Document:

Blueprint

  Exhibit 4.1

 

MASTER RELATIONSHIP AGREEMENT

 

BETWEEN

 

DUFRY INTERNATIONAL AG

 

AND

 

HUDSON LTD.

 

Dated February 1, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

TABLE OF CONTENTS

 

	
 

	
 

	

Page

	

Article I

	

Definitions

	

1

	

1.1.

	

Certain Definitions

	

1

	

1.2.

	

Other Terms

	

4

	

Article II

	

Financial and Other Information

	

4

	

2.1.

	

Company Information

	

4

	

2.2.

	

Dufry AG Public Documents

	

5

	

2.3.

	

Accounting Estimates and Principles

	

6

	

2.4.

	

Internal Audit

	

6

	

2.5.

	

Accountants’ Reports

	

7

	

2.6.

	

Record Retention

	

7

	

2.7.

	

Production of Witnesses; Records; Cooperation

	

7

	

2.8.

	

Privilege

	

8

	

2.9.

	

General Cooperation

	

8

	

Article III

	

Financing and Treasury Operations

	

8

	

3.1.

	

Company Group Financing

	

8

	

3.2.

	

Third Person Guarantee or Letter of Credit Facilities

	

8

	

3.3.

	

Foreign Exchange Transactions

	

9

	

3.4.

	

Cash Pooling

	

9

	

3.5.

	

General

	

9

	

Article IV

	

Supply of Products for Sale

	

10

	

4.1.

	

Purchase of Products from Dufry

	

10

	

4.2.

	

Obligation to Supply

	

10

	

Article V

	

Franchise and Other Services Agreements

	

10

	

5.1.

	

Franchise Agreements

	

10

	

5.2.

	

Retail Shop Concepts Services Agreements

	

10

	

5.3.

	

Financial Support Services

	

10

	

Article VI

	

Other Services

	

10

	

6.1.

	

Financial Statement Consolidation Services

	

10

	

Article VII

	

Compliance with Dufry Policies

	

11

	

7.1.

	

Compliance Generally

	

11

	

Article VIII

	

Sales and Marketing Matters

	

11

	

8.1.

	

Pricing and Assortment

	

11

	

8.2.

	

Advertising, Marketing and Promotions

	

11

	

8.3.

	

Shop Design

	

11

	

8.4.

	

General

	

11

	

Article IX

	

Information Technology

	

11

	

9.1.

	

Information Technology Agreements

	

11

	

9.2.

	

Company to Use Dufry Information Technology

	

12

	

9.3.

	

Dufry Support

	

12

	

9.4.

	

Company Costs

	

12

	

Article X

	

Tax Matters

	

12

	

10.1.

	

Provision of Tax Services

	

12

	

10.2.

	

Provision of Information and Cooperation

	

12

	

Article XI

	

Employee Compensation Expense

	

13

	

11.1.

	

Dufry PSU Plan

	

13

	

Article XII

	

Other Agreements

	

13

	

12.1.

	

Further Assurances

	

13

	

12.2.

	

Confidentiality

	

13

	

12.3.

	

Insurance Matters

	

14

	

12.4.

	

IPO Costs and Expenses

	

14

	

12.5.

	

Covenants Against Taking Certain Actions Affecting
Dufry

	

14

	

Article XIII

	

Dispute Resolution

	

14

	

13.1.

	

General Provisions

	

14

	

13.2.

	

Mediation

	

15

	

13.3.

	

Arbitration

	

15

 

 

i

 

 

	

Article XIV

	

Miscellaneous

	

16

	

14.1.

	

Governing Law

	

16

	

14.2.

	

Notices

	

16

	

14.3.

	

Severability

	

17

	

14.4.

	

Entire Agreement

	

17

	

14.5.

	

Assignment; No Third-Party Beneficiaries

	

17

	

14.6.

	

Amendment

	

17

	

14.7.

	

Rules of Construction

	

17

	

14.8.

	

Counterparts

	

18

	

14.9.

	

Term and Termination

	

18

	

14.10.

	

Compliance with Law and Existing Contractual
Arrangements

	

18

	
 

	
 

	
 

	

SCHEDULES

	
 

	
 

	

Schedule 3.1

	
 

	

20

	

Schedule 5.1

	
 

	

21

	

Schedule 5.2

	
 

	

22

	

Schedule 5.3

	
 

	

23

	

Schedule 9.1

	
 

	

24

 

 

 

 

 

 

 

ii

 

 

MASTER RELATIONSHIP AGREEMENT

 

MASTER
RELATIONSHIP AGREEMENT, dated February 1, 2018 (this
“Agreement”), between
Dufry International AG, a stock corporation incorporated pursuant
to the laws of Switzerland (“Dufry”), which is a
wholly owned subsidiary of Dufry AG, a stock corporation
incorporated pursuant to the laws of Switzerland
(“Dufry
AG”), and Hudson Ltd., an exempted company limited by
shares incorporated pursuant to the laws of Bermuda (the
“Company”). Certain terms
used in this Agreement are defined in Section 1.1.

 

W I T N
E S E T H:

 

WHEREAS, the
Company is a wholly owned Subsidiary of Dufry and, through its
Subsidiaries, operates duty-free and duty-paid stores in the
continental United States and Canada;

 

WHEREAS, Dufry has
determined to sell Company Common Stock in an Initial Public
Offering, following which Dufry will remain the controlling
shareholder of the Company;

 

WHEREAS, the
Company Group is part of the Dufry Group and, as such, the members
of the Company Group have heretofore operated, and will continue to
operate, pursuant to policies and processes applicable to members
of the Dufry Group;

 

WHEREAS, members of
each of the Dufry Group, on the one hand, and members of the
Company Group, on the other hand, have heretofore been, and will
continue to be, party to multiple agreements, arrangements and
transactions with each other;

 

WHEREAS, the Board
of Directions of the Company has acknowledged the benefit to the
Company Group of such agreements, arrangements and transactions;
and

 

WHEREAS, each of
the Board of Directors of Dufry and the Board of Directors of the
Company has resolved that it is in the interests of each company,
respectively, to enter into this Agreement;

 

NOW,
THEREFORE, in consideration of the premises and the covenants and
agreements contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, and intending to be legally bound hereby, the Parties
hereby agree as follows:

 

ARTICLE
I

DEFINITIONS

 

1.1. Certain Definitions. For
purposes of this Agreement, the following terms shall have the
meanings specified in this Section 1.1:

 

 

1

 

 

 

“Action” means any demand,
action, claim, dispute, suit, countersuit, arbitration, inquiry,
proceeding or investigation by or before any federal, state, local,
foreign or international Governmental Authority or any arbitration
or mediation tribunal.

 

“Affiliate” (and, with a
correlative meaning, “affiliated”) means, with
respect to any Person, any direct or indirect subsidiary of such
Person, and any other Person that directly, or through one or more
intermediaries, controls or is controlled by or is under common
control with such first Person. As used in this definition,
“control” (including with
correlative meanings, “controlled by” and
“under common
control with”) means possession, directly or
indirectly, of power to direct or cause the direction of management
or policies or the power to appoint and remove a majority of
directors (whether through ownership of securities or partnership
or other ownership interests, by contract or
otherwise).

 

“Business Day” means
Monday to Friday, except for any day on which banking institutions
in New York, New York or Basel, Switzerland are authorized or
required by applicable Law or executive order to
close.

 

“Company Common Stock”
means the Class A common shares, $0.001 par value per share, of the
Company.

 

“Company Group” means the
Company, each Subsidiary of the Company and each other Person that
is controlled either directly or indirectly by the
Company.

 

“Dufry Group” means Dufry
AG, each Subsidiary of Dufry AG and each other Person that is
controlled either directly or indirectly by Dufry AG.

 

“Dufry PSU Plan” means the
Dufry AG PSU Plan.

 

“Exchange Act” means the
U.S. Securities Exchange Act of 1934, as amended, and the rules and
regulations of the SEC thereunder, all as the same shall be in
effect at the time that reference is made thereto.

 

“Governmental Authority”
means any entity exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to the
government, including any governmental authority, agency,
department, board, commission or instrumentality whether federal,
state, local or foreign (or any political subdivision thereof), and
any tribunal, court or arbitrator(s) of competent
jurisdiction.

 

“IFRS” means International
Financial Reporting Standards.

 

“Indebtedness” means, with
respect to any Person, any Liability of such Person in respect of
borrowed money or evidenced by bonds, notes, debentures or similar
instruments and shall include, without limitation, any Liability of
such Person pursuant to any agreement related to the fixing of
interest rates on any Indebtedness, any Liability pursuant to any
credit card arrangement or contract, any Liability of such Person
pursuant to any financing transaction, and any Liability of such
Person pursuant to any derivative or other financial instrument or
contract.

 

 

2

 

 

“Information” means
information, whether or not patentable or copyrightable, in
written, oral, electronic or other tangible or intangible forms,
stored in any medium, including studies, reports, records, books,
contracts, instruments, surveys, discoveries, ideas, concepts,
know-how, techniques, designs, specifications, drawings,
blueprints, diagrams, models, prototypes, samples, flow charts,
data, computer data, disks, diskettes, tapes, computer programs or
other software, marketing plans, customer names, communications by
or to attorneys (including attorney-client privileged
communications), memoranda and other materials prepared by
attorneys or under their direction (including attorney work
product), and other technical, financial, employee or business
information or data.

 

“Initial Public Offering”
means the initial public offering of the Company Common Stock
pursuant to the IPO Registration Statement.

 

“IPO Registration
Statement” means the registration statement on Form
F-1 filed under the Securities Act (No. 333-221547) pursuant to
which the offering of Company Common Stock has been registered with
the SEC.

 

“Law” means any federal,
state, local or foreign law (including common law), statute, code,
ordinance, rule, regulation or other requirement enacted,
promulgated, issued, communicated or entered by a Governmental
Authority.

 

“Liabilities” means (i)
any debt, loss, damage, adverse claim, liability or obligation of
any Person (whether direct or indirect, known or unknown, asserted
or unasserted, absolute or contingent, accrued or unaccrued,
liquidated or unliquidated, or due or to become due, and whether in
contract, tort, strict liability or otherwise), (ii) any guarantee
by a Person in respect of such debt, loss, damage, adverse claim,
liability or obligation of any such Person described in (i), (iii)
any action by a Person to secure the repayment of any such debt,
loss, damage, adverse claim, liability or obligation described in
(i) or any such guarantee described in (ii) (whether or not it is
the debt or other obligation of such Person so securing its
repayment), including the grant of security over such securing
Person’s assets or otherwise, and (iv) all costs and expenses
relating to (i), (ii) and (iii).

 

“Parties” means Dufry and
the Company.

 

“Person” means any
individual, corporation, partnership, firm, joint venture,
association, joint-stock company, trust, unincorporated
organization, Governmental Authority or other entity.

 

“SEC” means the U.S.
Securities and Exchange Commission.

 

“Securities Act” means the
U.S. Securities Act of 1933, as amended.

 

“Subsidiary” or
“subsidiary” means, with
respect to any Person, any corporation, limited liability company,
joint venture or partnership of which such Person (a) directly or
indirectly owns, either directly or indirectly, more than fifty
percent (50%) of (i) the total combined voting power of all classes
of voting securities of such entity, (ii) the total combined equity
interests, or (iii) the capital or profit interests, in the case of
a partnership; or (b) otherwise has the power to vote, either
directly or indirectly, sufficient securities to elect a majority
of the board of directors or similar governing body.

 

 

3

 

 

1.2. Other
Terms. For purposes of this Agreement, the following terms
have the meanings set forth in the sections indicated.

 

	

Term

	

Section

	

Agreement

	

Preamble

	

Company

	

Preamble

	

Company
Auditors

	

‎2.2(b)

	

Company
Public Documents

	

‎2.1(c)

	

Dufry

	

Preamble

	

Dispute

	

‎13.1(a)

	

Dufry
Auditors

	

‎2.2(b)

	

Dufry
Confidential Information

	

‎12.2(a)

	

Dufry
Public Documents

	

‎2.2(a)

	

Franchise
Agreement

	

‎5.1

	

Privilege

	

‎2.8

 

ARTICLE
II

FINANCIAL AND
OTHER INFORMATION

 

2.1. Company
Information.

 

During
any fiscal year that Dufry AG is required, in accordance with IFRS,
to account for its investment in the Company on a consolidated
basis or under the equity method of accounting:

 

(a) Provision of Information Generally. At
the Company’s cost, the Company shall, or shall cause its
Subsidiaries to, provide to any member of the Dufry Group, for any
purpose that such member of the Dufry Group may determine
appropriate, including use to provide any service contemplated by
this Agreement, use for internal reporting, planning and
forecasting, use for compliance with reporting, disclosure, filing
or other requirements imposed on any member of the Dufry Group
(including under applicable securities or tax Laws) by a
Governmental Authority having jurisdiction over such member of the
Dufry Group, use in any other judicial, regulatory, administrative,
tax or other proceeding, or use to satisfy audit, accounting,
claims, regulatory, litigation, tax or other similar requirements,
any Information in respect of the Company or the Company Group that
any Dufry Group member shall request, within the time periods that
such Dufry Group member shall request, and presented in the format
that such Dufry Group member shall request.

 

(b) Fiscal Year. The Company shall, and
shall cause each of its Subsidiaries to, maintain a fiscal year
which commences on January 1 and ends on December 31 of each
calendar year.

 

 

4

 

 

(c) Dufry’s Role in Company Public
Documents. Subject to applicable Law, the Company shall not
publish, send to holders of Company Common Stock or file with or
furnish to the SEC, any national stock exchange or any Governmental
Authority, any press releases concerning the business, results of
operations or financial condition of the Company (including
earnings releases), reports, notices, proxy or information
statements, registration statements or prospectuses (collectively,
“Company Public
Documents”) or any other Information prepared by the
Company or any of its Subsidiaries for release to financial
analysts or investors without the prior written consent of Dufry.
The Company shall consult with Dufry on the preparation of any such
Company Public Document or other Information and provide Dufry with
the opportunity to review and comment on any such Company Public
Documents or other Information.

 

(d) Company Meetings with Financial
Analysts. The Company shall consult with Dufry as to the
appropriate timing for all scheduled meetings and conference calls
to be held between the Company and members of the investment
community (including any financial analysts), and of any
conferences to be attended by management of the Company with
members of the investment community. The Company shall not schedule
any such meeting or call or attend any such conference to which
Dufry objects.

 

2.2. Dufry
AG Public Documents. During any fiscal year that Dufry AG is
required, in accordance with IFRS, to account for its investment in
the Company on a consolidated basis or under the equity method of
accounting:

 

(a) Company Cooperation with Dufry. The
Company shall cooperate, and cause its accountants and auditors to
cooperate, with any member of the Dufry Group to the extent
requested by such member of the Dufry Group in the preparation of
Dufry AG’s press releases, public earnings releases, any
other proxy, information and registration statements, reports,
notices, prospectuses and any other documents to be prepared by
Dufry AG or any of its Subsidiaries (collectively,
“Dufry Public
Documents”). If and to the extent requested by any
member of the Dufry Group, the Company shall diligently and
promptly review all drafts of such Dufry Public Documents and
prepare in a diligent and timely fashion any portion of such Dufry
Public Documents pertaining to the Company or its Subsidiaries.
Unless required by Law, without the prior consent of Dufry, the
Company shall not publicly release any Information that conflicts
with any Information with respect to the Company, any Affiliate of
the Company or the Company Group that is provided by the Company to
any member of the Dufry Group for any Dufry Public
Document.

 

(b) Coordination of Audit and Auditors’
Opinions. The Company shall cause its independent certified
public accountants (the “Company Auditors”) to
complete their audit such that, should Dufry so request, the
Company Auditors will date their opinion on the Company’s
audited annual financial statements on the same date that Dufry
AG’s independent certified public accountants (the
“Dufry AG
Auditors”) date their opinion on Dufry AG’s
audited annual financial statements, and to enable Dufry AG to meet
its timetable for the printing, filing and public dissemination of
Dufry AG’s annual report; provided that the foregoing shall not
preclude the Company from making all required public filings in a
timely manner. Should Dufry so request, the Company Auditors shall
be the same as the Dufry AG Auditors, unless applicable Law
requires otherwise. The Dufry Group and the Dufry AG Auditors shall
have full audit rights with respect to the Company Group. The costs
of Company Auditors for the audit of the Company shall be borne by
the Company.

 

 

5

 

 

(c) Access to Personnel and Working Papers.
The Company will request the Company Auditors to make available to
the Dufry AG Auditors both the personnel who performed or are
performing the annual audit of the Company and, consistent with
customary professional practice and courtesy of such auditors with
respect to the furnishing of work papers, work papers related to
the annual audit of the Company, in all cases within a reasonable
time after the Company Auditors’ opinion date, so that the
Dufry AG Auditors are able to perform the procedures they consider
necessary to take responsibility for the work of the Company
Auditors as it relates to the Dufry AG Auditors’ report on
Dufry AG’s audited annual financial statements, all within
sufficient time to enable Dufry AG to meet its timetable for the
printing, filing and public dissemination of the Dufry AG’s
annual report.

 

2.3. Accounting
Estimates and Principles. During any fiscal year that Dufry
AG is required, in accordance with IFRS, to account for its
investment in the Company on a consolidated basis or under the
equity method of accounting: the Company shall give Dufry
reasonable notice of any proposed material change in accounting
estimates or material changes in accounting principles from those
in effect with respect to the Company Group immediately prior to
the date hereof, and shall give Dufry notice immediately following
adoption of any such changes that are mandated or required by the
SEC, the Financial Accounting Standards Board, the International
Accounting Standards Board or the Public Company Accounting
Oversight Board. In connection therewith, the Company shall consult
with Dufry, and, if requested by Dufry, the Company shall consult
with the Dufry AG Auditors with respect thereto. As to changes in
accounting principles that could reasonably be expected to affect
Dufry AG’s financial statements, the Company shall not make
any such changes without Dufry’s prior written consent,
excluding changes that are mandated or required by the SEC, the
Financial Accounting Standards Board, the International Accounting
Standards Board or the Public Company Accounting Oversight
Board.

 

2.4. Internal
Audit. Without limiting the generality of Section 2.1
hereof, in connection with the provision of internal audit services
to the Company Group pursuant to the Franchise Agreements or
otherwise, the Company shall provide representatives of the Dufry
Group complete access upon request to the Company’s and its
Subsidiaries’ books and records as well as to the internal
accounting controls and operations of the Company and its
Subsidiaries. The Company shall, and shall cause its Subsidiaries
to, comply with the instructions of representatives of the Dufry
Group engaged in the provision of internal audit services, or
otherwise directing or carrying out internal audit functions. The
Company shall, and shall cause its Subsidiaries to, retain or
provide any employees, at the expense of the Company, to carry out
internal audit work as directed by representatives of the Dufry
Group. The Company shall not engage any third Person to provide
internal audit services without the consent in writing of
Dufry.

 

 

6

 

 

2.5. Accountants’
Reports. During any fiscal year that Dufry AG is required,
in accordance with IFRS, to account for its investment in the
Company on a consolidated basis or under the equity method of
accounting, no later than two (2) Business Days following the
receipt thereof, the Company shall deliver to Dufry copies of all
communications or reports submitted to the Company or any of its
Subsidiaries by their independent certified public accountants,
including, each report submitted to the Company or any of its
Subsidiaries concerning its accounting practices and systems and
any comment letter submitted to management in connection with their
annual audit and all responses by management to such reports and
letters.

 

2.6. Record
Retention. To facilitate the provision of Information
pursuant to this Article
II and other provisions of this Agreement, the Company
shall, and shall cause its Subsidiaries to, retain all Information
in its possession or control in accordance with the policies of the
Dufry Group as in effect on the date hereof or such other policies
as may be adopted by the Dufry Group. The Company will not destroy,
or permit any of its Subsidiaries to destroy, any Information
without the prior written consent of Dufry.

 

2.7. Production
of Witnesses; Records; Cooperation.

 

(a) Except in the case
of an adversarial Action by one Party against another Party, the
Company shall, and shall cause its Subsidiaries to, make available
to the Dufry Group, upon written request, the former, current and
future directors, officers, employees, other personnel and agents
of the members of the respective entity as witnesses and any books,
records or other documents within its control or which it otherwise
has the ability to make available, to the extent that any such
person (giving consideration to business demands of such directors,
officers, employees, other personnel and agents) or books, records
or other documents may be required in connection with any Action in
which any member of the Dufry Group may from time to time be
involved.

 

(b) Without limiting
the foregoing, the Company shall, and shall cause its Subsidiaries
to, cooperate and consult with Dufry to the extent so requested by
Dufry with respect to any Actions referred to in clause (a) to this
Section
2.7.

 

(c) Without limiting
any provision of this Section 2.7, the Company agrees
to cooperate, and to cause each of its Subsidiaries to cooperate,
with any member of the Dufry Group that requests such cooperation
in the defense of any infringement or similar claim with respect
any intellectual property and shall not claim to acknowledge, or
permit any member of the Company Group to claim to acknowledge, the
validity or infringing use of any intellectual property of a third
Person in a manner that would hamper or undermine the defense of
such infringement or similar claim except as required by
Law.

 

(d) The obligation of
the Company and is Subsidiaries to provide witnesses pursuant to
this Section 2.7 is
intended to be interpreted in a manner so as to facilitate
cooperation and shall include the obligation to provide as
witnesses inventors and other officers without regard to whether
the witness or the employer of the witness could assert a possible
business conflict.

 

 

7

 

 

(e) In connection with
any matter contemplated by this Section 2.7, if requested by
Dufry, the Company shall enter into a joint defense agreement with
any member of the Dufry Group so as to maintain to the extent
practicable any applicable attorney-client privilege, work product
immunity or other applicable privileges or immunities of the Dufry
Group or the member of any Dufry Group.

 

2.8. Privilege. The provision of any
information pursuant to this Article II shall not be deemed
a waiver of any privilege, including privileges arising under or
related to the attorney-client privilege or any other applicable
privilege (a “Privilege”).

 

2.9. General
Cooperation. The Company shall, and shall cause its
Subsidiaries to, provide to any member of the Dufry Group, at no
cost to the Dufry Group, timely access to such personnel,
facilities, assets and information, books and records of the
Company Group, and provide timely decisions, approvals and
acceptances, in each case as may be reasonably necessary to enable
any member of the Dufry Group to exercise its rights pursuant to
this Agreement in a timely and efficient manner.

 

ARTICLE
III

FINANCING AND
TREASURY OPERATIONS

 

3.1. Company
Group Financing. The Company shall, and cause its
Subsidiaries to, do all things necessary to comply with and
maintain in full force and effect the agreements listed on Schedule
3.1 hereto. Unless the Company has obtained the prior written
consent of Dufry, which Dufry may withhold in its sole discretion,
the Company shall, and shall cause its Subsidiaries to, incur
Indebtedness only pursuant to facilities provided by members of the
Dufry Group (that are not members of the Company Group). Any
Indebtedness incurred by members of the Company Group pursuant to
facilities provided by members of the Dufry Group (that are not
members of the Company Group) after the date of this Agreement
shall be on substantially the same terms as the Indebtedness
provided by members of the Dufry Group to members of the Company
Group that is outstanding on the date of this Agreement;
provided that the principal
amount, interest rate (which may be fixed or floating) and term may
vary from facility to facility; provided further that the interest rate
applicable to such Indebtedness incurred after the date of this
Agreement shall correspond to Dufry AG’s weighted average
cost of debt funding (in the currency of the Indebtedness to be
incurred) at the time that such Indebtedness is incurred initially
or refinanced by the Company Group, or if a floating rate of
interest is applied, Dufry AG’s weighted average cost of debt
funding (in the currency of the Indebtedness to be incurred) at
each interest reset date, in each case of incurrence, refinancing
or resetting, plus an additional 50 basis points (i.e., 0.50%).

 

3.2. Third
Person Guarantee or Letter of Credit Facilities. Unless the
Company has obtained the prior written consent of Dufry, the
Company shall not enter into, and not permit its Subsidiaries to
enter into, any guarantee, letter of credit guarantee facilities or
other similar arrangements with banks or other third
parties.

 

 

8

 

 

3.3. Foreign
Exchange Transactions. Unless the Company has obtained the
prior written consent of Dufry, which Dufry may withhold in its
sole discretion, the Company shall, and shall cause its
Subsidiaries to, execute foreign exchange transactions only through
members of the Dufry Group. At its sole discretion, Dufry may
execute any such foreign exchange transaction with a third Person
on behalf of the Company or any of its Subsidiaries at the best
quoted price, as reasonably determined by Dufry, and the Company,
or its Subsidiary, as the case may be, shall pay Dufry 10 basis
points (i.e., 0.10%) for each such transaction. If Dufry does not
execute such transaction on behalf of the Company or its Subsidiary
with a third Person, Dufry shall execute such transaction directly
with the Company or its Subsidiary at the best price quoted by a
third Person to execute such transaction, as reasonably determined
by Dufry, plus an additional 10 basis points (i.e.,
0.10%).

 

3.4. Cash
Pooling. Dufry may direct the Company to, or cause its
Subsidiaries to, deposit cash in any Dufry Group cash pooling
arrangement up to the aggregate principal amount of Indebtedness
then outstanding borrowed by members of the Company Group from
members of the Dufry Group. The Company or its Subsidiaries, as the
case may be, shall be compensated (or charged, if applicable
interest rates are negative) by Dufry for any cash placed by the
Company or its Subsidiaries in the cash pool arrangement based on
the then-prevailing market rate for short-term cash balances in
bank accounts at the same bank that operates the cash pooling
arrangement. The cash deposited by Company Group members in the
cash pooling arrangement may be used to secure any credit positions
in the cash pooling arrangements, either of Company Group members
or other Dufry Group members. Dufry may, in its sole discretion,
offer the Company the ability to borrow from the cash pooling
arrangement. Should the Company or any of its Subsidiaries incur
Indebtedness from any cash pooling arrangement, the Company, or its
Subsidiaries, as the case may be, shall be charged an interest rate
at the then-prevailing market rate applicable to borrowings by
similar borrowers from the bank operating the cash pooling
arrangement, as reasonably determined by Dufry, plus an additional
10 basis points (i.e., 0.10%). In the event of the insolvency,
bankruptcy, receivership or other similar status of Dufry AG or
Dufry, the amount of any Indebtedness of Company Group members to
Dufry Group members shall be automatically set off against any
amounts deposited by Company Group members in any cash pooling
arrangement that are not returned to such Company Group members
upon demand by such Company Group members, irrespective of the due
date of any claim by a Company Group member.

 

3.5. General.
The Company shall, and shall cause its Subsidiaries to, support
Dufry in its treasury and cash management operations and take any
action requested by Dufry in furtherance of Dufry Group treasury
and cash management operations, provided that such action shall not
materially adversely affect the Company Group.

 

 

9

 

 

ARTICLE
IV

SUPPLY
OF PRODUCTS FOR SALE

 

4.1. Purchase
of Products from Dufry. At Dufry’s option, the Company
shall, and shall cause its Subsidiaries to, purchase from members
of the Dufry Group all products to be sold by the Company Group in
the following categories: wine/spirits, tobacco, fashion, watches,
jewelry, perfume, cosmetics, electronics and
confectionary/chocolate. The Dufry Group may elect to supply
products directly to the Company Group or through a supply
arrangement between the Dufry Group and a third
Person.

 

4.2. Obligation
to Supply. Should Dufry elect to supply products directly to
the Company Group, it shall use, or cause its Subsidiaries to use,
reasonable best efforts to supply the Company Group on the terms
set by the Dufry Group for such supply, such terms to be determined
by Dufry in its sole discretion in accordance with Dufry’s
transfer pricing policy as then in effect for all members of the
Dufry Group.

 

ARTICLE
V

FRANCHISE AND OTHER
SERVICES AGREEMENTS

 

5.1. Franchise Agreements. The
Company shall, and cause its Subsidiaries to, do all things
necessary to comply with and maintain in full force and effect the
agreements listed on Schedule 5.1 hereto (the “Franchise
Agreements”).

 

5.2. Retail
Shop Concepts Services Agreements. The Company shall, and
shall cause its subsidiaries to, do all things necessary to comply
with and maintain in full force and effect the agreements listed on
Schedule 5.2 hereto.

 

5.3. Financial
Support Services. The Company shall, and shall cause its
subsidiaries to, do all things necessary to comply with and
maintain in full force and effect the agreements listed on Schedule
5.3 hereto

 

ARTICLE VI

OTHER
SERVICES

 

6.1. Financial
Statement Consolidation Services.

 

At its
option and subject to the Company’s compliance with Article
II hereof, Dufry shall, and shall cause its Subsidiaries, to
provide such consolidation services that it deems appropriate in
connection with the preparation of the financial statements of the
Company. Should Dufry exercise its option to provide such services
to the Company, Dufry shall provide such services only in respect
of the annual consolidated financial statements of the Company and
the interim condensed consolidated financial statements of the
Company for each of the first three fiscal quarters of each fiscal
year, in each case for financial statements in accordance with
IFRS. The Company shall be responsible for the costs of such
services. The Company shall be charged on the basis of the cost to
Dufry (including the cost of Dufry employees) for the provision of
such services plus an additional amount up to 500 basis points
(i.e., 5.00%), as determined by Dufry in its sole
discretion.

 

 

10

 

 

ARTICLE
VII 

COMPLIANCE WITH
DUFRY POLICIES

 

7.1. Compliance
Generally. The Company shall, and shall cause all of its
Subsidiaries to, do all things necessary to comply with (i) the
policies, processes and procedures of the Dufry Group applicable to
Dufry Group members that are in effect at the date hereof, (ii) all
policies adopted by the Board of Directors or Group Executive
Committee of Dufry AG after the date hereof that amend or replace
such policies, and (iii) all other policies adopted by the Board of
Directors or Group Executive Committee of Dufry AG after the date
hereof that apply equally to all members of the Dufry
Group.

 

ARTICLE VIII

SALES
AND MARKETING MATTERS

 

8.1. Pricing
and Assortment. The Company shall, and shall cause its
Subsidiaries to, comply with (i) the Dufry Group’s pricing
and assortment strategies and initiatives in respect of the Dufry
Group’s (including the Company Group’s) duty-free
business and (ii) the Dufry Group’s directives on pricing and
assortment in respect of the Company Group’s duty-paid
business.

 

8.2. Advertising,
Marketing and Promotions. The Company shall, and shall cause
its Subsidiaries to, comply with (i) the Dufry Group’s
advertising, marketing and promotions strategies and initiatives in
respect of the Dufry Group’s (including the Company
Group’s) duty-free business and (ii) the Dufry Group’s
directives on advertising, marketing and promotions activities in
respect of the Company Group’s duty-paid
business.

 

8.3. Shop
Design. The Company shall, and shall cause its Subsidiaries
to, comply with the Dufry Group’s directives regarding
duty-free and duty-paid shop design, construction and
operation.

 

8.4. General.
The Company shall, and shall cause its Subsidiaries to, support the
Dufry Group in its global sales and marketing strategy and take any
action requested by any member of the Dufry Group in furtherance of
the Dufry Group’s global sales and marketing strategy,
provided that such action
shall not materially adversely affect the Company Group taken as a
whole.

 

ARTICLE
IX

INFORMATION
TECHNOLOGY

 

9.1. Information
Technology Agreements. The Company shall, and shall cause
its Subsidiaries to, do all things necessary to comply with and
maintain in full force and effect the agreements listed on Schedule
9.1 hereto.

 

 

11

 

 

9.2. Company
to Use Dufry Information Technology. The Company shall, and
shall cause its Subsidiaries to, use, apply and implement any
information technology system, application or software required by
Dufry. Without limiting the generality of the foregoing, the
Company shall, and shall cause its Subsidiaries to, deliver
information to the Dufry Group’s global applications and
databases as requested by Dufry. The use or development by the
Company or its Subsidiaries of any information technology tools,
systems or digital applications, and the provision of associated
services, shall require the prior written approval of Dufry, which
may be withheld in Dufry’s sole discretion.

 

9.3. Dufry Support. Dufry shall, and
shall cause its Subsidiaries to, support the Company and its
Subsidiaries in the implementation and subsequent operation of any
of the Dufry Group’s global information technology systems,
applications or software that Dufry shall require the Company Group
to use. To the extent that Dufry shall require the Company to use
the Dufry Group’s information technology systems,
applications or software, Dufry shall also ensure that the Company
Group’s use of such systems, applications or software is
permitted by Dufry’s global license or other applicable
agreements in respect of such applications or software, to the
extent applicable. The Dufry Group shall be solely responsible for
the development and maintenance of the Dufry Group’s global
information technology systems, applications and
software.

 

9.4. Company
Costs. The Company shall be responsible for: (a) the costs
of implementation of any Dufry Group global information technology
systems, applications or software at the Company Group, (b) all
day-to-day running costs of such information technology systems,
applications or software, including corresponding licensing costs,
and (c) the costs of Dufry’s provision of support
contemplated by Section ‎9.3 hereof. Any product or service
that is provided by the Dufry Group to the Company Group pursuant
to this ‎Article IX shall be charged to the Company on the
basis of the cost to the Dufry Group (including the cost of Dufry
Group employees) for such product or the provision of such service
plus an additional amount of up to 500 basis points (i.e., 5.00%),
as determined by Dufry in its sole discretion.

 

ARTICLE X 

TAX
MATTERS

 

10.1. Provision
of Tax Services. Without limiting the generality of Article
VII hereof, the Company shall, and shall cause its Subsidiaries to,
comply with the Dufry Group’s tax policy as in effect from
time to time. The Company shall not, and shall not permit its
Subsidiaries, to engage any third Person to provide tax services to
the Company Group without the prior written approval of Dufry,
which may be withheld at Dufry’s sole
discretion.

 

10.2. Provision
of Information and Cooperation. Without limiting the
generality of ‎Article II hereof, the Company shall, and
shall cause its Subsidiaries to, provide all information requested
by any member of the Dufry Group in connection with any tax matter
concerning the Dufry Group, including the Company Group, and shall,
and shall cause its Subsidiaries to, cooperate with any member of
the Dufry Group that requests cooperation in connection with any
tax matter, including but not limited to the preparation of any tax
filing, interaction with a Governmental Authority including a
taxation authority or in connection with any litigation of a tax
matter, concerning the Dufry Group, including the Company
Group.

 

 

12

 

 

ARTICLE XI

EMPLOYEE
COMPENSATION EXPENSE

 

11.1. Dufry
PSU Plan. The Company shall reimburse the Dufry Group for
all costs incurred by the Dufry Group in connection with the
granting and vesting of any awards to employees of the Company
Group, either before or after the date of this Agreement, pursuant
to the Dufry PSU Plan.

 

ARTICLE XII

OTHER
AGREEMENTS

 

12.1. Further
Assurances.

 

(a) In addition to the
actions specifically provided for elsewhere in this Agreement, the
Company shall cause its Subsidiaries to take, or to cause to be
taken, all actions, and to do, or to cause to be done, all things
reasonably necessary on its part under applicable Law or
contractual obligations to consummate and make effective the
provisions of this Agreement.

 

12.2. Confidentiality.

 

(a) The Company
shall not, and shall cause its Subsidiaries and their respective
Representatives not to, directly or indirectly, disclose, reveal,
divulge or communicate to any Person other than Representatives of
such Party or of its Affiliates who reasonably need to know such
information in providing services to the Company or any member of
the Company Group or use or otherwise exploit for its own benefit
or for the benefit of any third Person, any Dufry Confidential
Information. For purposes of this Section 12.2, any Information,
material or documents relating to the businesses currently or
formerly conducted, or proposed to be conducted, by Dufry or any of
its Affiliates (other than any member of the Company Group)
furnished to or in possession of any member of the Company Group,
irrespective of the form of communication, and all notes, analyses,
compilations, forecasts, data, translations, studies, memoranda or
other documents prepared by the Company, any member of the Company
Group or their respective officers, directors and Affiliates, that
contain or otherwise reflect such information, material or
documents is hereinafter referred to as “Dufry Confidential
Information.”

 

(b) If the Company or
its Affiliates are requested or required (by oral question,
interrogatories, requests for information or documents, subpoena,
civil investigative demand or similar process) by any Governmental
Authority or pursuant to applicable Law to disclose or provide any
Dufry Confidential Information, as applicable, the entity or person
receiving such request or demand shall use all reasonable efforts
to provide Dufry with written notice of such request or demand as
promptly as practicable under the circumstances so that Dufry shall
have an opportunity to seek an appropriate protective order. The
Company shall take, and cause its representatives to take, all
other reasonable steps necessary to obtain confidential treatment
by the recipient. Subject to the foregoing, the Company may
thereafter disclose or provide any Dufry Confidential Information,
as the case may be, to the extent required by such Law (as so
advised by counsel) or by lawful process or such Governmental
Authority.

 

 

13

 

 

12.3. Insurance
Matters.

 

(a) Without limiting
the generality of Article VII hereof, the Company shall, and shall
cause its Subsidiaries to, comply with the Dufry Group’s
policy on insurance for members of the Dufry Group. At
Dufry’s option, the Company shall, and shall cause its
Subsidiaries to, participate in any insurance policy or arrangement
that Dufry effects, or causes to be effected, for the members of
the Dufry Group. The Company shall be responsible for any costs
(incurred by Dufry or otherwise) associated with effecting or
maintaining such policy or arrangement, as determined by Dufry in
its sole discretion.

 

12.4. IPO
Costs and Expenses. The Company shall pay all underwriting
fees, discounts and commissions incurred in connection with the
Initial Public Offering and all out-of-pocket costs and expenses of
the Parties in connection with the Initial Public
Offering.

 

12.5. Covenants
Against Taking Certain Actions Affecting Dufry. Except to
the extent otherwise contemplated by this Agreement, the Company
shall not, without the prior written consent of Dufry (which it may
withhold in its sole discretion) take, or cause to be taken,
directly or indirectly, any action, including making or failing to
make any election under the Law of any state, which has the effect,
directly or indirectly, of restricting or limiting the ability of
Dufry or any of its Affiliates to freely sell, transfer, assign,
pledge or otherwise dispose of any securities of the Company.
Without limiting the generality of the foregoing, the Company shall
not, without the prior written consent of Dufry (which it may
withhold in its sole discretion), take any action, or recommend to
its stockholders any action, which would limit the legal rights of,
or deny any benefit to, Dufry or any of its Affiliates in
Dufry’s capacity as a Company stockholder in a manner not
applicable to Company stockholders generally.

 

ARTICLE XIII

DISPUTE
RESOLUTION

 

13.1. General
Provisions.

 

(a) Any dispute,
controversy or claim arising out of or relating to this Agreement,
or the validity, interpretation, breach or termination thereof, or
any agreement or action contemplated thereby (a “Dispute”), shall be
resolved in accordance with the procedures set forth in this
Article XIII, which
shall be the sole and exclusive procedures for the resolution of
any such Dispute unless otherwise specified below.

 

(b) All communications
between the Parties or their representatives in connection with the
attempted resolution of any Dispute, including any mediator’s
evaluation, shall be deemed to have been delivered in furtherance
of a Dispute settlement and shall be exempt from discovery and
production, and shall not be admissible in evidence for any reason
(whether as an admission or otherwise), in any arbitral or other
proceeding for the resolution of the Dispute.

 

(c) The Parties
expressly waive and forego any right to trial by jury.

 

 

14

 

 

(d) The specific
procedures set forth below, including but not limited to the time
limits referenced therein, may be modified by agreement of the
Parties in writing.

 

(e) All applicable
statutes of limitations and defenses based upon the passage of time
shall be tolled while the procedures specified in this Article XIII are pending. The
Parties will take such action, if any, required to effectuate such
tolling.

 

(f) Notwithstanding
anything to the contrary contained in this Article XIII, any Dispute
relating to Dufry’s rights as a stockholder of the Company
pursuant to applicable Law, the Company’s Memorandum of
Association or the Company’s Amended and Restated Bye-Laws,
including Dufry’s rights as a stockholder of the Company,
will not be governed by or subject to the procedures set forth in
this Article
XIII.

 

13.2. Mediation.
The Board of Directors of either Party may submit any Dispute for
resolution by mediation in accordance with the Swiss Rules of
Commercial Mediation of the Swiss Chambers’ Arbitration
Institution in force on the date when the request for mediation was
submitted in accordance with these Rules. The seat of the mediation
shall be Zurich, although the meetings may be held elsewhere. The
mediation proceedings shall be conducted in English.

 

13.3. Arbitration.

 

(a) If a Dispute is not
resolved by mediation as provided in Section 13.2 within thirty (30)
days of the selection of a mediator (unless the mediator chooses to
withdraw sooner), either Party may submit the Dispute to be finally
resolved by arbitration in accordance with the Swiss Rules of
International Arbitration of the Swiss Chambers’ Arbitration
Institution in force on the date when the Notice of Arbitration was
submitted in accordance with those Rules. The Parties consent to a
single, consolidated arbitration for all known Disputes existing at
the time of the arbitration and for which arbitration is
permitted.

 

(b) The number of
arbitrators shall be three. The seat of the arbitration shall be in
Zurich. The arbitral proceedings shall be conducted in English. The
arbitration shall be conducted in accordance with the provisions
for expedited procedure.

 

(c) The Parties agree
to be bound by any award or order resulting from any arbitration
conducted in accordance with this Section 13.3 and further agree
that judgment on any award or order resulting from an arbitration
conducted under this Section 13.3 may be entered and
enforced in any court having jurisdiction thereof.

 

(d) Except as expressly
permitted by this Agreement, no Party will commence or voluntarily
participate in any court action or proceeding concerning a Dispute,
except (i) for enforcement as contemplated in paragraph (c) above,
to (ii) restrict or vacate an arbitral decision based on the
grounds specified under applicable Law, or (iii) for interim relief
as provided in paragraph (e) below.

 

 

15

 

 

(e) In addition to the
authority otherwise conferred on the arbitral tribunal, the
tribunal shall have the authority to make such orders for interim
relief, including injunctive relief, as it may deem just and
equitable. Notwithstanding paragraph (d) above, each Party
acknowledges that in the event of any actual or threatened breach
of the provisions of this Agreement, injunctive or other interim
relief may be sought immediately to restrain such breach. If the
tribunal shall not have been appointed, either Party may seek
interim relief from a court having jurisdiction if the award to
which the applicant may be entitled may be rendered ineffectual
without such interim relief. Upon appointment of the tribunal
following any grant of interim relief by a court, the tribunal may
affirm or disaffirm such relief, and the Parties will seek
modification or rescission of the court action as necessary to
accord with the tribunal’s decision.

 

(f) Each Party will
bear its own attorneys’ fees and costs incurred in connection
with the resolution of any Dispute in accordance with this
Article
XIII.

 

ARTICLE XIV

MISCELLANEOUS

 

14.1. Governing
Law. This Agreement shall be governed by and construed and
interpreted in accordance with the substantive Laws of
Switzerland.

 

14.2. Notices.
All notices, requests, claims, demands and other communications
under this Agreement shall be in writing and shall be given or made
(and shall be deemed to have been duly given or made upon receipt)
by delivery in person, by overnight courier service or by email
with receipt confirmed (followed by delivery of an original via
overnight courier service) or by registered or certified mail
(postage prepaid, return receipt requested) to the respective
Parties at the following addresses (or at such other address for a
Party as shall be specified in a notice given in accordance with
this Section
6.5):

 

If to
Dufry, to:

 

Brunngässlein
12,

CH
– 4010

Basel,
Switzerland

Attention: Group
General Counsel

E-mail:
legal@dufry.com

 

If to
the Company, to:

 

4 New
Square

Bedfont
Lakes

Feltham, Middlesex
TW14 8HA

United
Kingdom

Attention: General
Counsel

E-mail:
legal@hudsongroup.com

 

 

16

 

 

14.3. Severability.
If any term or other provision of this Agreement is invalid,
illegal or incapable of being enforced under any Law or as a matter
of public policy, all other conditions and provisions of this
Agreement shall nevertheless remain in full force and effect. Upon
such determination that any term or other provision is invalid,
illegal or incapable of being enforced, the Parties to this
Agreement shall negotiate in good faith to modify this Agreement so
as to effect the original intent of the Parties as closely as
possible in a mutually acceptable manner in order that the
transactions contemplated by this Agreement be consummated as
originally contemplated to the greatest extent
possible.

 

14.4. Entire
Agreement. Except as otherwise expressly provided in this
Agreement, this Agreement (including the Schedules and Exhibits
hereto) constitutes the entire agreement of the Parties hereto with
respect to the subject matter of this Agreement and supersedes all
prior agreements and undertakings, both written and oral, between
or on behalf of the Parties hereto with respect to the subject
matter of this Agreement.

 

14.5. Assignment;
No Third-Party Beneficiaries. This Agreement shall not be
assigned by any Party hereto without the prior written consent of
the other Parties hereto. This Agreement is for the sole benefit of
the Parties to this Agreement and the members of the Dufry Group
and the Company Group and their respective permitted successors and
assigns and nothing in this Agreement, express or implied, is
intended to or shall confer upon any other Person or entity any
legal or equitable right, benefit or remedy of any nature
whatsoever under or by reason of this Agreement.

 

14.6. Amendment.
No provision of this Agreement may be amended or modified except by
a written instrument signed by all the Parties to such agreement.
Either Party may, in its sole discretion, waive any and all rights
granted to it in this Agreement; provided, that no waiver by any Party
of any provision hereof shall be effective unless explicitly set
forth in writing and executed by the Party so waiving. The waiver
by any Party hereto of a breach of any provision of this Agreement
shall not operate or be construed as a waiver of any other
subsequent breach.

 

14.7. Rules
of Construction. Interpretation of this Agreement shall be
governed by the following rules of construction: (a) words in the
singular shall be held to include the plural and vice versa and
words of one gender shall be held to include the other gender as
the context requires, (b) references to the terms Article, Section,
paragraph, and Schedule are references to the Articles, Sections,
paragraphs, and Schedules to this Agreement unless otherwise
specified, (c) the word “including” and words of
similar import shall mean “including, without
limitation,” (d) provisions shall apply, when appropriate, to
successive events and transactions, (e) the table of contents and
headings contained herein are for reference purposes only and shall
not affect in any way the meaning or interpretation of this
Agreement and (f) this Agreement shall be construed without regard
to any presumption or rule requiring construction or interpretation
against the Party drafting or causing any instrument to be
drafted.

 

 

17

 

 

14.8. Counterparts.
This Agreement may be executed in one or more counterparts, and by
the different Parties to each such agreement in separate
counterparts, each of which when executed shall be deemed to be an
original but all of which taken together shall constitute one and
the same agreement. Delivery of an executed counterpart of a
signature page to this Agreement by facsimile shall be as effective
as delivery of a manually executed counterpart of any such
Agreement.

 

14.9. Term
and Termination.

 

(a) Subject to Section
14.9(b) hereof, this Agreement shall be effective as of the date
hereof and terminate on the date on which there are no Class B
common shares of the Company issued and outstanding.

 

(b) In its sole
discretion, without cause, Dufry may terminate this Agreement upon
giving six months’ notice to the Company. Without prejudice
to the foregoing sentence, in case of a termination by Dufry
without cause, upon request of the Company, Dufry will use its
commercially reasonable efforts to provide, on a case by case
basis, to the Company and/or its permitted sub-franchisees who, as
of the receipt by Dufry of Dufry’s termination notice,
operate certain shops in good faith reliance on the continued
duration of this Agreement, or franchise or other agreements that
terminate upon the termination of this Agreement, the right to
continue to use the reasonably necessary intellectual property
rights for the operation of the relevant shop(s) for a limited
term. Each such continued use shall: (i) fully comply with the
terms and conditions of this Agreement, or, as applicable,
franchise or other agreements that terminate upon the termination
of this Agreement (including, without limitation, regarding
remuneration), which shall continue to remain in force insofar as
the operation of the relevant shop(s) is concerned (but, for the
avoidance of doubt, not with regard to any other shops and/or any
other use of intellectual property rights); (ii) be limited to the
use expressly permitted by Dufry on a case by case basis; (iii)
cease immediately without further notice required in case of any
breach of the terms and conditions of this Agreement, or, as
applicable, franchise or other agreements that terminate upon the
termination of this Agreement, by the Company and/or its permitted
sub-franchisee that is not remedied within 30 (thirty) days after
Dufry’s request; and (iv) cease immediately without further
notice required, in respect of each shop for which an extension is
granted, upon the expiry of the remainder of the minimum term of
the concession, lease or similar agreement applicable to the
relevant Shop as in effect as of the receipt by Franchisee of
Franchisor's termination notice (without any extension or
prolongation).

 

14.10. Compliance
with Law and Existing Contractual Arrangements.

 

  Notwithstanding
anything to the contrary in this Agreement, no member of the Dufry
Group or the Company Group shall be required by the terms of this
Agreement to take any action if such action would result in a
violation of any federal, state, provincial or other law or
regulation, including any rules, regulations, policies or guidance
of the U.S. Federal Aviation Administration or any airport
authority, that is applicable to members of the Dufry Group or the
Company Group or cause such member of the Dufry Group or Company
Group to violate the terms of an agreement between a Dufry Group
member or a Company Group member and a third party existing at the
date hereof.

 

[The
remainder of this page is intentionally left blank]

 

 

 

18

 

 

IN
WITNESS WHEREOF, the Parties hereto have caused this Agreement to
be executed on the date first written above by their respective
duly authorized officers.

 

	
 

	
DUFRY INTERNATIONAL
AG
 

By: 

/s/ Julián Díaz González

Name:
Julián Díaz González

Title:
Director

 

By: 

/s/ Andreas Schneiter

Name:
Andreas Schneiter

Title:
Director

 

HUDSON
LTD.

 

By: 

/s/ Julián Díaz González

Name:
Julián Díaz González

Title:
Director

 

By: 

/s/ Juan Carlos Torres Carretero

Name:
Juan Carlos Torres Carretero

Title:
Director

 

 

 

19

 

Schedule 3.1

 

Loan
Agreement between Dufry Finances SNC and Hudson Group Inc., dated
February 13, 2013 ($123,204,207.74) (effective October 30,
2012)

 

Loan
Agreement between Dufry Finances SNC and Hudson Group Inc., dated
February 13, 2013 ($99,250,000.00) (effective October 30,
2012)

 

Loan
Agreement between Dufry Finances SNC and Hudson Group Inc., dated
February 13, 2013 ($78,500,000.00) (effective October 30,
2012)

 

Loan
Agreement between Dufry Finances SNC and Hudson Group Inc., dated
February 13, 2013 ($67,000,000.00) (effective October 30,
2012)

 

Loan
Agreement between Dufry Finances SNC and Dufry Newark Inc., dated
February 13, 2013 ($2,800,000.00) (effective October 30,
2012)

 

Loan
Agreement between Dufry Finances SNC and Dufry Newark Inc., dated
February 13, 2013 ($850,000.00) (effective October 30,
2012)

 

Loan
Agreement between Dufry Finances SNC and Dufry Newark Inc., dated
February 13, 2013 ($600,000.00) (effective October 30,
2012)

 

Loan
Agreement between Dufry Finances SNC and Dufry Newark Inc., dated
February 13, 2013 ($290,637.02) (effective October 30,
2012)

 

Loan
Agreement between Dufry Finances SNC and Hudson Group Inc., dated
December 19, 2013 ($21,000,000.00)

 

Loan
Agreement between Dufry Finances SNC and Hudson Group Inc., dated
December 19, 2013 ($16,000,000.00)

 

Loan
Agreement between Dufry Finances SNC and Hudson Group Inc., dated
December 19, 2013 ($7,700,000.00)

 

Loan
Agreement between Dufry Finances SNC and Hudson Group Inc., dated
December 19, 2013 ($5,900,000.00)

 

Loan
Agreement between Dufry Finances SNC and Dufry North America LLC,
dated November 2, 2015 ($55,700,000.00)

 

Loan
Agreement between Dufry Finances SNC and WDFG North America LLC,
dated December 18, 2015 ($50,000,000.00)

 

Loan
Agreement between Dufry International and Dufry Houston DF &
Retail Part., dated December 31, 2016 ($2,994,066.78)

 

Assignment
of Loan Receivables Agreement between Dufry Finances SNC and Dufry
International AG, dated February 2, 2017

 

Loan
Agreement between Dufry Financial Services B.V. and The Nuance
Group (Canada) Inc., dated August 1, 2017 (CAD
$195,030,000)

 

 

20

 

 

Schedule 5.1

 

 

Franchising
Agreement between Dufry International AG and Hudson Group (HG),
Inc., dated February 1, 2018

 

Hudson
Trademark License Agreement between Dufry International AG and
Hudson Group (HG), Inc., dated February 1, 2018

 

Franchising
Agreement between Dufry International AG and The Nuance Group
(Canada) Inc., dated February 1, 2018

 

Franchising
Agreement between Dufry International AG and WDFG Vancouver L.P.,
dated February 1, 2018

 

 

 

 

 

 

 

21

 

 

Schedule 5.2

 

 

Retail
Shop Concepts Services Agreement between Hudson Group (HG), Inc.
and Dufry International AG, dated March 15, 2010

 

 

 

 

 

 

 

 

 

 

 

 

22

 

 

Schedule 5.3

 

 

Support
Services Agreement between WDFG SA and WDFG Vancouver L.P., dated
September 20, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23

 

 

Schedule 9.1

 

 

Agreement
for the Provision of Services between Dufry Newark, Inc. and Dufry
Management Ltd., dated July 7, 2009

 

IT
Support Services Agreement between Dufry Management Ltd and The
Nuance Group (Canada) Inc., dated June 28, 2016

 

IT
Support Services Agreement between Dufry Management Ltd and The
Nuance Group (US) Inc., dated June 28, 2016

 

IT
Support Services Agreement between WDFG SA and WDFG Vancouver L.P.,
dated September 13, 2017

 

 

 

 

 

 

 

 

 

24Blueprint

 
Exhibit 4.4

 

HUDSON
Trademark

License

Agreement

 

 

 

Between

 

 

 

DUFRY
INTERNATIONAL AG

(SWITZERLAND)

 

 

 

and

 

 

Hudson
Group (HG) Inc

(USA)

 

 

HUDSON Trademark licence agreement

 

 

INDEX

 

	

I. PARTIES  

	

1

	

II. RECITALS  

	

2

	

II. DEFINITIONS AND INTERPRETATION  

	

3

	

A.  DEFINITIONS  

	

3

	

B.  INTERPRETATION GUIDELINES  

	

4

	

III. COVENANTS  

	

5

	

Article 1

	

Object

	

5

	

Article 2

	

Territory

	

5

	

Article 3

	

IP Rights

	

5

	

Article 4

	

Validity - Effective Date

	

5

	

Article 5

	

Sub-Licence

	

5

	

Article 6

	

Remuneration

	

5

	

Article 7

	

Licensee’s Rights And Obligations

	

6

	

7.1

	

Exercise of Trademark

	

6

	

7.2

	

Use of Intellectual Property

	

6

	

Article 8

	

DIAG’s Rights And Obligations

	

6

	

8.1

	

Provision of Materials

	

6

	

8.2

	

Exclusivity

	

6

	

8.3

	

Trademark Maintenance

	

6

	

Article 9

	

Ownership Of Intellectual Property

	

6

	

Article 10

	

Registration Of HGI As Registered User

	

7

	

Article 11

	

Other Marketing Intangibles

	

7

	

Article 12

	

Quality Control, Inspection & Reporting

	

7

	

12.1

	

Quality Control

	

7

	

12.2

	

Inspection

	

7

	

12.3

	

Reporting

	

7

	

Article 13 

	

Infringement By Unauthorised Persons

	

8

	

Article 14

	

HGI’s  Infringement of Third Parties’
Rights

	

8

	

Article 15

	

Confidentiality

	

8

	

Article 16

	

Transferability

	

8

	

Article 17

	

No Represenations or Warranties

	

8

	

Article 18

	

Termination

	

9

	

Article 19

	

HGI's Obligations On Termination

	

9

	

Article 20

	

No Goodwill Redundancy On Termination

	

9

	

Article 21

	

Entire Agreement

	

10

	

Article 22

	

Other Contractual Relationships Between The Parties

	

10

	

Article 23

	

Severability

	

10

	

Article 24

	

Successors And Assignees

	

10

	

Article 25

	

Independent Parties

	

10

	

Article 26

	

Costs And Taxes

	

11

	

26.1

	

Costs

	

11

	

26.2

	

Taxes

	

11

	

Article 27

	

Force Majeure

	

11

	

Article 28

	

Non-Waiver And Cumulative Rights

	

11

	

Article 29

	

Notices

	

11

	

Article 30

	

Applicable Law

	

12

	

Article 31

	

Dispute Resolution and Arbitration

	

12

	

Article 32

	

Further Assurances

	

13

 

 

HUDSON Trademark License agreement

 

I. PARTIES

 

On one side

 

Dufry
International AG, a Swiss stock corporation duly incorporated and
existing under the laws of Switzerland with registered office at
Hardstrasse 95, CH-4020 Basel, Switzerland

 (hereinafter referred to as "DIAG" or the
“Licensor”)

 

and on the other side

 

Hudson
Group (HG), Inc., a corporation duly incorporated and existing
under the laws of the State of Delaware, United States of America
with registered office at 1 Meadowlands Plaza New Jersey 07073 East
Rutherford, USA

 

(hereinafter referred to as "HGI” or the
“Licensee”)

 

 

 

 

Page 1

HUDSON Trademark licence agreement

 

II. RECITALS

 

This
agreement is to be read in conjunction with the Retail Shop Concept Development
Agreement entered into by and between Licensor and Licensee
as of March 16, 2010.

 

This
agreement makes reference to the following facts:

 

I.

WHEREAS, the Dufry Group is one of the
world’s leading operators of shops that sells luxury consumer
products and is engaged in the retail business with “duty
free” and “duty paid” concessions located at
airports, borders, on cruise liners, seaports, ferries, railway
stations and city centre locations;

 

II.

WHEREAS, DIAG is the owner of certain
know-how, intellectual property rights, marks, and confidential
information relating to the design, development, marketing
concepts, operation and management of retail shops, as defined
herein;

 

III.

WHEREAS, HGI acknowledges the prior
contribution of DIAG to the HUDSON Trademark and marketing
intangibles, including its Development, Enhancement, Maintenance,
Protection and Exploitation (hereinafter referred to collectively
as “DEMPE”);

 

IV.

WHEREAS, DIAG and HGI acknowledge that
DIAG will be in charge of all DEMPE functions related to the HUDSON
Trademark;

 

V.

WHEREAS, the Parties have entered into
an Agreement for Development of Retail Shop Concepts ("RSC
Agreement") effective as of the Effective Date January 4, 2010,
under which DIAG engaged HGI to perform services in order to
maintain and further develop the intellectual property associated
with the Hudson Trademark;

 

VI.

WHEREAS, DIAG has determined that Hudson
Ltd., a company incorporated under the laws of Bermuda and wholly
owned subsidiary of DIAG, will list its Class A Common Shares on
the New York Stock Exchange (the “NYSE Listing”), in
connection with which DIAG will offer a certain number of such
Class A Common Shares for sale in an initial public offering
“(IPO”); and

 

VII.

WHEREAS, Hudson Ltd. will become the
indirect parent company of HGI as part of a series of transactions
among various direct and indirect subsidiaries of DIAG (the
“Reorganization”), and in connection with the NYSE
Listing, IPO and Reorganization, HGI wishes to acquire, and DIAG is
willing to grant to HGI, (a) a licence to the Trademark for
HGI’s own use as well as the right to sub-licence the
Trademark to subsidiaries of HGI under the terms and conditions of
this Agreement and (b) an exclusive license to utilize the
know-how, intellectual property rights, marks, and confidential
information for the territory and period stipulated in the this
Agreement solely in accordance with the terms and conditions of
this Agreement.

 

NOW THEREFORE in consideration of the mutual covenants and
agreements hereinafter contained and for other good and valuable
consideration (the receipt and sufficiency of which is acknowledged
by each of the parties hereto) the parties covenant and agree each
with the other as follows:

 

 

Page 2

HUDSON Trademark licence agreement

 

II.
DEFINITIONS AND INTERPRETATION

 

A.
DEFINITIONS

 

For the
purposes of this Agreement, the following terms shall have the
following meanings:

 

●

“Affiliate”
shall mean any subsidiary or controlled affiliate, which includes
any legal entity that is directly or indirectly, through the
majority of voiting rights, equity capital or otherwise by
exercising a controlling influence, controlled by a
Party.

 

●

“Agreement”
shall mean this Agreement.

 

●

"Effective Date"
shall mean the date as from which this Agreement shall be deemed
effective in accordance with Article 4 below.

 

●

“Territory”
shall mean the Territory referred to in Article 2.

 

●

“HGI
Group” shall mean HGI and its subsididaries and controlled
affiliates.

 

●

“IP
Rights” shall mean collectively certain trademarks,
trade-name related marketing intangibles or other intellectual
property rights, which are legally and/or economically owned by
DIAG or to which DIAG has a right of use, all as further defined in
Article 3.

 

●

“Fair
Value” shall mean purchase price determined by an external
valuation report prepared by KPMG Switerland.

 

●

"The
Dufry Group" shall mean all the companies affiliated to the Parties
by whatsoever corporate links in whatever
jurisdiction.

 

●

“Party”
or “Parties” shall mean DIAG and HGI referred to alone
or collectively.

 

●

“Shops”
shall mean brick and mortar travel retail outlets, spaces, or
concessions operated by HGI and its permitted sub-licensees (if
any) in the Territory with the approval of DIAG.

 

 

Page 3

HUDSON Trademark licence agreement

 

B. INTERPRETATION
GUIDELINES

 

●

A
reference to a person, corporation, trust, partnership,
unincorporated body or other entity includes any of
them

 

●

A
reference to an article, a clause, a chapter or a schedule is a
reference to an article, a clause, a chapter or a schedule of this
Agreement.

 

●

The
singular includes the plural and conversely, unless otherwise
expressly indicated.

 

 

 

 

 

 

 

Page 4

HUDSON Trademark licence agreement

 

III. COVENANTS

 

Article
1      Object

Subject
to and in accordance with the terms and conditions of this
Agreement, DIAG agrees to grant and herewith grants to Licensee the
right to use the IP Rights as further defined under Article 3 below
for the purpose of the operation of the Shops in the
Territory.

 

This
Agreement sets forth the terms and conditions of, as well as the
respective rights and obligations of, both Parties under the terms
of this grant.

 

Article
2     
Territory

The
"Territory" shall mean and include the continental United States,
Hawaii and Canada.

 

Article
3     
IP Rights

The IP
Rights are limited to the following:

 

●

The HUDSON
Brand/Trademark (including logo and signage, as well as applicable
colours and fonts) (the “Trademark”);

 

●

Global Brand
Guidelines (technical details regarding application of the
brand);

 

●

How to utilise the
logo within stores (e.g. on banners, logos, point of sale machines,
sales tickets, plastic bags etc);

 

●

How to utilise the
brand on stationary (letters, business cards, signage
etc).

 

Article
4     
Validity - Effective Date

This
Agreement shall be effective as from January 1, 2018, which shall
be deemed to be the Effective Date.

 

This
Agreement has a term of 7 years validity from the Effective Date or
terminated in accordance with Article 18 hereunder.

 

Article
5     
Sub-Licence

HGI has
the full right to sub-licence to its Affiliates. HGI shall under
the terms of this Agreement not have the right to grant any
sub-licences of the Trademark to any other third parties without
DIAG’s prior written consent, which shall not be unreasonably
withheld. HGI shall procure that any of its sub-licensees fully
comply with the terms and conditions of this Agreement and HGI
shall be responsible for any acts (and omissions) of its
sub-licensees as if they were HGI's own acts (and
omissions).

 

Article
6     
Remuneration

The
license granted by this Agreement shall be fully paid and royalty
free. For the avoidance of doubt, this Agreement shall not
supersede any provision of any franchise agreement between DIAG and
any member of the HGI Group

 

 

Page 5

HUDSON Trademark licence agreement

 

Article
7     
Licensee’s Rights And Obligations

 

7.1     
Exercise of Trademark

HGI has
the right and the obligation to make full use of the Trademark in
accordance with the terms and conditions of this Agreement and
DIAG's instructions during the term of validity of this Agreement.
Furthermore HGI acknowledges and agrees that the Trademark granted
in this Agreement applies only in connection with the Shops and the
products and – if at all applicable – services sold
therein and may not be used for any other purpose.

 

HGI
hereby undertakes to exercise the Trademark in such a manner which
is not in any manner detrimental for the business and/or the
reputation of DIAG and/or the Dufry Group.

 

7.2     
Use of Intellectual Property

All use
of the IP Rights shall conform fully with all written policies,
standards and instructions of DIAG supplied to HGI from time to
time. HGI may not use the IP Rights in a manner, which would injure
the reputation or goodwill of DIAG or the Dufry Group. HGI further
agrees that it will not use the IP Rights for activities, products
and services, which are not within the scope of business operation
of the Shops.

 

HGI
hereby agrees that any use of the IP Rights by HGI outside the
terms and conditions of this Agreement is and shall be deemed as
infringement of DIAG’s rights.

 

Article
8     
DIAG’s Rights And Obligations

 

8.1     
Provision of Materials

DIAG
undertakes to provide HGI with the rights owned by or licensed to
DIAG and with information and materials which DIAG deems reasonably
necessary or convenient in order to enable HGI to exercise its
rights in accordance with this Agreement.

 

8.2     
Exclusivity

DIAG
commits to abstain, as long as this Agreement remains in force,
from granting to any other person or entity a license to the
Trademark for the Territory.

 

8.3     
Trademark Maintenance

Without
prejudice to any other term of this Agreement (including, without
limitation, Articles 13 and 14), DIAG undertakes to use its
commercially reasonable best efforts to maintain and defend the
Trademark during the term of this Agreement. Notwithstanding the
foregoing in this Article 8.3, the Parties agree that DIAG may in
its sole discretion at any time during the term of this Agreement
make changes to the IP Rights, including, without limitation, by
amending the Trademark and/or any of the marketing intangibles
and/or by amending, adding and/or removing trademark registrations
to resp. from the scope of the license grant.

 

Article
9     
Ownership Of Intellectual Property

The
parties hereto hereby acknowledge that between the Parties DIAG is
the exclusive owner or has otherwise the exclusive right to use and
license the IP Rights and all goodwill associated therewith.
Furthermore the parties expressly agree that except as expressly
provided in this Agreement, HGI acquires no right, title or
interest in any of the IP Rights or related marketing intangibles.
HGI shall not in any manner represent that it has any economic
ownership interest in the IP Rights or applications thereof. HGI
may not at any time dispute or contest, directly or indirectly, the
validity, ownership or enforceability of any of the IP Rights, nor
directly or indirectly attempt to dilute the value of the goodwill
attached to any of the IP Rights.

 

 

Page 6

HUDSON Trademark licence agreement

 

Article
10     
Registration Of HGI As Registered User

Should
the registration of HGI as registered user of the IP Rights be
possible, necessary or convenient in any public or private
register, HGI agrees, upon request by DIAG made at any time after
the execution of this Agreement, to join DIAG in applying for such
registration as registered user or any analogue registration in
respect to the IP Rights or a part of them. HGI agrees to execute
all documents and do all acts necessary or convenient to obtain
such registration, as well as any documents, which might be
necessary for the variation, completion or cancellation of such
registration.

 

HGI
shall not at any time during the term of this Agreement or at any
time after its termination use its capacity as registered user of
the IP Rights to do any act or assist any person in doing any act
which may in any way invalidate, impair or prejudice the rights or
title of DIAG, whichever nature these rights might have, in the IP
Rights.

 

Article
11     
Other Marketing Intangibles

As far
as registered or registerable, HGI undertakes hereby not to
register the Trademark and/or marketing intangibles or any
marketing intangibles confusingly similar thereto. Any application
or registration in breach of this Article shall endure to the
benefit of and be beneficially owned by DIAG. HGI shall assign to
DIAG at its request and its own expense all rights, title and
interest in any such application or registration.

 

Article
12     
Quality Control, Inspection & Reporting

 

12.1     
Quality Control

HGI
agrees that it shall only exercise the Trademark within the scope
of business of the Shops and that such operation shall conform in
nature and quality and shall be performed by HGI in compliance with
this Agreement, as well as in accordance with the quality standards
and specifications set by DIAG, in its sole discretion from time to
time. Without limiting the foregoing, HGI agrees that the operation
of the Trademark by HGI shall be of high quality standards
prevailing in the sector and consistent with that quality standard
maintained by DIAG in connection with comparable businesses. HGI
further agrees that the operation of the Trademark shall be in
conformity with all laws, rules and regulations applicable to HGI
as well as with the laws applicable in the Territory.

 

12.2     
Inspection

DIAG or
its authorised agents shall have the right at any time to inspect
the Shops, the performance thereof and any relevant documents,
materials and records related to the Shops in order to determine
whether HGI has complied with its obligations under this
Agreement.

 

12.3     
Reporting

HGI
agrees to report to DIAG at the latter's request about the exercise
and use of the Trademark by HGI and its sub-licensees and their
compliance with the terms and conditions of this Agreement. For the
purposes of this reporting, DIAG shall be entitled to provide HGI
with a standard form to be filled in by HGI. HGI undertakes
further, at the request of DIAG, to have its statutory independent
auditors certifying the completeness and accuracy of such
reports.

 

 

Page 7

HUDSON Trademark licence agreement

 

Article
13     
Infringement By Unauthorised Persons

HGI
agrees to immediately give notice to DIAG of any conflicting use or
any act of infringement or passing off by unauthorized persons
which comes to its or its sub-licensees attention involving the IP
Rights or any variation or imitation thereof. Upon DIAG's request,
HGI shall provide at its own cost all reasonable support and
assistance to DIAG in any action taken by DIAG to defend against
any infringement of and/or to enforce its rights.

 

Article
14     
HGI’s Infringement of Third Parties’
Rights

HGI
agrees to immediately give notice to DIAG of any demand, claim
and/or action involving the IP Rights that is made or threatened by
any person against HGI and/or any of its sub-licensees. HGI shall,
and shall cause its relevant sub-licensee(s) to, upon DIAG's option
and request, allow (i) either DIAG to undertake the defence against
any such demand, claim and/or action or (ii) defend against such
demand, claim and/or action in accordance with DIAG's instructions.
HGI and/or its sub-licensees shall not agree to any settlement or
any judicial finding or award that is reviewable by a higher
authority without the express prior written approval of DIAG. HGI
shall, and shall cause its relevant sub-licensee(s) to, further
implement the measures identified by DIAG to prevent any further
infringement of any third party rights by the use of the IP
Rights.

 

Article
15     
Confidentiality

Both
parties acknowledge that by virtue of this Agreement they may have
direct or indirect access and acquire knowledge of the other
Party’s confidential information. Both parties undertake
hereby to hold in absolute confidence all and any information and
not to use, disclose, reproduce or dispose of any information in
any manner other than (i) as expressly provided for in this
Agreement, or (ii) required under applicable law or regulation, in
the good understanding that the undertaking contemplated in this
Article 16 shall survive in case of termination of this Agreement,
being irrelevant the reasons of such a termination.

 

Article
16     
Transferability

This
Agreement and all rights and obligations arising here from shall
not be transferred by either party to a third party without the
express previous consent from the other party, which shall be in
writing.

 

Article
17     
No Represenations or Warranties

Notwithstanding
any other provision in this Agreement, HGI acknowledges and agrees
that the IP Rights are made available to HGI on an "as-is" basis
without any representation or warranty, including, without
limitation, without any representation or warranty regarding the
validity, enforceability and/or non-infringement of the IP Rights.
To the maximum extent permitted by applicable law, DIAG hereby
disclaims any liability for any damages or detrimental consequences
which may arise for the HGI as a direct or indirect consequence of
the HGI's exercise of its rights or fulfilment of its obligations
under this Agreement.

 

 

Page 8

HUDSON Trademark licence agreement

 

Article
18     
Termination

In the
event either Party defaults on its obligations as provided for in
this Agreement, the other Party shall give the defaulting Party
written notice of said default. If the defaulting Party does not
cure said default to the satisfaction of the other Party and
notifies in writing such other Party of such cure within 10 (ten)
calendar days after receipt of the notice of default, then the
Party having given notice of default may terminate this Agreement.
This termination shall then be effective immediately upon
notification of termination.

 

Without
limiting the generality of the foregoing statement, and just with
explanatory effect, this Agreement may be terminated by either
party with immediate effect in the following cases:

 

(i)

if the other party
is in an insolvency, bankruptcy or similar situation or in any
other legal situation which might lead thereto;

 

(ii)

if there is any
change in the ownership of more than 50% of the other party’s
voting stock (other than in case of Dufry group internal
restructuings), including but not limited to the case of
expropriation, nationalisation or whatsoever manner of exercise of
governmental control upon the other party.

 

The
Parties further agree that this Agreement shall terminate upon the
effective date of any termination or expiry, if any, of the Master
Relationship Agreement entered into between Franchisor and Hudson
Ltd. dated February 1, 2018.

 

Article
19     
HGI's Obligations On Termination

Upon
the proper termination of this Agreement for any reason whatsoever,
HGI shall immediately cease to be a licensee of DIAG and shall
immediately cease to exercise, directly or indirectly, in any
manner whatsoever any rights arising out of the Trademark and
shall, forthwith upon request by DIAG, sign all documents and take
such actions as may be necessary to cancel any registration in
whatsoever register of HGI as a user of the Trademarks and/or the
marketing intangibles. Further HGI shall return to DIAG, at the
sole discretion of DIAG, all materials which have been provided by
DIAG.

 

Article
20     
No Goodwill Redundancy On Termination

Any and
all goodwill which accrues or which has accrued from the Trademark
has accrued and shall accrue for the benefit of DIAG and if so
requested by DIAG at any time or on the termination of this
Agreement, HGI shall assign all goodwill to DIAG.

 

For the
case that HGI has prior to the date of execution of this Agreement
already exercised any right inherent to the Trademark, HGI
acknowledges that all such use has been under the control of DIAG.
Insofar as HGI might have been regarded as the proprietor of the IP
Rights for the purposes of any applicable law, HGI hereby confirms
that it has abandoned in favour of DIAG its proprietorship in the
IP Rights.

 

Consequently,
upon the proper termination of this Agreement for any reason
whatsoever, HGI shall in no case be entitled to receive from DIAG
any kind of compensation, redundancy fee or whatever payment from
DIAG on the basis of any goodwill which might have arisen out of
HGI’s compliance with its obligations under this
Agreement.

 

 

Page 9

HUDSON Trademark licence agreement

 

In the
unlikely case that any applicable law would vest HGI with any right
to claim from DIAG any payment based on goodwill, HGI hereby
waives, to the full extend permitted by law, any right to claim
such payment and simultaneously declares hereby that, in case of
its entitlement being compulsory by law, it hereby assigns any
payment in full to DIAG without requesting any compensation
therefore.

 

Article
21     
Entire Agreement

This
Agreement constitutes the entire agreement between the parties in
connection to the subject matter hereof and supersede all prior
agreements, understandings, negotiations and discussions with
respect to the subject matter hereof whether written or oral.
Except as provided in this Agreement, there are no conditions,
representations, warranties, undertakings, promises, inducements or
agreements whether direct or indirect, collateral, expressed or
implied made by DIAG to HGI.

 

No
supplement, modification or waiver of this Agreement shall be
binding unless executed in writing by authorised officers of DIAG
and HGI.

 

Article
22     
Other Contractual Relationships Between The
Parties

The
parties hereto acknowledge that they have or may have in the future
other contractual relationships between them. It is both
parties’ interest and intention that the different
contractual relationships between the parties are kept separated
from each other and that the matters regulated in this Agreement
shall in no way be affected by any term or condition other than
those set forth in this Agreement.

 

Article
23     
Severability

The
invalidity or unenforceability of any provision or any covenant of
this Agreement in any jurisdiction shall not affect the validity or
enforceability of such provision or covenant in any other
jurisdiction or of any other provision or covenant hereof or herein
contained and any invalid provision or covenant shall be deemed to
be severable. The Parties shall negotiate in good faith in order to
replace the provision declared invalid or unenforceable with a new
provision, valid and enforceable, which preserves the original
intention of the parties.

 

Article
24     
Successors And Assignees

This
Agreement shall endure to the benefit of and be binding upon DIAG
and HGI and their respective legal representatives, successors and
permitted assignees.

 

Article
25     
Independent Parties

HGI is
and will at all times remain an independent party of DIAG and is
not and shall not represent itself to be the agent, joint venturer
or partner of DIAG. No representations will be made or acts taken
by HGI which could establish any apparent relationship of agency,
joint venture or partnership and DIAG shall not be bound in any
manner whatsoever by any agreements, warranties or representations
made by HGI to any other person or with respect to any other action
of HGI. No acts of assistance given by DIAG to HGI shall be
construed to alter this relationship.

 

 

Page
10

HUDSON Trademark licence agreement

 

Article
26     
Costs And Taxes

 

26.1     
Costs

All
costs related to the implementation of this Agreements and the
execution of any actions therefore, such as but not limited to
HGI’s registration in any relevant register, renewal
procedures thereof or whatsoever governmental fees, shall be borne
by DIAG. For the avoidance of doubt, this Article 26.1 shall not
apply to the costs of the use of the IP Rights, including, without
limitation, the operation of the Shops, by HGI and its
sub-licensees.

 

26.2     
Taxes

DIAG
shall be completely responsible for any taxes now or hereafter
imposed on DIAG with respect to the transactions contemplated
hereunder, and HGI shall be completely responsible for any taxes
now or hereafter imposed on HGI with respect to the transactions
contemplated hereunder.

 

Article
27     
Force Majeure

Neither
DIAG nor HGI shall be liable in damages, or shall be subject to
termination of this Agreement by the other party, for any delay or
default in performing any obligation hereunder if that delay or
default is due to any cause beyond the reasonable control and
without fault or negligence of that party, provided that, in order
to excuse its delay or default hereunder, a party shall notify the
other of the occurrence or the cause, specifying the nature and
particulars thereof and the expected duration thereof, and
provided, further, that within 15 (FIFTEEN) calendar days after the
termination of such occurrence or cause, that party shall give
notice to the other party specifying the date of termination
thereof. All obligations of both parties shall return to being in
full force and effect upon termination of such occurrence or
clause.

 

For the
purposes of this Agreement, a "cause beyond the reasonable control"
of a party shall include, without limiting the generality of the
phrase, any act of God, act of any government (excepting the causes
contained in Article 19.2), or other statutory undertaking,
industrial dispute, fire, explosion, accident, power failure,
flood, riot, or war (declared or undeclared).

 

Article
28     
Non-Waiver And Cumulative Rights

The
failure of either party to exercise any right, power or option
given hereunder or to insist upon the compliance with the terms and
conditions hereof by the other party shall not constitute a waiver
of the terms and conditions of this Agreement with respect to that
or any other or subsequent breach thereof nor a waiver by the
non-exercising party of its rights at any time thereafter to
require strict compliance with all terms and conditions hereof
including the terms or conditions with respect to which
non-complying party has failed to exercise such right or option.
The rights of each party hereunder are cumulative.

 

Article
29     
Notices

All
notices, consents and approvals (hereinafter referred to as a
"Notice") permitted or required to be given hereunder shall be
deemed to be sufficiently and duly given if written and delivered
personally or sent by courier or transmitted by facsimile
transmission or other form of recorded communication tested prior
to transmission, addressed as follows:

 

 

Page
11

HUDSON Trademark licence agreement

 

If to
DIAG:

 

Dufry
International AG

Brunngässlein
12

CH-4010
Basel

Switzerland

 

and if
to HGI:

 

Hudson
Group (HG) Inc

One
Meadowlands Plaza, 11th Floor

East
Rutherford

New
Jersey, 07073

 

Any
notice so given shall be deemed to have been received on the date
of delivery if sent by courier, facsimile transmission or other
form of recorded communication, as the case may be. Either party
from time to time by Notice may change its address for the purposes
of this Agreement.

 

Article
30     
Applicable Law

This
Agreement shall be governed and construed in accordance with the
substantive laws of Switzerland, excluding
its conflict of laws principles and excluding the UN Convention on
Contracts for the International Sale of Goods.

 

 

Article
31     
Dispute Resolution and Arbitration

Any
dispute, controversy or claim arising out of or relating to this
Agreement, or the validity, interpretation, breach or termination
thereof, or any agreement or action contemplated thereby (a
“Dispute”), shall be resolved in accordance with the
procedures set forth in this Article 32, which shall be the sole
and exclusive procedures for the resolution of any such Dispute
unless otherwise specified below.

 

The
Board of Directors of either Party may submit any Dispute for
resolution by mediation in accordance with the Swiss Rules of
Commercial Mediation of the Swiss Chambers’ Arbitration
Institution in force on the date when the request for mediation was
submitted in accordance with these Rules. The seat of the mediation
shall be Zurich, although the meetings may be held elsewhere. The
mediation proceedings shall be conducted in English.

 

If a
Dispute is not resolved by mediation as provided in this Article 32
within thirty (30) days of the selection of a mediator (unless the
mediator chooses to withdraw sooner), either Party may submit the
Dispute to be finally resolved by arbitration pursuant in
accordance with the Swiss Rules of International Arbitration of the
Swiss Chambers’ Arbitration Institution in force on the date
when the Notice of Arbitration was submitted in accordance with
those Rules. The Parties consent to a single, consolidated
arbitration for all known Disputes existing at the time of the
arbitration and for which arbitration is
permitted.

 

 

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12

HUDSON Trademark licence agreement

 

The
number of arbitrators shall be three. The seat of the arbitration
shall be in Zurich. The arbitral proceedings shall be conducted in
English. The arbitration shall be conducted in accordance with the
provisions for expedited procedure.

 

Article
32     
Further Assurances

The
parties hereto agree to do or cause to be done all acts or things
necessary to implement and carry into effect this Agreement to its
full extent, including any kind of public deed or official document
which could be required according to the laws of Switzerland, the
laws of the Territory or to the laws applying to either HGI or the
Trademark.

 

IN WITNESS THEREOF the parties hereto have entered into this
Agreement on the date and place set hereunder and have executed it
in two originals, both of them together constituting one and the
same document.

 

 

For DIAG:

 

 

DATED at Basel this 1st day of February 2018

 

	
Signature:  

	
/s/
Julián
Díaz González

	

 

	

Signature:  

	
/s/
Andreas
Schneiter

	

 

	
Name:    

	
Julián
Díaz González

	

 

	

Name:  

	
Andreas
Schneiter

	

 

	
Title:  

	
Director

	

 

	

Title:  

	
Director

	

 

 

For HGI:

 

 

DATED at Basel this 1st day of February 2018

 

	Signature:	
/s/
Julián
Díaz González 

	

 

	

Signature:  

	
/s/
Andreas
Schneiter

	

 

	Name:  	
Julián
Díaz González 

	

 

	Name:  	
Andreas
Schneiter

	

 

	Title:  	
Director 

	

 

	Title:  	Director
	

 

 

 

 

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