Document:

EX-10.1

 Exhibit 10.1 

SEVENTH AMENDED AND RESTATED 

ADMINISTRATIVE SERVICES AGREEMENT 

by and among 

ENTERPRISE PRODUCTS COMPANY 

EPCO HOLDINGS, INC. 

and 
 ENTERPRISE
PRODUCTS HOLDINGS LLC 
 (formerly named EPE Holdings LLC) 

ENTERPRISE PRODUCTS PARTNERS L.P. 

ENTERPRISE PRODUCTS OLPGP, INC. 

ENTERPRISE PRODUCTS OPERATING LLC 

and 
 OTLP GP, LLC

 and 

OILTANKING PARTNERS, L.P. 

 TABLE OF CONTENTS 

 

									
	         ARTICLE 1:
        DEFINITIONS
	  	 	1	  
				
		 	1.1	 	Definitions	  	 	1	  
		 	1.2	 	Construction	  	 	2	  
		
	        ARTICLE 2:         SERVICES	  	 	2	  
				
		 	2.1	 	EPCO Services	  	 	2	  
		 	2.2	 	EPCO Compensation	  	 	2	  
		 	2.3	 	Dispute Regarding Services or Calculation of Costs	  	 	3	  
		 	2.4	 	Invoices	  	 	3	  
		 	2.5	 	Disputes; Default	  	 	3	  
		 	2.6	 	Input Regarding EPCO Services	  	 	4	  
		 	2.7	 	Limitation Regarding EPCO Services	  	 	4	  
		 	2.8	 	Representations Regarding Use of Services	  	 	4	  
		 	2.9	 	Disclaimer of Warranties; Limitation of Liability	  	 	4	  
		 	2.10	 	Force Majeure	  	 	5	  
		 	2.11	 	Affiliates	  	 	5	  
		 	2.12	 	Dedication of EPCO Employees	  	 	5	  
		 	2.13	 	Term and Termination	  	 	6	  
		
	        ARTICLE 3:         OWNERSHIP OF WORK PRODUCT; AUDIT RIGHTS:	  			
		 	DISCLOSURE OF COMPENSATION	  	 	7	  
				
		 	3.1	 	Ownership of Work Product	  	 	7	  
		 	3.2	 	Audit Rights	  	 	7	  
		 	3.3	 	Disclosure of Compensation	  	 	8	  
		
	        ARTICLE 4:         INDEMNIFICATION	  	 	8	  
				
		 	4.1	 	Indemnification by EPCO	  	 	8	  
		 	4.2	 	Indemnification by MLP Group Parties	  	 	9	  
		 	4.3	 	Negligence; Strict Liability	  	 	9	  
		
	        ARTICLE 5:         OTHER AGREEMENTS	  	 	10	  
				
		 	5.1	 	Insurance Matters	  	 	10	  
		 	5.2	 	EPCO’s Employees	  	 	10	  
		 	5.3	 	EPCO Group License and Participation in MLP Group Agreements	  	 	11	  
		
	        ARTICLE 6:         MISCELLANEOUS	  	 	11	  
				
		 	6.1	 	Choice of Law; Submission to Jurisdiction	  	 	11	  
		 	6.2	 	Notices	  	 	11	  
		 	6.3	 	Entire Agreement; Supersedure	  	 	11	  
		 	6.4	 	Effect of Waiver of Consent	  	 	12	  

  
 -i- 

									
		 	6.5	 	Amendment or Modification	  	 	12	  
		 	6.6	 	Assignment	  	 	12	  
		 	6.7	 	Counterparts	  	 	12	  
		 	6.8	 	Severability	  	 	12	  
		 	6.9	 	Further Assurances	  	 	12	  
		 	6.10	 	Withholding or Granting of Consent	  	 	12	  
		 	6.11	 	U.S. Currency	  	 	12	  
		 	6.12	 	Laws and Regulations	  	 	13	  
		 	6.13	 	Negation of Rights of Third Parties	  	 	13	  
		 	6.14	 	No Recourse Against Officers, Directors, Managers or Employees	  	 	13	  
		 	6.15	 	Relationship of the Parties	  	 	13	  
		 	6.16	 	Prior Releases	  	 	13	  
		
	 Exhibit A — Definitions
	  			
		
	Schedule 2.12 — Dedicated Employees	  			

  

  
 -ii- 

 SEVENTH AMENDED AND RESTATED 

ADMINISTRATIVE SERVICES AGREEMENT 

THIS SEVENTH AMENDED AND RESTATED ADMINISTRATIVE SERVICES AGREEMENT (this “Agreement”) is entered into on October 17,
2014 but effective as of October 1, 2014 (the “Effective Date”), by and among: (i) Enterprise Products Company, a Texas corporation (“EPCO”), and EPCO Holdings, Inc., a Delaware corporation (“EPCO
Holdings”); (ii) Enterprise Products Holdings LLC, a Delaware limited liability company (formerly named EPE Holdings, LLC) and the current general partner of EPD (as defined below) (“EPD GP”), Enterprise Products Partners
L.P., a Delaware limited partnership (“EPD”), Enterprise Products Operating LLC, a Texas limited liability company (“EPOLLC”), and Enterprise Products OLPGP, Inc., a Delaware corporation and the managing member of
EPOLLC (“EPD OLPGP”); (iii) OTLP GP, LLC, a Delaware limited liability company and the general partner of Oiltanking (as defined below) (“OTLP GP”), and Oiltanking Partners, L.P., a Delaware limited partnership
(“Oiltanking”). Capitalized terms not otherwise defined below have the meanings ascribed to such terms as set forth on Exhibit A to this Agreement. 

R E C I T A L S 
 The
purpose of this Agreement is to amend and restate, in its entirety, that certain Sixth Amended and Restated Administrative Services Agreement, as amended on and effective September 7, 2011 (the “Sixth Amendment”), to give
effect to transactions contemplated by that certain Contribution and Purchase Agreement dated as of October 1, 2014 between EPD and Oiltanking Holding Americas, Inc. (“OTNA”) and Oiltanking Holdco, LLC, pursuant to which,
effective October 1, 2014, EPD has purchased 100% of the equity interests in OTLP GP and common units and subordinated units in Oiltanking. 

The Parties hereto desire, by their execution of this Agreement, to evidence the terms and conditions pursuant to which (i) the EPCO
Group will provide certain services to each MLP Group on and after the Effective Date and (ii) a variety of additional matters will be handled among the EPCO Group and each MLP Group on and after the Effective Date. 

A G R E E M E N T S 
 NOW,
THEREFORE, in consideration of the premises and the covenants, conditions, and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto hereby agree
as follows: 
 ARTICLE 1: DEFINITIONS 

1.1 Definitions. The definitions listed on Exhibit A shall be for all purposes, unless otherwise clearly indicated to the
contrary, applied to the terms used in this Agreement. 

  
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 1.2 Construction. Unless the context requires otherwise: (a) any pronoun used in this
Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (b) references to Articles and Sections refer to Articles and Sections of
this Agreement; (c) the terms “include”, “includes”, “including” or words of like import shall be deemed to be followed by the words “without limitation”; and (d) the terms “hereof”,
“herein” or “hereunder” refer to this Agreement as a whole and not to any particular provision of this Agreement. The table of contents and headings contained in this Agreement are for reference purposes only, and shall not
affect in any way the meaning or interpretation of this Agreement. 
 ARTICLE 2: SERVICES 

2.1 EPCO Services. 
 (a)
During the Term, subject to the terms of this Article 2 and in exchange for the reimbursement described in Section 2.2, the EPCO Group hereby agrees to provide each MLP Group with such selling, general and administrative services
and such management and operating services as directed by the applicable General Partner, and as may be necessary to manage and operate the business, properties and assets of such MLP Group in accordance with Prudent Industry Practices; it being
understood and agreed by the Parties that in connection with the provision of such services, EPCO shall employ or otherwise retain the services of such personnel as may be necessary to cause the business, properties and assets of such MLP Group to
be so managed and operated (individually, an “EPCO Service” and, collectively, the “EPCO Services”). 

(b) Notwithstanding anything to the contrary in this Agreement, the Parties recognize and agree that each General Partner, along with any
required approval of its Audit and Conflicts Committee, shall have the exclusive authority to appoint an independent accounting firm to audit the financial statements of its MLP Group. 

2.2 EPCO Compensation. As compensation for the provision by the EPCO Group of the EPCO Services to each member of the applicable MLP
Group, the EPCO Group shall be entitled to receive, and each General Partner agrees to pay or cause another member of its MLP Group to pay to the applicable member of the EPCO Group, without duplication, an amount equal to the sum of all costs and
expenses (direct or indirect) incurred by such member of the EPCO Group which are directly or indirectly related to the business or activities of such MLP Group (including, without limitation, expenses, direct or indirect, reasonably allocated to
such MLP Group by the EPCO Group). In addition, each General Partner shall pay or cause another member of its MLP Group to pay all sales, use, excise, value added or similar taxes (together with any penalties, fines or interest thereon), if any,
that may be applicable from time to time in respect of the EPCO Services provided to such MLP Group by the EPCO Group. The aggregate amount payable by each MLP Group to the EPCO Group pursuant to this Section 2.2 with respect to a given
period of time shall be referred to herein as the “Administrative Services Fee.” It is the intention of the Parties that the Administrative Services Fee with respect to each MLP Group represents fair and reasonable

  
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compensation to the EPCO Group for such MLP Group’s allocable share of all general and administrative expenses, capital expenses and other costs for Shared Services borne or performed by the
EPCO Group for the benefit of any member of such MLP Group. 
 2.3 Dispute Regarding Services or Calculation of Costs. Should there
be a dispute over the nature or quality of the EPCO Services, or the calculation and allocation of any Administrative Services Fee, relating to any of the EPCO Services, EPCO and the applicable General Partner, on behalf of its MLP Group, shall
first attempt to resolve such dispute, acting diligently and in good faith, using the past practices of such Parties and documentary evidence of costs as guidelines for such resolution. If EPCO and such General Partner are unable to resolve any such
dispute within thirty days, or such additional time as may be reasonable under the circumstances, the dispute shall be referred to the Audit and Conflicts Committee of such General Partner. EPCO shall provide to such General Partner a quarterly
statement indicating the total EPCO Group costs and expenses allocated to all of the applicable MLP Group and a detailed statement of the EPCO Group costs and expenses that are allocated to such MLP Group and representative of such MLP Group’s
Administrative Service Fee (including an explanation of such allocation, which shall generally be consistent from period to period). The Parties agree that the Audit and Conflicts Committee of such General Partner shall have the authority to settle
any such dispute, in its sole discretion, recognizing that it is the intent of all Parties that all shared expenses or services be allocated among the EPCO Group and such MLP Group on a fair and reasonable basis. 

2.4 Invoices. EPCO shall invoice the appropriate member of each MLP Group (in care of the applicable General Partner, as billing agent
for its MLP Group (the “Billing Agent”)) on or before the last day of each month for the estimated Administrative Services Fee expected to be incurred by the EPCO Group for the next succeeding month, plus or minus any adjustment
necessary to correct prior estimated billings to actual billings. All invoices shall be due and payable on the last day of the month which the invoice covers. Upon request from the Billing Agent, EPCO shall furnish in reasonable detail a description
of the EPCO Services performed by the EPCO Group for the applicable MLP Group during any month or other relevant period. 
 2.5 Disputes;
Default. Notwithstanding any provision of this Article 2 to the contrary, should any General Partner fail to cause a member of its MLP Group to pay to EPCO, as agent for, and acting on behalf of, the EPCO Group, when due, any amounts
owing in respect of the applicable EPCO Services, except as set forth in the third succeeding sentence, upon 30 days’ notice, EPCO, as agent for, and acting on behalf of, the EPCO Group, may terminate this Article 2 (as it relates to
such MLP Group) as to those EPCO Services that relate to the unpaid portion of the invoice. Should there be a dispute as to the propriety of invoiced amounts, the applicable Billing Agent shall cause a member of its MLP Group to pay all undisputed
amounts on each invoice, but shall be entitled to withhold payment of any amount in dispute and shall promptly notify EPCO of such disputed amount. EPCO shall promptly provide such Billing Agent with records relating to the disputed amount so as to
enable EPCO and the applicable General Partner to resolve the dispute. So long as such parties are attempting in good faith to resolve the dispute, EPCO shall not be entitled to terminate the EPCO Services that relate to the disputed amount. 

  
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 2.6 Input Regarding EPCO Services. Any records, information or other input from an MLP
Group that is necessary for the EPCO Group to perform any EPCO Services for such MLP Group shall be submitted, upon EPCO’s written request therefor to the applicable General Partner, to EPCO, as agent for, and on behalf of, the EPCO Group, by
such MLP Group. If such MLP Group fails to supply such records, information or other input to EPCO and such failure renders the EPCO Group’s performance of any such EPCO Services unreasonably difficult, in EPCO’s reasonable judgment, EPCO,
as agent for, and acting on behalf of, the EPCO Group, upon reasonable notice to such General Partner, may refuse to perform such EPCO Services for such MLP Group until such records, information or other input is supplied. 

2.7 Limitation Regarding EPCO Services. The MLP Group Parties hereto acknowledge that the EPCO Group shall only be required to perform
and provide (i) those EPCO Services with respect to the business of each MLP Group as operated on the Effective Date, and (ii) such additional EPCO Services as may be mutually agreed orally or in writing by EPCO and the applicable General
Partner (or other members of such MLP Group), which agreement regarding additional or fewer EPCO Services shall reflect an appropriate adjustment to the applicable Administrative Services Fee. The EPCO Group shall not be required to perform any EPCO
Services hereunder for the benefit of any Person other than each MLP Group. 
 2.8 Representations Regarding Use of Services. The MLP
Group Parties hereto represent and agree that they will use (and cause any other MLP Group members controlled by them to use) the EPCO Services only in accordance with all applicable federal, state and local laws and regulations, and in accordance
with the reasonable conditions, rules, regulations, and specifications that may be set forth in any manuals, materials, documents, or instructions furnished from time to time by the EPCO Group to each MLP Group. EPCO, as agent for, and acting on
behalf of, the EPCO Group, reserves the right to take all actions, including, without limitation, termination of any portion of the EPCO Services for an MLP Group that it reasonably believes is required to be terminated in order to assure compliance
with applicable laws and regulations. 
 2.9 Disclaimer of Warranties; Limitation of Liability. (a) The EPCO
Services shall be provided in accordance with the Services Standard. EXCEPT AS SET FORTH IN THE PRECEDING SENTENCE, THE EPCO GROUP MAKES NO (AND HEREBY DISCLAIMS AND NEGATES ANY AND ALL) WARRANTIES, CONDITIONS OR REPRESENTATIONS WHATSOEVER, EXPRESS
OR IMPLIED, WITH RESPECT TO THE EPCO SERVICES, INCLUDING ANY AND ALL IMPLIED WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY OR FITNESS OR SUITABILITY FOR ANY PURPOSE (WHETHER THE EPCO GROUP KNOWS, HAS REASON TO KNOW, HAS BEEN ADVISED, OR IS
OTHERWISE IN FACT AWARE OF ANY SUCH PURPOSE) WHETHER ALLEGED TO ARISE BY LAW, BY REASON OF CUSTOM OR USAGE IN THE TRADE OR BY COURSE OF DEALING. HOWEVER, IN THE CASE OF OUTSOURCED SERVICES PROVIDED 

  
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SOLELY FOR AN MLP GROUP, IF THE THIRD-PARTY PROVIDER OF SUCH SERVICES MAKES AN EXPRESS WARRANTY TO SUCH MLP GROUP, THE APPLICABLE GENERAL PARTNER IS ENTITLED TO CAUSE THE EPCO GROUP TO RELY ON
AND TO ENFORCE SUCH WARRANTY. 
 (b) IN NO EVENT SHALL THE EPCO GROUP OR ANY OF THEIR RESPECTIVE AFFILIATES BE LIABLE TO ANY OF THE PERSONS
RECEIVING ANY EPCO SERVICES OR TO ANY OTHER PERSON FOR ANY EXEMPLARY, PUNITIVE, INDIRECT, INCIDENTAL, CONSEQUENTIAL, OR SPECIAL DAMAGES RESULTING FROM ANY ERROR IN THE PERFORMANCE OF SUCH SERVICE, REGARDLESS OF WHETHER THE PERSON PROVIDING SUCH
SERVICE, ITS AFFILIATES, OR OTHERS MAY BE WHOLLY, CONCURRENTLY, PARTIALLY, OR SOLELY NEGLIGENT OR OTHERWISE AT FAULT, EXCEPT TO THE EXTENT SUCH EXEMPLARY, PUNITIVE, INDIRECT, INCIDENTAL, CONSEQUENTIAL OR SPECIAL DAMAGES ARE PAID BY THE PARTY
INCURRING SUCH DAMAGES TO A THIRD PARTY. 
 2.10 Force Majeure. The EPCO Group shall have no obligation to perform the EPCO Services,
and shall not be liable for any expense, loss or damage whatsoever arising out of any interruption, delay or failure to perform any EPCO Services under this Agreement, if its failure to do so is caused by or results from any act of God, governmental
action (including any nation, state, territory, province or other political subdivision thereof), natural disaster, strike, riot, failure of essential equipment, act of a public enemy, act of terrorism, or any other cause or circumstance, whether
similar or dissimilar to the foregoing causes or circumstances, beyond the reasonable control of the EPCO Group. In any such event, the EPCO Group’s obligations hereunder shall be postponed for such time as its performance is suspended or
delayed on account thereof. EPCO, as agent for, and acting on behalf of the EPCO Group, will promptly notify the applicable MLP Group, either orally or in writing, upon learning of the occurrence of such event of force majeure. Upon the cessation of
the force majeure event, the EPCO Group will use its commercially reasonable efforts to resume its performance with the least practicable delay. 

2.11 Affiliates. At its election, the EPCO Group may cause one or more of their respective Affiliates or third party contractors
reasonably acceptable to the applicable General Partner to provide any such EPCO Service; provided, however, EPCO shall remain responsible for the provision of such EPCO Service in accordance with this Agreement. 

2.12 Dedication of EPCO Employees. The EPCO Group shall cause employees of a member of the EPCO Group (and may cause other third
parties pursuant to a services agreement, including an Employee Matters Agreement or Transition Services Agreement with Oiltanking North America, LLC) initially set forth on Schedule 2.12 (to the extent such positions currently exist) to
perform EPCO Services exclusively for the benefit of the corresponding Oiltanking Group member or its successor set forth on Schedule 2.12. In addition, EPCO shall designate and cause such additional personnel necessary to provide EPCO
Services exclusively for the benefit of such entities or any other Oiltanking Group member or its successor as OTLP GP shall reasonably request. 

  
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 2.13 Term and Termination. 

(a) In addition to the termination of particular EPCO Services as provided in Section 2.5, the EPCO Group may exclude any
particular services from the scope of EPCO Services at any time without penalty by giving notice of such termination to the other Parties, with the effective date being not less than 60 days following notice of any exclusion of particular services
or such other effective date as may be agreed upon by the Parties. 
 (b) EPCO and EPCO Holdings, on behalf of the EPCO Group, may terminate
this Agreement at any time without penalty by giving notice of such termination to the other Parties, with the effective date being not less than 180 days following notice of termination, or such other effective date as may be agreed upon by the
Parties. 
 (c) EPCO and EPCO Holdings, on behalf of the EPCO Group, may, upon either MLP Group’s material breach of this Agreement,
terminate this Agreement at any time with respect to such MLP Group if (i) such breach is not remedied within 45 days (or 30 days in the event of a material breach arising out of the failure to make payment hereunder) after the applicable
General Partner’s receipt of written notice thereof, or such longer period as is reasonably required to cure such breach, provided that such General Partner commences or causes such MLP Group to cure such breach, and (ii) such breach is
continuing at the time notice of termination is delivered to such General Partner. 
 (d) Each General Partner, on behalf of its MLP Group,
upon the EPCO Group’s material breach of this Agreement, may terminate this Agreement with respect to such MLP Group if (i) such breach is not remedied within 45 days (or 30 days in the event of a material breach arising out of the failure
to make payment hereunder) after EPCO’s receipt (on behalf of the EPCO Group) of written notice thereof from such General Partner, or such longer period as is reasonably required to cure such breach, provided that the EPCO Group commences to
cure such breach, and (ii) such breach is continuing at the time notice of termination is delivered by such General Partner to EPCO (acting on behalf of the EPCO Group). 

(e) If this Agreement is terminated in accordance with this Section 2.13 or otherwise at the end of the Term, all rights and
obligations under this Agreement shall cease except for (i) obligations that expressly survive termination of this Agreement, (ii) liabilities and obligations that have accrued prior to such termination, and (iii) the obligation to
pay any portion of amounts payable under Article 2 and under Section 5.3(b) (if applicable) that have accrued prior to such termination, even if such amounts have not become due and payable at that time. 

  
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 (f) The provisions of Article 2 (with respect to unpaid amounts hereunder),
Section 2.2, Article 3, Article 4, Section 5.3(b) (with respect to any unpaid amounts hereunder) and Article 6 shall survive the termination of this Agreement. 

ARTICLE 3: OWNERSHIP OF WORK PRODUCT; AUDIT RIGHTS: 

DISCLOSURE OF COMPENSATION 

3.1 Ownership of Work Product. 

(a) The work produced by the EPCO Group under the terms of this Agreement in connection with the performance of the EPCO Services for an MLP
Group, including, without limitation, all work papers, drafts, notes, reports, extracts and other written or electronic recordings, developed in connection with the performance of the EPCO Services for such MLP Group hereunder, but excluding,
without limitation, the books and records of the EPCO Group not relating to the performance of the EPCO Services (the “Work Product”), shall be the property of such MLP Group. The EPCO Group shall have no right or interest in such
Work Product, but the EPCO Group (i) shall be and is hereby granted an irrevocable, royalty-free, non-exclusive and non-transferable right and license to use and maintain originals or copies of such Work Product (A) to perform the EPCO
Services hereunder and (B) in connection with any other books and records required to be maintained by the EPCO Group under applicable tax, accounting, or other regulatory requirements, or for other permitted EPCO Group business purposes, and
(ii) may share MLP Group information and any Work Product with its Affiliates, agents and representatives as reasonably necessary to perform the EPCO Services, all in accordance with the limitations, duties and obligations imposed by this
Agreement, including this Section 3.1. 
 (b) Each of the Parties acknowledges and agrees that a breach by it of its obligations
under this Section 3.1 would cause irreparable harm to the other Parties and that monetary damages would not be adequate to compensate the harmed Parties. Accordingly, the breaching Parties agree that the harmed Parties shall be entitled
to immediate equitable relief, including a temporary or permanent injunction, to prevent any threatened, likely or ongoing violation by the breaching Parties, without the necessity of posting bond or other security. Each of the harmed Parties’
right to equitable relief shall be in addition to other rights and remedies available to the harmed Parties for monetary damages or otherwise to the extent permitted under this Agreement. 

3.2 Audit Rights. At any time during the Term and for one year thereafter, to the extent necessary to verify the performance by the
EPCO Group of its obligations under this Agreement, any General Partner, on behalf of its MLP Group, shall have the right, at such MLP Group’s expense, to audit, examine and make copies of the books and records of the EPCO Group relating to the
provision of the EPCO Services to such MLP Group and the determination of the related Administrative Services Fee (the “Audit Right”). Such General Partner may exercise the Audit Right through any agent or employee of such General
Partner or such auditors as such General Partner may determine in its sole discretion. Such General Partner shall (i) exercise the Audit Right only upon reasonable notice to EPCO during normal business hours and (ii) use its reasonable
efforts to conduct the Audit Right in such a manner as to minimize the inconvenience and disruption to EPCO. 

  
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 3.3 Disclosure of Compensation. EPCO, on behalf of the EPCO Group, shall disclose to each
General Partner the amount of compensation or other remuneration of any EPCO Group employees who are executive officers or directors of such General Partner or the applicable Partnership, to the extent required for the applicable MLP Group to comply
with the requirements of applicable law, including applicable Federal securities laws. 
 ARTICLE 4: INDEMNIFICATION 

4.1 Indemnification by EPCO. 

(a) From and after the date hereof and subject to the remaining provisions of this Section 4.1, EPCO, on behalf of the EPCO Group,
shall indemnify, defend and hold harmless each MLP Group from and against any loss, cost, claim, liability, prepayment or similar penalty, damage, expense, attorneys fees, judgment, award or settlement of any kind or nature whatsoever (other than
out-of-pocket costs and expenses incurred by such MLP Group in connection with the discharge by the EPCO Group of the EPCO Group’s obligations pursuant to Section 4.1(c)) (collectively, “Losses”) incurred by such
MLP Group in connection with the Excluded Liabilities; provided, however, in no event shall such indemnification obligation, or the term “Losses,” cover or include exemplary, punitive, special, consequential, indirect, or
incidental damages or lost profits suffered by such MLP Group in connection with the Excluded Liabilities, except to the extent such exemplary, punitive, special, consequential, indirect or incidental damages or lost profits are actually paid by any
member of such MLP Group to a third party. 
 (b) The EPCO Group, shall have the right to control all aspects of the defense of any claims
(and any counterclaims) related to the Excluded Liabilities, including, without limitation, the selection of counsel, determination of whether to appeal any decision of any court and the settling of any such matter or any issues relating thereto;
provided, however, that no such settlement shall be entered into without the consent of each General Partner, on behalf of its applicable MLP Group, unless (i) it includes a full release of the applicable members of such MLP Group
from such matter or issues, as the case may be, or (ii) following such settlement there is no realistic scenario under which such MLP Group could be held liable for such matter or issues. 

(c) The MLP Group Parties hereto agree, at their own cost and expense, to cooperate fully with the EPCO Group with respect to all aspects of
the defense of any claims related to the Excluded Liabilities, including, without limitation, the prompt furnishing to the EPCO Group of any correspondence or other notice relating thereto that any member of the applicable MLP Group may receive,
permitting the names of the applicable members of such MLP Group to be utilized in connection with such defense and the making available to the EPCO Group of any files, records or other information of such MLP Group that EPCO, on behalf of the EPCO
Group, considers 

  
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relevant to such defense; provided, however, that in connection therewith the EPCO Group agrees to use reasonable efforts to minimize the impact thereof on the operations of such
MLP Group. In no event shall the obligation of an MLP Group to cooperate with the EPCO Group as set forth in the immediately preceding sentence be construed as imposing upon such MLP Group an obligation to hire and pay for counsel in connection with
the defense of any claims related to the Excluded Liabilities. 
 4.2 Indemnification by MLP Group Parties. Each MLP Group Party,
jointly and severally, hereby agrees to indemnify, defend and hold harmless EPCO and its stockholders and Affiliates and their respective directors, managers, officers, employees and agents (an “EPCO Indemnified Party”) from and against
any loss, cost, claim, liability, prepayment or similar penalty, damage, expense, attorneys’ fees, judgment, award or settlement of any kind or nature whatsoever (collectively, “EPCO Losses”) incurred by one or more of the EPCO
Indemnified Parties, whether based on contract, tort, or pursuant to any statute, rule or regulation, and regardless of whether the EPCO Losses are foreseeable or unforeseeable, all to the extent that such EPCO Losses are in respect of or arise from
claims by a third party relating to (i) any acts or omissions of the EPCO Indemnified Parties in connection with furnishing, or failing to furnish, any of the EPCO Services, solely to the extent that (x) such acts or omissions were
performed for the benefit of any member of the MLP Group of which such MLP Group Party is a member, and (y) such EPCO Services were performed in accordance with the Services Standard; provided, that such MLP Group Parties shall not be
obligated to indemnify or hold harmless the EPCO Indemnified Parties from and against any EPCO Losses to the extent they result from the gross negligence or willful misconduct of any EPCO Indemnified Party; and provided, further, in no
event shall such indemnification obligation, or the term “EPCO Losses,” cover or include exemplary, punitive, special, consequential, indirect, or incidental damages or lost profits suffered by the EPCO Indemnified Parties in
connection with the EPCO Services, except to the extent such exemplary, punitive, special, consequential, indirect or incidental damages or lost profits are actually paid by the EPCO Indemnified Party to a third party. 

4.3 Negligence; Strict Liability. Except as expressly provided in Section 4.2, the defense and indemnity obligations in
Section 4.2 shall apply regardless of cause or negligent acts or omissions (including sole negligence, concurrent negligence or strict liability), breach of duty (statutory or otherwise), violation of law or other fault of any
indemnified Party, or any pre-existing defect; provided, however, that this provision shall not apply to the gross negligence or willful misconduct of any indemnified Party or in any way limit or alter any
qualifications set forth in such defense and indemnity obligations expressly relating to gross negligence, willful misconduct or breach of this agreement. The Parties agree that this statement complies with the requirement known as the “express
negligence rule” to expressly state in a conspicuous manner and to afford fair and adequate notice that this article has provisions requiring one Party to be responsible for the negligence, strict liability or other fault of another
Party. 

  
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 ARTICLE 5: OTHER AGREEMENTS 

5.1 Insurance Matters. EPCO, on behalf of the EPCO Group, hereby agrees to cause each MLP Group to be named as insureds or additional
insureds in the EPCO Group’s insurance program, as in effect from time to time, other than with respect to workers’ compensation coverage. Subject to Section 2.5, each member of each MLP Group shall be allocated, and pay for,
such insurance coverage in an amount equal to the EPCO Group’s cost of insuring the assets and operations of such entities. 
 5.2
EPCO’s Employees. 
 (a) The obligation of a Billing Agent to cause a member of its MLP Group to pay the Administrative Services
Fee shall, as such obligation relates to the EPCO Group’s expenses incurred to compensate its employees and retained third parties providing the EPCO Services to such MLP Group, reimburse the EPCO Group for the appropriate pro rata cost
of such employees’ compensation and benefits, including without limitation salaries, wages, bonuses, benefits, social security and other taxes, workers compensation insurance, retirement and insurance benefits, training, and all other direct
and indirect costs incurred by the EPCO Group with respect to providing such employee compensation and benefits and third party costs. Such Billing Agent shall not be obligated to cause such member of its MLP Group to pay any amount directly to
EPCO’s employees or any retained third party; provided, however, if the EPCO Group ever fails to pay any employee or any retained third party providing EPCO Services to such MLP Group within 30 days following the date such
employee’s or such retained third party’s payment is due: 
 (i) such Billing Agent or any Affiliate of such Billing Agent may,
but shall not be required to, (w) pay such employee or retained third party directly, (x) employ such employee or retained third party directly, (y) notify EPCO, acting as agent for, and on behalf of, the EPCO Group, and begin to pay
all employees or retained third parties providing EPCO Services directly, or (z) notify EPCO, acting as agent for, and on behalf of, the EPCO Group, that the portion of this Agreement relating to the EPCO Services is terminated and employ
directly any or all of such employees or retained third parties, or employ or retain such other individuals and entities as such Billing Agent and such Billing Agent’s Affiliates may choose in their sole discretion, and 

(ii) EPCO, on behalf of the EPCO Group, shall reimburse such Billing Agent for any amount that such Billing Agent or such Billing Agent’s
Affiliate paid to the EPCO Group, for the EPCO Group’s employees and retained third parties providing the EPCO Services, that the EPCO Group did not pay to, or on behalf of, such employees or retained third parties. 

(b) Notwithstanding anything in Section 5.2(a) to the contrary, any General Partner shall have the right, at any time upon at
least 90 days’ notice to EPCO, on behalf of the EPCO Group, to terminate the portion of this Agreement relating to the EPCO Services performed for such General Partner’s applicable MLP Group and to employ any or all of EPCO’s
employees and retained third parties providing the EPCO Services directly, or employ or retain such other individuals and entities as such General Partner or its Affiliates may choose in their sole discretion. 

  
 10 

 5.3 EPCO Group License and Participation in MLP Group Agreements. 

(a) Each of the MLP Group Parties hereby grants, and will cause its respective MLP Group Affiliates to grant, to EPCO and its Affiliates an
irrevocable, royalty-fee, non-exclusive and non-transferable right and license to use, during the term of this Agreement, any intellectual property provided by such MLP Group Party or its Affiliates to the extent used in the performance of the EPCO
Services or, if requested by EPCO, to an extent not used in the performance of the EPCO Services. EPCO agrees that EPCO and its Affiliates will reimburse the applicable MLP Group for its pro rata share of all costs and expenses (direct and indirect)
associated with such licenses to the extent used by EPCO or its Affiliates in the business of EPCO and its Affiliates. 
 (b) To the extent
reasonably requested by EPCO, on behalf of the EPCO Group, the applicable General Partner shall cause Shared Services or materials provided under MLP Group agreements or contracts to be provided to the EPCO Group, provided EPCO, on behalf of the
EPCO Group, agrees to reimburse the applicable MLP Group for its pro rata share of all costs and expenses (direct or indirect) associated with such services or materials under the MLP Group agreements. 

ARTICLE 6: MISCELLANEOUS 

6.1 Choice of Law; Submission to Jurisdiction. This Agreement shall be subject to and governed by the laws of the State of Texas. Each
Party hereby submits to the exclusive jurisdiction of the state and federal courts in the State of Texas and to exclusive venue in Houston, Harris County, Texas. 

6.2 Notices. All notices, requests or consents provided for or permitted to be given pursuant to this Agreement must be in writing and
must be given (a) by depositing same in the United States mail or by nationally recognized overnight courier, addressed to the Party to be notified, postpaid and registered or certified with return receipt requested, (b) by delivering such
notice in person or (c) by facsimile to such Party. Notice given by personal delivery, mail or overnight courier shall be effective upon actual receipt. Notice given by facsimile shall be effective upon actual receipt if received during the
recipient’s normal business hours, or at the beginning of the recipient’s next business day after receipt if not received during the recipient’s normal business hours. All notices to be sent to a Party pursuant to this Agreement shall
be sent to or made at the address set forth below such Party’s signature to this Agreement, or at such other address as such Party may stipulate to the other Parties in the manner provided in this Section 6.2; provided, that
any notices required to be delivered to any Party that is a member of an MLP Group shall be deemed delivered by delivery of such notice to the General Partner of such MLP Group. 

6.3 Entire Agreement; Supersedure. This Agreement constitutes the entire agreement of the Parties relating to the matters contained
herein, superseding all prior contracts or agreements among the parties, whether oral or written, relating to the matters contained herein. 

  
 11 

 6.4 Effect of Waiver of Consent. No Party’s express or implied waiver of, or consent
to, any breach or default by any Party in the performance by such Party of its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default in the performance by such Party of the same or any
other obligations of such Party hereunder. Failure on the part of a Party to complain of any act of any Party or to declare any Party in default, irrespective of how long such failure continues, shall not constitute a waiver by such Party of its
rights hereunder until the applicable statute of limitations period has run. 
 6.5 Amendment or Modification. This Agreement may be
amended or modified from time to time only by the agreement of all the Parties affected by any such amendment; provided, however, no Partnership may, without the prior approval of its Audit and Conflicts Committee, agree to any
amendment or modification of this Agreement that, in the reasonable discretion of its General Partner will materially and adversely affect the limited partners of such Partnership. 

6.6 Assignment. This Agreement may not be assigned by any Party without the consent of all of the other Parties; provided, EPCO
may delegate its obligations hereunder in accordance with Section 2.11 above. 
 6.7 Counterparts. This Agreement may be
executed in any number of counterparts with the same effect as if all Parties had signed the same document. All counterparts shall be construed together and shall constitute one and the same instrument. 

6.8 Severability. If any provision of this Agreement or the application thereof to any Party or circumstance shall be held invalid or
unenforceable to any extent, the remainder of this Agreement and the application of such provision to other Parties or circumstances shall not be affected thereby and shall be enforced to the greatest extent permitted by law. 

6.9 Further Assurances. In connection with this Agreement and all transactions contemplated by this Agreement, each Party hereto agrees
to execute and deliver such additional documents and instruments and to perform such additional acts as may be necessary or appropriate to effectuate, carry out and perform all of the terms, provisions and conditions of this Agreement and all such
transactions. 
 6.10 Withholding or Granting of Consent. Unless the consent or approval of a Party is expressly required not to be
unreasonably withheld (or words to similar effect), each Party may, with respect to any consent or approval that it is entitled to grant pursuant to this Agreement, grant or withhold such consent or approval in its sole and uncontrolled discretion,
with or without cause, and subject to such conditions as it shall deem appropriate. 
 6.11 U.S. Currency. All sums and amounts
payable or to be payable pursuant to the provisions of this Agreement shall be payable in coin or currency of the United States of America that, at the time of payment, is legal tender for the payment of public and private debts in the United States
of America. 

  
 12 

 6.12 Laws and Regulations. Notwithstanding any provision of this Agreement to the
contrary, no Party hereto shall be required to take any act, or fail to take any act, under this Agreement if the effect thereof would be to cause such Party to be in violation of any applicable law, statute, rule or regulation. 

6.13 Negation of Rights of Third Parties. The provisions of this Agreement are enforceable solely by the Parties, and no limited
partner of a Partnership or other Person shall have the right to enforce any provision of this Agreement, or to bring any claim, cause of action or seek any remedy or any right of any kind, or to compel any Party to comply with the terms of this
Agreement. 
 6.14 No Recourse Against Officers, Directors, Managers or Employees. For the avoidance of doubt, the
provisions of this Agreement shall not give rise to any right of recourse against any officer, director, manager or employee of EPCO, either General Partner or their respective Affiliates. 

6.15 Relationship of the Parties. Nothing in this Agreement shall be construed to create a partnership or joint venture
or give rise to a fiduciary or similar relationship of any kind. 
 6.16 Prior Releases. The parties to this Agreement
hereby acknowledge and agree that the releases applicable under Article VII of the Sixth Amendment shall remain in full force and effect with respect to the parties to the Sixth Amendment, but such other parties are not parties to, or entitled to
any rights or obligations under, this Agreement. 
 [SIGNATURE PAGES FOLLOW] 

  
 13 

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

			
	ENTERPRISE PRODUCTS COMPANY
		
	By:	 	 /s/ Richard H. Bachmann

	Name:	 	Richard H. Bachmann
	Title:	 	President and Chief Executive Officer
	
	 Address for Notice:

1100 Louisiana, 10th Floor
 Houston, Texas 77002

Facsimile No.: (713) 381-8200

	
	EPCO HOLDINGS, INC.
		
	By:	 	 /s/ Richard H. Bachmann

	Name:	 	Richard H. Bachmann
	Title:	 	President and Chief Executive Officer
	
	 Address for Notice:

1100 Louisiana, 10th Floor
 Houston, Texas 77002

Facsimile No.: (713) 381-6500

 Signature Page to Seventh Amended and Restated 

Administrative Services Agreement 

 
			
	ENTERPRISE PRODUCTS PARTNERS L.P.
	
	 ENTERPRISE PRODUCTS HOLDINGS LLC,

Individually and as Sole General Partner of
 Enterprise Products
Partners L.P.

	
	ENTERPRISE PRODUCTS OPERATING LLC
	
	 ENTERPRISE PRODUCTS OLPGP, INC.,

Individually and as Sole Manager of
 Enterprise Products Operating
LLC

		
	By:	 	 /s/ Michael A. Creel

		 	Michael A. Creel
		 	Chief Executive Officer
	
	 Address for Notice:

1100 Louisiana, 10th Floor
 Houston, Texas 77002

Facsimile No.: (713) 381-8200

 Signature Page to Seventh Amended and Restated 

Administrative Services Agreement 

 
			
	OILTANKING PARTNERS, L.P.
	
	OTLP GP, LLC
	Individually and as Sole General Partner of
	Oiltanking Partners, L.P.
		
	By:	 	 /s/ Laurie H. Argo

		 	Laurie H. Argo
		 	President and Chief Executive Officer
	
	 Address for Notice:

333 Clay Street, Suite 2400
 Houston, Texas 77002

Facsimile No.: (713) 381-8200

 Signature Page to Seventh Amended and Restated 

Administrative Services Agreement 

 Exhibit A 

DEFINED TERMS 

“Administrative Services Fee” shall have the meaning set forth in Section 2.2. 

“Affiliate” shall mean, with respect to any Person, any other Person that directly or indirectly through one or more
intermediaries controls, is controlled by or is under common control with, the Person in question. As used herein, the term “control” means the possession, direct or indirect, of the power to direct or cause the direction of the
management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. Without limiting the foregoing, with respect to EPCO, Dan Duncan LLC (or any successor entity) shall be deemed an “Affiliate” of
EPCO at any time either (i) a majority of the managers of Dan Duncan LLC are the same individual persons as the directors of EPCO or (ii) a majority of any voting trustees under any voting trust that controls a majority of the equity
interests entitled to vote in the election of directors and managers of EPCO and Dan Duncan LLC are the same persons. 

“Agreement” shall mean this Seventh Amended and Restated Administrative Services Agreement, as it may be amended, modified,
or supplemented from time to time. 
 “Audit and Conflicts Committee” means, with respect to each General Partner, a
committee of the Board of such General Partner, composed entirely of three or more directors who meet the independence, qualification and experience requirements established by the Securities Exchange Act and the rules and regulations of the
Commission thereunder and by The New York Stock Exchange, and, to the extent required under the Partnership Agreement of the applicable Partnership, at least two of whom also meet the S&P Criteria. 

“Audit Right” shall have the meaning set forth in Section 3.2. 

“Billing Agent” shall have the meaning set forth in Section 2.4. 

“Board” means, with respect to each General Partner, the Board of Directors (or equivalent thereof) of such General Partner.

 “Commission” shall mean the United States Securities and Exchange Commission. 

“Effective Date” shall have the meaning set forth in the Preamble. 

“EPCO” shall have the meaning set forth in the Preamble. 

“EPCO Group” shall mean EPCO, EPCO Holdings and their respective wholly-owned subsidiaries. 

“EPCO Holdings” shall have the meaning set forth in the Preamble. 

  
 A-1 

 “EPCO Indemnified Party” shall have the meaning set forth in
Section 4.2. 
 “EPCO Losses” shall have the meaning set forth in Section 4.2. 

“EPCO Services” shall have the meaning set forth in Section 2.1(a). 

“EPD” shall have the meaning set forth in the Preamble. 

“EPD Group” shall mean, individually and collectively, EPD GP, EPD, EPOLLC and any Affiliate controlled (and only so long as
such Affiliates are controlled) by EPD GP, EPD or EPOLLC (as the term “control” is used in the definition of “Affiliate”), excluding the Oiltanking Group. 

“EPD Group Parties” shall mean, individually and collectively, EPD GP, EPD and EPOLLC, and any other Person who is a member
of the EPD Group and is or becomes a Party to this Agreement after the Effective Date. 
 “EPD GP” shall have the meaning
set forth in the Preamble. 
 “EPD OLPGP” shall have the meaning set forth in the Preamble. 

“EPOLLC” shall have the meaning set forth in the Preamble. 

“Excluded Liabilities” shall mean the following liabilities and obligations: 

(a) all indebtedness of EPCO and its Affiliates other than each MLP Group for borrowed money; and 

(b) any income tax liability of EPCO that may result from the consummation of the transactions contemplated by this Agreement, as may be
amended, or any predecessor agreement to this Agreement. 
 “General Partner” shall mean (i) in the case of the EPD
Group, EPD GP, and (ii) in the case of the Oiltanking Group, OTLP GP. 
 “Independent Director” shall mean an
individual who meets the independence, qualification and experience requirements of The New York Stock Exchange. 

“Losses” shall have the meaning set forth in Section 4.1. 

“MLP Group” shall mean either of the EPD Group or the Oiltanking Group, as the case may be. 

“MLP Group Parties” shall mean each of the EPD Group Parties and the Oiltanking Group Parties. 

“Oiltanking” shall have the meaning set forth in the Preamble. 

  
 A-2 

 “Oiltanking Group” shall mean, individually and collectively, OTLP GP,
Oiltanking and any Affiliate controlled (and only so long as such Affiliates are controlled) by OTLP GP and Oiltanking (as the term “control” is used in the definition of “Affiliate”). 

“Oiltanking Group Parties” shall mean, individually and collectively, OTLP GP, Oiltanking and any other Person who is a
member of the Oiltanking Group and is or becomes a Party to this Agreement after the Effective Date. 
 “OTLP GP” shall
have the meaning set forth in the Preamble. 
 “OTNA” shall have the meaning set forth in the Recitals. 

“Partnership” shall mean (i) in the case of the EPD Group, EPD, and (ii) in the case of the Oiltanking Group,
Oiltanking. 
 “Partnership Agreement” shall mean (i) in the case of EPD, the Sixth Amended and Restated Agreement of
Limited Partnership of EPD, dated as of November 22, 2010, as such agreement may be amended or restated as of the date of this Agreement or hereafter from time to time, and (ii) in the case of Oiltanking, the First Amended and Restated
Agreement of Limited Partnership of Oiltanking, dated as of July 19, 2011, as such agreement may be amended or restated as of the date of this Agreement or hereafter from time to time. 

“Party” shall mean any one of the Persons that executes this Agreement. 

“Person” means an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated
organization, association, government agency or political subdivision thereof or other entity. 
 “Prudent Industry
Practices” shall mean, at a particular time, any of the practices, methods and acts which, in the exercise of reasonable judgment, will result in the proper operation and maintenance of the assets owned by a Party or its Affiliates and
shall include, without limitation, the practices, methods and acts engaged in or approved by a significant portion of the industry at such time with respect to the assets of the same or similar types as the assets owned by such Party or its
Affiliates. Prudent Industry Practices are not intended to be limited to optimum practices, methods or acts, to the exclusion of all others, but rather represent a spectrum of possible practices, methods and acts which could have been expected to
accomplish the desired result at a commercially reasonable cost in a reliable, safe and timely fashion, in compliance with the applicable limited partnership agreement and limited liability company agreement and in compliance with all applicable
laws. Prudent Industry Practices are intended to entail the same standards as the Parties would, in the prudent management of their own properties, use from time to time. 

“S&P Criteria” shall mean a duly appointed member of the Audit and Conflicts Committee of a particular Partnership who
had not been, at the time of such appointment or at any time in the preceding five years, (a) a direct or indirect legal or beneficial owner 

  
 A-3 

 
of interests in such Partnership or any of its Affiliates (excluding de minimis ownership interests having a value of less than $1 million), (b) a creditor, supplier, employee, officer,
director, family member, manager or contractor of such Partnership or any of its Affiliates, or (c) a person who controls (whether directly, indirectly or otherwise) such Partnership or any of its Affiliates or any creditor, supplier, employee,
officer, director, manager or contractor of such Partnership or any of its Affiliates. 
 “Securities Act” shall mean the
Securities Act of 1933, as amended, supplemented or restated from time to time, and any successor to such statute. 
 “Securities
Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, supplemented or restated from time to time, and any successor to such statute. 

“Services Standard” shall mean, with respect to the performance of the EPCO Services, the good faith undertaking, on a
commercially reasonable basis, to perform the EPCO Services for an MLP Group, at least the same quality and manner as EPCO Services were provided by (i) EPCO or its Affiliates to the EPD Group and (ii) OTNA or its Affiliates to the
Oiltanking Group, as applicable, during the calendar year 2013 and in all material respects in compliance with applicable laws and Prudent Industry Practices. 

“Shared Services” shall mean the performance of services for any one or more than one of the entities comprising the EPCO
Group and any one or more than one of the entities comprising each MLP Group. 
 “Sixth Amendment” shall have the meaning
set forth in the Recitals. 
 “Term” means the term of this Agreement, which is the period beginning on the Effective Date
and ending on the earlier of such time as (i) EPCO or its Affiliates cease to control, directly or indirectly, at least 50% of the voting interests of either General Partner or such General Partner is no longer the General Partner of the
applicable Partnership, and (ii) this Agreement is otherwise terminated in accordance with Section 2.13. 
 “Work
Product” shall have the meaning set forth in Section 3.1. 

  
 A-4 

 Schedule 2.12 

OTLP GP, as general partner of Oiltanking Partners, L.P. 
 OTH
GP, LLC, as general partner of Oiltanking Houston, L.P. 
 OTB GP, LLC, as general partner of Oiltanking Beaumont Partners, L.P. 

Salaried employees performing services for the foregoing entities with the following officer or other functions related to any business conducted by
Oiltanking and its subsidiaries pursuant to any contracts with the EPD Group: 
 Senior Vice President, Commercial and Business Development

 Vice President, Engineering 

Controller 
 Commercial Managers

 Commercial Operator 

Supervisors 
 Schedulers 

Senior Customer Service Assistant and Customer Service Assistants 

Revenue Accountant 
 Revenue LeadExhibit 4.2

 

SPECIAL VOTING AGREEMENT

 

between

 

Cnova N.V.

 

Stichting Cnova Special Voting Shares

 

Casino, Guichard-Perrachon S.A.

 

Companhia Brasileira de Distribuição S.A.

 

Via Varejo S.A.

 

 Almacenes Éxito S.A.

 

and

 

the Brazilian Managers

 

 in the presence and acknowledgement of

 

 Marneylectro B.V.

 

Marneylectro S.à r.l.

 

 Nova Pontocom Comércio Eletrônico S.A.

 

 

Dated [  ] 2014

 

 

Table of Contents

 

	
1
    	
Definitions and interpretation
    	
6
    
	
 
    	
 
    	
 
    
	
2
    	
Role, Responsibility and Duties   of the Voting Depository
    	
12
    
	
 
    	
 
    	
 
    
	
3
    	
Founders High Voting Plan -   Participation; Acceptance of Terms
    	
13
    
	
 
    	
 
    	
 
    
	
4
    	
Founders High Voting Plan -   Adherence Permitted Transferees
    	
14
    
	
 
    	
 
    	
 
    
	
5
    	
Founders High Voting Plan -   Registration in Founders Share Register
    	
14
    
	
 
    	
 
    	
 
    
	
6
    	
Issue of Special Voting Shares
    	
15
    
	
 
    	
 
    	
 
    
	
7
    	
Subscription Price
    	
16
    
	
 
    	
 
    	
 
    
	
8
    	
Issue of DRs
    	
16
    
	
 
    	
 
    	
 
    
	
9
    	
Call Option
    	
16
    
	
 
    	
 
    	
 
    
	
10
    	
Exercise of the Call Option
    	
17
    
	
 
    	
 
    	
 
    
	
11
    	
Exercise Price
    	
18
    
	
 
    	
 
    	
 
    
	
12
    	
Issue and Transfer of Special   Votings Shares
    	
19
    
	
 
    	
 
    	
 
    
	
13
    	
Return of Special Voting Shares   and Power of Attorney
    	
19
    
	
 
    	
 
    	
 
    
	
14
    	
Undertaking to increase   authorized share capital
    	
20
    
	
 
    	
 
    	
 
    
	
15
    	
De-Registration
    	
20
    
	
 
    	
 
    	
 
    
	
16
    	
No Transfer or Encumbrance
    	
21
    
	
 
    	
 
    	
 
    
	
17
    	
Exercise of Voting Rights
    	
22
    
	
 
    	
 
    	
 
    
	
18
    	
Waiver of Dividend Rights;   Operating Expenses Voting Depository
    	
22
    
	
 
    	
 
    	
 
    
	
19
    	
Access to Information
    	
23
    
	
 
    	
 
    	
 
    
	
20
    	
Notices
    	
23
    
	
 
    	
 
    	
 
    
	
21
    	
Further Action; Adjustment of   Share Capital
    	
25
    
	
 
    	
 
    	
 
    
	
22
    	
Anti-Abuse Rule
    	
25
    
	
 
    	
 
    	
 
    
	
23
    	
No Implied Waiver; No Forfeit   of Rights
    	
25
    
	
 
    	
 
    	
 
    
	
24
    	
No Third Party Stipulation
    	
26
    
	
 
    	
 
    	
 
    
	
25
    	
Amendment
    	
26
    
	
 
    	
 
    	
 
    
	
26
    	
Invalidity
    	
26
    
	
 
    	
 
    	
 
    
	
27
    	
No Rescission
    	
26
    
	
 
    	
 
    	
 
    
	
28
    	
No Transfer, Assignment or   Encumbrance
    	
26
    
	
 
    	
 
    	
 
    
	
29
    	
Term and Termination
    	
27
    
	
 
    	
 
    	
 
    
	
30
    	
Governing Law and Jurisdiction
    	
28
    
	
 
    	
 
    	
 
    
	
Annex A - Initial Subscription Deed of Issue
    	
33
    

 

2

 

	
Annex B - Call Option Deed of   Issue
    	
38
    
	
 
    	
 
    
	
Annex C - Call Option Deed of   Transfer
    	
43
    
	
 
    	
 
    
	
Annex D - Exercise Notice
    	
47
    
	
 
    	
 
    
	
Annex E - Initial DR Deed of   Issue
    	
49
    
	
 
    	
 
    
	
Annex F - DR Deed of Issue
    	
56
    
	
 
    	
 
    
	
Annex G - Voting Depository   Articles of Association
    	
60
    
	
 
    	
 
    
	
Annex H- Terms and Conditions
    	
61
    
	
 
    	
 
    
	
Annex I - Power of Attorney
    	
22
    
	
 
    	
 
    
	
Annex J - Acceptance of Terms   and Conditions and Adherence to Agreement
    	
63
    
	
 
    	
 
    
	
Annex K - De-Registration Form
    	
65
    

 

3

 

SPECIAL VOTING AGREEMENT

 

THIS AGREEMENT IS MADE ON [  ] 2014 BETWEEN

 

1.                                     Cnova N.V., a public company with limited liability under Dutch law, having its corporate seat in Amsterdam (address: Professor Dr Dorgelolaan 30D, 5613 AM Eindhoven (the Netherlands), trade register number: 60776676) (the “Company”);

 

2.                                     Stichting Cnova Special Voting Shares, a foundation under Dutch law, having its corporate seat in Amsterdam (address: 1118 BH Schiphol, Schiphol Boulevard 231 (the Netherlands), trade register number: 61668249) (the “Voting Depository”);

 

3.                                     Casino, Guichard-Perrachon S.A., a company under French law, having its seat at 1 Esplanade de France, 42000 Saint-Etienne (France), registered in the Registry of Commerce and Companies under 554 501 171 R.C.S. Saint-Etienne (“CGP”);

 

4.                                     Companhia Brasileira de Distribuição S.A., a company under the laws of Brazil, having its headquarters at Avenida Brigadeiro Luiz Antonio, 3142, in the City and State of São Paulo (Brazil), registered with the CNPJ/MF under number 47.508.411/0001-56 (“CBD”);

 

5.                                     Via Varejo S.A., a company under the laws of Brazil, having its headquarters at Rua João Pessoa, 83, in the City of São Caetano do Sul, State of São Paulo (Brazil), registered with the CNPJ/MF under number 33.041.260/0652-90 (“VV”);

 

6.                                     Almacenes Éxito S.A., a company under the laws of Colombia, having its headquarters at Envigado, Department of Antioquia (Colombia), registered with the companies registry under number 1998951 (“Exito”);

 

7.                                     Germán Pasquale Quiroga Vilardo, a Brazilian national, born in Bolivia on 25 October 1967 (“Quiroga”);

 

8.                                     Eduardo Khair Chalita, a Brazilian national, born in Rio de Janeiro, Brazil on 18 May 1960 (“Chalita” and together with Quiroga, the “Brazilian Managers”);

 

9.                                     Marneylectro B.V., a private company with limited liability under Dutch law, having its corporate seat in Amsterdam (address: Schiphol Boulevard 231, 1118 BH Schiphol (the Netherlands), trade register number: 60838892) (“Dutch HoldCo”);

 

4

 

10.                              Marneylectro S.à r.l., a company organized under the laws of Luxembourg, having its registered office at 15 rue Edward Steichen, L-2540 Luxembourg (Luxembourg), registered with the trade register under the number B 186082 (“Lux HoldCo”); and

 

11.                              Nova Pontocom Comércio Eletrônico S.A., a company under the laws of Brazil, having its headquarters in the City and State of São Paulo, at Rua Gomes de Carvalho, 1609/1617 (3o - 7o andares), registered with the CNPJ/MF under number 09.358.108/0001-25 (“Nova”).

 

The Company, the Voting Depository, CGP, CBD, VV, Exito, the Brazilian Managers, Dutch HoldCo, Lux HoldCo and Nova hereinafter jointly referred to as the “Parties” and each of them as a “Party”

 

BACKGROUND

 

A.                                   In connection with the corporate reorganization of the e-commerce activities carried out by CGP and its subsidiaries into a new group, followed by a listing of the Company, the Parties have entered into a series of transactions resulting in all respective shares held by the relevant Founding Shareholders in the capital of Cdiscount Group S.A.S., Cdiscount Colombia S.A.S. and Cnova Comércio Eletrônico S.A., being transferred to the Company.

 

B.                                   The Company aims to implement a high voting plan, allowing the Founding Shareholders to obtain additional voting rights in the Company’s general meeting of shareholders (the “Founders High Voting Plan”).

 

C.                                   The Founding Shareholders wish to participate in the Founders High Voting Plan and obtain additional voting rights in the Company’s general meeting of shareholders.

 

D.                                   The Voting Depository is envisaged to have an administrative role in the functioning and maintenance of the Founders High Voting Plan, as further set out in the Voting Depository’s articles of association (the “Voting Depository Articles”) and the terms and conditions established by the board of directors of the Voting Depository (the “Terms”).

 

E.                                   The Company, the Voting Depository and the Founding Shareholders wish to lay down certain of their rights and obligations in relation to the Founders High Voting Plan in this agreement, the terms of which the Initial Permitted Intermediate Holding Companies wish to acknowledge.

 

5

 

THE PARTIES THEREFORE AGREE AS FOLLOWS

 

1                                        DEFINITIONS AND INTERPRETATION

 

1.1                              In this Agreement the following definitions shall apply:

 

	
90% Controlled
    	
With respect to an   entity:

 

a.            the direct or indirect (whether or not through   one or more Permitted Intermediate Holding Companies) ownership by a Founding   Shareholder, individually or jointly with one or more other Founding   Shareholders, of at least ninety percent (90%) of the shares, memberships,   units or participations issued by that entity; and

 

b.            the right of that/those Founding   Shareholder(s) to exercise, individually or jointly, directly or indirectly   (whether or not through one or more Permitted Intermediate Holding   Companies), at least ninety percent (90%) of the voting rights in the general   meeting of that entity.
    
	
 
    	
 
    
	
95% Ordinary Shareholder
    	
A shareholder who,   alone or together with its group companies within the meaning of Section   2:24b of the Dutch Civil Code, holds at least ninety-five percent (95%) of   the issued and outstanding ordinary shares in the capital of the Company.
    
	
 
    	
 
    
	
Agreement
    	
This agreement.
    
	
 
    	
 
    
	
Annex
    	
An annex to this Agreement
    
	
 
    	
 
    
	
Board   of Directors
    	
The Company’s board of directors.
    
	
 
    	
 
    
	
Call   Option
    	
The Voting Depository’s right to subscribe for Special Voting Shares as   described in Clause 9.
    

 

6

 

	
Call   Option Deed of Issue
    	
A deed of issue of Special Voting Shares to the Voting Depository,   substantially in accordance with the template attached to this Agreement as Annex   B.
    
	
 
    	
 
    
	
Call   Option Deed of Transfer
    	
A deed of transfer of Special Voting Shares to the Voting Depository,   substantially in accordance with the template attached to this Agreement as Annex   C.
    
	
 
    	
 
    
	
Clause
    	
A clause of this Agreement.
    
	
 
    	
 
    
	
Company
    	
Cnova N.V.
    
	
 
    	
 
    
	
Company   Articles 
    	
The Company’s articles of association, as they may read from time to   time.
    
	
 
    	
 
    
	
Deed   of Adherence
    	
A deed of adherence from a Permitted Transferee, substantially in   accordance with the template attached to this Agreement as Annex J.
    
	
 
    	
 
    
	
DR
    	
A depository receipt   issued by the Voting Depository for a Special Voting Share held by the Voting   Depository.
    
	
 
    	
 
    
	
DR   Deed of Issue
    	
A deed of issue of DRs, substantially in accordance with the draft   attached to this Agreement as Annex F.
    
	
 
    	
 
    
	
DR   Holder
    	
The holder of one or   more DRs.
    
	
 
    	
 
    
	
Exercise   Notice
    	
A notice to exercise the Call Option on a specific occasion,   substantially in accordance with the template attached to this Agreement as Annex   D.
    
	
 
    	
 
    
	
Exercise   Price
    	
The aggregate nominal   value to be paid on the relevant Special Voting Shares to be issued to the   Voting Depository pursuant to an exercise of the Call Option on the relevant   occasion.
    
	
 
    	
 
    
	
Founders   High Voting Plan
    	
Has the meaning set   out in recital B.
    
	
 
    	
 
    
	
Founders   Share Register
    	
The part of the   Company’s shareholders register in which the Company registers the relevant   particulars of Qualifying Shareholders.
    

 

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Founding Shareholder
    	
a.             CGP;

 

b.             CBD;

 

c.             VV;

 

d.             Exito;

 

e.             either of the Brazilian   Managers; or

 

f.              either of the Other Brazilian Managers, but   only if and for as long as such Other Brazilian Manager indirectly holds his   Ordinary Shares through the same   Permitted Intermediate Holding Companies through which the Brazilian Managers   indirectly hold their respective Ordinary Shares;

 

or any of the legal   successors of the entities listed above under a. through e. acquiring their   respective Qualifying Shares and the DRs stapled thereto (or, as the case may   be, their respective shares, memberships, units or participations in the   relevant Permitted Intermediate Holding Company) under universal succession   of title pursuant to a legal merger, demerger or equivalent act in accordance   with applicable law.
    
	
 
    	
 
    
	
General   Meeting
    	
The Company’s general   meeting of shareholders.
    
	
 
    	
 
    
	
Initial   DR Deed of Issue
    	
The deed of issue of the Initial Issue DRs, substantially in accordance   with the draft attached to this Agreement as Annex E.
    
	
 
    	
 
    
	
Initial   Issue DRs
    	
Has the meaning set out in Clause 8.
    
	
 
    	
 
    
	
Initial   Issue Shares
    	
Has the meaning set out in Clause 6.
    
	
 
    	
 
    
	
Initial Permitted Intermediate Holding Company
    	
a.             Nova;

 

b.             Lux HoldCo; or

 

c.             Dutch HoldCo.
    
	
 
    	
 
    
	
Initial   Subscription Deed of Issue
    	
The deed of issue of the Initial Issue Shares, substantially in   accordance with the draft attached to this Agreement as Annex A.
    

 

8

 

 

	
IPO
    	
Means the initial public offering of the ordinary   shares of the Company on the NASDAQ Stock Market pursuant to the prospectus   included in the registration statement on Form F-1 initially filed with   the U.S. Securities and Exchange Commission on June 4, 2014, as amended   from time to time, or any other initial public offering of the ordinary   shares of the Company on any stock exchange. 
    
	
 
    	
 
    
	
Maximum   Number
    	
The maximum number of   Special Voting Shares that can be issued by the Company under the authorized   share capital set forth in the Company Articles.
    
	
 
    	
 
    
	
Ordinary   Share
    	
An ordinary share in the Company’s capital.
    
	
 
    	
 
    
	
Other   Brazilian Manager
    	
Any shareholder of Nova on the date of this Agreement, other than CGP, CBD, VV, Exito and the   Brazilian Managers.
    
	
 
    	
 
    
	
Party
    	
A party to this Agreement.
    
	
 
    	
 
    
	
Permitted Intermediate Holding Company
    	
Any Initial Permitted   Intermediate Holding Company or any of their respective legal successors   acquiring their respective Qualifying Shares and the DRs stapled thereto (or,   as the case may be, their respective shares, memberships, units or   participations in another Permitted Intermediate Holding Company) under   universal succession of title pursuant to a legal merger, demerger or   equivalent act in accordance with applicable law, and provided that such   Initial Permitted Intermediate Holding Companies or, as the case may be,   legal successors are, and only for as long as they continue to be, at least   90% Controlled.
    
	
 
    	
 
    
	
Permitted   Transferee
    	
A Founding   Shareholder, a Permitted Intermediate Holding Company or, in respect of a   Founding Shareholder, an entity which is, and only for as long as it   continues to be, at least 90% Controlled.
    

 

9

 

	
Recorded   Information
    	
All information and documents, including the Company Articles, recorded   or filed with the Dutch trade register concerning the Company’s authorised or   issued share capital or the nominal value of the Shares.
    
	
 
    	
 
    
	
Qualifying   Share
    	
An Ordinary Share   that is held, and only for as long as it continues to be held, by a Founding   Shareholder or other Permitted Transferee and is (and continues to be)   registered in the Founders Share Register, and furthermore provided that a   Founding Shareholder or another Permitted Transferee is (and continues to be)   exclusively entitled to exercise the voting rights attached to such Ordinary   Share.
    
	
 
    	
 
    
	
Qualifying   Shareholder
    	
The holder of one or   more Qualifying Shares.
    
	
 
    	
 
    
	
Simple Majority
    	
More than half of the   votes cast.
    
	
 
    	
 
    
	
Share
    	
Any share, of whichever class, in the Company’s capital.
    
	
 
    	
 
    
	
Special Voting Share
    	
A special voting   share in the Company’s capital.
    
	
 
    	
 
    
	
Subscription Price
    	
The aggregate nominal   value of the Initial Issue Shares.
    
	
 
    	
 
    
	
Supermajority
    	
More than sixty-six   and two-thirds of a percent (66 2/3 %) of the   votes cast.
    
	
 
    	
 
    
	
Terms
    	
The terms and   conditions (administratievoorwaarden)   established by the board of directors of the Voting Depository in connection   with the Founders High Voting Plan, a copy of which is appended hereto as Annex   H.
    
	
 
    	
 
    
	
Trading Day
    	
A day on which the   Ordinary Shares (or depository receipts or similar rights derived from   Ordinary Shares) can be traded on all stock exchanges where they are listed,   including in the United States of America and including in any event a day   (other than a Saturday or Sunday) on which banks are generally open in the   United States of America for the conduct of normal business.
    

 

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Voting   Depository
    	
Stichting Cnova   Special Voting Shares.
    
	
 
    	
 
    
	
Voting   Depository Articles
    	
The Voting Depository’s articles of association, as amended from time   to time, a current copy of which is appended hereto as Annex G.
    
	
 
    	
 
    
	
Voting Instruction
    	
An instruction to the   Voting Depository by a DR Holder on how the Voting Depository should exercise   (or refrain from exercising) the Voting Rights attached to the Special Voting   Share(s) to which the DR(s) of such DR Holder is/are stapled.
    
	
 
    	
 
    
	
Voting Proxy
    	
An ad hoc written   power of attorney granted by the Voting Depository, with the right of   substitution, to a DR Holder, pursuant to which that DR Holder (or his proxy)   can exercise at a particular General Meeting, on the Voting Depository’s   behalf, the Voting Rights attached to the Special Voting Share(s) to   which the DR(s) of such DR Holder is/are stapled.
    
	
 
    	
 
    
	
Voting   Rights
    	
The voting rights   attached to Special Voting Shares held by the Voting Depository.
    

 

1.2                              The concept of a DR being “stapled” to a Special Voting Share should be interpreted as that DR having been issued by the Voting Depository for that Special Voting Share.

 

1.3                             The concept of a Special Voting Share being “stapled” to a Qualifying Share should be interpreted as such Special Voting Share being held by the Voting Depository in order to be able to issue the DR stapled thereto to the holder of such Qualifying Share.

 

1.4                              References to a DR being “stapled” to a Qualifying Share are to the DR stapled to the Special Voting Share that, in turn, is stapled to such Qualifying Share.

 

1.5                              References to statutory provisions are to those provisions as they are in force from time to time.

 

1.6                              Terms that are defined in the singular have a corresponding meaning in the plural and vice versa.

 

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1.7                              Words denoting a gender include each other gender.

 

1.8                              The terms “written” and “in writing” include the use of electronic means of communication.

 

1.9                              Although this Agreement has been drafted in the English language, this Agreement pertains to Dutch legal concepts. Any consequence of the use of English words and expressions in this Agreement under any law other than Dutch law shall be disregarded.

 

1.10                       The words “include”, “included” and “including” are used to indicate that the matters listed are not a complete enumeration of all matters covered.

 

1.11                       The titles and headings in this Agreement are for construction purposes as well as for reference. No Party may derive any rights from such titles and headings.

 

2                                        ROLE, RESPONSIBILITY AND DUTIES OF THE VOTING DEPOSITORY

 

2.1                              The Voting Depository’s role and responsibility is to acquire, hold and dispose of Special Voting Shares, to issue DRs for the Special Voting Shares it holds and to exercise the rights attached to the Special Voting Shares it holds, including the Voting Rights, all in connection with the Founders High Voting Plan and subject to and in accordance with the Voting Depository Articles, the Terms and this Agreement.

 

2.2                              The Voting Depository shall at all times comply with the Voting Depository Articles, the Company Articles and the Terms, and any failure by the Voting Depository to timely perform any of its obligations thereunder is deemed to constitute a default under this Agreement unless such default is caused by the Company not timely issuing or transferring, as the case may be, the required number of Special Voting Shares to the Voting Depository in accordance with this Agreement.

 

2.3                              The Voting Depository shall timely pay its due, payable and undisputed debts to third parties and shall comply in all material respects with applicable laws, rules and agreements entered into by the Voting Depository with any third parties. The Voting Depository shall promptly notify the Company of any dispute the Voting Depository is involved in and of any threatened claim brought against or made by the Voting Depository.

 

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2.4                              The Company’s prior approval is required for resolutions of the Voting Depository’s board of directors concerning the following matters:

 

a.                                      any amendment to the Voting Depository Articles and/or the Terms;

 

b.                                      the entering into of a merger or demerger or any other corporate reorganization involving the Voting Depository;

 

c.                                       the application for the Voting Depository’s bankruptcy or suspension of payments; and

 

d.                                      the Voting Depository’s dissolution.

 

2.5                              Any failure by the Voting Depository to fully and timely perform any of its obligations hereunder will cause irreparable injury to the Company and the Founding Shareholders for which damages would not provide an adequate remedy. The Company and each of the Founding Shareholders is entitled to claim specific performance (nakoming) in addition to, and not in lieu of, any other rights and remedies available to the Company and the Founding Shareholders under applicable law.

 

3                                        FOUNDERS HIGH VOTING PLAN - PARTICIPATION; ACCEPTANCE OF TERMS

 

3.1                             Each of the Founding Shareholders hereby elects to participate in the Founders High Voting Plan.

 

3.2                              Each of the Founding Shareholders and each of the Initial Permitted Intermediate Holding Companies hereby accepts the Terms and acknowledges the rights, obligations and restrictions under the Voting Depository Articles and the Terms, including:

 

a.                                      the suspension by the Voting Depository of a DR Holder’s rights under Article 15 of the Voting Depository Articles in case such DR Holder has violated any obligation or requirement under the Voting Depository Articles and/or the Terms;

 

b.                                      the revocation by the Voting Depository of any Voting Proxy granted to, or rejection or disregarding of any Voting Instruction given by, a DR Holder, in case such DR Holder has violated any obligation or requirement under the Voting Depository Articles and/or the Terms; and

 

c.                                       the transfer restrictions applicable to the DRs pursuant Article 6 of the Terms.

 

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3.3                              Each Founding Shareholder and each Initial Permitted Intermediate Holding Company hereby irrevocably authorizes and instructs the Voting Depository and the Company, acting individually, to represent such Founding Shareholder or Initial Permitted Intermediate Holding Company, as the case may be, and act on its behalf in connection with any act (including an issuance, allocation, acquisition, transfer and/or cancellation of any DRs) required under the Terms, which power of attorney is granted with the right of substitution. The Voting Depository and the Company may act as a counterparty of the Party granting the power of attorney in accordance with this Clause 3.3.

 

4                                        FOUNDERS HIGH VOTING PLAN - ADHERENCE PERMITTED TRANSFEREES

 

4.1                              No Party shall transfer any DRs to a Permitted Transferee without such Permitted Transferee having provided the Company with a validly executed Deed of Adherence whereby such Permitted Transferee accepts the Terms, confirms its adherence to the relevant obligations under this Agreement and grants a power of attorney to the Voting Depository and the Company.

 

4.2                              For the avoidance of doubt, if an entity acquires (as legal successor under universal succession of title) assets of a Founding Shareholder or Permitted Intermediate Holding Company, such successor Founding Shareholder or new Permitted Intermediate Holding Company, as the case may be, shall be bound by this Agreement in all respects in the same way as its legal predecessor, including, but not limited to, the acceptance of the Terms as referred to in Clause 3.2 and the power of attorney as referred to in Clause 3.3.

 

5                                        FOUNDERS HIGH VOTING PLAN - REGISTRATION IN FOUNDERS SHARE REGISTER

 

5.1                              The Company shall maintain the Founders Share Register. The Founders Share Register may (also) be kept in electronic form.

 

5.2                              Immediately prior to the execution of this Agreement, the Company has registered the Ordinary Shares held by each Founding Shareholder (or its designated Initial Permitted Intermediate Holding Company, as the case may be) as at the date of this Agreement, in the Founders Share Register. 

 

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At the request of a Founding Shareholder or any of its Permitted Transferees, the Company shall also register in the Founders Share Register any Ordinary Shares acquired by such Founding Shareholder (or the relevant Permitted Transferee, as the case may be) in a share issuance by the Company after the date hereof.

 

5.3                              Subject to Clause 5.2, the Founders Share Register shall include:

 

a.                                      the names and addresses of the Founding Shareholders;

 

b.                                      the number of Qualifying Shares of each Founding Shareholder (held either directly or indirectly through a Permitted Intermediate Holding Company); and

 

c.                                       the names and addresses of any Permitted Intermediate Holding Company holding Qualifying Shares, as well as the number of Qualifying Shares held by such Permitted Intermediate Holding Company.

 

5.4                              Each Founding Shareholder (and each Initial Permitted Intermediate Holding Company to the extent that it holds Qualifying Shares) acknowledges that by virtue of registration of its Ordinary Shares in the Founders Share Register and for the duration of such registration, such Qualifying Shares cannot be transferred to any party, except if it concerns:

 

a.                                       a transfer to or between Permitted Transferees, provided in each case that the DRs stapled to such Qualifying Shares are also, and simultaneously, transferred to the same Permitted Transferee to which those Qualifying Shares are transferred; or

 

b.             a transfer to the Company.

 

6                                        INITIAL ISSUE OF SPECIAL VOTING SHARES

 

The General Meeting has resolved on 24 July 2014 to issue immediately following the completion of the IPO and subject to the condition precedent (opschortende voorwaarde) of the execution of a deed of amendment to the Company Articles (which condition precedent was fulfilled on that same day) to the Voting Depository 412,114,952 Special Voting Shares, being a number equal to the number of Qualifying Shares (the “Initial Issue Shares”) as at the date of this Agreement, by executing the Initial Subscription Deed of Issue prior to the IPO with effect immediately following the completion of the IPO, subject to the Subscription Price having been charged against the Company’s reserves in accordance with Clause 7. The aforesaid resolution was confirmed by resolution of the General Meeting dated [29 October] 2014.

 

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7                                        SUBSCRIPTION PRICE

 

The Company shall fund the Subscription Price out of, and charge the Subscription Price against, the Company’s special capital reserve and shall discharge the Voting Depository from liability in respect of the payment of the Subscription Price, subject to the Company having sufficient freely distributable reserves. For purposes of charging the Company’s special capital reserve in connection with the issue of the Initial Issue Shares pursuant to Clause 6, the Board of Directors has resolved in its meeting held in Amsterdam, the Netherlands on 18 July 2014, subject to the issuance of the Initial Issue Shares pursuant to the Initial Subscription Deed of Issue, to (i) reallocate an amount equal to the Subscription Price from the Company’s share premium reserve (agioreserve), out of the share premium to be paid on the ordinary shares in the capital of the Company that will be issued in the IPO, to the Company’s special capital reserve and subsequently (ii) charge the corresponding amount from the Company’s special capital reserve for purposes of paying the Subscription Price.

 

8                                        ISSUE OF INITIAL ISSUE DRS

 

With effect immediately following the issuance of the Initial Issue Shares becoming effective in accordance with Clause 6 and by executing the Initial DR Deed of Issue prior to the IPO, the Voting Depository shall issue for no consideration (om niet) to each Founding Shareholder (or Initial Permitted Intermediate Holding Company designated by such Founding Shareholder, as the case may be) (1) one DR for each Qualifying Share registered in the Founders Share Register in the name of such Founding Shareholder (or Initial Permitted Intermediate Holding Company, as the case may be), being 412,114,952 DRs in aggregate (the “Initial Issue DRs”), in accordance with the Voting Depository Articles and the Terms and subject to such Founding Shareholder (or Initial Permitted Intermediate Holding Company, as the case may be) having validly executed this Agreement and thereby accepted the Terms.

 

9                                        CALL OPTION

 

9.1                              On 24 July 2014 and subject to the conditions precedent (opschortende voorwaarden) of the execution of a deed of amendment to the Company Articles (which condition precedent was fulfilled on that same day) and completion of the IPO, the General Meeting has resolved to grant to the 

 

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Voting Depository for no consideration (om niet) the continuous and repeatedly exercisable right to subscribe for or otherwise acquire from the Company, for an indefinite period, any number of Special Voting Shares up to and including the Maximum Number, if and when (i) the Company has resolved to increase its capital and new Ordinary Shares are issued to one or more Founding Shareholders (or their Permitted Transferees); (ii) such newly issued Ordinary Shares are Qualifying Shares; and (iii) the Voting Depository needs to issue a corresponding number of DRs to Qualifying Shareholders in accordance with Article 4.1 of the Terms. The aforesaid resolution was confirmed by resolution of the General Meeting dated [29 October] 2014.

 

9.2                              In furtherance of the resolution referred to in Clause 9.1, the Company hereby grants effective as of the time of the IPO and subject to completion of the IPO the Call Option to the Voting Depository and the Voting Depository hereby accepts the Call Option from the Company.

 

10                                 EXERCISE OF THE CALL OPTION

 

10.1                       The Call Option is continuous in nature and can be exercised repeatedly on more than one occasion regardless of previous issuances and transfers of Special Voting Shares to the Voting Depository pursuant to earlier exercises of the Call Option and regardless of any subsequent transfers back to the Company and/or cancellation of such Special Voting Shares by the Company.

 

10.2                       The Voting Depository may acquire the Special Voting Shares pursuant to the Call Option either, at the Company’s discretion, by subscribing to new to be issued Special Voting Shares or by acquiring Special Voting Shares from the Company held as treasury stock, in accordance with Clause 12.

 

10.3                       The Voting Depository must exercise the Call Option to acquire such number of Special Voting Shares that are not already held by the Voting Depository as required to issue a corresponding number of DRs to Qualifying Shareholders pursuant to the Voting Depository Articles and the Terms.

 

10.4                       Only the Voting Depository can exercise the Call Option. The Call Option is exercised by sending an Exercise Notice to the Company, specifying the number (not exceeding the Maximum Number) of Special Voting Shares in respect of which the Call Option is exercised on that occasion.

 

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10.5                       When exercising the Call Option, the Voting Depository may rely on the Recorded Information available at that time in order to establish the Maximum Number. If any part of the Recorded Information is inaccurate or incomplete at the time of the Voting Depository exercising the Call Option on the relevant occasion, the Company shall, immediately after having become aware that the Voting Depository has relied on inaccurate or incomplete Recorded Information:

 

a.                                      update and correct the Recorded Information as appropriate and inform the Voting Depository of the actual composition of the Company’s authorised and issued share capital at that time, as well as the actual nominal value of all Shares at that time; and

 

b.                                      allow the Voting Depository to adjust the relevant Exercise Notice within two (2) Trading Days after having informed the Voting Depository as described in paragraph a., before issuing the relevant number of Special Voting Shares in accordance with Clause 12.

 

11                                 EXERCISE PRICE

 

11.1                       Subject to Clause 11.3, the Company shall fund the Exercise Price for the relevant Special Voting Shares to be issued out of, and charge the Exercise Price against, the Company’s special capital reserve and shall discharge the Voting Depository from liability in respect of the payment of the Exercise Price subject to the Company having sufficient freely distributable reserves.

 

11.2                       The Company shall use its reasonable efforts to maintain the special capital reserve at a sufficient level to allow for any issue of Special Voting Shares pursuant to this Agreement to be charged against such reserve.

 

11.3                       If the level of the special capital reserve is insufficient to allow the relevant Exercise Price to be fully charged against it, the Company may require the Voting Depository to pay the Exercise Price or a part thereof in cash and the Voting Depository shall pay the relevant amount out of its available funds, use its reasonable efforts to obtain bank financing or financing from the Company or its subsidiaries in order to be able to pay the relevant amount to the Company or pay the relevant amount by other means.

 

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12                                 ISSUE AND TRANSFER OF SPECIAL VOTINGS SHARES

 

Upon an exercise of the Call Option in accordance with Clause 10 and, in case of an issue of Special Voting Shares, subject to the relevant Exercise Price having been charged against the Company’s reserves in accordance with Clause11.1 or otherwise having been paid, the Parties shall procure that the relevant number of Special Voting Shares are at the Company’s discretion:

 

a.                                      issued to the Voting Depository by executing a Call Option Deed of Issue; and/or

 

b.                                      transferred to the Voting Depository by executing a Call Option Deed of Transfer,

 

in each case as soon as possible but ultimately within five (5) Trading Days after the exercise of the Call Option.

 

13                                 ISSUE OF DRS

 

Upon an issue or a transfer of Special Voting Shares to the Voting Depository in accordance with Clause 12, the Voting Depository shall, by executing a DR Deed of Issue, issue for no consideration (om niet) a corresponding number of DRs to the Founding Shareholder or other Permitted Transferee entitled thereto, all in accordance with the Voting Depository Articles and the Terms.

 

14                                 RETURN OF SPECIAL VOTING SHARES AND POWER OF ATTORNEY

 

14.1                       The Voting Depository shall, promptly and in any event within three (3) Trading Days, transfer to the Company for no consideration (om niet) the Special Voting Shares for which the corresponding DRs have been cancelled in accordance with the Terms, or otherwise for which no DRs are issued by the Voting Depository. In deviation of the previous sentence, the Company and the Voting Depository may, subject to the restrictions pursuant to applicable law, agree that the Company shall pay a consideration for any Special Voting Shares so transferred to the Company. For the avoidance of doubt, the making of any such agreement shall be at the absolute discretion of both the Company and the Voting Depository.

 

14.2                       The Voting Depository shall refrain from exercising any meeting and voting rights attached to the Special Voting Shares that are to be transferred back to the Company pursuant Clause 14.1. Likewise, and 

 

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without prejudice to the generality of Clause 19, the Voting Depository hereby irrevocably waives (doet afstand van) all economic rights and entitlements whether actual or contingent (if any) attached to any such Special Voting Shares, including profit rights, rights to distributions, payments out of any of the Company’s reserves, rights to payments in relation to capital reductions and payments of liquidation proceeds.

 

14.3                       The Voting Depository hereby grants to the Company an irrevocable power of attorney to transfer the Special Voting Shares in accordance with Clause 14.1. The Company, in its capacity as attorney under the power of attorney described in this Clause 14.3, may act as counterparty of the Voting Depository. The power of attorney granted pursuant to this Clause 14.3 is granted with full power of substitution.

 

15                                 UNDERTAKING TO INCREASE AUTHORIZED SHARE CAPITAL

 

The Company undertakes to propose to the General Meeting an amendment of the Company Articles to increase the maximum number of Special Voting Shares that may be issued under the Company’s authorised share capital if it appears from the Founders Share Register that in the foreseeable future, but in any event within the next three months the Company will need to issue Special Voting Shares in excess of the maximum number of special voting shares allowed under the Company’s authorized share capital at that time.

 

16                                 DE-REGISTRATION

 

16.1                       Any Founding Shareholder or other Permitted Transferee may at any time request (if such Founding Shareholder or other Permitted Transferee is a DR Holder itself) or cause any of its Permitted Intermediate Holding Companies holding DRs to request the Company to be de-registered from the Founders Share Register for some or all of its Qualifying Shares by submitting a duly completed de-registration form as attached hereto as Annex K (a “De-Registration Request”).

 

16.2                       Upon a DR Holder having submitted a De-Registration Request, such DR Holder is deemed to have waived its rights to use its Voting Proxy or to give Voting Instructions in respect of the Special Voting Shares that are stapled to the relevant Qualifying Shares.

 

16.3                       Upon receipt of a duly completed De-Registration Request, the Company 

 

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shall use its reasonable efforts to ensure that the Ordinary Shares concerned will be moved to the regular trading system as soon as reasonably possible but in any event within five (5) Trading Days of receipt of the De-Registration Request.

 

16.4                       Upon a cancellation of any DRs by the Voting Depository in accordance with the Terms in respect of a DR Holder, the Company shall immediately de-register from the Founders Share Register the relevant Qualifying Shares held by such DR Holder.

 

16.5                       If the Company determines (in its discretion acting reasonably) that a Founding Shareholder or any of its Permitted Intermediate Holding Companies has taken any action a principal purpose of which is to avoid the application of the Terms, the Company may de-register the Qualifying Shares held by the relevant Founding Shareholder or Permitted Intermediate Holding Company, as the case may be, from the Founders Share Register, and cause the Voting Depository to effect a cancellation with respect to the relevant DRs.

 

16.6                       Upon de-registration of an Ordinary Share from the Founders Share Register:

 

a.                                      such Ordinary Share will no longer qualify as Qualifying Share;

 

b.                                      the relevant DR Holder is no longer entitled to hold the DRs issued in respect thereof and the Voting Depository shall promptly cancel such DRs unilaterally for no compensation in accordance with the Terms; and

 

c.                                       the Voting Depository may no longer hold the Special Voting Shares issued in respect thereof and shall return the corresponding Special Voting Shares to the Company in accordance with Clause 14.

 

17                                 NO TRANSFER OR ENCUMBRANCE

 

17.1                       The Voting Depository shall not directly or indirectly sell, dispose of or transfer any Special Voting Share to any party other than to the Company, or otherwise grant any right or interest therein other than issuing DRs.

 

17.2                       Without prejudice to Section 3:259 of the Dutch Civil Code, the Voting Depository shall not directly or indirectly create or permit to exist any pledge, lien, fixed or floating charge or other encumbrance over any Special Voting Share or any interest in any Special Voting Share.

 

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18                                 EXERCISE OF VOTING RIGHTS

 

18.1                       In the pursuit of the objects of the Voting Depository as specified in the Voting Depository Articles, the Voting Depository will act independently from the Company and any subsidiaries of the Company within the meaning of Section 2:24a of the Dutch Civil Code.

 

18.2                       The Voting Depository shall exercise the Voting Rights and the meeting rights attached to the Special Voting Shares held by it (or, to the extent applicable not exercise those rights) in accordance with any Voting Instruction, not exercise the Voting Rights and the meeting rights attached to the Special Voting Shares in respect of which it has given a Voting Proxy, and generally in accordance with the Voting Depository Articles and in full compliance with the Voting Depository’s obligations under the Voting Depository Articles and the Terms.

 

19                                 WAIVER OF DIVIDEND RIGHTS; OPERATING EXPENSES VOTING DEPOSITORY

 

19.1                       The Voting Depository hereby irrevocably waives (doet afstand van) all economic rights and entitlements whether actual or contingent (if any) attached to the Special Voting Shares, including profit rights, rights to distributions, payments out of any of the Company’s reserves, rights to payments in relation to capital reductions and payments of liquidation proceeds.

 

19.2                       The Voting Depository shall not take any steps to cause a distribution or payment to be made on the Special Voting Shares held by it, except as required to cover the reasonable operating expenses of the Voting Depository and any costs and expenses relating to the implementation and service of the Terms and this Agreement.

 

19.3                       The Company shall cover all operating and other reasonable expenses of the Voting Depository. Upon receipt of a reasonably substantiated written request from the Voting Depository to pay or reimburse certain expenses, the Company shall either pay directly for such expenses or reimburse the Voting Depository for such expenses, within five (5) Trading Days following receipt of such written request.

 

22

 

20                                 ACCESS TO INFORMATION

 

20.1                       The Company shall promptly notify the Voting Depository (or shall cause the Voting Depository to be notified) each time that:

 

a.                                      a DR Holder ceases to hold one or more of its Qualifying Shares, other than in connection with a transfer of DRs in accordance with Article 6.1 paragraph a of the Terms;

 

b.                                      one or more Ordinary Shares of a DR Holder cease to be Qualifying Shares (including as a result of the DR Holder concerned no longer being 90% Controlled);

 

c.                                       any other change is made to the particulars included in the Founders Share Register; or

 

d.                                      it becomes aware of any other matters or circumstances that are material to the operation of the Founders High Voting Plan.

 

20.2                       Upon request of the Voting Depository, the Company shall provide the Voting Depository with a copy of the Founders Share Register and any other information in the Company’s possession in relation to any Founding Shareholder or Permitted Intermediate Holding Company to the extent the Voting Depository reasonably needs such information for the proper and timely performance of its obligations under the Voting Depository Articles, the Terms and this Agreement.

 

20.3                       The Voting Depository shall provide the Company with copies of the Voting Depository Articles and the Terms. The Voting Depository shall grant the Company access to the DR register maintained by it, the Voting Depository’s books, records and all other relevant information at all times in order to enable the Company to verify and monitor the Voting Depository’s compliance with the Voting Depository Articles, the Terms and this Agreement.

 

21                                 NOTICES

 

21.1                       All notices given under this Agreement shall be given in writing and shall be sent by courier service or by registered mail. All such notices shall be addressed as follows:

 

a.                                      if to the Company:

 

Cnova N.V.

c/o General Counsel - Mr. David Mossé

Professor Dr Dorgelolaan 30D

5613 AM Eindhoven, the Netherlands

 

23

 

b.                                      if to the Voting Depository:

 

Stichting Cnova Special Voting Shares

c/o Board of Directors

Schiphol Boulevard 231

1118 BH Schiphol, the Netherlands

 

c.                                       if to CGP:

 

Casino, Guichard-Perrachon S.A.

c/o Legal Director - Mr. Pascal Rivet

1 Esplanade de France,

42000 Saint-Etienne, France

 

d.                                      if to CBD:

 

Companhia Brasileira de Distribuição S.A.

c/o Board of Directors

Avenida Brigadeiro Luiz Antonio, 3142

São Paulo, SP 01402-901, Brazil

 

e.                                       if to VV:

 

Via Varejo S.A.

c/o Board of Directors

Rua João Pessoa, 83,

Centro, São Caetano do Sul, SP 09520-010, Brazil

 

f.                                        if to Exito:

 

Almacenes Éxito S.A.

c/o Secretary-General and manager for Corporate Affairs - Carlos Fernando Henao Moreno

Carrera 48 No. 32B Sur – 139

Envigado, Antioquia, Colombia

 

g.                                       if to Quiroga:

 

Mr Germán Pasquale Quiroga Vilardo

Rua Gomes de Carvalho, No. 1609/1617, 3°-7° andares,

São Paulo, SP 04547-006, Brazil

 

h.                                      if to Chalita:

 

Mr Eduardo Khair Chalita

Rua Gomes de Carvalho, No. 1609/1617, 3°-7° andares,

São Paulo, SP 04547-006, Brazil

 

24

 

22                                 FURTHER ACTION; ADJUSTMENT OF SHARE CAPITAL

 

22.1                       If at any time after the execution of this Agreement any further action is necessary or desirable in order to implement this Agreement, each Party shall take all such actions as may reasonably be requested from it by the other Party.

 

22.2                       The Company and the Voting Depository shall take all further action that is necessary or desirable to adjust the number of Special Voting Shares held by the Voting Depository accordingly to any changes in the Ordinary Share capital of the Company as a result of a stock split or similar restructuring, and the Voting Depository shall adjust the number of DRs issued by it accordingly.

 

23                                 ANTI-ABUSE RULE

 

23.1                       Each Party shall refrain from performing any act (or omitting to perform any act) which could reasonably be understood or expected to deviate from the intentions of the Parties concerning the terms and conditions of the Founders High Voting Plan (as laid down in and as can reasonably be derived from (i) this Agreement, (ii) the Voting Depository Articles, (iii) the Terms and (iv) the discussions between the Parties that led up to the setting up of the Founders High Voting Plan) at or around the time of this Agreement originally having been entered into.

 

24                                 NO IMPLIED WAIVER; NO FORFEIT OF RIGHTS

 

24.1                       Nothing shall be construed as a waiver under this Agreement unless a document to that effect has been signed by the Parties or a notice to that effect has been given.

 

24.2                       The failure of a Party to exercise or enforce any right under this Agreement shall not constitute a waiver of the right to exercise or enforce such right in the future.

 

24.3                       Where a Party does not exercise any right under this Agreement (which shall include the granting by a Party to any other Party of an extension of time in which to perform its obligations under any provision hereof), this shall not be deemed to constitute a forfeit of any such rights (rechtsverwerking).

 

25

 

25                                 NO THIRD PARTY STIPULATION

 

This Agreement does not contain any third party stipulation (derdenbeding) in favour of any person.

 

26                                 AMENDMENT

 

A Supermajority of the DR Holders may resolve (in writing) to amend this Agreement. Any such amendment will require the prior written consent of the Company, which shall not be withheld unreasonably. This Article 26 is without prejudice to Article 30.

 

27                                 INVALIDITY

 

In the event that a provision of this Agreement is null and void or unenforceable (either in whole or in part):

 

a.                                      the remainder of this Agreement shall continue to be effective to the extent that, given this Agreement’s substance and purpose, such remainder is not inextricably related to the null and void or unenforceable provision; and

 

b.                                      the Parties shall make every effort to reach agreement on a new provision which differs as little as possible from the null and void or unenforceable provision, taking into account the substance and purpose of this Agreement.

 

28                                 NO RESCISSION

 

To the extent permitted by law, the Parties hereby waive their rights to rescind or nullify, or to demand the rescission, nullification or amendment of, this Agreement on any grounds whatsoever.

 

29                                 NO TRANSFER, ASSIGNMENT OR ENCUMBRANCE

 

No Party may transfer, assign or encumber its contractual relationship, any of its rights or any of its obligations under this Agreement without the prior written consent of the other Party.

 

26

 

30                                 TERM AND TERMINATION

 

30.1                       This Agreement shall remain in full force for an indefinite period.

 

30.2                       A 95% Ordinary Shareholder may request the Company and the Voting Depository jointly in writing to terminate the Founders High Voting Plan. In such request the 95% Ordinary Shareholder shall irrevocably undertake to start squeeze-out proceedings pursuant to Section 2:92a of the Dutch Civil Code as soon as possible following the termination of the Founders High Voting Plan. Together with such request, the 95% Ordinary Shareholder shall submit documentation reasonably demonstrating that the 95% Ordinary Shareholder (alone or jointly with its group companies within the meaning of Section 2:24b of the Dutch Civil Code) holds at least 95% of the issued and outstanding ordinary shares of the Company.

 

30.3                       The DR Holders may resolve by Supermajority in writing to terminate the Founders High Voting Plan. Such resolution, signed by at least the Supermajority of the DR Holders, shall be sent to the Voting Depository and the Company.

 

30.4                       Following receipt of a request as referred to in Article 30.2 or a copy of a resolution as referred to in Article 30.3:

 

a.                                      the Voting Depository shall unilaterally cancel all DRs without any compensation becoming due to the DR Holders as a result of such cancellation;

 

b.                                      the Voting Depository shall transfer all Special Voting Shares it holds back to the Company in accordance with Article 14;

 

c.                                       the Board of Directors shall propose to the General Meeting an amendment to the Company Articles to abolish all references to the Special Voting Shares;

 

d.                                      the Voting Depository shall be dissolved; and

 

e.                                       upon completion of steps a. through d. above, this Agreement will automatically terminate.

 

30.5                       In case of dissolution of the Voting Depository for any reason other than pursuant to Article 30.4, the Voting Depository shall transfer the Special Voting Shares back to the Company for no consideration (om niet) and the Parties will seek to implement another appropriate structure similar to the Founders High Voting Plan.

 

30.6                       The Voting Depository hereby grants to the Company an irrevocable power of attorney to transfer the Special Voting Shares in accordance with Clause 30.5. The Company, in its capacity as attorney under the 

 

27

 

power of attorney described in this Clause 30.6, may act as counterparty of the Voting Depository. The power of attorney granted pursuant to this Clause 30.6 is granted with full power of substitution.

 

31                                 GOVERNING LAW AND JURISDICTION

 

31.1                       This Agreement shall be governed by and construed in accordance with the laws of the Netherlands.

 

31.2                       The Parties agree that any dispute in connection with this Agreement or any agreement resulting therefrom shall be submitted to the exclusive jurisdiction of the competent court in Amsterdam.

 

(signature pages follow)

 

28

 

 

Signature pages

 

This Agreement has been entered into on the date stated at the beginning of this Agreement and may be signed in counterparts, which together shall constitute one and the same agreement.

 

 

	
 
    	
 
    
	
 
    	
 
    
	
Cnova   N.V.
    	
 
    
	
 
    	
 
    
	
Name
    	
:
    	
 
    
	
 
    	
 
    	
 
    
	
Title
    	
:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Stichting Cnova Special Voting Shares
    	
 
    
	
 
    	
 
    	
 
    
	
Name
    	
:
    	
 
    
	
 
    	
 
    	
 
    
	
Title
    	
:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Casino, Guichard-Perrachon S.A.
    	
 
    
	
 
    	
 
    	
 
    
	
Name
    	
:
    	
 
    
	
 
    	
 
    	
 
    
	
Title
    	
:
    	
 
    

 

29

 

	
 
    	
 
    
	
 
    	
 
    
	
Companhia Brasileira de Distribuçào S.A.
    	
 
    
	
 
    	
 
    	
 
    
	
Name
    	
:
    	
 
    
	
 
    	
 
    	
 
    
	
Title
    	
:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
Via Varejo S.A.
    	
 
    
	
 
    	
 
    
	
Name
    	
:
    	
 
    
	
 
    	
 
    	
 
    
	
Title
    	
:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Almacenes Éxito S.A.
    	
 
    
	
 
    	
 
    	
 
    
	
Name
    	
:
    	
 
    
	
 
    	
 
    	
 
    
	
Title
    	
:
    	
 
    

 

30

 

	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Germán Pasquale Quiroga Vilardo
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Eduardo Khair Chalita
    	
 
    

 

31

 

	
For acknowledgement of Clauses 3.2, 3.3, 5.4 and 21 up to and including   31:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Marneylectro B.V.
    	
 
    
	
 
    	
 
    	
 
    
	
Name
    	
:
    	
 
    
	
 
    	
 
    	
 
    
	
Title
    	
:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Marneylectro S.à r.l.
    	
 
    
	
 
    	
 
    	
 
    
	
Name
    	
:
    	
 
    
	
 
    	
 
    	
 
    
	
Title
    	
:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Nova Pontocom Comércio Eletrônico S.A.
    	
 
    
	
 
    	
 
    	
 
    
	
Name
    	
:
    	
 
    
	
 
    	
 
    	
 
    
	
Title
    	
:
    	
 
    

 

32

 

ANNEX A - INITIAL SUBSCRIPTION DEED OF ISSUE

 

DEED OF ISSUE OF SPECIAL VOTING SHARES

 

Dated              , 2014

 

THE UNDERSIGNED

 

1.                                     Cnova N.V., a public company with limited liability under Dutch law, having its corporate seat in Amsterdam (address: Professor Dr Dorgelolaan 30D, 5613 AM Eindhoven (the Netherlands), trade register number: 60776676 ) (the “Company”).

 

2.                                     Stichting Cnova Special Voting Shares, a foundation (stichting) under Dutch law, having its corporate seat in Amsterdam (address: 1118 BH Schiphol, Schiphol Boulevard 231 (the Netherlands), trade register number: 61668249) (the “Voting Depository”).

 

RECITALS

 

A.                                   The General Meeting has resolved on 24 July 2014 to issue immediately following the completion of the IPO and subject to the condition precedent (opschortende voorwaarde) of the execution of a deed of amendment to the Company Articles (which condition precedent was fulfilled on that same day) to the Voting Depository 412,114,952 Special Voting Shares, numbered 1 up to and including 412,114,952 (the “Initial Issue Shares”) to the Voting Depository.

 

B.                                   The aforesaid resolution was confirmed by the General Meeting by resolution dated [29 October] 2014.

 

C.                                   In furtherance of the resolutions referred to in recital A. and B., the Parties wish to effect the issuance of the Initial Issue Shares pursuant to the execution of this Deed.

 

33

 

NOW HEREBY AGREE AND DECLARE AS FOLLOWS

 

DEFINITIONS AND INTERPRETATION

 

Article 1

 

1.1                              In this Deed the following definitions shall apply:

 

	
Deed
    	
 
    	
This deed of issue.
    
	
 
    	
 
    	
 
    
	
Initial   Issue Shares
    	
 
    	
Has the meaning set out in the recitals
    
	
 
    	
 
    	
 
    
	
Parties
    	
 
    	
The parties to this Deed.
    
	
 
    	
 
    	
 
    
	
Special   Voting Agreement
    	
 
    	
The special voting agreement entered into by, inter alia,   the Voting Depository and the Company, dated [date] 2014.
    
	
 
    	
 
    	
 
    
	
Subscription   Price
    	
 
    	
EUR 20,605,747.60, being the total nominal value of the Initial Issue   Shares.
    

 

1.2                              Capitalised words and expressions not defined in this Deed shall have the meanings ascribed to them in the Special Voting Agreement.

 

1.3                              Words denoting the singular shall have a similar meaning when used in the plural and vice versa.

 

1.4                              Words denoting one gender shall include each other gender.

 

1.5                              No provision of this Deed shall be interpreted adversely against a Party solely because that Party was responsible for drafting that particular provision.

 

1.6                              Although this Deed has been drafted in the English language, this Deed pertains to Dutch legal concepts. Any consequence of the use of English words and expressions in this Deed under any law other than Dutch law shall be disregarded.

 

1.7                              The words “include”, “included” and “including” are used to indicate that the matters listed are not a complete enumeration of all matters covered.

 

1.8                              The titles and headings in this Deed are for construction purposes as well as for reference. No Party may derive any rights from such titles and headings.

 

PRE-EMPTION RIGHTS

 

Article 2

 

There are no parties with pre-emption rights in relation to the present issue of the Initial Issue Shares.

 

34

 

SUBSCRIPTION PRICE

 

Article 3

 

3.1                              The Initial Issue Shares are issued at the Subscription Price.

 

3.2                              The Board of Directors has resolved in its meeting held in Amsterdam, the Netherlands on July 18, 2014, subject to the issuance of the Initial Issue Shares pursuant to this Deed, to (i) reallocate an amount equal to the Subscription Price from the Company’s share premium reserve (agioreserve), out of the share premium to be paid on the ordinary shares in the capital of the Company that will be issued in the IPO, to the Company’s special capital reserve and subsequently (ii) charge the corresponding amount from the Company’s special capital reserve for purposes of paying the Subscription Price.

 

3.3                              The Company hereby grants the Voting Depository a discharge from liability in respect of the payment of the Subscription Price.

 

ISSUE

 

Article 4

 

In satisfaction of its obligation to issue the Initial Issue Shares pursuant to the Special Voting Agreement, the Company hereby issues, under the condition precedent (opschortende voorwaarde) of the occurrence of and effective as of completion of the IPO, the Initial Issue Shares to the Voting Depository and the Voting Depository hereby accepts the Initial Issue Shares from the Company under that same condition precedent.

 

REGISTER

 

Article 5

 

The Company shall enter the present issuance of the Initial Issue Shares in its shareholders register immediately following fulfilment of the condition precedent referred to in article 4.

 

NO RECISSION

 

Article 6

 

The Parties exclude every possibility to rescind and dissolve this Deed for any reason whatsoever.

 

35

 

GOVERNING LAW AND JURISDICTION

 

Article 7

 

7.1                              This Deed shall be governed by and construed in accordance with the laws of the Netherlands.

 

7.2                              The Parties agree that any dispute in connection with this Deed or any agreement resulting therefrom shall be submitted to the exclusive jurisdiction of the competent court in Amsterdam.

 

(signature page follows)

 

36

 

Signature page to a deed of issue

 

 

	
 
    	
 
    
	
 
    	
 
    
	
Cnova N.V.
    	
 
    
	
 
    	
 
    	
 
    
	
Name
    	
:
    	
 
    
	
 
    	
 
    	
 
    
	
Title
    	
:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Stichting Cnova Special Voting Shares
    	
 
    
	
 
    	
 
    	
 
    
	
Name
    	
:
    	
 
    
	
 
    	
 
    	
 
    
	
Title
    	
:
    	
 
    

 

37

 

ANNEX B - CALL OPTION DEED OF ISSUE

 

DEED OF ISSUE OF SPECIAL VOTING SHARES

 

Dated           

 

THE UNDERSIGNED

 

1.                                     Cnova N.V., a public company with limited liability under Dutch law, having its corporate seat in Amsterdam (address: Professor Dr Dorgelolaan 30D, 5613 AM Eindhoven (the Netherlands), trade register number: 60776676 ) (the “Company”).

 

2.                                    Stichting Cnova Special Voting Shares, a foundation (stichting) under Dutch law, having its corporate seat in Amsterdam (address: 1118 BH Schiphol, Schiphol Boulevard 231 (the Netherlands), trade register number: 61668249) (the “Voting Depository”).

 

RECITALS

 

A.                                   On 24 July 2014 and subject to the conditions precedent (opschortende voorwaarden) of the execution of a deed of amendment to the Company Articles (which condition precedent was fulfilled on that same day) and completion of the IPO (which occurred on [date] 2014), the General Meeting has resolved to grant to the Voting Depository for no consideration (om niet) the right to subscribe for a number of Special Voting Shares up to and including the Maximum Number and subject to the terms and conditions of the Special Voting Agreement.

 

B.                                   The aforesaid resolution was confirmed by the General Meeting by resolution dated [29 October] 2014.

 

C.                                   In furtherance of the resolutions referred to in recitals A. and B. and as a consequence of the execution of the Special Voting Agreement and the completion of the IPO on [date] 2014, the Company granted the Call Option to the Voting Depository and the Voting Depository accepted the Call Option from the Company.

 

38

 

D.                                   On [date], the Voting Depository sent an Exercise Notice to the Company pursuant to which the Call Option was exercised with respect to [number] Special Voting Shares.

 

E.                                   In furtherance of the exercise of the Call Option by sending the above-mentioned Exercise Notice, the Parties wish to effect the issuance of [number] of Special Voting Shares, numbered [number] up to and including [number] (the “Issue Shares”) pursuant to the execution of this Deed.

 

NOW HEREBY AGREE AND DECLARE AS FOLLOWS

 

DEFINITIONS AND INTERPRETATION

 

Article 1

 

1.1                             In this Deed the following definitions shall apply:

 

	
Deed
    	
 
    	
This deed of issue.
    
	
 
    	
 
    	
 
    
	
Exercise   Price
    	
 
    	
EUR [amount],   being the total nominal value of the Issue Shares.
    
	
 
    	
 
    	
 
    
	
Issue   Shares
    	
 
    	
Has the meaning set out in recital E.
    
	
 
    	
 
    	
 
    
	
Parties
    	
 
    	
The parties to this Deed.
    
	
 
    	
 
    	
 
    
	
Special   Voting Agreement
    	
 
    	
The special voting agreement entered into by, inter alia, the Voting   Depository and the Company, dated [date]   2014.
    

 

1.2                              Capitalised words and expressions not defined in this Deed shall have the meanings ascribed to them in the Special Voting Agreement.

 

1.3                              Words denoting the singular shall have a similar meaning when used in the plural and vice versa.

 

1.4                              Words denoting one gender shall include each other gender.

 

1.5                              No provision of this Deed shall be interpreted adversely against a Party solely because that Party was responsible for drafting that particular provision.

 

1.6                              Although this Deed has been drafted in the English language, this Deed pertains to Dutch legal concepts. Any consequence of the use of English words and expressions in this Deed under any law other than Dutch law shall be disregarded.

 

1.7                              The words “include”, “included” and “including” are used to indicate that the matters listed are not a complete enumeration of all matters covered.

 

39

 

1.8                              The titles and headings in this Deed are for construction purposes as well as for reference. No Party may derive any rights from such titles and headings.

 

PRE-EMPTION RIGHTS

 

Article 2

 

There are no parties with pre-emption rights in relation to the present issue of the Issue Shares.

 

EXERCISE PRICE

 

Article 3

 

3.1                              The Issue Shares are issued at the Exercise Price.

 

3.2                              The Board of Directors has resolved that, subject to the execution of this Deed, the Exercise Price shall be charged against the Company’s special capital reserve in its entirety.

 

3.3                              The Company hereby grants the Voting Depository a discharge from liability in respect of the payment of the Exercise Price.

 

ISSUE

 

Article 4

 

In satisfaction of its obligation to issue the Issue Shares pursuant to the Special Voting Agreement, the Company hereby issues the Issue Shares to the Voting Depository and the Voting Depository hereby accepts the Issue Shares from the Company.

 

REGISTER

 

Article 5

 

The Company shall enter the present issuance of the Issue Shares in its shareholders register immediately following the execution of this Deed.

 

40

 

NO RECISSION

 

Article 6

 

The Parties exclude every possibility to rescind and dissolve this Deed for any reason whatsoever.

 

GOVERNING LAW AND JURISDICTION

 

Article 7

 

7.1                              This Deed shall be governed by and construed in accordance with the laws of the Netherlands.

 

7.2                              The Parties agree that any dispute in connection with this Deed or any agreement resulting therefrom shall be submitted to the exclusive jurisdiction of the competent court in Amsterdam.

 

(signature page follows)

 

41

 

Signature page to a deed of issue

 

 

	
 
    	
 
    
	
 
    	
 
    
	
Cnova N.V.
    	
 
    
	
 
    	
 
    	
 
    
	
Name
    	
:
    	
 
    
	
 
    	
 
    	
 
    
	
Title
    	
:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Stichting Cnova Special Voting Shares
    	
 
    
	
 
    	
 
    	
 
    
	
Name
    	
:
    	
 
    
	
 
    	
 
    	
 
    
	
Title
    	
:
    	
 
    

 

42

 

ANNEX C - CALL OPTION DEED OF TRANSFER

 

DEED OF TRANSFER OF SPECIAL VOTING SHARES

 

Dated                       

 

THE UNDERSIGNED:

 

1.                                     Cnova N.V., a public company with limited liability under Dutch law, having its corporate seat in Amsterdam (address: Professor Dr Dorgelolaan 30D, 5613 AM Eindhoven (the Netherlands), trade register number: 60776676 ) (the “Company”).

 

2.                                     Stichting Cnova Special Voting Shares, a foundation (stichting) under Dutch law, having its corporate seat in Amsterdam (address: 1118 BH Schiphol, Schiphol Boulevard 231 (the Netherlands), trade register number: 61668249) (the “Voting Depository”).

 

RECITALS

 

A.                                   On 24 July 2014 and subject to the conditions precedent (opschortende voorwaarden) of the execution of a deed of amendment to the Company Articles (which condition precedent was fulfilled on that same day) and completion of the IPO (which occurred on [date] 2014), the General Meeting has resolved to grant to the Voting Depository for no consideration (om niet) the right to subscribe for a number of Special Voting Shares up to and including the Maximum Number and subject to the terms and conditions of the Special Voting Agreement.

 

B.                                   The aforesaid resolution was confirmed by the General Meeting by resolution dated [29 October] 2014.

 

C.                                   In furtherance of the resolutions referred to in recitals A. and B. and as a consequence of the execution of the Special Voting Agreement and the completion of the IPO on [date] 2014, the Company granted the Call Option to the Voting Depository and the Voting Depository accepted the Call Option from the Company.

 

43

 

D.                                   On [date], the Voting Depository sent an Exercise Notice to the Company pursuant to which the Call Option was exercised with respect to [number] Special Voting Shares.

 

E.                                   In furtherance of the exercise of the Call Option by sending the above-mentioned Exercise Notice, the Parties wish to effect the transfer of [number] of Special Voting Shares, numbered [number] up to and including [number] (the “Transfer Shares”) pursuant to the execution of this Deed.

 

DEFINITIONS AND INTERPRETATION

 

Article 1

 

1.1                              In this Deed the following definitions shall apply:

 

	
Deed
    	
 
    	
This deed of transfer.
    
	
 
    	
 
    	
 
    
	
Parties
    	
 
    	
The parties to this Deed.
    
	
 
    	
 
    	
 
    
	
Special   Voting Agreement
    	
 
    	
The special voting agreement entered into by the Voting Depository and   the Company, dated [date]   2014.
    
	
 
    	
 
    	
 
    
	
Transfer   Shares
    	
 
    	
Has the meaning set out in recital D.
    

 

1.2                              Capitalised words and expressions not defined in this Deed shall have the meanings ascribed to them in the Special Voting Agreement.

 

1.3                              Words denoting the singular shall have a similar meaning when used in the plural and vice versa.

 

1.4                              Words denoting one gender shall include each other gender.

 

1.5                              No provision of this Deed shall be interpreted adversely against a Party solely because that Party was responsible for drafting that particular provision.

 

1.6                              Although this Deed has been drafted in the English language, this Deed pertains to Dutch legal concepts. Any consequence of the use of English words and expressions in this Deed under any law other than Dutch law shall be disregarded.

 

1.7                              The words “include”, “included” and “including” are used to indicate that the matters listed are not a complete enumeration of all matters covered.

 

1.8                              The titles and headings in this Deed are for construction purposes as well as for reference. No Party may derive any rights from such titles and headings.

 

44

 

TRANSFER

 

Article 2

 

2.1                              In satisfaction of its obligation to transfer the Transfer Shares pursuant to the Special Voting Agreement, the Company hereby transfers the Transfer Shares to the Voting Depository.

 

2.2                              The Voting Depository hereby declares to hereby accept the Transfer Shares.

 

ACKNOWLEDGMENT

 

Article 3

 

The Company has taken cognisance of and hereby acknowledges the transfer of the Transfer Shares.

 

REGISTER

 

Article 4

 

The Company shall enter the present transfer of the Transfer Shares in its shareholders register immediately following the execution of this Deed.

 

NO RECISSION

 

Article 5

 

The Parties exclude every possibility to rescind and dissolve this Deed for any reason whatsoever.

 

GOVERNING LAW AND JURISDICTION

 

Article 6

 

6.1                              This Deed shall be governed by and construed in accordance with the laws of the Netherlands.

 

6.2                              The Parties agree that any dispute in connection with this Deed or any agreement resulting therefrom shall be submitted to the exclusive jurisdiction of the competent court in Amsterdam.

 

(signature page follows)

 

45

 

Signature page to a deed of transfer

 

 

	
 
    	
 
    
	
 
    	
 
    
	
Cnova N.V.
    	
 
    
	
 
    	
 
    	
 
    
	
Name
    	
:
    	
 
    
	
 
    	
 
    	
 
    
	
Title
    	
:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Stichting Cnova Special Voting Shares
    	
 
    
	
 
    	
 
    	
 
    
	
Name
    	
:
    	
 
    
	
 
    	
 
    	
 
    
	
Title
    	
:
    	
 
    

 

46

 

ANNEX D - EXERCISE NOTICE

 

To:

Cnova N.V.

Attn. Board of Directors

Professor Dr Dorgelolaan 30D

5613 AM Eindhoven

The Netherlands

 

[Date]

 

Dear Sirs,

 

Reference is made to the Special Voting Agreement between Cnova N.V., Stichting Cnova Special Voting Shares, Casino, Guichard-Perrachon S.A., Companhia Brasileira de Distribuição S.A., Via Varejo S.A., Almacenes Éxito, Germán Pasquale Quiroga Vilardo, Eduardo Khair Chalita, Marneylectro B.V., Marneylectro S.à r.l. and Nova Pontocom Comércio Eletrônico S.A. dated [•] 2014 (the “Agreement”). Capitalised terms used in this letter shall have the same meaning ascribed to such terms in the Agreement.

 

This is an Exercise Notice.

 

Pursuant to the Voting Depository Articles and the Terms, we are under an obligation to issue DRs to one or more Qualifying Shareholders. In connection with such anticipated issue of DRs, the undersigned hereby exercises the Call Option with respect to [number] Special Voting Shares, which according to Recorded Information obtained on the date hereof, is a number not exceeding the Maximum Number.

 

We hereby request that you, in accordance with the terms of the Agreement, issue and/or transfer the above-mentioned number of Special Voting Shares to us by executing a Call Option Deed of Issue and/or a Call Option Deed of Transfer, as the case may be, as soon as possible but ultimately within five (5) Trading Days after the date of this Exercise Notice.

 

This Exercise Notice shall be governed by and construed in accordance with the laws of the Netherlands. Any dispute arising out of or in connection with this Exercise Notice shall be settled in accordance with the relevant provisions of the Agreement.

 

47

 

Yours faithfully,

 

 

	
 
    	
 
    	
 
    
	
Stichting Cnova Special Voting Shares
    	
 
    
	
By
    	
:
    	
 
    
	
Title
    	
:
    	
 
    
	
Date
    	
:
    	
 
    

 

48

 

ANNEX E - INITIAL DR DEED OF ISSUE

 

DEED OF ISSUE OF SPECIAL VOTING DEPOSITORY RECEIPTS

 

Dated                           , 2014

 

THE UNDERSIGNED

 

1.                                     Casino, Guichard-Perrachon S.A., a company under French law, having its seat at 1 Esplanade de France, 42000 Saint-Etienne (France), registered in the Registry of Commerce and Companies under 554 501 171 R.C.S. Saint-Etienne (“CGP”);

 

2.                                     Almacenes Éxito S.A., a company under the laws of Colombia, having its headquarters at Envigado, Department of Antioquia (Colombia), registered with the companies registry under number 1998951 (“Exito”);

 

3.                                     Marneylectro B.V., a private company with limited liability under Dutch law, having its corporate seat in Amsterdam (address: Schiphol Boulevard 231, 1118 BH Schiphol (the Netherlands), trade register number: 60838892) (“Dutch Holdco”); and

 

4.                                     Stichting Cnova Special Voting Shares, a foundation (stichting) under Dutch law, having its corporate seat in Amsterdam (address: 1118 BH Schiphol, Schiphol Boulevard 231 (the Netherlands), trade register number: 61668249) (the “Voting Depository”).

 

RECITALS

 

A.                                   CGP is the holder of the Ordinary Shares 1, Exito is the holder of the Ordinary Shares 2 and Dutch Holdco is the holder of the Ordinary Shares 3.

 

B.                                   The Ordinary Shares qualify as Qualifying Shares.

 

C.                                   By private deed to be executed on or about the date hereof, the Company shall issue 412,114,952 Special Voting Shares, numbered 1 up to and including 412,114,952 (the “Initial Issue Shares”), to the Voting Depository, under the condition precedent (opschortende voorwaarde) of the occurrence of and effective as of completion of the IPO.

 

49

 

D.                                   In giving effect to its obligations under the Special Voting Agreement, the Voting Depository shall hereby issue the respective Initial Issue DRs to the Subscribers in accordance with the provisions of this Deed.

 

NOW HEREBY AGREE AND DECLARE AS FOLLOWS

 

DEFINITIONS AND INTERPRETATION

 

Article 1

 

1.1                              In this Deed the following definitions shall apply:

 

	
Deed
    	
 
    	
This deed of issue.
    
	
 
    	
 
    	
 
    
	
Initial   Issue DRs
    	
 
    	
The Initial Issue DRs 1, the Initial Issue   DRs 2 and the Initial Issue DRs 3 collectively.
    
	
 
    	
 
    	
 
    
	
Initial   Issue DRs 1
    	
 
    	
220,481,500 DRs,   numbered 1 up to and including 417,060 and 900,001 up to and including   191,457,009, to be issued in respect of the Special Voting Shares with   numbers 1 up to and including 417,060 and 900,001 up to and including   191,457,009.
    
	
 
    	
 
    	
 
    
	
Initial   Issue DRs 2
    	
 
    	
659,383 DRs, numbered   898,561 up to and including 900,000 and 191,457,010 up to and including   192,114,952, to be issued in respect of the Special Voting Shares with   numbers 898,561 up to and including 900,000 and 191,457,010 up to and   including 192,114,952.
    
	
 
    	
 
    	
 
    
	
Initial   Issue DRs 3
    	
 
    	
190,974,069 DRs,   numbered 417,061 up to and including 898,560 and 192,114,953 up to and   including 412,114,952, to be issued in respect of the Special Voting Shares   with numbers 417,061 up to and including 898,560 and 192,114,953 up to and   including 412,114,952.
    
	
 
    	
 
    	
 
    
	
Ordinary   Shares
    	
 
    	
The Ordinary Shares   1, the Ordinary Shares 2 and the Ordinary Shares 3 collectively.
    
	
 
    	
 
    	
 
    
	
Ordinary   Shares 1
    	
 
    	
190,974,069 ordinary   shares in the capital of the Company, having a nominal value of five eurocent   (EUR 0.05) each, numbered 1 up to and including 417,060 and 900,001 up to and   including 191,457,009.
    

 

50

 

	
Ordinary   Shares 2
    	
 
    	
659,383 ordinary   shares in the capital of the Company, having a nominal value of five eurocent   (EUR 0.05) each, numbered 898,561 up to and including 900,000 and 191,457,010   up to and including 192,114,952.
    
	
 
    	
 
    	
 
    
	
Ordinary   Shares 3
    	
 
    	
220,481,500 ordinary   shares in the capital of the Company, having a nominal value of five eurocent   (EUR 0.05) each, numbered 417,061 up to and including 898,560 and 192,114,953   up to and including 412,114,952.
    
	
 
    	
 
    	
 
    
	
Parties
    	
 
    	
The parties to this Deed.
    
	
 
    	
 
    	
 
    
	
Special   Voting Agreement
    	
 
    	
The special voting agreement entered into by, inter alia,   the Voting Depository and the Company, dated [date] 2014.
    
	
 
    	
 
    	
 
    
	
Subscribers
    	
 
    	
CGP, Exito and Dutch   Holdco individually or jointly, as the case may be.
    

 

1.1                              Capitalised words and expressions not defined in this Deed shall have the meanings ascribed to them in the Special Voting Agreement.

 

1.2                              Words denoting the singular shall have a similar meaning when used in the plural and vice versa.

 

1.3                              Words denoting one gender shall include each other gender.

 

1.4                              No provision of this Deed shall be interpreted adversely against a Party solely because that Party was responsible for drafting that particular provision.

 

1.5                              Although this Deed has been drafted in the English language, this Deed pertains to Dutch legal concepts. Any consequence of the use of English words and expressions in this Deed under any law other than Dutch law shall be disregarded.

 

1.6                              The words “include”, “included” and “including” are used to indicate that the matters listed are not a complete enumeration of all matters covered.

 

1.7                              The titles and headings in this Deed are for construction purposes as well as for reference. No Party may derive any rights from such titles and headings.

 

51

 

AGREEMENT TO ISSUE DRS

 

Article 2

 

Subject to the conditions laid down in this Deed and in giving effect to its obligations under the Terms, the Voting Depository hereby agrees to issue under the condition precedent (opschortende voorwaarde) of the issuance of the Initial Issue Shares becoming unconditional:

 

a.                                      the Initial Issue DRs 1 to CGP;

 

b.                                      the Initial Issue DRs 2 to Exito;

 

c.                                       the Initial Issue DRs 3 to Dutch Holdco,

 

who hereby agree to accept the same from the Voting Depository under that same condition precedent.

 

ISSUANCE

 

Article 3

 

3.1                              In giving effect to its obligations under Article 2, subject to the Terms, and under the condition precedent (opschortende voorwaarde) of the issuance of the Initial Issue Shares becoming unconditional, the Voting Depository hereby issues:

 

a.                                       the Initial Issue DRs 1 to CGP;

 

b.                                       the Initial Issue DRs 2 to Exito;

 

c.                                        the Initial Issue DRs 3 to Dutch Holdco,

 

who whereby accept the same from the Voting Depository under that same condition precedent.

 

3.2                              The Initial Issue DRs have been issued (i) with the Company’s cooperation and (ii) subject to the Terms.

 

3.3                              Each Subscriber hereby accepts and confirms the applicability of the Terms (including explicitly the granting on each Subscriber’s behalf of the power of attorney referred to in article 5.7 of the Terms) and agrees to be bound by and act in accordance with the Terms.

 

DR REGISTER

 

Article 4

 

4.1                              Immediately following the execution of this Deed, the Voting Depository shall enter the issue of the Initial Issue DRs in the DR Register.

 

52

 

4.2                              By completing the section Notice Information on the signature page to this Deed, each Subscriber complies with its obligation to provide the relevant particulars referred to in article 3.3 of the Terms.

 

NO RECISSION

 

Article 5

 

The Parties exclude every possibility to rescind and dissolve this Deed for any reason whatsoever.

 

GOVERNING LAW AND JURISDICTION

 

Article 6

 

6.1                              This Deed shall be governed by and construed in accordance with the laws of the Netherlands.

 

6.2                              The Parties agree that any dispute in connection with this Deed or any agreement resulting therefrom shall be submitted to the exclusive jurisdiction of the competent court in Amsterdam.

 

(signature page follows)

 

53

 

Signature page to a deed of issue

 

	
Casino   Guichard-Perrachon S.A.
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Name
    	
:
    	
 
    	
 
    	
 
    	
 
    
	
Title
    	
:
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Notice Information
    	
 
    	
 
    	
 
    
	
Address:
    	
:
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
E-mail
    	
:
    	
 
    	
 
    	
 
    	
 
    
	
Attention
    	
:
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Almacenes   Éxito S.A.
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Name
    	
:
    	
 
    	
 
    	
 
    	
 
    
	
Title
    	
:
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Notice Information
    	
 
    	
 
    	
 
    
	
Address:
    	
:
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
E-mail
    	
:
    	
 
    	
 
    	
 
    	
 
    
	
Attention
    	
:
    	
 
    	
 
    	
 
    	
 
    

 

54

 

	
Marneylectro   B.V.
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name
    	
:
    	
 
    	
 
    	
 
    	
 
    
	
Title
    	
:
    	
 director A
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name
    	
:
    	
 
    	
 
    	
 
    	
 
    
	
Title
    	
:
    	
 director B
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Notice Information
    	
 
    	
 
    	
 
    
	
Address:
    	
:
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
E-mail
    	
:
    	
 
    	
 
    	
 
    	
 
    
	
Attention
    	
:
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Stichting   Cnova Special Voting Shares
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name
    	
:
    	
 
    	
 
    	
 
    	
 
    
	
Title
    	
:
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Name
    	
:
    	
 
    	
 
    	
 
    	
 
    
	
Title
    	
:
    	
 
    	
 
    	
 
    	
 
    

 

55

 

ANNEX F - DR DEED OF ISSUE

 

DEED OF ISSUE OF SPECIAL VOTING DEPOSITORY RECEIPTS

 

Dated                        

 

THE UNDERSIGNED

 

1.                                     [details Subscriber] (the “Subscriber”);

 

2.                                     Stichting Cnova Special Voting Shares, a foundation (stichting) under Dutch law, having its corporate seat in Amsterdam (address: 1118 BH Schiphol, Schiphol Boulevard 231 (the Netherlands), trade register number: 61668249) (the “Voting Depository”).

 

RECITALS

 

A.                                   The Subscriber is the holder of the Ordinary Shares.

 

B.                                   The Ordinary Shares qualify as Qualifying Shares.

 

C.                                   On [date], the Voting Depository sent an Exercise Notice to the Company pursuant to which the Call Option was exercised with respect to [number] Special Voting Shares.

 

D.                                   In furtherance of the exercise of the Call Option by sending the above-mentioned Exercise Notice, and by private deed executed on [the date hereof], the Company issued [number] Special Voting Shares to the Voting Depository, numbered [number] up to and including [number] (the “Issued Special Voting Shares”).

 

E.                                   In giving effect to its obligations under the Special Voting Agreement, the Voting Depository shall hereby issue [number] DRs, numbered [number] up to and including [number] (the “Issue DRs”) to the Subscriber in respect of the Issued Special Voting Shares, all in accordance with the provisions of this Deed.

 

NOW HEREBY AGREE AND DECLARE AS FOLLOWS

 

DEFINITIONS AND INTERPRETATION

 

Article 1

 

1.1                              In this Deed the following definitions shall apply:

 

56

 

	
Deed
    	
 
    	
This deed of issue.
    
	
 
    	
 
    	
 
    
	
Issue   DRs
    	
 
    	
Has the meaning set out in the recitals.
    
	
 
    	
 
    	
 
    
	
Issued   Special Voting  Shares
    	
 
    	
Has the meaning set out in the recitals.
    
	
 
    	
 
    	
 
    
	
Ordinary   Shares
    	
 
    	
[number]   ordinary shares in the capital of the Company, having a nominal value of five   eurocent (EUR 0.05) each and numbered [number]   up to and including [number].
    
	
 
    	
 
    	
 
    
	
Parties
    	
 
    	
The parties to this Deed.
    
	
 
    	
 
    	
 
    
	
Special   Voting Agreement
    	
 
    	
The special voting agreement entered into by, inter alia,   the Voting Depository and the Company, dated [date] 2014.
    

 

1.2                              Capitalised words and expressions not defined in this Deed shall have the meanings ascribed to them in the Special Voting Agreement.

 

1.3                              Words denoting the singular shall have a similar meaning when used in the plural and vice versa.

 

1.4                              Words denoting one gender shall include each other gender.

 

1.5                              No provision of this Deed shall be interpreted adversely against a Party solely because that Party was responsible for drafting that particular provision.

 

1.6                              Although this Deed has been drafted in the English language, this Deed pertains to Dutch legal concepts. Any consequence of the use of English words and expressions in this Deed under any law other than Dutch law shall be disregarded.

 

1.7                              The words “include”, “included” and “including” are used to indicate that the matters listed are not a complete enumeration of all matters covered.

 

1.8                              The titles and headings in this Deed are for construction purposes as well as for reference. No Party may derive any rights from such titles and headings.

 

AGREEMENT

 

Article 2

 

Subject to the conditions laid down in this Deed and in giving effect to its obligations under the Terms, the Voting Depository hereby agrees with the Subscriber to issue the Issue DRs to the Subscriber who hereby agrees to accept the same from the Voting Depository.

 

57

 

ISSUANCE

 

Article 3

 

3.1                              In giving effect to its obligations under Article 2 and subject to the Terms, the Voting Depository hereby issues the Issue DRs to the Subscriber, who whereby accepts the same from the Voting Depository.

 

3.2                              The Issue DRs have been issued (i) with the Company’s cooperation and (ii) subject to the Terms.

 

3.3                              The Subscriber hereby accepts and confirms the applicability of the Terms (including explicitly the power of attorney referred to in article [5.7] of the Terms) and agrees to be bound by and act in accordance with the Terms.

 

DR REGISTER

 

Article 4

 

4.1                              Immediately following the execution of this Deed, the Voting Depository shall enter the issue of the Issue DRs in the DR Register.

 

4.2                              By completing the section Notice Information on the signature page to this Deed, the Subscriber complies with its obligation to provide the relevant particulars referred to in article [3.3] of the Terms.

 

NO RECISSION

 

Article 5

 

The Parties exclude every possibility to rescind and dissolve this Deed for any reason whatsoever.

 

GOVERNING LAW AND JURISDICTION

 

Article 6

 

6.1                              This Deed shall be governed by and construed in accordance with the laws of the Netherlands.

 

6.2                              The Parties agree that any dispute in connection with this Deed or any agreement resulting therefrom shall be submitted to the exclusive jurisdiction of the competent court in Amsterdam.

 

(signature page follows)

 

58

 

Signature page to a deed of issue

 

	
[name Subscriber]
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name
    	
:
    	
 
    	
 
    
	
Title
    	
:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Notice Information
    	
 
    
	
Address:
    	
:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
E-mail
    	
:
    	
 
    	
 
    
	
Attention
    	
:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Stichting   Cnova Special Voting Shares
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name
    	
:
    	
 
    	
 
    
	
Title
    	
:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name
    	
:
    	
 
    	
 
    
	
Title
    	
:
    	
 
    	
 
    

 

59

 

ANNEX G - VOTING DEPOSITORY ARTICLES OF ASSOCIATION

 

60

 

ANNEX H - TERMS AND CONDITIONS

 

61

 

ANNEX I - POWER OF ATTORNEY

 

To:

Cnova N.V.

Attn. Board of Directors

Professor Dr Dorgelolaan 30D

5613 AM Eindhoven

The Netherlands

 

and

 

Stichting Cnova Special Voting Shares

Attn. Board of Directors

 

Date:        [·]

 

Re: Power of Attorney

 

Dear Sirs,

 

Reference is made to the Special Voting Agreement between Cnova N.V., Stichting Cnova Special Voting Shares, Casino, Guichard-Perrachon S.A., Companhia Brasileira de Distribuição S.A., Via Varejo S.A., Almacenes Éxito, Germán Pasquale Quiroga Vilardo, Eduardo Khair Chalita, Marneylectro B.V., Marneylectro S.à r.l. and Nova Pontocom Comércio Eletrônico S.A. dated [·] 2014 (the Agreement). Capitalised terms used in this letter shall have the same meaning ascribed to such terms in the Agreement.

 

The undersigned hereby irrevocably authorizes and instructs the each of the Voting Depository and the Company to represent the undersigned and act on his behalf in connection with any act (including an issuance, allocation, acquisition, transfer and/or cancellation of any Special Voting Depository Receipts) required under the Terms.

 

The Voting Depository and Company, in their respective capacity as attorneys under this power of attorney, may act as counterparty of the undersigned. This power of attorney is granted with full power of substitution.

 

This power of attorney is governed by the laws of the Netherlands.

 

	
Yours faithfully,
    	
 
    
	
[name]
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    
	
Title:
    	
 
    

 

62

 

ANNEX J - ACCEPTANCE OF TERMS AND CONDITIONS AND ADHERENCE TO AGREEMENT

 

To:

Cnova N.V.

Attn. Board of Directors

Professor Dr Dorgelolaan 30D

5613 AM Eindhoven

The Netherlands

 

Date:        [·]

 

Re: Acceptance Terms and Conditions and adherence to Agreement

 

Dear Sirs,

 

Reference is made to the Special Voting Agreement between Cnova N.V., Stichting Cnova Special Voting Shares, Casino, Guichard-Perrachon S.A., Companhia Brasileira de Distribuição S.A., Via Varejo S.A., Almacenes Éxito, Germán Pasquale Quiroga Vilardo, Eduardo Khair Chalita, Marneylectro B.V., Marneylectro S.à r.l. and Nova Pontocom Comércio Eletrônico S.A. dated [·] 2014 (the Agreement). Capitalised terms used in this letter shall have the same meaning ascribed to such terms in the Agreement.

 

The undersigned represents to Cnova N.V. that it is at least at least 90% Controlled by the following Founding Shareholder:          

 

The undersigned confirms to have received a copy of the Terms and the Voting Depository Articles and accepts to be bound by the Terms, which include:

 

a.                                      the suspension by the Voting Depository of a DR Holder’s rights under Article 15 of the Voting Depository Articles in case such DR Holder has violated any obligation or requirement under the Voting Depository Articles and/or the Terms;

 

b.                                      the revocation by the Voting Depository of any Voting Proxy granted to, or rejection or disregarding of any Voting Instruction given by, a DR Holder, in case such DR Holder has violated any of obligation or requirement under the Voting Depository Articles and/or the Terms; and

 

c.                                       the transfer restrictions applicable to the DRs pursuant Article 6 of the Terms.

 

63

 

The undersigned furthermore irrevocably undertakes towards and for the benefit of the Parties (and every other person who assumes at any time any rights and obligations under the Agreement) to be bound by the Agreement in all respects as if the undersigned was a Party to the Agreement and named in it as Initial Permitted Intermediate Holding Company and to observe and perform all the provisions and obligations of the Agreement applicable to or binding on the Initial Permitted Intermediate Holding Companies under the Agreement insofar as they are to be observed or performed on or after the date of this letter. This Deed of Adherence is made for the benefit of all Parties to the Agreement.

 

	
Yours faithfully,
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
[name]
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    
	
Title:
    	
 
    

 

64

 

ANNEX K - DE-REGISTRATION FORM

 

To:

Cnova N.V.

Attn. Board of Directors

Professor Dr Dorgelolaan 30D

5613 AM Eindhoven

The Netherlands

 

De-Registration Form

 

This De-Registration Form is an Annex to the Special Voting Agreement between Cnova N.V., Stichting Cnova Special Voting Shares, Casino, Guichard-Perrachon S.A., Companhia Brasileira de Distribuição S.A., Via Varejo S.A., Almacenes Éxito, Germán Pasquale Quiroga Vilardo, Eduardo Khair Chalita, Marneylectro B.V., Marneylectro S.à r.l. and Nova Pontocom Comércio Eletrônico S.A. dated [·] 2014 (the “Agreement”). Capitalised terms used in this De-Registration Form shall have the same meaning ascribed to such terms in the Agreement.

 

This De-Registration Form shall be completed and signed in accordance with the instructions contained herein, to request de-registration of the relevant Qualifying Shares from the Founders Share Register.

 

Details of undersigned

 

	
(for entities)
    	
 
    	
 
    
	
Name
    	
:
    	
 
    
	
Registered address
    	
:
    	
 
    
	
Tel.
    	
:
    	
 
    
	
E-mail
    	
:
    	
 
    
	
 
    	
 
    	
 
    
	
(for individuals)
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Name
    	
:
    	
 
    
	
Date of birth
    	
:
    	
 
    
	
Place of birth
    	
:
    	
 
    
	
Tel.
    	
:
    	
 
    
	
E-mail
    	
:
    	
 
    

 

65

 

Qualifying Shares

 

	
No. of Qualifying Shares
    	
:
    	
 
    
	
Numbered                        
    	
through        
    

 

Acknowledgement and waiver

 

By submitting this De-Registration Form, the undersigned:

 

·                                         requests de-registration of the Qualifying Shares identified above from the Founders Share Register;

 

·                                         waives its right to use any Voting Proxy or to give Voting Instructions in respect of the Special Voting Shares that are stapled to the Qualifying Shares identified above;

 

·                                         acknowledges that the Ordinary Shares that are stapled to the Qualifying Shares identified above shall no longer qualify as Qualifying Shares upon de-registration thereof from the Founders Share Register; and

 

·                                         acknowledges that the DRs stapled to the Special Voting Shares that are stapled to the Qualifying Shares identified above shall be cancelled upon de-registration of those Qualifying Shares from the Founders Share Register in accordance with the relevant provisions of the Agreement, the Voting Depository Articles and the Terms.

 

Governing law and jurisdiction

 

This De-Registration Form shall be governed by and construed in accordance with the laws of the Netherlands. Any dispute arising out of or in connection with this De-Registration Form or the de-registration contemplated thereby shall be settled in accordance with the relevant provisions of the Agreement.

 

 

	
 
    	
 
    
	
[name holder of Qualifying Shares]
    	
 
    
	
By
    	
:
    	
 
    
	
Title
    	
:
    	
 
    
	
Date
    	
:
    	
 
    

 

66

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00236-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00236-of-00352.parquet"}]]