Document:

TAP EX 10.17.6_2014.12.31

	
	
	 

Exhibit 10.17.6

From:

 
Molson Coors Brewing Company 
Starbev Netherlands B.V.
Molson Coors Netherlands B.V.
Molson Coors Lux 2 
Molson Coors European Finance Company 

To: 
UniCredit Bank AG, London Branch  
as Agent for and on behalf of the Arrangers and the Lenders under and as defined in the Revolving Facility Agreement referred to below

Moor House 
120 London Wall 
London EC2Y 5ET 
England 

For the attention of:    Mr. Thomas Hancock, Associate - Loan Agency
Gillian Akhurst, Director, Loans Agency
20 October 2014
Dear Sirs,
		
	1.
	Background

We refer to the unsecured and uncommitted revolving facility agreement dated 10 September 2012 between, among others, Molson Coors Brewing Company as guarantor, Starbev Netherlands B.V., Molson Coors Netherlands B.V., Molson Coors Lux 2 and Molson Coors European Finance Company as borrowers, UniCredit Bank AG, London Branch as agent and UniCredit Bank Czech Republic and Slovakia, a.s. (formerly UniCredit Bank Czech Republic, a.s.) and Citibank Europe plc, organizační složka, as arrangers and lenders (as amended and restated from time to time including most recently by a second amendment and restatement agreement dated 9 September 2014, the “Revolving Facility Agreement”).
		
	2.
	Interpretation

		
	(a)
	Capitalised terms defined in the Revolving Facility Agreement have the same meaning when used in this letter, unless stated otherwise.

		
	(b)
	The provisions of clause 1.2 (Construction) of the Revolving Facility Agreement apply to this letter as though they were set out in full in this letter except that references to the Revolving Facility Agreement are to be construed as references to this letter.

		
	(c)
	This letter is supplemental to and amends the Revolving Facility Agreement.

		
	3.
	Amendments

	
			
	 

	 
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KE 33348322.1

	
	
	 

Exhibit 10.17.6

		
	(a)
	Pursuant to clause 37 (Amendments and waivers) of the Revolving Facility Agreement we hereby request that the following amendments be made to the Revolving Facility Agreement (together, the “Proposed Amendments”): 

		
	(i)
	that the definition of Permitted Disposal in clause 1.1 (Definitions) be deleted in its entirety and replaced with the following definition:

““Permitted Disposal” means any sale, lease, licence, transfer or other disposal (which, except in the case of paragraph (b), is made on arm's length terms):
		
	(a)
	of assets (other than of shares, businesses and undertakings) in the ordinary course of trading;

		
	(b)
	of any asset by a member of the Group to another member of the Group;

		
	(c)
	of assets (other than shares, businesses and undertakings) in exchange for other assets comparable or superior as to type, value and quality; 

		
	(d)
	of cash equivalent investments for cash or in exchange for other cash equivalent investments;

		
	(e)
	of receivables pursuant to any factoring transactions permitted by paragraph (a) of the definition of “Permitted Financial Indebtedness”;

		
	(f)
	of assets (other than shares) which are obsolete for the purpose for which such assets are normally utilised or which are no longer required for the purpose of the relevant person’s business or operations; 

		
	(g)
	of the shares or the assets of a member of the Group that is not a Material Subsidiary other than (to the extent that they are not Material Subsidiaries) the Croatian Operating Company, Apatinska Pivara Apatin d.o.o. and Pivovary Staropramen s.r.o. (formerly Pivovary Staropramen a.s.); and

		
	(h)
	any other disposal to which the Majority Lenders shall have given their prior written consent; and”; 

		
	(ii)
	that clauses 9(b) and 9(c) (Mandatory Prepayment) be deleted in their entirety and replaced with the following:

		
	“(b)
	the Borrowers cease to directly or indirectly hold or control (individually or     jointly) at least 90% of shares and votes in the Croatian Operating Company,     Apatinska Pivara Apatin d.o.o. or Pivovary Staropramen s.r.o. (formerly     Pivovary Staropramen a.s.) (each a “Material Operating Company” and collectively the “Material Operating Companies”); or 

		
	 (c)
	the Borrowers cease to be able (individually or jointly) to direct any of the Material Operating Companies’ affairs and/or to control the composition of any Material Operating Company’s board of directors or equivalent     body,”

	
			
	 

	 
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KE 33348322.1

	
	
	 

Exhibit 10.17.6

		
	(iii)
	that clause 22.1(a) (Financial statements) be amended to insert the word “and” at the end of paragraph (iv) thereof and to include the following new paragraph (v):

		
	“(v)
	the financial statements of each Material Operating Company for that financial year in the form of pull-downs of balance sheets and profit and loss statements from SAP financial reporting software maintained by each Material Operating Company;”

		
	(b)
	Pursuant to clause 37.1 (Required consents) of the Revolving Facility Agreement, the Proposed Amendments require the consent of the Majority Lenders. 

		
	(c)
	We hereby request that the Agent countersign a copy of this letter as indicated in order to effect the Proposed Amendments. 

		
	4.
	Guarantee and Security Confirmation

		
	(a)
	Each Obligor:

		
	(i)
	confirms its acceptance of the Revolving Facility Agreement (as amended by this letter); and

		
	(ii)
	agrees that it is bound as an Obligor by the terms of the Revolving Facility Agreement (as amended by this letter); and

		
	(b)
	the Guarantor further confirms that its guarantee:

		
	(i)
	continues in full force and effect on the terms of the Revolving Facility Agreement (as amended by this letter); and

		
	(ii)
	extends to the obligations of the Obligors under the Finance Documents (including the Revolving Facility Agreement as amended by this letter).

in each case in accordance with clause 20 (Guarantee and Indemnity) of the Revolving Facility Agreement.
		
	5.
	Miscellaneous

		
	(a)
	This letter is designated a Finance Document by the Agent and by each Obligor.

		
	(b)
	From the date on which the Agent countersigns this letter, the Revolving Facility Agreement and this letter will be read and construed as one document.  References in the Revolving Facility Agreement and each Finance Document to the Revolving Facility Agreement shall be read and construed as references to the Revolving Facility Agreement as amended by this letter.

		
	(c)
	Except as otherwise provided in this letter, the Finance Documents remain in full force and effect.

		
	(d)
	Except to the extent expressly waived in this letter, no waiver of any provision of any Finance Document is given by the terms of this letter and the Finance Parties expressly 

	
			
	 

	 
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KE 33348322.1

	
	
	 

Exhibit 10.17.6

reserve all their rights and remedies in respect of any breach of, or other Default under, the Finance Documents.
		
	6.
	Counterparts

This letter may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this letter.
		
	7.
	Governing Law and Jurisdiction

The provisions of clause 40 (Governing Law) and clause 41 (Enforcement) of the Revolving Facility Agreement apply to this letter as though they were set out in full in this letter except that references to the Revolving Facility Agreement are to be construed as references to this letter.
If you agree to the terms of this letter, please sign where indicated below.
[Remainder of this page intentionally left blank]

	
			
	 

	 
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KE 33348322.1

	
	
	 

Yours faithfully,

/s/ Michael J. Rumley            
for and on behalf of
Molson Coors Brewing Company 
as Guarantor under the Revolving Facility Agreement

/s/ E. Lee Reichert                    /s/ Xavier De Cillia            
for and on behalf of                    for and on behalf of
Molson Coors European Finance            Molson Coors European Finance Company                        Company
as Borrower under the                    as Borrower under the    
Revolving Facility Agreement                Revolving Facility Agreement    

/s/ E. Lee Reichert                    /s/ Xavier De Cillia            
for and on behalf of                    for and on behalf of
Molson Coors Lux 2                    Molson Coors Lux 2  
as Borrower under the                    as Borrower under the    
Revolving Facility Agreement                Revolving Facility Agreement    

/s/ E. Lee Reichert                    /s/ Sophia van den Broek        
for and on behalf of                    for and on behalf of
Molson Coors Netherlands B.V.            Molson Coors Netherlands B.V.
as Borrower under the                    as Borrower under the    
Revolving Facility Agreement                Revolving Facility Agreement    

/s/ E. Lee Reichert                    /s/ Sophia van den Broek        
for and on behalf of                    for and on behalf of
Starbev Netherlands B.V.                Starbev Netherlands B.V.
as Borrower under the                    as Borrower under the    
Revolving Facility Agreement                Revolving Facility Agreement    

	
	
	 

Agreed and accepted by
Agent
Pursuant to clause 37 (Amendments and waivers) of the Revolving Facility Agreement, the Agent hereby confirms that it has received the consent of the Majority Lenders to the Proposed Amendments on the terms and conditions set out in this letter.

/s/ Andrew Osborne                        /s/ Russell Winston        
for and on behalf of
UniCredit Bank AG, London Branch 
as Agent for itself and on behalf of the Arrangers and Lenders under the Revolving Facility Agreement 

Name:    Andrew Osborne                    Russell Winston    

Title:      Director                        Associate Director
Date:      27th October 2014TAP EX 10.7.8_2014.12.31

Exhibit 10.7.8
MOLSON COORS BREWING COMPANY
EMPLOYEE NONQUALIFIED STOCK OPTION AWARD NOTICE

This Award Notice evidences the award of nonqualified stock options (each, an “Option” or collectively, the “Options”) that have been granted to you, XXX, by Molson Coors Brewing Company, a Delaware corporation (the “Company”), subject to and conditioned upon your acceptance of the terms of this Award Notice, the 2014 Nonqualified Stock Option Agreement which is attached hereto (the “Agreement”) and the Molson Coors Brewing Company Incentive Compensation Plan (the “Plan”).  When vested, each stock option entitles you to purchase one share of Class B common stock of the Company, par value $0.01 per share (the “Shares”).  The Options are granted pursuant to the terms of the Plan.

This Award Notice constitutes part of, and is subject to the terms and provisions of, the Agreement and the Plan, which are incorporated by reference herein. Capitalized terms used but not defined in this Award Notice shall have the meanings set forth in the Agreement or in the Plan.  

Grant Date:          XXX

		
	Number of Shares:  
	XXX, subject to adjustment as provided under Section 4.4 of the Plan.

Exercise Price:          XXX per Share

		
	Expiration Date:  
	The Options expire at 5:00 p.m. Mountain Time on the last business day coincident with or prior to the 10th anniversary of the Grant Date (the “Expiration Date”), unless fully exercised or terminated earlier.

		
	Vesting Schedule:  
	Subject to the provisions of the Agreement and the Plan and provided that you remain continuously employed by the Company and/or an Affiliate through the respective vesting dates set forth below, the Options shall vest as follows: 

	
		
	Vesting Dates
	Cumulative Vested Percentage of Options

	1st Anniversary of Grant Date
	33 1⁄3%

	2nd Anniversary of Grant Date
	66 2⁄3%

	3rd Anniversary of Grant Date
	100%

                    
Except for termination of employment due to Retirement (defined in the Agreement), any unvested portion of the Award will be forfeited and/or cancelled on the date you cease to be an employee of the Company or an Affiliate.

Acceleration on 
Retirement or 
		
	Change in Control:
	To the extent not already vested or previously forfeited, your Options shall become 100% vested upon the earlier of: (i) your Retirement (defined in the Agreement); or (ii) upon a Change in Control prior to your termination of employment with the Company or an Affiliate.

MOLSON COORS BREWING COMPANY
        

You must accept this Award Notice by logging onto your account with Merrill Lynch and accepting this grant agreement.  If you fail to do so, the Options will be null and void.  By accepting the Options granted to you in this Award, you agree to be bound by all of the provisions set forth in this Award Notice, the Agreement, and the Plan.  
Attachment:    2014 Nonqualified Stock Option Agreement

    

2014 NONQUALIFIED STOCK OPTION AGREEMENT
UNDER THE
MOLSON COORS BREWING COMPANY INCENTIVE COMPENSATION PLAN

Molson Coors Brewing Company (the “Company”) has granted to you an Award consisting of nonqualified stock options, subject to the terms and conditions set forth herein and in the Employee Nonqualified Stock Option Award Notice (the “Award Notice”).  The Award has been granted to you pursuant to the Molson Coors Brewing Company Incentive Compensation Plan (the “Plan”). The decisions and interpretations of the Committee are binding, conclusive and final upon any questions arising under the Award Notice, this 2014 Nonqualified Stock Option Agreement (the “Agreement”) or the Plan. Unless otherwise defined herein or in the Award Notice, capitalized terms shall have the meanings assigned to such terms in the Plan.  
  
1.Grant of Options. On the Grant Date, you were awarded the number of Options set forth in the Award Notice.  

2.Vesting of Options. The Options shall become vested and non-forfeitable in accordance with the Vesting Schedule set forth in the Award Notice. Vesting may be accelerated as described in the Award Notice.  For purposes of the Award Notice and this Agreement, “Retirement” means termination of employment, other than for Cause, after attainment of age 55 and at least five years of continuous service with the Company or affiliate.

3.Termination of Employment. Except for termination of employment due to Retirement, any unvested portion of the Award will be forfeited and/or cancelled on the date you cease to be an employee of the Company or an Affiliate. Any portion of this Award that is not exercisable on the date of your termination of employment for any reason shall terminate immediately and be null and void and of no further force and effect.

If you terminate employment for reasons other than for death, Retirement, disability or Cause, your vested Options may be exercised for a period of one year following the date of your termination.  If you terminate employment due to death, your vested Options may be exercised by your designated beneficiary for fifteen months following your date of death. If you terminate employment due to Retirement or disability, your vested Options may be exercised for three years following the date of your termination. Notwithstanding the foregoing, in no event may an Option be exercised after the Expiration Date set forth on the Award Notice.

If you terminate employment for Cause, all Options, vested and unvested, shall be forfeited and/or cancelled on your date of termination.

4.Exercise of Options. Prior to the Expiration Date (or such earlier date provided in Section 3 above, you may exercise your vested Options by providing notice to the Company, in the manner specified by the Committee from time to time, of the number of Shares to be exercised, accompanied by full payment of the Exercise Price for the Shares by tendering cash, Shares or any other method of payment permitted by the Committee at the time of exercise. Participants who are residents of Canada for the purposes of the Income Tax Act (Canada) or who are subject to tax on their employment income under the Income Tax Act 

(Canada) are not permitted to elect to make payment with previously acquired Shares. You may not exercise Options with respect to any fractional Shares.

5.Status of Option. The Options being awarded to you are not intended to qualify as “incentive stock options” as defined in Section 422(b) of the Code.

6.Withholding Taxes. You agree to make appropriate arrangements with the Company or an Affiliate for satisfaction of any applicable federal, state, local or foreign tax withholding requirements or like requirements with respect to the exercise of Options no later than the date on which such withholding is required under applicable law. To satisfy such payment obligation, you agree the Company or an Affiliate shall have the right to withhold a number of whole Shares otherwise deliverable to you upon the exercise of the Options having a Fair Market Value (defined in the Plan), as of the date on which the tax withholding obligations arise, not in excess of the obligations determined by the applicable minimum statutory withholding rates; alternatively, the Company may require you, through payroll withholding, cash payment or otherwise, to make adequate provision for, the federal, state, local and foreign taxes, if any, required by law to be withheld by the Company or any Affiliate with respect to the Options.  

7.Rights as a Stockholder. You shall not have any of the rights of a stockholder with respect to the Options until Shares have been delivered to you upon exercise of the Options.  

8.Non-Guarantee of Employment Relationship or Future Awards. Nothing in the Plan, the Award Notice or this Agreement will alter your at-will or other employment status with the Company or an Affiliate, nor be construed as a contract of employment between you and the Company or an Affiliate, or as a contractual right for you to continue in the employ of the Company or an Affiliate for any period of time, or as a limitation of the right of the Company or an Affiliate to discharge you at any time with or without cause or notice and whether or not such discharge results in the forfeiture of any of your Options, or as a right to any future Awards.

9.Nontransferability of Options. No Option granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, otherwise than by will or by the laws of descent and distribution. Subject to Section 18, all Options granted under the Plan are exercisable only by you during your lifetime and by your designated beneficiary in the event of your death.

10.Additional Restrictions. The terms of the Option shall be subject to any special provisions relating to Options granted to individuals outside the United States which accompany these terms and shall be deemed a part hereof.

11.Personal Information. You agree the Company and its suppliers or vendors may collect, use and disclose your personal information for the purposes of the implementation, management, administration and termination of the Plan.

12.Amendment. The Committee may amend, alter, modify, suspend or terminate the Award Notice or this Agreement at any time and from time to time, in whole or in part; provided, however, no amendment, alteration, modification, suspension or termination of the Award Notice or Agreement shall adversely affect in any material way the Award Notice or this Agreement, without your written consent, except to the extent such amendment, alteration, modification, suspension or termination is reasonably determined by the Committee in its sole discretion to be necessary to comply with applicable laws, rules, regulations, or is necessary for such approvals by any governmental agencies or national securities exchanges as may be required.

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13.Binding Effect. This Agreement shall inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer set forth herein, be binding upon you and your heirs, beneficiaries, executors, legal representatives, successors and assigns.

14.Integrated Agreement. The Award Notice, this Agreement and the Plan constitute the entire understanding and agreement between you and the Company with respect to the subject matter contained herein or therein and supersedes any prior agreements, understandings, restrictions, representations, or warranties between you and the Company with respect to such subject matter other than those as set forth or provided for herein or therein.  

15.Governing Law. The Award Notice and this Agreement shall be governed by the laws of the State of Delaware, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Award Notice and this Agreement to the substantive law of another jurisdiction. You agree to submit to the exclusive jurisdiction and venue of the federal or state courts of Colorado, to resolve any and all issues that may arise out of or relate to the Plan or any related Award Notice or Agreement.

16.Construction. Captions and titles contained in this Agreement are for convenience only and shall not affect the meaning or interpretation of any provision of this Agreement.  Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.

17.Beneficiary Designation (Quebec Residents). Article 15 of the Plan is not applicable to those Participants in the Plan who are residents of Quebec. Any beneficiary designation or revocation of such beneficiary designation made by such residents must be made through a will, a copy of which should be filed with the Committee.

18.Conformity. This Agreement is intended to conform in all respects with, and is subject to all applicable provisions of, the Plan. Any conflict between the terms of the Award Notice, this Agreement and the Plan shall be resolved in accordance with the terms of the Plan. In the event of any ambiguity in the Award Notice or this Agreement or any matters as to which the Award Notice and this Agreement are silent, the Plan shall govern. Any conflict between the terms of the Award Notice and the Agreement shall be resolved in accordance with the terms of the Agreement. In the event of any conflict between the information provided on any intranet site or internet website and the Award Notice, the Agreement or the Plan, the Award Notice, Agreement or the Plan, as applicable, shall govern as provided above.

*    *    *    *    *

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