Document:

Form of Governance and Shareholders Agreement

 Exhibit 10.4 
 [•] 2009 
 GOVERNANCE AND SHAREHOLDERS AGREEMENT 
 between 
 LION/RALLY CAYMAN 8 

 and 
 LION/RALLY
CAYMAN 7 L.P. 
 and 
 LION/RALLY CAYMAN 4 
 and 
 LION/RALLY CAYMAN 5 
 and 
 [LION/RALLY CAYMAN 6] 
 and 
 CENTRAL EUROPEAN DISTRIBUTION CORPORATION 
 WEIL, GOTSHAL & MANGES 
 One South Place London EC2M 2WG 
 Tel: +44 (0) 20 7903 1000 Fax: +44 (0) 20 7903 0990 
 www.weil.com 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	1	  	DEFINITIONS	  	1
			
	2	  	CONTROL OF THE COMPANY	  	11
			
	3	  	ANTITRUST APPROVAL	  	15
			
	4	  	RESTRICTIONS ON DEALINGS WITH SECURITIES	  	17
			
	5	  	COMPLETION OF TRANSFERS	  	17
			
	6	  	CONDUCT OF THE COMPANY	  	18
			
	7	  	BOARD OF DIRECTORS	  	18
			
	8	  	MONITORING FEES	  	20
			
	9	  	NON-SOLICITATION	  	20
			
	10	  	LIMITED PARTNERSHIP AGREEMENT	  	21
			
	11	  	SELLERS’ PUT OPTION	  	21
			
	12	  	DEED OF ADHERENCE	  	21
			
	13	  	TERMINATION	  	21
			
	14	  	TAX AND VCOC	  	22
			
	15	  	ASSIGNMENT AND SUB-CONTRACTING	  	24
			
	16	  	EXCLUSION OF AGENCY, PARTNERSHIP OR JOINT VENTURE	  	24
			
	17	  	FURTHER ASSURANCE, CONFLICT AND COMPLIANCE WITH ARTICLES, ANTI-CORRUPTION PROVISIONS	  	24
			
	18	  	ENTIRE AGREEMENT	  	25
			
	19	  	VARIATION	  	25
			
	20	  	WAIVER	  	26
			
	21	  	ILLEGALITY AND SEVERANCE	  	26
			
	22	  	RIGHTS OF THIRD PARTIES AND NO RECOURSE	  	26
			
	23	  	COUNTERPARTS	  	27
			
	24	  	NOTICES	  	27
			
	25	  	JURISDICTION	  	28
			
	26	  	GOVERNING LAW	  	29
		
	SCHEDULE 1 DEED OF ADHERENCE	  	30
		
	SCHEDULE 2 CEDC MINORITY RIGHTS	  	32
		
	SCHEDULE 3 JV PROVISIONS	  	38
		
	SCHEDULE 4 CAYMAN 5 MINORITY PROVISIONS	  	42
		
	SCHEDULE 5 DEFAULT GOVERNANCE PROVISIONS	  	46
		
	SCHEDULE 6 US “CHECK THE BOX” ELECTIONS	  	54

  

 i 

 THIS AGREEMENT is made by Deed on [—] 2009 between the following parties

  

	(1)	LION/RALLY CAYMAN 8, a company incorporated in the Cayman Islands whose registered office is at c/o Stuarts Corporate Services Ltd, PO Box 2510, George Town, Grand Cayman,
KY1-1104, Cayman Islands (the “General Partner”); 

  

	(2)	[LION/RALLY CAYMAN 7 L.P.], a Cayman Exempted Limited Partnership whose principal place of business is at c/o Stuarts Corporate Services Ltd, PO Box 2510, George Town, Grand
Cayman, KY1-1104, Cayman Islands (“Cayman 7”), acting through its general partner, the General Partner; 

  

	(3)	LION/RALLY CAYMAN 4, a company incorporated in the Cayman Islands whose registered office is at c/o Stuarts Corporate Services Ltd, PO Box 2510, George Town, Grand Cayman,
KY1-1104, Cayman Islands (“Cayman 4”); 

  

	(4)	LION/RALLY CAYMAN 5, a company incorporated in the Cayman Islands whose registered office is at c/o Stuarts Corporate Services Ltd, PO Box 2510, George Town, Grand Cayman,
KY1-1104, Cayman Islands (“Cayman 5”); 

  

	(5)	[LION/RALLY CAYMAN 6], a company incorporated in the Cayman Islands whose registered office is at c/o Stuarts Corporate Services Ltd, PO Box 2510, George Town, Grand
Cayman, KY1-1104, Cayman Islands (the “Company”); and 

  

	(6)	CENTRAL EUROPEAN DISTRIBUTION CORPORATION, a Delaware Corporation, the common stock of which is listed on the NASDAQ Global Select Market under the symbol “CEDC”
and the principal executive office of which is located in Warsaw, Poland at ul. Bobrowiecka 6, 02-728 Warszawa (“CEDC”). 

 WHEREAS 
  

	(A)	The Company was incorporated on [—] 2009 under the laws of the Cayman Islands as a private limited liability company.

  

	(B)	Since its incorporation, the Company has not traded or undertaken any business activities of any sort, has not given any security or incurred any indebtedness, and no
Shareholder nor Board resolutions of the Company have been passed, save as required pursuant to the Transaction Documents. 

  

	(C)	At the date of this Agreement, Cayman 4 and Cayman 7 hold Ordinary Shares, and Cayman 5 holds Preference Shares. 

  

	(D)	Under the terms of the Option Agreement, Cayman 7 has been granted options to acquire the Ordinary Shares and Preference Shares held by the Lion Holdcos.

  

	(E)	The General Partner, Cayman 7, Cayman 4, Cayman 5, CEDC, and the Company have agreed to make provision for the management and administration of the affairs of the Company on
the terms and conditions set out in this Agreement. 

 NOW IT IS HEREBY AGREED as follows 
  

	1	DEFINITIONS 

  

	1.1	In this Agreement (including the recitals), except where the context otherwise requires, the following words and expressions shall have the following meanings:

  

			
	“€ Initial Cash Amount”	  	has the meaning given in the Option Agreement;

  

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	“$ Initial Cash Amount”	  	has the meaning given in the Option Agreement;
		
	“Affiliate”	  	with respect to any Person, another Person Controlled by such first Person, Controlling such first Person or under the same Control as such first Person, and
“Affiliated” shall have a meaning correlative to the foregoing;
		
	“Antitrust Approval”	  	has the meaning given in Clause 3.1;
		
	“Approved Jurisdictions”	  	The federal or state courts in the State of New York, the federal or state courts in the State of Delaware, the Cayman Islands and Poland;
		
	“Articles”	  	the articles of association of the Company in the agreed form, as the same may be amended or replaced by any successor articles of association from time to time;
		
	“Board”	  	the board of Directors of the Company as constituted from time to time;
		
	“Budget”	  	the budget and business plan of the Group (including, where relevant, each member of the Group and any sub-set of the Group) for any given financial year which shall include,
without limitation:
			
		  	(i)	  	a profit and loss statement;
			
		  	(ii)	  	a balance sheet;
			
		  	 (iii)  
	  	a cash flow statement; and
			
		  	 (iv)   
	  	 any   material working papers and analyses underlying or supporting any of the above;

		
	“Business Day”	  	any day other than a Saturday or Sunday on which banks are normally open for general banking business in London, New York, Warsaw, and the Cayman Islands;
		
	“Capital Increase”	  	any change in the authorised or issued share capital of a Person including the creation, allotment, issue, repayment or redemption or agreement to create, allot, issue, repay or
redeem any of its share capital or other securities convertible into shares, or grant or agree to grant any option in respect thereto and shall include shareholder debt when issued in connection with any of the foregoing;
		
	“Cayman 2”	  	Lion/Rally Cayman 2, a company incorporated in the Cayman Islands having its registered office at c/o Stuarts Corporate Services Ltd, PO Box 2510, George Town, Grand Cayman,
KY1-1104, Cayman Islands;
		
	“Cayman 5 Minority Provisions”	  	the provisions set out in Schedule 4;
		
	“Cayman 7 Call Option Completion Date”	  	has the meaning given in the Option Agreement;

  

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	“Cayman 7 Pledge”	  	has the meaning given in the Option Agreement;
		
	“Cayman 7 Share”	  	the proportion of Ordinary Shares held by Cayman 7 as a percentage. of all the Ordinary Shares than in issue, multiplied by the percentage ownership of the Company in Lux 1, in each case on
the relevant date;
		
	“CEDC Common Stock”	  	has the meaning given in the Option Agreement;
		
	“CEDC Control Effective Date”	  	the date falling 30 days after the later of: (i) the date upon which the aggregate amount of (a) all $ Initial Cash Amounts (excluding the effect of any adjustments pursuant to Clause 8.2 of
the Option Agreement) and (b) all € Initial Cash Amounts multiplied by the Exchange Rate, in each case paid to the Lion Holdcos by Cayman 7 in cash pursuant to the Option Agreement, is equal to or exceeds $345 million; and (ii) the CEDC Control
Notice Date;
		
	“CEDC Control Notice”	  	written notice from CEDC to Cayman 5 stating that the provisions of Clause 2.1.3 should apply;
		
	“CEDC Control Notice Date”	  	the date on which Cayman 5 receives or is deemed to have received a validly served CEDC Control Notice;
		
	“CEDC Director”	  	each of those Persons appointed as a CEDC Director for the purposes of Schedule 3;
		
	“CEDC Minority Provisions”	  	the provisions set out in Schedule 2;
		
	“Commitment Letter”	  	has the meaning given in the Option Agreement;
		
	“Companies Law”	  	Companies Law (as revised) of the Cayman Islands;
		
	“Competition Authority”	  	any relevant government, governmental, national, supranational, competition or antitrust body or other authority, in any jurisdiction, which is responsible for applying merger control or
other competition or antitrust legislation in such jurisdictions;
		
	“Condition Precedent”	  	has the meaning given in Clause 2.1.7;
		
	“Control”	  	(including, with their correlative meanings, “Controlled by”, “Controlling” and “under common Control with”) shall mean possession, directly
or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise) of any other Person, provided that, in any event, any
Person who owns, directly or indirectly, a majority of the securities having ordinary voting power or otherwise having the power to elect a majority of the directors or other governing body of a corporation or having a majority of the partnership or
other ownership interests of any other Person (other than as a limited partner of such other Person) will be deemed to control such corporation or other Person, and for the avoidance of doubt, a limited partnership is Controlled by its general
partner;

  

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	“Controlling Party”	 	the Person designated as such pursuant to the provisions of Clause 2;
		
	“Controlling Party Provisions”	 	the right of the Controlling Party, subject in all cases to the CEDC Minority Provisions or the Cayman 5 Minority Provisions, as the case may be:
			
		 	(i)	  	to appoint or remove any Director to and from the Board;
			
		 	(ii)	  	to direct the management policies of the Group; and
			
		 	(iii)	  	to direct how the votes cast by Ordinary Shareholders at any meetings of the Company are cast pursuant to Clause 2.7,
		
		 	and notwithstanding the foregoing, where the provisions of Clause 2.1.5 apply, the rights of the Controlling Party at (i), (ii) and (iii) above shall not be subject to the CEDC
Minority Provisions, except paragraph 9(a) of Schedule 2 which shall apply at all times;
		
	“Deed of Adherence”	 	a deed of adherence to this Agreement in the agreed form attached as Schedule 1;
		
	“Default Control Date”	 	the earlier of (i) an Enforcement Event; and (ii) the Holdco Call Option Exercise Date;
		
	“Default Governance Provisions”	 	the provisions set out in Schedule 5;
		
	“Director”	 	any director of the Company from time to time;
		
	“Distress Situation”	 	any situation in which a member of the Group is reasonably likely to be unable to meet (or would, unless given financial assistance, be reasonably likely to be unable to meet) its
financial liabilities or obligations as they fall due, including without limitation, situations in which the Group member stops or suspends payments of its debts, is unable to pay its debts or meet its obligations as they fall due, or proposes or
enters into any negotiations for or in connection with the rescheduling, restructuring or readjustment of any Indebtedness by reason of, or with a view to avoiding, financial difficulties;
		
	“Encumbrance”	 	any mortgage, charge (fixed or floating), pledge, lien, hypothecation, option, right of set off, security trust, assignment by way of security, reservation of title, option,
restriction, right of first refusal, right of pre-emption, third party right or interest, or any other encumbrance or security interest whatsoever created or arising or any other agreement or arrangement (including any sale and leaseback
transaction) entered into for the purposes of conferring security or having similar effect and any agreement to enter into, create or establish any of the foregoing;
		
	“Enforcement Event”	 	has the meaning given in the Option Agreement;

  

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	“Event of Default”	 	any of the following:
			
		 	(i)	  	a breach of any of the Undertakings, except where Minority Consent was required in order to enable the Controlling Party to comply with such undertaking and having been sought such consent
was not given;
			
		 	(ii)	  	the occurrence of a Finance Documents Event of Default; and
			
		 	(iii)	  	taking any action requiring Minority Consent in accordance with the provisions of Schedule 2 or Schedule 4 as the case may be or taking any action in relation to a Board Consent Matter in
accordance with the provisions of Schedule 3, in any such case, without having obtained the requisite consent.
		
	“Exit”	 	has the meaning given in Clause 3.4;
		
	“Exchange Rate”	 	has the meaning given in the Option Agreement;
		
	“Fair Market Value”	 	the value that would be paid by a willing buyer to a willing seller at arm’s length in a transaction not involving distress or necessity of either party, determined in good
faith by the Board;
		
	“Final Cayman 7 Call Option Completion Date”	 	has the meaning given in the Option Agreement;
		
	“Final Discharge Date”	 	has the meaning given in the Option Agreement;
		
	“Finance Documents”	 	has the meaning given in the Option Agreement;
		
	“Finance Documents Event of Default”	 	an event of default (however described) under any of the Finance Documents. For the avoidance of doubt, any event or circumstance which does not constitute an event of default under
the relevant Finance Document until the expiry of a grace period, the giving of notice, the making of a determination or any combination of the foregoing shall not constitute a Finance Documents Event of Default until the expiry of such grace
period, the giving of such notice and/or the making of such determination;
		
	“First Earnout Amount”	 	has the meaning given in the Original Sale Agreement;
		
	“Fourth Cayman 7 Call Option Completion Date”	 	has the meaning given in the Option Agreement;
		
	“Fourth Cayman 7 Call Option Exercise Date”	 	has the meaning given in the Option Agreement;
		
	“Governance Provisions”	 	the Controlling Party Provisions, the JV Provisions, the CEDC Minority Provisions, the Cayman 5 Minority Provisions and the Default Governance Provisions and any provision of this
Agreement designating any Party as the Controlling Party or the Minority Party;
		
	“Group”	 	the Company and its Subsidiaries from time to time and “member of the Group” and “Group Company” shall be construed accordingly;

  

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		  	for the avoidance of doubt, no Shareholder nor any of their respective Affiliates (other than the Company and the Subsidiaries of the Company) shall be a member of the Group for the purposes of
this Agreement;
		
	“Holdco Call Option Exercise Date”	  	has the meaning given in the Option Agreement;
		
	“Holdco Pledges”	  	has the meaning given in the Option Agreement;
		
	“Holdco Put Option”	  	has the meaning given in the Option Agreement;
		
	“Holding Company”	  	has the meaning given in the definition of “Subsidiary”;
		
	“Indebtedness”	  	indebtedness for borrowed money or any agreement in respect of indebtedness for borrowed money;
		
	“JV Effective Date”	  	the date falling 10 days after the later of: (i) the date upon which the aggregate amount of (a) all $ Initial Cash Amounts (excluding the effect of any adjustments pursuant to Clause 8.2 of the
Option Agreement) and (b) all € Initial Cash Amounts multiplied by the Exchange Rate, in each case paid to the Lion Holdcos by Cayman 7 in cash pursuant to the Option Agreement, is equal to or exceeds $195 million; and (ii) the JV Notice Date;

		
	“JV Notice”	  	written notice from CEDC to Cayman 5 stating that the provisions of Clause 2.1.2 should apply;
		
	“JV Notice Date”	  	the date on which Cayman 5 receives or is deemed to have received a validly served JV Notice;
		
	“JV Provisions”	  	the provisions set out in Schedule 3;
		
	“Letter of Undertaking”	  	has the meaning given in the Option Agreement;
		
	“Leverage EBITDA”	  	has the meaning given to “Lux 1 Group EBITDA” in the Option Agreement;
		
	“Leverage Indebtedness”	  	has the meaning given to “Indebtedness” in the Option Agreement;
		
	“Leverage Ratio”	  	Normalised Leverage Indebtedness divided by Leverage EBITDA for the most recently completed financial year;
		
	“Limited Partnership Agreement”	  	shall have the meaning given in the Option Agreement;
		
	“Lion Capital”	  	Lion Capital LLP, an English limited liability partnership whose registered office is at 21 Grosvenor Place, London SW1X 7HF;
		
	“Lion Capital Management Entity”	  	any of Lion Capital, Lion Capital General Partner LLP, Lion Capital General Partner II LLP, Lion Capital Carry LP, Lion Capital Carry II LP, Lion/Latimer GP II (Guernsey) Limited, Lion/Rally
Cayman 8 and Lion/Rally Cayman 9;
		
	“Lion Director”	  	each of those Persons appointed as a Lion Director for the purposes of Schedule 3;

  

 6 

			
	“Lion Holdcos”	  	Cayman 4 and Cayman 5;
		
	“Lion Party” or “Lion Parties”	  	the Lion Holdcos and, upon completion of any Transfer by the Lion Holdcos or a Permitted Transferee thereof to a Permitted Transferee thereof in accordance with the terms of this Agreement, such
Permitted Transferee;
		
	“Lux 1”	  	Lion/Rally Lux 1, company number B139.056, a société anonyme incorporated in Luxembourg with registered offices at 13-15, avenue de la Liberté, L-M31
Luxembourg;
		
	“Lux 3”	  	Lion/Rally Lux 3, company number B139.054, a société à responsibilité limitée incorporated in Luxembourg with registered offices at 13-15 Avenue de la
Liberté, L-M31 Luxembourg;
		
	“Lux 1 Shareholders Agreement”	  	the shareholders agreement dated 9 July 2008 between Lion/Rally Cayman 2, the Initial Seller Parties (as defined therein), Lux 1 and Lion Capital (Guernsey) Limited, as may be amended from
time to time;
		
	“Minority Consent”	  	for the purposes of Schedule 2, the consent in writing of CEDC and for the purposes of Schedule 4, the consent in writing of Cayman 5;
		
	“Minority Party”	  	the Person designated as such pursuant to the provisions of Clause 2;
		
	“M&O Fee”	  	a fee payable to Lion Capital (or an Affiliate thereof) in relation to monitoring, oversight and management of the interests of the Lion Holdcos in the Group, or to CEDC in respect of the
services of its representatives on the Board and/or the Operating Board;
		
	“Net Working Capital Facilities”	  	the Revolving Facility and any other credit facilities entered into and utilised principally for the purpose of financing the Group’s working capital requirements;
		
	“Normalised Leverage Indebtedness”	  	Leverage Indebtedness; plus Normalised Working Capital; minus Working Capital, in each case on the relevant date;
		
	“Normalised Working Capital”	  	has the meaning given in the Option Agreement;
		
	“Note Purchase and Share Subscription Agreement”	  	has the meaning given in the Option Agreement;
		
	“Operating Board”	  	the board of directors of Russian Alcohol Group or such other Group Company as the Parties (acting reasonably) may agree from time to time;
		
	“Option Agreement”	  	the Option Agreement dated on or around the date of this Agreement relating to Shares in the Company and made between Cayman 4, Cayman 5, Cayman 7, and CEDC;
		
	“Original Sale Agreement”	  	has the meaning given in the Option Agreement;

  

 7 

							
	“Ordinary Shareholder”	 	a holder of Ordinary Shares;
		
	“Ordinary Shares”	 	the A Ordinary Shares with a nominal value of $1 each in the capital of the Company;
		
	“Original Advisory Agreements”	 	(i) the monitoring and oversight agreement concerning the Russian Alcohol Group dated 8 July 2008 made between (1) Pasalba Limited and (2) Lion Capital; and (ii) the corporate
finance advisory agreement concerning the Russian Alcohol Group dated 8 July 2008 made between (1) Pasalba Limited and (2) Lion Capital;
		
	“Parties”	 	the parties to this Agreement from time to time including successors in title, permitted assignees and Permitted Transferees, provided that any such Person first executes a Deed of
Adherence;
			
	“Permitted Transferee”	 	(i)	  	in respect of a Lion Party:
				
		 		  	(A)	  	any Lion Capital Management Entity; or
				
		 		  	(B)	  	any Affiliate of any Lion Capital Management Entity;
			
		 	(ii)	  	in respect of any other Shareholder, any Affiliate of such Shareholder;
		
	“Person”	 	any natural person, corporation, general partnership, simple partnership, limited partnership, proprietorship, other business organisation, trust, union, association or governmental
authority, whether incorporated or unincorporated; a reference to any Person shall include such Person’s successors and permitted assigns under any agreement, instrument, contract or other document;
		
	“Pledges”	 	the Cayman 7 Pledge and the Holdco Pledges;
		
	“Preference Shares”	 	the preference shares with a nominal value of $1 each in the capital of the Company;
		
	“Preferred Shareholder”	 	a holder of Preference Shares;
			
	“Prohibited Person”	 	(i)	  	any Person appearing on the Specially Designated Nationals and Blocked Persons List of the Office of Foreign Assets Control in the United States Department of the Treasury as set out
on the US Department of Treasury’s Office of Foreign Assets Control at the following URL:
			
		 		  	http:/www.treasury.gov/offices/enforcement/ofac/Index.html; or
			
		 	(ii)	  	any other Person with whom a transaction is prohibited by Executive Order 13224, the USA PATRIOT Act, the Trading with the Enemy Act or the foreign asset control regulations of the
United States Treasury Department, in each case as amended from time to time; or
			
		 	(iii)	  	any other Person whom Cayman 5 from time to time (acting reasonably) considers would create a material reputational risk for the Company or any of its Affiliates or any
co-investors in the Company or its respective Affiliates;

  

 8 

					
	“Registration Rights Agreement”	  	has the meaning given in the Option Agreement;
		
	“Related Party Transaction”	  	any transaction between a member of the Group and the Controlling Party (from time to time) or any Affiliate thereof (other than a member of the Group) which creates an actual or
potential liability of the Group in favour of such Controlling Party (or any Affiliate thereof), or vice versa;
		
	“Revolving Facility”	  	has the meaning given in the Senior Facilities Agreement;
		
	“Russian Alcohol Group”	  	Joint Stock Company “Russian Alcohol Group”, a company incorporated in Russia;
		
	“Second Earnout Amount”	  	has the meaning given in the Original Sale Agreement;
		
	“Security Impairment Event”	  	has the meaning given in the Option Agreement;
		
	“Sellers’ Put Option”	  	the Put Option (as defined in the Lux 1 Shareholders Agreement);
		
	“Senior Facilities Agreement”	  	the agreement between among others Pasalba Limited (as borrower) and Raiffeisen Zentralbank Osterreich AG (as lender), dated 10 July 2008 as amended from time to
time;
		
	“Senior Management”	  	the Chairman; the Chief Executive Officer; the Chief Operating Officer; the Chief Financial Officer; the Commercial/Sales Director; the Marketing Director; and the Human Resources
Director, in each case of the group of companies of which Pasalba Limited is the parent company;
		
	“Shareholders”	  	collectively, Cayman 7 and the Lion Parties, and each other Person to which Shares are Transferred or issued in accordance with the terms of this Agreement and which becomes a party
to this Agreement by executing a Deed of Adherence, and “Shareholder” means any of them;
		
	“Shares”	  	the Ordinary Shares and the Preference Shares and any and all shares and interests into which these shares may be exchanged or converted by change of legal form, merger or otherwise,
or which may be issued by capital increase of the Company;
			
	“Specified Event”	  	(i)	  	an event of default (however described) or a mandatory prepayment obligation under any of the Finance Documents or any event or circumstance which would (with the expiry of a grace period or the
giving of notice, the making of a determination or any combination of the foregoing) give rise to an event of default or a mandatory prepayment obligation, in each case to the extent that such Finance Document remains in effect or the borrowings
thereunder remain undischarged;
			
		  	(ii)	  	an obligation on Pasalba Limited to make any payment under Sections 2.2.2.12 or 2.2.2.13 of the Original Sale Agreement; or

  

 9 

					
		  	(iii)	  	the Vendor Loan Notes becoming repayable in accordance with their terms;
			
	“Subsidiary”	  		  	in relation to any Person (a “Holding Company”), any other Person directly or indirectly Controlled by that Holding Company;
			
	“Third Cayman 7 Call Option”	  		  	has the meaning given in the Option Agreement;
			
	“Transaction Documents”	  		  	this Agreement, the Pledges, the Commitment Letter, the Letter of Undertaking, the Warrant Instruments, the Note Purchase Agreement and Share Subscription Agreement, the Registration Rights
Agreement, the Limited Partnership Agreement and the Option Agreement, and “Transaction Document” means any of them;
			
	“Transfer”	  		  	has the meaning given in Clause 4;
			
	“Undertakings”	  		  	the undertakings set out in Clause 2.1.8 given by the Controlling Party from time to time;
			
	“Vendor Loan Notes”	  		  	the loan notes issued pursuant to an instrument dated 9 July 2008 made by Lion/Rally Lux 2 S.à r.l and Lion/Rally Lux 3 S.à r.l constituting $35,500,000 Series A Unsecured
Subordinated Loan Notes and Series B Unsecured Subordinated Loan Notes (and including, for the avoidance of doubt, any additional such notes issued pursuant to the terms of that instrument);
			
	“Warrant Instruments”	  		  	has the meaning given in the Option Agreement; and
			
	“Working Capital”	  		  	has the meaning given in the Option Agreement.

  

	1.2	In this Agreement, save where the context otherwise requires: 

  

	 	1.2.1	references to a document in the “agreed form” are to that document in the form agreed to and initialled for the purposes of identification by or on behalf of
the Parties; 

  

	 	1.2.2	references to a Clause or Schedule are to a Clause or Schedule of this Agreement and references to this Agreement include the Schedules; 

  

	 	1.2.3	the headings in this Agreement do not affect its construction or interpretation; 

  

	 	1.2.4	a reference to a document is a reference to that document as amended or modified from time to time in writing by the mutual consent of the parties; 

 

	 	1.2.5	a reference to a specific Transaction Document is a reference to that document as amended, varied, novated, supplemented or replaced from time to time (otherwise than in
breach of the provisions of this Agreement); 

  

	 	1.2.6	references to “$” or “USD” are references to the lawful currency of the time being of the United States of America;

  

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	 	1.2.7	references to “€” or “Euro” are references to the single currency and the legal means of payment in the territory of the European
Monetary Union; and 

  

	 	1.2.8	the singular includes the plural and vice versa and any gender includes any other gender. 

  

	1.3	Unless expressly provided to the contrary, covenants and undertakings in this Agreement which are given by more than one Party are deemed to have been given severally and not
jointly or jointly and severally, provided that covenants and undertakings of the Lion Parties are unless expressly provided to the contrary given on a joint and several basis. 

  

	1.4	Any English legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall in respect of
any jurisdiction other than England be deemed to include what most nearly approximates in that jurisdiction to the English legal term and a reference to any English statute shall be construed so as to include equivalent or analogous laws of any
other jurisdiction. 

  

	1.5	Save where otherwise expressly provided in this Agreement, references to any approval or consent to be given, or any action to be taken, by the Lion Parties shall mean the
approval or consent given, or action taken, by or on behalf of those Lion Parties holding shares representing more than 50 per cent. of the aggregate voting rights held by all of the Lion Parties. 

  

	1.6	A procuring obligation, where used in the context of the Shareholders (or any one or more of them) means that each relevant Shareholder undertakes to exercise any and all
powers and rights vested in him from time to time in his capacity as a Shareholder and any influence over any Director which was appointed following nomination by that Shareholder, or otherwise in or of the Company or any other member of the Group
or other entity (as relevant), to ensure compliance with that obligation so far as he is (legally) able to do so. 

  

	1.7	Where under this Agreement any provisions are stated to apply in relation to the operation, governance and/or control of the Company (including, without limitation, the
Governance Provisions and the provisions of Clause 7), the Company (in so far as it is lawfully able to do so) and the Shareholders shall procure that such provisions apply. 

  

	2	CONTROL OF THE COMPANY 

  

	2.1	The parties agree that the Company shall be controlled as follows: 

  

	 	2.1.1	Lion Control 

 From the date of this Agreement and
subject to Clause 2.7, Cayman 5 shall be the Controlling Party and the Controlling Party Provisions shall apply, CEDC shall be the Minority Party and the CEDC Minority Provisions shall apply, and no other Governance Provisions shall apply.

  

	 	2.1.2	JV Control 

 Subject to the Condition Precedent
having been satisfied, from the JV Effective Date, the JV Provisions shall apply, and no other Governance Provisions shall apply. 
  

	 	2.1.3	CEDC Control 

 Subject to the Condition Precedent
having been satisfied, from the CEDC Control Effective Date, CEDC shall be the Controlling Party and the Controlling Party 

  

 11 

 
Provisions shall apply, Cayman 5 shall be the Minority Party and the Cayman 5 Minority Provisions shall apply, and no other Governance Provisions shall
apply. 
  

	 	2.1.4	Events of Default 

 During the period from the date
of this Agreement until the Default Control Date, upon the occurrence of an Event of Default (and, in the case of items (i) and (iii) of the definition of such term, if capable of remedy which has not been remedied within 45 days of the
date of occurrence): 
  

	 	(a)	if at the time of the Event of Default the Controlling Party is Cayman 5, CEDC shall have the right, subject to the Condition Precedent having been satisfied, to require that
the JV Provisions shall apply by serving a JV Notice (in which event no other Governance Provisions shall apply); or 

  

	 	(b)	if at the time of the Event of Default the JV Provisions apply, Cayman 5 shall immediately become the Controlling Party and the Controlling Party Provisions shall apply,
CEDC shall become the Minority Party and the CEDC Minority Provisions shall apply, and neither the Cayman 5 Minority Provisions nor the JV Provisions shall apply, and CEDC shall not be entitled to become the Controlling Party at any time, in any
circumstances, notwithstanding any provision of this Agreement to the contrary; or 

  

	 	(c)	if at the time of the Event of Default the Controlling Party is CEDC, Cayman 5 shall immediately become the Controlling Party and the Controlling Party Provisions shall
apply, CEDC shall become the Minority Party and the CEDC Minority Provisions shall apply, and neither the Cayman 5 Minority Provisions nor the JV Provisions shall apply, and CEDC shall not be entitled to become the Controlling Party at any time, in
any circumstances, notwithstanding any provision of this Agreement to the contrary. 

  

	 	2.1.5	CEDC insolvency 

 If, at any time: 
  

	 	(a)	CEDC is unable or admits inability to pay its material debts as they fall due or declared to be unable to pay its debts under applicable law; 

  

	 	(b)	a moratorium is declared in respect of any material Indebtedness of CEDC; or 

  

	 	(c)	any legal proceedings are taken in relation to: 

  

	 	(i)	the suspension of payments, a moratorium of any Indebtedness, winding up, dissolution, or administration (by way of insolvent scheme of arrangement or otherwise) of CEDC;

  

	 	(ii)	a composition, compromise, assignment or arrangement with any creditor of CEDC; 

  

	 	(iii)	the appointment of a liquidator, receiver, administrator, administrative receiver, compulsory manager or other similar officer in respect of CEDC or any of its assets; or

  

	 	(iv)	the enforcement of security over any material assets of CEDC, or any analogous procedure or step to any of the above is taken in any jurisdiction, 

 

 12 

 and in relation only to paragraph (c) above, any such corporate action, legal proceedings or other
procedure or step is not stayed or dismissed within 30 Business Days of commencement or, if earlier, the date on which it is advertised, then notwithstanding any other provision of this Agreement, at all times following and during that time
Cayman 5 shall be the Controlling Party and the Controlling Party Provisions shall apply and none of the other Governance Provisions shall apply, except for paragraph 9(a) of the CEDC Minority Provisions. 
  

	 	2.1.6	Default Control 

 On the Default Control Date,
Cayman 5 shall immediately become the Controlling Party (if it is not already the Controlling Party) and the Controlling Party Provisions and the Default Governance Provisions shall apply. After the Default Control Date, none of the CEDC Minority
Provisions, the Cayman 5 Minority Provisions or the JV Provisions shall apply, and CEDC shall not be entitled to become the Controlling Party at any time, in any circumstances, notwithstanding any provision of this Agreement to the contrary.

  

	 	2.1.7	Condition Precedent 

 For the purposes of this
Clause 2, the “Condition Precedent” is: 
 Antitrust Approvals for the possession by CEDC of its rights under the relevant
provision(s) of this Clause 2 and the Schedules having been obtained in accordance with the provisions of Clause 3, if required. 
  

	 	2.1.8	Undertakings 

  

	 	(a)	At all times prior to the Default Control Date, the Controlling Party (and at such times that there is no Controlling Party, the Company) from time to time undertakes to the
Minority Party (and at such times that there is no Minority Party, the Parties) from time to time to use its reasonable endeavours to procure that each member of the Group (as applicable): 

  

	 	(i)	operates in material compliance with all applicable laws and regulations and in the ordinary course of business in a manner substantially consistent with that carried on in
the 12 months prior to the date of this Agreement; 

  

	 	(ii)	completes and files, in a timely fashion, all necessary tax returns and pays all applicable taxes unless the relevant member of the Group reasonably believes that the
non-payment of such taxes is in the best interests of the Group; 

  

	 	(iii)	maintains and protects material intellectual property owned or used by the Group in any market which, is, or is reasonably likely to become, material to the operations of the
Group; 

  

	 	(iv)	maintains appropriate insurance cover for the Group’s operations in line with market practice; 

  

	 	(v)	operates in such a manner as to maintain the tax residency of each member of the Group as at the date of this Agreement; 

  

 13 

	 	(vi)	adheres to the material terms of all material contracts; 

  

	 	(vii)	maintains the reasonable upkeep of, and control over, all material fixed assets of the Group; 

  

	 	2.1.9	At all times prior to the Default Control Date, CEDC undertakes, for so long as it is the Controlling Party, that neither it nor any of its Affiliates shall take any action
which is taken with the intention of being materially prejudicial to (i) the ability of the Lion Parties to enforce any security right or interest granted to them pursuant to or in connection with the Transaction Documents; or (ii) the
value of the assets pledged to the Lion Holdcos pursuant to the Cayman 7 Pledge; and 

  

	 	2.1.10	At all times prior to the Default Control Date, Cayman 5 undertakes, for so long as it is the Controlling Party, that neither it nor any of its Affiliates shall take any
action which is taken with the intention of being materially prejudicial to (i) the ability of Cayman 7 to enforce any security right or interest granted to it pursuant to or in connection with the Transaction Documents; or (ii) the value
of the assets pledged to Cayman 7 pursuant to the Holdco Pledge. 

  

	2.2	The Company undertakes to each of the Lion Parties (for themselves and as trustee for each of their Affiliates) to indemnify the Lion Parties and each of their Affiliates
against any damages, costs, fines, penalties or other losses suffered or incurred by any of them as a result of any provision of this Agreement or the exercise by any of the Parties of any right pursuant to this Agreement resulting in any breach of
any applicable law or regulation relating to competition or anti-trust. 

  

	2.3	The Company undertakes to CEDC (for itself and as trustee for each of their Affiliates) to indemnify CEDC and each of its Affiliates against any damages, costs, fines,
penalties or other losses suffered or incurred by any of them as a result of the breach of any applicable law or regulation relating to competition or anti-trust where such breach arises as a result of the operation of Clauses 2.1.4(b), 2.1.4(c),
2.4 or 2.5, and where such breach arises as a result of the operation of Clauses 2.4 and 2.5 such indemnification by the Company will be limited in all cases to a maximum aggregate amount of $15 million. 

  

	2.4	Notwithstanding any other provision of this Agreement, no particular element of any Governance Provision shall apply at any time when a Specified Event would be reasonably
likely to occur as a consequence of the application of that element; provided that nothing in this Clause 2.4 shall limit any of CEDC’s rights pursuant to paragraph 9(a) of Schedule 2, paragraph 1.8 of Schedule 3, paragraph 7 of Schedule 4 or
paragraph 5.2 of Schedule 5. For these purposes, where a Specified Event would be reasonably likely to occur as a consequence of the application of two or more elements of a Governance Provision, none of such elements shall apply.

  

	2.5	Subject to any applicable legal or regulatory requirements, CEDC shall immediately notify the Lion Holdcos upon it becoming aware of the occurrence of any event which makes
it reasonably apparent that the provisions of Clause 2.4 will apply at any time within the following 60 days. Immediately upon such notification, the provisions of Clause 2.4 shall apply in relation to the relevant element(s) of the relevant
Governance Provision(s) until such time as a Specified Event would not be reasonably likely to occur as a consequence of the application of the relevant elements of the relevant Governance Provision(s). 

  

	2.6	 The Lion Parties shall, at the request of CEDC, use their reasonable endeavours to procure a waiver of any relevant provisions contained in any of the
Finance Documents to the extent that such waiver will prevent the application of any of the Governance Provisions giving rise to a Specified Event, provided that members of the Group shall not be obliged to pay any 

  

 14 

	 	 
costs or fees in aggregate exceeding $500,000 in relation to obtaining any such waiver save to the extent that CEDC shall, through the subscription of
additional partnership interests in Cayman 7, have funded such fees by the subscription of shares in the Company. 

  

	2.7	Subject always to the provisions of Schedule 2 and Schedule 4 (as applicable), each of the Ordinary Shareholders hereby undertakes to vote its Ordinary Shares in accordance
with the directions of the Controlling Party. 

  

	3	ANTITRUST APPROVAL 

  

	3.1	If the approval or clearance of, or notification to, one or more Competition Authorities (each an “Antitrust Approval”) is in the reasonable opinion of any
of the Parties required to give effect (from time to time) to the exercise by CEDC of its rights under the JV Provisions, or to enable CEDC to become the Controlling Party, or the Parties otherwise agree to seek Antitrust Approval, the Parties
undertake (subject always to Clause 3.3) to each other to use their best efforts to obtain each such Antitrust Approval as soon as reasonably practicable following (i) in relation to the JV Provisions, the JV Notice Date or (ii) in
relation to CEDC becoming the Controlling Party, the earlier of: 

  

	 	3.1.1	the later of: 

  

	 	(a)	the date falling eight months prior to the date falling 95 days after the Fourth Cayman 7 Call Option Exercise Date; and 

  

	 	(b)	the earliest date on which the relevant Antitrust Approval could be sought and reasonably be expected to remain valid on the Fourth Cayman 7 Call Option Completion Date;
and 

  

	 	3.1.2	the CEDC Control Notice Date. 

 The JV Effective
Date or the CEDC Control Effective Date (as the case may be) shall not occur until at least five days after such Antitrust Approval has been obtained (or, where more than one Antitrust Approval is required, until at least five days after the last of
such Antitrust Approvals is obtained). Each Party shall inform the other on the next Business Day after having received the relevant Antitrust Approval or of being informed that the relevant Antitrust Approval has been denied. 
  

	3.2	The Lion Parties shall provide CEDC, CEDC shall provide the Lion Parties and the Company shall provide CEDC and the Lion Parties with all information relating to obtaining
each Antitrust Approval as the Lion Parties or CEDC (as applicable), acting reasonably, may request. 

  

	3.3	Without prejudice to the provisions of Clause 3.1, if an Antitrust Approval will only be granted subject to, or following the application of, certain commitments, conditions,
obligations, measures, undertakings and/or modifications (each, a “Commitment”), CEDC and the Lion Parties undertake to each other to comply with those Commitments necessary to obtain such Antitrust Approval and hereby agree that,
to the extent that such Commitments require the disposal of any asset, or if it appears to the Parties, acting reasonably, that such Antitrust Approval shall be given if the disposal of an asset is offered or made, the Parties shall, to the extent
possible, and to the extent that each is able to do so, manage the disposal of assets in accordance with the following order of priority: 

  

	 	3.3.1	first, the Company shall procure that members of the Group shall dispose of such assets as are necessary to obtain such Antitrust Approval provided always that in no
circumstances shall it be required to procure the disposal of the assets comprising the “Green Mark” and/or “Zhuravli” brands of vodka; 

  

 15 

	 	3.3.2	second, and subject always to the provisions of Clause 3.5, if and to the extent that, following the date of this Agreement, the Lion Parties have acquired any or all of the
assets that have been described in a letter from the Lion Holdcos to CEDC dated 24 April 2009 and any other assets acquired with such assets or in related transactions (together the “Potential Assets”), the Lion Parties shall
dispose of such of the Potential Assets as are necessary to obtain such Antitrust Approval; 

  

	 	3.3.3	third, if and to the extent that, following the date of this Agreement, CEDC or any Affiliate of CEDC has acquired any assets, CEDC shall dispose of (or shall procure the
disposal of) such of those assets as are necessary to obtain such Antitrust Approval; and 

  

	 	3.3.4	fourth, and subject always to the provisions of Clause 3.5, the Lion Parties shall dispose of (or shall procure the disposal of) such assets as are necessary to obtain such
Antitrust Approval, 

 provided always that in each case, any such disposal shall be limited to the minimum amount required to
obtain such Antitrust Approval. Any such disposal required to be made shall be made within 180 days of the date upon which it is finally determined that such disposal is required. Clause 3.1 shall not require the disposal of assets by any
Person save as set out in this Clause 3.3. 
  

	3.4	If, following the disposal, or offer to dispose of, all of the assets referred to in Clause 3.3, the relevant Antitrust Approval is not granted, the Parties agree that
CEDC and the Lion Parties shall use their best endeavours to agree upon and to implement a structure to realise their investment in the Company either by way of sale or initial public offering (an “Exit”). If Cayman 5 is the
Controlling Party at such time, it shall, to the extent permitted by law, consult with, and take into account all reasonable requests of, CEDC in connection with effecting an Exit. 

  

	3.5	In circumstances where Clause 3.3.2 or Clause 3.3.4 apply, the Lion Parties shall have the right (but not the obligation) to surrender any of their governance rights
hereunder if it becomes apparent to the Lion Parties, acting reasonably, that the relevant Antitrust Approval would be, or would be reasonably likely to be, obtained as a result of such surrender and if and to the extent that such Antitrust Approval
is so obtained, the Lion Parties shall not be required to comply with Clauses 3.3.2 or Clause 3.3.4, but provided always that such surrender shall not constitute or trigger a Specified Event. 

  

	3.6	CEDC agrees that it shall not be entitled to exercise its rights under paragraph 5 and 6 of Schedule 2 until such time as: 

  

	 	3.6.1	the European Commission has made a decision that: (i) the transactions contemplated by this Agreement or the Transaction Documents do not fall within the scope of
Council Regulation (EC) No. 139/2004 (the “EC Merger Regulation”) under Article 6(1)(a) of the EC Merger Regulation; (ii) the transactions contemplated by this Agreement are compatible with the Common Market pursuant to
Article 6(1)(b) of the EC Merger Regulation (or being deemed to have done so pursuant to Article 10(6) of the EC Merger Regulation); 

  

	 	3.6.2	approval from the Antimonopoly Committee of Ukraine has been duly obtained in relation to the exercise of the rights under paragraphs 5 and 6 of Schedule 2; or

  

 16 

	 	3.6.3	in so far as the transactions contemplated by this Agreement are required to be notified to the Competition Authority of any other jurisdictions such that, without such
notification or clearance, the exercise of the rights under paragraphs 5 and 6 of Schedule 2 would be unlawful or otherwise prohibited, all relevant consents and approvals have been received, and 

 CEDC undertakes to the others Parties to use its best endeavours to obtain such Antitrust Approvals as required under Clauses 3.6.1 to 3.6.3 as soon as
practicable. 
  

	4	RESTRICTIONS ON DEALINGS WITH SECURITIES 

  

	4.1	Save as provided for under the Default Governance Provisions or as otherwise required or expressly permitted pursuant to the provisions of the Transaction Documents, from the date
of this Agreement, no Shareholder may, directly or indirectly, sell, assign, transfer, offer, grant a participation in, mortgage, pledge, hypothecate, create a security interest in or lien upon, encumber, donate, contribute, place in trust, enter
into any voting agreement in respect of, or otherwise dispose of or create or allow to be created an Encumbrance over (collectively, “Transfer”) any of its Shares or the legal or beneficial interest therein without the consent of
all Parties. 

  

	4.2	Notwithstanding any other provision of this Agreement, no Transfer of any Shares may be made by any Shareholder to a Prohibited Person. 

  

	4.3	In the event of any Transfer in accordance with this Clause 4, each relevant Party undertakes to take such actions and do such things as may be necessary to complete such
Transfer in accordance with applicable legal requirements. To the extent that any Transfer contemplated or permitted in this Clause 4 requires the approval of any of the Parties pursuant to any law, or any provisions of the Articles or other
constitutional documents, each of the relevant Parties shall, forthwith upon request, and to the extent that it is able to do so, provide, or procure the provision of, the necessary consent and shall sign or vote (or procure such signature or vote)
in favour of any shareholder resolutions in connection therewith. 

  

	5	COMPLETION OF TRANSFERS 

  

	5.1	General 

 In connection with the completion of any
Transfer of Shares under this Agreement, the transferee (unless an existing Party to this Agreement) shall deliver to the Company and the Shareholders notice of such Transfer, including fully executed copies of all documentation and agreements
relating to the Transfer and any agreements or other documents required by this Agreement, including a duly executed Deed of Adherence if required pursuant to Clause 12. 
  

	5.2	Encumbrances 

 Where this Clause 5 applies to the
Transfer of any Share, each shall be transferred free of Encumbrances and with all rights attaching thereto (other than any restrictions on Transfer arising under the Transaction Documents). 
  

	5.3	Power of Attorney 

  

	 	5.3.1	 Each of the Parties (other than the Lion Parties) hereby irrevocably and unconditionally (and by way of security for the performance of its obligations under
this Agreement) appoints, with effect from the Default Control Date, any 

  

 17 

	 	 
Director nominated for that purpose by the Lion Parties as its attorney to execute and do in its name or otherwise and on its behalf all documents, acts and
things which the attorney shall in its absolute discretion consider necessary or desirable in order to implement the obligations of that Party (if not satisfied) under Clause 4, to the extent that the Party is in default of its obligations under
such Clause. 

  

	 	5.3.2	Each Shareholder undertakes to ratify whatever any Director as its attorney shall lawfully do or cause to be done in accordance with the power of attorney set out in Clause
5.3.1 and to indemnify and keep indemnified such attorney from all claims, costs, expenses, damages and losses which the attorney may suffer as a result of the lawful exercise by him of the powers conferred on him under such power of attorney.

  

	 	5.3.3	If a Transfer of Shares is executed on behalf of a Shareholder under the power of attorney set out in Clause 5.3.1: 

  

	 	(a)	the Company may receive the purchase money in trust for that Shareholder and the receipt of the Company for the purchase money shall be a good discharge for the purchaser,
who shall not be bound to see to the application of the purchase money; 

  

	 	(b)	the Company shall cause the purchaser to be registered as a holder of the relevant Shares; and 

  

	 	(c)	once registration has taken place in purported exercise of the power of attorney set out in Clause 5.3.1, the validity of the proceedings shall not be questioned by any
Person; and the relevant Shareholder shall be bound to deliver up any documentation required by the Company in connection with the Transfer and on its delivery shall be entitled to receive the purchase money in respect thereof.

  

	5.4	Effect of Void Transfers 

 In the event of any
purported Transfer in violation of the provisions of this Agreement, such purported Transfer shall be void and of no effect, the purported transferee shall have no rights or privileges in or with respect to such Shares or this Agreement, and no
effect will be given to any such purported Transfer or entry related thereto made in the records of the Company, to the extent permitted by applicable law. 
  

	6	CONDUCT OF THE COMPANY 

 The Company undertakes, and
the Parties shall procure that the Company undertakes: (i) to act only as a holding company; (ii) not to undertake any trading activity; (iii) not to incur any Indebtedness; (iv) to the fullest extent permitted by the laws of the
Cayman Islands, to distribute to Shareholders any material assets whether cash or non-cash (but excluding the assets of Russian Alcohol Group or the shares or other participations in vehicles through which those assets are held), received by the
Company, as soon as reasonably practicable and in any event within ten days of receipt of the same. 
  

	7	BOARD OF DIRECTORS 

  

	7.1	The Company or a member of the Group shall reimburse and pay to each Director any travelling, hotel or other out-of-pocket expenses which the Director may reasonably incur in
the performance of his duties), which shall be payable in arrears periodically upon demand, but no more than once per calendar month. 

  

 18 

	7.2	The Company or a member of the Group shall take out and maintain in force, for the duration of their appointment, a policy of insurance for Directors serving on the Board in
relation to directors’ liabilities, covering such matters and on such terms and conditions as the Lion Parties shall reasonably require. 

  

	7.3	Each Director shall be entitled to appoint any other Director to be his proxy in accordance with applicable provisions of the law of the Cayman Islands and a Director or any
such proxy shall not be required to hold any share qualification, shall not be subject to retirement by rotation and shall not be removed except by the Shareholder appointing them. 

  

	7.4	Each Director and any proxy appointed pursuant to Clause 7.3 shall be entitled to disclose to any Shareholder appointing him such information concerning the Group and its
business as he thinks fit to the extent that such disclosure would not violate any contractual, fiduciary or other obligation. 

  

	7.5	All matters to be determined at meetings of the Board and any committees thereof shall be determined by a majority of votes cast. 

  

	7.6	Each Director of the Company and any committee thereof shall be entitled to one vote and, in the case of an equality of votes, no Person, including without limitation the
Chairman of the Board, shall have a second or casting vote. 

  

	7.7	Any meeting of the Board or any committee thereof may consist of a conference call between Directors, some or all of whom are in different places provided that each Director
who participates in the meeting is able: 

  

	 	7.7.1	to hear each of the other participating Directors addressing the meeting; and 

  

	 	7.7.2	if he so wishes, to address each of the other participating Directors simultaneously, 

 whether directly, by conference telephone or by any other form of communication equipment or by a combination of such methods. A meeting held in this way
shall be deemed to take place at the place where the largest group of Directors is assembled or, if no such group is readily identifiable, at the place from where the Chairman of the meeting participates at the start of the meeting. 
  

	7.8	A resolution or other consent executed or approved in writing by all of the Directors who would have been entitled to vote thereon had the same been proposed at a meeting of
the relevant Board which such Directors had attended shall be as valid and effective for all purposes as a resolution passed at a meeting of a Board duly convened and held and may consist of several documents in the like form, each signed by one or
more of the Directors. 

  

	7.9	The Company will procure that Clauses 7.1 to 7.8 shall apply, mutatis mutandis, to the operation of the Operating Board. 

  

	7.10	The Parties agree that: 

  

	 	7.10.1	a meeting of the Board shall be convened and held at least once every 12 months; 

  

	 	7.10.2	a meeting of the Operating Board shall be convened and held at least once every three months; 

  

	 	7.10.3	all significant matters relating to the management and operations and business of the Group shall be discussed at meetings of and/or decided by the Operating Board;

  

 19 

	 	7.10.4	unless otherwise agreed between all the Directors, there shall be given to each of the Directors of the Company and the members of the Operating Board not less than five
Business Days’ prior written notice of any meeting of the Board of the Company and of the Operating Board, as the case may be, and every such notice shall be accompanied by a written agenda specifying the business of such meeting and copies of
all papers that shall be relevant for such meeting; 

  

	 	7.10.5	in addition to any directors and observers which Cayman 5 may be otherwise entitled to appoint to the Board or Operating Board from time to time, for so long as Cayman 5
is entitled to appoint any Director, Cayman 5 shall be entitled to appoint one representative from each of UFG Private Equity and Goldman Sachs ESSG to be an observer, entitled to attend (but not vote at) all meetings of the Operating Board and to
receive all materials relating to meetings of the Operating Board. 

  

	8	MONITORING FEES 

  

	8.1	For so long as Cayman 5 is the Controlling Party, during such time as the JV Provisions apply, and at all times following the Default Control Date, the Company shall pay or
cause a member of the Group to pay an M&O Fee to Lion Capital (or any Affiliate thereof). The amount of the M&O Fee paid to Lion Capital (or any Affiliate thereof) in respect of such period shall not exceed, in any financial year, the
aggregate of (a) 1.25% of budgeted EBITDA for the Group for that financial year, calculated on a pro rata basis according to the proportion of the financial year which has elapsed during such period; and (b) any out of pocket
expenses reasonably incurred in provision of the services in relation to which the M&O Fee is paid, provided that, to the extent that any portion of the M&O Fee cannot be paid by a member of the Group without a member of the Group breaching
a provision of the Finance Documents (and that portion cannot be paid by any other member(s) of the Group without a member of the Group breaching a provision of the Finance Documents), such portion of the M&O Fee shall not be required to be
paid. Any amounts paid as expenses shall be paid to (or at the direction of) the Person claiming the expense. 

  

	8.2	Subject to the provisions of Clause 8.1, from the CEDC Control Effective Date until the Final Discharge Date the Company shall pay or cause a member of the Group to pay to
Lion Capital (or an Affiliate thereof) and CEDC (or an Affiliate thereof) an M&O Fee. The amount of the M&O Fee paid in respect of such period shall be equal to the aggregate of (a) 1.25% of budgeted EBITDA for the Group for each
financial year, calculated on a pro rata basis according to the proportion of the financial year which has elapsed during such period; and (b) any out of pocket expenses reasonably incurred in provision of the services in relation to
which the M&O Fee is paid, provided that, to the extent that any portion of the M&O Fee cannot be paid by a member of the Group without a member of the Group breaching a provision of the Finance Documents (and that portion cannot be paid by
any other member(s) of the Group without a member of the Group breaching a provision of the Finance Documents), such portion of the M&O Fee shall not be required to be paid. To the extent that an M&O Fee is paid, Lion Capital (or its
designated Affiliate) and CEDC (or its designated Affiliate) shall each receive one half of such M&O Fee, excluding any out of pocket expenses referred to at (b) above. Any amounts paid as expenses shall be paid to (or at the direction of)
the Person claiming the expense. 

  

	9	NON-SOLICITATION 

  

	9.1	 For so long as any Lion Party is a Party to this Agreement and for a period of two years from the first date on which no Lion Party is a Party to this
Agreement (the “Lion Cessation Date”), no Lion Party will, on its own account or on account of another Lion Party, entice or attempt to entice away from their employment or employ or attempt to employ any Person 

  

 20 

	 	 
who, in the period between the date of this Agreement and the Lion Cessation Date, was an officer or an employee of a Group company, CEDC or an Affiliate of
CEDC, in each case who was engaged in managerial work. 

  

	9.2	Until the earlier of: 

  

	 	9.2.1	two years following the Final Discharge Date; and 

  

	 	9.2.2	the Final Cayman 7 Call Option Completion Date, 

 (the “CEDC Cessation Date”), CEDC will not, on its own account or on account of any Affiliate of CEDC, entice or attempt to entice away from their employment or employ or attempt to employ any Person who, in the period
between the date of this Agreement and the CEDC Cessation Date, was an officer or an employee of a Group company, a Lion Party or an Affiliate of any Lion Party, and in each case who was engaged in managerial work. 
  

	10	LIMITED PARTNERSHIP AGREEMENT 

  

	10.1	CEDC undertakes to Cayman 5 that it shall comply in a timely manner with its obligations under the Limited Partnership Agreement. 

  

	10.2	The General Partner undertakes to CEDC that it shall comply in a timely manner with its obligations under the Limited Partnership Agreement. 

  

	11	SELLERS’ PUT OPTION 

 CEDC undertakes that, in
the event the Sellers’ Put Option is validly exercised, CEDC shall provide to Cayman 7, through the subscription of partnership interests in Cayman 7, with an amount in cash equal to the amount required to be paid by Lux 1 in relation to
such exercise which Cayman 7 shall use to subscribe for ordinary shares and convertible preferred equity certificates (CPECs) in Lux 1. 
  

	12	DEED OF ADHERENCE 

  

	12.1	Subject to the provisions of Clause 12.2, no Transfer or allotment of any Shares shall be made unless the transferee or allottee shall have first executed a Deed of Adherence
and such Deed shall have been delivered to the Company at its registered office and to the Shareholders. 

  

	12.2	No Deed of Adherence need be executed if the transferee or allottee, as the case may be, is already a Party to this Agreement (in the same capacity as that in which the
transferor is a Party in respect of the Shares in question). 

  

	12.3	Each Party acknowledges and agrees that, upon the transferee or allottee duly executing a Deed of Adherence, such Person shall become a Party to this Agreement in accordance
with the terms of that Deed of Adherence. 

  

	13	TERMINATION 

  

	13.1	This Agreement shall terminate (as between the Parties hereto) and be of no further force or effect upon the earliest of the following: 

  

	 	13.1.1	the written agreement of the Parties; 

  

	 	13.1.2	the Company going into liquidation whether voluntary or compulsory (other than for the purpose of an amalgamation or reconstruction approved by all the Parties);

  

 21 

	 	13.1.3	the date on which the Outstanding Consideration (as defined in the Option Agreement) is paid in cash in full in accordance with the terms of the Option Agreement provided,
however, that such payment occurs prior to the Holdco Call Option Exercise Date; 

  

	 	13.1.4	the Final Cayman 7 Call Option Completion Date. 

  

	13.2	On termination of this Agreement, Clauses 9 (Non Solicitation and Non-Compete), 13 (Termination), and 22 (Rights of Third Parties and no Recourse)
to 26 (Governing Law) shall survive and continue in full force and effect, but all other rights and obligations of the Parties shall cease immediately. Termination does not affect the Parties’ accrued rights and obligations as at
termination. 

  

	13.3	Subject to the provisions listed in Clause 13.2 which shall continue to apply to such Shareholder, if after the Default Control Date any one Shareholder ceases to hold
any Shares in accordance with the terms of this Agreement, this Agreement shall cease to apply to such Shareholder (and if such Shareholder is Cayman 7, also to CEDC), and such Shareholder (and if such Shareholder is Cayman 7, also to
CEDC) shall cease to enjoy the benefit of any provision of this Agreement, from the date it ceases to hold such securities but without prejudice to any rights, obligations or liabilities which may have accrued prior to the date on which such
Shareholder ceased to hold any such securities. For the avoidance of doubt, any Party which at the Default Control Date does not hold Shares will not cease to be a Party by reason of the preceding sentence unless after the Default Control Date, it
acquires Shares and subsequently disposes of its entire holding of Shares. 

  

	13.4	Termination of this Agreement shall not affect the terms of any agreement entered into between the Parties, or any successor of either of them holding Shares which replaces
this Agreement. 

  

	13.5	References in this Agreement to any Person ceasing to be a Party to this Agreement shall mean this Agreement ceasing to apply to such Person in accordance with Clause 13.3 or
this Agreement terminating pursuant to Clause 13.1 

  

	14	TAX AND VCOC 

  

	14.1	For the purposes of this Clause 14, “Code” means the United States Internal Revenue Code of 1986, as amended, and any statute successor thereto.

 Certain Tax Matters 
  

	 	14.1.1	The Parties agree that the “check the box” elections have been made, or will promptly upon execution of this Agreement be made, by those related entities set out in
Schedule 6 and the Parties will not change or modify or procure the change or modification of the “check the box” elections or make any additional elections for US Tax purposes without the other Parties’ prior written approval, not to
be unreasonably withheld or delayed. 

  

	 	14.1.2	The Parties intend that the Company shall be treated as a partnership for US tax purposes and no Party shall treat or elect to treat the Company in any other manner for US
tax purposes without the consent of the other Parties, such consent not to be unreasonably withheld. 

  

	 	14.1.3	 To the extent the Company is required by law to withhold or to make tax payments on behalf of or with respect to any Shareholder (“Tax
Advances”), the Company may withhold such amounts and make such tax payments as so required. All Tax 

  

 22 

	 	 
Advances made on behalf of any Shareholder shall be repaid by reducing the amount of the current or next succeeding distribution or distributions which would
otherwise have been made to such Shareholder or, if such distributions are not sufficient for that purpose, by so reducing the proceeds of liquidation otherwise payable to such Shareholder. If a distribution to a Shareholder is actually reduced as a
result of a Tax Advance, for all other purposes of this Agreement such Shareholder shall be treated as having received the amount of the distribution that is reduced by the Tax Advance. Each Shareholder hereby agrees to indemnify and hold harmless
the Company and the other Shareholders from and against any liability (including, without limitation, any liability for taxes, penalties, additions to tax or interest) with respect to income attributable to or distributions or other payments to such
other Shareholder. 

  

	14.2	Certain VCOC Matters 

  

	 	14.2.1	For so long as any Lion Party seeks to qualify as a VCOC Shareholder (as the term is defined in Clause14.2.2 below), such Party shall be entitled individually to nominate at
least one of the Persons to the Board to be nominated by that Lion Party. The Parties acknowledge that, on the date hereof, the Lion Holdcos are VCOC Shareholders. 

  

	 	14.2.2	The Company hereby agrees that for so long as any Shareholder or one of its Affiliates is a “venture capital operating company” (such Shareholder or
Affiliate, a “VCOC Shareholder”), as defined in the regulations promulgated under the United States Employee Retirement Income Security Act of 1974, as amended, by the United States Department of Labor (the “Plan Asset
Regulations”), and such VCOC Shareholder continues to hold, directly or indirectly, any Shares (or other securities of the Company into which such Shares may be converted or for which such Shares may be exchanged), without limitation on, or
prejudice to, any of the other rights provided to the VCOC Shareholder under this Agreement or applicable law, the Company shall provide to such VCOC Shareholder or its designated representative: 

  

	 	(a)	such information and consultation rights and other assistance as such VCOC Shareholder may require to preserve its direct or indirect interest in the Company qualifying as a
“Venture Capital Investment” (within the meaning of the Plan Asset Regulations) and, in connection with an Exit, such distribution of securities held directly or indirectly by the VCOC Shareholder or such other reasonable assistance
such as to enable such Shareholder, in its discretion, to elect to commence its “distribution period” (within the meaning of the Plan Asset Regulations) or otherwise preserve its qualification as a “venture capital operating
company” within the meaning of the Plan Asset Regulations, and the Parties will agree to such amendments to this Agreement as may be required by a VCOC Shareholder to preserve such qualification or permit such election or otherwise,
provided that no such amendment would result in a material adverse effect on the operations or business of the Group, taken as a whole, or on the financial, legal or tax position of any other Shareholder; 

  

	 	(b)	 prior notice of all material corporate actions (unless any such action is required to be disclosed to the general public, in which case, such VCOC
Shareholder shall be deemed to have received notice pursuant to such disclosure) and the right to consult with the Company and members of the Group with respect to such actions; provided that the Company may provide such notice to the applicable
designated representative of such 

  

 23 

	 	 
VCOC Shareholder, which in turn shall be responsible forwarding such notice to the VCOC Shareholder the right to visit and inspect any of the offices and
properties of the Group and inspect and copy the books and records of the members of the Group, at such times as the VCOC Shareholder or its designated representative shall reasonably request; and 

  

	 	(c)	the right to consult with appropriate officers and directors of the Company and each member of the Group periodically and at such times as reasonably requested by the VCOC
Shareholder with respect to matters relating to the business, finances, accounts and affairs of the Company and the members of the Group. Any costs incurred by the Company as a result of compliance with this Clause 14.2.2 shall be borne by the
Shareholder making such requests for such information. 

  

	 	14.2.3	The Company agrees to consider, in good faith, the recommendations of the VCOC Shareholder or its designated representative in connection with the matters on which it is
consulted as described above, recognising that the ultimate discretion with respect to all such matters shall be retained by the Company. 

  

	15	ASSIGNMENT AND SUB-CONTRACTING 

  

	15.1	Subject to Clause 15.2, no Party shall be entitled to assign or transfer all or any of its rights, benefits or obligations under this Agreement in whole or in part without
the prior written consent of the other Parties otherwise than pursuant to a Transfer in accordance in all respects with the provisions and requirements of this Agreement and the Articles. 

  

	15.2	In the event that the General Partner ceases to be the general partner of Cayman 7, each of the Parties shall take all such action as shall be in its power as shall be
reasonably necessary (i) to release the General Partner from its rights and obligations under this Agreement and (ii) to substitute any replacement general partner of Cayman 7 as a Party in place of the General Partner.

  

	16	EXCLUSION OF AGENCY, PARTNERSHIP OR JOINT VENTURE 

 Nothing in this Agreement or any arrangement contemplated by it shall be construed as establishing or implying any partnership between the Parties, and nothing in this Agreement shall be deemed to constitute either of the Parties as the
agent of any other or to authorise any Party to hold itself out as agent or to bind, contract in the name of or to create a liability for any other in any way or for any purpose. 
  

	17	FURTHER ASSURANCE, CONFLICT AND COMPLIANCE WITH ARTICLES, ANTI-CORRUPTION PROVISIONS 

  

	17.1	Each Party shall, now or as required at any time in the future, do, or procure the doing by a third party of, so far as may be reasonably within its power and as may be
reasonably requested of it, all acts and/or execute or procure the execution of all documents in a form reasonably satisfactory to the other Parties as is or are required to give full effect to the Transaction Documents and the transactions intended
to be effected hereby and thereby and shall further (if necessary), so far as may be within its power, procure any required amendment to the Articles. 

  

	17.2	If there is any conflict or inconsistency between the provisions of this Agreement and the Articles, (i) this Agreement shall prevail, although nothing in this Agreement
shall constitute an amendment of the Articles and (ii) the Shareholders shall take all lawful actions necessary to amend the Articles in order to implement the terms of this Agreement, and in any event, shall act in accordance with this
Agreement. 

  

 24 

	17.3	The Company undertakes to each of the Shareholders that it shall, and shall procure that each Group Company and their respective directors, officers and employees shall,
comply with all applicable anti-bribery and anti-corruption laws and regulations. Without prejudice to the generality of the foregoing, the Company shall, and shall procure that each Group Company and their respective directors, officers and
employees shall, refrain from taking any action that would result in a violation by any direct or indirect investor in the Company of the U.S. Foreign Corrupt Practices Act or any other applicable anti-bribery or anti-corruption laws which apply to
it by virtue of such investor’s direct or indirect investment in the Company. 

  

	17.4	Without limiting the generality of the preceding Clause, the Company undertakes to each of the Shareholders that it shall, and shall procure that each Group Company and their
respective directors, officers and employees shall, refrain from offering, promising to pay, or authorising the payment of any money, or offering, giving, promising to give, or authorising the giving of anything of value, to any officer, employee or
any other Person acting in an official capacity for any government or any department, agency or instrumentality thereof, including any entity or enterprise owned or controlled by a government, or for any public international organisation, to any
political party or official thereof or to any candidate for political office (individually and collectively, a “Government Official”) or to any Person knowing or being aware of a high probability that all or a portion of such money
or thing of value will be offered, given or promised, directly or indirectly, to any Government Official, for the purpose of: 

  

	 	17.4.1	influencing any act or decision of such Government Official in his official capacity; 

  

	 	17.4.2	inducing such Government Official to do or omit to do any act in violation of his lawful duty; 

  

	 	17.4.3	securing any improper advantage; 

  

	 	17.4.4	inducing such Government Official to influence or affect any act or decision of any entity or enterprise owned or controlled by a government; or 

  

	 	17.4.5	assisting any Group Company in obtaining or retaining business for or with, or directing business to any Group Company. 

  

	18	ENTIRE AGREEMENT 

 This Agreement, and the documents
referred to in it in agreed form together constitute the entire agreement and understanding of the Parties in relation to the matters the subject thereto and supersede any previous agreement between the Parties (whether written or oral) in relation
to all or any of such matters and without prejudice to the generality of the foregoing, excludes any representation, warranty, condition or other undertaking implied at law or by custom other than where expressly contained in this Agreement,
provided that nothing in this Clause shall exclude a Party from liability for fraudulent misrepresentation. 
  

	19	VARIATION 

  

	19.1	Subject to Clause19.2, any variation of this Agreement must be in a written document and signed by each of the Parties or a duly authorised officer or representative of each
of the Parties and where any such document exists and is so signed such Party shall not allege that the same is not binding by virtue of an absence of consideration. 

  

 25 

	19.2	If this Agreement ceases to apply to any Party pursuant to Clause 13.3, as from the date of such cessation and irrespective of whether the consent of such party would have
been required pursuant to Clause 19.1, this Agreement may be varied without reference to or the need for signature of any relevant document by that Party, provided that (for the avoidance of doubt) such variation shall not give rise to any new or
increased liability of that Party. 

  

	20	WAIVER 

  

	20.1	A delay in exercising, or failure to exercise, any right or remedy under this Agreement does not constitute a waiver of such or other rights or remedies nor shall operate so
as to bar the exercise or enforcement thereof. No single or partial exercise of any right or remedy under this Agreement shall prevent further or other exercise of such or other rights or remedies. 

  

	20.2	No waiver by any Party of any requirement of this Agreement, or of any remedy or right under this Agreement, shall have effect unless given in writing and signed by such
Party. 

  

	20.3	The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights and remedies provided by law. 

  

	21	ILLEGALITY AND SEVERANCE 

  

	21.1	The provisions contained in each Clause of this Agreement shall be enforceable independently of the others and the invalidity of any one provision shall not affect the
validity of the others. 

  

	21.2	If a provision of this Agreement is, or but for this Clause would be, held to be illegal, invalid or unenforceable, in whole or in part, in the jurisdiction to which it
pertains but would be legal, valid and enforceable if part of the provision was deleted, the provision shall apply with the minimum modification necessary to make it legal, valid and enforceable in that jurisdiction, and any such illegality,
invalidity or unenforceability in any jurisdiction shall not invalidate or render invalid or unenforceable such provisions in any other jurisdiction. 

  

	21.3	If a provision of this Agreement is held to be illegal, invalid or unenforceable, in whole or in part and Clause 21.2 cannot be used to make it legal, valid and enforceable,
a Party may require the other Parties to enter into a new agreement or deed under which those Parties undertake in the terms of the original provision, but subject to such amendments as the first Party specifies in order to make the provision legal,
valid and enforceable provided however, that such amendments shall be the minimum required to make the provision legal, valid and enforceable and in order to honour so far as is legal, valid and enforceable the original intention of the Parties. No
Party will be obliged to enter into a new agreement or deed that would increase its liability beyond that contained in this Agreement, had all its provisions been legal, valid and enforceable. 

  

	22	RIGHTS OF THIRD PARTIES AND NO RECOURSE 

  

	22.1	A Person who is not a Party to this Agreement or who does not execute a Deed of Adherence in accordance with this Agreement has no rights under the Contracts (Rights of Third
Parties) Act 1999 or otherwise to enforce any term of this Agreement but this does not affect any right or remedy of a third party which exists or is available apart from such Act. 

  

	22.2	Accordingly, this Agreement shall be binding upon and enure solely for the benefit of the Parties hereto and any Person who executes a Deed of Adherence in accordance with
this Agreement and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any rights, benefits or remedies of any nature whatsoever under or by reason of this Agreement. 

  

 26 

	22.3	Only the Parties that are signatories hereto shall have any obligation or liability under this Agreement. Notwithstanding anything that may be expressed or implied in this
Agreement, no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had against any current or future representative of any Party or any current or future direct or indirect shareholder,
member, general or limited partner or other beneficial owner of any Party or any of their respective representatives, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or
other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any such Person for any obligation of any Party under this Agreement or any documents
or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation. 

  

	23	COUNTERPARTS 

 This Agreement may be executed in any
number of counterparts, each of which when executed and delivered shall constitute an original of this Agreement, but all the counterparts shall together constitute one and the same agreement. No counterpart shall be effective until each Party has
executed at least one part or counterpart. 
  

	24	NOTICES 

  

	24.1	Any notice or other communication given under this Agreement shall be in writing and shall be served by delivering it to the Party due to receive it at the address or fax
numbers set out in Clause 24.2 and shall be deemed to have been delivered in accordance with Clause 24.3. 

  

	24.2	The Parties’ addresses and fax numbers for the purposes of this Agreement are: 

  

	 	24.2.1	In the case of the Lion Parties, the General Partner, the Company and Cayman 7: 

 Lion Capital LLP 
 21 Grosvenor Place 
 London SW1X 7HF 
 United Kingdom 

For the attention of: Javier Ferrán/James Cocker 
 Fax number: +44 20 7201 2222 
 with a courtesy copy (which shall not constitute notice) to: 
 Weil, Gotshal & Manges 
 One South
Place 
 London EC2M 2WG 
 United Kingdom 
 For the attention of: Michael Francies/Ian Hamilton 
 Fax number: +44 20 7903 0990 
  

	 	24.2.2	In the case of CEDC: 

 CEDC Warsaw, 
 ul. Bobrowiecka 6 
 02-728 Warszawa

 Poland 
 For the attention
of: Bill Carey 
 Fax number: +48 22 455 1810/+1 941 330 9617 
  

 27 

 with a courtesy copy (which shall not constitute notice) to: 
 Dewey & LeBoeuf 
 No. 1
Minster Court 
 Mincing Lane 
 London EC3R 7YL 
 For the attention of: Steve Horvath 
 Fax number: +44 20 7459 5099 
 or such other
address or fax number as the relevant Party notifies to the other Parties, which change of address shall only take effect if delivered and received in accordance Clause 24.3 
  

	24.3	A notice so addressed shall be deemed to have been received: 

  

	 	24.3.1	if personally delivered, at the time of delivery; 

  

	 	24.3.2	if sent by pre-paid, recorded delivery or registered post, two Business Days after the date of posting to the relevant address; 

  

	 	24.3.3	if sent by registered air-mail, five Business Days after the date of posting to the relevant address; or 

  

	 	24.3.4	if sent by fax, on successful completion of its transmission as per a transmission report from the machine from which the fax was sent, save that if such notice or
communication is received after the end of normal working hours (and “normal working hours” shall be deemed to be 8.30 am and 5.30 pm on any Business Day in the country of the recipient), such notice or communication shall be deemed
to have been received on the next Business Day. 

  

	24.4	CEDC irrevocably authorises and appoints Law Debenture Corporate Services Limited presently at Fifth Floor, 100 Wood Street, London EC2V 7EX, United Kingdom as its agent for
service of notices and/or proceedings in relation to any matter arising out of or in connection with this Agreement and service on such agent in accordance with this Clause 24 shall be deemed to be effective service on CEDC.

  

	24.5	Each of Cayman 4, Cayman 5, Cayman 6, Cayman 7 and the General Partner irrevocably authorises and appoints Lion Capital LLP whose registered address is at 21 Grosvenor Place,
London, SW1X 7HF United Kingdom as their agent for service of notices and/or proceedings in relation to any matter arising out of or in connection with this Agreement and service on such agent in accordance with this Clause 24 shall be deemed to be
effective service on Cayman 4, Cayman 5, Cayman 6, Cayman 7 or the General Partner, as the case may be. 

  

	24.6	Any Party may appoint a substitute agent for service for the purposes of Clause 24.4 or 24.5 by giving notice to the other Parties pursuant to Clauses 24.1 to 24.3

  

	25	JURISDICTION 

 The Parties irrevocably agree that,
subject as provided below, the courts of England shall have exclusive jurisdiction over any dispute or claim arising out of or in connection with this Agreement or its subject matter or formation (including non-contractual claims). Nothing in this
Clause 25 shall limit the right of the Parties to commence proceedings to seek equitable (or equivalent) relief or to seek enforcement of a final non-appealable judgment of the courts of England in any court of an Approved Jurisdiction which has
competent jurisdiction, nor shall the commencement of such proceedings in any one or more Approved Jurisdictions preclude the commencement of similar proceedings in any other Approved Jurisdiction, 

  

 28 

 
whether concurrently or not, to the extent permitted by the law of such other Approved Jurisdiction. No Party shall be entitled to commence proceedings in
any court in any jurisdiction other than England or of an Approved Jurisdiction. 
  

	26	GOVERNING LAW 

 This Agreement and all matters
(including, without limitation, any contractual or non-contractual obligation) arising from or connected with it are governed by, and will be construed in accordance with, English law. 
  

 29 

 SCHEDULE 1 
 DEED OF ADHERENCE 
 DEED OF ADHERENCE dated — made by — (the “Adhering Party”) in favour of the Persons whose names are set out in the schedule to this deed. 
 RECITALS 
  

	(A)	This deed is supplemental to the Governance and Shareholders Agreement dated [—] made between Cayman 7, Cayman 4, Cayman 5, the Company,
the General Partner and CEDC (the “Shareholders Agreement”). 

  

	(B)	[Name of transferring Shareholder] has agreed to transfer [a portion] [all] of its Shares to the Adhering Party and this deed is entered
into pursuant to Clause 12 of the Shareholders Agreement. 

  

	1	REPRESENTATIONS AND WARRANTIES 

 The Adhering Party
warrants, as of the date of this deed, to the other Parties that: 
  

	 	(a)	it has full power and authority, without requiring the consent of any other Person, and has taken all necessary actions, to enter into and exercise its rights and perform its
obligations under this deed and the Shareholders Agreement; 

  

	 	(b)	the provisions of this deed or the Shareholders Agreement will not result in a breach of any provision of the Adhering Party’s constitutional documents or result in a
breach of any order, judgment or decree of any court or governmental agency to which it is a party or by which it is bound; and 

  

	 	(c)	this deed and the Shareholders Agreement constitute lawful, valid and binding obligations of the Adhering Party in accordance with its terms. 

  

	2	OPERATIVE PROVISIONS 

 The Adhering Party confirms
that it has been given and read a copy of the Shareholders Agreement and covenants with each Person named in the schedule to this deed to perform and be bound by all the terms of the Shareholders Agreement as if the Adhering Party were [capacity
in which the party is to adhere to be inserted] for the purposes of the Shareholders Agreement; 
  

	3	NOTICES 

 Any notice or other communication given
under the Shareholders Agreement shall be in writing and shall be served by delivering it to the Adhering Party at the address or fax numbers set out below: 
 The Adhering Party’s address and fax number for the purposes of the Shareholders Agreement are: 
 [—] 
 For the attention of: [—] 
 Fax number: [—] 
  

 30 

 with a courtesy copy (which shall not constitute notice) to: 
 [—] 
 For
the attention of: [—] 
 Fax number: [—] 
 or such other address or fax number as the Adhering Party notifies to the other Parties, which change of address shall only take effect if delivered and
received in accordance with Clause 24.3 of the Shareholders Agreement. 
  

	4	A notice so addressed shall be deemed to have been received in accordance with Clause 24.3 of the Shareholders Agreement. 

  

	5	Unless the context requires otherwise, words and expressions defined in the Shareholders Agreement shall have the same meaning when used in this deed.

  

	6	This deed is governed by English law. 

 DULY EXECUTED AND
DELIVERED 
 AS A DEED ON THE DATE STATED ABOVE 
 [ADHERING PARTY] 
 [Appropriate deed execution clause] 
  

			
	by:	 	  

 Acknowledged and Accepted: 
 [COMPANY] 
  

			
	by:	 	  

  

 31 

 SCHEDULE 2 
 CEDC MINORITY RIGHTS 
 This Schedule sets out the provisions which will apply at all times when CEDC is the Minority
Party. 
 Notwithstanding any other provision of this Agreement, each of the rights set out in this Schedule 2 (excluding the rights set out in paragraph
9(a) of this Schedule 2) is subject to and accordingly shall be limited by any applicable obligations, restrictions or permissions contained in the Finance Documents, provided always that this carve-out shall not apply where such obligation,
restriction or permission arises as a result of any amendment to a Finance Document after the date of this Agreement and such amendment has not received prior Minority Consent. 
 Notwithstanding the provisions of paragraphs 2, 3 and 4 of this Schedule, any transaction or arrangement contemplated by such paragraphs which occurs or would occur exclusively amongst members of the Group, shall not
require Minority Consent. 
 Capital Increases 
  

	1	No Group Company shall, without Minority Consent, make a Capital Increase provided that, this restriction shall not apply (i) where the Capital Increase, in the
reasonable opinion of the Controlling Party, is required because a member of the Group is in a Distress Situation; (ii) where the Capital Increase takes place in order to allow Cayman 7 to fund Lux 1 with the funds received by Cayman 7 from
CEDC pursuant to Clause 11; or (iii) where the Capital Increase takes place between members of the Group. 

 Where a
Capital Increase takes place in a Distress Situation, CEDC shall be offered the opportunity via Cayman 7 before any other party to subscribe for all shares proposed to be issued under, but shall not in any circumstances have the right to prevent,
the Capital Increase and the provisions of paragraphs 1.2 to 1.7 of Schedule 5 shall apply. Any Capital Increases during a Distress Situation shall be limited to raising an amount which the Controlling Party, acting reasonably, deems necessary,
following consultation with the Minority Party, to: i) cure the Distress Situation; and ii) prevent another Distress Situation from arising within the following twelve months. 
 Any participation of CEDC in a Capital Increase shall be made by CEDC providing funds to Cayman 7 to allow it to participate in the Capital Increase.

 Debt Finance 
  

	2	No Group Company shall, without Minority Consent: 

  

	 	(a)	prepay or cancel any Indebtedness of an amount in excess of $5 million in aggregate from the date of this Agreement, provided that this restriction shall not apply in respect
of (i) Net Working Capital Facilities; and (ii) mandatory repayments of debt principal amounts; 

  

	 	(b)	make any material amendments to the terms of any Indebtedness in excess of $5 million in aggregate from the date of this Agreement; 

  

	 	(c)	incur any Indebtedness of an amount in excess of $5 million in aggregate from the date of this Agreement, provided that: (i) where the Minority Consent has been received
in respect of committed but undrawn arrangements for Indebtedness in excess of $5 million in aggregate from the date of this Agreement; or (ii) in respect of the facilities provided under the Finance Documents, Minority Consent will not be
required for the utilisation of such facilities; 

  

 32 

	 	(d)	incur any Indebtedness, or make any amendment to the terms of any existing Indebtedness, the terms of which (or, in the case of an amendment, the terms of which amendment)
provide for or may require (i) payment of any new or additional fee or amount; (ii) prepayment or acceleration of payment of any existing amount; (iii) termination; (iv) negotiation or material variation of terms by the
counterparty in each case as a result of CEDC becoming the Controlling Party provided that this restriction shall not prevent the utilisation of amounts available under the Finance Documents; 

  

	 	(e)	incur any Indebtedness, or make any amendment to the terms of any existing Indebtedness, the terms of which (or, in the case of amendment, the terms of which amendment) the
Controlling Party reasonably believes, is or has become aware or has been notified, will, prior to the CEDC Control Effective Date, cause an event of default in respect of any material Indebtedness to which CEDC or any Affiliate of CEDC is a party,
provided that this provision shall not require the Controlling Party to make any enquiry as to the terms of any Indebtedness of CEDC or its Affiliates; 

  

	 	(f)	create or permit to be created any Encumbrance over any of the assets of any member of the Group, except: (i) in accordance with Finance Documents; (ii) in
accordance with the terms of any Indebtedness otherwise permitted under this Agreement; or (iii) any Encumbrance arising in the ordinary course of trading; 

  

	 	(g)	enter into or unwind any hedging or swap arrangements in respect of a notional amount in excess of $5 million in aggregate from the date of this Agreement;

  

	 	(h)	enter into any off balance sheet commitments in excess of $5 million in aggregate from the date of this Agreement; or 

  

	 	(i)	agree to do any of the foregoing. 

 Acquisitions and Disposals

  

	3	No Group Company shall, without Minority Consent: 

  

	 	(a)	acquire any interest in any business, company or tangible or intangible assets (i) the consideration for which, when aggregated with that paid for any previous such
acquisitions made after the date of this Agreement, exceeds $5 million; or (ii) which was loss-making in the 12 months prior to the date of acquisition; or (iii) which will not, following acquisition, be controlled by a member of the Group
except, in each case, as previously contained or provided for in the Budget; or 

  

	 	(b)	enter into any joint venture, revenue sharing or profit sharing arrangement; or 

  

	 	(c)	dispose of any interest in any business, company, or assets: (i) where the higher of (a) consideration actually received for such disposal and (b) the Fair
Market Value of the assets disposed of exceeds $5 million; or (ii) the disposal of any interests, either alone or in aggregate, that may have the same effect; provided that Minority Consent shall not be required in respect of any disposal
required pursuant to Clause 3.3; or 

  

	 	(d)	agree to do any of the foregoing. 

  

 33 

 Material Contracts 
  

	4	No Group Company shall, without Minority Consent, enter into or agree to enter into any agreement or make any amendment to any existing agreement: 

 

	 	(a)	which (or, in the case of an amendment, which amendment) is reasonably likely to have a material impact (either positive or negative) upon the profitability of the Group,
taken as a whole, or upon the net asset value of the Group; or 

  

	 	(b)	which (or, in the case of an amendment, which amendment) provides for or may require (i) payment of any new or additional fee or amount; (ii) prepayment or
acceleration of payment of any existing amount; (iii) termination; (iv) negotiation or material variation of terms by the counterparty in each case as a result of CEDC becoming the Controlling Party; or 

  

	 	(c)	which is outside the ordinary course of business and is material to the business the Group taken as a whole, 

 save as may otherwise be agreed between Cayman 4, Cayman 5 and CEDC. For the avoidance of doubt, any settlement agreement in respect of any First Earnout
Amount, Second Earnout Amount or any combination or part thereof shall be considered to be subject to this paragraph 4. 
 Management 
  

	5	The final form of the Budget and any material amendments to or deviations from it, taken as a whole, including but not limited to investments outside the Budget, shall not be
approved or take effect without Minority Consent. 

  

	6	The appointment or dismissal of any member of Senior Management or material changes to the role or job description of any member of Senior Management shall not take place
without Minority Consent. 

  

	7	No material change to the terms of the incentive structure or the compensation awarded to Senior Management shall be made after 31 December 2009 without Minority
Consent, save as may otherwise be agreed between Cayman 4, Cayman 5 and CEDC. 

  

	8	The Minority Party shall have the right to appoint two Directors to each of the Board and the Operating Board, provided always that this shall in no circumstances constitute
a majority of the Board or the Operating Board and no limit shall be placed on the number of Directors who may be appointed to the Board or the Operating Board by the Controlling Party. The appointees made by the Minority Party pursuant to this
paragraph shall also have the right to attend meetings of the Shareholders. 

 Information 
  

	9	The Controlling Party shall deliver to the Minority Party: 

  

	 	(a)	upon written request, and as soon as practicable, all information required to allow the Minority Party to comply with applicable listing, reporting and disclosure rules,
regulations and requirements of applicable governmental entities and securities exchanges, including, without limitation, the United States Securities and Exchange Commission, the Polish Securities and Exchange Commission, NASDAQ, the Warsaw Stock
Exchange, and any other securities exchange on which any security of the Minority Party is listed or admitted for trading; 

  

 34 

	 	(b)	monthly management accounts, prepared substantially in accordance with CEDC group format, as soon as reasonably practicable following the end of the relevant month,
commencing as soon as reasonably practicable following the date of this Agreement; and 

  

	 	(c)	quarterly management accounts prepared substantially in accordance with the CEDC group format as soon as reasonably practicable following the end of the relevant quarter,
commencing as soon as reasonably practicable following the date of this Agreement; and 

  

	 	(d)	annual audited financial information as soon as reasonably practicable following the end of the relevant financial period, 

 and shall (i) disclose to the Minority Party any matters of which it becomes aware which could reasonably be expected to have a material and adverse
impact on the operations and condition of the Group; (ii) keep the Minority Party apprised of the performance of the Group and allow the Minority Party reasonable access to the management of the Group and to the executives of Lion Capital; and
(iii) allow the Minority Party direct access to the auditors of the Group, including during pre-audit planning and post audit review, in consultation with the Group’s chief financial officer. 
  

	10	All compliance, financial reporting, audit, and audit related costs, shall be borne by the Group except where such costs relate to activities in which the Group would not
engage, but for the other provisions of this paragraph 10. The costs that the Group shall be required to bear in connection with such activities shall be limited to a maximum of $300,000 per calendar year. Any costs in excess of $300,000 in any
calendar year incurred in connection with such activities shall be borne by CEDC. 

 Related Party Transactions 
  

	11	No Group Company shall, without Minority Consent, enter into or agree to enter into any or a series of related Related Party Transactions with a value in excess of $250,000
in aggregate per annum, except the payment of M&O Fees (and related expenses). 

 Dividends 
  

	12	No Group Company shall without Minority Consent declare, pay or otherwise make any dividend or other distribution (whether in cash or in specie) other than to another
Group Company. 

  

	13	After the later of: (i) the date falling immediately after the Cayman 7 Call Option Completion Date in respect of the Third Cayman 7 Call Option; and
(ii) 31 July 2011, and provided that the Holdco Put Option has not been exercised, the Minority Party may require (having given not less than 30 days’ written notice to the Controlling Party) that the Company pays a cash dividend to
the Shareholders up to the Maximum Dividend Amount, and that any amounts necessary to be paid from any Subsidiaries of the Company to allow such a dividend shall be paid (but without requiring any member of the Group to incur any Indebtedness to any
person (other than to another member of the Group)), subject to the following: 

  

	 	(a)	any such dividend received by Cayman 7 shall be applied to the extent required by, and in accordance with the provisions of, the Option Agreement and the Limited
Partnership Agreement; 

  

	 	(b)	 the payment of such dividend shall be subject to all applicable legal and contractual restrictions applicable to the Company or any of its Subsidiaries,
which restrictions 

  

 35 

	 	 
shall include any legal or contractual restrictions applicable to the direct or indirect provision of funds to the Company by any of its Subsidiaries
(whether by dividend, loan or otherwise) which may be necessary in order to enable the Company to pay such dividend without any member of the Group incurring any Indebtedness to any Person (other than to another member of the Group);

  

	 	(c)	no such dividend shall be payable if: 

  

	 	(i)	following the payment of such dividend, less than the Minimum Cash Amount would remain held in cash in Lux 3; 

  

	 	(ii)	following such dividend the Leverage Ratio (taking into account the payment of such dividend) would be greater than 2.0; or 

  

	 	(iii)	the payment of such dividend is not permitted pursuant to the conditions of paragraph f(ii) of the definition of “Permitted Payment” as such term is defined in the
Senior Facilities Agreement (in the form amended as at, or prior to, the date of this Agreement) and, where necessary in order to interpret such provisions, incorporating relevant defined terms from the Senior Facilities Agreement); and

  

	 	(d)	the Minority Party may only request two such dividends to be paid in any financial year, provided that such requests are not less than 90 days apart.

  

	14	For the purposes of paragraph 13 above: 

  

	 	(a)	the “Minimum Cash Amount” shall mean $30 million, save that where the dividend is paid on the Final Cayman 7 Call Option Completion Date and the
Final Cayman 7 Call Option is completed in full on that date in accordance with its terms, the “Minimum Cash Amount” shall mean $0; and 

  

	 	(b)	the “Maximum Dividend Amount” shall mean the maximum cash dividend which the Company is able to pay at the relevant time, taking into account the
restrictions mentioned in paragraphs13(b) and 13(c) above and after having made appropriate payment, withholding or reservation of all taxes payable in connection with such dividend. 

  

	15	CEDC may require that Lux 2 shall, so far as it is able, repay the Vendor Loan Notes in whole or in part at any time following the later of: (i) the date falling
immediately after the Cayman 7 Call Option Completion Date in respect of the Third Cayman 7 Call Option; and (ii) 31 July 2011, provided that following such repayment at least $20 million would remain held in cash in Lux 3.

 Miscellaneous 
  

	16	None of the following shall take place without Minority Consent: 

  

	 	(a)	any change to the financial year end of any member of the Group; 

  

	 	(b)	any change to the auditors of any member of the Group; 

  

	 	(c)	the liquidation or winding up of any member of the Group; 

  

	 	(d)	the commencement or settlement of any material litigation (whether actual or threatened); 

  

 36 

	 	(e)	any material change to the constitutional documents of any member of the Group; 

  

	 	(f)	any material change to the accounting policies and/or practices of any member of the Group; 

  

	 	(g)	the establishment of any new, or the winding up or dissolution (by whatever means) of any existing, Subsidiary; 

  

	 	(h)	the passing of any special resolution of the Company at a general meeting; 

  

	 	(i)	any consolidation, subdivision, conversion or cancellation of the share capital of any member of the Group; 

  

	 	(j)	any compromise or arrangement between the Company and its members proposed under the Companies Law; or 

  

	 	(k)	any scheme involving the transfer of shares or any class of shares of the Company to another company under the Companies Law. 

  

	17	The Controlling Party shall not, without Minority Consent, take any action (and the Controlling Shareholder shall procure that each of its Affiliates shall not take any
action) in respect of the Group which will or is reasonably likely to be materially prejudicial to the ability of CEDC to enforce security in the event of a default by Cayman 7 of its obligations under this Agreement. For the avoidance of doubt,
this right extends, without limitation, to restructurings of the Group howsoever effected and to restructurings, whether directly or indirectly, of Cayman 4 or Cayman 5’s investment in, or rights of ownership over, the Group,
howsoever effected. 

 Minority Consent 
  

	18	Minority Consent shall be given (or denied) within ten Business Days of the date of request by the Controlling Party. If no response is received from the Minority Party
within ten Business Days following the date of request by the Controlling Party, Minority Consent shall be deemed to have been given. 

  

	19	Minority Consent shall not be unreasonably withheld and the Minority Party agrees to give reasonable consideration to any request for Minority Consent.

  

	20	CEDC shall be permitted to withhold Minority Consent in circumstances where it believes, acting reasonably, that to do so would be adverse to any security interests granted
to it pursuant to the terms of the Transaction Documents. 

  

 37 

 SCHEDULE 3 
 JV PROVISIONS 
 This Schedule sets out the provisions which will apply from the JV Effective Date. 
 Notwithstanding any other provision of this Agreement, each of the rights set out in this Schedule 3 (except those rights set out in paragraph 1.8 of this Schedule 3) is
subject to and accordingly shall be limited by any applicable obligations, restrictions or permissions contained in the Finance Documents, provided always that this carve-out shall not apply where such obligation, restriction or permission arises as
a result of any amendment to a Finance Document after the date of this Agreement and such amendment has not received prior Minority Consent. 
 PART I 
  

	1	MANAGEMENT 

  

	1.1	The Board will be responsible for overall management and supervision of the Company, subject to the terms of Part II. 

  

	1.2	The Board will consist of an equal number of Lion Directors and CEDC Directors. Unless otherwise agreed by all the Parties, there will be two Lion Directors and two CEDC
Directors. 

  

	1.3	The Lion Parties shall have the right to appoint and remove the Lion Directors. CEDC shall have the right to appoint and remove the CEDC Directors. 

 

	1.4	The chairman of the Board (the “Chairman”) will be one of the Directors nominated by the Lion Directors. If the Chairman for the time being is unable to
attend any meeting of the Board or the Shareholders, the Lion Parties will be entitled to appoint another Director to act as chairman in his place at the meeting. 

  

	1.5	The Chairman will not have a second or casting vote at Board or Shareholders Meetings. 

  

	1.6	As a common practice, unanimity will be sought at Board meetings. If a disagreement appears, the Chairman will use his best efforts to reconcile the different viewpoints
between the Directors. 

  

	1.7	The business of the Group shall be conducted in the ordinary course and in a manner similar in all material respects to that carried on in the 12 months ended on the date of
this Agreement. 

  

	1.8	The Company shall deliver to CEDC, upon written request and within a reasonable timeframe, all information required to allow CEDC to comply with applicable listing, reporting
and disclosure rules, regulations and requirements of applicable governmental entities and securities exchanges, including, without limitation, the United States Securities and Exchange Commission, the Polish Securities and Exchange Commission,
NASDAQ, the Warsaw Stock Exchange, and any other securities exchange on which any security of CEDC is listed or admitted for trading. 

  

 38 

 PART II 
 Throughout this Part II references to the Company are deemed to apply equally to each Group Company. 
  

	2	MATTERS REQUIRING BOARD CONSENT 

  

	2.1	No decision relating to any of the following matters (“Board Consent Matters”) will be taken (whether by the Board, the Company or any of the officers or
managers within the Group) unless and until the Board has unanimously voted in favour of the decision at a meeting of the Board properly convened and held, except to the extent provided for in the relevant Budget or expressly permitted pursuant to
this Agreement: 

  

	 	2.1.1	any change in the memorandum and articles of association of the Company or the passing of any ordinary or special resolutions; 

  

	 	2.1.2	any material change in the nature of the business of the Group or material extension of the Company’s activities outside the scope of the business of the Group or the
commencement of any new business not being ancillary or incidental to the business of the Group; 

  

	 	2.1.3	any change in the trading name or mark of the Group; 

  

	 	2.1.4	the sale of the whole (or substantially the whole) of the assets of the Company or an acquisition by the Company or subscription by the Company for, or the purchase by the
Company of, any part of the issued share capital or of the assets of another company or the formation or acquisition of any Subsidiary; 

  

	 	2.1.5	the making of any material acquisition or disposal by the Company (including any material acquisition or grant of any licence) of or relating to any intellectual property
rights; 

  

	 	2.1.6	the sale, lease, license, assignment or other disposal of any part of the undertaking or the assets of the Company at a total cost to the Company per transaction exceeding
$250,000 and $2 million in aggregate across the Group otherwise than in the ordinary course of business; 

  

	 	2.1.7	the creation, extension, granting, issue or redemption of any debenture, mortgage, charge or other Encumbrance over the whole or any part of the business or assets (other
than Encumbrances arising in the ordinary course of trading) or over any share forming part of the authorised or issued share capital of the Company, or an agreement to do so; 

  

	 	2.1.8	the merger or acquisition of the Company with or by any other company or concern; 

  

	 	2.1.9	the entering into of any partnership, joint venture or profit sharing arrangement with any Person; 

  

	 	2.1.10	any change in the authorised or issued share capital of the Company including the creation, allotment, issue, repayment or redemption or agreement to create, allot, issue,
repay or redeem any of its share or loan capital or other securities convertible into shares, or granting or agreement to grant any option in respect thereto; 

  

 39 

	 	2.1.11	the variation of rights attaching to any shares in the capital of the Company; 

  

	 	2.1.12	the declaration, payment or making of a dividend or other distribution or payment made out of profits other than as permitted by this Agreement, the Articles or otherwise;

  

	 	2.1.13	any change in the Company’s auditors (or any material change in their remuneration), or accounting reference date; 

  

	 	2.1.14	any approval or amendment of the annual accounts, or the Company’s agreed accounting practices and policies except where any such change is recommended by the auditors
of the Company as a consequence of a change in accounting standards applicable to companies carrying on businesses of a similar nature to the business or as a consequence of a change in law, and any activity outside the scope of the Budget;

  

	 	2.1.15	the giving or agreement to give by the Company of any indemnity or guarantee whatsoever; 

  

	 	2.1.16	the entering into or agreement to enter into a long term (long term meaning, for this purpose, being incapable of being terminated within 12 months), onerous or unusual
agreement or arrangement or commitment (in terms of value, obligations or subject matter) or out of the ordinary course of business or otherwise than at arm’s length; 

  

	 	2.1.17	the taking on of any obligation of the Company involving capital expenditure or commitments requiring capital expenditure in excess of $2 million for an individual contract
or $5 million in aggregate in any 12 month period; 

  

	 	2.1.18	the entering into an agreement or arrangement outside the ordinary course of business or other than at arm’s length and for full value with any Shareholder or Affiliate
thereof or any director or former director or such Shareholder or Affiliate thereof (other than in relation to the payment of M&O Fees); 

  

	 	2.1.19	any giving of notice of termination of any agreements of a material nature in the context of the business or the making of any material variation or amendment to such
agreements; 

  

	 	2.1.20	any borrowing or raising of money by the Company outside the ordinary course of business in excess of $5 million or any borrowing or raising of money by the Company in the
ordinary course of business in excess of $10 million, in each case within any 12 month period except any borrowing under any Net Working Capital Facility; any payment of its creditors other than in the ordinary course of business; any change in the
Company’s policy in relation to the payment of creditors; the repayment of any Indebtedness of amounts greater than $2 million, unless such repayment is a mandatory repayment under the term of the applicable facility or is a payment under a Net
Working Capital Facility; or any amendment or agreement to amend the terms of its borrowing or Indebtedness or to amend, cancel, release or assign any Indebtedness owed to it or any claims held by it; 

  

	 	2.1.21	any commencement, compromise, settlement or waiver of a right in relation to litigation or arbitration proceedings or other similar proceedings, except in relation to debt
collection not exceeding $5 million in the ordinary course of business; 

  

 40 

	 	2.1.22	the appointment, remuneration, compensation, transfer and discharge of any member of Senior Management or material alteration to or agreement to materially alter any terms of
employment or benefits of its employees or alteration of any working practices or collective agreement relating to such practices; 

  

	 	2.1.23	establishing or amending any bonus, profit sharing, share option or other incentive scheme or similar arrangement for any director or employee of the Company other than in
the ordinary course of business; 

  

	 	2.1.24	the adoption of, or participation by the Company in, any pension scheme or the amendment of any existing pension scheme of the Company or, except in compliance with the
advice of actuaries appointed at a quorate meeting of the Directors to review such scheme, any variation in or cessation of the contributions made by the Company to any such scheme; 

  

	 	2.1.25	the appointment of any directors to any board of any member of Group, except the Company; 

  

	 	2.1.26	the making of any material agreement with any revenue authorities or other taxing authority or the making, granting or allowing of any claim, disclaimer, surrender, election
or consent for taxation purposes in relation to the Company, its business, assets or undertaking; 

  

	 	2.1.27	the entering into the occupation, purchase, sale, transfer, lease or licence of any material freehold or leasehold property; 

  

	 	2.1.28	the variation of any terms of any of the Company’s material policies of insurance or the taking out of any additional or replacement policies of insurance other than
renewals of the Company’s policies on substantially the same terms as those in force; 

  

	 	2.1.29	the recommendation that the Company should seek a listing and the agreement or recommendation of any matters ancillary to such application (including any relevant changes to
the Articles); 

  

	 	2.1.30	appointing any committee of the Board or delegating any of the powers of the Board to any committee (provided that, for these purposes, the “Company” shall not
refer to any Group Company other than the Company); or 

  

	 	2.1.31	the grant of any power of attorney other than in the ordinary course of business; 

  

	 	2.1.32	the approval of the balance sheet and profit and income statement or any other account of the Company (provided that, for these purposes, the “Company” shall not
refer to any Group Company other than the Company); or 

  

	 	2.1.33	the making of any petition or resolution to wind up the Company or any petition for any administration order or any order having similar effect in a different jurisdiction in
relation to the Company unless in any case the Company is at the relevant time insolvent and the Directors reasonably consider (taking into account their fiduciary duties) that it ought to be wound up. 

  

	2.2	No provision of paragraph 2.1 to this Schedule 3 shall prohibit any transaction or arrangement exclusively between members of the Group. 

  

 41 

 SCHEDULE 4 
 CAYMAN 5 MINORITY PROVISIONS 
 This Schedule sets out the provisions which will apply at all times when Cayman 5 is
the Minority Party. 
 Notwithstanding any other provision of this Agreement, each of the rights set out in this Schedule 4 is subject to and accordingly
shall be limited by any applicable obligations, restrictions or permissions contained in the Finance Documents, provided always that this carve-out shall not apply where such obligation, restriction or permission arises as a result of any amendment
to a Finance Document after the date of this Agreement and such amendment has not received prior Minority Consent. 
 Notwithstanding the provisions of
paragraphs 2, 3 and 4 of this Schedule, any transaction or arrangement contemplated by such paragraphs which occurs or would occur exclusively amongst members of the Group, shall not require Minority Consent. 
 Capital Increases 
  

	1	No Group Company shall, without Minority Consent make a Capital Increase and issue any securities or interests pursuant thereto to any Person other than Cayman 7 or a
wholly-owned subsidiary of Cayman 7, and Cayman 7 shall pledge all such securities or interests for which it subscribes pursuant to this paragraph pursuant to the terms of the Cayman 7 Pledge. 

 Debt Finance 
  

	2	No Group Company shall, without Minority Consent incur any Indebtedness or make any amendment to the terms of any existing Indebtedness, the terms of which (or, in the case
of an amendment, the terms of which amendment) (A) provide for or may require (i) payment of any new or additional fee or amount; (ii) prepayment or acceleration of payment of any existing amount; (iii) termination;
(iv) negotiation or material variation of terms by the counterparty in each case as a result of Cayman 5 or any Affiliate thereof becoming the Controlling Party; or (B) prevent or restrict the payment of the M&O Fee (and related
expenses). 

  

	3	No Group Company shall, without Minority Consent, make or enter into any Indebtedness which includes any provision (whether a cross-default provision, a mandatory pre-payment
provision or otherwise) which relates in any way to CEDC or any of its Affiliates (other than members of the Group). 

  

	4	Without limitation to the foregoing, no Group Company shall, except following reasonable consultation with the Minority Party, enter into any material refinancing of, or amendments
to the terms of, any existing Indebtedness of the Group where such Indebtedness is in excess of $5 million in aggregate from the date of this Agreement. 

 Acquisitions and Disposals 
  

	3	No Group Company shall, without Minority Consent: 

  

	 	(a)	acquire any interest in any business, company or tangible or intangible assets, the consideration for which, when aggregated with that paid for any previous acquisitions made
after the date of this Agreement, exceeds $10 million; or (ii) which was loss making in the 12 months prior to the date of the acquisition; or 

  

 42 

	 	(b)	dispose of any interest in any business, company, or assets (i) where the higher of (a) consideration actually received for such disposal, when aggregated with that
received from any previous disposals, and (b) the fair market value of the assets disposed of exceeds $10 million; or (ii) which are necessary for the continuation of the business of the Group in the manner carried on at the date of this
Agreement; or 

  

	 	(c)	agree to do any of the foregoing. 

 Material Contracts

  

	4	No Group Company shall, without Minority Consent, enter into or agree to enter into any agreement or make any amendment to any existing agreement the terms of which (or, in
the case of an amendment, which amendment) provide for or may require (i) payment of any new fee or amount; (ii) prepayment or acceleration of payment of any existing amount; (iii) termination; (iv) negotiation or material
variation of terms by the counterparty as a result of Cayman 5 or any Affiliate thereof becoming Controlling Party. 

 Management

  

	5	The Minority Party shall have the right to appoint two Directors to the Board and the Operating Board, provided always that this shall in no circumstances constitute a
majority of the Board or the Operating Board and no limit shall be placed on the number of Directors who may be appointed to the Board or the Operating Board by the Controlling Party. The appointees made by the Minority Party pursuant to this
paragraph shall also have the right to attend meetings of the Shareholders. 

  

	6	The Controlling Party shall deliver to the Minority Party: 

  

	 	(a)	all information reasonably required by the Minority Party to allow it or its Affiliates (i) to comply with applicable statutory reporting or regulatory conduct of
business requirements; and (ii) to evaluate its or their investment in the Group and report to its or their investors in the ordinary course; 

  

	 	(b)	monthly management accounts, prepared substantially in accordance with CEDC group format, as soon as reasonably practicable following the end of the relevant month;

  

	 	(c)	quarterly management accounts prepared substantially in accordance with the CEDC group format as soon as reasonably practicable following the end of the relevant quarter;

  

	 	(d)	annual audited financial information as soon as reasonably practicable following the end of the relevant financial period; and 

  

	 	(e)	the Budget, 

 and shall (i) disclose to the
Minority Party any matters of which it becomes aware which could reasonably be expected to have a material and adverse impact on the operations and condition of the Group; and (ii) keep the Minority apprised of the performance of the Group and
allow the Minority Party reasonable access to the management of the Group and to CEDC group management. 
  

	7	 All compliance, financial reporting, audit, and audit related costs, shall be borne by the Group except where such costs relate to activities in which the
Group would not engage, but for the other provisions of this paragraph 7. The costs that the Group shall be required to bear in 

  

 43 

	 	 
connection with such activities shall be limited to a maximum of $300,000 per calendar year. Any costs in excess of $300,000 in any calendar year incurred in
connection with such activities shall be borne by CEDC. 

 Related Party Transactions 
  

	8	No Group Company shall, without Minority Consent, enter into any Related Party Transaction or series of related Related Party Transactions with a value in excess of $250,000
in aggregate per annum, provided that Minority Consent may not be withheld in respect of any such Related Party Transactions which the Controlling Party has demonstrated to the reasonable satisfaction of the Minority Party, (i) are entered into
in the ordinary course of trading; (ii) are entered into on arm’s length terms; (iii) are working capital neutral to the Group; (iv) do not increase counterparty credit risk for the Group; and (v) where applicable, generate
margins for the Group which are comparable to those given to other parties by the related party. 

 Dividends 
  

	9	The Company may (having given not less than 30 days’ written notice to the Minority Party) declare, pay or otherwise make any dividend or other distribution (whether in
cash or in specie) subject to the following: 

  

	 	(a)	any such dividend received by Cayman 7 shall be applied to the extent required by, and in accordance with the provisions of, the Option Agreement and the Limited
Partnership Agreement; 

  

	 	(b)	the payment of such dividend shall be subject to all applicable legal and contractual restrictions applicable to the Company or any of its Subsidiaries, which restrictions
shall include any legal or contractual restrictions applicable to the direct or indirect provision of funds to the Company by any of its Subsidiaries (whether by dividend, loan or otherwise) which may be necessary in order to enable the Company to
pay such dividend without any member of the Group incurring any Indebtedness to any Person (other than to another member of the Group); 

  

	 	(c)	no such dividend shall be payable if: 

  

	 	(i)	following the payment of such dividend, less than the Minimum Cash Amount would remain held in cash in Lux 3; 

  

	 	(ii)	following such dividend the Leverage Ratio (taking into account the payment of such dividend) would be greater than 2.0; or 

  

	 	(iii)	the payment of such dividend is not permitted pursuant to the conditions of paragraph f(ii) of the definition of “Permitted Payment” as such term is defined in the
Senior Facilities Agreement (in the form amended as at, or prior to, the date of this Agreement) and, where necessary in order to interpret such provisions, incorporating relevant defined terms from the Senior Facilities Agreement).

  

	10	For the purposes of paragraph 9 above: 

  

	 	(a)	the “Minimum Cash Amount” shall mean $30 million, save that where the dividend is paid on the Final Cayman 7 Call Option Completion Date and the
Final Cayman 7 Call Option is completed in full on that date in accordance with its terms, the “Minimum Cash Amount” shall mean $0; and 

  

 44 

	 	(b)	the “Maximum Dividend Amount” shall mean the maximum cash dividend which the Company is able to pay at the relevant time, taking into account the
restrictions mentioned in paragraphs 9(b) and 9(c) above and after having made appropriate payment, withholding or reservation of all taxes payable in connection with such dividend. 

 Miscellaneous 
  

	11	The Controlling Party shall not, without Minority Consent, take any action (and the Controlling Shareholder shall procure that each of its Affiliates shall not take any action) in
respect of the Group which will or is reasonably likely to be materially prejudicial to the ability of the Lion Holdcos to enforce security in the event of a default by Cayman 7 of its obligations under this Agreement. For the avoidance of doubt,
this right extends, without limitation, to restructurings of the Group howsoever effected and to restructurings, whether directly or indirectly, of CEDC’s investment in, or rights of ownership over, the Group, howsoever effected.

 Minority Consent 
  

	12	Minority Consent shall be given (or denied) within ten Business Days of the date of request by the Controlling Party. If no response is received from the Minority Party
within ten Business Days following the date of request by the Controlling Party, Minority Consent shall be deemed to have been given. 

  

	13	Minority Consent shall not be unreasonably withheld and the Minority Party agrees to give reasonable consideration to any request for Minority Consent.

  

 45 

 SCHEDULE 5 
 DEFAULT GOVERNANCE PROVISIONS 
 This Schedule sets out the provisions which will apply at all times from the Default
Control Date. 
  

	1	New Issues and Transfer 

  

	1.1	Each member of the Group shall be free to make a Capital Increase, free from any pre-emption rights, (any securities issued pursuant to such Capital Increase being the
“New Shares”) to any Person (and the Shareholders shall do all acts and things in their capacity as Shareholders as are reasonably required or appropriate to ensure that the relevant member of the Group may issue such securities):

  

	 	1.1.1	in connection with the payment in shares of all or part of the consideration for the acquisition of any business or assets by any Group Company (a “New
Acquisition”); 

  

	 	1.1.2	in order to permit any sellers under a New Acquisition to invest in any Group Company; 

  

	 	1.1.3	in connection with any investment or incentive scheme in which managers and/or employees of the Group are entitled to participate; 

  

	 	1.1.4	pursuant to the exercise of the conversion rights under any convertible debt securities issued by any member of the Group; 

  

	 	1.1.5	to any existing or new lender to the Group in connection with the raising of debt finance by any member of the Group from such lender; 

  

	 	1.1.6	where the Capital Increase takes place between members of the Group; or 

  

	 	1.1.7	as part of a Capital Increase pursuant to a Distress Situation. 

  

	1.2	In the event of an issue of New Shares not falling within paragraphs 1.1.1 to 1.1.6 above the relevant Group Company shall offer for subscription New Shares (at the same cash
price per New Share) first to the Shareholders, in the same class, pro rata to the Shares held by them in order that they be afforded the opportunity to maintain their respective percentage ownership interest in the Group and in the same
class of shares held by them (the pre-emptive offers contemplated by this sentence each being known as a “New Offer”). 

  

	1.3	The New Offer shall be made by notice stating the number or amount of New Shares being offered, the price at which they are being offered (the “New Offer
Price”) and any other terms of the New Offer which the relevant Group Company may apply. 

  

	1.4	The New Offer shall remain open for the period (being not less than 30 Business Days) specified in the notice. This period may be shorter if the Shareholders provide their
consent to the shorter period of notice. 

  

	1.5	The relevant Group Company shall issue the New Shares to those Shareholders who apply for them and in the case of oversubscription for such New Shares as far as practicable
in proportion to the number of Shares held by them respectively, but so that an applicant shall not be allotted or granted a number of New Shares greater than the number for which it applied. 

  

 46 

	1.6	Any New Shares not taken up under the New Offer may, at any time up to six months after the expiry of the New Offer, be issued or granted by the relevant Group Company at
such price (not being less than the New Offer Price), on such terms (being no less favourable to the Company than the terms of the New Offer), in such manner and to such Persons as the Board determines. 

  

	1.7	The Shareholders shall do all acts and things in their capacity as Shareholders as are reasonably required or appropriate to ensure that members of the Group may issue New
Shares in accordance with the above provisions. 

  

	1.8	From the Default Control Date: 

  

	 	1.8.1	the Lion Parties may, subject always to the provisions of paragraphs 2,3 and 4 of this Schedule, Transfer any Shares they hold; and 

  

	 	1.8.2	Cayman 7 may, subject always to the provisions of paragraphs 3 and 9 of this Schedule, Transfer any of the Shares it holds. 

  

	2	Right of First Look 

  

	2.1	Cayman 5 hereby agrees with CEDC: 

  

	 	2.1.1	that, prior to the commencement of any formal sale process (including a formal auction process or other analogous situation involving the appointment of a third party
financial adviser) (a “Formal Sale Process”) in relation to the sale of all or substantially all of (i) the shares of Lux 1 held by the Company; (ii) the assets of the Group; or (iii) the interest held by the Lion
Parties in the Company (together with (i) and (ii), the “First Look Assets”), the Lion Parties or the Company, as the case may be, will engage with CEDC for a period of 30 days to ascertain whether an agreement can be reached
between the Lion Parties or the Company and CEDC for the sale to CEDC of any or all of the First Look Assets; or 

  

	 	2.1.2	that, in the event of a possible sale of any of the First Look Assets outside of a Formal Sale Process, prior to (i) granting access to information which constitutes the
undertaking of a material due diligence process by a third party; or (ii) signing either (a) exclusivity with a third party or (b) a sale and purchase agreement with a third party, the Lion Parties or the Company will engage with CEDC
for a period of 30 days to ascertain whether an agreement can be reached between the Lion Parties or the Company and CEDC for the sale to CEDC of any or all of the First Look Assets. 

  

	2.2	If, following the expiry of the 30 day period under paragraphs 2.1.1 or 2.1.2 above the Lion Parties or the Company and CEDC fail to agree upon the price or terms of a sale
of the First Look Assets, the Lion Parties or the Company shall, subject to paragraph 3 and paragraph 4, be permitted to dispose of the First Look Assets to such Person and on such terms as the Lion Parties, in their absolute discretion, may
determine. 

  

	3	Tag-Along Rights 

  

	3.1	If the Lion Parties (the “Tag Along Seller”) propose to make a Transfer of any Ordinary Shares to any Person or Persons (other than any Person who would be a
Permitted Transferee of any such Lion Party), (the “Tag-Along Purchaser”) by way of a sale (a “Tag-Along Sale”) which Ordinary Shares: 

  

	 	3.1.1	carry; or 

  

 47 

	 	3.1.2	together in the aggregate with any Ordinary Shares Transferred by the Lion Parties to the same Tag-Along Purchaser or any of its Affiliates in the 12 month period ending on
the date of such sale, carry 

 10% or more of the voting rights in the Company, the other Shareholders shall have the
opportunity (“Tag Along Right”) for the same consideration and on the same terms pursuant to the provisions of this paragraph 3, to sell (subject to paragraph 3.5) to the Tag-Along Purchaser a number of Ordinary Shares (the
“Tag-Along Securities”) determined as follows. The number of Ordinary Shares which the other Shareholders shall be entitled to sell pursuant to their Tag-Along Right shall be: 
 (A/B)×C 
 where: 
 A = the aggregate of the number of Ordinary Shares being proposed to be sold by the Lion Parties to the Tag-Along Purchaser and the number of Ordinary
Shares Transferred by any of the Lion Parties to the same Tag-Along Purchaser or any of its Affiliates in the 12 month period ending on the date of such proposed Tag-Along Sale; 
 B = the aggregate number of Ordinary Shares held by the Lion Parties at the time of such proposed Tag-Along Sale (including the Ordinary Shares proposed
to be sold pursuant to such Tag-Along Sale) plus the aggregate number of Ordinary Shares Transferred by any of the Lion Parties to the same Tag-Along Purchaser or any of its Affiliates in the 12 month period ending on the date of such proposed
Tag-Along Sale; and 
 C = the number of Ordinary Shares held by the other Shareholders at the time of such proposed Tag-Along Sale.

 For the avoidance of doubt, the provisions of this paragraph 3.1 shall not include any shares sold pursuant to any previous Tag Along Sale
in respect of which the Tag Along Right was previously exercised. 
  

	3.2	Not less than twenty days prior to any proposed Tag Along Sale pursuant to this paragraph 3, the Tag Along Seller shall deliver to the other Shareholders written notice (a
“Tag Along Notice”) thereof, which notice shall set out: 

  

	 	3.2.1	the total number of Ordinary Shares proposed to be sold to the Tag-Along Purchaser and the aggregate number of Tag-Along Securities which the other Shareholders are entitled
to sell pursuant to the Tag-Along Right; 

  

	 	3.2.2	the type and amount of consideration to be paid by the Tag Along Purchaser for each Ordinary Share; and 

  

	 	3.2.3	all other material terms and conditions, if any, of such proposed transaction. 

 If a Shareholder elects (in such event, a “Participating Shareholder”) to exercise its Tag Along Right and sell some or all of the Tag Along Securities pursuant to this paragraph 3, then the
Participating Shareholder shall so notify the Tag Along Seller by notice in writing within fifteen days after the date of the Tag Along Notice and, at the Tag-Along Seller’s request, not less than two Business Days prior to the proposed
Transfer, the Participating Shareholder shall deliver to the Tag-Along Seller all documents (if any) required to be executed in connection with such transaction. 
  

 48 

	3.3	If the Tag-Along Sale shall not have been completed within 60 days after the date of the Tag-Along Notice (subject to paragraph 3.5), the Tag Along Seller shall promptly
return to the Participating Shareholder all documents (if any) previously delivered by the Participating Shareholder to the Tag Along Seller in relation to the contemplated Tag-Along Sale, and all the restrictions on Transfer contained in this
Agreement with respect to Shares held or owned by the Tag-Along Seller and such Participating Shareholder shall again be in effect. 

  

	3.4	If a Participating Shareholder properly exercises its Tag-Along Right: 

  

	 	3.4.1	the sale of its Tag-Along Securities shall occur concurrently with the sale by the Tag-Along Seller of its Shares; 

  

	 	3.4.2	such Participating Shareholder shall receive for its Tag-Along Securities the same consideration per Share that the Tag-Along Seller receives for its Shares from the
Tag-Along Purchaser as set out in the Tag-Along Notice; and 

  

	 	3.4.3	the sale by the Participating Shareholder shall otherwise be on the same terms and conditions upon which the Tag-Along Seller is selling its Shares. 

 

	3.5	If the Tag-Along Sale is subject to any prior regulatory approval, the 60 day period during which the Tag-Along Sale may be completed as set out in paragraph 3.2 shall be
extended until the expiration of five Business Days after all such approval shall have been received. 

  

	3.6	For the avoidance of doubt, the Tag Along rights contained in this paragraph 3 shall not apply to any Transfer by the Lion Parties of the economic interest in, but not the
voting rights attaching to, any Ordinary Shares. 

  

	4	Drag-Along Rights 

  

	4.1	If the Lion Parties propose, at any time, (directly or indirectly) to make a Transfer of Ordinary Shares to any Person or Persons (other than any Person who would be a
Permitted Transferee of any Lion Party) (the “Drag-Along Purchaser”), whether for a cash consideration or otherwise, where such Transfer (a “Drag-Along Sale”) would give rise to a Tag-Along Right pursuant to
paragraph 3.1 then the Lion Parties (the “Drag-Along Sellers”) may, at their option, require (“Drag-Along Rights”) each of the other Shareholders (each a “Drag-Along Shareholder”) to make a Transfer
pursuant to the provisions of this paragraph 4 of such number of Shares (the “Drag-Along Securities”) as determined in accordance with the provisions of paragraph 3.1. 

  

	4.2	The Drag-Along Sellers shall deliver to each Drag-Along Shareholder written notice (the “Drag-Along Notice”) of any Transfer proposed to be made pursuant to
paragraph 4.1 not later than the twentieth day prior to the proposed Drag-Along Sale, which notice shall set out: 

  

	4.3	the type and amount of consideration to be paid by the Purchaser for each Share; 

  

	 	4.3.1	the Person who has expressed an interest in acquiring the Shares; 

  

	 	4.3.2	the number of Drag-Along Securities that each such Drag-Along Shareholder may be required to Transfer (as determined pursuant to paragraph 3.1); and 

 

	 	4.3.3	all other material terms and conditions, if any, of such transaction. 

  

	4.4	 If, within 60 days after the date of the Drag-Along Notice (unless such period is extended pursuant to paragraph 4.7), the Drag-Along Sellers complete the
Drag-Along Sale in accordance with the terms and conditions set out in the Drag-Along Notice, each Drag-Along 

  

 49 

	 	 
Shareholder will sell its Drag-Along Securities to the Drag-Along Purchaser at the same time and on the same terms and conditions upon which the Drag-Along
Sellers sell their Shares pursuant to the Drag-Along Sale. 

  

	4.5	Within fifteen days after the date of the Drag-Along Notice, the Drag-Along Shareholders shall promptly deliver to the Drag-Along Sellers all documents in their possession
reasonably requested in writing by the Drag-Along Sellers and/or the Company and reasonably required to be executed in connection with such Drag-Along Sale. In the event that any of such Drag-Along Shareholders shall fail to deliver such documents
to the Drag-Along Sellers, the Company shall cause the books and records of the Company to show that such Drag-Along Securities are bound by the provisions of this paragraph 4.5 and such Drag-Along Securities shall be transferred to the Purchaser
promptly upon surrender of such Drag-Along Securities for sale by the holder thereof. 

  

	4.6	If no Transfer of the Drag-Along Securities in accordance with the provisions of this Clause 4 shall have been completed within 60 days after the date of the Drag-Along
Notice (unless such period is extended pursuant to paragraph 4.7), the Drag-Along Sellers shall return to the Drag-Along Shareholders all documents (if any) previously delivered to the Drag-Along Sellers in relation to the contemplated Drag-Along
Sale, and all the restrictions on Transfer contained in this Agreement with respect to Shares owned or held by such Drag-Along Shareholder shall again be in effect. 

  

	4.7	If the Transfer of Shares pursuant to a Drag-Along Sale is subject to any prior regulatory approval, the time period during which such Transfer may be consummated shall be
extended until the expiration of five (5) Business Days after all such approvals shall have been received. 

  

	4.8	No Transfer of Shares pursuant to a Drag Along Sale shall take place unless: 

  

	 	4.8.1	the consideration payable on the Drag Along Sale for the Shares being sold is at least equal to the Fair Market Value; and 

  

	 	4.8.2	at least seventy-five percent of such consideration is in the form of cash or cash equivalents. 

 For the purposes of this Clause (and without limitation), any of the following are deemed to be cash: 
  

	 	4.8.3	any liabilities, as shown on the most recent consolidated balance sheet, of the Company that are assumed by the transferee of any such Shares pursuant to a customary novation
agreement that releases the Company from liability in respect of those liabilities; and 

  

	 	4.8.4	any securities, notes or other obligation received by the Drag-Along Sellers from the Drag Along Purchaser that are converted by the Drag Along Sellers into cash or cash
equivalents within 60 days, to the extent of the cash or cash equivalents received in that conversion. 

  

	5	Permitted Transfers 

  

	 	5.1.1	 Any Shareholder may at any time Transfer any or all of its Shares, including all rights and obligations attached to such Shares pursuant to this Agreement to
one or more of its Permitted Transferees (and each such Permitted Transferee may in turn only effect any such Transfer to a Permitted Transferee of the initial transferor Party upon the same terms and conditions specified herein) without the consent
of 

  

 50 

	 	 
the Board or the consent of any other Shareholder so long as (i) such Permitted Transferee shall have executed and delivered to the Company a Deed of
Adherence, provided that, if such Transfer relates to some only of the Shares owned by such selling Shareholder, such selling Shareholder shall remain liable for the performance of its obligations under this Agreement in relation to the Shares it
continues to hold, and (ii) the Transfer to such Permitted Transferee is not in violation of any securities laws applicable to such Transfer. 

  

	 	5.1.2	If, while a Permitted Transferee holds any Shares, such Permitted Transferee ceases to qualify as a Permitted Transferee in relation to the initial transferor Shareholder
from whom or which such Permitted Transferee or any previous Permitted Transferee of such initial transferor Shareholder received such Shares (an “Unwinding Event”), then: 

  

	 	(a)	the relevant initial transferor Shareholder shall forthwith notify the other Shareholders and the Company, as applicable, of the pending occurrence of such Unwinding Event;
and 

  

	 	(b)	prior to such Unwinding Event, such initial transferor Shareholder shall take all actions necessary to effect a Transfer of all the Shares held by the relevant former
Permitted Transferee either back to such Shareholder or, pursuant to this paragraph 5.1.2, to another Person that qualifies as a Permitted Transferee of such initial transferor Shareholder and, until such Transfer has occurred, such relevant former
Permitted Transferee shall not be entitled to vote or otherwise Transfer any of its Shares and all other rights with respect to its Shares shall be suspended. 

  

	6	Board and information rights 

  

	6.1	For so long as the Cayman 7 Share exceeds five per cent., CEDC shall have the right to appoint one director and to nominate one observer to each of the Board and the
Operating Board. The observer shall be entitled to attend, but not to vote at, meetings of the Board and the Operating Board. The director and observer appointed by CEDC shall also have the right to attend meetings of the Shareholders. If the
Chairman of the Board reasonably believes that there exists a conflict between the interests of the Company and the interests of any director or observer so appointed in relation to any particular matter, the Chairman may direct that the director
and observer (i) be excluded from all Board meetings and other discussions relating to the relevant matter; and (ii) shall not be provided with any information relating to the relevant matter (including any information provided pursuant to
paragraphs 6.2.2 to 6.2.5 below). 

  

	6.2	The Company shall deliver to CEDC: 

  

	 	6.2.1	upon written request, and as soon as practicable, all information required to allow CEDC to comply with applicable listing, reporting and disclosure rules, regulations and
requirements of applicable governmental entities and securities exchanges, including, without limitation, the United States Securities and Exchange Commission, the Polish Securities and Exchange Commission, NASDAQ, the Warsaw Stock Exchange, and any
other securities exchange on which any security of CEDC is listed or admitted for trading; 

  

	 	6.2.2	for so long as the Cayman 7 Share exceeds five per cent., monthly management accounts, where available; 

  

 51 

	 	6.2.3	for so long as the Cayman 7 Share exceeds five per cent., quarterly management accounts, where available; 

  

	 	6.2.4	for so long as the Cayman 7 Share exceeds five per cent., the Budget; and 

  

	 	6.2.5	for so long as the Cayman 7 Share exceeds five per cent., annual audited financial information as soon as reasonably practicable following the end of the relevant
financial period. 

  

	7	Related Party Transactions 

  

	7.1	No member of the Group shall dispose of or acquire any material tangible or intangible asset owned by the Company or any member of the Group of a value in excess of $250,000
on terms other than arm’s length, unless the Company or a member of the Group has first obtained: (i) the prior written consent of CEDC; or (ii) a fairness opinion from an investment bank or accounting firm of international repute
addressed to a member of the Group and delivered to CEDC. 

  

	8	Disposals 

 The following shall apply in relation to
any disposal of assets which includes the disposal of the “Green Mark” and/or “Zhuravli” brands of vodka (a “Brand Disposal”). 
  

	 	8.1.1	Any Brand Disposal prior to either (i) the completion of any enforcement of the Pledges or (ii) the release of the pledgor’s rights under the Pledges shall
only take place in accordance with the terms of the Pledges. 

  

	 	8.1.2	Any Brand Disposal following either (i) the completion of any enforcement of the Pledges or (ii) the release of the pledgor’s rights under the Pledges shall
require the consent of CEDC (not to be unreasonably withheld or delayed) if, at the relevant time, the Cayman 7 Share is equal to or exceeds 15 per cent. 

  

	9	Right of First Refusal 

  

	9.1	In the event that Cayman 7 (the “Offeror”) proposes to make a Transfer (other than to Permitted Transferees) of any of its Shares (other than pursuant to the
provision of paragraphs 3 or 4 of this Schedule) (an “Offer”), it shall, prior to effecting any such Transfer, provide prior written notice (an “Offer Notice”) to the Company and to the Lion Parties (and the Lion
Parties shall be the “Offerees”). The Offer Notice shall set out: 

  

	 	9.1.1	the number of Shares subject to the Offer (the “Offered Securities”); 

  

	 	9.1.2	the price per Share at which such Transfer is proposed to be made (the “Offer Price”); and 

  

	 	9.1.3	all other material terms and conditions of the Offer, 

 (collectively, the “Offer Terms”). 
 The Offer Notice shall be revocable at any time prior to acceptance by the
Offerees and, if it is revoked, the Offeror may not give a further Offer Notice within six months after the date on which the Offer Notice is revoked, and the remaining provisions of this paragraph 9.1 shall cease to apply in relation to the revoked
Offer Notice, and such Offered Securities shall become subject once again to the provisions and restrictions of this Agreement. 
  

 52 

	 	9.2	The Offerees shall be entitled to purchase some or all of the Offered Securities, provided that the allocation of the Offered Securities among the Offerees shall be on such
basis as the Offerees may determine, and the Offerees shall notify the Offeror of such allocation. 

  

	 	9.3	The receipt of an Offer Notice by the Offerees shall constitute an offer by the Offeror to sell to the Offerees, for cash, the Offered Securities on the Offer Terms
(“Pre-emption Offer”). For a period of thirty days after receipt of the Offer Notice, the Offerees shall have the right, but not the obligation, to accept the Pre-emption Offer in relation to some or all of the Offered Securities by
giving a written notice of acceptance (which shall be deemed irrevocable) (an “Acceptance Notice”) to the Offeror. 

  

	 	9.4	Failure by the Offerees to deliver an Acceptance Notice before the expiration of the thirty day period shall be deemed a rejection of the Pre-emption Offer by the Offerees.
The tender by the Offerees of an Acceptance Notice to the Offeror shall constitute agreement by the Offerees to purchase, and by the Offeror to sell to the Offerees, Offered Securities specified in the Acceptance Notice on the Offer Terms.

  

	 	9.5	In respect of each Offer Notice which is accepted as to some or all of the Offered Securities within the thirty day period prescribed by paragraph 9.3, the Offerees shall
purchase and pay the Offer Price in cash equivalent terms for such Offered Securities within a further thirty day period of their delivery of an Acceptance Notice, provided that, if the purchase and sale of such Offered Securities is subject to any
prior regulatory approval, the time period during which such purchase and sale may be completed shall be extended until the expiration of fifteen Business Days after all such approvals shall have been received, but only to the extent that such
application(s) for regulatory approval were promptly made and in any event within the thirty day period from delivery of the Acceptance Notice. 

  

	 	9.6	The Offeror shall have the right for a period of sixty days following the date falling 30 days after service of an Offer Notice to sell any Offered Securities to which such
Offer Notice relates and in respect of which an Acceptance Notice has not been delivered pursuant to the provisions of this Clause to any third party (a “Third Party Purchaser”) at a price in cash not less than the Offer Price and
otherwise on such terms and conditions no more favourable to the Third Party Purchaser than the Offer Terms, provided that, if the purchase and sale of such Offered Securities is subject to any prior regulatory approval, the time period during which
such purchase and sale may be consummated shall be extended until the expiration of fifteen Business Days after all such approvals shall have been received but only to the extent that such application(s) for regulatory approval were promptly made
and in any event within the ninety days following the date of the Offer Notice. If any Offered Securities are not sold pursuant to the provisions of this paragraph 9.6 prior to the expiration of the time period prescribed by this paragraph 9.6, such
Offered Securities shall become subject once again to the provisions and restrictions of this Agreement. 

  

	 	9.7	The provisions of this paragraph 9 shall not apply in connection with any enforcement of any of the Pledges. 

  

 53 

 SCHEDULE 6 
 US “CHECK THE BOX” ELECTIONS 
  

					
	 Entities that have made
 CTB
elections to be
 treated as disregarded
 entities
	 	 Entities that have made
 CTB elections to be
 treated as
partnerships
	 	 Entities that will make
 CTB elections to be
 treated as
flow-through
 entities

	Pasalba Limited	 	Lion/Rally Cayman 1	 	Lion/Rally Cayman 4
			
	Ushba Distillery	 	Lion/Rally Cayman 2	 	Lion/Rally Cayman 5
			
	Latchey Limited	 		 	Lion/Rally Cayman 6
			
	“Ushba Trans”	 		 	Lion/Rally Cayman 7
			
	Closed Joint Stock Compnay Mid-Russian Distilleries	 		 	Lion/Rally Cayman 8
			
	OOO Perviy Kupazhny Zavod	 		 	Lion/Rally Cayman 9
			
	ZAO “Sibirsky LVZ”	 		 	Lion/Rally Lux 4
			
	LLC “The Trading House Russian Alcohol”	 		 	
			
	LLC “The Trading House Russian Alcohol – Centre”	 		 	
			
	LLC “The Trading House Russian Alcohol – North West”	 		 	
			
	JSC “Distillery Topaz”	 		 	
			
	JSC “Russian Alcohol Group”	 		 	
			
	OOO “Chop Rapid BP”	 		 	
			
	OOO “Chop Schit Topaza”	 		 	
			
	AUK Holdings Limited	 		 	
			
	LLC Bravo Premium	 		 	
			
	Vlakor Trading Limited	 		 	
			
	LLC “Chorniy & Mikola”	 		 	
			
	OOO Glavspirttrest	 		 	
			
	Lion/Rally Cayman 3	 		 	
			
	Lion/Rally Lux 2	 		 	
			
	Lion/Rally Lux 3	 		 	

  

 54 

 IN WITNESS WHEREOF this Agreement has been executed and delivered as a DEED on the date that
appears on the first page of this Agreement by: 
  

							
	Executed as a DEED by	  	)	  		 	
	[LION/RALLY CAYMAN 8]	  	)	  	  
	 	
	acting by	  	)	  	Authorised signatory	 	
		  	)	  		 	
	in the presence of:	  	)	  	  
	 	
		  		  	Signature	 	
	Witness name:	  		  		 	
				
	Witness address:	  		  		 	
		  		  		 	
		  		  		 	
				
	Executed as a DEED by	  	)	  		 	
	[LION/RALLY CAYMAN 7]	  	)	  	  
	 	
	acting by its general partner Lion/Rally	  	)	  	Authorised signatory	 	
	Cayman 8 acting by its manager	  	)	  		 	
	Lion Capital LLP	  	)	  		 	
		  	)	  		 	
	in the presence of:	  	)	  	  
	 	
		  		  	Signature	 	
	Witness name:	  		  		 	
				
	Witness address:	  		  		 	
		  		  		 	
		  		  		 	
	Executed as a DEED by	  	)	  		 	
	LION/RALLY CAYMAN 4	  	)	  	  
	 	
	acting by	  	)	  	Authorised signatory	 	
		  	)	  		 	
	in the presence of:	  	)	  	  
	 	
		  		  	Signature	 	
	Witness name:	  		  		 	
				
	Witness address:	  		  		 	
		  		  		 	
		  		  		 	

  

 55 

							
	Executed as a DEED by	  	)	  		 	
	LION/RALLY CAYMAN 5	  	)	  	  
	 	
	acting by	  	)	  	Authorised signatory	 	
		  	)	  		 	
	in the presence of:	  	)	  	  
	 	
		  		  	Signature	 	
	Witness name:	  		  		 	
				
	Witness address:	  		  		 	
		  		  		 	
		  		  		 	
	Executed as a DEED by	  	)	  		 	
	LION/RALLY CAYMAN 6	  	)	  	  
	 	
	acting by	  	)	  	Authorised signatory	 	
		  	)	  		 	
	in the presence of:	  	)	  	  
	 	
		  		  	Signature	 	
	Witness name:	  		  		 	
				
	Witness address:	  		  		 	
		  		  		 	
		  		  		 	
	Executed as a DEED by	  	)	  		 	
	CENTRAL EUROPEAN	  	)	  		 	
	DISTRIBUTION CORPORATION	  	)	  	  
	 	
	acting by	  	)	  	Authorised signatory	 	

  

 56Letter of Undertaking

 Exhibit 10.5 
  

					
	To:	  	(1)	  	Lion/Rally Cayman 4 (“Cayman 4”); and
			
		  	(2)	  	Lion/Rally Cayman 5 (“Cayman 5”)
		
		  	(together, the “Lion Holdcos”)
			
		  	(3)	  	Lion Capital LLP
		  		  	21 Grosvenor Place
		  		  	London SW1X 7HF
		  		  	United Kingdom
			
		  		  	(“Lion Capital” and, together with the Lion Holdcos, the “Lion Parties”)
			
	From:	  	(1)	  	 Central European Distribution Corporation (“CEDC”)
 Bobrowiecka 6
 00-723 Warszawa

		  		  	Poland
			
		  	(2)	  	Carey Agri International – Poland sp. z o.o. (“Carey Agri”)
		  		  	66A Bokserska Street
		  		  	 02-690 Warszawa
 Poland

 Date: 24 April 2009 
 Dear Sirs 
 PROJECT RALLY 2: LETTER OF UNDERTAKING 
  

	1	INTRODUCTION 

 We refer to: 
  

	1.1	the note purchase and share subscription agreement to be made between CEDC, Carey Agri International—Poland sp. z o.o., Lion/Rally Cayman 2, and Cayman 5 (the
“Note Purchase Agreement”); 

  

	1.2	the limited partnership agreement relating to Lion/Rally Cayman 7 L.P. to be made between Lion/Rally Cayman 8 as general partner and CEDC, Lion/Rally Cayman 2 as limited
partners (the “Limited Partnership Agreement”); 

  

	1.3	the option agreement relating to shares in Lion/Rally Cayman 6 to be made between the Lion Holdcos, Lion/Rally Cayman 7 L.P. and CEDC (the “Option
Agreement”); 

  

	1.4	the governance and shareholders agreement to be made between Lion/Rally Cayman 7 L.P., the Lion Holdcos, Lion/Rally Cayman 6, Lion/Rally Cayman 8 and CEDC (the
“Shareholders Agreement”); 

  

	1.5	the proposed memorandum of association and articles of association of Lion/Rally Cayman 6, including the schedule thereto; 

  

 1 

	1.6	the share mortgages made between: Lion/Rally Cayman 7 L.P. and the Lion Holdcos (the “Pledges”); and 

 together, the “Equity Documents”; 
  

	1.7	the commitment letter between CEDC and the Lion Holdcos, dated on or about the date hereof (the “Commitment Letter”); 

  

	1.8	the registration rights agreement between CEDC, and the Lion Holdcos (the “Registration Rights Agreement”); and 

  

	1.9	certain warrants to be issued to the Lion Holdcos within 30 days of the signing of the Option Agreement (the “Warrants”). 

  

	2	DEFINITIONS AND INTERPRETATION 

  

	2.1	In this Letter of Undertaking the following words and expressions have the following meanings: 

  

			
	 “Affiliate”
	  	with respect to any Person, another Person Controlled directly or indirectly by such first Person, Controlling directly or indirectly such first Person or directly or indirectly under the
same Control as such first Person, and “Affiliated” shall have a meaning correlative to the foregoing;
		
	“Approved Jurisdictions”	  	The Federal or state courts in the state of New York, the State of Delaware, the Cayman Islands and Poland;
		
	“Business Day”	  	any day other than a Saturday or Sunday on which banks are normally open for general banking business in London, New York, Warsaw and the Cayman Islands;
		
	“CEDC Common Stock”	  	has the meaning given in the Option Agreement;
		
	“Confidential Information”	  	all and any information (written, oral or electronic): (a) concerning the business, finances, assets or affairs of any party to this Letter of Undertaking and their Affiliates; (b) relating
to the Group’s processes, plans, intentions, product information, know-how, designs, trade secrets, software, market opportunities and customers, or in relation to any third party for which any member of the Group is responsible or in respect
of which any member of the Group has an obligation not to disclose; and (c) relating to the contents of any Equity Document (or any agreement or arrangement entered into pursuant to or any transaction contemplated by any Equity
Document);

  

 2 

			
	“Consideration Securities”	  	has the meaning given in the Note Purchase Agreement;
		
	“Control”	  	(including, with their correlative meanings, “Controlled by”, “Controlling” and “under common Control with”) possession, directly or
indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise) of any other Person, provided that, in any event, any
Person who owns, directly or indirectly, a majority of the securities having ordinary voting power or otherwise having the power to elect a majority of the directors or other governing body of a corporation or having a majority of the partnership or
other ownership interests of any other Person (other than as a limited partner of such other Person) will be deemed to control such corporation or other Person; for the avoidance of doubt, a limited partnership is Controlled by its general partner;

		
	“Encumbrance”	  	any mortgage, charge (fixed or floating), pledge, lien, hypothecation, option, right of set off, security trust, assignment by way of security, reservation of title, option, restriction,
right of first refusal, right of pre-emption, third party right or interest, or any other encumbrance or security interest whatsoever created or arising or any other agreement or arrangement (including any sale and leaseback transaction) entered
into for the purposes of conferring security or having similar effect and any agreement to enter into, create or establish any of the foregoing;
		
	“Exchange Act”	  	the Securities and Exchange Act 1934, as amended;
		
	“Final Discharge Date”	  	has the meaning given in the Option Agreement;
		
	“Group”	  	has the meaning given in the Shareholders Agreement;
		
	“Lion Restricted Parties”	  	(i) the Lion Parties, (ii) all Affiliates of the Lion Holdcos which Control either or both of them and are Controlled by Lion Capital, (iii) all Affiliates of the Lion Holdcos which are
Controlled by either or both of them, and (iv) all Affiliates of Lion Capital which are Controlled by Lion Capital and have a voting or economic interest in any entity described in clause (i), (ii) or (iii) of this sentence;
		
	“New Investment”	  	has the meaning given in the Commitment Letter;
	“Person”	  	any natural person, corporation, general partnership, simple partnership, limited partnership, proprietorship, other

  

 3 

			
		  	business organisation, trust, union, association or governmental authority, whether incorporated or unincorporated; a reference to any Person shall include such Person’s successors and
permitted assigns under any agreement, instrument, contract or other document;
		
	“Rule 144”	  	Rule 144 of the Securities Act;
		
	“Rule 200”	  	Rule 200 of Regulation SHO of the Exchange Act
		
	“Securities Act”	  	the Securities Act of 1933, as amended;
		
	“Transfer”	  	has the meaning given in the Shareholders Agreement.

  

	2.2	The headings in this Letter of Undertaking do not affect its construction or interpretation. 

  

	2.3	References to a “Party” or to the “Parties” are references to a party or parties to this Letter of Undertaking. 

  

	2.4	A reference to a document is a reference to that document as amended or modified from time to time in writing by the mutual consent of the parties. 

  

	2.5	References to “$”or “USD” are references to the lawful currency for the time being of the United States of America.

  

	2.6	The singular includes the plural and vice versa and any gender includes any other gender. 

  

	3	BACKGROUND 

  

	3.1	CEDC and funds managed by Lion Capital hold an investment in Russian Alcohol Group. CEDC and the Lion Parties have agreed to enter into the New Investment on the terms set out in
the Equity Documents. 

  

	3.2	This letter agreement (this “Letter of Undertaking”) is being entered into by the parties to set out certain of the parties’ mutual understandings and agreements with
respect to the New Investment. 

  

	3.3	In consideration of each of the parties separately entering into the Equity Documents as well as for other good consideration for which receipt by each party is acknowledged, the
parties hereby agree as set out in this Letter of Undertaking. 

  

	4	ISSUES OF SECURITIES 

 Each of the Lion Parties
represents, warrants and undertakes to CEDC that as of the date hereof, and as of the date of each issuance of shares of CEDC Common Stock to the Lion Holdcos set out in clauses 5.2.1, 7 and 8.2 of the Option Agreement, and as of the date of the
delivery of the Warrants to the Lion Holdcos pursuant to clause 5.1 of the Option Agreement, and as of the date of each exercise of any Warrant by any Lion Party or any Affiliate thereof, and as of the date of the issuance of the Consideration
Securities: 
  

	4.1	it is an “accredited investor” within the definition of such term set out in Rule 501(a) of Regulation D under the Securities Act; 

  

 4 

	4.2	it is acquiring the Consideration Securities, the shares of CEDC Common Stock issuable pursuant to clauses 5.2.1, 7 and 8.2 of the Option Agreement, and the shares of CEDC Common
Stock issuable upon the exercise of the Warrants (together, the “CEDC Shares”), and the Warrants, for its own account for the purpose of investment and not with a view to, or for sale in connection with, any distribution thereof in
violation of the Securities Act; 

  

	4.3	it understands, acknowledges and agrees that: 

  

	 	4.3.1	on delivery, the CEDC Shares and the Warrants will not have been registered under the Securities Act; 

  

	 	4.3.2	the sale of the Warrants and each delivery of CEDC Shares is intended as a transaction qualifying under Section 4(2) of the Securities Act and Rule 506 of Regulation D
promulgated thereunder; 

  

	 	4.3.3	the Warrants may not be transferred or resold except in accordance with the terms and provisions thereof, and will be endorsed with the legend set out therein (all of which the Lion
Parties have reviewed); 

  

	 	4.3.4	the CEDC Shares may not be transferred or resold except pursuant to: 

  

	 	(a)	an effective registration statement under the Securities Act covering such proposed transfer or resale and where such transfer or resale is made in accordance with such registration
statement; or 

  

	 	(b)	(1) a transfer or resale that is eligible under Rule 144 and is made pursuant thereto; or (2) a transaction exempt from registration under the Securities Act; and which, in
each case, is otherwise made in accordance with applicable securities laws and does not adversely affect CEDC’s ability to issue either: (A) CEDC Common Stock as contemplated by the Option Agreement or the Note Purchase Agreement; or
(B) Warrant Shares pursuant to the exercise of any Warrant, in each case through an exemption from registration under the Securities Act and: 

  

	 	(i)	 in the event of a proposed transfer or resale pursuant to this paragraph 4.3.4(b) the transferor/seller provides: (A) written notice to CEDC of its
intention to transfer or resell any CEDC Shares, including a reasonably detailed statement of the circumstances surrounding the proposed transfer or resale, no later than five Business Days prior to effecting such transfer or resale; and
(B) CEDC with a legal opinion from independent, internationally recognised legal counsel experienced in such matters, which legal opinion shall be in customary form reasonably acceptable to CEDC and shall 

  

 5 

	 	 
state that such transfer or resale is eligible under Rule 144 or is made in a transaction exempt from registration under the Securities Act and, in each
case, is made in a transaction exempt from registration under the Securities Act and, in each case, is otherwise made in accordance with applicable securities laws, provided that in the case of any transfer or resale made pursuant to Rule 144, the
transferor/seller may provide such notice and legal opinion in respect of all of the transfers or resales proposed to be made within the six (6) month period following the date of such notice and legal opinion; and 

 

	 	(ii)	only with respect to any proposed transfer or resale of (A) any Warrant made pursuant to paragraph 4.3.4(b)(1) or (2), and (B) any CEDC Common Stock made pursuant to
paragraph 4.3.4(b)(2), the transferor and the transferee in any such transfer or resale as a condition precedent thereto shall have provided to CEDC such factual representations, warranties and undertakings as CEDC may reasonably request to ensure
that such sale, transfer or disposition does not adversely affect CEDC’s ability to issue either CEDC Common Stock as contemplated by the Option Agreement or the Note Purchase Agreement or Warrant Shares pursuant to the exercise of any Warrant
issued pursuant to the Option Agreement, in each case through an exemption from registration under the Securities Act); 

  

	 	4.3.5	the CEDC Shares will be endorsed with the following legends: 

  

	 	(a)	“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN OFFERED AND SOLD TO ACCREDITED INVESTORS (AS DEFINED IN REGULATION D UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(“THE SECURITIES ACT”)) AND WITHOUT REGISTRATION WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT IN RELIANCE UPON REGULATION D PROMULGATED UNDER THE SECURITIES ACT. THE SECURITIES REPRESENTED BY THIS
CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED EXCEPT PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION. HEDGING TRANSACTIONS WITH REGARD TO THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN
COMPLIANCE WITH THE SECURITIES ACT. 

 THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO CERTAIN ADDITIONAL
RESTRICTIONS ON TRANSFER, HEDGING AND OTHER MATTERS AS SET OUT IN THAT CERTAIN REGISTRATION RIGHTS AGREEMENT, DATED [•], 2009 AMONG CENTRAL 

  

 6 

 
EUROPEAN DISTRIBUTION CORPORATION, LION/RALLY CAYMAN 4 AND LION/RALLY CAYMAN 5, AS THE SAME MAY BE AMENDED FROM TIME TO TIME, A COPY OF WHICH IS ON FILE AT
THE PRINCIPAL EXECUTIVE OFFICES OF THE COMPANY, AND MAY NOT BE TRANSFERRED EXCEPT IN ACCORDANCE THEREWITH.”; and 
  

	 	(b)	any other legend required to be placed thereon pursuant to the Registration Rights Agreement and applicable law; 

  

	4.4	it did not learn of the investment in the CEDC Shares or the Warrants by means of any form of general or public solicitation or general advertising, or publicly disseminated
advertisements or sales literature, including (i) any advertisement, article, notice or other communication published in any newspaper, magazine, or similar media, or broadcast over television or radio, or (ii) any seminar or meeting to
which the Lion Parties was invited by any of the foregoing means of communications; 

  

	4.5	it has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment contemplated hereby, and understands
that the purchase of the CEDC Shares and the Warrants involves substantial risk; 

  

	4.6	it has had an opportunity to receive all additional information related to CEDC requested by it and to ask questions of and receive answers from CEDC regarding the terms and
conditions of the issuance and sale of the CEDC Shares and the Warrants and the business, properties, prospects and financial condition of CEDC and to obtain any additional information requested and has received and considered all information it
deems relevant to make an informed decision to purchase the CEDC Shares and the Warrants; and 

  

	4.7	it acknowledges that CEDC is relying on the representations, warranties and agreements contained in this paragraph 4 in delivering the Warrants and the CEDC Shares to the Lion
Holdcos and would not engage in such transaction in the absence of the representations, warranties and agreements contained herein. Each Lion Party further acknowledges and agrees that any obligation of CEDC herein to deliver the Warrants and the
CEDC Shares to the Lion Holdcos is conditioned upon the accuracy of the representations, warranties and agreements in this paragraph 4 and each Lion Party agrees to notify CEDC promptly in writing if any representation or warranty in this paragraph
4 ceases to be accurate and complete. 

  

	5	PROHIBITED TRANSACTIONS 

  

	5.1	Each of the Lion Parties: 

  

	 	5.1.1	agrees that prior to the Final Discharge Date (as defined in the Option Agreement), it shall not, and shall cause its Affiliates not to (and for the avoidance of doubt the Lion
Holdcos shall procure that Lion Capital shall not): 

  

	 	(a)	effect, directly or indirectly, any short sale (as defined in Rule 200) with respect to the CEDC Common Stock or Warrants or with respect to any other security that includes,
relates to or derives any significant part of its value from, CEDC Common Stock or Warrants, unless: 

  

	 	(i)	immediately following the execution of such short sale, the Lion Parties and their Affiliates (considered as a group) would not hold a “net short” position with respect to
shares of CEDC Common Stock (provided that for the purposes hereof, (A) a Person or Persons shall be considered to hold a “net short” position where the number of shares of CEDC Common Stock such Person or Persons is or are bound to
deliver to another Person (in respect of which such Person or Persons has borrowed shares of CEDC Common Stock) exceeds the number of shares of CEDC Common Stock such Person or Persons is or are deemed to own under section (b) of Rule 200, in
each case immediately following the execution of such short sale and (B) the Lion Holdcos will be deemed to own the Fixed Securities under section (b) of Rule 200 from the date of the Option Agreement until the earlier of (x) with
respect to any Fixed Security, the first day, following the issuance of such Fixed Security, on which such Fixed Security is not deemed to be owned by a Lion Holdco within the meaning of section (b) of Rule 200 and (y) the Final Discharge
Date); 

  

 7 

	 	(ii)	such transaction is not entered into for speculative purposes and is bona fide for the primary purpose either of hedging the price at which the Lion Parties and their Affiliates may
dispose of shares of CEDC Common Stock or facilitating a timely and orderly distribution of such shares of CEDC Common Stock; and 

  

	 	(iii)	such transaction is in compliance with applicable law and is not a transaction or series of transactions intended to evade the prohibitions of this paragraph 5; or

  

	 	(b)	without the prior written consent of CEDC, establish any “put equivalent position” (as defined under Rule 16a-1(h) under the Exchange Act) or grant, directly or
indirectly, any other right (including any put or call option, forward sale contract, swap or stock pledge or loan or transaction similar to any of the foregoing) with respect to CEDC Common Stock or Warrants or with respect to any other security
that includes, relates to or derives any significant part of its value from, CEDC Common Stock or Warrants (each, a “Derivative Transaction”); provided that CEDC shall act in a commercially reasonable manner in determining whether
to grant such consent; provided further that no such consent shall be required: 

  

	 	(i)	 where (A) a Derivative Transaction is not entered into for speculative purposes and is bona fide for the primary purpose of either (x) hedging the price
at which the Lion Parties and 

  

 8 

	 	 
their Affiliates will dispose of any shares of CEDC Common Stock received (or to be received) pursuant to clause 5.2.1 of the Option Agreement or any related
issuance under clause 7.1 of the Option Agreement or pursuant to the exercise of the Warrants, or (y) facilitating a timely and orderly distribution of any shares of CEDC Common Stock received (or to be received) pursuant to clause 5.2.1 of the
Option Agreement or any related issuance under clause 7.1 of the Option Agreement or pursuant to the exercise of the Warrants, and (B) such transaction is in compliance with applicable law and is not a transaction or series of transactions
intended to evade the prohibitions of this paragraph 5; or 

  

	 	(ii)	in the event CEDC elects to issue additional shares of CEDC Common Stock pursuant to clause 8.2 of the Option Agreement or any related issuance under clause 7.1 of the Option
Agreement and/or paragraph 5.1.3 or paragraph 5.3 of the Note Purchase Agreement or any related issuance under paragraph 7 of the Note Purchase Agreement, in connection with any Derivative Transaction with regard to any such shares of CEDC Common
Stock so issued; 

 (each transaction prohibited by paragraph 5.1.1, a “Prohibited Transaction”); 

 

	 	5.1.2	represents that on and after 1 March 2009 and as of the date hereof neither it, nor any of its Affiliates, has or is engaged, directly or indirectly, in a Prohibited
Transaction; 

  

	 	5.1.3	agrees that prior to the Final Discharge Date (as defined in the Option Agreement) it shall not, and shall cause each of its Affiliates not to, Transfer whether or not for value,
any shares of CEDC Common Stock or Warrants to any Person which holds any interest in a fund managed by Lion Capital which fund holds a direct or indirect voting or economic interest in either or both of the Lion Holdcos or any Person Controlled by,
or Controlling, either or both of the Lion Holdcos (each such entity, a “Lion Investor”) at any time, unless prior thereto such Lion Investor has given an undertaking to CEDC in the form attached hereto as Schedule 1, subject to
such changes as the parties may agree, each acting reasonably, not to effect, directly or indirectly, and to cause its Affiliates not to effect, directly or indirectly, any Prohibited Transaction prior to the Final Discharge Date.

  

	6	CONSEQUENCES OF PROHIBITED TRANSACTIONS 

  

	6.1	 If: (a) any of the Lion Restricted Parties engages or has engaged in a Prohibited Transaction in violation of paragraph 5 above; or (b) after the date of
this Letter of Undertaking any Affiliate (not itself a Lion Restricted Party) of any Lion Restricted Party or any Lion Investor or Affiliate thereof, in each case, to whom any shares of CEDC Common Stock or Warrants have been Transferred by any of
the Lion Parties or any of 

  

 9 

	 	 
their Affiliates after the date of this Letter of Undertaking, engages in a Prohibited Transaction in violation of paragraph 5.1.1 above, then:

  

	 	6.1.1	the Lion Parties shall promptly, and in any event within five Business Days of learning of such violation, provide written notice to CEDC of such violation, including the date when
such Prohibited Transaction first became effective; and 

  

	 	6.1.2	CEDC shall not be obligated to make any payments pursuant to clause 8.3 of the Option Agreement or to issue any CEDC Common Stock or Warrants pursuant to clauses 5, 7 and 8 of the
Option Agreement that are scheduled to be paid or issued on or after the date on which such Prohibited Transaction first became effective. 

  

	6.2	CEDC shall not be relieved of its obligations to issue CEDC Common Stock or Warrants pursuant to clauses 5, 7 and 8 of the Option Agreement solely as a result of a Prohibited
Transaction described in paragraph 6.1(b) above, if either: 

  

	 	6.2.1	the following conditions are met: 

  

	 	(a)	Lion Capital did not have actual or constructive knowledge that such Prohibited Transaction was contemplated contemporaneously with or prior to the occurrence thereof,

  

	 	(b)	in the case of any Prohibited Transaction by any Affiliate (not itself a Lion Restricted Party) of any Lion Restricted Party to whom any shares of CEDC Common Stock or Warrants have
been Transferred as described in paragraph 6.1, Lion Capital had taken commercially reasonable steps to advise such Person of the restrictions of this covenant and ensure that such Person would not engage in a Prohibited Transaction in violation of
paragraph 5.1.1 above, and 

  

	 	(c)	such Prohibited Transaction: (i) was promptly terminated upon Lion Capital becoming aware of such Prohibited Transaction and (ii) was not in effect during (or at any time
during the ten trading days preceding) any period in which an amount (or value) of consideration payable or paid pursuant to any of the Equity Documents (such payment of consideration, a “Relevant Transaction”) was determined by
reference to the trading price of CEDC Common Stock; 

 provided, further that if CEDC would be relieved of such obligations
solely as a result of a Prohibited Transaction described in this paragraph 6.2.1 above which satisfies each of the criteria set out in this paragraph above other than sub-paragraph 6.2.1(c) thereof, it shall not be so relieved of such obligations,
but shall be entitled to recover the amount of any losses incurred by CEDC in connection with any Relevant Transaction and proximately caused by such Prohibited Transaction (the “Losses”) from Cayman 4 and Cayman 5 or to offset the
amount or value of such Losses incurred by CEDC against any future payments required to be made by Lion/Rally Cayman 7 L.P. or directly or indirectly by CEDC to Cayman 4 or Cayman 5 pursuant to the Option Agreement; or 
  

 10 

	 	6.2.2	(i) any director or officer of CEDC, (ii) any other Person acting at the direction of CEDC or any director or officer thereof or (iii) any employee of CEDC or of
an Affiliate of CEDC acting with the prior actual knowledge of any director or officer of CEDC (unless Lion Capital has been advised thereof promptly after such director or officer obtained such knowledge) has at any time
following the date of the Letter of Undertaking, directly or indirectly caused or solicited any Lion Party or any Affiliate thereof to enter into any Prohibited Transaction and such Lion Party or Affiliate actually consummated such Prohibited
Transaction. 

  

	6.3	In the event that CEDC makes (or has made) any payment or issues any CEDC Common Stock or Warrants pursuant to clauses 5, 7 or 8 of the Option Agreement that CEDC is not (or was
not) obligated to make or issue by operation of this paragraph 6 (whether as a result of any Lion Party’s failure to provide required notice or otherwise), Cayman 4 or Cayman 5, as the case may be, shall promptly (and in any event within five
Business Days after written notice to Cayman 4 or Cayman 5 by CEDC demanding such payment) pay to CEDC in cash the amount of such payment(s) and return any such CEDC Common Stock or Warrants to CEDC; provided, that, in the event Cayman 4 or Cayman 5
does not timely make such payment and return any such CEDC Common Stock or Warrants, CEDC and/or Lion/Rally Cayman 7 L.P. may offset the amount or value of such payment, CEDC Common Stock and Warrants against any future payments required to be made
by Lion/Rally Cayman 7 L.P. or directly or indirectly by CEDC to Cayman 4 or Cayman 5 pursuant to the Option Agreement. 

  

	7	LION CAPITAL UNDERTAKINGS 

 The Lion Parties hereby
agree and undertake to CEDC: 
  

	7.1	that at any time before the Final Discharge Date (as defined in the Option Agreement) during which CEDC is not the Controlling Party (as defined in the Shareholders
Agreement), no entity which is Controlled by Lion Capital except any member of the Group will acquire Control of any business whose principal operations are the wholesale production and/or distribution of spirits in the Russian Federation, provided
always that nothing in this paragraph 7.1 shall prevent the acquisition of: (a) certain assets that have been described in a letter from the Lion Holdcos to CEDC dated the same date as this Letter of Undertaking (the “Potential
Assets”); or (b) any non-Russian business that has operations in Russia, where such Russian operations do not represent the majority of that group’s activities; 

  

	7.2	that at any time before the Final Discharge Date (as defined in the Option Agreement), no entity which is Controlled by Lion Capital will: 

  

	 	7.2.1	in any manner acquire, agree to acquire or make any proposal to acquire, directly or indirectly, by means of purchase, merger, business combination or in any other manner,
beneficial ownership of any shares of CEDC Common Stock (except as contemplated by the Equity Documents and the Warrants); 

  

 11 

	 	7.2.2	make, or in any way participate, directly or indirectly, in any “solicitation” of “proxies” (as such terms are used in the proxy rules promulgated under the
Exchange Act) or consents to vote, or seek to advise or influence any Person with respect to the voting of, any shares of CEDC Common Stock; 

  

	 	7.2.3	form, join or in any way participate in a “group” (within the meaning of Section 13(d)(3) of the Exchange Act) for the purpose of acquiring, holding or disposing of
any shares of CEDC Common Stock; 

  

	 	7.2.4	otherwise act, alone or in concert with others, to seek to control or change the management, board of directors, governing instruments, policies or affairs of CEDC;

  

	 	7.2.5	disclose any intention, plan or arrangement inconsistent with the foregoing; or 

  

	 	7.2.6	advise, assist or encourage any other Person in connection with any of the foregoing. 

  

	7.3	that at all times before the exercise of the Holdco Put Option Lion Capital shall maintain Control over the Lion Holdcos; 

  

	7.4	Lion Capital shall not Transfer the whole or any part of its interest in Lion/Rally Cayman 8 to another entity, unless such entity is an Affiliate of Lion Capital; provided however,
that in the event that such Affiliate ceases to be an Affiliate of Lion Capital, the Lion Parties shall immediately procure that the interest in Lion/Rally Cayman 8 is transferred as soon as practicable to Lion Capital or a continuing Affiliate
thereof; and 

  

	7.5	they shall cause the Group to provide to CEDC all financial information required by CEDC in order to file registration statements as contemplated in the Registration Rights
Agreement. 

  

	8	NEW INVESTMENT 

 CEDC acknowledges that the Lion
Parties will be relying on the provisions of this Letter of Undertaking in entering into the New Investment. The Lion Parties acknowledge that CEDC will be relying on the provisions of this Letter of Undertaking in entering into the New Investment.

  

	9	NON RECOURSE 

 Notwithstanding anything that may be
expressed or implied in this Letter of Undertaking, CEDC and the Lion Parties, each by its acceptance of the benefits hereof, covenants, agrees and acknowledges that no person other than CEDC and the Lion Parties shall have any obligation hereunder
and that no recourse hereunder or under any documents or instruments delivered in connection herewith shall be had against, and no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by, any former, current or
future director, officer, employee, agent, general or limited partner, manager, member, stockholder, affiliate or assignee of any of CEDC or the Lion Parties or any former, current or future director, officer, employee, agent, general or limited
partner, manager, member, stockholder, affiliate or assignee of any of the foregoing, 

  

 12 

 
whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, for
any obligations of CEDC or any of the Lion Parties under this Letter of Undertaking or any documents or instruments delivered in connection herewith or for any claim based on, in respect of or by reason of such obligations or their creation. This
paragraph 9 does not exclude any liability for, or remedy in respect of, fraudulent misrepresentation. 
  

	10	RESTRICTIONS ON SALE OF CEDC COMMON STOCK 

  

	10.1	Prior to the first Business Day following the Final Discharge Date on which the Lion Holdcos and their Affiliates own, in the aggregate, less than 3% of the outstanding CEDC Common
Stock, neither the Lion Holdcos nor any of their Affiliates may sell, transfer or otherwise dispose of, or agree to sell, transfer or otherwise dispose of, any CEDC Common Stock (whether acquired pursuant to this Agreement or otherwise) (any such
sale, transfer or other disposition by any Lion Holdco or any of their Affiliates, a “Sale”), unless: 

  

	 	10.1.1	the number of shares of CEDC Common Stock sold, transferred or otherwise disposed of in such Sale, when aggregated with the number of shares of CEDC Common Stock sold, transferred
or otherwise disposed of in all other Sales consummated on the same day on which such Sale is consummated, does not exceed 15% of the average daily reported volume of trading in CEDC Common Stock during the 20 trading day period ending on the day
before such Sale is consummated; and 

  

	 	10.1.2	the price per share for each share of CEDC Common Stock so sold, transferred or otherwise disposed of is no less than the lowest quoted bid price of CEDC Common Stock at the time of
such Sale on and as reported by the principal securities exchange on which the CEDC Common Stock is then listed or admitted for trading (or, if the CEDC Common Stock is not listed or admitted for trading on any securities exchange, no less than the
prevailing fair market value of CEDC Common Stock as determined in good faith and in a commercially reasonable manner by resolution of the Board of Directors of CEDC, based on the best information available to it and (if so requested by Cayman 5)
having engaged an independent appraiser in such regard); 

  

	10.2	Notwithstanding anything herein to the contrary, Clause 10.1 shall not apply to any Sale that complies with the following requirements: 

  

	 	10.2.1	such Sale is a transaction exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”) pursuant to Section 4 of
the Securities Act; 

  

	 	10.2.2	the number of shares of CEDC Common Stock sold, transferred or otherwise disposed of to the recipient in such Sale, when aggregated with the total number of shares of CEDC Common
Stock sold, transferred or otherwise disposed of to such recipient in all other such Sales effected in accordance with this Clause 10.2, does not exceed 2% of the total number of shares of CEDC Common Stock then outstanding;

  

 13 

	 	10.2.3	the price per share for each share of CEDC Common Stock so sold, transferred or otherwise disposed of is no less than 95% of the prior trading day’s closing price of
CEDC Common Stock on and as reported by the principal securities exchange on which the CEDC Common Stock is then listed or admitted for trading (or, if the CEDC Common Stock is not listed or admitted for trading on any securities exchange, no less
than 95% of the prevailing fair market value of CEDC Common Stock as determined in good faith and in a commercially reasonable manner by resolution of the Board of Directors of CEDC, based on the best information available to it and (if so requested
by Cayman 5) having engaged an independent appraiser in such regard); and 

  

	 	10.2.4	no other Sale has been made pursuant to this Clause 10.2 in the five days preceding the date on which such Sale is consummated. 

  

	11	WHOLE AGREEMENT 

 Upon the effective date of the
Shareholders Agreement, the existing shareholders agreement with regard to Lion/Rally Cayman 2 shall be terminated. 
  

	12	WARRANTIES 

  

	12.1	Each party to this Letter of Undertaking warrants, as of the date of this Letter of Undertaking, to the other parties to this Letter of Undertaking that:

  

	 	12.1.1	it has full power and authority, without requiring the consent of any other person, and has taken all necessary actions, to enter into and exercise its rights and perform its
obligations under this Letter of Undertaking, the Equity Documents, the Warrants and the Commitment Letter; 

  

	 	12.1.2	the provisions of this Letter of Undertaking, the Equity Documents, the Warrants and the Commitment Letter will not result in a breach of any provision of its constitutional
documents or result in a breach of any order, judgment or decree of any court or governmental agency to which it is a party or by which it is bound; and 

  

	 	12.1.3	this Letter of Undertaking, the Equity Documents, the Warrants and the Commitment Letter constitute lawful, valid and binding obligations of each party in accordance with its terms.

  

	12.2	Each of CEDC and Carey Agri warrants to the Lion Parties that: 

  

	 	12.2.1	as at the date of this Letter of Undertaking, Carey Agri is the sole owner of $107,556,808 in principal amount of Loan Notes (as defined in the Note Purchase Agreement) which are
free from Encumbrances; and 

  

	 	12.2.2	as at the date of this Letter of Undertaking, Carey Agri is the sole owner of 181,500,000 B ordinary shares in the capital of Lion/Rally Cayman 2 and such shares are free from
Encumbrances. 

  

 14 

	13	CONFIDENTIALITY RESTRICTIONS 

  

	13.1	Subject to paragraphs 13.2 and 13.3 below, each party to this Letter of Undertaking undertakes and covenants with each other party to this Letter of Undertaking that it shall
not and shall procure that none of its Affiliates shall (and for the avoidance of doubt the Lion Holdcos shall procure that Lion Capital does not) disclose Confidential Information to any Person prior to the date falling on the second anniversary of
the termination of the Shareholders Agreement. 

  

	13.2	The provisions of paragraph 13.1 shall not apply to the disclosure of any Confidential Information by any party to this Letter: 

  

	 	13.2.1	which now or hereafter comes into the public domain otherwise than as a result of a breach of this paragraph 13; 

  

	 	13.2.2	to the extent strictly necessary in connection with the performance of, or the exercise of relevant rights pursuant to, the Transaction Documents as defined in the Option Agreement
(as they may be amended from time to time); 

  

	 	13.2.3	to its employees, directors or advisers who need to know the Confidential Information for the purposes of the Transaction Documents or the business of the Group (a
“Recipient”). The disclosing party shall procure that each Recipient is made aware of, and complies with, its obligations of confidentiality under this Letter of Undertaking as if the Recipient was a party to this Letter of
Undertaking; 

  

	 	13.2.4	which is disclosed to parties to the Group’s financing documents provided that the information so disclosed does not relate to another party to this Letter of Undertaking or
any Affiliate of another such party (other than a member of the Group); 

  

	 	13.2.5	to a court, arbitrator or administrative tribunal in the course of proceedings before it to which the disclosing party is a party in a case where such disclosure is required by such
proceedings; 

  

	 	13.2.6	to any third party in connection with negotiations for a Transfer, where, prior to any such disclosure, such party is bound to a member of the Group or the relevant party by
a confidentiality agreement to maintain confidentiality of such information; 

  

	 	13.2.7	to the other parties to this Letter of Undertaking; 

  

	 	13.2.8	pursuant to the terms of this Letter of Undertaking; 

  

	 	13.2.9	in the ordinary course of such party’s participation in the business of the Group; or 

  

	 	13.2.10	pursuant to applicable law or regulations including, without limitation, the rules and regulations of the United States Securities and Exchange Commission, NASDAQ, the Warsaw Stock
Exchange, and any other securities exchange on which any security of the disclosing party (or any Affiliate thereof) is or is proposed to be listed or admitted to trading. 

  

 15 

	13.3	Notwithstanding the foregoing provisions, the Lion Parties and their Affiliates shall be entitled to make such disclosure to their partners, trustees, shareholders, unit holders and
other participants in relation to the business affairs and financial position of the Group or any member thereof as they may in their reasonable discretion see fit. 

  

	13.4	In the case of disclosure pursuant to paragraphs 13.2.5 or 13.2.10, such disclosing party shall, save where giving notice to other parties is prohibited by law, give as much notice
to the other parties to this Letter of Undertaking of such disclosure as is reasonably practicable and shall consider the reasonable requests of the other parties in relation to the contents of such disclosures. 

  

	13.5	To the extent that a Lion Party reasonably believes that it is required to publicly disclose any information described in clause (b) or (c) of the definition of
“Confidential Information” herein in order to effect a lawful sale of any shares of CEDC Common Stock held by such Lion Party, such Lion Party may request that CEDC publicly disclose such information, which request CEDC may not
unreasonably deny; provided, that this paragraph 13.5 shall not apply to any such information relating to any merger, consolidation, reorganisation, reclassification or sale of all or substantially all of the assets of the Group or any member
thereof, or the acquisition or disposition of any material assets, securities, businesses or Persons by the Group or any member thereof. Notwithstanding anything in this paragraph 13.5 to the contrary, CEDC may delay making any such public
disclosure for a period not to exceed 90 days in the event that, in the reasonable and good faith opinion of CEDC’s board of directors, making such public disclosure would require CEDC to publicly disclose information which could have an
adverse effect on CEDC. 

  

	14	LIABILITY AND EQUITABLE REMEDIES 

  

	14.1	The liability of the Lion Parties for their obligations under this Letter of Undertaking shall be joint and several. 

  

	14.2	Notwithstanding any of the foregoing, it is agreed and acknowledged that Lion Capital shall only be subject to the equitable remedies of injunction and specific performance with
respect to any breach by the Lion Parties of the obligations under this Letter of Undertaking and shall not be liable for money damages or money damages in lieu of equitable remedies. 

  

	15	GENERAL 

  

	15.1	No variation of this Letter of Undertaking is valid unless it is in writing and signed by or on behalf of each Party. 

  

	15.2	Unless otherwise provided in this Letter of Undertaking, the rights, powers and remedies contained in this Letter of Undertaking are cumulative and not exclusive of any
rights or remedies provided by law. 

  

 16 

	15.3	No waiver by any Party of any requirement of this Letter of Undertaking or of any remedy or right under this Letter of Undertaking will be effective unless given by written
notice signed by that Party. No waiver of any particular breach of this Letter of Undertaking will operate as a waiver of any repetition of that breach. 

  

	15.4	No delay or failure on the part of any Party in exercising a right, power or remedy provided by law or under this Letter of Undertaking will impair that right, power or
remedy or operate as a waiver of it or any other rights and remedies. The single or partial exercise of any right, power or remedy provided by law or under this Letter of Undertaking will not preclude any other or further exercise or the exercise of
any other rights power or remedy. 

  

	15.5	This Letter of Undertaking may be executed in any number of counterparts, but is not effective until each Party has executed at least one counterpart. Each counterpart, once
executed, forms part of and all those counterparts will together constitute this Letter of Undertaking. 

  

	15.6	If a provision of this Letter of Undertaking is or becomes or is found by a court or other competent authority to be illegal, invalid or unenforceable, in whole or in part,
under any law, such provision will to that extent only be deemed not to form part of this Letter of Undertaking and the legality, validity and enforceability of the remainder of this Letter of Undertaking will not be affected or impaired.

  

	16	GOVERNING LAW 

 This Letter of Undertaking and all
matters (including, without limitation, any contractual or non-contractual obligation) arising from or connected with it shall be governed by and construed in accordance with English law and the parties hereto hereby submit to the exclusive
jurisdiction of the English courts. 
  

	17	JURISDICTION 

 The Parties irrevocably agree
that, subject as provided below, the courts of England shall have exclusive jurisdiction over any dispute or claim arising out of or in connection with this Agreement or its subject matter or formation (including non-contractual claims). Nothing in
this Clause 17 shall limit the right of the Parties to commence proceedings to seek equitable (or equivalent) relief or to seek enforcement of a final non-appealable judgment of the courts of England in any court of an Approved Jurisdiction which
has competent jurisdiction, nor shall the commencement of such proceedings in any one or more Approved Jurisdictions preclude the commencement of similar proceedings in any other Approved Jurisdiction, whether concurrently or not, to the extent
permitted by the law of such other Approved Jurisdiction. No Party shall be entitled to commence proceedings in any court in any jurisdiction other than England or of an Approved Jurisdiction. 
  

 17 

			
	Yours faithfully
		
		 	 /s/ William Carey

	Name:	 	William Carey
	Title:	 	President
	 for and on behalf of
 Central European
Distribution Corporation

	
	Agreed and accepted on behalf of
		
		 	 /s/ Rob Jones

	Name:	 	Rob Jones
	Title:	 	Director
	 for and on behalf of
 Lion/Rally Cayman
4

		
		 	 /s/ Rob Jones

	Name:	 	Rob Jones
	Title:	 	Director
	 for and on behalf of
 Lion/Rally Cayman
5

		
		 	 /s/ James Cocker, as Attorney

	Name:	 	James Cocker
	Title:	 	Member
	 for and on behalf of
 Lion Capital LLP

  

 18 

			
		 	 /s/ Stephen J. Horvath

	Name:	 	Stephen J. Horvath
	Title:	 	Attorney-in-Fact
	 for and on behalf of
 Carey Agri
international – Poland sp. z o.o.

  

 19 

 SCHEDULE 1 
  

	To:	Central European Distribution Corporation (“CEDC”) 

 Bobrowiecka 6 
 00-723 Warszawa 
 Poland 
 For the attention of [—] 
 Dear Sirs 
 Project Rally 2: Undertaking 
 We refer to the letter of undertaking, dated [—] between Lion/Rally Cayman 4, Lion/Rally Cayman 5, Lion Capital LLP and CEDC (the
“Letter of Undertaking”). Defined terms in this letter shall have the same meaning as set out in the Letter of Undertaking, unless defined otherwise. 
  

	1	PROHIBITED TRANSACTIONS 

 We, [—], an investor in [insert name of relevant fund] (the “Investor”): 
  

	(a)	agree that prior to the Final Discharge Date (as defined in the Option Agreement), neither the Investor nor any of its Affiliates: 

  

	 	(i)	will effect, directly or indirectly, any short sale (as defined in Rule 200), with respect to the CEDC Common Stock or Warrants or with respect to any other security that
includes, relates to or derives any significant part of its value from, CEDC Common Stock or Warrants, unless: 

  

	 	(A)	immediately following the execution of such short sale, the Investor and its Affiliates (considered as a group) would not hold a “net short” position with respect
to shares of CEDC Common Stock (provided that for the purposes hereof, a Person or Persons shall be considered to hold a “net short” position where the number of shares of CEDC Common Stock such Person or Persons is or are bound to deliver
to another Person (in respect of which such Person or Persons has borrowed shares of CEDC Common Stock) exceeds the number of shares of CEDC Common Stock such Person or Persons is or are deemed to own under section (b) of Rule 200, in each case
immediately following the execution of such short sale); 

  

	 	(B)	such transaction is not entered into for speculative purposes and is bona fide for the primary purpose either of hedging the price at which the Investor and its Affiliates
may dispose of shares of CEDC Common Stock or facilitating a timely and orderly distribution of such shares of CEDC Common Stock; and 

  

 20 

	 	(C)	such transaction is in compliance with applicable law and is not a transaction or series of transactions intended to evade the prohibitions of this letter; or

  

	 	(ii)	without the prior written consent of CEDC, will establish any “put equivalent position” (as defined under Rule 16a-1(h) under the Exchange Act) or grant, directly
or indirectly, any other right (including any put or call option, forward sale contract, swap or stock pledge or loan or transaction similar to any of the foregoing) with respect to CEDC Common Stock or Warrants or with respect to any other security
that includes, relates to or derives any significant part of its value from, CEDC Common Stock or Warrants (each, a “Derivative Transaction”); provided that CEDC shall act in a commercially reasonable manner in determining whether
to grant such consent; provided further that no such consent shall be required: 

  

	 	(A)	where (1) a Derivative Transaction is not entered into for speculative purposes and is bona fide for the primary purpose of either (x) hedging the price at which
the Investor and its Affiliates will dispose of any shares of CEDC Common Stock received (or to be received) pursuant to clause 5.2.1 of the Option Agreement or any related issuance under clause 7.1 of the Option Agreement or pursuant to the
exercise of the Warrants, or (y) facilitating a timely and orderly distribution of any shares of CEDC Common Stock received (or to be received) pursuant to clause 5.2.1 of the Option Agreement or any related issuance under clause 7.1 of the
Option Agreement or pursuant to the exercise of the Warrants, and (2) such transaction is in compliance with applicable law and is not a transaction or series of transactions intended to evade the prohibitions of this letter; or

  

	 	(B)	in the event CEDC elects to issue additional shares of CEDC Common Stock pursuant to clause 8.2 of the Option Agreement or any related issuance under clause 7.1 of the Option
Agreement and/or paragraph 5.1.3 or paragraph 5.3 of the Note Purchase Agreement or any related issuance under paragraph 7 of the Note Purchase Agreement, in connection with any Derivative Transaction with regard to any such shares of CEDC Common
Stock so issued; 

 (each transaction prohibited by paragraph 1(a)(i) and (ii), a “Prohibited Transaction”);

  

	(b)	represent that on and after [—]1 and
as of the date hereof neither the Investor, nor any of its Affiliates, has or is engaged, directly or indirectly, in a Prohibited Transaction; 

  

	(c)	agree that prior to the Final Discharge Date, the Investor shall not, and shall cause each of its Affiliates not to, Transfer whether or not for value, any shares of CEDC
Common Stock or Warrants to any Lion Investor at any time, unless prior thereto such Lion 

  

	 1
	 The date that is 30 days before the Investor signs this Undertaking 

  

 21 

	 	 
Investor has given an undertaking to CEDC in the form attached to the Letter of Undertaking as Schedule 1, subject to such changes as the parties may agree,
each acting reasonably, not to effect, directly or indirectly, and to cause its Affiliates not to effect, directly or indirectly, any Prohibited Transaction prior to the Final Discharge Date. 

  

	2	NOTICE REQUIREMENT 

 In the event that the Investor or any of its
Affiliates engages, directly or indirectly, in a Prohibited Transaction in violation of this letter, the Investor shall promptly, and in any event within two Business Days, after such violation provide written notice to the Lion Parties and to CEDC
of such violation, including the date when such Prohibited Transaction first became effective. 
  

	3	GOVERNING LAW 

 This letter and all matters (including, without
limitation, any contractual or non-contractual obligation) arising from or connected with it shall be governed by and construed in accordance with English law and the parties hereto hereby submit to the exclusive jurisdiction of the English courts.

  

	4	JURISDICTION 

 The Parties irrevocably agree that, subject as
provided below, the courts of England shall have exclusive jurisdiction over any dispute or claim arising out of or in connection with this Agreement or its subject matter or formation (including non-contractual claims). Nothing in this paragraph
shall limit the right of the Parties to commence proceedings to seek equitable (or equivalent) relief or to seek enforcement of a final non-appealable judgment of the courts of England in any court of an Approved Jurisdiction which has competent
jurisdiction, nor shall the commencement of such proceedings in any one or more Approved Jurisdictions preclude the commencement of similar proceedings in any other Approved Jurisdiction, whether concurrently or not, to the extent permitted by the
law of such other Approved Jurisdiction. No Party shall be entitled to commence proceedings in any court in any jurisdiction other than England or of an Approved Jurisdiction. 
  

	
	 Yours faithfully

	
	  

	 Name:

	 Title:

	 for and on behalf of
 [—]

  

 22

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