Document:

Exhibit 10.7

 

SHAREHOLDERS AGREEMENT

 

SHAREHOLDERS
AGREEMENT EXECUTED ON JUNE 14, 2000, BY AND BETWEEN, NACIONAL FINANCIERA,
S.N.C. TRUST DEPARTMENT (“NAFIN”), IN ITS CAPACITY AS SHAREHOLDER OF GRUPO
AEROPORTUARIO DEL CENTRO NORTE, S.A. DE C.V. UNDER TRUST NUMBER 5111-3,
REPRESENTED BY MR. ANTONIO CARDENAS ARROYO, OPERADORA MEXICANA DE AEROPUERTOS,
S.A. DE C.V. (THE “STRATEGIC PARTNER”), REPRESENTED BY MR. RUBEN LOPEZ BARRERA,
AND BANCO NACIONAL DE COMERCIO EXTERIOR, S.N.C., TRUST DEPARTMENT (THE “TRUSTEE”),
HEREIN REPRESENTED BY ITS TRUST DELEGATE MR. CARLOS FLORES SALINAS, AS TRUSTEE
OF THE TRUST AGREEMENT (THE “TRUST AGREEMENT”) EXECUTED ON JUNE 14, 2000 WITH
THE STRATEGIC PARTNER, AND THE HOLDING COMPANY AS BENEFICIARY IN SECOND PLACE,
WITH THE APPEARANCE OF THE FEDERAL GOVERNMENT OF THE UNITED MEXICAN STATES (THE
“FEDERAL GOVERNMENT”), THROUGH THE MINISTRY OF COMMUNICATIONS AND
TRANSPORTATION (THE “SCT”), REPRESENTED BY MR. AARON DYCHTER POLTOLAREK, AND
GRUPO AEROPORTUARIO DEL CENTRO NORTE, S.A. DE C.V. (THE “HOLDING COMPANY”),
REPRESENTED BY MR. LOUIS PRIEDE WESTON, PURSUANT TO THE FOLLOWING DEFINITIONS,
REPRESENTATIONS AND CLAUSES.

 

D E F I N I T I O N S

 

The terms defined in the Participation Agreement
executed on this date by and between the Federal Government, the companies
constituting the Airport Group, the Strategic Partner and the Partners of the
Strategic Partner, among other parties, shall have the same meanings in this
Agreement, except as otherwise defined herein. Likewise, the terms defined below
shall have the following meaning ascribed to them:

 

	
  Shares in Trust

  	
   

  	
  the Share Package that
  the Strategic Partner contributed to the Trust estate.

  
	
   

  	
   

  	
   

  
	
  Shareholders of the
  Holding Company

  	
   

  	
  Nafin, in its capacity
  as trustee, and the Trustee, the latter acting in such capacity by
  instructions and to the benefit of the Strategic Partner.

  
	
   

  	
   

  	
   

  
	
  Event of Default

  	
   

  	
  has the meaning set
  forth in Section 8.1 of this Agreement.

  
	
   

  	
   

  	
   

  
	
  Acquisitions and
  Agreements Committee

  	
   

  	
  the acquisitions and
  agreements committee of the Holding Company as contemplated under the By-laws
  of the Holding Company and which shall have, among other responsibilities,
  the obligation to authorize any transaction of acquisition of assets or
  services, contracting of works, or sale of assets by the Airport Group.

  
	
   

  	
   

  	
   

  
	
  Auditing Committee

  	
   

  	
  the auditing committee
  of the Holding Company as contemplated under the By-laws of the Holding
  Company and which shall have, among other responsibilities, the obligation of
  monitoring compliance by the board of directors and the officers of the
  Airport Group of the provisions of the By-laws of the Holding Company and
  other applicable legal provisions.

  

 

 

	
  Participation Agreement

  	
   

  	
  the Participation
  Agreement and the exhibits thereto by virtue of which the rights and
  obligations of both the Strategic Partner and the Federal Government, Nafin,
  the Trustee and the Holding Company, for the transfer of the Shares Package
  and the proper operation of the Assigned Airports, have been set forth.

  
	
   

  	
   

  	
   

  
	
  Controversy

  	
   

  	
  has the meaning set
  forth in Section 10.1 of this Agreement.

  
	
   

  	
   

  	
   

  
	
  Agreement

  	
   

  	
  this Shareholders
  Agreement.

  
	
   

  	
   

  	
   

  
	
  Business Day

  	
   

  	
  any day in which the
  banks of Mexico City, Federal District, are not authorized to close under
  applicable legislation.

  
	
   

  	
   

  	
   

  
	
  Beneficiary Rights

  	
   

  	
  the rights of the
  Strategic Partner on the Shares in Trust under the Trust Agreement.

  
	
   

  	
   

  	
   

  
	
  By-laws of the Holding
  Company

  	
   

  	
  the by-laws of the
  Holding Company in force as of the date of this Agreement included in public
  deed number 53,673, issued on June 9, 2000, by Mr. Luis de Angoitia Becerra,
  Notary Public number 109 for the Federal District, pending registration in
  the Public Registry of Commerce for the Federal District and attached to this
  Agreement as Exhibit “1”, as amended from time to time.

  
	
   

  	
   

  	
   

  
	
  ICC

  	
   

  	
  has the meaning set
  forth in Section 10.1 hereof.

  
	
   

  	
   

  	
   

  
	
  Principal Line of
  Business

  	
   

  	
  (i) with respect to the
  Holding Company, the holding of direct or indirect share control of the
  Service Company and of the Concession Companies, as well as the exercise of
  all corporate and proprietary rights and the compliance with the obligations
  arising from the Shares, (ii) with respect to the Service Company, the
  rendering of administrative services in favor of the Concession Companies;
  and (iii) with respect to the Concession Companies, the business consisting
  of the administration, operation, construction and exploitation of civil
  aerodromes, including the Assigned Airports corresponding to each of them, as
  well as the rendering of airport, complementary and commercial services, as
  defined in the Airports Law and the Regulations thereof, as well as any other
  services related to the foregoing, necessary for the exploitation of such
  airports. The meaning of the term “Principal Line of Business” may be
  extended to include any other activity in this definition, provided that such
  extension and inclusion shall be determined by a shareholder’s meeting of the
  companies that constitute the Airport Group, as the case may be.

  

 

2

 

	
   

  	
   

  	
  Whenever the term
  “Principal Line of Business” is used in this Agreement, it shall be
  understood that the same includes any other activity, which, by determination
  of the shareholder’s meeting of any of the companies constituting the Airport
  Group, must be included within the scope of such line.

  
	
   

  	
   

  	
   

  
	
  Series “BB” Members

  	
   

  	
  the three (3) members
  of the Board of Directors of the Holding Company that shall be appointed by
  the Series “BB” shareholders pursuant to Section 2.2.1 hereof, as well
  as their respective alternates.

  
	
   

  	
   

  	
   

  
	
  Public Offer

  	
   

  	
  has the meaning set
  forth in Section 1.1 below.

  
	
   

  	
   

  	
   

  
	
  Administrative Chart

  	
   

  	
  the administrative
  chart submitted by the Strategic Partner with its technical offer that is
  attached as Exhibit “3” hereto.

  
	
   

  	
   

  	
   

  
	
  Annual Business Plan

  	
   

  	
  the annual business
  plan which includes: (i) a business plan with sufficient detail of the
  marketing plans, financial arrangements, investments and capital expenses and
  activities for the applicable Assigned Airport for such year; (ii) a budget with
  sufficient detail of the estimate income of the corresponding Assigned
  Airport and the expenses and schedule of investments to be incurred in the
  implementation of the Master Development Program; and (iii) a financial
  administration plan, including any debt financing agreements. The first
  Annual Business Plan shall be the one submitted by the Strategic Partner with
  its technical offer which concerns the operation of the Assigned Airports, in
  order to comply with the Master Development Program, and which is attached as
  Exhibit “4” hereto.

  
	
   

  	
   

  	
   

  
	
  Master Development
  Program

  	
   

  	
  the master development
  program of the Assigned Airports referred to in article 38 of the Airports
  Law including, for the first 5 (five) years of operation, the growth and
  development expectations of the Assigned Airports; the projections considered
  for demand, passengers, cargo and operations; the Investment Program; the
  descriptive plan of the Assigned Airports specifying uses and modes of
  operation by stages and access areas; the human resources training program;
  the possible sources of financing; the measures for the preservation of the
  environment, as well as the commercial and marketing strategy to promote the
  development of each of the Assigned Airports.

  
	
   

  	
   

  	
   

  
	
  Indicative Master
  Development Program

  	
   

  	
  the indicative master
  development program submitted by the Strategic Partner with its technical
  offer in the Bidding Process, in accordance to which the Master Development
  Program shall be prepared by the Concession Companies, with the assistance of
  the Strategic Partner, and is attached as Exhibit “2” hereto.

  

 

3

 

	
  Investment Program

  	
   

  	
  the indicative
  investment program concerning the construction, conservation and maintenance
  of the Assigned Airports, which shall be a part of the Master Development
  Program and of the Annual Business Plan, that each Concession Company must
  prepare in terms of Article 39 of the Airports Law, and which shall include
  specific safety and environmental protection measures.

  
	
   

  	
   

  	
   

  
	
  Arbitration Rules

  	
   

  	
  has the meaning set
  forth in Section 10.1 hereof.

  
	
   

  	
   

  	
   

  
	
  Arbitration Request

  	
   

  	
  has the meaning set
  forth in Section 10.1 of this Agreement.

  
	
   

  	
   

  	
   

  
	
  Transfer

  	
   

  	
  to assign, sell,
  transfer or dispose of (including, without limitation, by virtue of a trust
  or option, gift, judicial order or decree, extrajudicial agreements, exchange
  or otherwise), regardless of whether it is in an absolute or conditional
  manner. The terms “Transferor”, “Acquirer” and “Transfer” have meanings
  related to this definition. A Transfer shall include the delivery of a pledge
  or guarantee with respect to the Share Package or the Additional Shares of
  the Holding Company or any property related thereto in a good faith loan
  transaction between Non-Related Persons.

  

 

REPRESENTATIONS

 

I.              The Federal Government declares,
through the SCT, that:

 

I.1            On April 7, 1995, by Presidential
resolution published in the Official Gazette of the Federation, the
Interministerial Divestiture Commission was created.

 

I.2            By several resolutions of the
Interministerial Divestiture Commission passed at its meetings held on August
20 and 25, 1997, October 1st of the same year, and February 17,
1999, it was agreed to initiate the process of opening to investment in the
Mexican airport system.

 

I.3            By resolution published in the
Official Gazette of the Federation on February 2, 1996, the Committee for the
Restructuring of the Mexican Airport System was created, which purpose is to
define the strategy to be followed in general and specific aspects in the
different stages of the restructuring process to be carried out by the SCT, in
the terms of the Airports Law and other applicable provisions, as well as to
make recommendations and proposals.

 

I.4            On February 9, 1998, the General
Guidelines for the Opening to Investment in the Mexican Airport System were
published in the Official Gazette of the Federation.

 

I.5            On May 28, 1998, the Holding
Company, the Service Company and the Concession Companies were incorporated.

 

I.6            On June 29, 1998, the SCT granted to
each of the Concession Companies the Concessions for the operation of the
Assigned Airports, respectively.

 

I.7            On December 17, 1999, the Public
Call was published in the Official Gazette of the Federation.

 

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I.8            On May 24, 2000, the act of opening
the economic bids tendered by the participants in the Bidding Process was
carried out and the bid of the Strategic Partner was successful.

 

I.9            Pursuant to the provisions of the
Public Call, the Strategic Partner and the Partners of the Strategic Partner
executed a Participation Agreement with the Federal Government, Nafin, the
Trustee and the Airport Group, in which certain rights and obligations
concerning the participation of the Strategic Partner in the administration of
the Assigned Airports were set forth, including the obligation to execute this
Agreement for the purposes set forth herein.

 

I.10          On this date it transferred (i) to
Nafin, in its capacity as trustee, Shares of the Holding Company representing
85% (eighty-five percent) of its capital stock, including the share which was
owned by ASA; and (ii) to the Strategic Partner, Shares of the Holding Company
representing 3.75% (three point seventy-five percent) of its capital stock. It
also agreed to transfer to the Strategic Partner, prior to payment of the
price, the Shares of the Holding Company representing 11.25% (eleven point
twenty-five percent) of its capital stock.

 

I.11          Its representative, in his capacity
of Subsecretary of Transportation, has sufficient authority to execute this
Agreement pursuant to Article 6, paragraph IX, of the Internal Regulations of
the SCT.

 

II.            Nafin declares, through its
representative, that:

 

II.1          It is a national credit institution,
development banking institution, incorporated under the Law of Credit
Institutions and its own Organic Law, that it has legal capacity and an estate
of its own and that upon the terms of such Organic Law, it is authorized to
execute this Agreement for the purposes set forth herein.

 

II.2          On June 12, 2000, it executed as
trustor and as trustee an irrevocable trust agreement in order to promote
investment in the airport industry and promote the securities market for shares
issued by Mexican companies through the public offer of such Shares that it may
acquire, including the execution hereof and of the Participation Agreement.

 

II.3          On this date, it acquired from the
Federal Government, in its capacity as trustee under trust number 5111-3, the
Shares of the Holding Company representing 85% (eighty-five percent) of its
capital stock, including the share owned by ASA.

 

II.4          Its representative is duly
authorized to execute this Agreement on its behalf, in terms of public deed No.
68,440, issued on May 29, 1997, by Mr. Cecilio González Márquez, Notary Public
number 151 for the Federal District, and recorded with the Public Registry of
Commerce for the Federal District, under mercantile number 1275.

 

III.           The Strategic Partner declares,
through its representative, that:

 

III.1         It is a mercantile company, duly
incorporated under Mexican law, pursuant to public deed number 79,502, dated
June 9, 2000, granted by Mr. Armando Gálvez Pérez Aragón, Notary Public number
103 for the Federal District, pending registration with the Public Registry of
Commerce for the Federal District.

 

III.2         Its shareholders obtained their
authorization as participants in the Bidding Process by means of official
document number GTA00-A108, dated March 27, 2000, issued by the Technical
Secretary of the Committee for the Restructuring of the Mexican Airport System.

 

5

 

III.3         On this date it executed the
Participation Agreement, as well as the rest of the Transaction Documents, and
that its intention is to execute this Agreement in order to comply with the
provisions of the Participation Agreement.

 

III.4         In the terms of the Trust Agreement
and of the Participation Agreement, the Strategic Partner maintains the
exercise of the voting rights with respect to the Shares of the Shares Package
representing 10% (ten percent) of the capital stock of the Holding Company.
Therefore, and given that it has capacity as beneficiary of the Trust and it
holds the Beneficiary Rights, it participates in the execution of this
Agreement.

 

III.5         Its representative has powers and
authority sufficient to execute this Agreement on its behalf, as evidenced in
the public deed referred to in paragraph III.1 above.

 

IV.           The Holding Company declares,
through its representative, that:

 

IV.1         It is a mercantile company incorporated
under Mexican law pursuant to public deed number 44,355, dated May 28, 1998,
issued by Mr. Emiliano Zubiría Maqueo, Notary Public number 25 for the Federal
District, and recorded with the Public Registry of Commerce for the Federal
District on June 25, 1998, under mercantile number 238749.

 

IV.2         It holds 100% (less one share owned
by the Federal Government) of the shares representing the capital stock of each
of the Concession Companies and of the Service Company, which are free from any
lien or limitation of ownership.

 

IV.3         As from the date of delivery of this
Agreement, the Airport Group shall inform the Strategic Partner of any
disbursement of more than $50,000.00 U.S. Dollars (Fifty Thousand Dollars
00/100, lawful currency of the United States of America) or the assumption of
any obligation with a term of compliance of more than 6 (six) months,
resolution approved by the Extraordinary Shareholders’ Meeting of the Holding
Company held on the date hereof.

 

IV. 4        Its legal representative has sufficient
authority to execute this Agreement pursuant to public deed number 52,704,
dated June 28, 1999, issued by Mr. Luis de Angoitia Becerra, Notary Public No.
109 for the Federal District, recorded with the Public Registry of Commerce for
the Federal District on August 31, 1999.

 

V.            The Trustee declares, through its
representative, that:

 

V.1          It is a national credit institution,
development banking institution, incorporated under the Law of Credit
Institutions and under its own Organic Law, that it has legal capacity and an
estate of its own, and that in terms of such Organic Law it is authorized to
carry out trust transactions such as those contemplated under this Agreement.

 

V.2          On this date it has executed the
Participation Agreement and the Trust Agreement for the purposes set forth
therein, and therefore, in its capacity as trustee of the Trust, it holds in
trust ownership, for the benefit of the Strategic Partner, the Shares in Trust
representing 15% (fifteen percent) of the capital stock of the Holding Company,
and therefore, it participates in the execution of this Agreement.

 

V.3          Its representative is duly
authorized to execute this Agreement on its behalf, as evidenced in public deed
number 32,541, issued on January 14, 1997, by Mr. Maximino García Cueto, Notary
Public number 14 for the Federal District, same which is duly registered with
the Public Registry of Commerce for the Federal District.

 

6

 

Based on the above Representations, the Parties agree
to be bound under the following

 

CLAUSES

 

1.             Purpose.

 

1.1           The purpose of this Shareholders
Agreement is: (i) to establish the rights and obligations of Nafin, in its
capacity as trustee, and the Trustee (acting for the benefit of the Strategic
Partner), in its capacity as Shareholders of the Holding Company, and (ii)
jointly with the Holding Company, establish the manner in which the Airport
Group shall carry out its operations as from the date of execution of this
Agreement until the sale of at least 36% (thirty-six percent) of the capital
stock of the Holding Company, owned by Nafin in the domestic and international
markets (the “Public Offer”).

 

2.             Appointment of Directors, Statutory
Inspectors, Committees and Officers.

 

2.1           First General Ordinary Shareholders
Meeting of the Holding Company. The Shareholders of the Holding Company agree to
hold a general ordinary shareholders meeting no later than 5 (five) days
following the date on which the second payment of the Shares Package is made in
terms of Section 2.5 of the Purchase and Sale Agreement (the “Shareholders
Meeting”) in order to approve the following resolutions, among others:

 

2.1.1        Accept the resignations presented by the
current members of the Board of Directors and by the statutory inspectors of
the Holding Company and release them from any liability which they may have
incurred in the performance of their duties;

 

2.1.2        Appoint, in terms of the provisions of Section
2.2 below, the persons who shall constitute the Board of Directors of the
Holding Company as of such date under this Agreement;

 

2.1.3        Appoint the statutory inspectors of the
Holding Company and, as the case may be, their respective alternates, pursuant
to the By-laws of the Holding Company, and the number of members of the
Acquisitions and Agreements Committee and of the Auditing Committee;

 

2.1.4        Call a meeting of the Board of Directors
to:

 

(i)            appoint the persons who shall constitute
the Operating Committee in terms of the provisions of Section 2.2.2
below, as well as the Delegate of the Auditing Committee. The appointment
referred to in this Section 2.1.4. may be postponed by agreement of
Nafin and the Strategic Partner, but in no event for a term exceeding 30
(thirty) calendar days;

 

(ii)           approve of the Administrative Chart and instructions
to the Executive Committee for the establishment thereof; and

 

(iii)          appoint the persons who shall occupy the
position of General Director and those who shall occupy the first two
hierarchical levels of the Service Company reporting to the General Director in
terms of the provisions of Section 2.4 below;

 

2.1.5        Resolve the compensation issue
corresponding both to the members of the Board of Directors of the Holding
Company and to the members of the Board of Directors of the Service Company and
the Concession Companies, as provided for in Section 2.5;

 

7

 

2.1.6        Revoke any powers-of-attorney previously
granted by the Company and grant any powers of attorney that may be deemed
convenient; 

 

2.1.7        Approve the Business Plan and delivery of
instructions to the Board of Directors, the Operating Committee and the General
Director for the performance thereof; and

 

2.1.8        Approve the dividend policy of the
Holding Company, as provided for in Section 7 below.

 

2.2           Management of the Airport Group. The Holding Company shall be managed by
a Board of Directors and an Operating Committee, as well as by the
administrative organization referred to in Exhibit “3” hereto.

 

2.2.1        Board of Directors. Subject to the provisions contained in
the By-laws of the Holding Company, the Participation Agreement and the
Technical Assistance Agreement, the Board of Directors of the Holding Company
shall be constituted by at least 7 (seven) and up to 11 (eleven) directors and
their alternates, as determined by the Shareholders’ Meeting. Any shareholder
or group of shareholders holding Shares representing 10% (ten percent) of the
capital stock shall be entitled to appoint a director and his respective
alternate. In addition, Series “BB” shareholders shall be entitled to appoint 3
(three) directors and their alternates (the “Series “BB” members”). During the
period between the date of execution of this Agreement and the Public Offer,
the parties agree that the Board of Directors of the Holding Company shall be
formed by 9 (nine) members, 3 (three) of them appointed by Series “BB”
shareholders and 6 (six) by Nafin. As to the appointment of directors by Nafin,
Nafin shall make such appointment as instructed by the SCT, in terms of the provisions
of the trust referred to in Recital II.2 of this Agreement; in any case,
two (2) such members must be appointed by mutual agreement with the
Strategic Partner and must be individuals not belonging to the federal public
administration. In the event that Nafin and the Strategic Partner fail to reach
an agreement regarding the appointment of the said 2 (two) members, they shall
be appointed by the SCT for a term of one year complying with the same
requirement of independence from the federal public administration.

 

The Board of Directors and the Series “BB” Members
shall have the authority and rights provided for in Sections 2.2.1.1 and
2.2.1.2 below:

 

In the appointment of the persons who must substitute
the current directors of the Holding Company, those persons having recognized
experience and no conflict of interest with the Airport Group shall be taken
into consideration.

 

Once the Public Offer has been carried out and subject
to the provisions contained in the By-laws of the Holding Company, as soon as the
members of the Board of Directors have been appointed by the minorities and by
the Series “BB” Shareholders, the shareholders meeting, at the proposal of the
Committee of Nominations and Compensations, shall appoint the number of
additional directors that may be necessary to maintain an odd number of members
with the understanding that, in any case, it shall appoint at least one member.
The appointment of the members, not individually but as a group, shall be
approved by a majority vote of the shareholders present at the respective
meeting.

 

2.2.1.1  Authority of the Board of Directors. The
Board of Directors shall have the following authority:

 

8

 

(i)            Approval of the financial statements of
the Airport Group and submission thereof to the shareholders meeting of the
Holding Company;

 

(ii)           Approval of the five year master
development program of the airports operated by the subsidiaries of the
Company, which shall comply with the concession granted to such companies and
shall be submitted for approval of the SCT, as well as the approval of the
amendments thereto;

 

(iii)          Approval of the Annual Business Plan and
budget of annual investments;

 

(iv)          Approval of capital investments outside
the annual budget approved for each fiscal year;

 

(v)           Approval of the sale or assignment of
fixed assets, jointly or severally (including the concessions granted to the
subsidiaries of the Holding Company as provided by the Airports Law) exceeding
the amount of $2,000,000.00 U.S. Dollars (Two Million U.S. Dollars);

 

(vi)          Proposals to the shareholders for the
purpose of increasing the capital stock of the Holding Company;

 

(vii)         Proposals of increases to the capital
stock of the subsidiaries of the Holding Company;

 

(viii)        Approval of any sale of shares
representing the capital stock of the subsidiaries of the Holding Company;

 

(ix)           Acquisition and sale of shares
representing the capital stock of companies;

 

(x)            Approval of and amendment to the
administrative structure of the Airport Group;

 

(xi)           Establishment of new committees and
delegation of authority thereto or modification of the authority of the
existing committees;

 

(xii)          Removal of the General Director for
breach of its obligations under the By-laws of the Holding Company or of the
instructions of the Board of Directors and appointment of the General Director
in the event the Series “BB” Members have not made such appointment within the
2 (two) months following the date the Board of Directors submitted the removal
request or in the event the Strategic Partner is on default under the Technical
Assistance Agreement;

 

(xiii)         Contracting of any debt, whether through
direct credits or leases, exceeding $5,000,000.00 U.S Dollars (Five Million
U.S. Dollars) annually or exceeding the level of indebtedness set forth in the
Annual Business Plan, which shall be at least at a ratio debt/net worth of
50/50%, being total debt/total net worth;

 

(xiv)        Submission, and approval, of the dividend
policy, at the meeting of shareholders of the Holding Company;

 

(xv)         Appointment of the members of the
Operating Committee, of the Auditing Committee and of the Acquisitions and
Agreements Committee, provided that 

 

9

 

the Series “BB” Members shall be entitled to appoint
3 (three) members of the Operating Committee, one of which will be the
General Director, and the number of members of the Auditing Committee and the
Acquisitions and Agreements Committee that represent 20% (twenty percent) of
the total members;

 

(xvi)        Exercise of the general powers of
attorney of the Holding Company in compliance with its corporate purpose; and

 

(xvii)       In the event the Board of Directors does
not approve any of the proposals of the Operating Committee under Section
2.2.2 below, it shall request to such Committee that the above mentioned
proposals be submitted to the Board of Directors for their approval once any
observations by the Board have been included therein.

 

2.2.1.2  Rights of the Series “BB”. In
accordance with the By-laws of the Holding Company, the Series “BB”
shareholders have the following special rights:

 

2.2.1.2.1          The appointment of 3 (three) members of
the Board of Directors and their alternates;

 

2.2.1.2.2          The appointment of one statutory
inspector and his alternate;

 

2.2.1.2.3          Veto right on the following resolutions:

 

(i)          approval of the financial statements of
the Airport Group;

 

(ii)         liquidation or advance dissolution of the
Holding Company;

 

(iii)        amendment of the By-laws of the Holding
Company;

 

(iv)        increases or reductions in the capital
stock of the Holding Company;

 

(v)         declaration and payment of dividends;

 

(vi)        mergers, spin-off or split of shares; 

 

(vii)       granting or amendment of special rights
of the Series “BB”; and

 

(viii)      any decision contrary to the decisions of
the Board of Directors referred to in Section 2.2.1.2.4 below.

 

2.2.1.2.4          The Series “BB” Members shall have the
following rights:

 

(i)            To appoint and remove the General Director and one
half of the first level officers as provided in the Technical Assistance
Agreement, as long as the Strategic Partner is in no default under the
Technical Assistance Agreement;

 

(ii)           To appoint 3 (three) of the members of the Operating
Committee and their alternates and the number of members of the Auditing Committee
and Acquisitions and Agreements Committee and their alternates that represent
20% (twenty percent) of the total members;

 

10

 

(iii)          Determination on the Operating Committee as to its
formation with persons not belonging to the Airport Group, members of the Board
of Directors of the Holding Company or officers of the Airport Group;

 

(iv)          The decisions referred to in paragraphs (i) to (xi),
(xiii), and (xiv) of Section 2.2.1.1 above shall require the favorable
vote of the Series “BB” Members.

 

2.2.2        Operating Committee. The Holding Company shall have an
Operating Committee, which shall be formed by officers of the Service Company
or persons other than them, as determined by the Series “BB” Members. The Operating
Committee shall be formed by 6 (six) members and the Series “BB” Members shall
appoint 3 (three) of the members of the Operating Committee and their
alternates, provided that one of the regular members of such Operating
Committee is appointed by the Series “BB” Members shall be the General
Director, who shall act as Chairman of such Committee and shall have a deciding
vote in the event of a tie. The Operating Committee shall have the following
functions and authority:

 

1.             Preparation and submission of the Annual
Business Plan and annual investment program to the Board of Directors of the
Holding Company.

 

2.             Preparation and submission of the
dividends policy to the Board of Directors of the Holding Company.

 

3.             Preparation, as provided by the
Concessions, and submission of the Master Development Program of each Assigned
Airport, and the amendments thereto to the Board of Directors of the Holding
Company.

 

4.             Proposal to the Board of Directors of the
Holding Company of the administrative and corporate structure of the Airport
Group.

 

5.             Proposal to the Board of Directors of
alliances and associations with third parties regarding the Principal Line of
Business.

 

6.             Exercise of the voting right of the
shares representing the capital stock of the subsidiaries of the Holding
Company.

 

7.             Determination of the management system
for the subsidiaries of the Holding Company, including the designation of the
Airport Administrator of each of the Assigned Airports.

 

8.             Approval of Investments within the
Principal Line of Business, outside the annual budget and below $2,000,000.00
U.S. Dollars (two million dollars, lawful currency of the United States of
America), in the understanding that the respective acquisitions shall be
subject to the procedures established by the By-laws of the Holding Company.

 

9.             Determination of the labor policies and
proposals to the Board of Directors as to personnel other than the first level
management reporting to the General Director.

 

2.3           Determination of the members of the
Committees. In
the terms of the provisions of the By-laws of the Holding Company, the
Shareholders’ Meeting shall determine the number of persons who shall
constitute the Nominations and Compensations, Auditing and Acquisitions and
Agreements Committees, which shall be appointed by the Board of Directors in
the terms of Section 3.1.4 below. The Nominations 

 

11

 

and
Compensations Committee shall begin operations once the Public Offer is carried
out, unless the shareholders of the Holding Company agree otherwise.

 

2.4           Appointment of Officers. Subject to the provisions of the
By-laws of the Holding Company, the Participation Agreement and the Technical
Assistance Agreement, the Airport Group shall have the organizational structure
indicated in Exhibit “3” hereto or in accordance with any new
organizational structure that in the future is approved by the majority of the
Board of Directors of the Holding Company. Both the General Director and the
area directors shall be employees of the Service Company and shall be elected
pursuant to the following:

 

2.4.1        Proposals of the Strategic Partner. As provided for in the Public Call, the
Strategic Partner submitted the Administrative Chart as part of its technical
offer for the acquisition of the Share Participation. The Strategic Partner,
through the vote of the Series “BB” Members, shall appoint the General Director
and the officers that shall hold one half of the positions of the first level
administration of the Airport Group in accordance with the Administrative
Chart. Therefore, it shall appoint the persons that shall hold the following
positions:

 

(i)            General Director;

 

(ii)           First level position in charge of the
Administration and Finance Area;

 

(iii)          First level position in charge of the
Operations and Commercial Area; and

 

(iv)          First level position in charge of the
Infrastructure and Maintenance Area.

 

The
above described positions may be gathered in one officer or person in
accordance with the chart attached hereto as Exhibit "3".

 

2.5           Compensations to Directors. Pursuant to the provisions of the
By-laws of the Holding Company, once the Public Offer of at least 36%
(thirty-six percent) of the Shares representing the capital stock of the
Holding Company owned by Nafin has been carried out, the Committee of
Nominations and Compensations shall propose to the Shareholders Meeting the
compensations corresponding to the directors appointed by the Shareholders of
the Holding Company according to the terms of Section 2.2.1 above.

 

2.6           Exercise of the Voting Right at the
Shareholders Meeting.
In order to comply with the provisions of this Section 2., the
Shareholders of the Holding Company shall exercise the voting right
corresponding to them according to the terms of the By-laws of the Holding
Company, in the understanding that the Trustee shall exercise the voting right
on the Shares Package and the Optional Shares, as set forth in the Trust
Agreement. The Trustee shall grant any proxies that may be required in terms of
the provisions of the Trust Agreement.

 

3.             Meetings of the Board of Directors.

 

3.1           Meeting of the Board of Directors. The Shareholders of the Holding Company
agree to make their best efforts to cause the directors appointed in terms of Section
2.2.1 above to hold a Meeting of the Board, no later than 15 (fifteen)
calendar days following their appointment (the “Meeting of the Board”), in
order to pass resolutions on the following matters:

 

3.1.1        Compensations to the Officers. According to the terms of the provisions
of the By-laws of the Holding Company, the Board of Directors shall resolve on
the compensations 

 

12

 

corresponding to the officers appointed by the
Shareholders of the Holding Company pursuant to Section 2.5 above, after
the proposal made to that effect by the Operating Committee. In the event that
the proposal made by the Operating Committee is rejected by the Board of
Directors, the same shall be submitted to the Shareholders Meeting where Nafin
shall vote in favor thereof.

 

3.1.2        Adoption of the Annual Business Plan. The Board of Directors shall adopt the
first Annual Business Plan attached hereto as Exhibit “4” and in the
event that the proposal made by the Operating Committee is rejected by the
Board of Directors, such proposal shall be submitted to the shareholders
meeting of the Holding Company where Nafin shall vote in favor thereof.

 

3.1.3        Instruction to the Operating Committee
and officers of the Airport Group. In order to initiate the preparation of the Master
Development Program as set forth in each Concession title and in accordance
with the provisions of the Indicative Master Development Program attached
hereto as Exhibit “2”, the following shall be carried out:  Once the Master Development Program has been prepared,
it shall be submitted to the Board of Directors for approval, together with the
business vision and strategy on which the Master Development Program was based.
In the event that the proposal made by the Operating Committee is rejected by
the Board of Directors, such proposal shall be submitted to the shareholders
meeting of the Holding Company where Nafin shall vote in favor thereof, unless
the Master Development Program fails to comply with the Indicative Master
Development Program.

 

3.1.4        Appointment, according to the terms of
the provisions of the By-laws of the Holding Company, of the persons who shall
constitute the Operating, Auditing, and Acquisitions and Agreements Committees.

 

4.             Annual Business
Plan.

 

4.1           Approval of the Business Plan. The Shareholders of the Holding Company
agree that in addition to the matters mentioned in Section 3.1, the
Board Meeting shall review and approve the Annual Business Plan and the Master
Development Program. Likewise, the Shareholders of the Holding Company shall
instruct the Board of Directors appointed in terms of Sections 2.2.1
above, the Operating Committee and the General Director, to carry out any acts
as may be required, without any further resolution of the Shareholders of the
Holding Company, so that both the Business Plan and the Master Development
Program are complied with in every respect.

 

4.2           Level of Indebtedness. The parties agree that the Airport
Group shall have a level of indebtedness not to exceed a ratio of 50/50 of
total debt/total net worth;

 

5.             Obligations of Nafin (in
its capacity as trustee). During
the period from the date of execution of this Agreement to the date of the
Public Offer of at least 36% (thirty-six percent) of the Shares representing
the capital stock of the Holding Company owned by Nafin, Nafin agrees that
pursuant to instructions received from the SCT (in terms of the provisions of
the trust agreement mentioned in representation II.2 of this Agreement), it
shall vote in the same manner in which the Series “BB” shares are voted with
respect to the following matters and in accordance with the rules hereinafter
established:

 

5.1           Approval of the Annual Business Plan and
delivered business plans and annual budget, provided it complies with and is
adjusted to the Master Development Program in force.

 

5.2           Approval of the dividends policy,
provided that the proposal of the Operating Committee and the Board of
Directors complies with the provisions of Section 7 below.

 

13

 

5.3           Approval of the Master Development
Program of each Concession Company and amendments thereto.

 

5.4           Approval of the Administrative Chart of
the Holding Company reported to the General Director and amendments thereto.

 

6.             Public Offer of Shares.

 

6.1           Public Offer of Shares. Within a maximum term of 4 (four) years
from the date of the Participation Agreement, Nafin shall carry out in the
domestic and foreign securities markets, one or more public offers or any other
type of placement among the public under the applicable legislation in each
jurisdiction, that jointly represent at least 36% (thirty-six percent) of the
Shares of the Holding Company which are owned by it on such date, only if the
market conditions are adequate to carry out such sale.

 

In any case, the Strategic Partner and the Key
Partners shall assist Nafin in anything that it requests in order to carry out
the Public Offer of the Shares of the Holding Company in terms of the
Participation Agreement.

 

6.2           Purchase Option. In the event that Nafin fails to carry
out the Public Offer of at least 36% (thirty-six percent) of the Shares
representing the capital stock of the Holding Company owned by Nafin, Nafin
agrees to sell in favor of the Strategic Partner a number of Shares equal to
36% (thirty-six percent) of the capital stock of the Holding Company (the
“Additional Shares”), outstanding at that time (without considering the Portion
of Shares pending exercise under the Option Agreement) in the terms and
conditions set forth below:

 

6.2.1.       The sale price of the Additional Shares
shall be equal to $0.0768 U.S. Dollars (0.0768 U.S. Dollars) plus interest
equal to 5% (five percent) per year. The price of the Additional Shares shall
be reduced, as the case may be, by an amount equal to the amount of dividends paid
in cash or in shares by the Holding Company to Nafin as from the date of
execution of this Agreement.

 

6.2.2        The Strategic Partner shall have a term
of 12 (twelve) months from the fourth anniversary of the execution of this
Agreement, in the event that the public offer of shares referred to in Section
6.1. above is not carried out, in order to notify Nafin in writing (the
“Purchase Notice”) of its wish to exercise the purchase right set forth in Section
6.2 above, in the understanding that such purchase right shall be
terminated in the event that the Purchase Notice is not submitted within the
above mentioned term.

 

6.2.3        Upon receiving a Purchase Notice, Nafin
and the Trustee, within a term of 30 (thirty) business days, must (i) hold a
shareholders meeting of the Holding Company with the purpose of eliminating the
limits of individual participation set forth in Article Ten of the By-laws of
the Holding Company, in order for the Strategic Partner to be able to acquire
the Additional Shares, (ii) execute an agreement for the modification of the
Transaction Documents in order to eliminate the limits of individual
participation for the shareholders of the Holding Company, and (iii) obtain all
the governmental authorizations required for that purpose.

 

6.2.4        In the event that the Strategic Partner
has submitted a Purchase Notification to Nafin, the Strategic Partner must pay
the price to Nafin in dollars, currency of the United States of America, or in
pesos at the exchange rate effective on the date of payment as published by
Banco de México in the Official Gazette of the Federation, in immediately
available funds, in the manner instructed by Nafin in writing, no later than 60
(sixty) business days after the date of receipt by Nafin of the Purchase
Notice.

 

14

 

6.2.5        In the event that the Strategic Partner
acquires the Additional Shares, it must execute with Nafin, prior to such
acquisition, an agreement by virtue of which it undertakes the following
obligations:

 

(i)         In a term of 5 (five) years from the date of
acquisition of the Additional Shares, it shall dispose of and place in the
domestic and international securities markets, through one or several public
offers or other type of placement among the public pursuant to the legal
provisions applicable in each jurisdiction, the shares representing at least
36% (thirty-six percent) of the capital stock of the Holding Company, in which
case Nafin shall be entitled to sell in the same public offer(s) a portion of
Shares equal to those placed by the Strategic Partner.

 

(ii)        Nafin shall be entitled to sell its Shares in the
securities market through a public offer at any time from the date of execution
of this Agreement, and notwithstanding the fact that the Strategic Partner has
acquired the Additional Shares, it shall continue to be bound under Section
6.1 above upon Nafin’s request. In the event that Nafin places its Shares
in the securities markets, the Strategic Partner must sell its participation in
the Additional Shares in such Public Offer, provided that the sale price per
Share (considering any dilution) is equal to or greater than the exercise and
acquisition price of the Additional Shares in Dollars at the exchange rate on
the date of acquisition thereof, plus interest equal to 5% (five percent) per
year. In the event that, under favorable market conditions, the Strategic
Partner fails to comply with the obligation set forth in paragraph (i) above
and this paragraph, the Strategic Partner shall contribute the Shares that it
owns at that time, representing 36% (thirty-six percent) of the capital stock
of the Holding Company, in an irrevocable trust where the trustee is instructed
to vote such Shares in the same manner as the vote of the majority of the
capital stock of the Holding Company, unless the price of the public offer is
less than the acquisition price of the Additional Shares in dollars at the
exchange rate on the date of acquisition thereof plus interest equal to 5%
(five percent) per year.

 

(iii)       In the event that the market conditions do not allow
the Strategic Partner to comply with the requirements of paragraph (i) above,
the agreement referred to in this Section shall be extended for an indefinite
term until the market conditions allow the Strategic Partner or Nafin to comply
therewith.

 

(iv)       In the event that Nafin wishes to exercise the right
mentioned in paragraph (i) above, the Strategic Partner must comply with the
obligations contained in Section 6.1 above, determining, by common
agreement, the percentage of shares that may be offered in the securities
market. In any case, Nafin and the Strategic Partner shall participate in such
offer with the sale of Shares in equal parts.

 

(v)        In the event that the Strategic Partner contributes
its Shares corresponding to a trust in the terms of paragraph (ii) above, the
Strategic Partner shall have at all times the right to instruct the trustee to
sell such Shares in the securities market and to deliver the proceeds thereof.

 

6.2.6        The Shares Package and the Optional
Shares, as the case may be, shall be kept in the Trust to guarantee only the
permanence obligations provided for in Sections 2.4 and 2.4.2 of the
Participation Agreement, therefore amending the Trust Agreement in order for
the Strategic Partner to be entitled to instruct the Trustee as to the manner
in which the Shares Package and the Optional Shares must be voted as a whole.

 

15

 

7.             Dividends

 

During the period in which Nafin, as trustee and
shareholder of the Holding Company, and the Strategic Partner own, jointly or
individually, at least 51% (fifty-one percent) of the capital stock of the
Holding Company, the dividends policy proposed by the Operating Committee and
the Board of Directors to the annual ordinary shareholders’ meeting which shall
resolve the approval of the financial statements of the immediate preceding
year, shall include a dividend in favor of the shareholders from the net
profits, if (i) the statutory legal and other reserves approved by the
shareholders’ meeting have been constituted, and (ii) the budgeted funds for
capital investments agreed pursuant to the corresponding Annual Business Plan,
the Concessions and the Master Development Program, net of specific financings
executed for such investments to comply with the leverage level set forth in Section
4.2 above have been reserved.

 

Once such dividend has been approved, it shall be
totally paid to the shareholders during the fiscal year in which it was
approved, if the cash flows of the Holding Company were enough, or, if they are
not enough, in subsequent years pursuant to the Operating Committee proposal.

 

Notwithstanding the foregoing, the parties hereto
agree that the proposal of the Operating Committee and the Board of Directors shall
not include a dividend payment to the shareholders of the Holding Company until
the approval of the financial statements of 2001.

 

8.             Default.

 

8.1           Events of Default. Any party shall immediately inform the
other parties of the existence of any event of default and of any act, omission
or circumstance that may cause an event of default or any other breach of any
of the clauses of this Shareholders Agreement. Any events of default defined as
Events of Default under the Participation Agreement shall be deemed as an
“Event of Default” under this Agreement, in which case, the defaulting party
shall have the remedies set forth in the Participation Agreement for that
purpose.

 

9.             Term.

 

9.1           This Agreement shall be in force as of
the date when the Strategic Partner pays in its entirety the price of the
Shares Package to the Federal Government under the provisions of the Purchase
and Sale Agreement and shall continue to be in force until its termination
pursuant to the following: This Agreement shall be terminated: (i) immediately
after at least 36% (thirty-six percent) of the Shares owned by Nafin are placed
among the public in a domestic or international securities market, or in both;
or (ii) in the event that the Strategic Partner acquires the Additional Shares
pursuant to the provisions of Section 6.2 above; or (iii) in the event
that the parties agree so in writing.

 

10.          Resolution of Controversies.

 

10.1         Arbitration Rules. For the construction of this Agreement
and for the resolution of any controversy that may arise therefrom, the Parties
expressly and irrevocably submit themselves to the arbitration proceeding
regulated by the arbitration rules (the “Arbitration Rules”) of the
International Chamber of Commerce, Mexican chapter (“ICC”); therefore, any
controversy that may arise from, or in connection with, this Agreement, and any
alleged default, termination or validity thereof (“Controversy”), must, upon
request of any of the parties delivered in writing to the other parties (an
“Arbitration 

 

16

 

Request”),
be definitively resolved by arbitration, substantiated pursuant to the Rules of
Arbitration of the ICC, except for any special rules established in this Section
9.(34) which may modify the Arbitration Rules.

 

10.2         Arbitration Proceeding. The arbitration proceeding shall be
carried out, and the award shall be issued in Mexico City, Federal District,
United Mexican States, in the Spanish language. The arbitration proceeding
shall be conducted before three neutral arbitrators, pursuant to that which is
set forth below. The Strategic Partner shall appoint one arbitrator and the
Federal Government and Nafin, by common agreement, shall jointly appoint
another arbitrator within 15 (fifteen) days following the date of an
Arbitration Request, in the understanding that all arbitrators shall be of
nationality other than the nationality of the Strategic Partner, the Federal
Government and Nafin. The two appointed arbitrators shall appoint the third
arbitrator by common agreement in a term not to exceed 15 (fifteen) days
following the designation of the last of the first two arbitrators. The
arbitrators shall appoint from among them the arbitrator who shall act as
chairman of the arbitration court, within 5 (five) days following the date of
the last of such appointments. If any appointment of the arbitrators is not
made within the terms herein set forth, the ICC shall make such appointment
upon request of any of the parties. The arbitrators must be able to read, write
and fluently speak both the English and Spanish languages, and must be experts
in the matter in question. The hearings shall be carried out no later than 20
(twenty) Business Days and the award must be issued no later than 60 (sixty)
Business Days, after the date of appointment of the third arbitrator.

 

10.3         Specific Performance. In any arbitration procedure under this
Agreement, the parties shall be authorized to request a competent judge to
order the specific performance of any obligation under this Agreement and, in
the terms of Article 1425 of the Code of Commerce, as precautionary measures.

 

10.4         Applicable Legislation and Enforcement of
Awards. The
arbitrators shall decide the Controversy pursuant to the substantive laws of
the United Mexican States. In case of requiring the forced enforcement of such
award in a jurisdiction other than the United Mexican States, the arbitration
agreement and any award hereunder shall be governed by the United Nations
Convention of 1958 on the Recognition and Enforcement of Foreign Arbitral
Awards. The written decision of the arbitrators, signed by a majority thereof,
shall be definitive and mandatory for the parties. Upon receipt of such award,
each party must immediately (i) adopt the action, (ii) make the changes in the
conduct of its business or (iii) make the payments or repayments that the
arbitration decision requires, as the case may be. The award may be reviewed
and enforced in any court with competent jurisdiction. Such revision will
verify the fulfillment of the award with all the formalities required by the
applicable legislation.

 

10.5         Allocation of Costs and Currency of the
Award. The party
against whom an award is entered pursuant to this Section 10., must pay
all the expenses and costs that may be accrued by reason of the arbitration
proceeding in question, including any expenses and costs corresponding to the
arbitrators and the ICC. Except for that set forth in the immediately preceding
sentence, each of the parties must pay all the expenses and costs incurred by such
party in connection with the arbitration proceeding different than those
mentioned above. Any monetary award must be made in Dollars of the United
States of America and may be paid in such currency or in lawful currency of the
United Mexican States at the exchange rate effective on the date of payment, at
the election of the debtor, free from any tax or other deduction, and must
include interest as from the date of such default or other breach of this
Agreement, until the date on which the award is paid, with a fair interest rate
determined by the arbitrators.

 

(34)         Translator’s
Note:  The original Spanish document
refers to “Section 9”; however, the correct reference is Section 10.

 

17

 

10.6         Access to Documents. The non-confidential books and
documents of each party to an arbitration procedure, as long as they are
related to the issues submitted to arbitration, shall be available for
examination of the arbitrators and other parties during such procedure prior to
the applicable hearing.

 

10.7         Successors, Assignees, etc. The arbitration agreement referred to
in this Section 9(35) shall be mandatory for any successors, assignees
and any trustee, liquidator or receiver of each party.

 

11.          Miscellaneous.

 

11.1         Notices. Any notice to be delivered by one party to the other
under this Agreement shall be made in writing and sent to the other party by
certified mail, return receipt requested, fax, courier or personal service, and
shall be considered as served whenever actually received by the addressee. All
such notices shall be sent to the following domiciles of the parties:

 

To the Strategic Partner:

 

Operadora Mexicana de Aeropuertos, S.A. de C.V.

Viaducto Miguel Aleman No. 81 

Col. Escandón 

11800 Mexico, D.F.

 

Attention:  Mr.
Rubén López Barrera

 

To the Federal Government:

 

Secretaría de Comunicaciones y Transportes

Av. Xola y Universidad

Col. Narvarte

México, D.F.

 

Attention: General Legal Department

 

To Nafin:

 

Insurgentes Sur 1971 Torre 4

Col. Guadalupe Inn, C.P. 01020

México D.F.

 

Attention: 
General Trust Delegate

 

To the Trustee:

 

Banco Nacional de Comercio Exterior, S.N.C.

Camino a Santa Teresa No. 1679

Planta Baja, Ala Sur

Col. Jardines del Pedregal

01900 México D.F.

 

Attention: 
Trust Delegate

 

(35)         Translator’s
Note:  The original Spanish document
refers to “Section 9”; however, the correct reference is Section 10.

 

18

 

To the Holding Company:

 

Grupo Aeroportuario del Centro Norte, S.A. de C.V.

Av. San Jerónimo No. 999-11 floor

Col. San Juan de Aragón

15620 México, D.F.

 

Attention: 
General Manager

 

Any of the parties may change its domicile indicated
above by notice given to the other parties, as provided for in this Section.

 

11.2         Amendments. No amendment to this Agreement shall be effective
unless agreed upon in writing by each of the parties.

 

11.3         Confidentiality.

 

11.3.1  Each of
the parties binds itself, and shall cause its affiliates, members of the board
of directors, officers, employees, agents and consultants to bind themselves,
to keep in secret and not to disclose or provide to any other person, directly
or indirectly, or to use to the prejudice of the Airport Group or any of the
parties, any oral, written or other information concerning the Bidding Process,
this Agreement, the Participation Agreement or the Transaction Documents, or
any transaction contemplated in this Agreement, the Participation Agreement or
the Transaction Documents or any other confidential information or information
related to the Airport Group including, without limitation, the plans,
operations or results and the financial statements (jointly, the “Confidential
Information”), except to the extent that the use of such Confidential
Information may be necessary to file or obtain any consent or approval required
for the performance of the transactions contemplated in this Agreement, the
Participation Agreement, or the Transaction Documents, or except to the extent
that the provision or use of such Confidential Information is required by law,
or necessary in connection with any legal procedure. Nothing contained in this
Agreement shall be construed as the granting of a license with respect to such
Confidential Information to the receiver thereof.

 

11.3.2 
Notwithstanding the provisions of Section 11.3.1, any party may
disclose any information without any restriction and without obligation to keep
such information confidential provided that (i) the disclosure of such
information must be carried out by provision of any applicable law or under the
rules or regulations of any stock exchange or quotation system, (ii) such
information becomes generally available to the public, for a reason other than
disclosure by such party, or (iii) such information has been generally
available on a non-confidential basis prior to disclosure thereof by one party.

 

11.3.3 
Notwithstanding the above, the Federal Government may publicly disclose
the execution of this Agreement, the Participation Agreement and the
Transaction Documents and provide any information as may be requested by the
competent authorities and, as the case may be, the Congress of the Union, and
also include such information in the report that it must deliver with respect
to the Bidding Process. The Strategic Partner may make public announcements
with respect to the execution of this Agreement, with a prior notice to the
Ministry in that respect.

 

11.3.4  No party
shall disclose Confidential Information or information owned by such party to
any consultant or third party advisor, unless such consultant or third party
advisor agrees in writing to be bound by these confidentiality provisions, and
each party and its consultants and 

 

19

 

third party advisors shall be subject to civil
penalties and monetary damages if they breach the provisions of this Section
11.3.

 

11.4         Headings. The headings of the sections of this Agreement are
only for reference purposes and shall not limit or otherwise affect the meaning
of any provision of this Agreement.

 

11.5         Severability. In the event that any one or more of
the provisions contained in this Agreement, or the application thereof in any
circumstance is declared invalid, illegal or unenforceable by any competent
authority in any respect or for any reason, the validity, legality and
enforceability of any such provisions in any other respect, and of the
remaining provisions of this Agreement shall not be limited or affected in any
manner whatsoever. Additionally, the parties to this Agreement agree to use
their best efforts to replace such invalid, illegal or unenforceable provision
with a valid, legal and enforceable provision, which shall seek to fulfill, to
the greatest extent possible, the economic, business and sundry purposes of the
invalid or unenforceable provision.

 

11.6         Successors, Assignees, etc. Except as otherwise provided for in
this Agreement and in the Participation Agreement, the parties shall not
transfer or assign the rights and obligations under this Agreement, the
Participation Agreement or the Transaction Documents, without prior written
consent from the Federal Government and the Holding Company.

 

11.7         Applicable Law. This Agreement shall be governed and
performed pursuant to the laws of Mexico for federal matters and of the Federal
District for local matters.

 

11.8         Counterparts. This Agreement shall be executed in 8
(eight) counterparts, each of which, whenever so executed, shall be considered
as an original, but all of which shall constitute one and the same instrument.

 

11.9         Integration. Except as otherwise specifically
provided for herein, this Agreement supersedes any prior agreements between the
parties in connection with the purpose of this Agreement, and it is the
intention of the parties that it be the final expression and the complete and
exclusive statement of their agreement with respect to the purpose of this
Agreement.

 

20

 

This Agreement is signed at 14:30 hrs. on the date
first above written, with the agreement of all the parties thereto, in Mexico
City, Federal District.

 

	
  OPERADORA MEXICANA DE

  	
   

  	
  NACIONAL FINANCIERA, S.N.C.,

  
	
  AEROPUERTOS, S.A. DE C.V.

  	
   

  	
  TRUST DEPARTMENT

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Rubén López Barrera

  	
   

  	
   

  	
  /s/ Antonio
  Cárdenas Arroyo

  	
   

  
	
  By: Rubén López Barrera

  	
   

  	
  By: Antonio Cárdenas Arroyo

  
	
  Title: Legal Representative

  	
   

  	
  Title: General Trustee Delegate

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BANCO NACIONAL DE COMERCIO

  	
   

  	
  FEDERAL GOVERNMENT, THROUGH THE

  
	
  EXTERIOR, S.N.C., TRUST DEPARTMENT

  	
   

  	
  MINISTRY OF COMMUNICATIONS AND

  
	
   

  	
   

  	
  TRANSPORTATION

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Carlos Flores Salinas

  	
   

  	
   

  	
   

  
	
  By: Carlos Flores Salinas

  	
   

  	
  /s/ Aaron Dychter Poltolarek

  	
   

  
	
  Title: Trust Delegate

  	
   

  	
  By: Aaron Dychter Poltolarek

  
	
   

  	
   

  	
  Title: Subsecretary of Transport

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  GRUPO AEROPORTUARIO DEL CENTRO

  	
   

  	
   

  
	
  NORTE, S.A. DE C.V.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Louis Priede Weston

  	
   

  	
   

  	
   

  
	
  By: Louis Priede Weston

  	
   

  	
   

  
	
  Title: Legal Representative

  	
   

  	
   

  
									

 

21

 

EXHIBIT
“1”

 

By-Laws Of The Holding
Company

 

 

EXHIBIT
“2”

 

INDICATIVE master
DEVELOPMENT program

 

In addition to the documentation presented in this
Exhibit “2”, the three volumes that constitute the technical offer
presented by the shareholders of the Strategic Partner during the Bidding
Process, are also an integral part of these guidelines. A certified copy of
said technical offer is in the possession of the Ministry of Communications and
Transportation and another is in the
possession of the Strategic Partner.

 

 

EXHIBIT “3”

 

Administrative chart

 

 

EXHIBIT “4”

 

ANNUAL Business plan

 

The Annual Business Plan
is included in Exhibit “2” of this Shareholders Agreements (pages 0994-1275).Exhibit 10.8

 

Termination Agreement in respect of Shareholders
Agreement

 

TERMINATION AGREEMENT (THE “AGREEMENT”) TO THE SHAREHOLDERS AGREEMENT DATED JUNE 14, 2000 (THE “SHAREHOLDERS AGREEMENT”) ENTERED INTO BY AND AMONG NACIONAL FINANCIERA, S.N.C. TRUST DEPARTMENT, IN ITS CAPACITY trustee of the TRUST NUMBER 5111-3 (“NAFIN”), SERVICIOS DE TECNOLOGIA AEROPORTUARIA, S.A. DE C.V. (“seta”) and BANCO NACIONAL DE COMERCIO EXTERIOR, S.N.C., TRUST DEPARTMENT (THE “bancomext” and together with seta and nafin, the “parties”), AS TRUSTEE OF THE TRUST AGREEMENT EXECUTED ON JUNE 14, 2000 WITH THE SETA AND GRUPO AEROPORTUARIO DEL CENTRO NORTE, S.A. DE C.V. (“gACN”), WITH THE APPEARANCE OF THE FEDERAL GOVERNMENT OF THE UNITED MEXICAN STATES, THROUGH THE MINISTRY OF COMMUNICATIONS AND TRANSPORTATION (THE “SCT”) and gacn, ENTERED INTO BY AND AMONG nafin REPRESENTED BY ricardo rangel fernandez mcgregor, seta represented by LUIS ZARATE ROCHA and bancomext REPRESENTED BY CARLOS FLORES SALINAS, with the appearance of gacn REPRESENTED BY RUBEN LOPEZ BARRERA and the sct REPRESENTED BY MR. AARON DYCHTER POLTOLAREK, PURSUANT TO THE FOLLOWING recitals, REPRESENTATIONS AND CLAUSES: 
 

DEFINITIONS

 

The terms defined in the Shareholders Agreement and in the Participation Agreement and its exhibits executed on June 14, 2000 (the “Participation Agreement”), as amended by the Amendment Agreement executed on the date hereof by and among the SCT, the companies that part of the Airport Group, the Strategic Partner and the Partners of the Strategic Partner, among other parties, shall have the same meaning attributed to them thereunder on this Agreement, unless defined otherwise.
 

RECITALS

 

1.             On June 14, 2000, the Shareholders Agreement was executed as an exhibit of the Participation Agreement executed on the same date between the Federal Government of the United Mexican States, through the SCT, Nafin, GACN, Servicios Aeroportuarios del Centro Norte, S.A. de C.V., Aeropuerto de Acapulco, S.A. de C.V., Aeropuerto de Chihuahua, S.A. de C.V., Aeropuerto de Ciudad Juárez, S.A. de C.V., Aeropuerto de Culiacán, S.A. de C.V., Aeropuerto de Durango, S.A. de C.V., Aeropuerto de Mazatlán, S.A. de C.V., Aeropuerto de Monterrey, S.A. de C.V., Aeropuerto de Reynosa, S.A. de C.V., Aeropuerto de Tampico, S.A. de C.V, Aeropuerto de Torreon, S.A. de C.V., Aeropuerto de San Luis Potosí, S.A. de C.V., Aeropuerto de Zacatecas, S.A. de C.V. and Aeropuerto de Zihuatanejo, S.A. de C.V., as well as Constructoras ICA, S.A. de C.V. (now Aeroinvest, S.A. de C.V. (“Aeroinvest”)), Aéroports de Paris and Vinci Airports, S.A., with the appearance of Bancomext;
 
2.             Pursuant to Section 9.1 of the Shareholders Agreement, the term of such agreement shall terminate, among others, if SETA acquires the Additional Shares as provided by Section 6.2 of the Shareholders Agreement;
 
3.             On June 14, 2005, (i) pursuant to Section 3.4.2 of the Participation Agreement, the SETA delivered to Nafin the Purchase Notice, expressing in such document its intent to exercise the option for the purchase of the Additional Shares under the terms of Section 3.4 of the Participation Agreement (the "Purchase Option") subject to the conditions set forth in such Purchase Notice; and (ii) based on the 

 

 

provisions of Section 10.6 of the Participation Agreement, the SETA requested authorization to assign in favor of Aeroinvest all the rights and obligations relating to the Purchase Option, being SETA released of the obligations related to the acquisition of the Additional Shares, including the payment of the purchase price for such Additional Shares, provided that the remaining obligations of SETA derived from the Transaction Documents and the Participation Agreement, including the cooperation obligation referred to in Section 2.3 and the obligations referred to in Section 3.4.5 of the Participation Agreement, remain in full force and effect.
 
4.             Pursuant to official communication number 4.612 dated December 21, 2005, SCT authorized the assignment by SETA in favor or Aeroinvest of all the rights and obligations regarding the Purchase Option, as set forth in Section 10.6 of the Participation Agreement, releasing SETA of the obligations related to the acquisition of the Additional Shares, including the payment of the purchase price for such Additional Shares, provided that the remaining obligations of SETA derived from the Transaction Documents and the Participation Agreement, including the cooperation obligation referred to in Section 2.3 and the obligations referred to in Section 3.4.5 of the Participation Agreement, remain in full force and effect.
 
5.             On December 21, 2005, the shareholders’ meeting of GACN authorized the assignment by SETA in favor of Aeroinvest of all the rights and obligations related to the Purchase Option, as set forth in Section 10.6 of the Participation Agreement mentioned before, releasing SETA from the obligations regarding the acquisition of the Additional Shares, including the payment of the purchase price for such Additional Shares, provided that the remaining obligations of SETA derived from the Transaction Documents and the Participation Agreement, including the cooperation obligation referred to in Section 2.3 and the obligations referred to in Section 3.4.5 of the Participation Agreement, remain in full force and effect.
 
6.             On December 21, 2005, Nafin, according to the instructions received by means of official communications numbers 4.613 and 4.614 dated December 21, 2005 from the SCT, notified the authorization of SCT in terms of such official communications with respect to the assignment by SETA in favor of Aeroinvest of all the rights and obligations related to the Purchase Option, releasing SETA of the obligations related to the acquisition of the Additional Shares, including the payment of the purchase price for such Additional Shares, provided that the remaining obligations of SETA derived from the Transaction Documents and the Participation Agreement, including the cooperation obligation referred to in Section 2.3 and the obligations referred to in Section 3.4.5 of the Participation Agreement, remain in full force and effect.
 
7.             Aeroinvest notified in writing to SCT the acquisition of 36% of the Shares of the Holding Company, pursuant to the provisions of Article 23 of the Airports Law. Furthermore, by means of official communication 10/2144 dated December 21, 2005, SCT has expressed that it does not have any objection with respect to such acquisition.
 
8.             By means of resolution dated December 13, 2005, the Restructuring Committee of the Mexican Airport System, took note and gave its favorable opinion to file before the Inter-department De-incorporation Commission the Note "Report on the Exercise of the Purchase Option of 36% of the Shares representing the capital stock of Grupo Aeroportuario del Centro Norte, S.A. de C.V. by Aeroinvest, S.A. de C.V., Mexican partner of such group".
 
9.             By means of resolution dated December 20, 2005, the Inter-department De-incorporation Commission created on April 7 1995 by executive order published in the Official Gazette of the Federation, took note of the report referred to by paragraph 8 above.

 

2

 

10.           On December 21, 2005, Nafin, as seller, and Aeroinvest as purchaser, with the appearance of SCT and SETA, entered into a Purchase and Sale Agreement (the "Purchase and Sale Agreement") with respect to the Additional Shares, subject to the condition precedent of executing this Agreement and the other documents referred to in Section 5 of the Purchase and Sale Agreement.
 

REPRESENTATIONS

 

I.                              Nafin
represents, through its representative that:

 

a)             It
is a national credit and development-banking institution, organized under the
Credit Institutions Law and its own Organic Law, and has legal capacity and
patrimony of its own and that in terms of the latter is authorized to enter
into this Termination Agreement.

 

b)            On
December 21, 2005, it transferred to Aeroinvest the Additional Shares, which
acquired them through the exercise of the Purchase Option assigned by SETA and
notified in time and form to Nafin.

 

c)             That
its representative is duly authorized to enter into this Purchase and Sale
Agreement on its behalf (sic) as it appears in public deed number 101,352 dated
July 10, 2003, granted by Mr. José Angel Villalobos Magaña, Notary Public number 9 of the Federal
District and registered with the Public Registry of Commerce of the Federal
District, under number 1275 on July 16, 2003.

 

II.            SETA
represents, through its representative that:

 

a)             It
is a mercantile company duly incorporated under Mexican law by means of public
deed number 79,502, dated June 9, 2000, granted by Mr. Armando Gálvez Pérez
Aragón, Notary Public number 103 for the Federal District, which first deed
copy was recorded with the Public Registry of Commerce for the Federal District
on October 13, 2000 under number 267,940.

 

b)            On
June 14, 2005, (i) according to the provisions of Section 3.4.2 of the
Participation Agreement, SETA delivered to Nafin the Purchase Notice,
expressing in such document its intent to exercise the Purchase Option of the
Additional Shares pursuant to Section 3.4 of the Participation Agreement,
subject to the conditions set forth in such Purchase Notice; and (ii) as
provided for in Section 10.6 of the Participation Agreement, SETA
requested the authorization to assign in favor of Aeroinvest all the rights and
obligations related to the Purchase Option, releasing SETA from the obligations
regarding the acquisition of the Additional Shares, including the payment of
the purchase price for such Additional Shares, provided that the remaining
obligations of SETA derived from the Transaction Documents and the
Participation Agreement, including the cooperation obligation referred to in Section
2.3 and the obligations referred to in Section 3.4.5 of the
Participation Agreement, remain in full force and effect. Such Purchase Notice
is attached hereto as Exhibit “A”.

 

c)             Pursuant
to official communication number 4.612 dated December 21, 2005, SCT authorized
the assignment by SETA in favor or Aeroinvest of all the rights and obligations
regarding the Purchase Option, as set forth in Section 10.6 of the
Participation Agreement, releasing SETA of the obligations related to the
acquisition of the Additional Shares, including the payment of the purchase
price for such Additional Shares, provided that the remaining obligations of
SETA derived from the Transaction Documents and the 

 

3

 

Participation Agreement,
including the cooperation obligation referred to in Section 2.3 and the
obligations referred to in Section 3.4.5 of the Participation Agreement,
remain in full force and effect;

 

d)            On
December 21, 2005, the shareholders’ meeting of GACN authorized the assignment
by SETA in favor of Aeroinvest of all the rights and obligations related to the
Purchase Option, as set forth in Section 10.6 of the Participation
Agreement mentioned before, releasing SETA from the obligations regarding the
acquisition of the Additional Shares, including the payment of the purchase
price for such Additional Shares, provided that the remaining obligations of
SETA derived from the Transaction Documents and the Participation Agreement,
including the cooperation obligation referred to in Section 2.3 and the
obligations referred to in Section 3.4.5 of the Participation Agreement,
remain in full force and effect;

 

e)             On
December 21, 2005, Nafin, according to the instructions received by means of
official communications numbers 4.613 and 4.614 dated December 21, 2005 from
the SCT, notified the authorization of SCT in terms of such official
communications with respect to the assignment by SETA in favor of Aeroinvest of
all the rights and obligations related to the Purchase Option, releasing SETA
of the obligations related to the acquisition of the Additional Shares,
including the payment of the purchase price for such Additional Shares,
provided that the remaining obligations of SETA derived from the Transaction
Documents and the Participation Agreement, including the cooperation obligation
referred to in Section 2.3 and the obligations referred to in Section
3.4.5 of the Participation Agreement, remain in full force and effect;

 

f)             On
December 21, 2005, Nafin, as seller, and Aeroinvest as purchaser, with the
appearance of SCT and SETA, entered into a Purchase and Sale Agreement (the
"Purchase and Sale Agreement") with respect to the Additional
Shares, subject to the condition precedent of executing this Agreement and the
other documents referred to in Section 5 of the Purchase and Sale
Agreement;

 

g)            Its
legal representative has sufficient powers and authority to enter into this
Amendment Agreement pursuant to public deed number 991, dated December 20,
2005, granted before Notary Public number 29 of Monterrey, Nuevo León.

 

III.           Bancomext
represents, through its representative, that:

 

a).            It
is a national credit institution, development banking institution, incorporated
under the Law of Credit Institutions and under its own Organic Law, that it has
legal capacity and an estate of its own, and that in terms of such Organic Law
it is authorized to carry out trust transactions such as those contemplated
under this Termination Agreement

 

b)            It
has full knowledge of (i) the exercise by SETA of the Purchase Option of the
Additional Shares under the terms of Section 3.4 of the Participation
Agreement and Section 6.2 of the Shareholders Agreement; (ii) the
assignment in favor of Aeroinvest of all the rights and obligations relating to
the Purchase Option referred to in (i) above, and the release of SETA of the
obligations related to the acquisition of the Additional Shares, including the
payment of the purchase price for such Additional Shares, provided that the
remaining obligations of SETA derived from the Transaction Documents and the
Participation Agreement, including the cooperation obligation referred to in Section
2.3  

 

4

 

and the obligations
referred to in Section 3.4.5 of the Participation Agreement, remain in
full force and effect; and (iii) the acquisition by Aeroinvest of the
Additional Shares.

 

c)             Its
representative is duly authorized to execute this Agreement on its behalf, as
evidenced in public deed number 32,541, issued on January 14, 1997 by Mr.
Maximino García Cueto, notary public number 14 for the Federal District, which
is duly recorded with the Public Registry of Commerce for the Federal District.

 

Based on the
aforementioned representations, the parties to this Agreement agree to execute
this Termination Agreement according to the following:

 

CLAUSES

 

FIRST.                    In
terms of Section 9 of the Shareholders Agreement, and except for Sections
6 and 7 of the Shareholders Agreement, which shall remain in full force and
effect, the Parties agree to terminate the Shareholders Agreement through the
execution of this Termination Agreement, with effects as of the Closing Date
under the Sale and Purchase Agreement of the Additional Shares (as such term is
defined in the Sale and Purchase Agreement.

 

SECOND.               As
a result of Clause First above, the Parties release the other Party through the
execution of this Termination Agreement, of all the obligations derived from
the Shareholders Agreement.

 

THIRD.                  This
Agreement shall be governed and enforced according to the federal laws of the
United Mexican States and the parties, expressly and irrevocably, submit
themselves to the jurisdiction of the competent courts of Mexico City, Federal
District, United Mexican States, expressly waiving to any other jurisdiction
that may correspond to them by reason of their present or future domiciles or
by any other reason.

 

According to the above,
and being the parties aware of the validity and legal scope of this Agreement,
they sign it on the 21st day of the month of December 2005.

 

[the rest of the
page is intentionally left in blank]

 

5

 

[Signature page]

 

Termination
Agreement to the Shareholders Agreement dated December 21, 2005

 

Nacional
Financiera, Sociedad Nacional de Crédito, Trustee Division 

as trustee under
the trust number 5111-3

 

 

	
   

  	
  /s/
  Ricardo Rangel Fernández Mcgregor

  	
   

  
	
  By: Ricardo
  Rangel Fernández Mcgregor

  
	
  Title: Legal
  Representative

  

 

6

 

[Signature page]

 

Termination
Agreement to the Shareholders Agreement dated December 21, 2005

 

Secretaria de
Comunicaciones y Transportes

 

 

	
   

  	
  /s/
  Aaron Dychter Poltolarek

  	
   

  
	
  By: Aaron
  Dychter Poltolarek

  
	
  Title:
  Subsecretary of Transportation

  

 

7

 

[Signature page]

 

Termination
Agreement to the Shareholders Agreement dated December 21, 2005

 

Banco Nacional de
Comercio Exterior, S.N.C., 

as trustee under
the trust dated June 14, 2000 

executed with the
Strategic Partner and the Holding Company, with the appearance of the Federal 

Government, through the Ministry of Communications and Transportation, and GACN

 

 

	
   

  	
  /s/
  Carlos Flores Salinas

  	
   

  
	
  By: Carlos
  Flores Salinas

  
	
  Title: Legal
  Representative

  

 

8

 

[Signature page]

 

Termination
Agreement to the Shareholders Agreement dated December 21, 2005

 

Servicios de
Tecnología Aeroportuaria, S.A. de C.V.

 

 

	
   

  	
  /s/
  Luis Zárate Rocha

  	
   

  
	
  By: Luis Zárate
  Rocha

  
	
  Title: Legal
  Representative

  

 

9

 

[Signature page]

 

Termination
Agreement to the Shareholders Agreement dated December 21, 2005

 

Grupo
Aeroportuario del Centro Norte, S.A. de C.V.

 

 

	
   

  	
  /s/ Rubén López Barrera

  	
   

  
	
  By: Rubén López
  Barrera

  
	
  Title: Legal
  Representative

  

 

10

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