Document:

TAP EX 10.11_2012.6.30 10Q

Exhibit 10.11
AMENDMENT NO. 2

AMENDMENT NO. 2 (this “Amendment”) dated as of June 29, 2012 among MOLSON COORS BREWING COMPANY (the “Company”), MOLSON COORS BREWING COMPANY (UK) LIMITED, MOLSON CANADA 2005, MOLSON COORS CANADA INC. AND MOLSON COORS INTERNATIONAL LP (together with the Company, collectively, the “Borrowers”), the Lenders that are signatories to this Amendment and DEUTSCHE BANK AG NEW YORK BRANCH, in its capacity as Administrative Agent under the Credit Agreement referred to below (the “Administrative Agent”).

The Borrowers, the lenders parties thereto and the Administrative Agent are parties to a Credit Agreement dated as of April 3, 2012 (as amended, supplemented or otherwise modified and in effect immediately prior to the effectiveness of this Amendment, the “Credit Agreement”).

The Company has requested that the “Guarantee Requirement” be amended to exclude Molson Coors European Holdco Limited from the requirement to Guarantee the Obligations of the UK Borrowing Subsidiaries specified in clause (iv) of the definition of “Guarantee Requirement”.

The parties hereto wish now to amend the Credit Agreement in certain respects, and, accordingly, the parties hereto hereby agree as follows:

Section 1.  Definitions.  Except as otherwise defined in this Amendment, terms defined in the Credit Agreement are used herein as defined therein.

Section 2.  Amendments.  Subject to the receipt by Administrative Agent of counterparts of this Amendment executed by Company and each Guarantor, but effective as of the date hereof, the Credit Agreement shall be amended as follows:

2.01.  References Generally.  References in the Credit Agreement (including references to the Credit Agreement as amended hereby) to “this Agreement” (and indirect references such as “hereunder”, “hereby”, “herein” and “hereof”) shall be deemed to be references to the Credit Agreement as amended hereby.  

2.02.  Certain Defined Terms.  The definition of “Guarantee Requirement” set forth in Section 1.01 of the Credit Agreement shall be amended by adding the following sentence immediately at the end thereof: 

“Notwithstanding the provisions of clause (iv) of the foregoing sentence, Molson Coors European Holdco Limited shall not be required to execute a Subsidiary Guarantee Agreement.”

Section 3.  Representations and Warranties.  Each Borrower represents and warrants to the Agents and the Lenders that (a) the representations and warranties set forth in Article III of the Credit Agreement (after giving effect to the amendments contemplated herein), other than those set forth in Sections 3.04(b) and 3.06(a) thereof, and in each of the other Loan Documents are true and correct on and as of the date hereof as if made on and as of the date hereof unless such representations and warranties expressly relate to an earlier date, in which case they are true on and as of such date, and as if each reference in said Article III to “this Agreement” included reference to this Amendment, and (b) no Default shall have occurred and be continuing.

Section 4.  Conditions Precedent.  The amendments set forth in Section 2 hereof shall become effective, as of the date hereof, upon satisfaction of the following conditions: (a) the Administrative Agent shall have received counterparts of this Amendment signed by each of the Borrowers, the Subsidiary Guarantors and the Required Lenders and (b) each Agent and the Lenders shall have received payment of all reasonable fees and expenses (including fees and disbursements of special counsel for the Administrative Agent) payable under the Credit Agreement in respect of this Amendment and invoiced two days prior to the date hereof.

Section 5.  Confirmation of Guarantee.  The Company (a) confirms its obligations under the guarantee set forth in Article VIII of the Credit Agreement, (b) confirms that its obligations under the Credit Agreement as amended hereby are entitled to the benefits of such guarantee, (c) confirms that its obligations under the Credit Agreement as amended hereby constitute “Obligations” (as defined in the Credit Agreement) and (d) agrees that the Credit Agreement as amended hereby is the Credit Agreement under and for all purposes of such guarantee.

Section 6.   Effect of the Amendment.  Each of the Company and each Subsidiary Guarantor acknowledges and agrees that the amendment set forth in Section 2 above shall be limited as written and nothing contained herein shall, by implication or otherwise, be deemed to constitute a waiver, amendment or consent to any other term, provision or condition of the Credit Agreement or any other Loan Document or limit, impair or prejudice any right or remedy that any party hereto may have or may in the future have under the Credit Agreement or any other Loan Document, which shall remain in full force and effect, and the Lenders hereby reserve all such rights and remedies.  Except as set forth herein, the terms, provisions and conditions of the Credit Agreement shall remain unchanged and in full force and effect.

Section 7.  Miscellaneous.  Except as herein provided, the Credit Agreement shall remain unchanged and in full force and effect.  This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same amendatory instrument and any of the parties hereto may execute this Amendment by signing any such counterpart.  Delivery of a counterpart by electronic transmission shall be effective as delivery of a manually executed counterpart hereof.  This Amendment shall be governed by, and construed in accordance with, the law of the State of New York.  

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year first above written.

MOLSON COORS BREWING COMPANY     
     
    By        /s/ Julio O. Ramirez             
        Name:  Julio O. Ramirez
Title:  VP, Treasurer, Tax & Strategic Finance 
        
MOLSON CANADA 2005
 
    By        /s/ Wouter Vosmeer             
        Name:  Wouter Vosmeer
Title:  Chief Financial Officer 

By        /s/ Kelly L. Brown              

        Name:  Kelly L. Brown 
Title:  Chief Legal Officer  
MOLSON COORS INTERNATIONAL LP     
     
    By        /s/ Julio O. Ramirez         
        Name:  Julio O. Ramirez
Title:  VP, Treasurer, Tax & Strategic Finance 

MOLSON COORS CANADA INC.     
     
    By        /s/ Wouter Vosmeer         
        Name:  Wouter Vosmeer
Title:  Chief Financial Officer 

By        /s/ Kelly L. Brown          
        Name: Kelly L. Brown 
Title:  Chief Legal Officer  
		
	 
MOLSON COORS BREWING COMPANY (UK) LIMITED 
 
By
	    /s/ Susan Albion          
    Name:  Susan Albion 

Title:  Legal Director 

ADMINISTRTIVE AGENT:

DEUTSCHE BANK AG NEW YORK BRANCH, as Administrative Agent

By:  /s/ Heidi Sandquist            
Title:  Director

By:    _____________________________
Title:

Lenders

Canadian Imperial Bank of Commerce, New York Agency 
                            
By:     /s/ Dominic Sorresso         
Name: Dominic Sorresso 
Title : Authorized Signatory 
        
By:     /s/ Jonathan Kim        
Name: Jonathan Kim 
Title : Authorized Signatory 

Royal Bank of Canada    

By:     /s/ David Cole            
Name: David Cole 
Title : Authorized Signatory 

Credit Suisse AG, Cayman Islands Branch

By:     /s/ Karl Studer            
Name: Karl Studer
Title : Director
        
By:     /s/ Stephan Brechtbuehl         
Name: Stephan Brechtbuehl     
Title : Assistant Vice President

HSBC Bank USA, National Association    

By:     /s/ Hans Y. Lin            
Name: Hans Y. Lin 
Title : Senior Vice President 

UNICREDIT BANK AG, NEW YORK BRANCH

By:     /s/ Annett Guderian         
Name: Annett Guderian
Title : Director

By:     /s/ Betsy Hudson          
Name: Betsy Hudson 
Title : Associate 

Bank of the West        

By:     /s/ Terry A. Switz, Jr.         
Name: Terry A. Switz, Jr. 
Title : Senior Relationship Manager 

Credit Suisse AG, Cayman Islands Branch

By:     /s/ Karl Studer            
Name: Karl Studer
Title : Director
    
DEUTSCHE BANK AG NEW YORK BRANCH 
 
By    /s/ Heidi Sandquist          
Name: Heidi Sandquist     
Title: Director     

 
By    /s/ Ming K. Chu             
Name: Ming K. Chu     
Title: Vice President

Bank of America, N.A. 
By        /s/   John H. Schmidt         
Name: John H. Schmidt     
Title: Director
    
UBS AG, Stamford Branch
    
By     /s/ Irja R. Otsa            
Name: Irja R. Otsa
Title: Associate Director
        
By     s/s Mary E. Evans            
Name:  Mary E. Evans
Title: Associate Director

Morgan Stanley Bank, N.A.

By     /s/ Brendan MacBride        
Name:  Brendan MacBride
Title: Authorized Signatory 
    
Wells Fargo Bank, National Association

By:     /s/ Mark Holm            
Name: Mark Holm
Title : Managing Director

BMO Harris Financing Inc., 

By:     /s/ Robert H. Wolohan        
Name: Robert H. Wolohan
Title : Vice President

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD

By:     /s/ Christine Howatt        
Name: Christine Howatt 
Title : Authorized Signatory 

Lloyds TSB Bank PLC, as Lender

By:     /s/ Candi Obrentz        
Name: Candi Obrentz
Title : Vice President – 0013

By:     Julia R. Franklin        
Name: Julia R. Franklin
Title: Vice President – F014

Cooperative Centrale Raiffeisen-Boerenleenbank, B.A. “Rabobank Nederland”, New York Branch 

By:     /s/ Pamela Beal            
Name: Pamela Beal
Title : Executive Director

By:     /s/ Sue Chen- Holmes        
Name: Sue Chen-Holmes
Title : Vice President

Toronto Dominion (New York) LLC        

By:     /s/ Debbi L. Brito        
Name: Debbi L. Brito 
Title : Authorized Signatory 

Citibank N.A.        

By:     /s/ Nicholas Pateros        
Name: Nicholas Pateros
Title : Vice President

Each undersigned Subsidiary Guarantor (a) confirms its obligations under the guarantee set forth in the Subsidiary Guarantee Agreement, (b) confirms that its obligations under the Credit Agreement as amended hereby are entitled to the benefits of the Subsidiary Guarantee Agreement, (c) confirms that its obligations under the Credit Agreement as amended hereby constitute “Obligations” (as defined in the Subsidiary Guarantee Agreement) and (d) agrees that the Credit Agreement as amended hereby is the Credit Agreement under and for all purposes of the Subsidiary Guarantee Agreement.

MOLSON COORS BREWING COMPANY (UK) LIMITED 

By      /s/ Susan Albion        
Name:    Susan Albion
Title:    Legal Director

MOLSON CANADA 2005 

By      /s/ Wouter Vosmeer        
Name:    Wouter Vosmeer
Title:      Chief Financial Officer

By      /s/ Kelly L. Brown        
Name:    Kelly L. Brown

Title:      Chief Financial Officer
    
MOLSON COORS INTERNATIONAL LP
    
By      /s/ Julio O. Ramirez        
Name:    Julio O. Ramirez
Title:      VP, Taxation and Treasurer

COORS BREWING COMPANY

By      /s/ Julio O. Ramirez        
Name:    Julio O. Ramirez
Title:      VP - Taxation and Treasurer

CBC HOLDCO LLC

By      /s/ Julio O. Ramirez        
Name:    Julio O. Ramirez
Title:      VP - Taxation and Treasurer

CBC HOLDCO 2 LLC

By      /s/ Julio O. Ramirez        
Name:    Julio O. Ramirez
Title:      VP - Taxation and Treasurer

MC HOLDING COMPANY LLC

By      /s/ Julio O. Ramirez        
Name:    Julio O. Ramirez
Title:      VP, Taxation and Treasurer

MOLSON COORS CAPITAL FINANCE ULC

By      /s/ Julio O. Ramirez        
Name:    Julio O. Ramirez
Title:      Treasurer
    
MOLSON COORS INTERNATIONAL GENERAL, ULC

By      /s/ Julio O. Ramirez        
Name:    Julio O. Ramirez
Title:      Treasurer

COORS INTERNATIONAL HOLDCO, ULC

By      /s/ Julio O. Ramirez        
Name:    Julio O. Ramirez
Title:      Treasurer

MOLSON COORS CALLCO ULC

By      /s/ Julio O. Ramirez        
Name:    Julio O. Ramirez
Title:      Treasurer

MOLSON Inc.  

By      /s/ Wouter Vosmeer        
Name:    Wouter Vosmeer
Title:      Chief Financial Officer

MOLSON COORS HOLDINGS LIMITED

By      /s/ Susan Albion        
Name:    Susan Albion
Title:      Director

GOLDEN ACQUISITION

By      /s/ Susan Albion        
Name:    Susan Albion
Title:      Director

NEWCO3, INC.

By      /s/ Julio O. Ramirez        
Name:    Julio O. Ramirez
Title:      Treasurer

MOLSON COORS HOLDCO, INC.

By      /s/ Julio O. Ramirez        
Name:    Julio O. Ramirez
Title:      VP - Taxation and TreasurerTAP EX 10.12_2012.6.30 10Q

Exhibit 10.12

May 7, 2012

Mr. Stewart Glendinning
27991 Hidden Village Drive
Evergreen, Colorado  80439

Dear Stewart:

I am pleased to confirm the terms of your upcoming assignment as President and Chief Executive Officer of Molson Coors UK, subject to approval by the Molson Coors Board of Directors.  This assignment will be effective as of the closing date of Molson Coors purchase of Starbev and will be subject to the following terms as well as approval by the Compensation and Human Resources Committee:
		
	•
	Your base salary as well as your short- and long-term incentive targets will continue at their current level.

		
	◦
	The individual and business unit components of your annual MCIP award will be based on criteria to be agreed between you and me.

		
	•
	On the first trading day of the month following the commencement of this assignment, you will be granted Molson Coors restricted stock units in the amount of $300,000, vesting in two equal installments on the first and second anniversary of the grant date.

		
	•
	This assignment is located in Burton-on-Trent, and will be subject to the terms of the Molson Coors Short-Term International Assignment Policy with certain enhancements, including but not limited to the following:

		
	o
	Continued participation in all US benefits and perquisites;

		
	o
	A housing and utilities allowance based on a furnished, executive-quality three bedroom home in the assignment location;

		
	o
	A cost of living allowance or per diem;

		
	o
	A car in the assignment location; and

		
	o
	Tax return preparation and tax equalization for the duration of the assignment and 

1555 Notre-Dame Street East, Montreal, Quebec H2L 2R5 CANADA        1225 17th Street, Denver, CO 80202 USA
T. +1 514 521 1786  F. +1 514 598 6866                                      www.molsoncoors.com    T.+1 303 927 BEER  F. +1 303 927  2416

for the US tax year immediately following the conclusion of the assignment.
It is anticipated that this assignment will last for approximately one year.

Stewart, I am very excited with the prospect of your assuming this key leadership role.  Please let me know if you have any questions.
Congratulations!
Regards,
/s/ Peter Swinburn
Peter Swinburn
cc:  Sam Walker

1555 Notre-Dame Street East, Montreal, Quebec H2L 2R5 CANADA        1225 17th Street, Denver, CO 80202 USA
T. +1 514 521 1786  F. +1 514 598 6866                                      www.molsoncoors.com    T.+1 303 927 BEER  F. +1 303 927  2416

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