Document:

EX-10.1

 Exhibit 10.1 

Execution Version 
 Share
Purchase Agreement 
 among 

Sarcina Holdings S.à r.l. 

the Other Sellers 
 and

 Graphic Packaging International Europe Holdings B.V. 

regarding all of the shares in 

AR Packaging Group AB (publ) 

12 May 2021 
  

 

 Table of Contents 
  

									
	 1.    
	  	Definitions and interpretation	  	 	2	 
			
	 2.
	  	Sale and purchase	  	 	11	 
			
	 3.
	  	Purchase Price	  	 	12	 
				
		  	3.1	  	Amount and payment	  	 	12	 
		  	3.2	  	Information to be provided to the Buyer prior to Closing, etc.	  	 	13	 
			
	 4.
	  	Condition precedent	  	 	14	 
				
		  	4.1	  	Competition Approval	  	 	14	 
		  	4.2	  	Responsibility for satisfaction	  	 	14	 
		  	4.3	  	Long Stop Date and consequences of non-satisfaction	  	 	15	 
			
	 5.
	  	Pre-Closing obligations	  	 	15	 
				
		  	5.1	  	Sellers’ obligations as shareholders	  	 	15	 
		  	5.2	  	Sellers’ instructions to Group Companies	  	 	16	 
		  	5.3	  	No restriction or prevention of certain activities	  	 	17	 
			
	 6.
	  	Closing	  	 	18	 
				
		  	6.1	  	Place and date	  	 	18	 
		  	6.2	  	Closing obligations	  	 	18	 
			
	 7.
	  	Warranties of the Sellers	  	 	20	 
				
		  	7.1	  	General	  	 	20	 
		  	7.2	  	Title and authority	  	 	21	 
		  	7.3	  	Existence and capitalization	  	 	21	 
		  	7.4	  	Insolvency, etc.	  	 	22	 
		  	7.5	  	Records and documentation	  	 	22	 
		  	7.6	  	Accounts	  	 	23	 
		  	7.7	  	Tax	  	 	24	 
		  	7.8	  	Material Agreements, etc.	  	 	24	 
		  	7.9	  	Real property	  	 	25	 
		  	7.10	  	Intellectual Property	  	 	26	 
		  	7.11	  	Information Technology	  	 	26	 
		  	7.12	  	Employment and pension	  	 	27	 
		  	7.13	  	Litigation and disputes	  	 	28	 
		  	7.14	  	Insurance	  	 	28	 
		  	7.15	  	Compliance with laws and permits	  	 	28	 
		  	7.16	  	Data Protection	  	 	29	 
		  	7.17	  	Environmental matters	  	 	29	 
		  	7.18	  	Information	  	 	30	 
		  	7.19	  	Ordinary Course of Business	  	 	30	 
			
	 8.
	  	Warranties of the Buyer	  	 	31	 
			
	 9.
	  	Liability and related matters	  	 	32	 
				
		  	9.1	  	The Sellers’ liability	  	 	32	 
		  	9.2	  	The Insurance Policy	  	 	33	 
		  	9.3	  	No other liability	  	 	34	 
		  	9.4	  	The Buyer’s remedy	  	 	35	 
		  	9.5	  	Limitation of the Sellers’ liability	  	 	35	 

  
 i 

									
			
	 10.    
	  	Post-Closing obligations	  	 	39	 
				
		  	10.1	  	Discharge from liability	  	 	39	 
		  	10.2	  	Access to books, records and documents	  	 	39	 
		  	10.3	  	Transaction bonuses	  	 	39	 
			
	 11.
	  	Miscellaneous	  	 	40	 
				
		  	11.1	  	Notices	  	 	40	 
		  	11.2	  	Sellers’ Representative	  	 	40	 
		  	11.3	  	Fees and expenses	  	 	41	 
		  	11.4	  	Assignment	  	 	41	 
		  	11.5	  	No waiver	  	 	42	 
		  	11.6	  	Entire agreement	  	 	42	 
		  	11.7	  	Amendments	  	 	42	 
		  	11.8	  	Provisions severable	  	 	42	 
		  	11.9	  	Confidentiality and publicity	  	 	42	 
		  	11.10	  	Governing law and arbitration	  	 	43	 

  
 ii 

 List of Schedules 
  

			
	Schedule (b)	  	The Other Sellers and ownership of the Shares
	Schedule B	  	Subsidiaries
	Schedule E	  	Insurance Policy
	Schedule 1.2	  	Accounts
	Schedule 1.25	  	Disclosure Material
	Schedule 1.37	  	Firstan Accounts
	Schedule 1.48	  	Key Employees
	Schedule 1.55	  	Material Agreements
	Schedule 3.1(c)	  	Allocation of the Purchase Price
	Schedule 6.2(a)(ix)	  	Agreed form of resignation letter
	Schedule 7.5(a)	  	Articles of association and certificates of registration
	Schedule 7.9(a)	  	Owned Properties
	Schedule 7.9(b)	  	Leases
	Schedule 7.10(a)	  	Intellectual Property
	Schedule 7.12(h)	  	Defined Benefit Pension Schemes

  

  
 iii 

 This share purchase agreement (including its Schedules, the “Agreement”) is entered
into on the date hereof (the “Signing Date”) among: 
  

	(a)	 Sarcina Holdings S.à r.l., a Luxembourg private limited liability company (sociéte
à responsibilité limitée) incorporated under the laws of Luxembourg with registered office at 20 avenue Monterey, L-2163 Luxembourg and registered with the Luxembourg Trade and
Companies Register (Registre du Commerce et des Sociétés, Luxembourg) under number B206300 (“Sarcina”); 

  

	(b)	 the other shareholders of the Company as set out in Schedule (b) (the “Other
Sellers”); and 

  

	(c)	 Graphic Packaging International Europe Holdings B.V., reg.no 01051977 Steenhouwersstraat 4, 8601
WD Sneek, the Netherlands (the “Buyer”). 

 Sarcina and the Other Sellers are jointly referred to as the
“Sellers” and individually a “Seller”. The Sellers and the Buyer are jointly referred to as the “Parties” and individually a “Party”. 

Background 
  

	A.	 AR Packaging Group AB is a Swedish limited liability company with reg. no. 559062-9373 (the
“Company”). The Company has a share capital of EUR 60,202.68 divided among 74,310,190 ordinary shares (which includes shares deriving from the exercise of 592,583 Warrants immediately before the Signing date (the “Exercised
Warrants”)) and 10,600 preference shares, i.e. 74,320,790 shares in the aggregate (the “Shares”). 

  

	B.	 The Company owns, directly or indirectly, all of the shares in the Subsidiaries (as defined below) as
set out in Schedule B. 

  

	C.	 The Sellers own all of the Shares as set out in Schedule (b). 

 

	D.	 The Sellers wish to sell and the Buyer wishes to purchase the Shares on the terms and subject to the
conditions set out in this Agreement. 

  

	E.	 In order to facilitate a clean exit for the Sellers, an efficient process and coverage for the
Warranties (as defined below) (i) the Parties have agreed that the Buyer shall arrange for a buyer’s representations and warranties insurance in the name of the Buyer and at the Buyer’s cost, without the possibility of any recourse
against the Sellers, on the terms and conditions set out in the insurance policy attached hereto as Schedule E (the “Insurance Policy”). 

  
 1 

	1.	 Definitions and interpretation 

 

	 	(a)	 In this Agreement, capitalized terms shall have the following meaning, all of which terms shall be equally
applicable to the singular and plural forms of such terms: 

  

					
	1.1	  	Accounting Principles	  	shall mean the generally accepted accounting principles, rules, policies, practices, procedures and methods applicable in Sweden and the jurisdiction of the relevant Group Company and applied by the relevant Group Companies in the
preparation of the Accounts ended on the Accounts Date (being the International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB) (including interpretations from the IFRS Interpretations Committee
(IFRS IC)) as approved by the European Union, the Swedish Annual Reports Act (Sw. årsredovisningslagen) and local GAAP as further specified in the notes to the respective Accounts).
			
	1.2	  	Accounts	  	shall mean the statutory consolidated audited annual accounts of the Company (including balance sheet, profit and loss account, cash flow statement, notes and management report (Sw. förvaltningsberättelse)) for the
financial period of the Company ended on (i) the Accounts Date and (ii) the date one year prior to the Accounts Date and (iii) the statutory audited annual accounts of other Group Companies (including balance sheet, profit and loss
account, cash flow statement, notes and management report (Sw. förvaltningsberättelse)) and statements from the auditor of the respective other Group Companies for the financial year ended on the date one year prior to the Accounts
Date, in each case as attached hereto as Schedule 1.2.
			
	1.3	  	Accounts Date	  	shall mean 31 December 2020.
			
	1.4	  	Affiliates	  	shall mean (a) a closely related person (Sw. närstående) as defined in the Companies Act or (b) a Person that, directly or indirectly, Controls or is Controlled by another Person or under common Control
with another Person, provided in each case that no Group Company shall be deemed to be an Affiliate of any of the Sellers and no Seller shall be deemed to be an Affiliate of another Seller and, for the avoidance of doubt, in respect of Sarcina, any
portfolio companies (including each such portfolio company’s subsidiary undertakings) in which such CVC Funds hold, have held, or come to hold an interest or investment.
			
	1.5	  	Agreement	  	shall have the meaning set out in the introductory paragraph.
			
	1.6	  	Applicable Law	  	shall, with respect to a Person, mean any law, regulation, judgment or other legally binding requirement or rule of any governmental authority in any jurisdiction applicable from time to time to such Person.

  
 2 

					
	1.7	  	Bring Down of Disclosures	  	shall mean a review, immediately prior to Closing, of the Warranties by the Key Employees in order to identify any facts or circumstances which have occurred between the Signing Date and the Closing Date and which would constitute a
breach of any of the Warranties at Closing.
			
	1.8	  	Business	  	shall mean the business carried out by the Group Companies, i.e. the manufacturing and sale of packaging products.
			
	1.9	  	Business Day	  	shall mean a day (other than a Saturday, Sunday or public holiday) on which banks are generally open for business in Sweden, Luxembourg and the US, other than for internet banking and/or telephone services only.
			
	1.10	  	Buyer	  	shall have the meaning set out in the introductory paragraph.
			
	1.11	  	Buyer’s Group	  	shall mean the Buyer and all Affiliates of the Buyer.
			
	1.12	  	Claim	  	shall mean any claim made by the Buyer against a Seller in respect of any breach of this Agreement.
			
	1.13	  	Closing	  	shall mean the completion of the Transaction by the Parties performing their obligations in accordance with Section 6.2.
			
	1.14	  	Closing Date	  	shall mean the date set out in Section 6.1(b).
			
	1.15	  	CMA	  	shall mean the Competition and Markets Authority in the United Kingdom.
			
	1.16	  	Companies Act	  	shall mean the Swedish Companies Act (Sw. aktiebolagslagen).
			
	1.17	  	Company	  	shall have the meaning set out in the Background, Section A.
			
	1.18	  	Competition Approval	  	shall mean confirmation that consummation of the Transaction has been approved by each and all of the Competition Authorities or that the applicable waiting periods for such approval have expired without any prohibition, legal
action or other proceedings having been imposed or brought by any of the Competition Authorities.
			
	1.19	  	Competition Authorities	  	shall mean the European Commission, the CMA, the FAS and any other relevant competition authority in any jurisdiction where an anti-trust filing is required in connection with the Transaction, and “Competition
Authority” shall mean any one of them.

  
 3 

					
	1.20	  	Confidential Information	  	shall mean all information of any kind or nature (whether written, oral, electronic or in any other form), including the existence and terms of this Agreement, any financial information, trade secrets, customer lists or other
information, which (i) a Party or any of its Affiliates receives from, or on behalf of, another Party (whether before or after the Signing Date) in connection with the Transaction; or (ii) the Buyer obtains about any CVC Person in
connection with the Transaction.
			
	1.21	  	Control	  	shall mean the possession (whether direct or indirect) of the power to direct the management or policies of a Person, whether through majority ownership or otherwise.
			
	1.22	  	CVC Person	  	shall mean (i) CVC Capital Partners Advisory Group Holding Foundation and each of its subsidiary undertakings from time to time (“CVC”) (ii) CVC Capital Partners
SICAV-FIS S.A. and each of its subsidiary undertakings from time to time; (iii) funds or vehicles advised by CVC and/or its affiliates (“CVC Funds”) and investors in those funds;
(iv) CVC Credit Partners Group Holding Foundation and each of its subsidiaries from time to time; (v) funds or vehicles managed or advised by (iv) and investors in such funds; and (vi) portfolio companies (including each such
portfolio company’s subsidiary undertakings) in which such CVC Funds hold, have held, or come to hold an interest or investment.
			
	1.23	  	CVC Fund	  	Shall have the meaning set out in 1.22.
			
	1.24	  	Data Room	  	shall mean the virtual data room hosted by DataSite LLC in respect of Project STAR.
			
	1.25	  	Disclosure Material	  	shall mean the confidential information presentation dated 28 January 2021, the written information provided at the management presentations held on 16 March 2021 and all material in the Data Room (including, for the
avoidance of doubt, any clean team/black box information made available to the Buyer’s advisors), a copy of which will be recorded on a memory stick which will be provided to the Buyer on Closing and the content of which is listed in
Schedule 1.25, including written answers to the questions raised by the Buyer and its representatives and advisors in connection with the Due Diligence Review, as well as other material and information, provided by the Sellers or the Group
Companies to the Buyer or any of its Affiliates prior to the Signing Date, including all information provided in this Agreement.

  
 4 

					
	1.26	  	Due Diligence Review	  	shall have the meaning set out in Section 7.1(a).
			
	1.27	  	Encumbrance	  	shall mean any claim, charge, pledge, mortgage, option, retention of title, pre-emption right, right of first refusal or security interest of any kind.
			
	1.28	  	Environmental Laws	  	shall mean any Applicable Law, the purpose of which is to protect, or prevent the pollution of, the environment or to regulate emissions, discharges, or releases of Hazardous Substances into the environment, or to regulate the use,
treatment, storage, burial, disposal, transport or handling of Hazardous Substances.
			
	1.29	  	Environmental Permit	  	shall mean any license, approval, authorization, permission, notification, waiver, order or exemption which is issued under any Environmental Law.
			
	1.30	  	Exercise Price	  	shall mean EUR 2,062,188.84.
			
	1.31	  	Exercised Warrants	  	shall have the meaning set out in the Background, Section A.
			
	1.32	  	External Debt	  	shall have the meaning set out in Section 3.2(a)(iii).
			
	1.33	  	Fairly Disclosed	  	shall mean fairly disclosed in writing in such a manner and relevant context so that, on a review of the relevant document, a reasonably prudent buyer with professional advisers should reasonably be in a position to identify the
existence of the relevant fact, matter, or other information and make a reasonably informed assessment thereof.
			
	1.34	  	FAS	  	shall mean the Russian Federal Antimonopoly Service.
			
	1.35	  	Firstan	  	shall mean Firstan Holdings Limited.
			
	1.36	  	Firstan Accounting Principles	  	shall mean the accounting principles used when preparing the Firstan Accounts, as described in the Firstan Accounts.
			
	1.37	  	Firstan Accounts	  	shall mean the audited consolidated annual accounts of Firstan for the financial period ended on the Accounts Date, attached hereto as Schedule 1.37.
			
	1.38	  	Firstan Closing Date	  	shall mean 15 January 2021.
			
	1.39	  	Firstan Group	  	shall mean Firstan and its wholly owned subsidiary AR Packaging Cambridge Limited.
			
	1.40	  	Fundamental Warranties	  	shall mean the Warranties in Sections 7.2 and 7.3.

  
 5 

					
	1.41	  	Group	  	shall mean the Company and its Subsidiaries, each of them being a “Group Company”, save for the Firstan Group as regards the time prior to 15 January 2021.
			
	1.42	  	Hazardous Substances	  	shall mean any wastes, pollutants, contaminants and other natural or artificial substances (whether in solid, liquid, gas or vapor form) which are capable of causing harm or damage to the environment or a nuisance to any natural
Person.
			
	1.43	  	Information Technology	  	shall mean computer systems, communication systems, software and hardware and other information technology.
			
	1.44	  	Insurance Policy	  	shall have the meaning set out in the Background, Section E.
			
	1.45	  	Insurance Provider	  	shall mean Euclid Transactional Europe GmbH.
			
	1.46	  	Intellectual Property	  	shall mean patents, trademarks, designs, copyrights, trade names, rights in databases, rights on software, rights in trade secrets, rights in domain names and any similar intellectual property, including where such rights are
obtained or enhanced by registration, any registrations of such rights and applications and rights to apply for such registrations.
			
	1.47	  	Interest	  	 shall mean EUR 140,000 multiplied by the number of days elapsed, from and including the Accounts Date up until but excluding the Closing
Date, provided that:
  

(a)   if Closing has not occurred on or before 13 November 2021, said amount shall be increased
to EUR 210,000 for the period from and including 13 November 2021 until but excluding the Closing Date; and
  

(b)   if Closing has not occurred on or before 13 February 2022, said amount shall be increased
to EUR 250,000 for the period from and including 13 February 2022 until but excluding the Closing Date, or the date on which this Agreement is terminated by the Seller in accordance with Section 4.3.

			
	1.48.	  	Key Employee	  	shall mean the individuals listed in Schedule 1.48.

  
 6 

					
	1.49	  	Leakage	  	 shall mean any of the following, in each case in respect of any Group Company, to the extent (i) it occurs (except in relation to (j))
to the benefit of the Sellers or any of their respective Affiliates (excluding the Group Companies) or any of their respective Relevant Persons and (ii) to the extent it occurs during the period from and including the day after the Accounts
Date up until and including the Closing Date (however not after Closing), in each case excluding any Permitted Leakage:
  

(a)   any declared, paid or made, or agreed to be declared, paid or made, direct or indirect
dividend or distribution or other transfer of value (Sw. värdeöverföring) as defined in Chapter 17, Section 1, of the Companies Act or corresponding provisions under Applicable
Law;
  
 (b)   any professional
fees, expenses and other costs paid, payable or incurred to any advisor by any Group Company in connection with the Transaction;
  

(c)   any amounts paid or payable in respect of any share capital or other securities (including any
loan notes, convertibles or similar securities);
  

(d)   any amounts paid or payable (including the waiver of any debt or other right), assets
transferred or liabilities assumed, indemnified or incurred other than in the Ordinary Course of Business on arm’s length terms;
  

(e)   any amounts paid or payable in respect of any transaction bonus, severance pay or similar
payment as a result of, including in connection with the preparation, negotiation and consummation, the Transaction (excluding however any such bonuses that are paid or payable by Sarcina);

 
 (f)   any amounts paid or
payable in respect of any brokerage or finder’s fees or any other professional adviser fees or expenses (including for the avoidance of doubt expenses for lawyers, accountants, tax advisors, Data Room and Data Room assistance and other
services) as a result of the Transaction;
  

(g)   any amounts paid or payable in relation to a provision or liability in the Accounts in each
case exceeding the maximum amount set out in the respective Accounts with respect to any such payment;
  

(h)   any amounts paid or payable in relation to management fees or other such charges unless
included as Permitted Leakage; and
  

(i) any agreement or commitment to enter into or carry out any of the actions or transactions referred to in
paragraphs (a)–(h) above;
  
 (j) any
costs (always excluding accrued but unpaid interest) related to the repayment of External Debt (including, for example, fees, break costs, interest compensation, redemption costs, prepayment fees, and the relevant banks’ costs and expenses)
payable pursuant to Section 6.2(a)(v); and
  

(k)   any Tax paid or becoming payable at any time by any Group Company as a consequence of any of
the matters referred to above, to the extent not reimbursed pursuant to Section 10.3.

  
 7 

					
	1.50	  	Leases	  	shall have the meaning set out in Section 7.9(b).
			
	1.51	  	Licenses and Consents	  	shall mean any licenses and/or consents in relation to any Intellectual Property either granted by any of the Group Companies to third parties or obtained by any of the Group Companies from third parties.
			
	1.52	  	Long Stop Date	  	shall mean, subject to clause 4.3, the Business Day occurring nine (9) months from the Signing Date;
			
	1.53	  	Loss	  	shall mean any direct loss, damage, cost or expense incurred by the Buyer and any direct, and reasonably foreseeable indirect, loss, damage, cost or expense incurred by the Buyer or any Group Company, excluding, for the avoidance of
doubt, (a) loss of synergies or other similar profits, revenues or advantages (including business opportunities in the existing or future business of the Buyer or any of its Affiliates other than the Group Companies) that the Buyer or any of
its Affiliates (excluding the Group Companies) had expected to make or derive from the Transaction or (b) losses related to the financing arrangements of the Buyer or any of its Affiliates other than the Group Companies.
			
	1.54	  	Management Accounts	  	shall mean the unaudited financial statements of the Company and the Subsidiaries for the period 2019 to 2020, which have been provided in the Disclosure Material, index number 2.2.1.5 (“consolidated profit & loss and
Balance sheet statements”), 2.6.2 and 2.6.3 (“Divisional results”) and 2.2.6 (“Management monthly reports”).
			
	1.55	  	Material Agreements	  	shall mean the agreements listed in Schedule 1.55.
			
	1.56	  	Notified Leakage	  	shall have the meaning set out in Section 3.2(a)(i).
			
	1.57	  	Ordinary Course of Business	  	shall mean the ordinary course of Business, as conducted prior to the Signing Date, of each of the Group Companies.

  
 8 

					
	1.58	  	Other Sellers	  	shall have the meaning set out in the introductory paragraph.
			
	1.59	  	Party	  	shall have the meaning set out in the introductory paragraph.
			
	1.60	  	Permitted Leakage	  	 shall mean the following payments made or permitted to be made by or on behalf of a Group Company:

 
 (a)   any payment for which a
specific provision has been expressly made in the Accounts, in each case not exceeding the maximum amount set out therein with respect to any such payment;
  

(b)   directors’ fees (including expenses) which are payable or paid to any director of any
Group Company pursuant to any current agreements with or corporate resolution of any Group Company which have been Fairly Disclosed, excluding, for the avoidance of doubt, fees (including expenses) which are payable or paid as a result of the
Transaction;
  
 (c)   salary,
bonuses and consultancy fees (excluding bonuses and similar relating to the Transaction) which are payable or paid to the Sellers or any of their respective Affiliates or any of their respective Relevant Persons pursuant to any current agreements
with or corporate resolution of any Group Company which have been Fairly Disclosed or which are otherwise paid out in the Ordinary Course of Business, provided for in the budget of the relevant Group Companies or materially in line with past
practice;
  
 (d)   costs and
expenses pertaining to any D&O “run off” insurance taken out by the Group;
  

(e)   any action or matter undertaken at the request or consent of the Buyer;

 
 (f)   any other payment
otherwise permitted under this Agreement; and
  

(g)   any Tax paid or becoming payable by any Group Company as a consequence of any of the matters
referred to above.

			
	1.61	  	Person	  	shall mean any individual, company, corporation, partnership or other entity having legal personality or any government, state or agency of a state, local or municipal authority or other governmental body.
			
	1.62	  	Purchase Price	  	shall have the meaning set out in Section 3.1(a).

  
 9 

					
	1.63	  	Purchase Price Allocation	  	shall have the meaning set out in Section 3.1(c).
			
	1.64	  	Relevant Group Company	  	shall mean the Company and those Subsidiaries set out under the heading “Relevant Group Companies” in Schedule B.
			
	1.65	  	Relevant Person	  	shall mean any director, officer, employee or agent of a Seller or any of its Affiliates.
			
	1.66	  	Representatives	  	shall mean, with respect to any Person, from time to time, any of such Person’s directors, officers, employees, agents, attorneys, accountants, advisors and any other representatives.
			
	1.67	  	Sarcina	  	shall have the meaning set out in the introductory paragraph.
			
	1.68	  	Sarcina Loan	  	shall mean the loan in the principal amount of EUR 700,000 granted by AR Packaging Holding GmbH (as lender) to Sarcina (as borrower).
			
	1.69	  	Sellers	  	shall have the meaning set out in the introductory paragraph.
			
	1.70	  	Sellers’ Account	  	shall mean a bank account to be specified by Sarcina by way of notice to the Buyer no later than five Business Days prior to the Closing Date.
			
	1.71	  	Sellers’ Knowledge	  	shall mean the actual knowledge as at the Signing Date of Lave Beck-Friis and Krzysztof Krawczyk as well as the knowledge they should have had following reasonable enquiries with each of Harald Schulz (CEO), Yvonne Melchers (Group
M&A and interim CFO), Anne Wagener (General Counsel), Matej Baran (Group HR Director) and Gary Harwood (VP Sales).
			
	1.72	  	Sellers’ Representative	  	shall mean Sarcina.
			
	1.73	  	Signing Date	  	shall mean the date on which this Agreement is signed by both Parties.
			
	1.74	  	Share Price	  	shall mean EUR 570,300,000.
			
	1.75	  	Shareholder Loan	  	shall mean loan in the principal amount of EUR 50,000,000 granted by Sarcina to the Company as well as any accrued but unpaid interest in relation to such loan.
			
	1.76	  	Shares	  	shall have the meaning set out in the Background, Section A.

  
 10 

					
	1.77	  	Subrogation Provision	  	shall mean any provisions regarding rights of subrogation which the Insurance Provider may have under the Insurance Policy vis-à-vis the
Sellers.
			
	1.78	  	Subsidiaries	  	shall mean all direct and indirect subsidiaries of the Company, as set out in Schedule B.
			
	1.79	  	Surviving Sections	  	shall mean Sections 11.1 to 11.10.
			
	1.80	  	Tax	  	shall mean all direct and indirect taxes, charges, fees, duties and levies and other assessments imposed by any authority, whether determined by reference to income, profits and capital gains, social security fees and other
assessments, including but not limited to any income tax, sales tax, property tax, value added tax, transfer tax, employment tax, withholding tax, capital tax, asset holding tax, registration tax and stamp duty, wherever arising together with any
costs, interest, penalties, surcharges or other amounts additional to such taxes.
			
	1.81	  	Third Party Claim	  	shall have the meaning set out in Section 9.7(a).
			
	1.82	  	Transaction	  	shall mean the transactions contemplated by this Agreement.
			
	1.83	  	Warrants	  	shall mean the 900,000 warrants issued by the Company by resolution of its shareholders on 4 August 2020.
			
	1.84	  	Warranty	  	shall have the meaning set out in Section 7.1(b).

  

	 	(b)	 In this Agreement: 

  

	 	(i)	 references to Sections and Schedules are to Sections of, and Schedules to, this Agreement;

  

	 	(ii)	 unless otherwise stated, the term “including” shall mean “including without limitation”;
and 

  

	 	(iii)	 headings and titles are for convenience only and do not affect the interpretation of this Agreement

  

	2.	 Sale and purchase 

 

	 	(a)	 On the terms and subject to the conditions set out in this Agreement, each of the Sellers hereby sells the
number of Shares set opposite its name in Schedule (b) free and clear of any Encumbrances and the Buyer hereby purchases all of the Shares, together with all rights pertaining to them as at Closing. 

  
 11 

	 	(b)	 The ownership of the Shares shall pass from the Sellers to the Buyer at Closing, simultaneously with the
fulfilment of each of the Parties’ obligations set out in Section 6.2. 

  

	 	(c)	 Each Seller hereby, subject only to completion of Closing, irrevocably waives its post-transfer purchase right
(Sw. hembud) in the Company’s articles of association with respect to the transfers hereunder and each Seller undertakes not to invoke any other right that could adversely affect the passing of the ownership of the Shares from the
Sellers to the Buyer on Closing. Nothing in this Section 2(c) shall prejudice or preclude any rights of such Seller as may be afforded to it in accordance with this Agreement. 

 

	3.	 Purchase Price 

 

	3.1	 Amount and payment 

 

	 	(a)	 The consideration for the Shares (the “Purchase Price”) shall be the aggregate amount of:

  

	 	(i)	 the Share Price; plus 

 

	 	(ii)	 the Interest; less 

 

	 	(iii)	 any Notified Leakage. 

 

	 	(b)	 The Purchase Price shall be paid by the Buyer to the Sellers on Closing in accordance with
Section 6.2(a)(iii). The receipt of the Purchase Price in the Sellers’ Account shall be deemed to constitute receipt of the Purchase Price by all of the Sellers. 

 

	 	(c)	 The Sellers agree between themselves that the Purchase Price shall be allocated among the Sellers in accordance
with Schedule 3.1(c). The amount payable to an individual Seller shall be reduced by an amount equal to any Notified Leakage that such Seller or any of its Affiliates is responsible for pursuant to Section 3.2(a)(i) as well
as such Seller’s pro rata share of the transaction costs as further described below and, in relation to those Sellers who hold Shares deriving from the Exercised Warrants, its portion of the Exercise Price as set out in Schedule 3.1(c)
(the “Purchase Price Allocation”). 

  

	 	(d)	 Each Seller shall bear a pro rata part (as set out in Schedule 3.1(c)) of the aggregate transaction
costs which have been incurred on behalf of a Seller with the consent of Sarcina, including, but not limited to, all fees and expenses of investment bankers, advisors, representatives, counsel and accountants. The Sellers hereby agree between
themselves that Sarcina shall, on behalf of all Sellers, pay such transaction costs, and that a portion of the Purchase Price corresponding to such transaction costs (including any VAT) shall be paid by the Buyer to Sarcina, and each Seller’s
share of such transaction costs will be deducted from each Seller’s portion of the Purchase Price that is allocated to such Seller in accordance with Section 3.1(c). 

  
 12 

	3.2	 Information to be provided to the Buyer prior to Closing, etc. 

 

	 	(a)	 No later than three Business Days prior to the Closing Date, the Sellers shall deliver a written statement to
the Buyer setting out: 

  

	 	(i)	 the Purchase Price, including the Interest accrued up until but excluding the Closing Date and the amount of
any Leakage (“Notified Leakage”) or a confirmation that no Leakage has occurred; 

  

	 	(ii)	 the Purchase Price Allocation 

 

	 	(iii)	 the aggregate amount of the Shareholder Loan as well as all debt owed by the Group to any bank or other third
party (including any accrued but unpaid interest, redemption costs, prepayment fees, break costs and any other amounts payable in connection with the repayment of such debt at Closing by the Group Companies) (the “External Debt”);
and 

  

	 	(iv)	 the details of the Sellers’ Account. 

 

	 	(b)	 If the Buyer, after the Closing Date, becomes aware of any Leakage other than Notified Leakage, the Buyer shall
be entitled to receive payment of such Leakage from the relevant Seller(s) (in accordance with Section 3.2(c)(i)) on a EUR for EUR basis, provided that the Buyer has delivered a written notice thereof, accompanied by the relevant particulars
thereof specifying the nature of the Leakage, the amount required to be paid in respect of such Leakage and such other information as is available to the Buyer or the Group Companies and as is reasonably necessary to enable such Seller(s) to assess
the existence of the Leakage, as soon as reasonably practicable and in any event not later than twelve months from the Closing Date. Unless disputed, such Seller(s) shall pay to the Buyer such additional Leakage within thirty Business Days after
receipt of the Buyer’s written notice. 

  

	 	(c)	 For the avoidance of doubt: 

 

	 	(i)	 each of the Sellers’ obligation arising out of or in connection with any Leakage (including, for the
avoidance of doubt, Notified Leakage) is several and not joint, and any such obligation for which more than one Seller is liable for in accordance with this Agreement shall be allocated as per actual receipt of such Leakage between the relevant
Sellers(s) (which for the purposes hereof shall also include each such Seller’s Affiliates and Relevant Persons), except that (A) where a Seller has participated in or authorized the decision to distribute or pay any Leakage, such Seller
shall be jointly and severally liable for such Leakage together with the relevant receiving Seller(s) and (B) if there are no receiving Sellers and no Sellers have participated in or authorized the decision to distribute or pay the Leakage,
each of the Sellers shall be liable for such Leakage pro rata to the Purchase Price received by such Seller. 

  
 13 

	 	(ii)	 any Notified Leakage shall be deducted on a EUR for EUR basis from the Share Price; 

 

	 	(iii)	 the Buyer shall not be entitled to recover any Leakage from any of the Sellers under this Agreement more than
once in respect of the same Leakage; and 

  

	 	(iv)	 the liability of each of the Sellers for any Leakage under this Section 3.2 shall not exceed the portion
of the Purchase Price received by such Seller or the actual Leakage such Seller or its Affiliates has received, whatever is the highest. 

  

	4.	 Condition precedent 

 

	4.1	 Competition Approval 

The Parties’ obligation to complete the Transaction shall be subject to the Buyer’s receipt of the Competition Approval. 

 

	4.2	 Responsibility for satisfaction 

 

	 	(a)	 The Buyer shall be responsible for the preparation of any notification to the Competition Authorities pursuant
to Section 4.1 and for its costs and expenses incurred in relation to such notification. Subject to the Sellers’ continued compliance with the obligations set out in Section 4.2(f), the Buyer shall submit a complete notification as
soon as reasonably possible after the Signing Date, and in any event no later than 20 Business Days after the Signing Date, it being understood that the initial filing with the European Commission and the CMA will be in draft form, pursuant to
customary practice. 

  

	 	(b)	 The Buyer shall promptly notify the Sellers (i) when the condition precedent set out in Section 4.1
has been satisfied or (ii) if it has any reason to believe that the condition precedent may not be satisfied, or that satisfaction may be delayed, or that it may be satisfied earlier than expected. 

 

	 	(c)	 The Buyer shall, and shall procure that its Affiliates, take all lawful measures necessary to procure that the
condition precedent set out in Section 4.1 is satisfied as soon as reasonably practicable and, in any event, by the Long Stop Date including that the Buyer shall offer and give to the Competition Authorities any necessary and lawful
undertakings or commitments including to divest any business or assets and/or behavioral commitment. 

  

	 	(d)	 The Buyer shall respond as promptly and completely as reasonably possible to all inquiries received from the
Competition Authorities for additional information or documentation. 

  

	 	(e)	 The Buyer shall inform the Sellers of the progress of the proceedings and shall promptly upon request by any of
the Sellers provide such Seller, if permitted by the relevant Competition Authority, with copies of all material correspondence with and from the Competition Authorities. 

  
 14 

	 	(f)	 The Sellers, or any Persons designated by the Sellers, shall provide reasonable assistance in a reasonably
timely manner to the Buyer in the preparation of any filings or submissions to, or responses to requests for information from, any Competition Authority. The Sellers shall be entitled to participate in any meetings and planned material telephone
calls with a Competition Authority (and shall be given reasonable advance notice of any such meetings and planned telephone calls) provided that such assistance does not cause unreasonable delay in the filing process. 

 

	 	(g)	 Nothing in this clause 4.2 shall oblige the Buyer or any Sellers to provide to the other any of its own or its
group’s confidential business information, but such information must instead be provided to external lawyers on a confidential lawyer to lawyer basis. 

  

	 	(h)	 The Buyer shall not, and shall procure that none of its Affiliates shall, take any action or engage in any
transaction or any other arrangement, including the acquisition or agreement to acquire (or the disclosure of its intention to acquire) any company or business, if and to the extent that such action or engagement could interrupt or prolong the
Competition Authorities’ review of the filings referred to in this Section 4.2 or which could adversely affect the Competition Authorities’ decision. 

 

	4.3	 Long Stop Date and consequences of non-satisfaction

  

	 	(a)	 Within five Business Days after the first Business Day following the period of eight months after the Signing
Date the Buyer may, by notice to the Sellers’ Representative, extend the Long Stop Date by a further three months. 

  

	 	(b)	 If the condition precedent set out in Section 4.1 is not satisfied on or before the Long Stop Date the
Sellers may terminate this Agreement with immediate effect, provided that the Surviving Sections shall remain in full force and effect regardless of such termination. In the event of such termination, the Buyer shall not have any claim against any
of the Sellers under this Agreement or otherwise, and the Buyer shall compensate each of the Sellers in an amount corresponding to any direct or reasonably foreseeable indirect damage, loss or cost that has been incurred by such Seller as a result
of such termination. For the avoidance of doubt, a termination of this Agreement shall not affect the Sellers’ right to any other remedies available under this Agreement. 

 

	5.	 Pre-Closing obligations 

 

	5.1	 Sellers’ obligations as shareholders 

Each of the Sellers shall procure (to the extent within such Seller’s reasonable Control) that, between the Signing Date and Closing, the
Company’s Business is carried out in the Ordinary Course of Business and consistent with past practice with a view to maintain it as a going concern and, except with the prior written consent of the Buyer, such consent not to be unreasonably
withheld or delayed, shall not: 
  

	 	(a)	 make any changes to its articles of association or other constitutional documents, other than as carried out as
required by Applicable Law; 

  
 15 

	 	(b)	 resolve on or pay any Leakage; 

 

	 	(c)	 issue, allot, redeem or repurchase any shares, options, warrants, convertibles or other rights to purchase
shares in the Company or any securities convertible into or exchangeable for such shares; or 

  

	 	(d)	 agree or undertake to carry out any of the actions set out in Section 5.1(a) -5.1(c). 

  

	5.2	 Sellers’ instructions to Group Companies 

Each Seller shall procure that, on or as soon as practicable after the Signing Date, instructions are sent to the CEO and the board of
directors of the Company, according to which the Group Companies are instructed to, and each Seller shall use their votes at any shareholders’ meeting in the Company or, as applicable, vote in respect of any board resolution in any Group
Company to the effect that the Group Companies carry on the Business in the Ordinary Course of Business and consistent with past practice with a view to maintain as a going concern and, except with the prior written consent of the Buyer, such
consent not to be unreasonably withheld or delayed, refrain from: 
  

	 	(a)	 any restricted action pursuant to Section 5.1; 

 

	 	(b)	 raising any additional external or intercompany debt or agreeing to modify the terms in relation to any debt,
including in relation to interest or payments or committing to any capital expenditure, other than in the Ordinary Course of Business (which, for the avoidance of doubt, shall include making draw-downs from existing facilities or incurring capital
expenditures as set out in the Group’s business plan/budget, in each case as Fairly Disclosed in the Disclosure Material), however never in the excess of EUR 3,000,000; 

 

	 	(c)	 selling, leasing, licensing or otherwise disposing of any material asset or property or acquiring any property,
business or entity, other than in the Ordinary Course of Business, however never in the excess of EUR 3,000,000; 

  

	 	(d)	 (i) enter into, waiver of, fail to renew (unless terminated by the other party), terminating or agreeing to
amend the terms of any agreement to the extent such termination or amendment has a material negative effect on the Group’s Business; or (ii) enter into or agree to amend the terms of any agreement to the extent such new agreement or
amendment has an economic value of greater than EUR 5,000,000 on an annualized basis and has a duration extending beyond 31 December 2022; 

  

	 	(e)	 pledging or otherwise creating an Encumbrance on any material asset of the Group, other than in the Ordinary
Course of Business; 

  

	 	(f)	 terminating the employment, or materially changing the terms of employment (other than salary increases in
accordance with applicable employment terms as Fairly Disclosed), of any of the Key Employees; 

  
 16 

	 	(g)	 materially increasing the rates of compensation (including bonuses) payable to the employees of the Group
Companies, other than increases pursuant to provisions of a collective bargaining agreement or prior agreement or which are otherwise effected in the Ordinary Course of Business or in line with past practices; 

 

	 	(h)	 instituting any material litigation or arbitration or settling or waiving any material claim or right, other
than in relation to the collection of trade debts in the Ordinary Course of Business or as instructed by its insurance providers; 

  

	 	(i)	 transferring any Warrants held by AR Packaging Group AB; 

 

	 	(j)	 making any filings, submissions or similar with respect to Tax, unless required by Applicable Law or otherwise
in the Ordinary Course of Business; 

  

	 	(k)	 taking any actions to amend the certificates of registration or articles of association or similar
organizational document, or to procure a legal merger or de-merger, re-organization, combination, insolvency, bankruptcy, dissolution or liquidation; or

  

	 	(l)	 agreeing or undertaking to carry out any of the actions set out in Sections 5.2(a)–5.2(i).

  

	5.3	 No restriction or prevention of certain activities 

 

	 	(a)	 Sections 5.1 and 5.2 shall not operate so as to restrict or prevent: 

 

	 	(i)	 any act or omission which is reasonably necessary in order to comply with Applicable Law;

  

	 	(ii)	 any act or omission in accordance with any request or consent from the Buyer after the execution of this
Agreement or as a result of any consent unreasonably withheld, delayed or conditioned by the Buyer; 

  

	 	(iii)	 any act or omission which is reasonably necessary to discharge any obligation pursuant to any agreement,
arrangement, permit, license or consent; 

  

	 	(iv)	 any act or omission by a Group Company in an emergency or other extraordinary situation with the intention of
minimizing any adverse effect thereof; or 

  

	 	(v)	 any matter contemplated in this Agreement or disclosed in the Disclosure Material. 

 

	 	(b)	 The Buyer hereby authorizes Stephen R. Scherger (Graphic Packaging International Europe Holdings B.V.,
Steenhouwersstraat 4, 8601 WD Sneek, the Netherlands), in the period up until Closing, to represent the Buyer and give consents pursuant to Section 5.3(a)(ii). If the Buyer fails to provide a written response to the Sellers within 48
hours from the receipt of a request for consent from the Sellers, the Buyer shall be deemed to have given its consent pursuant to Section 5.3(a)(ii). Subject to Applicable Law, the Sellers agree to keep the Buyer, through the contact person
above, reasonably informed regarding any act or omission pursuant this Section 5.3 

  
 17 

	6.	 Closing 

  

	6.1	 Place and date 

 

	 	(a)	 Closing shall take place on the Closing Date starting at 9:00 CET and may be carried out by physical of virtual
meeting and, if not otherwise agreed in writing, to be carried out by virtual meeting. If a physical meeting is agreed between the Parties, such will take place at the offices of Roschier Advokatbyrå AB at Brunkebergstorg 2 in Stockholm
or at such other location or time as may be agreed between the Parties in writing. 

  

	 	(b)	 The “Closing Date” shall be the fifth Business Day following the satisfaction of the
condition precedent set out in Section 4.1 or such other date as may be agreed between the Parties in writing. 

  

	6.2	 Closing obligations 

 

	 	(a)	 On the Closing Date, the Parties shall have the following obligations: 

 

	 	(i)	 the Buyer shall deliver to the Sellers evidence of the fulfillment of the condition precedent set out in
Section 4.1; 

  

	 	(ii)	 the Buyer shall pay the Exercise Price in immediately available funds with the same value date to the
Company’s bank account notified by the Sellers’ Representative to the Buyer no later than three Business Days before Closing (such payment to be evidenced by confirmation to the Sellers from the relevant bank that such funds have been
credited to such bank account); 

  

	 	(iii)	 the Buyer shall pay the Purchase Price less the Exercise Price (where the deduction of the Exercise Price shall
constitute a set-off against the payment made by the Buyer pursuant to Section 6.2(a)(ii) in relation to those Sellers who hold Shares deriving from the Exercised Warrants as further set out in Schedule
3.1(c)) in immediately available funds with the same value date (such payment to be evidenced by confirmation to the Sellers from the relevant bank that such funds have been credited to the Sellers’ Account); 

 

	 	(iv)	 the Sellers shall procure that the Buyer is recorded as owner of the Shares in the share register of the
Company and deliver the share register to the Buyer; 

  

	 	(v)	 the Buyer shall repay or procure that the Group Companies repay the Shareholder Loan and External Debt as well
as any interest accrued thereon and costs related thereto (including, for example, fees, break costs and the relevant banks’ costs and expenses); 

  
 18 

	 	(vi)	 Sarcina shall repay or procure the repayment of the Sarcina Loan as well as any interest accrued thereon.
Sarcina and the Buyer agree that such repayment, if so requested by Sarcina no later than four Business Days before Closing, shall be made by the Buyer on behalf of Sarcina, in which case the Buyer shall deduct an equal amount from the Purchase
Price to be paid to Sarcina; 

  

	 	(vii)	 upon the repayment of the External Debt in accordance with Section 6.2(a)(v), the Sellers shall deliver
evidence of the associated release of all security relating to the External Debt; 

  

	 	(viii)	 the Sellers shall deliver to the Buyer a certificate describing the results of the Bring Down of Disclosures;

  

	 	(ix)	 the Sellers shall deliver resignation letters signed by the members of the board of directors of the
Company in such form as set out in Schedule 6.2(a)(ix) effective as of the Closing Date; 

  

	 	(x)	 the Buyer shall procure extraordinary general meetings of the Company to be held at which it resolves to
appoint new members of the boards of directors; 

  

	 	(xi)	 the Buyer shall procure that the resignations and the appointments referred to in Section 6.2(a)(ix) and
6.2(x) are duly notified to the Swedish Companies Registration Office and deliver to the Sellers documentation evidencing the Swedish Companies Registration Office’s receipt thereof (including confirmation by automated email); and

  

	 	(xii)	 the Seller shall deliver a memory stick with the Data Room content to the Buyer, the content of which is listed
in Schedule 1.22. 

  

	 	(b)	 It is agreed that the Closing events set out in Section 6.2(a) shall be regarded as a single event and, if
one of such Closing events does not occur, Closing shall only be deemed to have taken place if the Party, who is not responsible for such Closing event, confirms in writing to the other Parties that it accepts that Closing can take place (without
prejudice to all rights and remedies available, including the right to make a Claim). 

  

	 	(c)	 If Closing has not occurred in accordance with Section 6.2(b) (without prejudice to all rights and
remedies available, including the right to make a Claim), the Sellers (if the Buyer fails to comply with any of its obligations in Section 6.2(a)) or the Buyer (if the Sellers fail to comply with any of its obligations in Section 6.2(a))
may by written notice to the other Party: 

  

	 	(i)	 set a new date for Closing, which shall be a Business Day not being earlier than the third Business Day or
later than the fifteenth Business Day after the previous date set for Closing occurred (but in no event later than the Long Stop Date), at which the provisions of this Section 6.2 shall apply to Closing as so deferred, provided, however, that
such deferral may only be requested once by each of the Buyer and the Sellers; or 

  
 19 

	 	(ii)	 terminate this Agreement with immediate effect without any remaining liability for any of the Parties (other
than for a breach of the Agreement that occurred prior to such termination), provided that the Surviving Sections shall remain in full force and effect regardless of such termination. 

 

	7.	 Warranties of the Sellers 

 

	7.1	 General 

  

	 	(a)	 Prior to the Signing Date, the Sellers have invited the Buyer to conduct a due diligence review of the Business
and the Group Companies and the Buyer has conducted such review (the “Due Diligence Review”). All material questions raised by the Buyer and its representatives in connection with the Due Diligence Review have been responded to
and/or settled in a manner satisfactory to the Buyer. 

  

	 	(b)	 Subject to (i) the limitations set out in this Agreement; and (ii) what has been Fairly Disclosed;
and (iii) provided that the conditions in Section 9.2(a) are fulfilled, each Seller, severally, hereby gives the warranties set out in Sections 7.2–7.19 (the “Warranties” and each a “Warranty”). The
Warranties are given as at the Signing Date and at the Closing Date, unless otherwise stated. In respect of the Warranties under Section 7.2, each Seller, severally, warrants only in respect of itself as a Seller and the Shares set forth
opposite its name in Schedule (b). 

  

	 	(c)	 Notwithstanding anything to the contrary in this Agreement: 

 

	 	(i)	 any Warranty or other statement in this Agreement, save for the Warranties in Sections 7.6(b) and 7.6(d), that
concerns the Firstan Group and which refers to the time prior to the Signing Date shall in respect of the Firstan Group be limited to the period starting from and including the Firstan Closing Date; 

 

	 	(ii)	 each Warranty is made subject to, and only to the extent of, the Sellers’ Knowledge and in the event that
the Insurance Policy implies the removal of the aforementioned general knowledge qualifier in relation to the Warranties, (a) it shall only be considered removed in relation to those Warranties that are not specifically qualified by the
Sellers’ Knowledge in Sections 7.2- 7.19 below and (b) such removal shall in no way imply that any liability of the Sellers is increased or affect the Sellers negatively in any way compared to as if
such removal had not been agreed with the Insurance Provider. 

  

	 	(d)	 The Parties acknowledge that the Buyer has entered into the Insurance Policy, and, therefore, none of the
Sellers shall, except as explicitly set out in Section 9, incur any liability as a result of or otherwise in relation to any of the Warranties. 

  
 20 

	7.2	 Title and authority 

 

	 	(a)	 Each of the Sellers owns the number of Shares set opposite its name in Schedule (b) and has the right to
exercise all voting and other rights attaching to such Shares. 

  

	 	(b)	 The Shares that are owned by each of the Sellers are freely transferable to the Buyer and will on the Closing
Date not be subject to any Encumbrances, other than the post-transfer purchase right (Sw. hembud) in the articles of association of the Company. The ownership of the Shares has not been the subject of any litigation, claim or demand.

  

	 	(c)	 Each of the Sellers (to the extent applicable to such Seller) is duly organized and validly existing under the
laws of its jurisdiction of incorporation. Each of the Sellers (to the extent applicable to such Seller) (i) has not filed or had filed against it any petition for its winding-up, company reorganization
or bankruptcy, (ii) has not initiated any negotiations with any creditors regarding the restructuring of debts and (iii) is not insolvent, in each case within the meaning of Applicable Law. 

 

	 	(d)	 Each of the Sellers has the requisite power, capacity and authority to enter into and carry out its obligations
under this Agreement. 

  

	 	(e)	 The execution and the performance by each of the Sellers of its obligations under this Agreement will not:

  

	 	(i)	 contravene or conflict with, or result in a breach of, any provision of its memorandum or articles of
association, by-laws or equivalent constitutional documents or any instrument to which it is a party or by which it is bound; or 

 

	 	(ii)	 result in a violation or breach of any Applicable Law. 

 

	 	(f)	 The Shares comprise the entire issued share capital of the Company. Other than the Warrants, no Person has the
right, due to warrants, convertibles or otherwise, to call for the issue of any share capital of a Group Company, nor is the share capital of the Group Companies subject to any option rights (other than the Warrants). 

 

	 	(g)	 The Shares and the shares in each Subsidiary have been validly issued, allotted and fully paid up, provided
that the Shares deriving from the Exercised Warrants will not be fully paid up at the Signing Date but at the Closing Date upon the Buyer’s payment of the Exercise Price pursuant to Section 6.2(a)(ii). 

 

	 	(h)	 The Company has not issued any share certificates in respect of the Shares save as set out in the Disclosure
Material. 

  

	7.3	 Existence and capitalization 

 

	 	(a)	 Each Group Company is a corporation duly organized and validly existing under the laws of the jurisdiction of
its incorporation. 

  
 21 

	 	(b)	 None of the Group Companies has initiated or planned, or is otherwise subject to, any proceedings for its
dissolution, liquidation or reorganization. 

  

	 	(c)	 No equity securities have been issued by the Company other than the Shares (and, for the avoidance of doubt,
the Warrants). 

  

	 	(d)	 There are no warrants, options, convertibles, subscription rights or other instruments or agreements or
undertakings by which any Seller or Group Company is bound, providing for the issuance of any additional shares in any Group Company and no shares in any of the Subsidiaries are subject to any Encumbrances (except for under the External Debt).

  

	 	(e)	 The shares in the Subsidiaries are directly or indirectly owned by the Company which has the right to,
directly or indirectly, exercise all voting, economic and other rights over such shares, and all Subsidiaries are wholly-owned directly or indirectly by the Company except as set out in Schedule B. 

 

	 	(f)	 The Company does not own any shares or other equity interest in any Person other than the Subsidiaries and no
Group Company has any interest in, or has agreed to acquire, any share capital or other security of any other company, partnership, limited liability company or other non-corporate business entity or
enterprise other than the Subsidiaries. 

  

	 	(g)	 No Group Company has any registered branch outside the jurisdiction in which it is incorporated.

  

	7.4	 Insolvency, etc. 

 

	 	(a)	 No Group Company is insolvent under the laws of the jurisdiction of its respective incorporation or unable to
pay its debts as they fall due. 

  

	 	(b)	 No Group Company has been held in default by lenders under any debt financing. 

 

	 	(c)	 No Group Company has initiated or is otherwise subject to any proceedings in relation to any compromise or
arrangement with creditors or any winding-up, bankruptcy or other insolvency proceedings concerning the Group Company. 

 

	 	(d)	 No steps have been taken to enforce any security over any assets of any Group Company and, to the Sellers’
Knowledge, no event has occurred giving rise to the right to enforce such security. 

  

	 	(e)	 No Group Company has initiated any negotiations with any creditors regarding composition.

  

	7.5	 Records and documentation 

 

	 	(a)	 The current articles of association and registration certificate of the Company are attached as
Schedule 7.5(a) and no resolution has been adopted to amend such documents. 

  
 22 

	 	(b)	 The accounting records of the Group Companies are up-to-date, in all material respects maintained in accordance with Applicable Law and in the possession or under the control of the relevant Group Company. 

 

	 	(c)	 All filings, publications, registrations and other formalities required by Applicable Law to be delivered or
made by each Group Company to company registries in each relevant jurisdiction have in all material respects been delivered or made on a timely basis. 

  

	7.6	 Accounts 

  

	 	(a)	 The Company’s consolidated Accounts give a true and fair view (Sw. rättvisande bild) (as
defined in the Swedish Annual Report Act (Sw. årsredovisningslagen)) of the financial position, results of operation and cash flow of the Group (for the purpose of this warranty the term “Group” excludes, for the avoidance of
doubt, the Firstan Group) as at, and for the period ended on, the Accounts Date. Each of the Subsidiaries’ Accounts do not materially misstate the financial position, results of operations and cash flows of the relevant Group Company, save that
in respect to those Group Companies’ Accounts which have been subject to a clean audit opinion, such Accounts give a true and fair view of the financial position, results of operations and cash flows of the relevant Group Company.

  

	 	(b)	 The Firstan Accounts give a true and fair view of the financial position, results of operation and cash flow of
the Firstan Group as at, and for the period ended on, the Accounts Date. 

  

	 	(c)	 The Accounts have been prepared in accordance with Applicable Law and the Accounting Principles, which have
been consistently applied by the Group Companies during the financial year of the Accounts and the previous three financial years, except as otherwise stated in the Accounts or the annual accounts of the previous two financial years.

  

	 	(d)	 The Firstan Accounts have been prepared in accordance with Applicable Law and the Firstan Accounting
Principles. 

  

	 	(e)	 The Management Accounts do not materially misstate the financial conditions and the results of operations of
the Group Companies as of the relevant dates for the relevant period, taking into account the purpose for which the Management Accounts have been prepared and the fact that they have not been audited or reviewed by an auditor. 

 

	 	(f)	 No Group Company has received from any of the Sellers or any of their respective Affiliates any conditional
shareholder’s contribution which is outstanding and involves any repayment obligation, and no Group Company has received any other capital contribution or similar payment or support that may involve any repayment obligation.

  
 23 

	7.7	 Tax 

  

	 	(a)	 Each Group Company has filed all Tax returns or other documents required to be filed with the relevant
authorities in due time and has paid, withheld or collected all Taxes due in accordance with such returns and documents or for which a notice of assessment or collection has been issued by the relevant authorities. For Taxes assessed but not yet due
by any Group Company as of the Accounts Date, sufficient provision has been made in the Accounts in accordance with the Accounting Principles. Other than the Taxes paid, assessed or collected based on the Tax returns or other documents or the
provision made in the Accounts for unpaid Taxes, no Group Company is or, to the Sellers’ Knowledge, will be liable for any additional Taxes pertaining to any periods ended before and including the Accounts Date. The filed Tax returns or other
documents required to be filed are true, correct and complete. 

  

	 	(b)	 After the Accounts Date, no Group Company has engaged in any transaction or arrangement, and, to the
Seller’ Knowledge, no event has occurred, giving rise to any liability for Tax or non-Tax deductible expenses other than Tax pertaining to transactions, arrangements or events entered into or occurring in
the Ordinary Course of Business. 

  

	 	(c)	 No Group Company is involved in or subject to any audit, investigation, dispute or litigation relating to
Taxes, and, to the Sellers’ Knowledge, no such audit, investigation, dispute or litigation is pending or threatened against any Group Company. 

  

	 	(d)	 All transactions between the Group Companies as well as between the Group Companies and the Sellers and the
Sellers’ Affiliates have been carried out on arm’s length basis. 

  

	 	(e)	 No Group Company has a permanent establishment in another jurisdiction outside its country of formation.

  

	 	(f)	 To the Sellers’ Knowledge, all Group Companies subject to DAC6 / MDR have complied with their respective
reporting obligations. 

  

	7.8	 Material Agreements, etc. 

 

	 	(a)	 The complete contents of the Material Agreements have been Fairly Disclosed in the Disclosure Material. As at
the Signing Date, the Material Agreements are valid and binding in accordance with their respective terms and, to the Sellers’ Knowledge, there are no agreements other than the Material Agreements which are material to the Group Companies.

  

	 	(b)	 No Group Company is in material breach of any Material Agreement and no notice of termination has been given in
respect of any Material Agreement. 

  

	 	(c)	 To the Sellers’ Knowledge, no counterparty is in breach of any Material Agreement and no written notice of
termination or indication that a counterparty will stop or materially reduce its business with any Group Company has been received by a Group Company in respect of any Material Agreement. 

  
 24 

	 	(d)	 The applicable and up-to-date
standard terms and conditions on which the Group Companies offer products and services to their customers have been Fairly Disclosed in the Disclosure Material. 

 

	 	(e)	 Neither the execution of this Agreement nor the consummation of the transactions contemplated by this Agreement
constitutes a breach on the part of any Group Company in relation to any Material Agreement, or triggers any termination, acceleration or amendment of any Material Agreement and no Material Agreement will automatically terminate as a result of the
transactions contemplated by this Agreement. 

  

	 	(f)	 All agreements between (i) a Group Company and (ii) a Seller or any of its Affiliates (A) have
been Fairly Disclosed in the Disclosure Material (except for such agreements that have been entered into the Ordinary Course of Business on arm’s length terms) and (B) are entered into on arm’s length terms. 

 

	 	(g)	 No Group Company is party to any shareholders’ agreements or similar arrangements. 

 

	7.9	 Real property 

 

	 	(a)	 The Relevant Group Companies are the legal and registered owners of the properties specified in Schedule 7.9(a)
(the “Owned Properties”). Details of the Owned Properties have been Fairly Disclosed in the Disclosure Material and, except as Fairly Disclosed in the Disclosure Material, the Owned Properties are free and clear of any Encumbrances.
Except for the Owned Properties, no Group Company owns any real property. 

  

	 	(b)	 The Relevant Group Companies are parties to the real property lease agreements listed in Schedule 7.9(b)
(the “Leases”). The Leases have been Fairly Disclosed in the Disclosure Material. As at the Signing Date, the Leases are valid and binding in accordance with their respective terms. Except for the Leases, no Group Company is party
to any other real property lease agreements, any sale and lease back agreement regarding real property or any other rights of occupancy relating to any real property. 

 

	 	(c)	 All rents due on each Lease have, to the Sellers’ Knowledge, been paid. At the Signing Date, no Group
Company is in material breach of any Lease and to the Sellers’ Knowledge, no counterparty is in breach of any Lease. 

  

	 	(d)	 No Group Company has given, or as at the Signing Date, received any notice of termination of any Lease, whether
to vacate the relevant premises or to renegotiate the rent. To the Sellers’ Knowledge, no such notice of termination is threatened in respect of any Lease. 

  
 25 

	7.10	 Intellectual Property 

 

	 	(a)	 The Relevant Group Companies own the Intellectual Property listed in Schedule 7.10(a) free and clear of
any Encumbrances. To the Sellers’ Knowledge, no Person is infringing the owned Intellectual Property. The owned Intellectual Property is subsisting, valid and enforceable and has not been withdrawn or cancelled. All application fees and renewal
fees for such Intellectual Property have been paid and the registrations and applications are in all other respects being maintained and handled in accordance with deadlines established by authorities. 

 

	 	(b)	 None of the Group Companies, or the Intellectual Property or the Licenses and Consents used by the Group
Companies, is/are infringing any Intellectual Property or any other rights of any third party and the Group Companies have the right to use (under valid Licenses and Consents or other arrangements) all Intellectual Property used by them in the
Business as conducted at the Signing Date, and, to the Sellers’ Knowledge, no third party has raised or threatened to raise any objections to such use. 

  

	 	(c)	 To the Sellers’ Knowledge, there is no infringement, misuse or other violation by any third party of any
of the Intellectual Property or Licenses and Consents used by the Group Companies, and no Group Company has made, or intends to make, any claim, whether for infringement, damages or otherwise, against any third party regarding the use of the
Intellectual Property or Licenses and Consents. 

  

	 	(d)	 The Intellectual Property used by the Group, or used or proposed to be used in, or necessary for, the Business
has been duly protected against access and use by unauthorized Persons and no Group Company is obliged to disclose any such Intellectual Property to any Person and, to the Sellers’ Knowledge, no unauthorized use of any such Intellectual
Property has occurred during the last three years. 

  

	 	(e)	 Any Intellectual Property created, produced or developed by the Group Companies’ employees or consultants
has been transferred in full to a Group Company, which exclusively owns all rights and title to, and interest in, such Intellectual Property, and there are no outstanding or, to the Sellers’ Knowledge, threatened claims from employees or
consultants in relation to such Intellectual Property. 

  

	7.11	 Information Technology 

 

	 	(a)	 The Group Companies are the owners of, or have been granted, the licenses to use the Information Technology
employed in the Business and such Information Technology constitutes all of the Information Technology required to conduct the Business, in each case as conducted as at the Signing Date. 

 

	 	(b)	 During the 24-month period preceding the Signing Date, there has been
no failure or breakdown of the Information Technology that has caused any disruption to the Business. 

  
 26 

	 	(c)	 All Information Technology used by the Group is supported by reasonably adequate maintenance and support
services. 

  

	 	(d)	 The Group Companies have in place reasonably adequate procedures to prevent unauthorized access to, the
introduction of viruses into, and the taking and storing on-site and off-site of back-up copies of the software and data
contained in the Information Technology used by the Group and the Group Companies are in the Ordinary Course of Business able to obtain access to all of their data and information without undue delay upon request. 

 

	7.12	 Employment and pension 

 

	 	(a)	 The terms of each Key Employee’s current employment with each Group Company have been Fairly Disclosed in
the Disclosure Material and are valid and binding in accordance with their respective terms. All other employees of the Group Companies are, to the Sellers’ Knowledge, employed on terms and conditions customary within the Group Companies’
field of business. 

  

	 	(b)	 No Key Employee has given or received notice of termination of his/her employment and no Key Employee has made
or has been given any proposals to terminate his or her employment with the relevant Group Company and, to the Sellers’ Knowledge, no such notice or proposal is expected. 

 

	 	(c)	 There is no incentive bonus, profit-sharing, stock option plan or other incentive scheme presently in force
with respect to any employee, director or consultant of any of the Group Companies. 

  

	 	(d)	 Any collective bargaining agreements to which any Group Companies is a party have been entered into on terms
which are standard and customary for companies carrying on similar activities to those carried on by the Group Companies. 

  

	 	(e)	 None of the Group Companies is, or has been within the last three years, engaged or involved in any strike or
dispute with any trade union or other organization formed for a similar purpose or in any labor dispute (whether directly or indirectly) and, to the Sellers’ Knowledge, there is no event or fact which could or might give rise to any such
dispute. 

  

	 	(f)	 The completion of the Transaction will not entitle any Key Employee or any other employee of the Group to any
special transaction bonus/remuneration paid by the Group or any of the Sellers or any of their respective Affiliates, save as set out in the Disclosure Material. 

 

	 	(g)	 All Group Companies have complied with their pension obligations to the extent such obligations constitute
defined contributions, whether pursuant to any applicable collective bargaining agreement or individual agreement with relevant employees. 

  

	 	(h)	 Except for as set out in Schedule 7.12(h), there are no pension schemes that should be accounted for as
defined benefit based on the Accounting Principles. 

  
 27 

	 	(i)	 Except in the Ordinary Course of Business or pursuant to Applicable Law, applicable collective bargaining
agreement or the respective employment agreement, there is no negotiation of any agreement of whatever nature with the existing employees of the Group Companies, whether in relation to any collective bargaining agreement or the terms applicable to
individual employees. 

  

	 	(j)	 No Group Company has incurred any obligation of any kind toward former employees, including unfulfilled
obligations resulting from the breach of any labor or service contract or from indemnities for dismissal or indemnities for unjustified dismissal, except as set out in the Disclosure Material. 

 

	 	(k)	 The Group Companies have in all material respect complied with Applicable Law relating to employment of labor
as well as with applicable collective bargaining agreements. 

  

	7.13	 Litigation and disputes 

 

	 	(a)	 As at the Signing Date, no Group Company is involved (whether as claimant or defendant or other party) in any
dispute, litigation proceedings, investigation, arbitration or other legal or administrative proceedings, other than as a claimant in proceedings relating to the collection of customer debts. 

 

	 	(b)	 As at the Signing Date, no dispute, litigation proceedings, investigation, arbitration or other legal or
administrative proceedings is threatened by or, to the Sellers’ Knowledge, against any Group Company, other than as a claimant in proceedings relating to the collection of consumer debts. 

 

	7.14	 Insurance 

  

	 	(a)	 The main terms of all material insurance policies held by the Group Companies have been Fairly Disclosed in the
Disclosure Material. 

  

	 	(b)	 In respect of the insurances referred to in Section 7.14(a) above: 

 

	 	(i)	 all premiums have been paid when due; and 

 

	 	(ii)	 all the policies are in full force and effect and there is to the Sellers’ Knowledge no ground for
termination of such policies. 

  

	7.15	 Compliance with laws and permits 

 

	 	(a)	 To the Sellers’ Knowledge, the Group Companies have been granted all permits (excluding Environmental
Permits which are exclusively governed by Section 7.17), approvals and licenses issued by authorities in their respective country of operations which are necessary to conduct the Business as conducted on the Signing Date. All such permits,
approvals and licenses are in full force and effect, and, to the Sellers’ Knowledge, there are no circumstances, including the entering into of this Agreement and the Transaction, which will cause any termination, revocation, suspension or
modification of any such permits, approvals or licenses. 

  
 28 

	 	(b)	 To the Sellers’ Knowledge, each Group Company operates, and has for the last three years operated, in
compliance with Applicable Law with which it is compelled to comply. 

  

	 	(c)	 No Group Company has received written notice from any authority that a Group Company is in violation of any
Applicable Law or any permit, approval or license, or that an authority is intending to revoke, suspend, vary or limit any permit, approval or license or that any amendment to any permit, approval or license is required to enable the continued
operation of the Business. 

  

	 	(d)	 No Group Company or, to the Sellers’ Knowledge, any of its officers, directors, agents, employees or any
other Person authorized to act on its behalf has carried out (whether directly or indirectly) any act in furtherance of an offer, payment, promise to pay, authorization, or ratification of the payment (whether direct or indirect) of any gift, cash,
contribution or anything of value to any Person to secure any improper advantage or to obtain or retain business, or that would otherwise cause such Group Company to be in violation of any anti-corruption or other similar law or regulation.

  

	 	(e)	 No Group Company is subject to any investigation by any governmental authority in connection with any actual or
alleged infringement of any anti-corruption law or regulation, any economic or financial sanctions or trade embargoes or any competition law or regulation and, to the Sellers’ Knowledge, no event has occurred which is reasonably likely to
justify any such investigation. 

  

	 	(f)	 Each Group Company has in place and has adhered to policies and procedures designed to prevent their officers,
employees, contractors, sub-contractors, service providers, agents and intermediaries from undertaking activities, practices, or conduct covered by such policies and procedures relating to such Group Company
or the Business that would constitute an offense under any anti-corruption law or regulation, any economic or financial sanctions or trade embargoes or any competition law or regulation. 

 

	7.16	 Data Protection 

 

	 	(a)	 No written notice alleging non-compliance with any applicable data
protection legislation (including any enforcement notice, transfer prohibition notice or equivalent notice) has been received by a Group Company in respect of the conduct of the Business from any competent data protection authority.

  

	 	(b)	 No Group Company has received any written claim for compensation from any individual under any data protection
legislation in the 12 months prior to the Signing Date. 

  

	7.17	 Environmental matters 

 

	 	(a)	 The Group has obtained all Environmental Permits required under Environmental Laws for carrying out the
Business as conducted at the Signing Date, except where failure to obtain such Environmental Permits could not reasonable be expected to have an adverse effect on the Group. All 

  
 29 

	 	
Environmental Permits granted to the Group are as at the Signing Date in full force and effect, and, to the Sellers’ Knowledge, there are no circumstances (including the entering into of
this Agreement and the completion of the sale and purchase of the Shares in accordance with this Agreement) that could cause any termination, suspension or modification of any such Environmental Permits. 

 

	 	(b)	 To the Sellers’ Knowledge, no material investigation, disciplinary proceedings or enquiry by, or order,
decree, decision or judgment of, any environmental authority or other court, tribunal, arbitrator, governmental agency or regulatory body is outstanding or has been initiated against any Group Company for whose acts or defaults it may be liable,
relating to Environmental Laws. 

  

	 	(c)	 To the Sellers’ Knowledge, the operations of the Group Companies are, and have been for the past five
years, in all material respects in compliance with applicable Environmental Laws, including in respect of radiation or soil or water contamination relating to the Owned Properties or the Leases, and the terms and conditions set out in any
Environmental Permit granted to the Group. 

  

	 	(d)	 To the Sellers’ Knowledge, the Group has not incurred any liability to pay damages, compensation, fines,
etc. towards any third party or public authority (whether statutory, contractual or otherwise) in respect of pollution caused by any Group Company on any of the Owned Properties or properties subject to the Leases. 

 

	7.18	 Information 

The Sellers have instructed the Group Companies and their professional advisors to compile and provide in good faith all information which
could reasonably be expected to be of interest to a buyer, in order to give a true and fair view of the Group Companies. To the Sellers’ Knowledge, no material information relevant for a professional buyer’s assessment of the Group
Companies and the Business has been withheld from the Buyer or their professional advisers by the Group Companies and their professional advisers and, to the Sellers’ Knowledge, all information contained in the Disclosure Material is true and
correct in all material respect. 
  

	7.19	 Ordinary Course of Business 

Subject to Section 7.1(c), during the period between the Accounts Date and the Signing Date, the Business has been conducted in the
Ordinary Course of Business. Between the Accounts Date and the Signing Date, no Group Company has: 
  

	 	(a)	 allowed any Leakage; 

 

	 	(b)	 made any filings, submissions or similar with respect to Tax that are not in the Ordinary Course of Business
and in accordance with past practices, unless required by Applicable Law. 

  

	 	(c)	 made any changes to its articles of association or other constitutional documents, other than as carried out as
required by Applicable Law or in connection with the closing of the Group’s acquisition of Firstan or otherwise conducted in the Ordinary Course of Business; 

  
 30 

	 	(d)	 issued, allotted, redeemed or repurchased any shares, options, warrants, convertibles or other rights to
purchase shares in the Company or any other Group Company or any securities convertible into or exchangeable for such shares, other than the Shares deriving from the Exercised Warrants; 

 

	 	(e)	 raised any additional debt or committed to any capital expenditure, other than in the Ordinary Course of
Business (which, for the avoidance of doubt, shall include making drawdowns from existing facilities or incurring capital expenditures as set out in the Group’s business plan/budget, in each case as Fairly Disclosed in the Disclosure Material);

  

	 	(f)	 sold, leased, licensed or otherwise disposed of any material asset or property, other than in the Ordinary
Course of Business; 

  

	 	(g)	 terminated or agreed to amend the terms of any Material Agreement to the extent such termination or amendment
would have a material adverse effect on the Group; 

  

	 	(h)	 pledged or otherwise created an Encumbrance on any material asset of the Group, other than in the Ordinary
Course of Business; 

  

	 	(i)	 terminated the employment, or materially changed the terms of employment (other than salary increases in the
Ordinary Course of Business or in line with past practices), of any of the Key Employees; 

  

	 	(j)	 materially increased the rates of compensation (including bonuses) payable to the employees of the Group
Companies, other than increases pursuant to provisions of a collective bargaining agreement or prior agreement or which are otherwise effected in the Ordinary Course of Business or in line with past practices; 

 

	 	(k)	 instituted any material litigation or arbitration or settled or waived any material claim or right, other than
in relation to the collection of trade debts in the Ordinary Course of Business or as instructed by its insurance providers; 

  

	 	(l)	 acquired interest in any company, partnership or business (save for the Group’s acquisition of Firstan);
or 

  

	 	(m)	 agreed or undertaken to carry out any of the actions set out in Sections 7.19(a)– 7.19(l).

  

	8.	 Warranties of the Buyer 

The Buyer hereby gives the warranties set out in this Section 8. The warranties are given as at the Signing Date and at the Closing Date,
unless otherwise stated. 
  

	 	(a)	 The Buyer is duly organized and validly existing under the laws of its jurisdiction of incorporation. The Buyer
(i) has not filed or had filed against it any petition for its winding-up, company reorganization or bankruptcy, (ii) has not initiated any negotiations with any creditors regarding the restructuring
of debts and (iii) is not insolvent, in each case within the meaning of Applicable Law. 

  
 31 

	 	(b)	 The Buyer has the requisite power, capacity and authority to enter into and carry out its obligations under
this Agreement and any other documents to be executed by the Buyer and such documents will, when executed by the Buyer, constitute, lawful, valid and binding obligations of the Buyer in accordance with their respective terms. 

 

	 	(c)	 The execution and the performance by the Buyer of its obligations under this Agreement will not:

  

	 	(i)	 contravene or conflict with, or result in a breach of, any provision of its memorandum or articles of
association, by-laws or equivalent constitutional documents or any instrument to which it is a party or by which it is bound; or 

 

	 	(ii)	 result in a violation or breach of any Applicable Law. 

 

	 	(d)	 Other than as required in respect of the satisfaction of the condition in Section 4.1, all consents,
permissions, approvals and agreements of its shareholders which are necessary for the Buyer to obtain in order to enter into and perform this Agreement and any other documents to be executed by the Buyer in accordance with their respective terms
have been unconditionally obtained. 

  

	 	(e)	 The Buyer is entering into this Agreement on its own behalf and not (whether directly or indirectly) in concert
or association with, or on behalf of, or as agent for, any other Person. 

  

	 	(f)	 The Buyer has secured sufficient and unconditional financing or has available internal funds to enable it to
complete, fully and in a timely manner, the Transaction and to make any payments that the Buyer is or may become required to make pursuant to this Agreement. 

  

	 	(g)	 As at the Signing Date, neither the Buyer nor any of its representatives is aware of any matter, event or
circumstance which would, or may, constitute a breach of any of the Warranties or otherwise give rise to any liability on the part of any of the Sellers under this Agreement, which the Buyer has confirmed by issuing a no claims declaration (or
similar) under the Insurance Policy on the Signing Date. 

  

	9.	 Liability and related matters 

 

	9.1	 The Sellers’ liability 

 

	 	(a)	 Subject to the limitations set out in this Agreement and in particular the provisions relating to the Insurance
Policy, each of the Sellers shall indemnify and hold the Buyer harmless on a EUR for EUR basis from and against all Losses arising from a breach of this Agreement. 

  
 32 

	 	(b)	 When calculating a Loss, multiples of profit or cash flow or any other similar multiplier or valuation
methodology shall only be applied to the extent required in order to properly determine such Loss and shall therefore not be applied automatically. For example, the Buyer shall always be entitled to receive compensation for a decrease in the value
of the Shares as a direct loss of the Buyer equal to the actual value decrease applying generally accepted valuation techniques for valuation of Shares, which valuation techniques may as one of several components include factor multiplication.

  

	 	(c)	 Except as set out in Section 3.2(c)(i), the liability of each of the Sellers for any breach of this
Agreement is individual and several (and therefore not joint and several). Each of the Sellers shall be individually and exclusively liable for the Warranties given in Section 7.2 in respect of itself and its Shares as well as for any other
individual Warranties, covenants or undertakings given by such Seller under this Agreement. With respect to Warranties, covenants and undertakings that are not given by a Seller in respect of itself and its Shares, each of the Sellers shall be
liable for such non-individual Warranties, covenants and undertakings pro rata to the Purchase Price received by such Seller. 

 

	9.2	 The Insurance Policy 

 

	 	(a)	 Notwithstanding anything to the contrary in this Agreement, the Parties agree that the Warranties shall only be
or remain valid if: 

  

	 	(i)	 the Buyer enters into the Insurance Policy and such becomes valid and binding on the parties thereto (including
as a consequence of the insurance premium thereunder being paid by the Buyer to the Insurance Provider’s satisfaction); 

  

	 	(ii)	 such Insurance Policy selected by the Buyer does not include any rights of subrogation or other terms that
could result in liability to any Seller of any kind, other than with respect to fraud by a Seller against the Buyer; 

  

	 	(iii)	 the Insurance Provider thereunder expressly agrees that the Buyer and its Affiliates shall have no obligation
to pursue any claim against any Seller in connection with any loss, liability or damage; and 

  

	 	(iv)	 the Buyer and its respective Affiliates and advisors do not terminate, amend, waive or modify any provisions of
the Insurance Policy, at any time following Signing, without the prior written consent of the Sellers to the extent any such termination, amendment, waiver or modification would adversely affect the Sellers or any of their Affiliates.

  

	 	(b)	 Consequently, in light of Section 9.2(a), the Parties agree that none of the Sellers shall under any
circumstances be liable towards the Buyer, and that the Buyer shall under no circumstances be entitled to any compensation, remedies or actions whatsoever against any of the Sellers, under the Warranties, irrespective of whether a Loss resulting
from a breach of the Warranties would be covered by the Insurance Policy or discovered by any of the Sellers prior to Closing (e.g. 

  
 33 

	 	
as a result of the Bring Down of Disclosures), except where a Claim is the consequence of fraud by a Seller against the Buyer in which case such Seller, and no other Seller, shall be liable to
the Buyer if and to the extent the Loss resulting from such circumstance is not recoverable under the Insurance Policy (subject to the limitations of the Sellers’ liability set out in this Agreement). 

 

	 	(c)	 Accordingly, other than as explicitly set out in this Section 9.2, the Buyer undertakes not to make, and
waives any and all rights it may have to make, any Claim under any of the Warranties against any of the Sellers. Further, in case the Insurance Provider has a claim against any Seller for compensation for a Loss under the Insurance Policy, the Buyer
undertakes not to, either directly or indirectly by any of its Affiliates, take over such claim from the Insurance Provider. 

  

	 	(d)	 The Buyer undertakes not to amend the Subrogation Provision without the prior written consent of the
Sellers’ Representative. 

  

	 	(e)	 With respect to a breach of the Fundamental Warranties by a Seller or the Sellers (as the case may be), such
breaching Seller(s) (and none of the other Seller(s)) shall be liable to the Buyer only if and to the extent the Loss resulting from such breach is not recoverable under the Insurance Policy and, for the avoidance of doubt, subject to the fulfilment
of the conditions in Section 9.2(a) and all other limitations set out in this Agreement, including Sections 9.1(c) and 9.5.3(c). 

  

	 	(f)	 The Parties acknowledge that none of the Sellers is party to the Insurance Policy and that the Insurance
Provider is not a party to this Agreement, and that, consequently, neither any of the Sellers nor the Insurance Provider shall have any rights or obligations against each other under this Agreement or the Insurance Policy. 

 

	9.3	 No other liability 

 

	 	(a)	 The Buyer agrees that none of the Sellers have given, and the Buyer has not relied on, any expressed or implied
representations or warranties other than the Warranties, and no action or omission by any of the Sellers or any of the Group Companies shall be construed as implying any representation or warranty and the Buyer shall consequently not be entitled to
make any Claim not relating to any of the Warranties. 

  

	 	(b)	 Each Seller’s sole and exclusive liability in respect of the Shares and the Group Companies shall be under
the Warranties as covered by the Insurance Policy, and none of the Sellers shall have any other liability in respect thereof based on any warranty or information (whether expressed or implied) or any other contract or statute (including under the
Swedish Sale of Goods Act (Sw. köplagen) and the International Sale of Goods Act) or pursuant to legal principles or theory or on any other ground. Without prejudice to the generality of the foregoing, none of the Sellers give any
warranty to the Buyer with respect to, and shall have no liability to the Buyer based on, the information memorandum prepared for the Transaction, the management presentation given to the Buyer and any financial projection, strategy
papers/presentations, forecast or other forward-looking statement relating to the Group Companies (irrespective of whether such has been included in the Disclosure Material). 

  
 34 

	9.4	 The Buyer’s remedy 

 

	 	(a)	 Any amount payable by any of the Sellers to the Buyer under this Section 9 shall be treated as a reduction
of the Purchase Price. It is acknowledged and agreed that payments arising from a breach of any of the Warranties will (other than as explicitly set out in Section 9.2) be paid by the Insurance Provider. This remedy shall be exclusive and it is
specifically agreed that no remedy under the Swedish Sale of Goods Act, the International Sale of Goods Act or pursuant to legal principles or theory or on any other ground, including (but not limited to) the right to terminate or rescind this
Agreement, shall be available to the Buyer. 

  

	 	(b)	 Save as set out in this Agreement, the Buyer undertakes to each Relevant Person, in each case, for itself and
as agent and trustee for each of its Affiliates that (in the absence of fraud against the Buyer) the Buyer and each of its Affiliates: 

  

	 	(i)	 have no rights against (and waives any rights they may have against); and 

 

	 	(ii)	 may not make a claim against (and waive any claim they may have against), 

any Relevant Person in relation to any matter arising out of or connection with this Agreement. 

 

	9.5	 Limitation of the Sellers’ liability 

 

	9.5.1	 Monetary limits 

 

	 	(a)	 In relation to Claims for breach of Warranties other than Fundamental Warranties, no individual Claim, or
series of Claims arising from substantially identical facts or circumstances, which is less than EUR 500,000 shall be taken into account when calculating the total amounts of the Claim(s) and, for the avoidance of doubt, no such Claim shall be
allowed to be made against any of the Sellers. 

  

	 	(b)	 In relation to Claims for breach of Warranties other than Fundamental Warranties, the Buyer shall not have the
right to compensation unless the total amount of all Claim(s), which the Buyer may present under this Agreement, is equal to or exceeds EUR 7,500,000, in which case the Buyer shall have the right to compensation for the amount exceeding such
threshold, subject to the other limitations provided in this Section 9.5. 

  

	 	(c)	 The aggregate liability of each of the Sellers shall (i) with respect to Claims resulting from a breach of
the Warranties other than the Fundamental Warranties be limited to, and can never exceed, ten percent of such Seller’s pro rata share (in accordance with the Purchase Price Allocation) of the Purchase Price received by such Seller,
(ii) with respect to Claims resulting from a breach 

  
 35 

	 	
of the Fundamental Warranties or this Agreement (not covered by (i) or (iii)) be limited to, and can never exceed, one hundred percent of such Seller’s pro rata share (in
accordance with the Purchase Price Allocation) of the Purchase Price, and (iii) with respect to breaches of Sections 3.2(b)-(c) (Leakage) be limited as stated in such Sections. 

 

	9.5.2	 Time limitations 

 

	 	(a)	 A Claim shall be brought against the Sellers as soon as reasonably possible but no later than 60 Business Days
from the date on which the Buyer or a Group Company became aware of, or should have become aware of, the circumstances giving rise to a Claim. Such Claim against the Sellers shall be made in writing and shall be accompanied by all relevant
particulars of the Claim specifying the nature of the alleged breach, the amount claimed in respect thereof, the evidence on which the Buyer relies and all such other information as is available to the Buyer or the Group Companies and that is
necessary to enable the Sellers to assess the merits of the Claim, to act to preserve evidence and to make such provision as the Sellers may consider necessary, provided that failure to give such notification shall not affect the Buyer’s Claim
except if and to the extent the Sellers have been prejudiced as a result of such failure. 

  

	 	(b)	 No Claims by the Buyer will be valid unless presented within 12 months from the Closing Date.

  

	 	(c)	 Any Claim presented shall be deemed to have been withdrawn and no longer recoverable, unless arbitral
proceedings in respect of the Claim have been initiated within six months from the date on which the Sellers were notified of the Claim. 

  

	9.5.3	 Other limitations 

 

	 	(a)	 A liability, which is contingent, shall not constitute a Loss recoverable under this Agreement unless and until
such contingent liability becomes an actual liability and is due and payable. However, this Section 9.5.3(a) shall not operate to exclude a Claim made in respect of a contingent liability within the applicable time limits, and setting out the
particulars as specified, in Section 9.5.2. 

  

	 	(b)	 To the extent there is any actual saving by or quantifiable actual financial benefit to the Buyer or any Group
Company arising from a Loss, no Seller shall be liable for the part of such Loss that is covered by such actual saving or benefit. This includes if any such Loss is a Tax deductible item, or relates to an untaxed reserve, in which case the
Claim that the Buyer may make shall be reduced by the tax savings actually made. 

  

	 	(c)	 If the Buyer or any of the Group Companies has a right to compensation or recovery from a third party (whether
by payment, discount, credit, relief or otherwise) relating to a Loss, the Buyer shall use its best efforts to seek compensation or recovery for the Loss from such third party before steps are taken to enforce a Claim against any of the Sellers. If
such compensation or recovery is received prior to payment by any of the Sellers with respect to the relevant Claim, such payment shall be reduced by a corresponding amount. If such compensation or recovery is received after payment by the relevant
Seller(s) with respect to the relevant Claim, it shall promptly be forwarded or refunded to the relevant Seller(s). 

  
 36 

	 	(d)	 The Buyer shall not be entitled to make a Claim to the extent that: 

 

	 	(i)	 with regards to breach of Warranties, except for breach of Fundamental Warranties, the fact, matter,
circumstance or event giving rise to the Claim was Fairly Disclosed in the Disclosure Material, or was otherwise known or ought to have been known by the Buyer’s Group or any of its Representatives; 

 

	 	(ii)	 with respect to breach of Warranties, except for breach of Fundamental Warranties, the fact, matter,
circumstance or event giving rise to the Claim was reported in the Bring Down of Disclosures; 

  

	 	(iii)	 a specific provision or allowance for the matter giving rise to the Loss has been made in the Accounts or the
Firstan Accounts or the same is otherwise accounted for or reflected in the Accounts or the Firstan Accounts; 

  

	 	(iv)	 a Loss occurs as a result of the passing of, or change in, any legislation, regulation or administrative
practice of any governmental or other regulatory body not in force at the Signing Date, or which takes effect retrospectively; 

  

	 	(v)	 it relates to a Loss which is recoverable (in full or in part) under an insurance policy or would have been
recoverable had the insurance coverage for the Group Companies, which existed at the Closing Date, been maintained; 

  

	 	(vi)	 the matter, event or circumstance giving rise to the Claim has been made good or has otherwise been compensated
for without cost or expense to the Buyer or any of its Affiliates; 

  

	 	(vii)	 the Claim would not have occurred but for an act, omission or transaction of the Buyer or any of its Affiliates
(including, without limitation, the Group Companies from Closing); or 

  

	 	(i)	 the Loss has been deducted from the Share Price as Leakage in accordance with this Agreement.

  

	 	(e)	 For the avoidance of doubt, the Buyer shall not be entitled to recover any amount from any of the Sellers under
this Agreement more than once in respect of the same Loss. 

  
 37 

	9.6	 Mitigation of Loss 

The Buyer shall take, and shall procure that the Group Companies take, all reasonable steps to mitigate any Loss and none of the Sellers shall
be liable for any Loss to the extent the Buyer or a Group Company could reasonably have mitigated such Loss. 
  

	9.7	 Third Party Claims 

 

	 	(a)	 Other than in connection with any breach of the Warranties which may only be recovered under the Insurance
Policy, if the Buyer or a Group Company becomes aware of any actual or threatened third party claim, action, demand or matter (“Third Party Claim”) which may give rise to a Loss for which any of the Sellers may be liable, in order
to preserve the Buyer’s potential right to compensation from the Sellers for such Loss, the Buyer shall, and shall procure that the Group Companies shall: 

 

	 	(i)	 promptly notify the Sellers, in writing, of such Third Party Claim; 

 

	 	(ii)	 not make any admission of liability, or enter into any agreement, settlement or compromise with any third party
in relation to any such Third Party Claim, without obtaining the prior written approval of the Sellers; 

  

	 	(iii)	 not take any action which may have an adverse effect on any insurance policy under which any such Third Party
Claim would be recoverable if such action had not been taken; 

  

	 	(iv)	 take any action reasonably requested by the Sellers to avoid, dispute, resist, appeal, compromise or defend
such Third Party Claim; 

  

	 	(v)	 give the Sellers and their respective representatives reasonable access to the personnel of the Buyer and the
Group Companies, and to any relevant properties, premises, accounts, documents and records, and allow the Sellers and their respective representatives to take copies of such relevant accounts, documents and records in order to enable the Sellers and
their respective representatives to examine the grounds for the Third Party Claim, to defend against it and to conduct any litigation resulting from it; and 

  

	 	(vi)	 at a Seller’s request and at such Seller’s cost and expense, allow the Seller (at the Seller’s
option) to: 

  

	 	(A)	 handle any negotiation, dispute or litigation relating to the Third Party Claim with any third party and grant
the Seller and its representatives all authorizations and all assistance as the Seller and its representatives may reasonably require to enable the Seller and its representatives to defend against the Third Party Claim and to properly conduct any
litigation resulting from it; 

  

	 	(B)	 participate and give advice in any negotiation, dispute or litigation relating thereto with any third party;
and 

  
 38 

	 	(C)	 at the Seller’s discretion, agree to any settlement, compromise or discharge of such Third Party Claim.

  

	 	(b)	 If the Buyer conducts the negotiation, dispute or litigation in respect of any Third Party Claim pursuant to
Section 9.7(a) above, the Buyer shall ensure that the Sellers are informed without undue delay of the developments in the matter, and that the Seller is provided with copies of any correspondence or documentary material relating to the
negotiation, dispute or litigation. 

  

	10.	 Post-Closing obligations 

 

	10.1	 Discharge from liability 

 

	 	(a)	 At the relevant annual general meetings of the Company and each of the other Group Companies, the Buyer
undertakes to procure that the current directors of the Company and the other Group Companies who have resigned on or before the Closing Date are granted discharge from liability for their administration up to and including the Closing Date (or the
earlier date of their resignation), provided that the respective auditors of the Company and the other Group Companies do not recommend against such discharge. 

 

	 	(b)	 Provided that the directors referred to above have been discharged from liability and subject to the statutory
limitations of such discharge, the Buyer undertakes not to make, and undertakes to procure that the Company and the other Group Companies do not make, any claims (other than for fraud or criminal acts) against any of the directors of the Company or
the other Group Companies in office prior to Closing Date for their acts or omissions in their capacity as board members that took place on or before the Closing Date. 

 

	10.2	 Access to books, records and documents 

The Buyer shall retain, and shall procure that the Group Companies retain, for a period of ten years from Closing the books, records and
documents of the Group Companies to the extent they relate to the period prior to the Closing Date and shall allow, and shall procure that the Group Companies allow, each of the Sellers reasonable access to such books, records and documents,
including the right to take copies at such Seller’s expense, in order to comply with any Applicable Law or in connection with the preparation and agreement of any accounting, tax or other records or in connection with the conduct of any
proceedings, suit or action against the Seller or any its Affiliates. 
  

	10.3	 Transaction bonuses 

Upon payment by Sarcina of any such bonus referred to in 1.49(e), Sarcina shall inform the Group Companies liable for Taxes in relation to such
bonuses and, upon instructions from such Group Company, Sarcina shall pay the amount corresponding to such Taxes in accordance with the respective Group company’s instructions. 

  
 39 

	11.	 Miscellaneous 

 

	11.1	 Notices 

All notices given or made under the Agreement shall be in writing in the English language and shall be deemed to have been duly given or made
when delivered by courier or by e-mail (with the relevant document attached as a pdf and as long as a receipt of such e-mail is requested and received) to the Party in
question as follows: 
  

					
		 	If to the Sellers:	  	Sarcina Holdings S.à r.l.
		 	Address:	  	20 avenue Monterey
		 		  	2163 Luxembourg
		 	E-mail address:	  	candre@cvc.com,
		 		  	yescamezmorales@cvc.com and
		 		  	TMorana@cvc.com
		 	For the attention of:	  	Carmen André, Yolanda Escamez Morales
	    	 		  	and Thomas Morana
			
		 	With a copy (not serving as notice) to:	  	Roschier Advokatbyrå AB
		 	Address:	  	Brunkebergstorg 2
		 		  	111 51 Stockholm, Sweden
		 	E-mail address:	  	jens.bengtsson@roschier.com
		 	For the attention of:	  	Jens Bengtsson
			
		 	If to the Buyer:	  	Graphic Packaging International Europe
		 		  	Holdings B.V.
		 	Address:	  	Steenhouwersstraat 4, 8601 WD Sneek,
		 		  	the Netherlands
		 	E-mail address:	  	Stephen.Scherger@graphicpkg.com
		 	For the attention of:	  	Stephen R. Scherger
			
		 	With a copy (not serving as notice) to:	  	DLA Piper LLP (US)
		 	Address:	  	444 West Lake Street, Suite 900
		 		  	Chicago, Illinois 60606-0089, USA
		 	E-mail address:	  	david.mendelsohn@dlapiper.com; and
		 		  	petter.kjollerstrom@se.dlapiper.com
		 	For the attention of:	  	David Mendelsohn; and
		 		  	Petter Kjöllerström

 or to such other postal address or e-mail address of which a Party
notifies the other Parties in accordance with this Section 11.1. 
  

	11.2	 Sellers’ Representative 

 

	 	(a)	 Each of the Other Sellers hereby unconditionally and irrevocably (except as set out in Section 11.2(c))
authorizes the Sellers’ Representative to be its representative in all matters relating to this Agreement, including but not limited to: 

  

	 	(i)	 signing, executing and delivering any document and taking any action that may be necessary or appropriate in
connection with this Agreement; 

  
 40 

	 	(ii)	 make any requests or approvals to the Buyer under this Agreement; 

 

	 	(iii)	 agree, compromise and settle any claim by the Buyer against the Other Sellers under this Agreement, excluding,
however, any claims only directed against an individual Other Seller; and 

  

	 	(iv)	 give or receive any notice or notification in any form to be given under this Agreement, 

with the effect that any action or measure taken by the Sellers’ Representative shall be binding on each of the Other Sellers and any
notice or notification to or by the Sellers’ Representative shall be deemed a notice to or by each of the Other Sellers. 
  

	 	(b)	 Except with respect to the individual undertakings or liabilities under this Agreement, none of the Other
Sellers shall act under this Agreement other than through the Sellers’ Representative and the Buyer shall have regard only to, and rely upon and act in accordance with, without any liability to any Party for having relied or acted thereon,
actions undertaken or notices, including requests, elections or proposals, issued by the Sellers’ Representative. 

  

	 	(c)	 The Other Sellers may appoint another Party to act as the Sellers’ Representative, provided that such
appointment shall be notified to the Buyer and Sarcina ten Business Days prior to such new appointment having effect. Each of the Other Sellers undertakes to keep the Sellers’ Representative fully indemnified for any liability that it may incur
in its capacity as the Sellers’ Representative. 

  

	 	(d)	 For the avoidance of doubt, each of the Other Sellers undertakes not to revoke or qualify (wholly or partly)
the authorization granted to the Sellers’ Representative under this Section 11.2. 

  

	11.3	 Fees and expenses 

Each of the Parties shall bear its own fees and expenses in connection with the preparation and implementation of the actions contemplated by
this Agreement, including, but not limited to, all fees and expenses of investment bankers, advisors, representatives, counsels and accountants. 
  

	11.4	 Assignment 

None of the Parties may, by operation of law or otherwise, assign, transfer or grant any security interest or other rights in or over any of
its rights or obligations under this Agreement, without the prior written consent of the other Parties. However, the Buyer shall be entitled to assign, otherwise transfer or grant any security interest or other rights in or over any of its rights or
obligations under this Agreement, including changing the Buying entity between Signing Date and Closing Date, to an Affiliate of the Buyer, 

  
 41 

 
with the same ultimate owner as the Buyer, (and subject to prior notification to the Sellers’ Representative) and/or to any bank or other finance provider participating in the financing of
the transactions contemplated in this Agreement or a subsequent refinancing of such financing or funding of the Group Companies. 
  

	11.5	 No waiver 

Failure by any Party at any time or times to require performance of any provision of this Agreement shall not be construed as a waiver by such
Party of (i) any subsequent breach of such provision, (ii) a breach of any other provision of the Agreement or (iii) an amendment of any provision of the Agreement. 

 

	11.6	 Entire agreement 

This Agreement represents the entire understanding and agreement between the Parties with respect to its subject matter and supersedes all
prior understandings and agreements with respect to such subject matter, including the confidentiality agreement relating to the Transaction between the Buyer and Sarcina, dated 21 January 2021. 

 

	11.7	 Amendments 

No amendment to this Agreement shall be effective unless made in writing and signed by a duly authorized representative of each of the Parties.

  

	11.8	 Provisions severable 

If any part of this Agreement is held to be invalid or unenforceable, the validity and enforceability of the remainder of this Agreement shall
not be affected; however, the Parties shall attempt, through negotiations in good faith, to replace any part of this Agreement so held to be invalid or unenforceable in order to give effect to the commercial intentions of the Parties when signing
this Agreement. 
  

	11.9	 Confidentiality and publicity 

 

	 	(a)	 Subject to Section 11.9(b), each of the Parties undertakes not to disclose, in whole or in part, any
Confidential Information. 

  

	 	(b)	 Section 11.9(a) shall not prohibit disclosure if and to the extent: 

 

	 	(i)	 required or advisable to do so by Applicable Law, the rules and regulations of any stock exchange or in any
lawful and compelling enquiry by any governmental, official or regulatory body; 

  

	 	(ii)	 the Confidential Information is or becomes publicly available (other than by breach of this Agreement);

  

	 	(iii)	 the other Parties have given its prior written consent to such disclosure (such consent not to be unreasonably
withheld or delayed); and 

  

	 	(iv)	 such disclosure is to its professional advisers who are bound to such Party by a duty of confidence similar to
that set out in this Agreement. 

  
 42 

	 	(c)	 If a Party is required under any of the circumstances referred to in Section 11.9(b)(i) to disclose any
Confidential Information, the disclosing Party shall, to the extent legally permissible, use its reasonable endeavors to consult with the other Parties prior to any such disclosure. 

 

	 	(d)	 All press releases and other public relations activities of the Parties with regard to the contents of this
Agreement shall be mutually approved by the Parties in advance, such approval not to be unreasonably withheld or delayed. Notwithstanding anything to the contrary contained herein, after the Closing, Buyer and its Affiliates shall be permitted to
make such public communications regarding this Agreement or the transactions contemplated herein as Buyer and its Affiliates may determine is required under Applicable Law. 

 

	 	(e)	 Notwithstanding the above in this Section 11.9, (i) Sarcina and its Affiliates have the right to inform
their respective investors and potential investors in current and future funds, any CVC Person as well as each of their respective directors, officers, employees, financiers and advisers about the Transaction, and (ii) Buyer and its Affiliates
have the right to inform each of their respective directors, officers, employees, financiers, advisers, investors and potential investors about the transactions contemplated herein. 

 

	11.10	 Governing law and arbitration 

 

	 	(a)	 This Agreement is governed by the substantive laws of Sweden, without regard to its conflicts of law rules and
principles. In using English terms and concepts in the Agreement, the Parties have not intended to incorporate any legal standards other than those that would result from a translation of such terms and concepts into Swedish and/or an interpretation
of such terms and concepts under Swedish law. 

  

	 	(b)	 Any dispute, controversy or claim arising out of or in connection with this Agreement, or the breach,
termination or invalidity thereof, shall be finally settled by arbitration in accordance with the Arbitration Rules of the Arbitration Institute of the Stockholm Chamber of Commerce. The seat of arbitration shall be Stockholm and the arbitral
proceedings shall be conducted in the English language. The arbitral tribunal shall be composed of three arbitrators. 

  

	 	(c)	 The Parties undertake to ensure that all arbitration proceedings conducted in accordance with this Agreement
are kept confidential, unless otherwise required by law, or under relevant stock market regulations, or for the purpose of securing a Party’s own interests against the other Parties in relation to a dispute. This undertaking shall cover (among
other things) all information disclosed during the course of such proceedings, as well as any decision or award made or declared by the arbitral tribunal. 

 
  

 

  
 43 

 This Agreement has been executed in two (2) originals, of which the Sellers and the Buyer have received
one. 
  

					
	SARCINA HOLDINGS S.À R.L.	 		 	THE OTHER SELLERS
			
	/s/ Carmen André	 		 	/s/ Harald Schulz
	By: Carmen André	 		 	By: Harald Schulz (by Power of Attorney)
	 Title: Director (gérant) and authorized

signatory of Sarcina Holdings S.à r.l.
	 		 	
	
	GRAPHIC PACKAGING INTERNATIONAL EUROPE HOLDINGS B.V.
			
	/s/ Michael P. Doss	 		 	/s/ Stephen R. Scherger
	By: Michael P. Doss	 		 	By: Stephen R. Scherger

  
 44​

 Exhibit 4.37
​
KAIXIN AUTO HOLDINGS
2020 EQUITY INCENTIVE PLAN
The Kaixin Auto Holdings 2020 Equity Incentive Plan (the “Plan”) was adopted by the Board of Kaixin Auto Holdings, an exempted company with limited liability incorporated in the Cayman Islands (together with its successors and assigns, the “Company”) under the applicable laws and regulations of that jurisdiction.
ARTICLE 1
PURPOSE
The purpose of the Plan is to foster and promote the long-term financial success of the Company and its Subsidiaries and materially increase the value of the Company and its Subsidiaries by (a) encouraging the long-term commitment of the Employees, Consultants, and Outside Directors; (b) motivating performance of the Employees, Consultants, and Outside Directors by means of long-term performance related incentives; (c) encouraging and providing Employees, Consultants, and Outside Directors with an opportunity to obtain an ownership interest in the Company; (d) attracting and retaining outstanding Employees, Consultants, and Outside Directors by providing incentive compensation opportunities; and (e) enabling participation by Employees, Consultants, and Outside Directors in the long-term growth and financial success of the Company and its Subsidiaries.
ARTICLE 2
DEFINITIONS
For the purpose of the Plan, unless the context requires otherwise, the following terms shall have the meanings indicated:
“Award” means the grant of any Incentive Share Option, Nonqualified Share Option, Restricted Shares or Restricted Share Units whether granted singly or in combination (each individually referred to herein as an “Incentive”).
“Award Agreement” means a written agreement between a Participant and the Company which sets out the terms of the grant of an Award.
“Award Period” means the period set forth in the Award Agreement with respect to a Share Option during which the Share Option may be exercised, which shall commence on the Date of Grant and expire at the time set forth in the Award Agreement.
“Board” means the board of directors of the Company at a time when there are at least two (2) directors serving at the same time or the Sole Director at a time when there is only one (1) director serving.
“Change of Control” means any of the following: (i) Continuing Directors cease to constitute at least fifty percent (50%) of the members of the Board; (ii) the shareholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company; (iii) any consolidation, merger or share exchange of the Company in which the Company is not the continuing or surviving corporation or pursuant to which the Company’s Ordinary Shares would be converted into cash, securities or other property; or (iv) any sale, lease, exchange or other transfer (excluding transfer by way of pledge or hypothecation) in one transaction or a series of related transactions, of all or substantially all of the assets of the Company; provided, however, that a transaction described in clauses (iii) or (iv) shall not constitute a Change of
​
​

​

​

​
Control hereunder if after such transaction (I) Continuing Directors constitute at least fifty percent (50%) of the members of the board of directors of the continuing, surviving or acquiring entity, as the case may be or, if such entity has a parent entity directly or indirectly holding at least a majority of the voting power of the voting securities of the continuing, surviving or acquiring entity, Continuing Directors constitute at least fifty percent (50%) of the members of the board of directors of the entity that is the ultimate parent of the continuing, surviving or acquiring entity, and (II) the continuing, surviving or acquiring entity (or the ultimate parent of such continuing, surviving or acquiring entity) assumes all outstanding Awards granted under the Plan.
“Code” means the United States Internal Revenue Code of 1986, as amended.
“Committee” means the committee appointed or designated by the Board to administer the Plan in accordance with Article 3 of the Plan or, in the case no such committee is appointed, the Board.
“Company” means Kaixin Auto Holdings, an exempted company with limited liability incorporated in the Cayman Islands under the applicable laws and regulations of that jurisdiction, and any successor entity.
“Consultant” means any person performing advisory or consulting services for the Company or a Subsidiary or parent of the Company, with or without compensation, to whom the Company chooses to grant an Award in accordance with the Plan; provided, that bona fide services must be rendered by such person and such services shall not be rendered in connection with the offer or sale of securities in a capital raising transaction.
“Continuing Director(s)” means the Sole Director at the date of the Plan or Board members who (x) at the date of the Plan were directors or (y) become directors after the date of the Plan and whose election or nomination for election by the Company’s shareholders was approved by a vote of a majority of the directors then in office who were directors at the date of the Plan or whose election or nomination for election was previously so approved.
“Corporation” means any entity that (i) is defined as a corporation under Code Section 7701 and (ii) is the Company or is in an unbroken chain of corporations (other than the Company) beginning with the Company, if each of the corporations other than the last corporation in the unbroken chain owns shares possessing a majority of the total combined voting power of all classes of shares in one of the other corporations in the chain. For purposes of clause (ii) hereof, an entity shall be treated as a Corporation if it satisfies the definition of a corporation under Section 7701 of the Code.
“Date of Grant” means the effective date on which an Award is made to a Participant as set forth in the applicable Award Agreement.
“Employee” means common law employee (as defined in accordance with the Regulations and Revenue Rulings then applicable under Section 3401(c) of the Code) of the Company or any Subsidiary or parent of the Company.
“Equity Securities” means the Ordinary Shares, the preferred shares of the Company, any securities having voting rights in the election of the Board not contingent upon default, any securities evidencing an ownership interest in the Company, any securities convertible into or exercisable for any shares of the foregoing, and any agreement or commitment to issue any of the foregoing.
“Exchange Act” means the U.S. Securities Exchange Act of 1934.
​

2

​

​
“Fair Market Value” means, as of a particular date, (a) if the Ordinary Shares are listed on a national securities exchange, the closing sales price per Ordinary Share on the consolidated transaction reporting system for the principal securities exchange for the Ordinary Shares on that date, or, if there shall have been no such sale so reported on that date, on the last preceding date on which such a sale was so reported, (b) if the Ordinary Shares are not so listed or quoted, such amount as may be determined by the Committee (acting on the advice of an Independent Third Party, should the Board elect in its sole discretion to utilize an Independent Third Party for this purpose), in good faith, to be the fair market value per share of Ordinary Shares.
“Immediate Family” shall have the meaning as such term is defined in Rule 16a-1(e) promulgated under the Exchange Act.
“Incentive Share Option” means an incentive stock option within the meaning of Section 422 of the Code, granted pursuant to the Plan.
“Independent Third Party” means an individual or entity independent of the Company having experience in providing investment banking or similar appraisal or valuation services and with expertise generally in the valuation of securities or other property for purposes of the Plan. The Board may utilize one or more Independent Third Parties.
“Nonpublicly Traded” means not listed on a national securities exchange.
“Nonqualified Share Option” means a stock option granted pursuant to the Plan which does not satisfy the requirements of Section 422 of the Code.
“Option Price” means the price which must be paid by a Participant upon exercise of a Share Option to purchase one Ordinary Share.
“Ordinary Share” means the ordinary shares which the Company is currently authorized to issue or may in the future be authorized to issue, or any securities into which or for which the ordinary shares of the Company may be converted or exchanged, as the case may be, pursuant to the terms of the Plan.
“Outside Director” means a director of the Company or any Subsidiary of the Company who is not an Employee.
“Participant” means an Employee, Consultant, or Outside Director to whom an Award is granted under the Plan.
“Plan” means this Kaixin Auto Holdings 2020 Equity Incentive Plan, as amended from time to time.
“PRC” means the People’s Republic of China and, for the purposes of the Plan only, excludes the Special Administrative Region of Hong Kong, the Special Administrative Region of Macau, and Taiwan area.
“Restricted Share” means an Ordinary Share issued or transferred to a Participant pursuant to Section 6.5 of the Plan which is subject to restrictions or limitations set forth in the Plan and in the related Award Agreement.
“Restricted Share Unit” means the unfunded and unsecured right granted to a Participant pursuant to Section 6.6 of the Plan to receive an Ordinary Share (or equivalent) at a future date.
​

3

​

​
“Retirement” means any Termination of Service solely due to retirement upon or after attainment of age sixty-five (65), or permitted early retirement as determined by the Committee.
“Share Option” means a Nonqualified Share Option or an Incentive Share Option.
“Sole Director” means the director of the Company when there is only one (1) director serving at any given time.
“Subsidiary” means (i) any Corporation, (ii) any limited partnership, if the Company or any Corporation owns a majority of the general partnership interest and a majority of the limited partnership interests entitled to vote on the removal and replacement of the general partner, and (iii) any partnership, company or limited liability company, if the partners or members thereof are composed only of the Company, any Corporation or any limited partnership listed in clause (ii). “Subsidiaries” means more than one of any such Corporations, limited partnerships, partnerships, companies or limited liability companies.
“Termination of Service” occurs when a Participant who is an Employee or a Consultant ceases to serve as an Employee or Consultant, for any reason; or, when a Participant who is an Outside Director ceases to serve as a director of the Company and its Subsidiaries, for any reason.
“Total and Permanent Disability” means a Participant is qualified for long-term disability benefits under the Company’s or its Subsidiary’s disability plan or insurance policy; or, if no such plan or policy is then in existence or if the Participant is not eligible to participate in such plan or policy, that the Participant, because of ill health, physical or mental disability or any other reason beyond his or her control, is unable to perform his or her duties of employment for a period of six (6) continuous months, as determined in good faith by the Committee; provided, that, with respect to any Incentive Share Option, Total and Permanent Disability shall have the meaning given it under the rules governing incentive stock options under the Code.
ARTICLE 3
ADMINISTRATION
Subject to the terms of this Article 3, the Plan shall be administered by the Sole Director or the Board as the case may be, or by such committee of the Board as is designated by resolution of the Board to administer the Plan (the “Committee”).
The Committee shall consist of not fewer than two (2) persons. Any member of the Committee may be removed at any time, with or without cause, by resolution of the Board. Any vacancy occurring in the membership of the Committee may be filled by appointment by the Board. At any time there is no Committee to administer the Plan, any references in the Plan to the Committee shall be deemed to refer to the Sole Director or the Board as the case may be at that time.
The Committee shall select one of its members to act as its Chairman. A majority of the Committee shall constitute a quorum, and the act of a majority of the members of the Committee present at a meeting at which a quorum is present shall be the act of the Committee.
The Committee shall determine and designate from time to time the eligible persons to whom Awards will be granted and shall set forth in each related Award Agreement, where applicable, the Award Period, the Date of Grant, and such other terms, provisions, limitations, and performance requirements, as are approved by the Committee, but not inconsistent with the Plan. The Committee shall determine whether an Award shall include one type of Incentive or two or more Incentives granted in combination. All decisions with respect to any Award, and the terms and conditions thereof, to be granted under the Plan to
​

4

​

​
any member of the Committee shall be made solely and exclusively by the other members of the Committee, or if such member is the only member of the Committee, by the Board.
The Committee, in its discretion and to the fullest extent permitted by law, shall (i) interpret the Plan, (ii) prescribe, amend, and rescind any rules and regulations necessary or appropriate for the administration of the Plan, (iii) establish performance goals for an Award and certify the extent of their achievement, (iv) make such other determinations or certifications and take such other action as it deems necessary or advisable in the administration of the Plan and (v) implement any procedures or steps or additional or different requirements as may be necessary to comply with any relevant laws of the PRC that may be applicable to the Plan, any Award pursuant to the Plan or any related documents, including but not limited to foreign exchange laws, tax laws and securities laws of the PRC. Any interpretation, determination, or other action made or taken by the Committee shall be final, binding, and conclusive on all interested parties.
The Committee may delegate to officers of the Company, pursuant to a written delegation, the authority to perform specified functions under the Plan. Any actions taken by any officers of the Company pursuant to such written delegation of authority shall be deemed to have been taken by the Committee.
ARTICLE 4
ELIGIBILITY
Any Employee (including an Employee who is also a director or an officer), Outside Director, or Consultant whose judgment, initiative, and efforts contributed or may be expected to contribute to the successful performance of the Company is eligible to participate in the Plan; provided, that only Employees of a Corporation shall be eligible to receive Incentive Share Options.
The Committee, upon its own action, may grant, but shall not be required to grant, an Award to any Employee, Outside Director, or Consultant. Awards may be granted by the Committee at any time and from time to time to new Participants, or to then Participants, or to a greater or lesser number of Participants, and may include or exclude previous Participants, as the Committee shall determine.
Except as required by the Plan, Awards granted at different times need not contain similar provisions. The Committee’s determinations under the Plan (including without limitation determinations of which Employees, Outside Directors, or Consultants, if any, are to receive Awards, the form, amount and timing of such Awards, the terms and provisions of such Awards and the agreements evidencing same) need not be uniform and may be made by it selectively among Participants who receive, or are eligible to receive, Awards under the Plan.
ARTICLE 5
SHARES SUBJECT TO PLAN
5.1Number Available for Awards. Subject to adjustment as provided in Articles 11 and 12 hereof, the maximum number of Ordinary Shares that may be delivered pursuant to Awards granted under the Plan is 5,000,000. As required under U.S. Treasury Regulation Section 1.422-2(b)(3)(i), in no event will the number of Ordinary Shares that may be delivered pursuant to Incentive Share Options granted under the Plan exceed 5,000,000.
Shares to be issued may be made available from authorized but unissued Ordinary Shares, Ordinary Shares held by the Company in its treasury, or Ordinary Shares purchased by the Company on the open market or otherwise. During the term of the Plan, the Company will at all times reserve and keep available the number of Ordinary Shares that shall be sufficient to satisfy the requirements of the Plan.
​

5

​

​
5.2Reuse of Shares. Subject to Section 5.2(c) of the Plan, if, and to the extent:
(a)A Share Option or a Restricted Share Unit shall expire or terminate for any reason without having been exercised or settled in full, or in the event that a Share Option or a Restricted Share Unit is exercised or settled in a manner such that some or all of the Ordinary Shares relating to the Share Option or the Restricted Share Unit are not issued to the Participant (or beneficiary) (including as the result of the use of shares for withholding taxes), the Ordinary Shares subject thereto which have not become issued and outstanding shall (unless the Plan shall have sooner terminated) become available for issuance under the Plan; in addition, with respect to any share- for-share exercise or cashless exercise pursuant to Section 8.3 of the Plan or otherwise, only the “net” shares issued shall be deemed to have become issued and outstanding for purposes of the Plan as a result thereof.
(b)If Restricted Shares under the Plan are repurchased for any reason, such Restricted Shares shall (unless the Plan shall have sooner terminated) become available for issuance under the Plan; provided, however, that if any dividends paid with respect to Restricted Shares were paid to the Participant prior to the repurchase thereof, such shares shall not be reused for grants or awards.
(c)In no event shall the number of Ordinary Shares subject to Incentive Share Options exceed, in the aggregate, twenty percent (20%) of the authorized Ordinary Shares plus shares subject to Incentive Share Options which are surrendered to the Company or terminated, or expire unexercised.
ARTICLE 6
GRANT OF AWARDS
6.1In General. The Company shall execute an Award Agreement with a Participant after the Committee approves the issuance of an Award. Any Award granted pursuant to the Plan must be granted within ten (10) years after the date of adoption of the Plan. The grant of an Award to a Participant shall not be deemed either to entitle the Participant to, or to disqualify the Participant from, receipt of any other Award under the Plan.
6.2Share Options. The grant of an Award of Share Options shall be authorized by the Committee and shall be evidenced by an Award Agreement setting forth: (i) the Incentive or Incentives being granted, (ii) the total number of Ordinary Shares subject to the Incentive(s), (iii) the Option Price, (iv) the Award Period, (v) the Date of Grant, and (vi) such other terms, provisions, limitations, and performance objectives, as are approved by the Committee, but not inconsistent with the Plan.
6.3Option Price. The Option Price for any Ordinary Shares which may be purchased under a Nonqualified Share Option for any Ordinary Shares may be less than, equal to, or greater than the Fair Market Value of the share on the Date of Grant.
The Option Price for any Ordinary Shares which may be purchased under an Incentive Share Option must be at least equal to the Fair Market Value of the share on the Date of Grant. If an Incentive Share Option is granted to an Employee who owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than ten percent (10%) of the combined voting power of all classes of shares of the Company (or any parent or Subsidiary of the Company), the Option Price shall be at least one hundred ten percent (110%) of the Fair Market Value of the Ordinary Shares on the Date of Grant.
Notwithstanding the foregoing, the Option Price for any Ordinary Shares which may be purchased under any Share Option shall not be less than the par value of the Ordinary Shares.
​

6

​

​
6.4Maximum Incentive Share Option Grants. The Committee may not grant Incentive Share Options under the Plan to any Employee which would permit the aggregate Fair Market Value (determined on the Date of Grant) of the Ordinary Shares with respect to which Incentive Share Options (under this and any other plan of the Company and its Subsidiaries) that are exercisable for the first time by such Employee during any calendar year to exceed one hundred thousand United States dollars (US$100,000). To the extent any Share Option granted under the Plan which is designated as an Incentive Share Option exceeds this limit or otherwise fails to qualify as an Incentive Share Option, such Share Option (or any such portion thereof) shall be a Nonqualified Share Option. In such case, the Committee shall designate which shares will be treated as Incentive Share Option shares by causing the issuance of a separate share certificate and identifying such shares as Incentive Share Option shares on the Company’s share transfer records.
6.5Restricted Shares. If Restricted Shares are granted to or received by a Participant under an Award (including a Share Option), the Committee shall set forth in the related Award Agreement: (i) the number of Ordinary Shares awarded, (ii) the price, if any, to be paid by the Participant for such Restricted Shares, (iii) the time or times within which such Award may be subject to repurchase, (iv) specified performance goals of the Company, a Subsidiary of the Company, any division thereof or any group of Employees, or other criteria, which the Committee determines must be met in order to remove any restrictions (including vesting) on such Award, and (v) all other terms, limitations, restrictions, and conditions of the Restricted Shares, which shall be consistent with the Plan. The provisions of Restricted Shares need not be the same with respect to each Participant. If the Committee establishes a purchase price for an Award of Restricted Shares, the Participant must accept such Award within a period of thirty (30) days (or such shorter period as the Committee may specify) after the Date of Grant by executing the applicable Award Agreement and paying such purchase price.
(a)Legend on Shares. Each Participant who is awarded or receives Restricted Shares shall be issued a share certificate or certificates in respect of such Ordinary Shares. Such certificate(s) shall be registered in the name of the Participant, and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Shares, substantially as provided in Section 15.12 of the Plan.
The Committee may require that the share certificates evidencing Restricted Shares be held in custody by the Company until the restrictions thereon shall have lapsed.
(b)Restrictions and Conditions. Restricted Shares shall be subject to the following restrictions and conditions:
(i)Subject to the other provisions of the Plan and the terms of the particular Award Agreements, during such period as may be determined by the Committee commencing on the Date of Grant or the date of exercise of an Award (the “Restriction Period”), the Participant shall not be permitted to sell, transfer, pledge or assign Restricted Shares. Except for these limitations, the Committee may in its sole discretion, remove any or all of the restrictions on such Restricted Shares whenever it may determine that, by reason of changes in applicable laws or other changes in circumstances arising after the date of the Award, such action is appropriate.
(ii)Except as provided in Section 6.5(b)(i) or in the applicable Award Agreement, the Participant shall have, with respect to his or her Restricted Shares, all of the rights of a shareholder of the Company, including the right to vote the shares and the right to receive any dividends thereon; provided, that, any dividends payable with respect to unvested Restricted Shares shall be held by the Company and shall only be paid to Participant if and when the Restriction Period lapses with respect to the Restricted Share to which such dividend relates. Certificates for Ordinary Shares free of restriction
​

7

​

​
under the Plan and which have not been repurchased under the provisions of the Plan and the applicable Award Agreement shall be delivered to the Participant promptly after, and only after, the Restriction Period shall expire in respect of such Ordinary Shares. Certificates for the Ordinary Shares repurchased under the provisions of the Plan and the applicable Award Agreement shall be promptly returned to the Company by the Participant. Each Award Agreement shall require that (x) each Participant, by his or her acceptance of Restricted Shares, shall irrevocably grant to the Company a power of attorney to consent to the repurchase of any unvested shares to the Company and agrees to execute any documents requested by the Company in connection with such repurchase, and (y) such provisions regarding returns and transfers of share certificates with respect to repurchased Ordinary Shares shall be specifically performable by the Company in a court of equity or law.
(iii)The Restriction Period of Restricted Shares shall commence on the Date of Grant or the date of exercise of an Award, as specified in the Award Agreement, and, subject to Article 12 of the Plan, unless otherwise established by the Committee in the Award Agreement setting forth the terms of the Restricted Shares, shall expire upon satisfaction of the conditions set forth in the Award Agreement; such conditions may provide for vesting based on (i) length of continuous service, (ii) achievement of specific business objectives, (iii) increases in specified indices, (iv) attainment of specified growth rates, or (v) other comparable measurements of Company performance, as may be determined by the Committee in its sole discretion.
(iv)Except as otherwise provided in the particular Award Agreement, upon Termination of Service for any reason during the Restriction Period, all unvested Restricted Shares shall be repurchased by the Company from the Participant. If the Participant has paid any monetary consideration to the Company for such repurchased Restricted Shares, the Company shall pay to Participant, as soon as practicable after the event causing repurchase, in cash, an amount equal to the lesser of the total monetary consideration paid by the Participant for such repurchased shares or the aggregate Fair Market Value of such repurchased shares as of the date of Termination of Service, and, if the Participant did not pay any monetary consideration to the Company for such repurchased Restricted Shares, such repurchased Restricted Shares shall be surrendered to the Company for no consideration. Upon any repurchase or surrender, all rights of the Participant with respect to the repurchased or surrendered Restricted Shares shall cease and terminate, without any further obligation on the part of the Company. The Participant, by the Participant’s acceptance of Restricted Shares, shall irrevocably grant to the Company a power of attorney to consent to the repurchase or surrender of any unvested Restricted Shares to the Company and agrees to execute any documents requested by the Company in connection with such repurchase. Provisions regarding returns and transfers of share certificates with respect to repurchased Ordinary Shares shall be specifically performable by the Company in a court of equity or law.
6.6Restricted Share Units. The Committee, at any time and from time to time, may grant Restricted Share Units to Participants as the Committee, in its sole discretion, shall determine. The Committee, in its sole discretion, shall determine the number of Restricted Share Units to be granted to each Participant.
(a)Restricted Share Units Award Agreement. Each Award of Restricted Share Units shall be evidenced by an Award Agreement that shall specify any vesting conditions, the number of Restricted Share Units granted, and such other terms and conditions as the Committee, in its sole discretion, shall determine.
(b)Performance Objectives and Other Terms. The Committee, in its discretion, may set performance objectives or other vesting criteria which, depending on the extent to which they are met, will determine the number or value of Restricted Share Units that will be paid out to the Participants.
​

8

​

​
(c)Form and Timing of Payment of Restricted Share Units. At the time of grant, the Committee shall specify the date or dates on which the Restricted Share Units shall become fully vested. Upon vesting, the Committee, in its sole discretion, may pay Restricted Share Units in the form of cash, in Ordinary Shares or in a combination thereof.
(d)Surrender/Repurchase. Except as otherwise determined by the Committee at the time of the grant of the Award or thereafter, upon Termination of Service during the applicable Restriction Period, Restricted Share Units that are at that time unvested shall be surrendered to the Company or repurchased in accordance with the Award Agreement; provided, however, the Committee may (i) provide in any Restricted Share Unit Award Agreement that restrictions or surrender and repurchase conditions relating to Restricted Share Units will be waived in whole or in part in the event of terminations resulting from specified causes, and (ii) in other cases waive in whole or in part restrictions or surrender and repurchase conditions relating to Restricted Share Units.
6.7Maximum Individual Grants. No Participant may receive during any fiscal year of the Company Awards covering an aggregate of more than one percent (1%) of the authorized Ordinary Shares.
ARTICLE 7
AWARD PERIOD; VESTING
7.1Award Period.
(a)Subject to the other provisions of the Plan, the Committee shall specify in the Award Agreement the Award Period for a Share Option. No Share Option granted under the Plan may be exercised at any time after the end of its Award Period. The Award Period for any Share Option shall be no more than ten (10) years from the Date of Grant of the Share Option. However, if an Employee owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than ten percent (10%) of the combined voting power of all classes of shares of the Company (or any parent or Subsidiary of the Company) and an Incentive Share Option is granted to such Employee, the Award Period of such Incentive Share Option (to the extent required by the Code at the time of grant) shall be no more than five (5) years from the Date of Grant.
(b)In the event of Termination of Service of a Participant, the Award Period for a Share Option shall be reduced or terminated in accordance with the Award Agreement.
7.2Vesting. The Committee, in its sole discretion, may determine that an Incentive will be immediately vested in whole or in part, or that all or any portion may not be vested until a date, or dates, subsequent to its Date of Grant, or until the occurrence of one or more specified events, subject in any case to the terms of the Plan. If the Committee imposes conditions upon vesting, then, subsequent to the Date of Grant, the Committee may, in its sole discretion, accelerate the date on which all or any portion of the Incentive may be vested.
ARTICLE 8
EXERCISE OF INCENTIVE
8.1In General. The Committee, in its sole discretion, may determine that a Share Option will be immediately exercisable, in whole or in part, or that all or any portion may not be exercised until a date, or dates, subsequent to its Date of Grant, or until the occurrence of one or more specified events, subject in any case to the terms of the Plan. If a Share Option is exercisable prior to the time it is vested, the Ordinary Shares obtained on the exercise of the Share Option shall be Restricted Shares which is subject to the applicable provisions of the Plan and the Award Agreement. If the Committee imposes conditions upon
​

9

​

​
exercise, then subsequent to the Date of Grant, the Committee may, in its sole discretion, accelerate the date on which all or any portion of the Share Option may be exercised. No Share Option may be exercised for a fractional Ordinary Share. The granting of a Share Option shall impose no obligation upon the Participant to exercise that Share Option.
8.2Securities Law and Exchange Restrictions. In no event may an Incentive be exercised or Ordinary Shares be issued pursuant to an Award if a necessary listing or quotation of the Ordinary Shares on a stock exchange or inter-dealer quotation system or any registration under state or federal securities laws required under the circumstances has not been accomplished.
8.3Exercise of Share Option.
(a)Notice and Payment. Subject to such administrative regulations as the Committee may from time to time adopt, a Share Option may be exercised by the delivery of written notice to the Committee setting forth the number of Ordinary Shares with respect to which the Share Option is to be exercised and the date of exercise thereof (the “Exercise Date”), which shall be at least three (3) days after giving such notice unless an earlier time shall have been mutually agreed upon.
On the Exercise Date, the Participant shall deliver to the Company consideration with a value equal to the total Option Price of the shares to be purchased, payable in any one of the following methods: (a) cash, check, bank draft, or money order payable to the order of the Company, (b) the surrender of Ordinary Shares (including Restricted Shares) owned by the Participant on the Exercise Date, valued at their Fair Market Value on the Exercise Date, and which the Participant has not acquired from the Company within six (6) months prior to the Exercise Date, (c) if the Ordinary Shares are no longer Nonpublicly Traded, by delivery (including by FAX) to the Company or its designated agent of an executed irrevocable option exercise form together with irrevocable instructions from the Participant to a broker or dealer, reasonably acceptable to the Company, to sell certain of the Ordinary Shares purchased upon exercise of the Share Option or to pledge such shares as collateral for a loan and promptly deliver to the Company the amount of sale or loan proceeds necessary to pay such purchase price, and/or (d) in any other form of valid consideration that is acceptable to the Committee in its sole discretion.
In the event that Restricted Shares are tendered as consideration for the exercise of a Share Option, a number of Ordinary Shares issued upon the exercise of the Share Option equal to the value of Restricted Shares used as consideration therefor shall be subject to the same restrictions and provisions as the Restricted Shares so tendered.
The Committee may take all actions necessary to alter the method of exercise of the Share Option and the exchange and transmittal of proceeds with respect to Participants who are residents in the PRC in order to comply with applicable PRC foreign exchange and tax regulations and any other applicable PRC laws and regulations.
(b)Issuance of Certificate. Except as otherwise provided in Section 6.5 hereof (with respect to Restricted Shares) or in the applicable Award Agreement, upon payment of all amounts due from the Participant, the Company shall cause certificates for the Ordinary Shares then being purchased to be delivered as directed by the Participant (or the person exercising the Participant’s Share Option in the event of his death) at its principal business office promptly after the Exercise Date; provided, that if the Participant has exercised an Incentive Share Option, the Company may at its option retain physical possession of the certificate evidencing the shares acquired upon exercise until the expiration of the holding periods described in Section 422(a)(1) of the Code.
​

10

​

​
The obligation of the Company to deliver Ordinary Shares shall, however, be subject to the condition that, if at any time the Committee shall determine in its discretion that the listing, registration, or qualification of the Share Option or the Ordinary Shares upon any securities exchange or inter-dealer quotation system or under any state or federal law, or the consent or approval of any governmental regulatory body, is necessary as a condition of, or in connection with, the Share Option or the issuance or purchase of Ordinary Shares thereunder, the Share Option may not be exercised in whole or in part unless such listing, registration, qualification, consent, or approval shall have been effected or obtained free of any conditions not reasonably acceptable to the Committee.
(c)Failure to Pay. If the Participant fails to pay for any of the Ordinary Shares specified in the written notice to the Committee specified in Section 8.3(a) of the Plan or fails to accept delivery thereof, the Participant’s Share Option and right to purchase such Ordinary Shares shall be surrendered to the Company.
8.4Disqualifying Disposition of Incentive Share Option. If Ordinary Shares acquired upon exercise of an Incentive Share Option are disposed of by a Participant prior to the expiration of either two (2) years from the Date of Grant of such Share Option or one (1) year from the transfer of Ordinary Shares to the Participant pursuant to the exercise of such Share Option, or in any other disqualifying disposition within the meaning of Section 422 of the Code, such Participant shall notify the Company in writing of the date and terms of such disposition. A disqualifying disposition by a Participant shall not affect the status of any other Share Option granted under the Plan as an incentive stock option within the meaning of Section 422 of the Code.
ARTICLE 9
AMENDMENT OR DISCONTINUANCE
Subject to the limitations set forth in this Article 9, the Board may at any time and from time to time, without the consent of the Participants, alter, amend, revise, suspend, or discontinue the Plan in whole or in part; provided, however, that no amendment which requires shareholder approval in order for the Plan and Incentives awarded under the Plan to continue to comply with Sections 421 and 422 of the Code, including any successors to such Sections, shall be effective unless such amendment shall be approved by the requisite vote of the shareholders of the Company entitled to vote thereon. Any such amendment shall, to the extent deemed necessary or advisable by the Committee, be applicable to any outstanding Incentives theretofore granted under the Plan, notwithstanding any contrary provisions contained in any Award Agreement. In the event of any such amendment to the Plan, the holder of any Incentive outstanding under the Plan shall, upon request of the Committee and as a condition to the exercisability thereof, execute a conforming amendment in the form prescribed by the Committee to any Award Agreement relating thereto. Notwithstanding anything contained in the Plan to the contrary, unless required by law, no action contemplated or permitted by this Article 9 shall adversely affect any rights of Participants or obligations of the Company to Participants with respect to any Incentive theretofore granted under the Plan without the consent of the affected Participant.
ARTICLE 10
TERM
The Plan shall be effective from the date that the Plan is approved by the Board. Unless sooner terminated by action of the Board, the Plan will terminate on November 16, 2030, but Incentives granted before that date will continue to be effective in accordance with their terms and conditions.
​

11

​

​
ARTICLE 11
CAPITAL ADJUSTMENTS
In the event that the Committee shall determine that any dividend or other distribution (whether in the form of cash, Ordinary Shares, other securities, or other property), recapitalization, stock split, reverse stock split, rights offering, reorganization, merger, consolidation, split-up, spin-off, split-off, combination, subdivision, repurchase, or exchange of Ordinary Shares or other securities of the Company, issuance of warrants or other rights to purchase Ordinary Shares or other securities of the Company, or other similar corporate transaction or event (including a Change of Control) affects the Ordinary Shares such that an adjustment is determined by the Committee to be appropriate to prevent the dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or all of the (i) the number of shares and type of Ordinary Shares (or the securities or property) which thereafter may be made the subject of Awards,(ii) the number of shares and type of Ordinary Shares (or other securities or property) subject to outstanding Awards,(iii) the number of shares and type of Ordinary Shares (or other securities or property) specified as the annual per-participant limitation under Section 6.6 of the Plan, (iv) the number of shares and type of Ordinary Shares (or other securities or property) specified as the annual per-participant limitation under Section 6.6 of the Plan, (v) the Option Price of each outstanding Award, and (vi) the amount, if any, the Company pays for Ordinary Shares surrendered to the Company in accordance with Section 6.5; provided, however, that the number of Ordinary Shares (or other securities or property) subject to any Award shall always be a whole number. In lieu of the foregoing, if deemed appropriate, the Committee may make provision for a cash payment to the holder of an outstanding Award.
Notwithstanding the foregoing, no such adjustment or cash payment shall be made or authorized to the extent that such adjustment or cash payment would cause the Plan or any Share Option to violate Section 422 of the Code. Such adjustments shall be made in accordance with the rules of any securities exchange, stock market, or stock quotation system to which the Company is subject.
Upon the occurrence of any such adjustment or cash payment, the Company shall provide notice to each affected Participant of its computation of such adjustment or cash payment which shall be conclusive and shall be binding upon each such Participant.
ARTICLE 12
RECAPITALIZATION, MERGER AND CONSOLIDATION
12.1No Effect on Company’s Authority. The existence of the Plan and Incentives granted hereunder shall not affect in any way the right or power of the Company or its shareholders to make or authorize any or all adjustments, recapitalizations, reorganizations, or other changes in the Company’s capital structure and its business, or any merger or consolidation of the Company, or any issuance of bonds, debentures, preferred or preference shares ranking prior to or otherwise affecting the Ordinary Shares or the rights thereof (or any rights, options, or warrants to purchase the same), or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding (including a Change of Control), whether of a similar character or otherwise.
12.2Conversion of Incentives Where Company Survives. Subject to any required action by the shareholders, if the Company shall be the surviving or resulting corporation (or company) in any merger, consolidation, or share exchange that leads to Change of Control, any Incentives granted under the Plan shall be deemed vested immediately, and shall pertain to and apply to the securities or rights (including cash, property, or assets) to which a holder of the number of Ordinary Shares subject to the Incentives would have been entitled.
​

12

​

​
12.3Exchange or Cancellation of Incentives Where Company Does Not Survive. In the event of any merger, consolidation, share exchange, or Change of Control pursuant to which the Company is not the surviving or resulting corporation (or company), any Incentives granted under the Plan shall be deemed vested immediately, and there shall be substituted for each Ordinary Share subject to the unexercised portions of outstanding Share Options, that number of shares of each class of shares or other securities or that amount of cash, property, or assets of the surviving, resulting or consolidated corporation (or company) which were distributed or distributable to the shareholders of the Company in respect to each Ordinary Share held by them, such outstanding Share Options to be thereafter exercisable for such shares, securities, cash, or property in accordance with their terms.
Notwithstanding the foregoing, however, all Share Options may be canceled by the Company as of the effective date of any such reorganization, merger, consolidation, share exchange, or Change of Control, or any dissolution or liquidation of the Company, by giving notice to each holder (or such holder’s personal representative) thereof of its intention to do so and by permitting the purchase during the thirty (30) day period preceding such effective date of all of the Ordinary Shares (whether or not vested) subject to such outstanding Share Options.
ARTICLE 13
LIQUIDATION OR DISSOLUTION
Subject to Section 12.3 hereof, in case the Company shall, at any time while any Incentive under the Plan shall be in force and remain unexpired, (i) sell all or substantially all of its property, or (ii) dissolve, liquidate, or wind up its affairs, then each Participant shall be entitled to receive, in lieu of each Ordinary Share such Participant would have been entitled to receive under the Incentive, the same kind and amount of any securities or assets as may be issuable, distributable, or payable upon any such sale, dissolution, liquidation, or winding up with respect to each Ordinary Share.
If the Company shall, at any time prior to the expiration of any Incentive, make any partial distribution of its assets, in the nature of a partial liquidation, whether payable in cash or in kind (but excluding the distribution of a cash dividend payable out of earned surplus and designated as such) then in such event the Option Prices then in effect with respect to each Share Option shall be reduced, on the payment date of such distribution, in proportion to the percentage reduction in the tangible book value of the Ordinary Shares (determined in accordance with generally accepted accounting principles) resulting by reason of such distribution.
ARTICLE 14
INCENTIVES IN SUBSTITUTION FOR INCENTIVES GRANTED BY OTHER ENTITIES
Incentives may be granted under the Plan from time to time in substitution for similar instruments held by employees or directors of a corporation, partnership, company, or limited liability company who become or are about to become Employees or Outside Directors as a result of a merger or consolidation of the employing corporation (or company) with the Company, the acquisition by the Company of equity of the employing entity, or any other similar transaction (including a Change of Control) pursuant to which the Company becomes the successor employer. The terms and conditions of the substitute Incentives so granted may vary from the terms and conditions set forth in the Plan to such extent as the Committee at the time of grant may deem appropriate to conform, in whole or in part, to the provisions of the Incentives in substitution for which they are granted.
​

13

​

​
ARTICLE 15
MISCELLANEOUS PROVISIONS
15.1Investment Intent. The Company may require that there be presented to and filed with it by any Participant under the Plan, such evidence as it may deem necessary to establish that the Incentives granted or the Ordinary Shares to be purchased or transferred are being acquired for investment and not with a view to their distribution.
15.2Nonpublicly Traded Ordinary Shares. In the event a Participant receives, as Restricted Shares or pursuant to the exercise of a Share Option, Ordinary Shares that are Nonpublicly Traded (as defined herein), without prejudice to Section 6.5(b)(i) of the Plan, the Committee may impose restrictions and conditions on the transfer or other disposition of those shares. The restrictions and conditions may be reflected in the Award Agreement or in a separate shareholders’ agreement.
15.3No Right to Continued Employment. Neither the Plan nor any Incentive granted under the Plan shall confer upon any Participant any right with respect to continuance of employment by the Company or any Subsidiary of the Company.
15.4Indemnification of Board and Committee. No member of the Board or the Committee, nor any officer or Employee of the Company acting on behalf of the Board or the Committee, shall be personally liable for any action, determination, or interpretation taken or made in good faith with respect to the Plan, and all members of the Board and the Committee, each officer of the Company, and each Employee acting on behalf of the Board or the Committee shall, to the extent permitted by law, be fully indemnified and protected by the Company in respect of any such action, determination, or interpretation.
15.5Effect of the Plan. Neither the adoption of the Plan nor any action of the Board or the Committee shall be deemed to give any person any right to be granted an Award or any other rights except as may be evidenced by an Award Agreement, or any amendment thereto, duly authorized by the Committee and executed on behalf of the Company, and then only to the extent and upon the terms and conditions expressly set forth therein.
15.6Governing Law. The Plan shall be governed by and construed in accordance with laws of the Cayman Islands, without giving effect to conflicts of law principles.
15.7Compliance with Other Laws and Regulations. Notwithstanding anything contained herein to the contrary, the Company shall not be required to sell or issue Ordinary Shares under any Incentive if the issuance thereof would constitute a violation by the Participant or the Company of any provisions of any law or regulation of any governmental authority or any national securities exchange or inter-dealer quotation system or other forum in which Ordinary Shares are quoted or traded; and, as a condition of any sale or issuance of Ordinary Shares under an Incentive, the Committee may require such agreements or undertakings, if any, as the Committee may deem necessary or advisable to assure compliance with any such law or regulation. The Plan, the grant and exercise of Incentives hereunder, and the obligation of the Company to sell and deliver Ordinary Shares, shall be subject to all applicable federal and state laws, rules and regulations and to such approvals by any government or regulatory agency as may be required.
15.8Lock-up Agreement. The Company may require that an Award Agreement include a provision requiring a Participant to agree that in connection with an underwritten public offering of Ordinary Shares, upon the request of the Company or the principal underwriter managing such public offering, no Ordinary Shares received by the Participant under such Award Agreement may be sold, offered for sale or otherwise disposed of without the prior written consent of the Company or such underwriter, as
​

14

​

​
the case may be, for one hundred eighty (180) days after the effectiveness of the registration statement filed in connection with such offering, or such longer period of time as the Board may determine, if all of the Company’s directors and officers agree to be similarly bound. The obligations under this Section 15.8 shall remain effective for all underwritten public offerings with respect to which the Company has filed a registration statement on or before the date five (5) years after the closing of the Company’s initial public offering, provided, however, that this Section 15.8 shall cease to apply to any such Ordinary Shares sold to the public pursuant to an effective registration statement or an exemption from the registration requirements of the United States Securities Act of 1933 in a transaction that complied with the terms of the applicable Award Agreement.
15.9Tax Requirements. The Company shall have the right to deduct from all amounts hereunder paid in cash or other form, any federal, state, or local taxes required by law (including taxes in the PRC where applicable) to be withheld with respect to such payments. The Participant receiving Ordinary Shares issued under the Plan shall be required to pay the Company the amount of any taxes which the Company is required to withhold with respect to such Ordinary Shares (including the sale of Ordinary Shares as may be required to comply with foreign exchange rules in the PRC for Participants resident in the PRC).
Notwithstanding the foregoing, in the event of an assignment of a Nonqualified Share Option pursuant to Section 15.10, the Participant who assigns the Nonqualified Share Option shall remain subject to withholding taxes upon exercise of the Nonqualified Share Option by the transferee to the extent required by the Code or the rules and regulations promulgated thereunder.
Such payments shall be required to be made prior to the delivery of any certificate representing such Ordinary Shares. Such payment may be made (i) by the delivery of cash to the Company in an amount that equals or exceeds (to avoid the issuance of fractional shares under (iii) below) the required tax withholding obligation of the Company; (ii) the actual delivery by the exercising Participant to the Company of Ordinary Shares that the Participant has not acquired from the Company within six (6) months prior to the date of exercise, which shares so delivered have an aggregate Fair Market Value that equals or exceeds (to avoid the issuance of fractional shares under (iii) below) the required tax withholding payment; (iii) the Company’s withholding of a number of shares to be delivered upon the exercise of the Share Option, which shares so withheld have an aggregate Fair Market Value that equals (but does not exceed) the required tax withholding payment; or (iv) any combination of (i), (ii), or (iii).
15.10No Transferability; Limited Exception to Transfer Restrictions.
(a)Limits on Transfer. Unless otherwise expressly provided in (or pursuant to) this Section 15.10, by applicable law and by the Award Agreement, as the same may be amended:
(i)all Awards are nontransferable and will not be subject in any manner to sale, transfer, anticipation, alienation, assignment, pledge, encumbrance or charge;
(ii)Awards will be exercised only by the Participant; and
(iii)amounts payable or shares issuable pursuant to an Award will be delivered only to (or for the account of), and, in the case of Ordinary Shares, registered in the name of, the Participant.
In addition, the Ordinary Shares shall be subject to the restrictions set forth in the applicable Award Agreement.
​

15

​

​
(b)Exceptions to Limits on Transfer. The exercise and transfer restrictions in Section 15.10(a) will not apply to:
(i)transfers to the Company or a Subsidiary of the Company;
(ii)the designation of a beneficiary to receive benefits if the Participant dies or, if the Participant has died, transfers to or exercises by the Participant’s beneficiary, or, in the absence of a validly designated beneficiary, transfers by will or the laws of descent and distribution; or
(iii)if the Participant has suffered a disability, permitted transfers or exercises on behalf of the Participant by the Participant’s duly authorized legal representative; or
(iv)subject to the prior approval of the Committee or an executive officer or director of the Company authorized by the Committee, transfer, by gift or other means, to one or more natural persons who are the Participant’s Immediate Family or entities owned and controlled by the Participant and/or the Participant’s Immediate Family, including but not limited to trusts or other entities whose beneficiaries or beneficial owners are the Participant and/or the Participant’s Immediate Family, or to such other persons or entities as may be expressly approved by the Committee, pursuant to such conditions and procedures as the Committee may establish. Any permitted transfer shall be subject to the condition that the Committee receives evidence satisfactory to it that the transfer is being made for estate and/or tax planning purposes and on a basis consistent with the Company’s lawful issue of securities.
Notwithstanding anything else in this Section 15.10(b) to the contrary, but subject to compliance with all applicable laws, Incentive Share Options, Restricted Shares and Restricted Share Units will be subject to any and all transfer restrictions under the Code applicable to such Awards or necessary to maintain the intended tax consequences of such Awards.
15.11Use of Proceeds. Proceeds from the sale of Ordinary Shares pursuant to Incentives granted under the Plan shall constitute general funds of the Company.
15.12Legend. Each certificate representing Restricted Shares issued to a Participant shall bear the following legend, or a similar legend deemed by the Company to constitute an appropriate notice of the provisions hereof (any such certificate not having such legend shall be surrendered upon demand by the Company and so endorsed):
On the face of the certificate:
“Transfer of these shares is restricted in accordance with conditions printed on the reverse of this certificate.”
On the reverse:
“The shares evidenced by this certificate are subject to and transferrable only in accordance with that certain Kaixin Auto Holdings 2020 Equity Incentive Plan, a copy of which is on file at the principal office of the Company. No transfer or pledge of the shares evidenced hereby may be made except in accordance with and subject to the provisions of said Plan. By acceptance of this certificate, any holder, transferee or pledgee hereof agrees to be bound by all of the provisions of said Plan.”
The following legend shall be inserted on a certificate evidencing Ordinary Shares issued under the Plan if the shares were not issued in a transaction registered under the applicable federal and state securities laws:
​

16

​

​
“Shares represented by this certificate have been acquired by the holder for investment and not for resale, transfer or distribution, have been issued pursuant to exemptions from the registration requirements of applicable state and federal securities laws, and may not be offered for sale, sold or transferred other than pursuant to effective registration under such laws, or in transactions otherwise in compliance with such laws, and upon evidence satisfactory to the Company of compliance with such laws, as to which the Company may rely upon an opinion of counsel satisfactory to the Company.”
A copy of the Plan shall be kept on file in the principal office of the Company.
***************
WHEREOF, the Company has caused this instrument to be executed as of November 16, 2020 by a director.
​
	​

	

	

	​
	Kaixin Auto Holdings

	​
	​

	​
	​

	​
	By:
	/s/ James Liu

	​
	Name:
	James Liu

	​
	Director

​

17

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}]]