Document:

EX-10.4

 Exhibit 10.4 

DATED November 19, 2014 

Ferit Faik Şahenk 

and 
 Dianne Şahenk

 and 
 Defne
Şahenk 
 and 

BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 

SHARE PURCHASE AGREEMENT 

relating to the sale and purchase of 

certain shares in Turkiye Garanti BankasI A.S. 

 CONTENTS 
  

					
	1.		Interpretation		2
			
	2.		Sale and purchase		9
			
	3.		Conditions		9
			
	4.		Conduct of business before Completion		10
			
	5.		Consideration		11
			
	6.		Completion		12
			
	7.		Warranties		13
			
	8.		Indemnification		14
			
	9.		Limitations on Liability		14
			
	10.		Undertakings		16
			
	11.		Effect of Completion		16
			
	12.		Remedies and waivers		16
			
	13.		Assignment		16
			
	14.		Entire Agreement		17
			
	15.		Notices		17
			
	16.		Announcements		19
			
	17.		Confidentiality		20
			
	18.		Costs and expenses		21
			
	19.		Counterparts		21
			
	20.		Invalidity		21
			
	21.		No set-off		21
			
	22.		Further assurance		21

					
			
	23.		Payments		21
			
	24.		Choice of governing law		22
			
	25.		Jurisdiction		22
			
	26.		Language		23
		
	SCHEDULE 1 (CONDITIONS TO COMPLETION)		24
		
	SCHEDULE 2 (COMPLETION ARRANGEMENTS)		26
		
	SCHEDULE 3 (WARRANTIES)		28

 THIS AGREEMENT is made on the 19th day of November
2014 
 BETWEEN: 
  

	1.	Ferit Faik ŞAHENK, a citizen of Turkey with identity number 20573575712 and residing at Ayşe Sultan Korusu, No:19, D:A, Beşiktaş, İstanbul, Turkey; 

 

	2.	Dianne ŞAHENK, a citizen of Turkey with identity number 10223524368 and residing at Ayşe Sultan Korusu, No:19, D:A, Beşiktaş, İstanbul, Turkey; 

 

	3.	Defne ŞAHENK, a citizen of Turkey with identity number 20549576514 and residing at Ayşe Sultan Korusu, No:19, D:A, Beşiktaş, İstanbul, Turkey; and 

(together, the “Sellers”) 
  

	4.	BANCO BILBAO VIZCAYA ARGENTARIA, S.A. whose registered office for these purposes is at Paseo de la Castellana 81, Planta 25, Madrid 28046, Spain (registered at the Vizcaya Mercantile Registry in volume 2,083,
sheet 1, Hoja BI-17-A, 1st inscription) (the “Purchaser”); 

 WHEREAS: 

 

	(A)	The Purchaser acquired shares corresponding to approximately 24.8902% of the share capital of the Company (as defined below) on March 22, 2011 and subsequently acquired shares corresponding to approximately 0.1198%
of the share capital of the Company from the Istanbul Stock Exchange. As of the date of this Agreement, each of BBVA and the Dogus Group (as defined below) holds approximately 25.0100% and approximately 24.8902% of the share capital of the Company,
respectively. 

  

	(B)	On November 1, 2010, the Purchaser, Dogus Holding (as defined below), Dogus Nakliyat ve Ticaret A.S. and Dogus Arastirma Gelistirme ve Musavirlik Hizmetleri A.S. signed a shareholders’ agreement in relation to
the governance and management of the Company which came into effect simultaneously with the acquisition of approximately 24.8902% shareholding in the Company by the Purchaser on March 22, 2011 and signed an amendment protocol regarding such
agreement on April 26, 2013. 

  

	(C)	The Sellers have agreed to sell and the Purchaser has agreed to purchase and pay for shares corresponding to approximately 0.6645% of the share capital of the Company in each case on the terms and subject to the
conditions of this agreement (as the same may be amended in accordance with the provisions hereof) (the “Agreement”). 

  

	(D)	According to the provisions of Section 5.01 of the Shareholders Agreement (as defined below), the acquisition of the referred shares together with the acquisition of the Dogus Holding Shares (as defined below)
under the Dogus Holding SPA (as defined below) by the Purchaser from the Sellers and the Dogus Holding, respectively, results in the commencement of the Phase II Period (as defined therein). 

  
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	(E)	Simultaneously with entry into this Agreement the Purchaser and Dogus Holding, together with certain Dogus Group Members (as defined below), have entered into the Restated Shareholders’ Agreement (as defined below)
and the Purchaser and Dogus Holding have entered into the Dogus Holding SPA (as the same may be amended in accordance with its provisions), both of which shall come into effect simultaneously with, and is conditional upon completion of, this
Agreement. 

 NOW IT IS HEREBY AGREED as follows: 
  

	1.	Interpretation 

  

	1.1	In this Agreement: 

  

			
	“Additional Amount”		has the meaning given to it in sub-clause 5.3;
		
	“Agreement”		has the meaning given to it in the preamble;
		
	“Backstop Date”		means three months after the Longstop Date;
		
	“BRSA”		means the Banking Regulation and Supervision Agency of Turkey (BankacIlIk Denetleme ve Düzenleme Kurumu);
		
	“Business Day”		means a day (other than a Saturday or a Sunday) on which banks are open for business in Istanbul and Madrid;
		
	“Claim”		means any claim brought by either the Sellers or the Purchaser in connection with the provisions of this Agreement and “Claims” shall be construed accordingly;
		
	“CMB”		means the Capital Markets Board of Turkey (Sermaye PiyasasI Kurulu);
		
	“Company”		means Turkiye Garanti BankasI A.S, a joint stock company, incorporated and governed under the laws of the Republic of Turkey whose head office is at Nispetiye Mah. Aytar Cad. No:2, 34340 Levent, Besiktas, Istanbul,
Turkey;
		
	“Company Group”		means the Company and its subsidiaries. The term “Company Group Member” shall mean any entity within the Company Group;
		
	“Completion”		means completion of the sale and purchase of the Shares under this Agreement;

  
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	“Completion Date”		means the fifth Business Day following the day on which the last in time of the Conditions shall have been satisfied in accordance with this Agreement or such other date as the Sellers and the Purchaser may agree in
writing;
		
	“Conditions”		has the meaning given to it in sub-clause 3.1;
		
	“Consideration”		means the consideration to be paid by the Purchaser to the Sellers in respect of the Shares as provided under Clause 5 (Consideration);
		
	“Dividend Share”		has the meaning given to it in sub-clause 5.2;
		
	“Dogus Group”		means the Sahenk Family together with its subsidiaries and subsidiary undertakings from time to time. The term “Dogus Group Member” shall mean a member of the Dogus Group;
		
	“Dogus Holding”		means Dogus Holding A.S., whose registered office is at Huzur Mahallesi Maslak Ayazaga Caddesi No:2 34396 Sariyer, Istanbul, Turkey (registered in Turkey Trade Registry No. 132298/79618);
		
	“Dogus Holding Shares”		means 59,746,938,936 shares with a nominal value of 1 Kr each in the Company, with a nominal value of, in aggregate, TL 597,469,389.36 representing approximately 14.2254% of the total issued share capital of the Company;
		
	“Dogus Holding SPA”		means the share purchase agreement entered into on today’s date by the Purchaser and Dogus Holding in relation to the sale and purchase of the Dogus Holding Shares;
		
	“Dogus Shareholders”		means Dogus Holding, Dogus Nakliyat ve Ticaret A.S., and Dogus ArastIrma Gelistirme ve Musavirlik Hizmetleri A.S. collectively;
		
	“Encumbrances”		means any mortgage, charge (fixed or floating), pledge, lien, option, right to acquire (whether through right of first offer or otherwise), right of pre-emption, assignment by way of security, trust arrangement for the purpose of
providing security or other security interest of any kind (including any retention arrangement), conditional sale or other title retention agreement, any agreement to exercise voting rights or any agreement to create any of the foregoing and the
term “Encumber” shall be construed accordingly;

  
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	“EURIBOR”		means the rate (expressed as a percentage per annum) for deposits in Euro that appears on Reuters Page 248 as of 11:00 a.m. London time, on the relevant date. If Reuters Page 248 does not include such a rate or is unavailable on a
particular date, the Parties agree to request that four major European banks provide such bank’s offered quotation (expressed as a percentage per annum) as of approximately 11:00 a.m., London time, on the relevant date. In such case, the
Parties agree to use the average of the four provided rates.
		
	“Governmental Authority”		means any ministry, governmental department, governmental commission, governmental board, governmental agency, regulatory authority, judicial or administrative body, having jurisdiction over the matter in question;
		
	“Group”		in relation to anybody corporate means that body corporate and all its subsidiary undertakings together with that body corporate’s parent undertakings and all of their respective subsidiary undertakings and the term
“Group Member” shall mean a member of the Group;
		
	“Longstop Date”		means the date falling seven months after the date of this Agreement or such other date as the Sellers and the Purchaser may agree in writing;
		
	“Losses”		means any and all actions, claims, proceedings, loss, damage, payments, costs or expenses of any kind;
		
	“Merger Regulation”		has the meaning given to it in sub-paragraph 2.4 of Schedule 1 (Conditions to Completion);
		
	“Parties”		shall mean the Sellers and the Purchaser;
		
	“Payment”		has the meaning given to it in sub-clause 1.2(K);
		
	“Payment Obligation”		has the meaning given to it in sub-clause 1.2(K);
		
	“Postponed Longstop Date”		has the meaning given to it in sub-clause 3.5;

  
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	“Purchase Price”		means TL 245,334,267.53, which is to be paid on the Completion Date in Euros, by converting such TL 245,334,267.53 by using the arithmetical average of buy (selling Euros for TL) and sell (buying Euros for TL) rates of the Central
Bank of Turkey during a period of 3 consecutive Business Days ending on the Business Day immediately preceding the Completion Date;
		
	“Purchaser”		has the meaning given to it in the preamble;
		
	“Purchaser Conditions”		has the meaning given to it in sub-clause 3.2;
		
	“Regulatory Action”		means any order, regulation or judgment having been issued or made (i) for the transfer of the Shares or any of them (or rights exercisable in respect of the Shares) to the Savings Deposit Insurance Fund; (ii) for the expropriation
of assets forming a material part of the undertakings of the Company Group by a Governmental Authority; or (iii) that otherwise renders the Transaction unlawful or prohibits the Parties from completing the Transaction;
		
	“Restated Shareholders’ Agreement”		means the amended and restated shareholders’ agreement entered into on today’s date by the Purchaser, Dogus Holding, Dogus Nakliyat ve Ticaret A.S. and Dogus Arastirma Gelistirme ve Musavirlik Hizmetleri A.S. in relation
to the governance and management of the Company in order to replace the Shareholders’ Agreement (as defined below);
		
	“Sahenk Family”		means Mr. Ferit Sahenk and his relatives by blood or affinity, up to and including the third degree as defined under Turkish law;
		
	“SDIF Fee”		means the amount payable to the Savings Deposit Insurance Fund in connection with the sale and purchase of the Shares as stipulated under this Agreement;
		
	“Sellers”		has the meaning given to it in the preamble;
		
	“Sellers’ Bank Account”		means the Sellers’ Euro bank account to be notified to the Purchaser by Dogus Holding no later than five Business Days before the Completion Date;

  
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	“Shareholders’ Agreement”		means the shareholders’ agreement and the protocol regarding the shareholders’ agreement entered into on November 1, 2010 and April 26, 2013, respectively, by the Purchaser, the Seller, Dogus Nakliyat ve Ticaret
A.S. and Dogus Arastirma Gelistirme ve Musavirlik Hizmetleri A.S. in relation to the governance and management of the Company;
		
	“Shares”		means the total of (1) 2,762,630,322 shares with a nominal value of 1 Kr each in the Company, with a nominal value of, in aggregate, TL 27,626,303.22, representing approximately 0.6577% of the total issued share capital of the
Company and owned by Ferit Faik Şahenk;(2) 16,153,831 shares with a nominal value of 1 Kr each in the Company, with a nominal value of, in aggregate, TL 161,538.31 representing approximately 0.0038% of the total issued share capital of the
Company and owned by Dianne Şahenk; and (3) 12,276,911 shares with a nominal value of 1 Kr each in the Company, with a nominal value of, in aggregate, TL 122,769.11 representing approximately 0.0029% of the total issued share capital of the
Company and owned by Defne Şahenk;
		
	“Stamp Tax”		means any stamp or documentary tax, fee or duty (damga vergisi) as defined under Law no. 488 regarding Stamp Tax, together with all penalties, charges and interest relating thereto;
		
	“Subsidiary”		means any person (i) which is Controlled, directly or indirectly, by the first-mentioned person; (ii) more than half the issued share capital of which is beneficially owned by the first-mentioned person; or (iii) which is a
subsidiary of another subsidiary of the first-mentioned person. For the purposes of this definition “control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies
of any person and/or control the composition of its board of directors or equivalent body, whether through the ownership of voting securities, by contract or otherwise;
		
	“Tax”		means all taxes, levies, duties (customs or otherwise), imposts, charges and withholdings of any nature whatsoever, including (without limitation) taxes on gross or net income, social security charges, profits or gains and taxes on
transactions, receipts, sales, use, occupation, franchise, value added and personal property, together with all penalties, charges and interest relating to any of them;
		
	“Tax Authority”		means any taxing, revenue or other authority (whether within or outside Turkey or Spain) competent to impose any liability to, or assess or collect any Tax;

  
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	“Transaction”		means the agreement between the Parties for the sale and purchase of the Shares and matters contemplated by the Transaction Documents;
		
	“Transaction Documents”		means this Agreement, the Restated Shareholders’ Agreement, and any other document entered into pursuant to this Agreement or any of the foregoing documents;
		
	“Treasury”		means the Republic of Turkey Prime Ministry Undersecretariat of Turkey;
		
	“Turkish Code of Obligations”		means the Turkish Code of Obligations numbered 6098;
		
	“Turkish Commercial Code”		means the Turkish Commercial Code numbered 6102;
		
	“Turkish Competition Board”		means the decision-making body of the Turkish Competition Authority;
		
	“Turkish Lira” or “TL”		means the lawful currency of Turkey for the time being;
		
	“Warrantor”		means, in relation to the Warranties in Part B of Schedule 3 (Warranties), the party giving the Warranty;
		
	“Warranty”		means each of the representations and warranties set out in Schedule 3 (Warranties);
		
	“Working Hours”		means 9.30 a.m. to 5.30 p.m. on a Business Day;

  

	1.2	In this Agreement, unless otherwise specified: 

  

	 	(A)	references to clauses, sub-clauses, paragraphs, sub-paragraphs and Schedules are to clauses,
sub-clauses, paragraphs, sub-paragraphs of, and Schedules to, this Agreement; 

  

	 	(B)	a reference to any statute or statutory provision shall be construed as a reference to the same as it may have been, or may from time to time be, amended, modified or re-enacted;

  

	 	(C)	references to a “company” shall be construed so as to include any company, corporation or other body corporate, wherever and however incorporated or established; 

  
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	 	(D)	references to a “person” shall be construed so as to include any individual, firm, company, government, state or agency of a state, local or municipal authority or government body or any joint venture,
association or partnership (whether or not having separate legal personality); 

  

	 	(E)	general words shall not be given a restrictive meaning by reason of the fact that they are preceded or followed by particular examples intended to be embraced by the general words and the words “include(s)” or
“including” shall be deemed to have the words “without limitation” following them; 

  

	 	(F)	references to any document in the “agreed form” means the document in a form agreed by the parties to this Agreement and initialled for the purposes of identification only by the Purchaser (or by the
Purchaser’s legal advisers on its behalf) and the Sellers (or by the Sellers’ legal advisers on their behalf); 

  

	 	(G)	references to writing shall include any modes of reproducing words in a legible and non-transitory form; 

 

	 	(H)	references to times of the day are to Istanbul time; 

  

	 	(I)	headings to clauses and Schedules are for convenience only and do not affect the interpretation of this Agreement; 

  

	 	(J)	the Schedules form part of this Agreement and shall have the same force and effect as if expressly set out in the body of this Agreement, and any reference to this Agreement shall include the Schedules;

  

	 	(K)	other than the payment of the Dividend Share by the Purchaser to the Sellers pursuant to sub-clause 5.2(B), which shall be paid net of all Taxes which would be applicable to the Purchaser in Turkey on the
dividend distribution received by the Purchaser from the Company corresponding to the Shares, any indemnity or covenant to pay (the “Payment Obligation”) being given on an “after-Tax basis” or expressed to be
“calculated on an after-Tax basis” means that to the extent that the amount payable pursuant to such Payment Obligation (the “Payment”) is subject to a deduction or withholding required by law in respect of Tax or
is chargeable to any Tax in the hands of the recipient it shall be increased so as to ensure that, after taking into account: 

  

	 	(i)	the amount of Tax required to be deducted or withheld from, and the Tax chargeable on such amount (including on the increased amount); and 

 

	 	(ii)	 any Tax credit, repayment or other Tax benefit which is available to the indemnified party or the recipient of the Payment solely as a result of the
matter giving rise to the Payment Obligation or as a result of receiving the Payment; 

  
 8 

	 	
(which amount of Tax and Tax credit, repayment or other Tax benefit is to be determined by the auditors of the recipient at the expense of the recipient and is to be certified as such by the
auditors of the recipient to the party making the Payment), the recipient of the Payment is in the same position as it would have been in if there had been no such Tax or Tax credit, repayment or other Tax benefit. 

 

	2.	Sale and purchase 

  

	2.1	At Completion, the Sellers shall sell and the Purchaser shall purchase the Shares together with full legal and beneficial title and all rights (including, without limitation, rights to receive dividends declared, made
or paid after the Completion Date (subject to sub-clause 5.2)) attaching thereto and free from any and all Encumbrances and all other rights exercisable by or claims by third parties. 

 

	2.2	The Sellers and the Purchaser shall equally bear the costs of any Stamp Tax charged on the execution or delivery of this Agreement or the transfer of the Shares from the Sellers to the Purchaser. The Sellers shall duly
and fully declare the Stamp Tax and pay the whole amount of the Stamp Tax to the relevant Tax Authority and provide the Purchaser with the evidence of the declaration and payment of the whole amount of the Stamp Tax on the 15th day following the execution of this Agreement. The Purchaser shall pay half of the Stamp Tax charged on the execution or delivery of this Agreement or the transfer of the Shares from the Sellers to
the Purchaser, to the Sellers within three (3) days following the receipt of the evidence of the declaration and payment of the whole amount of the Stamp Tax. 

 

	2.3	The Purchaser shall pay the SDIF Fee. 

  

	3.	Conditions 

  

	3.1	The sale and purchase of the Shares pursuant to this Agreement is in all respects conditional upon those matters listed in Schedule 1 (Conditions to Completion) (the “Conditions”).

  

	3.2	The Purchaser shall use all reasonable endeavours to fulfil or procure the fulfilment of the conditions listed in paragraphs 1 and 2 of Schedule 1 (Conditions to Completion) (the “Purchaser
Conditions”) as soon as reasonably practicable and in any event on or before the Longstop Date and will notify the Sellers in writing immediately upon the satisfaction of each such condition. 

The Sellers (for the benefit of the Purchaser) shall give such co-operation and assistance in a timely manner to the Purchaser as the Purchaser
may reasonably require to fulfil or procure the fulfilment of the Purchaser Conditions. Without limitation to the foregoing, the Sellers (for the benefit of the Purchaser) shall accordingly provide assistance with submissions to the Governmental
Authorities, procure information reasonably required by the Governmental Authorities and take all reasonable actions within its power to procure that the Company and the Company Group Members co-operate with the Purchaser in fulfilling the Purchaser
Conditions and take all reasonable actions and steps it is required to take under or in connection with this Agreement with a view to ensuring that the fulfilment of the Purchaser Conditions is achieved in an efficient and timely manner. 

  
 9 

	3.3	The Purchaser shall keep the Sellers (or their advisers) reasonably informed as to the progress towards satisfaction of the Purchaser Conditions. 

 

	3.4	Each of the Parties undertakes to disclose in writing to the other any matter which will or may reasonably prevent any of the Conditions from being satisfied on or prior to the Longstop Date (or any Postponed Longstop
Date) immediately after it comes to its attention. 

  

	3.5	Subject to sub-clause 3.7, if any of the Purchaser Conditions is not fulfilled by the Purchaser by 5.30 p.m. on the Longstop Date, then either the Purchaser or the Sellers may by notifying the other party within
five Business Days of the Longstop Date postpone the Longstop Date to (but not before) the Backstop Date, unless the Parties mutually agree in writing to an extension to a date prior to the Backstop Date, in which event further extensions of the
Longstop Date may be made on the same basis (the Longstop Date, as so postponed, being the “Postponed Longstop Date”). 

  

	3.6	The Purchaser or the Sellers (as applicable) shall only be entitled to postpone the Longstop Date in accordance with sub-clause 3.5 if: 

 

	 	(A)	It has complied in all material respects with its obligations under this Agreement; and 

  

	 	(B)	it is reasonable to expect that all of the Conditions will be fulfilled by the Backstop Date. 

  

	3.7	This Agreement shall terminate if any of the Conditions has not been satisfied at the Longstop Date or (where postponed in accordance with sub-clause 3.5 of this Agreement) the Postponed Longstop Date with the
effect that all obligations of the parties under this Agreement shall end (except for the provisions of Clauses 16 (Announcements) and 17 (Confidentiality)) but (for the avoidance of doubt) all rights and liabilities of the parties
which have accrued before termination shall continue to exist. 

  

	4.	Conduct of business before Completion 

  

	4.1	In addition to the obligations of the Sellers and other members of Dogus Group under the Shareholders’ Agreement between the date hereof and the Completion, neither the Sellers nor any other Dogus Group Member
shall sell, transfer, Encumber or otherwise dispose of the Shares or any interest therein (or enter into an option or agreement to do so); or make or progress any preparations in respect of a public offering or private placement of such Shares.

  
 10 

	5.	Consideration 

  

	5.1	Without prejudice to the provisions of sub-clause 5.2 and sub-clause 5.3, the total consideration for the sale of the Shares shall be the payment by the Purchaser to the Sellers of the Purchase Price.

  

	5.2	The Sellers shall be entitled to receive the dividends corresponding to the Shares and distributed by the Company relating to the financial year 2014 (the “Dividend Share”) regardless of whether the
Completion Date takes place before or after the declaration or payment of such dividends subject to the following terms and conditions: 

  

	 	(A)	In the event that the Completion Date is after the date upon which the Company has paid dividends relating to the financial year 2014, then the Sellers will have received the Dividend Share from the Company as the owner
of the Shares. If the Dividend Share exceeds TL 3,070,167.17 in aggregate, then the Purchase Price shall be reduced in the amount of such excess and, consequently, the Purchaser will pay to the Sellers on the Completion Date the Purchase Price
as reduced according to this Clause. 

  

	 	(B)	In the event that the Completion Date is prior to the date upon which the Company has paid dividends relating to the financial year 2014, then the Purchaser shall pay to the Sellers the Dividend Share net of all Taxes
which would be applicable to the Purchaser in Turkey on the dividends received by the Purchaser from the Company corresponding to the Shares, on the fifth Business Day after receipt by the Purchaser of the dividends from the Company. If the Dividend
Share exceeds TL 3,070,167.17, then the Purchaser will only pay to the Seller TL 3,070,167.17 net of alll Taxes applicable to the Purchaser in Turkey. 

  

	5.3	In the event that the Completion Date is after April 30, 2015, the Purchaser shall pay to the Sellers an additional amount in Euros, equal to the amount, which is the product of the Purchase Price multiplied by
3-month EURIBOR plus .75 per cent (per annum) divided by the number of days elapsed after April 30, 2015 up to but excluding the Completion Date(the “Additional Amount”). The Purchase Price shall be deemed to be adjusted
by an amount equal to such Additional Amount. 

  

	5.4	Any payment made by any party under this Agreement shall: 

  

	 	(A)	(so far as possible) be treated as an adjustment to the Purchase Price to the extent of the payment and be paid in TL, unless otherwise stated in this Agreement; and 

 

	 	(B)	in respect of any payment made in relation to a Claim hereunder where the Claim is assessable in any currency other than Turkish Lira, payment in such currency shall be based on the spot rate of exchange obtainable in
the London foreign exchange market at 12:00 (noon) of Turkish Lira to the relevant currency on the date that the Claim is paid under this Agreement. 

  
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	6.	Completion 

  

	6.1	Completion shall take place at the head offices of the Company in Istanbul, Turkey at 11:00 a.m. on the Completion Date. 

  

	6.2	At Completion the Sellers shall do those things listed in Part A (Transfer obligations), in so far as applicable to the Sellers, and in Part B (Sellers’ obligations) of Schedule 2 (Completion
arrangements) and the Purchaser shall do those things listed in Part A (Transfer obligations), in so far as applicable to the Purchaser, and Part C (Purchaser’s obligations) of Schedule 2 (Completion arrangements).
Completion shall take place in accordance with Part D (General) of Schedule 2 (Completion arrangements). 

  

	6.3	Neither the Purchaser nor the Sellers shall be obliged to complete the sale and purchase of the Shares unless the sale and purchase of all the Shares under this Agreement and the Dogus Holding Shares under the Dogus
Holding SPA are completed simultaneously. 

  

	6.4	With effect from Completion, the Restated Shareholders’ Agreement shall come into full force and effect and replace the Shareholders’ Agreement. 

 

	6.5	If the respective obligations of the Sellers and/or the Purchaser under sub-clause 6.2 and Schedule 2 (Completion arrangements) are not complied with on the
Completion Date the non-defaulting party may: 

  

	 	(A)	defer Completion (so that the provisions of this Clause 6 (Completion) shall apply to Completion as so deferred); or 

  

	 	(B)	proceed to Completion as far as practicable (without limiting its rights under this Agreement); or 

  

	 	(C)	terminate this Agreement by notice in writing to the other party. 

  

	6.6	If this Agreement is terminated in accordance with sub-clause 6.5 (and without limiting any Party’s right to claim damages from the other in respect thereof): 

 

	 	(A)	all obligations of the Parties shall end (except for the provisions of Clauses 16 (Announcements) and 17 (Confidentiality)) but (for the avoidance of doubt) all rights and liabilities of the Parties which
have accrued before termination shall continue to exist; 

  

	 	(B)	in circumstances in which the termination has resulted solely from the Purchaser’s failure to fulfil its obligations under sub-clauses 6.2 and Schedule 2 (Completion arrangements), the Purchaser will
indemnify the Sellers on demand on an after-Tax basis for all costs and expenses reasonably incurred by the Sellers; and 

  
 12 

	 	(C)	in circumstances in which the termination has resulted solely from the failure of any of the Sellers to fulfil its obligations under sub-clause 6.2 and Schedule 2 (Completion arrangements), the Sellers
will indemnify the Purchaser on demand on an after-Tax basis for all costs and expenses reasonably incurred by the Purchaser. 

  

	6.7	Following the Completion, the Purchaser shall make (or procure the Company to make) any notifications of the transfer of the Shares as may be required by law or regulation and the Sellers shall provide such assistance
as the Purchaser may reasonably require in making such notifications. 

  

	7.	Warranties 

 Representations and Warranties by the Sellers 

 

	7.1	The Sellers represent and warrant to the Purchaser that the Warranties set out in Part A and Part B of Schedule 3 (Warranties) are true and accurate at the date of this Agreement (or such other date
if so specified in the relevant Warranty) and the Warranties shall be deemed to be repeated on the Completion Date, each by reference to the facts and circumstances as at the Completion Date (or such other date if so specified in the relevant
Warranty). The Warranties contained in Part A and Part B of Schedule 3 (Warranties) are the only representations and warranties made by the Sellers in connection with the sale of the Shares. The Sellers makes no other
representation or gives no other warranty or assumes no other liability in connection with the sale of the Shares, whether by contract or arising from the Law. 

Representations and Warranties by the Purchaser 
  

	7.2	The Purchaser represents and warrants to the Sellers that the Warranties set out in Part B of Schedule 3 (Warranties) are true and accurate at the date of this Agreement (or such other date if so specified
in the relevant Warranty) and the Warranties shall be deemed to be repeated on the Completion Date, each by reference to the facts and circumstances as at the Completion Date (or such other date if so specified in the relevant representation and
warranty). The Warranties contained in Part B of Schedule 3 (Warranties) are the only representations and warranties made by the Purchaser in connection with the purchase of the Shares. The Purchaser makes no other representation or
gives no other warranty or assumes no other liability in connection with the purchase of the Shares, whether by contract or arising from the Law. 

Warranties separate and independent 
  

	7.3	Each of the Warranties shall be construed as a separate and independent warranty and (except where expressly provided to the contrary) shall not be limited or restricted by reference to or inference from the terms of
any other Warranty. 

  
 13 

	8.	Indemnification 

 Indemnification by the Seller 

 

	8.1	Subject to the provisions of Clause 9 (Limitations on Liability), the Sellers hereby undertake to indemnify and hold harmless the Purchaser in respect of any Losses which would not have been suffered or incurred
by the Purchaser had the representations and warranties of the Sellers herein contained been true and accurate. 

 Indemnification by the
Purchaser 
  

	8.2	Subject to the provisions of Clause 9 (Limitations on Liability), the Purchaser hereby undertakes to indemnify and hold harmless the Sellers in respect of any Losses which would not have been incurred or suffered
by the Sellers had the representations and warranties of the Purchaser herein contained been true and accurate. 

 Payment of
Indemnification 
  

	8.3	Any and all payments to be made pursuant to the indemnification provisions of this Clause 8 (Indemnification) shall be in Turkish Lira. For the avoidance of doubt, the terms of Clause 23 (Payments) shall
apply to such payments. 

  

	9.	Limitations on Liability 

  

	9.1	The liability of the Sellers and the Purchaser in respect of Claims made or brought under this Agreement shall be limited as follows: 

 

	 	(a)	neither the Sellers nor the Purchaser shall be liable to make payment for any Claim based upon a liability which is contingent unless and until such contingent liability becomes an actual liability; 

 

	 	(b)	neither the Sellers nor the Purchaser shall be liable for any Claim to the extent that the liability arises or is increased as a result of any legislative, legal or regulatory requirement not in force at the date of
this Agreement, where such requirement has been made or issued outside the reasonable control of the Parties or has not been issued or made as a result of the breach of this Agreement by either Party; 

 

	 	(c)	neither the Sellers nor the Purchaser shall be liable for any Claim to the extent that the matter giving rise to such Claim has been made good or is otherwise compensated for without loss to the other Party;

  

	 	(d)	neither the Sellers nor the Purchaser shall be liable for any Claim to the extent that the same loss under such Claim has been recovered by any of the Sellers or the Purchaser (as applicable) under any provision of this
Agreement or any other Transaction Document and accordingly the Sellers or the Purchaser (as applicable) may only recover once in respect of the same loss; 

  
 14 

	 	(e)	the Sellers and the Purchaser shall only be liable in respect of a Claim if and to the extent that such Claim is admitted by the relevant party, the subject of an arbitral award or proven in a court of competent
jurisdiction; 

  

	 	(f)	any payment made by the Sellers or any other person in respect of any Claim shall be deemed to be a reduction of the Purchase Price; and 

 

	 	(g)	neither the Sellers nor the Purchaser shall be liable for any Claim to the extent that the matter giving rise to such Claim has been carried out with the express consent of the Parties. 

None of the limitations in this sub-clause 9.1 shall apply to the extent that any breach by a party of its obligations under this
Agreement is caused by fraud, wilful default or wilful concealment or gross negligence. 
  

	9.2	Other than as expressly set out in this Agreement (including, for the avoidance of doubt the payment of the Consideration in accordance with Clause 5 (Consideration)), neither the Sellers nor the Purchaser shall
be liable to make any payment under this Agreement nor exercise any right of set-off or counterclaim against or otherwise withhold payment of any sums stated to be payable by the other hereunder or under any other agreement subsisting between them
unless and until the liability of the Sellers or the Purchaser (as applicable) has been agreed or adjudged payable in legal or arbitration proceedings. 

  

	9.3	The Sellers hereby irrevocably and unconditionally undertake that they shall not bring or conduct (in the absence of fraudulent or dishonest conduct or concealment) at any time any claims or actionable rights which it
may have under contract, law or otherwise against the Company or any Company Group Member (or any of their respective directors, officers, employees or agents) arising out of or in connection with: (i) any matters relating to any period prior
to Completion; or (ii) any matters for which it is or may be liable to the Purchaser arising out of or in connection with the Transaction. 

  

	9.4	The Parties hereby agree and acknowledge that the indemnification obligations specified in this Clause 9 is not a liability for defects (ayIba karşI tekeffül
sorumluluğu) but the Sellers’ and the Purchaser’s respectively independent covenant and obligation of indemnity and the Sellers’ and Purchaser’s respectively independent guarantee for the completeness and accuracy of all
the representations, covenants and warranties. Therefore, notice periods and statutes of limitations in connection with the liability for defects shall not be applied for the independent covenants provided herein by the Sellers. For the avoidance of
doubt, the statute of limitation periods and the time periods applicable to the Purchaser’s duty to examine the object of the sale and/or notify the Sellers of any defect or breach set forth in the Turkish Code of Obligations and the Turkish
Commercial Code and in particular in Articles 223 and 231 of the Turkish Code of Obligations and Article 25 of the Turkish Commercial Code, as well as in any other laws and regulations shall not be applied to the independent covenants provided
herein by the Sellers. 

  
 15 

	10.	Undertakings 

 Following the board meeting of the Company held under paragraph
4 of Part B of Schedule 2 (Completion arrangements), the Sellers undertake to the Purchaser that they shall together with the Purchaser and in so far as it is within their powers to do so, execute and deliver or procure the
execution and delivery of, all resolutions, notices and other documentation necessary to appoint and remove the directors and committee members as set out in paragraph 2 and 3 of Part B of Schedule 2 (Completion
arrangements) pursuant to the Turkish Commercial Code. 
  

	11.	Effect of Completion 

 Any provision of this Agreement which is capable of being
performed after but which has not been performed at or before Completion shall remain in full force and effect notwithstanding Completion. 
  

	12.	Remedies and waivers 

  

	12.1	No delay or omission by any party to this Agreement in exercising any right, power or remedy provided by law or under this Agreement or any other documents referred to in it shall: 

 

	 	(A)	affect that right, power or remedy; or 

  

	 	(B)	operate as a waiver thereof. 

  

	12.2	The single or partial exercise of any right, power or remedy provided by law or under this Agreement shall not preclude any other or further exercise of it or the exercise of any other right, power or remedy.

  

	12.3	Except as otherwise expressly provided in this Agreement, the rights, powers and remedies provided in this Agreement are cumulative and not exclusive of any rights, powers and remedies provided by law.

  

	13.	Assignment 

  

	13.1	Subject to sub-clause 13.2: 

  

	 	(A)	no party shall assign, or purport to assign, all or any part of the benefit of, or its rights or benefits under, this Agreement; 

  
 16 

	 	(B)	no party shall make a declaration of trust in respect of or enter into any arrangement whereby it agrees to hold in trust for any other person all or any part of the benefit of, or its rights or benefits under, this
Agreement; and 

  

	 	(C)	no party shall sub-contract or enter into any arrangement whereby another person is to perform any or all of its obligations under this Agreement. 

 

	13.2	The restrictions in sub-clause 13.1 shall not apply to the Sellers in relation to any member of the Dogus Group and to the Purchaser in relation to any member of its Group. 

 

	14.	Entire Agreement 

  

	14.1	This Agreement shall constitute the whole and only agreements between the Parties relating to the sale and purchase of the Shares. In entering into this Agreement, each party to this Agreement acknowledges that it is
not relying upon any pre-contractual statement which is not expressly set out in this Agreement. 

  

	14.2	Except in the case of fraud no party shall have any right of action against any other party to this Agreement arising out of or in connection with any pre-contractual statement except to the extent that it is repeated
in this Agreement. 

  

	14.3	For the purposes of this clause and save as referred to above, “pre-contractual statement” means any draft, agreement, undertaking, representation, warranty, promise,
assurance or arrangement of any nature whatsoever, whether or not in writing, relating to the subject matter of this Agreement made or given by any person at any time prior to the date of this Agreement. 

 

	14.4	This Agreement may only be varied in writing signed by each of the Parties. 

  

	15.	Notices 

  

	15.1	Subject to sub-clause 15.2: 

  

	 	(A)	a notice under this Agreement shall only be effective if it is in writing. Any notice given under this Agreement shall be delivered either personally or by registered mail or reputable international courier (for next
day delivery), or in accordance with the provisions of Article 18(3) of the Turkish Commercial Code if and when such provisions become applicable; and 

  

	 	(B)	Faxes and e-mail are not permitted. 

  

	15.2	Any notices provided pursuant to sub-clause 3.3, 3.4 or Schedule 2 (Completion arrangements) may be provided by e-mail. 

  
 17 

	15.3	Each of the Sellers designates Dogus Holding to serve as its representative and to act on its behalf with respect to notices, consents or approvals required to be given or accepted by the Sellers acting together. Any
notices sent to Dogus Holding in connection with this Agreement shall be deemed to have been duly sent to all of the Sellers. Any action taken or document executed by Dogus Holding on behalf of any of the Sellers in connection with this Agreement
shall be deemed to have been made on behalf of such Seller and the Purchaser shall be entitled to rely upon such action or document as being binding on such Seller without further enquiry. 

 

	15.4	Notices given under sub-clause 15.1 shall be sent to a party to this Agreement at its address and for the attention of the individual set out below: 

 

			
	Party (and title of individual)		Address
		
	Sellers		 FAO:

		
			Husnu Akhan Huzur Mahallesi, Maslak Ayazaga Caddesi. No:2 34396 Sariyer, Istanbul
		
	Purchaser		FAO:
		
			Jaime Saenz de Tejada Pulido (Chief Financial Officer of the BBVA group) and Javier Rodriguez-Soler (Head of M&A)
		
			Paseo de la Castellana 81; 28046 MADRID, SPAIN
		
			cc: Eduardo Arbizu Lostao (General Counsel) and María Jesús Arribas de Paz (Head of Corporate Legal Services)

  

	15.5	Notices given under sub-clause 15.2 shall be sent to a party to this Agreement at its email address and for the attention of the individual set out below: 

 

			
	 Party (and title of

Individual)
		E-mail address
		
	 Sellers
		hakhan@dogusgrubu.com.tr
		
	 Purchaser
		 jsaenzt@bbva.com

		
			 javier.rodriguez.soler@bbva.com

		
			 cc:eduardo.arbizu@bbva.com mjesus.arribas@bbva.com

  
 18 

	15.6	A party may change its notice details given in sub-clause 15.4 and sub-clause 15.5 on giving notice to the other parties of the change in accordance with this clause. That notice shall only be effective on
the day falling five clear Business Days after the notification has been received or such later date as may be specified in the notice. 

  

	15.7	Any notice given under this Agreement shall, in the absence of earlier receipt, be deemed to have been duly given as follows: 

  

	 	(A)	if delivered personally, on delivery; 

  

	 	(B)	if sent by registered mail or reputable international courier, for next day delivery, the next day; and 

  

	 	(C)	if sent by e-mail, when dispatched. 

  

	15.8	Any notice given under this Agreement outside Working Hours in the place to which it is addressed shall be deemed not to have been given until the start of the next period of Working Hours in such place.

  

	16.	Announcements 

  

	16.1	No announcement concerning the sale of the Shares or any ancillary matter shall be made by any Party without the prior written approval of the Sellers and the Purchaser, such approval not to be unreasonably withheld or
delayed. This sub-clause 16.1 does not apply in the circumstances described in sub-clause 16.2 and 16.3. 

  

	16.2	The Sellers and the Purchaser may make an announcement concerning the sale of the Shares or any ancillary matter if required by: 

  

	 	(A)	law; or 

  

	 	(B)	any securities exchange or regulatory or governmental body or any Tax Authority to which that party (or the group of which that party is a member) is subject, wherever situated, whether or not the requirement has the
force of law, 

 in which case the party concerned shall, where practicable and/or lawful, take all such steps as may be
reasonable and practicable in the circumstances to agree the contents of such announcement with the other party before making such announcement. 
  

	16.3	For the avoidance of doubt, this provision does not apply to announcements in relation to the Restated Shareholders’ Agreement following Completion. 

  
 19 

	17.	Confidentiality 

  

	17.1	Each Party shall (for the benefit of each other and the Company (save for any matter in relation to the Restated Shareholders’ Agreement) treat as confidential all information obtained as a result of entering into
or performing this Agreement which relates to: 

  

	 	(A)	the provisions of this Agreement, the Transaction Documents, or the Dogus Holding SPA; 

  

	 	(B)	the negotiations relating to this Agreement, the Transaction Documents, or the Dogus Holding SPA; or 

  

	 	(C)	the other parties to this Agreement. 

  

	17.2	Notwithstanding the other provisions of this clause, a party may disclose confidential information: 

  

	 	(A)	if and to the extent required by law; 

  

	 	(B)	if and to the extent required by any securities exchange or regulatory or governmental body or any Tax Authority to which that party (or the group of which that party is a member) is subject wherever situated, whether
or not the requirement for information has the force of law; 

  

	 	(C)	if and to the extent required to vest the full benefit of this Agreement in that party; 

  

	 	(D)	to its employees, directors, officers, professional advisers, consultants, auditors and bankers; 

  

	 	(E)	to the employees, directors, officers, professional advisers, consultants, auditors and bankers of those members of the group of companies of which the relevant party is a part; 

 

	 	(F)	if and to the extent the information has come into the public domain through no breach by that party of its obligations hereunder; 

  

	 	(G)	if and to the extent the other party has given prior written consent to the disclosure, such consent not to be unreasonably withheld or delayed. 

Except in circumstances where (and to the extent that) such notification is prohibited by law or court order, any information to be disclosed
pursuant to paragraph (A) or (B) shall be disclosed only after reasonable notice to the other party and the Company. 

  
 20 

	18.	Costs and expenses 

 Except as otherwise expressly stated in any other provision of this
Agreement, each party to this Agreement shall pay its own costs and expenses in relation to the negotiations leading up to the sale and purchase of the Shares and the preparation, execution and carrying into effect of this Agreement and all other
documents referred to in this Agreement. 
  

	19.	Counterparts 

  

	19.1	This Agreement shall be executed in one original, and may be executed by the parties to it on separate counterparts, but shall not be effective until each party has executed at least one counterpart. 

 

	19.2	Each counterpart shall constitute an original of this Agreement, but all the counterparts shall together constitute but one and the same instrument. 

 

	20.	Invalidity 

 If at any time any provision of this Agreement is or becomes illegal,
invalid or unenforceable in any respect under the law of any jurisdiction that shall not affect or impair: 
  

	 	(A)	the legality, validity or enforceability in that jurisdiction of any other provision of this Agreement; or 

  

	 	(B)	the legality, validity or enforceability under the law of any other jurisdiction of that or any other provision of this Agreement. 

  

	21.	No set-off 

 Except as expressly provided under this Agreement (including, without
limitation, under sub-clause 5.2), any payment to be made by any party under this Agreement shall be made in full without any set-off, restriction, condition or deduction for or on account of any counterclaim. 

 

	22.	Further assurance 

 Each Party shall from time to time at its own cost, on being required
to do so by the other Party, now or at any time in the future, do or procure the doing of all such acts and/or execute or procure the execution of all documents which that other party may reasonably consider necessary for giving full effect to this
Agreement. 
  

	23.	Payments 

  

	23.1	 Other than the payment of the Dividend Share by the Purchaser to the Sellers pursuant to sub-clause 5.2(B), which shall be paid net of all
Taxes which would be applicable to the Purchaser in Turkey on the dividends received by the Purchaser from the Company 

  
 21 

	 	
corresponding to the Shares all sums payable under this Agreement shall be paid free and clear of all deductions or withholdings. If any deductions or withholdings are required by law to be made
from any amount payable under Clause 5 (Consideration), other than the payment of the Dividend Share pursuant to sub-clause 5.2(B) (which shall be net of the above-mentioned relevant Taxes), the Purchaser shall be
obliged to pay to the Sellers such sum as will, after the deduction or withholding has been made, leave the Sellers with the same amount as they would have been entitled to receive in the absence of any such requirement to make a deduction or
withholding. 

  

	23.2	If a party defaults in the payment when due of any sum payable under this Agreement (whether determined by agreement or pursuant to an order of a court or otherwise), the liability of that party shall be increased to
include interest on the balance of such sum outstanding from time to time from the date when such payment is due until the date of actual payment (as well after as before judgment) at a rate of 2 per cent. per annum above the base rates from
time to time of the arithmetic average of YapI Kredi Bank, İş Bank and Akbank. Such interest shall accrue from day to day and shall be compounded monthly. 

 

	24.	Choice of governing law 

 This Agreement and any non-contractual obligations arising out
of or in connection with it shall be governed by and shall be construed in accordance with Turkish law. Any matter, claim or dispute arising out of or in connection with this Agreement, whether contractual or non-contractual, is to be governed and
determined in accordance with Turkish law. 
  

	25.	Jurisdiction 

  

	25.1	All disputes arising out of or in connection with this Agreement shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce (“ICC”) by three arbitrators appointed
in accordance with the said Rules. The first arbitrator will be appointed by the Party initiating the arbitration proceedings simultaneously with its demand for arbitration, the second one of which will be appointed by the other Party within 20
(twenty) Business Days of the date on which it has received notice of the demand for arbitration and the third one of which (who shall act as Chairman of the arbitration panel) will be designated by agreement of the first two within twenty
(20) Business Days from the appointment of the second Arbitrator or, failing such agreement, the ICC Court of Arbitration, which will also designate (A) the second arbitrator if the Party required to make such designation will not have
done so within the period indicated above; and (B) the replacement of any arbitrator who is unable or unwilling to serve or to continue to serve as such, but only in the event that such replacement has not been designated by the Party which
appointed the arbitrator to be replaced within twenty (20) Business Days from the date on which such arbitrator resigned or otherwise ceased from office or, in the case of the Chairman, by agreement of the other two Arbitrators. The place of
arbitration shall be Paris, France. The language to be used in the arbitral proceedings shall be English. 

  
 22 

	25.2	The expenses of the arbitration proceedings referred to in this section shall be borne by the Parties in accordance with the applicable determinations of the Arbitration Tribunal. 

 

	25.3	The Sellers and the Purchaser hereby designate their respective addresses for the giving of notice, as set forth in Clause 15 (Notices) as their respective domiciles at which service of process may be made in any
arbitration, legal action or proceeding arising hereunder. 

  

	26.	Language 

  

	26.1	Each notice, demand, request, statement, instrument, certificate, or other communication under or in connection with this Agreement shall be: 

 

	 	(A)	in English; or 

  

	 	(B)	if not in English, accompanied by an English translation made by a translator, and certified by the party giving the notice to be accurate. 

 

	26.2	The receiving party shall be entitled to assume the accuracy of and rely upon any English translation of any document provided pursuant to sub-clause 26.1(B).

 IN WITNESS OF WHICH the parties have entered into this Agreement on the date first mentioned above. 

  
 23 

 Schedule 1 

(Conditions to Completion) 
  

	1.	Regulatory consents in Turkey 

  

	1.1	The BRSA having notified the Purchaser that it has approved the acquisition of the Shares in the Company by the Purchaser. 

  

	1.2	Receipt by the Purchaser of a notification (by way of certificate or letter) from the Turkish Competition Board approving the acquisition of the Shares in the Company by the Purchaser or stating that it has no objection
thereto or, in the alternative, the approval of the Turkish Competition Board of the acquisition of the Shares in the Company by the Purchaser being deemed to have been given by the Turkish Competition Board by virtue of the failure or omission by
the Turkish Competition Board to respond to the Purchaser’s application to the Turkish Competition Board requesting its approval of the acquisition of the Shares in the Company by the Purchaser within a period of 30 (thirty) calendar days
commencing from the date of submission of such application. 

  

	1.3	The CMB having notified the Purchaser that it has approved the indirect change in ownership of Garanti Portföy Yönetimi A.Ş. by reason of the acquisition of the Shares in the Company by the Purchaser.

  

	1.4	The Purchaser having notified the CMB about the indirect change in ownership of Garanti YatIrIm Menkul KIymetler A.Ş. within 10 Business Days of the receipt of the
BRSA’s approval set out in sub-paragraph 1.1. 

  

	1.4	The BRSA having notified the Purchaser that it has approved the indirect change in ownership of Garanti Factoring Hizmetleri A.Ş. and Garanti Finansal Kiralama A.Ş. by reason of the acquisition of the Shares
in the Company by the Purchaser. 

  

	1.5	The Turkish Treasury (Hazine MüsteşarlIğI) having notified the Purchaser that it has approved the indirect change in ownership of Garanti Emeklilik ve Hayat A.Ş. by reason of
the acquisition of the Shares in the Company by the Purchaser. 

  

	2.	Other regulatory consents 

  

	2.1	The Purchaser having obtained a declaration of no objection (verklaring van geen bezwaar) of the Dutch Central Bank (De Nederlandsche Bank N.V.) in relation to the acquisition of the Shares in the Company by the
Purchaser. 

  

	2.2	Each of the central bank of Spain and the European Central Bank, as applicable, having notified the Purchaser that it has approved the acquisition of the Shares in the Company by the Purchaser. 

  
 24 

	2.3	The national bank of Romania having notified the Purchaser that it has approved the acquisition of the Shares in the Company by the Purchaser. 

 

	2.4	If applicable, the European Commission having issued a decision under Article 6(1)(b) or 6(2) of Council Regulation (EC) No. 139/2004 (the “Merger Regulation”) (or being deemed to have done so
under Article 10(6) of the Merger Regulation) approving the purchase of the Shares as being compatible with the common market and/or, if any aspect of the Transaction is referred by the European Commission to a national competition authority of an
EU or EFTA state or more than one such competition authorities under Article 9 of the Merger Regulation, approval having been received from each such competent authority that the purchase of the Shares by the Purchaser may proceed.

  

	2.5	The Central Bank of Russia having notified the Purchaser that it has approved the acquisition of the Shares in the Company by the Purchaser. 

 

	2.6	The Malta Financial Services Authority having notified the Purchaser that it has approved the acquisition of the Shares in the Company by the Purchaser. 

 

	2.7	The Central Bank of Turkish Republic of Northern Cyprus (KKTC Merkez BankasI) having notified the Purchaser that it has approved the acquisition of the Shares in the Company by the
Purchaser. 

  

	2.8	The Purchaser having notified the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg about the acquisition of the Shares in the Company by the Purchaser. 

 

	2.9	If applicable, the Ministry of Commerce of the People’s Republic of China having notified the Purchaser that it has approved the acquisition of the Shares in the Company by the Purchaser. 

The words “approved”, “approving”, “approval” or “notice of no objection” or their derivatives in
relation to the regulatory consents in paragraphs 1 and 2 above shall mean an approval (or declaration of no objection, as applicable) by the relevant competent authority which does not impose conditions, undertakings or obligations on the Purchaser
such that the impact of any such conditions, undertakings or obligations imposed on the Purchaser is so serious and adverse that they could reasonably be expected to affect fundamentally the willingness of a reasonable purchaser to proceed to
Completion. 
  

	3.	Regulatory Action 

 No Regulatory Action having occurred. 

  
 25 

 Schedule 2 

(Completion arrangements) 
 Part
A (Transfer Obligations) 
  

	1.	At Completion, the Purchaser shall transfer an amount equal to the Purchase Price to the Sellers’ Bank Account in immediately available funds with value date the Completion Date. 

 

	2.	At Completion, the Sellers shall provide a signed written instruction to their brokers to confirm that the Shares have been transferred to the Purchaser and instructing registration of the share transfer with the MKK
with a signed copy also delivered to the Purchaser including the following declaration: “Pursuant to a share purchase agreement dated November 19, 2014, we have sold 2,791,061,064 shares in Turkiye Garanti Bankasi A.S. and hereby instruct
you to transfer such shares to BBVA’s account of [—] held by [—] for purpose of delivery of such shares” and procure the transfer of
legal title to the Shares to the Purchaser free of any Encumbrance and shall cause (together with the Purchaser) the board of directors of the Company to resolve to register and register the Purchaser in the share ledger of the Company as the new
registered owner of the Shares. 

 Part B (Seller’s obligations) 

At or prior to Completion, the Seller shall: 
  

	1.	deliver to the Purchaser a certified copy of each power of attorney under which any document to be delivered to the Purchaser has been executed; 

 

	2.	procure that those Dogus Shareholders’ representatives on the Board of Directors (as determined in the Restated Shareholders’ Agreement) who are required to resign in order to comply with the board composition
agreed upon by the Dogus Shareholders in Section 5.02(A) of the Restated Shareholders’ Agreement resign their offices as such, such resignations to be tendered at the board meeting referred to in paragraph 4 of Part B of this
Schedule 2; 

  

	3.	procure that those Dogus Shareholders’ representatives on the audit committee (or any other committee) of the Company (if any) who are required to resign in order to comply with the committee composition agreed
upon by the Dogus Shareholders in Section 6.03 of the Shareholders’ Agreement resign their offices as such, such resignations to be tendered at the board meeting referred to in paragraph 4 of Part B of this Schedule 2;

  

	4.	procure a board meeting of the Company to be held for the purposes of considering and resolving upon the following matters and at which: 

 

	 	(A)	 the Sellers shall procure that (i) the resignation of the Dogus Shareholders’ nominated representatives (to the extent necessary) on the
board of directors of the Company and (ii) the resignation of the Dogus Shareholders’ nominated representatives on the 

  
 26 

	 	
audit committee (or any other committee) of the Company, to ensure compliance with the board of directors and committee composition agreed upon in the Restated Shareholders’ Agreement, shall
be tendered and accepted; and 

  

	 	(B)	the Sellers shall procure that (i) such Dogus Shareholders’ representatives on the board of directors or audit committee (or any other committee) of the Company (if any) vote to accept the appointment of the
individuals nominated by the Purchaser to the board of directors of the Company (and to the relevant committees) in accordance with the Board and committee composition agreed upon by Dogus Shareholders in accordance with Section 6.03 of the
Shareholders’ Agreement and Section 5.02 of the Restated Shareholders’ Agreement (such nominees to be notified to the Seller by the Purchaser no less than three Business Days prior to Completion) and (ii) no such Dogus
Shareholders’ representative withdraws or revokes its vote at any time, 

 and in each case, such resignations and
appointments to be made and resignations to be accepted in such sequence as is required so as to satisfy the quorum requirements for the board meeting. 

Part C (Purchaser’s obligations) 
 At or prior to
Completion, the Purchaser shall: 
  

	27.	procure that the Purchaser’s representatives on the board of directors (or any committee) of the Company vote to accept the resignations referred to in paragraph 2 and 3 of Part B above and
shall procure that no such Purchaser’s representative withdraws or revokes its vote at any time; and 

  

	28.	deliver to the Sellers a copy (certified by a director or officer of the Purchaser to be a true copy of a power of attorney in force at Completion) of the power of attorney executed by the Purchaser authorising the
execution by the Purchaser of this Agreement. 

 Part D (General) 

All documents and items delivered at or prior to Completion pursuant to this Schedule 2 shall be held by the recipient to the order of the person
delivering the same until such time as Completion shall be deemed to have taken place. Simultaneously with: 
  

	(A)	delivery of all documents and items required to be delivered at Completion in accordance with this Schedule 2 (or waiver of the delivery of it by the person entitled to receive the relevant document or item); and

  

	(B)	receipt of an electronic funds transfer by the Sellers of an amount equal to the total consideration payable by the Purchaser in respect of the Shares and in accordance with Part A above, the documents and items
delivered in accordance with this Schedule shall cease to be held to the order of the person delivering them and Completion shall be deemed to have taken place. 

  
 27 

 Schedule 3 

(Warranties) 
 Part A:
Sellers’ Warranties 
  

	1.	The Sellers are the sole legal and beneficial owner of the Shares free and clear of any and all Encumbrances. 

  

	2.	The Shares are duly issued and paid up and constitute approximately 0.6645% of the total issued share capital of the Company. 

  

	3.	The Shares rank pari passu with all other issued shares of the Company and there are no founder shares or privileged shares (as such term is defined by the Turkish Commercial Code) in issue in the share capital of the
Company or any of its Company Group Members. 

  

	4.	(i) As at the date of this Agreement, the Dogus Group and the Sahenk Family are the legal and beneficial owner of 24.89% of the total issued share capital of the Company; and (ii) immediately following Completion,
upon the sale of the Shares hereunder to the Purchaser, the Dogus Group shall be the legal and beneficial owner of 10% of the total issued share capital of the Company. Neither the Sellers nor any member of the Dogus Group is the legal or beneficial
owner of any shares, or has rights or options to acquire any shares, in the share capital of the Company or any Company Group Member other than as described in the foregoing sentence. 

 

	5.	The Shares have been owned by the Sellers for more than 2 years. 

 Part B: Representations by both the
Seller and the Purchaser in relation to capacity 
  

	29.	Each of the Sellers and the Purchaser (as “Warrantor”) warrants, in the case of the Sellers both on behalf of themselves and the other Dogus Shareholders, that it has the requisite power and authority
to enter into and perform this Agreement and the Transaction Documents to which it is a party. 

  

	30.	The Warrantor warrants, in the case of the Sellers both on behalf of themselves and the other Dogus Shareholders, that the obligations of the Warrantor, in the case of the Seller including the obligations of the other
Dogus Shareholders, under this Agreement and the Transaction Documents constitute valid, binding and enforceable obligations of the Warrantor, and in the case of the Sellers also of the Dogus Shareholders, enforceable against the Warrantor, and in
the case of the Sellers also against the Dogus Shareholders, in accordance with their terms. 

  

	31.	The execution and delivery of, and the performance by the Warrantor, in the case of the Sellers also by the Dogus Shareholders, of its obligations under, this Agreement and the Transaction Documents will not:

  

	 	(A)	result in a material breach of any provision of the constitutional documents of the Warrantor, in the case of the Sellers also of the Dogus Shareholders; 

 

	 	(B)	result in a material breach of, or constitute a default under, any agreement, instrument, lien or other restriction to which the Warrantor, in the case of the Sellers also the Dogus Shareholders, is a party or by which
the Warrantor is bound; 

  
 28 

	 	(C)	result in a breach of any order, judgment or decree of any court or governmental agency to which the Warrantor, in the case of the Sellers also the Dogus Shareholders, is a party or by which the Warrantor, in the case
of the Sellers also the Dogus Shareholders, is bound, or violate any law applicable to a Warrantor; or 

  

	 	(D)	require the consent of its shareholders or of any other person (other than as described in Schedule 1 (Conditions to Completion). 

  
 29 

	
	SIGNED BY THE PARTIES
	
	Signed by
	
	  

	Ferit Faik ŞAHENK
	
	Signed by
	
	  

	Dianne ŞAHENK
	
	Signed by
	
	  

	Ferit ŞAHENK on behalf of Defne ŞAHENK

					
	Signed by		)		
	Javier Rodriguez-Soler		)		
			
	  
				  

	for and on behalf of		)		Duly authorised signatory
	BANCO BILBAO VIZCAYA ARGENTARIA, S.A.		)Exhibit 10.1

 

TECHNOLOGY LICENSE AGREEMENT

 

This Technology License
Agreement (“Agreement”) is made and entered into effective as of May 1, 2014 (the “Effective Date”) by
and between Medicine Man Production Corporation, a Colorado corporation ("Licensor") and having offices at 4750 Nome
Street, Denver, Colorado, 80239, and Medicine Man Technologies, Inc., a Nevada corporation ("Licensee"), and having offices
at 13791 East Rice Place, Suite #107, Aurora, Colorado, 80015.

 

RECITALS

 

A.Whereas Licensor owns
and possesses certain technology related to proprietary process(es) which have been developed, implemented and practiced at Licensor’s
facilities (hereinafter defined and referred to as the "Process") relating to the commercial growth, cultivation, marketing
and dispensing of medical marijuana and retail marijuana pursuant to state law and the rights to use and to license the confidential
and proprietary information, trade secrets, skills, experience, recorded or unrecorded, developed and/or accumulated by Licensor,
from time to time prior to and during the term of this Agreement (hereinafter referred to as the "Technology").

 

B.Whereas Licensor desires
to receive disclosure of and to license the Technology in order to enable Licensee to use the Process in the manner contemplated
herein.

 

C.WHEREAS, Licensor is willing
to make such disclosure and to grant such license rights under the terms and conditions hereinafter set forth.

 

 

NOW THEREFORE, in
consideration of the terms and conditions of this Agreement, the parties agree as follows:

 

1.          Definitions.
Unless otherwise defined in this Agreement, the following terms shall have the meanings set forth below.

 

1.1“Confidential
Information” shall mean any data or information regarding the business operations of a party that is not generally known
to the public and affords such party a competitive advantage, including but not limited to, information regarding products and
product development, suppliers, marketing strategies, finance, operations, customers, sales, and internal performance results,
and all information regarding proprietary processes, including but not limited to: concepts, designs, documentation, reports, data,
specifications, inventions, know-how, show-how and trade secrets, whether or not patentable or copyrightable. Confidential Information
does not include information that: (i) is available to the public or that becomes available to the public through no act or failure
to act by the recipient party; (ii) is known to the recipient party prior to the date of disclosure, unless the recipient party
agreed to keep such information in confidence at the time of its receipt; (iii) properly obtained hereafter from a source that
is not under an obligation of confidentiality with respect to such information; or (iv) is developed independently by the recipient
party without reference to or use of the disclosing party’s Confidential Information.

 

    	1

    	 

    

1.2"Control
Person" shall mean a corporation or other legal entity and shall include any company or other business entity, present or
future, in which that corporation or other legal entity owns or controls, directly or indirectly, more than fifty percent (50%)
of the voting stock or otherwise has a controlling interest, but only so long as such ownership or control exists.

 

1.3“Documentation”
means the technical documentation, service manuals, operation manuals and guides, production control documents and other materials
or other information associated with the Process, whether published or unpublished, including any applicable artwork and/or film.

 

1.4“Field
of Use” shall mean the commercial cultivation, marketing and dispensing of medical marijuana and retail marijuana pursuant
to applicable state law.

 

1.5"Improvement"
shall mean any improvement, modification in or to the Technology and/or the Process or any derivative work thereof which is made,
conceived or acquired by Licensee during the term of this Agreement and which Licensee is free to disclose and license without
any obligation to any third party.

 

1.6“Intellectual
Property Rights” or “IP” shall mean all of the following, as they may exist in all jurisdictions throughout the
world: (i) patent rights (including rights in published and unpublished patent applications and all patents issuing therefrom),
(ii) copyrights, including but not limited to copyrights in documents, software, source code and object code; (iii) maskworks;
(iv) trade secret rights in technical information including processes, procedures, techniques, methods, know-how and the like,
and (v) any similar proprietary rights in technical data, inventions, discoveries, technical documentation and the like. For purposes
of this Agreement, Intellectual Property or IP shall not include trademarks, trade names or service marks.

 

1.7“License”
shall mean the license granted by Licensor to Licensee pursuant to Section 2.2 of this Agreement.

 

1.8“Licensee
Products” means any products independently developed, manufactured, used or sold by Licensee that incorporate any portion
of the Technology and/or are produced, manufactured or dispensed using any portion of the Process or any derivative works of the
Technology or the Process, whether independently or bundled with any other products.

 

1.9"Licensed
Territory" shall mean worldwide.

 

2.
          Grant of License. 

 

2.1License.
Subject to the terms, conditions and restrictions set forth herein, Licensor grants to Licensee a non-exclusive, worldwide,
non-transferable (except as provided herein) license in the Field of Use, including the right to sub-license, under any and all
of the Technology disclosed to Licensee pursuant to or in connection with this Agreement in connection with and for purposes of
utilizing and practicing the Process to develop, cultivate and manufacture Licensed Products, including the right to use, sell
and dispense Licensed Products in the Licensed Territory. Any sublicenses granted by Licensee pursuant to the terms and conditions
of this Agreement shall be substantially in the form of the license agreement attached hereto as Attachment A.

 

    	2

    	 

    

2.2Improvements.
Licensee hereby grants Licensor a non-exclusive, worldwide, non-transferable (except as provided herein) license, including
the right to sub-license, under any and all Improvements and under any patents issuing thereon in connection with and for purposes
of utilizing and practicing the Process to develop, cultivate and manufacture Licensed Products, including the right to use, sell
and dispense Licensed Products in the Licensed Territory. Without intending to limit the scope of the rights granted to Licensee
as set forth above, Licensee agrees to treat such Improvements as confidential in the same way as it treats its own information
of similar character.

 

3.          Ownership. 

 

3.1Technology
and the Process. Title to, ownership of the Technology, the Process, any accompanying Documentation, Confidential Information
of Licensor, all copies thereof and all Intellectual Property Rights therein shall, as between Licensor and Licensee, be and at
all times remain with Licensor or its designees, as applicable. All rights not expressly licensed herein are reserved to Licensor.
Licensee hereby acknowledges that this Agreement is a license agreement and not an agreement for sale.

 

3.2Licensee
Improvements. All rights, title and interest in and to any enhancements, modifications, improvements, updates or derivative
works (“Improvements”, as defined in Section 1.5 above) made by or on behalf of Licensee to the Technology, the Process,
or the Intellectual Property Rights, are and shall remain solely with Licensor including, without limitations, enhancements, modifications,
improvements, updates or derivative works made to the Licensed Products by Licensor under direction from Licensee. Licensor acknowledges
that all such future Licensee Improvements shall be included within the scope of the License granted hereunder. Licensee understands
and agrees that the title to any such enhancements, modifications, Improvements, updates or derivative works shall be assigned
to and is hereby assigned to Licensor.

 

3.3Licensor
Improvements. All rights, title and interest in and to any enhancements, modifications, Improvements, updates or derivative
works, made by or on behalf of Licensor to the Technology, the Process or the Intellectual Property Rights shall be and remain
the sole and exclusive property of Licensor but shall be included in the License granted to Licensee hereunder. The Licensor agrees
to make available any such Improvements or modifications to the Licensee in a timely manner.

 

3.4Maintenance/Renewal
Fees. Licensee shall be responsible for paying all maintenance fees and taxes for the Technology throughout the entire
term of this License Agreement to any recognizable third party with such authority to levy such or, should it occur that there
is some other third party tax levied upon the Licensor as related to the Technology but shall not be required to pay any such maintenance
fee or tax assessed directly to the Licensor.

 

4.          License Fee/Audit Rights/Right to Inspect.

 

4.1License
Fee.In consideration for the License, Licensee shall deliver to the Licensor and/or its designee’s stock certificate(s)
representing 5,331,000 shares of common stock in the Licensee.

 

    	3

    	 

    

4.2Right
to Inspect. Licensee shall keep records in sufficient detail to permit licensor to ascertain and verify Licensee’s compliance
with the terms and conditions of this Agreement. Licensee shall permit Licensor or its duly authorized auditor to inspect, examine
and copy Licensee's records applicable to the manufacture of Licensee Products at reasonable times and during normal business hours
for purposes of verifying the accuracy of the manufacturing and dispensing reports and any payments made or required to be made
by Licensee hereunder. If any such inspection or audit reveals any discrepancies or failure to comply with the requirements of
this Agreement, Licensor shall provide prompt notice thereof to Licensee, and Licensee shall take immediate steps to remedy and
such deficiencies and/or area of non-compliance.

 

5.          Support;
Updates. Licensor shall have the obligation to provide support and or maintenance with respect to the Process and Licensor
shall provide updates, upgrades, or any improvements or modifications to the Technology and the Process to Licensee.

 

6          
Confidentiality and Nondisclosure.

 

6.1Each
party acknowledges that, in the course of performance pursuant to this Agreement, each party may obtain Confidential Information
relating to the other party. Such Confidential Information shall belong solely to discloser of such Confidential Information. Neither
party shall use or disclose Confidential Information of the other party to third parties, without the written consent of the disclosing
party. Each party agrees to undertake reasonable measures to maintain the Confidential Information in confidence, which measures
shall be no less than the measures taken by the recipient party to protect its own Confidential Information and shall include entering
into such confidentiality and non-disclosure agreements as required substantially in the form of agreement as attached hereto in
Attachment B. Each party agrees to report immediately to the other party any unauthorized use or disclosure of Confidential Information
of which such party has actual knowledge. Upon expiration or termination of this Agreement, each party will immediately destroy
or erase all copies of the Confidential Information and, upon the other party’s request, promptly confirm destruction of
same by signing and returning to the other party a certificate of destruction satisfactory to such other party.

 

6.2Licensee
shall not remove, modify or obliterate any restrictive markings on any documents or other materials provided to it by Licensor.

 

6.3In
order to protect and preserve the rights granted to Licensee pursuant to Article 2, Licensee agrees to implement procedures with
respect to the protection of intellectual property and proprietary information which are consistent with industry standards and
which are reasonably acceptable to Licensor. The parties shall agree on such procedures and reduce them to writing prior to any
transfer of Technology from Licensor to Licensee.

 

7.          Representations and Warranties; Covenants; Disclaimers.

 

7.1Representations
and Warranties of Licensor. Licensor hereby represents and warrants to Licensee the following.

 

    	4

    	 

    

(a)Organization/Good
Standing. Licensor is a corporation duly organized, validly existing, and in good standing under the laws of the State of Colorado.

 

(b)Authority.
Licensor has the full corporate power and authority to enter into this Agreement and to carry out its obligations under this
Agreement. All corporate action on the part of Licensor, its officers, directors and stockholders necessary to execute and deliver
this Agreement has been taken and this Agreement constitutes a valid binding and enforceable agreement in accordance with its terms.

 

(c)No
Conflicts. Performance of the obligations of Licensor under the terms of this Agreement will not violate any provision of its certificate
of incorporation or bylaws or conflict with or breach any agreement to which Licensor is a party.

 

(d)Ownership.

 

(i)Licensor
is the sole and exclusive owner of the Technology, the Process, and all Intellectual Property Rights therein.

 

(ii)Licensor
has all legal right and authority to grant and convey to Licensee the rights and licenses contained in this Agreement without violation
or conflict with any law.

 

(iii)To
the best of Licensor’s knowledge and belief, no action, suit, claim, arbitration, or other proceeding exists, is pending
or threatened which is inconsistent with the rights granted under this Agreement or Licensor's ownership of the Technology, the
Process or any of the Intellectual Property Rights therein.

 

(iv)To
the best of Licensor's knowledge and belief, neither the Technology nor the Process infringe upon any proprietary or intellectual
property rights of any third party.

 

7.2Representations
and Warranties of Licensee. Licensee hereby represents and warrants to Licensor the following.

 

(a)Organization;
Good Standing. Licensee is a corporation duly organized, validly existing, and in good standing under the laws of the State of
Nevada.

 

(b)Authority.
Licensee has the full corporate power and authority to enter into this Agreement and to carry out its obligations under this Agreement.
All corporate action on the part of Licensee, its officers, directors and stockholders necessary to execute and deliver this Agreement
has been taken and this Agreement constitutes a valid binding and enforceable agreement in accordance with its terms.

 

(c)No
Conflicts. Performance of the obligations of Licensee under the terms of this Agreement will not violate any provision of its certificate
of incorporation or bylaws or conflict with or breach any agreement to which Licensee is a party.

 

    	5

    	 

    

 

7.3Covenants
and Disclaimers.

 

(a)Licensor
makes no representation, warranty, guarantee or the like with respect to the Technology, the Process, or the Intellectual Property
Rights licensed hereunder or with respect to the results to be obtained from the use of any of the foregoing, except that Licensor
represents and warrants that it has no contractual obligation to any third party which is in conflict with the rights and licenses
granted herein. Licensee expressly agrees to assume all risk and liability arising from its election to use or rely on the Technology,
the Process and any Intellectual Property Rights licensed hereunder. Similarly, Licensor expressly agrees to assume all risk and
liability arising from its election to use or rely on Improvements provided to Licensor pursuant to this Agreement.

 

(b)Licensor
makes no representation or warranty that the Technology, the Process, or the Intellectual Property Rights licensed hereunder can
be exploited without infringing the intellectual property rights of others, and Licensee assumes all risk and liability for claims
of infringement arising from its use of or reliance on the foregoing. If Licensee receives any claim or threat of any claim that
its use of the Technology, the Process, or the Intellectual Property Rights licensed hereunder infringes any third party rights,
it shall promptly advise Licensor and Licensor shall have the right, but not the obligation, to defend or settle any such claim
or threat of claim.

 

(c)Nothing
in this Agreement is intended to or shall require Licensor to file patent applications or maintain patent applications or patents
and Licensor shall at all times be free to abandon patents and applications at its sole discretion.

 

(d)Licensee
shall be responsible for compliance with all laws and/or regulations applicable to its activities under this Agreement and, upon
the request of Licensor, Licensee shall defend, indemnify and hold-harmless Licensor and its officers, directors and employees
from any claim, liability or related costs or expense, howsoever arising, resulting from or connected with Licensee's failure to
do so.

 

(e)The
liability of Licensor and its Control Persons to Licensee pursuant to or in connection with this Agreement is specifically limited
as provided herein and Licensee hereby expressly waives any remedies, rights, representations or warranties, arising by law or
otherwise, which are not set forth herein.

 

8.          Term
of License.  Provided that neither party is in material breach of this Agreement, the term hereof shall continue in full force
and effect until otherwise terminated by either party in accordance with the provisions hereof subject to the following conditions.

 

8.1Term.
The term of this Agreement shall commence on the Effective Date and shall continue for a period of ten years after the Effective
Date (provided that neither party is in material breach of this Agreement, the term hereof shall continue in full force and effect
until otherwise terminated by either party in accordance with the provisions hereof) (the “Initial Term”), which
term will automatically be extended ten additional years on the tenth anniversary of the Effective Date (a “Renewal Term”)
and on the tenth anniversary of the first of May each Renewal Term such that the term of this Agreement will be automatically renewed
and extended for successive ten-year terms indefinitely unless and until terminated in accordance with the terms hereof.

 

    	6

    	 

    

8.2Termination
for Cause. Without derogating from any other remedies that Licensee or Licensor may have under the terms of this Agreement
or at law or in equity, Licensee or Licensor shall have the right, upon a thirty (30) day prior written notice, to terminate this
Agreement forthwith upon the occurrence of any of the following:

 

(a)The
commission of a material breach by the other party of its obligations hereunder, and such other party’s failure to remedy
such breach within forty (45) days after being requested in writing to do so; or

 

(b)The
other party’s liquidation or bankruptcy, whether voluntarily or otherwise, or if it makes an assignment for the benefit of
creditors, if such proceeding is not dismissed within ninety (90) days after the filing thereof.

 

9.          Indemnification.

 

9.1By
Licensee. Licensee shall defend, indemnify, protect and hold Licensor and its officers, directors and employees harmless against
any and all claims, damages, losses, costs or other expenses (including reasonable attorneys’ fees) that arise directly or
indirectly out of or from any breach of this Agreement by Licensee or the use or modification of the Technology, the Process or
the Intellectual Property Rights by Licensee or by others to whom Licensee has provided access thereto.

 

9.2By
Licensor. Licensor shall defend, indemnify, protect and hold Licensee and its officers, directors and employees harmless against
any and all claims, damages, losses, costs or other expenses (including reasonable attorneys’ fees) that arise directly or
indirectly out of or from any breach of this Agreement by Licensor or the use or modification of the Technology, the Process, or
the Intellectual Property rights by Licensor or by others to whom Licensor has provided access thereto.

 

10.Limitation
of Damages and Liability. IN NO EVENT SHALL LICENSOR OR ITS CONTROL PERSONS, OR ANY OF THEIR DIRECTORS, OFFICERS, EMPLOYEES
AND AGENTS BE RESPONSIBLE OR LIABLE FOR ANY LOST PROFITS, LOSS OF GOODWILL, WORK STOPPAGE, COMPUTER FAILURE, LOSS OF INFORMATION,
LOSS OF DATA, OR ANY DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY, PUNITIVE OR OTHER DAMAGES OF LICENSEE OR
ANY THIRD PARTY (EVEN IF LICENSOR HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES) UNDER ANY CONTRACT, NEGLIGENCE, STRICT LIABILITY
OR OTHER THEORY ARISING OUT OF OR RELATING IN ANY WAY TO LICENSEE'S USE OF THE TECHNOLOGY OR THE PROCESS AND/OR ACCOMPANYING DOCUMENTATION
OR ANY OTHER SUBJECT MATTER OF THIS AGREEMENT. IN NO EVENT SHALL LICENSOR’S LIABILITY EXCEED THE AMOUNT, IF ANY, OF SHARES
OR OTHER CONSIDERATION ACTUALLY RECEIVED BY LICENSOR UNDER THIS AGREEMENT.

 

 

    	7

    	 

    

 

FURTHERMORE, IN NO EVENT
SHALL LICENSEE OR ITS CONTROL PERSONS, OR ANY OF THEIR DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS BE RESPONSIBLE OR LIABLE FOR ANY
LOST PROFITS, LOSS OF GOODWILL, WORK STOPPAGE, COMPUTER FAILURE, LOSS OF INFORMATION, LOSS OF DATA, OR ANY DIRECT, INDIRECT, INCIDENTAL,
CONSEQUENTIAL, SPECIAL, EXEMPLARY, PUNITIVE OR OTHER DAMAGES OF LICENSEE OR ANY THIRD PARTY (EVEN IF LICENSEE HAS BEEN ADVISED
OF THE POSSIBILITY OF SUCH DAMAGES) UNDER ANY CONTRACT, NEGLIGENCE, STRICT LIABILITY OR OTHER THEORY ARISING OUT OF OR RELATING
IN ANY WAY TO LICENSOR'S USE OF THE TECHNOLOGY OR THE PROCESS AND/OR ACCOMPANYING DOCUMENTATION OR ANY OTHER SUBJECT MATTER OF
THIS AGREEMENT.

 

11.Regulatory
or Legislative Change. In the event of any material change in any state or federal statute, regulation or definitive interpretation
thereof by a government agency or administrative body (“Laws”), or an enforcement action against Licensor or
its Control Persons arising under any Laws, in each case which shall make this Agreement unlawful in whole or in material part,
the parties shall immediately enter into good faith negotiations regarding a license arrangement (if necessary) which is consistent
with such Laws and approximates as closely as possible the economic position of the parties hereunder prior to the change. If the
parties are unable to reach such an agreement within 45 days following written notice from one party to the other, then either
party may terminate this Agreement effective upon 90 days’ prior written notice. Licensee recognizes that Licensor is
engaged in a regulated business, is subject to registration and regulation by state and federal authorities. In furtherance of
the foregoing, the parties agree as follows:

 

11.1After
thorough discussion with Licensee, Licensor will use its best independent judgment to determine, in its sole discretion, if the
changes in the parties’ relationship, as reflected in this Agreement, are sufficiently significant to trigger voluntary disclosure
to or additional approval from applicable regulatory authorities. Subject to the immediately preceding sentence, Licensor will
involve Licensee to the maximum extent possible in its dealings and communications with regulators on an ongoing basis.

 

11.2If
any state or federal regulator requires changes to the agreements made by the parties, as reflected in this Agreement, the parties
will work together in good faith to reach a mutually satisfactory modified arrangement that respects to the greatest extent possible
the agreements that the parties have made.

 

12.          General Provisions.

 

12.1Governing
Law. This Agreement will be governed in accordance with the laws of the State of Colorado without regard to its conflict of
law provisions.

 

12.2Attorney’s
Fees. The prevailing party in any court action or arbitration may be awarded reasonable attorney's fees and costs from the
non-prevailing party.

 

12.3Notices.
All notices and other communications pursuant to this Agreement shall be in writing and deemed to be sufficient if contained in
a written instrument and shall be deemed given if delivered personally, via facsimile, sent by nationally-recognized overnight
courier or mailed by registered or certified mail (return receipt requested), postage prepaid, addressed to the party at the address
set forth on the signature page to this Agreement, or at such other address for such party as shall be specified by like notice.
All such notices and other communications shall be deemed to have been received (a) in the case of personal delivery, on the date
of such delivery, (b) in the case of a facsimile, when the party receiving such copy shall have confirmed receipt of the communication,
(c) in the case of delivery by nationally-recognized overnight courier, on the business day following dispatch, and (d) in the
case of mailing, on the third business day following such mailing.

 

    	8

    	 

    

12.4Severability;
Survival. In the event any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions of
this Agreement will remain in full force. The following provisions of this Agreement shall survive the termination or expiration
hereof: Section 3, 6, 9, 10 and 11.

 

12.5Waiver.
The waiver by either party of any default or breach of this Agreement shall not constitute a waiver of any other or subsequent
default or breach.

 

12.6Entire
Agreement. This Agreement together with all appendices, each of which is hereby incorporated by reference, constitutes the
complete agreement between the parties and supersedes all prior or contemporaneous agreements or representations, written or oral,
concerning the subject matter of this Agreement. This Agreement may not be modified or amended except in writing signed by a duly
authorized representative of each party. No other act, document, usage or custom shall be deemed to amend or modify this Agreement.

 

12.7Assignment.
Neither party may assign this Agreement by operation of law or otherwise, in whole or in part, other than pursuant to a merger
or a transfer of a majority of its assets, without the other party's written consent, which consent shall not be unreasonably withheld
or delayed; provided, however, either party may assign this Agreement to an affiliate or successor without the prior written consent
of the other party. Any attempt to assign this Agreement in derogation hereof shall be null and void. This Agreement shall be binding
upon and shall inure to the benefit of the successors and assignees of the parties.

 

12.8Equitable
Relief.  Licensee acknowledges and agrees that, due to the unique nature of the Technology, the Process and Confidential Information,
there may be no adequate remedy at law for any breach of its obligations hereunder, and therefore, that, upon any such breach or
threat thereof, Licensor shall be entitled to injunctions and other appropriate equitable relief in addition to whatever remedies
they may have at law.

 

12.9Expenses.
Each party shall be responsible for all expenses incurred by such party in connection with the negotiation and execution of
this Agreement.

 

12.10Expenses
of Enforcement. If any Party is required or elects to take legal or equitable action against the other to enforce the non-defaulting
Party’s rights under this Agreement or to require performance by the defaulting Party of its obligations under this Agreement,
then the non-prevailing Party shall pay to the prevailing Party all costs and expenses, including, without limitation, reasonable
attorneys’ fees and court costs, incurred by the prevailing Party in such action, whether or not suit is filed. Such payment
shall be made within thirty (30) days following the date of any final settlement among the parties or the judicial judgment. A
Party is deemed to have prevailed if it obtains a judgment or settlement in its favor that substantially provides for the relief
contemplated either in its complaint or responsive pleading.

 

    	9

    	 

    

12.11Publication.
Each party hereto agrees that during the term of this Agreement, it will not publicize the terms and conditions hereof, except:

 

(i)with
the prior written consent of the other party,

 

(ii)pursuant
to an order of a court or governmental body of competent jurisdiction,

 

(iii)as
may be required by law, or

 

(iv)as
may be necessary to exercise its rights hereunder.

 

12.12Relationship
of the Parties. Neither Licensee nor Licensor is an agent of the other party and nothing in this Agreement shall be construed
to create any partnership, joint venture, agency or any similar relationship between the parties. Neither party has any express
or implied authority to act or make any representations whatsoever on behalf of the other party.

 

(a)The
parties hereby acknowledge that the Licensee shall not have the rights to use, deploy, or grant in any fashion the name ‘Medicine
Man’ to any client or third party other than by use of the term ‘Medicine Man Technologies’ by rights of deployment
of the separate license agreement(s) that may be entered into in the future by the Licensee and its clients.

 

12.13Counterparts.
This Agreement may be executed in counterparts, including electronically transmitted counterparts, each of which shall be deemed
an original and together shall be considered a single agreement.

 

 

 

    	10

    	 

    

 

IN WITNESS WHEREOF,
the parties have executed this Technology License Agreement as of the Effective Date.

 

	
        LICENSOR

         
	LICENSEE
	
        MEDICINE MAN PRODUCTION CORPORATION

         

        By:  /s/Andy Williams

        Andy Williams

        Its President

        4750 Nome Street

        Denver, Colorado 80239

         

         
	
        MEDICINE MAN TECHNOLOGIES, INC.

         

        By:  /s/ Brett Roper

        Brett Roper

        Its Director of Licensing

        13791 East Rice Place, Suite #107

        Aurora, Colorado 80015

         

         

 

 

 

    	11

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