Document:

EX-4.02

 Exhibit 4.02 

 
  

 
 INVESTMENT NUMBER 35490 

Policy Agreement 

between 
 NETSHOES
(CAYMAN) LIMITED 
 and 

INTERNATIONAL FINANCE CORPORATION 

Dated March 20, 2015 
  

 
  

This draft document is not a contract or an offer to enter into a contract. Only the document as executed by IFC and the other parties hereto will
contain the terms that bind them. Until the document is executed by IFC and the other parties hereto, neither IFC nor the other parties hereto intend to be bound. 

 TABLE OF CONTENTS 

 

					
	 Article/

Section
	 	 Item
	  	Page No.

  

					
	 ARTICLE I DEFINITIONS AND INTERPRETATION
	  	 	1	 
		
	 Section 1.01         
    Definitions
	  	 	1	 
	 Section 1.02         
    Interpretation
	  	 	5	 
	 Section 1.03         
    Third Party Rights
	  	 	5	 
		
	 ARTICLE II IFC OBSERVER
	  	 	6	 
		
	 Section 2.01         
    IFC Observer
	  	 	6	 
	 Section 2.02         
    Removal/Resignation of IFC Observer
	  	 	6	 
		
	 ARTICLE III COVENANTS
	  	 	7	 
		
	 Section 3.01         
    General Reporting Covenants
	  	 	7	 
	 Section 3.02         
    IFC Policy Reporting Covenants
	  	 	8	 
	 Section 3.03         
    IFC Policy Covenants
	  	 	9	 
	 Section 3.04         
    Other Affirmative Covenants
	  	 	10	 
	 Section 3.05         
    Restricted Transfers
	  	 	10	 
	 Section 3.06         
    Further Assurances
	  	 	11	 
		
	 ARTICLE IV POLICY REPURCHASE OPTION
	  	 	11	 
		
	 Section 4.01         
    Repurchase Option
	  	 	11	 
		
	 ARTICLE V TERM OF AGREEMENT
	  	 	12	 
		
	 Section 5.01         
    Term of Agreement
	  	 	12	 
		
	 ARTICLE VI REPRESENTATIONS AND WARRANTIES
	  	 	13	 
		
	 Section 6.01         
    Representations and Warranties
	  	 	13	 
	 Section 6.02         
    IFC Reliance
	  	 	13	 
		
	 ARTICLE VII MISCELLANEOUS
	  	 	13	 
		
	 Section 7.01         
    Notices
	  	 	13	 
	 Section 7.02         
    Saving of Rights
	  	 	14	 
	 Section 7.03         
    English Language
	  	 	15	 
	 Section 7.04         
    Applicable Law and Jurisdiction
	  	 	15	 
	 Section 7.05         
    Immunity
	  	 	16	 
	 Section 7.06         
    Announcements
	  	 	16	 
	 Section 7.07         
    Successors and Assigns
	  	 	17	 
	 Section 7.08         
    Amendments, Waivers and Consents
	  	 	17	 
	 Section 7.09         
    Counterparts
	  	 	17	 
	 Section 7.10         
    Expenses
	  	 	17	 
	 Section 7.11         
    Entire Agreement
	  	 	17	 
	 Section 7.12         
    Invalid Provisions
	  	 	17	 

 Annexes and Schedules 
  

			
	 Annex A
	  	ANTI-CORRUPTION GUIDELINES FOR IFC TRANSACTIONS
	 Annex B
	  	EXCLUSION LIST
	 Schedule 1
	  	FORM OF CERTIFICATE OF INCUMBENCY AND AUTHORITY
	 Schedule 2
	  	ACTION PLAN
	 Schedule 3
	  	S&E PERFORMANCE REPORT

 POLICY AGREEMENT 

This POLICY AGREEMENT (this “Agreement”), dated March 20, 2015, between: 

 

	 	(1)	NETSHOES (CAYMAN) LIMITED, an exempted company organized and existing under the laws of the Cayman Islands (the “Company”); and 

 

	 	(2)	INTERNATIONAL FINANCE CORPORATION, an international organization established by Articles of Agreement among its member countries (“IFC”). 

RECITALS 
  

	 	(A)	Pursuant to the Ordinary Share Subscription Agreement dated March 16, 2015 (the “Subscription Agreement”) between IFC, certain other investors and the Company, IFC has agreed to subscribe for
148,301 fully paid and non-assessable ordinary shares in the Company on the terms and conditions of the Subscription Agreement; 

  

	 	(B)	IFC has certain operational policy requirements for its transactions, and IFC requires adherence by the Company to these specific requirements and provisions as provided for in this Agreement as a condition of the IFC
Subscription; and 

  

	 	(C)	Accordingly, as a condition of IFC’s obligations of subscription under the Subscription Agreement, the Company and IFC have agreed to enter into this Agreement. 

ARTICLE I 

DEFINITIONS AND INTERPRETATION 

Section 1.01    Definitions. Wherever used in this Agreement, the following
terms have the following meanings: 
 “Accounting Standards” means the International Financial Reporting Standards
(“IFRS”) promulgated by the International Accounting Standards Boards (“IASB”) (which include standards and interpretations approved by the IASB and International Accounting Standards issued under previous
constitutions), together with its pronouncements thereon from time to time, and applied on a consistent basis; provided, however, that, with respect to any Subsidiary located in Mexico, “Accounting Standards” shall mean
Mexican Financial Reporting Standards and with respect to any Subsidiary located in Argentina, “Accounting Standards” shall mean Argentine Generally Accepted Accounting Principles. 

“Action Plan” means the plan or plans developed by the Company, a copy of which is attached as Schedule 2 (Action Plan), setting out
the specific social and environmental measures to be undertaken by the Company, to enable the Company’s Operations to be undertaken in compliance with the Performance Standards; 

“Affiliate” has the meaning given to it in Schedule B of the Subscription Agreement; 

“Applicable Law” means all applicable statutes, laws, ordinances, rules and regulations, including but not limited to, any license, permit or
other governmental Authorization, in each case as in effect from time to time; 
 “Applicable S&E Law” means all applicable statutes,
laws, ordinances, rules and regulations of the applicable Country, including without limitation, all Authorizations setting standards concerning environmental, social, labor, health and safety or security risks of the type contemplated by the
Performance Standards or imposing liability for the breach thereof; 

  
 1 

 “Auditors” means the independent, external auditors of the Company; 

“Authority” means any national, supranational, regional or local government, or governmental, statutory, regulatory, administrative, fiscal,
judicial, or government-owned body, department, commission, authority, tribunal, agency or entity, or central bank (or any Person whether or not government owned and howsoever constituted or called, that exercises the functions of the central bank);

 “Authorization” means any consent, registration, filing, agreement, notarization, certificate, license, approval, permit, authority or
exemption from, by or with any Authority, whether given by express action or deemed given by failure to act within any specified time period, and all corporate, creditors’ and shareholders’ approvals or consents; 

“Authorized Representative” means any individual who is duly authorized by the Company to act on its behalf and whose name and a specimen of
whose signature appear on the Certificate of Incumbency and Authority most recently delivered by the Company to IFC; 
 “Board of
Directors” or “Board” means the board of directors of the Company nominated and elected from time to time in accordance with the Charter and Shareholders’ Agreement; 

“Business Day” means a day when banks are open for business in New York, New York; 

“CAO” means the Compliance Advisor Ombudsman, the independent accountability mechanism for IFC that responds to environmental and social
concerns of affected communities and aims to enhance outcomes; 
 “CAO’s Role” means the role of the CAO which is: 

 

	 	(a)	to respond to complaints by Persons who have been or are likely to be negatively affected by the social or environmental impacts of IFC projects; and 

 

	 	(b)	to oversee audits of IFC’s social and environmental performance, particularly in relation to sensitive projects, and to ensure compliance with IFC’s social and environmental policies, guidelines, procedures
and systems; 

 “Certificate of Incumbency and Authority” means a certificate provided to IFC by the Company substantially in
the form set forth in Schedule 1 (Form of Certificate of Incumbency and Authority); 
 “Charter” means the Memorandum and Articles
of Association of the Company or, as applicable, the equivalent constitutive or organizational documents of any Subsidiary, in each case, as the same may be amended from time to time; 

“Closing Date” has the meaning given to it in Section 1.1(c)(ii) of the Subscription Agreement; 

“Coercive Practice” has the meaning set forth in Annex A (Anti-Corruption Guidelines for IFC Transactions);

 “Collusive Practice” has the meaning set forth in Annex A (Anti-Corruption Guidelines for IFC
Transactions); 
 “Company Operations” has the meaning given to it in Schedule B of the Subscription Agreement; 

  
 2 

 “Control” has the meaning given to it in Schedule B of the Subscription Agreement; 

“Corrupt Practice” has the meaning set forth in Annex A (Anti-Corruption Guidelines for IFC Transactions);

 “Country” means, with respect to the Company, the Cayman Islands, and with respect to any Subsidiary, the country in which it is
organized and, if different, the country in which such Subsidiary has substantial operations; 
 “Debarred Person” has the meaning set
forth in Section 3.05 (Restricted Transfers); 
 “Director” means an individual who is a member of the Board of the Company
nominated and elected from time to time in accordance with the Charter and Shareholders’ Agreement; 
 “Dollars” or
“$” means the lawful currency of the United States of America; 
 “Equity Securities” of a company means (i) common
shares, (ii) preferred shares, (iii) bonds, loans, warrants, rights, options or other similar instruments or securities, in each case which are convertible into or exercisable or exchangeable for, or which carry a right to subscribe for or
purchase common shares of such company or (iv) any instrument or certificate representing a beneficial ownership interest in the common shares of such company, including global depositary receipts and American depository receipts and any other
security issued by the company, even if not convertible into common shares, that derives its value and/or return based on the financial performance of the company or its shares. 

“Exclusion List” means the list of prohibited activities set forth in Annex B (Exclusion List); 

“Financial Year” means the accounting year of the Company commencing each year on
January 1st and ending on the following December 31st, or such other period as the Company from time to time designates as its
accounting year in accordance with its Charter; 
 “Fraudulent Practice” has the meaning set forth in Annex A
(Anti-Corruption Guidelines for IFC Transactions); 
 “General Meeting” means a general meeting of the Company’s
shareholders in accordance with the Charter; 
 “IFC Observer” has the meaning set forth in Section 2.01 (IFC Observer); 

“IFC Shares” means the Equity Securities of the Company subscribed for by IFC pursuant to the Subscription Agreement and/or otherwise held by
IFC from time to time; 
 “IFC Subscription” means any subscription for Equity Securities of the Company by IFC as provided for in the
Subscription Agreement; 
 “Intellectual Property” has the meaning given to it in Section 2.9(a) of the Subscription Agreement; 

“Liquidity Event” has the meaning given to it in the Shareholders’ Agreement; 

“Listing” means the admission of Shares of the Company to listing on any securities exchange and/or to trading on any public trading market;

 “Material Adverse Effect” has the meaning given to it in Schedule B of the Subscription Agreement; 

  
 3 

 “Obstructive Practice” has the meaning set forth in Annex A
(Anti-Corruption Guidelines for IFC Transactions); 
 “Performance Standards” means IFC’s Performance Standards on
Social & Environmental Sustainability, dated January 1, 2012, copies of which have been delivered to and receipt of which has been acknowledged by the Company pursuant to the letter dated November 19, 2014. 

“Person” means any individual, corporation, company, partnership, firm, voluntary association, joint venture, trust, unincorporated
organization, Authority or any other entity whether acting in an individual, fiduciary or other capacity; 
 “Related Party” means any
Person: (a) that holds a material interest in the Company or any Subsidiary; (b) in which the Company or any Subsidiary holds a material interest; (c) that is otherwise an Affiliate of the Company; (d) who serves (or has within
the past twelve (12) months served) as a director or officer of the Company; or (e) who is a member of the family of any individual included in any of the foregoing. For the purpose of this definition, “material interest” shall
mean a direct or indirect ownership of shares representing at least five percent (5%) of the outstanding voting power or equity of the Company or any Subsidiary; 

“Repurchase Notice” means a notice provided by IFC to the Company pursuant to Section 4.01(a) informing the Company of IFC’s
exercise of the Repurchase Option; 
 “Repurchase Option” has the meaning set forth in Section 4.01(a) (Policy Repurchase
Option). 
 “Repurchase Price” means in relation to any given exercise of the Repurchase Option, the amount obtained by multiplying the
Subscription Price by the number of Repurchase Shares specified in the relevant Repurchase Notice and adjusting such amount by the rate of inflation as measured by the US CPI for the period of time, measured to the closest month, from the date of
the IFC Subscription to the date the Repurchase Notice was delivered; 
 “Repurchase Shares” means the IFC Shares to be redeemed by IFC as
specified in the Repurchase Notice, which shall be 100% of the IFC Shares as of the date of such Repurchase Notice. 
 “Repurchase Trigger
Event” means (a) the failure of the Company to perform its obligations under or in respect of Section 2.01 (IFC Observer), Section 3.01 (General Reporting Covenants), Section 3.02 (IFC Policy Reporting
Covenants), Section 3.03 (IFC Policy Covenants), Section 3.04(a) (Other Affirmative Covenants), or Section 3.05 (Restricted Transfers) of this Agreement, and such failure is incapable of remedy (in the
reasonable opinion of IFC) or, where such failure is capable of remedy (in the reasonable opinion of IFC), it has not been remedied within sixty (60) days following notice of such failure from IFC; or (b) the failure of a representation
made by the Company in Section 2.14 (Environmental and Safety Laws), Section 2.37 (Sanctionable Practices), Section 2.38 (UN Security Council Resolutions) or Section 2.39 (Criminal Offenses) of the
Subscription Agreement to be true and correct on and as of the Closing Date; 
 “S&E Performance Report” means the S&E Performance
Report attached hereto as Schedule 3 (S&E Performance Report), setting out the specific social, environmental and developmental impact information to be provided by the Company in respect of the Company Operations; 

“Sanctionable Practice” means any Corrupt Practice, Fraudulent Practice, Coercive Practice, Collusive Practice, or Obstructive Practice, as
those terms are defined herein and interpreted in accordance with the Anti-Corruption Guidelines attached to this Agreement as Annex A (Anti-Corruption Guidelines for IFC Transactions); 

  
 4 

 “Shareholders’ Agreement” means the Fourth Amended and Restated Shareholders’
Agreement, dated March 20, 2015, between the Company and the Holders (as defined therein); 
 “Shares” means the issued and
outstanding shares, or equivalent equity interests, of a company; 
 “Shell Bank” means a bank incorporated in a jurisdiction in which it
has no physical presence and which is not an Affiliate of a regulated bank or a regulated financial group; 
 “Subscription Agreement” has
the meaning set forth in the Recitals; 
 “Subscription Price” has the meaning given to it in Section 1.1(b) of the Subscription
Agreement; 
 “Subsidiary” means with respect to the Company, an Affiliate over fifty per cent (50%) of whose Shares is owned,
directly or indirectly, by the Company; and 
 “Transaction Documents” means:  

 

	 	(a)	this Agreement; 

  

	 	(b)	the Subscription Agreement; and 

  

	 	(c)	the Shareholders’ Agreement. 

 Section
1.02    Interpretation. In this Agreement, unless the context otherwise requires: 
  

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

  

	 	(b)	words importing the singular include the plural and vice versa; 

  

	 	(c)	a reference to an Annex, Article, party, Schedule or Section is a reference to that Article or Section of, or that Annex, party or Schedule to, this Agreement; 

 

	 	(d)	a reference to a document in the “agreed form” is a reference to a document approved and for the purposes of identification initialed by or on behalf of the parties thereto; 

 

	 	(e)	a reference to a document includes an amendment or supplement to, or replacement or novation of, that document but disregarding any amendment, supplement, replacement or novation made in breach of this Agreement;

  

	 	(f)	general words in this Agreement shall not be given a restrictive meaning by reason of their being preceded or followed by words indicating a particular class of acts, matters or things or by examples falling within the
general words; 

  

	 	(g)	a reference to a party to any document includes that party’s successors and permitted assigns; and 

  

	 	(h)	unless stated otherwise herein, a reference to “shares of the Company” means shares of the Company of any class. 

Section 1.03    Third Party Rights. A Person who is not a party to this
Agreement has no right to enforce or enjoy the benefit of any term of this Agreement. 

  
 5 

 ARTICLE II 

IFC OBSERVER 
 
Section 2.01    IFC Observer. (a) For as long as IFC holds at least thirty-three percent (33%) of the number of IFC Shares subscribed by IFC pursuant to the Subscription Agreement (as such
corresponding number shall be adjusted for any applicable share splits, share dividends, combinations, subdivisions, recapitalizations and the like), IFC shall have the right to nominate one observer (the “IFC Observer”) to attend,
in a nonvoting observer capacity, all meetings of the Board and any committees thereof and, in this respect, the IFC Observer shall have access to all information granted to the Board of Directors in their capacity as Directors of the Company
(including notices, consents, minutes, financial statements, agendas, and other materials, in each case to be received at the same time and in the same manner as received by directors seated on the Board). The IFC Observer may provide to IFC any
information that the IFC Observer receives from the Company, and may provide periodic reports to IFC. IFC and the IFC Observer (without prejudice to the preceding sentence) shall at all times keep confidential and not divulge, furnish or make
accessible to anyone any confidential information, knowledge or data concerning or relating to the business or financial affairs of the Company to which IFC or the IFC Observer shall become privy by reason of provision (collectively, the
“Confidential Information”); provided, that IFC and the IFC Observer may disclose Confidential Information to any officer, employee or representative of IFC or legal counsel, rating agency, accountants or representatives for
IFC (each of the foregoing persons, a “Permitted Disclosee”). IFC shall be permitted to disclose such Confidential Information to other members of the World Bank Group. IFC and the IFC Observer shall only use the Confidential
Information for purposes of monitoring and evaluating IFC’s investment in the Company. The foregoing confidentiality provisions shall not, however, be applied to any information that is generally available to the public or that is or has been
made known or disclosed to IFC or the IFC Observer by a third party without a breach of any obligation of confidentiality such third party may have to the Company; provided, that the Board may exclude the IFC Observer from attendance at such
meetings or access to such information if the Board determines that doing so is necessary for reasons of material conflicts of interest as determined in good faith by the Board or to protect highly confidential information or to preserve
attorney-client privilege. The Company covenants that, consistent with Section 3.9 of the Shareholders’ Agreement, it will indemnify the IFC Observer to the maximum extent that the Company indemnifies members of the Board, and the Company
will not take any action to amend its Charter to prohibit the Company from complying with such obligation. IFC may remove the IFC Observer at any time and shall be entitled to nominate another IFC Observer in place of any IFC Observer so removed. In
the event of the resignation, retirement or vacation of office of the IFC Observer, IFC shall be entitled to designate another IFC Observer in place of such IFC Observer. 
  

	 	(b)	Within twenty-four (24) months after the date of this Agreement, the Board shall constitute and maintain the following committees whose members shall all be Directors: (i) the audit committee; and
(ii) the nominations committee; and (iii) the compensation committee, and the IFC Observer shall be permitted to attend all meetings of these committees, subject to the proviso set forth in Section 2.01(a) above. Any financial audit
of the Company must be in compliance with the Accounting Standards and approved by the audit committee. 

 
Section 2.02    Removal/Resignation of IFC Observer. IFC may remove the IFC Observer at any time and shall be entitled to nominate another Person as the IFC Observer in place of any IFC Observer so removed.
In the event of the resignation, retirement or vacation of office of the IFC Observer, IFC shall be entitled to nominate another Person as the IFC Observer in place of such IFC Observer. 

  
 6 

 ARTICLE III 

COVENANTS 
 
Section 3.01    General Reporting Covenants. 
  

	 	(a)	The Company shall furnish to IFC the following information: 

  

	 	(i)	within ninety (90) days after the end of each Financial Year, annual financial statements (a balance sheet as of the end of such Financial Year and the related statements of income, shareholders’ equity and
cash flows for the Financial Year then ended) for the Company and for each of its Subsidiaries on a consolidated and an unconsolidated basis, audited in accordance with the Accounting Standards and certified by the Auditors, along with a
consolidating statement prepared by the Auditors, and a copy of all management letters delivered by the Auditors; 

  

	 	(ii)	within forty-five (45) days after the end of each quarter of each Financial Year, quarterly financial statements (a balance sheet as of the end of such quarter and the related statements of income,
shareholders’ equity and cash flows for the quarter then ended) for the Company and for each of its Subsidiaries on a consolidated and an unconsolidated basis, prepared in accordance with the Accounting Standards; 

 

	 	(iii)	within fifteen (15) days after receipt thereof by the Company, any management letter or similar letter from the Auditors; 

  

	 	(iv)	no later than ten (10) days before each General Meeting, the notice, agenda and relevant meeting materials for the General Meeting; 

 

	 	(v)	no later than fifteen (15) days after each General Meeting, the minutes thereof reflecting decisions adopted at such meeting; 

  

	 	(vi)	simultaneously with delivery to the Directors and the IFC Observer, the notice, agenda and relevant materials sent to them for meetings of the Board; 

 

	 	(vii)	no later than thirty (30) days after each Board meeting, the minutes thereof reflecting decisions adopted at such meeting; 

  

	 	(viii)	no later than thirty (30) days before commencement of each Financial Year, the proposed annual business plan; and 

  

	 	(ix)	upon IFC’s request, a summary of all outstanding litigation, arbitration or other claims involving the Company or any of its Subsidiaries, including the total number of claims outstanding for each type of claim
(e.g., labor, civil, tax), the number of new claims initiated in the period covered by such request, the number of claims resolved (either by settlement, judicial award or otherwise) in such period, the aggregate and average payment amounts agreed
by settlement or awarded, the aggregate and average settlement or award payment amounts actually paid, the aggregate amount reserved by the Company for each type of claim, and any other relevant information about the Company’s outstanding
claims. 

  
 7 

	 	(b)	Following a Listing, the covenants set forth in this Section 3.01 shall terminate and be of no further force or effect. 

Section 3.02    IFC Policy Reporting Covenants. 

 

	 	(a)	The Company shall promptly notify IFC upon becoming aware of any: (i) litigation or investigations or proceedings against the Company or any of its Subsidiaries which have or may reasonably be expected to have a
Material Adverse Effect; or (ii) any criminal investigations or proceedings against the Company or any director or officer of the Company, and any such notification shall specify the nature of the action or proceeding and any steps that the
Company proposes to take in response to the same. 

  

	 	(b)	Upon IFC’s reasonable request or the CAO’s request (or IFC’s request on behalf or at the behest of the CAO) at any time, and with reasonable prior notice to the Company, the Company shall permit
representatives of IFC and the CAO, during normal office hours, to: 

  

	 	(i)	visit any of the sites and premises where the business of the Company or its Subsidiaries is conducted; 

  

	 	(ii)	inspect any of the offices, branches and other facilities of the Company or its Subsidiaries; 

  

	 	(iii)	have access to the books of account and all records of the Company and its Subsidiaries; and 

  

	 	(iv)	have access to those employees and officers of the Company and its Subsidiaries who have or may have knowledge of matters with respect to which IFC or the CAO seeks information; 

provided that: (A) in the case of representatives of the CAO, no such reasonably prior notice shall be necessary if special circumstances so require;
(B) with respect to representatives of IFC only, the Company shall not be obligated pursuant to this Section 3.02 to provide access to any information that it reasonably considers, upon written advice of its legal counsel, to be a trade
secret or similar confidential information; (C) the inspection rights contained in this Section 3.02 may be exercised by representatives of IFC only once during any twelve (12)-month period (but no such limitation applies to the
representatives of the CAO); and (D) in the case of the representatives of the CAO, such access shall be for the purpose of carrying out the CAO’s Role. 
  

	 	(c)	The Company shall and shall ensure that each of its Subsidiaries shall: 

  

	 	(i)	within ninety (90) days after the end of each Financial Year, deliver to IFC the corresponding S&E Performance Report in the form attached as Schedule 3 (S&E Performance Report) hereto confirming
compliance with the Action Plan, the social and environmental covenants set forth in this Agreement and Applicable S&E Law, or, as the case may be, identifying any non-compliance or failure, and the actions being taken to remedy it, and
including such information as IFC shall reasonably require in order to measure the ongoing development results of IFC’s investment in the IFC Shares, which information IFC may hold and use in accordance with IFC’s Access to Information
Policy, dated January 1, 2012, which is available at http://ifcnet.ifc.org/intranet/ifcpolproc.nsf/AttachmentsByTitle/700101IFCPolicyDisclosureInformation_ Effective+Jan+1+2012/$FILE/700101IFCPolicyDisclosureInformation.pdf); and 

  
 8 

	 	(ii)	within three (3) days after its occurrence, notify IFC of any social, labor, health and safety, security or environmental incident, accident or circumstance having, or which could reasonably be expected to have,
any material adverse social and/or environmental impact or any material adverse impact on the implementation or operation of the Company Operations in compliance with the Performance Standards, specifying in each case the nature of the incident,
accident, or circumstance and the impact or effect arising or likely to arise therefrom, and the measures the Company or the relevant Subsidiary, as applicable, is taking or plans to take to address them and to prevent any future similar event; and
keep IFC informed of the on-going implementation of those measures. 

  

	 	(d)	The Company shall furnish to IFC, within ninety (90) days after the expiry of the insurance policy referred to in Section 3.03(f) (IFC Policy Covenants), a certificate from an Authorized Representative
confirming that, as of the date of such certificate, the Company maintains the insurance policy required to be maintained pursuant to Section 3.03(f) (IFC Policy Covenants) and providing a detailed explanation of any material changes in
such insurance policies. 

  

	 	(e)	Following a Listing, IFC may, by notice to the Company, elect not to receive any of the information described in this Section 3.02. In this case, the Company shall provide IFC with copies of all information
publicly disclosed and/or filed, in compliance with the rules and regulations of any securities exchange or automated quotation system on which any of the Company’s securities are listed and any Applicable Law. If, upon a Liquidity Event, the
rights set forth in this Section 3.02 survive such Liquidity Event pursuant to Section 5.01(a) or Section 5.01(b), and IFC does not elect not to receive any of the information described in this Section 3.02 in accordance with the
first sentence in this Section 3.02(e), the exercise of the rights set forth in this Section 3.02 shall be subject to Applicable Law with respect to selective disclosure of information by publicly traded companies and to IFC entering into
a confidentiality and standstill agreement reasonably acceptable to IFC and the Company or any successor entity thereto. 

 
Section 3.03    IFC Policy Covenants. 
  

	 	(a)	Sanctionable Practices. 

  

	 	(i)	The Company hereby agrees that it shall not engage in (nor authorize or permit any Affiliate or any other Person acting on its behalf to engage in) any Sanctionable Practice with respect to the Company Operations;

  

	 	(ii)	The Company further covenants that should it become aware of any violation of Section 3.03(a)(i), it shall promptly notify IFC; and 

 

	 	(iii)	If IFC notifies the Company of its concern that there has been a violation of Section 3.03(a)(i), the Company shall cooperate in good faith with IFC and its representatives in determining whether such a violation
has occurred, and shall respond promptly and in reasonable detail to any notice from IFC, and shall furnish documentary support for such response upon IFC’s request. 

 

	 	(b)	Affirmative Covenants. The Company shall and shall ensure that each of its Subsidiaries shall: 

  

	 	(i)	implement the Action Plan and undertake the Company Operations in compliance with the Performance Standards and Applicable S&E Law; and 

 

	 	(ii)	periodically review the form of the S&E Performance Report and advise IFC as to whether revision of the form is necessary or appropriate in light of changes to the Company Operations and revise the form of the
S&E Performance Report, if applicable, with the prior written consent of IFC. 

  

	 	(c)	Negative Covenant. The Company shall not amend the Action Plan in any material respect without the prior written consent of IFC. 

  
 9 

	 	(d)	UN Security Council Resolutions. The Company shall not and shall ensure that each of its Subsidiaries shall not enter into any transaction or engage in any activity prohibited by any resolution of the United
Nations Security Council under Chapter VII of the United Nations Charter. The Company shall ensure that no Person may become a holder of Equity Securities if such Person or any Affiliate of such Person is named on (A) lists promulgated by the
United Nations Security Council or its committees pursuant to resolutions issued under Chapter VII of the United Nations Charter; or (B) the World Bank Listing of Ineligible Firms (see www.worldbank.org/debarr). 

 

	 	(e)	Shell Banks. The Company shall not and shall ensure that each of its Subsidiaries shall not conduct business or enter into any transaction with, or transmit any funds through, a Shell Bank. 

 

	 	(f)	Insurance. The Company shall, at all times, maintain a directors and officers liability insurance policy, providing adequate and customary coverage with a financially sound and reputable insurer or insurers, and
such policy shall at all times cover the IFC Observer to the full extent as it covers the Directors of the Company. 

  

	 	(g)	Prohibited Activities. The Company shall not, and shall ensure that each of its Subsidiaries shall not, engage directly or indirectly in any of the activities on the Exclusion List attached as Annex B or
in a country that is not a member of the World Bank. 

Section 3.04    Other Affirmative Covenants. The Company shall: 

 

	 	(a)	undertake its business, activities and investments, and cause each of its Subsidiaries to undertake their business, activities and investments, in compliance with Applicable Law; and 

 

	 	(b)	as soon as practicable, but in any event within eighteen (18) months of the Closing Date, adopt and maintain a policy, in form and substance satisfactory to IFC, designed to maximize the Company’s and its
Subsidiaries’ ownership of Intellectual Property developed or acquired in the course of its operations, which policy shall require the Company to, commencing on the date such policy is adopted: (i) cause all material technological
developments, patentable or unpatentable, inventions, discoveries or improvements by the Company’s or any of its Subsidiaries’ officers or employees to be documented in accordance with the appropriate professional standards; and
(ii) cause all officers and key employees, and to the extent practicable, consultants of the Company and its Subsidiaries, to enter into non-disclosure and proprietary rights agreements in customary form, approved by the Board of Directors.

 Section 3.05    Restricted Transfers. The Company
shall, and shall cause its Subsidiaries to, refuse to effect or recognize: (a) any transaction involving a purported Transfer (as such term is defined in the Charter) of Equity Securities in the Company or of any Subsidiary to any of the
individuals or entities named on (i) lists promulgated by the United Nations Security Council or its committees pursuant to resolutions issued under Chapter VII of the United Nations Charter or (ii) the World Bank Listing of Ineligible
Firms (each, a “Debarred Person”), or record or register any such Transfer of Equity Securities in the Company or such Subsidiary in the applicable share registry; or (b) any liquidation, dissolution, winding-up, merger,
consolidation or other transaction that constitutes a Liquidity Event which would result in (1) the shareholders of the Company receiving equity securities of a Debarred Person or a Person that engages in activities set forth on the Exclusion
List (or, with respect to the activities set forth in the second, third, fourth and fifth items on the Exclusion List (the “Specified Activities”), that engages primarily in such Specified Activities), or (2) the shareholders
of the Company (if such shareholders includes IFC) and a Debarred Person or a Person that engages in the activities set forth on the Exclusion List (or, with respect to the Specified Activities, that engages primarily in such Specified Activities)
being holders of any of the equity securities of the Company or a Subsidiary or any surviving or successor Person. After consummation of any admission of Equity Securities of the Company to listing on any securities exchange and/or to trading on any
public market, this Section 3.05 shall not apply to a sale of Equity Securities of the Company on any open market. For sake of clarity, a retailer that engages in the Specified Activities but for which those Specified Activities do not
constitute a majority of such retailer’s revenues shall not be considered to be a Person engaging primarily in such Specified Activities. 

  
 10 

 Section 3.06    Further
Assurances. The Company shall exercise all such rights and powers as are available to it to take, or cause to be taken, such actions, and do, perform, execute and deliver, or cause to be done, performed, executed and delivered, all acts,
deeds and documents necessary, proper or advisable to ensure compliance with and to fully and effectually implement the provisions of this Agreement and the other Transaction Documents, as promptly as reasonably possible. 

ARTICLE IV 

POLICY REPURCHASE OPTION 
 
Section 4.01    Repurchase Option. 
  

	 	(a)	The Company hereby grants to IFC an option (the “Repurchase Option”) to sell to the Company, and the Company is obligated to purchase from IFC upon exercise of each such option, all the Repurchase
Shares (as specified by IFC in the relevant Repurchase Notice) in accordance with the terms of this Agreement. 

  

	 	(b)	The Repurchase Option may be exercised by IFC by delivery to the Company of a Repurchase Notice at any time within one hundred twenty (120) days of the date upon which IFC becomes aware of the occurrence of a
Repurchase Trigger Event. 

  

	 	(c)	The Repurchase Notice shall specify the number of Repurchase Shares (which shall be 100% of the IFC Shares as of the date of such Repurchase Notice), the Repurchase Price for those Repurchase Shares (and the basis for
its determination of the Repurchase Price), the bank account into which the Repurchase Price shall be paid, the nature of the relevant Repurchase Trigger Event and the settlement date (the “Settlement Date”) for such repurchase
(which shall be not less than ten (10) days nor more than sixty (60) days after the date of the Repurchase Notice). 

  

	 	(d)	On the Settlement Date: (i) the Company shall pay to IFC, into the bank account specified by IFC, the Repurchase Price set out in the Repurchase Notice in immediately available funds, without deduction whatsoever
for any fees, taxes, duties, costs or other charges howsoever called unless such deduction is required pursuant to Applicable Law (including any laws or regulations with respect to IFC’s immunity from taxation and customs duties in the
territories of IFC’s member countries); and (ii) IFC shall, after receipt of the Repurchase Price, transfer to the Company free of all liens and other encumbrances and rights of third parties the certificates, if any, evidencing title to
the Repurchase Shares together with such instruments of transfer, if any, as required by the laws of the Country to effect the transfer. The Company hereby acknowledges that IFC is immune from all forms of taxation and customs duties, including
withholding tax, in the territories of IFC’s member countries. Without prejudice to clause (i) of this Section 4.01(d), the Company will use commercially reasonable efforts to assist IFC, including by preparing necessary forms
and other paperwork, to obtain the benefits of any immunity, exemption or relief from taxation to which IFC is entitled with respect to taxes imposed in respect of IFC’s ownership of shares in the Company. The Company further agrees that,
at IFC’s request, it will use commercially reasonable efforts to make any filings and to take other actions to recover on IFC’s behalf any taxes withheld or paid which are recoverable, in each case with respect to taxes imposed in respect
of IFC’s ownership of shares in the Company, but only to the extent that such filings may be made, or such withheld or paid taxes recovered by the Company, and cannot be legally filed, recovered or obtained, as the case may be, by IFC. If
Company is required to withhold or deduct taxes, the Company agrees to provide IFC with 20 calendar days’ advance notice of any amounts to be withheld purportedly representing IFC’s tax liability. 

  
 11 

	 	(e)	For the avoidance of doubt, IFC shall be entitled to any dividends, distributions or return of capital relating to the Repurchase Shares which are the subject of the relevant Repurchase Notice which were declared or
otherwise had a record date on or before the Settlement Date. To the extent that any such dividends, distributions or return of capital are paid to the Company, whether before or after the Settlement Date, the Company shall be deemed to hold such
amounts in trust and for the benefit of IFC and shall promptly pay to IFC an amount equal to the amount of such dividends, distributions or return of capital so received by it. 

 

	 	(f)	Notwithstanding anything to the contrary in this Section 4.01, the Company shall be obligated to pay the Repurchase Price only if and when the Company has funds lawfully available for the repurchase of the
Repurchase Shares. 

 ARTICLE V 

TERM OF AGREEMENT 
 
Section 5.01    Term of Agreement. Except as otherwise expressly set forth herein, this Agreement shall become effective as of the date on which IFC first subscribes for the IFC Shares and shall continue in
force until the earlier of (i) such time as IFC no longer holds any IFC Shares or shares of any successor company or (ii) the occurrence of a Liquidity Event, at which point this Agreement shall terminate and be of no further force or
effect; provided, that 
  

	 	(a)	solely in the case of a termination under the foregoing clause (ii), if the Liquidity Event is not a public offering of the Company or any successor entity thereto, the provisions of Section 2.01 (IFC
Observer), Section 2.02 (Removal/Resignation of IFC Observer), Section 3.01 (General Reporting Covenants), Section 3.02 (IFC Policy Reporting Covenants), Section 3.03 (IFC Policy Covenants),
Section 3.04 (Other Affirmative Covenants), Section 3.05 (Restricted Transfers) and Section 4.01 (Repurchase Option) shall survive the termination of this Agreement unless the sole consideration to IFC from such
Liquidity Event is cash and/or Equity Securities of a highly liquid publicly traded stock that is listed on a major global exchange (in which case such provisions would not survive the Liquidity Event); 

 

	 	(b)	solely in the case of a termination under the foregoing clause (ii), if the Liquidity Event is a public offering of the Company or any successor entity thereto, the provisions of Section 3.02(b) (IFC Policy
Reporting Covenants) and Section 3.03 (IFC Policy Covenants) shall survive; 

  
 12 

	 	(c)	in any case, the provisions of Article I (Definitions and Interpretation), Section 7.01 (Notices), Section 7.03 (English Language), Section 7.04 (Applicable Law and
Jurisdiction), Section 7.06 (Announcements) and Section 7.10 (Expenses) shall survive the termination of this Agreement; and 

  

	 	(d)	the termination of this Agreement or cessation of effectiveness with respect to a Party shall be without prejudice to any Person’s accrued rights and obligations at the date of its termination and any legal or
equitable remedies of any kind which may accrue in connection therewith. 

 ARTICLE VI

 REPRESENTATIONS AND WARRANTIES 

Section 6.01    Representations and Warranties. The Company hereby
represents and warrants that each of the following statements is true, accurate and not misleading as of the date of this Agreement: 
  

	 	(a)	Organization and Authority. The Company is a legal entity duly organized and validly existing under the laws of its place of incorporation and has the corporate power and authority to enter into, deliver and
perform its obligations under this Agreement and each of the other Transaction Documents to which it is party. 

  

	 	(b)	Validity. This Agreement and each of the other Transaction Documents to which it is a party has been duly authorized and executed by the Company and constitutes its valid and legally binding obligation,
enforceable in accordance with its terms; 

  

	 	(c)	No Conflict. The execution, delivery and performance of this Agreement and each of the other Transaction Documents to which it is a party will not contravene: (i) any law, regulation, order, decree or
Authorization applicable to the Company; (ii) any provision of the Company’s Charter; or (iii) any contractual restriction binding on or affecting the Company or any of the Company’s assets; and 

 

	 	(d)	Status of Authorizations. All Authorizations required for the execution and delivery of this Agreement and each of the other Transaction Documents to which it is a party and the performance of its obligations
hereunder have been obtained and are in full force and effect. 

Section 6.02    IFC Reliance. The Company acknowledges that it has
made the representations and warranties in Section 6.01 (Representations and Warranties), with the intention of inducing IFC to enter into this Agreement and each of the other Transaction Documents to which it is a party and to make the
IFC Subscription and that IFC has entered into this Agreement and each of the other Transaction Documents to which it is a party and made the IFC Subscription on the basis of and in full reliance on such representations and warranties. 

ARTICLE VII 

MISCELLANEOUS 
 
Section 7.01    Notices. 
  

	 	(a)	Any notice, request or other communication to be given or made under this Agreement shall be in writing. Subject to Section 7.04 (Applicable Law and Jurisdiction), any such communication shall be delivered
by hand, established courier service, facsimile or by e-mail (with delivery by hand or by courier service to follow, if the recipient is IFC) to the party to which it is required or permitted to be given or made at such party’s address
specified below or at such other address as such party has from time to time designated by written notice to the other party hereto, and subject to clause (b) shall be effective upon the earlier of (a) actual receipt and (b) deemed
receipt under Section 7.01(b) below. 

  
 13 

 For the Company: 

Netshoes (Cayman) Limited 

Rua Vergueiro, 943, Liberdade 

CEP: 01504-001 

São Paulo SP, Brazil 

Email: marcio@netshoes.com 

Attention: Marcio Kumruian 

With a copy to: 

Flávio Franco 

Legal Director 

Email: flavio.franco@netshoes.com 

For IFC: 

International Finance Corporation 

2121 Pennsylvania Avenue, N.W. 

Washington, D.C. 20433 

United States of America 

Facsimile: +1 (202) 522-3743 

Email: SPetersen@ifc.org 

Attention: Director, TMT, Venture Capital and Funds Department 

With a copy (in the case of communications relating to payments) sent to the attention of the Director, Department of Financial Operations at:

 Facsimile: +1 (202) 522-3064 
  

	 	(b)	Unless there is reasonable evidence that it was received at a different time, notice pursuant to this Section 7.01 is deemed given if: (i) delivered by hand, when left at the address referred to in
Section 7.01(a); (ii) sent by established courier services within a country, three (3) Business Days after posting it; (iii) sent by established courier service between two countries, six (6) Business Days after posting it;
(iv) sent by facsimile, when confirmation of its transmission has been recorded by the sender’s facsimile machine and (v) sent by email, upon receipt by the intended recipient. 

Section 7.02    Saving of Rights. 

 

	 	(a)	The rights and remedies of IFC in relation to any misrepresentation or breach of warranty on the part of the Company shall not be prejudiced by any investigation by or on behalf of IFC into the affairs of the Company,
by the execution or the performance of this Agreement or by any other act or thing by or on behalf of IFC which might prejudice such rights or remedies. 

  

	 	(b)	No course of dealing and no failure or delay by IFC in exercising any power, remedy, discretion, authority or other right under this Agreement or any other agreement shall impair, or be construed to be a waiver of or an
acquiescence in, that or any other power, remedy, discretion, authority or right under this Agreement, or in any manner preclude its additional or future exercise. 

  
 14 

 Section 7.03    English
Language. All documents to be provided or communications to be given or made under this Agreement shall be in English and, where the original version of any such document or communication is not in English, shall be accompanied by an English
translation certified by an Authorized Representative to be a true and correct translation of the original. 

Section 7.04    Applicable Law and Jurisdiction. 

 

	 	(a)	This Agreement shall be governed by and construed in accordance with the laws of the State of New York, United States of America, without giving effect to principles or rules of conflict of laws to the extent such
principles or rules would require or permit the application of the laws of another jurisdiction. 

  

	 	(b)	For the exclusive benefit of IFC, the Company irrevocably agrees to venue being laid in the courts of the United States of America located in the Southern District of New York or in the courts of the State of New York
located in the Borough of Manhattan, in any legal action, suit or proceeding arising out of or relating to this Agreement, and waives any objections to venue based on grounds of forum non conveniens or inconvenient forum. 

 

	 	(c)	For the exclusive benefit of IFC, the Company irrevocably also submits to personal jurisdiction of any such court in any such action, suit or proceeding. Final judgment against the Company in any such action, suit or
proceeding shall be conclusive and may be enforced in any other jurisdiction, including the Country, by suit on the judgment, a certified or exemplified copy of which shall be conclusive evidence of the judgment, or in any other manner provided by
law. 

  

	 	(d)	The parties acknowledge and agree that no provision of this Agreement in any way constitutes or implies a waiver, termination or modification by IFC of any privilege, immunity or exemption of IFC granted in the Articles
of Agreement establishing IFC, international conventions, or applicable law. 

  

	 	(e)	The Company hereby designates, appoints and empowers, on an automatically renewing basis, Corporation Service Company, with offices currently located at 1180 Avenue of the Americas, Suite 210, New York, NY 10036, as its
authorized agent solely to receive for and on its behalf service of any summons, complaint or other legal process in any action, suit or proceeding IFC may bring in the State of New York in respect of this Agreement. 

 

	 	(f)	As long as this Agreement remains in force, the Company shall maintain a duly appointed and authorized agent to receive for and on its behalf service of any summons, complaint or other legal process in any action, suit
or proceeding IFC may bring in New York, New York, United States of America, with respect to this Agreement. The Company shall keep IFC advised of the identity and location of such agent. 

 

	 	(g)	The Company also irrevocably consents to the service of such papers being made by mailing copies of the papers by registered United States air mail, postage prepaid, to the Company at its address specified pursuant to
Section 7.01 (Notices). In such a case, IFC shall also send by facsimile, or have sent by facsimile, a copy of the papers to the Company. 

  

	 	(h)	Service in the manner provided in Sections 7.04(e), (f) and (g) in any action, suit or proceeding will be deemed personal service, will be accepted by the Company as such and will be valid and binding upon the
Company for all purposes of any such action, suit or proceeding. 

  
 15 

	 	(i)	The Company irrevocably waives to the fullest extent permitted by Applicable Law: 

  

	 	(i)	its right of removal of any matter commenced by IFC in the courts of the State of New York to any other court in the United States of America or elsewhere; and 

 

	 	(ii)	any and all rights to demand a trial by jury in any such action, suit or proceeding brought against such party by IFC. 

  

	 	(j)	To the extent that the Company may be entitled in any jurisdiction to claim for itself or its assets immunity in respect of its obligations under this Agreement from any suit, execution, attachment (whether provisional
or final, in aid of execution, before judgment or otherwise) or other legal process or to the extent that in any jurisdiction that immunity (whether or not claimed) may be attributed to it or its assets, the Company irrevocably agrees not to claim
and irrevocably waives such immunity to the fullest extent permitted now or in the future by the laws of such jurisdiction. 

  

	 	(k)	The Company hereby acknowledges that IFC shall be entitled under Applicable Law, including the provisions of the International Organizations Immunities Act, to immunity from a trial by jury in any action, suit or
proceeding arising out of or relating to this Agreement or the transactions contemplated hereby brought against IFC in any court of the United States of America. The Company hereby waives any and all rights to demand a trial by jury in any action,
suit or proceeding arising out of or relating to this Agreement or the transactions contemplated by this Agreement, brought against IFC in any forum in which IFC is not entitled to immunity from a trial by jury. 

 

	 	(l)	To the extent that the Company may, in any action, suit or proceeding brought in any of the courts referred to in Section 7.04(b) or a court of the Country or elsewhere arising out of or in connection with this
Agreement, be entitled to the benefit of any provision of law requiring IFC in such action, suit or proceeding to post security for the costs of the Company, or to post a bond or to take similar action, the Company hereby irrevocably waives such
benefit, in each case to the fullest extent now or in the future permitted under the laws of the Country or, as the case may be, the jurisdiction in which such court is located. 

 

	 	(m)	Nothing in this Agreement shall affect the right of IFC to commence legal proceedings or otherwise sue the Company in the Country or any other appropriate jurisdiction, or concurrently in more than one jurisdiction, or
to serve process, pleadings and other legal papers upon the Company in any manner authorized by the laws of any such jurisdiction. 

Section 7.05    Immunity. To the extent the Company may be entitled in
any jurisdiction to claim for itself or its assets immunity in respect of its obligations under this Agreement or any other Transaction Document from any suit, execution, attachment (whether provisional or final, in aid of execution, before judgment
or otherwise) or other legal process or to the extent that in any jurisdiction that immunity (whether or not claimed) may be attributed to it or its assets, the Company irrevocably agrees not to claim and irrevocably waives such immunity to the
fullest extent permitted now or in the future by the laws of such jurisdiction. 

Section 7.06    Announcements. 

 

	 	(a)	The Company may not, nor shall it permit any of its Subsidiaries to, represent IFC’s views on any matter, or use IFC’s name in any written material provided to third parties, without IFC’s prior written
consent. 

  

	 	(b)	The Company shall not, and shall ensure that its Subsidiaries do not: 

  

	 	(i)	disclose any information either in writing or orally to any Person which is not a party to this Agreement; or 

  

	 	(ii)	make or issue a public announcement, communication or circular, 

  
 16 

 about the IFC Subscription or the subject matter of, or the transactions referred to in, this Agreement or any
other Transaction Document, including by way of press release, promotional and publicity materials, posting of information on websites, granting of interviews or other communications with the press, or otherwise, other than: (A) to such of its
officers, employees and advisers as reasonably require such information in connection with IFC Subscription or to comply with the terms of this Agreement or any other Transaction Document; (B) to the extent required by law or regulation
(including the rules of any stock exchange on which the Company’s or the relevant Subsidiary’s shares are listed); (C) to the extent required for it to enforce its rights under this Agreement; and (D) with the prior written
consent of IFC. Before any information is disclosed or any public announcement, communication or circulation made or issued pursuant to this Section 7.06(b), the Company must consult with IFC in advance about the timing, manner and content of
the disclosure, announcement, communication or circulation (as the case may be). 
  

	 	(c)	The Company shall expressly inform any Person to whom it or any of its Subsidiaries discloses any information under Section 7.06(b) of the restrictions set out in Section 7.06(b) with regard to disclosure of
such information and shall procure their compliance with the terms of this Section 7.06 as if they each were a party to this Agreement as the Company, and the Company shall be responsible for any breach by any such Person of the provisions of
this Section 7.06. 

 Section 7.07    Successors and
Assigns. This Agreement binds and benefits the respective successors and assignees of the parties. However, the Company may not assign, transfer or delegate any of its rights or obligations under this Agreement unless IFC gives its prior
written consent. 
 Section 7.08    Amendments, Waivers and
Consents. Any amendment or waiver of, or any consent given under, any provision of this Agreement shall be in writing and, in the case of an amendment, signed by all of the parties hereto. 

Section 7.09    Counterparts. This Agreement may be executed in
several counterparts, each of which is an original, but all of which constitute one and the same agreement. 

Section 7.10    Expenses. If any action is necessary to enforce or
interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 

Section 7.11    Entire Agreement. This Agreement, together with the
other Transaction Documents, supersedes all prior discussions, memoranda of understanding, agreements and arrangements (whether written or oral, including all correspondence), if any, between the parties with respect to the subject matter of this
Agreement, and this Agreement (together with any amendments or modifications and the other Transaction Documents) contains the sole and entire agreement between the parties with respect to the subject matter of this Agreement and the other
Transaction Documents. The Company and IFC acknowledge and agree that in the event of any conflict in interpretation or implementation between this Agreement and the Shareholders’ Agreement, the Shareholders’ Agreement shall control and
the Company shall act in accordance with the Shareholders’ Agreement; provided, however, that in the event of an amendment to a provision of the Shareholders’ Agreement that creates a conflict with a provision of this
Agreement, as determined in good faith by IFC in its sole and reasonable discretion, such amended provision shall not control with respect to this Agreement without the written consent of IFC to such amendment. 

Section 7.12    Invalid Provisions. If any provision of this Agreement
is held to be illegal, invalid or unenforceable under any law from time to time: (a) such provision will be fully severable; (b) this Agreement will be construed and enforced as if such illegal, invalid or unenforceable provision had never
comprised a part hereof; and (c) the remaining provisions of this Agreement will remain in full force and effect and will not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom. 

(Signature Page Follows) 

  
 17 

 IN WITNESS WHEREOF, the parties hereto, acting through their duly authorized representatives,
have caused this Agreement to be signed in their respective names as of the date first written above. 
  

			
	 NETSHOES (CAYMAN) LIMITED

 
  

	 By:
	 	/S/    MARCIO KUMRUIAN
	 Name:
	 	Marcio Kumruian
	Title:	 	

  

			
	 INTERNATIONAL FINANCE CORPORATION

 
  

	 By:
	 	/S/    NIKUNJ JINSI
	 Name:
	 	Nikunj Jinsi
	Title:	 	Global Head, Venture Capital

  
  

Netshoes Policy Agreement 

Signature Page 

 ANNEX A 

ANTI-CORRUPTION GUIDELINES FOR IFC TRANSACTIONS 

The purpose of these Guidelines is to clarify the meaning of the terms “Corrupt Practice”, “Fraudulent Practice”,
“Coercive Practice”, “Collusive Practice” and “Obstructive Practice” in the context of IFC operations. 
  

	1.	CORRUPT PRACTICES 

 A “Corrupt Practice” is the offering, giving,
receiving or soliciting, directly or indirectly, of anything of value to influence improperly the actions of another party. 

INTERPRETATION 
  

	 	A.	Corrupt practices are understood as kickbacks and bribery. The conduct in question must involve the use of improper means (such as bribery) to violate or derogate a duty owed by the recipient in order for the payor to
obtain an undue advantage or to avoid an obligation. Antitrust, securities and other violations of law that are not of this nature are excluded from the definition of corrupt practices. 

 

	 	B.	It is acknowledged that foreign investment agreements, concessions and other types of contracts commonly require investors to make contributions for bona fide social development purposes or to provide funding for
infrastructure unrelated to the project. Similarly, investors are often required or expected to make contributions to bona fide local charities. These practices are not viewed as Corrupt Practices for purposes of these definitions, so long as they
are permitted under local law and fully disclosed in the payor’s books and records. Similarly, an investor will not be held liable for corrupt or fraudulent practices committed by entities that administer bona fide social development funds or
charitable contributions. 

  

	 	C.	In the context of conduct between private parties, the offering, giving, receiving or soliciting of corporate hospitality and gifts that are customary by internationally-accepted industry standards shall not constitute
corrupt practices unless the action violates Applicable Law. 

  

	 	D.	Payment by private sector persons of the reasonable travel and entertainment expenses of public officials that are consistent with existing practice under relevant law and international conventions will not be viewed as
Corrupt Practices. 

  

	 	E.	The World Bank Group1 does not condone facilitation payments. For the purposes of implementation, the interpretation of “Corrupt Practices” relating to
facilitation payments will take into account relevant law and international conventions pertaining to corruption. 

  

	2.	FRAUDULENT PRACTICES 

 A “Fraudulent Practice” is any action or
omission, including a misrepresentation that knowingly or recklessly misleads, or attempts to mislead, a party to obtain a financial or other benefit or to avoid an obligation. 

 

	1 	The “World Bank” is the International Bank for Reconstruction and Development, an international organization established by Articles of Agreement among its member countries and the “World Bank Group”
refers to the International Bank for Reconstruction and Development, the International Development Association, the International Finance Corporation, the Multilateral Investment Guarantee Agency, and the International Centre for Settlement of
Investment Disputes. 

 INTERPRETATION 

 

	 	A.	An action, omission, or misrepresentation will be regarded as made recklessly if it is made with reckless indifference as to whether it is true or false. Mere inaccuracy in such information, committed through simple
negligence, is not enough to constitute a “Fraudulent Practice” for purposes of this Agreement. 

  

	 	B.	Fraudulent Practices are intended to cover actions or omissions that are directed to or against a World Bank Group entity. It also covers Fraudulent Practices directed to or against a World Bank Group member country in
connection with the award or implementation of a government contract or concession in a project financed by the World Bank Group. Frauds on other third parties are not condoned but are not specifically sanctioned in IFC, MIGA, or PRG operations.
Similarly, other illegal behavior is not condoned, but will not be considered as a Fraudulent Practice for purposes of this Agreement. 

  

	3.	COERCIVE PRACTICES 

 A “Coercive Practice” is impairing or
harming, or threatening to impair or harm, directly or indirectly, any party or the property of the party to influence improperly the actions of a party. 

INTERPRETATION 
  

	 	A.	Coercive Practices are actions undertaken for the purpose of bid rigging or in connection with public procurement or government contracting or in furtherance of a Corrupt Practice or a Fraudulent Practice.

  

	 	B.	Coercive Practices are threatened or actual illegal actions such as personal injury or abduction, damage to property, or injury to legally recognizable interests, in order to obtain an undue advantage or to avoid an
obligation. It is not intended to cover hard bargaining, the exercise of legal or contractual remedies or litigation. 

  

	4.	COLLUSIVE PRACTICES 

 A “Collusive Practice” is an arrangement
between two or more parties designed to achieve an improper purpose, including to influence improperly the actions of another party. 

INTERPRETATION 

Collusive Practices are actions undertaken for the purpose of bid rigging or in connection with public procurement or government contracting or
in furtherance of a Corrupt Practice or a Fraudulent Practice. 
  

	5.	OBSTRUCTIVE PRACTICES 

 An “Obstructive Practice”
is (i) deliberately destroying, falsifying, altering or concealing of evidence material to the investigation or making of false statements to investigators, in order to materially impede a World Bank Group investigation into allegations of a
corrupt, fraudulent, coercive or collusive practice, and/or threatening, harassing or intimidating any party to prevent it from disclosing its knowledge of matters relevant to the investigation or from pursuing the investigation, or (ii) an act
intended to materially impede the exercise of IFC’s access to contractually required information in connection with a World Bank Group investigation into allegations of a corrupt, fraudulent, coercive or collusive practice. 

INTERPRETATION 

Any action legally or otherwise properly taken by a party to maintain or preserve its regulatory, legal or constitutional rights such as the
attorney-client privilege, regardless of whether such action had the effect of impeding an investigation, does not constitute an Obstructive Practice. 

GENERAL INTERPRETATION 

A person should not be liable for actions taken by unrelated third parties unless the first party participated in the prohibited act in
question. 

 ANNEX B 

EXCLUSION LIST 
  

	1.	Production or trade in any product or activity deemed illegal under host country laws or regulations or international conventions and agreements, or subject to international bans, such as pharmaceuticals,
pesticides/herbicides, ozone depleting substances, PCB, wildlife or products regulated under CITES. 

  

	2.	Production or trade in weapons and munitions. 

  

	3.	Production or trade in alcoholic beverages (excluding beer and wine). 

  

	4.	Production or trade in tobacco. 

  

	5.	Gambling, casinos and equivalent enterprises. 

  

	6.	Production or trade in radioactive materials. This does not apply to the purchase of medical equipment, quality control (measurement) equipment and any equipment where IFC considers the radioactive source to be trivial
and/or adequately shielded. 

  

	7.	Production or trade in unbonded asbestos fibers. This does not apply to purchase and use of bonded asbestos cement sheeting where the asbestos content is less than 20%. 

 

	8.	Drift net fishing in the marine environment using nets in excess of 2.5 km. in length. 

  

	9.	Production or activities involving harmful or exploitative forms of forced labor/harmful child labor. 

  

	10.	Commercial logging operations for use in primary tropical moist forest. 

  

	11.	Production or trade in wood or other forestry products other than from sustainably managed forests. 

 SCHEDULE 1 

FORM OF CERTIFICATE OF INCUMBENCY AND AUTHORITY 

[Letterhead of the Company] 
 [Date]

 International Finance Corporation 
 2121 Pennsylvania Avenue,
N.W. 
 Washington, D.C. 20433 
 United States of America 

Attention: Director, TMT, Venture Capital and Funds Department 

IFC Investment No. 35490 

Certificate of Incumbency and Authority 

Reference is made to the Policy Agreement, dated [            ], between IFC and the
Company (the “Policy Agreement”). Unless otherwise defined herein, capitalized terms used herein shall have the meaning set forth in the Policy Agreement. 

I, the undersigned Secretary of
                                         
       (the “Company”), duly authorized to do so, hereby certify that the following are the names, offices and true specimen signatures of the individuals [each]/[any two] of whom are, and will
continue to be, authorized to take any action required or permitted to be taken, done, signed or executed under the Policy Agreement or any other agreement to which IFC and the Company may be parties. 

 

					
	Name*	  	Office	  	Specimen Signature
	 	  	 	  	 
	 	  	 	  	 
	  
	  	  
	  	  

	 	  	 	  	 
	 	  	 	  	 
	  
	  	  
	  	  

	 	  	 	  	 
	 	  	 	  	 
	  
	  	  
	  	  

 You may assume that any such individual continues to be so authorized until you receive written notice from an Authorized
Representative of the Company that they, or any of them, is no longer so authorized. 
  

			
	 Yours faithfully,

 

	  

By
  
	 	 
	 Name:
	 	
	 Title: Secretary

  
  

	*	Designations may be changed by the Company at any time by issuing a new Certificate of Incumbency and Authority authorized by the board of directors of the Company where applicable. 

 SCHEDULE 2 

ACTION PLAN 
  

					
	
Action
	  	Deliverable	  	Due Date
	Policy: Netshoes will develop an overarching comprehensive environmental and social policy at the corporate level – to be approved by the board – and communicate it
widely throughout the organization and to key stakeholders.	  	Approved
environmental and
social policy	  	July 30, 2015
	Responsible Sourcing: Netshoes will establish a written policy and related procedures within the company’s management system for monitoring E&S issues in its primary
supply chain on an ongoing basis.	  	Approved policy and
procedures	  	September 30, 2015
	Management Programs: Netshoes will formalize, based on the E&S policies and procedures to be developed at the corporate level, programs to manage waste generation and
disposal, energy efficiency, and occupational health and safety for all of its units.	  	Draft plans to manage
waste generation and
disposal, energy
efficiency, and
occupational health
and
safety	  	July 30, 2015
	Organizational Capacity and Competency: Netshoes will designate a senior company official (and if appropriate, a committee at the executive and/or board level) to serve as
the focal point and principal coordinator of its E&S functions.	  	Name of designated
official
communicated to the
IFC	  	February 28, 2015

COMPLETED

	Emergency Preparedness and Life and Fire Safety: Netshoes will establish at the corporate and country level a system for monitoring each facility’s: (1) fire safety
certificate; (2) emergency response plans; (3) crisis management and emergency response teams, and (4) the status of yearly trainings for emergency response staff.	  	Reporting table
submitted to the IFC	  	July 30, 2015
	Monitoring System: Under the ESAP Netshoes will establish at the corporate and country level a monitoring system (with regard to occupational health and safety, human
resources, and environment), including E&S permits and licenses.	  	Evidence of a
monitoring system
submitted to the IFC	  	July 30, 2015
	Grievance Mechanism: Netshoes will develop at the corporate level a formal procedure for receiving, managing, and processing external complaints in all countries in which it
operates. The mechanism should include methods to (i) receive and register internal and external communications; (ii) screen and assess the issues raised and determine how to address them; (iii) provide, track and document responses,
if any; and (iv) adjust the company’s practices as appropriate.	  	Draft procedure for
such a mechanism
received and judged
acceptable by the IFC	  	September 30, 2015
	Ongoing Reporting to Affected Communities: Netshoes will begin reporting publicly on an annual basis regarding the key risks, impacts, indicators, and other aspects of
environmental and social performance (to cover calendar year 2015).	  	Report approved and
released to the public	  	March 31, 2016
	Workers Engaged by Third Parties: Netshoes will establish a written policy and related procedures for managing and monitoring the performance of employees of applicable third
parties in relation to the requirements of Performance Standard 2.	  	Approved policy and
related procedures	  	September 30, 2015
	Security Personnel: Netshoes will develop a formal policy at the corporate level to clarify the circumstances under which armed security contractors are authorized to use
their firearms or other deadly force, how Netshoes will maintain oversight of mandatory/periodic trainings for armed personnel, and what procedures Netshoes will follow in the event of any incidents.	  	Approved policy and
related procedures	  	December 31, 2015

 SCHEDULE 3 

S&E PERFORMANCE REPORT 

See attached. 

 

 

 Execution Copy 

AMENDMENT TO 
 POLICY
AGREEMENT 
 THIS AMENDMENT (the “Amendment”) to the Policy Agreement dated as of March 20, 2015, (the
“Policy Agreement”) between Netshoes (Cayman) Limited, an exempted company organized and existing under the laws of the Cayman Islands (the “Company”) and International Finance Corporation (“IFC”),
is made as of this 22nd day of February, 2017. Capitalized terms used but not otherwise defined in this Amendment shall have the respective meanings ascribed to them in the Policy Agreement. 

RECITALS 
 WHEREAS, the
parties hereto are party to the Policy Agreement; 
 WHEREAS, pursuant to that certain Note Purchase Agreement dated as of February 22,
2017 by and among the Company, IFC and the other parties named therein (the “Note Purchase Agreement”) the Company has agreed to sell and IFC has agreed to purchase a Note (as defined in the Note Purchase Agreement) representing
debt convertible to equity securities of the Company in accordance with the terms and conditions set forth in the Note Purchase Agreement and the Note; 

WHEREAS, the parties hereto desire to amend the Policy Agreement in order to ensure that the calculation of the Repurchase Price (as defined
in the Policy Agreement) accurately incorporates the price of such Note purchased by IFC; 
 NOW THEREFORE, in consideration of the
covenants and agreements contained in the Policy Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged the parties hereto hereby agree as follows: 

1. Definitions. Except as otherwise expressly provided herein or unless the context otherwise requires, capitalized terms not otherwise
defined herein shall have the meanings specified in the Policy Agreement. 
 2. Amendments. Each of the parties agree to amend the
Policy Agreement by hereby: 
 (a) inserting in Section 1.01 (Definitions) the following definitions in alphabetical order: 

“‘Amendment to Policy Agreement’ means that certain Amendment to Policy Agreement dated as of
February 22, 2017 by and between the Company and IFC;” 
 “‘Conversion Price’ has the meaning
set forth in the Note Purchase Agreement;” 
 “‘Conversion Shares’ has the meaning set forth in
the Note Purchase Agreement;” 
 “Conversion Shares Inflation Adjustment’ means with respect to the
amount obtained by multiplying the Conversion Price by the total number of Conversion Shares into which the IFC Note(s) have been converted, as set forth in clause (ii)(x) of the definition of “Repurchase Price”, an adjustment of
such amount by the rate of inflation as measured by the US CPI for the period of time, measured to the closest month, from the date of the conversion of the IFC Note(s) into Conversion Shares to the date the Repurchase Notice was delivered;
provided, that such adjustment shall not be less than 0;” 

 “‘IFC Notes’ means the Note or Notes purchased by IFC
pursuant to the Note Purchase Agreement;” 
 “‘Note’ has the meaning set forth in the Note
Purchase Agreement;” 
 “‘Note Purchase Agreement’ means that certain Note Purchase Agreement
dated as of February 22, 2017 by and among the Company, IFC and the other parties set forth therein;” 

“‘Subscription Shares Inflation Adjustment’ means with respect to the amount obtained by multiplying the
Subscription Price by the number of Repurchase Shares that are IFC Shares subscribed for pursuant to the Subscription Agreement as set forth in clause (i) of the definition of “Repurchase Price”, an adjustment of such amount by
the rate of inflation as measured by the US CPI for the period of time, measured to the closest month, from the date of the IFC Subscription to the date the Repurchase Notice was delivered; provided, that such adjustment shall not be less than
0;” 
 and 

“‘Transaction Documents’ means: 
  

	 	(i)	this Agreement; 

  

	 	(ii)	the Amendment to Policy Agreement; 

  

	 	(iii)	the Subscription Agreement; 

  

	 	(iv)	the Shareholders’ Agreement; 

  

	 	(iv)	the Note Purchase Agreement; and 

  

	 	(v)	the IFC Notes.” 

 (b) deleting in its entirety the definition of “IFC Shares” in
Section 1.01 (Definitions) and replacing it with the following: 
 “‘IFC Shares’ means the
Equity Securities of the Company subscribed for by IFC pursuant to the Subscription Agreement, purchased by IFC under the Note Purchase Agreement and/or otherwise held by IFC from time to time;” 

(c) deleting in its entirety the definition of “Repurchase Price” in Section 1.01 (Definitions) and replacing it with the
following: 
 “‘Repurchase Price’ means in relation to any given exercise of the Repurchase Option, the
amount that is the sum of: (i) with respect to the Repurchase Shares that are IFC Shares subscribed for pursuant to the Subscription Agreement, the amount obtained by multiplying the Subscription Price by the number of such Repurchase Shares
specified in the relevant Repurchase Notice and adjusting such amount by the Subscription Shares Inflation Adjustment; plus (ii) with respect to the Repurchase Shares that are IFC Shares represented by IFC Note(s) purchased

 
pursuant to the Note Purchase Agreement: (x) if such IFC Note(s) have been converted into Conversion Shares, the amount obtained by multiplying the Conversion Price by the total number of
Conversion Shares into which the IFC Note(s) have been converted and adjusting such amount by the Conversion Shares Inflation Adjustment; or (y) if such IFC Note(s) have not been converted to Conversion Shares an amount equal to all amounts
(including interest and principal) then outstanding under such IFC Note(s);” 
 3. Representations and Warranties. The Company
hereby represents and warrants that each of the following statements is true, accurate and not misleading as of the date of this Amendment: 

(a) The Company is a legal entity duly organized and validly existing under the laws of its place of incorporation and has the corporate power
and authority to enter into, deliver and perform its obligations under this Amendment; 
 (b) This Amendment has been duly authorized and
executed by the Company and constitutes its valid and legally binding obligation, enforceable in accordance with its terms; 
 (c) The
execution, delivery and performance of this Amendment will not contravene: (i) any law, regulation, order, decree or Authorization applicable to the Company; (ii) any provision of the Company’s Charter; or (iii) any contractual
restriction binding on or affecting the Company or any of the Company’s assets; and 
 (d) All Authorizations required for the execution
and delivery of this Amendment Agreement and the performance of its obligations hereunder have been obtained and are in full force and effect. 

4. Relationship to and Effect on the Agreement. This Amendment shall become effective upon IFC’s purchase of the Note at the
Initial Closing (as defined in the Note Purchase Agreement) for IFC. From and after the effectiveness hereof, the Policy Agreement as hereby amended shall remain in full force and effect and is hereby ratified and confirmed in all respects, and all
references in the Policy Agreement to “herein”, the “Agreement” and the “Policy Agreement” and all references in any other Transaction Document or the Company’s Articles to the “Policy Agreement” or
similar terms shall refer to the Policy Agreement as amended hereby. 
 5. Governing Law. This Amendment shall be governed by and
construed in accordance with the laws of the State of New York, United States of America, without giving effect to principles or rules of conflict of laws to the extent such principles or rules would require or permit the application of the laws of
another jurisdiction. 
 6. Miscellaneous. The provisions of Section 7.02 (Saving of Rights), Sections 7.04(b) through
(m) (Applicable Law and Jurisdiction), Section 7.08 (Amendments, Waivers and Consents) and Section 7.09 (Counterparts) of the Policy Agreement are hereby incorporated herein and shall apply to this Amendment,
mutatis mutandis. 
 *signature pages follow* 

 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written.

  

					
	NETSHOES (CAYMAN) LIMITED
		
	By:	 	/s/ Marcio Kumruian
	Name:	 	Marcio Kumruian
	Title:	 	Director
	
	INTERNATIONAL FINANCE CORPORATION
		
	By:	 	/s/ Nikunj Jinsi
	Name:	 	Nikunj Jinsi
	Title:	 	Global Head, Venture Capital

  
 [Signature Page to
Amendment to Policy Agreement]EX-10.04

 Exhibit 10.04 

AGREEMENT 
 By and between MAROFRAMA S.A.,
with its principal place of business at Av. Córdoba No. 1886, 12th floor, office “B”, C1055AAU, Ciudad Autónoma Buenos Aires, herein represented by Mr. Alejo
Ferrari, DNI No. 16.899.839, as the Attorney, with sufficient authority to enter into this agreement, according to the General full power-of-attorney granted on October 14, 2009, through the Deed No. 207, Page 379, before the clerk
Juan M. Garcia Migliaro, notary public registered with Registry No. 10 of the District of San Martin, on the one part (hereinafter “Lessor” or “MAROFRAMA”) and NS3 INTERNET S.A., headquartered at SUIPACHA 1111, 11th FLOOR of Ciudad Autônoma de Buenos Aires, herein represented by Mr. Alberto Martin Calvo, DNI 20.416.421, as the Chief Executive Officer, with sufficient authority (hereinafter the
“Lessee” or “NS3”), on the other part (hereinafter jointly referred to as the “Parties” and severally as the “Party”), and: 

WHEREAS: 
  

	1.	The Lessor is the owner of a property located in the Garin, Partido de Escobar, Provincia de Buenos Aires, which Registry Nomenclature is District IX – Portion: 1388 BE – Domain Registration: Property
Registration No. 42591, registered on January 26, 2011, Escobar (118) 

  

	2.	Currently the PROPERTY is a plot of land on which the Lessor is building a facility, hereinafter the CONSTRUCTION, which characteristics and details are mentioned in the next item; 

 

	3.	The Lessor, a company engaged in the storage of sports and leisure products for retail sale through the e-commerce channel, is interested in renting the property which the characteristics of the CONSTRUCTION that is
being built, which consists of a concrete precast framework of 6,050 m2 and administrative offices and dressing rooms with 420 m2 (hereinafter
the “PROPERTY”) and the Lessor will make it available for lease when said construction is completed; 

 The Parties agree to enter
into this agreement (hereinafter the “Agreement” or “AGREEMENT”), subject to the following clauses and conditions: 
 FIRST:
Purpose. 
 The purpose of the Agreement is: (i) the Lessor’s commitment to perform in the Property, at its sole cost and charge, a work
consistent with the construction of a office building and warehouse, in compliance with the project technical specifications prepared by the Lessee and delivered to the Lessor, included in Exhibit 1 that is an integral part of the Agreement
(hereinafter, the Construction) and other supplementary instructions that may arise from the construction management; (ii) the delivery for lease by the Lessor to the Lessee of the Property together with the building corresponding to the
Construction for the price and term established set forth in the Agreement, on the date agreed upon; (iii) the Lessee’s commitment to receive the tenancy of the Property with the Construction and to start, as the lessee, paying for the
rental fee established herein as from the delivery of the Property and the Construction, as well as the other items resulting from the lease. 
 TWO:
Construction. 
  

	2.1.	The Parties express that, due to the Lessee’s interest and operating and commercial requirements, both Parties agreed with the preparation and development of a project corresponding to the Construction, included as
Exhibit 1 to this Agreement, as mentioned above. 

  

  
 1 

	2.2.	The Lessor undertakes to carry out the Construction work at its sole cost and charge on the Property, in compliance with the scope and technical specifications detailed in Exhibit 1 and the provisions of Section Three,
paragraph 3.2. hereof. The Construction tasks to be performed by the Lessor under its responsibility shall be, on an excluding basis, only those arising from said Exhibit, without prejudice to the provisions referring to construction management in
previous paragraphs. 

  

	2.3.	The delivery date of the warehouse shall be March 1, 2014; the delivery date of the offices shall be April 1, 2014. The delivery date of the complete CONSTRUCTION, i.e., warehouse and offices, pursuant to the
established terms and conditions, shall be no later than April 1, 2014, hereinafter the “Delivery Date”. The days in which construction tasks are performed due to possible rainy days, and that affect directly their performance,
shall be considered an extension of the CONSTRUCTION Delivery Date. Rainy days shall be notified to the Lessee by a reliable means. 

  

	2.4.	If for any reason (including rainy days and Force Majeure), the Lessor fails to deliver the CONSTRUCTION works (i.e. warehouse and offices) on April 15, the Lessee may terminate this agreement with no penalty,
being entitled to the refund of the amount delivered as a security deposit (see section 10.2). 

  

	2.5.	The Lessee shall be solely liable for all expenses and costs generated by the Construction, in compliance with the scope and technical specifications of Exhibit 1. The management, administrative procedures,
authorizations, licenses and permits, as well as the obtainment of certificates of works and facilities related to the Construction according to its purposes. 

  

	2.6.	At the end of the lease, for any reason whatsoever, the building built in the Construction on the Property, as well as the other improvements made on it by the Lessee with the written consent of the Lessor, shall be
shall inure to the sole benefit of the Lessor, and the Lessee shall have no right to a claim, withholding or indemnity. Accordingly, the Parties agree that every furniture items, all types of machines specific of the Lessee’s business
activities, racks, the photographic studio, any removable office l added by the Lessee, etc., shall not be considered improvements and, therefore, shall be the Lessee’s property – and the Lessor have no right to them. 

THREE: Delivery of the Construction. 
  

	3.1.	The Lessor shall deliver to the Lessee the tenancy of the Property together with the Construction completed in accordance with the scope and technical specifications of Attachment 1, no later than the Delivery Date or
its extension pursuant to Section Two, paragraphs 2.3 and 2.4, and/or Section Three, paragraph 3.2. At the time of the delivery, the respective Provisional Commissioning Instrument shall be drawn up, which shall record the commissioning by the
Lessee, mentioning the date, time and status of the delivery and the missing tasks and defects to be corrected within the warranty period established at thirty (30) days from the execution of the Provisional Commissioning Instrument. The
completion of the pending tasks shall be verified at the end of the warranty period and, if they have been completed, the Final Commissioning Instrument shall be then executed. 

 

  
 2 

	3.2.	The Parties agree that the Delivery Date shall be automatically postponed by extending the conformity period as set forth in Section Two, Paragraph 2.3 and/or due to Force Majeure. For the purposes hereof, Force Majeure
shall be understood as any event of circumstance of third parties that unavoidably prevents or interrupt all tasks in charge of the Lessor the meet the deadline established as the Delivery Date, such as wars; floods; sabotages; incapacity to obtain
fuels, energy or essential input, strike or full or partial stoppage of the construction union that are unrelated to causes attributable to the Lessor, bad weather that prevent the performance of third parties’ tasks or actions or any other
cause beyond the reasonable control of the Lessor. The Lessor shall be exempt from the performance of the Agreement while and to the extent that it is prevented from performing [its tasks] due to one or more of said reasons. The performance of the
Agreement shall be resumed as soon as possible, after said incapacity has been ceased. In no event whatsoever shall the Lessor be liable for the damages or losses resulting from the delay cause by Force Majeure or extension of the aforementioned
period. 

  

	3.3.	All work related to the Construction not contemplated in this Agreement or in Exhibit 1 shall be deemed additional work. Additional Construction work and respective prices shall be agreed upon in advance by the Parties.

  

	3.4.	Coexistence Period: The Lessee may work in the property at no cost in the two months prior to the Commissioning Date agreed upon, i.e., as from February 15, 2014, with the purpose of performing all tasks required
for the preparations of the warehouse and offices. 

 FOUR: Terms of the Agreement 

 

	4.1.	This Agreement shall be in full force as from its execution date. Without prejudice to this, the term of the lease itself as from the delivery of the Construction shall by thirty six (36) running months counted
from the Delivery Date. Upon expiration of said term, the term of effectiveness of the Lease may be extended for two consecutive periods of thirty six (36) months at the discretion of the Lessee and upon prior written notice to the Lessor
ninety (90) days before the expiration of the corresponding period. For subsequent periods, the original term of the lease, the Parties shall establish the price of the rental fee in accordance with the provisions hereof. To grant the option of
extending the Lease, the Lessee shall keep up with the compliance with all obligations resulting hereof. 

  

	4.2.	In the event the Lessee fails to return the leased Property on the expiration date of the agreed term or on the expiration date of the extension, should it occur, or on the corresponding date should this Agreement be
terminated in advance for any reason, the Lessee should pay the Lessee, in addition to any corresponding rental fee, fifty per cent (50%) per day of the rental fee calculated with a monthly basis of 30 days (i.e., the daily amount payable shall
be calculated as follows: monthly rental / 30 x 50 / 100) as arrears interest, from the arrears date to the date of the effective delivery, without prejudice to the Lessee’s obligation of paying the rental fees that will continue to accrue, and
this shall not imply any automatic renewal of this Agreement. 

 FIVE: Lease Commitment and Commissioning of the Property with its
Construction 
  

	5.1.	Just as the Lessor undertakes to carry out the Construction for the Lessee, the latter irrevocably undertakes to receive the Construction and to occupy the property, effectively starting the Lease arising from this
Agreement. 

  
 3 

 SIX: Rental Fee 
  

	6.1.	The total rental feed amounts to FOURTEEN MILLION, ONE HUNDRED AND TWENTY ONE THOUSAND, TWO HUNDRED AND TWENTY FIVE PESOS ($14,121,225), payable as follows: The amount of TWO HUNDRED AND SIXTY THOUSAND, ONE) HUNDRED AND
FIFTY PESOS ($260,150) plus monthly VAT for the first month, i.e., March 2014. The amount of TWO HUNDRED AND EIGHTY NINE THOUSAND, FIVE HUNDRED AND FIFTY PESOS ($289,550) plus monthly VAT for the months of April 2014 and May 2014, the amount of
THREE HUNDRED AND SIX THOUSAND, NINE HUNDRED AND TWENTY SIX ($306,926) plus monthly VAT for June 2014, July 2014 and August 2014, the amount of THREE HUNDRED AND TWENTY FOUR THOUSAND, TWO HUNDRED AND NINETY SIX PESOS ($324,296) plus monthly VAT
for September 2014 to August 2015, the amount of $ THREE HUNDRED AND SIXTY THREE THOUSAND, TWO HUNDRED AND ELEVEN PESOS ($363,211) plus monthly VAT for March 2015 to August 2015, the amount of FOUR HUNDRED AND SIX THOUSAND SEVEN HUNDRED AND NINETY
SIX PESOS ($406,796) plus monthly VAT for the months of September 2015 to February 2016, the amount of FOUR HUNDRED AND FIFTY FIVE THOUSAND AND SIX HUNDRED AND TWELVE PESOS ($455,612) plus monthly VAT for the months of March 2016 to August 2016 and
the amount of FIVE HUNDRED AND TEN THOUSAND AND TWO HUNDRED AND EIGHTY SIX PESOS ($510,286) plus monthly VAT for the months from September 2016 to February 2017. 

 

	6.2.	The maturity of the monthly bill will be on the 10th of each month or on the first subsequent business day. The bill shall be sent in advance by email to the Lessee 7
days before maturity. 

  

	6.3.	Any of the PARTIES that considers, after the completion of the three first months of effectiveness of the AGREEMENT, that there is a substantial price difference between the rental fee then in effect and the one it
considers, at its sole discretion, as Market Value of the PROPERTY, may ask the other one the equitable review of the monthly rental fee, subject to the principle of good faith in business (hereinafter, the “REVIEW PROCESS”).

 THE REVIEW PROCESS shall start by unilateral decision, pursuant to the previous paragraph, on the day the party that disagrees with the
price in effect notifies the other in this regard by a reliable means. 
 THE REVIEW PROCESS shall be governed by the following conditions, being clear that
all terms refer to “running days”. 
  

	a)	Within the first thirty (30) days, the LESSOR and LESSEE will try to reach an agreement privately to establish the new rental fee according to market values. 

 

	b)	After the term mentioned in a) no agreement is reached, they will adopt the following procedure: 

  

	(i)	Each party shall appoint a real estate agent of renown path in commercial rentals, such as: Agustin Mieres Negocios Inmobiliarios, L.J.Ramos SA, Toribio Achaval S.A., Achaval Cornejo y Cia., Mieres SA., Castro Cranwell
Weiss S.A., Rubica Inmobiliaria S.A., and both real estate agents, after five (5) days of the appointment, shall jointly appoint a third real estate agent. Each agent shall submit to one of the parties the rental fee for the new period within
fifteen (15) running days after the notice, informing its evaluation to both parties in writing and on a reliable basis. The new rental fee shall be the result of the average valuation made by the three real estate agents (the New Price).

  

	(ii)	Each party shall pay the possible fees of the company it appointed, also assuming half f the cost of the third company’s task. 

  
 4 

	c)	The price of the rental established according to the REVIEW PROCESS shall retroact to the time the process began, i.e., as from the first notice requesting the review. Accordingly, the parties will restate the amounts
that accrued before completing the agreement, preparing and applicable credit and debit notes. Completion date shall be understood, for the case of intervention of the real estate brokers, that in which the last notice about the transaction between
the PARTIES was given. 

  

	d)	A new REVISION PROCESS may be conducted six (6) months after the formalization of the previous one. 

  

	e)	Pursuant to the time and format of the terms and conditions set forth in said REVIEW PROCESS, should there be a serious noncompliance and the other party may summon the noncompliant part to start it within 48 hours.

  

	6.4.	The payment of the Rental Fee and the payment obligations of the Lessee shall constitute a full and indivisible performance obligation, and no installment payment, discounts or deduction of any type whatsoever shall be
accepted, except upon express consent of the Lessor. The payment shall not be full if, together with principal, all corresponding interest and/or penalties, as well as all the other items attributable to the Lessee, have not been paid.

  

	6.5.	The obligation to pay the Rental Fee shall go into effect as from the Delivery Date of the Property, pursuant to Section Two, paragraphs 2.3 and/or Section Three, paragraph 3.2. 

 

	6.6.	The payment evidence of one period does not imply the payment of the previous ones. All receipts issued by the Lessor, and/one the one acting on its behalf, contain the implied reference to the interest reserve,
pursuant to article 624 of the Civil Code, even when said reserve is not expressly mentioned in the wording of the receipt. 

  

	6.7.	The bills issued by the Lessor related to this Agreement shall be paid by the Lessee in Pesos. 

  

	6.8.	In case of arrears interest on payment of the monthly rental fee, which shall be automatically produced, with no need of any notice, the Lessee shall pay the Lessor a daily fine equivalent to the sum of:
(i) compensatory interest calculated based on the daily Discount Rate in effect of the Banco de la Nación Argentina, plus: (ii) punitive interest computed as fifty per cent (50%) daily for any rental fee calculated for a
monthly basis of 30 days (i.e., the daily amount to be paid shall be calculated as follows: Monthly rental fee /30 x 50 /100), since the arrears date up to the effective payment, which shall be paid together with any late rental fee; all this
without prejudice to the Lessors’ right to declare this Agreement terminated in case of nonpayment of the rental fee for two consecutive months (pursuant to Section 9.1), pursuant to the wording of articles 1507 and 1579 of the Civil Code
and 5 of law 23.091, and to file for the corresponding proceedings to obtain the eviction and collection of all items due plus losses and consequential damages. 

SEVEN: Designation – Authorization 
  

	7.1.	The Property contemplated in the Agreement, together with the Constructions made, shall be designated by the Lessee, on a continuous and uninterruptedly basis, for the storage of sports and leisure products for retail
sale and commercial and administrative buildings through the e-commerce channel. Accordingly, the Lessee shall not change, in any way whatsoever, the activity to be performed in the Property contemplated in the lease. 

 

	7.2.	The Lessor represents that all services of the Property are current, free from debts, with respective blueprints and measurements recorded, approved and in effect. 

 

  
 5 

	7.3.	The Lessor shall deliver the Lessee, within 5 days after its request, all elements that as the owner of the Property it should have in its hands, and that are required to conduct the proper arrangements to obtain said
authorization, in accordance with the requirements of the Municipality of Escobar, except for those specific of the activity to be performed by the Lessee. It is hereby agreed that in case the Lessee cannot obtain the corresponding local
authorization due to causes no attributable to it or to the Lessor with the 180 running days counted from the Delivery Date, this Agreement shall be void, and the parties shall have nothing to claim from each other. If the authorization is not
obtained for reasons attributable to the Lessor (fail to deliver the approved blueprints, documentation required for the property, nonconformity in construction with the building facilities and infrastructure mentioned in Exhibit 1) the Lessee may
terminate the Agreement and claim the return of all amounts paid by virtue hereof and may file lawsuits to receive an extraordinary compensation for damages. 

  

	7.4.	The Lessor shall be fully responsible for the compliance with the sanitary, local, state, construction, police, mandatory and other rules that may be applicable due to the designation hereby agreed upon, being also
liable for the management, obtainment, and maintenance in full effect during the whole term of this rental relationship, of all commercial or other authorizations, permits and/or licenses application due to said destination and of all elements
supplementary to the Construction that may be installed, such as bridges, cranes, etc. The Lessee hereby exempts the Lessor from all types of responsibility, being expressly established that the Lessor does not guarantee the obtainment – nor
the subsequent maintenance – of all applicable authorizations, permits and/or licenses, and the Lessee undertakes to hold the Lessee harmless from any type of claim that the Lessor may receive from government authorities or third parties in
this regard. 

 EIGHT: Obligations of the Lessee. 

In addition to all those one attributable thereto by virtue of the other sections or rules applicable to this Agreement, the Lessee expressly assumes the
following obligations as from the delivery of the Property with the Construction: a) to make, at its sole expenses, all repairs and costs required to maintain and preserve the leased Property in good condition, and not make any improvements or
changes without the written authorization of the Lessor, and all those that the Lessee makes to the benefit of the Lessor, and the Lessee shall have no right to claim and/or be indemnified for them, in compliance with the express provisions of the
sections herein. The Lessor shall not reject the improvements the Lessee wants to carry out in the Property with no grounds, so as not to impair the Lessee’s activities; b) to punctually pay all taxes, fees, contributions and services that
encumber, or may encumber the leased Property in the future, such as property and Municipality tax; c) to punctually pay for the water, gas, electricity and other utilities related to the Property, and to deliver to the Lessor the respective
evidences of payment or their copies – as applicable – within five (5) days from the Lessor’s request; d) to maintain all respective gas, electricity, water and other utilities that may be installed connected and operating and to
pay for all reconnection costs, and respective fines for the services that are cut, interrupted or cancelled due to lack of payment or any other cause attributable to the Lessee; e) to pay all taxes, fees and contributions that encumber or may
encumber the activity that the Lessee will perform in the leased Property, and to manage all authorizations, licenses and permits required for the agreed upon designation, assuming full responsibility for noncompliance with the rules applicable
thereto; f) do not introduce in the leased Property animals or elements of any type that may cause losses or hazards to the leased Property or persons; g) to pay the value added tax, or any other similar tax, that encumber the rental fees
corresponding to this Agreement, except for the stamp of this Agreement, which shall be shared between the Parties; h) to purchase, at its sole charge and cost, the following insurance: h.1) an insurance that covers, during the whole term of the
lease Agreement and until the effective return, the leased Property against all risks that may affect it, including fire. The insured amount shall be informed in writing, through a reliable means, by the Lessee to the Lessor, and this amount shall
be reasonable and subject to the approval of the Insurance Company; h.2) a civil liability insurance that covers all damages that third parties (either customers of the Lessee or not) and/or its assets may face due to circumstances linked to the use
or destination of the leased Property and/or actions of third parties and/or Acts of God that affect the leased Property. 

  
 6 

 NINE: Noncompliance by the Lessee. 

 

	9.1.	The Lessee’s delay in the compliance with any obligations assumed by virtue of this Agreement (except for lack of payment of rental fees, as mentioned below in this paragraph 9.1) shall authorize the Lessor to
consider it terminated, with a prior notice by a reliable means to the Lessee to comply with the non-fulfilled obligation within twenty (20) days, with no need of judicial notice, and for this effect only the expression of will by the Lessor
shall be sufficient, and to start the due proceedings for eviction and collection of the items due plus losses and consequential damages. Particularly, the lack of payment of two (2) consecutive months of rental fee shall authorize the Lessor
to consider the Agreement terminated with no need of prior notice and to file for the corresponding proceedings to obtain the eviction and collection of all items due plus losses and consequential damages. 

 

	9.2.	All the provisions of this section are without prejudice to the other rights that the law or this Agreement confer to the Lessor in case of noncompliance by the Lessee, contemplating the express possibility of requiring
the performance of the Agreement plus damages and losses caused. 

  

	9.3.	The Lessee’s delay in the compliance with the obligations under its responsibility shall produce, on an automatic basis and for all legal effects by mere noncompliance, a prior notice that should be forwarded in
the same aforementioned way. However, if possible, as the case may be, the Lessor may cause the end of the noncompliance by performing, by itself or third parties, with charges to the Lessee, the actions omitted by the latter and that caused the
delay (article 505 item 2 of the Civil Code). 

  

	9.4.	In case of termination, the Lessor may also require the payment of all items owed by the Lessee until the effective and full return of the Property to the full satisfaction of the Lessor. While the effective and full
return of the Property to the full satisfaction of the Lessor is not carried out, all the other Lessee’s obligations of paying cash amounts to the Lessor shall continue in full force and effectiveness, with the accretion of interest, fines,
charges and penalties accrued up to the date of its full and absolute cancellation. 

  

	9.5.	The closing of the Property and/or its building by order of a proper authority, for any reason or motive that effectively refers to said authority (except if that closing is caused by any action or act attributable to
the Lessor) does not exempt in any way whatsoever the Lessee from the payment of the Rental Fee and all the other obligations. 

 TEN:
Surety Insurance. Security Deposit. 
  

	10.1.	The guarantee the faithful compliance with this Agreement, the Lessee undertakes to take out, in favor of the Lessor and for the full term of the lease, surety insurance in a prime insurance company and the original
certificate shall be delivered upon issuance to the Lessor. The surety insurance shall guarantee the Lessor, as the beneficiary, the fulfillment of the rental fee payment obligation by the Lessee arising from this Agreement. 

 

	10.2.	The Lessor receives from the Lessee the amount of FIVE HUNDRED AND SEVENTY NINE THOUSAND AND ONE HUNDRED PESOS ($579,100) to be invested in the constitution of the security deposit for this Agreement, and this shall
work as a sufficient receipt and evidence of payment. The amount of the security deposit shall not give rise to or accrue any interest. However, the Lessor is authorized to cancel with the deposit any debt for fees, taxes or services under the
responsibility of the Lessee and that remain unpaid at the termination of the Agreement. 

  

  
 7 

 The security deposit shall be returned to the Lessee in Pesos based on the double of the last rental fee paid at
the expiration or termination of the agreement, as the case may be, and after the PROPERTY is fully vacant at the full satisfaction of the Lessor, and prior deductions applicable due to the provisions hereof. 

ELEVEN: Prohibition of assignment, transfer and/or sublease 
  

	11.1.	The Lessee is expressly forbidden from assigning or transferring in any way whatsoever, either in full or in part, the Agreement or the rights and obligations arising therefrom, be it on a chargeable or free basis, as
well as offering the Property on free lease either totally or partially or assigning or attributing to any type of company the rights and obligations arising from this Agreement, under no legal method, without the prior written consent of the
Lessor, which shall not be denied without a reasonable ground. The exception to this general prohibition is the case in which the third party is a company related or linked in any way to the Economic Business Group of the Lessee. The Lessee
irrevocably waives the exercise of the right that may be granted by article 1.598 of the Civil Code or a similar rule. 

  

	11.2.	The violation of the provisions of this section by the Lessee shall not be challenged by the Lessor, and authorizes the latter to consider this Agreement legally terminated and to demand the eviction and return of the
property fully vacant, as all as indemnity for the corresponding damages or losses and the application of penal clause agreed upon herein. 

TWELVE: Representations. 
  

	12.1.	Lessor’s Reserve to Assign the Agreement. The Lessor expressly reserves the right to assign to third parties, under the legal method that it considers the most appropriate to its interests, either if those
third parties are related or not to the Lessor, either totally or partially, the corresponding rights and obligations it holds under this Agreement, and for such effect the simple subsequent communication to the Lessee or its co-obligors at the
domiciles established in the Agreement regarding the performance of this assignment, the identification and domicile of the assignee shall be sufficient. The Lessor and Insurer expressly waive any opposition regarding the consummation of the
assignment, its method or the assignee. 

  

	12.2.	Lessee’s Preemptive Right. The Lessor hereby acknowledges, in favor of the Lessee, the preemptive right for the purchase of the Property or the Construction, over any third party interested in acquiring it
in the event the Lessor decides to offer it for sale. Accordingly, it is mutually agreed upon that if the Lessor decides to sell the Property or receives an offer for it from any third party, within five (5) days after the decision to sell or
receipt of the offer, it shall inform the Lessee, through a reliable means, the specific conditions of the transaction, mentioning the date, deadlines, price, financing, if any, and other details, so that the Lessee can, within thirty
(30) days, also in writing and through a reliable means, if it will make use of its preemptive right. If the Lessee does not respond within this period, it shall be understood that the Lessee shall not exercise its preemptive right. If, on the
other hand, the Lessee expresses that it will exercise its preemptive right, it shall have a privilege to consummate the transaction in its favor in conditions equal to those offered by possible third parties, or in the conditions agreed with the
Lessor in case the latter decides to put the Property on sale upon no concrete offer and the Lessee decides to purchase that Property. 

THIRTEEN: Early termination. 
 The Parties agree
that, for the purpose of the exercise by the Lessee, of the right to terminate the lease earlier, as acknowledged by Article 8 of the Law of Urban Leases, the beginning of the lease proper shall be computed as starting in the effective Delivery
Date. 
  

  
 8 

 FOURTEEN: Domiciles. 

For all judicial and/or extrajudicial effects arising from this Agreement, the Parties establish their domiciles in the places identified in the preamble,
where all notices delivered shall be valid, except if they are changed upon written notice delivered through a reliable means. 
 FIFTEEN:
Jurisdiction, Stamp Duty. 
  

	16.1.	Jurisdiction. Arbitration. In the event of a dispute resulting from this Agreement, the Parties agree to extend the jurisdiction in favor of the Commerce Exchange Arbitral Court of the Federal Capital of the
Argentine Republic, which shall apply the corresponding arbitration rules, and the Parties shall expressly waive another applicable venue or jurisdiction. 

  

	16.2.	Stamp Duty. The Parties also agree that they shall assume in equal parts the amount corresponding to the Stamp Duty. 

In witness whereof, they execute two (2) counterparties of same content for only one effect, in the City of Buenos Aires, Argentine Republic, on
December 19, 2013. 
  

			
	/S/    ALEJO P. FERRARI	  	/S/    ALBERTO CALVO
	Alejo P. Ferrari	  	Alberto Calvo
	DNI 16.899.839	  	DNI 20.416.421

  
 9 

 EXHIBIT 1 

Improvements the LESSEE will make on its own account, cost, and order. 

Technical specifications and delivery terms. 

Warehouse: (see attached sketch and blueprints) 
 .
Total surface is approximately 6,050 m2 (55 meters x 110 meters). 
 . The building system is
Pre-Stressed Concrete Precast Framework, 1 line of columns each 10 meters and concrete beams of 27.5 meters of light, lateral (internal) enclosure in cement brick of 3.5 m height with grooved sheet to the roof. 

. The top cover will be of precast panels with dormers in polycarbonate for tunnel vault system. 

. The nave height is 10.00 meters free under beam (+ 1.45m) 

www.pretensa.com.br 
  
 

 
  
 

 
  

  
 10 

 Floor 

. The floor inside the plant will be carried out by Bautec company. It will be carried out in concrete H30 of 16 cm thickness with steel mesh. Finishing of
floor with metal hardener not mechanically smoothed. 
 Boards between 1,000 m2 and 2,000 m2 without intermediate joints. 
 www.bautec.sa.com 

Gates and Accesses to the Warehouse 
 . 1 Entrance
for trucks with curtain of 5 meters high. 
 . 6 loading docks with hydraulic leveler. 

. All accesses with eaves in the loading area. 
 . 2 doors for
pedestrian access in the front of the building (1 emergency door). 
 . 2 entrance/exit doors/gates in the back of the building. 

. Fire doors with panic bar to be installed in different areas of the building. 
  

  
 11 

 Drains 

. The ceilings will have a drain system with piping and canalization with the respective inspection chambers. 

Indoor Lighting 
 . The building indoor lighting
will have lighting fixtures with normalized industrial lampshades containing halogenated mercury devices of 400W in free areas and 250W in areas affected by the picking racks. 

Layout to be agreed between the parties. 
 Electrical
Installations and Facilities 
 . The building will be delivered with complete electrical installations, fit for consumption in tariff 2. Adaptations
required for the productive activity shall be borne by the tenant. 
 . The building will have an open tray piping system that will permit quick
installation of additional networks, if so required. 
 Fire Protection System 

. A fire protection system will be built with sprinklers on the roof of the shed with the corresponding cistern, pump room, in compliance with the local
standard and regulation. 
 . 1 complete hydrant outside the shed 

. 4 complete hydrants inside the shed. 
 . It does not include
smoke detectors or alarm systems. 
 . Sprinklers and location of hydrants in accordance with the attached layout (Fire load) 

Offices and Locker Rooms 
 400 m2 in total (20 x 10 x 2 plants). 
 Surfaces may vary minimally due to the modulation of the precast boards.

 Building in PB and PA outside the warehouse structure. 

Pursuant to the Attached Layout 
 PB: 200 m2 [Reception + Meeting Room + Call Center Office + Eating Area + Cafeteria + Locker Rooms + Bathrooms] 
 PA:
200 m2 [3 Meeting Rooms + Datacenter + Bathrooms + Eating Area + Offices] 
 Internal partitions of the
offices will be in Durlock, glass or similar material. 
 Access to the second floor by stairway. Free height from floor to ceiling 3.40m. 

The external façade will have a glass line of 1 meter height on the complete front and on the sides of the PB and PA (the right side of building will
be blind in the PB). 
  

  
 12 

 Carpentry in PVC with fixed and sliding panels (movable). 

All buildings will have suspended ceiling and lighting. 

Installation of self-standing PVC tri-ducts, installed in the thickness of subfloors and floors, their location and setting-up will be considered according to
the company’s needs. 
 It does not include furniture. 

Entry Control: 
 Approx. 20 m2 
 Installation with private sanitary services, sanitary services for trucker drivers in waiting time, and
control and documentation room of access of trucks, private and staff vehicles. 
 Maneuvering Yard and Parking Area 

Concrete internal maneuvering yard in front of the shed of approx. 55 m x 35 m (1,925 m2) for maneuvers of
trucks up to 28 ton of net load capacity. 
 Parking area for light vehicles at the outer front. 

Six roofed parking spaces with located in front of the offices. 

Supplementary Works: 
 Water Supply:
Drilling and installation of a submersible pump will be made. 
 Outside Enclosure: Perimeter Olympic fence on the front and side. 

Precast wall at the back. 
 Gardening: All open
inside and outside spaces of yards, pathways and buildings will be landscaped with trees and grass adequate for the region. 
 Air-Conditioning
(AA): Includes drains and air-conditioning units Split according to the AA Layout (to be confirmed) 
 It does not include AA equipment. 

Server: not included in the proposal. 

Security System: not included in the proposal. 

Data and Telephone System: not included in the proposal. 

Floating Floor: not included in the proposal. 

Corporate Signboard: not included in the proposal. 

  
 13 

 

 

  
 14 

 

 

  
 15 

 

 

  
 16 

 MARO FRAMA S.A. 

Autonomous City of Buenos Aires (C.A.B.A), March 1, 2017. 

Sirs, 
 NS3 INTERNET S.A. 

SUIPACHA 1111, PISO 11 
 Autonomous City of Buenos Aires 

Dear Sirs: 
 Re: PROPERTY LEASE OFFER

 As the attorney-in-fact of MARO FRAMA S.A.,
pursuant to the copy of the power of attorney attached hereto, it is my please to write to you, NS3 INTERNET S.A., to submit this Property Lease Offer (hereinafter, “the Offer”), which, if accepted in accordance with
the procedures set forth below, shall be governed by the terms and conditions established in the text identified as “Exhibit A”. 
 This Offer
shall be considered accepted by NS3 INTERNET S.A. if within ten (10) business days counted from its receipt NS3 INTERNET S.A. makes a deposit in the checking account held by Maro Frama S.A., in the
amount of seven hundred and three thousand, eight hundred and eight nine pesos ($703,889) pus Value Added Tax (VAT), and this amount shall be considered the payment of first lease fee, in compliance with the terms and conditions hereof. 

Very truly yours, 
  

	
	 /s/ Ana Belén Ferrari

	Ana Belén Ferrari
	President
	MARO FRAMA S.A.

 EXHIBIT “A” 

TERMS AND CONDITIONS OF THE PROPERTY LEASE OFFER 

Between MARO FRAMA S.A. domiciled at J. M. Gutiérrez No. 3993, Piso 11, of the Autonomous City of Buenos Aires (C.A.B.A.),
herein represented by Mrs. Ana Belén Ferrari, as President, with sufficient powers to enter into this agreement (hereinafter, the “Lessor”, or “Maro Frama”), pursuant to the copy of the power attorney included as
“EXHIBIT B” on the one part, and NS3 INTERNET S.A., domiciled at Calle Suipacha 1111, Piso 11 of C.A.B.A. (hereinafter, the “Lessee” or “NS3 Internet S.A.”) herein represented by Mr. Alberto
Martin Calvo and Mr. Juan Esteban Goldszmidt, both as attorneys-in-fact, on the other part; and jointly with the Lessor referred to as the “Parties”, and
individually, each one of them, as the “Party”, and: 
 WHEREAS: 

1.- The Lessor is the owner of a property located in Garín, Partido de Escobar, Provincia de Buenos Aires, which Cadastral Nomenclature is District
(Circunscripción) IX –Portion (Parcela) 1388 BE – Domain Record: Property Registration No. 42591, registered on January 26, 2011, in Partido de Escobar (118). 

2.- Currently the property is a warehouse of pre-molded structure of concrete with 6,050 m2 and administrative
offices, locker room and reception office with 420 m2. 
 3.- The Lessee is a company engaged in the resale of products in general through e-commerce. 
 4.- At the Lessee’s criteria, the property is adequate and suitable for the purpose for which it will
be designated, being in conformity with the legal and technical parameters applicable, as well with the safety and general rules and regulations applicable. 

NOW THEREFORE, should the acceptance of this Offer be completed, it shall be subject to the following clauses and conditions: 

LEASE CONDITIONS 
 ONE: PURPOSE 

The Lessor leases to the Lessee, and the later accepts with no reserve whatsoever, the property located in Garín, Partido de Escobar, province of Buenos
Aires, which Cadastral Nomenclature is District (Circunscripción) IX –Portion (Parcela) 1388 BE – Domain Record: Property Registration No. 42591, registered on January 26, 2011. The leased property is in good
condition and it shall be returned by the Lessee upon termination of the lease term, and the Lessee undertakes to return it in the same condition it was received, and that of which the Lessee represents to be aware, except for normal wear due to the
time elapsed, and undertakes to use it carefully. Otherwise, the Lessee shall pay for damages and losses. 
 TWO: LEASE TERM 

The lease term is THIRTY SIX (36) running and uninterrupted months, counted from March 1, 2017, and therefore its termination date shall be
February 29, 2020, date on which the Lessee shall deliver to Lessor the leased property, fully unoccupied, with no questioning; otherwise the Lessee should pay the Lessor leases for extemporaneous occupation, in addition to other charges and
obligations assumed by the Lessee, and the 

 
Lessor shall have the right to claim for damages and losses, in addition to the corresponding lease amount, a fifty per cent (50%) daily fee calculated for a
30-day monthly basis (i.e., the amount to be charged per day shall be computed as follows: monthly lease fee / 30 x 50 / 100) as arrears interest, since the default date to the day of the effective delivery,
without prejudice to the Lessee’s obligation of also paying the lease fees that continue to accrue, and they shall not be considered as an implied possible renewal of the lease. 

After said period, the lease term may be extended for TWO (2) consecutive periods of thirty six (36) months each, at the Lessee’s discretion
and upon a ninety (90) day prior notice in writing to the Lessor in relation to the maturity date of the corresponding period. For the periods subsequent to the original lease term, the Parties established the lease price in accordance with the
provisions set forth in this Offer. To be granted the option of renewing the lease, the Lessee should be up to date with the fulfillment of all its obligations resulting from this offer. 

THIRD: PURPOSE OF THE LEASE 
 The leased property
shall be solely designated for the continuous and uninterrupted use for resale of products in general through e-commerce. Accordingly, the Lessee shall not change in any way whatsoever the activity to be
developed in the property subject to lease. Any subleases or partial assignments, either total or partial, temporary or permanent, free of charge or onerous in general, on any account whatsoever, are forbidden, as well as the use of the property as
a residence. 
 Failure to fulfill the obligations set forth in this clause by the Lessee will entitle the Lessor to terminate this Offer, by way of a penal
clause of fifty per cent (50%) daily of the lease fee calculated on a monthly basis of 30 days (i.e. the daily sum to be paid shall be calculated as follows: monthly rate / 30 x 50 / 100 as penalty. If, for any present reason, the purpose intended
to be given to the rented property becomes impossible, uncertain or litigious for any reason, said responsibility shall be exclusively of the Lessee, and the Lessor shall be exempted from any liability, with the express reserve of requiring the
faithful compliance with this document, in the agreed-upon conditions, with no right of the Lessor to claim for any compensation or indemnity, in addition to the refund of lease amounts not accrued. 

FOUR: PRICE – PAYMENT DATE 
 a) The monthly
lease fee or amount for the property is seven hundred and three thousand, eight hundred and eighty nine pesos ($703,889) plus monthly VAT, during the first six months of the effectiveness of the lease agreement, i.e. from March 2017 to August 2017.

 b) As from September 2016 through February 2018, the monthly lease fee shall be seven hundred and seventy four thousand, two hundred and seventy eight
pesos ($774,278) plus monthly VAT. 
 c) As from March 2018 and through the end of the contractual relationship, the lease amount of seven hundred and
seventy four thousand, two hundred and seventy eight pesos ($774,278) shall be adjusted on a half-yearly and cumulative basis, with the application of the Consumer Price Index of Buenos Aires – IPC-CBA
– http://www.indec.gov.ar) plus monthly VAT, and this adjustment shall be applied as from March 2018, in accordance with the percentage change of the IPC-CBA for the immediately prior six-month period (September 2017 / February 2018) and so on, until the end of the offer. 

 d) The maturity of the monthly invoice shall be in the TEN (10) first days of each month or on the first
subsequent business day. The invoice shall be sent by electronic mail to the Lessee at least SEVEN (7) days before its maturity. 
 e) Any of the
Parties that considers, soon after the first THREE (3) months of effectiveness of the offer, that there is a substantial difference between the lease fee then in force and that considered, at its discretion, as “Market Value” of the
property, may request another review of the monthly lease price, under the principle of good faith in negotiations (hereinafter, the “REVIEW PROCESS”). 

The REVIEW PROCESS shall start with a unilateral decision, pursuant to the previous paragraph, on the day the party in disagreement with the price in effect
notifies the other on a reliable way. 
 The REVIEW PROCESS shall be governed by the following conditions, being clear that all terms are in “running
days”. 
 1) In the first THIRTY (30) days, the Lessor and the Lessee shall seek to reach an agreement on a private basis to establish the new
lease amount in accordance with the market values. 
 2) After the period established in item 1) has elapsed without any agreement, the Parties shall adopt
the following procedure: 
 (i) Each one of the Parties shall appoint a real estate agent with recognized background in commercial leases, among the
following: Agustin Mieres Negocios Inmobiliarios, L.J. Ramos SA, Toribio Achaval S.A., Achaval Cornejo y Cia, Mieres SA, Castro Cranwell Weiss SA, Rubica Inmobiliaria S.A., and both agents, within five (5) days after the appointment shall
jointly appoint a third real estate agent. Upon the appointment of the three real estate agents, each one shall present the parties the lease fee for the new period within FIFTEEN (15) running days after the notice, informing both parties about
the appraisal, in writing and on a reliable way. The new lease fee shall be the average of the appraisals by the three real estate agents (hereinafter, the “New Price”). 

(ii) Each party shall pay for the possible fees of the appointed company, and fifty per cent of the cost of the third company. 

3) The lease fee established in compliance with the REVIEW PROCESS shall operate retroactively to the date the process started, i.e., as from the first
reliable notice requesting the review. Accordingly, the parties shall restate the amounts paid before completing the agreement, issuing the corresponding debit notes. The completion date of the brokers’ intervention shall be understood as the
date on which the last notice about the appraisal is given to the Parties. 
 4) The new REVIEW PROCESS may be carried out SIX (6) months after the
completion date of the previous REVIEW PROCESS. 
 5) Non-submission, in a timely manner, to the terms and
conditions set forth in said REVIEW PROCESS shall imply a serious noncompliance, and the other Party may summon the noncompliant party to start doing so within 48 hours. 

FIVE: EXPENSES TO BE BORNE BY THE LESSEE 
 The
Lessee shall be responsible for the payment of taxes and local charges levied on the activities performed during the occupation time. 

 The payment of the lease fee and the payment obligations by the Lessee represent an obligation of full and
individual compliance, and no partial payments, deductions of any kind shall be admitted, except upon the Lessor’s prior written consent. The payment shall not be full if all respective interest and/or penalties are not paid together with the
capital, as well as the other expenses to be borne by the Lessee. 
 The payment evidence of one period does not represent the payment of the previous ones.

 In case of late payment of the monthly fee, the Parties agree that is shall be automatic for all legal effects, and with no need of any court order. The
Lessee shall also be liable, in addition to compensatory interest calculated based on the active daily Discount Rate of the Banco de la Nación Argentina for its thirty (30) day operations since the default date up to the date of the
effective payment, for the monthly fee in arrears and the Lessee shall pay for them jointly; and all this without prejudice of the Lessor’s right to declare this agreement terminated, pursuant to articles 1077 and 1078 of the Civil and
Commercial Code of Argentina, and to file the lawsuits to obtain the eviction and collection of all payments owed plus consequential damages and losses. 

SIX: AUTHORIZATION 
 The Lessor represents that the
Property is with all services up to date, free of debts, and with the plans and measurements recorded, approved and in effect. 
 The Lessor shall deliver
the Lessee, within the required five business days, all elements that, as the owner of the property, it should hold and that are necessary for the applicable procedures to obtain said authorization, in accordance with the requirements of the
Municipality of Escobar, except for those that are specific of the activity to be carried out by the Lessee. 
 The Lessee shall be fully liable for the
compliance with sanitary, local, state, building, police, and mandatory rules that may be applicable by virtue of the agreed-upon purpose, and it shall also the only one responsible for the management, obtainment and maintenance in full force,
during the complete term of this lease relationship, all the business or other proper authorizations, permits or licenses due to said purpose. 
 The Lessee
hereby exempts the Lessor from any responsibility, being expressly established that the Lessee does not guarantee the obtainment– or the subsequent maintenance of proper authorization, permits or licenses, and the Lessee undertakes to hold the
Lessor harmless from any claim, of any type whatsoever, that the Lessor may receive from government authorities or third parties in this regard. 

SEVEN: EXEMPTION FROM RESPONSIBILITY 
 The Lessor
shall not be liable for the damages and losses incurred by the Lessee in its person and/or assets, or third parties in their assets, due to breakages, flaws, short circuits, leaks, landslides, fires, floods, damages and/or accidents of any cause,
including those mentioned in articles 1730, 1731, 1732 and 1733 of the Civil and Commercial Code of Argentina. For such case, the Lessee shall take out insurance that covers, during the whole lease term and until the effective return of the
property, all risks that may affect it, including fire, and those specific of the activity carried out by the Lessee, in compliance with the parameters of a good entrepreneur. 

Likewise, it assumes the risk in case of an Act of God or force majeure, also exempting the Lessor from the obligations resulting from articles 1730 to 1736
of the Civil and Commercial Code of Argentina. The Lessee shall be forbidden form storing flammable, toxic and dangerous materials in the leased property, except for those related to the typical performance of the Lessee’s activities. 

 EIGHT: INSPECTIONS BY THE LESSOR 

The Lessor, jointly and individually, or by means of the appointed party, may inspect the property on business days, from 8:00 a.m. to 12:00 noon and from 4:00
p.m. to 8:00 p.m. with no need for prior notice to the Lessee. 
 NINE: OBLIGATIONS OF THE LESSEE 

1.- In addition to all the other obligations attributed by the other clauses and rules applicable to this Offer, the Lessee expressly assumes the following
obligations, as from the delivery of the property with all the facilities: 
 a) To make, at is soles expenses, all repairs and expenses required to
maintain and preserve the property assigned for lease in good state of repair and condition, and not making improvements or changes without the Lessor’s written approval, and all those made by the Lessee to the Lessor’s benefit shall
remain, and the Lessee shall have no right to any claim or indemnity for them, as expressly set forth in the respective clauses of this Offer. Likewise, it shall also be incumbent upon the Lessee the repair of any damages that happen to the
property, waiving any right or recourse and/or lien against the Lessor, and said repairs should remain in the same improved condition to the benefit of the leased property, with no indemnity by the Lessor; 

b) To punctually pay for all taxes, fees, contributions and services that are or that may be levied in the future to the leased property, such as the real
estate tax (Rentas) and municipal tax (ABL); 
 c) To punctually pay for the water, gas, and electricity services related to the property and
deliver to the Lessor the respective payment evidences or copies thereof, as applicable, within FIVE (5) business days after requested by the Lessor; 

d) To maintain the respective gas, electricity, and water services installed, connected and in operation, and to pay for all replacement costs corresponding
to fines for services interrupted, cut or cancelled due to lack of payment, and/or for any other cause attributable to the Lessee; 
 e) To pay for all the
taxes, fees and contributions that are or may be levied in the future to the activity that the Lessee shall carry out in the leased property and to manage all licenses, permits and authorizations required for the agreed-upon purpose thereof,
assuming full responsibility for noncompliance with the specific rules; 
 f) Not to introduce in the leased property animals or elements of any nature that
may cause losses or danger to the leased property or the persons who are there, except for those required for the development of the Lessee’s activities; 

g) To pay for the Value Added Tax (VAT) or any other charge levied on the leases under this Offer; 

h) To take out, at is sole responsibility and expenses, the following insurance: 
  

	•	 	insurance that covers, during the whole leased term and until the effective return of the leased property, all risks that may affect it, including against fire. The Lessor represents that the insured amount shall be
three million and two hundred thousand U.S. dollars (US$3,200,000), which shall be reasonable and shall be subject to the approval of the insurance company; 

  

	•	 	civil liability insurance that covers all damages that third parties (Lessee’s customers or not) and/or their assets may face due to circumstances linked to the purpose of the leased property and/or third
parties’ rights, and/or act of God or force majeure that affect the leased property. 

 2.- The Lessee undertakes to hold the Lessor
harmless from any claim, demand, requirement, judgment, lawsuit or proceeding that its employees, suppliers, those 

 
dependent on suppliers, customers or administrative entities, or other third parties, may possible file against the Lessor due to any damage they could suffer by virtue of the purpose and
exploitation of the property by the Lessee, or as a consequence of violation, by the Lessee, of any legal provision or regulation. 
 TEN:
NONCOMPLIANCE BY THE LESSEE 
 a) The Lessee’s delay to fulfill any of the obligations assumed due to this offer shall
authorize the Lessor to consider it terminated upon a prior summons sent by the Lessor in a reliable means for the fulfillment of the unfulfilled obligation, within TWENTY (20) days from the notice, with no need of a court order and being
enough, for such purpose, the Lessor’s will. If, after said term, noncompliance by the Lessee continues, the Lessor may start the applicable actions to obtain the eviction and the amounts owed, plus emerging damages and losses. 

b) The provisions of this clause do not affect the other rights that the law or this Offer attribute to the Lessor in case of noncompliance by the Lessee,
including, but not limited to, the possibility of requesting compliance with the Offer, plus damages and losses caused. 
 c) The Lessee’s delay in the
fulfillment of the obligations attributable to it that are not monetary obligations shall be automatic and for all legal effects due to the mere noncompliance, and shall authorize the Lessor to consider the lease of property terminated upon prior
notice to be given in the same way mentioned in item a). The Lessor may opt, if possible according to the case, to cease the Lessee’s noncompliance by performing, on its own or through third parties, at the Lessee’s expenses, the actions
attributable to and omitted by the Lessee and that caused the delay. In all cases, the Lessor shall be authorized to start the claims for damages and losses that could be applicable, as mentioned above. 

d) In case of the Lessee’s delay in the payment of TWO (2) months of lease fees, the Lessor may, at its sole discretion, to require the fulfillment
of the unfulfilled obligations or to declare the lease terminated, upon the above-mentioned prior notice. In case of termination, the Lessor may also require the payment of all amounts owed by the Lessee up to the effective and full return of the
property to the Lessor’s full satisfaction is not produced, all monetary obligations attributable to the Lessee shall continue in full force and effect, with the accretion of interest, fines, charges and penalties that accrue until the day of
its local and full cancellation. 
 e) The closing of the property and/or its building due to an order of the proper authority, for any cause or reason
definitively attributed by such authority, does not exempt the Lessee, in any case whatsoever, from the payment of the lease fee and all other obligations, except if such closure is attributed to the Lessor. 

ELEVEN: PROHIBITION OF ASSIGNMENT, TRANSFER AND/OR SUBLEASE 

It is strictly prohibited for the Lessee to assign, sublease, lease, rent, lease back or transfer, in any way whatsoever, in total or in part, the Lease or
rights and obligations arising therefrom, be it on a free or onerous basis, as well as to offer the property on loan for use, either in total or in part, or to assign it or contribute to any to any type of company with the rights and obligations
arising from this Offer, under no legal form, without the mandatory consent of the Lessor. 

 The Lessee irrevocably waives the exercise of the right that may be granted by articles 1213 and 1214 et. seq.,
as well as by the Civil and Commercial Code of Argentina or a similar law. 
 The violation of the provisions of this clause by the Lessor shall be
unenforceable against the Lessor and shall authorize it to terminate the lease for all legal purposes, and to demand the eviction and return of the unoccupied property, as well as indemnification for respective damages and losses, and enforcement of
the penal clauses agreed herein. 
 TWELVE: ADVANCE TERMINATION 

The Lessee may, after the first SIX (6) months of the term of this agreement, terminate the engagement, and it should notify the Lessor on a reliable way,
at least sixty (60) days before the date on which it will restore the leased property. The Lessee, upon opting for the termination within the first year of effectiveness of the lease relationship, shall pay the Lessor, as indemnity, the sum
equivalent to a month and half of the lease fee in force at the time of leaving the property, and only one month if the option is exercised after this period of time, pursuant to the provisions of article 1221 of the Civil and Commercial Code of
Argentina. 
 In the event of an advance termination, the Lessor may also require the payment of all items owed by the Lessee until the effective and total
return of the property to the Lessor’s full satisfaction. While the effective and full return of the property to the Lessor’s full satisfaction does not occur, all monetary obligations assumed by the Lessee shall continue in full force and
effect, with the accretion of interest, fines, surcharges and penalties accrued until the date of its total and complete cancellation. 
 THIRTEEN:
SECURITY DEPOSIT 
 By way of a security deposit for the lease, the Lessee shall also deliver to the Lessor the amount equivalent to one
(1) month’s lease fee. 
 Considering that the Lessor should refund the Lessee for the amount of six hundred and thirty nine thousand, eight
hundred and ninety eight pesos and sixty four cents ($639,898.64), amount equivalent to the last lease fee effectively paid and delivered as a security deposit for the relationship that linked them through February 2017, in relation to the same
property contemplated in this Offer, the Parties agree that said amount will be kept as a security deposit plus the amount of sixty three thousand, nine hundred and ninety pesos and thirty six cents ($63,990.36), totaling the amount of seven hundred
and three thousand, eight hundred and eighty nine pesos ($703,889). The amount deposited as a security deposit shall neither give rise to nor be interest bearing. 

Accordingly, the Parties agree that the amount of sixty three thousand, nine hundred and ninety pesos and thirty six cents ($63,990.36) missing to complete
the security deposit shall be paid by the Lessee within 45 running days counted from the beginning of said lease. 
 The security deposit shall be returned
to the Lessee at the end of the of the lease term or termination thereof, as applicable, in an amount equivalent to the last month’s lease fee effectively paid, and after returning the property totally unoccupied to the Lessor’s full
satisfaction, with the prior deductions possibly applicable due to the provisions of this clause. 

 FOURTEEN: RETURN CERTIFICATION OF THE LEASED PROPERTY 

The only valid instrument with which the Lessee may reliably certificate the return of the leased real estate shall be that issued exclusively by the Lessor.

 FIFTEEN: DOMICILES – JURISDICTION 
 The
Parties, for procedural effects or not, constitute as domiciles those mentioned in the first paragraph of “Exhibit A”. Said places and locations shall be considered valid for all notices or summons resulting from this engagement,
irrespective of Parties’ presence therein. 
 For all judicial or extrajudicial issues and their consequences, the Parties submit to the jurisdiction
of the Ordinary Courts of C.A.B.A. In case of transfer from the Civil and or Commercial Ordinary Courts to the Jurisdiction of C.A.B.A. after the execution of this agreement, the parties agree that said jurisdiction shall be valid to resolve any
issue arising between them. 
  

	
	/s/ Ana Belén Ferrari

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}]]