Document:

Exhibit 10.11

 

EXECUTION COPY

 

(EBRD Operation Number: 48420)

 

Dated November 6, 2017

 

 

Letter Agreement

 

among

 

Original Shareholders

(as defined herein)

 

Üründül Shareholders

(as defined herein)

 

 

ELQ Investors VIII Ltd

 

and

 

European Bank for Reconstruction and Development

 

and

 

Clouse SA in respect to its Compartment 17

 

as Preferred Shareholders

 

 

and

 

TFI TAB Gıda Yatırımları A.Ş.

as Company

 

 

This Letter Agreement is made as a deed on November 6, 2017 

 

Among:

 

(1)                                 the individuals and legal entities listed in Schedule 1 (Original Shareholders) of the Shareholders’ Agreement (as defined below) (collectively, the “Original Shareholders”);

 

(2)                                 Ali Ömer Üründül, Duran Uğur, Mehmet Mert Üründül and Emine Aslı Üründül  (collectively, the “Üründül Shareholders”);

 

(the Original Shareholders and the Üründül Shareholders, collectively the “Ordinary Shareholders” and each an “Ordinary Shareholder” as defined below)

 

(3)                                 ELQ Investors VIII Ltd, a company incorporated in England and Wales with registered number 9182214 and whose registered office is at Peterborough Court, 133 Fleet Street, London, EC4A 2BB, United Kingdom (“ELQ”);

 

(4)                                 European Bank for Reconstruction and Development, an international organization formed by treaty and whose registered office is at One Exchange Square, London, EC2A 2JN, United Kingdom (“EBRD”);

 

(5)                                 Clouse S.A. in respect to its Compartment 17, a company incorporated in Luxembourg with registered number B 163904 and whose registered office is at 51, Avenue John F. Kennedy, L-1855, Luxembourg (“Clouse SA”);

 

(ELQ, EBRD and Clouse SA, each a “Preferred Shareholder” as defined below); and

 

(6)                                 TFI TAB Gıda Yatırımları A.Ş. a company incorporated in Turkey with registered number 331759 and whose registered office is at Dikilitaş Mahallesi, Emirhan Cad. A Blok No:109, Beşiktaş, Istanbul, Turkey (the “Company”, together with the parties listed in paragraphs (1)-(5) above, each a “Party” and together, the “Parties”)).

 

Whereas:

 

(A)                               The Original Shareholders, the Preferred Shareholders and the Company entered into a Shareholders’ Agreement on July 29, 2016 (the “Shareholders’ Agreement”) to regulate, among other things, the Preferred Shareholders’ shareholder rights and obligations as holders of 11,354,390,546 preference shares (“Preferred Class A Shares”), comprising 8.6% of the current issued share capital, of the Company.

 

(B)                               The Urundul Shareholders executed a Letter of Undertaking on December 8, 2016 whereby they agreed to be bound by and adhere to the terms of the Shareholders’ Agreement.

 

(C)                               On November 14, 2016, the Board resolved to initiate the preparatory work for an initial public offering of the Company’s shares (the “TFI IPO”), including the offering of certain shares held by the Equity Shareholders in the Company, and on August 15, 2017, pursuant to Clause 19 of the Shareholders’ Agreement, the Company has submitted the IPO Kick-Off Notice to the Preferred Shareholders.

 

(D)                               On September 20, 2017, the Company submitted to the U.S. Securities and Exchange Commission (“SEC”) a confidential draft preliminary registration statement on Form F-1 in order to register the TFI IPO with the SEC with a view to achieving a listing of its Ordinary Shares (directly or in the form of American depository shares) on the NASDAQ Stock Market (“NASDAQ”).

 

(E)                                In connection with the TFI IPO, the Preferred Class A Shares shall be converted  into Ordinary Shares (as defined below) at the applicable Conversion Ratio as provided in the Shareholders’ Agreement.

 

1

 

(F)                                 The Ordinary Shareholders and the Preferred Shareholders are hereby entering into this Letter Agreement in order to supplement and where necessary amend certain provisions of the Shareholders’ Agreement in relation to the abovementioned conversion.

 

It is agreed:

 

1.                                      Interpretation

 

1.1                               In this Agreement:

 

“AGM” has the meaning given in Clause 2.1;

 

“Business Day” means a day (other than a Saturday or Sunday or public holiday) when commercial banks are open for ordinary banking business in London, United Kingdom, New York, New York, and the Republic of Turkey;

 

“Company” has the meaning given in the preamble;

 

“Conversion Adjustment” has the meaning given in Clause 2.1; 

 

“Final Conversion” has the meaning given in Clause 2.1; 

 

“Initial Conversion” has the meaning given in Clause 2.1;  

 

“IPO Pricing Date” has the meaning given in Clause 2.1;

 

“New Articles” means the new articles of association of the Company in the agreed form attached hereto as Schedule 3 to be adopted prior to the TFI IPO

 

“Newly Issued Ordinary Share “has the meaning given in Clause 2.1

 

“Ordinary Share(s)” means the ordinary shares in the capital of the Company in issue from time to time;

 

“Ordinary Shareholder(s)” means the holders from time to time of Ordinary Shares; 

 

“Party” has the meaning given in the preamble;

 

“Preferred Class A Share(s)” means a total number of 11,354,390,546 shares pre-IPO mandatory convertible preferred shares (imtiyazlı hisse) in the capital of the Company that rank senior to the Ordinary Shares and were issued to the Preferred Shareholder(s) in accordance with the Shareholders’ Agreement;

 

“Preferred Shareholder(s)” means the holders from time to time of Preferred Class A Shares;

 

“Release” has the meaning given in Clause 5.1;

 

“Shareholders’ Agreement” has the meaning given in the preamble;

 

“Share Pledge Agreement” means the share pledge agreement entered into on 4 August  2016 by and between the Original Shareholders and the Preferred Shareholders under which the Original Shareholders provided a first ranking Turkish law share pledge over 41.5% of the issued and outstanding Ordinary Shares of the Company, which are held by the Original Shareholders;

 

“Step Plan” means the step plan set out at Schedule 4 of this Agreement; 

 

“Tranche 1 Shares” has the meaning given in Clause 2.1;

 

2

 

“Underwriting Agreement” means the underwriting agreement to be entered into by the Company and the underwriters for the TFI IPO

 

1.2                               All other defined terms that are not otherwise defined in this Agreement shall have the same meaning assigned to such terms in the Shareholders’ Agreement.

 

2.                                      QPO Conversion

 

2.1                               The Parties agree that Clauses 19.2 through 19.8 of the Shareholders’ Agreement are hereby deleted and replaced in their entirety with new Clauses 19.2 to 19.8 and a new Clause 19.9 is added as follows:

 

19.2                   On October 27, 2017, the Board called a general meeting of shareholders (“AGM”) at which the Equity Shareholders shall vote to approve the amendment of its Articles and to adopt the New Articles and for (i) a reverse stock split  (the “Reverse Stock Split”) of the Ordinary Shares so that every 100 Ordinary Shares shall be converted into one newly issued Ordinary Share (the “Newly Issued Ordinary Share”) and (ii) the cancellation of the preferences granted to the Preferred Class A Shares as a result of which, inter alia, each one hundred Preferred Class A Shares shall be converted into one Newly Issued Ordinary Share (the “Tranche 1 Shares”); each of the Preferred Shareholders agrees to give all required consents, to take all necessary actions and to vote all Preferred Class A Shares it then owns at the AGM to cause the Company to effect the Reverse Stock Split, to remove the preferences granted to Preferred Class A Shares, to convert the Preferred Class A Shares into Newly Issued Ordinary Shares, and to adopt the New Articles, as required by this Clause 19.2.

 

19.3                   Promptly after the AGM and the registration of the resolutions set out in Clause 19.2 with the Trade Registrar, the conversion shall take effect and, from that point, the Preferred Shareholders shall in addition to all their rights pursuant to the Shareholders’ Agreement retain the right to receive the corresponding Newly Issued Ordinary Shares. The Company shall take such actions as are set forth under steps #14 through #19 of the Step Plan, annexed hereto as Schedule 4, to register each Preferred Shareholder as the owner of its Tranche 1 Shares and to complete the initial conversion of the Preferred Class A Shares to Newly Issued Ordinary Shares (the “Initial Conversion”).

 

19.4                   Promptly after registration of the AGM resolutions with the Trade Registrar, each Preferred Class A Shareholder shall, as set out in Step #16 of the Step Plan, return for exchange and cancellation its share certificates for every hundred Preferred Class A Shares it holds against one Newly Issued Ordinary Share, to be delivered to it by the Company in contemplation of the QPO.

 

19.5                   Once the final IPO pricing has been ascertained and is a fixed amount (“IPO Pricing Date”) as set out in the executed underwriting agreement for the TFI IPO, the Company shall calculate the Conversion Ratio, the Conversion Shares and the number of additional Newly Issued Ordinary Shares, if any (the “Top-Up Shares”), which each Preferred Shareholder is entitled to receive based on the actual QPO Price, the number of such Top-Up Shares being equal to the number of Conversion Shares which that Preferred Shareholder is entitled to pursuant to the Shareholders’ Agreement, less the number of Tranche 1 Shares allocated to that Shareholder. For purposes of the calculation, each QPO Price per Ordinary Share set out in the definition of Eligible IRR in the Shareholders’ Agreement will be multiplied by one hundred to reflect the Reverse Stock Split.

 

3

 

19.6                   Korhan Kurdoğlu on behalf of the Original Shareholders and each Preferred Shareholder shall execute and deliver via e-mail a letter (a “Confirmation Letter”), a form of which is annexed hereto as Schedule 2, whereby pursuant to Clause 19.5 each Preferred Shareholder shall have agreed the number of Conversion Shares it is  entitled to receive and shall confirm that it agrees with the number of Top-Up Shares and Conversion Shares that it will receive. Schedule 1 sets forth an example calculation of the number of Top-Up Shares and Conversion Shares each Preferred Shareholder would receive based on hypothetical QPO Prices of USD 0.8719, USD 1.395 and USD 1.9182 per Ordinary Share, giving effect to the Reverse Stock Split.

 

19.7                   On the IPO Pricing Date, upon delivery by each Preferred Shareholder of the Confirmation Letter (but subject at all times to Clause 19.5), each Ordinary Shareholder shall sell to each Preferred Shareholder, at an aggregate consideration for all such shares sold of TL 1.00, such number of Top-Up Shares as that Preferred Shareholder is entitled to receive in accordance herewith (the “Conversion Adjustment”).

 

19.8                   The Company, the Board, the Preferred Shareholders and the Ordinary Shareholders shall take such actions as are required to cause the Conversion Adjustment and the associated transfers of Top-Up Shares to be completed within  such time as to allow any Top-Up Shares transferred to the Preferred Shareholders to be sold in the QPO (such sale being subject to the limits on the number of shares to be sold in the QPO, and the obligation on the Company to act as the agent of the Preferred Shareholders in connection with such sale, as set forth in Clause 20.2) prior to the commencement of trading in the Ordinary Shares (directly or in the form of American depository shares) in New York, New York the first day of trading thereof on the NASDAQ, as applicable (“Final Conversion”).

 

19.9                   On the first day of trading of the Company’s relevant securities at the  relevant Qualifying Exchange upon completion of a QPO in accordance with this clause 19, the Pledge shall automatically be released and shall cease to have any effect, and the Pledgees shall execute all documents, as may be necessary under the applicable law, to discharge the Pledgors from their liability thereunder, and shall deliver the Pledged Shares to the Original Shareholders by the latest 12 pm New York time on such first day of trading. The commencement of trading of the Company’s relevant securities on the relevant qualifying exchange shall satisfy the requirement of completion of a QPO.

 

2.2                               The parties agree that the provisions of Clause 28 shall, following completion of the QPO, be treated as follows:

 

(i)                                     Clause 28.1 shall no longer apply;

 

(ii)                                  Clause 28.2 shall continue to apply;

 

(iii)                               Clause 28.3 shall be deleted and replaced with the following wording: “The Company and the Original Shareholders shall notify EBRD if the Company or any Original Shareholder obtains (i) any information regarding a violation of Clause 24.1(vi) or Clause 28.12 of this Agreement or (ii) if any international financial institution has imposed any sanction on the Company for any Prohibited Practice, provided that such information regarding either (i) or (ii) above is publicly available. If EBRD notifies the Company of its concern that there has been a violation of such Clause 24.1(vi) or Clause 28.12, the Company and the Original Shareholders shall appoint an independent external expert to determine whether such a violation has occurred. The Company and the Original Shareholders shall respond promptly and in reasonable detail to any such notice from EBRD and, if requested by EBRD, shall disclose the factual  findings  and conclusions  of  the independent external expert;  provided  that

 

4

 

neither the Company nor any Original Shareholder shall be required to disclose to EBRD any material information with respect to the Company that has not been previously publicly disclosed unless the EBRD shall first have given written acknowledgement that it agrees to keep such information confidential and to refrain from trading in the Company’s securities for so long as such information remains non-public.”

 

(iv)                              Clause 28.4 shall no longer apply;

 

(v)                                 The obligations and undertakings set out in Clause 28.5 shall no longer apply;

 

(vi)                              Clause 28.6 shall no longer apply;

 

(vii)                           Clause 28.7 shall continue to apply;

 

(viii)                        Clause 28.8 to Clause 28.11 (inclusive) shall no longer apply;

 

(ix)                              Clause 28.12 to Clause 28.17 (inclusive) shall continue to apply as between the Company and EBRD, and unless expressly prohibited from doing so by applicable law or regulation, the Company shall continue to be obliged to make disclosures to EBRD as contemplated by such undertakings; provided that neither the Company nor any Original Shareholder shall be required to disclose to EBRD any material information with respect to the Company that has not been previously publicly disclosed unless EBRD shall first have given written acknowledgement that it agrees to keep such information confidential and to refrain from trading in the Company’s securities for so long as such information remains non-public.”;

 

(x)                                 Clause 28.18 shall no longer apply;

 

(xi)                              Clause 28.19 shall continue to apply;

 

(xii)                           Clause 28.20 and Clause 28.21 shall no longer apply; and

 

(xiii)                        Upon completion of the QPO, the provisions of Clause 29 shall also be disapplied.

 

2.3                               The Parties agree that, except where expressly amended by Clauses 2.1 and 2.2 above and 3 below the Shareholders’ Agreement shall remain in full force and effect in accordance with  its terms.

 

3.                                      Reinstatement of the Preferred Shares

 

3.1                               The Parties agree that Clause 19.12 of the Shareholders’ Agreement shall be amended and restated as follows:

 

19.12    If at any time after the Initial Conversion:

 

(i)                                     the IPO Working Group decides to discontinue the TFI IPO; or

 

(ii)                                  the TFI IPO is not successfully completed by June 30, 2018, whichever is earlier;

 

the Parties shall procure as soon as practicable that actions provided under Clauses 19.1 to 19.9 (other than the Reverse Stock Split), to the extent possible, are reversed  to put the Parties in the respective positions they would have been in if such actions had never been performed, including but not limited to the exercise by all Equity Shareholders of their voting rights and any and all powers vested in them as Equity Shareholders and/or Directors of the Company and any other powers of control available to them in any capacity whatsoever:

 

5

 

(i)                                    to ensure that the conversion of the Preferred Class A Shares held by all the Preferred Shareholders is unwound and that each Preferred Shareholder is issued such number of new Preferred Class A Shares equal to one-hundredth of the number of Preferred Class A Shares that were held by such Preferred Shareholder prior to the actions contemplated by this Clause 19 (QPO Conversion), reflecting the Reverse Stock Split and ensuring that following such unwind the percentage ownership interests in the Company of each of  the Preferred Shareholders are equal to their respective percentage ownership interests in the Company immediately prior to the Reverse Stock Split;

 

(ii)                                 to approve and effect any amendments to the Articles so as to restore the Preferred Shareholders to an equivalent position as regards their economic and voting interests in the Company prior to the conversion, including the reinstatement of the percentage for exercise of minority rights arising from  the Turkish Commercial Code No. 6102 as a number equal to or higher than the majority of the Preferred Class A Shares after reinstatement, provided, however, that Article 15 of the Articles shall be reinstated as  revised  as agreed between the Parties; and

 

(iii)                              to ensure that any and all economic, voting and contractual rights held by the Preferred Shareholders pursuant to the terms of the Shareholders’ Agreement are subsisting and in full force and effect following the actions contemplated by this Clause 19.12 and that any such rights will be held by the Preferred Shareholders in the same proportions as each of their percentage ownership interests in the Company as set out in Clause 3.1(i).above.

 

4.                                      Amendment of definitions

 

4.1                               The Parties agree that the definition of “Qualifying Exchange” under Clause 1.1 of the Shareholders’ Agreement shall be amended and restated as follows:

 

“Qualifying Exchange” means (i) the New York Stock Exchange, the NASDAQ, the Borsa Istanbul, the London Stock Exchange, the Hong Kong Stock Exchange (provided that no listing will take place on the Borsa Istanbul without the prior written consent of the Preferred Shareholders holding equal to or more than 50% of the Preferred Class A Shares in issue at the time, such consent not to be unreasonably withheld, provided that it shall be reasonable to withhold consent if listing on Borsa Istanbul would be reasonably likely to create adverse tax consequences for any of  such Preferred Shareholders at the time of the listing or at the time of any such Preferred Shareholder’s exit of its stake in the Company on or following an IPO); or (ii) any other stock exchange to which the prior written consent has been obtained from the Preferred Shareholders holding 75% or more in value of the Preferred Class A Shares in issue at the time;

 

5.                                      Amendment of the Share Pledge Agreement

 

5.1                               The Parties agree that Clause 10.1 of the Share Pledge Agreement shall be amended and restated as follows:

 

10.1 When the Secured Obligations have been fully, finally, unconditionally and irrevocably satisfied or discharged in full or when the Secured Obligations cease to exist or upon the termination of the Shareholders’ Agreement as set out in Clause 35 (Duration and Termination) of the Shareholders’ Agreement, due to:

 

6

 

(i)                                    agreement of the Company, the Original Shareholders and the Preferred Shareholders in writing to terminate the Shareholders’ Agreement,

 

(ii)                                 full redemption of Preferred Class A Shares in accordance with Clause 14 (Redemption) of the Shareholders’ Agreement,

 

(iii)                              occurrence of the Put Option Completion in accordance with Clause 16 (Grant and Exercise of the Put Option) of the Shareholders’ Agreement, then within 3 (three) Business Days upon written request by the Pledgors, or

 

(iv)                             completion of a QPO (as such term is defined in the Shareholders’ Agreement) in accordance with Clause 19 of the Shareholders’ Agreement, being on the first day of trading of the Company’s securities at the relevant Qualifying Exchange,

 

the Pledge shall automatically be released and shall cease to have any effect, and the Pledgees shall execute all documents, as may be necessary under the applicable law,  to discharge the Pledgors from their liability hereunder, and deliver the  Pledged Shares to the Original Shareholders (in the case of (iv) above, by the latest 12 pm  New York time on such first day of trading) (the “Release”).

 

6.                                      Representation and Warranties of the Parties

 

6.1                               In connection with the Initial Conversion and the Final Conversion:

 

(A)                               TFI represents and warrants that (a) it is a foreign private issuer within the meaning of Rule 405 under the U.S. Securities Act of 1933, as amended (the Securities Act); (b) there is no substantial U.S. market interest in respect of any class of its equity securities within the meaning of Regulation S under the Securities Act (Regulation S); and (c) it is not an “investment company” under, and as such term is defined in, the U.S. Investment Company Act of 1940, as amended, and the rules and regulations thereunder; and

 

(B)                               Each Party represents, warrants and agrees that (a) it has not paid or given and will not pay or give any commission or other  remuneration, directly or indirectly, for soliciting the Initial Conversion or the Final Conversion (each a “Transaction” and, together, the “Transactions”); (b) none of that Party, any of that Party’s Affiliates, or any person acting on its or their behalf has engaged or will engage in directed selling efforts within the meaning of Regulation S with respect to either Transaction; (c) each of the Transactions is intended to constitute an offshore transaction within the meaning of Regulation S, and accordingly (i) such Party neither has made nor will make any offer of securities as part of either Transaction to a person in the United States; and (ii) at the time the order to exchange securities in either Transaction is given, the Party giving such order is located outside the United States; (d) it has not offered and sold and will not offer or sell any securities to be  received by it in either Transaction except: (i) pursuant to an  effective registration statement under the Securities Act;  (ii)  pursuant to an available exemption from the registration requirements of the Securities Act; or (iii) outside the United States, in a  transaction not subject to the registration requirements of the Securities Act by virtue of Regulation S.

 

7

 

6.2                               Each Party as to itself further represents and warrants to the other Parties that:

 

(A)                               Other than in the case of EBRD, to the extent it is a legal entity, it is  a company duly incorporated and validly existing under its place of incorporation;

 

(B)                               that in the case of EBRD only, it is an international entity formed by international treaty;

 

(C)                               that Party has the necessary power and authority to enter into and perform this Agreement; and

 

(D)                               the execution, delivery and performance by that Party of its obligations under this Agreement will not result in a material breach of: (i) to the extent it is a legal entity, any provision of its articles of association or equivalent constitutional documents; or (ii) so far as it is aware, any order, judgment or decree of any court or governmental or regulatory authority by which it is bound.

 

7.                                      Provisions specific to EBRD

 

7.1                               Nothing in this Agreement shall be construed as a waiver, renunciation or other modification of any immunities, privileges or exemptions of EBRD accorded under the Agreement Establishing the European Bank for Reconstruction and Development, international convention or any applicable law. Notwithstanding the foregoing, EBRD has  made  an express submission to arbitration under Clause 47 of the Shareholders’ Agreement and accordingly, and without prejudice to its other privileges and immunities (including, without limitation, the inviolability of its archives), it acknowledges that it does not have immunity from suit and legal process under Article 5(2) of Statutory Instrument 1991, No. 757 (The European Bank for Reconstruction and Development (Immunities and Privileges) Order 1991), or any similar provision under English law, in respect of the enforcement of an arbitration award duly made against it as a result of its express submission to arbitration pursuant to Clause 47 of the Shareholders’ Agreement (Governing Law and Settlement of Disputes).

 

8.                                      Miscellaneous

 

8.1                               The provisions of Clauses 30 to 50 of the Shareholders’ Agreement shall apply mutatis mutandis to this Letter Agreement. This Letter Agreement shall form an integral part of the Shareholders’ Agreement and except as expressly provided herein, the terms of the Shareholders’ Agreement shall remain in full force and effect and are not being modified, amended or waived in any way hereby.

 

IN WITNESS WHEREOF each Party has executed and delivered this Letter Agreement as a deed on the date which first appears above.

 

8

 

Schedule 1                                    Sample Calculation of number of Top-Up Shares

 

9

 

TFI PREFERRED SHARES DILUTION CALCULATION    

 

	
Assumptions
    	
 
    	
 
    
	
NOSH
    	
 
    	
132,156,246,610
    	
 
    	
 
    
	
Pref Shares
    	
 
    	
11,354,390,546
    	
 
    	
 
    
	
Pref Shares   Investment Date
    	
 
    	
29 July 2016
    	
 
    	
 
    
	
Assumed IPO Date
    	
 
    	
08 December 2017
    	
 
    	
 
    
	
Investment   Amount ($m)
    	
 
    	
150
    	
 
    	
 
    
	
Minimum IRR
    	
 
    	
17
    	
%
    	
 
    
	
Max IRR
    	
 
    	
25
    	
%
    	
 
    
	
17% IPO Price   Hurdle ($cents)
    	
 
    	
0.8719
    	
 
    	
 
    
	
25% IPO Price   Hurdle ($cents)
    	
 
    	
1.9182
    	
 
    	
 
    
	
Dividends   Received by Pref Shareholders ($m)
    	
 
    	
0
    	
 
    	
 
    
	
Current   Ownership Pref Shareholders
    	
 
    	
8.60
    	
%
    	
 
    
	
Kurdoglu Share
    	
 
    	
80.40
    	
%
    	
 
    
	
Urundul Share
    	
 
    	
11
    	
%
    	
 
    

 

	
IPO Equity Value ($m)1
    	
 
    	
1,228
    	
 
    	
1,361
    	
 
    	
1,494
    	
 
    	
1,626
    	
 
    	
1,759
    	
 
    	
1,891
    	
 
    	
2,024
    	
 
    	
2,157
    	
 
    	
2,289
    	
 
    
	
NOSH (m)
    	
 
    	
132,156
    	
 
    	
132,156
    	
 
    	
132,156
    	
 
    	
132,156
    	
 
    	
132,156
    	
 
    	
132,156
    	
 
    	
132,156
    	
 
    	
132,156
    	
 
    	
132,156
    	
 
    
	
IPO Share Price   (‘QPO’) ($)
    	
 
    	
0.93
    	
 
    	
1.03
    	
 
    	
1.13
    	
 
    	
1.23
    	
 
    	
1.33
    	
 
    	
1.43
    	
 
    	
1.53
    	
 
    	
1.63
    	
 
    	
1.73
    	
 
    
	
Required IRR
    	
 
    	
17.4
    	
%
    	
18.2
    	
%
    	
19.0
    	
%
    	
19.7
    	
%
    	
20.5
    	
%
    	
21.3
    	
%
    	
22.0
    	
%
    	
22.8
    	
%
    	
23.6
    	
%
    
	
Investment by   Pref Shareholders ($m)
    	
 
    	
150
    	
 
    	
150
    	
 
    	
150
    	
 
    	
150
    	
 
    	
150
    	
 
    	
150
    	
 
    	
150
    	
 
    	
150
    	
 
    	
150
    	
 
    
	
Required   Return ($m)
    	
 
    	
187
    	
 
    	
188
    	
 
    	
190
    	
 
    	
192
    	
 
    	
193
    	
 
    	
195
    	
 
    	
197
    	
 
    	
198
    	
 
    	
200
    	
 
    
	
Dividends   Received ($m)
    	
 
    	
0
    	
 
    	
0
    	
 
    	
0
    	
 
    	
0
    	
 
    	
0
    	
 
    	
0
    	
 
    	
0
    	
 
    	
0
    	
 
    	
0
    	
 
    
	
Pref   Shareholders IPO Equity ($m)
    	
 
    	
187
    	
 
    	
188
    	
 
    	
190
    	
 
    	
192
    	
 
    	
193
    	
 
    	
195
    	
 
    	
197
    	
 
    	
198
    	
 
    	
200
    	
 
    
	
Pref   Shareholders PF Ownership
    	
 
    	
15.2
    	
%
    	
13.8
    	
%
    	
12.7
    	
%
    	
11.8
    	
%
    	
11.0
    	
%
    	
10.3
    	
%
    	
9.7
    	
%
    	
9.2
    	
%
    	
8.7
    	
%
    
	
Current   Ownership Pref Shareholders
    	
 
    	
8.6
    	
%
    	
8.6
    	
%
    	
8.6
    	
%
    	
8.6
    	
%
    	
8.6
    	
%
    	
8.6
    	
%
    	
8.6
    	
%
    	
8.6
    	
%
    	
8.6
    	
%
    
	
Share   Accretion to Pref Shareholders
    	
 
    	
6.6
    	
%
    	
5.2
    	
%
    	
4.1
    	
%
    	
3.2
    	
%
    	
2.4
    	
%
    	
1.7
    	
%
    	
1.1
    	
%
    	
0.6
    	
%
    	
0.1
    	
%
    
	
Share   Dilution to Other Shareholders
    	
 
    	
(6.6
    	
)%
    	
(5.2
    	
)%
    	
(4.1
    	
)%
    	
(3.2
    	
)%
    	
(2.4
    	
)%
    	
(1.7
    	
)%
    	
(1.1
    	
)%
    	
(0.6
    	
)%
    	
(0.1
    	
)%
    
	
Value   Dilution to Other Shareholders ($m)
    	
 
    	
(81
    	
)
    	
(71
    	
)
    	
(62
    	
)
    	
(52
    	
)
    	
(42
    	
)
    	
(32
    	
)
    	
(23
    	
)
    	
(13
    	
)
    	
(3
    	
)
    

 

 

Schedule 2            Form of Confirmation Letter

 

From:

 

[Preferred Shareholder], [a company incorporated in [·] with registered number [·] and whose registered office is at [·].

 

To:

 

TFI TAB Gıda Yatırımları A.Ş.

 

Dikilitaş Mahallesi Emirhan Cad. A Blok No 109

 

Beşiktaş İstanbul (the “Company”)

 

Copy To:

 

[all other Shareholders]

 

Confirmation of the number of Conversion Shares and Top-Up Shares

 

1.                                      We refer to the Letter Agreement, entered into on November 6, 2017, among the Original Shareholders, Üründül Shareholders, the Preferred Shareholders and the Company (the “Letter Agreement”) supplementing and, where applicable, amending certain provisions of the Shareholders’ Agreement, entered into on July 29, 2016, among the same parties (hereinafter referred to as the “Amended Shareholders’ Agreement”). Capitalised terms used but not defined in this Confirmation Letter shall have the meanings given to such terms in the Letter Agreement.

 

2.                                      Pursuant to Clause 19.6 of the Amended Shareholders’ Agreement, we hereby confirm that, based on the QPO Price that was communicated to us at [·] pm on [·], we agree with the calculation of the number of the total Conversion Shares and of the Top-Up Shares (as calculated based on the table in Schedule 1 of the Letter Agreement) that we are entitled to receive in connection with the Final Conversion.

 

 

	
Yours   sincerely,
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
For and on behalf of [Preferred Shareholder]
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Agreed and accepted by:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
[Company]
    	
 
    
	
 
    	
 
    
	
[Original   Shareholders]
    	
 
    
	
 
    	
 
    
	
[Üründül   Shareholders]
    	
 
    
	
 
    	
 
    
	
[Preferred   Shareholders]
    	
 
    

 

 

Schedule 3            Articles

 

TFI TAB GIDA YATIRIMLARI A.Ş. 

 

ANA SÖZLEŞME

 

MADDE 1

 

KURULUŞ

 

Aşağıda adları ve ikametgahları yazılı kurucular arasında Türk Ticaret Kanunu’nun ani surette kuruluş hakkındaki hükümlerine göre bir anonim şirket kurulmuştur.

 

a-        HALİM NÜZHET ATABEK Türkiye Cumhuriyeti Uyruğundandır.

 

Birinci cad. no 162/4 Arnavutköy/İSTANBUL

 

b-        GÜRKAN AHMET KINACI Türkiye Cumhuriyeti Uyruğundandır.

 

Bestekar Osman Nihat Akın sk. No:3 Yeşilköy/İSTANBUL

 

c-        AHMET SEMİH AKYOL Türkiye Cumhuriyeti Uyruğundandır.

 

Özbal Sok Fulya 2 14/1 Fulya Mah. Şişli/İSTANBUL

 

d-        ERHAN KORU Türkiye Cumhuriyeti Uyruğundandır.

 

Mehtap Sok. Birlik Ap. 30/5 Caddebostan/İSTANBUL

 

e-        MEHMET YAVUZ SOYBAKIŞ Türkiye Cumhuriyeti Uyruğundandır.

 

Sümer Sok. Sümka Sitesi M2 B Blok 11/16 19 Mayıs Kadıköy/İSTANBUL

 

MADDE 2

 

UNVAN

 

Şirketin Unvanı “TFI TAB GIDA YATIRIMLARI ANONİM ŞİRKETİ”dir.

 

MADDE 3

 

MAKSAT VE MEVZUU

 

Şirketin Amaç ve Konusu başlıca şunlardır:

 

1-  Hazır yemek başta olmak üzere her nevi gıda ve malzemelerinin imali, başkalarına yaptırılması, alımı, satımı, ithali ve ihracı, gıda teknolojisi ithali ve uygulaması, canlı hayvanlar, etler ve yenilen sakatat, balıklar, kabuklu hayvanlar, süt ve süt ürünleri, kuş, av ve kümes hayvanları, tabi bal, hayvani menşeli sair müstahsallar, sebzeler ve yenilen kökler, yumrular, nebatler, yenilen meyveler, baharat, hububat, değirmencilik müstahsalları, salt nişasta ve müstahsalları susam ve yağlı tohumlar, meyveler, muhtelif tane tohum meyveler, sanayi ve tabiatta kullanılan meyveler, şeker ve şeker mamulleri, kakao ve müstahsalları, esasını un, hububat ve nişasta teşkil eden müstahsallar, pastacılık mamulleri, sebze, yenilen nebat, et süt ve yoğurt ile bunlardan mamul ürünlerin paketlenmiş taze veya dondurulmuş olarak imali ve pazarlanması, modern çiftlik, ahır, besi ve kesim yerleri, soğuk hava depoları, ekmek fabrikası, entegre et kombinası,  reyon, lokanta, büfe, kafeterya ve satış mağazaları açmak, hazır yemek satış, tanıtım ve dağıtım teşkilatı ve organizasyonu kurmak, kurulu organizasyonlardan istifade etmek, tarla ve bahçe ziraatı yapmak, gıda sanayinin bakiye ve döküntülerinden hayvanlara gıda maddeleri hazırlamak, bu maddede bahsi geçen her türlü madde ve malzemenin imalini, üretimini, başkalarına yaptırılması, alım satımı, ithali ve ihracatını yapmak, yaptırmak.

 

 

2-  Şirket kendi başına veya yerli ve yabancı gerçek ve tüzel kişilerle işbirliği yaparak yurtiçinde veya yurdışında yeni şirketler ve ortaklıklar kurabilir, kurulmuş şirketlere iştirak edebilir, temsilcilikler açabilir. Mevcut şirketleri satın alabilir, aracılık yapmamak kaydı ile satabilir. Bunlarla ilgili her türlü sözleşme, taahhütname, belge imzalayabilir, her türlü tasarrufta bulunabilir. Bunların yönetimi için her türlü faaliyette bulunabilir.

 

3-  Şirket konusu ile ilgili olarak her türlü gayrimenkul iktisap edebilir, kiralayabilir veya kiraya verebilir, alabilir, satabilir veya bunlar üzerinde her türlü hakları iktisap edebilir. Şirket sahibi bulunduğu veya diğer kişi ve kuruluşlara ait menkul ve gayrimenkullerini ipotek verebilir, teminat olarak gösterebilir ve alacaklarına karşılık da menkul ve gayrimenkulleri ipotek alabilir, verebilir ve bu ipotekleri terk edebilir.

 

4-  Şirket faaliyetlerinin devamı için gerekli olan menkul değerlerini alabilir, bunları finanse edebilir, alacaklarını garanti etmek amacıyla menkul rehni hususunda gerekli işlemleri yapabilir.

 

5-  Sermayesine katıldığı şirketlerin bankalar veya diğer finansal kurumlardan alacakları krediler ile bunlara ve diğer üçüncü kişilere karşı girişecekleri taahhütler ve yüklenecekleri rizikolar için her türlü garanti, teminat, hisse rehni ve kefalet verebilir ve bunlar lehine giriştiği taahhütlere karşılık her türlü teminat  alabilir.

 

6-  Şirket kendisi ve bağlı şirketleri lehine teminatlı veya teminatsız borçlanabilir, borç verebilir, sulh, tahkim, feragat, kabul ve ibra yapabilir, bu maksatla üçüncü kişiler lehine ipotek, rehin ve diğer her türlü teminat tesis ve tescil edebilir.

 

7-  Sermayesine ve yönetimine katıldığı şirketlerin hesap ve mali ve finansal kontrollerini üstlenebilir, işletmenin daha rasyonel ve verimli olmasını sağlayacak organizasyon tetkikleri yapabilir veya yaptırabilir.

 

8-  Sermayesine ve yönetimine katıldığı şirketlerden isteyenlerle yapabileceği anlaşmalarla bunların idarelerini üstlenebilir ve lüzumu halinde bu devreye ait kar paylarını aracılık yapmamak kaydıyla garanti edebilir.

 

9-  Şirket faaliyetlerinin devamı için gerekli olan her türlü taşıtları, otomobilleri, kamyon, kamyonet, minibüs, midibüs vb. her türlü araçların alımını, kiralanmasını ve satımını yapabilir, devir edebilir, bunların üzerinde ayni ve şahsi tasarrufta bulunabilir.

 

10-  Şirket ihtiyacı için gerekli iç ve dış kredileri yurtiçi ve yurtdışı finansman kurumları ve diğer işletmelerden temin edebilir. Bunlar için gerekli her türlü teminatı verebilir, hisselerini rehin edebilir, sahip olduğu iştiraklerin hisselerini kendisi veya üçüncü gerçek ve tüzel kişilerin borçlarına karşılık rehin verebilir, her türlü sözleşme, taahhütname, belge imzalayabilir ve bununla ilgili her türlü tasarruflarda bulunabilir.

 

11-  Şirket konuları ile ilgili ve bu faaliyetleri için faydalı know-how, izin, ruhsatname, ihtira beratları, lisans, imtiyaz, marka ve emsali gibi hakları istihsal ve iktisap edebilir veya üçüncü şahıslara kısmen ya da tamamen kiralayabilir, devir edebilir, başkalarına ait olanların devrini alabilir.

 

Şirket yukarıda sayılanlar dışında konusu ile ilgili başka işler yapmak istediği takdirde, Genel Kurul Tarafından karar alınıp tescil ve ilan edildikten sonra yapabilir.

 

MADDE 4

 

MERKEZ VE ŞUBELER

 

Şirketin merkezi Dikilitaş Mah.Emirhan Cad. A Blk.No.109 Beşiktaş, İstanbul’dadır. Adres değişikliğinde yeni adres, ticaret siciline tescil ve Türkiye Ticaret Sicil Gazetesi’nde ilan ettirilir. Tescil ve ilan edilmiş adrese yapılan tebligat şirkete yapılmış sayılır.

 

Şirket, Yönetim Kurulu kararı ile Türkiye içinde ve dışında şubeler açabilir. Ayrıca, Yönetim Kurulu kararı ile Yurt içinde ve dışında gerekli görülen yerlerde temsilcilikler, irtibat büroları, ajanslıklar ve muhabirlikler gibi üniteler tesis edebilir.

 

 

MADDE 5

 

MÜDDET

 

Şirket süresiz olarak kurulmuştur.

 

MADDE 6

 

ŞİRKETİN SERMAYESİ

 

Şirket 6102 sayılı Türk Ticaret Kanunu hükümlerine göre kayıtlı sermaye sistemini kabul etmiştir. Kayıtlı sermaye tavanı 6.500.000.000 Türk Lirası olup beheri 1 TL (bir Türk Lirası) itibari kıymette 6.500.000.000 nama yazılı pay ile temsil edilir. Yönetim kurulu Türk Ticaret Kanunu’na uygun olarak bu limite kadar yeni pay çıkarmak suretiyle Şirket’in çıkarılmış sermayesini artırmaya yetkilidir. Yetki süresi 30 Eylül 2022’e kadardır. İzin verilen kayıtlı sermaye tavanına bu tarihe kadar ulaşılamamış ise, 30 Eylül 2022’den sonra yönetim kurulunun sermaye artırım kararı alabilmesi için, yönetim kurulunun, daha önce izin verilen tavan ya da yeni bir tavan tutarı için, genel kuruldan yeni bir süre için yetki alması zorunludur. Söz konusu yetkinin alınmaması durumunda Şirket kayıtlı sermaye sisteminden çıkmış sayılır.

 

Yönetim Kurulu 30 Eylül 2022’e kadar kayıtlı sermaye tavanının altında kalmak kaydı ile yeni pay ihraç ederek çıkarılmış sermayeyi arttırmaya, pay sahiplerinin yeni pay alma hakkının sınırlandırılmasına, itibari değerinin üzerinde pay çıkarılabilmesi konularında karar almaya yetkilidir. Yeni pay alma kısıtlama yetkisi pay sahipleri arasında eşitsizliğe yol açacak şekilde kullanılamaz. Yönetim kurulunun sermaye artırımına ilişkin kararı, ana sözleşmenin ilan maddesinde öngörüldüğü şekilde ilan edilir.

 

Şirketin çıkarılmış sermayesi 1.321.562.473,-TL olup, beheri 1 TL (bir Türk Lirası) değerinde 1.321.562.473 paya ayrılmıştır. 1.321.562.466,10 TL olan önceki sermayenin tamamı ödenmiş olup, bu sefer arttırılan 6,90 TL pay sahipleri tarafından muvazaadan ari olarak tamamen taahhüt edilmiştir. Bu tutarın tamamı tescil öncesinde ödenecektir.

 

Yönetim Kurulu hisse senetlerini bir veya daha fazla hisseyi ihtiva eden kupürler halinde basmaya ve dağıtmaya yetkilidir.

 

Paylar herhangi bir kısıtlamaya veya Yönetim Kurulu onayına tabi olmaksızın serbestçe devredilebilir niteliktedir.

 

MADDE 7

 

YÖNETİM KURULU VE SÜRESİ

 

Şirket, Genel Kurul tarafından en çok üç (3) yıl için seçilecek en çok 9 üyeli bir Yönetim Kurulu tarafından temsil ve idare edilir. Görev süresi dolan Yönetim Kurulu üyeleri yeniden seçilebilirler. Yönetim Kurulu’na Sermaye Piyasası Kurulu’nun Kurumsal Yönetim İlkeleri çerçevesinde gerekli nitelikleri haiz olan en az iki bağımsız Yönetim Kurulu üyesi seçilir.

 

Yönetim Kurulu toplantıları, Yönetim Kurulunun karar verdiği yer ve zamanda, Şirket merkezinde veya Türkiye’de herhangi bir yerde veya yurt dışında toplanır.

 

Yönetim kurulu, üye tam sayısının çoğunluğu ile toplanır ve kararlarını toplantıda hazır bulunan üyelerin çoğunluğunun olumlu oyu ile alır.

 

Üyelerden biri müzakere isteminde bulunmadığı takdirde, Yönetim Kurulu kararları, içlerinden birinin belirli bir konuda yaptığı öneriye, üye tam sayısının en az çoğunluğunun yazılı onayı alınmak suretiyle de verilebilir. Aynı önerinin tüm Yönetim Kurulu üyelerine yapılmış olması kararın geçerlilik şartıdır. Onayların aynı kağıtta bulunması şart değildir; ancak onay imzalarının bulunduğu kağıtların tümünün Yönetim Kurulu karar defterine yapıştırılması kararın geçerliliği yönünden gereklidir.

 

Şirket’in Yönetim Kurulu toplantısına katılma hakkına sahip olanlar bu toplantılara, Türk Ticaret Kanunu’nun 1527 nci Maddesi uyarınca elektronik ortamda da katılabilir. Şirket, Ticaret Şirketlerinde Anonim Şirket Genel Kurulları Dışında Elektronik Ortamda Yapılacak Kurullar Hakkında Tebliğ hükümleri uyarınca hak sahiplerinin bu toplantılara elektronik ortamda katılmalarına ve oy vermelerine imkan

 

 

tanıyacak Elektronik Toplantı Sistemini kurabileceği gibi bu amaç için oluşturulmuş sistemlerden de hizmet satın alabilir. Yapılacak toplantılarda şirket sözleşmesinin bu hükmü uyarınca kurulmuş olan sistem üzerinden veya destek hizmeti alınacak sistem üzerinden hak sahiplerinin ilgili mevzuatta belirtilen haklarını Tebliğ hükümlerinde belirtilen çerçevede kullanabilmesi sağlanır.

 

MADDE 8

 

ŞİRKETİN TEMSİL VE İLZAMI

 

Şirketin yönetimi ve dışarıya karşı temsili yönetim kuruluna aittir. Şirket tarafından verilecek bütün belgelerin ve yapılacak sözleşmelerin geçerli olabilmesi için bunların şirketin unvanı altına konmuş şirketi ilzama yetkili kişi veya kişilerin imzasını taşıması gereklidir.

 

Yönetim kurulu, Türk Ticaret Kanunu’nun ilgili düzenlemeleri saklı kalmak kaydıyla, temsil yetkisini bir veya daha fazla murahhas üyeye veya müdür olarak üçüncü kişilere devredebilir.

 

Yönetim Kurulu, Türk Ticaret Kanunu’nun 367. maddesi uyarınca hazırlayacağı bir iç yönerge ile yönetimi kısmen veya tamamen bir veya birkaç yönetim kurulu üyesine veya üçüncü kişiye devretmeye yetkilidir. Bu iç yönerge şirketin yönetimini düzenler ve bunun için gerekli olan yetki ve sorumlulukları tayin eder ve yönetim kuruluna tanınmış olan her türlü yetki ve sorumluluğu, yine yönetim kurulunun tespit edeceği şartlar, hükümler ve kısıtlamalar dahilinde ilgili kişilere devredebilir ve gerekli gördüğünde bu yetkilerin tamamını veya bir kısmını değiştirip tadil edebilir veya geri alabilir.

 

MADDE 8/A

 

KOMİTELER

 

Yönetim Kurulu’nun görev ve sorumluluklarının sağlıklı bir biçimde yerine getirilmesi için, Yönetim Kurulu tarafından Sermaye Piyasası Kurulu tarafından yayımlanan Kurumsal Yönetim İlkeleri çerçevesinde aşağıdaki komiteler oluşturulur.

 

a.              DENETİMDEN SORUMLU KOMİTE

 

Denetimden Sorumlu Komite; şirketin muhasebe sistemi, finansal bilgilerinin kamuya açıklanması, bağımsız denetimi ve şirketin iç kontrol ve iç denetim sisteminin işleyişinin ve etkinliğinin gözetimi, mevzuata ve yasal gerekliliklere uyum konusunda Yönetim Kurulu’na yardımcı olur. Bağımsız denetim kuruluşunun seçimi, bağımsız denetim sözleşmelerinin hazırlanarak bağımsız denetim sürecinin başlatılması ve bağımsız denetim kuruluşunun her aşamadaki çalışmaları denetimden sorumlu komitenin gözetiminde gerçekleştirilir.

 

Denetimden Sorumlu Komite, işbu Esas Sözleşme’nin 7.Maddesi uyarınca seçilmiş en az iki (2) adet bağımsız Yönetim Kurulu üyesinden oluşur.

 

b.              RİSKİN ERKEN SAPTANMASI KOMİTESİ

 

Riskin Erken Saptanması Komitesi; şirketin varlığını, gelişmesini ve devamını tehlikeye düşürebilecek risklerin erken teşhisi, tespit edilen risklerle ilgili gerekli önlemlerin alınması ve riskin yönetilmesi amacıyla çalışmalar yapmakla sorumlu olup, risk yönetim sistemlerini en az yılda bir kez gözden geçirir.

 

Riskin Erken Saptanması Komitesi, çoğunluğu icrada görevli olmayan Yönetim Kurulu üyelerinden oluşmak üzere, Yönetim Kurulu üyeleri arasından veya Yönetim Kurulu üyesi olmayan, konusunda uzman kişiler arasından seçilen en az iki (2) kişiden oluşur.

 

 

c.               KURUMSAL YÖNETİM KOMİTESİ

 

Kurumsal Yönetim Komitesi, Şirket’te kurumsal yönetim ilkelerinin uygulanıp uygulanmadığını, uygulanmıyor ise gerekçesini, bu prensiplere tam olarak uymama dolayısıyla meydana gelen çıkar çatışmalarını tespit eder. Yönetim Kurulu’na kurumsal yönetim uygulamalarını iyileştirici tavsiyelerde bulunur ve yatırımcı ilişkileri bölümünün çalışmalarını gözetir.

 

Kurumsal Yönetim Komitesi, çoğunluğu icrada görevli olmayan Yönetim Kurulu üyelerinden oluşmak üzere, Yönetim Kurulu üyeleri arasından veya Yönetim Kurulu üyesi olmayan, konusunda uzman kişiler arasından seçilen en az iki (2) kişiden oluşur.

 

MADDE 9

 

BAĞIMSIZ DENETİM

 

Şirket’in ve mevzuatın öngördüğü diğer hususların denetimine ilişkin olarak Genel Kurul tarafından bir bağımsız denetim firması seçilir.

 

MADDE 10

 

GENEL KURUL

 

a- Davet şekli: Genel kurullar olağan veya olağanüstü olarak toplanır. Bu toplantılara davet de Türk Ticaret Kanununun 410, 411, 414 ve 416’ncı madde hükümleri uygulanır.

 

b- Toplantı vakti: Olağan Genel Kurul şirketin hesap devresi sonundan itibaren üç ay içerisinde ve senede en az bir defa; Olağanüstü Genel Kurullar ise Şirket işlerinin icabettirdiği hallerde ve zamanlarda toplanır,

 

c- Rey verme ve vekil tayini: Olağan ve olağanüstü Genel Kurul toplantılarında hazır bulunan hissedarların veya vekillerin bir hisse için bir oy hakkı vardır.

 

Genel Kurul toplantılarında hissedarlar kendilerini diğer hissedarlar veya hariçten tayin edecekleri vekil vasıtası ile temsil ettirebilirler. Şirkete hissedar olan vekiller kendi oylarından başka temsil ettikleri hissedarın sahip olduğu oyu kullanmaya yetkilidirler.

 

d- Müzakerelerin yapılması ve karar nisabı: Şirket Genel Kurul toplantılarında Türk Ticaret Kanununun 413’üncü. Maddesi uyarınca gündemde yazılı hususlar müzakere edilerek gerekli kararlar alınır.

 

Genel Kurul toplantıları ve toplantılardaki karar nisabı Türk Ticaret Kanunu hükümlerine tabidir.

 

e- Toplantı Yeri:

 

Genel Kurul toplantıları şirketin yönetim merkezi binasında veya yönetim merkezinin bulunduğu şehrin elverişli bir yerinde toplanır.

 

f-  Genel Kurul Toplantısına Elektronik Ortamda Katılım:

 

Şirket’in Genel Kurulu’na katılma hakkı bulunan hak sahipleri bu toplantılara, Türk Ticaret Kanunu’nun 1527 inci Maddesi uyarınca elektronik ortamda katılabilir. Şirket, Anonim Şirketlerde Elektronik Ortamda Yapılacak Genel Kurullara İlişkin Yönetmelik hükümleri uyarınca hak sahiplerinin Genel Kurul toplantılarına elektronik ortamda katılmalarına, görüş açıklamalarına, öneride bulunmalarına ve oy kullanmalarına imkan tanıyacak elektronik genel kurul sistemini kurabileceği gibi bu amaç için oluşturulmuş, sistemlerden de satın alabilir. Yapılacak tüm genel kurul toplantılarında esas sözleşmenin bu

 

 

hükmü uyarınca, kurulmuş olan sistem üzerinden hak sahiplerinin ve temsilcilerinin anılan yönetmelik hükümlerinde belirtilen hakları kullanabilmesi sağlanır.

 

MADDE 11

 

TOPLANTIDA BAKANLIK TEMSİLCİSİ BULUNMASI

 

Türk Ticaret Kanunu’nun ve ilgili mevzuatın zorunlu tuttuğu Genel Kurul toplantılarında Bakanlık Temsilcisi bulundurulur.

 

MADDE 12

 

İLANLAR

 

Şirket tarafından yapılacak ilanlarda ilgili mevzuat hükümlerine uyulur.

 

Ancak Genel Kurul’un toplantıya çağrılmasına ait ilanlar ilan ve toplantı günleri hariç olmak üzere, Şirket’in Kurumsal internet sitesinde ve Ticaret Sicili Gazetesi’nde en az iki hafta evvel yapılır.

 

Sermayenin azaltılmasına ve tasfiyeye ait ilanlar için Türk Ticaret Kanunu’nun 474’üncü ve 532’nci maddeleri hükümleri uygulanır.

 

MADDE 13

 

HESAP DÖNEMİ

 

Şirketin hesap yılı, Ocak ayının birinci gününden başlar ve Aralık ayının sonuncu günü sona erer.

 

MADDE 14

 

KARIN TESPİTİ VE KARIN DAĞITIMI

 

Şirket tarafından ayrılacak kanuni yedek akçeler hakkında Türk Ticaret Kanunu’nun 519’uncu maddesi uygulanır. Şirket’in genel masrafları ile muhtelif amortisman bedelleri gibi şirketçe ödenmesi veya ayrılması zorunlu olan miktar ile Şirket tarafından ödenmesi zorunlu vergiler hesap yılı sonunda tespit edilen gelirlerden indirildikten sonra geriye kalan miktar safi karı teşkil eder. Safi kardan Şirket’in geçmiş yıl zararları düşülerek net dönem karı tespit edilir.

 

Genel Kanuni Yedek Akçe

 

a)             Bu şekilde hesaplanan net dönem karından, her yıl, Türk Ticaret Kanunu’nun 519’uncu maddesi kapsamında ödenmiş sermayenin %20’sine ulaşıncaya kadar %5 kanuni yedek akçe ayrılır.

 

Birinci Kar Payı

 

b)             Kalan miktardan, sermayenin % 5’i oranında bir tutar pay sahiplerine birinci kar payı olarak dağıtılır.

 

İkinci Kar Payı

 

c)              Genel Kurul, net dönem karının, (a) ve (b) bentlerinde belirtilen meblağlar düştükten sonra kalan kısmını kısmen veya tamamen ikinci kar payı olarak dağıtmaya veya Türk Ticaret Kanunu’nun 521’inci maddesi uyarınca kendi isteği ile yedek akçe olarak ayırmaya karar verebilir.

 

İkinci Tertip Kanuni Yedek Akçe

 

d)             Pay sahiplerine %5 oranında birinci kar payı ödendikten sonra, kardan pay alacak kişilere dağıtılacak toplam tutarın onda biri ve Türk Ticaret Kanunu’nun 519’uncu maddesinin 2’nci fıkrası uyarınca oluşan diğer meblağlar genel kanuni yedek akçeye eklenir.

 

e)              Genel Kurul, Türk Ticaret Kanunu ve ilgili mevzuat hükümleri uyarınca pay sahiplerine kar payı

 

 

avansı dağıtılmasına karar verebilir.

 

MADDE 15

 

ŞİRKETİN FESİH VE TASFİYESİ

 

Şirketin feshi ve tasfiyesi ve buna bağlı muamelelerin nasıl yapılacağı hakkında yürürlükteki mevzuat hükümleri uygulanır.

Türk Ticaret Kanununda sayılan hallerin gerçekleşmesi ve sair sebeplerle Genel Kurul’un fesih veya tasfiye kararı alması halinde, Şirket’in borçları ödendikten ve pay sahiplerine paylarının nominal bedeli iade edildikten sonra kalan tasfiye bakiyesinin tamamı pay sahiplerine payları oranında ödenecektir.

 

Yönetim Kurulu aynı zamanda tasfiye ile görevlendirmediği takdirde Genel Kurulca bir, iki veya üç kişilik tasfiye memuru seçilir.

 

MADDE 16

 

KANUNİ HÜKÜMLER

 

Bu ana sözleşmede bulunmayan hususlar hakkında Türk Ticaret Kanunu ve ilgili diğer düzenlemeler uygulanır.

 

 

Schedule 4            STEP PLAN

 

 

 

TFI TAB GIDA YATIRIMLARI ANONİM ŞİRKETİ (the “Company”)

 

STEP PLAN WITH RESPECT TO THE CONVERSION OF PREFERRED SHARES

 

	
No
    	
 
    	
ACTION
    	
 
    	
SUBJECT
    	
 
    	
ESTIMATED OR
   DUE DATE1
    	
 
    	
NOTES
    	
 
    	
RESPONSIBLE 
   PARTY
    	
 
    	
SIGNING PARTY
    
	
1.
    	
 
    	
IPO Kick-Off Notice
    	
 
    	
Required to be given by   Company prior to application to competent authority for proposed IPO (clause   19.1 TFI SHA)
    	
 
    	
August 15, Tuesday (sent   by air courier August 9, Wednesday)
    	
 
    	
If air courier overseas,   notice deemed served and received on 5th day following day of   posting (clause 41.1 TFI SHA)
    	
 
    	
TFI LEGAL
    	
 
    	
·              Company
    
	
2.
    	
 
    	
IPO
    Participation Notice
    	
 
    	
Preferred Shareholders   wishing to participate in proposed IPO must give IPO Participation Notice to   Company (clause 20.1 TFI SHA) within 3 weeks of date of IPO Kick-Off Notice
    	
 
    	
September 5, Tuesday
    	
 
    	
IPO Participation Notice   instructs Company to act as agent of the Preferred Shareholder to procure   sale of IPO Exit Shares which shall be the higher of (i) 50% of the   Preferred Shareholder’s Conversion Shares (provided the sale results in an   amount equal to 75% of the preference amount paid by
    	
 
    	
ELQ EBRD
    Clouse
    	
 
    	
·              ELQ Investors   VIII Ltd (“ELQ”)

·              European Bank   for Reconstruction and Development (“EBRD”)

·              Clouse SA (“Clouse”) (ELQ, EBRD and
    

 

1 All dates from mid-October onwards are indicative only, subject to market developments and the SEC comment process

 

1

 

	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
the Preferred Shareholder   at completion of the preferred investment) and (ii) 66% of the Preferred   Shareholder’s Conversion Shares (but the IPO Exit Shares cannot be more than   66% of the Conversion Shares)
    	
 
    	
 
    	
 
    	
Clouse   to be collectively referred to as the “Preferred Shareholders”)
    
	
3.
    	
 
    	
Preliminary Registration   Statement Filing
    	
 
    	
Filed a draft Preliminary   Registration Statement on Form F-1 with a view to achieve listing on the   relevant stock exchange
    	
 
    	
September 20, Wednesday
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·              Company
    
	
4.
    	
 
    	
Board of Directors Resolution   (“BoD Resolution”)
    	
 
    	
Adoption of the registered   capital system and the application to the General Directorate of Domestic   Trade

 

BoD Resolution included the   proposed amendment to Article 6 of the Articles of Association (related   to the adoption of the registered capital system)
    	
 
    	
October, 11, Wednesday
    	
 
    	
Meeting Quorum: presence of majority of the board members 

 

Decision Threshold: affirmative   votes of the majority of   those present at the meeting
    	
 
    	
TFI LEGAL+VERDİ
    	
 
    	
Majority of the then   current TFI Board members:

 

-               Korhan Kurdoğlu

-               Erhan Kurdoğlu

-               Elmas Melih Araz

-               Recep Caner Dikici

-               Ömer Faruk Işık

-               Erhan Cansu

-               Fazil Emre Akinci
    
	
5.
    	
 
    	
Application to the General
    	
 
    	
Application submitted to   the General Directorate of Domestic
    	
 
    	
October, 13, Friday
    	
 
    	
 
    	
 
    	
TFI
    	
 
    	
Application to the General   Directorate
    

 

2

 

	
 
    	
 
    	
Directorate of Domestic Trade   for the adoption of the Registered Capital System
    	
 
    	
Trade for the approval of   the adoption of the registered capital system.
    	
 
    	
(the approval may take up   to 2 weeks)
    	
 
    	
 
    	
 
    	
LEGAL+VERDİ
    	
 
    	
of Domestic Trade to be   signed by two TFI Directors
    
	
6.
    	
 
    	
Board of Directors Resolution   (“BoD Resolution”)
    	
 
    	
Inviting TFI shareholders for   an ordinary general meeting without formal notice (the “GM”)   and the Preferred Shareholders to a special meeting where the BoD will   propose to the shareholders to vote on certain agenda items (the “Agenda”) relating to the conversion of preferred shares to   ordinary shares, adoption of the registered capital system, the increase in   the total share capital by TL 6,90 to clean the fractional shares and certain   other amendments to the Articles

 

BoD Resolution will include   the proposed amendments to the Articles in a draft form
    	
 
    	
October, 27, Friday
    	
 
    	
Meeting Quorum: presence of majority of the board members

 

Decision Threshold: affirmative   votes of the majority of   those present at the meeting
    	
 
    	
TFI LEGAL+VERDİ
    	
 
    	
Majority of the then   current TFI Board members:

 

·              Korhan Kurdoğlu

·              Erhan Kurdoğlu

·              Elmas Melih Araz

·              Recep Caner Dikici

·              Ömer Faruk Işık

·              Erhan Cansu

·              Fazil Emre Akinci
    
	
7.
    	
 
    	
Invitation of the   representative
    	
 
    	
Since we will be adopting   the Registered Capital System at the
    	
 
    	
October 30, Monday
    	
 
    	
 
    	
 
    	
TFI
    	
 
    	
 
    

 

3

 

	
 
    	
 
    	
of the Trade and Commerce   Ministry (the “Ministry Commissioner”) to the GM
    	
 
    	
GM, the attendance of the   Ministry Commissioner is mandatory.
    	
 
    	
 
    	
 
    	
 
    	
 
    	
LEGAL+VERDİ
    	
 
    	
 
    
	
8.
    	
 
    	
Approval received from the   General Directorate of Domestic Trade for the adoption of the Registered   Capital System
    	
 
    	
Expecting General   Directorate of Domestic Trade to issue its approval approximately within two   weeks of the application
    	
 
    	
November 3, Friday
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
9.
    	
 
    	
Execution of Letter Agreement
    	
 
    	
A letter agreement will be   executed by the Preferred Shareholders, the Original Shareholders, Üründül   Shareholders and the Company agreeing on:

 

·              the mechanics   and timing of conversion of the preferred shares into Conversion Shares

·              amendments to   the Company’s Articles of Association (the “Articles”)
    	
 
    	
November 6, Monday:   execution of letter agreement
    	
 
    	
The Company proposes to   simplify the QPO Conversion procedure specified in clause 19 of the TFI SHA   as follows:

 

·              the preferred   shares will initially be converted into ordinary shares at par such that each   one hundred preferred shares will receive one ordinary share (following the   reverse stock split) following the GM
    	
 
    	
TFI LEGAL +VERDİ
    	
 
    	
·              Preferred   Shareholders

·              Original   Shareholders

·              Üründül   Shareholders (Original Shareholders and Üründül Shareholders to be   collectively referred to as the “Ordinary Shareholders”)
    

 

4

 

	
 
    	
 
    	
 
    	
 
    	
(to   the extent relevant)

·              inclusion of   NASDAQ as a Qualifying Exchange (clause 1.1 TFI SHA)

·              automatic   release of the share pledge on the first day of trading

·              delivery of   the pledged shares at the latest 12 pm New York time on the first day of   trading

·              reinstating   the preferred shares and minority rights ratio deviating from the standard   ratio in TCC in case the IPO is not realized (including the revised   liquidation preference provision in the Articles to reflect the SHA)

·              4 month period   from QPO Conversion to reinstate to be extended to 30 June 2018

·              as part of the   amendments to the Articles, adopting the registered capital system and   changing the par value of each shares (a 100 to 1
    	
 
    	
 
    	
 
    	
(expected   to be held 10 November — see below)

·              top-up shares   will be provided after QPO pricing by the transfer of ordinary shares for   TL1.00 directly from the Ordinary Shareholders and the top-up will be   calculated based on the actual QPO Price (rather than a bonus issue first   with top-up by Ordinary Shareholders)

·              share pledge   to be released automatically on the first day of trading on 8 December —   see below)
    	
 
    	
 
    	
 
    	
·              Company
    

 

5

 

	
 
    	
 
    	
 
    	
 
    	
reverse   stock split and corresponding increase in par value)

·              in connection   with the reverse stock split, increasing the total share capital by TL 6,90   to clean the fractional shares one shareholder to pay the required amount on   behalf of all the shareholders

·              [greenshoe and   stock borrow to be provided pro rata by   each selling shareholder in QPO]
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
10.
    	
 
    	
Collection of all Proxies for   the GM from all the Shareholders who will not be attending the GM physically
    	
 
    	
Since we will be doing the   GM without a formal notice, ALL TFI shareholders will have to participate in   the meeting, either physically or through a proxy. For those who will not be   attending personally, we will need to collect their proxies ahead of the   meeting. These will need to be notarized and, in the case of the foreign   shareholders, notarized and apostilled.
    	
 
    	
Deadline: November 6, Monday
    	
 
    	
 
    	
 
    	
TFI LEGAL+VERDI
    	
 
    	
ALL TFI Shareholders
    

 

6

 

	
11.
    	
 
    	
GM
    	
 
    	
GM will be held to vote for   the removal of the preferred share preference and conversion of the preferred   shares to ordinary shares on a 100 for 1 basis, adoption of the registered   capital system; authorization to the board of directors to restrict the   preemptive rights of the shareholders and issue shares at a premium; an   adjustment of par value (a 100 to 1 reverse stock split and corresponding   increase in par value) and the increase in the total share capital by TL 6,90   to clean the fractional shares; and certain amendments to the Articles in   connection with the proposed IPO
    	
 
    	
November, 7, Tuesday
    	
 
    	
Meeting Quorum: presence of   all the shareholders either physically or through a proxy Decision Threshold: affirmative votes of the majority of   those present at the meeting

 

·              If the   majority of the Preferred Shareholders holding%60 of the preferred shares   vote affirmatively in the GM, no separate meeting will be required among the   Preferred Shareholders

·              Any amendment   to the Articles that amends the rights of the holders of the preferred shares   is a Reserved Matter requiring unanimous written consent of the holders of   the preferred shares
    	
 
    	
TFI LEGAL+VERDİ
    	
 
    	
TFI Shareholders
    
	
12.
    	
 
    	
Meeting among the preferred   holders (if necessary)
    	
 
    	
If the Preferred   Shareholders holding %60 of the preferred shares do not vote affirmatively in   the GM, a separate meeting
    	
 
    	
November, 7, Tuesday
    	
 
    	
Meeting Quorum: presence of at   least %60 of preferred shares held   by the Preferred Shareholders
    	
 
    	
TFI LEGAL+VERDİ
    	
 
    	
·              Preferred   Shareholders
    

 

7

 

	
 
    	
 
    	
 
    	
 
    	
of Preferred Shareholders   is required to vote on the conversion of the preferred shares to ordinary   shares
    	
 
    	
 
    	
 
    	
Decision Threshold: affirmative   votes of the majority of those present at the meeting

 

Written consents also   required under TFI SHA — see above
    	
 
    	
 
    	
 
    	
 
    
	
13.
    	
 
    	
Board Resolution
    	
 
    	
In relation to delegation   of representation powers to new members of the Board and issuance of new   signature circular in tandem with new powers
    	
 
    	
November, 7, Tuesday
    	
 
    	
Meeting Quorum: presence of majority of the board members

Decision Threshold: affirmative   votes of the majority of   those present at the meeting
    	
 
    	
TFI LEGAL+VERDİ
    	
 
    	
TFI Board
    
	
14.
    	
 
    	
Registration of resolutions of   GM with the Trade Registry
    	
 
    	
GM Resolution (and if a   special meeting among Preferred Shareholders is held, the resolution of the   special meeting of Preferred Shareholders as well) will be registered by way   of a request made to the Trade Registry and such resolutions will be   published in the Trade Registry Gazette
    	
 
    	
November, 10, Friday   (completion of registration is expected to take approximately 3-4 business   days )
    	
 
    	
 
    	
 
    	
TFI LEGAL+VERDİ
    	
 
    	
Request to Trade Registry   to be signed by two TFI Directors
    
	
15.
    	
 
    	
Board Resolution
    	
 
    	
· for issuing new ordinary   shares reflecting the new
    	
 
    	
November, 10, Friday
    	
 
    	
Meeting Quorum: presence of majority of the board
    	
 
    	
TFI LEGAL+VERDİ
    	
 
    	
TFI Board
    

 

8

 

	
 
    	
 
    	
 
    	
 
    	
articles   of association and the updated share capital

·              updating the   share ledger
    	
 
    	
 
    	
 
    	
members 

Decision Threshold: affirmative   votes of the majority of   those present at the meeting
    	
 
    	
 
    	
 
    	
 
    
	
16.
    	
 
    	
Return of the previous share   certificates
    	
 
    	
All shareholders will   return their share certificates to exchange with new share certificates to be   issued in accordance with the new Articles (reflecting a new par value (a 100   to 1 reverse stock split, corresponding increase in par value per share and   the capital increase to clean the fractional shares), except the preferred   shareholders shall keep the pledged share certificates until the release and   return thereof to the Original Shareholders on the first day of trading
    	
 
    	
November, 10, Friday
    	
 
    	
 
    	
 
    	
 
    	
 
    	
·              TFI   Shareholders
    
	
17.
    	
 
    	
Issuance of the new share   certificates
    	
 
    	
Reflecting the new Articles
    	
 
    	
November, 10, Friday
    	
 
    	
 
    	
 
    	
TFI LEGAL+VERDİ
    	
 
    	
Two TFI Directors
    
	
18.
    	
 
    	
Settlement of initial Conversion   Shares
    	
 
    	
Settlement of initial   Conversion Shares subject to subsequent top-up by transfer directly from the   Ordinary Shareholders
    	
 
    	
November, 10, Friday
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Company
    
	
19.
    	
 
    	
Updating the
    	
 
    	
Reflecting the new par   value of
    	
 
    	
November 10,
    	
 
    	
 
    	
 
    	
TFI LEGAL/TFI
    	
 
    	
Two TFI Directors
    

 

9

 

	
 
    	
 
    	
share ledger
    	
 
    	
the shares and the increase   in share capital
    	
 
    	
Friday
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
20.
    	
 
    	
IPO Launch
    	
 
    	
 
    	
 
    	
November, 27, Monday
    	
 
    	
 
    	
 
    	
TFI
    	
 
    	
 
    
	
21.
    	
 
    	
IPO Roadshow
    	
 
    	
 
    	
 
    	
November, 27, Monday to December 07, Thursday
    	
 
    	
 
    	
 
    	
TFI
    	
 
    	
 
    
	
22.
    	
 
    	
IPO Pricing
    	
 
    	
 
    	
 
    	
December, 07, Thursday
    	
 
    	
Final number of Conversion   Shares to which each Preferred Shareholder is entitled is calculated based on   actual QPO Price
    	
 
    	
TFI
    	
 
    	
·              Company

·              Preferred Shareholders

·              Ordinary   Shareholders
    
	
23.
    	
 
    	
Final Settlement of Conversion   Shares
    	
 
    	
Once the QPO Price has been   ascertained, the final number of Conversion Shares, which each Preferred   Shareholder is entitled to receive based on the actual QPO Price will be determined   in accordance with the pre-agreed formula
    	
 
    	
December, 07, Thursday
    	
 
    	
 
    	
 
    	
TFI
    	
 
    	
·              Preferred   Shareholders

·              Ordinary   Shareholders
    
	
24.
    	
 
    	
Board Resolution
    	
 
    	
·              for increasing   the share capital to reflect the primary component of the IPO

·              restricting   the preemptive rights of the existing shareholders so that the
    	
 
    	
December, 08, Friday
    	
 
    	
 
    	
 
    	
 
    	
 
    	
TFI Board
    

 

10

 

	
 
    	
 
    	
 
    	
 
    	
newly   issued shares will only be offered to the public

·              for issuing   new ordinary shares reflecting the new share capital
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
25.
    	
 
    	
Issuance of the new share   certificates and delivery of the new share certificates to Bank of New York   Mellon
    	
 
    	
Reflecting the new share   capital
    	
 
    	
December, 08, Friday
    	
 
    	
 
    	
 
    	
TFI LEGAL+VERDİ
    	
 
    	
Two TFI Directors
    
	
26.
    	
 
    	
First Day of Trading
    	
 
    	
 
    	
 
    	
December, 08, Friday
    	
 
    	
As this is the first day   after IPO Pricing, top-up of Conversion Shares to have been implemented by   share transfers from Ordinary Shareholders
    	
 
    	
TFI
    	
 
    	
 
    
	
27.
    	
 
    	
Release of the Pledge
    	
 
    	
Preferred Shareholders will   return the pledged shares that they hold
    	
 
    	
December, 08, Friday
    	
 
    	
The pledge shall be   released automatically
    	
 
    	
 
    	
 
    	
Preferred Shareholders
    
	
28.
    	
 
    	
Updating the share ledger
    	
 
    	
Reflecting the release of   the pledged shares
    	
 
    	
December 08, Friday
    	
 
    	
 
    	
 
    	
TFI LEGAL/TFI
    	
 
    	
Two TFI Directors
    
	
29.
    	
 
    	
Closing
    	
 
    	
 
    	
 
    	
December, 12, Tuesday
    	
 
    	
 
    	
 
    	
TFI
    	
 
    	
 
    
	
30.
    	
 
    	
Registration of
    	
 
    	
BoD Resolution will be
    	
 
    	
December, 12,
    	
 
    	
 
    	
 
    	
TFI
    	
 
    	
Request to Trade
    

 

11

 

	
 
    	
 
    	
the BoD Resolution with the Trade   Registry and the publication of such BoD Resolution in the Trade Registry   Gazette and in newspapers circulated across Turkey
    	
 
    	
registered by way of a   request made to the Trade Registry following which BoD resolution will be   published in the Trade Registry Gazette and in newspapers circulated across   Turkey
    	
 
    	
Tuesday (registration would   normally take 3-4 days but we will try our best to complete the registration   on the same day)
    	
 
    	
 
    	
 
    	
LEGAL+VERDİ
    	
 
    	
Registry to be signed by   two TFI Directors
    

 

12

 

EXECUTED and DELIVERED as a DEED on the date first stated above.

 

 

	
Executed and   delivered as a Deed by
    	
 

    	
 
    
	
 
    	
/s/ Erhan Kurdoğlu
    
	
for and on behalf of

TFI TAB Gıda   Yatırımları A.Ş.

who are duly authorised   and empowered
   in accordance with the laws of
   its jurisdiction of incorporation
   to validly execute this Agreement
   as a Deed
    	
Authorised Signatory
    
	
 
    
	
 
    
	
/s/ Korhan   Kurdoğlu
    
	
Authorised Signatory
    
	
 
    
	
 
    
	
 
    	
 
    	
 
    
	
in the presence of:
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
/s/ Ömer Faruk   Işık
    
	
 
    	
)
    	
Witness signature 
    
	
 
    	
)
    	
Name:
    
	
 
    	
)
    	
Address: 
    
	
 
    	
)
    	
Occupation:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Executed and delivered as a   Deed by 
    	
)
    	
/s/ Yurdanur   Kurdoğlu
    
	
 
    	
)
    	
Signature:
    
	
Yurdanur Kurdoğlu
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
in the presence of:
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
/s/ Nil Akman
    
	
 
    	
)
    	
Witness signature
    
	
 
    	
)
    	
Name:
    
	
 
    	
)
    	
Address:
    
	
 
    	
)
    	
Occupation:
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    

 

19

 

	
Executed and delivered as a   Deed by 
    	
)
    	
 
    
	
 
    	
)
    	
/s/ Erhan Kurdoğlu
    
	
Erhan Kurdoğlu
    	
)
    	
Signature:
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
in the presence of:
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
/s/ Nil Akman
    
	
 
    	
)
    	
Witness signature
    
	
 
    	
)
    	
Name:
    
	
 
    	
)
    	
Address: 
    
	
 
    	
)
    	
Occupation:
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Executed and delivered as a   Deed by 
    	
)
    	
 
    
	
 
    	
)
    	
/s/ Korhan   Kurdoğlu
    
	
Korhan Kurdoğlu
    	
)
    	
Signature:
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
in the presence of:
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
/s/ Nil Akman
    
	
 
    	
)
    	
Witness signature
    
	
 
    	
)
    	
Name:
    
	
 
    	
)
    	
Address: 
    
	
 
    	
)
    	
Occupation:
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    

 

20

 

	
Executed and delivered as a   Deed by 
    	
)
    	
 
    
	
 
    	
)
    	
/s/ Tuna Kurdoğlu
    
	
Tuna Kurdoğlu
    	
)
    	
Signature:
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
in the presence of:
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
/s/ Nil Akman
    
	
 
    	
)
    	
Witness signature
    
	
 
    	
)
    	
Name:
    
	
 
    	
)
    	
Address: 
    
	
 
    	
)
    	
Occupation:
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Executed and delivered as a   Deed by 
    	
)
    	
 
    
	
 
    	
)
    	
/s/ Erhan Kurdoğlu
    
	
for and on behalf of

Ata Holding A.Ş.

who are duly authorised and   empowered
   in accordance with the laws of its jurisdiction
   of incorporation to validly execute this
   Agreement as a Deed
    	
)
    	
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/s/ Ömer Ali Üründül
    
	
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/s/ Duran Uğur
    
	
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/s/ Mehmet Mert Üründül
    
	
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/s/ Emine Aslı   Üründül
    
	
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for and on behalf of

ELQ Investors VIII Ltd

who are duly authorised   and empowered
   in accordance with the laws of

its jurisdiction of   incorporation
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   as a Deed
    	
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/s/ Thomas Gasson
    
	
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/s/ Hassan El Khatib
    
	
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European Bank for   Reconstruction and Development
    	
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/s/ Marketa Stranska
    
	
for and on behalf of

Clouse S.A. in respect of its

Compartment 17

who are duly authorised   and empowered
   in accordance with the laws of

its jurisdiction of   incorporation
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/s/ Alexandra Fantuz
    
	
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/s/ Sandra Bur
    
	
 
    	
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26Exhibit 10.12

 

AGREEMENT

 

Article 1:  PARTIES

 

This Agreement has been made and entered into by and between Tab Gıda Sanayi ve Ticaret A.Ş. having its registered office at Emirhan Cad. Ata Kule No: 109, Kat:2, Dikilitaş, Beşiktaş, ISTANBUL (hereinafter referred to as “Tab Gıda”) and Ekur İnşaat Sanayi ve Ticaret A.Ş. having its registered office at Emirhan Cad. Ata Kule No: 109, Kat:4, Dikilitaş, Beşiktaş, ISTANBUL (hereinafter referred to as “Ekur”), under such terms and conditions hereinafter set forth.

 

Article 2:  SUBJECT

 

The subject matter of this Agreement is:

 

a)             Performance of construction and alteration works for the restaurants to be put into service by Tab Gıda and repair and maintenance works for the existing restaurants which are operational,

 

b)             drafting all kinds of architectural projects including alteration projects required by Tab Gıda,

 

in each case by Ekur, and setting forth the mutual rights and obligations of the Parties hereunder.

 

Article 3:  DEFINITIONS

 

Parties                                                                                :        Tab Gıda and Ekur.

 

Restaurant                                                          :        Restaurants bearing various tradenames whose licenses or titles are or will be held or owned by Tab Gıda in the present or future and being operated by Tab Gıda.

 

Work(s)                                                                          :        Manufacturing, services and works specified hereunder.

 

Agreement                                                          :        This agreement.

 

Article 4:  INSTRUCTIONS

 

The instructions related to the carrying out of the works shall be issued by the representatives named in the signature circulars and/or their proxies in writing or by email. The representatives who are authorized to issue instructions with respect to the projects shall be notified to the other party prior to start of the works.

 

Article 5:  RIGHTS AND OBLIGATIONS OF EKUR:

 

5.1                     To complete the contractual works undertaken by it as per the respective project approved by the parties and the applicable standards within the period of time undertaken by it and deliver the same to Tab Gıda.

 

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5.2                     Ekur may subcontract third parties for the contractual works. In selecting such subcontractors, the opinion of Tab Gıda shall be sought, but the final decision in this respect shall be made by Ekur.

 

5.3                     Ekur shall duly perform its obligations including notification obligations related to its own employees and the employees of its subcontractors to be employed for the contractual works as set forth under the applicable Labor Law, Social Security and General Health Insurance Law No. 5510 and other applicable labor laws and regulations. Ekur is solely responsible for the performance of such obligations set forth herein.

 

5.4                     Ekur is obliged to take any and all the measures and precautions to ensure that the contractual employees work in a safe and secure way, to check if such measures and precautions are duly complied with and act in compliance with the occupational health and safety legislation.

 

5.5                     The standards to apply to the materials to be used in the contractual works shall be mutually specified by the parties and the use of materials satisfying such standards is mandatory.

 

5.6                     Ekur is responsible for any losses or damages likely to be caused to Tab Gıda and/or third parties by its and its subcontractors’ employees during their contractual works.

 

5.7                     If the findings contained in the reports issued upon technical inspection conducted by Tab Gıda, the works performed hereunder satisfy the project and technical specifications, they shall be taken into consideration by Ekur.

 

5.8                     Ekur shall store all the contractual products in the areas suitable for Tab Gıda’s purpose at its sole cost and expense including the rental fees, if any. Ekur shall be held responsible for any possible damages that might occur during the storage of the goods.

 

Article 6:  PRICE and PAYMENT

 

6.1                     The price of the works being the subject matter hereof and specified in paragraph (a) of Article 2 has been fixed as the cost + 20% of the cost.

 

6.2                     25% of the estimated price shall be paid in advance by Tab Gıda to Ekur. To be used as basis for requesting such advance sum, Ekur shall prepare “estimated cost items sheet” and submit it to Tab Gıda.

 

6.3                     65% of the estimated price shall be paid at the time of Temporary Acceptance specified in Article 9 of this Agreement.

 

6.4                     The remaining sum shall be paid by Tab Gıda in cash and at one time within the month following the date of invoice to be issued at the time of Final Acceptance.

 

6.5                     In consideration of the works being the subject matter hereof and specified in paragraph b) of Article 2, Tab Gıda shall pay to Ekur 180.000 TL per month as the project price. Such amount shall be increased each year by the average of the sum of CPI (Consumer Price Index change compared to the same month of the preceding year) and PPI (Producer Price Index change compared to the same month of the preceding year) as published for the previous one-year period as of the date of Agreement.

 

Article 7:  CALCULATION OF COSTS AND AUDIT

 

The calculation of the costs being basis for the price of the contractual works shall be made by Ekur. If requested by Tab Gıda, Ekur shall submit the copies of the invoices and other relevant documents regarding the calculation of the costs.

 

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Article 8:  RIGHTS and OBLIGATIONS OF TAB GIDA

 

8.1                     Tab Gıda shall pay the contractual price to Ekur in accordance with the provisions of Article 6 above. Tab Gıda agrees and undertakes to pay delay interest at the rate of advance interest rate of the Central Bank of Turkey for payments not made on their due dates.

 

8.2                     Tab Gıda is obliged to deliver the site on a timely manner for starting up the contractual works and prepare suitable working environment for the employees of Ekur.

 

8.3                     Any information and documents to be required by Ekur at the beginning and/or during the currency of the contractual works shall be provided without causing any delay on the part of Ekur.

 

8.4                     Workplace financial liability insurance shall be obtained by Tab Gıda for the sites erected for the contractual works.

 

8.5                     Any and all the official permits and licenses including construction and alteration licenses shall be obtained by Tab Gıda.

 

8.6                     Electricity, water, natural gas and other utility subscription contracts and rental contracts for the restaurants being the subject matter hereof shall be effected by Tab Gıda. However, Ekur is obliged to prepare all the projects required for such subscription applications, prior to the date of application.

 

8.7                     Tab Gıda shall be entitled to conduct technical inspection of each stage of contractual works as to compliance with the project and technical specifications through its or its consulting firm’s technical employees.

 

Article 9:  TEMPORARY AND FINAL ACCEPTANCE

 

9.1                     The temporary acceptance of the works (hereinafter referred to as “Temporary Acceptance”) shall take place within 5 days following the completion of the works in presence of the representatives of Ekur and Tab Gıda. Tab Gıda is entitled to inspect the completed works within 8 days following the temporary acceptance and notify Ekur of any defects within such period of time.

 

9.2                     The final acceptance shall take place at the end of third month following the Temporary Acceptance provided that any and all the defects are duly rectified. Tab Gıda reserves its rights to claim damages for any latent defects discovered prior to the final acceptance.

 

Article 10:  TERM AND TERMINATION

 

10.1             The term of the Agreement is 1 year as from the date of signing. Unless notified by either parties in writing 30 days in advance of the expiration date hereof not to renew the Agreement, the Agreement shall be deemed to have been automatically extended for further periods of 1 each year.

 

10.2             If Ekur fails to complete the part of contractual works within the period of time undertaken by it, Tab Gıda requires Ekur to complete the missing works within a reasonable period of time depending on the nature of the work, by serving a written notice. If Ekur further fails to complete the works within such period of time, a further reasonable period of time is granted by written notice. If, within such period of time, the work is not completed and delivered, and if such failure is not caused by legal and technical impossibilities, obstacles caused by third parties, non-performance of the

 

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obligations by Tab Gıda and the workload in excess of the periodical capacity of Ekur hereunder and other similar reasons, then Tab Gıda may terminate the Agreement by serving a written notice 2 months in advance.

 

Article 11:  FORCE MAJEURE

 

The “Force Majeure” events hereunder means inability of either parties to perform its contractual obligations entirely, permanently or by the end of the contractual term due to any reasons occurring beyond reasonable control of such party. War, public unrest and turmoil, civil commotion, earthquake, storm, fire, flood and general strike are regarded as force majeure events.

 

The party suffering such force majeure events shall take all the reasonable steps to eliminate the conditions preventing the performance of its contractual obligations and to perform such obligations with minimum possible delay.

 

The party that is exposed to force majeure shall notify the other party without delay, and keep the other party informed with a view to restore the regular conditions for the performance of the Agreement. The parties shall take all the measures to minimize the effects of the force majeure events on their performance.

 

Article 12:  NOTICES

 

Unless changes to addresses shall be notified to the other party, failing which, addresses specified in Article 1 above shall remain valid and any notices served to such addresses shall be deemed as served to the relevant party for any legal purposes.

 

Article 13:  SETTLEMENT OF DISPUTES

 

All the disputes shall be resolved pursuant to the arbitration provisions of the Civil Code of Procedure. Any disputes shall be governed by the provisions of Turkish Substantive Law and settled according to such provisions. The place of arbitration shall be Istanbul. The arbitral tribunal for resolving the dispute will consist of three arbitrators. Each party shall appoint one each arbitrator and these two arbitrators shall appoint the third arbitrator who shall always be a jurist. Each Party shall nominate an arbitrator within a period of 15 days from the date on which the other has notified the other of its nomination. If, either party fails to appoint its own arbitrator within such period of time, such arbitrator shall be appointed by Istanbul Commercial Court. Such two arbitrators shall, within 15 calendar days of their appointment, elect the third arbitrator by mutual agreement. In case of dispute over such election, such third arbitrator shall also be appointed by Istanbul Commercial Court. The party seeking such arbitral award shall deposit the arbitrator’s fee and arbitration costs. The arbitral tribunal shall issue its award within three months of its formation.

 

Article 14:  CONFIDENTIALITY

 

The parties agree and warrant that they shall act in compliance with confidentiality rules with respect to the information and documents supplied by the other party.

 

Ekur shall give appropriate instructions to its subcontractors to abide by such confidentiality rules.

 

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Article 15:  PROHIBITION OF ASSIGNMENT

 

Ekur may not assign its contractual obligations to any third parties except for the appointment of subcontractors set forth under Article 5.2 hereof.

 

Article 16:  TERM EXTENSION

 

Any delays in performing the contractual obligations of Tab Gıda and the period of time elapsing during the force majeure event shall be added to the time for performing the works.

 

Article 17:  GUARANTEE

 

Ekur shall furnish Tab Gıda with a letter of guarantee in the amount of TL 200.000. Such letter of guarantee shall be returned to Ekur at the end of the Agreement provided that all the contractual obligations have been duly performed and fulfilled.

 

Article 18:  OTHER PROVISIONS

 

18.1.          Neither failure nor delay of the parties to exercise any right under this Agreement or applicable laws shall operate as a waiver of such right; and the waiver by any Party of exercising any such right, whether in whole or in part, shall not preclude constitute a continuing waiver of the right waived or preclude its exercise at any subsequent time or a waiver of any other right.

18.2.          Any amendment or variation to this Agreement shall be in writing.

18.3.          The stamp duty arising from the agreement shall be paid by Tab Gıda and 1⁄2 of which shall be invoiced to Ekur.

18.4.          The technical specifications to be issued and signed by the parties in the future shall become an integral part of this Agreement.

 

This Agreement consisting of 18 main articles and seven pages has been signed and executed in one copy on 01.01.2011.

 

	
Tab Gıda Sanayi ve Ticaret A.Ş.
    	
 
    	
Ekur İnşaat Sanayi ve Ticaret A.Ş.
    
	
(Signed & Sealed)
    	
 
    	
(Signed & Sealed)
    
	
 
    	
 
    	
 
    
	
/s/ Erhan Kurdoğlu
    	
 
    	
/s/ Erhan Kurdoğlu
    
	
 
    	
 
    	
 
    
	
/s/ Recep Caner Dikici
    	
 
    	
/s/ Ertuğrul Kurdoğlu
    

 

 

ANNEX:

1)             Signature Circulars of Parties

2)             “Estimated cost sheet” form

 

AS ORIGINAL

 

5

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