Document:

Registration Rights Agreement

 Exhibit 10.1 
  
 REGISTRATION RIGHTS AGREEMENT 
  

REGISTRATION RIGHTS AGREEMENT dated as of August 17, 2005 (this “Agreement”), among (i) CENTRAL EUROPEAN DISTRIBUTION CORPORATION, a
Delaware corporation (the “Company”), and (ii) BOTAPOL MANAGEMENT B.V., a company incorporated in the Netherlands, and TAKIRRA INVESTMENT CORPORATION N.V., a limited liability company organized under the laws of the Netherlands
Antilles (“Takirra”) (each, a “Shareholder” and collectively, the “Shareholders”). 
  
 WHEREAS, on the date hereof, the Shareholders have been issued the number of shares of common stock, par value $0.01 per share, of the Company
(“Common Stock”) set forth on Schedule A attached hereto, in connection with the Company’s purchase from the Shareholders of all of the issued and outstanding shares of Botapol Holding B.V. pursuant to that certain Share
Sale Agreement dated as of June 27, 2005 (the “Purchase Agreement”); 
  
 WHEREAS, the shares of Common Stock issued to the Shareholders have not been registered under the Securities Act (as hereinafter defined) or any state securities laws; and the certificates representing such shares of
Common Stock bear a legend restricting their transfer; and 
  
 WHEREAS, in connection with the foregoing, the Company has agreed, subject to the terms, conditions and limitations set forth in this Agreement, to provide the Shareholders with certain registration rights in respect of shares of Common
Stock. 
  
 NOW, THEREFORE, in consideration of the mutual
covenants and promises contained herein, the parties hereto agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS

  
 1.1. Definitions. Capitalized words and phrases
used and not otherwise defined in this Agreement shall have the following meanings: 
  
 “Commission” means the Securities and Exchange Commission or any other federal agency at the time administering the Securities Act. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 “Holder” means each Shareholder, and each Person who is a
Permitted Transferee of any Shareholder. 
  
 “Lock-Up
Period” means the period starting on the date hereof and ending on the one-year anniversary of the date hereof. 

 “Permitted Transferee” means any corporation, partnership, limited liability company or
other entity controlled by, controlling or under common control with any Shareholder; provided that (a) the Transfer is effected in accordance with applicable federal and state securities laws, (b) such transferee or assignee acquires at
least 25% of the Registrable Securities held by a Shareholder as of the date of this Agreement (adjusted for stock splits and stock consolidations after the date of this Agreement), (c) such transferee or assignee becomes a party to this Agreement
or agrees in writing to be subject to the terms hereof to the same extent as if it were the Holder hereunder, and (d) the Company is given written notice by the Holder of said Transfer, stating the name and address of said transferee and identifying
the securities with respect to which such registration rights are being transferred. 
  
 “Person” means any individual, corporation, partnership, trust or other entity of any nature whatsoever. 
  
 “register”, “registered”, and “registration”, when used with respect to the capital stock of the
Company, mean a registration effected by preparing and filing a registration statement or similar document in compliance with the Securities Act which has been declared or ordered effective in accordance with the Securities Act. 
  
 “Registrable Securities” means (i) the shares of Common
Stock issued to the Shareholders in connection with the Purchase Agreement, (ii) any Common Stock issued (or issuable upon the conversion or exercise of any warrant, right, option or other convertible security which is issued) as a dividend or other
distribution with respect to, or in exchange for, or in replacement of, the Common Stock referred to in clause (i) above, and (iii) any Common Stock issued by way of a stock split of the Common Stock referred to in clauses (i) or (ii) above. Shares
of Common Stock shall cease to be Registrable Securities when (A) a registration statement with respect to the sale of such shares of Common Stock shall have become effective under the Securities Act pursuant to Section 2.1 or Section 3.1 of this
Agreement, (B) such shares of Common Stock shall have been sold or otherwise distributed pursuant to Rule 144 (or any successor provision) under the Securities Act, (C) such securities are eligible for sale or other distribution under Rule 144(k),
(D) such shares of Common Stock are Transferred in accordance with Section 9.1(b) or are otherwise no longer held by the Holders, or (E) such shares of Common Stock shall have ceased to be outstanding. 
  
 “Registration Expenses” means all registration,
qualification, filing, printing, messenger and delivery fees and expenses and all reasonable fees and disbursements of legal counsel, accountants and other advisors relating to the registration of Registrable Securities pursuant to this Agreement,
relating to causing such registration to be declared effective pursuant to this Agreement, and relating to causing such registration to remain effective for the time periods set forth in this Agreement. 
  
 “Securities Act” means the Securities Act of 1933, as
amended, and the rules and regulations of the Commission promulgated thereunder. 
  
 “Transfer” means any transfer, sale, gift, assignment, distribution, conveyance, pledge, hypothecation, encumbrance or other voluntary or involuntary transfer of title or beneficial interest, whether
or not for value, including, without limitation, any disposition by operation of law or any grant of a derivative or economic interest therein. 

 ARTICLE II 
  

DEMAND REGISTRATION 
  
 2.1. Demand Registration. If, at any time after the expiration of the Lock-Up Period, the Holders of all Registrable Securities, acting together,
make a written request to the Company requesting that the Company register under the Securities Act all or any part of the issued and outstanding Registrable Securities (a “Demand Registration”), then, subject to the restrictions
contained herein, the Company shall file a registration statement under the Securities Act with the Commission, and cause such Registrable Securities to be registered under the Securities Act, in accordance with Article VI below; provided,
however, that the Company shall not be obligated to file a registration statement, nor to cause such Registrable Securities to be registered, pursuant to this Section 2.1 (a) in any particular state in which the Company would be required to
execute a general consent to service of process (unless the Company is subject to the jurisdiction of the courts of such state prior to the date of the written request made pursuant hereto), or (b) for any offering having an aggregate offering price
(before deduction of underwriting discounts and expenses of sale) of less than $10,000,000. 
  
 2.2. Number of Demand Registrations. The Holders shall be entitled to request two (2) Demand Registrations, but not more than one Demand Registration in any period of 365 days; provided, that a Demand
Registration shall not be deemed to have been effected for purposes of Sections 2.1 and 2.2 if (i) the Company fails to comply with its obligations set forth in Section 5.1(b), (ii) Holders of Registrable Securities included in such registration
have withdrawn sufficient shares from such registration such that the remaining holders requesting registration would not have been able to request registration under the provisions of Section 2.1, or (iii) the offering of Registrable Securities
pursuant to such registration becomes subject to any stop order, injunction or other order or requirement of the Commission (other than any such stop order, injunction, or other requirement of the Commission prompted by any act or omission of
Holders of Registrable Securities) and such stop order, injunction or other order or requirement of the Commission continues in effect for more than 20 days. 
  
 2.3. Expenses. With respect to each Demand Registration, the Holders shall pay, and shall reimburse the Company for, all Registration Expenses
incurred in connection with such Demand Registration, including all underwriting or brokerage discounts, commissions, fees and expenses and all fees and expenses of counsel and other advisors hired by the Holders. 
  
 2.4. Underwriting. If the Holders intend to distribute the Registrable
Securities covered by their request by means of an underwriting, then they shall so advise the Company as a part of their request. In such case, the Holders shall negotiate with an underwriter selected by them and approved by the Company, which
approval shall not be unreasonably withheld, with regard to the underwriting of such requested registration; provided, however, that if a majority in interest of the Holders have not agreed with such underwriter as to the terms and
conditions of such underwriting within twenty (20) days following commencement of such negotiations, a majority in interest of the Holders may select an underwriter of their choice. The right of the 

 
Holders to include Registrable Securities in such registration shall be conditioned upon (i) the Holders’ participation in such underwriting and the
inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise agreed by a majority in interest of the Holders requesting such registration), (ii) the entry of the participating Holders (together with the Company and
other holders distributing their securities through such underwriting) into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting, and (iii) the completion and execution by the participating
Holders of all questionnaires, powers of attorney, indemnities and other documents required under the terms of such underwriting arrangements; provided, (A) that all of the representations by the Company to and for the benefit of such
underwriter shall also be made to and for the benefit of such Holders of Registrable Securities, (B) that, to the extent it is customary in underwriting agreements relating to offerings of the type contemplated by the Holders, all of the other
agreements on the part of the Company to and for the benefit of such underwriter shall also be made to and for the benefit of such Holders of Registrable Securities, (C) that any of the conditions precedent to the obligations of such underwriters
under such underwriting agreement shall also be conditions precedent to the obligations of such Holders of Registrable Securities, and (D) that no Holder shall be required to make any representations or warranties to or agreements with the Company
or the underwriter(s) other than representations, warranties or agreements regarding such Holder, the Registrable Securities of such Holder and such Holder’s intended method of distribution and any other representations required by law or
reasonably required by the underwriter(s). For the avoidance of doubt, no Holder shall be required to give any representation, warranty or agreement as to whether or not the registration statement under which the Registrable Securities are
registered, or any preliminary prospectus, final prospectus or summary prospectus contained therein, or amendment or supplement thereto, contains any untrue statement of a material fact or omits to state a material fact necessary in order to make
the statements therein, in light of the circumstances under which they were made not misleading, or words to a similar effect. If any Holder of Registrable Securities disapproves of the terms of the underwriting, such Holder may elect to withdraw
all of its Registrable Securities by written notice to the Company, the managing underwriter and the other Holder; provided that such registration shall be counted as a Demand Registration for the purposes of calculating the remaining number
of Demand Registrations to which the Holders are entitled pursuant to Section 2.2 of this Agreement unless all the Holders withdraw their Registrable Securities pursuant to this sentence. The securities so withdrawn shall also be withdrawn from
registration. 
  
 2.5. Priority. Notwithstanding any other
provision of this Article II, if the managing underwriter advises the Company in writing that the marketability of the offering would be adversely affected by the number of securities included in such offering, then the Company shall so advise all
Holders, and the number of shares of Registrable Securities that may be included in the registration and underwriting shall be reduced as required by the underwriter(s), and the Company shall include in such registration the maximum number of
Registrable Securities permitted by the underwriter to be included therein, pro rata among the respective Holders thereof on the basis of the amount of Registrable Securities requested to be included in such registration by each such Holder;
provided, however, that securities to be included in such registration statement as a result of piggyback registration rights of others as well as any securities to be offered by the Company, its directors, officers and employees shall
be excluded from the registration statement prior to the exclusion of any Registrable Securities held by the Holders. 

 2.6. Registration on Form S-3. If, at the time of delivery of a request to the Company pursuant to
Section 2.1, the Company is a registrant entitled to use Form S-3 or any successor thereto to register shares of Common Stock, then the Company shall use its commercially reasonable efforts to effect the Demand Registration on Form S-3 or any
successor thereto. 
  
 ARTICLE III 
  
 PIGGYBACK REGISTRATION 
  
 3.1. Notice of Registration. (a) If, at any time after the expiration
of the Lock-Up Period, the Company proposes to register any of its Common Stock under the Securities Act, either for its own account or for the account of any Person other than the Holders, but not including a registration (i) relating to employee
stock option or purchase plans, (ii) relating to a transaction pursuant to Rule 145 under the Securities Act, or (iii) pursuant to a registration form which does not include substantially the same information as would be required to be included in a
registration statement covering the sale of Registrable Securities (a “Piggyback Registration”), then the Company will: 
  
 (X) give written notice thereof to the Holders at least 30 days prior to the filing of such registration statement (“Piggyback Notice”)
setting forth the date on which the Company proposes to file such registration statement and advising each Holder of its right to have Registrable Securities included in such registration; and 
  
 (Y) use its commercially reasonable efforts to include in such Piggyback
Registration up to the number of the Registrable Securities which the Holders request in writing to be so included within 20 days after receipt of the Piggyback Notice. 
  
 (b) If the Piggyback Registration relates, either wholly or partially, to the registration of shares of Common Stock held by
other stockholders, and if the Company intends to register less than all of the shares of Common Stock held by such other stockholders, then the percentage of Registrable Securities held by each Holder that will be included in the Piggyback
Registration will be no greater than the highest percentage of Common Stock that is being included for the other stockholders. 
  
 3.2. Expenses. If the Company proposes to register any securities in a Piggyback Registration for its own account, then the Company will pay the
Registration Expenses relating to any such Piggyback Registration, and the Holders will pay any incremental expenses, if any, resulting from the inclusion of the Registrable Securities in such Piggyback Registration. In all other Piggyback
Registrations, the Holders shall pay their pro rata share of the Registration Expenses based on the number of Registrable Securities being included in such Piggyback Registration as a percentage of the total number of shares of Common Stock being
included in such Piggyback Registration. In no event shall the Company be responsible for any underwriting or brokerage discounts, commissions, fees or expenses, or any fees and expenses of counsel or other advisors hired by the Holders or by any
other Person. 

 3.3. Underwriting. If the distribution of shares of Common Stock covered by a Piggyback
Registration is to be underwritten, then the Piggyback Notice will disclose this fact. In such case, the right of the Holders to include Registrable Securities in such registration shall be conditioned upon (i) the Holders’ participation in
such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein, (ii) the entry of the participating Holders (together with the Company and other holders distributing their
securities through such underwriting) into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company, and (iii) the completion and execution by the participating Holders of all
questionnaires, powers of attorney, indemnities and other documents required under the terms of such underwriting arrangements; provided, however, that the Company shall use reasonable commercial efforts to ensure that no
underwriter(s) requires any Holder to make any representations or warranties to, or agreements with, any underwriter(s) in a registration other than customary representations, warranties and agreements relating to such Holder’s title to the
Registrable Securities and authority to enter into the underwriting agreement, or such representations, warranties and agreements required by law or reasonably required by the underwriter(s). For the avoidance of doubt, no Holder shall be required
to give any representation, warranty or agreement as to whether or not the registration statement under which the Registrable Securities are registered, or any preliminary prospectus, final prospectus or summary prospectus contained therein, or
amendment or supplement thereto, contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made not misleading, or words
to a similar effect. 
  
 3.4. Priority. If the underwriter
of the registered public offering referred to in Section 3.3 shall advise the Company in writing that the marketability of the offering would be adversely affected by the number of securities included in such offering, then the Company shall advise
the Holders and securities shall be included in such offering in the following priority: first, the Common Stock proposed to be registered for the account of the Company, if any; second, the Common Stock proposed to be registered for
the account of any stockholder of the Company, if any, who caused such registration to be effected pursuant to a demand registration right granted to such stockholder; third, the Common Stock (including Registrable Securities) requested to be
included in such registration by the Holders (as modified by Section 3.1(b)) and by all other stockholders of the Company, allocated among the Holders and such other stockholders in accordance with the number of shares of Common Stock that each was
originally permitted to include in such Piggyback Registration; fourth, the other securities requested to be included in such registration. If any Holder disapproves of the terms of any such underwriting, such Holder may withdraw therefrom by
written notice to the Company and the underwriter, delivered at least 20 days prior to the effective date of the registration statement, without prejudice. Any securities excluded or withdrawn pursuant to the provisions of this Section 3.4 shall be
withdrawn from and shall not be included in such Piggyback Registration. 
  
 3.5. Termination. The Company shall have the right to terminate or withdraw any Piggyback Registration initiated by it under this Article IV prior to the effectiveness of such registration whether or not any
Holder has elected to include Registrable Securities in such registration. 

 ARTICLE IV 
  

PERMITTED DELAYS IN REGISTRATION 
  
 4.1. Suspension of Company Obligations. Notwithstanding anything to the contrary set forth in this Agreement, the Company’s obligation under
Articles II and III of this Agreement to file any registration statement and to cause Registrable Securities to be registered as provided therein shall be suspended in the event that (i) the Company is currently engaged in an underwritten primary
offering (other than an offering described in Section 3.1(a)(i), (ii) or (iii)), or (ii) a registration statement for a public offering of the Company’s securities was declared effective within the previous 120 days. The Company’s
entitlement to such suspension shall continue only for so long as an event described in (i) or (ii) of the preceding sentence, or the effect thereof, is continuing, not to exceed 90 days. In addition, the Company’s obligation under Articles II
and III of this Agreement to file any registration statement, to cause Registrable Securities to be registered, and to maintain the effectiveness of such registration statement shall be suspended (and, to the extent applicable, the Holders shall
suspend the disposition of any Registrable Securities pursuant to a then currently effective registration statement) in the event that, in the good faith opinion of the Company’s Board of Directors, as certified to the Holders by the President
of the Company, effecting or maintaining the effectiveness of the registration of Registrable Securities would be seriously detrimental to any material financing, acquisition, merger, disposition of assets, disposition of stock or other comparable
transaction then being pursued by the Company or would require the Company to make public disclosure of information which could have a material adverse effect upon the Company. The Company’s entitlement to such suspension shall continue only
for so long as an event described in the previous sentence, or the effect thereof, is continuing, not to exceed 75 days. The Company shall promptly notify the Holders in writing of the existence of any suspension event set forth in this Section 4.1.
The Company shall be entitled to suspend its obligation to file any registration statement, to cause Registrable Securities to be registered, and, if applicable, to maintain the effectiveness of such registration statement pursuant to this Section
4.1 once during any 365-day period. 
  
 ARTICLE V

  
 REGISTRATION PROCEDURES 
  
 5.1. Registration Procedures. Whenever the Company is obligated to
register the Registrable Securities pursuant to this Agreement, the Company shall use its commercially reasonable efforts to: 
  
 (a) prepare and file with the Commission a registration statement with respect to such Holder’s Registrable Securities as expeditiously as possible,
and in any event within 90 days of receiving the appropriate request from the Holders, and to include in such registration statement the Registrable Securities which the Company has been requested to register; 
  
 (b) cause all such Registrable Securities to be registered under the
Securities Act as expeditiously as possible, and in any event within 120 days of filing such registration statement, and, subject to Section 4.1, to cause such registration statement to remain effective 

 
until the distribution described in the registration statement relating thereto has been completed or until the securities registered thereunder are eligible
for sale or other distribution under Rule 144(k) or are no longer held by the Holders; 
  
 (c) furnish the Holders, their underwriters, if any, and their respective counsel, at such times so as to permit their reasonable review, the opportunity to review the registration statement, each prospectus included
therein or filed with the Commission, and each amendment thereof or supplement thereto, and to consider in good faith incorporating any comments reasonably requested by the Holders, their underwriters, if any, and their respective counsel,
provided that the Holders’, the underwriters’, if any, and their respective counsels’ review of such documents shall not delay the filing of the registration statement so long as such parties have been provided a reasonable
time to review the same; 
  
 (d) make available for inspection by
the Holders any documents as are customary for similar “due diligence” examinations afforded to selling security holders in secondary offerings; provided that the Company shall have no obligation to provide any materials that the
Company’s Board of Directors reasonably believes constitutes a trade secret or proprietary information without a customary confidentiality agreement; 
  
 (e) make available for reasonable inspection by, or give reasonable access to, any underwriter participating in any disposition of Registrable Securities
all pertinent financial and other records, pertinent corporate documents and properties of the Company, and to cause its senior management to participate in such management presentations and roadshows as such underwriters may reasonably request
(provided that such managers are given reasonable advanced notice of such presentations and roadshows and that such managers shall only be obligated to participate in two roadshows, one per Demand Registration) and to cause the Company’s
directors, officers and employees to supply all information reasonably requested by any such underwriter in connection with the offering thereunder; 
  
 (f) furnish to the Holder and to the underwriters of the securities being registered such number of copies of the registration statement, preliminary
prospectus, final prospectus and other documents incident thereto as such underwriters and the Holder from time to time may reasonably request; 
  
 (g) prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus used in connection with such
registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement; 
  
 (h) register or qualify the Registrable Securities covered by such registration statement under such other securities laws
or state blue sky laws of such U.S. jurisdictions as shall be reasonably requested by the Holder for the distribution of the Registrable Securities covered by the registration statement; provided that the Company shall not be required to
qualify to do business or to file a general consent to service of process in any such states or jurisdictions or to subject itself to taxation in any such states or jurisdictions wherein it would not but for the requirements of this paragraph (h) be
required to do so; 

 (i) enter into customary agreements (including an underwriting agreement in customary form and substance
reasonably satisfactory to the Company, the Holders and the managing underwriter or underwriters of the public offering of such securities, if the offering is to be underwritten, in whole or in part); 
  
 (j) promptly notify the Holders at any time when a prospectus relating
thereto covered by such registration statement is required to be delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue
statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing and, at the request of any Holder, promptly prepare
and furnish to such Holder a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such securities, such prospectus shall not include an untrue
statement of material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; provided that, upon receipt of such notice from
the Company, the Holders will forthwith discontinue disposition of its Registrable Securities pursuant to the registration statement covering such Registrable Securities until the Holders receive the copies of the supplemented or amended prospectus
covering such Registrable Securities (and the Holders shall return to the Company all copies of the unsupplemented or unamended prospectus covering such Registrable Securities); 
  
 (k) furnish the following documents at the request of the Holders (either on the date that any Registrable Securities are to
be delivered to the underwriters for sale in connection with a registration pursuant to this Agreement if such securities are being sold through underwriters, or on the date that the registration statement becomes effective if such securities are
not being sold through underwriters), (i) a signed opinion, dated such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public
offering, addressed to the underwriters, if any, and to the Holders and (ii) letters dated such date and additionally, the date the offering is priced, from the independent certified public accountants of the Company, in form and substance as is
customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters, if any, and to the Holders; provided that the underwriter(s) deliver a representation letter, if
so requested by such accountants, covering such matters as are customarily required as a precondition to the delivery of such accountant comfort letters; 
  
 (l) comply with all applicable rules and regulations of the Commission and make available to its security holders, as soon as reasonably practicable, but
not later than 18 months after the effective date of the registration statement, an earnings statement covering the period of at least 12 months beginning with the first full month after the effective date of such registration statement, which
earnings statements shall satisfy the provisions of Section 11(a) of the Securities Act; and 
  
 (m) list all Registrable Securities covered by such registration statement on the Nasdaq or on such other securities exchange on which shares of Common Stock are then currently listed. 

 ARTICLE VI 
  

INDEMNIFICATION 
  
 6.1. Indemnification by the Company. In the event of any registration of any Registrable Securities pursuant to this Agreement under the Securities
Act, the Company will indemnify and hold harmless each participating Holder, each of its directors, officers and controlling persons, if any, each other Person who participates as an underwriter for the Holders in the offering or sale of such
securities and each other Person (including its officers and directors) who controls any such underwriter within the meaning of the Securities Act, against any losses, claims, damages or liabilities, joint or several, to which such participating
Holder or any such Person, underwriter or controlling person may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect
thereof) arise out of or are based on any untrue statement or alleged untrue statement of any material fact contained in the registration statement under which such Registrable Securities were registered under the Securities Act, in any preliminary
prospectus, final prospectus or summary prospectus contained therein, or in any amendment or supplement thereto, or by any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading and shall reimburse such Holder, such Holder’s directors, officers and controlling persons, such Person participating as an underwriter for the Holders
in the offering or sale of such securities and each other Person (including its officers and directors) who controls any such underwriter within the meaning of the Securities Act for any legal or other expenses reasonably incurred by them in
connection with investigating or defending any such loss, claim, damage or liability (or action or proceeding, whether commenced or threatened, in respect thereof); provided, however, that the Company shall not be liable in any such
case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such
registration statement, preliminary prospectus, final prospectus, summary prospectus, amendment or supplement in reliance upon and in conformity with written information furnished to the Company by any participating Holder or any other Person who
participates as an underwriter in the offering or sale of such securities or any of their controlling persons, in either case, specifically stating that it is for use in the preparation thereof. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of any participating Holder or any such underwriter or controlling person and shall survive the transfer of such securities by the Holder. 
  
 6.2. Indemnification by Participating Holders. Each of the
participating Holders whose Registrable Securities are included or are to be included in any registration statement, as a condition to including Registrable Securities in such registration statement, hereby agrees, severally but not jointly, to
indemnify, hold harmless and reimburse (in the same manner and to the same extent as set forth in Section 6.1) the Company, each director of the Company, each officer of the Company and each other Person, if any, who controls the Company within the
meaning of the Securities Act, and each other Person who participates as an underwriter in the offering or sale of such securities and each other Person who controls any such underwriter within the meaning of the Securities Act with respect to any
such loss, claim, damage or liability 

 
(or action or proceeding, whether commenced or threatened, in respect thereof) and any legal or other expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, damage or liability (or action or proceeding, whether commenced or threatened, in respect thereof) which arises out of or is based on any untrue statement or alleged untrue statement of a material
fact in or omission or alleged omission to state a material fact from such registration statement, preliminary prospectus, final prospectus or summary prospectus, or any amendment or supplement thereto, if such untrue statement or alleged untrue
statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company by any participating Holder specifically stating that it is for use in the preparation of such registration
statement, preliminary prospectus, final prospectus, summary prospectus, amendment or supplement; provided, however, that the indemnity agreement contained in this Section 6.2 shall not apply to amounts paid in settlement of any loss,
claim, damage or liability (or action or proceeding in respect thereof) or expense if such settlement is reached without the consent of such Holder; and provided, further, that the liability of each Holder hereunder shall be limited to the
proportion of any such loss, claim, damage, liability or expense that is equal to the proportion that the net proceeds from the sale of the shares sold by the Holder under such registration statement bears to the total net proceeds from the sale of
all securities sold thereunder, but not in any event to exceed the net proceeds received by the Holder from the sale of Registrable Securities covered by the registration statement. Such indemnity shall remain in full force and effect regardless of
any investigation made by or on behalf of the Company or any such director, officer, or any such underwriter or controlling person and shall survive the transfer of such securities by any participating Holder. 
  
 6.3. Notices of Claims. Promptly after receipt by an indemnified party
of notice of the commencement of any action or proceeding involving a claim referred to in Section 6.1 or 6.2, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party, give written notice to the latter
of the commencement of such action; provided, however, that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations under Section 6.1 or 6.2, except to the
extent that the indemnifying party is actually prejudiced by such failure to give notice. In case any such action is brought against an indemnified party, unless in such indemnified party’s reasonable judgment a conflict of interest between
such indemnified and indemnifying parties may exist in respect of such claim, the indemnifying party shall be entitled to participate in and to assume the defense thereof, jointly with any other indemnifying party similarly notified to the extent
that it may wish, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to
the indemnified party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof other than reasonable costs of investigation; provided that the indemnified party may participate in such defense
at the indemnified party’s expense and provided, further, that all indemnified parties shall have the right to employ one counsel to represent them if, in the reasonable judgment of such indemnified parties, it is advisable for
them to be represented by separate counsel by reason of having legal defenses which are different from or in addition to those available to the indemnifying party, and in that event the reasonable fees and expenses of such one counsel shall be paid
by the indemnifying party. If the indemnifying party is not entitled to, or elects not to, assume the defense of a claim, it will not be obligated to pay the fees and expenses of more than one counsel for the indemnified parties with respect to such
claim, unless 

 
in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other indemnified parties with
respect to such claim, in which event the indemnifying party shall be obligated to pay the fees and expenses of such additional counsel for the indemnified parties. No indemnifying party shall consent to entry of any judgment or enter into any
settlement without the consent of the indemnified party which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation.
No indemnifying party shall be subject to any liability for any settlement made without its consent, which consent shall not be unreasonably withheld. 
  
 6.4. Contribution. If, for any reason, the foregoing indemnity is unavailable, or is insufficient to hold harmless an indemnified party, then the
indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of the expense, loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the indemnifying party on
the one hand and the indemnified party on the other (determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by the
indemnifying party or the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission), as well as any other relevant equitable considerations. The
amount paid or payable by a party as a result of the expense, loss, claim, damage or liability referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with any investigation or
proceeding. The parties hereto agree that it would not be just or equitable if contribution pursuant to this Section 6.4 were determined by pro rata allocation or by any other means of allocation, unless such contribution takes into account the
equitable considerations referred to in this paragraph. No indemnified party guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any indemnifying party who was not
guilty of such fraudulent misrepresentation. 
  
 ARTICLE VII

  
 INFORMATION BY PARTICIPATING HOLDERS 
  
 7.1. Information Regarding Participating Holders. If any Registrable
Securities are included in any registration, each participating Holder shall promptly furnish to the Company and any applicable underwriter such information regarding such Holder and the distribution proposed by such Holder as the Company or such
underwriter may reasonably request in writing and as shall be required in connection with any registration, qualification or compliance referred to in this Agreement. 
  
 ARTICLE VIII 
  
 RULE 144 SALES 
  
 8.1. Reporting. With a view to making available to the Holders the benefits of certain rules and regulations of the Commission which may permit the
sale of Registrable 

 
Securities to the public without registration or through short form registration forms, the Company agrees to use its commercially reasonable efforts to:

  
 (a) make and keep public information available, as those
terms are understood and defined in Rule 144 under the Securities Act; 
  
 (b) file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act; and 
  
 (c) furnish to each Holder, so long as such Holder owns any Registrable Securities, upon request, a written statement by the
Company that it has complied with the reporting requirements of Rule 144, the Securities Act and the Exchange Act, a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed by the Company as
such Holder may reasonably request in availing itself of any rule or regulation of the Commission permitting such Holder to sell any such securities without registration. 
  
 ARTICLE IX 
  
 RESTRICTIONS ON TRANSFER 
  
 9.1. Restrictions on Transferability. (a) During the Lock-Up Period, the shares of Common Stock held by the Holders may not be Transferred, in
whole or in part, except to a Permitted Transferee or in accordance with Section 9.1(b). After the Lock-Up Period, the shares of Common Stock held by the Holders may be Transferred, in whole or in part, to (i) a Permitted Transferee or (ii) a Person
who is not a competitor of the Company and who, after such Transfer, will not beneficially own (as that term is defined in Section 13 of the Securities Act) more than 3.0% of the issued and outstanding shares of Common Stock, unless the Company
consents in writing to such a Transfer that would result in the beneficial ownership of more than 3.0% of the issued and outstanding shares of Common Stock by such Person; provided that, in the case of clause (ii) above: 
  
 (i) there is in effect a registration statement under the
Securities Act covering such proposed Transfer and such Transfer is made in accordance with such registration statement; or 
  
 (ii) such Transfer is eligible under Rule 144 or such Transfer is otherwise made in accordance with applicable securities law, and the
Holder shall have notified the Company of the proposed Transfer and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed Transfer. 
  
 (b) The shares of Common Stock held by the Holders may be transferred at any time, in whole or in part, (i) pursuant to a
tender offer within the meaning of the Exchange Act for any or all of the shares of Common Stock of the Company, (ii) in connection with any plan of reorganization, restructuring, bankruptcy, insolvency, merger or consolidation, reclassification,
recapitalization, or, in each case, similar corporate event of the Company, or (iii) an involuntary transfer pursuant to operation of law. 

 9.2. Restrictions on Sales During Registration Periods. In addition to the restrictions set forth
in Section 9.1, each Holder agrees not to offer, sell (including pursuant to Rule 144), distribute, short sale, loan, grant an option for the purchase, enter into any swap or hedge agreement, or otherwise Transfer any Common Stock or any securities
convertible into or exchangeable or exercisable for Common Stock, during the 15 days prior to and the 90 days after the effective date of any underwritten public offering of the Company’s securities, unless the Company’s Board of Directors
and the underwriters managing such public offering otherwise agree; provided, however, that such restriction shall not apply to any Registrable Securities, if any, included in the registration statement related to such underwritten
public offering unless all executive officers and directors of the Company shall also have agreed not to effect any offer, sale, distribution, short sale, loan, grant an option for the purchase, enter into any swap or hedge agreement, or otherwise
Transfer any Common Stock or any securities convertible or exchangeable for Common Stock under the circumstances and pursuant to the terms set forth in this Section 9.2. The Holders shall not take any action with respect to any distribution deemed
to be made pursuant to any Demand Registration or Piggyback Registration that would constitute a violation of Regulation M under the Exchange Act. 
  
 9.3. No Participation in Other Securities Offerings. The rights granted by the Company hereunder shall be the exclusive rights granted to Holders
with respect to Registrable Securities. Except as otherwise provided herein, the Holders shall have no rights to participate in any offering of securities by the Company to third parties, whether such offering is effected pursuant to registration
under the Securities Act or pursuant to an exemption from registration thereunder. 
  
 ARTICLE X 
  
 TERMINATION

  
 10.1. Termination. This Agreement and the rights
provided hereunder shall terminate and be of no further force and effect with respect to each Holder on the date such Holder shall no longer hold any Registrable Securities. This Section 10.1 shall not, however, apply to the provisions of Article VI
of this Agreement, which shall survive the termination of this Agreement. 
  
 ARTICLE XI 
  
 MISCELLANEOUS 
  
 11.1. Successors and
Assigns. Subject to the provisions of Section 9.1, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors, assigns and transferees of the parties. If any successor, assignee or
transferee of any Holder shall acquire Registrable Securities, in any manner, whether by operation of law or otherwise, such Registrable Securities shall be held subject to all of the terms of this Agreement, and by taking and holding such
Registrable Securities such Person shall be conclusively deemed to have agreed to be bound by all of the terms and provisions hereof. 

 11.2. Notices. All notices and other communications provided for hereunder shall be in writing and
sent by registered or certified mail, return receipt requested, postage prepaid or delivered in person or by courier, telecopier or electronic mail, and shall be deemed to have been duly given on the date on which personally delivered to, or
actually received by, the party to whom such notice is to be given at its address set forth below, or at such other address for the party as shall be specified by notice given pursuant hereto: 
  
 (a) if to the Company, to: 
  
 Central European Distribution Company 
 Two Bala Plaza 
 Suite #300 
 Bala Cynwyd, PA 19004 
 United States of America 
 Attn: William V. Carey, President 
  
 with a copy to: 
  
 Dickstein Shapiro Morin & Oshinsky, LLP 
 1177 Avenue of the Americas, 41st Floor 
 New York, NY 10036 
 United States of America 
 Attn: Malcolm I. Ross, Esq. 
  
 (b) If to the Holders, to: 
  
 Botapol Management B.V. 
 Watstraat 61, 
 2723 RB Zoetermeer 
 The Netherlands 
  
 and 
  
 Takirra Investment Corporation N.V. 
 Fokkerweg 26, Unit 301 
 Curaçao 
 The Netherlands Antilles 
  
 with a copy to: 
  
 Linklaters Paris 
 25, rue Marignan 
 75008 Paris 
 France 
 Attn:
Patrick Rignell/Thomas N. O’Neill III 

 11.3. Governing Law. This Agreement and any controversy or claim arising out of or relating to
this Agreement shall be governed by the laws of the State of New York, without giving effect to the principles of conflicts of laws. 
  
 11.4. Entire Agreement; Amendments and Waivers. This Agreement constitutes the entire agreement among the parties pertaining to the subject matter
hereof and supersedes all prior agreements, understandings, negotiations and discussions whether oral or written, of the parties. No supplement, modification or waiver of this Agreement shall be binding unless executed in writing by all parties. No
waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (whether or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided.

  
 11.5. Counterparts. This Agreement may be executed in
two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Copies of executed counterparts transmitted by telecopy or other electronic transmission service shall be
considered original executed counterparts. 
  
 11.6.
Severability. In the event that any one or more of the provisions contained in this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not
affect any other provision of this Agreement. 
  
 11.7.
Headings. The headings of the Articles and Sections herein are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Agreement. 
  
 11.8. Gender and Other References. Unless the context clearly
indicates otherwise, the use of any gender pronoun in this Agreement shall be deemed to include all other genders, and singular references shall include the plural and vice versa. 
  
 [SIGNATURE PAGE FOLLOWS] 
  
  

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above
written. 
  

			
	CENTRAL EUROPEAN DISTRIBUTION CORPORATION
		
	 By:
	 	 /s/ William V. Carey

	 Name:
	 	William V. Carey
	 Title:
	 	Chief Executive Officer
	
	BOTAPOL MANAGEMENT B.V.
		
	 By:
	 	 /s/ Loes Beukers

	 Name:
	 	Loes Beukers
	 Title:
	 	Managing Director, Erven Lucas Bols N.V.
		
	 By:
	 	 /s/ Piet van Leijenhorst

	 Name:
	 	Piet van Leijenhorst
	 Title:
	 	Managing Director, Erven Lucas Bols N.V.
	
	TAKIRRA INVESTMENT CORPORATION N.V.
		
	 By:
	 	 /s/ Markus Sieger

	 Name:
	 	Markus Sieger
	 Title:
	 	Attorney

 Schedule A 
  

					
	 Name of Shareholder

	 	 Number of Shares of Common Stock

	 	 
	 Botapol Management B.V.
	 	 1,691,419
	 	 
			
	 Takirra Investment Corporation N.V.
	 	 1,691,419
	 	 
			
	 	 	 TOTAL: 3,382,838Trade Mark Licence

 Exhibit 10.2 
  
 Dated 17 August 2005 
  
 Distilleerderijen Erven Lucas Bols B.V. 
  
 and 
  
 Central European Distribution Corporation 
  
 and 
  
 Carey Agri International Poland Sp. z o.o. 
  
 TRADE MARK LICENCE 
  
 

 
  
 One Silk Street 
 London EC2Y 8HQ 
  
 Telephone (44-20) 7456 2000 
 Facsimile (44-20) 7456 2222 

 This Agreement is made on 17 August 2005 between: 
  

	(1)	Distilleerderijen Erven Lucas Bols B.V. a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the
Netherlands, with its registered office at Wattstraat 61, Zoetermeer, The Netherlands (company registration number 27164355 (the “Licensor”); 

  

	(2)	Carey Agri International Poland Sp. z o.o., a limited liability company organized under the laws of Poland whose registered office is at ul. Bokserska 66a, 02-680 Warszawa,
Poland (“Carey Agri”); and 

  

	(3)	Central European Distribution Corporation a Delaware corporation with its principal executive office at Two Bala Plaza, Suite 300, Bala Cynwyd, Pennsylvania, United States of
America (“CEDC” and together with Carey Agri, collectively the “Licensee”). 

  
 Whereas: 
  

	(A)	The Licensor wishes to licence certain trade mark rights it owns in Poland and Russia to the Licensee. 

  

	(B)	The Licensee wishes to use such trade mark rights in accordance with the terms and conditions of this Agreement. 

  
 It is agreed as follows: 
  

	1	Interpretation 

  

	1.1	Definitions 

  
 “Affiliate” means a Subsidiary or Holding Company of a party and a Subsidiary of any such Holding Company; 
  
 “Commencement Date” means the date of this Agreement;

  
 “Competitor” means any person engaged in the
business of producing and/or selling any alcoholic beverage which competes directly with the business of the Licensor or any of its Affiliates; 
  
 “Expert” means an independent chartered accountant who is an expert in brand valuation; 
  
 “Licence” has the meaning ascribed to it in Clause 2.1;

  
 “Licensed Products” means any Product
supplied under the Marks in accordance with this Agreement; 
  
 “Licence Termination Event” means the termination events as described in Clause 13; 
  
 “Marks” means any mark in the Territory that includes the words BOLS VODKA or any similar words, including but not limited to the various
marks brief particulars of which are set out in Schedule 1; 
  
 “Owner” means Distilleerderijen Erven Lucas Bols B.V. or those who acquire ownership of any of the Marks from time to time; 
  
 “Product” means vodka (including flavoured vodkas), vodka ready-to-drink or vodka coolers and any goods or services which are incidental
to the sale of Bols vodka products and are to be employed in any advertising or promotional campaign; 

  

 2 

 
“Standards of Quality” means the quality, standards, specifications and directions in relation to the Product or the manner in which the
Marks are or shall be used which are set out in Schedule 2 as the same may be varied from time to time by agreement between the parties; 
  
 “Subsidiary” means a subsidiary of another company (its “Holding Company”) if that other company, directly or
indirectly, through one or more subsidiaries: 
  

	 	(i)	holds a majority of the voting rights in it; 

  

	 	(ii)	is a member or shareholder of it and has the right to appoint or remove a majority of its board of directors or equivalent managing body; 

  

	 	(iii)	is a member or shareholder of it and controls alone, pursuant to an agreement with other shareholders or members, a majority of the voting rights in it; or 

 

	 	(iv)	has the right to exercise a dominant influence over it, for example by having the right to give directions with respect to its operating and financial policies, with which
directions its directors are obliged to comply; 

  
 “Territory” means Poland and Russia, as well as any additional lands that formally become part of Poland or Russia due to political changes or other changes over time; 
  
 “Termination Date” means the day of termination of this
Agreement in accordance with Clause 13. 
  

	1.2	Modification and re-enactment of Statutes 

  
 References to any statutory provision include that provision as from time to time modified or re-enacted. 
  

	1.3	Recitals, Clauses etc. 

  
 References to this Agreement include its Recitals and Schedules and references to Recitals, Clauses and Schedules are to Recitals and, Clauses of and
Schedules to, this Agreement. 
  

	1.4	Legal Terms 

  
 References to any English legal term shall, for any jurisdiction other than England, be construed as references to the term or concept which most nearly
corresponds to it in that jurisdiction. 
  

	2	Licence 

  

	2.1	Subject to the terms and conditions of, and in consideration of the undertakings given by the Licensee to the Licensor in, this Agreement, the Licensor hereby grants to the
Licensee a perpetual, exclusive, royalty-free, assignable and sub-licensable licence to use the Marks on or in relation to the manufacture, marketing and sale of Licensed Products in the Territory and to use the name “Bols” as the
corporate name for the company which has company number 0000013113 provided that such company only manufactures, markets, sells and distributes Bols Vodka and only distributes any other brands of the Licensor or any of its Affiliates and the
Licensee accepts such licence and the use of such name (the “Licence”). 

  

	2.2	The Licensor shall not during the term of this Agreement itself exercise, or grant any sub-licence to any third party to exercise, the rights granted to the Licensee under
Clause 2.1. 

  

 3 

	2.3	The rights granted to the Licensee under Clause 2.1 are limited to the use of the Marks on and in relation to any Product which complies with the Standards of Quality.

  

	2.4	Each party shall if so requested by the other party complete such documents and forms in such form as may be required in order to register the Licence.

  

	2.5	The Licensee shall not: 

  

	 	2.5.1	undertake any advertising of the Licensed Products in any country, or specifically aimed at any customers, outside the Territory; 

  

	 	2.5.2	actively seek orders for Licensed Products from outside the Territory; 

  

	 	2.5.3	establish any branch dealing in or offering of Licensed Products or maintain any distribution depot for Licensed Products outside the Territory. The Licensee shall promptly
pass on to the Licensor enquiries for Licensed Products received from outside the Territory. 

  

	3	Quality Control 

  

	3.1	The Licensee shall ensure that: 

  

	 	3.1.1	the Licensed Products manufactured and/or supplied by the Licensee comply with the Standards of Quality; 

  

	 	3.1.2	all applicable regulations, laws and codes of practice are complied with by the Licensee; and 

  

	 	3.1.3	the Licensor’s recommendations as to quality control methods, testing procedures and similar matters, brief particulars of which are set out in Schedule 2, are strictly
adhered to. 

  

	3.2	The Licensee shall not do anything, or fail to do anything, which act or omission may jeopardise any regulatory or other relevant consents, permits or approvals relating to
the Licensed Products. 

  

	3.3	The Licensee shall promptly notify the Licensor on becoming aware of any actual breaches of applicable laws or regulations relating to the manufacture or sale of the Licensed
Products. 

  

	3.4	Provided that all licensees inside the European Union who have been granted a licence by the Licensor to manufacture, market and/or sell the Products are subject to an
equivalent notice obligation in relation to their respective territories, the Licensee shall procure that all the Licensed Products sold and all quotations, specifications, advertisements and other materials relating to the Licensed Products are
marked with a notice, in a form to be approved by the Licensor, stating that: 

  

	 	3.4.1	the Marks are used under licence from the Licensor and including any particulars of the Marks; and 

  

	 	3.4.2	the Licensed Products are not for sale outside the Territory; 

  
 as may be requested by the Licensor from time to time, or as required by the laws in force in the Territory (or relevant part of it). Upon receipt of the
proposed notice, the Licensor has thirty days to approve the notice, such approval not to be unreasonably withheld by the Licensor. If the Licensor does not approve or object to the notice within this time period, the notice shall be deemed
approved. 
  

 4 

	3.5	The Licensee shall not engage in any conduct which has material adverse effect on, or is reasonably likely in the future to have a material adverse effect on, any
“Bols” marks or similar marks (whether inside or outside of the Territory) which are owned by the Licensor or any of its Affiliates. 

  

	3.6	Subject to Clause 3.7, no trade mark or logo, apart from the Marks, may be affixed to or used in relation to the Licensed Products in any form whatsoever. The Licensee shall
not use any other trade marks which are, in the reasonable opinion of the Licensor, confusingly similar to any of the Marks and, save as provided in Clause 2.1 above, shall not use the Marks or any words confusingly similar to any of the Marks as,
or as part of, its corporate or trading name. 

  

	3.7	Notwithstanding Clause 3.6 above, the Licensee may identify itself as the supplier of the Licensed Products. 

  

	4	Marketing and Promotion 

  

	4.1	The Licensee shall ensure that its advertising and marketing of the Licensed Products is consistent with the reputation, image and prestige of the Marks at the Commencement
Date, including the Standards of Quality. 

  

	4.2	The Licensor and Licensee shall meet quarterly to discuss the text and layout of all advertisements and promotional material proposed by the Licensee relating to the Licensed
Products, including prior to the use by the Licensee of such advertisements and promotional material, to assist the Licensee to comply with its obligation under Clause 4.1, and the Licensee shall provide samples of its advertisements and promotional
material to the Licensor at the request of the Licensor. If upon receipt of any advertisements and/or promotional material, the Licensor does not object within thirty days, such advertisements and/or promotional materials will be deemed acceptable.
If any objection is raised by the Licensor, the objection must be reasonable, must be set forth in writing, must specifically state the nature of the objection and reasons for the objection. 

  

	5	Trade Marks 

  

	5.1	The Licensor warrants to the Licensee that the Licensor owns all right, title and interest in the Marks; that the Licensor has the right to enter into this Agreement and to
grant the Licence to the Licensee; that the granting of this Licence does not violate or conflict with any applicable laws or orders and does not require the consent, approval or waiver from, or application or notice to, or filing or registration
with, any governmental entity or other third party; that no other person or entity has been granted any rights under the Marks that would conflict, in any way, with the rights granted to Licensee under Clause 2.1. of this Agreement; that each of the
registrations for the Marks is valid and subsisting and is enforceable in the Territory; and that, so far as the Licensor is aware, the use of the Marks as contemplated by this Agreement does not infringe the intellectual property rights of others.
To the Licensor’s knowledge no third party has infringed, misappropriated, or otherwise violated the Licensor’s rights in the Marks and there are no Marks other than those listed in Schedule 1. 

  

	5.2	The Licensee acknowledges that it does not have any right, title or interest in or to the Marks other than such as may be granted or confirmed to it under this Agreement.

  

 5 

	5.3	The Licensee shall not do anything that is likely to diminish the rights of the Licensor in the Marks or to impair any registration of the Marks or to devalue the Marks in
any way. 

  

	5.4	Subject to the terms of this Agreement, the Licensor shall not do anything that is likely to impair the rights of the Licensee in the Licence or to impair any registration of
the Marks or devalue the Marks in any way within the Territory. 

  

	5.5	The Licensee shall not: 

  

	 	5.5.1	apply for or obtain registration of the Marks or any distinctive elements of each Mark for any products or services in any country; or 

  

	 	5.5.2	apply for or obtain registration of any trade mark in any country which consists of or comprises any of the Marks or any confusingly similar words or devices.

  

	5.6	The Licensor shall use reasonable efforts to maintain or have maintained the registrations of the Marks and to prosecute to registration any pending applications for Marks
and the Licensee shall bear all the costs of, and provide all necessary assistance in relation to, such maintenance and prosecution of the Marks in the Territory. If subsequent to the Commencement Date, the Licensor acquires, within the Territory,
any registrations or applications for registration of any additional Marks, such registrations or applications for registration shall be deemed to have been added to Schedule 1 and the provisions of this Agreement shall be deemed to have been
modified accordingly. 

  

	5.7	If the Licensee desires to use any improvements to the Marks or any other newly conceived intellectual property relating to the words BOLS VODKA or any similar words, it will
obtain the Licensor’s prior written approval for the use thereof. All right, title and interest in and to such improvements, designs, concepts, artwork, and other newly conceived intellectual property shall be the exclusive property of Licensor
and shall be used by the Licensee only in accordance with the terms of this Agreement. Upon the granting of approval to use such improvements, designs, concepts artwork, and other newly conceived intellectual property, the Licensor shall maintain
and endeavour to procure registration of such items in accordance with Clause 5.6. 

  

	6	Licensor’s Covenants 

  
 The Licensor covenants that, subject to the terms of this Agreement, neither the Licensor (or any of its assignees thereof) nor any of its Affiliates
shall take or cause to be taken any action contrary to the Licensee’s rights under this Agreement to use, and have quiet enjoyment of, the Marks within the Territory. Without limiting the generality of the foregoing, the Licensor shall use
reasonable endeavours to ensure that any contract for the sale by the Licensor or its Affiliates of Products using the BOLS VODKA mark outside the Territory shall incorporate clauses which prevent the counterparty to such contract from actively
selling Products using the BOLS VODKA mark into the Territory. 
  

	7	Indemnity 

  

	7.1	 The Licensee shall indemnify the Licensor against any costs, expenses, losses or damages suffered by or payable by the Licensor arising out of the
Licensee’s activities in accordance with or in breach of this Agreement, including those arising out of defects (whether obvious or hidden) in any Licensed Products manufactured, promoted, distributed or sold by the Licensee in the Territory or
arising from personal injury or any infringement of any rights of the Licensor or of any third party by the manufacture, sale, possession or 

  

 6 

	 	 
use of the Licensed Products by the Licensee or the Licensee’s failure to comply with all applicable laws and regulations, except to the extent that
such costs, expenses, losses or damages were incurred as a result of a breach of the Licensor’s warranties in Clause 5.1. 

  

	7.2	The Licensor shall indemnify the Licensee against any costs, expenses, losses or damages suffered by or payable by the Licensee arising out of (i) any breach of any of the
Licensor’s warranties in Clause 5.1, (ii) any material breach of any of the Licensor’s covenants in this Agreement, or (iii) the Licensor’s activities outside the Territory, including those arising out of defects (whether obvious or
hidden) in any Licensed Products manufactured, promoted, distributed or sold by the Licensor outside the Territory or the Licensor’s failure to comply with all applicable laws and regulations outside the Territory. 

  

	8	Infringement, Invalidity and Revocation 

  

	8.1	Each party shall promptly notify the other party on becoming aware of any challenge to the validity of, or action to revoke, or actual or suspected infringement of, or any
alleged infringement of the intellectual property rights of others by the use of, any of the Marks within or affecting the Territory (“Third Party Acts”). 

  

	8.2	The Licensor and the Licensee shall take such action as they jointly agree necessary in relation to any Third Party Acts within the Territory. In circumstances where only the
Licensor or the Licensee wishes to bring proceedings in respect of Third Party Acts within the Territory or the other party has not responded in writing to the other within a period of three days of notification of such Third Party Act (or such
shorter period as may be required in cases which require urgent action) the former party alone shall have the right to take and have control over any action it deems necessary. 

  

	8.3	The party controlling any action in respect of Third Party Acts shall keep the other party informed of the progress of such action and shall have regard to any suggestions or
comments that the other party may have in relation thereto. No party shall settle any action without the other party’s consent, such consent not to be unreasonably delayed or withheld. 

  

	8.4	The Licensee shall pay for the reasonable cost of any action in respect of Third Party Acts within the Territory (including the costs of IFSP or any other third party
instructed to investigate any actual or suspected infringement of the Marks), and shall be entitled to any damages, account of profits and awards of costs recovered in relation thereto. 

  

	9	Disclosure and Confidentiality 

  

	9.1	If the Licensee, any of its Affiliates, employees, agents or advisers receives confidential, or proprietary information supplied by or relating to the Licensor the Licensee
shall keep the same confidential and shall not disclose this information to any person other than (i) its officers or employees and (ii) persons engaged by the Licensee to manufacture or sell the Licensed Products on the Licensee’s behalf, in
each case only if, and to the extent, necessary for the performance of the Licensee’s obligations, and in pursuance of its rights, under this Agreement. 

  

	9.2	If the Licensor, any of its Affiliates, employees, agents or advisers receives confidential, or proprietary information supplied by or relating to the Licensee the Licensor
shall keep the same confidential and shall not disclose this information to any person other than to the extent necessary for the performance of any the Licensor’s obligations, and in pursuance of its rights, under this Agreement.

  

 7 

	9.3	The obligations of confidentiality set out in Clauses 9.1 and 9.2 shall not extend to information which: 

  

	 	9.3.1	was publicly available at the time of its disclosure under this Agreement; or 

  

	 	9.3.2	becomes publicly available following disclosure under this Agreement (other than as a result of disclosure by the receiving party or any other person contrary to the terms of
this Agreement); or 

  

	 	9.3.3	was lawfully in the receiving party’s possession prior to disclosure under this Agreement (as can be demonstrated by the receiving party’s written records or other
reasonable evidence) free of any restriction as to its use or disclosure; or 

  

	 	9.3.4	following disclosure under this Agreement, becomes available to the receiving party (as can be demonstrated by the receiving party’s written records or other reasonable
evidence) from a source other than the disclosing party, which source is not bound by any obligation of confidentiality to the disclosing party in relation to such information. 

  

	10	Assignment and Sub-Licensing 

  

	10.1	Save for Affiliates of the Licensee to whom the Licensee may assign or sub-license all or any of its rights under this Agreement, and save for any subcontractors to whom the
Licensee may sub-licence all or any of its rights under this Agreement for the manufacture of Licensed Products, in each case without the prior written consent of the Licensor, the Licensee may assign or sub-license all or any of its rights under
this Agreement to a third party provided that prior to such assignment or sub-licence it notifies the Licensor in writing of the terms of the assignment or sub-licence of rights offered by or to that third party and provides to the Licensor a
certified copy of the assignment or sub-licence or other transfer agreement and all other related agreements or documentation to be concluded in connection therewith with such third party. The Licensor has a right of first refusal for 30 days upon
receipt by the Licensor of such notice, to notify the Licensee that it wishes to acquire the rights under this Agreement on the terms and conditions offered by such third party. During that period the Licensee shall not enter into any assignment or
sub-licence with that third party. If during that period the Licensor notifies the Licensee that it wishes to acquire such rights offered by such third party, the parties shall enter into an assignment or sub-licence on terms no less advantageous to
the Licensor in any respect than those offered by or to the third party. In the absence of such notification or any notification by the Licensor to the contrary during that period, the Licensor shall be deemed to have refused such assignment or
sub-licence and the Licensee shall be entitled freely to assign or sub-license its rights under this Agreement to the third party but only on the terms and conditions of the agreements which have been communicated to the Licensor in the manner
described above. 

  

	10.2	Any assignment or sub-licence granted to any third party (including Affiliates of the Licensee) in accordance with Clause 10.1 shall be subject to, and be on terms and
conditions no less stringent than, the terms and conditions of this Agreement. 

  

 8 

	10.3	Notwithstanding Clauses 10.1 and 10.2, the Licensee shall not, and shall ensure that any assignees or sub-licensees shall not, assign or license any rights under this
Agreement to any Competitor at any time. 

  

	10.4	The Licensee shall be responsible to the Licensor for the acts and omissions of its permitted assignees and sub-licensees as if they were those of the Licensee itself.

  

	10.5	The provisions of this Clause 10 (other than Clause 10.3) shall not apply to the Licensee’s sale, directly or indirectly, of its entire Bols vodka business to a person
who is not a Competitor (including the sale in one transaction of its interest in both Bols Sp. z o.o. and the Marks). 

  

	10.6	The Licensor is at any time entitled to assign all and any of its rights in the Marks, and, upon the assignee of such rights unconditionally assuming all of the
Licensor’s obligations hereunder and acknowledging all of the rights granted to the Licensee under this Agreement, the Licensee shall enter into a novation agreement with a third party to whom the Licensor wishes to assign all or any of the
rights (together with the corresponding obligations) under this Agreement. 

  

	11	Insurance 

  

	11.1	The Licensee shall at its own expense carry product liability and comprehensive general liability insurance covering the Licensed Products which is no less than the current
level of insurance cover maintained by the Licensor. 

  

	11.2	The Licensee shall give the Licensor a certificate or other evidence confirming the existence of such insurance. 

  

	12	Term 

  

	12.1	The term of this Agreement shall commence on the Commencement Date and shall continue for an indefinite period, unless terminated in accordance with Clause 13.

  

	13	Termination 

  

	13.1	The Licensor may terminate this Agreement in respect of either Poland or Russia or both as the Licensor deems fit immediately by giving notice to the Licensee if one of the
following events occurs (each a “Licence Termination Event”), namely the Licensee: 

  

	 	13.1.1	(1) sells products using the Marks other than the Products in the Territory, or, (2) (save as provided in Clause 2.1), uses the word “Bols” in any corporate name or
(3) materially breaches Clause 3 of this Agreement in a manner that impairs any registration of the Marks, materially devalues the Marks or otherwise materially prejudices the rights of the Licensor or any of its Affiliates in any “Bols”
marks or similar marks whether inside the Territory or outside the Territory, or (4) breaches Clause 10 of this Agreement, and the Licensor gives notice to the Licensee to remedy the breach (or to the extent that the breach is not capable of remedy,
to pay compensation for the damage arising from such breach) and the Licensee fails to do so within 30 days of receipt of such notice; 

  

	 	13.1.2	is adjudicated bankrupt, files or has filed against it a voluntary or involuntary petition under Chapter 7 of title 11 of the United States Code (the “Bankruptcy
Code”) which in the case of an involuntary petition remains undismissed for 5 days or makes a general assignment for the benefit of its creditors; 

  

 9 

	 	13.1.3	compulsorily or voluntarily enters into liquidation (including a liquidation under Chapter 7 of the Bankruptcy Code), except for the purposes of a bona fide reconstruction or
amalgamation and with the prior written approval of the Licensor; 

  

	 	13.1.4	has a receiver, manager or trustee appointed over the whole or a substantial part of its undertakings or assets; 

  

	 	13.1.5	becomes a Subsidiary of a Competitor or a Competitor otherwise obtains rights in the Marks, whether directly or indirectly; or 

  

	 	13.1.6	ceases its business. 

  

	13.2	The provisions of Clause 13.1.5 above shall automatically terminate and be of no further force and effect on the date on which Rémy Cointreau or the Licensor itself
becomes a Subsidiary of a Competitor. 

  

	14	Effect of Termination 

  

	14.1	Upon termination of this Agreement by the Licensor in accordance with Clause 13: 

  

	 	14.1.1	subject to Clause 14.2, the Licence shall cease immediately and the Licensee shall have no right whatsoever to assign or transfer this Agreement by operation of law or
otherwise to any third party; 

  

	 	14.1.2	subject to Clause 14.2, the Licensee shall cease to manufacture and sell or offer or dispose of any products or services of any type or description under or by reference to
the Marks or any confusingly similar mark; 

  

	 	14.1.3	the Licensee shall return to the Licensor all confidential, or proprietary information supplied by or relating to the Licensor (including all copies in whatever form of any
such information) and shall not use that information for any purpose; 

  

	 	14.1.4	the Licensee shall co-operate with the Licensor in cancelling any registration of this Agreement as a licence or of the Licensee as a permitted user of the Marks; and

  

	 	14.1.5	all sub-licences granted by the Licensee shall terminate automatically save that the Licensor may, at its option, take over any or all sub-licences. 

 

	14.2	After the termination of this Agreement in accordance with Clause 13 the Licensee may, for a period of two months from that date, continue to sell any Licensed Products to
which the Marks applied prior to the Termination Date on the terms set out in this Agreement. 

  

	14.3	Termination of this Agreement pursuant to Clause 13 shall be without prejudice to the right to seek compensation for the breach by any party of any provisions of this
Agreement. 

  

	14.4	Upon termination of this Agreement in accordance with Clauses 13.1.2, 13.1.3, 13.1.4, 13.1.5 and 13.1.6 (but not for the avoidance of doubt Clause 13.1.1), the Licensor shall
pay to the Licensee an amount agreed between the parties in immediately available US Dollar funds reflecting the fair market value of this Agreement at the time of such termination. 

  

	14.5	 In the event that the parties cannot in good faith agree on the amount to be paid pursuant to Clause 14.4 within 30 days of termination under Clause 13.1.5,
the matter may be referred by either party for determination by the Expert. The Expert shall be appointed by 

  

 10 

	 	 
agreement between the parties, or if the parties cannot agree on such an appointment within 7 days of a request to refer the matter for expert determination,
by the president of the Institute of Chartered Accountants. The following terms of reference shall apply: 

  

	 	14.5.1	the parties shall give the Expert all reasonable co-operation; 

  

	 	14.5.2	the Expert may have access to all relevant documents of the parties, subject to any confidentiality provisions, within the time limits laid down by the Expert;

  

	 	14.5.3	the parties may make representations and submissions to the Expert but there shall be no formal hearing; 

  

	 	14.5.4	the Expert shall make the determination within 30 days of appointment as Expert and shall notify the parties of the determination in writing; 

  

	 	14.5.5	in giving such determination the Expert shall have regard to all relevant factors and commonly-accepted valuation methodologies and shall specify the methodology or
methodologies used to calculate the amount payable; 

  

	 	14.5.6	the Expert shall act as an expert (and not as an arbitrator) in making any such determination which shall be final and binding on the parties (in the absence of fraud or
manifest error); and 

  

	 	14.5.7	the expenses of any such determination by the Expert shall be borne equally between the parties. 

  

	14.6	In the event the Licensee becomes a debtor under Chapter 7 of the Bankruptcy Code, the Licensee or any trustee appointed under the Licencees’ bankruptcy may not assume
or assign this Agreement in accordance with Section 365(a) of the Bankruptcy Code. 

  

	15	Government Approval 

  
 If any Government approval is required in relation to this Agreement in any country in the Territory or the country in which the Licensee resides/is
registered, the Licensee shall obtain such approval(s) and shall provide the Licensor with a certified copy of such approval together with a translation in English, where applicable. 
  

	16	Force Majeure 

  

	16.1	The obligations of each party under this Agreement shall be suspended during the period in which and to the extent that such party is prevented from or hindered in complying
with them by any cause beyond its reasonable control including, without limitation, strikes, lock-outs, labour disputes, acts of God, war, riot, civil commotion, malicious damage, compliance with any law or governmental direction, accident,
break-down of plant or machinery, fire, flood or storm. 

  

	16.2	If any such event prevents the Licensee from complying with its obligations under this Agreement for a continuous period of 6 months, the Licensor shall have the right to
terminate this Agreement on giving the Licensee 6 months’ written notice. This Agreement shall automatically terminate on expiry of such notice unless, during that period, the Licensee is no longer prevented from complying with its obligations
and is, before the end of that period, again complying wholly or substantially with its obligations. 

  

 11 

	17	Whole Agreement 

  
 This Agreement supersedes any previous written or oral agreement between the parties in relation to the matters dealt with in this Agreement and contains
the whole agreement between the parties relating to the subject matter of this Agreement at the date hereof to the exclusion of any terms implied by law which may be excluded by contract. Each party acknowledges that it has not been induced to enter
into this Agreement by any representation, warranty or undertaking not expressly incorporated into it. So far as permitted by law and except in the case of fraud, each party agrees and acknowledges that its only rights and remedies in relation to
any representation, warranty or undertaking made or given in connection with this Agreement shall be for breach of the terms of this Agreement, to the exclusion of all other rights and remedies (including those in tort or arising under statute).

  

	18	Mitigation 

  
 Each party shall procure that all reasonable steps are taken and all reasonable assistance is given to avoid or mitigate any losses, liabilities, claims
or expenses, which in the absence of mitigation might give rise to a liability in respect of any claim under this Agreement. 
  

	19	Severance 

  
 If any provision in this Agreement shall be held to be illegal, invalid or unenforceable, in whole or in part in any jurisdiction, under any enactment or
rule of law, such provision or part shall to that extent, in such jurisdiction, be deemed not to form part of this Agreement but the legality, validity and enforceability of the remainder of this Agreement shall not be affected. 
  

	20	Variation/Waiver 

  

	20.1	No variation of this Agreement shall be effective unless in writing and signed by or on behalf of each of the parties and the Owner. 

  

	20.2	No delay or forbearance by either party or the Owner in exercising any right or remedy arising under this Agreement shall operate as a waiver of it, nor shall any single or
partial exercise of any right or remedy preclude any other or further exercise of it or the exercise of any other right or remedy. 

  

	21	Notices 

  

	21.1	Any notice given under this Agreement shall be in writing and may be delivered to the relevant party or sent by recorded delivery or fax to the address or fax number stated
in this Agreement or to such other address or fax number as may be notified by that party for this purpose, and shall be effective notwithstanding any change of address or fax number not notified. Notice may not be given under this Agreement by
e-mail. 

  

	21.2	For the purposes of this Clause 20, the address and fax number of each of the Licensor and Licensee are as follows: 

  

	 	21.2.1	Licensor: Wattstraat 61, Zoetermeer, The Netherlands 

  

 12 

	 	21.2.2	Licensee: Two Bala Plaza, Suite 300, Bala Cynwyd, Pennsylvania, United States of America 

  

	21.3	Unless proved otherwise, a notice shall be deemed to have been given, if sent by letter, 48 hours after the date of posting, and if delivered or sent by fax during the hours
of 9.00 a.m. to 6.00 p.m., when left at the relevant address or transmitted (as applicable), and otherwise on the next working day. 

  

	22	Rights of Third Parties 

  

	22.1	Subject to the provisions of Clauses 10 and 19, nothing contained in this contract shall confer on any person any benefit or right to enforce any term of this contract
whether pursuant to the Contracts (Rights of Third Parties) Act 1999 or otherwise. 

  

	23	Governing Law and Submission to Jurisdiction 

  

	23.1	The provisions of this Agreement are governed by, and shall be construed in accordance with, the laws of England and Wales. 

  

	23.2	All disputes which may arise out of or in connection with this Agreement shall be referred to and finally resolved by arbitration at the written request of either party under
the rules of the International Court of Arbitration, which rules are deemed to be incorporated by reference into this clause. The parties agree that the arbitration shall take place before one arbitrator in London and in English. Each party
irrevocably submits to the non-exclusive jurisdiction of the courts of England and Wales to support and assist the arbitration process pursuant to this clause, including if necessary the grant of interlocutory relief pending the outcome of that
process. 

  

	24	Joint and Several Liability of the Licensee 

  

	24.1	CEDC and Carey Agri shall each be entitled to the rights, and shall each be jointly and severally liable for the obligations, of the “Licensee” under this
Agreement. 

  
 In witness whereof this Agreement has been
entered into on the date stated at the beginning. 
  

			
	 SIGNED by
  
 /s/ Loes Beukers

  
 /s/ Piet van Leijenhorst

 on behalf of
Distilleederijen Erven Lucas Bols B.V.
	 	}

  

 13 

			
	 SIGNED by
  
 /s/ William V. Carey

 on behalf of Central European
Distribution Corporation
	 	}

  

			
	 SIGNED by
  
 /s/ William V. Carey

 on behalf of Carey Agri International
Poland Sp. z o.o.
	 	}

  
  

 14

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