  (i) no Default has occurred (unless it has actual knowledge of a Default arising under Clause  30.1 (Non-payment));   (ii) any right, power, authority or discretion vested in any Party or any group of Lenders has  not been exercised; and   (iii) any notice or request made by the Company is made on behalf of and with the consent  and knowledge of all the Obligors.  (c) The Agent may engage and pay for the advice or services of any lawyers, accountants, tax  advisers, surveyors or other professional advisers or experts.  (d) Without prejudice to the generality of paragraph (c) above or paragraph (e) below, the Agent may  at any time engage and pay for the services of any lawyers to act as independent counsel to the  Agent (and so separate from any lawyers instructed by the Lenders) if the Agent in its reasonable  opinion deems this to be necessary.  (e) The Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors  or other professional advisers or experts (whether obtained by the Agent or by any other Party)  and shall not be liable for any damages, costs or losses to any person, any diminution in value or  any liability whatsoever arising as a result of its so relying, unless directly caused by its gross  negligence or wilful misconduct.  (f) The Agent may act in relation to the Finance Documents through its officers, employees and  agents.  (g) Unless a Finance Document expressly provides otherwise the Agent may disclose to any other  Party any information it reasonably believes it has received as agent under this Agreement.  (h) Without prejudice to the generality of paragraph (g) above, the Agent may disclose the identity of  a Defaulting Lender to the other Finance Parties and the Company and shall, as soon as  reasonably practicable, disclose the same upon the written request of the Company or the Majority  Lenders.  (i) Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent  nor any of the Arrangers or any of the Sustainability Coordinators is obliged to do or omit to do  anything if it would, or might in its reasonable opinion, constitute a breach of any law or regulation  or a breach of a fiduciary duty or duty of confidentiality.  (j) Notwithstanding any provision of any Finance Document to the contrary, the Agent is not obliged  to expend or risk its own funds or otherwise incur any financial liability in the performance of its  duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it  has grounds for believing the repayment of such funds or adequate indemnity against, or security  for, such risk or liability is not reasonably assured to it.  

 

  07/19406164_6 101  33.8 Responsibility for documentation  Neither the Agent nor any of the Arrangers, the Coordinator and Documentation Agent or any of  the Sustainability Coordinators is responsible or liable for:  (a) the adequacy, accuracy or completeness of any information (whether oral or written)  supplied by the Agent, the Arrangers, the Coordinator and Documentation Agent, the  Sustainability Coordinators, an Obligor or any other person in or in connection with any  Finance Document or the transactions contemplated in the Finance Documents or any  other agreement, arrangement or document entered into, made or executed in anticipation  of, under or in connection with any Finance Document;  (b) the legality, validity, effectiveness, adequacy or enforceability of any Finance Document  or any other agreement, arrangement or document entered into, made or executed in  anticipation of, under or in connection with any Finance Document; or  (c) any determination as to whether any information provided or to be provided to any Finance  Party is non-public information the use of which may be regulated or prohibited by  applicable law or regulation relating to insider dealing or otherwise.  33.9 No duty to monitor  The Agent shall not be bound to enquire:  (a) whether or not any Default has occurred;  (b) as to the performance, default or any breach by any Party of its obligations under any  Finance Document; or  (c) whether any other event specified in any Finance Document has occurred.  33.10 Exclusion of liability  (a) Without limiting paragraph (c) below (and without prejudice to any other provision of any Finance  Document excluding or limiting the liability of the Agent or the Sustainability Coordinators), the  Agent will not be liable for:  (i) any damages, costs or losses to any person, any diminution in value, or any liability  whatsoever arising as a result of taking or not taking any action under or in connection  with any Finance Document, unless directly caused by their gross negligence or wilful  misconduct;  (ii) exercising, or not exercising, any right, power, authority or discretion given to it by, or in  connection with, any Finance Document or any other agreement, arrangement or  document entered into, made or executed in anticipation of, under or in connection with,  any Finance Document, other than by reason of gross negligence or wilful misconduct; or  (iii) without prejudice to the generality of paragraphs (a)(i) and (a)(ii) above, any damages,  costs or losses to any person, any diminution in value or any liability whatsoever  (including, without limitation, for negligence or any other category of liability whatsoever  but not including any claim based on the fraud of the Agent) arising as a result of:  (A) any act, event or circumstance not reasonably within its control; or  (B) the general risks of investment in, or the holding of assets in, any jurisdiction,  

 

  07/19406164_6 102  including (in each case and without limitation) such damages, costs, losses, diminution in  value or liability arising as a result of: nationalisation, expropriation or other governmental  actions; any regulation, currency restriction, devaluation or fluctuation; market conditions  affecting the execution or settlement of transactions or the value of assets (including any  Disruption Event); breakdown, failure or malfunction of any third party transport,  telecommunications, computer services or systems; natural disasters or acts of God, war,  terrorism, insurrection or revolution; or strikes or industrial action.  (b) No Party (other than the Agent) may take any proceedings against any officer, employee or agent  of the Agent in respect of any claim it might have against the Agent or in respect of any act or  omission of any kind by that officer, employee or agent in relation to any Finance Document and  any officer, employee or agent of the Agent may rely on this paragraph (b).  (c) The Agent will not be liable for any delay (or any related consequences) in crediting an account  with an amount required under the Finance Documents to be paid by the Agent if the Agent has  taken all necessary steps as soon as reasonably practicable to comply with the regulations or  operating procedures of any recognised clearing or settlement system used by the Agent for that  purpose.  (d) Nothing in this Agreement shall oblige the Agent, the Sustainability Coordinators or the Arrangers  to carry out:  (i) any "know your customer" or other checks in relation to any person; or  (ii) any check on the extent to which any transaction contemplated by this Agreement might  be unlawful for any Lender,  on behalf of any Lender and each Lender confirms to the Agent, the Sustainability Coordinators  and the Arrangers that it is solely responsible for any such checks it is required to carry out and  that it may not rely on any statement in relation to such checks made by the Agent, the  Sustainability Coordinators or the Arrangers.  (e) Without prejudice to any provision of any Finance Document excluding or limiting the Agent's  liability, any liability of the Agent arising under or in connection with any Finance Document shall  be limited to the amount of actual loss which has been suffered (as determined by reference to  the date of default of the Agent or, if later, the date on which the loss arises as a result of such  default) but without reference to any special conditions or circumstances known to the Agent at  any time which increase the amount of that loss. In no event shall the Agent be liable for any loss  of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive,  indirect or consequential damages, whether or not the Agent has been advised of the possibility  of such loss or damages.  33.11 Lenders' indemnity to the Agent  Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments  are then zero, to its share of the Total Commitments immediately prior to their reduction to zero)  indemnify the Agent, within three Business Days of demand, against any cost, loss or liability  (including, without limitation, for negligence or any other category of liability whatsoever) incurred  by the Agent (otherwise than by reason of the Agent's gross negligence or wilful misconduct) (or,  in the case of any cost, loss or liability pursuant to Clause 36.11 (Disruption to Payment Systems  

 

  07/19406164_6 103  etc.) notwithstanding the Agent's negligence, gross negligence or any other category of liability  whatsoever but not including any claim based on the fraud of the Agent) in acting as Agent under  the Finance Documents (unless the Agent has been reimbursed by an Obligor pursuant to a  Finance Document).  33.12 Resignation of the Agent  (a) The Agent may resign and appoint one of its Affiliates acting through an office in France as  successor by giving notice to the Lenders and the Company.  (b) Alternatively the Agent may resign by giving 30 days' notice to the Lenders and the Company, in  which case the Majority Lenders (after consultation with the Company) may appoint a successor  Agent, which shall not be incorporated or acting through an office situated in a Non-Cooperative  Jurisdiction.  (c) The Company may, on no less than 30 days' prior notice to the Agent, replace the Agent by  requiring the Lenders to appoint a replacement Agent if any amount payable under a Finance  Document by an Obligor becomes not deductible from that Obligor's taxable income for French  tax purposes by reason of that amount (i) being paid or accrued to an Agent incorporated or acting  through an office situated in a Non-Cooperative Jurisdiction or (ii) paid to an account opened in  the name of that Agent in a financial institution situated in a Non-Cooperative Jurisdiction. In this  case, the Agent shall resign and a replacement Agent shall be appointed by the Majority Lenders  (after consultation with the Company) within 30 days after notice of replacement was given.  (d) If the Majority Lenders have not appointed a successor Agent in accordance with paragraph (b)  above within 20 days after notice of resignation was given, the retiring Agent (after consultation  with the Company) may appoint a successor Agent (acting through an office in France).  (e) If the Agent wishes to resign because (acting reasonably) it has concluded that it is no longer  appropriate for it to remain as agent and the Agent is entitled to appoint a successor Agent under  paragraph (d) above, the Agent may (if it concludes (acting reasonably) that it is necessary to do  so in order to persuade the proposed successor Agent to become a party to this Agreement as  Agent) agree with the proposed successor Agent amendments to this Clause 33 and any other  term of this Agreement dealing with the rights or obligations of the Agent consistent with then  current market practice for the appointment and protection of corporate trustees together with any  reasonable amendments to the agency fee payable under this Agreement which are consistent  with the successor Agent's normal fee rates and those amendments will bind the Parties.  (f) The retiring Agent shall, at its own cost, make available to the successor Agent such documents  and records and provide such assistance as the successor Agent may reasonably request for the  purposes of performing its functions as Agent under the Finance Documents. The Company shall,  within three Business Days of demand, reimburse the retiring Agent for the amount of all costs  and expenses (including legal fees) properly incurred by it in making available such documents  and records and providing such assistance.  (g) The Agent's resignation notice shall only take effect upon the appointment of a successor.  (h) Upon the appointment of a successor, the retiring Agent shall be discharged from any further  obligation in respect of the Finance Documents (other than its obligations under paragraph (f)  above) but shall remain entitled to the benefit of Clause 15.3 (Indemnity to the Agent) and this  

 

  07/19406164_6 104  Clause 33 (and any agency fees for the account of the retiring Agent shall cease to accrue from  (and shall be payable on) that date). Any successor and each of the other Parties shall have the  same rights and obligations amongst themselves as they would have had if such successor had  been an original Party.  (i) After consultation with the Company, the Majority Lenders may, by notice to the Agent, require it  to resign in accordance with paragraph (b) above. In this event, the Agent shall resign in  accordance with paragraph (b) above.  (j) The Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall  use reasonable endeavours to appoint a successor Agent pursuant to paragraph (d) above) if on  or after the date which is three months before the earliest FATCA Application Date relating to any  payment to the Agent under the Finance Documents, either:  (i) the Agent fails to respond to a request under Clause 13.8 (FATCA Information) and the  Company or a Lender reasonably believes that the Agent will not be (or will have ceased  to be) a FATCA Exempt Party on or after that FATCA Application Date;  (ii) the information supplied by the Agent pursuant to Clause 13.8 (FATCA Information)  indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on  or after that FATCA Application Date; or  (iii) the Agent notifies the Company and the Lenders that the Agent will not be (or will have  ceased to be) a FATCA Exempt Party on or after that FATCA Application Date,  and (in each case) the Company or a Lender reasonably believes that a Party will be required to  make a FATCA Deduction that would not be required if the Agent were a FATCA Exempt Party,  and the Company or that Lender, by notice to the Agent, requires it to resign.  33.13 Replacement of the Agent  (a) After consultation with the Company, the Majority Lenders may, by giving 30 days' notice to the  Agent (or, at any time if the Agent is an Impaired Agent, by giving any shorter notice determined  by the Majority Lenders) replace the Agent by appointing a successor Agent, which shall not be  incorporated or acting through an office situated in a Non-Cooperative Jurisdiction.  (b) The retiring Agent shall (at its own cost if it is an Impaired Agent and otherwise at the expense of  the Lenders) make available to the successor Agent such documents and records and provide  such assistance as the successor Agent may reasonably request for the purposes of performing  its functions as Agent under the Finance Documents.  (c) The appointment of the successor Agent shall take effect on the date specified in the notice from  the Majority Lenders to the retiring Agent. As from this date, the retiring Agent shall be discharged  from any further obligation in respect of the Finance Documents (other than its obligations under  paragraph (b) above) but shall remain entitled to the benefit of Clause 15.3 (Indemnity to the  Agent) and this Clause 33 (and any agency fees for the account of the retiring Agent shall cease  to accrue from (and shall be payable on) that date).  (d) Any successor Agent and each of the other Parties shall have the same rights and obligations  amongst themselves as they would have had if such successor had been an original Party.  

 

  07/19406164_6 105  33.14 Confidentiality  (a) In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its agency  division which shall be treated as a separate entity from any other of its divisions or departments.  (b) If information is received by another division or department of the Agent, it may be treated as  confidential to that division or department and the Agent shall not be deemed to have notice of it.  33.15 Relationship with the Lenders  (a) Subject to Clause 31.9 (Pro rata interest settlement), the Agent may treat the person shown in its  records as Lender at the opening of business (in the place of the Agent's principal office as notified  to the Finance Parties from time to time) as the Lender acting through its Facility Office:  (i) entitled to or liable for any payment due under any Finance Document on that day; and  (ii) entitled to receive and act upon any notice, request, document or communication or make  any decision or determination under any Finance Document made or delivered on that  day,  unless it has received not less than five Business Days prior notice from that Lender to the contrary  in accordance with the terms of this Agreement.  (b) Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices,  communications, information and documents to be made or despatched to that Lender under the  Finance Documents. Such notice shall contain the address, fax number and (where  communication by electronic mail or other electronic means is permitted under Clause 38.6  (Electronic communication)) electronic mail address and/or any other information required to  enable the transmission of information by that means (and, in each case, the department or officer,  if any, for whose attention communication is to be made) and be treated as a notification of a  substitute address, fax number, electronic mail address (or such other information), department  and officer by that Lender for the purposes of Clause 38.2 (Addresses) and paragraph (a)(ii) of  Clause 38.6 (Electronic communication) and the Agent shall be entitled to treat such person as  the person entitled to receive all such notices, communications, information and documents as  though that person were that Lender.  33.16 Credit appraisal by the Lenders  Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in  connection with any Finance Document, each Lender confirms to the Agent, the Sustainability  Coordinators and the Arrangers that it has been, and will continue to be, solely responsible for  making its own independent appraisal and investigation of all risks arising under or in connection  with any Finance Document including but not limited to:  (a) the financial condition, status and nature of each member of the Group;  (b) the legality, validity, effectiveness, adequacy or enforceability of any Finance Document  and any other agreement, arrangement or document entered into, made or executed in  anticipation of, under or in connection with any Finance Document;  (c) whether that Lender has recourse, and the nature and extent of that recourse, against any  Party or any of its respective assets under or in connection with any Finance Document,  the transactions contemplated by the Finance Documents or any other agreement,  

 

  07/19406164_6 106  arrangement or document entered into, made or executed in anticipation of, under or in  connection with any Finance Document; and  (d) the adequacy, accuracy or completeness of the Transaction Information and any other  information provided by the Agent, any Party or by any other person under or in connection  with any Finance Document, the transactions contemplated by any Finance Document or  any other agreement, arrangement or document entered into, made or executed in  anticipation of, under or in connection with any Finance Document.  33.17 Deduction from amounts payable by the Agent  If any Party owes an amount to the Agent under the Finance Documents the Agent may, after  giving notice to that Party, deduct an amount not exceeding that amount from any payment to that  Party which the Agent would otherwise be obliged to make under the Finance Documents and  apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the  Finance Documents that Party shall be regarded as having received any amount so deducted.  33.18 Role of Reference Banks  (a) No Reference Bank is under any obligation to provide a quotation or any other information to the  Agent.  (b) No Reference Bank will be liable for any action taken by it under or in connection with any Finance  Document, or for any Reference Bank Quotation, unless directly caused by its gross negligence  or wilful misconduct.  (c) No Party (other than the relevant Reference Bank) may take any proceedings against any officer,  employee or agent of any Reference Bank in respect of any claim it might have against that  Reference Bank or in respect of any act or omission of any kind by that officer, employee or agent  in relation to any Finance Document, or to any Reference Bank Quotation, and any officer,  employee or agent of each Reference Bank may rely on this Clause 33.18.  34. CONDUCT OF BUSINESS BY THE FINANCE PARTIES  34.1 No provision of this Agreement will:  (a) interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever  manner it thinks fit;  (b) oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available  to it or the extent, order and manner of any claim; or  (c) oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any  computations in respect of Tax.  Any Lender is entitled to exercise any of its rights and discretion under the Finance Documents  through any agent (including any entity appointed to act as servicer on its behalf).  35. SHARING AMONG THE FINANCE PARTIES  35.1 Payments to Finance Parties  If a Finance Party (a "Recovering Finance Party") receives or recovers any amount from an  Obligor other than in accordance with Clause 36 (Payment Mechanics) (a "Recovered Amount")  and applies that amount to a payment due under the Finance Documents then such Recovering  

 

  07/19406164_6 107  Finance Party shall be deemed to have been substituted (within the meaning of article 1994 of the  French Code civil) for the Agent for purposes of receiving or recovering a Sharing Payment (as  defined below):  (a) the Recovering Finance Party shall, within three Business Days, notify details of the  receipt or recovery to the Agent;  (b) the Agent shall determine whether the receipt or recovery is in excess of the amount the  Recovering Finance Party would have been paid had the receipt or recovery been  received or made by the Agent and distributed in accordance with Clause 36 (Payment  Mechanics), without taking account of any Tax which would be imposed on the Agent in  relation to the receipt, recovery or distribution; and  (c) the Recovering Finance Party shall, within three Business Days of demand by the Agent,  pay to the Agent an amount (the "Sharing Payment") equal to such receipt or recovery  less any amount which the Agent determines may be retained by the Recovering Finance  Party as its share of any payment to be made, in accordance with Clause 36.6 (Partial  payments).  35.2 Redistribution of payments  The Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and  distribute it between the Finance Parties (other than the Recovering Finance Party) (the "Sharing  Finance Parties") in accordance with Clause 36.6 (Partial payments) towards the obligations of  that Obligor to the Sharing Finance Parties.  35.3 Recovering Finance Party's rights  On a distribution by the Agent under Clause 35.2 (Redistribution of payments) of a payment  received by a Recovering Finance Party from an Obligor, as between the relevant Obligor and the  Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment  will be treated as not having been paid by that Obligor to the Recovering Finance Party.  35.4 Reversal of redistribution  If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes  repayable and is repaid by that Recovering Finance Party, then:  (a) each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the  account of that Recovering Finance Party an amount equal to the appropriate part of its  share of the Sharing Payment (together with an amount as is necessary to reimburse that  Recovering Finance Party for its proportion of any interest on the Sharing Payment which  that Recovering Finance Party is required to pay) (the "Redistributed Amount"); and  (b) as between the relevant Obligor and each relevant Sharing Finance Party, an amount  equal to the relevant Redistributed Amount will be treated as not having been paid by that  Obligor to the relevant Sharing Finance Party.  35.5 Exceptions  (a) This Clause 35 shall not apply to the extent that the Recovering Finance Party would not, after  making any payment pursuant to this Clause, have a valid and enforceable claim against the  relevant Obligor.  

 

  07/19406164_6 108  (b) A Recovering Finance Party is not obliged to share with any other Finance Party any amount which  the Recovering Finance Party has received or recovered as a result of taking legal or arbitration  proceedings, if:  (i) it notified that other Finance Party of the legal or arbitration proceedings; and  (ii) that other Finance Party had an opportunity to participate in those legal or arbitration  proceedings but did not do so as soon as reasonably practicable having received notice  and did not take separate legal or arbitration proceedings.    

 

  07/19406164_6 109  SECTION 11   ADMINISTRATION  36. PAYMENT MECHANICS  36.1 Payments to the Agent  (a) On each date on which an Obligor or a Lender is required to make a payment under a Finance  Document, that Obligor or Lender shall make the same available to the Agent (unless a contrary  indication appears in a Finance Document) for value on the due date at the time and in such funds  specified by the Agent as being customary at the time for settlement of transactions in the relevant  currency in the place of payment.  (b) Payment shall be made to such account in the principal financial centre of the country of that  currency (or, in relation to euro, in a principal financial centre in such Participating Member State  or London, as specified by the Agent), other than a Non-Cooperative Jurisdiction, and with such  bank as the Agent, in each case specifies.  36.2 Distributions by the Agent  Each payment received by the Agent under the Finance Documents for another Party shall,  subject to Clause 36.3 (Distributions to an Obligor) and Clause 36.4 (Clawback) be made available  by the Agent as soon as practicable after receipt to the Party entitled to receive payment in  accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to  such account as that Party may notify to the Agent by not less than five Business Days' notice with  a bank specified by that Party in the principal financial centre of the country of that currency (or, in  relation to euro, in the principal financial centre of a Participating Member State or London as  specified by that Party), other than a Non-Cooperative Jurisdiction.  36.3 Distributions to an Obligor  The Agent may (with the consent of the relevant Obligor or in accordance with Clause 37 (Set- Off)) apply any amount received by it for that Obligor in or towards payment (on the date and in  the currency and funds of receipt) of any amount due from that Obligor under the Finance  Documents or in or towards purchase of any amount of any currency to be so applied.  36.4 Clawback  (a) Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent  is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange  contract) until it has been able to establish to its satisfaction that it has actually received that sum.  (b) If the Agent pays an amount to another Party and it proves to be the case that the Agent had not  actually received that amount, then the Party to whom that amount (or the proceeds of any related  exchange contract) was paid by the Agent shall on demand refund the same to the Agent together  with interest on that amount from the date of payment to the date of receipt by the Agent, calculated  by the Agent to reflect its cost of funds.  36.5 Impaired Agent  (a) If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Lender which is required to  make a payment under the Finance Documents to the Agent in accordance with Clause 36.1  (Payments to the Agent) may instead pay that amount direct to the required recipient(s).  

 

  07/19406164_6 110  (b) A Party which has made a payment in accordance with this Clause 36.5 shall be discharged of  the relevant payment obligation under the Finance Documents.  36.6 Partial payments  (a) If the Agent receives a payment that is insufficient to discharge all the amounts then due and  payable by an Obligor under the Finance Documents, the Agent shall apply that payment towards  the obligations of that Obligor under the Finance Documents in the following order:  (i) first, in or towards payment pro rata of any unpaid amount owing to the Agent under the  Finance Documents;  (ii) secondly, in or towards payment pro rata of any accrued interest, fee or commission due  but unpaid under this Agreement;  (iii) thirdly, in or towards payment pro rata of any principal due but unpaid under this  Agreement; and  (iv) fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance  Documents.  (b) The Agent shall, if so directed by the Majority Lenders, vary the order set out in paragraphs (a)(ii)  to (a)(iv) above.  (c) Paragraphs (a) and (b) above will override any appropriation made by the relevant Obligor.  36.7 No set-off by Obligors  All payments to be made by an Obligor under the Finance Documents shall be calculated and be  made without (and free and clear of any deduction for) set-off or counterclaim.  36.8 Business Days  (a) Any payment under the Finance Documents which is due to be made on a day that is not a  Business Day shall be made on the next Business Day in the same calendar month (if there is  one) or the preceding Business Day (if there is not).  (b) During any extension of the due date for payment of any principal or an Unpaid Sum under this  Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original  due date.  36.9 Currency of account  (a) Subject to paragraphs (b) to (e) below, the Base Currency is the currency of account and payment  for any sum due from an Obligor under any Finance Document.  (b) A repayment of a Loan or Unpaid Sum or a part of a Loan or Unpaid Sum shall be made in the  currency in which that Loan or Unpaid Sum is denominated, pursuant to this Agreement, on its  due date.  (c) Each payment of interest shall be made in the currency in which the sum in respect of which the  interest is payable was denominated, pursuant to this Agreement, when that interest accrued.  (d) Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the  costs, expenses or Taxes are incurred.  

 

  07/19406164_6 111  (e) Any amount expressed to be payable in a currency other than the Base Currency shall be paid in  that other currency.  36.10 Change of currency  (a) Unless otherwise prohibited by law, if more than one currency or currency unit are at the same  time recognised by the central bank of any country as the lawful currency of that country, then:  (i) any reference in the Finance Documents to, and any obligations arising under the Finance  Documents in, the currency of that country shall be translated into, or paid in, the currency  or currency unit of that country designated by the Agent (after consultation with the  Company); and  (ii) any translation from one currency or currency unit to another shall be at the official rate of  exchange recognised by the central bank for the conversion of that currency or currency  unit into the other, rounded up or down by the Agent (acting reasonably).  (b) If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting  reasonably and after consultation with the Company) specifies to be necessary, be amended to  comply with any generally accepted conventions and market practice in the Relevant Market and  otherwise to reflect the change in currency.  36.11 Disruption to Payment Systems etc.  If either the Agent determines (in its discretion) that a Disruption Event has occurred or the Agent  is notified by the Company that a Disruption Event has occurred:  (a) the Agent may, and shall if requested to do so by the Company, consult with the Company  with a view to agreeing with the Company such changes to the operation or administration  of the Facility as the Agent may deem necessary in the circumstances;  (b) the Agent shall not be obliged to consult with the Company in relation to any changes  mentioned in paragraph (a) above if, in its opinion, it is not practicable to do so in the  circumstances and, in any event, shall have no obligation to agree to such changes;  (c) the Agent may consult with the Finance Parties in relation to any changes mentioned in  paragraph (a) above but shall not be obliged to do so if, in its opinion, it is not practicable  to do so in the circumstances;  (d) any such changes agreed upon by the Agent and the Company shall (whether or not it is  finally determined that a Disruption Event has occurred) be binding upon the Parties as  an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents  notwithstanding the provisions of Clause 42 (Amendments and Waivers);  (e) the Agent shall not be liable for any damages, costs or losses to any person, any  diminution in value or any liability whatsoever (including, without limitation for negligence,  gross negligence or any other category of liability whatsoever but not including any claim  based on the fraud of the Agent) arising as a result of its taking, or failing to take, any  actions pursuant to or in connection with this Clause 36.11; and  (f) the Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d)  above.  

 

  07/19406164_6 112  36.12 Exclusion of current accounts  The operations resulting from this Agreement are excluded from any current accounts which an  Obligor has or may have in the books of a Finance Party. The accounts held by a Finance Party  in order to record all the operations performed pursuant to the Facility Agreement will only be  accounting instruments and shall not create any of the legal effects relative to current accounts  (comptes courants).  37. SET-OFF  A Finance Party may set off any matured obligation due from an Obligor under the Finance  Documents (to the extent beneficially owned by that Finance Party) against any matured obligation  owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or  currency of either obligation. If the obligations are in different currencies, the Finance Party may  convert either obligation at a market rate of exchange in its usual course of business for the  purpose of the set-off.  38. NOTICES  38.1 Communications in writing  Any communication to be made under or in connection with the Finance Documents shall be made  in writing and, unless otherwise stated, may be made by fax or letter.  38.2 Addresses  The address and fax number (and the department or officer, if any, for whose attention the  communication is to be made) of each Party for any communication or document to be made or  delivered under or in connection with the Finance Documents is:  (a) in the case of each Obligor, that identified with its name below;   (b) in the case of each Lender, that notified in writing to the Agent on or prior to the date on  which it becomes a Party; and  (c) in the case of the Agent, that identified with its name below,  or any substitute address or fax number or department or officer as the Party may notify to the  Agent (or the Agent may notify to the other Parties, if a change is made by the Agent) by not less  than five Business Days' notice.  38.3 Delivery  (a) Any communication or document made or delivered by one person to another under or in  connection with the Finance Documents will only be effective:  (i) if by way of fax, when received in legible form; or  (ii) if by way of letter, when it has been left at the relevant address or five Business Days after  being deposited in the post postage prepaid in an envelope addressed to it at that address;  and, if a particular department or officer is specified as part of its address details provided under  Clause 38.2 (Addresses), if addressed to that department or officer.  (b) Any communication or document to be made or delivered to the Agent will be effective only when  actually received by the Agent and then only if it is expressly marked for the attention of the  

 

  07/19406164_6 113  department or officer identified with the Agent's signature below (or any substitute department or  officer as the Agent shall specify for this purpose).  (c) All notices from or to an Obligor shall be sent through the Agent.  (d) Any communication or document made or delivered to the Company in accordance with this  Clause 38 will be deemed to have been made or delivered to each of the Obligors.  (e) Any communication or document which becomes effective, in accordance with paragraph (a)  above, after 5:00 p.m. in the place of receipt shall be deemed only to become effective on the  following day.  38.4 Notification of address and fax number  Promptly upon changing its address or fax number, the Agent shall notify the other Parties.  38.5 Communication when Agent is Impaired Agent  If the Agent is an Impaired Agent, the Parties may, instead of communicating with each other  through the Agent, communicate with each other directly and (while the Agent is an Impaired  Agent) all the provisions of the Finance Documents which require communications to be made or  notices to be given to or by the Agent shall be varied so that communications may be made and  notices given to or by the relevant Parties directly. This provision shall not operate after a  replacement Agent has been appointed.  38.6 Electronic communication  (a) Any communication or document to be made or delivered by one Party to another under or in  connection with the Finance Documents may be made or delivered by electronic mail or other  electronic means (including, without limitation, by way of posting to a secure website) if those two  Parties:  (i) notify each other in writing of their electronic mail address and/or any other information  required to enable the transmission of information by that means; and  (ii) notify each other of any change to their address or any other such information supplied by  them by not less than five Business Days' notice.  (b) Any such electronic communication or delivery as specified in paragraph (a) above to be made  between an Obligor and a Finance Party may only be made in that way to the extent that those  two Parties agree that, unless and until notified to the contrary, this is to be an accepted form of  communication or delivery.  (c) Any such electronic communication or document as specified in paragraph (a) above made or  delivered by one Party to another will be effective only when actually received (or made available)  in readable form and in the case of any electronic communication or document made or delivered  by a Party to the Agent only if it is addressed in such a manner as the Agent shall specify for this  purpose.  (d) Any electronic communication or document which becomes effective, in accordance with  paragraph (c) above, after 5:00 p.m. in the place in which the Party to whom the relevant  communication or document is sent or made available has its address for the purpose of this  Agreement shall be deemed only to become effective on the following day.  

 

  07/19406164_6 114  (e) Any reference in a Finance Document to a communication being sent or received or a document  being delivered shall be construed to include that communication or document being made  available in accordance with this Clause 38.6.  38.7 English language  (a) Any notice given under or in connection with any Finance Document must be in English.  (b) All other documents provided under or in connection with any Finance Document must be:  (i) in English; or  (ii) if not in English, and if so required by the Agent, accompanied by a certified English  translation and, in this case, the English translation will prevail unless the document is a  constitutional, statutory or other official document.  39. CALCULATIONS AND CERTIFICATES  39.1 Accounts  In any litigation or arbitration proceedings arising out of or in connection with a Finance Document,  the entries made in the accounts maintained by a Finance Party are prima facie evidence of the  matters to which they relate.  39.2 Certificates and Determinations  Any certification or determination by a Finance Party of a rate or amount under any Finance  Document is, in the absence of manifest error, conclusive evidence of the matters to which it  relates.  39.3 Day count convention and interest calculation  (a) Any interest, commission or fee accruing under a Finance Document will accrue from day to day  and the amount of any such interest, commission or fee is calculated:   (i) on the basis of the actual number of days elapsed and a year of 360 days (or, in any case  where the practice in the Relevant Market differs, in accordance with that market practice);  and  (ii) subject to paragraph (b) below, without rounding.  (b) The aggregate amount of any accrued interest, commission or fee which is, or becomes, payable  by an Obligor under a Finance Document shall be rounded to two decimal places.   40. PARTIAL INVALIDITY  If, at any time, any provision of a Finance Document is or becomes illegal, invalid or unenforceable  in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the  remaining provisions nor the legality, validity or enforceability of such provision under the law of  any other jurisdiction will in any way be affected or impaired.  41. REMEDIES, WAIVERS AND HARDSHIP  41.1 Remedies and waivers  No failure to exercise, nor any delay in exercising, on the part of any Finance Party, any right or  remedy under a Finance Document shall operate as a waiver of any such right or remedy or  constitute an election to affirm any of the Finance Documents. No election to affirm any Finance  

 

  07/19406164_6 115  Document on the part of any Finance Party shall be effective unless it is in writing. No single or  partial exercise of any right or remedy shall prevent any further or other exercise or the exercise  of any other right or remedy. The rights and remedies provided in each Finance Document are  cumulative and, subject to Clause 41.2 (No hardship) not exclusive of any rights or remedies  provided by law.  41.2 No hardship  Each Party hereby acknowledges that the provisions of article 1195 of the French Code civil shall  not apply to it with respect to its obligations under the Finance Documents and that it shall not be  entitled to make any claim under article 1195 of the French Code civil.  42. AMENDMENTS AND WAIVERS  42.1 Required consents  (a) Subject to Clause 42.2 (All Lender matters) and Clause 42.7 (Other exceptions) any term of the  Finance Documents may be amended or waived only with the consent of the Majority Lenders  and the Obligors and any such amendment or waiver will be binding on all Parties.  (b) The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this  Clause 42.  42.2 All Lender matters  Subject to Clause 42.6 (Changes to reference rates) an, amendment or waiver of any term of any  Finance Document that has the effect of changing or which relates to:  (a) the definition of "Majority Lenders" in Clause 1.1 (Definitions);  (b) an extension to the date of payment of any amount under the Finance Documents (for the  avoidance of doubt, other than any extension of the Termination Date pursuant to Clause  2.6 (Extension of the Facility));  (c) a reduction in the Margin or a reduction in the amount of any payment of principal, interest,  fees or commission payable;  (d) an increase in any Commitment, an extension of any Availability Period (for the avoidance  of doubt, other than as a result of any extension of the Termination Date pursuant to  Clause 2.6 (Extension of the Facility)) or any requirement that a cancellation of  Commitments reduces the Commitments of the Lenders rateably under the Facility;  (e) a change to the Obligors;  (f) the nature or scope of the Guarantee;  (g) any provision which expressly requires the consent of all the Lenders; or  (h) Clause 2.3 (Finance Parties' rights and obligations), Clause 8.11 (Application of  prepayments), Clause 31 (Changes to the Lenders), Clause 35 (Sharing among the  Finance Parties), this Clause 42, Clause 48 (Governing Law) or Clause 49 (Jurisdiction),  shall not be made without the prior consent of all the Lenders.   

 

  07/19406164_6 116  42.3 Excluded commitments  If any Defaulting Lender fails to respond to a request for a consent, waiver, amendment of or in  relation to any term of any Finance Document or any other vote of Lenders under the terms of this  Agreement within 15 Business Days of the request being made (unless the Company and the  Agent agree to a longer time period in relation to any request):  (a) its Commitment(s) shall not be included for the purpose of calculating the Total  Commitments under the Facility when ascertaining whether any relevant percentage  (including, for the avoidance of doubt, unanimity) of Total Commitments has been obtained  to approve that request; and  (b) its status as a Lender shall be disregarded for the purpose of ascertaining whether the  agreement of any specified group of Lenders has been obtained to approve that request.  42.4 Disenfranchisement of Defaulting Lenders  (a) For so long as a Defaulting Lender has any Available Commitment, in ascertaining:  (i) the Majority Lenders; or  (ii) whether:  (A) any given percentage (including, for the avoidance of doubt, unanimity) of the Total  Commitments under the Facility; or  (B) the agreement of any specified group of Lenders,  has been obtained to approve any request for a consent, waiver, amendment of or in  relation to any term of any Finance Document or of any other vote of Lenders under the  Finance Documents,  that Defaulting Lender's Commitments under the Facility will be reduced by the amount of its  Available Commitments under the Facility and, to the extent that that reduction results in that  Defaulting Lender's Total Commitments being zero, that Defaulting Lender shall be deemed not to  be a Lender for the purposes of paragraphs (a)(i) and (a)(ii) above.  (b) For the purposes of this Clause 42.4, the Agent may assume that the following Lenders are  Defaulting Lenders:  (i) any Lender which has notified the Agent that it has become a Defaulting Lender; and  (ii) any Lender in relation to which it is aware that any of the events or circumstances referred  to in paragraphs (a) or (b) of the definition of "Defaulting Lender" has occurred,  unless it has received notice to the contrary from the Lender concerned (together with any  supporting evidence reasonably requested by the Agent) or the Agent is otherwise aware that the  Lender has ceased to be a Defaulting Lender.  42.5 Replacement of a Defaulting Lender  (a) The Company may, at any time a Lender has become and continues to be a Defaulting Lender,  by giving five Business Days' prior written notice to the Agent and such Lender:  

 

  07/19406164_6 117  (i) replace such Lender by requiring such Lender to (and, to the extent permitted by law, such  Lender shall) transfer pursuant to Clause 31 (Changes to the Lenders) all (and not part  only) of its rights and obligations under this Agreement;  (ii) require such Lender to (and, to the extent permitted by law, such Lender shall) transfer  pursuant to Clause 31 (Changes to the Lenders) all (and not part only) of the undrawn  Commitment of the Lender; or  (iii) require such Lender to (and, to the extent permitted by law, such Lender shall) transfer  pursuant to Clause 31 (Changes to the Lenders) all (and not part only) of its rights and  obligations in respect of the Facility,  to a Lender or other bank or financial institution (a "Replacement Lender") selected by the  Company, and which confirms its willingness to assume and does assume all the obligations, or  all the relevant obligations, of the transferring Lender in accordance with Clause 31 (Changes to  the Lenders) for a purchase price in cash payable at the time of transfer which is either:  (A) in an amount equal to the outstanding principal amount of such Lender's  participation in the outstanding Loans and all accrued interest (to the extent that  the Agent has not given a notification under Clause 31.9 (Pro rata interest  settlement), Break Costs and other amounts payable in relation thereto under the  Finance Documents; or  (B) in an amount agreed between that Defaulting Lender, the Replacement Lender  and the Company and which does not exceed the amount described in paragraph  (A) above.  (b) Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause 34 shall be  subject to the following conditions:  (i) the Company shall have no right to replace the Agent;  (ii) neither the Agent nor the Defaulting Lender shall have any obligation to the Company to  find a Replacement Lender;  (iii) the transfer must take place no later than five Business Days after the notice referred to  in paragraph (a) above;  (iv) in no event shall the Defaulting Lender be required to pay or surrender to the Replacement  Lender any of the fees received by the Defaulting Lender pursuant to the Finance  Documents; and  (v) the Defaulting Lender shall only be obliged to transfer its rights and obligations pursuant  to paragraph (a) above once it is satisfied that it has complied with all necessary "know  your customer" or other similar checks under all applicable laws and regulations in relation  to that transfer to the Replacement Lender.  (c) The Defaulting Lender shall perform the checks described in paragraph (b)(v) above as soon as  reasonably practicable following delivery of a notice referred to in paragraph (a) above and shall  notify the Agent and the Company when it is satisfied that it has complied with those checks.  

 

  07/19406164_6 118  42.6 Changes to reference rates  (a) Subject to Clause 42.7 (Other exceptions), if a Published Rate Replacement Event has occurred  in relation to any Published Rate for a currency which can be selected for a Loan, any amendment  or waiver which relates to:  (i) providing for the use of a Replacement Reference Rate in relation to that currency in place  of that Published Rate; and   (ii)     (A) aligning any provision of any Finance Document to the use of that Replacement  Reference Rate;  (B) enabling that Replacement Reference Rate to be used for the calculation of  interest under this Agreement (including, without limitation, any consequential  changes required to enable that Replacement Reference Rate to be used for the  purposes of this Agreement);  (C) implementing market conventions applicable to that Replacement Reference Rate;   (D) providing for appropriate fallback (and market disruption) provisions for that  Replacement Reference Rate; or  (E) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable,  any transfer of economic value from one Party to another as a result of the  application of that Replacement Reference Rate (and if any adjustment or method  for calculating any adjustment has been formally designated, nominated or  recommended by the Relevant Nominating Body, the adjustment shall be  determined on the basis of that designation, nomination or recommendation),  may be made with the consent of the Agent (acting on the instructions of the Majority Lenders)  and the Company.    (b) An amendment or waiver that relates to, or has the effect of, aligning the means of calculation of  interest on a Compounded Rate Loan under this Agreement to any recommendation of a Relevant  Nominating Body which:  (i) relates to the use of a risk free reference rate on a compounded basis in the international  or any relevant domestic syndicated loan markets; and  (ii) is issued on or after the date of this Agreement,  may be made with the consent of the Agent (acting on the instructions of the Majority Lenders)  and the Company.  (c) If any Lender fails to respond to a request for an amendment or waiver described in paragraph (a)  or paragraph (b) above within 15 Business Days (or such longer time period in relation to any  request which the Company and the Agent may agree) of that request being made:  (i) its Commitment(s) shall not be included for the purpose of calculating the Total  Commitments under the Facility when ascertaining whether any relevant percentage of  Total Commitments has been obtained to approve that request; and  

 

  07/19406164_6 119  (ii) its status as a Lender shall be disregarded for the purpose of ascertaining whether the  agreement of any specified group of Lenders has been obtained to approve that request.  (d) In this clause 42.6:  "Published Rate" means:  (a) the Primary Term Rate for any Quoted Tenor;  (b) an RFR; or  (c) an interest rate which is a constituent element of the rates described in paragraphs (a)  and (b) above.  "Published Rate Replacement Event" means, in relation to a Published Rate:  (a) the methodology, formula or other means of determining that Published Rate has, in the  opinion of the Majority Lenders and the Company, materially changed;  (b)   (i)   (A) the administrator of that Published Rate or its supervisor publicly  announces that such administrator is insolvent; or  (B) information is published in any order, decree, notice, petition or filing,  however described, of or filed with a court, tribunal, exchange, regulatory  authority or similar administrative, regulatory or judicial body which  reasonably confirms that the administrator of that Published Rate is  insolvent,  provided that, in each case, at that time, there is no successor administrator to  continue to provide that Published Rate;  (ii) the administrator of that Published Rate publicly announces that it has ceased or  will cease to provide that Published Rate permanently or indefinitely and, at that  time, there is no successor administrator to continue to provide that Published  Rate;  (iii) the supervisor of the administrator of that Published Rate publicly announces that  such Published Rate has been or will be permanently or indefinitely discontinued;  (iv) the administrator of that Published Rate or its supervisor announces that that  Published Rate may no longer be used; or  (v) in the case of the Primary Term Rate for any Quoted Tenor for Euro, the supervisor  of the administrator of that Primary Term Rate makes a public announcement or  publishes information stating that that Primary Term Rate for that Quoted Tenor is  no longer, or as of a specified future date will no longer be, representative of the  underlying market or economic reality that it is intended to measure and that  representativeness will not be restored (as determined by such supervisor); or  

 

  07/19406164_6 120  (c) the administrator of that Published Rate (or the administrator of an interest rate which is a  constituent element of that Published Rate) determines that that Published Rate should  be calculated in accordance with its reduced submissions or other contingency or fallback  policies or arrangements and either:  (i) the circumstance(s) or event(s) leading to such determination are not (in the  opinion of the Majority Lenders and the Company) temporary; or  (ii) that Published Rate is calculated in accordance with any such policy or  arrangement for a period no less than the period specified as the "Published Rate  Contingency Period" in the Reference Rate Terms relating to that Published Rate;  or  (d) in the opinion of the Majority Lenders and the Company, that Published Rate is otherwise  no longer appropriate for the purposes of calculating interest under this Agreement.  "Relevant Nominating Body" means any applicable central bank, regulator or other supervisory  authority or a group of them, or any working group or committee sponsored or chaired by, or  constituted at the request of, any of them or the financial stability board.  "Replacement Reference Rate" means a reference rate which is:  (a) formally designated, nominated or recommended as the replacement for a Published Rate  by:  (i) the administrator of that Published Rate (provided that the market or the  economic reality that such reference rate measures is the same as that measured  by that Published Rate); or  (ii) any Relevant Nominating Body,  and if replacements have, at the relevant time, been formally designated, nominated or  recommended under both paragraphs, the "Replacement Reference Rate" will be the  replacement under paragraph (ii) above;  (b) in the opinion of the Majority Lenders and the Company, generally accepted in the  international or any relevant domestic syndicated loan markets as the appropriate  successor to a Published Rate; or  (c) in the opinion of the Majority Lenders and the Company, an appropriate successor to a  Published Rate.  42.7 Other exceptions  An amendment or waiver which relates to the rights or obligations of the Agent or any of the  Arrangers or a Reference Bank (each in their capacity as such) may not be effected without the  consent of the Agent, the Arrangers or that Reference Bank, as the case may be.  43. CONFIDENTIAL INFORMATION  43.1 Confidentiality  Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it  to anyone, save to the extent permitted by Clause 43.2 (Disclosure of Confidential Information)  

 

  07/19406164_6 121  and Clause 43.3 (Disclosure to numbering service providers), and to ensure that all Confidential  Information is protected with security measures and a degree of care that would apply to its own  confidential information.  43.2 Disclosure of Confidential Information  Any Finance Party may, without prejudice to the provisions of article L.511-33 of the French Code  monétaire et financier, disclose:  (a) to any of its Affiliates and Related Funds and any of its or their officers, directors,  employees, professional advisers, auditors, partners and Representatives such  Confidential Information as that Finance Party shall consider appropriate if any person to  whom the Confidential Information is to be given pursuant to this paragraph (a) is informed  in writing of its confidential nature and that some or all of such Confidential Information  may be price-sensitive information except that there shall be no such requirement to so  inform if the recipient is subject to professional obligations to maintain the confidentiality  of the information or is otherwise bound by requirements of confidentiality in relation to the  Confidential Information;  (b) to any person:  (i) to (or through) whom it transfers (or may potentially transfer) all or any of its rights  or rights and obligations under one or more Finance Documents or which succeeds  (or which may potentially succeed) it as Agent and, in each case, to any of that  person's Affiliates, Related Funds, Representatives and professional advisers;  (ii) with (or through) whom it enters into (or may potentially enter into), whether directly  or indirectly, any sub-participation in relation to, or any other transaction under  which payments are to be made or may be made by reference to, one or more  Finance Documents and/or one or more Obligors and to any of that person's  Affiliates, Related Funds, Representatives and professional advisers;  (iii) appointed by any Finance Party or by a person to whom paragraph (b)(i) or (b)(ii)  above applies to receive communications, notices, information or documents  delivered pursuant to the Finance Documents on its behalf (including, without  limitation, any person appointed under paragraph (b) of Clause 33.15 (Relationship  with the Lenders));  (iv) who invests in or otherwise finances (or may potentially invest in or otherwise  finance), directly or indirectly, any transaction referred to in paragraph (b)(i) or  (b)(ii) above;  (v) to whom information is required or requested to be disclosed by any court of  competent jurisdiction or any governmental, banking, taxation or other regulatory  authority or similar body, the rules of any relevant stock exchange or pursuant to  any applicable law or regulation;  (vi) to whom information is required to be disclosed in connection with, and for the  purposes of, any litigation, arbitration, administrative or other investigations,  proceedings or disputes;  

 

  07/19406164_6 122  (vii) to whom or for whose benefit that Finance Party transfers, charges, pledges or  otherwise creates Security (or may do so) pursuant to Clause 31.8 (Security over  Lenders' rights) including to a federal reserve or central bank (including, for the  avoidance of doubt, the European Central Bank) to (or through) whom it creates  Security pursuant to Clause 31.8(Security over Lenders' rights), and any federal  reserve or central bank (including, for the avoidance of doubt, the European  Central Bank) may disclose such Confidential Information to a third party to whom  it transfers (or may potentially transfer) rights under the Finance Documents or the  securities issued by the special purpose vehicle in connection with the  enforcement of such Security;  (viii) who is a Party; or  (ix) with the consent of the Company,  in each case, such Confidential Information as that Finance Party shall consider  appropriate if:  (A) in relation to paragraphs (b)(i), (b)(ii) and (b)(iii) above, the person to whom the  Confidential Information is to be given has entered into a Confidentiality  Undertaking except that there shall be no requirement for a Confidentiality  Undertaking if the recipient is a professional adviser and is subject to professional  obligations to maintain the confidentiality of the Confidential Information;  (B) in relation to paragraph (b)(iv) above, the person to whom the Confidential  Information is to be given has entered into a Confidentiality Undertaking or is  otherwise bound by requirements of confidentiality in relation to the Confidential  Information they receive and is informed that some or all of such Confidential  Information may be price-sensitive information;  (C) in relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the  Confidential Information is to be given is informed of its confidential nature and that  some or all of such Confidential Information may be price-sensitive information  except that there shall be no requirement to so inform if, in the opinion of that  Finance Party, it is not practicable so to do in the circumstances;  (c) to any person appointed by that Finance Party or by a person to whom paragraph (b)(i) or  paragraph (b)(ii) above applies to provide administration or settlement services in respect  of one or more of the Finance Documents including without limitation, in relation to the  trading of participations in respect of the Finance Documents, such Confidential  Information as may be required to be disclosed to enable such service provider to provide  any of the services referred to in this paragraph (c) if the service provider to whom the  Confidential Information is to be given has entered into a confidentiality agreement  substantially in the form of the LMA Master Confidentiality Undertaking for Use With  Administration/Settlement Service Providers or such other form of confidentiality  undertaking agreed between the Company and the relevant Finance Party; and  (d) to any rating agency (including its professional advisers) such Confidential Information as  may be required to be disclosed to enable such rating agency to carry out its normal rating  

 

  07/19406164_6 123  activities in relation to the Finance Documents and/or the Obligors if the rating agency to  whom the Confidential Information is to be given is informed of its confidential nature and  that some or all of such Confidential Information may be price-sensitive information.  Nothing in any Finance Document shall prevent disclosure of any Confidential Information or other  matter to the extent that preventing that disclosure would otherwise cause any transaction  contemplated by the Finance Documents or any transaction carried out in connection with any  transaction contemplated by the Finance Documents to become an arrangement described in Part  II A 1 of Annex IV of Directive 2011/16/EU.  43.3 Disclosure to numbering service providers  (a) Any Finance Party may, without prejudice to the provisions of article L.511-33 of the French Code  monétaire et financier, disclose to any national or international numbering service provider  appointed by that Finance Party to provide identification numbering services in respect of this  Agreement, the Facility and/or one or more Obligors the following information:  (i) names of Obligors;  (ii) country of domicile of Obligors;  (iii) place of incorporation of Obligors;  (iv) Signing Date;  (v) Clause 48 (Governing Law);  (vi) the names of the Agent and the Arrangers;  (vii) date of each amendment to and restatement of this Agreement;  (viii) amount of, and name of, the Facility;  (ix) amount of Total Commitments;  (x) currencies of the Facility;  (xi) type of the Facility;  (xii) ranking of the Facility;  (xiii) Termination Date for the Facility;  (xiv) changes to any of the information previously supplied pursuant to paragraphs (i) to (xiii)  above; and  (xv) such other information agreed between such Finance Party and the Company,  to enable such numbering service provider to provide its usual syndicated loan numbering  identification services.  (b) The Parties acknowledge and agree that each identification number assigned to this Agreement,  the Facility and/or one or more Obligors by a numbering service provider and the information  associated with each such number may be disclosed to users of its services in accordance with  the standard terms and conditions of that numbering service provider.  

 

  07/19406164_6 124  (c) Each Obligor represents that none of the information set out in paragraphs (a)(i) to (a)(xv)) is, nor  will at any time be, unpublished price-sensitive information.  (d) Subject to Clause 43.5 (Inside information), a Finance Party may only appoint a numbering service  provider from the list of providers set out in Schedule 9 (List of Approved Numbering Service  Providers) or any successors in title or transferee of the numbering service provision business of  such a person (each, an "Approved Numbering Service Provider").  (e) If a Finance Party wishes to appoint any numbering service provider which is not an Approved  Numbering Service Provider, it shall notify the Agent of such wish and the Agent shall then notify  the Company thereof.  (f) The consent of the Company is required to the appointment of any numbering service provider  which is not an Approved Numbering Service Provider, but the Company hereby agrees in  principle to consent to such appointment so notified to it and undertakes not to unreasonably  withhold or delay its consent following notification.  43.4 Entire agreement  Without prejudice to the provisions of article L.511-33 of the French Code monétaire et financier,  this Clause 43 constitutes the entire agreement between the Parties in relation to the obligations  of the Finance Parties under the Finance Documents regarding Confidential Information and  supersedes any previous agreement, whether express or implied, regarding Confidential  Information.  43.5 Inside information  Each of the Finance Parties acknowledges that some or all of the Confidential Information is or  may be price-sensitive information and that the use of such information may be regulated or  prohibited by applicable legislation including securities law relating to insider dealing and market  abuse and each of the Finance Parties undertakes not to use any Confidential Information for any  unlawful purpose.  43.6 Notification of disclosure  Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the  Company:  (a) of the circumstances of any disclosure of Confidential Information made pursuant to  paragraph (b)(v) of Clause 43.2 (Disclosure of Confidential Information) except where  such disclosure is made to any of the persons referred to in that paragraph during the  ordinary course of its supervisory or regulatory function; and  (b) upon becoming aware that Confidential Information has been disclosed in breach of this  Clause 43.  43.7 Continuing obligations  The obligations in this Clause 43 are continuing and, in particular, shall survive and remain binding  on each Finance Party for a period of 12 months from the earlier of:  (a) the date on which all amounts payable by the Obligors under or in connection with this  Agreement have been paid in full and all Commitments have been cancelled or otherwise  cease to be available; and  

 

  07/19406164_6 125  (b) the date on which such Finance Party otherwise ceases to be a Finance Party.  44. CONFIDENTIALITY OF FUNDING RATES AND REFERENCE BANK QUOTATIONS  44.1 Confidentiality and disclosure  (a) The Agent and each Obligor agree to keep each Funding Rate (and, in the case of the Agent, each  Reference Bank Quotation) confidential and not to disclose it to anyone, save to the extent  permitted by paragraphs (b), (c) and (d) below.  (b) The Agent may, without prejudice to the provisions of article L. 511-33 of the French Code  monétaire et financier, disclose:  (i) any Funding Rate (but not, for the avoidance of doubt, any Reference Bank Quotation) to  the Company and the relevant Borrower pursuant to Clause 9.6 (Notification of rates of  interest); and  (ii) any Funding Rate or any Reference Bank Quotation to any person appointed by it to  provide administration services in respect of one or more of the Finance Documents to  the extent necessary to enable such service provider to provide those services if the  service provider to whom that information is to be given has entered into a confidentiality  agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use  With Administration/Settlement Service Providers or such other form of confidentiality  undertaking agreed between the Agent and the relevant Lender or Reference Bank, as  the case may be.  (c) The Agent may, without prejudice to the provisions of article L. 511-33 of the French Code  monétaire et financier, disclose any Funding Rate or any Reference Bank Quotation, and each  Obligor may disclose any Funding Rate, to:  (i) any of its Affiliates and any of its or their officers, directors, employees, professional  advisers, auditors, partners and Representatives if any person to whom that Funding Rate  or Reference Bank Quotation is to be given pursuant to this paragraph (i) is informed in  writing of its confidential nature and that it may be price-sensitive information except that  there shall be no such requirement to so inform if the recipient is subject to professional  obligations to maintain the confidentiality of that Funding Rate or Reference Bank  Quotation or is otherwise bound by requirements of confidentiality in relation to it;  (ii) any person to whom information is required or requested to be disclosed by any court of  competent jurisdiction or any governmental, banking, taxation or other regulatory authority  or similar body, the rules of any relevant stock exchange or pursuant to any applicable law  or regulation if the person to whom that Funding Rate or Reference Bank Quotation is to  be given is informed in writing of its confidential nature and that it may be price-sensitive  information except that there shall be no requirement to so inform if, in the opinion of the  Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the  circumstances;  (iii) any person to whom information is required to be disclosed in connection with, and for the  purposes of, any litigation, arbitration, administrative or other investigations, proceedings  or disputes if the person to whom that Funding Rate or Reference Bank Quotation is to be  

 

  07/19406164_6 126  given is informed in writing of its confidential nature and that it may be price-sensitive  information except that there shall be no requirement to so inform if, in the opinion of the  Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the  circumstances; and  (iv) any person with the consent of the relevant Lender or Reference Bank, as the case may  be.  (d) The Agent's obligations in this Clause 44 relating to Reference Bank Quotations are without  prejudice to its obligations to make notifications under Clause 9.6 (Notification of rates of interest)  provided that (other than pursuant to paragraph (b)(i) above) the Agent shall not include the details  of any individual Reference Bank Quotation as part of any such notification.  44.2 Related obligations  (a) The Agent and each Obligor acknowledge that each Funding Rate (and, in the case of the Agent,  each Reference Bank Quotation) is or may be price sensitive information and that its use may be  regulated or prohibited by applicable legislation including securities law relating to insider dealing  and market abuse and the Agent and each Obligor undertake not to use any Funding Rate or, in  the case of the Agent, any Reference Bank Quotation for any unlawful purpose.  (b) The Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the  relevant Lender or Reference Bank, as the case may be:  (i) of the circumstances of any disclosure made pursuant to paragraph (c)(ii) of Clause 44.1  (Confidentiality and disclosure) except where such disclosure is made to any of the  persons referred to in that paragraph during the ordinary course of its supervisory or  regulatory function; and  (ii) upon becoming aware that any information has been disclosed in breach of this Clause  44.  44.3 No Event of Default  No Event of Default will occur under Clause 30.3 (Other obligations) by reason only of an Obligor's  failure to comply with this Clause 44.  45. PATRIOT ACT  Each Lender that is subject to the requirements of the PATRIOT Act hereby notifies each Obligor  that pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify and record  information that identifies such Obligor, which information includes the name and address of such  Obligor and other information that will allow such Lender to identify such Obligor in accordance  with the PATRIOT Act. The Obligors shall, promptly following a request by any Lender, provide all  documentation and other information that such Lender reasonably requests in order to comply  with its ongoing obligations under the PATRIOT Act.  46. Bail-In  46.1 Contractual recognition of bail-in  Notwithstanding any other term of any Finance Document or any other agreement, arrangement  or understanding between the Parties, each Party acknowledges and accepts that any liability of  

 

  07/19406164_6 127  any Party to any other Party under or in connection with the Finance Documents may be subject  to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound  by the effect of:   (e) any Bail-In Action in relation to any such liability, including (without limitation):  (i) a reduction, in full or in part, in the principal amount, or outstanding amount due  (including any accrued but unpaid interest) in respect of any such liability;  (ii) a conversion of all, or part of, any such liability into shares or other instruments of  ownership that may be issued to, or conferred on, it; and  (iii) a cancellation of any such liability; and  (f) a variation of any term of any Finance Document to the extent necessary to give effect to  any Bail-In Action in relation to any such liability.  46.2 Bail-in definitions   In this Clause 46:  "Bail-In Action" means the exercise of any Write-down and Conversion Powers.  "Bail-In Legislation" means:  (a) in relation to the United Kingdom, the UK Bail-In Legislation; and  (b) in relation to any state other than the United Kingdom, any analogous law or regulation  from time to time which requires contractual recognition of any Write-down and  Conversion Powers contained in that law or regulation.   "Resolution Authority" means any body which has authority to exercise any Write-down and  Conversion Powers.  "UK Bail-In Legislation" means Part I of the United Kingdom Banking Act 2009 and any other  law or regulation applicable in the United Kingdom relating to the resolution of unsound or failing  banks, investment firms or other financial institutions or their affiliates (otherwise than through  liquidation, administration or other insolvency proceedings).  "Write-down and Conversion Powers" means:  (a) in relation to the UK Bail-In Legislation, any powers under that UK Bail-In Legislation to  cancel, transfer or dilute shares issued by a person that is a bank or investment firm or  other financial institution or affiliate of a bank, investment firm or other financial institution,  to cancel, reduce, modify or change the form of a liability of such a person or any contract  or instrument under which that liability arises, to convert all or part of that liability into  shares, securities or obligations of that person or any other person, to provide that any  such contract or instrument is to have effect as if a right had been exercised under it or to  suspend any obligation in respect of that liability or any of the powers under that UK Bail- In Legislation that are related to or ancillary to any of those powers; and  (b) in relation to any other applicable Bail-In Legislation:  

 

  07/19406164_6 128  (i) any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued  by a person that is a bank or investment firm or other financial institution or affiliate  of a bank, investment firm or other financial institution, to cancel, reduce, modify  or change the form of a liability of such a person or any contract or instrument  under which that liability arises, to convert all or part of that liability into shares,  securities or obligations of that person or any other person, to provide that any  such contract or instrument is to have effect as if a right had been exercised under  it or to suspend any obligation in respect of that liability or any of the powers under  that Bail-In Legislation that are related to or ancillary to any of those powers; and  (ii) any similar or analogous powers under that Bail-In Legislation.  47. General Data Protection Regulation  (a) Each Party undertakes to comply with the regulation in force applicable to the general data  protection, in particular with the provisions of the Law No. 78-17 dated 6 January 1978 as  amended and the General Data Protection Regulation (EU) 2016/679 relating to the protection of  individuals with respect to the treatment of personal data and the use of such data replacing the  Directive 95/46/EC (the "Applicable Personal Data Protection Regulation").  (b) The personal data gathered under this Agreement relate to individuals that are in particular the  beneficial owners (shareholders, etc.), the legal representatives and the attorneys in fact of the  Parties. The data collection and treatment that result hereunder are necessary for the purposes  of the performance of the Agreement and the respect of the relevant laws and regulations as well  as for the purposes described in the information notices available on the websites mentioned  below.  (c) The Company undertakes to inform the individuals mentioned in paragraph (b) above that are, in  particular, the beneficial owners (shareholders etc.), the legal representatives and the attorneys in fact  of the Obligors of the Lenders' policy regarding data protection. The information on the treatment of  personal data by the Lenders is available:  (i) regarding Bank of Montréal Europe PLC:  https://capitalmarkets.bmo.com/media/filer_public/09/94/09942629-a194-4c44-84f6- d92c50f84c97/bmo_euprivacycode-ua.pdf;  (ii) regarding BNP Paribas: https://cib.bnpparibas.com/about/privacy-policy_a-38-60.html;  (iii) regarding Citibank Europe PLC: https://www.citibank.com/icg/sa/emea-cib-cmo-privacy- statement/index.html;  (iv) regarding Crédit Industriel et Commercial: https://www.cic.fr/fr/informations- legales/protection-des-donnees.html or for any request in writing, to MONSIEUR LE  DELEGUE A LA PROTECTION DES DONNEES, 63 chemin Antoine Pardon 69814  TASSIN CEDEX France;  (v) regarding Crédit Lyonnais (LCL): https://www.lcl.fr/entreprise/politique-protection-des- donnees-entreprise;  (vi) regarding HSBC Continental Europe: https://www.hsbc.fr/protection-des-donnees; and  

 

  07/19406164_6 129  (vii) regarding Société Générale:  https://static.societegenerale.fr/com/COM/multi_marche/rgpd-charte- donnees/pdf/politique-protection-donnees-personnelles--eie.pdf.    

 

  07/19406164_6 130  SECTION 12   GOVERNING LAW AND ENFORCEMENT  48. GOVERNING LAW  This Agreement and any non-contractual obligations arising out of or in connection with it are  governed by French law.  49. JURISDICTION  The Tribunal de Commerce de Paris has exclusive jurisdiction to settle any dispute arising out of  or in connection with this Agreement (including a dispute relating to the existence, validity or  termination of this Agreement or any non-contractual obligation arising out or in connection with  this Agreement).  50. ELECTRONIC SIGNATURE   (a) Each Party acknowledges having knowledge of the use of the advanced electronic signature  (signature électronique avancée) solution proposed by DocuSign France and that the process  proposed by DocuSign France implements an electronic signature within the meaning of the  provisions of Article 1367 of the French Code civil.  (b) Each Party acknowledges and accepts that the retention by DocuSign France of the Agreement  and all related information recorded and/or signed electronically, satisfies the requirement of  integrity within the meaning of the provisions of Article 1367 of the French Code civil.  (c) Each Party acknowledges and accepts that the date and time stamping of the Agreement and the  electronic signatures are enforceable against it and that they shall prevail between the Parties.  (d) Each Party acknowledges and accepts that the electronic signature of the Agreement as provided  for by DocuSign France presents a sufficient level of reliability to identify its signatory and  guarantee its link with the Agreement to which its signature is attached within the meaning of the  provisions of Article 1367 of the French Code civil.  (e) Therefore, the Parties grant to the advanced electronic signature solution provided for by  DocuSign France a presumption of reliability, until proof to the contrary, equivalent to the one  granted to the qualified electronic signature referred to in Article 1367 paragraph 2 of the French  Code civil and in Article 1 of Decree 2017-1416 of 28 September 2017 relating to electronic  signatures, so that any Party challenging the reliability of the advanced electronic signature  solution provided for by DocuSign France shall prove the lack of reliability of the process used.  Consequently, each Party expressly acknowledges and accepts that the Agreement signed by  means of the advanced electronic signature solution provided for by DocuSign France:  (i) has the same probative value as a handwritten document signed and/or dated on  paper;  (ii) is valid and enforceable against it and the other Parties; and  (iii) is admissible before the courts and/or any administration as literal evidence of their  existence and of the content of the legal act attached thereto.  

 

  07/19406164_6 131  (f) This Article 50 (Electronic signature) constitutes an evidence agreement within the meaning of  Articles 1356 and 1368 of the French Code civil.    This Agreement has been entered into on the date stated at the beginning of this Agreement.    

 

  07/19406164_6 132  SCHEDULE 1  THE ORIGINAL LENDERS    Name of Original Lenders Commitment  BNP PARIBAS (662 042 449 RCS Paris)  EUR 73,000,000  Crédit Lyonnais (LCL) (954 509 741 RCS Lyon)  EUR 73,000,000  HSBC Continental Europe (775 670 284 RCS Paris)  EUR 73,000,000  Société Générale (552 120 222 RCS Paris)  EUR 73,000,000  Citibank Europe PLC (Registered in Ireland with number 132781)   EUR 40,000,000  Bank of Montreal Europe PLC (Registered in Ireland with number 255687)  EUR 40,000,000  Crédit Industriel et Commercial (CIC) (542 016 381 RCS Paris)  EUR 35,000,000  Total: EUR 407,000,000        

 

  07/19406164_6 133  SCHEDULE 2   CONDITIONS PRECEDENT  1. The Obligors  1.1 A copy, certified as being a true copy, of the up-to-date constitutional documents (statuts) of the  Company and Criteo Technology.  1.2 A copy, certified as being a true copy, of the constitutional documents of Criteo Corp. certified as  of a recent date by the Secretary of State (or other similar official) of the state of its organisation.   1.3 A K-bis extract (which may be electronic) of the Company and Criteo Technology dated less than  15 days prior to the Signing Date.  1.4 An original or a copy, certified as being a true copy, of a non-bankruptcy certificate (certificat de  non faillite) of the Company and Criteo Technology dated less than 15 days prior to the Signing  Date and, in the case of Criteo Corp., a good standing certificate issued by the state of its  organisation, issued less than five Business Days prior to the Signing Date.  1.5 A copy, certified as being a true copy, of the minutes of the board of directors (conseil  d'administration) of the Company approving the execution, delivery and performance of the  Finance Documents and to the extent necessary, the competent corporate body of each other  Borrower.  1.6 Evidence that the person(s) who has(ve) signed the Finance Documents on behalf of each Obligor  was duly authorised so to sign.  1.7 A specimen of the signature of each person referred to in paragraph 1.6 above and of each person  authorised by the resolution referred to in paragraph 1.5 above.  1.8 A certificate of an authorised signatory of each Obligor confirming that borrowing (and in the case  of the Company, guaranteeing) the Total Commitments would not cause any borrowing (or in the  case of the Company, guaranteeing) or similar limit binding on that Obligor to be exceeded.  1.9 A certificate of an authorised signatory of each Obligor certifying that each copy document relating  to it specified in this Schedule 2 (Conditions Precedent) is correct, complete and in full force and  effect as at a date no earlier than the Signing Date.  2. Finance Documents  2.1 The Fee Letters signed by all parties thereto.  2.2 The TEG Letter countersigned by the Borrowers.  3. Legal Opinions  3.1 A legal opinion of Herbert Smith Freehills Paris LLP, legal advisers to the Arrangers and the Agent  in France, in relation to the validity and enforceability of this Agreement, substantially in the form  distributed to the Original Lenders prior to signing this Agreement.  

 

  07/19406164_6 134  3.2 A legal opinion of Linklaters LLP, Paris, legal advisers to the Obligors in France, in relation to the  existence, capacity and authorisations of the Company and Criteo Technology to sign this  Agreement, substantially in the form distributed to the Original Lenders prior to signing this  Agreement.  3.3 A legal opinion of Linklaters LLP, New York, legal advisers to Criteo Corp. in New York, in relation  to (i) the existence, capacity and authorisations of Criteo Corp. to sign this Agreement and (ii) the  choice of French law as governing law of the Agreement and the submission to the jurisdiction of  French courts in respect of the Agreement substantially in the form distributed to the Original  Lenders prior to signing this Agreement.  4. Other Documents and Evidence  4.1 The Original Financial Statements.  4.2 A list of the Material Subsidiaries as at the Signing Date.  4.3 Evidence that the Existing RCF has been or will be, on the Signing Date, cancelled, and any  amounts outstanding thereunder repaid, in full.  4.4 All documents reasonably required by the Finance Parties to comply with their "know your  customers" checks and anti-money laundering requirements with respect to the Company.  4.5 Evidence that the fees, costs and expenses then due from the Company pursuant to Clause 12  (Fees) and Clause 17 (Costs and Expenses) have been paid or will be paid within five days as  from the Signing Date.  

 

07/19406164_6 135  SCHEDULE 3  UTILISATION REQUEST  From: [  ]  To: Société Générale   For the attention of: [_________]   E-mail: [_________]   Tel: [_________]   Co Npy:   [_________]  Dated: [                   ]  CRITEO S.A. – EUR 407,000,000 Facility Agreement dated 27 September 2022 (the "Agreement")  1. We refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request. 2. We wish to borrow a Loan on the following terms: Proposed Utilisation Date: [  ] (or, if that is not a Business Day, the next Business  Day)  Name of the Borrower: [                   ]  Acquisition Drawdown: [Yes/No]  Currency of Loan: [Euro/Dollar]/[       ]  Amount: [  ] or, if less, the Available Facility  Interest Period: [  ]  3. We confirm that each condition specified in Clause 4.2 (Further conditions precedent) is satisfied on the date of this Utilisation Request. 4. [This Loan is to be made in [whole] / [part] for the purpose of refinancing [identify maturing Loan]]. The proceeds of this Loan should be credited to [account]. 5. This Utilisation Request is irrevocable. Yours faithfully  .......................................  authorised signatory for  Criteo S.A.  

 

  07/19406164_6 136  SCHEDULE 4   FORM OF TRANSFER AGREEMENT      THIS TRANSFER AGREEMENT is made on [                   ] between:  [                   ] (the "Existing Lender")  and  [                   ] (the "New Lender")  WHEREAS:  (B) The Existing Lender has entered into a multicurrency revolving loan facility in an aggregate  amount equal to EUR 407,000,000 under a facility agreement dated 27 September 2022, between,  inter alios, Criteo S.A., Criteo Technology and Criteo Corp. as Borrowers, the financial institutions  listed in Schedule 1 thereto, BNP Paribas, Crédit Lyonnais (LCL), HSBC Continental Europe,  Société Générale, Bank of Montréal Europe PLC, Citibank N.A., London branch and Crédit  Industriel et Commercial (CIC) acting as Arrangers, BNP Paribas acting as Coordinator and  Documentation Agent, Société Générale and HSBC Continental Europe acting as Sustainability  Coordinators and Société Générale acting as Agent of the Lenders, as amended from time to time  thereafter (the "Facility Agreement").  (C) The Existing Lender wishes to transfer and the New Lender wishes to acquire [all] [the part  specified in Schedule 1 to this Transfer Agreement] of the Existing Lender's Commitment, rights  [and obligations] referred to in Schedule 1 to this Transfer Agreement.  (D) Terms defined in the Facility Agreement have the same meaning when used in this Transfer  Agreement.  IT IS AGREED as follows:  1. The Existing Lender and the New Lender agree to the transfer (cession) of [all] [the part specified  in Schedule 1 to this Transfer Agreement] of the Existing Lender's Commitment, rights [and  obligations] referred to in Schedule 1 to this Transfer Agreement in accordance with Clause 31.5  (Procedure for Transfer) of the Facility Agreement.1  2. The proposed Transfer Date is [                   ].  3. The Facility Office and address, fax number and attention details for notices of the New Lender  for the purposes of Clause 38.2 (Addresses) of the Facility Agreement are set out in Schedule 2  to this Transfer Agreement.  4. The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set  out in Clause 31.4 (Limitation of responsibility of Existing Lenders) of the Facility Agreement.  5. The New Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is:    1 In the case of a transfer of rights or rights and obligations by the Existing Lender under this Transfer Agreement, the New Lender  should, if it considers it necessary to make the transfer effective as against the Obligors, arrange for such transfer to be notified to the  Obligors or acknowledged by the Obligors.  

 

  07/19406164_6 137  (a) a Qualifying Lender other than a Treaty Lender;  (b) a Treaty Lender;  (c) not a Qualifying Lender.2  and that it is [not]3 incorporated or acting through a Facility Office situated in a Non-Cooperative  Jurisdiction.  6. The New Lender confirms to the other Finance Parties represented by the Agent that it has  become entitled to the same rights and that it will assume the same obligations to those Parties  as it would have been under if it was an Original Lender.  7. This Transfer Agreement and any non-contractual obligations arising out of or in connection with  it are governed by French law. The Tribunal de Commerce de Paris shall have jurisdiction in  relation to any dispute concerning it.  8. This Transfer Agreement has been entered into on the date stated at the beginning of this Transfer  Agreement.       2 Delete as applicable. Each New Lender is required to confirm which of these three categories it falls within.  3 Delete as applicable. Each New Lender is required to confirm whether it falls within one of these categories or not.  

 

  07/19406164_6 138    Schedule  Commitment/rights [and obligations] to be transferred  [insert relevant details]  [Facility Office address, fax number and attention details for notices and account details for payments,]  [Existing Lender] [New Lender]  By: By:     This Transfer Agreement is accepted by the Agent and the Transfer Date is confirmed as [                   ].  [Agent]  By:  

 

  07/19406164_6 139  SCHEDULE 5   FORM OF INCREASE CONFIRMATION    To: Société Générale as Agent and Criteo S.A. as Company  From: [the Increase Lender] (the "Increase Lender")  Dated:  Criteo S.A. — EUR 407,000,000 Multicurrency Revolving Facility Agreement  dated 27 September 2022 (the "Agreement")  1. We refer to the Agreement. This is an Increase Confirmation. Terms defined in the Agreement  have the same meaning in this Increase Confirmation unless given a different meaning in this  Increase Confirmation.  2. We refer to Clause 2.2 (Increase) of the Agreement.  3. The Increase Lender agrees to assume (souscrire) and will assume all of the obligations  corresponding to the Commitment specified in the Schedule (the "Relevant Commitment") as if  it was an Original Lender under the Agreement in respect of the relevant Commitments.  4. The proposed date on which the increase in relation to the Increase Lender and the Relevant  Commitment is to take effect (the "Increase Date") is [                   ].  5. [On the Increase Date, the Increase Lender becomes party to the Finance Documents as a  Lender.]  6. The Facility Office and address, fax number and attention details for notices to the Increase Lender  for the purposes of Clause 38.2 (Addresses) of the Agreement are set out in the Schedule.  7. The Increase Lender expressly acknowledges the limitations on the Lenders' obligations referred  to in Clause 2.2 (Increase) of the Agreement.  8. The Increase Lender confirms, for the benefit of the Agent and without liability to any Obligor, that  it is:  (a) [a Qualifying Lender (other than a Treaty Lender);]  (b) [a Treaty Lender;]  (c) [not a Qualifying Lender].4  and that it is [not]5 incorporated or acting through a Facility Office situated in a Non-Cooperative  Jurisdiction.  9. This Increase Confirmation and any non-contractual obligations arising out of or in connection with  it are governed by French law.  10. This Increase Confirmation has been entered into on the date stated at the beginning of this  Increase Confirmation.     4 Delete as applicable — each Increase Lender is required to confirm which of these three categories it falls within.  5 Delete as applicable. Each New Lender is required to confirm whether it falls within one of these categories or not.  

 

  07/19406164_6 140  SCHEDULE 6   RELEVANT COMMITMENT/RIGHTS AND OBLIGATIONS TO BE ASSUMED BY THE INCREASE LENDER      [insert relevant details]  [Facility office address, fax number and attention details for notices and account details for payments]  [Increase Lender]  By:  This Increase Confirmation is accepted as an Increase Confirmation for the purposes of the Agreement  by the Agent and the Increase Date is confirmed as [                   ].  Agent By:    

 

  07/19406164_6 141  SCHEDULE 7   FORM OF RATIO COMPLIANCE CERTIFICATE      To: Société Générale as Agent  From: [Company]  Dated: [                   ]  CRITEO S.A. – EUR 407,000,000 Facility Agreement dated 27 September 2022 (the "Agreement")  1. We refer to the Agreement. This is a Ratio Compliance Certificate. Terms defined in the Agreement  have the same meaning when used in this Ratio Compliance Certificate unless given a different  meaning in this Ratio Compliance Certificate.  2. We confirm that the Leverage ratio is: [                   ]. Detailed calculations are attached.  3. [We confirm that no Event of Default is continuing.]6      Signed: _______________  [Chief Financial Officer/Authorised Signatory of Company]    6 If this statement cannot be made, the certificate should identify any Event of Default that is continuing and the steps, if any, being  taken to remedy it.  

 

  07/19406164_6 142  SCHEDULE 8   TIMETABLES    Loans in euro Loans in dollar Other Currencies  Currency to be available and  convertible into the Base  Currency (Clause 4.4  (Conditions relating to Optional  Currencies))  N/A N/A  On the day which is  two Business Days  before the first day of  the Interest Period  for the relevant Loan  Agent notifies the Company if  a currency is approved as an  Optional Currency in  accordance with Clause 4.4  (Conditions relating to Optional  Currencies)  N/A N/A U-4  5:00 p.m.  Delivery of a duly completed  Utilisation Request (Clause 5.1  (Delivery of a Utilisation  Request)  U-3  2:00 p.m.  U-3  2:00 p.m.  U-3  2:00 p.m.  Agent determines (in relation  to a Utilisation) the Base  Currency Amount of the Loan,  if required under Clause 5.4  (Lenders' participation)  N/A U-3  2:00 p.m.  U-3  2:00 p.m.  Agent notifies the Lenders of  the Loan in accordance with  Clause 5.4 (Lenders'  participation)  U-3  Promptly  U-3  Promptly  U-3  Promptly  Agent receives a notification  from a Lender under Clause  6.2 (Unavailability of a  currency)  N/A Quotation Day  10:00 a.m.  Quotation Day  10:00 a.m.  Agent gives notice in  accordance with Clause 6.2  (Unavailability of a currency)  N/A Quotation Day  12:00 a.m.  Quotation Day  12:00 a.m.  Reference Bank Rate  calculated by reference to  available quotations in  accordance with Clause 11.2   (Calculation of Reference  Bank Rate)  Noon (Brussels  time) in respect of  EURIBOR   NA To the extent  applicable, noon  (London time) on the  Quotation Day  

 

  07/19406164_6 143    "U-X" being the number of Business Days before the Utilisation Date.  

 

  07/19406164_6 144  SCHEDULE 9   LIST OF APPROVED NUMBERING SERVICE PROVIDERS    - EUROCLEAR  - The Depository Trust & Clearing Corporation (DTCC)  - Markit  

 

  07/19406164_6 145  SCHEDULE 10   EXISTING FINANCIAL INDEBTEDNESS  All Financial Indebtedness existing on the Signing Date including:    As of August 31, 2022   Outstanding nominal amounts  (in thousand euros)  Loans 305  Other financial Liabilities 717  Liabilities from Financial Derivatives 850  TOTAL Existing Financial Indebtedness € 1,872                

 

  07/19406164_6 146  SCHEDULE 11   REFERENCE RATE TERMS  PART I  U.S. DOLLARS  CURRENCY: U.S. Dollars.  Cost of funds as a fallback  Cost of funds will not apply as a fallback.   Definitions   Additional Business  Days:  An RFR Banking Day.  Break Costs: None specified.  Business Day  Conventions (definition of  "Month" and Clause 10.2  (Non-Business Days))  (a) If any period is expressed to accrue by reference to a Month or  any number of Months then, in respect of the last Month of that  period:  (i) subject to paragraph (iii) below, if the numerically  corresponding day is not a Business Day, that period  shall end on the next Business Day in that calendar  month in which that period is to end if there is one, or if  there is not, on the immediately preceding Business Day;  (ii) if there is no numerically corresponding day in the  calendar month in which that period is to end, that period  shall end on the last Business Day in that calendar  month; and  (iii) if an Interest Period begins on the last Business Day of  a calendar month, that Interest Period shall end on the  last Business Day in the calendar month in which that  Interest Period is to end.   (b) If an Interest Period would otherwise end on a day which is not  a Business Day, that Interest Period will instead end on the next  Business Day in that calendar month (if there is one) or the  preceding Business Day (if there is not).  Central Bank Rate: (a) The short-term interest rate target set by the US Federal Open  Market Committee as published by the Federal Reserve Bank of  New York from time to time; or  (b) if that target is not a single figure, the arithmetic mean of:  (i) the upper bound of the short-term interest rate target  range set by the US Federal Open Market Committee and  published by the Federal Reserve Bank of New York; and  

 

  07/19406164_6 147  (ii) the lower bound of that target range.  Central Bank Rate  Adjustment:  In relation to the Central Bank Rate prevailing at close of business on  any RFR Banking Day, the 20 per cent. trimmed arithmetic mean  (calculated by the Agent, or by any other Finance Party which agrees  to do so in place of the Agent) of the Central Bank Rate Spreads for  the five most immediately preceding RFR Banking Days for which the  RFR is available.  For this purpose, "Central Bank Rate Spread" means, in relation to  any RFR Banking Day, the difference (expressed as a percentage rate  per annum) calculated by the Agent (or by any other Finance Party  which agrees to do so in place of the Agent) between:  (a) the RFR for that RFR Banking Day; and  (b) the Central Bank Rate prevailing at close of business on that  RFR Banking Day.  Credit Adjustment  Spread:  Interest Period Per cent. per annum  1 Month 0.11448  3 Months 0.26161  6 Months 0.42826    Daily Rate: The "Daily Rate" for any RFR Banking Day is:  (a) the RFR for that RFR Banking Day; or  (b) if the RFR is not available for that RFR Banking Day, the  percentage rate per annum which is the aggregate of:  (i) the Central Bank Rate for that RFR Banking Day; and  (ii) the applicable Central Bank Rate Adjustment; or  (c) if paragraph (b) above applies but the Central Bank Rate for that  RFR Banking Day is not available, the percentage rate per  annum which is the aggregate of:  (i) the most recent Central Bank Rate for a day which is no  more than five RFR Banking Days before that RFR  Banking Day; and  (ii) the applicable Central Bank Rate Adjustment,  rounded, in each case, to five decimal places (with 0.000005 being  rounded upwards) and if, in each case, the aggregate of that rate and  the applicable Credit Adjustment Spread is less than zero, the Daily  Rate shall be deemed to be such a rate that the aggregate of the Daily  Rate and the applicable Credit Adjustment Spread is zero.  Lookback Period: Five RFR Banking Days.  Market Disruption Rate: None specified.  

 

  07/19406164_6 148  Relevant Market: The market for overnight cash borrowing collateralised by US  Government securities.  Reporting Day: The Business Day which follows the day which is the Lookback Period  prior to the last day of the Interest Period.  RFR: The secured overnight financing rate (SOFR) administered by the  Federal Reserve Bank of New York (or any other person which takes  over the administration of that rate) published by the Federal Reserve  Bank of New York (or any other person which takes over the  publication of that rate).  RFR Banking Day: Any day other than:  (a) a Saturday or Sunday; and  (b) a day on which the Securities Industry and Financial Markets  Association (or any successor organisation) recommends that  the fixed income departments of its members be closed for the  entire day for purposes of trading in US Government securities.  Published Rate  Contingency Period:  30 days.    Interest Periods    Periods capable of  selection as Interest  Periods   One, three and six Months.     

 

  07/19406164_6 149  PART II  EURO     CURRENCY: Euro.  Compounded Reference Rate as a fallback  Compounded Reference Rate will not apply as a fallback.  Cost of funds as a fallback  Cost of funds will apply as a fallback.  Definitions   Additional Business  Days:  A TARGET Day.  Break Costs: The amount (if any) by which:  (a) the interest (excluding the Margin) which a Lender should have  received for the period from the date of receipt of all or any part  of its participation in the relevant Loan or Unpaid Sum to the last  day of the current Interest Period in respect of that Loan or  Unpaid Sum, had the principal amount or Unpaid Sum received  been paid on the last day of that Interest Period;  exceeds:  (b) the amount which that Lender would be able to obtain by placing  an amount equal to the principal amount or Unpaid Sum received  by it on deposit with a leading bank for a period starting on the  Business Day following receipt or recovery and ending on the  last day of the current Interest Period.  Business Day  Conventions (definition of  "Month" and Clause 10.2  (Non-Business Days))  (a) If any period is expressed to accrue by reference to a Month or  any number of Months then, in respect of the last Month of that  period:  (i) subject to paragraph (iii) below, if the numerically  corresponding day is not a Business Day, that period  shall end on the next Business Day in that calendar  month in which that period is to end if there is one, or if  there is not, on the immediately preceding Business Day;  (ii) if there is no numerically corresponding day in the  calendar month in which that period is to end, that period  shall end on the last Business Day in that calendar  month; and  (iii) if an Interest Period begins on the last Business Day of  a calendar month, that Interest Period shall end on the  last Business Day in the calendar month in which that  Interest Period is to end.  

 

  07/19406164_6 150   (b) If an Interest Period would otherwise end on a day which is not  a Business Day, that Interest Period will instead end on the next  Business Day in that calendar month (if there is one) or the  preceding Business Day (if there is not).  Market Disruption Rate: The Term Reference Rate.  Primary Term Rate: The euro interbank offered rate administered by the European Money  Markets Institute (or any other person which takes over the  administration of that rate) for the relevant period displayed (before  any correction, recalculation or republication by the administrator) on  page EURIBOR01 of the Refinitiv screen.  Quotation Day: Two TARGET Days before the first day of the relevant Interest Period  (unless market practice differs in the Relevant Market, in which case  the Quotation Day will be determined by the Agent in accordance with  market practice in the Relevant Market (and if quotations would  normally be given on more than one day, the Quotation Day will be the  last of those days)).  Quotation Time: Quotation Day 11:00 a.m. (Brussels time).  Relevant Market: The European interbank market.  Reporting Day: The Quotation Day.  Published Rate  Contingency Period:  30 days.  Interest Periods    Periods capable of  selection as Interest  Periods   One, three and six Months.  Reporting Times   Deadline for Lenders to  report market disruption in  accordance with Clause  11.3 (Market disruption):  Close of business in Paris on the Reporting Day for the relevant Loan.  Deadline for Lenders to  report their cost of funds in  accordance with Clause  11.5 (Cost of funds):  Close of business on the date falling two Business Days after the  Reporting Day for the relevant Loan (or, if earlier, on the date falling  two Business Days before the date on which interest is due to be paid  in respect of the Interest Period for that Loan).      

 

  07/19406164_6 151  SCHEDULE 12   DAILY NON-CUMULATIVE COMPOUNDED RFR RATE    The "Daily Non-Cumulative Compounded RFR Rate" for any RFR Banking Day "i" during an Interest  Period for a Compounded Rate Loan is the percentage rate per annum (without rounding, to the extent  reasonably practicable for the Finance Party performing the calculation, taking into account the  capabilities of any software used for that purpose) calculated as set out below:  UCCDR UCCDR dcc n   where:  "UCCDRi" means the Unannualised Cumulative Compounded Daily Rate for that RFR Banking Day "i";  "UCCDRi-1" means, in relation to that RFR Banking Day "i", the Unannualised Cumulative Compounded  Daily Rate for the immediately preceding RFR Banking Day (if any) during that Interest Period;  "dcc" means 360 or, in any case where market practice in the Relevant Market is to use a different  number for quoting the number of days in a year, that number;  "ni" means the number of calendar days from, and including, that RFR Banking Day "i" up to, but  excluding, the following RFR Banking Day; and  the "Unannualised Cumulative Compounded Daily Rate" for any RFR Banking Day (the "Cumulated  RFR Banking Day") during that Interest Period is the result of the below calculation (without rounding,  to the extent reasonably practicable for the Finance Party performing the calculation, taking into account  the capabilities of any software used for that purpose):  ACCDR tn dcc   where:  "ACCDR" means the Annualised Cumulative Compounded Daily Rate for that Cumulated RFR Banking  Day;  "tni" means the number of calendar days from, and including, the first day of the Cumulation Period to,  but excluding, the RFR Banking Day which immediately follows the last day of the Cumulation Period;  "Cumulation Period" means the period from, and including, the first RFR Banking Day of that Interest  Period to, and including, that Cumulated RFR Banking Day;  "dcc" has the meaning given to that term above; and  the "Annualised Cumulative Compounded Daily Rate" for that Cumulated RFR Banking Day is the  percentage rate per annum (rounded to four decimal places, with 0.00005 being rounded upwards)  calculated as set out below:  1 DailyRate n dcc 1 dcc tn   

 

  07/19406164_6 152  where:  "d0" means the number of RFR Banking Days in the Cumulation Period;  "Cumulation Period" has the meaning given to that term above;  "i" means a series of whole numbers from one to d0, each representing the relevant RFR Banking Day  in chronological order in the Cumulation Period;  "DailyRatei-LP" means, for any RFR Banking Day "i" in the Cumulation Period, the Daily Rate for the RFR  Banking Day which is the applicable Lookback Period prior to that RFR Banking Day "i";  "ni" means, for any RFR Banking Day "i" in the Cumulation Period, the number of calendar days from,  and including, that RFR Banking Day "i" up to, but excluding, the following RFR Banking Day;  "dcc" has the meaning given to that term above; and  "tni" has the meaning given to that term above.     

 

  07/19406164_6 153  SCHEDULE 13   CUMULATIVE COMPOUNDED RFR RATE    The "Cumulative Compounded RFR Rate" for any Interest Period for a Compounded Rate Loan is the  percentage rate per annum (rounded to the same number of decimal places as is specified in the  definition of "Annualised Cumulative Compounded Daily Rate" in Schedule 13 (Daily Non-Cumulative  Compounded RFR Rate) calculated as set out below:  1 DailyRate - n dcc -1 dcc d   where:  "d0" means the number of RFR Banking Days during the Interest Period;  "i" means a series of whole numbers from one to d0, each representing the relevant RFR Banking Day  in chronological order during the Interest Period;  "DailyRatei-LP" means for any RFR Banking Day "i" during the Interest Period, the Daily Rate for the RFR  Banking Day which is the applicable Lookback Period7 prior to that RFR Banking Day "i";  "ni" means, for any RFR Banking Day "i", the number of calendar days from, and including, that RFR  Banking Day "i" up to, but excluding, the following RFR Banking Day;  "dcc" means 360 or, in any case where market practice in the Relevant Market is to use a different  number for quoting the number of days in a year, that number; and  "d" means the number of calendar days during that Interest Period.      7 Users should note that the "Lookback Period" is simply a number of days and is not a period starting on one day and ending on another  day.  "Lookback Period" is defined as "[Five] RFR Banking Days".  Deconstructed, this provision reads "...the Daily Rate for the RFR Banking Day which is [five] RFR  Banking Days prior to that RFR Banking Day "i".  

 

07/19406164_6 154  SCHEDULE 14   FORM OF SUSTAINABILITY KPI CERTIFICATE  From:  To: Criteo  Société Générale  For the attention of: [_________]   E-mail: [_________]  Tel: [_________]  Copy [_________]  Dated: [  ]  CRITEO – EUR 407,000,000 Revolving Credit Facility Agreement dated 27 September 2022 as  amended and restated from time to time thereafter (the "Agreement")  1. We refer to the Agreement. This is a Sustainability KPI Certificate. Terms defined in the Agreement have the same meaning in this Sustainability KPI Certificate unless given a different meaning in this Sustainability KPI Certificate. 2. We hereby confirm that, in relation to the financial year ending [    ]:   (a) the Realised Score for the Sustainability KPI 1 ([                   ]) is equal to [                   ]  and the Target Score is [achieved / missed / not defined]. The Sustainability Margin  Adjustment for this Sustainability KPI is therefore [-2.5 bps / +2.5 bps / not applicable];  and   (b) the Realised Score for the Sustainability KPI 2 ([                   ]) is equal to [                   ] and the Target Score is [achieved / missed / not defined]. The Sustainability Margin Adjustment for this Sustainability KPI is therefore [-2.5 bps / +2.5 bps / not applicable]. 3. We hereby confirm that in accordance with the provisions of Clause 9.8 (Sustainability Margin Adjustments), the aggregate Sustainability Margin Adjustment is [                   ] per cent. per annum and will take effect in accordance with the provisions of Clause 9.8 (Sustainability Margin Adjustments). Yours faithfully,  .......................................  authorised signatory for  Criteo S.A.  .......................................  

 

  07/19406164_6 155  authorised signatory for  [Countersignature of the Sustainability Auditor]   

 

156  SIGNATURES  The Company, Borrower and Guarantor:  _______/s/ Sarah Glickman____________________  CRITEO S.A.  By: Sarah GLICKMAN  Title: Authorised signatory   Address: [_________]                          Attention: [_________]   Tel: [_________]   Email: [_________]  The Borrowers:  _______/s/ Sarah Glickman____________________  CRITEO TECHNOLOGY  By: Sarah GLICKMAN  Title: Authorised signatory   Address: [_________]                           Attention: [_________]   Tel: [_________]  Email: [_________]   07/19406164_6  

 

07/19406164_6 157  ___________________________  BNP PARIBAS  By: Edwige LACROIX and Guillaume MARTINEZ   Title: Authorised signatories  ___________________________  CRÉDIT LYONNAIS (LCL)  By: Damien DUMONT  Title: Authorised signatory  ___________________________  HSBC CONTINENTAL EUROPE  By: Patrick VASTEL and Neil MAZUMDER  Title: Authorised signatories  _______ /s/ Sarah Glickman ____________________  CRITEO CORP.  By: Sarah GLICKMAN  Title: Authorised signatory  Address: [_________]   Attention: [_________]    Tel: [_________]   Email: [_________]   The Bookrunners:  /s/ Edwige LACROIX  /s/ Guillaume MARTINEZ /s/ Damien DUMONT /s/ Patrick VASTEL  /s/ Neil MAZUMDER 

 

07/19406164_6 158  ___________________________  SOCIÉTÉ GÉNÉRALE  By: Lydie AYME  Title: Authorised signatory  /s/ Lydie AYME 

 

07/19406164_6 159  The Mandated Lead Arrangers:  ___________________________  BANK OF MONTREAL EUROPE PLC   By: Jim BARRY and Ciaran GALLAGHER  Title: Authorised signatories  ___________________________  CITIBANK N.A., LONDON BRANCH  By: Cécile RATCLIFFE   Title: Authorised signatory  ___________________________  CRÉDIT INDUSTRIEL ET COMMERCIAL (CIC)  By: Olivier JEANDOT and Edouard VALTEAU  Title: Authorised signatories  The Coordinator and Documentation Agent:  ___________________________  BNP PARIBAS  By: Edwige LACROIX and Guillaume MARTINEZ   Title: Authorised signatories  /s/ Jim BARRY  /s/ Ciaran GALLAGHER /s/ Cécile RATCLIFFE /s/ Olivier JEANDOT  /s/ Edouard VALTEAU /s/ Edwige LACROIX  /s/ Guillaume MARTINEZ 

 

07/19406164_6 160  ___________________________  HSBC CONTINENTAL EUROPE  By: Patrick VASTEL and Neil MAZUMDER  Title: Authorised signatories  The Agent:  ________ /s/ Lydie AYME ___________________  SOCIÉTÉ GÉNÉRALE  By: Lydie AYME  Title: Authorised signatory   Address: [_________]   Attention: [_________]   Tel: [_________]   Email: [_________]   The Sustainability Coordinators:  ________/s/ Lydie AYME___________________  SOCIETE GENERALE   By: Lydie AYME  Title: Authorised signatory  /s/ Patrick VASTEL  /s/ Neil MAZUMDER 

 

07/19406164_6 161  The Original Lenders:  ___________________________  BNP PARIBAS  By: Edwige LACROIX and Guillaume MARTINEZ   Title: Authorised signatories  ___________________________  CRÉDIT LYONNAIS (LCL)  By: Damien DUMONT  Title: Authorised signatory  ___________________________  HSBC CONTINENTAL EUROPE  By: Patrick VASTEL and Neil MAZUMDER  Title: Authorised signatories  ___________________________  SOCIÉTÉ GÉNÉRALE  By: Lydie AYME  Title: Authorised signatory  /s/ Edwige LACROIX  /s/ Guillaume MARTINEZ /s/ Damien DUMONT /s/ Patrick VASTEL  /s/ Neil MAZUMDER /s/ Lydie AYME 

 

07/19406164_6 162  ___________________________  CITIBANK EUROPE PLC  By: Cécile RATCLIFFE   Title: Authorised signatory  ___________________________  BANK OF MONTREAL EUROPE PLC  By: Jim BARRY and Ciaran GALLAGHER  Title: Authorised signatories  ___________________________  CRÉDIT INDUSTRIEL ET COMMERCIAL (CIC)  By: Olivier JEANDOT and Edouard VALTEAU  Title: Authorised signatories  /s/ Cécile RATCLIFFE /s/ Jim BARRY  /s/ Ciaran GALLAGHER /s/ Olivier JEANDOT  /s/ Edouard VALTEAU

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