Document:

Option Agreement

 Exhibit 10.6 
 7 MAY 2009 
 OPTION AGREEMENT 
 relating to shares in 
 LION/RALLY CAYMAN 6 
 between 
 LION/ RALLY CAYMAN 4 

 and 
 LION/RALLY
CAYMAN 5 
 and 
 LION/RALLY CAYMAN 7 L.P. 
 and 
 CENTRAL EUROPEAN DISTRIBUTION CORPORATION 
 WEIL, GOTSHAL &
MANGES 
 One South Place London EC2M 2WG 
 Tel: +44 (0) 20 7903 1000    Fax: +44 (0) 20 7903 0990 
 www.weil.com

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 1
	  	 INTERPRETATION
	  	1
			
	 2
	  	 GRANT OF PUT AND CALL OPTIONS
	  	16
			
	 3
	  	 EXERCISE AND COMPLETION OF PUT AND CALL OPTIONS
	  	18
			
	 4
	  	 COMPLETION OF THE SALE OF SHARES UNDER PUT AND CALL OPTIONS
	  	20
			
	 5
	  	 CONSIDERATION PAYABLE FOR GRANT OF CAYMAN 7 CALL OPTIONS
	  	22
			
	 6
	  	 ANTITRUST OBLIGATIONS
	  	27
			
	 7
	  	 DEFERRAL OF ISSUE OF SHARES AND WARRANTS
	  	28
			
	 8
	  	 ADJUSTMENTS TO INITIAL CASH AMOUNTS AND ADDITIONAL CONSIDERATION
	  	30
			
	 9
	  	 OFFER TO INITIAL SELLER PARTIES
	  	35
			
	 10
	  	 WARRANTIES AND UNDERTAKINGS
	  	36
			
	 11
	  	 CEDC GUARANTEE
	  	37
			
	 12
	  	 DEFAULT
	  	38
			
	 13
	  	 SECURITY
	  	39
			
	 14
	  	 US TAX COMPLIANCE
	  	39
			
	 15
	  	 ASSIGNMENT
	  	39
			
	 16
	  	 ENTIRE AGREEMENT
	  	39
			
	 17
	  	 VARIATION
	  	39
			
	 18
	  	 WAIVER
	  	40
			
	 19
	  	 ILLEGALITY AND SEVERANCE
	  	40
			
	 20
	  	 RIGHTS OF THIRD PARTIES
	  	40
			
	 21
	  	 COUNTERPARTS
	  	40
			
	 22
	  	 NOTICES
	  	41
			
	 23
	  	 JURISDICTION
	  	42
			
	 24
	  	 GOVERNING LAW
	  	42
		
	 SCHEDULE 1     INFORMATION ABOUT THE COMPANY
	  	43
		
	 SCHEDULE 2     CONSIDERATION PAYABLE
	  	44
		
	 SCHEDULE 3     FORM OF OPTION NOTICES
	  	45

  

 i 

 THIS AGREEMENT is made on 7 May 2009 between the following parties: 
  

	 (1)
	 LION/RALLY CAYMAN 4 a company incorporated in the Cayman Islands whose principal place of business is at c/o Stuarts Corporate Services Ltd., PO Box 2510
Grand Cayman KY1-1104, Cayman Islands (“Cayman 4”); 

  

	 (2)
	 LION/RALLY CAYMAN 5 a company incorporated in the Cayman Islands whose principal place of business is at c/o Stuarts Corporate Services Ltd., PO Box 2510
Grand Cayman KY1-1104, Cayman Islands (“Cayman 5”); 

  

	 (3)
	 LION/RALLY CAYMAN 7 L.P., a Cayman Exempted Limited Partnership whose principal place of business is at c/o Stuarts Corporate Services Ltd., PO Box 2510
Grand Cayman KY1-1104, Cayman Islands acting through its general partner Lion/Rally Cayman 8 (“Cayman 7”); and 

  

	 (4)
	 CENTRAL EUROPEAN DISTRIBUTION CORPORATION, a company incorporated in Delaware, whose principal place of business is at ul. Bobrowiecka 6, 02-728 Warszawa,
Poland (“CEDC”). 

 WHEREAS 
  

	 (A)
	 LION/RALLY CAYMAN 6 (the “Company”) was incorporated in the Cayman Islands on 30 April 2009 with registered number 225655 with its
principal place of business at c/o Stuarts Corporate Services Ltd., PO Box 2510 Grand Cayman KY1-1104, Cayman Islands. Particulars of the Company are set out in Schedule 1. 

  

	 (B)
	 The Holdcos (as defined below) have agreed to grant to Cayman 7 the Cayman 7 Call Options (as defined below), and Cayman 7 has agreed to grant to the
Holdcos the Holdco Put Option and the Holdco Call Option (each as defined below) on the terms of and subject to the conditions set out in this Agreement. 

  

	 (C)
	 CEDC has agreed, in consideration of Cayman 4 and Cayman 5 entering into this Agreement, to guarantee the obligations of Cayman 7 under this Agreement in
accordance with the terms set out in Clause 11 (CEDC Guarantee) and to issue shares of CEDC Common Stock (as defined below) and the Warrants (also as defined below) to Cayman 4 and Cayman 5. 

 IT IS AGREED as follows 
  

	 1
	 INTERPRETATION 

  

	 1.1
	 In this Agreement (including its recitals), the words and expressions set out below have the meanings given to each of them respectively:

  

			
	 “2009 Earnout Amount”
	  	 has the meaning given in Clause 8.4.1;

		
	 “2009 Group EBITDA”
	  	 has the meaning given in Clause 8.4.1;

		
	 “2009 Shares”
	  	 has the meaning given in Clause 5.2.1(a);

		
	 “2009 Shares Issue Date”
	  	 the date on which the 2009 Shares are issued;

		
	 “2009 Shares Registration
 Effective Date”
	  	 the date on which the registration statement filed under the Securities Act with the Securities and Exchange Commission to register the 2009 Shares is declared effective;

  

 1 

			
		
	 “2010 Shares”
	  	 has the meaning given in Clause 5.2.1(b)

		
	 “2011 Warrants”
	  	 the 1,490,550 warrants over CEDC Common Stock, exercisable on 31 May 2011, on the terms of the 2011 Warrants Instrument;

		
	 “2011 Warrants Instrument”
	  	 the warrant instrument issued by CEDC in the agreed form as set out in the Commitment Letter;

		
	 “2012 Shares”
	  	 has the meaning given in Clause 5.2.1(c);

		
	 “2012 Warrants”
	  	 the 300,000 warrants over CEDC Common Stock, exercisable on 31 July 2012, on the terms of the 2012 Warrants Instrument;

		
	 “2012 Warrants Instrument”
	  	 the warrant instrument issued by CEDC in the agreed form as set out in the Commitment Letter;

		
	 “2013 Warrants”
	  	 the 1,803,813 warrants over CEDC Common Stock, exercisable on 31 May 2013, on the terms of the 2013 Warrants Instrument;

		
	 “2013 Warrants Instrument”
	  	 the warrant instrument issued by CEDC in the agreed form as set out in the Commitment Letter;

		
	 “31 October 2009 Upside
 VWAP”
	  	 the Thirty Day VWAP of CEDC Common Stock on (x) the 2009 Shares Registration Effective Date; or (y) if the 2009 Shares Issue Date is earlier than the 2009 Shares Registration
Effective Date, and if the Holdcos notify CEDC in writing no later than the Business Day following the 2009 Shares Issue Date, the 2009 Shares Issue Date;

		
	 “Accounting Principles”
	  	 IFRS, or, if Cayman 5 elects, US GAAP, such election (if made) to be final and notified to the Parties in writing no later than 31 December 2009;

		
	 “Acquired Unit Count”
	  	 the Cayman 7 Ownership Proportion minus 42;

		
	 “Advance Payment”
	  	 has the meaning given in Clause 8.6.2;

		
	 “Affiliate”
	  	 with respect to any Person, another Person Controlled by such first Person, Controlling such first Person or under the same Control as such first Person, and
“Affiliated” shall have a meaning correlative to the foregoing;

		
	 “Antitrust Adjustment
 Payment”
	  	 an amount calculated as at the Relevant Cayman 7 Call Option Exercise Date in $ in cash equal to the product of (i) the Acquired Unit Count; and (ii) the Antitrust Unit Price
Adjustment;

		
	 “Antitrust Approval”
	  	 shall have the meaning set out in the Governance and Shareholders Agreement;

		
	 “Antitrust Unit Price
 Adjustment”
	  	 the amount by which the Overall Average Unit Price exceeds the Realised Average Unit Price;

  

 2 

			
		
	 “Approved Bank”
	  	 means any of the following:
  
 (i)     JP Morgan
  
 (ii)    Citi
  
 (iii)  Morgan Stanley

  
 (iv)   Renaissance Capital
  
 (v)    RBS
  
 (vi)   Deutsche Bank
  
 or such other Person as CEDC and the Holdcos shall otherwise agree in writing;

		
	 “Approved Jurisdictions”
	  	 The federal or state courts in the State of New York, the federal or state courts in the State of Delaware, the Cayman Islands and Poland.

		
	 “Bank Guarantee”
	  	 a guarantee given in respect of obligations of a Person to another Person from a bank of international repute and good standing whose long-term credit rating is A1 or higher
by Moody’s Investor Services Limited, A or higher by Standard & Poor’s Rating Services, and A or higher by Fitch Rating Limited.

		
	 “Business Day”
	  	 any day other than a Saturday or Sunday on which banks are normally open for general banking business in London, New York, Warsaw and the Cayman Islands;

		
	 “Cash”
	  	 in relation to the Lux 1 Group shall mean the consolidated cash in hand or at bank (so long as such cash is repayable immediately on demand) as shown in the accounting
records of members of the Lux 1 Group on the relevant date, less trapped cash;

		
	 “Cash Equivalent”
	  	 means, in relation to a number of shares of CEDC Common Stock, a cash amount in US Dollars equal to: (i) that number of shares; multiplied by (ii) the Ten Day VWAP on the
dealing day immediately preceding the date on which such shares are issued pursuant to this Agreement;

		
	 “Cayman 1”
	  	 Lion/Rally Cayman 1 L.P., a Cayman Exempted Limited Partnership, whose principal place of business is at c/o Stuarts Corporate Services Ltd, PO Box 2510, George Town, Grand
Cayman, KY1-1104, Cayman Islands;

		
	 “Cayman 4 Put Option Price”
	  	 shall mean the $ amount equal to:
  
 (A) (i) the aggregate of all $ Initial Cash Amounts; plus (ii) the aggregate of all € Initial Cash Amounts in each case, which would become payable
by Cayman 7 to Cayman 4 following the exercise of the Cayman 7 Call Options not already completed at the Holdco Put Option Exercise Date; plus
  
 (B) (i) if the 2009 Shares have not been issued, $15,197,051; plus (ii) if the 2010 Shares have not been issued, $22,738,588; plus (iii) if the 2012
Shares have not been issued, $4,570,373;

  

 3 

			
		
	 “Cayman 4 Outstanding
 Consideration”
	  	 has the meaning set out in Clause 4.2.2(c)(i);

		
	 “Cayman 5 Outstanding
 Consideration”
	  	 has the meaning set out in Clause 4.2.2(c)(ii);

		
	 “Cayman 5 Put Option Price”
	  	 shall mean the $ amount equal to:
  
 (A) the aggregate of all $ Initial Cash Amounts which would become payable by Cayman 7 to Cayman 5 following the exercise of the Cayman 7 Call Options not
already completed at the Holdco Put Option Exercise Date; plus
  
 (B) (i) if the 2009 Shares have not been issued, $4,802,949; plus (ii) if the 2010 Shares have not been issued, $7,186,412; plus (iii) if the 2012 Shares have not been issued, $1,444,443;

		
	 “Cayman 7 Call Option”
	  	 has the meaning given in Clause 2.1.1;

		
	 “Cayman 7 Call Option
 Completion Date”
	  	 has the meaning given in Clause 3.1.4;

		
	 “Cayman 7 Call Option Exercise
 Date”
	  	 each of those dates set out in Column B of Schedule 2 as such dates may be modified in accordance with this Agreement;

		
	 “Cayman 7 Call Option Notice”
	  	 has the meaning given in Clause 3.1.3;

		
	 “Cayman 7 Call Option
 Consideration Notice”
	  	 has the meaning given in Clause 3.1.2;

		
	 “Cayman 7 Call Option Period”
	  	 has the meaning given in Clause 3.1.1;

		
	 “Cayman 7 Call Option
 Substitute Right”
	  	 each of the Second Cayman 7 Call Option Substitute Right, the Third Cayman 7 Call Option Substitute Right, the First Final Cayman 7 Call Option Substitute Right, the Second
Final Cayman 7 Call Option Substitute Right and the Third Final Cayman 7 Call Option Substitute Right;

		
	 “Cayman 7 Early Call Option
 Notice”
	  	 has the meaning given in Clause 3.1.5;

		
	 “Cayman 7 Pledge”
	  	 the Cayman 7 pledge, in the agreed form, as set out in the Commitment Letter;

		
	 “Cayman 7 Ownership
 Proportion”
	  	 the proportion of Ordinary Shares held by Cayman 7 as a percentage of all the Ordinary Shares then in issue, multiplied by the percentage ownership of the Company in Lux 1,
in each case on the relevant date, multiplied by 100. In the event that any new shares have been issued by either the Company or Lux 1 after the date of this Agreement and on or before the date in respect of which the Cayman 7 Ownership Proportion
is being calculated, such new shares shall be excluded from the calculation of the Cayman 7 Ownership Proportion, which shall be calculated as if such issue of new shares had not occurred;

  

 4 

			
		
	 “CEDC Common Stock”
	  	 $0.01 common stock of CEDC, listed for trading on the NASDAQ Global Select Market under the symbol “CEDC”;

		
	 “CEDC Finance Default”
	  	 shall mean any of the following events: (a) a default by any member of the CEDC Group with respect to any mortgage, agreement or other instrument under which there may be
outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $40 million in the aggregate of the Company and/or any member of the CEDC Group, whether such indebtedness now exists or shall hereafter be
created, either: (i) resulting in such indebtedness becoming or being declared due and payable; or (ii) constituting a failure to pay the principal or interest of any such debt when due and payable at its stated maturity, upon required repurchase,
upon declaration or otherwise; or (b) a final judgment for the payment of $40 million or more (excluding any amounts covered by insurance) is rendered against any member of the CEDC Group, which judgment is not discharged or stayed within 60 days
after: (i) the date on which the right to appeal thereof has expired if no such appeal has commenced; or (ii) the date on which all rights to appeal have been extinguished;

		
	 “CEDC Group”
	  	 CEDC or any of its Subsidiaries which it controls at the relevant time (which for the avoidance of doubt shall include the Group where CEDC is entitled to exercise its rights
to become the Controlling Shareholder under Clause 2 of the Governance and Shareholders Agreement);

		
	 “Change of Control”
	  	 the completion of the acquisition of Control of CEDC, or any successor entity, or of any future ultimate Holding Company of CEDC, by any Person or group acting in concert;

		
	 “Class A Limited Partner”
	  	 has the meaning given in the Limited Partnership Agreement;

		
	 “Code”
	  	 US Internal Revenue Code of 1986, as amended;

		
	 “Commitment Letter”
	  	 the commitment letter entered into on 24 April 2009 between the Holdcos, Lion Capital LLP and CEDC;

		
	 “Common Stock Equivalents”
	  	 has the meaning given in Clause 5.2.2(b);

		
	 “Control”
	  	 (including, with their correlative meanings, “Controlled by”, “Controlling” and “under common Control with”) shall
mean possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise) of any other Person,
provided that, in any event, any Person which owns, directly or indirectly, a majority of the securities having ordinary voting power or otherwise having the power to elect a majority of the directors or other governing body of a corporation or
having a majority of the partnership or other ownership interests of any other Person (other than as a limited partner of such other Person) will be deemed to control such corporation or other Person; and for the avoidance of doubt a limited
partnership is Controlled by its general partner;

  

 5 

			
		
	 “Corporate Income Tax”
	  	 all taxes based upon, measured by, or calculated with respect to (i) gross or net income or gross (or any intermediate measure) or net receipts or profits (including any
capital gains and municipal business tax or any similar tax but not including sales, value added, consumption, use, real or personal property, transfer or other similar taxes); (ii) withholding taxes measured by, or calculated with respect
to, any payments or distributions (other than wages) and in the case of (i) or (ii) payments on account of or in respect of to those taxes and (iii) any interest, fine, penalty or charge paid, payable or accrued in respect of or in relation to (i)
or (ii);

		
	 “Cyprus 1”
	  	 Pasalba Limited, a company incorporated in the Republic of Cyprus with company number 202291 having its principal place of business at Theklas Lysioti 35, Eagle Star House,
5th Floor, 3030 Limossol, Cyprus;

		
	 “Earnout Dispute Notice”
	  	 has the meaning given in Clause 8.4.6;

		
	 “Earnout Evaluation Period”
	  	 has the meaning given in Clause 8.4.5;

		
	 “Earnout Notice”
	  	 has the meaning given in Clause 8.4.4;

		
	 “Elective Minority Purchase”
	  	 has the meaning given in Clause 9.1;

		
	 “Earnout Settlement Amount”
	  	 has the meaning given in Clause 8.5.3;

		
	 “Encumbrance”
	  	 any mortgage, charge (fixed or floating), pledge, lien, hypothecation, option, right of set off, security trust, assignment by way of security, reservation of title, option,
restriction, right of first refusal, right of pre-emption, third party right or interest, or any other encumbrance or security interest whatsoever created or arising or any other agreement or arrangement (including any sale and leaseback
transaction) entered into for the purposes of conferring security or having similar effect and any agreement to enter into, create or establish any of the foregoing;

		
	 “Enforcement Event”
	  	 has the meaning given in Clause 12.1;

		
	 “Enterprise Value”
	  	 has the meaning given in Clause 2.3.2;

		
	 “Equity Value”
	  	 has the meaning given in Clause 2.3.3;

		
	 “Exit”
	  	 shall have the meaning set out in the Governance and Shareholders Agreement;

		
	 “Exchange Rate”
	  	 1.30;

		
	 “Fair Market Value”
	  	 shall mean Ten Day VWAP;

		
	 “Final Cayman 7 Call Option”
	  	 the Cayman 7 Call Option exercisable on the Cayman 7 Call Option Exercise Date set out in the sixth row of Schedule 2;

  

 6 

			
		
	 “Final Cayman 7 Call Option
 Completion Date”
	  	 the Cayman 7 Call Option Completion Date relating to the Final Cayman 7 Call Option;

		
	 “Final Cayman 7 Call Option
 Exercise Date”
	  	 the Cayman 7 Call Option Exercise Date of the Final Cayman 7 Call Option;

		
	 “Final Discharge Date”
	  	 the first date on which Cayman 7 has satisfied all obligations under this Agreement in respect of any exercise of the Cayman 7 Call Options, the Holdco Put Option and the
Holdco Call Option, and the transfer of shares thereunder, and on which there is no Outstanding Consideration actually or potentially payable hereunder by Cayman 7;

		
	 “Finance Documents”
	  	 the Finance Documents as defined in the Senior Facilities Agreement and the Finance Documents as defined in the Definitions and Schedules Deed (as defined in the On-Loan
Facility Agreement). On-Loan Facility Agreement has the meaning given in the Senior Facilities Agreement. Senior Facilities Agreement means the senior facilities agreement dated 10 July 2008 (as amended on or around 23 December 2008, and as further
amended and/or restated from time to time) between, among others, Nowdo Limited as Senior Borrower, Pasalba Limited as the Company, the Arrangers, the Original Lenders, the Facility Agent, the Security Agent and the Issuing Bank (each as defined
therein);

		
	 “First Cayman 7 Call Option”
	  	 the Cayman 7 Call Option exercisable on the Cayman 7 Call Option Exercise Date set out in the second row of Schedule 2;

		
	 “First Cayman 7 Call Option
 Exercise Date”
	  	 the Cayman 7 Call Option Exercise Date of the First Cayman 7 Call Option;

		
	 “Fourth Cayman 7 Call Option”
	  	 the Cayman 7 Call Option exercisable on the Cayman 7 Call Option Exercise Date set out in the fifth row of Schedule 2;

		
	 “Fourth Cayman 7 Call Option
 Completion Date”
	  	 the Cayman 7 Call Option Completion Date relating to the Fourth Cayman 7 Call Option;

		
	 “Fourth Cayman 7 Call Option
 Exercise Date”
	  	 the Cayman 7 Call Option Exercise Date of the Fourth Cayman 7 Call Option;

		
	 “Governance and Shareholders
 Agreement”
	  	 the Governance and Shareholders Agreement dated on or about the date hereof and made between the Company, the Holdcos, Cayman 7 and CEDC, as set out in the Commitment Letter;

		
	 “Group”
	  	 the Company and its Subsidiaries from time to time and “member of the Group” and “Group Company” shall be construed accordingly; for the
avoidance of doubt, no Shareholder nor any of their respective Affiliates (as such terms are defined in the Governance and Shareholders Agreement) (other than the Company and the Subsidiaries of the Company) shall be a member of the Group for the
purposes of this Agreement;

		
	 “Holdcos”
	  	 Cayman 4 and Cayman 5, each being a “Holdco”;

		
	 “Holdco Call Option”
	  	 has the meaning given in Clause 2.3.1;

  

 7 

			
		
	 “Holdco Call Option Completion
 Date”
	  	 has the meaning given in Clause 3.3.3;

		
	 “Holdco Call Option Exercise
 Date”
	  	 the date on which the Holdcos serve a Holdco Call Option Notice on Cayman 7;

		
	 “Holdco Call Option Notice”
	  	 has the meaning given in Clause 3.3.2;

		
	 “Holdco Call Option Period”
	  	 has the meaning given in Clause 3.3.1;

		
	 “Holdco Call Option Valuation
 Date”
	  	 31 December in the year immediately preceding the Holdco Call Option Exercise Date;

		
	 “Holdco Pledges”
	  	 the Holdco pledges, in the agreed form, as set out in the Commitment Letter;

		
	 “Holdco Put Option”
	  	 has the meaning given in Clause 2.2.1;

		
	 “Holdco Put Option Completion
 Date”
	  	 has the meaning given in Clause 3.2.3;

		
	 “Holdco Put Option Exercise
 Date”
	  	 the date on which the Holdcos serve a Holdco Put Option Notice on Cayman 7;

		
	 “Holdco Put Option Notice”
	  	 has the meaning given in Clause 3.2.2;

		
	 “Holdco Put Option Period”
	  	 has the meaning given in Clause 3.2.1;

		
	 “Holdco Sharing Proportions”
	  	 76 per cent. to Cayman 4 and 24 per cent. to Cayman 5;

		
	 “Indebtedness”
	  	 in relation to the Lux 1 Group, shall mean on the relevant date:
  
 (a)    all outstanding obligations for money borrowed,
including overdrafts, from any Person (including, for the avoidance of doubt, any accrued but unpaid interest and prepayment penalties);
  
 (b)    all outstanding obligations under any hedges, swaps and other derivative
contracts to the extent that they are out of the money;
  
 (c)    all outstanding obligations evidenced by notes, debentures, bonds or other similar instruments for the payment of which the Lux 1 Group is responsible or liable;

  
 (d)    the net present value of all outstanding obligations as lessees under all finance leases including sale and leaseback programs, in accordance with the Accounting Principles, irrespective of whether accrued
for in the relevant accounts or not;
  
 (e)    all outstanding recourse liabilities (whether conditional or unconditional) arising from any transactions related to the assignment of receivables for financing purposes by any member
of the Lux 1 Group to any Person who is not a member of the Lux 1 Group, including all factoring agreements and similar agreements executed for the purpose of obtaining financing;

  

 8 

			
		
		  	 (f)     all unfunded pension and similar liabilities and
accruals in accordance with Accounting Principles whether accrued or not;
  
 (g)    redeemable preference shares or other similar equity instruments classified as
liabilities under Accounting Principles;
  
 (h)    an amount equal to the lower of: a) $25 million; and b) the aggregate of i) all litigation provisions; and ii) all tax provisions excluding such tax provisions to the extent that a
claim has been made and settled under the Original Sale Agreement in respect of the tax relating to any such tax provision;
  
 (i)     any capital creditors;
  
 (j)     all outstanding obligations of members of the Lux 1 Group issued or assumed for deferred or contingent purchase price payments associated with transactions involving acquisitions of assets (for the
avoidance of doubt, including the acquisition of shares, intellectual property, any business or any other fixed asset but excluding payables to creditors in relation to goods and/or services provided to the Lux 1 Group in the ordinary course of the
Lux 1 Group’s business), excluding any obligations arising under the Original Sale Agreement including the current portion of any such obligation;
  
 (k)    all outstanding liabilities arising from legally binding surety agreements,
guarantees, indemnities, letters of comfort, Encumbrances or similar arrangements or obligations, furnished for liabilities or obligations of any third party, whether actual or contingent, with the exception of guarantees and other similar
arrangements entered into the ordinary course of trading in relation to, inter alia, customs, excise taxes and VAT;
  
 (l)     all outstanding obligations for the reimbursement of any obligor on any
letter of credit, banker’s acceptance, guarantee or similar credit transaction, with the exception of guarantees and other similar arrangements entered into the ordinary course of trading in relation to, inter alia, customs, excise taxes, VAT,
and
  
 (m)  an amount equal to 50 per cent. of any reasonable provisions or accruals made in respect of actual or potential obligations of any member of the Group under the Original Sale Agreement, except to the extent such
obligations have actually been paid, but shall not include any Indebtedness from Lux 1 to the Company or any Indebtedness arising between members of the Lux 1 Group;

  

 9 

			
		
	 “Independent Accountant”
	  	 an independent firm of internationally recognised chartered accountants as agreed by CEDC and the Holdcos in writing, or in default of nomination by agreement between CEDC
and the Holdcos, appointed at the request of either CEDC or the Holdcos by the President, for the time being, of the Institute of Chartered Accountants in England and Wales, or any successor body thereto;

		
	 “Initial Cash Amounts”
	  	 the cash amounts payable in respect of a Cayman 7 Call Option or the Holdco Put Option as set out in Columns C, D, and E of Schedule 2 (as adjusted in accordance with this
Agreement or as otherwise agreed between the Parties);

		
	 “Initial Seller Party Securities”
	  	 has the meaning given in the Lux 1 Shareholders Agreement;

		
	 “Leading Tranche”
	  	 has the meaning given in the Registration Rights Agreement;

		
	 “Letter of Undertaking”
	  	 the letter of undertaking entered into on 24 April 2009 between the Holdcos, Carey Agri International – Poland sp. z o.o., Lion Capital LLP and
CEDC;

		
	 “Limited Partnership
 Agreement”
	  	 the amended and restated limited partnership agreement relating to Cayman 7 made, on or about the date of this Agreement, between CEDC, Lion/Rally Cayman 2 and Lion/Rally
Cayman 8 Limited;

		
	 “Lux 1”
	  	 Lion/Rally Lux 1, company number B139.056, a société anonyme incorporated in Luxembourg with registered offices at 13-15, avenue de la Liberté,
L-M31 Luxembourg;

		
	 “Lux 1 Group”
	  	 Lux 1 and its Subsidiaries from time to time;

		
	 “Lux 1 Group EBITDA”
	  	 for any period, the consolidated Net Profit of the Lux 1 Group expressed in $ for the relevant period before bringing into account
any of the following items without duplication, so that, for the avoidance of doubt, to the extent any of the following have been charged, expensed or deducted or credited in computing such Net Profit they shall be adjusted as follows:
  
 (a)    any interest paid, payable or accrued by any member of the Lux 1 Group (including fees or penalties incurred in connection with third party borrowings or the issue of guarantees and letters of credit) and
including any amounts payable under any interest rate hedging arrangement shall be added back and any interest owing to or received by any member of the Lux 1 Group and including any amounts receivable under any interest rate hedging arrangement
shall be deducted;
  
 (b)    any Corporate Income Tax paid, payable or accrued by any member of the Lux 1 Group or any deferred tax charges arising for such period shall be added back and any amount received or receivable by any member
of the Lux 1 Group in respect of a refund or receipt of Corporate Income Tax or any deferred tax credit shall be deducted;

  

 10 

			
		  	 (c)    any loss against book value incurred by any member of
the Lux 1 Group on the sale, lease or any other disposal of any capital asset shall be added back and any gain against book value incurred by any member of the Lux 1 Group on the sale, lease or any other disposal of any capital asset shall be
deducted;
  
 (d)    any provision in respect of bad debts in excess of $6 million in aggregate shall be added back;
  
 (e)    any provision for any fundamental restructuring costs shall be added back and
any release or reversal of such provision shall be deducted;
  
 (f)     any loss arising on any revaluation of any fixed asset shall be added back and any gain arising on any revaluation of any fixed asset shall be deducted;

  
 (g)    any realised or unrealised foreign exchange losses shall be added back and any realised or unrealised foreign exchange gains shall be deducted;
  
 (h)    depreciation shall be added back;
  
 (i)     any amortisation or impairment of tangible or intangible assets shall be
added back;
  
 (j)     any amortisation of debt issuance costs shall be added back;
  
 (k)    the costs paid or payable in relation to any acquisition or disposal of any
company or business or brand, all M&O Fees and associated expenses paid or accrued, and all fees paid or accrued in relation to the Transaction Documents shall be added back;
  
 (l)     any dividends paid or payable shall be added
back and any dividends received or receivable shall be deducted;
  
 (m)  any transfer of funds or capital contributions received by any member of the Lux 1 Group shall be deducted;
  
 (n)    any gain or loss resulting from any changes in the fair value of financial instruments (excluding trade receivables and trade payables) shall be added back or deducted;
  
 (o)    any fines, late payment interest and/or penalties paid or to be paid to the tax authorities or other governmental authorities shall be added back; any refunds/credits shall be deducted;

  

 11 

			
		  	 (p)    any taxes paid or payable in respect to prior periods
shall be added back and refunds or receipts of taxes in respect to prior periods shall be deducted;
  
 (q)    any charge in respect of the fair value of share options under the Accounting
Principles shall be added back and any reversal of such charge or credit in respect to the fair value of share options shall be deducted;
  
 (r)    any charge in respect of any Management Incentive Payments shall be added back
and any reversal of such charge or credit in respect to such Management Incentive Payments shall be deducted; and
  
 (s)    any profit before interest, tax, depreciation and amortisation or other profit
attributable to any minority interest in any member of the Lux 1 Group shall be deducted by ensuring that Lux 1 Group EBITDA proportionately consolidates any member of the Lux 1 Group where there is a minority interest;

		
	 “Lux 1 Shareholders
 Agreement”
	  	 the Shareholders Agreement entered into on 9 July 2008 between Lion/Rally Cayman 2, the Initial Seller Parties (as defined therein), Lux 1, and Lion Capital (Guernsey)
Limited;

		
	 “Management Incentive
 Payment”
	  	 incentive payments made to senior management of the Group in addition to usual base salary amounts, consulting fees and/or bonuses;

		
	 “Merger”
	  	 has the meaning given in Clause 5.2.2;

		
	 “Minority Purchase”
	  	 means an Elective Minority Purchase or the purchase or redemption by Lux 1 of the shares and CPECs of Lux 1 in accordance with the Put Option (as defined in the Lux 1
Shareholders Agreement);

		
	 “NASDAQ Marketplace Rule”
	  	 the Marketplace Rules of NASDAQ listed companies and trading in the NASDAQ stock market;

		
	 “Net Profit”
	  	 the consolidated profit or loss of Lux 1 after taking account of all items required by the Accounting Principles to be included in the income statement and corresponding to
the total of net profit, subject thereto being calculated on a consistent basis with the consolidated audited accounts of Lux 1 for the relevant period;

		
	 “New Investment”
	  	 has the meaning given in the Commitment Letter;

		
	 “Normalised Level of Working
 Capital”
	  	 the average level of Working Capital of the Lux 1 Group calculated by taking the average of the last twelve months ends’ or the last four quarters ends’ (as the
Company may determine) Working Capital immediately prior to the relevant date, having first excluded any one-off or exceptional items from such Working Capital;

		
	 “Note Purchase Agreement”
	  	 the note purchase and share subscription agreement entered into on 24 April 2009 between CEDC, Carey Agri International – Poland sp. z o.o., Lion/Rally Cayman 2 and
Cayman 5;

  

 12 

			
		
	 “Original Sale Agreement”
	  	 the sale and purchase agreement dated 22 May 2008 between Cyprus 1 and Cirey Holdings, Inc. concerning the acquisition of certain entitles comprising the Russian Alcohol
Group;

		
	 “Ordinary Shares”
	  	 the A Ordinary Shares in the capital of the Company;

		
	 “Outstanding Consideration”
	  	 the sum of the Cayman 4 Outstanding Consideration and the Cayman 5 Outstanding Consideration;

		
	 “Outstanding Consideration
 Payment Notice”
	  	 has the meaning given in Clause 4.2.2(c);

		
	 “Outstanding Consideration
 Payment Notice Period”
	  	 has the meaning given in Clause 4.2.2(c);

		
	 “Overall Average Unit Price”
	  	 $12,684,412;

		
	 “Person”
	  	 shall mean any natural person, corporation, general partnership, simple partnership, limited partnership, proprietorship, other business organisation, trust, union,
association or governmental authority, whether incorporated or unincorporated; a reference to any Person shall include such Person’s successors and permitted assigns under any agreement, instrument, contract or other
document;

		
	 “Pledges”
	  	 the Cayman 7 Pledge and the Holdco Pledges;

		
	 “Preference Shares”
	  	 the 100 Preference Shares of $1 each in the capital of the Company, as such shares may be reclassified from time to time;

		
	 “Principal Investment Value”
	  	 in respect of any Initial Seller Party Securities the aggregate $ amount paid by the Initial Seller Parties for such Initial Seller Party Securities as is set out in Column 3
of Schedule 5 of the Lux 1 Shareholders Agreement;

		
	 “Realised Average Unit Price”
	  	 The $ amount equal to (A) (i) the aggregate of all $ Initial Cash Amounts actually paid by Cayman 7 to the Holdcos under this Agreement prior to the Relevant Cayman 7 Call
Option Exercise Date (excluding any adjustments made in accordance with this Agreement); plus (ii) the aggregate of all € Initial Cash Amounts actually paid by Cayman 7 to the Holdcos under this Agreement prior to the relevant date, multiplied
by the Exchange Rate; plus (iii) $110 million; divided by (B) the Acquired Unit Count;

		
	 “Registration Rights
 Agreement”
	  	 the registration rights agreement in the agreed form as set out in the Commitment Letter;

		
	 “Relevant Cayman 7 Call
 Option”
	  	 has the meaning given in Clause 6.1;

		
	 “Relevant Cayman 7 Call
 Option Exercise Date”
	  	 has the meaning given in Clause 6.2;

  

 13 

			
	 “Reorganisation”
	  	 has the meaning given in Clause 5.2.2;

		
	 “Second Cayman 7 Call Option”
	  	 the Cayman 7 Call Option exercisable on the Cayman 7 Call Option Exercise Date set out in the third row of Schedule 2;

		
	 “Second Cayman 7 Call Option
 Exercise Date”
	  	 the Cayman 7 Call Option Exercise Date of the Second Cayman 7 Call Option;

		
	 “Security Impairment Event”
	  	 any event or circumstance which has, or is reasonably likely to have, a material adverse effect on the validity, enforceability or the priority or ranking of any security
granted to the Holdcos pursuant to the Cayman 7 Pledge and which, if capable of remedy by the Parties, is not remedied within 20 Business Days of the date of such effect occurring;

		
	 “Securities Act”
	  	 the Securities Act of 1933, as amended;

		
	 “Share Equivalent”
	  	 means, in relation to an amount of cash in US Dollars, a number of shares of CEDC Common Stock equal to: (i) that cash amount; divided by (ii) the Ten Day VWAP on the dealing
day immediately preceding the date on which such shares are issued pursuant to this Agreement, rounded up to the nearest whole share;

		
	 “Shares”
	  	 the Ordinary Shares and the Preference Shares;

		
	 “Subsidiary”
	  	 in relation to any Person (a “Holding Company”), any other Person directly or indirectly Controlled by that Holding Company;

		
	 “Tax”
	  	 all forms of taxation, duties, imposts, contributions and levies and all related withholdings and deductions of any kind imposed by a relevant tax authority and any
associated interest, penalty, surcharge or fine and any amount agreed to be paid to any relevant tax authority in settlement of any claim for any of the foregoing;

		
	 “Ten Day VWAP”
	  	 on the relevant dealing day, the volume weighted average VWAP over a period of ten dealing days prior to and including the relevant dealing day;

		
	 “Third Cayman 7 Call Option”
	  	 the Cayman 7 Call Option exercisable on the Cayman 7 Call Option Exercise Date set out in the fourth row of Schedule 2;

		
	 “Third Cayman 7 Call Option
 Exercise Date”
	  	 the Cayman 7 Call Option Exercise Date of the Third Cayman 7 Call Option;

		
	 “Third Consideration
 Instalment”
	  	 has the meaning given in the Note Purchase Agreement;

		
	 “Third Completion Date”
	  	 has the meaning given in the Note Purchase Agreement;

		
	 “Thirty-Day VWAP”
	  	 on the relevant dealing day, the volume weighted average VWAP over a period of thirty dealing days prior to and including the relevant dealing day;

		
	 “Trailing Tranche”
	  	 has the meaning given in the Registration Rights Agreement;

  

 14 

			
		
	 “Transaction Documents”
	  	 this Agreement, the Pledges, the Commitment Letter, the Letter of Undertaking, the Warrant Instruments, the Note Purchase Agreement, the Registration Rights Agreement, and
the Governance and Shareholders Agreement, and “Transaction Document” means any of them;

		
	 “VWAP”
	  	 with respect to a particular date, the volume weighted average trading price of a share of CEDC Common Stock on and as reported by the principal securities exchange on which
the CEDC Common Stock is then listed or admitted to trading for any relevant trading date, or, if the CEDC Common Stock is not listed or admitted to trading on any securities exchange, as determined in good faith and in a commercially reasonable
manner by resolution of the Board of Directors of CEDC, based on the best information available to it and (if so requested by Cayman 5) having engaged an independent appraiser in such regard;

		
	 “Warrants”
	  	 the 2011 Warrants, the 2012 Warrants and the 2013 Warrants;

		
	 “Warrant Instruments”
	  	 the 2011 Warrants Instrument, the 2012 Warrants Instrument and the 2013 Warrants Instrument; and

		
	 “Working Capital”
	  	 the aggregate value of:
  
 (a)    the consolidated inventory of the Lux 1 Group;
  
 (b)    the
consolidated trade receivables of the Lux 1 Group; and
  
 (c)    all consolidated other current assets of the Lux 1 Group,
  
 less the aggregate value of:
  
 (a)    the consolidated trade payables of the Lux 1 Group; and
  
 (b)    the
consolidated other payables of the Lux 1 Group (but excluding interest accruals),
  
 as at the relevant date, in each case calculated in accordance with the Accounting Principles.

  

	 1.2
	 In this Agreement: 

  

	 	 1.2.1
	  references to a document in the “agreed form” are to that document in the form agreed to and initialled for the purposes of
identification by or on behalf of the Parties; 

  

	 	 1.2.2
	  references to a Clause or Schedule are to a clause or schedule of this Agreement, and references to this Agreement include the Schedules;

  

	 	 1.2.3
	  the headings in this Agreement do not affect its construction or interpretation; 

  

	 	 1.2.4
	  references to a “Party” or to the “Parties” are references to a party or parties to this Agreement;

  

	 	 1.2.5
	  a reference to a document is a reference to that document as amended or modified from time to time in writing by the mutual consent of the parties;

  

 15 

	 	 1.2.6
	  references to “$”or “USD” are references to the lawful currency for the time being of the United States of
America; 

  

	 	 1.2.7
	  references to “€” or “Euro” are references to the single currency and the legal means of payment in the
territory of the European Monetary Union; 

  

	 	 1.2.8
	  the singular includes the plural and vice versa and any gender includes any other gender; and 

  

	 	 1.2.9
	  all obligations of the Holdcos under this Agreement, including liability in respect of any claims or any other breach of this Agreement, are several
only and not joint. 

  

	 2
	 GRANT OF PUT AND CALL OPTIONS 

  

	 2.1
	 Cayman 7 Call Options 

  

	 	 2.1.1
	  The Holdcos grant to Cayman 7 a series of options entitling Cayman 7 to acquire the Ordinary Shares and Preference Shares (each a “Cayman 7
Call Option”). In relation to each Cayman 7 Call Option Exercise Date Cayman 7 shall be entitled to require: 

  

	 	 (a)
	 Cayman 4 to sell to it the number of Ordinary Shares set out in Column F of Schedule 2 for the relevant Cayman 7 Call Option Exercise Date in exchange for
the payment to Cayman 4, in cash, of the aggregate of: (i) the $ Initial Cash Amount set out in Column C of Schedule 2 (as adjusted in accordance with this Agreement or as otherwise may be agreed between the Parties); and (ii) the €
Initial Cash Amount set out in Column D of Schedule 2; and 

  

	 	 (b)
	 Cayman 5 to sell to it the number of Preference Shares set out in Column G of Schedule 2 for the relevant Cayman 7 Call Option Exercise Date in exchange
for the payment to Cayman 5, in cash, of the $ Initial Cash Amount set out in Column E of Schedule 2 (as adjusted in accordance with this Agreement or as otherwise may be agreed between the Parties). 

  

	 	 2.1.2
	  Each Cayman 7 Call Option may be exercised only in respect of both of: (a) all of the corresponding number of Ordinary Shares which Cayman 7
shall be entitled to acquire under Clause 2.1.1(a); and (b) all of the corresponding number of Preference Shares which Cayman 7 shall be entitled to acquire under Clause 2.1.1(b). 

  

	 2.2
	 Holdco Put Option 

  

	 	 2.2.1 
	 Cayman 7 grants: 

  

	 	 (a)
	 to Cayman 4 the right to require Cayman 7 to acquire all (but not some) of the Ordinary Shares held by Cayman 4; and 

  

	 	 (b)
	 to Cayman 5 the right to require Cayman 7 to acquire all (but not some) of the Preference Shares held by Cayman 5, 

 in each case as at the Holdco Put Option Exercise Date (together the “Holdco Put Option”). 
  

 16 

	 	 2.2.2 
	 The Holdco Put Option may be exercised only in respect of both of: (a) all of the corresponding number of Ordinary Shares which Cayman 4 shall be
entitled to require Cayman 7 to acquire under Clause 2.2.1(a); and (b) all of the corresponding number of Preference Shares which Cayman 5 shall be entitled to require Cayman 7 to acquire under Clause 2.2.1(b). 

  

	 	 2.2.3 
	 The consideration to be paid by Cayman 7 in respect of the Holdco Put Option shall be: 

  

	 	 (a)
	 the Cayman 4 Put Option Price, to be paid to Cayman 4; and 

  

	 	 (b)
	 the Cayman 5 Put Option Price, to be paid to Cayman 5. 

  

	 2.3
	 Holdco Call Option 

  

	 	 2.3.1 
	 Cayman 7 grants to the Holdcos the right for each of the Holdcos to acquire, subject to Clauses 2.3.4 and 2.3.5, some or all of the Ordinary Shares in the
capital of the Company held from time to time by Cayman 7 (the “Holdco Call Option”). The amounts to be paid by the Holdcos to Cayman 7 upon exercise of the Holdco Call Option shall be such amount as is equal, for each Holdco, to:

 A x B x C 
  

			
	 where :
	  	 A = the Equity Value;
  
 B = the percentage ownership of the Company in Lux 1; and
  
 C = the number of Ordinary Shares to be acquired by Cayman 4 or Cayman 5 (as the case may be) under the Holdco Call Option as a percentage of all the
Ordinary Shares then in issue,

 (in respect of Cayman 4, the “Cayman 4 Call Option Consideration”
and in respect of Cayman 5 the “Cayman 5 Call Option Consideration”). 
  

	 	 2.3.2 
	 The enterprise value of the Lux 1 Group in respect of the Holdco Call Option (the “Enterprise Value”) shall be equal to seven times Lux 1
Group EBITDA for the period of twelve months ending on 31 December in the year immediately prior to the Holdco Call Option Exercise Date. 

  

	 	 2.3.3 
	 The equity value of the Lux 1 Group (the “Equity Value”) shall be equal to: 

  

	 	 (a)
	 the Enterprise Value; minus 

  

	 	 (b)
	 Indebtedness on the Holdco Call Option Valuation Date; minus 

  

	 	 (c)
	 any Indebtedness arising after the Holdco Call Option Valuation Date and before the Holdco Call Option Exercise Date, which arises other than in the
ordinary course of trading for the Group and which remains outstanding on the Holdco Call Option Exercise Date; plus 

  

	 	 (d)
	 Cash on the Holdco Call Option Valuation Date; plus 

  

	 	 (e)
	 Working Capital on the Holdco Call Option Valuation Date; minus 

  

	 	 (f)
	 Normalised Working Capital on the Holdco Call Option Valuation Date. 

  

 17 

	 	 2.3.4
	  The Holdcos shall exercise the Holdco Call Option jointly, and neither Holdco shall be permitted to exercise the Holdco Call Option unless the other
does so simultaneously. 

  

	 	 2.3.5 
	 The number of Ordinary Shares held from time to time by Cayman 7 that each Holdco shall respectively acquire under the Holdco Call Option, shall be the
lower of: (i) that number of such Ordinary Shares as shall be equal in value (as determined in this Clause 2.3) to the Cayman 4 Outstanding Consideration or Cayman 5 Outstanding Consideration (as the case may be) rounded up to the nearest whole
Ordinary Share; and (ii) that proportion of such total number of Ordinary Shares held by Cayman 7 as is equal to the proportion that the Cayman 4 Outstanding Consideration or Cayman 5 Outstanding Consideration (as the case may be) bears in
relation to the Outstanding Consideration. 

  

	 3
	 EXERCISE AND COMPLETION OF PUT AND CALL OPTIONS 

  

	 3.1
	 Exercise of Cayman 7 Call Options 

  

	 	 3.1.1
	  Subject to Clause 3.1.5, each Cayman 7 Call Option shall only be exercisable: 

  

	 	 (a)
	 in respect of the First Cayman 7 Call Option, on the First Cayman 7 Call Option Exercise Date or during the period of 30 days thereafter, but not before
the issue by CEDC of those shares of CEDC Common Stock set out in Clause 5.2.1(a); 

  

	 	 (b)
	 in respect of the Second Cayman 7 Call Option on the Second Cayman 7 Call Option Exercise Date or during the period of 30 days thereafter;

  

	 	 (c)
	 in respect of the Third Cayman 7 Call Option, on the Third Cayman 7 Call Option Exercise Date or during the period of 60 days thereafter;

  

	 	 (d)
	 in respect of the Fourth Cayman 7 Call Option, on the Fourth Cayman 7 Call Option Exercise Date or during the period of 90 days thereafter; and

  

	 	 (e)
	 in respect of the Final Cayman 7 Call Option, on the Final Cayman 7 Call Option Exercise Date or during the period of 120 days thereafter,

 (each a “Cayman 7 Call Option Period”). No Cayman 7 Call Option may be exercised on or
after the Holdco Put Option Exercise Date. 
  

	 	 3.1.2
	  Twelve days prior to the relevant Cayman 7 Call Option Exercise Date, the Holdcos shall send to Cayman 7 a written notice setting out the
consideration payable (including, where relevant, the number of shares of CEDC Common Stock to be issued) and the number of Ordinary Shares and Preference Shares which may be acquired by Cayman 7 in respect of the relevant Cayman 7 Call Option if
Cayman 7 exercises such Cayman 7 Call Option (a “Cayman 7 Call Option Consideration Notice”). 

  

	 	 3.1.3 
	 In order to exercise a Cayman 7 Call Option, Cayman 7 shall notify the Holdcos, in writing, of its exercise of the Cayman 7 Call Option (a “Cayman
7 Call Option Notice”) in the form set out in Part A of Schedule 7, which shall specify the number of Ordinary Shares and Preference Shares to be sold by the Holdcos pursuant to that Cayman 7 Call Option and the consideration to be paid.
The service of a Cayman 7 Call Option Notice, and thus the exercise of a Cayman 7 Call Option, shall be irrevocable. 

  

 18 

	 	 3.1.4 
	 If a Cayman 7 Call Option Notice is validly served, Cayman 7 and CEDC (as the case may be) and the Holdcos shall be obliged to complete the sale of the
relevant Ordinary Shares and Preference Shares under the relevant Cayman 7 Call Option within five Business Days of service of the relevant Cayman 7 Call Option Notice in accordance with Clause 4 (the “Cayman 7 Call Option Completion
Date”). 

  

	 	 3.1.5
	  Cayman 7 shall, at the direction of CEDC only (and subject to CEDC first satisfying its funding obligations under section 3 of the Limited
Partnership Agreement), exercise a Cayman 7 Call Option earlier than the relevant Cayman 7 Call Option Exercise Date specified in Schedule 2 provided that, at the time of such exercise, all Cayman 7 Call Options with Cayman 7 Call Option Exercise
Dates relating to dates earlier than that of the relevant Cayman 7 Call Option have, at the time of such exercise, been exercised and completed in full or are being exercised simultaneously with the relevant Cayman 7 Call Option. The relevant Cayman
7 Call Option may be exercised early by CEDC notifying, in writing, Cayman 7 and the Holdcos of the revised relevant Cayman 7 Call Option Exercise Date (a “Cayman 7 Early Call Option Notice”), such date being no fewer than 30 days
after the date of such notice, and no later than the original relevant Cayman 7 Call Option Date, provided however that such 30 day minimum period shall not apply if the Holdcos are in continuing breach of their obligation to transfer Sale Shares to
Cayman 7 on the terms of this Agreement or if any of them (or Lion Capital LLP) has a liquidator, receiver, administrative receiver or administrator appointed (other than in respect of a solvent liquidation). 

  

	 3.2
	 Exercise of Holdco Put Option 

  

	 	 3.2.1
	  The Holdco Put Option shall be exercisable: 

  

	 	 (a)
	 for a period of 45 days commencing on the day immediately following the last day of any Cayman 7 Call Option Period during which the relevant Cayman 7
Call Option was not exercised; and 

  

	 	 (b)
	 in accordance with Clause 12.2, 

 (the “Holdco Put Option Period”), provided that a failure to exercise such option in any given Holdco Put Option Period shall not prevent the Holdco Put Option being exercised at any time when it
subsequently becomes exercisable again pursuant to Clause 3.2.1. 
  

	 	 3.2.2
	  In order to exercise the Holdco Put Option, the Holdcos shall notify Cayman 7, in writing, of their exercise of the Holdco Put Option, (a
“Holdco Put Option Notice”) in the form set out in Part B of Schedule 7, which shall specify the number of Ordinary Shares and Preference Shares to be sold by each of Cayman 4 and Cayman 5 pursuant to the Holdco Put Option and the
consideration to be paid to each of them. 

  

	 	 3.2.3
	  If a Holdco Put Option Notice is validly served, Cayman 7 and the Holdcos shall be obliged to complete the sale of the relevant Shares within three
Business Days of service of the Holdco Put Option Notice in accordance with Clause 4 (the “Holdco Put Option Completion Date”). 

  

	 3.3
	 Exercise of Holdco Call Option 

  

	 	 3.3.1 
	 The Holdco Call Option shall be exercisable for a period of 45 days commencing on the Holdco Put Option Completion Date provided that Cayman 7 has not
settled the Outstanding Consideration and that no Outstanding Consideration Payment Notice has been given (the “Holdco Call Option Period”). 

  

 19 

	 	 3.3.2 
	 In order to exercise the Holdco Call Option, the Holdcos shall notify Cayman 7, in writing, of their exercise of the Holdco Call Option, (a
“Holdco Call Option Notice”) in the form set out in Part C of Schedule 7, which shall specify the number of Ordinary Shares to be sold by Cayman 7 pursuant to the Holdco Call Option and the consideration to be paid.

  

	 	 3.3.3 
	 If a Holdco Call Option Notice is validly served, Cayman 7 and the Holdcos shall be obliged to complete the sale of the relevant Ordinary Shares within five
Business Days of service of the Holdco Call Option Notice in accordance with Clause 4 (the “Holdco Call Option Completion Date”). 

  

	 4
	 COMPLETION OF THE SALE OF SHARES UNDER PUT AND CALL OPTIONS 

  

	 4.1
	 Completion of the sale of Ordinary Shares and Preference Shares in respect of a Cayman 7 Call Option, the Holdco Put Option or the Holdco Call Option
shall take place: 

  

	 	 4.1.1
	  in respect of a Cayman 7 Call Option, on the corresponding Cayman 7 Call Option Completion Date; 

  

	 	 4.1.2
	  in respect of the Holdco Put Option, on the Holdco Put Option Completion Date; and 

  

	 	 4.1.3
	  in respect of the Holdco Call Option, on the Holdco Call Option Completion Date. 

  

	 4.2
	 On completion of the sale of Shares following exercise of a Cayman 7 Call Option, the Holdco Put Option or the Holdco Call Option:

  

	 	 4.2.1 
	 in respect of each Cayman 7 Call Option: 

  

	 	 (a)
	 Cayman 4 shall deliver to Cayman 7: 

  

	 	 (i)
	 duly executed transfer(s) in favour of Cayman 7 in respect of the Ordinary Shares to be transferred in respect of the relevant Cayman 7 Call Option; and

  

	 	 (ii)
	 the relevant share certificate(s) in respect of such Ordinary Shares being transferred; and 

  

	 	 (b)
	 Cayman 5 shall deliver to Cayman 7: 

  

	 	 (i)
	 duly executed transfer(s) in favour of Cayman 7 in respect of the Preference Shares to be transferred in respect of the relevant Cayman 7 Call Option; and

  

	 	 (ii)
	 the relevant share certificate(s) in respect of such Preference Shares being transferred; and 

  

	 	 (c)
	 against delivery of the duly executed transfer(s) Cayman 7 shall pay, in cash and in immediately available funds: (A) to Cayman 4 the aggregate of
(i) the corresponding $ Initial Cash Amount set out in Column C of Schedule 2, (as adjusted in accordance with this Agreement or as otherwise may be agreed between the Parties); plus (ii) the corresponding € Initial Cash Amount set
out in Column D of Schedule 2; and (B) to Cayman 5 the corresponding $ Initial Cash Amount set out in Column E of Schedule 2, (as adjusted in accordance with this Agreement or as otherwise may be agreed between the Parties);

  

 20 

	 	 4.2.2 
	 in respect of the Holdco Put Option: 

  

	 	 (a)
	 Cayman 4 shall deliver to Cayman 7: 

  

	 	 (i)
	 duly executed transfer(s) in favour of Cayman 7 in respect of all Ordinary Shares held by Cayman 4 on the Holdco Put Option Exercise Date; and

  

	 	 (ii)
	 the relevant share certificate(s) in respect of such Ordinary Shares being transferred; and 

  

	 	 (b)
	 Cayman 5 shall deliver to Cayman 7: 

  

	 	 (i)
	 duly executed transfer(s) in favour of Cayman 7 in respect of all Preference Shares held by Cayman 5 on the Holdco Put Option Exercise Date; and

  

	 	 (ii)
	 the relevant share certificate(s) in respect of such Preference Shares being transferred; and 

  

	 	 (c)
	 Cayman 7 shall, against delivery of the duly executed transfer(s), be liable to pay: 

  

	 	 (i)
	 the Cayman 4 Put Option Price to Cayman 4, which shall be left outstanding on account due from Cayman 7 to Cayman 4 and which shall accrue interest daily
at an annual rate of 12 per cent., compounding annually, for the period from the Holdco Put Option Exercise Date until the date on such aggregate amount is paid (the “Cayman 4 Outstanding Consideration”); and

  

	 	 (ii)
	 the Cayman 5 Put Option Price to Cayman 5, which shall be left outstanding on account due from Cayman 7 to Cayman 5 and which shall accrue interest daily
at an annual rate of 12 per cent., compounding annually, for the period from the Holdco Put Option Exercise Date until the date on such aggregate amount is paid (the “Cayman 5 Outstanding Consideration”),

 and which shall be paid, in cash, only upon the Holdcos giving written notice to Cayman 7 (an
“Outstanding Consideration Payment Notice”) requiring Cayman 7 to satisfy the entire Outstanding Consideration. If an Outstanding Consideration Payment Notice is validly served, Cayman 7 shall pay the Outstanding Consideration on or
before the date falling three Business Days from service of the Outstanding Consideration Payment Notice (the “Outstanding Consideration Payment Notice Period”). 
  

 21 

	 	 4.2.3 
	 in respect of the Holdco Call Option: 

  

	 	 (a)
	 Cayman 7 shall deliver to Cayman 4: 

  

	 	 (i)
	 duly executed transfer(s) in favour of Cayman 4 in respect of that number of Ordinary Shares held by Cayman 7 as specified in the Holdco Call Option
Notice; and 

  

	 	 (ii)
	 the relevant share certificate(s) in respect of such Ordinary Shares being transferred; and 

  

	 	 (b)
	 Cayman 7 shall deliver to Cayman 5: 

  

	 	 (i)
	 duly executed transfers in favour of Cayman 5 in respect of that number of Ordinary Shares held by Cayman 7 as specified in the Holdco Call Option Notice
and all of the Preference Shares held by Cayman 7; and 

  

	 	 (ii)
	 the relevant share certificate(s) in respect of such Ordinary Shares and Preference Shares being transferred; 

  

	 	 (c)
	 Cayman 4 and Cayman 5 shall, against delivery of the duly executed transfer(s), satisfy the Cayman 4 Call Option Consideration and Cayman 5 Call Option
Consideration to be paid by setting off such amounts against the Cayman 4 Outstanding Consideration and the Cayman 5 Outstanding Consideration (as the case may be). 

  

	 4.3
	 If the Holdco Put Option is exercised after the Fourth Cayman 7 Call Option Exercise Date any remaining Outstanding Consideration after the set off
pursuant to Clause 4.2.3 shall immediately cease to be due and payable and Cayman 7 shall be released from all obligations hereunder to pay the same. 

  

	 5
	 CONSIDERATION PAYABLE FOR GRANT OF CAYMAN 7 CALL OPTIONS 

  

	 5.1
	 Delivery of Warrants 

 In consideration of the Holdcos granting to Cayman 7 the Cayman 7 Call Options, CEDC shall, within 30 days from the date of this Agreement, deliver, or cause to be delivered, the Warrants to the Holdcos in the amounts
set out in Columns H and I of Schedule 2. 
  

	 5.2
	 Issue of CEDC Common Stock 

  

	 	 5.2.1 
	 In consideration of the Holdcos granting to Cayman 7 the Cayman 7 Call Options, CEDC shall, subject to the Holdcos not having exercised the Holdco Put
Option: 

  

	 	 (a)
	 on 31 October 2009 issue 1,000,000 shares of CEDC Common Stock to the Holdcos in the proportions set out in the second row of Columns J and K of
Schedule 2 (the “2009 Shares”); 

  

	 	 (b)
	 on 15 June 2010 issue 1,575,000 shares of CEDC Common Stock to the Holdcos in the proportions set out in the third row of Columns J and K of Schedule
2 (the “2010 Shares”); and 

  

	 	 (c)
	 on 31 July 2012 issue 751,852 shares of CEDC Common Stock to the Holdcos in the proportions set out in the fifth row of Columns J and K of Schedule 2
(the “2012 Shares”), 

 in each case subject to adjustment as per Clause 8.3.4. 

 

 22 

	 	 5.2.2 
	 Until the 2009 Shares, the 2010 Shares and the 2012 Shares (together, the “Consideration Shares”) have been issued pursuant to Clause
5.2.1: 

  

	 	 (a)
	 Mergers or Consolidations. If at any time after the date hereof until all of the Consideration Shares have been issued pursuant to Clause 5.2.1,
there shall be a capital reorganisation (other than a combination or subdivision of CEDC Common Stock otherwise provided for herein) resulting in a reclassification to or change in the Consideration Shares (a “Reorganisation”), or a
merger or consolidation of CEDC with another Person (other than a merger with another Person in which CEDC is a continuing corporation and which does not result in any reclassification or change in the Consideration Shares or a merger effected
exclusively for the purpose of changing the domicile of CEDC) (a “Merger”) or the sale of all or substantially all of the assets of CEDC (a “Disposal”), then, as a part of such Reorganisation, Merger or Disposal,
lawful provision and adjustment shall be made so that the Holdcos shall thereafter be entitled to receive in respect of any unissued Consideration Shares, pursuant to Clause 5.2.1 and at the times provided for and subject to the terms and conditions
of the Transaction Documents, the number of shares of stock or any other equity or debt securities or property to which the Holdcos would have been entitled upon consummation of the Reorganisation, Merger or Disposal if the Holdcos had received all
such unissued Consideration Shares immediately prior to such Reorganisation, Merger or Disposal. In any such case, appropriate adjustment shall be made in the application of the provisions of Clause 5.2.1 with respect to the rights and interests of
the Holdcos after the Reorganisation, Merger or Disposal to the end that the provisions of Clause 5.2.1 and Clause 5.2.2 shall be applicable after that event, as near as reasonably may be, in relation to any shares of stock, securities, property or
other assets thereafter deliverable pursuant to Clause 5.2.1. CEDC will not effect any Reorganisation, Merger or Disposal unless prior to the consummation thereof each corporation or entity (other than CEDC) which may be required to deliver any
securities or other property pursuant to Clause 5.2.1 as provided herein shall assume in a written agreement the obligation to deliver to the Holdcos such securities or other property as (in accordance with the foregoing provisions) the Holdcos may
be entitled to receive and agreeing and confirming that the provisions of Clause 5.2.1 shall continue in full force and effect, enforceable against CEDC and such corporation or entity in accordance with the terms thereof and hereof. The foregoing
provisions of this Clause 5.2.2(a) shall similarly apply to successive Reorganisations, Mergers and Disposals. 

  

	 	 (b)
	 Splits and Subdivisions; Dividends. In the event CEDC should at any time or from time to time (i) effectuate a split or subdivision of the
outstanding shares of CEDC Common Stock, (ii) pay a dividend in or make a distribution payable in additional shares of CEDC Common Stock or other securities that are convertible or exchangeable or exercisable into shares of CEDC Common Stock
(“Common Stock Equivalents”), or (iii) issue by reclassification of CEDC Common Stock any other capital stock of CEDC, in each case without payment of any consideration by such holder for the additional shares of CEDC Common
Stock or Common Stock Equivalents (including the additional shares of CEDC Common Stock issuable upon conversion or exercise thereof), then, as of the applicable record date (or the date of such distribution, split, subdivision or reclassification
if no record date is fixed), the number of unissued 

  

 23 

	 	 
Consideration Shares shall be appropriately increased in proportion to such increase (or potential increase) of outstanding shares; provided, however, that
no adjustment shall be made in the event the split, subdivision, dividend, distribution or reclassification is not effectuated. The adjustment pursuant to this Clause 5.2.2(b) shall be made successively each time that any event listed in this Clause
5.2.2(b) above shall occur. 

  

	 	 (c)
	 Combination of Shares. If the number of shares of CEDC Common Stock outstanding at any time after the date hereof is decreased by a combination or
reverse split of the outstanding shares of CEDC Common Stock, the number of shares of unissued Consideration Shares shall be appropriately decreased in proportion to such decrease in outstanding shares as at the effective date of such combination or
reverse split; provided, however, that no adjustment shall be made in the event such combination or reverse split is not effectuated. 

  

	 	 (d)
	 Cash Dividends and Other Distributions. If CEDC shall distribute to holders of CEDC Common Stock (i) any dividend or other distribution of
cash, evidences of its indebtedness, or any other properties or securities (other than any dividend or distribution described in Clause 5.2.2(b)) or (ii) any options, warrants, or other rights to subscribe for or purchase any of the foregoing
(other than any rights, options, warrants, or securities described below), that, in the case of both clause (i) and clause (ii) together, aggregate on a rolling twelve-month basis to a Fair Market Value per share of CEDC Common Stock as of
the trading day immediately preceding the declaration of such distribution (the “FMV Date”) that exceeds 3% of the Fair Market Value of one share of CEDC Common Stock on the FMV Date, then in each such case the number of unissued
Consideration Shares shall be increased in each case to the number obtained by multiplying (A) the number of unissued Consideration Shares, before such adjustment, and (B) the quotient of (1) the Fair Market Value of one share of CEDC
Common Stock on the last trading day preceding the first date on which the CEDC Common Stock trades regular way without the right to receive such distribution, divided by (2) the Fair Market Value calculated in clause (1) minus the amount
of cash and/or the Fair Market Value of any evidences of indebtedness, other property or securities, options, warrants or other rights to subscribe for or purchase the foregoing so distributed in respect of one share of CEDC Common Stock. In the
event that such distribution is not so made, then no such adjustment to the number of unissued Consideration Shares shall be made pursuant to this Clause 5.2.2(d). Notwithstanding anything in this Clause 5.2.2(d) to the contrary, no adjustment to
the number of unissued Consideration Shares shall be made pursuant to this Clause 5.2.2(d) as a result of the issuance or other sale by CEDC of any of its shares of CEDC Common Stock upon (A) the conversion or exchange of any of CEDC’s
preferred stock, warrants, options or other convertible or exchangeable securities, provided, such preferred stock, warrants, options or other convertible or exchangeable securities are outstanding as of the date of this Agreement, (B) the
grant or exercise of any stock options, restricted stock, restricted stock units, stock appreciation rights or other forms of stock or stock-based rights granted to officers, directors or employees of CEDC pursuant to a stock option plan, benefit
plan or incentive plan of CEDC, whether in effect as of the date of this Agreement or approved by the Board of Directors of CEDC after the date of this Agreement, or (C) the grant or issuance of rights pursuant to a shareholder rights plan.

  

 24 

	 	 (e)
	 Certain Issuances. 

  

	 	 (i)
	 Without duplication of any other items contained in this Agreement, if at any time or from time to time CEDC shall issue (A) CEDC Common Stock at a price
per share that is lower at the date of such issuance than 85% of either, at CEDC’s sole election, (x) the closing sale price of one share of CEDC Common Stock on the date of such issuance on and as reported by the principal securities
exchange on which the CEDC Common Stock is then listed or admitted to trading, or, if the CEDC Common Stock is not listed or admitted to trading on any securities exchange, as determined in good faith and in a commercially reasonable manner by
resolution of the Board of Directors of CEDC, based on the best information available to it and (if requested by the Holdcos) having engaged an independent appraiser in such regard (the “Closing Price”), or (y) the volume
weighted average trading price of one share of CEDC Common Stock on and as reported by the principal securities exchange on which the CEDC Common Stock is then listed or admitted to trading for the thirty (30) trading days immediately preceding
the date of such issuance, or, if the CEDC Common Stock is not listed or admitted to trading on any securities exchange, the fair market value of one share of CEDC Common Stock as determined in good faith and in a commercially reasonable manner by
resolution of the Board of Directors of CEDC, based on the best information available to it and (if requested by the Holdcos) having engaged an independent appraiser in such regard (the “30-Day FMV”) or (B) rights, options, or
warrants for, or securities convertible or exchangeable into, CEDC Common Stock entitling the holders thereof to subscribe for or purchase shares of CEDC Common Stock at a price per share that is lower at the date of such issuance than 85% of
either, at CEDC’s sole election, the Closing Price or the 30-Day FMV, then the number of unissued Consideration Shares thereafter issuable pursuant to Clause 5.2.1 shall be determined by multiplying the number of then unissued Consideration
Shares by a fraction, the numerator of which shall be the number of shares of CEDC Common Stock outstanding on the date of issuance of such CEDC Common Stock, rights, options, warrants, or convertible or exchangeable securities (assuming the
exercise or conversion of all then outstanding rights, options, warrants or convertible or exchangeable securities) plus the number of additional shares of CEDC Common Stock offered for subscription or purchase or into which such securities are
convertible or exchangeable, and the denominator of which shall be the number of shares of CEDC Common Stock outstanding on the date of issuance of such CEDC Common Stock, rights, options, warrants, or convertible or exchangeable securities
(assuming the exercise or conversion of all then outstanding rights, options, warrants or convertible or exchangeable securities) plus the total number of shares of CEDC Common Stock that could be purchased with the aggregate consideration received
through issuance of such Common Stock, rights, options, warrants, or convertible or exchangeable securities at either, at CEDC’s sole election, the Closing Price or the 30-Day FMV. Such adjustment shall be made whenever such shares of CEDC
Common Stock, rights, options, warrants, or convertible or exchangeable securities are issued and shall become effective retroactively immediately after the date on which such Persons became entitled to receive such shares of CEDC Common Stock,
rights, options, warrants or convertible or exchangeable securities. 

  

 25 

	 	 (ii)
	 This Clause 5.2.2(e) shall not apply to issuances of CEDC Common Stock, rights, options, warrants, or convertible or exchangeable securities resulting from or in
connection with: 

  

	 	 (A)
	 the conversion or exchange of any of CEDC’s preferred stock, warrants, options or other convertible or exchangeable securities, provided, such preferred
stock, warrants, options or other convertible or exchangeable securities are outstanding as of the date of this Agreement or were issued in connection with a transaction not covered by Clause 5.2.2(e)(i)(B), 

  

	 	 (B)
	 the grant or exercise of any stock options, restricted stock, restricted stock units, stock appreciation rights or other forms of stock or stock-based rights
granted to officers, directors or employees of CEDC pursuant to a stock option plan, benefit plan or incentive plan of CEDC, whether in effect as of the date of this Agreement or approved by the Board of Directors of CEDC after the date of this
Agreement, 

  

	 	 (C)
	 the Note Purchase and Share Subscription Agreement, 

  

	 	 (D)
	 this Agreement, 

  

	 	 (E)
	 the issuance or exercise of any of the Warrants, 

  

	 	 (F)
	 a Merger, Reorganization or Disposal, or 

  

	 	 (G)
	 the grant or issuance of rights pursuant to a shareholder rights plan. 

  

	 	 (iii)
	 If any CEDC Common Stock, rights, options, warrants or convertible or exchangeable securities are issued together with other obligations or securities, then an
allocation shall be made of the aggregate consideration received as between such CEDC Common Stock, rights, options, warrants or convertible or exchangeable securities, on the one hand, and such other obligations or securities, on the other hand (as
determined in good faith and in a commercially reasonable manner by the Board of Directors of CEDC, whose determination shall be evidenced by a board resolution, a copy of which will be sent to the Holdcos upon request), to determine a price per
share for such CEDC Common Stock, rights, options, warrants or convertible or exchangeable securities for the purposes of this Clause 5.2.2(e). This Clause 5.2.2(e) shall apply with equal force and effect to any amendment, revision, adjustment, or
other modification of the terms of any outstanding rights, options, or warrants for, or securities convertible or exchangeable into, CEDC Common Stock if and to the extent that such amendment, revision, adjustment, or other modification has the
effect of allowing the holders thereof to subscribe for or purchase shares of CEDC Common Stock at a price per share that is lower at the date of such modification than 85% of either, at CEDC’s sole election, the Closing Price or the 30-Day
FMV, subject to the provisions of Clause 5.2.2(e)(ii). No adjustment shall be made pursuant to this Clause 5.2.2(e) that would have the effect of decreasing the number of unissued Consideration Shares. 

  

 26 

	 	 (f)
	 Superseding Adjustment. Upon the expiration of any rights, options, warrants, or conversion or exchange privileges that resulted in any adjustment
pursuant to this Clause 5.2.2, if any thereof shall not have been exercised, the number of unissued Consideration Shares shall be readjusted as if (i) the only shares of CEDC Common Stock issuable upon exercise of such rights, options,
warrants, or conversion or exchange privileges were the shares of CEDC Common Stock, if any, actually issued upon the exercise of such rights, options, warrants, or conversion or exchange privileges and (ii) shares of CEDC Common Stock actually
issued, if any, were issuable for the consideration actually received by CEDC upon such exercise plus the aggregate consideration, if any, actually received by CEDC for the issuance, sale, or grant of all such rights, options, warrants, or
conversion or exchange privileges whether or not exercised; provided, however, that no such readjustment shall (except by reason of an intervening adjustment under Clause 5.2.2(b)) have the effect of decreasing the number of unissued Consideration
Shares by an amount in excess of the amount of the adjustment to such number of unissued Consideration Shares initially made in respect of the issuance, sale, or grant of such rights, options, warrants, or conversion or exchange privileges.

  

	 	 (g)
	 No Duplication. Notwithstanding anything else contained in this Clause 5.2.2, no single event shall result in an adjustment to the number of
unissued Consideration Shares under more than one of the subsections set forth in Clause 5.2.2 so as to result in duplication. 

  

	 5.3
	 All shares of CEDC Common Stock issued under this Agreement and all shares of CEDC Common Stock issuable upon exercise of the Warrants shall be issued as
fully paid up and free from Encumbrances and shall be entitled to the rights and subject to the obligations set out in the Registration Rights Agreement. 

  

	 5.4
	 Where CEDC issues shares of CEDC Common Stock or the Warrants under Clause 5 or Clause 8 of this Agreement, such issues shall be deemed to have been made
on behalf of Cayman 7 and Cayman 7 agrees to issue Partnership Interests (as defined under the Limited Partnership Agreement) to CEDC equal to the fair market value (as at the date of such issue of CEDC Common Stock or Warrants) of such shares of
CEDC Common Stock and Warrants so issued. 

  

	 6
	 ANTITRUST OBLIGATIONS 

  

	 6.1
	 The right of Cayman 7 to exercise (i) any Cayman 7 Call Option (the “Relevant Cayman 7 Call Option”) the completion of which would
give CEDC the right to exercise control rights in respect of the Company, which rights would require an Antitrust Approval; and (ii) any subsequent Cayman 7 Call Options, shall be subject, in each case, to such Antitrust Approval being
received. For the avoidance of doubt, if the Cayman 7 Call Option Exercise Date of the Relevant Cayman 7 Call Option has been amended in accordance with Clause 3.1.5, such that it falls on the same date as the Cayman 7 Call Option Exercise Date of
any other Cayman 7 Call Option(s), then the exercise of such other Cayman 7 Call Option(s) shall not be subject to such Antitrust Approval being received. 

  

 27 

	 6.2
	 If such a required Antitrust Approval has not been received prior to the Cayman 7 Call Option Exercise Date of the Relevant Cayman 7 Call Option as such
date may be amended in accordance with this Agreement except by operation of this Clause 6 (the “Relevant Cayman 7 Call Option Exercise Date”), Cayman 7 shall be obligated to pay to the Holdcos in cash: 

 

	 	 6.2.1 
	 if the Relevant Cayman 7 Call Option Exercise Date occurs on or before 31 December 2011, the lower of $50 million, and the Antitrust Adjustment
Payment; and 

  

	 	 6.2.2 
	 if the Relevant Cayman 7 Call Option Exercise Date occurs after 31 December 2011, the lower of $42.5 million, and the Antitrust Adjustment Payment,

 in each case, on the Relevant Cayman 7 Call Option Exercise Date. Such payment will be allocated between
the Holdcos in the Holdco Sharing Proportions. 
  

	 6.3
	 If Antitrust Approval is subsequently received after the Relevant Cayman 7 Call Option Exercise Date, the Cayman 7 Call Option Exercise Date of the
Relevant Cayman 7 Call Option, and any other Cayman 7 Call Options delayed in accordance with the provision of this Clause 6, shall be deemed to be the date falling 60 days after the date of receipt of Antitrust Approval and all remaining Cayman 7
Call Options shall once again be exercisable in accordance with their terms. 

  

	 6.4
	 The $ Initial Cash Amounts payable to Cayman 4 and Cayman 5 in relation to the Relevant Cayman 7 Call Option shall be reduced by the amount actually
received in accordance with Clause 6.2, allocated between the Holdcos in the Holdco Sharing Proportions. 

  

	 6.5
	 Where the exercise by Cayman 7 of any Cayman 7 Call Option is delayed due to the failure to obtain Antitrust Approval, the Initial Cash Amounts payable
following the exercise of such Cayman 7 Call Option shall be increased by an amount equal to interest accruing thereon at an annual rate of 8 per cent. from the relevant Cayman 7 Call Option Exercise Date before the application of Clauses 6.1
and 6.3 until the relevant Cayman 7 Call Option Exercise Date following the application of Clauses 6.1 and 6.3 

  

	 6.6
	 If Antitrust Approval is not subsequently received after the Relevant Cayman 7 Call Option Exercise Date, and an Exit is undertaken, then Cayman 7 shall,
from the proceeds received from such Exit, pay to the Holdcos within 30 days of such Exit, an amount in cash equal to the amount by which the Antitrust Adjustment Payment under Clause 6.2 exceeds the amounts paid by Cayman 7 to the Holdcos pursuant
to Clause 6.2. Such payment will be allocated between the Holdcos in the Holdco Sharing Proportions, and shall in no circumstance exceed the aggregate Exit proceeds received by Cayman 7 net of any fees, costs or expenses incurred by Cayman 7 with
regard to such Exit. 

  

	 7
	 DEFERRAL OF ISSUE OF SHARES AND WARRANTS 

  

	 7.1
	 Notwithstanding anything herein to the contrary, in order to ensure compliance with NASDAQ Marketplace Rule 4350(i)(1)(c)(i), if, immediately following
the issuance of any shares of CEDC Common Stock pursuant to this Agreement, the Holdcos and their Affiliates would collectively own 5% or more of the number of shares of CEDC Common Stock outstanding or 5% or more of the voting power of CEDC
outstanding (the “Substantial Shareholder Threshold”), then the following shall apply: 

  

	 	 7.1.1 
	 such number of shares of CEDC Common Stock as may be issued without breaching the Substantial Shareholder Threshold shall be issued in accordance with the
terms of this Agreement; 

  

 28 

	 	 7.1.2 
	 in the case of shares of CEDC Common Stock issuable pursuant to Clause 5 hereof (excluding, for the avoidance of doubt, shares of CEDC Common Stock
issuable upon the exercise of any Warrant), the number of shares of CEDC Common Stock issuable but not yet issued shall accordingly be reduced by the number of such shares of CEDC Common Stock permitted to be issued pursuant to Clause 7.1.1;

  

	 	 7.1.3 
	 in the case of shares of CEDC Common Stock issuable pursuant to Clause 8.2 hereof, the amount of the relevant $ Initial Cash Amount outstanding and not
yet paid shall accordingly be reduced by the Cash Equivalent of such shares of CEDC Common Stock permitted to be issued pursuant to Clause 7.1.1; 

  

	 	 7.1.4 
	 after such time as the Holdcos and their Affiliates have advised CEDC in writing that they collectively own 3.5% or less of the number of shares of CEDC
Common Stock outstanding and 3.5% or less of the voting power of CEDC outstanding, CEDC shall issue a number of shares of CEDC Common Stock to the Holdcos (a) in the case of shares of CEDC Common Stock relating to a Trailing Tranche (as defined
in the Registration Rights Agreement), promptly and (b) in the case of shares of CEDC Common Stock relating to a Leading Tranche (as defined in the Registration Rights Agreement), on the first Business Day after the effectiveness of the
registration statement filed in relation to such shares of CEDC Common Stock (as contemplated by Sections 2.2(a), 2.2(b) and/or 2.2(c), as the case may be, and Section 2.11(c) of the Registration Rights Agreement) equal to the lesser of:

  

	 	 (a)
	 (1) the Share Equivalent of all outstanding $ Initial Cash Amounts that have not been paid due to the operation of this Clause 7.1 plus (2) the number of
shares of CEDC Common Stock issuable pursuant to Clause 5 hereof that have not been issued due to the operation of this Clause 7.1; and 

  

	 	 (b)
	 the maximum number of shares of CEDC Common Stock that may be issued without breaching the Substantial Shareholder Threshold,

 and the relevant $ Initial Cash Amounts outstanding shall accordingly be reduced by the Cash Equivalent
of the shares of CEDC Common Stock issued pursuant to Clause 7.1.4(a)(1), and the number of shares of CEDC Common Stock issuable pursuant to Clause 5 hereof that have not been issued due to the operation of this Clause 7.1 shall accordingly be
reduced by the number of shares of CEDC Common Stock issued pursuant to Clause 7.1.4(a)(2); and 
  

	 	 7.1.5 
	 Clause 7.1.4 shall continue to be applied until the amount of all outstanding $ Initial Cash Amounts that have not been paid due to the operation of this
Clause 7.1, and the number of all shares of CEDC Common Stock issuable pursuant to Clause 5 hereof that have not been issued due to the operation of this Clause 7.1, have been reduced to zero. 

  

	 7.2
	 Each Holdco agrees to provide to CEDC such information regarding ownership of CEDC Common Stock by it and its Affiliates as CEDC may reasonably request in
connection with Clause 7.1. 

  

 29 

	 8
	 ADJUSTMENTS TO INITIAL CASH AMOUNTS AND ADDITIONAL CONSIDERATION 

  

	 8.1
	 Interest on Initial Cash Amounts 

 In respect of any Initial Cash Amounts payable in respect of any Cayman 7 Call Option, each such Initial Cash Amount shall be increased by 8 per cent. per annum for the period from: (a) the relevant Cayman 7
Call Option Exercise Date; to (b) the earlier of: (i) the Holdco Put Option Exercise Date; and (ii) the actual date on which the relevant Cayman 7 Call Option is exercised, in accordance with Clause 3.1.3. 
  

	 8.2
	 Adjustments in respect of the Second, Third and Final Cayman 7 Call Options 

  

	 	 8.2.1 
	 CEDC shall have the right to require that: 

  

	 	 (a)
	 up to the lower of: (i) $15 million of the $ Initial Cash Amounts to be paid in respect of the Second Cayman 7 Call Option and (ii) the 2009
Earnout Amount, shall instead be paid by CEDC on behalf of Cayman 7 through the issue of shares of CEDC Common Stock to the Holdcos (the “Second Cayman 7 Call Option Substitute Right”); 

  

	 	 (b)
	 up to $15 million of the $ Initial Cash Amounts to be paid in respect of the Third Cayman 7 Call Option shall instead be paid by CEDC on behalf of Cayman
7 through the issue of shares of CEDC Common Stock to the Holdcos (the “Third Cayman 7 Call Option Substitute Right”); 

  

	 	 (c)
	 if the Final Cayman 7 Call Option Completion Date occurs after 30 June 2012, up to $20 million of the $ Initial Cash Amounts to be paid in respect of the
Final Cayman 7 Call Option shall instead be paid by CEDC on behalf of Cayman 7 through the issue of shares of CEDC Common Stock to the Holdcos (the “First Final Cayman 7 Call Option Substitute Right”); 

 

	 	 (d)
	 if the Final Cayman 7 Call Option Completion Date occurs after 31 December 2011 but on or before 30 June 2012 (i) the $ Initial Cash
Amounts to be paid in respect of the Final Cayman 7 Call Option shall be reduced by $5 million and (ii) up to $15 million of such reduced $ Initial Cash Amount shall instead be paid by CEDC on behalf of Cayman 7, through the issue of shares of
CEDC Common Stock to the Holdcos (the “Second Final Cayman 7 Call Option Substitute Right”); and 

  

	 	 (e)
	 if the Final Cayman 7 Call Option Completion Date occurs on or before 31 December 2011 (i) the $ Initial Cash Amounts to be paid in respect of
the Final Cayman 7 Call Option shall be reduced by $10 million; and (ii) up to $10 million of such reduced $ Initial Cash Amount shall instead be paid by CEDC on behalf of Cayman 7, through the issue of shares of CEDC Common Stock to the
Holdcos (the “Third Final Cayman 7 Call Option Substitute Right”). 

  

	 	 8.2.2 
	 Each Cayman 7 Call Option Substitute Right shall be exercised by CEDC giving written notice to the Holdcos no later than 30 days prior to the Cayman 7
Call Option Exercise Date of the relevant Cayman 7 Call Option, such notice to include the amount of the $ Initial Cash Amounts to be substituted through exercise of the relevant Cayman 7 Call Option Substitute Right (the “Substitute
Amount”). 

  

	 	 8.2.3 
	 The number of shares of CEDC Common Stock to be issued to the Holdcos following exercise of a Cayman 7 Call Option Substitute Right shall be equal to:

  

	 	 (a)
	 in respect of the Second Cayman 7 Call Option Substitute Right, the Substitute Amount, divided by the Ten Day VWAP of CEDC Common Stock on the dealing day
immediately prior to the Second Cayman 7 Call Option Exercise Date; 

  

 30 

	 	 (b)
	 in respect of the Third Cayman 7 Call Option Substitute Right, the Substitute Amount divided by the Ten Day VWAP of CEDC Common Stock on the dealing day
immediately prior to the Third Cayman 7 Call Option Exercise Date; and 

  

	 	 (c)
	 in respect of the First Final Cayman 7 Call Option Substitute Right, the Second Final Cayman 7 Call Substitute Right and the Third Final Cayman 7 Call
Option Substitute Right, the Substitute Amount divided by the Ten Day VWAP of CEDC Common Stock on the dealing day immediately prior to the Final Cayman 7 Call Option Exercise Date. 

  

	 	 8.2.4 
	 The shares of CEDC Common Stock issued following exercise of a Cayman 7 Call Option Substitute Right shall be allocated between the Holdcos according to
the Holdco Sharing Proportions. 

  

	 	 8.2.5 
	 Where CEDC exercises a Cayman 7 Call Option Substitute Right, CEDC shall issue the relevant number of shares of CEDC Common Stock to the Holdcos on the
relevant Cayman 7 Call Option Exercise Date, save that if CEDC defaults on such obligation to issue such shares of CEDC Common Stock on the relevant Cayman 7 Call Option Exercise Date CEDC shall be afforded a cure period of 30 days thereafter during
which to effect such issue (the “Substitute Cure Period”), and if CEDC so issues such shares of CEDC Common Stock during the Substitute Cure Period, the relevant Ten Day VWAP to be used for calculating the number of shares of CEDC
Common Stock to be issued shall be the Ten Day VWAP on the trading day immediately prior to the date of the actual issue of such shares. 

  

	 	 8.2.6 
	 Where CEDC exercises its rights under a Cayman 7 Call Option Substitute Right and issues the relevant shares of CEDC Common Stock, the $ Initial Cash
Amounts to be paid by Cayman 7 shall be reduced by the Substitute Amount and such reduction shall be allocated between the Holdcos according to the Holdco Sharing Proportions. 

  

	 	 8.2.7 
	 The adjustments set out in this Clause 8.2 shall not apply in respect of the calculation or determination of the Cayman 4 Put Option Price and the Cayman
5 Put Option Price. 

  

	 8.3
	 Adjustment in respect of issue of 2009 Shares, 2010 Shares and 2012 Shares 

  

	 	 8.3.1 
	 If the Thirty Day VWAP of CEDC Common Stock on 31 October 2009 (the “31 October 2009 VWAP”) is less than $20, Cayman 7 shall pay:

  

	 	 (a)
	 to Cayman 4, in $ in cash, as an increase to the $ Initial Cash Amount payable in respect of the Second Cayman 7 Call Option an amount equal to the number
of shares of CEDC Common Stock to be issued to Cayman 4 as set out in the second row of Column J of Schedule 2 x ($20 minus the 31 October 2009 VWAP); and 

  

	 	 (b)
	 pay to Cayman 5, in $ in cash, as an increase to the $ Initial Cash Amount payable in respect of the Second Cayman 7 Call Option an amount equal to the
number of shares of CEDC Common Stock to be issued to Cayman 5 as set out in the second row of Column K of Schedule 2 x ($20 minus the 31 October 2009 VWAP). 

  

 31 

	 	 8.3.2 
	 If the 31 October 2009 Upside VWAP is greater than $20: 

  

	 	 (a)
	 the $ Initial Cash Amount payable to Cayman 4 in respect of the Third Cayman 7 Call Option shall be reduced by an amount equal to 50 per cent of the
number of shares of CEDC Common Stock to be issued to Cayman 4 as set out in the second row of Column J of Schedule 2 x (the 31 October 2009 Upside VWAP minus $20); and 

  

	 	 (b)
	 the $ Initial Cash Amount payable to Cayman 5 in respect of the Third Cayman Call Option shall be reduced by an amount equal to 50 per cent of the
number of shares of CEDC Common Stock to be issued to Cayman 5 as set out in the second row of Column K of Schedule 2 x (the 31 October 2009 Upside VWAP minus $20). 

  

	 	 8.3.3 
	 If the Thirty Day VWAP of CEDC Common Stock on 15 June 2010 (the “15 June 2010 VWAP”), is less than $19, Cayman 7 shall pay:

  

	 	 (a)
	 to Cayman 4, in $ in cash, as an increase to the $ Initial Cash Amount payable in respect of the Second Cayman 7 Call Option an amount equal to the number
of shares of CEDC Common Stock to be issued to Cayman 4 as set out in the third row of Column J of Schedule 2 x ($19 minus the 15 June 2010 VWAP); and 

  

	 	 (b)
	 to Cayman 5, in $ in cash, as an increase to the $ Initial Cash Amount payable in respect of the Second Cayman 7 Call Option an amount equal to the number
of shares of CEDC Common Stock to be issued to Cayman 5 as set out in the third row of Column K of Schedule 2 x ($19 minus the 15 June 2010 VWAP). 

  

	 	 8.3.4 
	 In respect of the shares of CEDC Common Stock to be issued pursuant to Clause 5.2.1(c), the number of shares of CEDC Common Stock to be issued to each of
Cayman 4 and Cayman 5 will be reduced: 

  

	 	 (a)
	 by 100 per cent. if the Final Cayman 7 Call Option Completion Date falls on or before 31 December 2010; 

  

	 	 (b)
	 by 50 per cent. if the Final Cayman 7 Call Option Completion Date falls after 31 December 2010 but on or before 31 December 2011; or

  

	 	 (c)
	 by 25 per cent. if the Final Cayman 7 Call Option Completion Date falls after 31 December 2011 but before 30 June 2012.

  

	 8.4
	 Earnout adjustment in respect of the Second Cayman 7 Call Option 

  

	 	 8.4.1 
	 If Lux 1 Group EBITDA for the year ending 31 December 2009 (“2009 Group EBITDA”) is greater than $70 million, Cayman 7 shall pay to
the Holdcos the sum of: 1.0 x (2009 Group EBITDA minus $70 million), subject to a maximum payment of $20 million (the “2009 Earnout Amount”). 

  

	 	 8.4.2 
	 Cayman 7 shall satisfy its obligations to pay the 2009 Earnout Amount by increasing the $ Initial Cash Amounts to be paid in respect of the Second Cayman
7 Call Option by an amount equal to the 2009 Earnout Amount, and such increase shall be allocated between the Holdcos according to the Holdco Sharing Proportions. 

  

 32 

	 	 8.4.3 
	 The Holdcos shall use their reasonable endeavours to ensure that the consolidated (or combined as the case may be) accounts of the Lux 1 Group (produced
in accordance with the Accounting Principles) are approved and signed by the Lux 1 Group’s auditor on or before 31 March 2010. 

  

	 	 8.4.4 
	 The Holdcos shall, within 15 Business Days of receiving the audited accounts of Lux 1 for 2009, send to Cayman 7 and CEDC a copy of such accounts together
with a notice (an “Earnout Notice”) setting out in reasonable detail: 

  

	 	 (a)
	 the calculation of 2009 Group EBITDA; and 

  

	 	 (b)
	 the calculation of the 2009 Earnout Amount. 

  

	 	 8.4.5 
	 CEDC, who shall have the right to act on behalf of Cayman 7 with respect to this Clause 8, shall have 15 Business Days (the “Earnout Evaluation
Period”), from service of the Earnout Notice, within which to give notice to the Holdcos that Cayman 7 does not accept the accuracy of the Earnout Notice and disputes the calculation of the 2009 Earnout Amount. If CEDC does not give such
notice during the Earnout Evaluation Period, CEDC shall be deemed to have accepted the Earnout Notice as accurate at the expiry of the Earnout Evaluation Period and the 2009 Earnout Amount payable under the Earnout Notice shall, in the absence of
fraud or manifest error, be binding on both Cayman 7 and the Holdcos. 

  

	 	 8.4.6
	  If CEDC gives notice (an “Earnout Dispute Notice”) that it does not accept the accuracy of the Earnout Notice (such notice to
include, in reasonable detail, details of the objection to the Earnout Notice including the relevant amounts), CEDC and the Holdcos shall have 20 Business Days or such longer period as they may agree, from service of the Earnout Dispute Notice,
within which to resolve any disagreement relating to the Earnout Notice. CEDC and the Holdcos shall use their best endeavours to resolve the disagreement within that period and shall afford each other reasonable access to the books and records of
the Lux 1 Group to enable CEDC and the Holdcos to use such best endeavours to resolve their disagreement. 

  

	 	 8.4.7 
	 If CEDC and the Holdcos are unable to resolve their disagreement within the period set out in Clause 8.4.6, the calculation of the 2009 Earnout Amount
shall be referred to the Independent Accountant for determination on the following terms: 

  

	 	 (a)
	 the Independent Accountant will act as an expert (and not as an arbitrator); 

  

	 	 (b)
	 in so far as they are able, CEDC and the Holdcos will each provide the Independent Accountant with all information relating to the Lux 1 Group which the
Independent Accountant reasonably requires; 

  

	 	 (c)
	 the Independent Accountant’s decision will be made within 30 days of the referral and will, in the absence of fraud or manifest error, be final and
binding on Cayman 7 and the Holdcos; and 

  

	 	 (d)
	 the Independent Accountant’s costs will be paid by a member of the Lux 1 Group as determined by Cayman 5. 

  

	 	 8.4.8 
	 To the extent that an Earnout Dispute Notice has been served and such dispute has not, in respect of the 2009 Earnout Amount, been resolved by the Second
Cayman 7 Call Option Exercise Date, then the 2009 Earnout Amount shall be paid within 10 Business Days of its final determination as an adjustment to the $ Initial Cash Amounts payable in respect of the Second Cayman 7 Call Option.

  

 33 

	 	 8.4.9 
	 Where payment of the Second Cayman 7 Call Option has been accelerated in accordance with Clause 3.1.5, payment of the 2009 Earnout Amount, if applicable,
shall be made within 10 Business Days of the Second Cayman 7 Call Option Exercise Date, as if Clause 3.1.5 had not been applied. 

  

	 	 8.4.10 
	 If the Holdcos exercise their rights under the Holdco Put Option prior to determination of the 2009 Earnout Amount in accordance with this Clause 8.4, the
2009 Earnout Amount shall be $20 million. 

  

	 	 8.4.11 
	 If CEDC prior to 31 December 2009 exercises its rights either to become the Controlling Shareholder or for the Company to be under JV Control, each
under Clause 2 of the Governance and Shareholders Agreement (as defined therein), the 2009 Earnout Amount shall be $20 million. 

  

	 8.5
	 Adjustments in respect of the earnout amounts under the Original Sale Agreement 

  

	 	 8.5.1
	  To the extent that Cyprus 1 makes payment of any First Earnout Amount (as such term is defined in the Original Sale Agreement), as such First
Earnout Amount shall be finally determined in accordance with the Original Sale Agreement, the $ Initial Cash Amounts payable in respect of the Third Cayman 7 Call Option shall be reduced by an amount equal to one third of the amount by which the
Second Earnout Amount paid exceeds $40 million, such reduction of the relevant $ Initial Cash Amounts not to exceed $10 million in aggregate, and to be allocated between the Holdcos according to the Holdco Sharing Proportions.

  

	 	 8.5.2 
	 To the extent that Cyprus 1 makes payment of any Second Earnout Amount (as such term is defined in the Original Sale Agreement), as such Second Earnout
Amount shall be finally determined in accordance with the Original Sale Agreement, the $ Initial Cash Amounts payable in respect of the Cayman 7 Call Option next exercised after the Second Earnout Amount is settled shall be reduced by an amount
equal to 7.5 per cent. of the Second Earnout Amount paid, such reduction of the relevant $ Initial Cash Amounts not to exceed $10,875,000 in aggregate, and to be allocated between the Holdcos according to the Holdco Sharing Proportions.

  

	 	 8.5.3
	  If the Original Sale Agreement is amended such that the First Earnout Amount and the Second Earnout Amount are settled in one payment (the
“Earnout Settlement Amount”), the $ Initial Cash Amounts payable in respect of (i) the Second Cayman 7 Call Option and (ii) the Third Cayman 7 Call Option will be each be reduced by 3.75 per cent. of the Earnout
Settlement Amount, such reductions of the relevant $ Initial Cash Amounts not to exceed $10,875,000 in aggregate, and each to be allocated between the Holdcos according to the Holdco Sharing Proportions. Clauses 8.5.1 and 8.5.2 shall not apply upon
the operation of this Clause 8.5.3 and this Clause 8.5.3 shall not apply upon the operation of Clauses 8.5.1 and 8.5.2. 

  

	 8.6
	 Payment of dividends 

  

	 	 8.6.1 
	 If the Company makes any dividend, payment or other form of cash distribution (a “Distribution”) to a Holdco in respect of its holding of
Shares in the Company, the $ Initial Cash Amount payable to that Holdco upon the exercise of the next Cayman 7 Call Option becoming exercisable following the date of the Distribution shall be reduced by an amount equal in value to such Distribution
increased by an amount equivalent to interest at the rate of 8 per cent. per annum from the date of receipt of the Distribution to the next Cayman 7 Call Option Exercise Date. 

  

 34 

	 	 8.6.2 
	 To the extent that the Company makes a Distribution to Cayman 7, it is acknowledged that under the terms of the Limited Partnership Agreement Cayman 7
will further distribute the proceeds of the Distribution to the Class A Limited Partners in Cayman 7. Under the Limited Partnership Agreement, immediately upon receipt of such distribution, the Class A Limited Partners have agreed to put
Cayman 7 in funds of equal value to that Distribution (once made), and Cayman 7 undertakes to pay such amount to the Holdcos (divided pro rata between the Holdcos based on their respective entitlements under the next Initial Cash Amount due) as a
payment on account of the next $ Initial Cash Amount due (an “Advance Payment”), with the benefit of such payment on account deemed to have increased by an amount equal to such amount accruing interest at 8 per cent. per annum
from the date that Cayman 7 has made payment of such amount on account to the Holdcos until the Cayman 7 Call Option Exercise Date of the next Cayman 7 Call Option. 

  

	 8.7
	 Minority Purchase adjustment 

 In the event of a Minority Purchase the $ Initial Cash Amount payable from Cayman 7 to Cayman 5 in respect of the exercise of the next Cayman 7 Call Option following such Minority Purchase shall be increased by an
amount equal to $0.20 for each $1 of Principal Investment Value payable under the Minority Purchase, subject to a maximum increase of $10 million. 
  

	 9
	 OFFER TO INITIAL SELLER PARTIES 

  

	 9.1
	 Cayman 7 shall have the right, at the direction of CEDC only (and Cayman 7 shall so exercise such right at the direction of CEDC), to acquire some or all
of the Initial Seller Party Securities (the “Elective Minority Purchase”), subject to the Initial Seller Parties agreeing to the terms of such an Elective Minority Purchase and also the Company consenting to the transfer of the
Initial Seller Party Securities under the terms of the Lux 1 Shareholders Agreement which consent shall be given subject to the following conditions: 

  

	 	 9.1.1 
	 that the existing pledges over the Initial Seller Party Securities given as security for the obligations of Cirey Holdings, Inc. under the Original Sale
Agreement will be replaced with substitute security which is satisfactory to Cyprus 1, acting reasonably; 

  

	 	 9.1.2 
	 that, to the extent that any consent, amendment or waiver is required from any person who is a party to any Finance Documents, such consent, amendment or
waiver is duly obtained (and the Parties shall use their reasonable commercial endeavours to obtain such consents, and shall consult with each other in relation thereto); 

  

	 	 9.1.3 
	 that Cayman 7 shall pledge the Initial Seller Party Securities acquired to the Holdcos on substantially the same terms as the Cayman 7 Pledge; and

  

	 	 9.1.4 
	 such Elective Minority Purchase is completed no later than the Final Discharge Date. 

  

 35 

	 10
	 WARRANTIES AND UNDERTAKINGS 

  

	 10.1
	 Cayman 4 warrants to Cayman 7 that: 

  

	 	 10.1.1 
	 as of the date of this Agreement, Cayman 4 is the sole owner of the Ordinary Shares which are free from Encumbrances; and 

  

	 	 10.1.2 
	 as at the dates of completion of the transfers of any of the Ordinary Shares to Cayman 7 pursuant to this Agreement, Cayman 4 will be the sole owner of
the Ordinary Shares being transferred to Cayman 7 and such Ordinary Shares will, save for the Holdco Pledges, be free from Encumbrances. 

  

	 10.2
	 Cayman 5 warrants to Cayman 7 that: 

  

	 	 10.2.1 
	 as of the date of this Agreement, Cayman 5 is the sole owner of the Preference Shares which are free from Encumbrances; and 

 

	 	 10.2.2 
	 as at the dates of completion of the transfers of any of the Preference Shares to Cayman 7 pursuant to this Agreement, Cayman 5 will be the sole owner of
the Preference Shares being transferred to Cayman 7 and such Preference Shares will, save for the Holdco Pledges, be free from Encumbrances. 

  

	 10.3
	 Cayman 7 warrants to the Holdcos that as at the date of completion of the transfer of any shares from Cayman 7 to the Holdcos pursuant to this Agreement,
Cayman 7 will be the sole owner of the shares being transferred by it to the Holdcos and such shares will, save for the Cayman 7 Pledge, be free from Encumbrances. 

  

	 10.4
	 CEDC represents and warrants to the Holdcos that, as of the date hereof, the number of shares of CEDC Common Stock issuable pursuant to this Agreement and
any other Transaction Document is equal to or less than the sum of (a) the number of authorized but unissued shares of CEDC Common Stock and (b) the number of treasury shares of CEDC Common Stock, in each case that are not reserved for
future issuance in connection with transactions in the shares of the capital stock of CEDC (other than under the Transaction Documents) on the date hereof (such shares, the “Available Shares”). 

  

	 10.5
	 If CEDC shall not have delivered the full number of shares of CEDC Common Stock otherwise deliverable pursuant to this Agreement or any other Transaction
Document as a result of CEDC not having sufficient authorized but unissued shares of CEDC Common Stock available at the time or times that the relevant rights under this Agreement or any other Transaction Document is exercised (the resulting
deficit, the “Deficit Shares”), CEDC shall use reasonable efforts to promptly authorize unissued shares of CEDC Common Stock sufficient to issue the full number of the Deficit Shares and to issue and deliver such Deficit Shares in
accordance with Clause 10.6. In any event CEDC shall be continually obligated to deliver, from time to time in accordance with Clause 10.6 until the full number of Deficit Shares have been delivered pursuant to this paragraph, shares of CEDC Common
Stock to the extent that: 

  

	 	 (i)
	 shares of CEDC Common Stock are subsequently repurchased, acquired or otherwise received by CEDC or any of its subsidiaries (whether or not in exchange
for cash, fair value or any other consideration); 

  

	 	 (ii)
	 authorized and unissued shares of CEDC Common Stock reserved for issuance in respect of other transactions become no longer so reserved; or

  

	 	 (iii)
	 CEDC additionally authorizes any unissued shares of CEDC Common Stock. 

  

 36 

	 10.6
	 To the extent that any Deficit Shares are deliverable pursuant to Clause 10.5, CEDC shall deliver such Deficit Shares (a) in the case of Deficit
Shares relating to a Trailing Tranche (as defined in the Registration Rights Agreement), promptly and (b) in the case of Deficit Shares relating to a Leading Tranche (as defined in the Registration Rights Agreement), on the first Business Day
after the effectiveness of the registration statement filed in relation to such Deficit Shares (as contemplated by Sections 2.2(a), 2.2(b) and/or 2.2(c), as the case may be, and Section 2.11(c) of the Registration Rights Agreement).

  

	 10.7
	 CEDC shall promptly notify the Holdcos of the occurrence of any of the events described in Clause 10.5(i), 10.5(ii) or 10.5(iii)) (including the number of
shares of CEDC Common Stock subject to Clause 10.5(i), 10.5(ii) or 10.5(iii) and the corresponding number of shares of CEDC Common Stock to be delivered) and promptly deliver such shares of Common Stock thereafter. Except as contemplated in the
Transaction Documents, CEDC shall not take any action to decrease the number of Available Shares below the number of shares of CEDC Common Stock which are required to be issued pursuant to the Transaction Documents. 

  

	 11
	 CEDC GUARANTEE 

  

	 11.1
	 CEDC, as primary obligor, unconditionally and irrevocably guarantees, by way of continuing guarantee to the Holdcos, the payment and performance by Cayman
7, when due, of all amounts and obligations under this Agreement (the “Guaranteed Obligations”). This guarantee shall remain in full force and effect until all such amounts and obligations have been irrevocably paid and discharged
in full. 

  

	 11.2
	 This guarantee shall be in addition to and independent of all other security which the Holdcos may hold from time to time in respect of the discharge and
performance by Cayman 7 of the Guaranteed Obligations. 

  

	 11.3
	 CEDC’s obligations under this Clause 11: 

  

	 	 11.3.1 
	 constitute direct, primary and unconditional obligations to pay on demand by the Holdcos any sum which Cayman 7 is liable to pay under this Agreement and
to perform on demand any obligation of Cayman 7 under this Agreement without requiring the Holdcos first to take any steps against Cayman 7 or any other Person; and 

  

	 	 11.3.2 
	 shall not be affected by any matter or thing which but for this provision might operate to affect or prejudice those obligations, including:

  

	 	 (a)
	 any time or indulgence granted to, or composition with, Cayman 7 or any other Person; or 

  

	 	 (b)
	 any amendment of this Agreement; or 

  

	 	 (c)
	 the taking, variation, renewal or release of, or refusal or neglect to perfect or enforce, any right, remedy or security against Cayman 7 or any other
Person; or 

  

	 	 (d)
	 any legal limitation, disability or other circumstance relating to Cayman 7 or any unenforceability or invalidity of any obligation of Cayman 7 under this
Agreement. 

  

 37 

	 12
	 DEFAULT 

  

	 12.1
	 If upon expiry of the Outstanding Consideration Payment Notice Period, Cayman 7 has not discharged in full its obligations to pay the Outstanding
Consideration, Cayman 7 shall be in breach of its obligations under this Agreement to satisfy the Outstanding Consideration (an “Enforcement Event”) and the Holdcos shall, without prejudice to any other rights they may have under
this Agreement or at law, be entitled to enforce their rights under the Cayman 7 Pledge in addition to the exercise of their rights under Clause 11. 

  

	 12.2
	 The Holdcos shall, notwithstanding the term of the Holdco Put Option Period at Clause 3.2.1, be entitled to immediately exercise the Holdco Put Option
(and subsequently the Holdco Call Option) if at any time prior to the Final Discharge Date: 

  

	 	 12.2.1 
	 a CEDC Finance Default occurs, provided that CEDC shall have the right to provide a Bank Guarantee in favour of the Holdcos in respect of the maximum
amount of all of its future cash obligations under the Transaction Documents within five Business Days of the occurrence of a CEDC Finance Default and for as long as the Bank Guarantee remains in force, the Holdcos shall not be entitled by operation
of this Clause 12.2.1 alone, to exercise the Holdco Put Option; 

  

	 	 12.2.2 
	 CEDC has failed to issue shares of CEDC Common Stock under this Agreement, and CEDC has not remedied such failure within five Business Days (or such other
period as the Parties may agree) following the date on which such obligations arose; 

  

	 	 12.2.3 
	 there is a Security Impairment Event; 

  

	 	 12.2.4 
	 CEDC (in its capacity of Controlling Party or Minority Party, as the case may be, as both terms are defined in the Governance and Shareholders Agreement)
is in material breach of a material obligation under the Governance and Shareholders Agreement, and such breach has remained unremedied for 60 days and has not been waived by the relevant Lion Parties (as defined in the Governance and Shareholders
Agreement) thereunder; 

  

	 	 12.2.5 
	 CEDC is the Controlling Party (as defined in the Governance and Shareholders Agreement), and there is a breach of the obligation to obtain Minority
Consent (as defined in the Governance and Shareholders Agreement) when required and such breach has remained unremedied for 45 days; 

  

	 	 12.2.6 
	 there is a Change of Control of CEDC or of any ultimate Holding Company of CEDC (save that the Holdcos shall only be entitled to exercise the Holdco Put
Option for the period of 60 days following the occurrence of such event); 

  

	 	 12.2.7 
	 payment of those amounts due under Clause 6.2 are not made within 30 days of their falling due; or 

  

	 	 12.2.8 
	 as a result of any act or omission by CEDC, Cayman 7 breaches its obligations under Clause 8.6.2 to make an Advance Payment, subject to Cayman 7 being
afforded 15 days from the date such breach arises to remedy such breach. 

  

	 12.3
	 Holdco Default 

 If, at any time prior to the Final Discharge Date, the Holdcos are in breach of their obligations under this Agreement to transfer Shares to Cayman 7, Cayman 7 shall be entitled to enforce its rights under the Holdco Pledge, but only in
relation to those Shares in respect of which the Holdcos are in breach of their respective obligations under this Agreement to have transferred to Cayman 7. 
  

 38 

	 13
	 SECURITY 

  

	 13.1
	 As security for Cayman 7’s obligations under this Agreement, Cayman 7 shall pledge all shares in the Company held by Cayman 7 from time to time in
favour of the Holdcos on the terms of the Cayman 7 Pledge (the “Security Assets”). The Cayman 7 Pledge shall be released by the Holdcos only on the Final Discharge Date. 

  

	 13.2
	 As security for the Holdcos’ obligations under this Agreement the Holdcos shall pledge all Shares held by the Holdcos from time to time in favour of
Cayman 7 on the terms of the Holdco Pledge. 

  

	 13.3
	 Cayman 7 undertakes to grant to the Holdcos additional security, on terms reasonably satisfactory to the Holdcos, in respect of any assets held by Cayman
7 from time to time and not subject to the Cayman 7 Pledge. 

  

	 14
	 US TAX COMPLIANCE 

  

	 14.1
	 The parties to this Agreement agree to treat the Cayman 7 Call Option and the Holdco Put Option as an instrument treated in accordance with section 1275
of the United States Internal Revenue Code of 1986, as amended, issued by Cayman 7 Cayman 4 and Cayman 5 in exchange for all shares of the Company held by each of Cayman 4 and Cayman 5 in an installment sale solely for US Tax purposes. The Parties
shall consistently report, for all US Tax purposes, the transactions contemplated herein in the manner described in this Clause 14. 

  

	 14.2
	 To the extent permissible under applicable GAAP, the Parties agree to treat the transactions contemplated under this Agreement as a sale of the Company.

  

	 14.3
	 Cayman 7 shall keep a register of the option and holders of Shares for purposes of complying with the US Portfolio Interest provisions of
Section 871(h) and/or 881(c) of the Code. 

  

	 15
	 ASSIGNMENT 

 No Party will be entitled to assign or transfer all or any of its rights, benefits or obligations under this Agreement or any document referred to in it without the prior written consent of the other parties. 
  

	 16
	 ENTIRE AGREEMENT 

 This Agreement, and the documents referred to in it in agreed form together constitute the entire agreement and understanding of the Parties in relation to the matters the subject thereto and supersede any previous agreement between the
Parties (whether written or oral) in relation to all or any of such matters and without prejudice to the generality of the foregoing, excludes any representation, warranty, condition or other undertaking implied at law or by custom other than where
expressly contained in this Agreement, provided that nothing in this Clause 16 shall exclude a Party from liability for fraudulent misrepresentation. 
  

	 17
	 VARIATION 

 Any variation of this Agreement must be in a written document and signed by each Party or a duly authorised officer or representative of each Party and where any such document exists and is so signed such Party shall not allege that the
same is not binding by virtue of an absence of consideration. 
  

 39 

	 18
	 WAIVER 

  

	 18.1
	 A delay in exercising, or failure to exercise, any right or remedy under this Agreement does not constitute a waiver of such or other rights or remedies
nor shall operate so as to bar the exercise or enforcement thereof. No single or partial exercise of any right or remedy under this Agreement shall prevent further or other exercise of such or other rights or remedies. 

 

	 18.2
	 No waiver by any Party of any requirement of this Agreement, or of any remedy or right under this Agreement, shall have effect unless given in writing and
signed by such Party. 

  

	 18.3
	 The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights and remedies provided by law.

  

	 19
	 ILLEGALITY AND SEVERANCE 

  

	 19.1
	 The provisions contained in each Clause of this Agreement shall be enforceable independently of the others and the invalidity of any one provision shall
not affect the validity of the others. 

  

	 19.2
	 If a provision of this Agreement is, or but for this Clause 19 would be, held to be illegal, invalid or unenforceable, in whole or in part, in the
jurisdiction to which it pertains but would be legal, valid and enforceable if part of the provision was deleted, the provision shall apply with the minimum modification necessary to make it legal, valid and enforceable in that jurisdiction, and any
such illegality, invalidity or unenforceability in any jurisdiction shall not invalidate or render invalid or unenforceable such provisions in any other jurisdiction. 

  

	 19.3
	 If a provision of this Agreement is held to be illegal, invalid or unenforceable, in whole or in part and Clause 19.2 cannot be used to make it legal,
valid and enforceable, a Party may require the other Parties to enter into a new agreement or deed under which those Parties undertake in the terms of the original provision, but subject to such amendments as the first Party specifies in order to
make the provision legal, valid and enforceable. No Party will be obliged to enter into a new agreement or deed that would increase its liability beyond that contained in this Agreement, had all its provisions been legal, valid and enforceable.

  

	 20
	 RIGHTS OF THIRD PARTIES 

  

	 20.1
	 A Party who is not a Party to this Agreement has no rights under the Contracts (Rights of Third Parties) Act 1999 or otherwise to enforce any term of this
Agreement but this does not affect any right or remedy of a third party which exists or is available apart from such Act. Accordingly, this Agreement shall be binding upon and enure solely for the benefit of the Parties hereto in accordance with
this Agreement and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any rights, benefits or remedies of any nature whatsoever under or by reason of this Agreement. 

  

	 21
	 COUNTERPARTS 

 This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall constitute an original of this Agreement, but all the counterparts shall together constitute one and the same agreement. No
counterpart shall be effective until each Party has executed at least one part or counterpart. 
  

 40 

	 22
	 NOTICES 

  

	 22.1
	 Any notice or other communication given under this Agreement shall be in writing and shall be served by delivering it to the Party due to receive it at
the address or fax numbers set out in Clause 22.2 and shall be deemed to have been delivered in accordance with Clause 22.3. 

  

	 22.2
	 The Parties’ addresses and fax numbers for the purposes of this Agreement are: 

  

	 	 22.2.1 
	 In the case of the Holdcos and Cayman 7: 

 Lion Capital LLP 
 21 Grosvenor Place 
 London SW1X 7HF 
 United Kingdom 
 For the attention of: Javier Ferrán/James Cocker 
 Fax number: +44 20 7201 2222 
 with a courtesy copy (which shall not constitute notice) to: 
 Weil, Gotshal &
Manges 
 One South Place 
 London EC2M 2WG 
 United Kingdom 
 For the attention of: Michael Francies/Ian Hamilton 
 Fax number: +44 20 7903 0990 
  

	 	 22.2.2 
	 In the case of CEDC: 

 CEDC Warsaw, 
 ul. Bobrowiecka 6 
 02-728 Warszawa 
 Poland 
 For the attention of: Bill Carey 
 Fax number: +48 22 455 1810/+1 941 330 9617 
 with a courtesy copy
(which shall not constitute notice) to: 
 Dewey & LeBoeuf 
 No. 1 Minster Court 
 Mincing Lane 
 London EC3R 7YL 
 For the attention of: Steve Horvath 
 Fax number: +44 20 7459 5099 
 or such other address or fax number as the relevant Party
notifies to the other Parties, which change of address shall only take effect if delivered and received in accordance Clause 22.3. 
  

	 22.3
	 A notice so addressed shall be deemed to have been received: 

  

	 	 22.3.1 
	 if personally delivered, at the time of delivery; 

  

	 	 22.3.2 
	 if sent by pre-paid, recorded delivery or registered post, two Business Days after the date of posting to the relevant address;

  

 41 

	 	 22.3.3 
	 if sent by registered air-mail, five Business Days after the date of posting to the relevant address; or 

  

	 	 22.3.4 
	 if sent by fax, on successful completion of its transmission as per a transmission report from the machine from which the fax was sent, save that if such
notice or communication is received after the end of normal working hours (and “normal working hours” shall be deemed to be 8.30 am and 5.30 pm on any Business Day in the country of the recipient), such notice or communication shall
be deemed to have been received on the next Business Day. 

  

	 22.4
	 CEDC irrevocably authorises and appoints Law Debenture Corporate Services Limited presently at Fifth Floor, 100 Wood Street, London EC2V 7EX, United
Kingdom as its agent for service of notices and/or proceedings in relation to any matter arising out of or in connection with this Agreement and service on such agent in accordance with this Clause 22 shall be deemed to be effective service on CEDC.

  

	 22.5
	 Each of Cayman 4, Cayman 5 and Cayman 7 irrevocably authorises and appoints Lion Capital LLP whose registered address is at 21 Grosvenor Place, London,
SW1X 7HF United Kingdom as their agent for service of notices and/or proceedings in relation to any matter arising out of or in connection with this Agreement and service on such agent in accordance with this Clause 22 shall be deemed to be
effective service on Cayman 4, Cayman 5 or Cayman 7, as the case may be. 

  

	 23
	 JURISDICTION 

 The Parties irrevocably agree that, subject as provided below, the courts of England shall have exclusive jurisdiction over any dispute or claim arising out of or in connection with this Agreement or its subject matter or formation
(including non-contractual claims). Nothing in this Clause 23 shall limit the right of the Parties to commence proceedings to seek equitable (or equivalent) relief or to seek enforcement of a final non-appealable judgment of the courts of England or
in any court of an Approved Jurisdiction which has competent jurisdiction, nor shall the commencement of such proceedings in any one or more Approved Jurisdictions preclude the commencement of similar proceedings in any other Approved Jurisdiction,
whether concurrently or not, to the extent permitted by the law of such other Approved Jurisdiction. No Party shall be entitled to commence proceedings in any court in any jurisdiction other than England or of an Approved Jurisdiction. 

 

	 24
	 GOVERNING LAW 

 This Agreement and all matters (including, without limitation, any contractual or non-contractual obligation) arising from or connected with it are governed by, and will be construed in accordance with, English law. 
 THIS AGREEMENT IS EXECUTED ON THE DATE SHOWN ON PAGE 1 ABOVE. 
  

 42 

 SCHEDULE 1 
 INFORMATION ABOUT THE COMPANY 
  

					
	 1
	  	 Registered number:
	  	 225655

			
	 2
	  	 Date of incorporation:
	  	 30.05.09

			
	 3
	  	 Place of incorporation:
	  	 Grand Cayman, Cayman Islands

			
	 4
	  	 Registered office address:
	  	 c/o Stuarts Corporate Services Ltd,
 4th Floor, 36A Dr Roy’s Drive,
 Cayman Financial Center
 P O Box 2510,
 George Town,
 Grand Cayman,
 Cayman
Islands

			
	 5
	  	 Type of company:
	  	 Exempt

			
	 6
	  	 Authorised share capital:
	  	
			
		  	 (a)    amount:
	  	 $492,500,100

			
		  	 (b)    number and class of shares:
	  	 (1) 492,500,000 A Ordinary Shares
  
 (2) 100 Preference Shares

			
	 7
	  	 Issued share capital:
	  	
			
		  	 (a)    amount:
	  	 $492,500,100

			
		  	 (b)    number and class of shares:
	  	 (1) 492,500,000 A Ordinary Shares
  
 (2) 100 Preference Shares

			
	 8
	  	 Members:
	  	 (1) Lion/Rally Cayman 4
  
 (2) Lion/Rally Cayman 5
  
 (3) Lion/Rally Cayman 7

			
	 9
	  	 Directors:
	  	 Hayley Tanguy, Rob Jones

			
	 10
	  	 Secretary:
	  	 None

			
	 11
	  	 Accounting reference date:
	  	 N/A

  

 43 

 SCHEDULE 2 
 CONSIDERATION PAYABLE 
  

																					
	 A
 Cayman
7 Call
Option
	  	B
Cayman 7
Call Option
Exercise
Date	  	C
$ Initial
Cash
Amount due
to Cayman 4
in respect of
the
Relevant
Cayman 7
Call Option	  	D
€ Initial
Cash
Amount due
to Cayman 4
in respect of
the
exercise
of the
Relevant
Cayman 7
Call Option	  	E
$ Initial
Cash
Amount due
to Cayman 5
in respect of
the
exercise
of Relevant
Cayman 7
Call Option	  	F
No. of
Ordinary
Shares to be
delivered by
Cayman 4 to
Cayman
7 in
respect of
the Relevant
Cayman 7
Call Option	  	G
No.
of
Preference
Shares to be
delivered by
Cayman 5 to
Cayman 7 in
respect of
the Relevant
Cayman 7
Call Option	  	H
No. of
Warrants
to be
delivered
to Cayman
4,
by
exercise
date	  	I
No. of
Warrants
to be
delivered to
Cayman 5,
by
exercise
date	  	J
No. of Shares of
CEDC Common
Stock to be issued
to Cayman 4
	  	K
No. of Shares of
CEDC Common
Stock to be issued
to Cayman 5

	 First
	  	31/10/2009	  	0	  	0	  	0	  	6,900,000	  	3	  	0	  	0	  	759,853	  	240,147
	 Second
	  	30/06/2010	  	17,358,415	  	22,822,679	  	7,972,102	  	63,500,000	  	32	  	0	  	0	  	(to be issued on
15 June 2010)
1,196,768	  	(to be issued
 on 15 June 2010)
378,232

	 Third
	  	31/05/2011	  	47,341,132	  	62,243,670	  	21,742,097	  	53,000,000	  	26	  	1,132,598	  	357,952	  	0	  	0
	 Fourth
	  	31/07/2012	  	47,982,867	  	63,087,417	  	22,036,823	  	48,000,000	  	24	  	227,956	  	72,044	  	571,297	  	180,555
	 Final
	  	31/05/2013	  	47,341,132	  	62,243,670	  	21,742,097	  	29,600,000	  	15	  	1,370,632	  	433,181	  	0	  	0

  

 44 

 SCHEDULE 3 
 FORM OF OPTION NOTICES 
 PART A 
 CAYMAN 7 CALL OPTION NOTICE 
  

	 From:
	 Lion /Rally Cayman 7 L.P. (“Cayman 7”) 

	  
	 c/o Stuarts Corporate Services Ltd. 

	  
	 PO Box 2510 

	  
	 Grand Cayman KY1-1104 

	  
	 Cayman Islands 

  

	 To:
	 Lion/Rally Cayman 4 (“Cayman 4”) 

	  
	 c/o Stuarts Corporate Services Ltd. 

	  
	 PO Box 2510 

	  
	 Grand Cayman KY1-1104 

	  
	 Cayman Islands 

  

	   
	 Lion/Rally Cayman 5 (“Cayman 5”) 

	   
	 c/o Stuarts Corporate Services Ltd. 

	   
	 PO Box 2510 

	     
	 Grand Cayman KY1-1104 

	   
	 Cayman Islands 

 By Fax and
Courier 
 [date] 
 EXERCISE
OF CAYMAN 7 CALL OPTION 
 Dear Sirs 
 Reference is made to the option agreement dated 7 May 2009 between: (i) Lion/Rally Cayman 4; (ii) Lion/Rally Cayman 5; (iii) Lion/Rally Cayman 7 L.P.; and (iv) Central European Distribution
Corporation, (the “Option Agreement”). Capitalised terms used in this notice shall bear the meanings given in the Option Agreement unless otherwise defined herein. This is a Cayman 7 Call Option Notice under the Option Agreement.

 We, Cayman 7, hereby exercise our rights under Clause 2.1 of the Option Agreement in respect of the
[First/Second/Third/Fourth/Final] Cayman 7 Call Option to acquire the following Shares: 
 Ordinary Shares held by Cayman 4:
[•] 
 Preference Shares held by Cayman 5: [•] 
 (the “Option Shares”). 
  

 45 

 Accordingly, against payment to: 
  

	 1)
	 Cayman 4 of the $ Initial Cash Amount set out in the [second/third/fourth/fifth] row of Column C of Schedule 2 (as adjusted in accordance with the Option
Agreement); 

  

	 2)
	 Cayman 4 of the € Initial Cash Amount set out in the [second/third/fourth/fifth] row of Column D of Schedule 2; and 

  

	 3)
	 Cayman 5 of the $ Initial Cash Amount set out in the [second/third/fourth/fifth] row of Column E of Schedule 2 (as adjusted in accordance with the Option
Agreement), 

 we hereby require you to deliver to us duly executed transfer(s) in our favour transferring to us such
Option Shares. 
 [CEDC has exercised its rights under Clause 8.2.1[(a)/(b)/(c)/(d)/(e)] of the Option Agreement and $[—] of the Initial Cash Amounts shall be substituted by CEDC through the issue of [—] shares of CEDC Common Stock to Lion/Rally Cayman 4 and [—]
shares CEDC Common Stock to Lion/Rally Cayman 5.] 
 In accordance with the Option Agreement, the transfer to us by you of the Option Shares,
and the payment by us to you in respect of those Option Shares, will take place on [date being five Business Days from date of service of this notice]. 
 Payment by us to you in respect of the Option Shares shall be made to the following account, unless otherwise notified to us by you: 
 in respect of the payment to Cayman 4: 
 [insert Cayman 4 bank details] 
 in respect of the payment to Cayman 5: 
 [insert Cayman 5 bank details] 
  

	
	 Yours faithfully

	
	  
	 Signed by [name of director]
 for and on behalf of 
 Lion/Rally Cayman 8 
 acting as general partner of 
 Lion/Rally Cayman 7
L.P.

  

	
	 Acknowledged and Accepted:

	
	  
	 for and on behalf of
 Lion/Rally Cayman 4

	
	  
	 for and on behalf of
 Lion/Rally Cayman 5

  

 46 

 PART B 
 HOLDCO PUT OPTION NOTICE 
  

	 From:
	 Lion/Rally Cayman 4 (“Cayman 4”) 

	  
	 c/o Stuarts Corporate Services Ltd. 

	  
	 PO Box 2510 

	  
	 Grand Cayman KY1-1104 

	  
	 Cayman Islands 

  

	     
	 Lion/Rally Cayman 5 (“Cayman 5”) 

	     
	 c/o Stuarts Corporate Services Ltd. 

	     
	 PO Box 2510 

	     
	 Grand Cayman KY1-1104 

	     
	 Cayman Islands 

  

	     
	 (together the “Holdcos”) 

  

	 To:
	 Lion /Rally Cayman 7 L.P. (“Cayman 7”) 

	  
	 c/o Stuarts Corporate Services Ltd. 

	  
	 PO Box 2510 

	  
	 Grand Cayman KY1-1104 

	  
	 Cayman Islands 

 By Fax and
Courier 
 [date] 
 EXERCISE
OF HOLDCO PUT OPTION 
 Dear Sirs 
 Reference is made to the option agreement dated 7 May 2009 between: (i) Lion/Rally Cayman 4; (ii) Lion/Rally Cayman 5; (iii) Lion/Rally Cayman 7 L.P.; and (iv) Central European Distribution Corporation, (the
“Option Agreement”). Capitalised terms used in this notice shall bear the meanings given in the Option Agreement unless otherwise defined herein. This is a Holdco Put Option Notice under the Option Agreement. 
 We, the Holdcos, hereby exercise our rights under Clause 2.2 of the Option Agreement in respect of the Holdco Put Option to require Cayman 7 to acquire
the following Shares: 
 Ordinary Shares held by Cayman 4: [•] 
 Preference Shares held by Cayman 5: [•] 
 (the “Option
Shares”). 
 Payment to Cayman 4 of [•] (the Cayman 4 Put Option Price) and to Cayman 5 of [•] (the Cayman 5 Put Option
Price) shall be left outstanding on the terms of the Option Agreement. 
  

 47 

 In accordance with the Option Agreement, the transfer to you by us of the Option Shares, and the payment
by you to us in respect of those Option Shares, will take place on [date being five Business Days from date of service of this notice]. 
  

	
	 Yours faithfully

	
	  
	 for and on behalf of
 Lion/Rally Cayman 4

	
	  
	 for and on behalf of 
 Lion/Rally Cayman 5

  

	
	 Acknowledged and Accepted:

	
	  
	 Signed by [name of director]
 for and on behalf of
 Lion/Rally Cayman 8 
 acting as general partner of 
 Lion/Rally Cayman 7 L.P.

  

 48 

 PART C 
 HOLDCO CALL OPTION NOTICE 
  

	 From:
	 Lion/Rally Cayman 4 (“Cayman 4”) 

	  
	 c/o Stuarts Corporate Services Ltd. 

	  
	 PO Box 2510 

	  
	 Grand Cayman KY1-1104 

	  
	 Cayman Islands 

  

	     
	 Lion/Rally Cayman 5 (“Cayman 5”) 

	     
	 c/o Stuarts Corporate Services Ltd. 

	     
	 PO Box 2510 

	     
	 Grand Cayman KY1-1104 

	     
	 Cayman Islands 

  

	     
	 (together the “Holdcos”) 

  

	 To:
	 Lion /Rally Cayman 7 L.P. (“Cayman 7”) 

	  
	 c/o Stuarts Corporate Services Ltd. 

	  
	 PO Box 2510 

	  
	 Grand Cayman KY1-1104 

	  
	 Cayman Islands 

 By Fax and
Courier 
 [date] 
 EXERCISE
OF HOLDCO CALL OPTION 
 Dear Sirs 
 Reference is made to the option agreement dated 7 May 2009 between: (i) Lion/Rally Cayman 4; (ii) Lion/Rally Cayman 5; (iii) Lion/Rally Cayman 7 L.P.; and (iv) Central European Distribution Corporation, (the
“Option Agreement”). Capitalised terms used in this notice shall bear the meanings given in the Option Agreement unless otherwise defined herein. This is a Holdco Call Option Notice under the Option Agreement. 
 We, Holdcos, hereby exercise our rights under Clause 2.3 of the Option Agreement in respect of the Holdco Call Option to acquire the following Shares:

 Ordinary Shares to be acquired by Cayman 4: [•] 
 Ordinary Shares to be acquired by Cayman 5: [•] 
 (the “Option Shares”).

 Accordingly, against payment to you of the Cayman 4 Call Option Consideration and the Cayman 5 Call Option Consideration (to be made by
means of set off under the terms of the Option Agreement) we hereby require you to deliver to us duly executed transfer(s) in our favour transferring to us such Option Shares. 
 As calculated in accordance with Clause 2.3.1 of the Option Agreement, the Cayman 4 Call option Consideration is $[•], and the Cayman 5 Call Option Consideration is $[•]. In accordance
with the Option Agreement, the transfer to us by you of the Option Shares, and the payment by us to you in respect of those Option Shares, will take place on [date being five Business Days from date of service of this notice]. 
  

 49 

	
	 Yours faithfully

	
	  
	 for and on behalf of
 Lion/Rally Cayman 4

	
	  
	 for and on behalf of 
 Lion/Rally Cayman 5

  

	
	 Acknowledged and Accepted:

	
	  
	 Signed by [name of director]
 for and on behalf of
 Lion/Rally Cayman 8 
 acting as general partner of
 Lion/Rally Cayman 7 L.P.

  

 50 

									
	 Signed by
	  	)	  		 		  	
	 for and on behalf of
	  	)	  		 		  	
	 LION/RALLY CAYMAN 4
	  	)	  		 	 /s/ Hayley Tanguy
	  	
		  	)	  		 	 Director
	  	
					
	 Signed by
	  	)	  		 		  	
	 for and on behalf of
	  	)	  		 		  	
	 LION/RALLY CAYMAN 5
	  	)	  		 	 /s/ Hayley Tanguy
	  	
		  	)	  		 	 Director
	  	
					
	 Signed by
	  	)	  		 		  	
	 for and on behalf of
	  	)	  		 		  	
	 LION/RALLY CAYMAN 8
	  	)	  		 		  	
	 acting as general partner of
	  	)	  		 		  	
	 LION/RALLY CAYMAN 7 L.P.
	  	)	  		 	 /s/ Hayley Tanguy
	  	
		  	)	  		 	 Director
	  	
					
	 Signed by
	  	)	  		 		  	
	 for and on behalf of
	  	)	  		 		  	
	 CENTRAL EUROPEAN
	  	)	  		 		  	
	 DISTRIBUTION CORPORATION
	  	)	  		 	 /s/ William V. Carey
	  	
		  	)	  		 	 Director
	  	

  

 51Governance and Shareholders Agreement

 Exhibit 10.7 
 7 MAY 2009 
 GOVERNANCE AND SHAREHOLDERS AGREEMENT 
 between 
 LION/RALLY CAYMAN 8 

 and 
 LION/RALLY
CAYMAN 7 L.P. 
 and 
 LION/RALLY CAYMAN 4 
 and 
 LION/RALLY CAYMAN 5 
 and 
 LION/RALLY CAYMAN 6 
 and 
 CENTRAL EUROPEAN DISTRIBUTION CORPORATION 
 WEIL, GOTSHAL & MANGES 
 One South Place London EC2M 2WG 
 Tel: +44 (0) 20 7903 1000    Fax: +44 (0) 20 7903 0990 
 www.weil.com 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 1
	  	 DEFINITIONS
	  	1
			
	 2
	  	 CONTROL OF THE COMPANY
	  	11
			
	 3
	  	 ANTITRUST APPROVAL
	  	15
			
	 4
	  	 RESTRICTIONS ON DEALINGS WITH SECURITIES
	  	17
			
	 5
	  	 COMPLETION OF TRANSFERS
	  	17
			
	 6
	  	 CONDUCT OF THE COMPANY
	  	19
			
	 7
	  	 BOARD OF DIRECTORS
	  	19
			
	 8
	  	 MONITORING FEES
	  	20
			
	 9
	  	 NON-SOLICITATION
	  	21
			
	 10
	  	 LIMITED PARTNERSHIP AGREEMENT
	  	21
			
	 11
	  	 SELLERS’ PUT OPTION
	  	21
			
	 12
	  	 DEED OF ADHERENCE
	  	22
			
	 13
	  	 TERMINATION
	  	22
			
	 14
	  	 TAX AND VCOC
	  	23
			
	 15
	  	 ASSIGNMENT AND SUB-CONTRACTING
	  	24
			
	 16
	  	 EXCLUSION OF AGENCY, PARTNERSHIP OR JOINT VENTURE
	  	25
			
	 17
	  	 FURTHER ASSURANCE, CONFLICT AND COMPLIANCE WITH ARTICLES, ANTI-CORRUPTION
 PROVISIONS
	  	25
			
	 18
	  	 ENTIRE AGREEMENT
	  	26
			
	 19
	  	 VARIATION
	  	26
			
	 20
	  	 WAIVER
	  	26
			
	 21
	  	 ILLEGALITY AND SEVERANCE
	  	26
			
	 22
	  	 RIGHTS OF THIRD PARTIES AND NO RECOURSE
	  	27
			
	 23
	  	 COUNTERPARTS
	  	27
			
	 24
	  	 NOTICES
	  	28
			
	 25
	  	 JURISDICTION
	  	29
			
	 26
	  	 GOVERNING LAW
	  	29
		
	 SCHEDULE 1     DEED OF ADHERENCE
	  	30
		
	 SCHEDULE 2     CEDC MINORITY RIGHTS
	  	32
		
	 SCHEDULE 3     JV PROVISIONS
	  	38
		
	 SCHEDULE 4     CAYMAN 5 MINORITY PROVISIONS
	  	42
		
	 SCHEDULE 5     DEFAULT GOVERNANCE PROVISIONS
	  	46
		
	 SCHEDULE 6     US “CHECK THE BOX” ELECTIONS
	  	54

  

 i 

 THIS AGREEMENT is made by Deed on 7 May 2009 between the following parties 
  

	 (1)
	 LION/RALLY CAYMAN 8, a company incorporated in the Cayman Islands whose registered office is at c/o Stuarts Corporate Services Ltd, PO Box 2510,
George Town, Grand Cayman, KY1-1104, Cayman Islands (the “General Partner”); 

  

	 (2)
	 LION/RALLY CAYMAN 7 L.P., a Cayman Exempted Limited Partnership whose principal place of business is at c/o Stuarts Corporate Services Ltd, PO Box 2510,
George Town, Grand Cayman, KY1-1104, Cayman Islands (“Cayman 7”), acting through its general partner, the General Partner; 

  

	 (3)
	 LION/RALLY CAYMAN 4, a company incorporated in the Cayman Islands whose registered office is at c/o Stuarts Corporate Services Ltd, PO Box 2510, George
Town, Grand Cayman, KY1-1104, Cayman Islands (“Cayman 4”); 

  

	 (4)
	 LION/RALLY CAYMAN 5, a company incorporated in the Cayman Islands whose registered office is at c/o Stuarts Corporate Services Ltd, PO Box 2510, George
Town, Grand Cayman, KY1-1104, Cayman Islands (“Cayman 5”); 

  

	 (5)
	 LION/RALLY CAYMAN 6, a company incorporated in the Cayman Islands whose registered office is at c/o Stuarts Corporate Services Ltd, PO Box 2510, George
Town, Grand Cayman, KY1-1104, Cayman Islands (the “Company”); and 

  

	 (6)
	 CENTRAL EUROPEAN DISTRIBUTION CORPORATION, a Delaware Corporation, the common stock of which is listed on the NASDAQ Global Select Market under the symbol
“CEDC” and the principal executive office of which is located in Warsaw, Poland at ul. Bobrowiecka 6, 02-728 Warszawa (“CEDC”). 

 WHEREAS 
  

	 (A)
	 The Company was incorporated on 30 April 2009 under the laws of the Cayman Islands as a private limited liability company.

  

	 (B)
	 Since its incorporation, the Company has not traded or undertaken any business activities of any sort, has not given any security or incurred any
indebtedness, and no Shareholder nor Board resolutions of the Company have been passed, save as required pursuant to the Transaction Documents. 

  

	 (C)
	 At the date of this Agreement, Cayman 4 and Cayman 7 hold Ordinary Shares, and Cayman 5 holds Preference Shares. 

  

	 (D)
	 Under the terms of the Option Agreement, Cayman 7 has been granted options to acquire the Ordinary Shares and Preference Shares held by the Lion Holdcos.

  

	 (E)
	 The General Partner, Cayman 7, Cayman 4, Cayman 5, CEDC, and the Company have agreed to make provision for the management and administration of the
affairs of the Company on the terms and conditions set out in this Agreement. 

 NOW IT IS HEREBY AGREED as follows

  

	 1
	 DEFINITIONS 

  

	 1.1
	 In this Agreement (including the recitals), except where the context otherwise requires, the following words and expressions shall have the following
meanings: 

  

			
	 “€ Initial Cash Amount”
	  	 has the meaning given in the Option Agreement;

  

 1 

			
	 “$ Initial Cash Amount”
	  	 has the meaning given in the Option Agreement;

		
	 “Affiliate”
	  	 with respect to any Person, another Person Controlled by such first Person, Controlling such first Person or under the same Control as such first Person, and
“Affiliated” shall have a meaning correlative to the foregoing;

		
	 “Antitrust Approval”
	  	 has the meaning given in Clause 3.1;

		
	 “Approved Jurisdictions”
	  	 The federal or state courts in the State of New York, the federal or state courts in the State of Delaware, the Cayman Islands and Poland;

		
	 “Articles”
	  	 the articles of association of the Company in the agreed form, as the same may be amended or replaced by any successor articles of association from time to
time;

		
	 “Board”
	  	 the board of Directors of the Company as constituted from time to time;

		
	 “Budget”
	  	 the budget and business plan of the Group (including, where relevant, each member of the Group and any sub-set of the Group) for any
given financial year which shall include, without limitation:
  
 (i)     a profit and loss statement;
  
 (ii)    a balance sheet;
  
 (iii)  a cash flow statement; and
  
 (iv)   any
material working papers and analyses underlying or supporting any of the above;

		
	 “Business Day”
	  	 any day other than a Saturday or Sunday on which banks are normally open for general banking business in London, New York, Warsaw, and the Cayman
Islands;

		
	 “Capital Increase”
	  	 any change in the authorised or issued share capital of a Person including the creation, allotment, issue, repayment or redemption or agreement to create, allot, issue, repay
or redeem any of its share capital or other securities convertible into shares, or grant or agree to grant any option in respect thereto and shall include shareholder debt when issued in connection with any of the foregoing;

		
	 “Cayman 2”
	  	 Lion/Rally Cayman 2, a company incorporated in the Cayman Islands having its registered office at c/o Stuarts Corporate Services Ltd, PO Box 2510, George Town, Grand Cayman,
KY1-1104, Cayman Islands;

		
	 “Cayman 5 Minority
 Provisions”
	  	 the provisions set out in Schedule 4;

  

 2 

			
	 “Cayman 7 Call Option
 Completion Date”
	  	 has the meaning given in the Option Agreement;

		
	 “Cayman 7 Pledge”
	  	 has the meaning given in the Option Agreement;

		
	 “Cayman 7 Share”
	  	 the proportion of Ordinary Shares held by Cayman 7 as a percentage. of all the Ordinary Shares than in issue, multiplied by the percentage ownership of the Company in Lux 1,
in each case on the relevant date;

		
	 “CEDC Common Stock”
	  	 has the meaning given in the Option Agreement;

		
	 “CEDC Control Effective
 Date”
	  	 the date falling 30 days after the later of: (i) the date upon which the aggregate amount of (a) all $ Initial Cash Amounts (excluding the effect of any adjustments pursuant
to Clause 8.2 of the Option Agreement) and (b) all € Initial Cash Amounts multiplied by the Exchange Rate, in each case paid to the Lion Holdcos by Cayman 7 in cash pursuant to the Option Agreement, is equal to or exceeds $345 million; and (ii)
the CEDC Control Notice Date;

		
	 “CEDC Control Notice”
	  	 written notice from CEDC to Cayman 5 stating that the provisions of Clause 2.1.3 should apply;

		
	 “CEDC Control Notice Date”
	  	 the date on which Cayman 5 receives or is deemed to have received a validly served CEDC Control Notice;

		
	 “CEDC Director”
	  	 each of those Persons appointed as a CEDC Director for the purposes of Schedule 3;

		
	 “CEDC Minority Provisions”
	  	 the provisions set out in Schedule 2;

		
	 “Commitment Letter”
	  	 has the meaning given in the Option Agreement;

		
	 “Companies Law”
	  	 Companies Law (as revised) of the Cayman Islands;

		
	 “Competition Authority”
	  	 any relevant government, governmental, national, supranational, competition or antitrust body or other authority, in any jurisdiction, which is responsible for applying
merger control or other competition or antitrust legislation in such jurisdictions;

		
	 “Condition Precedent”
	  	 has the meaning given in Clause 2.1.7;

  

 3 

			
	 “Control”
	  	 (including, with their correlative meanings, “Controlled by”, “Controlling” and “under common Control with”) shall mean
possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise) of any other Person, provided
that, in any event, any Person who owns, directly or indirectly, a majority of the securities having ordinary voting power or otherwise having the power to elect a majority of the directors or other governing body of a corporation or having a
majority of the partnership or other ownership interests of any other Person (other than as a limited partner of such other Person) will be deemed to control such corporation or other Person, and for the avoidance of doubt, a limited partnership is
Controlled by its general partner;

		
	 “Controlling Party”
	  	 the Person designated as such pursuant to the provisions of Clause 2;

		
	 “Controlling Party Provisions”
	  	 the right of the Controlling Party, subject in all cases to the CEDC Minority Provisions or the Cayman 5 Minority Provisions, as the
case may be:
  
 (i)     to appoint or remove any Director to and from the Board;
  
 (ii)    to direct the management policies of the Group; and
  
 (iii)  to direct how
the votes cast by Ordinary Shareholders at any meetings of the Company are cast pursuant to Clause 2.7,
  
 and notwithstanding the foregoing, where the provisions of Clause 2.1.5 apply, the rights of the Controlling Party at (i), (ii) and (iii) above shall not be subject to the CEDC Minority
Provisions, except paragraph 9(a) of Schedule 2 which shall apply at all times;

		
	 “Deed of Adherence”
	  	 a deed of adherence to this Agreement in the agreed form attached as Schedule 1;

		
	 “Default Control Date”
	  	 the earlier of (i) an Enforcement Event; and (ii) the Holdco Call Option Exercise Date;

		
	 “Default Governance
 Provisions”
	  	 the provisions set out in Schedule 5;

		
	 “Director”
	  	 any director of the Company from time to time;

		
	 “Distress Situation”
	  	 any situation in which a member of the Group is reasonably likely to be unable to meet (or would, unless given financial assistance, be reasonably likely to be unable to
meet) its financial liabilities or obligations as they fall due, including without limitation, situations in which the Group member stops or suspends payments of its debts, is unable to pay its debts or meet its obligations as they fall due, or
proposes or enters into any negotiations for or in connection with the rescheduling, restructuring or readjustment of any Indebtedness by reason of, or with a view to avoiding, financial difficulties;

		
	 “Encumbrance”
	  	 any mortgage, charge (fixed or floating), pledge, lien, hypothecation, option, right of set off, security trust, assignment by way of security, reservation of title, option,
restriction, right of first refusal, right of pre-emption, third party right or interest, or any other encumbrance or security interest whatsoever created or arising or any other agreement or arrangement (including any sale and leaseback
transaction) entered into for the purposes of conferring security or having similar effect and any agreement to enter into, create or establish any of the foregoing;

		
	 “Enforcement Event”
	  	 has the meaning given in the Option Agreement;

  

 4 

			
	 “Event of Default”
	  	 any of the following:
  
 (i)     a breach of any of the Undertakings, except where Minority Consent was required
in order to enable the Controlling Party to comply with such undertaking and having been sought such consent was not given;
  
 (ii)    the occurrence of a Finance Documents Event of Default; and
  
 (iii)  taking any
action requiring Minority Consent in accordance with the provisions of Schedule 2 or Schedule 4 as the case may be or taking any action in relation to a Board Consent Matter in accordance with the provisions of Schedule 3, in any such case, without
having obtained the requisite consent.

		
	 “Exit”
	  	 has the meaning given in Clause 3.4;

		
	 “Exchange Rate”
	  	 has the meaning given in the Option Agreement;

		
	 “Fair Market Value”
	  	 the value that would be paid by a willing buyer to a willing seller at arm’s length in a transaction not involving distress or necessity of either party, determined in
good faith by the Board;

		
	 “Final Cayman 7 Call Option
 Completion Date”
	  	 has the meaning given in the Option Agreement;

		
	 “Final Discharge Date”
	  	 has the meaning given in the Option Agreement;

		
	 “Finance Documents”
	  	 has the meaning given in the Option Agreement;

		
	 “Finance Documents Event of
 Default”
	  	 an event of default (however described) under any of the Finance Documents. For the avoidance of doubt, any event or circumstance which does not constitute an event of
default under the relevant Finance Document until the expiry of a grace period, the giving of notice, the making of a determination or any combination of the foregoing shall not constitute a Finance Documents Event of Default until the expiry of
such grace period, the giving of such notice and/or the making of such determination;

		
	 “First Earnout Amount”
	  	 has the meaning given in the Original Sale Agreement;

		
	 “Fourth Cayman 7 Call Option
 Completion Date”
	  	 has the meaning given in the Option Agreement;

		
	 “Fourth Cayman 7 Call Option
 Exercise Date”
	  	 has the meaning given in the Option Agreement;

		
	 “Governance Provisions”
	  	 the Controlling Party Provisions, the JV Provisions, the CEDC Minority Provisions, the Cayman 5 Minority Provisions and the Default Governance Provisions and any provision of
this Agreement designating any Party as the Controlling Party or the Minority Party;

  

 5 

			
	 “Group”
	  	 the Company and its Subsidiaries from time to time and “member of the Group” and “Group Company” shall be construed accordingly; for the
avoidance of doubt, no Shareholder nor any of their respective Affiliates (other than the Company and the Subsidiaries of the Company) shall be a member of the Group for the purposes of this Agreement;

		
	 “Holdco Call Option Exercise
 Date”
	  	 has the meaning given in the Option Agreement;

		
	 “Holdco Pledges”
	  	 has the meaning given in the Option Agreement;

		
	 “Holdco Put Option”
	  	 has the meaning given in the Option Agreement;

		
	 “Holding Company”
	  	 has the meaning given in the definition of “Subsidiary”;

		
	 “Indebtedness”
	  	 indebtedness for borrowed money or any agreement in respect of indebtedness for borrowed money;

		
	 “JV Effective Date”
	  	 the date falling 10 days after the later of: (i) the date upon which the aggregate amount of (a) all $ Initial Cash Amounts (excluding the effect of any adjustments pursuant
to Clause 8.2 of the Option Agreement) and (b) all € Initial Cash Amounts multiplied by the Exchange Rate, in each case paid to the Lion Holdcos by Cayman 7 in cash pursuant to the Option Agreement, is equal to or exceeds $195 million; and (ii)
the JV Notice Date;

		
	 “JV Notice”
	  	 written notice from CEDC to Cayman 5 stating that the provisions of Clause 2.1.2 should apply;

		
	 “JV Notice Date”
	  	 the date on which Cayman 5 receives or is deemed to have received a validly served JV Notice;

		
	 “JV Provisions”
	  	 the provisions set out in Schedule 3;

		
	 “Letter of Undertaking”
	  	 has the meaning given in the Option Agreement;

		
	 “Leverage EBITDA”
	  	 has the meaning given to “Lux 1 Group EBITDA” in the Option Agreement;

		
	 “Leverage Indebtedness”
	  	 has the meaning given to “Indebtedness” in the Option Agreement;

		
	 “Leverage Ratio”
	  	 Normalised Leverage Indebtedness divided by Leverage EBITDA for the most recently completed financial year;

		
	 “Limited Partnership
 Agreement”
	  	 shall have the meaning given in the Option Agreement;

		
	 “Lion Capital”
	  	 Lion Capital LLP, an English limited liability partnership whose registered office is at 21 Grosvenor Place, London SW1X 7HF;

		
	 “Lion Capital Management
 Entity”
	  	 any of Lion Capital, Lion Capital General Partner LLP, Lion Capital General Partner II LLP, Lion Capital Carry LP, Lion Capital Carry II LP, Lion/Latimer GP II (Guernsey)
Limited, Lion/Rally Cayman 8 and Lion/Rally Cayman 9;

  

 6 

			
	 “Lion Director”
	  	 each of those Persons appointed as a Lion Director for the purposes of Schedule 3;

		
	 “Lion Holdcos”
	  	 Cayman 4 and Cayman 5;

		
	 “Lion Party” or “Lion Parties”
	  	 the Lion Holdcos and, upon completion of any Transfer by the Lion Holdcos or a Permitted Transferee thereof to a Permitted Transferee thereof in accordance with the terms of
this Agreement, such Permitted Transferee;

		
	 “Lux 1”
	  	 Lion/Rally Lux 1, company number B139.056, a société anonyme incorporated in Luxembourg with registered offices at 13-15, avenue de la Liberté, L-M31
Luxembourg;

		
	 “Lux 3”
	  	 Lion/Rally Lux 3, company number B139.054, a société à responsibilité limitée incorporated in Luxembourg with registered offices at
13-15 Avenue de la Liberté, L-M31 Luxembourg;

		
	 “Lux 1 Shareholders
 Agreement”
	  	 the shareholders agreement dated 9 July 2008 between Lion/Rally Cayman 2, the Initial Seller Parties (as defined therein), Lux 1 and Lion Capital (Guernsey) Limited, as
may be amended from time to time;

		
	 “Minority Consent”
	  	 for the purposes of Schedule 2, the consent in writing (including email) of CEDC (acting by its Chief Executive Officer, Chief Financial Officer or such other duly appointed
representative) and for the purposes of Schedule 4, the consent in writing (including by email) of Cayman 5 (acting by its duly appointed representative), and for the avoidance of doubt Minority Consent may not be given orally;

		
	 “Minority Party”
	  	 the Person designated as such pursuant to the provisions of Clause 2;

		
	 “M&O Fee”
	  	 a fee payable to Lion Capital (or an Affiliate thereof) in relation to monitoring, oversight and management of the interests of the Lion Holdcos in the Group, or to CEDC in
respect of the services of its representatives on the Board and/or the Operating Board;

		
	 “Net Working Capital Facilities”
	  	 the Revolving Facility and any other credit facilities entered into and utilised principally for the purpose of financing the Group’s working capital
requirements;

		
	 “Normalised Leverage
 Indebtedness”
	  	 Leverage Indebtedness; plus Normalised Working Capital; minus Working Capital, in each case on the relevant date;

		
	 “Normalised Working Capital”
	  	 has the meaning given in the Option Agreement;

		
	 “Note Purchase and Share
 Subscription Agreement”
	  	 has the meaning given in the Option Agreement;

		
	 “Operating Board”
	  	 the board of directors of Russian Alcohol Group or such other Group Company as the Parties (acting reasonably) may agree from time to time;

  

 7 

			
	 “Option Agreement”
	  	 the Option Agreement dated on or around the date of this Agreement relating to Shares in the Company and made between Cayman 4, Cayman 5, Cayman 7, and
CEDC;

		
	 “Original Sale Agreement”
	  	 has the meaning given in the Option Agreement;

		
	 “Ordinary Shareholder”
	  	 a holder of Ordinary Shares;

		
	 “Ordinary Shares”
	  	 the A Ordinary Shares with a nominal value of $1 each in the capital of the Company;

		
	 “Original Advisory
 Agreements”
	  	 (i) the monitoring and oversight agreement concerning the Russian Alcohol Group dated 8 July 2008 made between (1) Pasalba Limited and (2) Lion Capital; and (ii) the
corporate finance advisory agreement concerning the Russian Alcohol Group dated 8 July 2008 made between (1) Pasalba Limited and (2) Lion Capital;

		
	 “Parties”
	  	 the parties to this Agreement from time to time including successors in title, permitted assignees and Permitted Transferees, provided that any such Person first executes a
Deed of Adherence;

		
	 “Permitted Transferee”
	  	 (i)     in respect of a Lion Party:
  
 (A)   any Lion
Capital Management Entity; or
  
 (B)   any Affiliate of any Lion Capital Management Entity;
  
 (ii)    in respect of any other Shareholder, any Affiliate of such
Shareholder;

		
	 “Person”
	  	 any natural person, corporation, general partnership, simple partnership, limited partnership, proprietorship, other business organisation, trust, union, association or
governmental authority, whether incorporated or unincorporated; a reference to any Person shall include such Person’s successors and permitted assigns under any agreement, instrument, contract or other document;

		
	 “Pledges”
	  	 the Cayman 7 Pledge and the Holdco Pledges;

		
	 “Preference Shares”
	  	 the preference shares with a nominal value of $1 each in the capital of the Company;

		
	 “Preferred Shareholder”
	  	 a holder of Preference Shares;

  

 8 

			
	 “Prohibited Person”
	  	 (i)     any Person appearing on the Specially Designated Nationals
and Blocked Persons List of the Office of Foreign Assets Control in the United States Department of the Treasury as set out on the US Department of Treasury’s Office of Foreign Assets Control at the following URL:
http:/www.treasury.gov/offices/enforcement/ofac/Index.html; or
  
 (ii)    any other Person with whom a transaction is prohibited by Executive Order 13224, the USA PATRIOT Act, the Trading with the Enemy Act or the foreign asset control
regulations of the United States Treasury Department, in each case as amended from time to time; or
  
 (iii)  any other Person whom Cayman 5 from time to time (acting reasonably) considers would create
a material reputational risk for the Company or any of its Affiliates or any co-investors in the Company or its respective Affiliates;

		
	 “Registration Rights
 Agreement”
	  	 has the meaning given in the Option Agreement;

		
	 “Related Party Transaction”
	  	 any transaction between a member of the Group and the Controlling Party (from time to time) or any Affiliate thereof (other than a member of the Group) which creates an
actual or potential liability of the Group in favour of such Controlling Party (or any Affiliate thereof), or vice versa;

		
	 “Revolving Facility”
	  	 has the meaning given in the Senior Facilities Agreement;

		
	 “Russian Alcohol Group”
	  	 Joint Stock Company “Russian Alcohol Group”, a company incorporated in Russia;

		
	 “Second Earnout Amount”
	  	 has the meaning given in the Original Sale Agreement;

		
	 “Security Impairment Event”
	  	 has the meaning given in the Option Agreement;

		
	 “Sellers’ Put Option”
	  	 the Put Option (as defined in the Lux 1 Shareholders Agreement);

		
	 “Senior Facilities Agreement”
	  	 the agreement between among others Pasalba Limited (as borrower) and Raiffeisen Zentralbank Osterreich AG (as lender), dated 10 July 2008 as amended from time to
time;

		
	 “Senior Management”
	  	 the Chairman; the Chief Executive Officer; the Chief Operating Officer; the Chief Financial Officer; the Commercial/Sales Director; the Marketing Director; and the Human
Resources Director, in each case of the group of companies of which Pasalba Limited is the parent company;

		
	 “Shareholders”
	  	 collectively, Cayman 7 and the Lion Parties, and each other Person to which Shares are Transferred or issued in accordance with the terms of this Agreement and which becomes
a party to this Agreement by executing a Deed of Adherence, and “Shareholder” means any of them;

		
	 “Shares”
	  	 the Ordinary Shares and the Preference Shares and any and all shares and interests into which these shares may be exchanged or converted by change of legal form, merger or
otherwise, or which may be issued by capital increase of the Company;

  

 9 

			
	 “Specified Event”
	  	 (i)     an event of default (however described) or a mandatory
prepayment obligation under any of the Finance Documents or any event or circumstance which would (with the expiry of a grace period or the giving of notice, the making of a determination or any combination of the foregoing) give rise to an event of
default or a mandatory prepayment obligation, in each case to the extent that such Finance Document remains in effect or the borrowings thereunder remain undischarged;
  
 (ii)    an obligation on Pasalba Limited to make any payment under
Sections 2.2.2.12 or 2.2.2.13 of the Original Sale Agreement; or
  
 (iii)  the Vendor Loan Notes becoming repayable in accordance with their terms;

		
	 “Subsidiary”
	  	 in relation to any Person (a “Holding Company”), any other Person directly or indirectly Controlled by that Holding Company;

		
	 “Third Cayman 7 Call Option”
	  	 has the meaning given in the Option Agreement;

		
	 “Transaction Documents”
	  	 this Agreement, the Pledges, the Commitment Letter, the Letter of Undertaking, the Warrant Instruments, the Note Purchase Agreement and Share Subscription Agreement, the
Registration Rights Agreement, the Limited Partnership Agreement and the Option Agreement, and “Transaction Document” means any of them;

		
	 “Transfer”
	  	 has the meaning given in Clause 4;

		
	 “Undertakings”
	  	 the undertakings set out in Clause 2.1.8 given by the Controlling Party from time to time;

		
	 “Vendor Loan Notes”
	  	 the loan notes issued pursuant to an instrument dated 9 July 2008 made by Lion/Rally Lux 2 S.à r.l and Lion/Rally Lux 3 S.à r.l constituting $35,500,000 Series
A Unsecured Subordinated Loan Notes and Series B Unsecured Subordinated Loan Notes (and including, for the avoidance of doubt, any additional such notes issued pursuant to the terms of that instrument);

		
	 “Warrant Instruments”
	  	 has the meaning given in the Option Agreement; and

		
	 “Working Capital”
	  	 has the meaning given in the Option Agreement.

  

	 1.2
	 In this Agreement, save where the context otherwise requires: 

  

	 	 1.2.1 
	 references to a document in the “agreed form” are to that document in the form agreed to and initialled for the purposes of
identification by or on behalf of the Parties; 

  

	 	 1.2.2 
	 references to a Clause or Schedule are to a Clause or Schedule of this Agreement and references to this Agreement include the Schedules;

  

	 	 1.2.3 
	 the headings in this Agreement do not affect its construction or interpretation; 

  

	 	 1.2.4 
	 a reference to a document is a reference to that document as amended or modified from time to time in writing by the mutual consent of the parties;

  

 10 

	 	 1.2.5 
	 a reference to a specific Transaction Document is a reference to that document as amended, varied, novated, supplemented or replaced from time to time
(otherwise than in breach of the provisions of this Agreement); 

  

	 	 1.2.6 
	 references to “$” or “USD” are references to the lawful currency of the time being of the United States of America;

  

	 	 1.2.7 
	 references to “€” or “Euro” are references to the single currency and the legal means of payment in the territory
of the European Monetary Union; and 

  

	 	 1.2.8 
	 the singular includes the plural and vice versa and any gender includes any other gender. 

  

	 1.3
	 Unless expressly provided to the contrary, covenants and undertakings in this Agreement which are given by more than one Party are deemed to have been
given severally and not jointly or jointly and severally, provided that covenants and undertakings of the Lion Parties are unless expressly provided to the contrary given on a joint and several basis. 

  

	 1.4
	 Any English legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or any legal concept or thing
shall in respect of any jurisdiction other than England be deemed to include what most nearly approximates in that jurisdiction to the English legal term and a reference to any English statute shall be construed so as to include equivalent or
analogous laws of any other jurisdiction. 

  

	 1.5
	 Save where otherwise expressly provided in this Agreement, references to any approval or consent to be given, or any action to be taken, by the Lion
Parties shall mean the approval or consent given, or action taken, by or on behalf of those Lion Parties holding shares representing more than 50 per cent. of the aggregate voting rights held by all of the Lion Parties.

  

	 1.6
	 A procuring obligation, where used in the context of the Shareholders (or any one or more of them) means that each relevant Shareholder undertakes to
exercise any and all powers and rights vested in him from time to time in his capacity as a Shareholder and any influence over any Director which was appointed following nomination by that Shareholder, or otherwise in or of the Company or any other
member of the Group or other entity (as relevant), to ensure compliance with that obligation so far as he is (legally) able to do so. 

  

	 1.7
	 Where under this Agreement any provisions are stated to apply in relation to the operation, governance and/or control of the Company (including, without
limitation, the Governance Provisions and the provisions of Clause 7), the Company (in so far as it is lawfully able to do so) and the Shareholders shall procure that such provisions apply. 

  
  

	 2
	 CONTROL OF THE COMPANY 

  

	 2.1
	 The parties agree that the Company shall be controlled as follows: 

  

	 	 2.1.1 
	 Lion Control 

 From the date of this Agreement and subject to Clause 2.7, Cayman 5 shall be the Controlling Party and the Controlling Party Provisions shall apply, CEDC shall be the Minority Party and the CEDC Minority Provisions shall apply, and no other
Governance Provisions shall apply. 
  

 11 

	 	 2.1.2 
	 JV Control 

 Subject to the Condition Precedent having been satisfied, from the JV Effective Date, the JV Provisions shall apply, and no other Governance Provisions shall apply. 
  

	 	 2.1.3 
	 CEDC Control 

 Subject to the Condition Precedent having been satisfied, from the CEDC Control Effective Date, CEDC shall be the Controlling Party and the Controlling Party Provisions shall apply, Cayman 5 shall be the Minority Party and the Cayman 5
Minority Provisions shall apply, and no other Governance Provisions shall apply. 
  

	 	 2.1.4 
	 Events of Default 

 During the period from the date of this Agreement until the Default Control Date, upon the occurrence of an Event of Default (and, in the case of items (i) and (iii) of the definition of such term, if capable of remedy which has
not been remedied within 45 days of the date of occurrence): 
  

	 	 (a)
	 if at the time of the Event of Default the Controlling Party is Cayman 5, CEDC shall have the right, subject to the Condition Precedent having been
satisfied, to require that the JV Provisions shall apply by serving a JV Notice (in which event no other Governance Provisions shall apply); or 

  

	 	 (b)
	 if at the time of the Event of Default the JV Provisions apply, Cayman 5 shall immediately become the Controlling Party and the Controlling Party
Provisions shall apply, CEDC shall become the Minority Party and the CEDC Minority Provisions shall apply, and neither the Cayman 5 Minority Provisions nor the JV Provisions shall apply, and CEDC shall not be entitled to become the Controlling Party
at any time, in any circumstances, notwithstanding any provision of this Agreement to the contrary; or 

  

	 	 (c)
	 if at the time of the Event of Default the Controlling Party is CEDC, Cayman 5 shall immediately become the Controlling Party and the Controlling Party
Provisions shall apply, CEDC shall become the Minority Party and the CEDC Minority Provisions shall apply, and neither the Cayman 5 Minority Provisions nor the JV Provisions shall apply, and CEDC shall not be entitled to become the Controlling Party
at any time, in any circumstances, notwithstanding any provision of this Agreement to the contrary. 

  

	 	 2.1.5 
	 CEDC insolvency 

 If, at any time: 
  

	 	 (a)
	 CEDC is unable or admits inability to pay its material debts as they fall due or declared to be unable to pay its debts under applicable law;

  

	 	 (b)
	 a moratorium is declared in respect of any material Indebtedness of CEDC; or 

  

	 	 (c)
	 any legal proceedings are taken in relation to: 

  

	 	 (i)
	 the suspension of payments, a moratorium of any Indebtedness, winding up, dissolution, or administration (by way of insolvent scheme of arrangement or
otherwise) of CEDC; 

  

 12 

	 	 (ii)
	 a composition, compromise, assignment or arrangement with any creditor of CEDC; 

  

	 	 (iii)
	 the appointment of a liquidator, receiver, administrator, administrative receiver, compulsory manager or other similar officer in respect of CEDC or any
of its assets; or 

  

	 	 (iv)
	 the enforcement of security over any material assets of CEDC, 

 or any analogous procedure or step to any of the above is taken in any jurisdiction, 
 and in relation only to paragraph (c) above, any such corporate action, legal proceedings or other procedure or step is not stayed or dismissed within 30 Business Days of commencement or, if earlier, the date on
which it is advertised, then notwithstanding any other provision of this Agreement, at all times following and during that time Cayman 5 shall be the Controlling Party and the Controlling Party Provisions shall apply and none of the other
Governance Provisions shall apply, except for paragraph 9(a) of the CEDC Minority Provisions. 
  

	 	 2.1.6 
	 Default Control 

 On the Default Control Date, Cayman 5 shall immediately become the Controlling Party (if it is not already the Controlling Party) and the Controlling Party Provisions and the Default Governance Provisions shall apply. After the Default
Control Date, none of the CEDC Minority Provisions, the Cayman 5 Minority Provisions or the JV Provisions shall apply, and CEDC shall not be entitled to become the Controlling Party at any time, in any circumstances, notwithstanding any provision of
this Agreement to the contrary. 
  

	 	 2.1.7 
	 Condition Precedent 

 For the purposes of this Clause 2, the “Condition Precedent” is: 
 Antitrust Approvals for the
possession by CEDC of its rights under the relevant provision(s) of this Clause 2 and the Schedules having been obtained in accordance with the provisions of Clause 3, if required. 
  

	 	 2.1.8 
	 Undertakings 

  

	 	 (a)
	 At all times prior to the Default Control Date, the Controlling Party (and at such times that there is no Controlling Party, the Company) from time to
time undertakes to the Minority Party (and at such times that there is no Minority Party, the Parties) from time to time to use its reasonable endeavours to procure that each member of the Group (as applicable): 

  

	 	 (i)
	 operates in material compliance with all applicable laws and regulations and in the ordinary course of business in a manner substantially consistent with
that carried on in the 12 months prior to the date of this Agreement; 

  

	 	 (ii)
	 completes and files, in a timely fashion, all necessary tax returns and pays all applicable taxes unless the relevant member of the Group reasonably
believes that the non-payment of such taxes is in the best interests of the Group; 

  

 13 

	 	 (iii)
	 maintains and protects material intellectual property owned or used by the Group in any market which, is, or is reasonably likely to become, material to
the operations of the Group; 

  

	 	 (iv)
	 maintains appropriate insurance cover for the Group’s operations in line with market practice; 

  

	 	 (v)
	 operates in such a manner as to maintain the tax residency of each member of the Group as at the date of this Agreement; 

  

	 	 (vi)
	 adheres to the material terms of all material contracts; 

  

	 	 (vii)
	 maintains the reasonable upkeep of, and control over, all material fixed assets of the Group; 

  

	 	 2.1.9 
	 At all times prior to the Default Control Date, CEDC undertakes, for so long as it is the Controlling Party, that neither it nor any of its Affiliates
shall take any action which is taken with the intention of being materially prejudicial to (i) the ability of the Lion Parties to enforce any security right or interest granted to them pursuant to or in connection with the Transaction
Documents; or (ii) the value of the assets pledged to the Lion Holdcos pursuant to the Cayman 7 Pledge; and 

  

	 	 2.1.10 
	 At all times prior to the Default Control Date, Cayman 5 undertakes, for so long as it is the Controlling Party, that neither it nor any of its Affiliates
shall take any action which is taken with the intention of being materially prejudicial to (i) the ability of Cayman 7 to enforce any security right or interest granted to it pursuant to or in connection with the Transaction Documents; or
(ii) the value of the assets pledged to Cayman 7 pursuant to the Holdco Pledge. 

  

	 2.2
	 The Company undertakes to each of the Lion Parties (for themselves and as trustee for each of their Affiliates) to indemnify the Lion Parties and each of
their Affiliates against any damages, costs, fines, penalties or other losses suffered or incurred by any of them as a result of any provision of this Agreement or the exercise by any of the Parties of any right pursuant to this Agreement resulting
in any breach of any applicable law or regulation relating to competition or anti-trust. 

  

	 2.3
	 The Company undertakes to CEDC (for itself and as trustee for each of their Affiliates) to indemnify CEDC and each of its Affiliates against any damages,
costs, fines, penalties or other losses suffered or incurred by any of them as a result of the breach of any applicable law or regulation relating to competition or anti-trust where such breach arises as a result of the operation of Clauses
2.1.4(b), 2.1.4(c), 2.4 or 2.5, and where such breach arises as a result of the operation of Clauses 2.4 and 2.5 such indemnification by the Company will be limited in all cases to a maximum aggregate amount of $15 million.

  

	 2.4
	 Notwithstanding any other provision of this Agreement, no particular element of any Governance Provision shall apply at any time when a Specified Event
would be reasonably likely to occur as a consequence of the application of that element; provided that nothing in this Clause 2.4 shall limit any of CEDC’s rights pursuant to paragraph 9(a) of Schedule 2, paragraph 1.8 of Schedule 3, paragraph
7 of Schedule 4 or paragraph 6.2 of Schedule 5. For these purposes, where a Specified Event would be reasonably likely to occur as a consequence of the application of two or more elements of a Governance Provision, none of such elements shall apply.

  

 14 

	 2.5
	 Subject to any applicable legal or regulatory requirements, CEDC shall immediately notify the Lion Holdcos upon it becoming aware of the occurrence of any
event which makes it reasonably apparent that the provisions of Clause 2.4 will apply at any time within the following 60 days. Immediately upon such notification, the provisions of Clause 2.4 shall apply in relation to the relevant element(s) of
the relevant Governance Provision(s) until such time as a Specified Event would not be reasonably likely to occur as a consequence of the application of the relevant elements of the relevant Governance Provision(s). 

  

	 2.6
	 The Lion Parties shall, at the request of CEDC, use their reasonable endeavours to procure a waiver of any relevant provisions contained in any of the
Finance Documents to the extent that such waiver will prevent the application of any of the Governance Provisions giving rise to a Specified Event, provided that members of the Group shall not be obliged to pay any costs or fees in aggregate
exceeding $500,000 in relation to obtaining any such waiver save to the extent that CEDC shall, through the subscription of additional partnership interests in Cayman 7, have funded such fees by the subscription of shares in the Company.

  

	 2.7
	 Subject always to the provisions of Schedule 2 and Schedule 4 (as applicable), each of the Ordinary Shareholders hereby undertakes to vote its Ordinary
Shares in accordance with the directions of the Controlling Party. 

  

	 3
	 ANTITRUST APPROVAL 

  

	 3.1
	 If the approval or clearance of, or notification to, one or more Competition Authorities (each an “Antitrust Approval”) is in the
reasonable opinion of any of the Parties required to give effect (from time to time) to the exercise by CEDC of its rights under the JV Provisions, or to enable CEDC to become the Controlling Party, or the Parties otherwise agree to seek Antitrust
Approval, the Parties undertake (subject always to Clause 3.3) to each other to use their best efforts to obtain each such Antitrust Approval as soon as reasonably practicable following (i) in relation to the JV Provisions, the JV Notice Date
or (ii) in relation to CEDC becoming the Controlling Party, the earlier of: 

  

	 	 3.1.1 
	 the later of: 

  

	 	 (a)
	 the date falling eight months prior to the date falling 95 days after the Fourth Cayman 7 Call Option Exercise Date; and

  

	 	 (b)
	 the earliest date on which the relevant Antitrust Approval could be sought and reasonably be expected to remain valid on the Fourth Cayman 7 Call
Option Completion Date; and 

  

	 	 3.1.2 
	 the CEDC Control Notice Date. 

 The JV Effective Date or the CEDC Control Effective Date (as the case may be) shall not occur until at least five days after such Antitrust Approval has been obtained (or, where more than one Antitrust Approval is
required, until at least five days after the last of such Antitrust Approvals is obtained). Each Party shall inform the other on the next Business Day after having received the relevant Antitrust Approval or of being informed that the relevant
Antitrust Approval has been denied. 
  

	 3.2
	 The Lion Parties shall provide CEDC, CEDC shall provide the Lion Parties and the Company shall provide CEDC and the Lion Parties with all information
relating to obtaining each Antitrust Approval as the Lion Parties or CEDC (as applicable), acting reasonably, may request. 

  

 15 

	 3.3
	 Without prejudice to the provisions of Clause 3.1, if an Antitrust Approval will only be granted subject to, or following the application of, certain
commitments, conditions, obligations, measures, undertakings and/or modifications (each, a “Commitment”), CEDC and the Lion Parties undertake to each other to comply with those Commitments necessary to obtain such Antitrust Approval
and hereby agree that, to the extent that such Commitments require the disposal of any asset, or if it appears to the Parties, acting reasonably, that such Antitrust Approval shall be given if the disposal of an asset is offered or made, the Parties
shall, to the extent possible, and to the extent that each is able to do so, manage the disposal of assets in accordance with the following order of priority: 

  

	 	 3.3.1 
	 first, the Company shall procure that members of the Group shall dispose of such assets as are necessary to obtain such Antitrust Approval provided always
that in no circumstances shall it be required to procure the disposal of the assets comprising the “Green Mark” and/or “Zhuravli” brands of vodka; 

  

	 	 3.3.2 
	 second, and subject always to the provisions of Clause 3.5, if and to the extent that, following the date of this Agreement, the Lion Parties have
acquired any or all of the assets that have been described in a letter from the Lion Holdcos to CEDC dated 24 April 2009 and any other assets acquired with such assets or in related transactions (together the “Potential
Assets”), the Lion Parties shall dispose of such of the Potential Assets as are necessary to obtain such Antitrust Approval; 

  

	 	 3.3.3 
	 third, if and to the extent that, following the date of this Agreement, CEDC or any Affiliate of CEDC has acquired any assets, CEDC shall dispose of (or
shall procure the disposal of) such of those assets as are necessary to obtain such Antitrust Approval; and 

  

	 	 3.3.4 
	 fourth, and subject always to the provisions of Clause 3.5, the Lion Parties shall dispose of (or shall procure the disposal of) such assets as are
necessary to obtain such Antitrust Approval, 

 provided always that in each case, any such disposal shall
be limited to the minimum amount required to obtain such Antitrust Approval. Any such disposal required to be made shall be made within 180 days of the date upon which it is finally determined that such disposal is required. Clause 3.1 shall
not require the disposal of assets by any Person save as set out in this Clause 3.3. 
  

	 3.4
	 If, following the disposal, or offer to dispose of, all of the assets referred to in Clause 3.3, the relevant Antitrust Approval is not granted, the
Parties agree that CEDC and the Lion Parties shall use their best endeavours to agree upon and to implement a structure to realise their investment in the Company either by way of sale or initial public offering (an “Exit”). If
Cayman 5 is the Controlling Party at such time, it shall, to the extent permitted by law, consult with, and take into account all reasonable requests of, CEDC in connection with effecting an Exit. 

  

	 3.5
	 In circumstances where Clause 3.3.2 or Clause 3.3.4 apply, the Lion Parties shall have the right (but not the obligation) to surrender any of their
governance rights hereunder if it becomes apparent to the Lion Parties, acting reasonably, that the relevant Antitrust Approval would be, or would be reasonably likely to be, obtained as a result of such surrender and if and to the extent that such
Antitrust Approval is so obtained, the Lion Parties shall not be required to comply with Clauses 3.3.2 or Clause 3.3.4, but provided always that such surrender shall not constitute or trigger a Specified Event. 

  

 16 

	 3.6
	 CEDC agrees that it shall not be entitled to exercise its rights under paragraph 5 and 6 of Schedule 2 until such time as: 

 

	 	 3.6.1 
	 the European Commission has made a decision that: (i) the transactions contemplated by this Agreement or the Transaction Documents do not fall within
the scope of Council Regulation (EC) No. 139/2004 (the “EC Merger Regulation”) under Article 6(1)(a) of the EC Merger Regulation; (ii) the transactions contemplated by this Agreement are compatible with the Common Market
pursuant to Article 6(1)(b) of the EC Merger Regulation (or being deemed to have done so pursuant to Article 10(6) of the EC Merger Regulation); 

  

	 	 3.6.2 
	 approval from the Antimonopoly Committee of Ukraine has been duly obtained in relation to the exercise of the rights under paragraphs 5 and 6 of Schedule
2; or 

  

	 	 3.6.3 
	 in so far as the transactions contemplated by this Agreement are required to be notified to the Competition Authority of any other jurisdictions such
that, without such notification or clearance, the exercise of the rights under paragraphs 5 and 6 of Schedule 2 would be unlawful or otherwise prohibited, all relevant consents and approvals have been received, and 

 CEDC undertakes to the others Parties to use its best endeavours to obtain such Antitrust Approvals as required under Clauses 3.6.1 to
3.6.3 as soon as practicable. 
  

	 4
	 RESTRICTIONS ON DEALINGS WITH SECURITIES 

  

	 4.1
	 Save as provided for under the Default Governance Provisions or as otherwise required or expressly permitted pursuant to the provisions of the Transaction
Documents, from the date of this Agreement, no Shareholder may, directly or indirectly, sell, assign, transfer, offer, grant a participation in, mortgage, pledge, hypothecate, create a security interest in or lien upon, encumber, donate, contribute,
place in trust, enter into any voting agreement in respect of, or otherwise dispose of or create or allow to be created an Encumbrance over (collectively, “Transfer”) any of its Shares or the legal or beneficial interest therein
without the consent of all Parties. 

  

	 4.2
	 Notwithstanding any other provision of this Agreement, no Transfer of any Shares may be made by any Shareholder to a Prohibited Person.

  

	 4.3
	 In the event of any Transfer in accordance with this Clause 4, each relevant Party undertakes to take such actions and do such things as may be necessary
to complete such Transfer in accordance with applicable legal requirements. To the extent that any Transfer contemplated or permitted in this Clause 4 requires the approval of any of the Parties pursuant to any law, or any provisions of the Articles
or other constitutional documents, each of the relevant Parties shall, forthwith upon request, and to the extent that it is able to do so, provide, or procure the provision of, the necessary consent and shall sign or vote (or procure such signature
or vote) in favour of any shareholder resolutions in connection therewith. 

  

	 5
	 COMPLETION OF TRANSFERS 

  

	 5.1
	 General 

 In
connection with the completion of any Transfer of Shares under this Agreement, the transferee (unless an existing Party to this Agreement) shall deliver to the Company and the Shareholders notice of such Transfer, including fully executed copies of
all documentation 

  

 17 

 
and agreements relating to the Transfer and any agreements or other documents required by this Agreement, including a duly executed Deed of Adherence if
required pursuant to Clause 12. 
  

	 5.2
	 Encumbrances 

 Where this Clause 5 applies to the Transfer of any Share, each shall be transferred free of Encumbrances and with all rights attaching thereto (other than any restrictions on Transfer arising under the Transaction Documents). 
  

	 5.3
	 Power of Attorney 

  

	 	 5.3.1 
	 Each of the Parties (other than the Lion Parties) hereby irrevocably and unconditionally (and by way of security for the performance of its obligations
under this Agreement) appoints, with effect from the Default Control Date, any Director nominated for that purpose by the Lion Parties as its attorney to execute and do in its name or otherwise and on its behalf all documents, acts and things which
the attorney shall in its absolute discretion consider necessary or desirable in order to implement the obligations of that Party (if not satisfied) under Clause 4, to the extent that the Party is in default of its obligations under such Clause.

  

	 	 5.3.2 
	 Each Shareholder undertakes to ratify whatever any Director as its attorney shall lawfully do or cause to be done in accordance with the power of attorney
set out in Clause 5.3.1 and to indemnify and keep indemnified such attorney from all claims, costs, expenses, damages and losses which the attorney may suffer as a result of the lawful exercise by him of the powers conferred on him under such power
of attorney. 

  

	 	 5.3.3 
	 If a Transfer of Shares is executed on behalf of a Shareholder under the power of attorney set out in Clause 5.3.1: 

  

	 	 (a)
	 the Company may receive the purchase money in trust for that Shareholder and the receipt of the Company for the purchase money shall be a good discharge
for the purchaser, who shall not be bound to see to the application of the purchase money; 

  

	 	 (b)
	 the Company shall cause the purchaser to be registered as a holder of the relevant Shares; and 

  

	 	 (c)
	 once registration has taken place in purported exercise of the power of attorney set out in Clause 5.3.1, the validity of the proceedings shall not be
questioned by any Person; and the relevant Shareholder shall be bound to deliver up any documentation required by the Company in connection with the Transfer and on its delivery shall be entitled to receive the purchase money in respect thereof.

  

	 5.4
	 Effect of Void Transfers 

 In the event of any purported Transfer in violation of the provisions of this Agreement, such purported Transfer shall be void and of no effect, the purported transferee shall have no rights or privileges in or with
respect to such Shares or this Agreement, and no effect will be given to any such purported Transfer or entry related thereto made in the records of the Company, to the extent permitted by applicable law. 
  

 18 

	 6
	 CONDUCT OF THE COMPANY 

 The Company undertakes, and the Parties shall procure that the Company undertakes: (i) to act only as a holding company; (ii) not to undertake any trading activity; (iii) not to incur any Indebtedness;
(iv) to the fullest extent permitted by the laws of the Cayman Islands, to distribute to Shareholders any material assets whether cash or non-cash (but excluding the assets of Russian Alcohol Group or the shares or other participations in
vehicles through which those assets are held), received by the Company, as soon as reasonably practicable and in any event within ten days of receipt of the same. 
  

	 7
	 BOARD OF DIRECTORS 

  

	 7.1
	 The Company or a member of the Group shall reimburse and pay to each Director any travelling, hotel or other out-of-pocket expenses which the Director may
reasonably incur in the performance of his duties), which shall be payable in arrears periodically upon demand, but no more than once per calendar month. 

  

	 7.2
	 The Company or a member of the Group shall take out and maintain in force, for the duration of their appointment, a policy of insurance for Directors
serving on the Board in relation to directors’ liabilities, covering such matters and on such terms and conditions as the Lion Parties shall reasonably require. 

  

	 7.3
	 Each Director shall be entitled to appoint any other Director to be his proxy in accordance with applicable provisions of the law of the Cayman Islands
and a Director or any such proxy shall not be required to hold any share qualification, shall not be subject to retirement by rotation and shall not be removed except by the Shareholder appointing them. 

  

	 7.4
	 Each Director and any proxy appointed pursuant to Clause 7.3 shall be entitled to disclose to any Shareholder appointing him such information concerning
the Group and its business as he thinks fit to the extent that such disclosure would not violate any contractual, fiduciary or other obligation. 

  

	 7.5
	 All matters to be determined at meetings of the Board and any committees thereof shall be determined by a majority of votes cast.

  

	 7.6
	 Each Director of the Company and any committee thereof shall be entitled to one vote and, in the case of an equality of votes, no Person, including
without limitation the Chairman of the Board, shall have a second or casting vote. 

  

	 7.7
	 Any meeting of the Board or any committee thereof may consist of a conference call between Directors, some or all of whom are in different places provided
that each Director who participates in the meeting is able: 

  

	 	 7.7.1 
	 to hear each of the other participating Directors addressing the meeting; and 

  

	 	 7.7.2 
	 if he so wishes, to address each of the other participating Directors simultaneously, 

 whether directly, by conference telephone or by any other form of communication equipment or by a combination of such methods. A meeting
held in this way shall be deemed to take place at the place where the largest group of Directors is assembled or, if no such group is readily identifiable, at the place from where the Chairman of the meeting participates at the start of the meeting.

  

 19 

	 7.8
	 A resolution or other consent executed or approved in writing by all of the Directors who would have been entitled to vote thereon had the same been
proposed at a meeting of the relevant Board which such Directors had attended shall be as valid and effective for all purposes as a resolution passed at a meeting of a Board duly convened and held and may consist of several documents in the like
form, each signed by one or more of the Directors. 

  

	 7.9
	 The Company will procure that Clauses 7.1 to 7.8 shall apply, mutatis mutandis, to the operation of the Operating Board.

  

	 7.10 
	 The Parties agree that: 

  

	 	 7.10.1 
	 a meeting of the Board shall be convened and held at least once every 12 months; 

  

	 	 7.10.2 
	 a meeting of the Operating Board shall be convened and held at least once every three months; 

  

	 	 7.10.3 
	 all significant matters relating to the management and operations and business of the Group shall be discussed at meetings of and/or decided by the
Operating Board; 

  

	 	 7.10.4 
	 unless otherwise agreed between all the Directors, there shall be given to each of the Directors of the Company and the members of the Operating Board not
less than five Business Days’ prior written notice of any meeting of the Board of the Company and of the Operating Board, as the case may be, and every such notice shall be accompanied by a written agenda specifying the business of such meeting
and copies of all papers that shall be relevant for such meeting; 

  

	 	 7.10.5 
	 in addition to any directors and observers which Cayman 5 may be otherwise entitled to appoint to the Board or Operating Board from time to time, for so
long as Cayman 5 is entitled to appoint any Director, Cayman 5 shall be entitled to appoint one representative from each of UFG Private Equity and Goldman Sachs ESSG to be an observer, entitled to attend (but not vote at) all meetings of the
Operating Board and to receive all materials relating to meetings of the Operating Board. 

  

	 8
	 MONITORING FEES 

  

	 8.1
	 For so long as Cayman 5 is the Controlling Party, during such time as the JV Provisions apply, and at all times following the Default Control Date, the
Company shall pay or cause a member of the Group to pay an M&O Fee to Lion Capital (or any Affiliate thereof). The amount of the M&O Fee paid to Lion Capital (or any Affiliate thereof) in respect of such period shall not exceed, in any
financial year, the aggregate of (a) 1.25% of budgeted EBITDA for the Group for that financial year, calculated on a pro rata basis according to the proportion of the financial year which has elapsed during such period; and (b) any
out of pocket expenses reasonably incurred in provision of the services in relation to which the M&O Fee is paid, provided that, to the extent that any portion of the M&O Fee cannot be paid by a member of the Group without a member of the
Group breaching a provision of the Finance Documents (and that portion cannot be paid by any other member(s) of the Group without a member of the Group breaching a provision of the Finance Documents), such portion of the M&O Fee shall not be
required to be paid. Any amounts paid as expenses shall be paid to (or at the direction of) the Person claiming the expense. 

  

 20 

	 8.2
	 Subject to the provisions of Clause 8.1, from the CEDC Control Effective Date until the Final Discharge Date the Company shall pay or cause a member of
the Group to pay to Lion Capital (or an Affiliate thereof) and CEDC (or an Affiliate thereof) an M&O Fee. The amount of the M&O Fee paid in respect of such period shall be equal to the aggregate of (a) 1.25% of budgeted EBITDA for the
Group for each financial year, calculated on a pro rata basis according to the proportion of the financial year which has elapsed during such period; and (b) any out of pocket expenses reasonably incurred in provision of the services in
relation to which the M&O Fee is paid, provided that, to the extent that any portion of the M&O Fee cannot be paid by a member of the Group without a member of the Group breaching a provision of the Finance Documents (and that portion cannot
be paid by any other member(s) of the Group without a member of the Group breaching a provision of the Finance Documents), such portion of the M&O Fee shall not be required to be paid. To the extent that an M&O Fee is paid, Lion Capital (or
its designated Affiliate) and CEDC (or its designated Affiliate) shall each receive one half of such M&O Fee, excluding any out of pocket expenses referred to at (b) above. Any amounts paid as expenses shall be paid to (or at the direction
of) the Person claiming the expense. 

  

	 9
	 NON-SOLICITATION 

  

	 9.1
	 For so long as any Lion Party is a Party to this Agreement and for a period of two years from the first date on which no Lion Party is a Party to this
Agreement (the “Lion Cessation Date”), no Lion Party will, on its own account or on account of another Lion Party, entice or attempt to entice away from their employment or employ or attempt to employ any Person who, in the period
between the date of this Agreement and the Lion Cessation Date, was an officer or an employee of a Group company, CEDC or an Affiliate of CEDC, in each case who was engaged in managerial work. 

  

	 9.2
	 Until the earlier of: 

  

	 	 9.2.1 
	 two years following the Final Discharge Date; and 

  

	 	 9.2.2 
	 the Final Cayman 7 Call Option Completion Date, 

 (the “CEDC Cessation Date”), CEDC will not, on its own account or on account of any Affiliate of CEDC, entice or attempt to entice away from their employment or employ or attempt
to employ any Person who, in the period between the date of this Agreement and the CEDC Cessation Date, was an officer or an employee of a Group company, a Lion Party or an Affiliate of any Lion Party, and in each case who was engaged in managerial
work. 
  

	 10
	 LIMITED PARTNERSHIP AGREEMENT 

  

	 10.1 
	 CEDC undertakes to Cayman 5 that it shall comply in a timely manner with its obligations under the Limited Partnership Agreement.

  

	 10.2 
	 The General Partner undertakes to CEDC that it shall comply in a timely manner with its obligations under the Limited Partnership Agreement.

  

	 11
	 SELLERS’ PUT OPTION 

 CEDC undertakes that, in the event the Sellers’ Put Option is validly exercised, CEDC shall provide to Cayman 7, through the subscription of partnership interests in Cayman 7, with an amount in cash equal to
the amount required to be paid by Lux 1 in relation to such exercise which Cayman 7 shall use to subscribe for ordinary shares and convertible preferred equity certificates (CPECs) in Lux 1. 
  

 21 

	 12
	 DEED OF ADHERENCE 

  

	 12.1
	 Subject to the provisions of Clause 12.2, no Transfer or allotment of any Shares shall be made unless the transferee or allottee shall have first executed
a Deed of Adherence and such Deed shall have been delivered to the Company at its registered office and to the Shareholders. 

  

	 12.2
	 No Deed of Adherence need be executed if the transferee or allottee, as the case may be, is already a Party to this Agreement (in the same capacity as
that in which the transferor is a Party in respect of the Shares in question). 

  

	 12.3
	 Each Party acknowledges and agrees that, upon the transferee or allottee duly executing a Deed of Adherence, such Person shall become a Party to this
Agreement in accordance with the terms of that Deed of Adherence. 

  

	 13
	 TERMINATION 

  

	 13.1
	 This Agreement shall terminate (as between the Parties hereto) and be of no further force or effect upon the earliest of the following:

  

	 	 13.1.1 
	 the written agreement of the Parties; 

  

	 	 13.1.2 
	 the Company going into liquidation whether voluntary or compulsory (other than for the purpose of an amalgamation or reconstruction approved by all the
Parties); 

  

	 	 13.1.3 
	 the date on which the Outstanding Consideration (as defined in the Option Agreement) is paid in cash in full in accordance with the terms of the Option
Agreement provided, however, that such payment occurs prior to the Holdco Call Option Exercise Date; 

  

	 	 13.1.4 
	 the Final Cayman 7 Call Option Completion Date. 

  

	 13.2
	 On termination of this Agreement, Clauses 9 (Non Solicitation and Non-Compete), 13 (Termination), and 22 (Rights of Third Parties and no
Recourse) to 26 (Governing Law) shall survive and continue in full force and effect, but all other rights and obligations of the Parties shall cease immediately. Termination does not affect the Parties’ accrued rights and obligations
as at termination. 

  

	 13.3
	 Subject to the provisions listed in Clause 13.2 which shall continue to apply to such Shareholder, if after the Default Control Date any one
Shareholder ceases to hold any Shares in accordance with the terms of this Agreement, this Agreement shall cease to apply to such Shareholder (and if such Shareholder is Cayman 7, also to CEDC), and such Shareholder (and if such Shareholder is
Cayman 7, also to CEDC) shall cease to enjoy the benefit of any provision of this Agreement, from the date it ceases to hold such securities but without prejudice to any rights, obligations or liabilities which may have accrued prior to the
date on which such Shareholder ceased to hold any such securities. For the avoidance of doubt, any Party which at the Default Control Date does not hold Shares will not cease to be a Party by reason of the preceding sentence unless after the Default
Control Date, it acquires Shares and subsequently disposes of its entire holding of Shares. 

  

	 13.4
	 Termination of this Agreement shall not affect the terms of any agreement entered into between the Parties, or any successor of either of them holding
Shares which replaces this Agreement. 

  

 22 

	 13.5
	 References in this Agreement to any Person ceasing to be a Party to this Agreement shall mean this Agreement ceasing to apply to such Person in accordance
with Clause 13.3 or this Agreement terminating pursuant to Clause 13.1. 

  

	 14
	 TAX AND VCOC 

  

	 14.1
	 For the purposes of this Clause 14, “Code” means the United States Internal Revenue Code of 1986, as amended, and any statute successor
thereto. 

 Certain Tax Matters 
  

	 	 14.1.1 
	 The Parties agree that the “check the box” elections have been made, or will promptly upon execution of this Agreement be made, by those related
entities set out in Schedule 6 and the Parties will not change or modify or procure the change or modification of the “check the box” elections or make any additional elections for US Tax purposes without the other Parties’ prior
written approval, not to be unreasonably withheld or delayed. 

  

	 	 14.1.2 
	 The Parties intend that the Company shall be treated as a partnership for US tax purposes and no Party shall treat or elect to treat the Company in any
other manner for US tax purposes without the consent of the other Parties, such consent not to be unreasonably withheld. 

  

	 	 14.1.3 
	 To the extent the Company is required by law to withhold or to make tax payments on behalf of or with respect to any Shareholder (“Tax
Advances”), the Company may withhold such amounts and make such tax payments as so required. All Tax Advances made on behalf of any Shareholder shall be repaid by reducing the amount of the current or next succeeding distribution or
distributions which would otherwise have been made to such Shareholder or, if such distributions are not sufficient for that purpose, by so reducing the proceeds of liquidation otherwise payable to such Shareholder. If a distribution to a
Shareholder is actually reduced as a result of a Tax Advance, for all other purposes of this Agreement such Shareholder shall be treated as having received the amount of the distribution that is reduced by the Tax Advance. Each Shareholder hereby
agrees to indemnify and hold harmless the Company and the other Shareholders from and against any liability (including, without limitation, any liability for taxes, penalties, additions to tax or interest) with respect to income attributable to or
distributions or other payments to such other Shareholder. 

  

	 14.2
	 Certain VCOC Matters 

  

	 	 14.2.1 
	 For so long as any Lion Party seeks to qualify as a VCOC Shareholder (as the term is defined in Clause 14.2.2 below), such Party shall be entitled
individually to nominate at least one of the Persons to the Board to be nominated by that Lion Party. The Parties acknowledge that, on the date hereof, the Lion Holdcos are VCOC Shareholders. 

  

	 	 14.2.2 
	 The Company hereby agrees that for so long as any Shareholder or one of its Affiliates is a “venture capital operating company” (such
Shareholder or Affiliate, a “VCOC Shareholder”), as defined in the regulations promulgated under the United States Employee Retirement Income Security Act of 1974, as amended, by the United States Department of Labor (the
“Plan Asset Regulations”), and such VCOC Shareholder continues to hold, directly or indirectly, any Shares (or other securities of the Company into which such Shares 

  

 23 

	 	 
may be converted or for which such Shares may be exchanged), without limitation on, or prejudice to, any of the other rights provided to the VCOC Shareholder
under this Agreement or applicable law, the Company shall provide to such VCOC Shareholder or its designated representative: 

  

	 	 (a)
	 such information and consultation rights and other assistance as such VCOC Shareholder may require to preserve its direct or indirect interest in the
Company qualifying as a “Venture Capital Investment” (within the meaning of the Plan Asset Regulations) and, in connection with an Exit, such distribution of securities held directly or indirectly by the VCOC Shareholder or such
other reasonable assistance such as to enable such Shareholder, in its discretion, to elect to commence its “distribution period” (within the meaning of the Plan Asset Regulations) or otherwise preserve its qualification as a
“venture capital operating company” within the meaning of the Plan Asset Regulations, and the Parties will agree to such amendments to this Agreement as may be required by a VCOC Shareholder to preserve such qualification or permit
such election or otherwise, provided that no such amendment would result in a material adverse effect on the operations or business of the Group, taken as a whole, or on the financial, legal or tax position of any other Shareholder;

  

	 	 (b)
	 prior notice of all material corporate actions (unless any such action is required to be disclosed to the general public, in which case, such VCOC
Shareholder shall be deemed to have received notice pursuant to such disclosure) and the right to consult with the Company and members of the Group with respect to such actions; provided that the Company may provide such notice to the applicable
designated representative of such VCOC Shareholder, which in turn shall be responsible forwarding such notice to the VCOC Shareholder the right to visit and inspect any of the offices and properties of the Group and inspect and copy the books and
records of the members of the Group, at such times as the VCOC Shareholder or its designated representative shall reasonably request; and 

  

	 	 (c)
	 the right to consult with appropriate officers and directors of the Company and each member of the Group periodically and at such times as reasonably
requested by the VCOC Shareholder with respect to matters relating to the business, finances, accounts and affairs of the Company and the members of the Group. Any costs incurred by the Company as a result of compliance with this Clause 14.2.2 shall
be borne by the Shareholder making such requests for such information. 

  

	 	 14.2.3 
	 The Company agrees to consider, in good faith, the recommendations of the VCOC Shareholder or its designated representative in connection with the matters
on which it is consulted as described above, recognising that the ultimate discretion with respect to all such matters shall be retained by the Company. 

  

	 15
	 ASSIGNMENT AND SUB-CONTRACTING 

  

	 15.1 
	 Subject to Clause 15.2, no Party shall be entitled to assign or transfer all or any of its rights, benefits or obligations under this Agreement in
whole or in part without the prior written consent of the other Parties otherwise than pursuant to a Transfer in accordance in all respects with the provisions and requirements of this Agreement and the Articles. 

  

 24 

	 15.2
	 In the event that the General Partner ceases to be the general partner of Cayman 7, each of the Parties shall take all such action as shall be in its
power as shall be reasonably necessary (i) to release the General Partner from its rights and obligations under this Agreement and (ii) to substitute any replacement general partner of Cayman 7 as a Party in place of the General
Partner. 

  

	 16
	 EXCLUSION OF AGENCY, PARTNERSHIP OR JOINT VENTURE 

 Nothing in this Agreement or any arrangement contemplated by it shall be construed as establishing or implying any partnership between the Parties, and nothing in this Agreement shall be deemed
to constitute either of the Parties as the agent of any other or to authorise any Party to hold itself out as agent or to bind, contract in the name of or to create a liability for any other in any way or for any purpose. 
  

	 17
	 FURTHER ASSURANCE, CONFLICT AND COMPLIANCE WITH ARTICLES, ANTI-CORRUPTION PROVISIONS 

  

	 17.1
	 Each Party shall, now or as required at any time in the future, do, or procure the doing by a third party of, so far as may be reasonably within its power
and as may be reasonably requested of it, all acts and/or execute or procure the execution of all documents in a form reasonably satisfactory to the other Parties as is or are required to give full effect to the Transaction Documents and the
transactions intended to be effected hereby and thereby and shall further (if necessary), so far as may be within its power, procure any required amendment to the Articles. 

  

	 17.2
	 If there is any conflict or inconsistency between the provisions of this Agreement and the Articles, (i) this Agreement shall prevail, although
nothing in this Agreement shall constitute an amendment of the Articles and (ii) the Shareholders shall take all lawful actions necessary to amend the Articles in order to implement the terms of this Agreement, and in any event, shall act in
accordance with this Agreement. 

  

	 17.3
	 The Company undertakes to each of the Shareholders that it shall, and shall procure that each Group Company and their respective directors, officers and
employees shall, comply with all applicable anti-bribery and anti-corruption laws and regulations. Without prejudice to the generality of the foregoing, the Company shall, and shall procure that each Group Company and their respective directors,
officers and employees shall, refrain from taking any action that would result in a violation by any direct or indirect investor in the Company of the U.S. Foreign Corrupt Practices Act or any other applicable anti-bribery or anti-corruption laws
which apply to it by virtue of such investor’s direct or indirect investment in the Company. 

  

	 17.4
	 Without limiting the generality of the preceding Clause, the Company undertakes to each of the Shareholders that it shall, and shall procure that each
Group Company and their respective directors, officers and employees shall, refrain from offering, promising to pay, or authorising the payment of any money, or offering, giving, promising to give, or authorising the giving of anything of value, to
any officer, employee or any other Person acting in an official capacity for any government or any department, agency or instrumentality thereof, including any entity or enterprise owned or controlled by a government, or for any public international
organisation, to any political party or official thereof or to any candidate for political office (individually and collectively, a “Government Official”) or to any Person knowing or being aware of a high probability that all or a
portion of such money or thing of value will be offered, given or promised, directly or indirectly, to any Government Official, for the purpose of: 

  

 25 

	 	 17.4.1 
	 influencing any act or decision of such Government Official in his official capacity; 

  

	 	 17.4.2 
	 inducing such Government Official to do or omit to do any act in violation of his lawful duty; 

  

	 	 17.4.3 
	 securing any improper advantage; 

  

	 	 17.4.4 
	 inducing such Government Official to influence or affect any act or decision of any entity or enterprise owned or controlled by a government; or

  

	 	 17.4.5 
	 assisting any Group Company in obtaining or retaining business for or with, or directing business to any Group Company. 

  

	 18
	 ENTIRE AGREEMENT 

 This Agreement, and the documents referred to in it in agreed form together constitute the entire agreement and understanding of the Parties in relation to the matters the subject thereto and supersede any previous agreement between the
Parties (whether written or oral) in relation to all or any of such matters and without prejudice to the generality of the foregoing, excludes any representation, warranty, condition or other undertaking implied at law or by custom other than where
expressly contained in this Agreement, provided that nothing in this Clause shall exclude a Party from liability for fraudulent misrepresentation. 
  

	 19
	 VARIATION 

  

	 19.1
	 Subject to Clause 19.2, any variation of this Agreement must be in a written document and signed by each of the Parties or a duly authorised officer or
representative of each of the Parties and where any such document exists and is so signed such Party shall not allege that the same is not binding by virtue of an absence of consideration. 

  

	 19.2
	 If this Agreement ceases to apply to any Party pursuant to Clause 13.3, as from the date of such cessation and irrespective of whether the consent of
such party would have been required pursuant to Clause 19.1, this Agreement may be varied without reference to or the need for signature of any relevant document by that Party, provided that (for the avoidance of doubt) such variation shall not give
rise to any new or increased liability of that Party. 

  

	 20
	 WAIVER 

  

	 20.1
	 A delay in exercising, or failure to exercise, any right or remedy under this Agreement does not constitute a waiver of such or other rights or remedies
nor shall operate so as to bar the exercise or enforcement thereof. No single or partial exercise of any right or remedy under this Agreement shall prevent further or other exercise of such or other rights or remedies. 

 

	 20.2
	 No waiver by any Party of any requirement of this Agreement, or of any remedy or right under this Agreement, shall have effect unless given in writing and
signed by such Party. 

  

	 20.3
	 The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights and remedies provided by law.

  

	 21
	 ILLEGALITY AND SEVERANCE 

  

	 21.1
	 The provisions contained in each Clause of this Agreement shall be enforceable independently of the others and the invalidity of any one provision shall
not affect the validity of the others. 

  

 26 

	 21.2
	 If a provision of this Agreement is, or but for this Clause would be, held to be illegal, invalid or unenforceable, in whole or in part, in the
jurisdiction to which it pertains but would be legal, valid and enforceable if part of the provision was deleted, the provision shall apply with the minimum modification necessary to make it legal, valid and enforceable in that jurisdiction, and any
such illegality, invalidity or unenforceability in any jurisdiction shall not invalidate or render invalid or unenforceable such provisions in any other jurisdiction. 

  

	 21.3
	 If a provision of this Agreement is held to be illegal, invalid or unenforceable, in whole or in part and Clause 21.2 cannot be used to make it legal,
valid and enforceable, a Party may require the other Parties to enter into a new agreement or deed under which those Parties undertake in the terms of the original provision, but subject to such amendments as the first Party specifies in order to
make the provision legal, valid and enforceable provided however, that such amendments shall be the minimum required to make the provision legal, valid and enforceable and in order to honour so far as is legal, valid and enforceable the original
intention of the Parties. No Party will be obliged to enter into a new agreement or deed that would increase its liability beyond that contained in this Agreement, had all its provisions been legal, valid and enforceable.

  

	 22
	 RIGHTS OF THIRD PARTIES AND NO RECOURSE 

  

	 22.1
	 A Person who is not a Party to this Agreement or who does not execute a Deed of Adherence in accordance with this Agreement has no rights under the
Contracts (Rights of Third Parties) Act 1999 or otherwise to enforce any term of this Agreement but this does not affect any right or remedy of a third party which exists or is available apart from such Act. 

  

	 22.2
	 Accordingly, this Agreement shall be binding upon and enure solely for the benefit of the Parties hereto and any Person who executes a Deed of Adherence
in accordance with this Agreement and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any rights, benefits or remedies of any nature whatsoever under or by reason of this Agreement.

  

	 22.3
	 Only the Parties that are signatories hereto shall have any obligation or liability under this Agreement. Notwithstanding anything that may be expressed
or implied in this Agreement, no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had against any current or future representative of any Party or any current or future direct or
indirect shareholder, member, general or limited partner or other beneficial owner of any Party or any of their respective representatives, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any
statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any such Person for any obligation of any Party under this
Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation. 

  

	 23
	 COUNTERPARTS 

 This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall constitute an original of this Agreement, but all the counterparts shall together constitute one and the same agreement. No
counterpart shall be effective until each Party has executed at least one part or counterpart. 
  

 27 

	 24
	 NOTICES 

  

	 24.1
	 Any notice or other communication given under this Agreement shall be in writing and shall be served by delivering it to the Party due to receive it at
the address or fax numbers set out in Clause 24.2 and shall be deemed to have been delivered in accordance with Clause 24.3. 

  

	 24.2
	 The Parties’ addresses and fax numbers for the purposes of this Agreement are: 

  

	 	 24.2.1 
	 In the case of the Lion Parties, the General Partner, the Company and Cayman 7: 

 Lion Capital LLP 
 21 Grosvenor Place 
 London SW1X 7HF 
 United Kingdom 
 For the attention of: Javier Ferrán/James
Cocker 
 Fax number: +44 20 7201 2222 
 with a courtesy copy (which shall not constitute notice) to: 
 Weil,
Gotshal & Manges 
 One South Place 
 London EC2M 2WG 
 United Kingdom 
 For the attention of: Michael Francies/Ian Hamilton 
 Fax number: +44 20 7903 0990 
  

	 	 24.2.2 
	 In the case of CEDC: 

 CEDC Warsaw, 
 ul. Bobrowiecka 6 
 02-728 Warszawa 
 Poland 
 For the attention of: Bill Carey 
 Fax number: +48 22 455 1810/+1 941 330 9617 
 with a courtesy copy
(which shall not constitute notice) to: 
 Dewey & LeBoeuf 
 No. 1 Minster Court 
 Mincing Lane 
 London EC3R 7YL 
 For the attention of: Steve Horvath 
 Fax number: +44 20 7459 5099 
 or such other address or fax number as the relevant Party
notifies to the other Parties, which change of address shall only take effect if delivered and received in accordance Clause 24.3. 
  

	 24.3
	 A notice so addressed shall be deemed to have been received: 

  

	 	 24.3.1 
	 if personally delivered, at the time of delivery; 

  

	 	 24.3.2 
	 if sent by pre-paid, recorded delivery or registered post, two Business Days after the date of posting to the relevant address;

  

 28 

	 	 24.3.3 
	 if sent by registered air-mail, five Business Days after the date of posting to the relevant address; or 

  

	 	 24.3.4 
	 if sent by fax, on successful completion of its transmission as per a transmission report from the machine from which the fax was sent, save that if such
notice or communication is received after the end of normal working hours (and “normal working hours” shall be deemed to be 8.30 am and 5.30 pm on any Business Day in the country of the recipient), such notice or communication shall
be deemed to have been received on the next Business Day. 

  

	 24.4
	 CEDC irrevocably authorises and appoints Law Debenture Corporate Services Limited presently at Fifth Floor, 100 Wood Street, London EC2V 7EX, United
Kingdom as its agent for service of notices and/or proceedings in relation to any matter arising out of or in connection with this Agreement and service on such agent in accordance with this Clause 24 shall be deemed to be effective service on CEDC.

  

	 24.5
	 Each of Cayman 4, Cayman 5, Cayman 6, Cayman 7 and the General Partner irrevocably authorises and appoints Lion Capital LLP whose registered address is at
21 Grosvenor Place, London, SW1X 7HF United Kingdom as their agent for service of notices and/or proceedings in relation to any matter arising out of or in connection with this Agreement and service on such agent in accordance with this Clause 24
shall be deemed to be effective service on Cayman 4, Cayman 5, Cayman 6, Cayman 7 or the General Partner, as the case may be. 

  

	 24.6
	 Any Party may appoint a substitute agent for service for the purposes of Clause 24.4 or 24.5 by giving notice to the other Parties pursuant to
Clauses 24.1 to 24.3. 

  

	 25
	 JURISDICTION 

 The Parties irrevocably agree that, subject as provided below, the courts of England shall have exclusive jurisdiction over any dispute or claim arising out of or in connection with this Agreement or its subject matter or formation
(including non-contractual claims). Nothing in this Clause 25 shall limit the right of the Parties to commence proceedings to seek equitable (or equivalent) relief or to seek enforcement of a final non-appealable judgment of the courts of England in
any court of an Approved Jurisdiction which has competent jurisdiction, nor shall the commencement of such proceedings in any one or more Approved Jurisdictions preclude the commencement of similar proceedings in any other Approved Jurisdiction,
whether concurrently or not, to the extent permitted by the law of such other Approved Jurisdiction. No Party shall be entitled to commence proceedings in any court in any jurisdiction other than England or of an Approved Jurisdiction. 

 

	 26
	 GOVERNING LAW 

 This Agreement and all matters (including, without limitation, any contractual or non-contractual obligation) arising from or connected with it are governed by, and will be construed in accordance with, English law. 
  

 29 

 SCHEDULE 1 
 DEED OF ADHERENCE 
 DEED OF ADHERENCE dated • made by • (the “Adhering
Party”) in favour of the Persons whose names are set out in the schedule to this deed. 
 RECITALS 
  

	 (A)
	 This deed is supplemental to the Governance and Shareholders Agreement dated [•] made between Cayman 7, Cayman 4, Cayman 5, the Company, the General
Partner and CEDC (the “Shareholders Agreement”). 

  

	 (B)
	 [Name of transferring Shareholder] has agreed to transfer [a portion] [all] of its Shares to the Adhering Party and
this deed is entered into pursuant to Clause 12 of the Shareholders Agreement. 

  

	 1
	 REPRESENTATIONS AND WARRANTIES 

 The Adhering Party warrants, as of the date of this deed, to the other Parties that: 
  

	 	 (a)
	 it has full power and authority, without requiring the consent of any other Person, and has taken all necessary actions, to enter into and exercise its
rights and perform its obligations under this deed and the Shareholders Agreement; 

  

	 	 (b)
	 the provisions of this deed or the Shareholders Agreement will not result in a breach of any provision of the Adhering Party’s constitutional
documents or result in a breach of any order, judgment or decree of any court or governmental agency to which it is a party or by which it is bound; and 

  

	 	 (c)
	 this deed and the Shareholders Agreement constitute lawful, valid and binding obligations of the Adhering Party in accordance with its terms.

  

	 2
	 OPERATIVE PROVISIONS 

 The Adhering Party confirms that it has been given and read a copy of the Shareholders Agreement and covenants with each Person named in the schedule to this deed to perform and be bound by all the terms of the
Shareholders Agreement as if the Adhering Party were [capacity in which the party is to adhere to be inserted] for the purposes of the Shareholders Agreement; 
  

	 3
	 NOTICES 

 Any notice or other communication given under the Shareholders Agreement shall be in writing and shall be served by delivering it to the Adhering Party at the address or fax numbers set out below: 
 The Adhering Party’s address and fax number for the purposes of the Shareholders Agreement are: 
 [•] 
 For
the attention of: [•] 
 Fax number: [•] 
  

 30 

 with a courtesy copy (which shall not constitute notice) to: 
 [•] 
 For
the attention of: [•] 
 Fax number: [•] 
 or such other address or fax number as the Adhering Party notifies to the other Parties, which change of address shall only take effect if delivered and received in accordance with Clause 24.3 of
the Shareholders Agreement. 
  

	 4
	 A notice so addressed shall be deemed to have been received in accordance with Clause 24.3 of the Shareholders Agreement. 

  

	 5
	 Unless the context requires otherwise, words and expressions defined in the Shareholders Agreement shall have the same meaning when used in this deed.

  

	 6
	 This deed is governed by English law. 

 DULY EXECUTED AND DELIVERED 
 AS A DEED ON THE DATE STATED ABOVE 
 [ADHERING PARTY] 
 [Appropriate deed execution clause] 

			
		
	 by:
	 	 

 Acknowledged and Accepted: 
 [COMPANY] 

			
		
	 by:
	 	 

  

 31 

 SCHEDULE 2 
 CEDC MINORITY RIGHTS 
 This Schedule sets out the provisions which will apply at all times when CEDC
is the Minority Party. 
 Notwithstanding any other provision of this Agreement, each of the rights set out in this Schedule 2 (excluding the
rights set out in paragraph 9(a) of this Schedule 2) is subject to and accordingly shall be limited by any applicable obligations, restrictions or permissions contained in the Finance Documents, provided always that this carve-out shall not apply
where such obligation, restriction or permission arises as a result of any amendment to a Finance Document after the date of this Agreement and such amendment has not received prior Minority Consent. 
 Notwithstanding the provisions of paragraphs 2, 3 and 4 of this Schedule, any transaction or arrangement contemplated by such paragraphs which occurs or
would occur exclusively amongst members of the Group, shall not require Minority Consent. 
 Capital Increases 
  

	 1
	 No Group Company shall, without Minority Consent, make a Capital Increase provided that, this restriction shall not apply (i) where the Capital
Increase, in the reasonable opinion of the Controlling Party, is required because a member of the Group is in a Distress Situation; (ii) where the Capital Increase takes place in order to allow Cayman 7 to fund Lux 1 with the funds received by
Cayman 7 from CEDC pursuant to Clause 11; or (iii) where the Capital Increase takes place between members of the Group. 

 Where a Capital Increase takes place in a Distress Situation, CEDC shall be offered the opportunity via Cayman 7 before any other party to subscribe for all shares proposed to be issued under, but shall not in any
circumstances have the right to prevent, the Capital Increase and the provisions of paragraphs 1.2 to 1.7 of Schedule 5 shall apply. Any Capital Increases during a Distress Situation shall be limited to raising an amount which the Controlling
Party, acting reasonably, deems necessary, following consultation with the Minority Party, to: i) cure the Distress Situation; and ii) prevent another Distress Situation from arising within the following twelve months. 
 Any participation of CEDC in a Capital Increase shall be made by CEDC providing funds to Cayman 7 to allow it to participate in the
Capital Increase. 
 Debt Finance 
  

	 2
	 No Group Company shall, without Minority Consent: 

  

	 	 (a)
	 prepay or cancel any Indebtedness of an amount in excess of $5 million in aggregate from the date of this Agreement, provided that this restriction shall
not apply in respect of (i) Net Working Capital Facilities; and (ii) mandatory repayments of debt principal amounts; 

  

	 	 (b)
	 make any material amendments to the terms of any Indebtedness in excess of $5 million in aggregate from the date of this Agreement;

  

	 	 (c)
	 incur any Indebtedness of an amount in excess of $5 million in aggregate from the date of this Agreement, provided that: (i) where the Minority
Consent has been received in respect of committed but undrawn arrangements for Indebtedness in 

  

 32 

	 	 
excess of $5 million in aggregate from the date of this Agreement; or (ii) in respect of the facilities provided under the Finance Documents, Minority
Consent will not be required for the utilisation of such facilities; 

  

	 	 (d)
	 incur any Indebtedness, or make any amendment to the terms of any existing Indebtedness, the terms of which (or, in the case of an amendment, the terms of
which amendment) provide for or may require (i) payment of any new or additional fee or amount; (ii) prepayment or acceleration of payment of any existing amount; (iii) termination; (iv) negotiation or material variation of terms
by the counterparty in each case as a result of CEDC becoming the Controlling Party provided that this restriction shall not prevent the utilisation of amounts available under the Finance Documents; 

  

	 	 (e)
	 incur any Indebtedness, or make any amendment to the terms of any existing Indebtedness, the terms of which (or, in the case of amendment, the terms of
which amendment) the Controlling Party reasonably believes, is or has become aware or has been notified, will, prior to the CEDC Control Effective Date, cause an event of default in respect of any material Indebtedness to which CEDC or any Affiliate
of CEDC is a party, provided that this provision shall not require the Controlling Party to make any enquiry as to the terms of any Indebtedness of CEDC or its Affiliates; 

  

	 	 (f)
	 create or permit to be created any Encumbrance over any of the assets of any member of the Group, except: (i) in accordance with Finance Documents;
(ii) in accordance with the terms of any Indebtedness otherwise permitted under this Agreement; or (iii) any Encumbrance arising in the ordinary course of trading; 

  

	 	 (g)
	 enter into or unwind any hedging or swap arrangements in respect of a notional amount in excess of $5 million in aggregate from the date of this
Agreement; 

  

	 	 (h)
	 enter into any off balance sheet commitments in excess of $5 million in aggregate from the date of this Agreement; or 

  

	 	 (i)
	 agree to do any of the foregoing. 

 Acquisitions and Disposals 
  

	 3
	 No Group Company shall, without Minority Consent: 

  

	 	 (a)
	 acquire any interest in any business, company or tangible or intangible assets (i) the consideration for which, when aggregated with that paid for
any previous such acquisitions made after the date of this Agreement, exceeds $5 million; or (ii) which was loss-making in the 12 months prior to the date of acquisition; or (iii) which will not, following acquisition, be controlled by a
member of the Group except, in each case, as previously contained or provided for in the Budget; or 

  

	 	 (b)
	 enter into any joint venture, revenue sharing or profit sharing arrangement; or 

  

	 	 (c)
	 dispose of any interest in any business, company, or assets: (i) where the higher of (a) consideration actually received for such disposal and
(b) the Fair Market Value of the assets disposed of exceeds $5 million; or (ii) the disposal of any interests, either alone or in aggregate, that may have the same effect; provided that Minority Consent shall not be required in respect of
any disposal required pursuant to Clause 3.3; or 

  

 33 

	 	 (d)
	 agree to do any of the foregoing. 

 Material Contracts 
  

	 4
	 No Group Company shall, without Minority Consent, enter into or agree to enter into any agreement or make any amendment to any existing agreement:

  

	 	 (a)
	 which (or, in the case of an amendment, which amendment) is reasonably likely to have a material impact (either positive or negative) upon the
profitability of the Group, taken as a whole, or upon the net asset value of the Group; or 

  

	 	 (b)
	 which (or, in the case of an amendment, which amendment) provides for or may require (i) payment of any new or additional fee or amount;
(ii) prepayment or acceleration of payment of any existing amount; (iii) termination; (iv) negotiation or material variation of terms by the counterparty in each case as a result of CEDC becoming the Controlling Party; or

  

	 	 (c)
	 which is outside the ordinary course of business and is material to the business the Group taken as a whole, 

 save as may otherwise be agreed between Cayman 4, Cayman 5 and CEDC. For the avoidance of doubt, any settlement agreement in respect of
any First Earnout Amount, Second Earnout Amount or any combination or part thereof shall be considered to be subject to this paragraph 4. 
 Management 
  

	 5
	 The final form of the Budget and any material amendments to or deviations from it, taken as a whole, including but not limited to investments outside the
Budget, shall not be approved or take effect without Minority Consent. 

  

	 6
	 The appointment or dismissal of any member of Senior Management or material changes to the role or job description of any member of Senior Management
shall not take place without Minority Consent. 

  

	 7
	 No material change to the terms of the incentive structure or the compensation awarded to Senior Management shall be made after 31 December 2009
without Minority Consent, save as may otherwise be agreed between Cayman 4, Cayman 5 and CEDC. 

  

	 8
	 The Minority Party shall have the right to appoint two Directors to each of the Board and the Operating Board, provided always that this shall in no
circumstances constitute a majority of the Board or the Operating Board and no limit shall be placed on the number of Directors who may be appointed to the Board or the Operating Board by the Controlling Party. The appointees made by the Minority
Party pursuant to this paragraph shall also have the right to attend meetings of the Shareholders. 

 Information 

  

	 9
	 The Controlling Party shall deliver to the Minority Party: 

  

	 	 (a)
	 upon written request, and as soon as practicable, all information required to allow the Minority Party to comply with applicable listing, reporting and
disclosure rules, regulations and requirements of applicable governmental entities and securities exchanges, including, without limitation, the United States Securities and Exchange Commission, the Polish Securities and Exchange Commission, NASDAQ,
the Warsaw Stock Exchange, and any other securities exchange on which any security of the Minority Party is listed or admitted for trading; 

  

 34 

	 	 (b)
	 monthly management accounts, prepared substantially in accordance with CEDC group format, as soon as reasonably practicable following the end of the
relevant month, commencing as soon as reasonably practicable following the date of this Agreement; and 

  

	 	 (c)
	 quarterly management accounts prepared substantially in accordance with the CEDC group format as soon as reasonably practicable following the end of the
relevant quarter, commencing as soon as reasonably practicable following the date of this Agreement; and 

  

	 	 (d)
	 annual audited financial information as soon as reasonably practicable following the end of the relevant financial period, 

and shall (i) disclose to the Minority Party any matters of which it becomes aware which could reasonably be expected to have a
material and adverse impact on the operations and condition of the Group; (ii) keep the Minority Party apprised of the performance of the Group and allow the Minority Party reasonable access to the management of the Group and to the executives
of Lion Capital; and (iii) allow the Minority Party direct access to the auditors of the Group, including during pre-audit planning and post audit review, in consultation with the Group’s chief financial officer. 
  

	 10
	 All compliance, financial reporting, audit, and audit related costs, shall be borne by the Group except where such costs relate to activities in which the
Group would not engage, but for the other provisions of this paragraph 10. The costs that the Group shall be required to bear in connection with such activities shall be limited to a maximum of $300,000 per calendar year. Any costs in excess of
$300,000 in any calendar year incurred in connection with such activities shall be borne by CEDC. 

 Related Party
Transactions 
  

	 11
	 No Group Company shall, without Minority Consent, enter into or agree to enter into any or a series of related Related Party Transactions with a value in
excess of $250,000 in aggregate per annum, except the payment of M&O Fees (and related expenses). 

 Dividends 

  

	 12
	 No Group Company shall without Minority Consent declare, pay or otherwise make any dividend or other distribution (whether in cash or in specie)
other than to another Group Company. 

  

	 13
	 After the later of: (i) the date falling immediately after the Cayman 7 Call Option Completion Date in respect of the Third Cayman 7 Call Option; and
(ii) 31 July 2011, and provided that the Holdco Put Option has not been exercised, the Minority Party may require (having given not less than 30 days’ written notice to the Controlling Party) that the Company pays a cash dividend to
the Shareholders up to the Maximum Dividend Amount, and that any amounts necessary to be paid from any Subsidiaries of the Company to allow such a dividend shall be paid (but without requiring any member of the Group to incur any Indebtedness to any
person (other than to another member of the Group)), subject to the following: 

  

	 	 (a)
	 any such dividend received by Cayman 7 shall be applied to the extent required by, and in accordance with the provisions of, the Option Agreement and
the Limited Partnership Agreement; 

  

 35 

	 	 (b)
	 the payment of such dividend shall be subject to all applicable legal and contractual restrictions applicable to the Company or any of its Subsidiaries,
which restrictions shall include any legal or contractual restrictions applicable to the direct or indirect provision of funds to the Company by any of its Subsidiaries (whether by dividend, loan or otherwise) which may be necessary in order to
enable the Company to pay such dividend without any member of the Group incurring any Indebtedness to any Person (other than to another member of the Group); 

  

	 	 (c)
	 no such dividend shall be payable if: 

  

	 	 (i)
	 following the payment of such dividend, less than the Minimum Cash Amount would remain held in cash in Lux 3; 

  

	 	 (ii)
	 following such dividend the Leverage Ratio (taking into account the payment of such dividend) would be greater than 2.0; or 

 

	 	 (iii)
	 the payment of such dividend is not permitted pursuant to the conditions of paragraph f(ii) of the definition of “Permitted Payment” as such
term is defined in the Senior Facilities Agreement (in the form amended as at, or prior to, the date of this Agreement) and, where necessary in order to interpret such provisions, incorporating relevant defined terms from the Senior Facilities
Agreement); and 

  

	 	 (d)
	 the Minority Party may only request two such dividends to be paid in any financial year, provided that such requests are not less than 90 days apart.

  

	 14
	 For the purposes of paragraph 13 above: 

  

	 	 (a)
	 the “Minimum Cash Amount” shall mean $30 million, save that where the dividend is paid on the Final Cayman 7 Call Option
Completion Date and the Final Cayman 7 Call Option is completed in full on that date in accordance with its terms, the “Minimum Cash Amount” shall mean $0; and 

  

	 	 (b)
	 the “Maximum Dividend Amount” shall mean the maximum cash dividend which the Company is able to pay at the relevant time, taking into
account the restrictions mentioned in paragraphs 13(b) and 13(c) above and after having made appropriate payment, withholding or reservation of all taxes payable in connection with such dividend. 

  

	 15
	 CEDC may require that Lux 2 shall, so far as it is able, repay the Vendor Loan Notes in whole or in part at any time following the later of: (i) the
date falling immediately after the Cayman 7 Call Option Completion Date in respect of the Third Cayman 7 Call Option; and (ii) 31 July 2011, provided that following such repayment at least $20 million would remain held in cash in
Lux 3. 

 Miscellaneous 
  

	 16
	 None of the following shall take place without Minority Consent: 

  

	 	 (a)
	 any change to the financial year end of any member of the Group; 

  

 36 

	 	 (b)
	 any change to the auditors of any member of the Group; 

  

	 	 (c)
	 the liquidation or winding up of any member of the Group; 

  

	 	 (d)
	 the commencement or settlement of any material litigation (whether actual or threatened); 

  

	 	 (e)
	 any material change to the constitutional documents of any member of the Group; 

  

	 	 (f)
	 any material change to the accounting policies and/or practices of any member of the Group; 

  

	 	 (g)
	 the establishment of any new, or the winding up or dissolution (by whatever means) of any existing, Subsidiary; 

  

	 	 (h)
	 the passing of any special resolution of the Company at a general meeting; 

  

	 	 (i)
	 any consolidation, subdivision, conversion or cancellation of the share capital of any member of the Group; 

  

	 	 (j)
	 any compromise or arrangement between the Company and its members proposed under the Companies Law; or 

  

	 	 (k)
	 any scheme involving the transfer of shares or any class of shares of the Company to another company under the Companies Law.

  

	 17
	 The Controlling Party shall not, without Minority Consent, take any action (and the Controlling Shareholder shall procure that each of its Affiliates
shall not take any action) in respect of the Group which will or is reasonably likely to be materially prejudicial to the ability of CEDC to enforce security in the event of a default by Cayman 7 of its obligations under this Agreement. For the
avoidance of doubt, this right extends, without limitation, to restructurings of the Group howsoever effected and to restructurings, whether directly or indirectly, of Cayman 4 or Cayman 5’s investment in, or rights of ownership over,
the Group, howsoever effected. 

 Minority Consent 
  

	 18
	 Minority Consent shall be given (or denied) within ten Business Days of the date of request by the Controlling Party. If no response is received from the
Minority Party within ten Business Days following the date of request by the Controlling Party, Minority Consent shall be deemed to have been given. 

  

	 19
	 Minority Consent shall not be unreasonably withheld and the Minority Party agrees to give reasonable consideration to any request for Minority Consent.

  

	 20
	 CEDC shall be permitted to withhold Minority Consent in circumstances where it believes, acting reasonably, that to do so would be adverse to any security
interests granted to it pursuant to the terms of the Transaction Documents. 

  

 37 

 SCHEDULE 3 
 JV PROVISIONS 
 This Schedule sets out the provisions which will apply from the JV Effective Date.

 Notwithstanding any other provision of this Agreement, each of the rights set out in this Schedule 3 (except those rights set out in
paragraph 1.8 of this Schedule 3) is subject to and accordingly shall be limited by any applicable obligations, restrictions or permissions contained in the Finance Documents, provided always that this carve-out shall not apply where such
obligation, restriction or permission arises as a result of any amendment to a Finance Document after the date of this Agreement and such amendment has not received prior Minority Consent. 
 PART I 
  

	 1
	 MANAGEMENT 

  

	 1.1
	 The Board will be responsible for overall management and supervision of the Company, subject to the terms of Part II. 

  

	 1.2
	 The Board will consist of an equal number of Lion Directors and CEDC Directors. Unless otherwise agreed by all the Parties, there will be two Lion
Directors and two CEDC Directors. 

  

	 1.3
	 The Lion Parties shall have the right to appoint and remove the Lion Directors. CEDC shall have the right to appoint and remove the CEDC Directors.

  

	 1.4
	 The chairman of the Board (the “Chairman”) will be one of the Directors nominated by the Lion Directors. If the Chairman for the time
being is unable to attend any meeting of the Board or the Shareholders, the Lion Parties will be entitled to appoint another Director to act as chairman in his place at the meeting. 

  

	 1.5
	 The Chairman will not have a second or casting vote at Board or Shareholders Meetings. 

  

	 1.6
	 As a common practice, unanimity will be sought at Board meetings. If a disagreement appears, the Chairman will use his best efforts to reconcile the
different viewpoints between the Directors. 

  

	 1.7
	 The business of the Group shall be conducted in the ordinary course and in a manner similar in all material respects to that carried on in the 12 months
ended on the date of this Agreement. 

  

	 1.8
	 The Company shall deliver to CEDC, upon written request and within a reasonable timeframe, all information required to allow CEDC to comply with
applicable listing, reporting and disclosure rules, regulations and requirements of applicable governmental entities and securities exchanges, including, without limitation, the United States Securities and Exchange Commission, the Polish Securities
and Exchange Commission, NASDAQ, the Warsaw Stock Exchange, and any other securities exchange on which any security of CEDC is listed or admitted for trading. 

  

 38 

 PART II 
 Throughout this Part II references to the Company are deemed to apply equally to each Group Company. 
  

	 2
	 MATTERS REQUIRING BOARD CONSENT 

  

	 2.1
	 No decision relating to any of the following matters (“Board Consent Matters”) will be taken (whether by the Board, the Company or any of
the officers or managers within the Group) unless and until the Board has unanimously voted in favour of the decision at a meeting of the Board properly convened and held, except to the extent provided for in the relevant Budget or expressly
permitted pursuant to this Agreement: 

  

	 	 2.1.1 
	 any change in the memorandum and articles of association of the Company or the passing of any ordinary or special resolutions;

  

	 	 2.1.2 
	 any material change in the nature of the business of the Group or material extension of the Company’s activities outside the scope of the business of
the Group or the commencement of any new business not being ancillary or incidental to the business of the Group; 

  

	 	 2.1.3 
	 any change in the trading name or mark of the Group; 

  

	 	 2.1.4 
	 the sale of the whole (or substantially the whole) of the assets of the Company or an acquisition by the Company or subscription by the Company for, or
the purchase by the Company of, any part of the issued share capital or of the assets of another company or the formation or acquisition of any Subsidiary; 

  

	 	 2.1.5 
	 the making of any material acquisition or disposal by the Company (including any material acquisition or grant of any licence) of or relating to any
intellectual property rights; 

  

	 	 2.1.6 
	 the sale, lease, license, assignment or other disposal of any part of the undertaking or the assets of the Company at a total cost to the Company per
transaction exceeding $250,000 and $2 million in aggregate across the Group otherwise than in the ordinary course of business; 

  

	 	 2.1.7 
	 the creation, extension, granting, issue or redemption of any debenture, mortgage, charge or other Encumbrance over the whole or any part of the business
or assets (other than Encumbrances arising in the ordinary course of trading) or over any share forming part of the authorised or issued share capital of the Company, or an agreement to do so; 

  

	 	 2.1.8 
	 the merger or acquisition of the Company with or by any other company or concern; 

  

	 	 2.1.9 
	 the entering into of any partnership, joint venture or profit sharing arrangement with any Person; 

  

	 	 2.1.10 
	 any change in the authorised or issued share capital of the Company including the creation, allotment, issue, repayment or redemption or agreement to
create, allot, issue, repay or redeem any of its share or loan capital or other securities convertible into shares, or granting or agreement to grant any option in respect thereto; 

  

 39 

	 	 2.1.11 
	 the variation of rights attaching to any shares in the capital of the Company; 

  

	 	 2.1.12 
	 the declaration, payment or making of a dividend or other distribution or payment made out of profits other than as permitted by this Agreement, the
Articles or otherwise; 

  

	 	 2.1.13 
	 any change in the Company’s auditors (or any material change in their remuneration), or accounting reference date; 

  

	 	 2.1.14 
	 any approval or amendment of the annual accounts, or the Company’s agreed accounting practices and policies except where any such change is
recommended by the auditors of the Company as a consequence of a change in accounting standards applicable to companies carrying on businesses of a similar nature to the business or as a consequence of a change in law, and any activity outside the
scope of the Budget; 

  

	 	 2.1.15 
	 the giving or agreement to give by the Company of any indemnity or guarantee whatsoever; 

  

	 	 2.1.16 
	 the entering into or agreement to enter into a long term (long term meaning, for this purpose, being incapable of being terminated within 12 months),
onerous or unusual agreement or arrangement or commitment (in terms of value, obligations or subject matter) or out of the ordinary course of business or otherwise than at arm’s length; 

  

	 	 2.1.17 
	 the taking on of any obligation of the Company involving capital expenditure or commitments requiring capital expenditure in excess of $2 million for an
individual contract or $5 million in aggregate in any 12 month period; 

  

	 	 2.1.18 
	 the entering into an agreement or arrangement outside the ordinary course of business or other than at arm’s length and for full value with any
Shareholder or Affiliate thereof or any director or former director or such Shareholder or Affiliate thereof (other than in relation to the payment of M&O Fees); 

  

	 	 2.1.19 
	 any giving of notice of termination of any agreements of a material nature in the context of the business or the making of any material variation or
amendment to such agreements; 

  

	 	 2.1.20 
	 any borrowing or raising of money by the Company outside the ordinary course of business in excess of $5 million or any borrowing or raising of money by
the Company in the ordinary course of business in excess of $10 million, in each case within any 12 month period except any borrowing under any Net Working Capital Facility; any payment of its creditors other than in the ordinary course of business;
any change in the Company’s policy in relation to the payment of creditors; the repayment of any Indebtedness of amounts greater than $2 million, unless such repayment is a mandatory repayment under the term of the applicable facility or is a
payment under a Net Working Capital Facility; or any amendment or agreement to amend the terms of its borrowing or Indebtedness or to amend, cancel, release or assign any Indebtedness owed to it or any claims held by it;

  

	 	 2.1.21 
	 any commencement, compromise, settlement or waiver of a right in relation to litigation or arbitration proceedings or other similar proceedings, except in
relation to debt collection not exceeding $5 million in the ordinary course of business; 

  

 40 

	 	 2.1.22 
	 the appointment, remuneration, compensation, transfer and discharge of any member of Senior Management or material alteration to or agreement to
materially alter any terms of employment or benefits of its employees or alteration of any working practices or collective agreement relating to such practices; 

  

	 	 2.1.23 
	 establishing or amending any bonus, profit sharing, share option or other incentive scheme or similar arrangement for any director or employee of the
Company other than in the ordinary course of business; 

  

	 	 2.1.24 
	 the adoption of, or participation by the Company in, any pension scheme or the amendment of any existing pension scheme of the Company or, except in
compliance with the advice of actuaries appointed at a quorate meeting of the Directors to review such scheme, any variation in or cessation of the contributions made by the Company to any such scheme; 

  

	 	 2.1.25 
	 the appointment of any directors to any board of any member of Group, except the Company; 

  

	 	 2.1.26 
	 the making of any material agreement with any revenue authorities or other taxing authority or the making, granting or allowing of any claim, disclaimer,
surrender, election or consent for taxation purposes in relation to the Company, its business, assets or undertaking; 

  

	 	 2.1.27 
	 the entering into the occupation, purchase, sale, transfer, lease or licence of any material freehold or leasehold property; 

 

	 	 2.1.28 
	 the variation of any terms of any of the Company’s material policies of insurance or the taking out of any additional or replacement policies of
insurance other than renewals of the Company’s policies on substantially the same terms as those in force; 

  

	 	 2.1.29 
	 the recommendation that the Company should seek a listing and the agreement or recommendation of any matters ancillary to such application (including any
relevant changes to the Articles); 

  

	 	 2.1.30 
	 appointing any committee of the Board or delegating any of the powers of the Board to any committee (provided that, for these purposes, the
“Company” shall not refer to any Group Company other than the Company); or 

  

	 	 2.1.31 
	 the grant of any power of attorney other than in the ordinary course of business; 

  

	 	 2.1.32 
	 the approval of the balance sheet and profit and income statement or any other account of the Company (provided that, for these purposes, the
“Company” shall not refer to any Group Company other than the Company); or 

  

	 	 2.1.33 
	 the making of any petition or resolution to wind up the Company or any petition for any administration order or any order having similar effect in a
different jurisdiction in relation to the Company unless in any case the Company is at the relevant time insolvent and the Directors reasonably consider (taking into account their fiduciary duties) that it ought to be wound up.

  

	 2.2
	 No provision of paragraph 2.1 to this Schedule 3 shall prohibit any transaction or arrangement exclusively between members of the Group.

  

 41 

 SCHEDULE 4 
 CAYMAN 5 MINORITY PROVISIONS 
 This Schedule sets out the provisions which will apply at all times
when Cayman 5 is the Minority Party. 
 Notwithstanding any other provision of this Agreement, each of the rights set out in this Schedule 4
is subject to and accordingly shall be limited by any applicable obligations, restrictions or permissions contained in the Finance Documents, provided always that this carve-out shall not apply where such obligation, restriction or permission arises
as a result of any amendment to a Finance Document after the date of this Agreement and such amendment has not received prior Minority Consent. 
 Notwithstanding the provisions of paragraphs 2, 3 and 4 of this Schedule, any transaction or arrangement contemplated by such paragraphs which occurs or would occur exclusively amongst members of the Group, shall not require Minority
Consent. 
 Capital Increases 
  

	 1
	 No Group Company shall, without Minority Consent make a Capital Increase and issue any securities or interests pursuant thereto to any Person other than
Cayman 7 or a wholly-owned subsidiary of Cayman 7, and Cayman 7 shall pledge all such securities or interests for which it subscribes pursuant to this paragraph pursuant to the terms of the Cayman 7 Pledge. 

 Debt Finance 
  

	 2
	 No Group Company shall, without Minority Consent incur any Indebtedness or make any amendment to the terms of any existing Indebtedness, the terms of
which (or, in the case of an amendment, the terms of which amendment) (A) provide for or may require (i) payment of any new or additional fee or amount; (ii) prepayment or acceleration of payment of any existing amount;
(iii) termination; (iv) negotiation or material variation of terms by the counterparty in each case as a result of Cayman 5 or any Affiliate thereof becoming the Controlling Party; or (B) prevent or restrict the payment of the
M&O Fee (and related expenses). 

  

	 3
	 No Group Company shall, without Minority Consent, make or enter into any Indebtedness which includes any provision (whether a cross-default provision, a
mandatory pre-payment provision or otherwise) which relates in any way to CEDC or any of its Affiliates (other than members of the Group). 

  

	 4
	 Without limitation to the foregoing, no Group Company shall, except following reasonable consultation with the Minority Party, enter into any material
refinancing of, or amendments to the terms of, any existing Indebtedness of the Group where such Indebtedness is in excess of $5 million in aggregate from the date of this Agreement. 

 Acquisitions and Disposals 
  

	 3
	 No Group Company shall, without Minority Consent: 

  

	 	 (a)
	 acquire any interest in any business, company or tangible or intangible assets, the consideration for which, when aggregated with that paid for any
previous acquisitions made after the date of this Agreement, exceeds $10 million; or (ii) which was loss making in the 12 months prior to the date of the acquisition; or 

  

 42 

	 	 (b)
	 dispose of any interest in any business, company, or assets (i) where the higher of (a) consideration actually received for such disposal, when
aggregated with that received from any previous disposals, and (b) the fair market value of the assets disposed of exceeds $10 million; or (ii) which are necessary for the continuation of the business of the Group in the manner carried on
at the date of this Agreement; or 

  

	 	 (c)
	 agree to do any of the foregoing. 

 Material Contracts 
  

	 4
	 No Group Company shall, without Minority Consent, enter into or agree to enter into any agreement or make any amendment to any existing agreement the
terms of which (or, in the case of an amendment, which amendment) provide for or may require (i) payment of any new fee or amount; (ii) prepayment or acceleration of payment of any existing amount; (iii) termination;
(iv) negotiation or material variation of terms by the counterparty as a result of Cayman 5 or any Affiliate thereof becoming Controlling Party. 

 Management 
  

	 5
	 The Minority Party shall have the right to appoint two Directors to the Board and the Operating Board, provided always that this shall in no circumstances
constitute a majority of the Board or the Operating Board and no limit shall be placed on the number of Directors who may be appointed to the Board or the Operating Board by the Controlling Party. The appointees made by the Minority Party pursuant
to this paragraph shall also have the right to attend meetings of the Shareholders. 

  

	 6
	 The Controlling Party shall deliver to the Minority Party: 

  

	 	 (a)
	 all information reasonably required by the Minority Party to allow it or its Affiliates (i) to comply with applicable statutory reporting or
regulatory conduct of business requirements; and (ii) to evaluate its or their investment in the Group and report to its or their investors in the ordinary course; 

  

	 	 (b)
	 monthly management accounts, prepared substantially in accordance with CEDC group format, as soon as reasonably practicable following the end of the
relevant month; 

  

	 	 (c)
	 quarterly management accounts prepared substantially in accordance with the CEDC group format as soon as reasonably practicable following the end of the
relevant quarter; 

  

	 	 (d)
	 annual audited financial information as soon as reasonably practicable following the end of the relevant financial period; and

  

	 	 (e)
	 the Budget, 

 and shall (i) disclose to the Minority Party any matters of which it becomes aware which could reasonably be expected to have a material and adverse impact on the operations and condition of the Group; and (ii) keep the Minority
apprised of the performance of the Group and allow the Minority Party reasonable access to the management of the Group and to CEDC group management. 
  

 43 

	 7
	 All compliance, financial reporting, audit, and audit related costs, shall be borne by the Group except where such costs relate to activities in which the
Group would not engage, but for the other provisions of this paragraph 7. The costs that the Group shall be required to bear in connection with such activities shall be limited to a maximum of $300,000 per calendar year. Any costs in excess of
$300,000 in any calendar year incurred in connection with such activities shall be borne by CEDC. 

 Related Party
Transactions 
  

	 8
	 No Group Company shall, without Minority Consent, enter into any Related Party Transaction or series of related Related Party Transactions with a value in
excess of $250,000 in aggregate per annum, provided that Minority Consent may not be withheld in respect of any such Related Party Transactions which the Controlling Party has demonstrated to the reasonable satisfaction of the Minority Party,
(i) are entered into in the ordinary course of trading; (ii) are entered into on arm’s length terms; (iii) are working capital neutral to the Group; (iv) do not increase counterparty credit risk for the Group; and
(v) where applicable, generate margins for the Group which are comparable to those given to other parties by the related party. 

 Dividends 
  

	 9
	 The Company may (having given not less than 30 days’ written notice to the Minority Party) declare, pay or otherwise make any dividend or other
distribution (whether in cash or in specie) subject to the following: 

  

	 	 (a)
	 any such dividend received by Cayman 7 shall be applied to the extent required by, and in accordance with the provisions of, the Option Agreement and
the Limited Partnership Agreement; 

  

	 	 (b)
	 the payment of such dividend shall be subject to all applicable legal and contractual restrictions applicable to the Company or any of its Subsidiaries,
which restrictions shall include any legal or contractual restrictions applicable to the direct or indirect provision of funds to the Company by any of its Subsidiaries (whether by dividend, loan or otherwise) which may be necessary in order to
enable the Company to pay such dividend without any member of the Group incurring any Indebtedness to any Person (other than to another member of the Group); 

  

	 	 (c)
	 no such dividend shall be payable if: 

  

	 	 (i)
	 following the payment of such dividend, less than the Minimum Cash Amount would remain held in cash in Lux 3; 

  

	 	 (ii)
	 following such dividend the Leverage Ratio (taking into account the payment of such dividend) would be greater than 2.0; or 

 

	 	 (iii)
	 the payment of such dividend is not permitted pursuant to the conditions of paragraph f(ii) of the definition of “Permitted Payment” as such
term is defined in the Senior Facilities Agreement (in the form amended as at, or prior to, the date of this Agreement) and, where necessary in order to interpret such provisions, incorporating relevant defined terms from the Senior Facilities
Agreement). 

  

	 10
	 For the purposes of paragraph 9 above: 

  

	 	 (a)
	 the “Minimum Cash Amount” shall mean $30 million, save that where the dividend is paid on the Final Cayman 7 Call Option
Completion Date and the Final Cayman 7 Call Option is completed in full on that date in accordance with its terms, the “Minimum Cash Amount” shall mean $0; and 

  

 44 

	 	 (b)
	 the “Maximum Dividend Amount” shall mean the maximum cash dividend which the Company is able to pay at the relevant time, taking into
account the restrictions mentioned in paragraphs 9(b) and 9(c) above and after having made appropriate payment, withholding or reservation of all taxes payable in connection with such dividend. 

 Miscellaneous 
  

	 11
	 The Controlling Party shall not, without Minority Consent, take any action (and the Controlling Shareholder shall procure that each of its Affiliates shall not
take any action) in respect of the Group which will or is reasonably likely to be materially prejudicial to the ability of the Lion Holdcos to enforce security in the event of a default by Cayman 7 of its obligations under this Agreement. For the
avoidance of doubt, this right extends, without limitation, to restructurings of the Group howsoever effected and to restructurings, whether directly or indirectly, of CEDC’s investment in, or rights of ownership over, the Group, howsoever
effected. 

 Minority Consent 
  

	 12
	 Minority Consent shall be given (or denied) within ten Business Days of the date of request by the Controlling Party. If no response is received from the
Minority Party within ten Business Days following the date of request by the Controlling Party, Minority Consent shall be deemed to have been given. 

  

	 13
	 Minority Consent shall not be unreasonably withheld and the Minority Party agrees to give reasonable consideration to any request for Minority Consent.

  

 45 

 SCHEDULE 5 
 DEFAULT GOVERNANCE PROVISIONS 
 This Schedule sets out the provisions which will apply at all times
from the Default Control Date. 
  

	 1
	 New Issues and Transfer 

  

	 1.1
	 Each member of the Group shall be free to make a Capital Increase, free from any pre-emption rights, (any securities issued pursuant to such Capital
Increase being the “New Shares”) to any Person (and the Shareholders shall do all acts and things in their capacity as Shareholders as are reasonably required or appropriate to ensure that the relevant member of the Group may issue
such securities): 

  

	 	 1.1.1 
	 in connection with the payment in shares of all or part of the consideration for the acquisition of any business or assets by any Group Company (a
“New Acquisition”); 

  

	 	 1.1.2 
	 in order to permit any sellers under a New Acquisition to invest in any Group Company; 

  

	 	 1.1.3 
	 in connection with any investment or incentive scheme in which managers and/or employees of the Group are entitled to participate;

  

	 	 1.1.4 
	 pursuant to the exercise of the conversion rights under any convertible debt securities issued by any member of the Group; 

 

	 	 1.1.5 
	 to any existing or new lender to the Group in connection with the raising of debt finance by any member of the Group from such lender;

  

	 	 1.1.6 
	 where the Capital Increase takes place between members of the Group; or 

  

	 	 1.1.7 
	 as part of a Capital Increase pursuant to a Distress Situation. 

  

	 1.2
	 In the event of an issue of New Shares not falling within paragraphs 1.1.1 to 1.1.6 above the relevant Group Company shall offer for subscription New
Shares (at the same cash price per New Share) first to the Shareholders, in the same class, pro rata to the Shares held by them in order that they be afforded the opportunity to maintain their respective percentage ownership interest in the
Group and in the same class of shares held by them (the pre-emptive offers contemplated by this sentence each being known as a “New Offer”). 

  

	 1.3
	 The New Offer shall be made by notice stating the number or amount of New Shares being offered, the price at which they are being offered (the
“New Offer Price”) and any other terms of the New Offer which the relevant Group Company may apply. 

  

	 1.4
	 The New Offer shall remain open for the period (being not less than 30 Business Days) specified in the notice. This period may be shorter if the
Shareholders provide their consent to the shorter period of notice. 

  

	 1.5
	 The relevant Group Company shall issue the New Shares to those Shareholders who apply for them and in the case of oversubscription for such New Shares as
far as practicable in proportion to the number of Shares held by them respectively, but so that an applicant shall not be allotted or granted a number of New Shares greater than the number for which it applied. 

  

 46 

	 1.6
	 Any New Shares not taken up under the New Offer may, at any time up to six months after the expiry of the New Offer, be issued or granted by the relevant
Group Company at such price (not being less than the New Offer Price), on such terms (being no less favourable to the Company than the terms of the New Offer), in such manner and to such Persons as the Board determines. 

 

	 1.7
	 The Shareholders shall do all acts and things in their capacity as Shareholders as are reasonably required or appropriate to ensure that members of the
Group may issue New Shares in accordance with the above provisions. 

  

	 1.8
	 From the Default Control Date: 

  

	 	 1.8.1 
	 the Lion Parties may, subject always to the provisions of paragraphs 2,3 and 4 of this Schedule, Transfer any Shares they hold; and

  

	 	 1.8.2 
	 Cayman 7 may, subject always to the provisions of paragraphs 3 and 9 of this Schedule, Transfer any of the Shares it holds. 

 

	 2
	 Right of First Look 

  

	 2.1
	 Cayman 5 hereby agrees with CEDC: 

  

	 	 2.1.1 
	 that, prior to the commencement of any formal sale process (including a formal auction process or other analogous situation involving the appointment of a
third party financial adviser) (a “Formal Sale Process”) in relation to the sale of all or substantially all of (i) the shares of Lux 1 held by the Company; (ii) the assets of the Group; or (iii) the interest held by
the Lion Parties in the Company (together with (i) and (ii), the “First Look Assets”), the Lion Parties or the Company, as the case may be, will engage with CEDC for a period of 30 days to ascertain whether an agreement can be
reached between the Lion Parties or the Company and CEDC for the sale to CEDC of any or all of the First Look Assets; or 

  

	 	 2.1.2 
	 that, in the event of a possible sale of any of the First Look Assets outside of a Formal Sale Process, prior to (i) granting access to information
which constitutes the undertaking of a material due diligence process by a third party; or (ii) signing either (a) exclusivity with a third party or (b) a sale and purchase agreement with a third party, the Lion Parties or the Company
will engage with CEDC for a period of 30 days to ascertain whether an agreement can be reached between the Lion Parties or the Company and CEDC for the sale to CEDC of any or all of the First Look Assets. 

  

	 2.2
	 If, following the expiry of the 30 day period under paragraphs 2.1.1 or 2.1.2 above the Lion Parties or the Company and CEDC fail to agree upon the price
or terms of a sale of the First Look Assets, the Lion Parties or the Company shall, subject to paragraph 3 and paragraph 4, be permitted to dispose of the First Look Assets to such Person and on such terms as the Lion Parties, in their absolute
discretion, may determine. 

  

	 3
	 Tag-Along Rights 

  

	 3.1
	 If the Lion Parties (the “Tag Along Seller”) propose to make a Transfer of any Ordinary Shares to any Person or Persons (other than any
Person who would be a Permitted Transferee of any such Lion Party), (the “Tag-Along Purchaser”) by way of a sale (a “Tag-Along Sale”) which Ordinary Shares: 

  

	 	 3.1.1 
	 carry; or 

  

 47 

	 	 3.1.2 
	 together in the aggregate with any Ordinary Shares Transferred by the Lion Parties to the same Tag-Along Purchaser or any of its Affiliates in the 12
month period ending on the date of such sale, carry 

 10% or more of the voting rights in the Company, the
other Shareholders shall have the opportunity (“Tag Along Right”) for the same consideration and on the same terms pursuant to the provisions of this paragraph 3, to sell (subject to paragraph 3.5) to the Tag-Along Purchaser a
number of Ordinary Shares (the “Tag-Along Securities”) determined as follows. The number of Ordinary Shares which the other Shareholders shall be entitled to sell pursuant to their Tag-Along Right shall be: 
 (A/B)×C 
 where: 
 A = the aggregate of the number of Ordinary Shares being proposed to be sold by the Lion Parties to the
Tag-Along Purchaser and the number of Ordinary Shares Transferred by any of the Lion Parties to the same Tag-Along Purchaser or any of its Affiliates in the 12 month period ending on the date of such proposed Tag-Along Sale; 
 B = the aggregate number of Ordinary Shares held by the Lion Parties at the time of such proposed Tag-Along Sale (including the Ordinary
Shares proposed to be sold pursuant to such Tag-Along Sale) plus the aggregate number of Ordinary Shares Transferred by any of the Lion Parties to the same Tag-Along Purchaser or any of its Affiliates in the 12 month period ending on the date of
such proposed Tag-Along Sale; and 
 C = the number of Ordinary Shares held by the other Shareholders at the time of such
proposed Tag-Along Sale. 
 For the avoidance of doubt, the provisions of this paragraph 3.1 shall not include any shares sold
pursuant to any previous Tag Along Sale in respect of which the Tag Along Right was previously exercised. 
  

	 3.2
	 Not less than twenty days prior to any proposed Tag Along Sale pursuant to this paragraph 3, the Tag Along Seller shall deliver to the other Shareholders
written notice (a “Tag Along Notice”) thereof, which notice shall set out: 

  

	 	 3.2.1 
	 the total number of Ordinary Shares proposed to be sold to the Tag-Along Purchaser and the aggregate number of Tag-Along Securities which the other
Shareholders are entitled to sell pursuant to the Tag-Along Right; 

  

	 	 3.2.2 
	 the type and amount of consideration to be paid by the Tag Along Purchaser for each Ordinary Share; and 

  

	 	 3.2.3 
	 all other material terms and conditions, if any, of such proposed transaction. 

 If a Shareholder elects (in such event, a “Participating Shareholder”) to exercise its Tag Along Right and sell some or
all of the Tag Along Securities pursuant to this paragraph 3, then the Participating Shareholder shall so notify the Tag Along Seller by notice in writing within fifteen days after the date of the Tag Along Notice and, at the Tag-Along Seller’s
request, not less than two Business Days prior to the proposed Transfer, the Participating Shareholder shall deliver to the Tag-Along Seller all documents (if any) required to be executed in connection with such transaction. 
  

 48 

	 3.3
	 If the Tag-Along Sale shall not have been completed within 60 days after the date of the Tag-Along Notice (subject to paragraph 3.5), the Tag Along Seller
shall promptly return to the Participating Shareholder all documents (if any) previously delivered by the Participating Shareholder to the Tag Along Seller in relation to the contemplated Tag-Along Sale, and all the restrictions on Transfer
contained in this Agreement with respect to Shares held or owned by the Tag-Along Seller and such Participating Shareholder shall again be in effect. 

  

	 3.4
	 If a Participating Shareholder properly exercises its Tag-Along Right: 

  

	 	 3.4.1 
	 the sale of its Tag-Along Securities shall occur concurrently with the sale by the Tag-Along Seller of its Shares; 

  

	 	 3.4.2 
	 such Participating Shareholder shall receive for its Tag-Along Securities the same consideration per Share that the Tag-Along Seller receives for its
Shares from the Tag-Along Purchaser as set out in the Tag-Along Notice; and 

  

	 	 3.4.3 
	 the sale by the Participating Shareholder shall otherwise be on the same terms and conditions upon which the Tag-Along Seller is selling its Shares.

  

	 3.5
	 If the Tag-Along Sale is subject to any prior regulatory approval, the 60 day period during which the Tag-Along Sale may be completed as set out in
paragraph 3.2 shall be extended until the expiration of five Business Days after all such approval shall have been received. 

  

	 3.6
	 For the avoidance of doubt, the Tag Along rights contained in this paragraph 3 shall not apply to any Transfer by the Lion Parties of the economic
interest in, but not the voting rights attaching to, any Ordinary Shares. 

  

	 4
	 Drag-Along Rights 

  

	 4.1
	 If the Lion Parties propose, at any time, (directly or indirectly) to make a Transfer of Ordinary Shares to any Person or Persons (other than any Person
who would be a Permitted Transferee of any Lion Party) (the “Drag-Along Purchaser”), whether for a cash consideration or otherwise, where such Transfer (a “Drag-Along Sale”) would give rise to a Tag-Along Right
pursuant to paragraph 3.1 then the Lion Parties (the “Drag-Along Sellers”) may, at their option, require (“Drag-Along Rights”) each of the other Shareholders (each a “Drag-Along Shareholder”) to
make a Transfer pursuant to the provisions of this paragraph 4 of such number of Shares (the “Drag-Along Securities”) as determined in accordance with the provisions of paragraph 3.1. 

  

	 4.2
	 The Drag-Along Sellers shall deliver to each Drag-Along Shareholder written notice (the “Drag-Along Notice”) of any Transfer proposed to
be made pursuant to paragraph 4.1 not later than the twentieth day prior to the proposed Drag-Along Sale, which notice shall set out: 

  

	 4.3
	 the type and amount of consideration to be paid by the Purchaser for each Share; 

  

	 	 4.3.1 
	 the Person who has expressed an interest in acquiring the Shares; 

  

	 	 4.3.2 
	 the number of Drag-Along Securities that each such Drag-Along Shareholder may be required to Transfer (as determined pursuant to paragraph 3.1); and

  

	 	 4.3.3 
	 all other material terms and conditions, if any, of such transaction. 

  

 49 

	 4.4
	 If, within 60 days after the date of the Drag-Along Notice (unless such period is extended pursuant to paragraph 4.7), the Drag-Along Sellers complete the
Drag-Along Sale in accordance with the terms and conditions set out in the Drag-Along Notice, each Drag-Along Shareholder will sell its Drag-Along Securities to the Drag-Along Purchaser at the same time and on the same terms and conditions upon
which the Drag-Along Sellers sell their Shares pursuant to the Drag-Along Sale. 

  

	 4.5
	 Within fifteen days after the date of the Drag-Along Notice, the Drag-Along Shareholders shall promptly deliver to the Drag-Along Sellers all documents in
their possession reasonably requested in writing by the Drag-Along Sellers and/or the Company and reasonably required to be executed in connection with such Drag-Along Sale. In the event that any of such Drag-Along Shareholders shall fail to deliver
such documents to the Drag-Along Sellers, the Company shall cause the books and records of the Company to show that such Drag-Along Securities are bound by the provisions of this paragraph 4.5 and such Drag-Along Securities shall be transferred to
the Purchaser promptly upon surrender of such Drag-Along Securities for sale by the holder thereof. 

  

	 4.6
	 If no Transfer of the Drag-Along Securities in accordance with the provisions of this Clause 4 shall have been completed within 60 days after the date of
the Drag-Along Notice (unless such period is extended pursuant to paragraph 4.7), the Drag-Along Sellers shall return to the Drag-Along Shareholders all documents (if any) previously delivered to the Drag-Along Sellers in relation to the
contemplated Drag-Along Sale, and all the restrictions on Transfer contained in this Agreement with respect to Shares owned or held by such Drag-Along Shareholder shall again be in effect. 

  

	 4.7
	 If the Transfer of Shares pursuant to a Drag-Along Sale is subject to any prior regulatory approval, the time period during which such Transfer may be
consummated shall be extended until the expiration of five (5) Business Days after all such approvals shall have been received. 

  

	 4.8
	 No Transfer of Shares pursuant to a Drag Along Sale shall take place unless: 

  

	 	 4.8.1 
	 the consideration payable on the Drag Along Sale for the Shares being sold is at least equal to the Fair Market Value; and 

 

	 	 4.8.2 
	 at least seventy-five percent of such consideration is in the form of cash or cash equivalents. 

 For the purposes of this Clause (and without limitation), any of the following are deemed to be cash: 
  

	 	 4.8.3 
	 any liabilities, as shown on the most recent consolidated balance sheet, of the Company that are assumed by the transferee of any such Shares pursuant to
a customary novation agreement that releases the Company from liability in respect of those liabilities; and 

  

	 	 4.8.4 
	 any securities, notes or other obligation received by the Drag-Along Sellers from the Drag Along Purchaser that are converted by the Drag Along Sellers
into cash or cash equivalents within 60 days, to the extent of the cash or cash equivalents received in that conversion. 

  

 50 

	 5
	 Permitted Transfers 

  

	 	 5.1.1 
	 Any Shareholder may at any time Transfer any or all of its Shares, including all rights and obligations attached to such Shares pursuant to this Agreement
to one or more of its Permitted Transferees (and each such Permitted Transferee may in turn only effect any such Transfer to a Permitted Transferee of the initial transferor Party upon the same terms and conditions specified herein) without the
consent of the Board or the consent of any other Shareholder so long as (i) such Permitted Transferee shall have executed and delivered to the Company a Deed of Adherence, provided that, if such Transfer relates to some only of the Shares owned
by such selling Shareholder, such selling Shareholder shall remain liable for the performance of its obligations under this Agreement in relation to the Shares it continues to hold, and (ii) the Transfer to such Permitted Transferee is not in
violation of any securities laws applicable to such Transfer. 

  

	 	 5.1.2 
	 If, while a Permitted Transferee holds any Shares, such Permitted Transferee ceases to qualify as a Permitted Transferee in relation to the initial
transferor Shareholder from whom or which such Permitted Transferee or any previous Permitted Transferee of such initial transferor Shareholder received such Shares (an “Unwinding Event”), then: 

  

	 	 (a)
	 the relevant initial transferor Shareholder shall forthwith notify the other Shareholders and the Company, as applicable, of the pending occurrence of
such Unwinding Event; and 

  

	 	 (b)
	 prior to such Unwinding Event, such initial transferor Shareholder shall take all actions necessary to effect a Transfer of all the Shares held by the
relevant former Permitted Transferee either back to such Shareholder or, pursuant to this paragraph 5.1.2, to another Person that qualifies as a Permitted Transferee of such initial transferor Shareholder and, until such Transfer has occurred, such
relevant former Permitted Transferee shall not be entitled to vote or otherwise Transfer any of its Shares and all other rights with respect to its Shares shall be suspended. 

  

	 6
	 Board and information rights 

  

	 6.1
	 For so long as the Cayman 7 Share exceeds five per cent., CEDC shall have the right to appoint one director and to nominate one observer to each of
the Board and the Operating Board. The observer shall be entitled to attend, but not to vote at, meetings of the Board and the Operating Board. The director and observer appointed by CEDC shall also have the right to attend meetings of the
Shareholders. If the Chairman of the Board reasonably believes that there exists a conflict between the interests of the Company and the interests of any director or observer so appointed in relation to any particular matter, the Chairman may direct
that the director and observer (i) be excluded from all Board meetings and other discussions relating to the relevant matter; and (ii) shall not be provided with any information relating to the relevant matter (including any information
provided pursuant to paragraphs 6.2.2 to 6.2.5 below). 

  

	 6.2
	 The Company shall deliver to CEDC: 

  

	 	 6.2.1 
	 upon written request, and as soon as practicable, all information required to allow CEDC to comply with applicable listing, reporting and disclosure
rules, regulations and requirements of applicable governmental entities and securities exchanges, including, without limitation, the United States Securities and Exchange Commission, the Polish Securities and Exchange Commission, NASDAQ, the Warsaw
Stock Exchange, and any other securities exchange on which any security of CEDC is listed or admitted for trading; 

  

 51 

	 	 6.2.2 
	 for so long as the Cayman 7 Share exceeds five per cent., monthly management accounts, where available; 

  

	 	 6.2.3 
	 for so long as the Cayman 7 Share exceeds five per cent., quarterly management accounts, where available; 

  

	 	 6.2.4 
	 for so long as the Cayman 7 Share exceeds five per cent., the Budget; and 

  

	 	 6.2.5 
	 for so long as the Cayman 7 Share exceeds five per cent., annual audited financial information as soon as reasonably practicable following the end of
the relevant financial period. 

  

	 7
	 Related Party Transactions 

  

	 7.1
	 No member of the Group shall dispose of or acquire any material tangible or intangible asset owned by the Company or any member of the Group of a value in
excess of $250,000 on terms other than arm’s length, unless the Company or a member of the Group has first obtained: (i) the prior written consent of CEDC; or (ii) a fairness opinion from an investment bank or accounting firm of
international repute addressed to a member of the Group and delivered to CEDC. 

  

	 8
	 Disposals 

 The following shall apply in relation to any disposal of assets which includes the disposal of the “Green Mark” and/or “Zhuravli” brands of vodka (a “Brand Disposal”). 
  

	 	 8.1.1 
	 Any Brand Disposal prior to either (i) the completion of any enforcement of the Pledges or (ii) the release of the pledgor’s rights under
the Pledges shall only take place in accordance with the terms of the Pledges. 

  

	 	 8.1.2 
	 Any Brand Disposal following either (i) the completion of any enforcement of the Pledges or (ii) the release of the pledgor’s rights under
the Pledges shall require the consent of CEDC (not to be unreasonably withheld or delayed) if, at the relevant time, the Cayman 7 Share is equal to or exceeds 15 per cent. 

  

	 9
	 Right of First Refusal 

  

	 9.1
	 In the event that Cayman 7 (the “Offeror”) proposes to make a Transfer (other than to Permitted Transferees) of any of its Shares (other
than pursuant to the provision of paragraphs 3 or 4 of this Schedule) (an “Offer”), it shall, prior to effecting any such Transfer, provide prior written notice (an “Offer Notice”) to the Company and to the Lion
Parties (and the Lion Parties shall be the “Offerees”). The Offer Notice shall set out: 

  

	 	 9.1.1 
	 the number of Shares subject to the Offer (the “Offered Securities”); 

  

	 	 9.1.2 
	 the price per Share at which such Transfer is proposed to be made (the “Offer Price”); and 

  

	 	 9.1.3 
	 all other material terms and conditions of the Offer, 

 (collectively, the “Offer Terms”). 
  

 52 

 The Offer Notice shall be revocable at any time prior to acceptance by the Offerees and,
if it is revoked, the Offeror may not give a further Offer Notice within six months after the date on which the Offer Notice is revoked, and the remaining provisions of this paragraph 9.1 shall cease to apply in relation to the revoked Offer Notice,
and such Offered Securities shall become subject once again to the provisions and restrictions of this Agreement. 
  

	 9.2
	 The Offerees shall be entitled to purchase some or all of the Offered Securities, provided that the allocation of the Offered Securities among the
Offerees shall be on such basis as the Offerees may determine, and the Offerees shall notify the Offeror of such allocation. 

  

	 9.3
	 The receipt of an Offer Notice by the Offerees shall constitute an offer by the Offeror to sell to the Offerees, for cash, the Offered Securities on the
Offer Terms (“Pre-emption Offer”). For a period of thirty days after receipt of the Offer Notice, the Offerees shall have the right, but not the obligation, to accept the Pre-emption Offer in relation to some or all of the Offered
Securities by giving a written notice of acceptance (which shall be deemed irrevocable) (an “Acceptance Notice”) to the Offeror. 

  

	 9.4
	 Failure by the Offerees to deliver an Acceptance Notice before the expiration of the thirty day period shall be deemed a rejection of the Pre-emption
Offer by the Offerees. The tender by the Offerees of an Acceptance Notice to the Offeror shall constitute agreement by the Offerees to purchase, and by the Offeror to sell to the Offerees, Offered Securities specified in the Acceptance Notice on the
Offer Terms. 

  

	 9.5
	 In respect of each Offer Notice which is accepted as to some or all of the Offered Securities within the thirty day period prescribed by paragraph 9.3,
the Offerees shall purchase and pay the Offer Price in cash equivalent terms for such Offered Securities within a further thirty day period of their delivery of an Acceptance Notice, provided that, if the purchase and sale of such Offered Securities
is subject to any prior regulatory approval, the time period during which such purchase and sale may be completed shall be extended until the expiration of fifteen Business Days after all such approvals shall have been received, but only to the
extent that such application(s) for regulatory approval were promptly made and in any event within the thirty day period from delivery of the Acceptance Notice. 

  

	 9.6
	 The Offeror shall have the right for a period of sixty days following the date falling 30 days after service of an Offer Notice to sell any Offered
Securities to which such Offer Notice relates and in respect of which an Acceptance Notice has not been delivered pursuant to the provisions of this Clause to any third party (a “Third Party Purchaser”) at a price in cash not less
than the Offer Price and otherwise on such terms and conditions no more favourable to the Third Party Purchaser than the Offer Terms, provided that, if the purchase and sale of such Offered Securities is subject to any prior regulatory approval, the
time period during which such purchase and sale may be consummated shall be extended until the expiration of fifteen Business Days after all such approvals shall have been received but only to the extent that such application(s) for regulatory
approval were promptly made and in any event within the ninety days following the date of the Offer Notice. If any Offered Securities are not sold pursuant to the provisions of this paragraph 9.6 prior to the expiration of the time period prescribed
by this paragraph 9.6, such Offered Securities shall become subject once again to the provisions and restrictions of this Agreement. 

  

	 9.7
	 The provisions of this paragraph 9 shall not apply in connection with any enforcement of any of the Pledges. 

  

 53 

 SCHEDULE 6 
 US “CHECK THE BOX” ELECTIONS 
  

					
	 Entities that have made
CTB elections to be
treated as
disregarded
entities
	 	 Entities that have made
CTB elections to be
treated as
partnerships
	 	 Entities that will make
CTB elections to be
treated as
flow-through
entities

			
	 Pasalba Limited
	 	 Lion/Rally Cayman 1
	 	 Lion/Rally Cayman 4

			
	 Ushba Distillery
	 	 Lion/Rally Cayman 2
	 	 Lion/Rally Cayman 5

			
	 Latchey Limited
	 		 	 Lion/Rally Cayman 6

			
	 “Ushba Trans”
	 		 	 Lion/Rally Cayman 7

			
	 Closed Joint Stock Compnay Mid-Russian Distilleries
	 		 	 Lion/Rally Cayman 8

			
	 OOO Perviy Kupazhny Zavod
	 		 	 Lion/Rally Cayman 9

			
	 ZAO “Sibirsky LVZ”
	 		 	 Lion/Rally Lux 4

			
	 LLC “The Trading House Russian Alcohol”
	 		 	
			
	 LLC “The Trading House Russian Alcohol – Centre”
	 		 	
			
	 LLC “The Trading House Russian Alcohol – North West”
	 		 	
			
	 JSC “Distillery Topaz”
	 		 	
			
	 JSC “Russian Alcohol Group”
	 		 	
			
	 OOO “Chop Rapid BP”
	 		 	
			
	 OOO “Chop Schit Topaza”
	 		 	
			
	 AUK Holdings Limited
	 		 	
			
	 LLC Bravo Premium
	 		 	
			
	 Vlakor Trading Limited
	 		 	
			
	 LLC “Chorniy & Mikola”
	 		 	
			
	 OOO Glavspirttrest
	 		 	
			
	 Lion/Rally Cayman 3
	 		 	
			
	 Lion/Rally Lux 2
	 		 	
			
	 Lion/Rally Lux 3
	 		 	

  

 54 

 IN WITNESS WHEREOF this Agreement has been executed and delivered as a DEED on the date that
appears on the first page of this Agreement by: 
  

							
	 Executed as a DEED by
	 	 )
	 		 	
	 LION/RALLY CAYMAN 8
	 	 )
	 	 /s/ Hayley Tanguy
	 	 
	 acting by
	 	 )
	 	 Authorised signatory
	 	
		 	 )
	 		 	
	 in the presence of:
	 	 )
	 	 /s/ Emilie Ingrouille
	 	
		 		 	 Signature
	 	

 Witness name: Emilie Ingrouille 
 Witness address: Second Floor, Tudor House, Le Bordage, St. Peter Port, Guernsey 
  

							
	 Executed as a DEED by
	 	 )
	 		 	
	 LION/RALLY CAYMAN 7
	 	 )
	 	 /s/ Hayley Tanguy
	 	 
	 acting by its general partner
	 	 )
	 	 Authorised signatory
	 	
	 LION/RALLY CAYMAN 8
	 	 )
	 		 	
		 	 )
	 		 	
	 in the presence of:
	 	 )
	 	 /s/ Emilie Ingrouille
	 	
		 		 	 Signature
	 	

 Witness name: Emilie Ingrouille 
 Witness address: Second Floor, Tudor House, Le Bordage, St. Peter Port, Guernsey 
  

							
	 Executed as a DEED by
	 	 )
	 		 	
	 LION/RALLY CAYMAN 4
	 	 )
	 	 /s/ Hayley Tanguy
	 	 
	 acting by
	 	 )
	 	 Authorised signatory
	 	
		 	 )
	 		 	
	 in the presence of:
	 	 )
	 	 /s/ Emilie Ingrouille
	 	
		 		 	 Signature
	 	

 Witness name: Emilie Ingrouille 
 Witness address: Second Floor, Tudor House, Le Bordage, St. Peter Port, Guernsey 
  

 55 

							
	 Executed as a DEED by
	 	 )
	 		 	
	 LION/RALLY CAYMAN 5
	 	 )
	 	 /s/ Hayley Tanguy
	 	 
	 acting by
	 	 )
	 	 Authorised signatory
	 	
		 	 )
	 		 	
	 in the presence of:
	 	 )
	 	 /s/ Emilie Ingrouille
	 	
		 		 	 Signature
	 	

 Witness name: Emilie Ingrouille 
 Witness address: Second Floor, Tudor House, Le Bordage, St. Peter Port, Guernsey 
  

							
	 Executed as a DEED by
	 	 )
	 		 	
	 LION/RALLY CAYMAN 6
	 	 )
	 	 /s/ Hayley Tanguy
	 	 
	 acting by
	 	 )
	 	 Authorised signatory
	 	
		 	 )
	 		 	
	 in the presence of:
	 	 )
	 	 /s/ Emilie Ingrouille
	 	
		 		 	 Signature
	 	

 Witness name: Emilie Ingrouille 
 Witness address: Second Floor, Tudor House, Le Bordage, St. Peter Port, Guernsey 
  

							
	 Executed as a DEED by
	 	 )
	 		 	
	 CENTRAL EUROPEAN
	 	 )
	 		 	
	 DISTRIBUTION CORPORATION
	 	 )
	 	 /s/ William V. Carey
	 	
	 acting by
	 	 )
	 	 Authorised signatory
	 	

  

 56

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