Document:

Exhibit 4.1

  

  

  

  
    Execution Version

  

  

  

  
    AMENDMENT NO. 3 TO

    

    

    AMENDED AND RESTATED RIGHTS AGREEMENT

    

    

    THIS AMENDMENT No. 3 (this “Amendment No. 3”), dated as of
        December 13, 2018, amends the Rights Agreement, dated as of June 1, 2000, as amended and restated as of April 12, 2007, as further amended by Amendment No. 1 thereto, dated as of December 10, 2007, and as further amended by Amendment No. 2 thereto,
        dated as of May 27, 2010 (as so amended, the “Rights Agreement”), between Belmond Ltd. (previously known as Orient-Express Hotels Ltd.), an exempted company incorporated
        in Bermuda (the “Company”), and Computershare Trust Company, N.A., a federally chartered trust company, as Rights Agent (the “Rights Agent”). Capitalized terms used herein and not otherwise defined herein shall have the meaning ascribed to such terms in the Rights Agreement.

    

    

    RECITALS

    

    

    WHEREAS, the Company proposes to enter into an Agreement and Plan of Merger, to be dated on or about the date hereof (as may be amended,
        restated, supplemented or otherwise modified from time to time, the “Merger Agreement”), with LVMH Moët Hennessy - Louis Vuitton SE, a corporation organized under the laws
        of France (“Parent”), Overseas Holding Limited, a company organized under the laws of England and Wales and an indirect, wholly-owned subsidiary of Parent (“Holding”), and Fenice Ltd., an exempted company organized under the laws of Bermuda and a wholly-owned subsidiary of Holding (“Merger Sub”), pursuant to which, among other things, (a) Merger Sub shall be merged with and into the Company such that the separate existence of Merger Sub shall thereupon cease and their undertaking, property
        and liabilities shall vest in the Company as the surviving company (the “Surviving Company”) in the merger (the “Merger”), which shall be a wholly-owned subsidiary of Holding and (b) each A Share issued and outstanding immediately prior to the Effective Time (as defined in the Merger Agreement), other than treasury shares or shares
        cancelled or converted into shares of the Surviving Company pursuant to the Merger Agreement, shall be automatically converted into the right to receive the Merger Consideration (as defined in the Merger Agreement);

    

    

    WHEREAS, pursuant to Section 27 of the Rights Agreement, prior to the time any Person becomes an Acquiring Person, the Company and the
        Rights Agent may supplement or amend the Rights Agreement without the approval of any holders of Right Certificates to make any other provisions in regard to matters or questions arising under the Rights Agreement which the Company and the Rights
        Agent may deem necessary or desirable and which shall be consistent with, and for the purpose of fulfilling, the objectives of the Board of Directors of the Company (the “Board”)

        in adopting the Rights Agreement;

    

    

    WHEREAS, no Person has become an Acquiring Person;

    

    

    WHEREAS, the Board has determined that it is advisable and in the best interests of the Company and its shareholders to amend the Rights
        Agreement as set forth below and that such amendment is consistent with, and for the purpose of fulfilling, the objectives of the Board in connection with its original adoption of the Rights Agreement; and

     

    

    
      
        

    

    WHEREAS, the Board and the Rights Agent have determined that the amendment of the Rights Agreement, on the terms set forth herein, is
        desirable.

    

    

    NOW, THEREFORE, in consideration of the foregoing and the mutual agreements set forth herein, and other good and valuable consideration,
        the receipt and sufficiency of which are hereby acknowledged, the Company and Rights Agent hereby agree as follows:

    

    

    
      
        	1.	
                Amendments to the Rights Agreement.

              

      

    

    

    

    (a)          Section 1 of the Rights Agreement is hereby amended and
        supplemented by adding the following definitions in the appropriate locations therein:

    

    

    “Effective Time” shall have the meaning set forth in the Merger Agreement.

    

    

    “Exempt Event” shall mean each and all of the following: (i) the adoption, approval, authorization, execution, delivery and/or performance
        of the Merger Agreement, the Statutory Merger Agreement and/or the Support Agreement, (ii) the consummation (prior to the termination of the Merger Agreement) of the transactions contemplated by the Merger Agreement, the Statutory Merger Agreement
        and/or the Support Agreement, including the Merger, and (iii) the public announcement of any of the foregoing.

    

    

    “Holding” means Palladio Overseas Holding Limited, a company organized under the laws of England and Wales and an indirect, wholly-owned
        subsidiary of Parent.

    

    

    “Merger” shall have the meaning set forth in the Merger Agreement.

    

    

    “Merger Agreement” means the Agreement and Plan of Merger, dated as of December 13, 2018, by and among Parent, Holding, Merger Sub and the
        Company, as it may be amended, restated, supplemented or otherwise modified from time to time.

    

    

    “Merger Sub” means Fenice Ltd., an exempted company organized under the laws of Bermuda and a wholly-owned subsidiary of Holding.

    

    

    “Parent” means LVMH Moët Hennessy - Louis Vuitton SE, a corporation organized under the laws of France.

    

    

    “Statutory Merger Agreement” shall have the meaning set forth in the Merger Agreement.

    

    

    “Support Agreement” means the Support Agreement, dated as of December 13, 2018, by and between Belmond Holdings 1, Ltd. and Parent.

     

    

    
      
        

    

    (b)          The definition of “Acquiring Person” in Section 1(b) of
        the Rights Agreement is hereby amended and supplemented by adding the following sentence to the end thereof:

    

    

    “Notwithstanding anything to the contrary in this Agreement, none of Parent, Holding, Merger Sub or any direct or indirect Affiliate or
        Associate of Parent, Holding or Merger Sub shall be or shall become, or shall be deemed to be or to become, an Acquiring Person for purposes of this Agreement as a result of any Exempt Event”

    

    

    (c)          The definition of “Shares Acquisition Date” in Section
        1(u) of the Rights Agreement is hereby amended and supplemented by adding the following sentence to the end thereof:

    

    

    “provided, however, that notwithstanding anything in this Agreement to the contrary, a Shares Acquisition Date shall not occur, and shall
        not be deemed to have occurred, as a result of any Exempt Event”

    

    

    (d)          Section 2 of the Rights Agreement is hereby amended by
        deleting in its entirety the first sentence thereof and inserting in its place the following sentence:

    

    

    “The Company hereby appoints the Rights Agent to act as rights agent for the Company in accordance with the express terms and conditions
        hereof (and no implied terms or conditions), and the Rights Agent hereby accepts such appointment.”

    

    

    (e)          Section 3(a) of the Rights Agreement is hereby amended
        and supplemented by adding the following proviso immediately following the words “the earlier of such dates being herein referred to as the ‘Distribution Date’” and prior to the closing parenthesis:

    

    

    “; provided, however, that, notwithstanding anything to the contrary in this Agreement, a Distribution Date shall not occur, and shall not
        be deemed to have occurred, as a result of any Exempt Event”

    

    

    (f)          Section 3(c) of the Rights Agreement is hereby amended
        to delete in its entirety the first sentence of the legend included therein and to insert in its place the following sentence:

    

    

    “This certificate also evidences and entitles the holder hereof to certain rights as set forth in a Rights Agreement between Belmond Ltd.
        (previously known as  Orient-Express Hotels Ltd.) and Computershare Trust Company, N.A., dated as of June 1, 2000, as amended and restated as of April 12, 2007 and as further amended by Amendment No. 1 thereto dated as of December 10, 2007,
        Amendment No. 2 thereto dated as of May 27, 2010 and Amendment No. 3 thereto dated as of December 13, 2018 (the “Rights Agreement”), the terms of which are hereby incorporated herein by reference and a copy of which is on file at the principal
        executive offices of Belmond Ltd.”

    

    

    (g)          Section 3(c) of the Rights Agreement is hereby amended
        to delete in its entirety the third sentence of the legend included therein and to insert in its place the following sentence:

     

    

    
      
        

    

    “Belmond

          Ltd.  will mail to the holder of this certificate a copy of the Rights Agreement without charge after receipt of a written request therefor.”

    

    

    (h)          Section 7(a) of the Rights Agreement is hereby amended
        by deleting in its entirety clause (i) thereof and inserting in its place the following clause:

    

    

    “(i) the close of business on June 1, 2020 or, if earlier, immediately prior to, but contingent on the subsequent occurrence of, the
        Effective Time (the “Final Expiration Date”), at which time the Rights shall expire and shall cease to be exercisable,”

    

    

    (i)          Section 11(a)(i) of the Rights Agreement is hereby
        amended and supplemented by adding the following to the end thereof:

    

    

    “; and, provided, further, that, notwithstanding anything to the contrary in this Agreement, (i) in no event shall any of the events described in this Section 11(a)(i) occur, or be deemed to occur, as a result of any Exempt Event
        and (ii) this Section 11 shall not otherwise apply, and no adjustments shall be pursuant to, this Section 11 as a result of any Exempt Event.”

    

    

    (j)          Section 13 of the Rights Agreement is hereby amended and
        supplemented by adding the following sentence to the end thereof:

    

    

    “Notwithstanding anything to the contrary in this Agreement, the provisions of this Section 13 shall not apply as a result of any Exempt
        Event.”

    

    

    (k)          Section 20(c) of the Rights Agreement is hereby amended
        and restated in its entirety as follows:

    

    

    The Rights Agent shall be liable hereunder only for its own gross negligence, bad faith or willful misconduct (which gross negligence, bad
        faith or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction).  Notwithstanding anything in this Agreement to the contrary, any liability of the Rights Agent under this Agreement will be
        limited to the amount of annual fees paid by the Company to the Rights Agent during the twelve (12) months immediately preceding the event for which recovery from the Rights Agent is being sought.  Anything to the contrary notwithstanding, in no
        event will the Rights Agent be liable for special, punitive, indirect, incidental or consequential loss or damages of any kind whatsoever (including, without limitation, lost profits), even if the Rights Agent has been advised of the likelihood of
        such loss or damages, and regardless of the form of action.

    

    

    (l)          Section 26 of the Rights Agreement is hereby amended, as
        it relates to notices to be delivered to or on the Company, to replace references to Orient-Express Hotels Ltd. with Belmond Ltd.

    

    

    (m)         Section 29 of the Rights Agreement is hereby amended by
        adding the following sentence to the end thereof:

     

    

    
      
        

    

    “Notwithstanding the foregoing, no holder of Rights or any other Person (other than the Company) shall have, or shall be construed to have,
        any legal or equitable rights, remedies or claims under this Agreement by virtue of the occurrence of any Exempt Event.”

    

    

    
      
        	

              	(n)	
                Exhibit B to the Rights Agreement is hereby amended as follows:

              

      

    

    

    

    
      
        	

              	(i)	
                all references therein to “Orient-Express Hotels Ltd.” are replaced with references to “Belmond Ltd”;

              

      

    

    

    

    
      
        	

              	(ii)	
                the first sentence of the disclaimer at the top of the Right Certificate is deleted in its entirety and replaced with the following sentence: “NOT EXERCISABLE AFTER JUNE
                    10, 2020 (OR THE EARLIER OCCURRENCE OF THE FINAL EXPIRATION DATE UNDER THE RIGHTS AGREEMENT), OR EARLIER IF REDEMPTION OR EXCHANGE OCCURS”;

              

      

    

    

    

    
      
        	

              	(iii)	
                 the following clause is added after “June 1, 2020” in the first sentence of the first paragraph: “(or the earlier occurrence of the Final Expiration Date under the Rights
                    Agreement)”; and

              

      

    

    

    

    
      
        	

              	(iv)	
                the clause therein defining the Rights Agreement is deleted in its entirety and replaced with the clause “the Rights Agreement, dated as of June 1, 2000, as amended and
                    restated as of April 12, 2007 and as further amended by Amendment No. 1 thereto dated as of December 10, 2007, Amendment No. 2 thereto dated as of May 27, 2010 and Amendment No. 3 thereto dated as of December 13, 2018 (as so amended,
                    the “Rights Agreement”)”.

              

      

    

    

    

    
      
        	2.	
                Governing Law.

              

      

    

    

    

    This Amendment No. 3 shall be deemed to be a contract made under the laws of the Islands of Bermuda and for all purposes shall be governed
        by and construed in accordance with such laws, except that the rights, duties and obligations of the Rights Agent shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be
        performed entirely within the State of New York.

    

    

    
      
        	3.	
                Counterparts.

              

      

    

    

    

    This Amendment No. 3 may be executed in any number of counterparts, each of which shall for all purposes be deemed to be an original, and
        all such counterparts shall together constitute one and the same instrument.

     

    

    
      
        

    

    
      
        	4.	
                Effectiveness; Termination of Merger Agreement.

              

      

    

    

    

    This Amendment No. 3 shall be deemed effective as of, and immediately prior to, the execution and delivery of the Merger Agreement. From
        and after such time, all references to the Rights Agreement shall be deemed to be references to the Rights Agreement as amended hereby. Except as amended hereby, the Rights Agreement shall remain in full force and effect and shall be otherwise
        unaffected. If for any reason the Merger Agreement is terminated in accordance with its terms, then, automatically and without any action on the part of the Company, the Rights Agent or any other Person, all of the amendments to the Rights
        Agreement set forth in this Amendment No. 3 that relate to the Merger Agreement, the Support Agreement or any of the transactions thereby, including all changes related to the occurrence of an Exempt Event, shall become null and void and be of no
        further force and effect. Notwithstanding the foregoing, the amendments in Sections 1(d) and 1(k) of this Amendment No. 3, as well as any amendments that replace references to Orient-Express Hotels Ltd. with “Belmond Ltd.,” shall remain in full
        force and effect. The Company shall promptly notify the Rights Agent upon the execution and delivery of the Merger Agreement and of the Effective Time or of any termination of the Merger Agreement; provided, that, the failure of the Company to provide any such notifications so shall in no way affect the provisions of this Section 4.

    

    

    
      
        	5.	
                Successors.

              

      

    

    

    

    This Amendment No. 3 shall be binding on and inure to the benefit of each of the Company and the Rights Agent their respective successors
        and assigns.

    

    

    
      
        	6.	
                Severability.

              

      

    

    

    

    If any term, provision, covenant or restriction of this Amendment No. 3 is held by a court of competent jurisdiction or other authority to
        be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Amendment No. 3 shall remain in full force and effect and shall in no way be affected, impaired or invalidated; provided, however, that if
        such excluded provision shall affect the rights, immunities, liabilities, duties or obligations of the Rights Agent, the Rights Agent shall be entitled to resign immediately upon written notice to the Company.

    

    

    
      
        	7.	
                Notice.

              

      

    

    

    

    The Rights Agent and the Company hereby waive any notice requirement under the Rights Agreement pertaining to the matters covered by this
        Amendment No. 3.

    

    

    [Signature Page Follows]

     

    

    
      
        

    

    IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 3 to be duly executed as of the day and year first above written.

    

    

    
      	
               

            	
              BELMOND LTD. (previously known as 

                

            
	
               

            	ORIENT-EXPRESS HOTELS LTD.)
	
               

            	
               

            	
               

            
	
               

            	By:	/s/ H. Roeland Vos	 
	
               

            	

            	Name: H. Roeland Vos
	
               

            	

            	
              Title:  President and Chief Executive Officer

            

    

    

    

    
      
        [Signature Page to Amendment No. 3 to Rights Agreement]

      

    

    

    

    
      
        

    

    
      	
               

            	
              COMPUTERSHARE TRUST COMPANY, N.A.

            
	
               

            	
                

              

            
	
               

            	By:	
              /s/ Dennis V. Moccia

            	 
	
               

            	
               

            	
              Name: Dennis V. Moccia

            
	
               

            	
               

            	
              Title:  Manager, Contract Administration

            

    

    

    

    
      [Signature Page to Amendment No. 3 to Rights Agreement]Exhibit 10.1

  

  

  

  
    Execution Version

  

  

  

  
    SUPPORT AGREEMENT

    

    

    THIS SUPPORT AGREEMENT (this “Agreement”) is entered into as
        of December 13, 2018, by and between LVMH Moët Hennessy - Louis Vuitton SE, a corporation organized under the laws of France (“Parent”), and Belmond Holdings 1 Ltd., a
        Bermuda exempted company (the “Class B Shareholder”) and a wholly-owned subsidiary of Belmond Ltd., a Bermuda exempted company (the “Company”).

    

    

    RECITALS

    

    

    WHEREAS, Parent, Palladio Overseas Holding
        Limited, a company organized under the laws of England and Wales and an indirect, wholly-owned subsidiary of Parent (“Holding”), Fenice Ltd., an exempted company organized
        under the laws of Bermuda and a wholly-owned subsidiary of Holding (“Merger Sub”), and the Company are entering into an Agreement and Plan of Merger on the date hereof
        (the “Merger Agreement”) which provides, subject to the conditions set forth therein, that Merger Sub shall be merged with and into the Company such that the separate
        corporate existence of Merger Sub shall thereupon cease and the Company shall be the surviving company;

    

    

    WHEREAS, the Class B Shareholder is the sole record holder and shared (together with the Company) beneficial owner (as such term is defined
        in Rule 13d-3 under the Exchange Act) of 18,044,478 Class B common shares, par value $0.01 per share, of the Company (the “Class B Shares”) which represents all of the
        issued and outstanding Class B Shares (such shares, the “Existing Shares”).  The Existing Shares, together with any shares in the authorized share capital of the Company
        acquired by the Class B Shareholder after the date of this Agreement, whether upon by means of any purchase, dividend, distribution, stock split, recapitalization, contribution, combination or exchange of shares, merger, consolidation,
        reorganization or other change or transaction of or by the Company or otherwise, are referred to in this Agreement collectively as the “Subject Securities”; and

    

    

    WHEREAS, the Class B Shareholder is entering into this Agreement in order to induce the Parent to enter into the Merger Agreement.

    

    

    NOW, THEREFORE, in consideration of the foregoing and the representations, warranties, covenants and agreements contained in this
        Agreement, the parties hereto, intending to be legally bound, agree as follows:

    

    

    
      	
              SECTION 1

            	
              CERTAIN DEFINITIONS

            

    

    

    

    For purposes of this Agreement:

    

    

    (a)        “Voting Expiration Date” shall mean the earliest of: (i) the date upon which the Merger Agreement is validly terminated in accordance with the terms of the Merger Agreement; (ii) the date upon which Parent and the Class B
        Shareholder agree to terminate this Agreement in writing; and (iii) the date upon which the board of directors of the Company makes an Adverse Recommendation Change in accordance with the terms of the Merger Agreement.

    

    

    (b)       Capitalized terms used but not otherwise defined in this
        Agreement have the meanings assigned to such terms in the Merger Agreement.

     

    

    
      
        

    

    
    
      	
              SECTION 2

            	
              TRANSFER RESTRICTIONS

            

    

    

    

    2.1         Restriction on Transfer of Voting Rights.  During the period from the date of this Agreement through the Voting Expiration Date, the Class B Shareholder shall ensure that: (a) none of the Subject Securities is
        deposited into a voting trust and (b) no proxy is granted, and no voting agreement or similar agreement is entered into, with respect to any of the Subject Securities, in each case, except as permitted by this Agreement.

    

    

    2.2         Restriction on Transfer of Subject Securities.  The Class B Shareholder agrees not to directly or indirectly sell, transfer (including by operation of Applicable Law), tender pursuant to a tender offer, convert,
        exchange, pledge, encumber, assign or otherwise dispose of, lend or hypothecate, including by gift or by contribution or distribution to any trust or similar instrument or to any beneficiaries of the Class B Shareholder (collectively, “Transfer”), or permit or enter into any Contract, option or other arrangement or understanding (including any profit sharing arrangement) with respect to the Transfer of any
        of the Subject Securities or any right or interest therein other than pursuant to the terms of this Agreement.

    

    

    2.3         Stop Order.  The Class B Shareholder agrees with, and covenants to, Parent that the Class B Shareholder shall not request that the Company register the Transfer (book-entry or otherwise) of any certificate or
        uncertificated interest representing any of the Subject Securities unless such Transfer is made in compliance with this Agreement.

    

    

    
      	
              SECTION 3

            	
              COVENANTS OF THE CLASS B SHAREHOLDER

            

    

    

    

    3.1         Voting Covenant.  The Class B Shareholder hereby agrees that, prior to the Voting Expiration Date, at any meeting of the shareholders of the Company, however called, and at every adjournment, recess or
        postponement thereof, and in any other circumstance in which the Class B Shareholder is entitled to vote, consent or give any other approval (including by written consent), unless otherwise directed in writing by Parent, the Class B Shareholder
        shall cause the Subject Securities to be voted (a) in favor of the Merger Agreement, including the Statutory Merger Agreement and the transactions contemplated thereby, including the Merger; and (b) against (i) any action or omission that would
        result in a breach of any representation, warranty, covenant, agreement or other obligation of the Company under the Merger Agreement or the Statutory Merger Agreement or of the Class B Shareholder under this Agreement; (ii) any Acquisition
        Proposal, whether or not constituting a Superior Proposal; (iii) any action, agreement, proposal or transaction involving the Company or any of its subsidiaries that is intended, or would reasonably be expected, to impede, interfere with, delay,
        postpone, discourage or adversely affect the Company Shareholder Approval; and (iv) any amendment to the Company Organizational Documents, including any amendment that would authorize any additional shares or classes in the authorized share capital
        of the Company or change in any manner the rights and privileges, including voting rights, of any class of the authorized share capital of the Company.

    

    

    3.2         Meeting Attendance.  The Class B Shareholder agrees to be present (in person or by proxy) at any meeting of the shareholders of the Company, however called, and at every adjournment, recess or postponement
        thereof, called to vote on any matter contemplated by this Agreement, the Merger Agreement or the Statutory Merger Agreement so that all of the Subject Securities shall be counted for the purpose of determining the presence of a quorum at such
        meetings, and to vote all of the Subject Securities in the manner required by this Agreement.

    

    

    3.3         Waiver of Appraisal Rights.  THE CLASS B SHAREHOLDER HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHTS WHICH THE CLASS B SHAREHOLDER MAY HAVE AS TO APPRAISAL, DISSENT OR ANY SIMILAR OR RELATED MATTER, INCLUDING UNDER
        SECTION 106(6) OF THE BERMUDA COMPANIES ACT, WITH RESPECT TO THE MERGER, THE MERGER AGREEMENT, THE STATUTORY MERGER AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THE MERGER AGREEMENT OR THE STATUTORY MERGER AGREEMENT.

     

    

    
      2

      
        

    

    
      	
              SECTION 4

            	
              REPRESENTATIONS AND WARRANTIES OF THE CLASS B SHAREHOLDER

            

    

    

    

    4.1         Representations and Warranties.  The Class B Shareholder hereby represents, warrants and covenants to Parent that the
        Class B Shareholder (a) is the record owner and shared (together with the Company) beneficial owner (as such term is defined in Rule 13d-3 under the Exchange Act) of the Subject Securities, which, at the date of this Agreement and at all times up
        until the earlier to occur of (i) the Effective Time and (ii) the Voting Expiration Date, will be free and clear of any Liens or other encumbrances (other than those created by this Agreement), (b) has the sole voting power and power of disposition
        over all of the Subject Securities, and (c) as of the date hereof does not own of record or beneficially any shares of outstanding capital stock of the Company other than the Subject Securities Shares.  The Class B Shareholder has the legal
        capacity, power and authority to enter into and perform all of the Class B Shareholder’s obligations under this Agreement.  This Agreement has been duly and validly executed and delivered by the Class B Shareholder and constitutes a valid and
        binding agreement of the Class B Shareholder, enforceable against the Class B Shareholder in accordance with its terms, subject to (a) laws of general application relating to bankruptcy, insolvency and the relief of debtors and (b) rules of law
        governing specific performance, injunctive relief and other equitable remedies.  The execution and delivery of this Agreement by the Class B Shareholder does not, and the performance by the Class B Shareholder of the Class B Shareholder’s
        obligations under this Agreement shall not (a) violate any Applicable Law or Order applicable to the Class B Shareholder, (b) conflict with or violate the Organizational Documents of the Class B Shareholder or (c) result, after the giving of
        notice, with lapse of time, or otherwise, in any violation, default or loss of a benefit under, or permit the acceleration or termination of any obligation under or require any consent under, any Contract to which the Class B Shareholder is a party
        or by which the Class B Shareholder or any of the Class B Shareholder’s properties or assets, including the Subject Securities, are bound or affected.  The execution and delivery of this Agreement by the Class B Shareholder does not, and the
        performance by the Class B Shareholder of its obligations under this Agreement shall not, require clearance, consent, approval, order, waiver, license or authorization of or from, or declaration, registration or filing with, or notice to, or permit
        issued by, any Governmental Entity, except for applicable requirements, if any, under the Exchange Act.  There is no Action pending or, to the knowledge of the Class B Shareholder, threatened in writing against the Class B Shareholder before any
        Governmental Entity that, if adversely determined against the Class B Shareholder, would, or would reasonably be expected to, prevent, impair or materially delay the ability of the Class B Shareholder to perform its obligations under this
        Agreement.

    

    

    
      	
              SECTION 5

            	
              MISCELLANEOUS

            

    

    

    

    5.1         Termination.  This Agreement shall terminate on the Voting Expiration Date; provided, however, that: (a) this Section 5 shall survive
        the termination of this Agreement and shall remain in full force and effect; and (b) the termination of this Agreement shall not relieve the Class B Shareholder from any liability arising from any breach of any provision of this Agreement prior to
        such termination.  For the avoidance of doubt, the representations and warranties herein shall not survive the termination of this Agreement.

    

    

    5.2         Notices.  All notices, requests, claims, demands and other communications under this Agreement shall be in writing and shall be given or made (and shall be deemed to have been duly given or made) if delivered
        (a) in person (upon delivery), (b) by international express courier service (on the second Business Day after deposit therewith) or (c) by electronic mail (upon transmission, provided no “bounceback” or notice of non-delivery is received) to the
        respective parties at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 5.2):

    
      3

      
        

    

    if to the Class B Shareholder:

    

    

    c/o Belmond USA Inc.

    441 Lexington Avenue, Suite 504

    New York, New York 10017

    Attention: Ann Robertson

    Email: ann.robertson@belmond.com

    

    

    with an additional copy (which shall not constitute notice) to:

    

    

    Belmond Ltd.

    Shackleton House

    4 Battle Bridge Lane

    London

    SE1 2HP

    UK

    Attention: Richard M. Levine

    Email:  richard.levine@belmond.com

    

    

    Weil, Gotshal & Manges LLP

    767 Fifth Avenue

    New York, NY 10153

    Attention: Michael J. Aiello; Sachin Kohli

    Email:  michael.aiello@weil.com; sachin.kohli@weil.com

    

    

    if to Parent:

    

    

    LVMH Moët Hennessy - Louis Vuitton SE

    22 Avenue Montaigne

    75008 Paris

    Attention: Jean-Jacques Guiony; Bernard Kuhn

    Email: jj.guiony@lvmh.fr; b.kuhn@lvmh.fr

    

    

    with a copy (which shall not constitute notice) to:

    

    

    Baker & McKenzie A.A.R.P.I.

    1 rue Paul Baudry

    75008 Paris, France

    Attention: Stéphane Davin; Francois-Xavier Naime

    Email: stephane.davin@bakermckenzie.com; francois-xavier.naime@bakermckenzie.com

    

    

    Baker & McKenzie LLP

    300 East Randolph Street

    Chicago, Illinois 60601

    Attention:   Craig A. Roeder; Thomas Hughes

    Email:  craig.roeder@bakermckenzie.com; thomas.hughes@bakermckenzie.com

     

    

    
      4

      
        

    

    5.3         Severability.  If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced under any Applicable Law or as a matter of public policy, all other conditions and provisions of
        this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated by this Agreement is not affected in any manner materially adverse to any party.  Upon a determination
        that any term or other provision is invalid, illegal or incapable of being enforced, the parties to this Agreement shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties hereto as closely as
        possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement be consummated as originally contemplated to the greatest extent possible.

    

    

    5.4         Entire Agreement.  This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings between the parties with
        respect thereto.  No addition to or modification of any provision of this Agreement shall be binding upon any party unless made in writing and signed by each of the parties.

    

    

    5.5         Assignment; Binding Effect.  Except as provided herein, neither this Agreement nor any of the interests or obligations hereunder may be assigned or delegated by the Class B Shareholder without the prior written
        consent of Parent, and any attempted or purported assignment or delegation of any of such interests or obligations shall be void.  Subject to the preceding sentence, this Agreement shall be binding upon the Class B Shareholder and the Class B
        Shareholder’s successors and assigns and shall inure to the benefit of Parent and its successors and assigns.  Nothing in this Agreement is intended to confer on any Person (other than Parent and its successors and assigns) any rights or remedies
        of any nature.

    

    

    5.6         Specific Performance.  Each party hereto acknowledges and agrees that irreparable damage would occur in the event of a breach by it of, or failure to perform under, this Agreement and that monetary damages or
        any other remedy at law, if available, would not be a sufficient remedy therefor.  Therefore, it is agreed that each party shall be entitled to specific performance and injunctive relief to prevent breaches of and enforce the provisions of this
        Agreement, and each party hereby waives any requirement for the securing or posting of any bond or other undertaking in connection with such remedy.  Such remedies shall be cumulative and not exclusive and shall be in addition to any other remedies
        which any party may have under this Agreement, whether at law or in equity.

    

    

    5.7         Further Assurances.  From time to time prior to the Effective Time, the Class B Shareholder shall execute and deliver, or cause to be executed and delivered, in each case without further consideration, such
        additional or further transfers, assignments, endorsements, consents and other instruments or documents and take all such further lawful action as may be necessary or desirable as Parent may reasonably request for the purpose of effectively
        carrying out such Class B Shareholder’s obligations under this Agreement and to vest the power to vote the Subject Securities as contemplated by Section 3.

    

    

    5.8         Governing Law; Jurisdiction; Waiver
        of Jury Trial.

    

    

    (a)        This Agreement shall be governed by, and construed in
        accordance with, the laws of the State of Delaware applicable to contracts executed in and to be performed entirely in that State, without regard to any laws that might otherwise govern under applicable principles of conflicts or choice of law or
        otherwise; provided, however, that, (i) to the extent any provisions of this Agreement relate to the exercise of a director’s or officer’s fiduciary duties and/or similarly, statutory duties or obligations and/or (ii) statutory provisions or other
        Applicable Laws of Bermuda are mandatorily applicable to the Merger, such provisions shall be governed by and in accordance with the laws of Bermuda.

     

    

    
      5

      
        

    

    (b)        All Actions arising out of or relating to this Agreement
        and the transactions contemplated hereby, including the interpretation and enforcement hereof shall (except to the extent, and solely to the extent, that any such Action that relates to the Merger or the Statutory Merger Agreement mandatorily must
        be brought in Bermuda) be heard and determined in the Delaware Court of Chancery, or, if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any federal court within the State of Delaware, or, if both the
        Delaware Court of Chancery and the federal courts within the State of Delaware decline to accept jurisdiction over a particular matter, any other state court within the State of Delaware, and, in each case, any appellate court therefrom.  The
        parties hereby irrevocably submit to the exclusive jurisdiction and venue of such courts in any such Actions and irrevocably waive the defense of an inconvenient forum or lack of jurisdiction to the maintenance of any such Action and agree not to
        assert any Action in any other court or forum.  The parties agree that a final judgment in any such Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable Law;
        provided, however, that nothing contained in the foregoing shall restrict any party’s rights to seek any post-judgment relief regarding, or any appeal from, a final trial court judgment.  The parties to this Agreement agree that mailing of process
        or other papers in connection with any such Action in the manner provided in Section 5.2 or in such other manner as may be permitted by Applicable Law, shall be valid and sufficient service thereof.

    

    

    (c)        EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES TO THE
        FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY DISPUTE, CLAIM OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, RELATED TO, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION
        CONTEMPLATED HEREBY.  EACH PARTY HERETO (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF A DISPUTE, SEEK TO ENFORCE THE FOREGOING
        WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER TRANSACTION AGREEMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.8.

    

    

    (d)       The provisions of this Section 5.8 are not intended and shall not be deemed to constitute a submission by Parent to the jurisdiction of any United States federal or state court or any other United States Governmental
        Entity, other than and solely for purposes of any Action arising out of or relating to this Agreement and the transactions contemplated hereby as provided in this Section 5.8.

    

    

    5.9         Counterparts.  This Agreement may be executed in one or more counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same
        agreement.  Delivery of an executed counterpart of a signature page to this Agreement electronically (including portable document format (.pdf)) or by facsimile shall be as effective as delivery of a manually executed counterpart of this Agreement.

    

    

    5.10       Captions.  The captions contained in this Agreement are for convenience of reference only, shall not be deemed to be a part of this Agreement and shall not be referred to in connection with the construction or
        interpretation of this Agreement.

    
      6

      
        

    

    5.11        Waiver.  No failure on the part of Parent to exercise any power, right, privilege or remedy under this Agreement, and no delay on the part of Parent in exercising any power, right, privilege or remedy under this
        Agreement, shall operate as a waiver of such power, right, privilege or remedy; and no single or partial exercise of any such power, right, privilege or remedy shall preclude any other or further exercise thereof or of any other power, right,
        privilege or remedy.  Parent shall not be deemed to have waived any claim available to Parent arising out of this Agreement, or any power, right, privilege or remedy of Parent under this Agreement, unless the waiver of such claim, power, right,
        privilege or remedy is expressly set forth in a written instrument duly executed and delivered on behalf of Parent; and any such waiver shall not be applicable or have any effect except in the specific instance in which it is given.

    

    

    5.12       Construction.

    

    

    (a)        For purposes of this Agreement, whenever the context
        requires: the singular number shall include the plural, and vice versa; the masculine gender shall include the feminine and neuter genders; the feminine gender shall include the masculine and neuter genders; and the neuter gender shall include
        masculine and feminine genders.

    

    

    (b)       The parties agree that any rule of construction to the
        effect that ambiguities are to be resolved against the drafting party shall not be applied in the construction or interpretation of this Agreement.

    

    

    (c)        As used in this Agreement, the words “include” and
        “including,” and variations thereof, shall not be deemed to be terms of limitation, but rather shall be deemed to be followed by the words “without limitation.”

    

    

    (d)       Except as otherwise indicated, all references in this
        Agreement to “Sections” are intended to refer to Sections of this Agreement.

    

    

    [Signature page follows.]

     

    

    
      7

      
        

    

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

     

      

    	 	
            BELMOND HOLDINGS 1 LTD.

          
	 	 
	 	
            /s/ Ann Robertson

          	 
	 	
            Name: Ann Robertson

          	 
	 	
            Title: Assistant Secretary

          	 

    

    

    	 	
            LVMH MOËT HENNESSY - LOUIS VUITTON SE

          
	 	 
	 	
            /s/ Bernard Kuhn

          	 
	 	
            Name: Bernard Kuhn

          	 
	 	
            Title: General Counsel

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