Document:

Exhibit 10.1

 

REGISTRATION RIGHTS AGREEMENT

 

     

     

    

TABLE OF CONTENTS

 

 

 

	 	Page
	 	 
	Article 1
	DEFINITIONS
	 	 
	Section 1.01.  Defined Terms	1
	Section 1.02.  General Interpretive Principles	3
	 	 
	Article 2
	REGISTRATION RIGHTS
	 	 
	Section 2.01.  Registration	4
	Section 2.02.  Piggyback Registrations	6
	Section 2.03.  Selection of Underwriter(s)	7
	Section 2.04.  Registration Procedures	7
	Section 2.05.  Holdback Agreements	11
	Section 2.06.  Underwriting Agreement in Underwritten Offerings	11
	Section 2.07.  Registration Expenses Paid By Company	11
	Section 2.08.  Indemnification	11
	Section 2.09.  Reporting Requirements; Rule 144	13
	 	 
	Article 3
	MISCELLANEOUS
	 	 
	Section 3.01.  Term	14
	Section 3.02.  Notices	14
	Section 3.03.  Successors, Assigns and Transferees	14
	Section 3.04.  GOVERNING LAW; NO JURY TRIAL	15
	Section 3.05.  Specific Performance	15
	Section 3.06.  Headings	15
	Section 3.07.  Severability	15
	Section 3.08.  Amendment; Waiver	15
	Section 3.09.  Further Assurances	15
	Section 3.10.  Counterparts	15

 

    	 	i	 

     

    

  

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS AGREEMENT, dated as
of __________, 2017 (this “Agreement”), is by and between Hudson Ltd., an exempted company limited by shares
incorporated in Bermuda (the “Company”), and Dufry International AG, a Swiss stock corporation (“Dufry”).

 

WITNESETH:

 

WHEREAS, the Company is currently contemplating
an underwritten initial public offering (“IPO”) of certain of its Class A Common Shares (as defined below);
and

 

WHEREAS, the Company desires to grant registration
rights to Dufry on the terms and conditions set out in this Agreement;

 

NOW, THEREFORE, in consideration of the covenants
and agreements contained herein, the parties hereto agree as follows:

 

Article
1

DEFINITIONS

 

Section 1.01.    Defined Terms. As used
in this Agreement, the following terms shall have the following meanings:

 

“Action” means any demand,
action, suit, countersuit, arbitration, inquiry, proceeding or investigation by or before any Governmental Authority or any federal,
state, local, foreign or international arbitration or mediation tribunal.

 

“Affiliate” of any Person
means a Person that controls, is controlled by, or is under common control with such Person; provided, however, that,
for purposes of this Agreement, the Company and its Subsidiaries shall not be considered to be “Affiliates”
of Dufry and its Subsidiaries (other than the Company and its Subsidiaries), and Dufry and its Subsidiaries (other than the Company
and its Subsidiaries) shall not be considered to be “Affiliates” of the Company or its Subsidiaries. As used
herein, “control” means the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of such entity, whether through ownership of voting securities or other interests, by contract or
otherwise.

 

“Agreement” has the meaning
set forth in the preamble to this Agreement.

 

“Business Day” means any
day other than a Saturday, Sunday or a day on which banking institutions are authorized or obligated by law to be closed in New
York, New York or Zurich, Switzerland.

 

“Class A Common Shares”
means the Class A common shares, par value $       per share, of the Company and any shares into
which such Class A Common Shares may be converted.

 

“Company Notice” has the
meaning set forth in Section 2.01(a).

 

“Company Takedown Notice”
has the meaning set forth in Section 2.01(f).

 

“Demand Registration” has
the meaning set forth in Section 2.01(a).

 

“Dufry” has the meaning
set forth in the preamble to this Agreement and shall include its successors, by merger, acquisition, reorganization or otherwise.

 

“Exchange Act” means the
Securities Exchange Act of 1934, as amended.

 

     

     

    

 

“Governmental Authority”
means any nation or government, any state, municipality or other political subdivision thereof, and any entity, body, agency, commission,
department, board, bureau, court, tribunal or other instrumentality, whether federal, state, local, domestic, foreign or multinational,
exercising executive, legislative, judicial, regulatory, administrative or other similar functions of, or pertaining to, government
and any executive official thereof.

 

“Holder” shall mean Dufry
or any of its Affiliates, so long as such Person holds any Registrable Securities, and any Person owning Registrable Securities
who is a permitted transferee of rights under Section 3.03.

 

“Initiating Holder” has
the meaning set forth in Section 2.01(a).

 

“IPO” has the meaning set
forth in the recitals to this Agreement.

 

“Loss” or “Losses”
has the meaning set forth in Section 2.08(a).

 

“Person” means an individual,
a general or limited partnership, a corporation, a trust, a joint venture, an unincorporated organization, a limited liability
entity, any other entity and any Governmental Authority,

 

“Piggyback Registration”
has the meaning set forth in Section 2.02(a).

 

“Prospectus” means the prospectus
included in any Registration Statement, all amendments and supplements to such prospectus, including post-effective amendments,
and all other material incorporated by reference in such prospectus.

 

“Registrable Securities”
means any Shares and any securities issued or issuable directly or indirectly with respect to, in exchange for, upon the conversion
of or in replacement of the Shares, whether by way of a dividend or distribution or stock split or in connection with a combination
of shares, recapitalization, merger, consolidation, exchange or other reorganization; provided that any such Shares shall
cease to be Registrable Securities if (i) they have been registered and sold pursuant to an effective Registration Statement, (ii)
they have been transferred by a Holder in a transaction in which the Holder’s rights under this Agreement are not, or cannot
be, assigned, (iii) they may be sold pursuant to Rule 144 under the Securities Act without limitation thereunder on volume or manner
of sale, or (iv) they have ceased to be outstanding.

 

“Registration” means a registration
with the SEC of the offer and sale to the public of Class A Common Shares under a Registration Statement. The terms “Register,”
“Registered” and “Registering” shall have a correlative meaning.

 

“Registration Expenses”
shall mean all expenses incident to the Company’s performance of or compliance with this Agreement, including all (i) registration,
qualification and filing fees; (ii) expenses incurred in connection with the preparation, printing and filing under the Securities
Act of the Registration Statement, any Prospectus and any issuer free writing prospectus and the distribution thereof; (iii) the
fees and expenses of the Company’s counsel and independent accountants; (iv) the fees and expenses incurred in connection
with the registration or qualification and determination of eligibility for investment of the Shares under the state or foreign
securities or blue sky laws and the preparation, printing and distribution of a World Sky Memorandum (including the related fees
and expenses of counsel); (v) the costs and charges of any transfer agent and any registrar; (vii) all expenses and application
fees incurred in connection with any filing with, and clearance of an offering by, Financial Industry Regulatory Authority, Inc.;
(vii) expenses incurred in connection with any “road show” presentation to potential investors; (viii) printing
expenses, messenger, telephone and delivery expenses; (ix) internal expenses of the Company (including all salaries and expenses
of employees of the Company performing legal or accounting duties); and (x) fees and expenses of listing any Registrable Securities
on any securities exchange on which Class A Common Shares are then listed; but excluding any Selling Expenses.

 

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“Registration Period” has
the meaning set forth in Section 2.01(c).

 

“Registration Rights” shall
mean the rights of the Holders to cause the Company to Register Registrable Securities pursuant to this Agreement.

 

“Registration Statement”
means any registration statement of the Company filed with, or to be filed with, the SEC under the rules and regulations promulgated
under the Securities Act, including the related Prospectus, amendments and supplements to such registration statement, including
post-effective amendments, and all exhibits and all material incorporated by reference in such registration statement.

 

“SEC” has the meaning set
forth in the recitals to this Agreement.

 

“Securities Act” means the
U.S. Securities Act of 1933, as amended.

 

“Selling Expenses” means
all underwriting discounts, selling commissions and transfer taxes applicable to the sale of Registrable Securities hereunder.

 

“Shares” means all Class
A Common Shares that are beneficially owned by Dufry or any of its Affiliates or any permitted transferee of rights under Section
3.03 from time to time, whether or not held immediately following the IPO.

 

“Shelf Registration” means
a Registration Statement of the Company for an offering to be made on a delayed or continuous basis of Class A Common Shares pursuant
to Rule 415 under the Securities Act (or similar provisions then in effect).

 

“Subsidiary” means, when
used with respect to any Person, (a) a corporation in which such Person or one or more Subsidiaries of such Person, directly or
indirectly, owns capital stock having a majority of the total voting power in the election of directors of all outstanding shares
of all classes and series of capital stock of such corporation entitled generally to vote in such election; and (b) any other Person
(other than a corporation) in which such Person or one or more Subsidiaries of such Person, directly or indirectly, has (i) a majority
ownership interest or (ii) the power to elect or direct the election of a majority of the members of the governing body of such
first-named Person.

 

“Takedown Notice” has the
meaning set forth in Section 2.01(f).

 

“Underwritten Offering”
means a Registration in which securities of the Company are sold to an underwriter or underwriters on a firm commitment basis for
reoffering to the public.

 

Section 1.02.    General Interpretive Principles.
Whenever used in this Agreement, except as otherwise expressly provided or unless the context otherwise requires, any noun or pronoun
shall be deemed to include the plural as well as the singular and to cover all genders. Whenever the words “include,”
“includes” or “including” are used in this Agreement, they shall be deemed to be followed
by the words “without limitation.” Unless otherwise specified, the terms “hereof,” “herein,”
“hereunder” and similar terms refer to this Agreement as a whole (including the exhibits hereto), and references
herein to Articles and Sections refer to Articles and Sections of this Agreement. Except as otherwise indicated, all periods of
time referred to herein shall include all Saturdays, Sundays and holidays; provided, however, that if the date to
perform the act or give any notice with respect to this Agreement shall fall on a day other than a Business Day, such act or notice
may be performed or given timely if performed or given on the next succeeding Business Day. References to a Person are also to
its permitted successors and assigns. The parties have participated jointly in the negotiation and drafting of this Agreement and,
in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted
by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship
of any provision of this Agreement.

 

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Article
2

REGISTRATION RIGHTS

 

Section 2.01.    Registration.

 

(a)       Request.
Any Holder(s) of Registrable Securities (collectively, the “Initiating Holder”) shall have the right to request
that the Company file a Registration Statement with the SEC on the appropriate registration form for all or part of the Registrable
Securities held by such Holder once such Holder is no longer subject to the lock-up applicable to it entered into in connection
with the IPO (which may be due to the expiration or waiver of such lock-up with respect to such Registrable Securities) by delivering
a written request to the Company specifying the kind and number of shares of Registrable Securities such Holder wishes to Register
and the intended method of distribution thereof (a “Demand Registration”). The Company shall (i) within 10 Business
Days of the receipt of such request, give written notice of such Demand Registration to all Holders of Registrable Securities (the
“Company Notice”), (ii) use its reasonable best efforts to file a Registration Statement in respect of such
Demand Registration within 45 days of receipt of the request, and (iii) use its reasonable best efforts to cause such Registration
Statement to become effective as soon as reasonably practicable thereafter. The Company shall include in such Registration all
Registrable Securities that the Holders request to be included within the 10 Business Days following their receipt of the Company
Notice.

 

(b)       Limitations
of Demand Registrations. There shall be no limitation on the number of Demand Registrations pursuant to Section 2.01(a); provided,
however, that the Holders may not require the Company to effect more than ten Demand Registrations in a 12-month period.
In the event that any Person shall have received rights to Demand Registrations pursuant to Section 3.03, and such Person shall
have made a Demand Registration request, such request shall be treated as having been made by the Holder(s). The Registrable Securities
requested to be Registered pursuant to Section 2.01(a) must represent (i) an aggregate offering price of Registrable Securities
that is reasonably be expected to equal at least $10,000,000 or (ii) all of the remaining Registrable Securities owned by the requesting
Holder and its Affiliates.

 

(c)       Effective
Registration. The Company shall be deemed to have effected a Registration for purposes of Section 2.01(b) if the Registration
Statement is declared effective by the SEC or becomes effective upon filing with the SEC, and remains effective until the earlier
of (i) the date when all Registrable Securities thereunder have been sold and (ii) 40 days from the effective date of the Registration
Statement (the “Registration Period”). No Registration shall be deemed to have been effective if the conditions
to closing specified in the underwriting agreement, if any, entered into in connection with such Registration are not satisfied
by reason of the Company. If, during the Registration Period, such Registration is interfered with by any stop order, injunction
or other order or requirement of the SEC or other Governmental Authority, the Registration Period shall be extended on a day-for-day
basis for any period the Holder is unable to complete an offering as a result of such stop order, injunction or other order or
requirement of the SEC or other Governmental Authority.

 

(d)       Underwritten
Offering. If the Initiating Holder so indicates at the time of its request pursuant to Section 2.01(a), such offering of Registrable
Securities shall be in the form of an Underwritten Offering and the Company shall include such information in the Company Notice.
In the event that the Initiating Holder intends to distribute the Registrable Securities by means of an Underwritten Offering,
no Holder may include Registrable Securities in such Registration unless such Holder, subject to the limitations set forth in Section
2.06, (i) agrees to sell its Registrable Securities on the basis provided in the applicable underwriting arrangements; (ii) completes
and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required
under the terms of such underwriting arrangements and (iii) cooperates with the Company’s reasonable requests in connection
with such Registration (it being understood that the Company’s failure to perform its obligations hereunder, which failure
is caused by such Holder’s failure to cooperate, will not constitute a breach by the Company of this Agreement).

 

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(e)       Priority
of Securities in an Underwritten Offering. If the managing underwriter or underwriters of a proposed Underwritten Offering,
including an Underwritten Offering from a Shelf Registration, pursuant to this Section 2.01 informs the Company and the Holders
with Registrable Securities in the proposed Underwritten Offering in writing that, in its or their opinion, the number of securities
requested to be included in such Underwritten Offering exceeds the number that can be sold in such Underwritten Offering without
being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market
for the securities offered, then the number of securities to be included in such Underwritten Offering shall be reduced in the
following order of priority: first, there shall be excluded from the Underwritten Offering any securities to be sold for
the account of any selling securityholder other than the Holders; second, there shall be excluded from the Underwritten
Offering any securities to be sold for the account of the Company; third, there shall be excluded from the Underwritten
Offering any securities to be sold for the account of Holders other than Dufry and its Affiliates that have been requested to be
included therein pro rata based on the number of Registrable Securities owned by each such Holder; and finally, the
number of Registrable Securities of Dufry and its Affiliates shall be reduced, in each case to the extent necessary to reduce the
total number of securities to be included in such offering to the number recommended by the managing underwriter or underwriters.

 

(f)       Shelf
Registration. At any time after the date hereof when the Company is eligible to Register the applicable Registrable Securities
on Form F-3 (or a successor form) and the Holder may request Demand Registrations, the requesting Holders may request the Company
to effect a Demand Registration as a Shelf Registration. There shall be no limitations on the number of Underwritten Offerings
pursuant to a Shelf Registration; provided, however, that the Holders may not require the Company to effect more
than ten Underwritten Offerings in a 12-month period. Any Holder of Registrable Securities included on a Shelf Registration shall
have the right to request that the Company cooperate in a shelf takedown at any time, including an Underwritten Offering, by delivering
a written request thereof to the Company specifying the kind and number of shares of Registrable Securities such Holder wishes
to include in the shelf takedown (“Takedown Notice”). The Company shall (i) within 5 Business Days of the receipt
of a Takedown Notice for an Underwritten Offering, give written notice of such Takedown Notice to all Holders of Registrable Securities
included on such Shelf Registration (the “Company Takedown Notice”), and (ii) shall take all actions reasonably
requested by such Holder, including the filing of a Prospectus supplement and the other actions described in Section 2.04, in accordance
with the intended method of distribution set forth in the Takedown Notice as expeditiously as practicable. If the takedown is an
Underwritten Offering, the Company shall include in such Underwritten Offering all Registrable Securities that that the Holders
request to be included within the 5 days following their receipt of the Company Takedown Notice. If the takedown is an Underwritten
Offering, the Registrable Securities requested to be included in a shelf takedown must represent (i) an aggregate offering price
of Registrable Securities that is reasonably be expected to equal at least $10,000,000 or (ii) all of the remaining Registrable
Securities owned by the requesting Holder and its Affiliates.

 

(g)       SEC
Form. Except as set forth in the next sentence, the Company shall use its reasonable best efforts to cause Demand Registrations
to be Registered on Form F-3 (or any successor form), and if the Company is not then eligible under the Securities Act to use Form
F-3, Demand Registrations shall be Registered on Form F-1 (or any successor form). The Company shall use its reasonable best efforts
to become eligible to use Form F-3 and, after becoming eligible to use Form F-3, shall use its reasonable best efforts to remain
so eligible. All Demand Registrations shall comply with applicable requirements of the Securities Act and, together with each Prospectus
included, filed or otherwise furnished by the Company in connection therewith, shall not contain any 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.

 

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Section 2.02.    Piggyback Registrations.

 

(a)       Participation.
If the Company proposes to file a Registration Statement under the Securities Act with respect to any offering of Class A Common
Shares for its own account and/or for the account of any other Persons (other than a Registration (i) under Section 2.01 hereof,
(ii) pursuant to a Registration Statement on Form S-8 (or other registration solely relating to an offering or sale to employees
or directors of the Company pursuant to any employee stock plan or other employee benefit arrangement) or Form F-4 or similar form
that relates to a transaction subject to Rule 145 under the Securities Act, (iii) pursuant to any form that does not include substantially
the same information as would be required to be included in a Registration Statement covering the sale of Registrable Securities,
(iv) in connection with any dividend reinvestment or similar plan or (v) for the sole purpose of offering securities to another
entity or its security holders in connection with the acquisition of assets or securities of such entity or any similar transaction),
then, as soon as practicable (but in no event less than 15 days prior to the proposed date of filing such Registration Statement),
the Company shall give written notice of such proposed filing to each Holder, and such notice shall offer such Holders the opportunity
to Register under such Registration Statement such number of Registrable Securities as each such Holder may request in writing
(a “Piggyback Registration”). Subject to Section 2.02(a) and Section 2.02(c), the Company shall include in such
Registration Statement all such Registrable Securities that are requested to be included therein within 12 days after the receipt
of any such notice; provided, however, that if, at any time after giving written notice of its intention to Register
any securities pursuant to this Section 2.01(a) and prior to the effective date of the Registration Statement filed in connection
with such Registration, the Company shall determine for any reason not to Register or to delay Registration of such securities,
the Company may, at its election, give written notice of such determination to each such Holder and, thereupon, (i) in the case
of a determination not to Register, shall be relieved of its obligation to Register any Registrable Securities in connection with
such Registration and shall have no liability to any Holder in connection with such termination, without prejudice, however, to
the rights of any Holder to request that such Registration be effected as a Demand Registration under Section 2.01, and (ii) in
the case of a  determination to delay Registration, shall be permitted to delay Registering any Registrable Securities
for the same period as the delay in Registering such other Class A Common Shares. No Registration effected under this Section 2.02
shall relieve the Company of its obligation to effect any Demand Registration under Section 2.01. If the offering pursuant to a
Registration Statement pursuant to this Section 2.02 is to be an Underwritten Offering, then each Holder making a request for a
Piggyback Registration pursuant to this Section 2.02(a) shall, and the Company shall use reasonable best efforts to coordinate
arrangements with the underwriters so that each such Holder may, participate in such Underwritten Offering. If the offering pursuant
to such Registration Statement is to be on any other basis, then each Holder making a request for a Piggyback Registration pursuant
to this Section 2.02(a) shall, and the Company shall use reasonable best efforts to coordinate arrangements so that each such Holder
may, participate in such offering on such basis. If the Company files a Shelf Registration for its own account and/or for the account
of any other Persons, the Company agrees that it shall use its reasonable best efforts to include in such Registration Statement
such disclosures as may be required by Rule 430B under the Securities Act in order to ensure that the Holders may be added to such
Shelf Registration at a later time through the filing of a Prospectus supplement rather than a post-effective amendment.

 

(b)       Right
to Withdraw. Each Holder shall have the right to withdraw such Holder’s request for inclusion of its Registrable Securities
in any Underwritten Offering pursuant to this Section 2.02 at any time prior to the execution of an underwriting agreement with
respect thereto by giving written notice to the Company of such Holder’s request to withdraw and, subject to the preceding
clause, each Holder shall be permitted to withdraw all or part of such Holder’s Registrable Securities from a Piggyback Registration
at any time prior to the effective date thereof.

 

(c)       Priority
of Piggyback Registration. If the managing underwriter or underwriters of any proposed Underwritten Offering of a class of
Registrable Securities included in a Piggyback Registration informs the Company and the Holders in writing that, in its or their
opinion, the number of securities of such class which such Holder and any other Persons intend to include in such Underwritten
Offering exceeds the number which can be sold in such Underwritten Offering without being likely to have a significant adverse
effect on the price, timing or distribution of the securities offered or the market for the securities offered, then the securities
to be included in such Underwritten Offering shall be reduced in the following order of priority: first, there shall be
excluded from the Underwritten Offering any securities to be sold for the account of any selling securityholder other than the
Holders; second, there shall be excluded from the Underwritten Offering any securities to be sold for the account of the
Company; third, there shall be excluded from the Underwritten Offering any securities to be sold for the account of Holders
other than Dufry and its Affiliates that have been requested to be included therein pro rata based on the number of Registrable
Securities owned by each such Holder; and finally, the number of Registrable Securities of Dufry and its Affiliates shall
be reduced, in each case to the extent necessary to reduce the total number of securities to be included in such offering to the
number recommended by the managing underwriter or underwriters.

 

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Section 2.03.    Selection of Underwriter(s).
In any Underwritten Offering pursuant to Section 2.01 or Section 2.02 in which a Holder is participating, Dufry, in the event Dufry
is participating, or the Holders of a majority of the outstanding Registrable Securities being included in the Underwritten Offering
(the “Majority Holders”), in the event Dufry is not participating, shall select the underwriter(s). Dufry or
the Majority Holders shall consult with the Company in the selection of such underwriters by Dufry or such Majority Holders, provided
that Dufry or such Majority Holders, as applicable, shall be under no obligation to the Company as a result of or in connection
with such consultation.

 

Section 2.04.    Registration Procedures.

 

(a)   In
connection with the Registration and/or sale of Registrable Securities pursuant to this Agreement, through an Underwritten Offering
or otherwise, the Company shall use reasonable best efforts to effect or cause the Registration and the sale of such Registrable
Securities in accordance with the intended methods of disposition thereof and:

 

(i)       prepare
and file the required Registration Statement, including all exhibits and financial statements required under the Securities Act
to be filed therewith, and before filing with the SEC a Registration Statement or Prospectus, or any amendments or supplements
thereto, (A) furnish to the underwriters, if any, and to the Holders participating in such Registration, copies of all documents
prepared to be filed, which documents will be subject to the review of such underwriters and such participating Holders and their
respective counsel, and (B) consider in good faith any comments of the underwriters and Holders and their respective counsel on
such documents;

 

(ii)       prepare
and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith
as may be necessary to keep such Registration Statement effective in accordance with the terms of this Agreement and to comply
with the provisions of the Securities Act with respect to the disposition of all of the Shares Registered thereon;

 

(iii)       in
the case of a Shelf Registration, prepare and file with the SEC such amendments and supplements to such Registration Statement
and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective and to comply
with the provisions of the Securities Act with respect to the disposition of all Shares subject thereto for a period ending on
the 3rd anniversary after the effective date of such Registration Statement;

 

(iv)       notify
the participating Holders and the managing underwriter or underwriters, if any, and (if requested) confirm such advice in writing
and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by the Company
(A) when the applicable Registration Statement or any amendment thereto has been filed or becomes effective, or when the applicable
Prospectus or any amendment or supplement to such Prospectus has been filed, (B) of any written comments by the SEC or any request
by the SEC or any other Governmental Authority for amendments or supplements to such Registration Statement or such Prospectus
or for additional information, (C) of the issuance by the SEC of any stop order suspending the effectiveness of such Registration
Statement or any order preventing or suspending the use of any preliminary or final Prospectus or the initiation or threatening
of any proceedings for such purposes, (D) if, at any time, the representations and warranties of the Company in any applicable
underwriting agreement cease to be true and correct in all material respects, and (E) of the receipt by the Company of any notification
with respect to the suspension of the qualification of the Registrable Securities for offering or sale in any jurisdiction or the
initiation or threatening of any proceeding for such purpose;

 

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(v)       promptly
notify each selling Holder and the managing underwriter or underwriters, if any, when the Company becomes aware of the occurrence
of any event as a result of which the applicable Registration Statement or the Prospectus included in such Registration Statement
(as then in effect) contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements
therein (in the case of such Prospectus and any preliminary Prospectus, in light of the circumstances under which they were made)
not misleading or, if for any other reason it shall be necessary during such time period to amend or supplement such Registration
Statement or Prospectus in order to comply with the Securities Act and, in either case as promptly as reasonably practicable thereafter,
prepare and file with the SEC, and furnish without charge to the selling Holder and the managing underwriter or underwriters, if
any, an amendment or supplement to such Registration Statement or Prospectus which will correct such statement or omission or effect
such compliance;

 

(vi)       use
its reasonable best efforts to prevent or obtain the withdrawal of any stop order or other order suspending the use of any preliminary
or final Prospectus;

 

(vii)       promptly
incorporate in a Prospectus supplement or post-effective amendment such information as the managing underwriters, if any, and the
Holders may reasonably request to be included therein in order to permit the intended method of distribution of the Registrable
Securities; and make all required filings of such Prospectus supplement or post-effective amendment as soon as reasonably practicable
after being notified of the matters to be incorporated in such Prospectus supplement or post-effective amendment;

 

(viii)       furnish
to each selling Holder and each underwriter, if any, without charge, as many conformed copies as such Holder or underwriter may
reasonably request of the applicable Registration Statement and any amendment or post-effective amendment thereto, including financial
statements and schedules, all documents incorporated therein by reference and all exhibits (including those incorporated by reference);

 

(ix)       deliver
to each selling Holder and each underwriter, if any, without charge, as many copies of the applicable Prospectus (including each
preliminary Prospectus) and any amendment or supplement thereto as such Holder or underwriter may reasonably request (it being
understood that the Company consents to the use of such Prospectus or any amendment or supplement thereto by each selling Holder
and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such Prospectus
or any amendment or supplement thereto) and such other documents as such selling Holder or underwriter may reasonably request in
order to facilitate the disposition of the Registrable Securities by such Holder or underwriter;

 

(x)       on
or prior to the date on which the applicable Registration Statement is declared effective or becomes effective, use its reasonable
best efforts to register or qualify, and cooperate with each selling Holder, the managing underwriter or underwriters, if any,
and their respective counsel, in connection with the registration or qualification of such Registrable Securities for offer and
sale under the securities or “World Sky” laws of each state and other jurisdiction of the United States as any selling
Holder or managing underwriter or underwriters, if any, or their respective counsel reasonably request in writing and do any and
all other acts or things reasonably necessary or advisable to keep such registration or qualification in effect for so long as
such Registration Statement remains in effect and so as to permit the continuance of sales and dealings in such jurisdictions of
the United States for so long as may be necessary to complete the distribution of the Registrable Securities covered by the Registration
Statement; provided that the Company will not be required to qualify generally to do business in any jurisdiction where
it is not then so qualified or to take any action which would subject it to taxation or general service of process in any such
jurisdiction where it is not then so subject;

 

(xi)       in
connection with any sale of Registrable Securities that will result in such securities no longer being Registrable Securities,
cooperate with each selling Holder and the managing underwriter or underwriters, if any, to facilitate the timely preparation and
delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive Securities Act legends;
and to register such Registrable Securities in such denominations and such names as such selling Holder or the underwriter(s),
if any, may request at least two Business Days prior to such sale of Registrable Securities; provided that the Company may
satisfy its obligations hereunder without issuing physical stock certificates through the use of The Depository Trust Company’s
Direct Registration System;

 

    	 	8	 

     

    

  

(xii)       cooperate
and assist in any filings required to be made with the Financial Industry Regulatory Authority and each securities exchange, if
any, on which any of the Company’s securities are then listed or quoted and on each inter-dealer quotation system on which
any of the Company’s securities are then quoted, and in the performance of any due diligence investigation by any underwriter
(including any “qualified independent underwriter”) that is required to be retained in accordance with the rules and
regulations of each such exchange, and use its reasonable best efforts to cause the Registrable Securities covered by the applicable
Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary
to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable
Securities;

 

(xiii)       not
later than the effective date of the applicable Registration Statement, provide a CUSIP number for all Registrable Securities and
provide the applicable transfer agent with printed certificates for the Registrable Securities which are in a form eligible for
deposit with The Depository Trust Company; provided that the Company may satisfy its obligations hereunder without issuing
physical stock certificates through the use of The Depository Trust Company’s Direct Registration System;

 

(xiv)       in
the case of an Underwritten Offering, obtain for delivery to and addressed to Dufry, if Dufry is participating, and the underwriter
or underwriters, an opinion from the Company’s outside counsel in customary form and content for the type of Underwritten
Offering, dated the date of the closing under the underwriting agreement;

 

(xv)       in
the case of an Underwritten Offering, obtain for delivery to and addressed to the underwriter or underwriters and, to the extent
agreed by the Company’s independent certified public accountants, each selling Holder, a comfort letter from the Company’s
independent certified public accountants (and the independent certified public accountants with respect to any acquired company
financial statements) in customary form and content for the type of Underwritten Offering, including with comfort letters customarily
delivered in connection with quarterly period financial statements if applicable, dated the date of execution of the underwriting
agreement and brought down to the closing under the underwriting agreement;

 

(xvi)       use
its reasonable best efforts to comply with all applicable rules and regulations of the SEC and make generally available to its
security holders, as soon as reasonably practicable, but no later than 90 days after the end of the 12-month period beginning with
the first day of the Company’s first quarter commencing after the effective date of the applicable Registration Statement,
an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and the rules and regulations promulgated
thereunder and covering the period of at least 12 months, but not more than 18 months, beginning with the first month after the
effective date of the Registration Statement;

 

(xvii)       provide
and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by the applicable Registration
Statement from and after a date not later than the effective date of such Registration Statement;

 

(xviii)       cause
all Registrable Securities covered by the applicable Registration Statement to be listed on each securities exchange on which any
of the Company’s securities are then listed or quoted and on each inter-dealer quotation system on which any of the Company’s
securities are then quoted;

 

    	 	9	 

     

    

  

(xix)       provide
(A) each Holder participating in the Registration, (B) the underwriters (which term, for purposes of this Agreement, shall include
a Person deemed to be an underwriter within the meaning of Section 2(11) of the Securities Act), if any, of the Registrable Securities
to be Registered, (C) the sale or placement agent therefor, if any, (D) counsel for such underwriters or agent, and (E) any attorney,
accountant or other agent or representative retained by such Holder or any such underwriter, as selected by such Holder, the opportunity
to participate in the preparation of such Registration Statement, each Prospectus included therein or filed with the SEC, and each
amendment or supplement thereto, and to require the insertion therein of material, furnished to the Company in writing, which in
the reasonable judgment of such Holder(s) and their counsel should be included; and for a reasonable period prior to the filing
of such Registration Statement, make available upon reasonable notice at reasonable times and for reasonable periods for inspection
by the parties referred to in (A) through (E) above, all pertinent financial and other records, pertinent corporate documents and
properties of the Company that are available to the Company, and cause all of the Company’s officers, directors and employees
and the independent public accountants who have certified its financial statements to make themselves available at reasonable times
and for reasonable periods, to discuss the business of the Company and to supply all information available to the Company reasonably
requested by any such Person in connection with such Registration Statement as shall be necessary to enable them to exercise their
due diligence responsibility, subject to the foregoing, provided that any such Person gaining access to information or personnel
pursuant to this Section 2.04(a)(xix) shall agree to use reasonable efforts to protect the confidentiality of any information regarding
the Company which the Company determines in good faith to be confidential, and of which determination such Person is notified,
unless (F) the release of such information is required by law or regulation or is requested or required by deposition, interrogatory,
requests for information or documents by a governmental entity, subpoena or similar process, (G) such information is or becomes
publicly known without a breach of this Agreement, (H) such information is or becomes available to such Person on a non-confidential
basis from a source other than the Company or (I) such information is independently developed by such Person;

 

(xx)       to
cause the executive officers of the Company to participate in the customary “road show” presentations that may be reasonably
requested by the managing underwriter or underwriters in any Underwritten Offering and otherwise to facilitate, cooperate with,
and participate in each proposed offering contemplated herein and customary selling efforts related thereto; and

 

(xxi)       take
all other customary steps reasonably necessary to effect the Registration, offering and sale of the Registrable Securities.

 

(b)       As
a condition precedent to any Registration hereunder, the Company may require each Holder as to which any Registration is being
effected to furnish to the Company such information regarding the distribution of such securities and such other information relating
to such Holder, its ownership of Registrable Securities and other matters as the Company may from time to time reasonably request
in writing. Each such Holder agrees to furnish such information to the Company and to cooperate with the Company as reasonably
necessary to enable the Company to comply with the provisions of this Agreement.

 

(c)       Dufry
agrees, and any other Holder agrees by acquisition of such Registrable Securities, that, upon receipt of any written notice from
the Company of the occurrence of any event of the kind described in Section 2.04(a)(v), such Holder will forthwith discontinue
disposition of Registrable Securities pursuant to such Registration Statement until such Holder’s receipt of the copies of
the supplemented or amended Prospectus contemplated by Section 2.04(a)(v), or until such Holder is advised in writing by the Company
that the use of the Prospectus may be resumed, and if so directed by the Company, such Holder will deliver to the Company (at the
Company’s expense) all copies, other than permanent file copies then in such Holder’s possession, of the Prospectus
covering such Registrable Securities current at the time of receipt of such notice. In the event the Company shall give any such
notice, the period during which the applicable Registration Statement for a Demand Registration is required to be maintained effective
shall be extended by the number of days during the period from and including the date of the giving of such notice to and including
the date when each seller of Registrable Securities covered by such Registration Statement either receives the copies of the supplemented
or amended Prospectus contemplated by Section 2.04(a)(v) or is advised in writing by the Company that the use of the Prospectus
may be resumed.

 

    	 	10	 

     

    

  

Section 2.05.    Holdback Agreements.
Each of the Company and the Holders agrees, upon notice from the managing underwriter or underwriters in connection with any Registration
for an Underwritten Offering of the Company’s securities (other than pursuant to a registration statement on Form F-4 or
any similar or successor form or pursuant to a registration solely relating to an offering and sale to employees or directors of
the Company pursuant to any employee stock plan or other employee benefit plan arrangement), not to effect (other than pursuant
to such Registration) any public sale or distribution of Registrable Securities, including, but not limited to, any sale pursuant
to Rule 144, or make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of, any Registrable Securities,
any other equity securities of the Company or any securities convertible into or exchangeable or exercisable for any equity securities
of the Company without the prior written consent of the managing underwriters during such period as reasonably requested by the
managing underwriters (but in no event longer than the seven days before and the 90 days after the pricing of such Underwritten
Offering); provided, that such restrictions shall not apply in any circumstance to (i) Registrable Securities acquired by
a Holder in the public market subsequent to the IPO, (ii) distributions-in-kind to a Holder’s limited or other partners,
members, shareholders or other equity holders, (iii) Registrable Securities with regard to which Dufry has beneficial ownership
pursuant to an investment advisory arrangement under which Dufry provides investment advisory services to a non-related third party
in connection with such Registrable Securities and does not derive a benefit from such Registrable Securities other than customary
advisory or similar fees. Notwithstanding the foregoing, no holdback agreements of the type contemplated by this Section 2.05 shall
be required of Holders unless each of the Company’s directors and executive officers agrees to be bound by a substantially
identical holdback agreement for at least the same period of time.

 

Section 2.06.    Underwriting Agreement
in Underwritten Offerings. If requested by the managing underwriters for any Underwritten Offering, the Company and the participating
Holders shall enter into an underwriting agreement in customary form with such underwriters for such offering; provided,
however, that no Holder shall be required to make any representations or warranties to the Company or the underwriters (other
than representations and warranties regarding (i) such Holder’s ownership of Registrable Securities to be transferred free
and clear of all liens, claims and encumbrances created by such Holder, (ii) such Holder’s power and authority to effect
such transfer, (iii) such matters pertaining to such Holder’s compliance with securities laws as reasonably may be requested
and (iv) such Holder’s intended method of distribution) or to undertake any indemnification obligations to the Company with
respect thereto, except as otherwise provided in Section 2.08 hereof.

 

Section 2.07.    Registration Expenses Paid
By Company. In the case of any Registration of Registrable Securities required pursuant to this Agreement (including any Registration
that is delayed or withdrawn) or proposed Underwritten Offering pursuant to this Agreement, the Company shall pay all Registration
Expenses regardless of whether the Registration Statement becomes effective or the Underwritten Offering is completed. The Company
shall have no obligation to pay any Selling Expenses.

 

Section 2.08.    Indemnification.

 

(a)       Indemnification
by the Company. The Company agrees to indemnify and hold harmless, to the full extent permitted by law, each Holder and such
Holder’s officers, directors, employees, advisors, Affiliates and agents and each Person who controls (within the meaning
of the Securities Act or the Exchange Act) such Holder from and against any and all losses, claims, damages, liabilities (or actions
in respect thereof, whether or not such indemnified party is a party thereto) and expenses, joint or several (including reasonable
costs of investigation and legal expenses) (each, a “Loss” and collectively “Losses”) arising
out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under
which the sale of such Registrable Securities was Registered under the Securities Act (including any final or preliminary Prospectus
contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein), or any such
statement made in any free writing prospectus (as defined in Rule 405 under the Securities Act) that the Company has filed or is
required to file pursuant to Rule 433(d) of the Securities Act, or (ii) any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus, preliminary Prospectus
or free writing prospectus, in light of the circumstances under which they were made) not misleading; provided, however,
that the Company shall not be liable to any particular indemnified party in any such case to the extent that any such Loss arises
out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in any such Registration
Statement in reliance upon and in conformity with written information furnished to the Company by such indemnified party expressly
for use in the preparation thereof. This indemnity shall be in addition to any liability the Company may otherwise have. Such indemnity
shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder or any indemnified party
and shall survive the transfer of such securities by such Holder.

 

    	 	11	 

     

    

  

(b)       Indemnification
by the Selling Holder. Each selling Holder agrees (severally and not jointly) to indemnify and hold harmless, to the full extent
permitted by law, the Company and the Company’s directors, officers, employees, advisors, Affiliates and agents and each
Person who controls the Company (within the meaning of the Securities Act and the Exchange Act) from and against any Losses arising
out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under
which the sale of such Registrable Securities was Registered under the Securities Act (including any final or preliminary Prospectus
contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein), or any such
statement made in any free writing prospectus that the Company has filed or is required to file pursuant to Rule 433(d) of the
Securities Act, or (ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein (in the case of a Prospectus, preliminary Prospectus or free writing prospectus, in light of the
circumstances under which they were made) not misleading to the extent, but, in each case (i) or (ii), only to the extent, that
such untrue statement or omission is contained in any information furnished in writing by such selling Holder to the Company expressly
for inclusion in such Registration Statement, Prospectus, preliminary Prospectus or free writing prospectus. In no event shall
the liability of any selling Holder hereunder be greater in amount than the dollar amount of the net proceeds received by such
Holder under the sale of the Registrable Securities giving rise to such indemnification obligation. This indemnity shall be in
addition to any liability the selling Holder may otherwise have. Such indemnity shall remain in full force and effect regardless
of any investigation made by or on behalf of the Company or any indemnified party.

 

(c)       Conduct
of Indemnification Proceedings. Any Person entitled to indemnification hereunder will (i) give prompt written notice to
the indemnifying party of any claim with respect to which it seeks indemnification (provided that any delay or failure to
so notify the indemnifying party shall relieve the indemnifying party of its obligations hereunder to the extent that it is materially
prejudiced by reason of such delay or failure) and (ii) permit such indemnifying party to assume the defense of such claim with
counsel reasonably satisfactory to the indemnified party; provided, however, that any Person entitled to indemnification
hereunder shall have the right to select and employ separate counsel and to participate in the defense of such claim, but the fees
and expenses of such counsel shall be at the expense of such Person unless (a) the indemnifying party has agreed in writing to
pay such fees or expenses, (b) the indemnifying party shall have failed to assume the defense of such claim within a reasonable
time after receipt of notice of such claim from the Person entitled to indemnification hereunder or fails to employ counsel reasonably
satisfactory to such Person or to pursue the defense of such claim in a reasonably vigorous manner, (c) the named parties to any
proceeding include both such indemnified and the indemnifying party and the indemnified party has reasonably concluded (based on
written advice of counsel) that there may be legal defenses available to it or other indemnified parties that are different from
or in addition to those available to the indemnifying party, or (d) in the reasonable judgment of any such Person, based upon written
advice of its counsel, a conflict of interest may exist between such Person and the indemnifying party with respect to such claims
(in which case, if the Person notifies the indemnifying party in writing that such Person elects to employ separate counsel at
the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf
of such Person). If such defense is not assumed by the indemnifying party, the indemnifying party will not be subject to any liability
for any settlement made without its consent, but such consent may not be unreasonably withheld, conditioned or delayed. If the
indemnifying party assumes the defense, the indemnifying party shall not have the right to settle such action without the consent
of the indemnified party, which consent may not be unreasonably withheld, conditioned or delayed. No indemnifying party shall consent
to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such indemnified party of an unconditional release from all liability in respect to such claim or litigation.
It is understood that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in
the same jurisdiction, arising out of the same general allegations or circumstances, be liable for the fees and expenses of more
than one separate firm (in addition to any appropriate local counsel) at any one time from all such indemnified party or parties
unless (x) the employment of more than one counsel has been authorized in writing by the indemnifying party or parties, (y) an
indemnified party has reasonably concluded (based on written advice of counsel) that there may be legal defenses available to it
that are different from or in addition to those available to the other indemnified parties or (z) a conflict or potential conflict
exists or in the reasonable judgment of such Person may exist (based on advice of counsel to an indemnified party) between such
indemnified party or parties and the other indemnified parties, in each of which cases the indemnifying party shall be obligated
to pay the reasonable fees and expenses of such additional counsel.

 

    	 	12	 

     

    

  

(d)       Contribution.
If for any reason the indemnification provided for in Section 2.08(a) or Section 2.08(b) is unavailable to an indemnified party
or insufficient to hold it harmless as contemplated by Section 2.08(a) or Section 2.08(b), then the indemnifying party shall, in
lieu of indemnifying such indemnified party thereunder, contribute to the amount paid or payable by the indemnified party as a
result of such Loss 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 hand in connection with the statements or omissions which resulted in such Loss as well
as any other relevant equitable considerations. The relative fault shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact 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. Notwithstanding anything in this Section
2.08(d) to the contrary, no indemnifying party (other than the Company) shall be required pursuant to this Section 2.08(d) to contribute
any amount in excess of the amount by which the net proceeds received by such indemnifying party from the sale of Registrable Securities
in the offering to which the Losses of the indemnified parties relate (before deducting expenses, if any) exceeds the amount of
any damages which such indemnifying party has otherwise been required to pay by reason of such untrue statement or omission. The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 2.08(d) were determined by
pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred
to in this Section 2.08(d). No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The amount paid
or payable by an indemnified party hereunder shall be deemed to include, for purposes of this Section 2.08(d), any legal or other
expenses reasonably incurred by such indemnified party in connection with investigating, preparing to defend or defending against
or appearing as a third party witness in respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense,
liability, action, investigation or proceeding. If indemnification is available under this Section 2.08, the indemnifying parties
shall indemnify each indemnified party to the full extent provided in Section 2.08(a) and Section 2.08(b) hereof without regard
to the relative fault of said indemnifying parties or indemnified party.

 

Section 2.09.    Reporting Requirements;
Rule 144. The Company shall use its reasonable best efforts to be and remain in compliance with the periodic filing requirements
imposed under the SEC’s rules and regulations, including the Exchange Act, and thereafter shall timely file such information,
documents and reports as the SEC may require or prescribe under Section 13 or 15(d) (whichever is applicable) of the Exchange Act.
If the Company is not required to file such reports during such period, it will, upon the request of any Holder, make publicly
available such necessary information for so long as necessary to permit sales pursuant to Rule 144 or Regulation S under the Securities
Act, and it will take such further action as any Holder may reasonably request, all to the extent required from time to time to
enable such Holder to sell Registrable Securities without Registration under the Securities Act within the limitation of the exemptions
provided by (a) Rule 144 or Regulation S under the Securities Act, as such Rules may be amended from time to time, or (b) any rule
or regulation hereafter adopted by the SEC. From and after the date hereof through the date upon which no Holder owns any Registrable
Securities, the Company shall forthwith upon request furnish any Holder (i) a written statement by the Company as to whether it
has complied with such requirements and, if not, the specifics thereof, (ii) a copy of the most recent annual or quarterly report
of the Company, and (iii) such other reports and documents filed by the Company with the SEC as such Holder may reasonably request
in availing itself of an exemption for the sale of Registrable Securities without registration under the Securities Act.

 

    	 	13	 

     

    

  

Article
3

MISCELLANEOUS

 

Section 3.01.    Term. This Agreement
shall terminate at such time as there are no Registrable Securities, except for the provisions of Section 2.07 and Section 2.08
and all of this Article 3, which shall survive any such termination.

 

Section 3.02.    Notices. All notices
or other communications under this Agreement shall be in writing and shall be deemed to be duly given when (a) delivered in person
or (b) deposited in the United States mail or private express mail, postage prepaid, addressed as follows:

 

If to Dufry, to:

 

Dufry AG

Brunngässlein 12, CH – 4010

Basel, Switzerland

Attention: Group General Counsel

 

If to the Company to:

 

Hudson Ltd.

4 New Square

Bedfont Lakes

Feltham, Middlesex TW14 8HA

United Kingdom

Attention: Chief Financial Officer

 

with a copy to:

 

The Hudson Group

One Meadowlands Plaza

East Rutherford, NJ 07073

Attention: Richard J. Green, Senior Counsel

 

Any party may, by notice to the other party, change the address
to which such notices are to be given.

 

Section 3.03.    Successors, Assigns and
Transferees. This Agreement and all provisions hereof shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and permitted assigns. The Company may assign this Agreement at any time in connection with a sale
or acquisition of the Company, whether by merger, consolidation, sale of all or substantially all of the Company’s assets,
or similar transaction, without the consent of the Holders; provided that the successor or acquiring Person agrees in writing
to assume all of the Company’s rights and obligations under this Agreement. A Holder may assign its rights and obligations
under this Agreement to any transferee that acquires at least 5% of the outstanding Class A Common Shares and executes an agreement
to be bound hereby in the form attached hereto as Exhibit A, an executed counterpart of which shall be furnished to the
Company. Notwithstanding the foregoing, if such transfer is subject to covenants, agreements or other undertakings restricting
transferability thereof, the Registration Rights shall not be transferred in connection with such transfer unless such transferee
complies with all such covenants, agreements and other undertakings.

 

    	 	14	 

     

    

  

Section 3.04.    GOVERNING LAW; NO JURY
TRIAL.

 

(a)       This
Agreement shall be governed by and construed and interpreted in accordance with the laws of the State of New York, without regard
to the conflict of laws principles thereof that would result in the application of any law other than the laws of the State of
New York. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY WITH RESPECT TO ANY COURT PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF AND PERMITTED UNDER OR IN CONNECTION WITH THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH OF THE PARTIES HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND
THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE.

 

(b)       With
respect to any Action relating to or arising out of this Agreement, each party to this Agreement irrevocably (i) consents and submits
to the exclusive jurisdiction of the courts of the State of New York and any court of the United States located in the Borough
of Manhattan in New York City; (ii) waives any objection which such party may have at any time to the laying of venue of any
Action brought in any such court, waives any claim that such Action has been brought in an inconvenient forum and further waives
the right to object, with respect to such Action, that such court does not have jurisdiction over such party; and (iii) consents
to the service of process at the address set forth for notices in Section 3.02 herein; provided, however, that such
manner of service of process shall not preclude the service of process in any other manner permitted under applicable law.

 

Section 3.05.    Specific Performance.
In the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement,
the party or parties who are or are to be thereby aggrieved shall have the right to seek specific performance and injunctive or
other equitable relief of its rights under this Agreement, in addition to any and all other rights and remedies at law or in equity,
and all such rights and remedies shall be cumulative.

 

Section 3.06.    Headings. The article,
section and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement.

 

Section 3.07.    Severability. If any
provision of this Agreement or the application thereof to any Person or circumstance is determined by a court of competent jurisdiction
to be invalid, void or unenforceable, the remaining provisions hereof or the application of such provision to Persons or circumstances
or in jurisdictions other than those as to which it has been held invalid or unenforceable, shall remain in full force and effect
and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of the transactions
contemplated hereby is not affected in any manner adverse to any party. Upon such determination, the parties shall negotiate in
good faith in an effort to agree upon such a suitable and equitable provision to effect the original intent of the parties.

 

Section 3.08.    Amendment; Waiver.

 

(a)       This
Agreement may not be amended or modified and waivers and consents to departures from the provisions hereof may not be given, except
by an instrument or instruments in writing making specific reference to this Agreement and signed by the Company and Dufry or,
if neither Dufry or any of its Affiliates is a Holder, the Holders of a majority of the Registrable Securities.

 

(b)       Waiver
by any party of any default by the other party of any provision of this Agreement shall not be deemed a waiver by the waiving party
of any subsequent or other default, nor shall it prejudice the rights of the other party.

 

Section 3.09.    Further Assurances.
Each of the parties hereto shall execute and deliver all additional documents, agreements and instruments and shall do any and
all acts and things reasonably requested by the other party hereto in connection with the performance of its obligations undertaken
in this Agreement.

 

Section 3.10.    Counterparts. This
Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become
effective when one or more counterparts have been signed by each of the parties and delivered to the other party. Execution of
this Agreement or any other documents pursuant to this Agreement by facsimile or other electronic copy of a signature shall be
deemed to be, and shall have the same effect as, executed by an original signature.

 

[The remainder of page intentionally left
blank. Signature page follows.]

 

    	 	15	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed as of the date first written above.

 

	 	HUDSON LTD.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	DUFRY INTERNATIONAL AG
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

EXHIBIT A

 

THIS INSTRUMENT forms part of the Registration
Rights Agreement (the “Agreement”), dated as of ________, 2017, by and among Hudson Ltd., an exempted company
limited by shares incorporated in Bermuda, and Dufry International AG, a Swiss stock corporation (“Dufry”).
The undersigned hereby acknowledges having received a copy of the Agreement and having read the Agreement in its entirety, and
for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound,
hereby agrees that the terms and conditions of the Agreement binding upon and inuring to the benefit of Dufry shall be binding
upon and inure to the benefit of the undersigned and its successors and permitted assigns as if it were an original party to the
Agreement.

 

IN WITNESS WHEREOF, the undersigned has executed
this instrument on this day of ___________, 20__.

 

	 	By:	 
	 	 	Name:
	 	 	Title:Exhibit 10.2

 

MASTER RELATIONSHIP AGREEMENT

 

BETWEEN

 

DUFRY INTERNATIONAL AG

 

AND

 

HUDSON LTD.

 

Dated ________________ __, 2017

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Article I	Definitions	1
	1.1.	Certain Definitions	1
	1.2.	Other Terms	4
	Article II	Financial and Other Information	4
	2.1.	Company Information	4
	2.2.	Dufry AG Public Documents	5
	2.3.	Accounting Estimates and Principles	6
	2.4.	Internal Audit	6
	2.5.	Accountants’ Reports	7
	2.6.	Record Retention	7
	2.7.	Production of Witnesses; Records; Cooperation	7
	2.8.	Privilege	8
	2.9.	General Cooperation	8
	Article III	Financing and Treasury Operations	8
	3.1.	Company Group Financing	8
	3.2.	Third Person Guarantee or Letter of Credit Facilities	8
	3.3.	Foreign Exchange Transactions	9
	3.4.	Cash Pooling	9
	3.5.	General	9
	Article IV	Supply of Products for Sale	10
	4.1.	Purchase of Products from Dufry	10
	4.2.	Obligation to Supply	10
	Article V	Franchise and Other Services Agreements	10
	5.1.	Franchise Agreements	10
	5.2.	Retail Shop Concepts Services Agreements	10
	5.3.	Financial Support Services	10
	Article VI	Other Services	10
	6.1.	Financial Statement Consolidation Services	10
	Article VII	Compliance with Dufry Policies	11
	7.1.	Compliance Generally	11
	Article VIII	Sales and Marketing Matters	11
	8.1.	Pricing and Assortment	11
	8.2.	Advertising, Marketing and Promotions	11
	8.3.	Shop Design	11
	8.4.	General	11
	Article IX	Information Technology	11
	9.1.	Information Technology Agreements	11
	9.2.	Company to Use Dufry Information Technology	12
	9.3.	Dufry Support	12
	9.4.	Company Costs	12
	Article X	Tax Matters	12
	10.1.	Provision of Tax Services	12
	10.2.	Provision of Information and Cooperation	12

 

    	 	i	 

     

    

 

	Article XI	Employee Compensation Expense	13
	11.1.	Dufry PSU Plan	13
	Article XII	Other Agreements	13
	12.1.	Further Assurances	13
	12.2.	Confidentiality	13
	12.3.	Insurance Matters	14
	12.4.	IPO Costs and Expenses	14
	12.5.	Covenants Against Taking Certain Actions Affecting Dufry	14
	Article XIII	Dispute Resolution	14
	13.1.	General Provisions	14
	13.2.	Mediation	15
	13.3.	Arbitration	15
	Article XIV	Miscellaneous	16
	14.1.	Governing Law	16
	14.2.	Notices	16
	14.3.	Severability	17
	14.4.	Entire Agreement	17
	14.5.	Assignment; No Third-Party Beneficiaries	17
	14.6.	Amendment	17
	14.7.	Rules of Construction	17
	14.8.	Counterparts	18
	14.9.	Term and Termination	18
	14.10.	Compliance with Law and Existing Contractual Arrangements	18
	 	 	 
	SCHEDULES	 	 
	 	 	 
	Schedule 3.1	 	20
	Schedule 5.1	 	21
	Schedule 5.2	 	22
	Schedule 5.3	 	23
	Schedule 9.1	 	24

 

    	 	ii	 

     

    

 

MASTER RELATIONSHIP AGREEMENT

 

MASTER RELATIONSHIP AGREEMENT, dated __________
__, 2017 (this “Agreement”), between Dufry International AG, a stock corporation incorporated pursuant to the
laws of Switzerland (“Dufry”), which is a wholly owned subsidiary of Dufry AG, a stock corporation incorporated
pursuant to the laws of Switzerland (“Dufry AG”), and Hudson Ltd., an exempted company limited by shares incorporated
pursuant to the laws of Bermuda (the “Company”). Certain terms used in this Agreement are defined in Section
1.1.

 

WITNESETH:

 

WHEREAS, the Company is a wholly owned Subsidiary
of Dufry and, through its Subsidiaries, operates duty-free and duty-paid stores in the continental United States and Canada;

 

WHEREAS, Dufry has determined to sell Company
Common Stock in an Initial Public Offering, following which Dufry will remain the controlling shareholder of the Company;

 

WHEREAS, the Company Group is part of the
Dufry Group and, as such, the members of the Company Group have heretofore operated, and will continue to operate, pursuant to
policies and processes applicable to members of the Dufry Group;

 

WHEREAS, members of each of the Dufry Group,
on the one hand, and members of the Company Group, on the other hand, have heretofore been, and will continue to be, party to multiple
agreements, arrangements and transactions with each other;

 

WHEREAS, the Board of Directions of the
Company has acknowledged the benefit to the Company Group of such agreements, arrangements and transactions; and

 

WHEREAS, each of the Board of Directors
of Dufry and the Board of Directors of the Company has resolved that it is in the interests of each company, respectively, to enter
into this Agreement;

 

NOW, THEREFORE, in consideration of the
premises and the covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, and intending to be legally bound hereby, the Parties hereby agree as follows:

 

Article
I

Definitions

 

1.1.          Certain
Definitions. For purposes of this Agreement, the following terms shall have the meanings specified in this Section 1.1: 

    	 	1	 

     

    

 

“Action” means any demand,
action, claim, dispute, suit, countersuit, arbitration, inquiry, proceeding or investigation by or before any federal, state, local,
foreign or international Governmental Authority or any arbitration or mediation tribunal.

 

“Affiliate” (and, with
a correlative meaning, “affiliated”) means, with respect to any Person, any direct or indirect subsidiary of
such Person, and any other Person that directly, or through one or more intermediaries, controls or is controlled by or is under
common control with such first Person. As used in this definition, “control” (including with correlative meanings,
“controlled by” and “under common control with”) means possession, directly or indirectly,
of power to direct or cause the direction of management or policies or the power to appoint and remove a majority of directors
(whether through ownership of securities or partnership or other ownership interests, by contract or otherwise).

 

“Business Day” means
Monday to Friday, except for any day on which banking institutions in New York, New York or Basel, Switzerland are authorized or
required by applicable Law or executive order to close.

 

“Company Common Stock”
means the Class A common shares, $0.001 par value per share, of the Company.

 

“Company Group” means
the Company, each Subsidiary of the Company and each other Person that is controlled either directly or indirectly by the Company.

 

“Dufry Group” means Dufry
AG, each Subsidiary of Dufry AG and each other Person that is controlled either directly or indirectly by Dufry AG.

 

“Dufry PSU Plan” means
the Dufry AG PSU Plan.

 

“Exchange Act” means
the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC thereunder, all as the same shall
be in effect at the time that reference is made thereto.

 

“Governmental Authority”
means any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to the government,
including any governmental authority, agency, department, board, commission or instrumentality whether federal, state, local or
foreign (or any political subdivision thereof), and any tribunal, court or arbitrator(s) of competent jurisdiction.

 

“IFRS” means International
Financial Reporting Standards.

 

“Indebtedness” means,
with respect to any Person, any Liability of such Person in respect of borrowed money or evidenced by bonds, notes, debentures
or similar instruments and shall include, without limitation, any Liability of such Person pursuant to any agreement related to
the fixing of interest rates on any Indebtedness, any Liability pursuant to any credit card arrangement or contract, any Liability
of such Person pursuant to any financing transaction, and any Liability of such Person pursuant to any derivative or other financial
instrument or contract.

 

    	 	2	 

     

    

 

“Information” means information,
whether or not patentable or copyrightable, in written, oral, electronic or other tangible or intangible forms, stored in any medium,
including studies, reports, records, books, contracts, instruments, surveys, discoveries, ideas, concepts, know-how, techniques,
designs, specifications, drawings, blueprints, diagrams, models, prototypes, samples, flow charts, data, computer data, disks,
diskettes, tapes, computer programs or other software, marketing plans, customer names, communications by or to attorneys (including
attorney-client privileged communications), memoranda and other materials prepared by attorneys or under their direction (including
attorney work product), and other technical, financial, employee or business information or data.

 

“Initial Public Offering”
means the initial public offering of the Company Common Stock pursuant to the IPO Registration Statement.

 

“IPO Registration Statement”
means the registration statement on Form F-1 filed under the Securities Act (No. __________) pursuant to which the offering of
Company Common Stock has been registered with the SEC.

 

“Law” means any federal,
state, local or foreign law (including common law), statute, code, ordinance, rule, regulation or other requirement enacted, promulgated,
issued, communicated or entered by a Governmental Authority.

 

“Liabilities” means (i)
any debt, loss, damage, adverse claim, liability or obligation of any Person (whether direct or indirect, known or unknown, asserted
or unasserted, absolute or contingent, accrued or unaccrued, liquidated or unliquidated, or due or to become due, and whether in
contract, tort, strict liability or otherwise), (ii) any guarantee by a Person in respect of such debt, loss, damage, adverse claim,
liability or obligation of any such Person described in (i), (iii) any action by a Person to secure the repayment of any such debt,
loss, damage, adverse claim, liability or obligation described in (i) or any such guarantee described in (ii) (whether or not it
is the debt or other obligation of such Person so securing its repayment), including the grant of security over such securing Person’s
assets or otherwise, and (iv) all costs and expenses relating to (i), (ii) and (iii).

 

“Parties” means Dufry
and the Company.

 

“Person” means any individual,
corporation, partnership, firm, joint venture, association, joint-stock company, trust, unincorporated organization, Governmental
Authority or other entity.

 

“SEC” means the U.S.
Securities and Exchange Commission.

 

“Securities Act” means
the U.S. Securities Act of 1933, as amended.

 

“Subsidiary” or “subsidiary”
means, with respect to any Person, any corporation, limited liability company, joint venture or partnership of which such Person
(a) directly or indirectly owns, either directly or indirectly, more than fifty percent (50%) of (i) the total combined voting
power of all classes of voting securities of such entity, (ii) the total combined equity interests, or (iii) the capital or profit
interests, in the case of a partnership; or (b) otherwise has the power to vote, either directly or indirectly, sufficient securities
to elect a majority of the board of directors or similar governing body.

 

    	 	3	 

     

    

 

1.2.          Other
Terms. For purposes of this Agreement, the following terms have the meanings set forth in the sections indicated.

 

	Term	 	Section
	Agreement	 	Preamble
	Company	 	Preamble
	Company Auditors	 	‎2.2(b)
	Company Public Documents	 	‎2.1(c)
	Dufry	 	Preamble
	Dispute	 	‎13.1(a)
	Dufry Auditors	 	‎2.2(b)
	Dufry Confidential Information	 	‎12.2(a)
	Dufry Public Documents	 	‎2.2(a)
	Franchise Agreement	 	‎5.1
	Privilege	 	‎2.8

 

Article
II

Financial and Other Information

 

2.1.         Company
Information.

 

During any fiscal year that Dufry AG is
required, in accordance with IFRS, to account for its investment in the Company on a consolidated basis or under the equity method
of accounting:

 

(a)          Provision
of Information Generally. At the Company’s cost, the Company shall, or shall cause its Subsidiaries to, provide to any
member of the Dufry Group, for any purpose that such member of the Dufry Group may determine appropriate, including use to provide
any service contemplated by this Agreement, use for internal reporting, planning and forecasting, use for compliance with reporting,
disclosure, filing or other requirements imposed on any member of the Dufry Group (including under applicable securities or tax
Laws) by a Governmental Authority having jurisdiction over such member of the Dufry Group, use in any other judicial, regulatory,
administrative, tax or other proceeding, or use to satisfy audit, accounting, claims, regulatory, litigation, tax or other similar
requirements, any Information in respect of the Company or the Company Group that any Dufry Group member shall request, within
the time periods that such Dufry Group member shall request, and presented in the format that such Dufry Group member shall request.

 

(b)          Fiscal
Year. The Company shall, and shall cause each of its Subsidiaries to, maintain a fiscal year which commences on January 1 and
ends on December 31 of each calendar year.

 

    	 	4	 

     

    

 

(c)          Dufry’s
Role in Company Public Documents. Subject to applicable Law, the Company shall not publish, send to holders of Company Common
Stock or file with or furnish to the SEC, any national stock exchange or any Governmental Authority, any press releases concerning
the business, results of operations or financial condition of the Company (including earnings releases), reports, notices, proxy
or information statements, registration statements or prospectuses (collectively, “Company Public Documents”)
or any other Information prepared by the Company or any of its Subsidiaries for release to financial analysts or investors without
the prior written consent of Dufry. The Company shall consult with Dufry on the preparation of any such Company Public Document
or other Information and provide Dufry with the opportunity to review and comment on any such Company Public Documents or other
Information.

 

(d)          Company
Meetings with Financial Analysts. The Company shall consult with Dufry as to the appropriate timing for all scheduled meetings
and conference calls to be held between the Company and members of the investment community (including any financial analysts),
and of any conferences to be attended by management of the Company with members of the investment community. The Company shall
not schedule any such meeting or call or attend any such conference to which Dufry objects.

 

2.2.         Dufry
AG Public Documents. During any fiscal year that Dufry AG is required, in accordance with IFRS, to account for its investment
in the Company on a consolidated basis or under the equity method of accounting:

 

(a)          Company
Cooperation with Dufry. The Company shall cooperate, and cause its accountants and auditors to cooperate, with any member of
the Dufry Group to the extent requested by such member of the Dufry Group in the preparation of Dufry AG’s press releases,
public earnings releases, any other proxy, information and registration statements, reports, notices, prospectuses and any other
documents to be prepared by Dufry AG or any of its Subsidiaries (collectively, “Dufry Public Documents”). If
and to the extent requested by any member of the Dufry Group, the Company shall diligently and promptly review all drafts of such
Dufry Public Documents and prepare in a diligent and timely fashion any portion of such Dufry Public Documents pertaining to the
Company or its Subsidiaries. Unless required by Law, without the prior consent of Dufry, the Company shall not publicly release
any Information that conflicts with any Information with respect to the Company, any Affiliate of the Company or the Company Group
that is provided by the Company to any member of the Dufry Group for any Dufry Public Document.

 

(b)          Coordination
of Audit and Auditors’ Opinions. The Company shall cause its independent certified public accountants (the “Company
Auditors”) to complete their audit such that, should Dufry so request, the Company Auditors will date their opinion on
the Company’s audited annual financial statements on the same date that Dufry AG’s independent certified public accountants
(the “Dufry AG Auditors”) date their opinion on Dufry AG’s audited annual financial statements, and to
enable Dufry AG to meet its timetable for the printing, filing and public dissemination of Dufry AG’s annual report; provided
that the foregoing shall not preclude the Company from making all required public filings in a timely manner. Should Dufry so request,
the Company Auditors shall be the same as the Dufry AG Auditors, unless applicable Law requires otherwise. The Dufry Group and
the Dufry AG Auditors shall have full audit rights with respect to the Company Group. The costs of Company Auditors for the audit
of the Company shall be borne by the Company.

 

    	 	5	 

     

    

 

(c)          Access
to Personnel and Working Papers. The Company will request the Company Auditors to make available to the Dufry AG Auditors both
the personnel who performed or are performing the annual audit of the Company and, consistent with customary professional practice
and courtesy of such auditors with respect to the furnishing of work papers, work papers related to the annual audit of the Company,
in all cases within a reasonable time after the Company Auditors’ opinion date, so that the Dufry AG Auditors are able to
perform the procedures they consider necessary to take responsibility for the work of the Company Auditors as it relates to the
Dufry AG Auditors’ report on Dufry AG’s audited annual financial statements, all within sufficient time to enable Dufry
AG to meet its timetable for the printing, filing and public dissemination of the Dufry AG’s annual report.

 

2.3.         Accounting
Estimates and Principles. During any fiscal year that Dufry AG is required, in accordance with IFRS, to account for its investment
in the Company on a consolidated basis or under the equity method of accounting: the Company shall give Dufry reasonable notice
of any proposed material change in accounting estimates or material changes in accounting principles from those in effect with
respect to the Company Group immediately prior to the date hereof, and shall give Dufry notice immediately following adoption of
any such changes that are mandated or required by the SEC, the Financial Accounting Standards Board, the International Accounting
Standards Board or the Public Company Accounting Oversight Board. In connection therewith, the Company shall consult with Dufry,
and, if requested by Dufry, the Company shall consult with the Dufry AG Auditors with respect thereto. As to changes in accounting
principles that could reasonably be expected to affect Dufry AG’s financial statements, the Company shall not make any such
changes without Dufry’s prior written consent, excluding changes that are mandated or required by the SEC, the Financial
Accounting Standards Board, the International Accounting Standards Board or the Public Company Accounting Oversight Board.

 

2.4.         Internal
Audit. Without limiting the generality of Section 2.1 hereof, in connection with the provision of internal audit services to
the Company Group pursuant to the Franchise Agreements or otherwise, the Company shall provide representatives of the Dufry Group
complete access upon request to the Company’s and its Subsidiaries’ books and records as well as to the internal accounting
controls and operations of the Company and its Subsidiaries. The Company shall, and shall cause its Subsidiaries to, comply with
the instructions of representatives of the Dufry Group engaged in the provision of internal audit services, or otherwise directing
or carrying out internal audit functions. The Company shall, and shall cause its Subsidiaries to, retain or provide any employees,
at the expense of the Company, to carry out internal audit work as directed by representatives of the Dufry Group. The Company
shall not engage any third Person to provide internal audit services without the consent in writing of Dufry.

 

    	 	6	 

     

    

 

2.5.         Accountants’
Reports. During any fiscal year that Dufry AG is required, in accordance with IFRS, to account for its investment in the Company
on a consolidated basis or under the equity method of accounting, no later than two (2) Business Days following the receipt thereof,
the Company shall deliver to Dufry copies of all communications or reports submitted to the Company or any of its Subsidiaries
by their independent certified public accountants, including, each report submitted to the Company or any of its Subsidiaries concerning
its accounting practices and systems and any comment letter submitted to management in connection with their annual audit and all
responses by management to such reports and letters.

 

2.6.         Record
Retention. To facilitate the provision of Information pursuant to this Article II and other provisions of this Agreement,
the Company shall, and shall cause its Subsidiaries to, retain all Information in its possession or control in accordance with
the policies of the Dufry Group as in effect on the date hereof or such other policies as may be adopted by the Dufry Group. The
Company will not destroy, or permit any of its Subsidiaries to destroy, any Information without the prior written consent of Dufry.

 

2.7.         Production
of Witnesses; Records; Cooperation.

 

(a)          Except
in the case of an adversarial Action by one Party against another Party, the Company shall, and shall cause its Subsidiaries to,
make available to the Dufry Group, upon written request, the former, current and future directors, officers, employees, other personnel
and agents of the members of the respective entity as witnesses and any books, records or other documents within its control or
which it otherwise has the ability to make available, to the extent that any such person (giving consideration to business demands
of such directors, officers, employees, other personnel and agents) or books, records or other documents may be required in connection
with any Action in which any member of the Dufry Group may from time to time be involved.

 

(b)          Without
limiting the foregoing, the Company shall, and shall cause its Subsidiaries to, cooperate and consult with Dufry to the extent
so requested by Dufry with respect to any Actions referred to in clause (a) to this Section 2.7.

 

(c)          Without
limiting any provision of this Section 2.7, the Company agrees to cooperate, and to cause each of its Subsidiaries to cooperate,
with any member of the Dufry Group that requests such cooperation in the defense of any infringement or similar claim with respect
any intellectual property and shall not claim to acknowledge, or permit any member of the Company Group to claim to acknowledge,
the validity or infringing use of any intellectual property of a third Person in a manner that would hamper or undermine the defense
of such infringement or similar claim except as required by Law.

 

(d)          The
obligation of the Company and is Subsidiaries to provide witnesses pursuant to this Section 2.7 is intended to be interpreted
in a manner so as to facilitate cooperation and shall include the obligation to provide as witnesses inventors and other officers
without regard to whether the witness or the employer of the witness could assert a possible business conflict.

 

    	 	7	 

     

    

 

(e)          In
connection with any matter contemplated by this Section 2.7, if requested by Dufry, the Company shall enter into a joint
defense agreement with any member of the Dufry Group so as to maintain to the extent practicable any applicable attorney-client
privilege, work product immunity or other applicable privileges or immunities of the Dufry Group or the member of any Dufry Group.

 

2.8.         Privilege.
The provision of any information pursuant to this Article II shall not be deemed a waiver of any privilege, including privileges
arising under or related to the attorney-client privilege or any other applicable privilege (a “Privilege”).

 

2.9.         General
Cooperation. The Company shall, and shall cause its Subsidiaries to, provide to any member of the Dufry Group, at no cost to
the Dufry Group, timely access to such personnel, facilities, assets and information, books and records of the Company Group, and
provide timely decisions, approvals and acceptances, in each case as may be reasonably necessary to enable any member of the Dufry
Group to exercise its rights pursuant to this Agreement in a timely and efficient manner.

 

Article
III

Financing and Treasury Operations

 

3.1.         Company
Group Financing. The Company shall, and cause its Subsidiaries to, do all things necessary to comply with and maintain in full
force and effect the agreements listed on Schedule 3.1 hereto. Unless the Company has obtained the prior written consent of Dufry,
which Dufry may withhold in its sole discretion, the Company shall, and shall cause its Subsidiaries to, incur Indebtedness only
pursuant to facilities provided by members of the Dufry Group (that are not members of the Company Group). Any Indebtedness incurred
by members of the Company Group pursuant to facilities provided by members of the Dufry Group (that are not members of the Company
Group) after the date of this Agreement shall be on substantially the same terms as the Indebtedness provided by members of the
Dufry Group to members of the Company Group that is outstanding on the date of this Agreement; provided that the principal
amount, interest rate (which may be fixed or floating) and term may vary from facility to facility; provided further that
the interest rate applicable to such Indebtedness incurred after the date of this Agreement shall correspond to Dufry AG’s
weighted average cost of debt funding (in the currency of the Indebtedness to be incurred) at the time that such Indebtedness is
incurred initially or refinanced by the Company Group, or if a floating rate of interest is applied, Dufry AG’s weighted
average cost of debt funding (in the currency of the Indebtedness to be incurred) at each interest reset date, in each case of
incurrence, refinancing or resetting, plus an additional 50 basis points (i.e., 0.50%).

 

3.2.         Third
Person Guarantee or Letter of Credit Facilities. Unless the Company has obtained the prior written consent of Dufry, the Company
shall not enter into, and not permit its Subsidiaries to enter into, any guarantee, letter of credit guarantee facilities or other
similar arrangements with banks or other third parties.

 

    	 	8	 

     

    

 

3.3.         Foreign
Exchange Transactions. Unless the Company has obtained the prior written consent of Dufry, which Dufry may withhold in its
sole discretion, the Company shall, and shall cause its Subsidiaries to, execute foreign exchange transactions only through members
of the Dufry Group. At its sole discretion, Dufry may execute any such foreign exchange transaction with a third Person on behalf
of the Company or any of its Subsidiaries at the best quoted price, as reasonably determined by Dufry, and the Company, or its
Subsidiary, as the case may be, shall pay Dufry 10 basis points (i.e., 0.10%) for each such transaction. If Dufry does not execute
such transaction on behalf of the Company or its Subsidiary with a third Person, Dufry shall execute such transaction directly
with the Company or its Subsidiary at the best price quoted by a third Person to execute such transaction, as reasonably determined
by Dufry, plus an additional 10 basis points (i.e., 0.10%).

 

3.4.         Cash
Pooling. Dufry may direct the Company to, or cause its Subsidiaries to, deposit cash in any Dufry Group cash pooling arrangement
up to the aggregate principal amount of Indebtedness then outstanding borrowed by members of the Company Group from members of
the Dufry Group. The Company or its Subsidiaries, as the case may be, shall be compensated (or charged, if applicable interest
rates are negative) by Dufry for any cash placed by the Company or its Subsidiaries in the cash pool arrangement based on the then-prevailing
market rate for short-term cash balances in bank accounts at the same bank that operates the cash pooling arrangement. The cash
deposited by Company Group members in the cash pooling arrangement may be used to secure any credit positions in the cash pooling
arrangements, either of Company Group members or other Dufry Group members. Dufry may, in its sole discretion, offer the Company
the ability to borrow from the cash pooling arrangement. Should the Company or any of its Subsidiaries incur Indebtedness from
any cash pooling arrangement, the Company, or its Subsidiaries, as the case may be, shall be charged an interest rate at the then-prevailing
market rate applicable to borrowings by similar borrowers from the bank operating the cash pooling arrangement, as reasonably determined
by Dufry, plus an additional 10 basis points (i.e., 0.10%). In the event of the insolvency, bankruptcy, receivership or other similar
status of Dufry AG or Dufry, the amount of any Indebtedness of Company Group members to Dufry Group members shall be automatically
set off against any amounts deposited by Company Group members in any cash pooling arrangement that are not returned to such Company
Group members upon demand by such Company Group members, irrespective of the due date of any claim by a Company Group member.

 

3.5.         General.
The Company shall, and shall cause its Subsidiaries to, support Dufry in its treasury and cash management operations and take any
action requested by Dufry in furtherance of Dufry Group treasury and cash management operations, provided that such action
shall not materially adversely affect the Company Group.

 

    	 	9	 

     

    

 

Article
IV

Supply of Products for Sale

 

4.1.         Purchase
of Products from Dufry. At Dufry’s option, the Company shall, and shall cause its Subsidiaries to, purchase from members
of the Dufry Group all products to be sold by the Company Group in the following categories: wine/spirits, tobacco, fashion, watches,
jewelry, perfume, cosmetics, electronics and confectionary/chocolate. The Dufry Group may elect to supply products directly to
the Company Group or through a supply arrangement between the Dufry Group and a third Person.

 

4.2.         Obligation
to Supply. Should Dufry elect to supply products directly to the Company Group, it shall use, or cause its Subsidiaries to
use, reasonable best efforts to supply the Company Group on the terms set by the Dufry Group for such supply, such terms to be
determined by Dufry in its sole discretion in accordance with Dufry’s transfer pricing policy as then in effect for all members
of the Dufry Group.

 

Article
V

Franchise and Other Services Agreements

 

5.1.         Franchise
Agreements. The Company shall, and cause its Subsidiaries to, do all things necessary to comply with and maintain in full force
and effect the agreements listed on Schedule 5.1 hereto (the “Franchise Agreements”).

 

5.2.         Retail
Shop Concepts Services Agreements. The Company shall, and shall cause its subsidiaries to, do all things necessary to comply
with and maintain in full force and effect the agreements listed on Schedule 5.2 hereto.

 

5.3.         Financial
Support Services. The Company shall, and shall cause its subsidiaries to, do all things necessary to comply with and maintain
in full force and effect the agreements listed on Schedule 5.3 hereto

 

Article
VI

Other Services

 

6.1.         Financial
Statement Consolidation Services. At its option and subject to the Company’s
compliance with Article II hereof, Dufry shall, and shall cause its Subsidiaries, to provide such consolidation services that
it deems appropriate in connection with the preparation of the financial statements of the Company. Should Dufry exercise its
option to provide such services to the Company, Dufry shall provide such services only in respect of the annual consolidated financial
statements of the Company and the interim condensed consolidated financial statements of the Company for each of the first three
fiscal quarters of each fiscal year, in each case for financial statements in accordance with IFRS. The Company shall be responsible
for the costs of such services. The Company shall be charged on the basis of the cost to Dufry (including the cost of Dufry employees)
for the provision of such services plus an additional amount up to 500 basis points (i.e., 5.00%), as determined by Dufry in its
sole discretion.

 

    	 	10	 

     

    

 

Article
VII

Compliance with Dufry Policies

 

7.1.         Compliance
Generally. The Company shall, and shall cause all of its Subsidiaries to, do all things necessary to comply with (i) the policies,
processes and procedures of the Dufry Group applicable to Dufry Group members that are in effect at the date hereof, (ii) all policies
adopted by the Board of Directors or Group Executive Committee of Dufry AG after the date hereof that amend or replace such policies,
and (iii) all other policies adopted by the Board of Directors or Group Executive Committee of Dufry AG after the date hereof that
apply equally to all members of the Dufry Group.

 

Article
VIII

Sales and Marketing Matters

 

8.1.         Pricing
and Assortment. The Company shall, and shall cause its Subsidiaries to, comply with (i) the Dufry Group’s pricing and
assortment strategies and initiatives in respect of the Dufry Group’s (including the Company Group’s) duty-free business
and (ii) the Dufry Group’s directives on pricing and assortment in respect of the Company Group’s duty-paid business.

 

8.2.         Advertising,
Marketing and Promotions. The Company shall, and shall cause its Subsidiaries to, comply with (i) the Dufry Group’s advertising,
marketing and promotions strategies and initiatives in respect of the Dufry Group’s (including the Company Group’s)
duty-free business and (ii) the Dufry Group’s directives on advertising, marketing and promotions activities in respect of
the Company Group’s duty-paid business.

 

8.3.         Shop
Design. The Company shall, and shall cause its Subsidiaries to, comply with the Dufry Group’s directives regarding duty-free
and duty-paid shop design, construction and operation.

 

8.4.         General.
The Company shall, and shall cause its Subsidiaries to, support the Dufry Group in its global sales and marketing strategy and
take any action requested by any member of the Dufry Group in furtherance of the Dufry Group’s global sales and marketing
strategy, provided that such action shall not materially adversely affect the Company Group taken as a whole.

 

Article
IX

Information Technology

 

9.1.         Information
Technology Agreements. The Company shall, and shall cause its Subsidiaries to, do all things necessary to comply with and maintain
in full force and effect the agreements listed on Schedule 9.1 hereto.

 

    	 	11	 

     

    

 

9.2.         Company
to Use Dufry Information Technology. The Company shall, and shall cause its Subsidiaries to, use, apply and implement any information
technology system, application or software required by Dufry. Without limiting the generality of the foregoing, the Company shall,
and shall cause its Subsidiaries to, deliver information to the Dufry Group’s global applications and databases as requested
by Dufry. The use or development by the Company or its Subsidiaries of any information technology tools, systems or digital applications,
and the provision of associated services, shall require the prior written approval of Dufry, which may be withheld in Dufry’s
sole discretion.

 

9.3.         Dufry
Support. Dufry shall, and shall cause its Subsidiaries to, support the Company and its Subsidiaries in the implementation and
subsequent operation of any of the Dufry Group’s global information technology systems, applications or software that Dufry
shall require the Company Group to use. To the extent that Dufry shall require the Company to use the Dufry Group’s information
technology systems, applications or software, Dufry shall also ensure that the Company Group’s use of such systems, applications
or software is permitted by Dufry’s global license or other applicable agreements in respect of such applications or software,
to the extent applicable. The Dufry Group shall be solely responsible for the development and maintenance of the Dufry Group’s
global information technology systems, applications and software.

 

9.4.         Company
Costs. The Company shall be responsible for: (a) the costs of implementation of any Dufry Group global information technology
systems, applications or software at the Company Group, (b) all day-to-day running costs of such information technology systems,
applications or software, including corresponding licensing costs, and (c) the costs of Dufry’s provision of support contemplated
by Section ‎9.3 hereof. Any product or service that is provided by the Dufry Group
to the Company Group pursuant to this ‎Article IX shall be charged to the Company
on the basis of the cost to the Dufry Group (including the cost of Dufry Group employees) for such product or the provision of
such service plus an additional amount of up to 500 basis points (i.e., 5.00%), as determined by Dufry in its sole discretion.

 

Article
X

Tax Matters

 

10.1.       Provision
of Tax Services. Without limiting the generality of Article VII hereof, the Company shall, and shall cause its Subsidiaries
to, comply with the Dufry Group’s tax policy as in effect from time to time. The Company shall not, and shall not permit
its Subsidiaries, to engage any third Person to provide tax services to the Company Group without the prior written approval of
Dufry, which may be withheld at Dufry’s sole discretion.

 

10.2.       Provision
of Information and Cooperation. Without limiting the generality of ‎Article
II hereof, the Company shall, and shall cause its Subsidiaries to, provide all information requested by any member of the Dufry
Group in connection with any tax matter concerning the Dufry Group, including the Company Group, and shall, and shall cause its
Subsidiaries to, cooperate with any member of the Dufry Group that requests cooperation in connection with any tax matter, including
but not limited to the preparation of any tax filing, interaction with a Governmental Authority including a taxation authority
or in connection with any litigation of a tax matter, concerning the Dufry Group, including the Company Group.

 

    	 	12	 

     

    

 

Article
XI

Employee Compensation Expense

 

11.1.       Dufry
PSU Plan. The Company shall reimburse the Dufry Group for all costs incurred by the Dufry Group in connection with the granting
and vesting of any awards to employees of the Company Group, either before or after the date of this Agreement, pursuant to the
Dufry PSU Plan.

 

Article
XII

Other Agreements

 

12.1.       Further
Assurances.

 

(a)          In
addition to the actions specifically provided for elsewhere in this Agreement, the Company shall cause its Subsidiaries to take,
or to cause to be taken, all actions, and to do, or to cause to be done, all things reasonably necessary on its part under applicable
Law or contractual obligations to consummate and make effective the provisions of this Agreement.

 

12.2.       Confidentiality.

 

(a)          The
Company shall not, and shall cause its Subsidiaries and their respective Representatives not to, directly or indirectly, disclose,
reveal, divulge or communicate to any Person other than Representatives of such Party or of its Affiliates who reasonably need
to know such information in providing services to the Company or any member of the Company Group or use or otherwise exploit for
its own benefit or for the benefit of any third Person, any Dufry Confidential Information. For purposes of this Section 12.2,
any Information, material or documents relating to the businesses currently or formerly conducted, or proposed to be conducted,
by Dufry or any of its Affiliates (other than any member of the Company Group) furnished to or in possession of any member of the
Company Group, irrespective of the form of communication, and all notes, analyses, compilations, forecasts, data, translations,
studies, memoranda or other documents prepared by the Company, any member of the Company Group or their respective officers, directors
and Affiliates, that contain or otherwise reflect such information, material or documents is hereinafter referred to as “Dufry
Confidential Information.”

 

(b)          If
the Company or its Affiliates are requested or required (by oral question, interrogatories, requests for information or documents,
subpoena, civil investigative demand or similar process) by any Governmental Authority or pursuant to applicable Law to disclose
or provide any Dufry Confidential Information, as applicable, the entity or person receiving such request or demand shall use all
reasonable efforts to provide Dufry with written notice of such request or demand as promptly as practicable under the circumstances
so that Dufry shall have an opportunity to seek an appropriate protective order. The Company shall take, and cause its representatives
to take, all other reasonable steps necessary to obtain confidential treatment by the recipient. Subject to the foregoing, the
Company may thereafter disclose or provide any Dufry Confidential Information, as the case may be, to the extent required by such
Law (as so advised by counsel) or by lawful process or such Governmental Authority.

 

    	 	13	 

     

    

 

12.3.       Insurance
Matters.

 

(a)          Without
limiting the generality of Article VII hereof, the Company shall, and shall cause its Subsidiaries to, comply with the Dufry Group’s
policy on insurance for members of the Dufry Group. At Dufry’s option, the Company shall, and shall cause its Subsidiaries
to, participate in any insurance policy or arrangement that Dufry effects, or causes to be effected, for the members of the Dufry
Group. The Company shall be responsible for any costs (incurred by Dufry or otherwise) associated with effecting or maintaining
such policy or arrangement, as determined by Dufry in its sole discretion.

 

12.4.       IPO
Costs and Expenses. The Company shall pay all underwriting fees, discounts and commissions incurred in connection with the
Initial Public Offering and all out-of-pocket costs and expenses of the Parties in connection with the Initial Public Offering.

 

12.5.       Covenants
Against Taking Certain Actions Affecting Dufry. Except to the extent otherwise contemplated by this Agreement, the Company
shall not, without the prior written consent of Dufry (which it may withhold in its sole discretion) take, or cause to be taken,
directly or indirectly, any action, including making or failing to make any election under the Law of any state, which has the
effect, directly or indirectly, of restricting or limiting the ability of Dufry or any of its Affiliates to freely sell, transfer,
assign, pledge or otherwise dispose of any securities of the Company. Without limiting the generality of the foregoing, the Company
shall not, without the prior written consent of Dufry (which it may withhold in its sole discretion), take any action, or recommend
to its stockholders any action, which would limit the legal rights of, or deny any benefit to, Dufry or any of its Affiliates in
Dufry’s capacity as a Company stockholder in a manner not applicable to Company stockholders generally.

 

Article
XIII

Dispute Resolution

 

13.1.       General
Provisions.

 

(a)          Any
dispute, controversy or claim arising out of or relating to this Agreement, or the validity, interpretation, breach or termination
thereof, or any agreement or action contemplated thereby (a “Dispute”), shall be resolved in accordance with
the procedures set forth in this Article XIII, which shall be the sole and exclusive procedures for the resolution of any
such Dispute unless otherwise specified below.

 

(b)          All
communications between the Parties or their representatives in connection with the attempted resolution of any Dispute, including
any mediator’s evaluation, shall be deemed to have been delivered in furtherance of a Dispute settlement and shall be exempt
from discovery and production, and shall not be admissible in evidence for any reason (whether as an admission or otherwise), in
any arbitral or other proceeding for the resolution of the Dispute.

 

    	 	14	 

     

    

 

(c)          The
Parties expressly waive and forego any right to trial by jury.

 

(d)          The
specific procedures set forth below, including but not limited to the time limits referenced therein, may be modified by agreement
of the Parties in writing.

 

(e)          All
applicable statutes of limitations and defenses based upon the passage of time shall be tolled while the procedures specified in
this Article XIII are pending. The Parties will take such action, if any, required to effectuate such tolling.

 

(f)           Notwithstanding
anything to the contrary contained in this Article XIII, any Dispute relating to Dufry’s rights as a stockholder of
the Company pursuant to applicable Law, the Company’s Memorandum of Association or the Company’s Amended and Restated
Bye-Laws, including Dufry’s rights as a stockholder of the Company, will not be governed by or subject to the procedures
set forth in this Article XIII.

 

13.2.          Mediation.
The Board of Directors of either Party may submit any Dispute for resolution by mediation in accordance with the Swiss Rules of
Commercial Mediation of the Swiss Chambers’ Arbitration Institution in force on the date when the request for mediation was
submitted in accordance with these Rules. The seat of the mediation shall be Zurich, although the meetings may be held elsewhere.
The mediation proceedings shall be conducted in English.

 

13.3.       Arbitration.

 

(a)          If
a Dispute is not resolved by mediation as provided in Section 13.2 within thirty (30) days of the selection of a mediator
(unless the mediator chooses to withdraw sooner), either Party may submit the Dispute to be finally resolved by arbitration in
accordance with the Swiss Rules of International Arbitration of the Swiss Chambers’ Arbitration Institution in force on the
date when the Notice of Arbitration was submitted in accordance with those Rules. The Parties consent to a single, consolidated
arbitration for all known Disputes existing at the time of the arbitration and for which arbitration is permitted.

 

(b)          The
number of arbitrators shall be three. The seat of the arbitration shall be in Zurich. The arbitral proceedings shall be conducted
in English. The arbitration shall be conducted in accordance with the provisions for expedited procedure.

 

(c)          The
Parties agree to be bound by any award or order resulting from any arbitration conducted in accordance with this Section 13.3
and further agree that judgment on any award or order resulting from an arbitration conducted under this Section 13.3 may
be entered and enforced in any court having jurisdiction thereof.

 

    	 	15	 

     

    

 

(d)          Except
as expressly permitted by this Agreement, no Party will commence or voluntarily participate in any court action or proceeding concerning
a Dispute, except (i) for enforcement as contemplated in paragraph (c) above, (ii) to restrict or vacate an arbitral decision based
on the grounds specified under applicable Law, or (iii) for interim relief as provided in paragraph (e) below.

 

(e)          In
addition to the authority otherwise conferred on the arbitral tribunal, the tribunal shall have the authority to make such orders
for interim relief, including injunctive relief, as it may deem just and equitable. Notwithstanding paragraph (d) above, each Party
acknowledges that in the event of any actual or threatened breach of the provisions of this Agreement, injunctive or other interim
relief may be sought immediately to restrain such breach. If the tribunal shall not have been appointed, either Party may seek
interim relief from a court having jurisdiction if the award to which the applicant may be entitled may be rendered ineffectual
without such interim relief. Upon appointment of the tribunal following any grant of interim relief by a court, the tribunal may
affirm or disaffirm such relief, and the Parties will seek modification or rescission of the court action as necessary to accord
with the tribunal’s decision.

 

(f)           Each
Party will bear its own attorneys’ fees and costs incurred in connection with the resolution of any Dispute in accordance
with this Article XIII.

 

Article
XIV

Miscellaneous

 

14.1.       Governing
Law. This Agreement shall be governed by and construed and interpreted in accordance with the substantive Laws of Switzerland.

 

14.2.       Notices.
All notices, requests, claims, demands and other communications under this Agreement shall be in writing and shall be given or
made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service or
by email with receipt confirmed (followed by delivery of an original via overnight courier service) or by registered or certified
mail (postage prepaid, return receipt requested) to the respective Parties at the following addresses (or at such other address
for a Party as shall be specified in a notice given in accordance with this Section 6.5):

 

If to Dufry, to:

 

Brunngässlein 12,

CH – 4010

Basel, Switzerland

Attention: Group General Counsel

E-mail: legal@dufry.com

 

If to the Company, to:

 

4 New Square

Bedfont Lakes

Feltham, Middlesex TW14 8HA

United Kingdom

Attention: General Counsel

E-mail: legal@hudsongroup.com

 

    	 	16	 

     

    

 

14.3.       Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced under any Law or as a matter
of public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect. Upon
such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties to this Agreement
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible
in a mutually acceptable manner in order that the transactions contemplated by this Agreement be consummated as originally contemplated
to the greatest extent possible.

 

14.4.       Entire
Agreement. Except as otherwise expressly provided in this Agreement, this Agreement (including the Schedules and Exhibits hereto)
constitutes the entire agreement of the Parties hereto with respect to the subject matter of this Agreement and supersedes all
prior agreements and undertakings, both written and oral, between or on behalf of the Parties hereto with respect to the subject
matter of this Agreement.

 

14.5.       Assignment;
No Third-Party Beneficiaries. This Agreement shall not be assigned by any Party hereto without the prior written consent of
the other Parties hereto. This Agreement is for the sole benefit of the Parties to this Agreement and the members of the Dufry
Group and the Company Group and their respective permitted successors and assigns and nothing in this Agreement, express or implied,
is intended to or shall confer upon any other Person or entity any legal or equitable right, benefit or remedy of any nature whatsoever
under or by reason of this Agreement.

 

14.6.       Amendment.
No provision of this Agreement may be amended or modified except by a written instrument signed by all the Parties to such agreement.
Either Party may, in its sole discretion, waive any and all rights granted to it in this Agreement; provided, that no waiver
by any Party of any provision hereof shall be effective unless explicitly set forth in writing and executed by the Party so waiving.
The waiver by any Party hereto of a breach of any provision of this Agreement shall not operate or be construed as a waiver of
any other subsequent breach.

 

14.7.       Rules
of Construction. Interpretation of this Agreement shall be governed by the following rules of construction: (a) words in the
singular shall be held to include the plural and vice versa and words of one gender shall be held to include the other gender as
the context requires, (b) references to the terms Article, Section, paragraph, and Schedule are references to the Articles, Sections,
paragraphs, and Schedules to this Agreement unless otherwise specified, (c) the word “including” and words of similar
import shall mean “including, without limitation,” (d) provisions shall apply, when appropriate, to successive events
and transactions, (e) the table of contents and headings contained herein are for reference purposes only and shall not affect
in any way the meaning or interpretation of this Agreement and (f) this Agreement shall be construed without regard to any presumption
or rule requiring construction or interpretation against the Party drafting or causing any instrument to be drafted.

 

    	 	17	 

     

    

 

14.8.       Counterparts.
This Agreement may be executed in one or more counterparts, and by the different Parties to each such agreement in separate counterparts,
each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same
agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile shall be as effective as delivery
of a manually executed counterpart of any such Agreement.

 

14.9.       Term
and Termination.

 

(a)          Subject
to Section 14.9(b) hereof, this Agreement shall be effective as of the date hereof and terminate on the date on which there are
no Class B common shares of the Company issued and outstanding.

 

(b)          In
its sole discretion, without cause, Dufry may terminate this Agreement upon giving six months’ notice to the Company. Without
prejudice to the foregoing sentence, in case of a termination by Dufry without cause, upon request of the Company, Dufry will use
its commercially reasonable efforts to provide, on a case by case basis, to the Company and/or its permitted sub-franchisees who,
as of the receipt by Dufry of Dufry’s termination notice, operate certain shops in good faith reliance on the continued duration
of this Agreement, or franchise or other agreements that terminate upon the termination of this Agreement, the right to continue
to use the reasonably necessary intellectual property rights for the operation of the relevant shop(s) for a limited term. Each
such continued use shall: (i) fully comply with the terms and conditions of this Agreement, or, as applicable, franchise or other
agreements that terminate upon the termination of this Agreement (including, without limitation, regarding remuneration), which
shall continue to remain in force insofar as the operation of the relevant shop(s) is concerned (but, for the avoidance of doubt,
not with regard to any other shops and/or any other use of intellectual property rights); (ii) be limited to the use expressly
permitted by Dufry on a case by case basis; (iii) cease immediately without further notice required in case of any breach of the
terms and conditions of this Agreement, or, as applicable, franchise or other agreements that terminate upon the termination of
this Agreement, by the Company and/or its permitted sub-franchisee that is not remedied within 30 (thirty) days after Dufry’s
request; and (iv) cease immediately without further notice required, in respect of each shop for which an extension is granted,
upon the expiry of the remainder of the minimum term of the concession, lease or similar agreement applicable to the relevant Shop
as in effect as of the receipt by Franchisee of Franchisor's termination notice (without any extension or prolongation).

 

14.10.     Compliance
with Law and Existing Contractual Arrangements. Notwithstanding anything to the
contrary in this Agreement, no member of the Dufry Group or the Company Group shall be required by the terms of this Agreement
to take any action if such action would (i) result in a violation of any federal, state, provincial or other law or regulation,
including any rules, regulations, policies or guidance of the U.S. Federal Aviation Administration or any airport authority, that
is applicable to members of the Dufry Group or the Company Group or (ii) cause such member of the Dufry Group or Company Group
to violate the terms of an agreement between a Dufry Group member or a Company Group member and a third party existing at the
date hereof.

 

[The remainder of this page is intentionally
left blank]

 

    	 	18	 

     

    

 

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

 

	 	DUFRY INTERNATIONAL AG
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	HUDSON LTD.
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    	 	19	 

     

    

 

Schedule 3.1

 

Loan Agreement between Dufry Finances SNC and Hudson Group Inc.,
dated February 13, 2013 ($123,204,207.74) (effective October 30, 2012)

 

Loan Agreement between Dufry Finances SNC and Hudson Group Inc.,
dated February 13, 2013 ($99,250,000.00) (effective October 30, 2012)

 

Loan Agreement between Dufry Finances SNC and Hudson Group Inc.,
dated February 13, 2013 ($78,500,000.00) (effective October 30, 2012)

 

Loan Agreement between Dufry Finances SNC and Hudson Group Inc.,
dated February 13, 2013 ($67,000,000.00) (effective October 30, 2012)

 

Loan Agreement between Dufry Finances SNC and Dufry Newark Inc.,
dated February 13, 2013 ($2,800,000.00) (effective October 30, 2012)

 

Loan Agreement between Dufry Finances SNC and Dufry Newark Inc.,
dated February 13, 2013 ($850,000.00) (effective October 30, 2012)

 

Loan Agreement between Dufry Finances SNC and Dufry Newark Inc.,
dated February 13, 2013 ($600,000.00) (effective October 30, 2012)

 

Loan Agreement between Dufry Finances SNC and Dufry Newark Inc.,
dated February 13, 2013 ($290,637.02) (effective October 30, 2012)

 

Loan Agreement between Dufry Finances SNC and Hudson Group Inc.,
dated December 19, 2013 ($21,000,000.00)

 

Loan Agreement between Dufry Finances SNC and Hudson Group Inc.,
dated December 19, 2013 ($16,000,000.00)

 

Loan Agreement between Dufry Finances SNC and Hudson Group Inc.,
dated December 19, 2013 ($7,700,000.00)

 

Loan Agreement between Dufry Finances SNC and Hudson Group Inc.,
dated December 19, 2013 ($5,900,000.00)

 

Loan Agreement between Dufry Finances SNC and Dufry North America
LLC, dated November 2, 2015 ($55,700,000.00)

 

Loan Agreement between Dufry Finances SNC and WDFG North America
LLC, dated December 18, 2015 ($50,000,000.00)

 

Loan Agreement between Dufry International and Dufry Houston
DF & Retail Part., dated December 31, 2016 ($2,994,066.78)

 

Assignment of Loan Receivables Agreement between Dufry Finances
SNC and Dufry International AG, dated February 2, 2017

 

Loan Agreement between Dufry Financial Services B.V. and The
Nuance Group (Canada) Inc., dated August 1, 2017 (CAD $195,030,000)

 

    	 	20	 

     

    

 

Schedule 5.1

 

Franchising Agreement between Dufry International AG and Hudson
Group (HG), Inc., dated ________________, 2017

 

Hudson Trademark License Agreement between Dufry International
AG and Hudson Group (HG), Inc., dated ________________, 2017

 

Franchising Agreement between Dufry International AG and The
Nuance Group (Canada) Inc., dated ________________, 2017

 

Franchising Agreement between Dufry International AG and WDFG
Vancouver L.P., dated __________________, 2017

 

    	 	21	 

     

    

 

Schedule 5.2

 

Retail Shop Concepts Services Agreement between Hudson Group
(HG), Inc. and Dufry International AG, dated March 15, 2010

 

    	 	22	 

     

    

 

Schedule 5.3

 

Support Services Agreement between WDFG SA and WDFG Vancouver
L.P., dated September 20, 2017

 

    	 	23	 

     

    

 

Schedule 9.1

 

Agreement for the Provision of Services between Dufry Newark,
Inc. and Dufry Management Ltd., dated July 7, 2009

 

IT Support Services Agreement between Dufry Management Ltd and
The Nuance Group (Canada) Inc., dated June 28, 2016

 

IT Support Services Agreement between Dufry Management Ltd and
The Nuance Group (US) Inc., dated June 28, 2016

 

IT Support Services Agreement between WDFG SA and WDFG Vancouver
L.P., dated September 13, 2017

 

    	 	24

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