Document:

amendmentandrestatementd

Dated        24 February 2022  HOLDCO  and   SILVER LAKE  and  THE MANAGERS  and  THE COMPANY  AMENDMENT AND RESTATEMENT DEED  relating to the Management Shareholders Agreement  dated 16 January 2020, as amended on 26 August 2020  

 

CONTENTS  1. DEFINITIONS AND INTERPRETATION ....................................................... 3 2. AMENDMENT AND RESTATEMENT ........................................................... 4 3. MISCELLANEOUS ........................................................................................... 4 4. THIRD PARTY RIGHTS .................................................................................. 4 5. GOVERNING LAW AND JURISDICTION ..................................................... 4 

 

AMENDMENT AND RESTATEMENT DEED  THIS DEED is made on 24 February, 2022  BETWEEN: (1) GLOBAL BLUE HOLDING LP, an exempted limited partnership formed under the laws of  the Cayman Islands, having its registered office at the offices of Maples Corporate Services  Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands and  registered in the Cayman Islands General Registry under number 95120 (“Holdco”);  (2) SL GLOBETROTTER, L.P., which has its registered office in the Cayman Islands at PO Box  309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands, acting by its general partner  (“Silver Lake”);  (3) JACQUES STERN in his capacity as Management Representative; and  (4) GLOBAL BLUE GROUP HOLDING AG, a company incorporated in Switzerland with  registration number CHE 442.546.212 (the “Company”),  each a “Party” and together the “Parties”.  WHEREAS:  (A) The Parties entered into a management shareholders agreement dated 16 January 2020 (as  amended by a deed of amendment dated 26 August 2020 (the “Original Management  Shareholders Agreement”) regulating the relationship between them as regards the  shareholdings of the Managers in the Company.  (B) The Parties have agreed to further amend and restate the Original Management Shareholders  Agreement as set out in this Deed.   IT IS AGREED:  1. DEFINITIONS AND INTERPRETATION  Terms defined in the Original Management Shareholders Agreement shall have the same  meaning when used in this Deed, unless defined below. In addition, the definitions below apply  in this Deed:  “Original Management Shareholders Agreement” has the meaning given in recital (A);  “Amended and Restated Management Shareholders Agreement” means the Original  Management Shareholders Agreement as amended and restated by this Deed in the form set out  in the Schedule; and  “Restatement Date” means the date of this Deed.  The rules of interpretation in the Original Management Shareholders Agreement shall apply to  this Deed as if set out in this Deed save that references in the Original Management  Shareholders Agreement to “this Agreement” shall be construed as references to this Deed.  The Schedule forms part of this Deed and shall have effect as if set out in full in the body of  this Deed. Any reference to this Deed includes the Schedule.   

 

2. AMENDMENT AND RESTATEMENT  With effect on and from the Restatement Date, the Original Management Shareholders  Agreement shall be amended and restated in the form set out in the Schedule so that the rights  and obligations of the parties to the Amended and Restated Management Shareholders  Agreement shall, on and from that date, be governed by and construed in accordance with the  provisions of the Amended and Restated Management Shareholders Agreement.  3. MISCELLANEOUS  The provisions of clauses 15 and 18 of the Original Management Shareholders Agreement shall  apply to this Deed as if set out in full and so that references in those provisions to “this  Agreement” shall be construed as references to this Deed and references to “party” or “parties”  shall be construed as references to the parties to this Deed.  This Deed may be executed in any number of counterparts, each of which when executed shall  constitute an original, but which, when taken together, shall constitute one instrument.  4. THIRD PARTY RIGHTS  A person who is not a party to this Deed shall not have any rights under the Contracts (Rights  of Third Parties) Act 1999 to enforce, or enjoy the benefit of, any term of this Deed.  5. GOVERNING LAW AND JURISDICTION  This Deed shall be governed by, and construed in accordance with, English law and all claims  and disputes (including non-contractual claims and disputes) arising out of or in connection  with this Deed, its subject matter, negotiation or formation.  

 

SCHEDULE AMENDED AND RESTATED MANAGEMENT SHAREHOLDERS AGREEMENT  

 

DATED JANUARY 16, 2020, AS AMENDED ON AUGUST 26, 2020 AND FURTHER  AMENDED AND RESTATED ON FEBRUARY 24, 2022  MANAGEMENT SHAREHOLDERS AGREEMENT   between   HOLDCO   and   SILVER LAKE   and   THE MANAGERS   and   THE COMPANY  

 

2  2/15/22 7:36 PM  TABLE OF CONTENTS  Page  1 DEFINITIONS AND INTERPRETATION ....................................................................... 2 2 EFFECTIVENESS ........................................................................................................... 15 3 CALCULATION OF WATERFALL AND REORGANISATION ................................ 15 4 CONTRIBUTION OF SHARES IN THE TRANSACTION ........................................... 16 5 TRANSFERS OF SHARES ............................................................................................. 17 6 MANAGEMENT SELL-DOWN RIGHTS ...................................................................... 19 7 LEAVING SHAREHOLDER PROVISIONS.................................................................. 25 8 DEED OF ADHERENCE ................................................................................................ 31 9 PROTECTION OF GOODWILL ..................................................................................... 31 10 MANAGERS’ TAXATION ......................................................................................... 34 11 CONFIDENTIALITY................................................................................................... 35 12 ANNOUNCEMENTS................................................................................................... 37 13 THE ARTICLES ........................................................................................................... 37 14 DURATION .................................................................................................................. 38 15 GENERAL .................................................................................................................... 39 16 NOTICES ...................................................................................................................... 43 17 CAPACITY................................................................................................................... 45 18 APPLICABLE LAW AND JURISDICTION .............................................................. 45 SCHEDULE 1   THE INSTITUTIONAL INVESTORS ........................................................ 47 SCHEDULE 2   DEED OF ADHERENCE ............................................................................. 48 

 

1  THIS AGREEMENT is made on January 16, 2020 (the “Original Agreement”), as amended  on August 26, 2020 and further amended and restated on February 24, 2022 (the  “Agreement”)  BETWEEN:  (1) GLOBAL BLUE HOLDING LP, an exempted limited partnership formed under the  laws of the Cayman Islands, having its registered office at the offices of Maples  Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104,  Cayman Islands and registered in the Cayman Islands General Registry under number  95120 (“Holdco”);  (2) SL GLOBETROTTER, L.P., which has its registered office in the Cayman Islands at  PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands, acting by its  general partner (“Silver Lake”); (3) JACQUES STERN in his capacity as Management Representative; (4) With respect to Clause 7 (Leaving Shareholder Provisions) GLOBAL BLUE GROUP  HOLDING AG, a company incorporated in Switzerland with registration number  CHE-442.546.212 (the “Company”); and  (5) PARTNERS GROUP PRIVATE EQUITY (MASTER FUND), LLC, PARTNERS  GROUP BARRIER REEF, L.P. and PARTNERS GROUP CLIENT ACCESS 5,  L.P. INC. (together, “Partners Group”).  WHEREAS:  (A) Following the closing under an agreement and plan of merger (“Closing”) between,  among others, Far Point Acquisition Corporation (“FPAC”), the Company and the  Seller Parties (as defined therein), entered into on or around the date of the Original  Agreement (the “Merger Agreement”), the Company owns the business known as  ‘Global Blue’ and the Shares (as defined below) will be listed on the New York Stock  Exchange (the “Transaction”).  (B) Prior to Closing, each Manager indirectly exchanged his existing securities in one of  the Company’s subsidiaries for GB Topco Shares (the “Reorganisation”). The  opportunity to subscribe for such existing securities was offered to the Managers as part  of their prior incentive arrangements.  (C) As part of the Transaction, through a series of steps, the Managers exchanged their GB  Topco Shares for Stock Consideration and Cash Consideration (each as defined in the  Merger Agreement).  (D) Each Manager and the Company entered into an escrow agreement for the holding of  certain Shares by each Manager in the Company.  (E) The Parties entered into the Original Agreement to regulate: (i) the steps required for  the Reorganisation and (ii) the relationship between them as regards the remaining  shareholdings of the Managers following Closing.  The Parties now wish to further  amend and restate the Original Agreement.  

 

2  (F) Partners Group’s countersignature of this Agreement represents its acknowledgment  of, and agreement to, the matters contained herein.  IT IS AGREED as follows:  1 DEFINITIONS AND INTERPRETATION  1.1 The following words and expressions where used in this Agreement have the meanings  given to them below:  “Act” means the Companies Act 2006;  “Additional Shares” means any Common Shares received pursuant to the Company’s  restricted share award plan or share option plan and any EBT Shares;  “Adjustment Amount” has the meaning given in the Merger Agreement;  “Advised Sell-Down Shares” is defined in Clause 6.7;  “Affiliate” means with respect to a person (the “First Person”):  (a) another person that, directly or indirectly through one or more intermediaries,  controls, or is controlled by, or is under common control with, the First Person;  (b) a pooled investment vehicle organised by the First Person (or an Affiliate  thereof) the investments of which are directed by the First Person;  (c) a Fund organised by the First Person for the benefit of the First Person’s (or any  of its Affiliates’) partners, officers or employees or their dependants; or  (d) a successor trustee or nominee for, or a successor by re-organisation of, a trust;  except that, in respect of Institutional Investors, an Affiliate shall not include a  person established or formed, other than in good faith, with the primary purpose  of enabling the Institutional Investors (or their Affiliates) to indirectly dispose  of their Shares to one or more third party;  “Applicable Law” means, with respect to any person, property, transaction or matter,  any Law or Regulation relating or applicable to that person, property, transaction or  matter;  “As-Converted Basis” means calculated as if the Convertible Preferred Shares held by  a person had been exchanged for Common Shares at the Conversion Ratio applicable  pursuant to the Conversion Agreement at the time of such calculation;  “Bad Leaver” means a Leaving Shareholder who is not a Good Leaver;   “Board” means the board of directors of the Company from time to time;  “Business” means the business of the Group, being processing (including VAT refund),  currency conversion, data analytics, internet and print marketing, and point of sale  software relating to tax-free shopping, travel-related shopping and luxury goods (or all  or any part of such business);  

 

3  “Business Day” means any day other than a Saturday, Sunday, bank or public holiday  in London, Luxembourg City, New York or Switzerland;  “Cash Consideration” has the meaning given in the Merger Agreement;  “Cash Proportion” means the amount of Cash Consideration received by a party  divided by the total amount of Consideration received by such party, in each case  pursuant to the Transaction;  “Closing” is defined in the recitals of this Agreement;  “Co-investor” means SL / PG Global Blue Co-Invest, L.P. or any limited partner  therein;  “Common Shares” means the registered common shares of CHF 0.01 of the Company  (or any successor of the Company by combination of shares, recapitalization, merger,  consolidation or other reorganization) and any shares into which any such Common  Shares shall have been changed or any shares resulting from any reclassification of any  such Common Shares;  “Confidential Information” means all information (whether oral or recorded in any  medium) relating to the Shareholders (or any of them) and/or any Group Company’s  business, financial or other affairs (including future plans of any Group Company)  which is treated by the relevant Shareholder and/or Group Company (as the case may  be) as confidential (or is marked or is by its nature confidential);  “Consideration” has the meaning given to the term “Total Consideration” in the  Merger Agreement;  “Conversion Agreement” means the conversion agreement to be entered into between  the Company and the holders of the Convertible Preferred Shares at Closing;  “Conversion Ratio” has the meaning given in the Conversion Agreement;  “Convertible Preferred Shares” means registered series A convertible preferred  shares with a nominal value of CHF 0.01 each of the Company (or any successor of the  Company by combination of shares, recapitalization, merger, consolidation or other  reorganization) and any shares into which any such Convertible Preferred Shares shall  have been changed or any shares resulting from any reclassification of any such  Convertible Preferred Shares;  “Convertible Preferred Shares Value” has the meaning given in the Merger  Agreement;  “Cost per Share” means, in respect of a Manager, (i) the aggregate subscription or  acquisition price paid by such Manager in respect of his subscription for or acquisition  of all the GB Manco Securities that he exchanged for GB Topco Shares pursuant to the  Reorganisation; divided by (ii) the total number of GB Topco Shares issued to such  Manager pursuant to the Reorganisation, multiplied by (iii) such Manager’s Stock  Proportion;  

 

4  “Cutback Sell-Down Percentage” means, in respect of a Sell-Down, the fraction,  expressed as a percentage, equal to:  (a) the Advised Sell-Down Shares; divided by   (b) the Total Proposed Sell-Down Shares;  “Deed of Adherence” means the deed of adherence to this Agreement in the form of  Schedule 2 or otherwise as agreed by the Investor;  “Director” means a director of the Board;  “Dollars” or “$” means the lawful currency of the United States of America;  “EBT Shares” means Common Shares and/or Convertible Preferred Shares transferred  to each Manager on or after the first anniversary of Closing by the Trustee (as defined  in the Trust Deed), following a determination by the Nomination and Compensation  Committee, and any shares into which any such Common Shares and/or Convertible  Preferred Shares shall have been changed or any shares resulting from any  reclassification of any such Common Shares and/or Convertible Preferred Shares;  “Employee Taxation” means the amount for which any Group Company becomes  liable to account to a Tax Authority in respect of income tax and employees’ national  insurance (including any payroll taxes incurred as a result of the steps contemplated by  Clause 2) or other employee social security contributions or the equivalent in any  relevant jurisdiction;  “End Date” means the earlier of (i) the fifth anniversary of Closing; and (ii) the date  falling one month after the date on which the SL Investor ceases to hold legal and/or  beneficial interest in any Shares (directly or indirectly);  “Escrow Agent” means the escrow agent pursuant to the Escrow Agreement;  “Escrow Agreement” means the escrow agreement to be entered into between the  Investor, the Company, the Managers and an escrow agent in connection with the  escrow of the Shares held by the Managers;  “Estimated Closing Statement” has the meaning given in the Merger Agreement;  “Estimated Consideration” has the meaning given in the Merger Agreement;  “Estimated FPAC Transaction Expenses” has the meaning given in the Merger  Agreement;  “Euro” or “€” means the lawful currency of certain participating member states of the  European Union;  “Euro Equity Value” means (a) the Consideration, less (b) an amount equal to all fees  and expenses, advisory fees and other costs that are paid by or expected to be paid by  the Seller Parties (as defined in the Merger Agreement) from Consideration received;  “Exchange Rate” has the meaning given in the Merger Agreement;   

 

5  “Excluded Transfer” means any (direct or indirect) transfer of Shares:  (a) in the case of Shares held (directly or indirectly) by or on behalf of the SL Funds  or any person to which Shares have previously been (directly or indirectly)  transferred pursuant to this limb (a), to the SL Funds, Silver Lake Technology  Management, L.L.C., Silver Lake Group L.L.C. and/or any general partner,  manager or investment adviser affiliated with such person (and any Fund,  company or co-investment scheme which is controlled directly or indirectly by  such person or of which any such person is, directly or indirectly, the general  partner, manager or investment adviser), but excluding the Co-Investor;  (b) in the case of Shares held (directly or indirectly) by or on behalf of Partners  Group to Partners Group, Partners Group AG, any of its Affiliates and/or any  investment vehicle managed or advised by Partners Group AG or its Affiliates  or any other entity managed, advised and/or majority owned or controlled  directly or indirectly by Partners Group AG and/or any Affiliate thereof;  (c) in the case of Shares held (directly or indirectly) by or on behalf of any Co- Investor to such Co-investor, any of its Affiliates and/or any investment vehicle  managed or advised by such Co-investor or its Affiliates or any other entity  managed, advised and/or majority owned or controlled directly or indirectly by  such Co-investor and/or any Affiliate thereof; or  (d) any trustee, nominee or custodian of any person listed in (a), (b) or (c),   and provided that, for the avoidance of doubt, a direct or indirect transfer of Shares held  (directly or indirectly) by or on behalf of any of the SL Funds or any person to which  Shares have previously been (directly or indirectly) transferred pursuant to limb (a),  Partners Group, or any Co-Investor to any other of the foregoing is not an “Excluded  Transfer”;  “Exit” means a sale or series of sales by the Investor following which at least 70% of  the Shares (including the Convertible Preferred Shares on an As-Converted Basis) are  in public hands or an acquisition by a person (together with its Affiliates) of all or  substantially all of the Shares in connection with which the Company is de-listed from  the New York Stock Exchange;  “Form F-4” means the registration statement required under the Securities Act of 1933;  “FPAC” has the meaning given in the recitals;  “Fair Value” means an amount expressed in Euros equal to the product of:  (a) in respect of each Common Share, an amount equal to the VWAP of a Common  Share for the 15 trading days prior to the Relevant Date; or  (b) in respect of each Convertible Preferred Share, an amount equal to (i) the  VWAP of a Common Share for the 15 trading days prior to the Relevant Date  multiplied by (ii) the Conversion Ratio applicable pursuant to the Conversion  Agreement at the time of the relevant calculation,  in each case, multiplied by the Exchange Rate;  

 

6  “Family Member” means, in relation to a Shareholder, any one or more of that  person’s Spouse and his lineal descendants by blood or adoption;  “Family Trust” means, in relation to a Shareholder, a trust or settlement set up wholly  for the benefit of that person and/or that person’s Family Members and which the  Nomination and Compensation Committee is reasonably satisfied can be bound by the  provisions of this Agreement;  “Final Consideration” has the meaning given in the Merger Agreement;  “Financing Documents” means any banking or other financing (including  intercreditor) arrangements entered into at any time and from time to time by any Group  Company, together with the associated security documentation referred to therein (as  amended, supplemented, replaced or otherwise varied from time to time);  “FSMA” means the Financial Services and Markets Act 2000;  “Fund” means any bank, company, unit trust, investment trust, investment company,  limited, general or other partnership, industrial provident or friendly society, any  collective investment scheme (as defined by the FSMA), any investment professional  (as defined in article 19(5)(d) of the Financial Services and Markets Act 2000 (Financial  Promotion Order) 2001 (the “FPO”)), any high net worth company or unincorporated  association or high value trust (as defined in article 49(2) (a) to (c) of the FPO), any  pension fund or insurance company or any person who is an authorised person under  the FSMA;  “GB Manco Securities” means shares and preferred equity certificates in Global Blue  Management & Co S.C.A;  “GB Topco” means Global Blue Group AG;  “GB Topco Shares” means ordinary shares in GB Topco;  “Good Leaver” means a Leaving Shareholder who ceases to be an employee due to:  (a) death;  (b) personal incapacity due to ill health or disability (other than as a result of alcohol  or drug dependency);  (c) retirement at the statutory retirement age in the jurisdiction in which the Good  Leaver is employed or engaged;  (d) redundancy;  (e) dismissal other than in circumstances where he was dismissed by the Company  or any of its subsidiaries for a reason constituting Misconduct on his part; or  (f) constructive dismissal,  or who is deemed by the Board to be a Good Leaver pursuant to Clause 7.7;  

 

7  “Good Leaver Excess Amount” means that part of any proceeds received or to be  received by a Re-classified Bad Leaver pursuant to Clause 7.7 in excess of that which  would have been paid or payable pursuant to Clause 7.5 after the Relevant Date had  they been classified as a Bad Leaver at the Relevant Date, or, if higher, at the date of  the re-classification as a Re-classified Bad Leaver;  “Group” means the Company and each of its subsidiary undertakings from time to time  (and references to “Group Company” and “member of the Group” shall be construed  accordingly) and, for the avoidance of doubt, in respect of the period prior to Closing  shall include GB Topco and its subsidiary undertakings;  “Group CEO” means the chief executive officer of the Group from time to time;  “Institutional Investor Group” means, in relation to an Institutional Investor, that  Institutional Investor and its subsidiary undertakings other than the Group or, as the  case may be, that Investor, any parent undertaking, whether direct or indirect, of that  Investor or any holding company of which that Investor is, directly or indirectly, a  wholly-owned subsidiary and any other subsidiary undertaking of any such parent  undertaking or holding company from time to time and references to “member” or  “members” of an Institutional Investor Group shall be construed accordingly;  “Institutional Investors” means the SL Funds and Partners Group, whose details are  set out in Schedule 2;  “Investment Agreement” means the investment agreement entered into between the  Managers and the Investor (each, as defined therein) dated 1 August 2012, as amended  on 26 March 2014;  “Investor” means, collectively, Holdco, the SL Investor and any other person who  undertakes to perform the obligations of the Investor under a Deed of Adherence;  “Investor Sell-Down Shares” is defined in Clause 6.7;  “IPO” means admission to listing of the Company and admission of its ordinary shares  to trading on a public securities market;  “ITEPA” means the Income Tax (Earnings and Pensions) Act 2003;  “KYC Information” means such information as the Investor may reasonably require  in order to satisfy their obligations in respect of any “know your client” or other anti- money laundering or anti-terrorism legislation, regulation or best practice from time to  time;  “Law” means any regulation (including EU regulation), statute, law (including  common law), subordinate legislation, act, treaty, ordinance, decree, directive, rule,  circular, code, order, recommendation, notice, direction, code of practice, judgement or  decision enacted, issued or promulgated by, or entered into with, any regulatory  authority and which has the force of law;  “Leaver Equity” means Shares registered in the name of a Leaving Shareholder  immediately following Closing;  

 

8  “Leaver Notice” means a notice given pursuant to Clauses 7.1 to a Leaving  Shareholder by the Board specifying the person(s) to whom the Transfer Shares should  be offered and the price of the Transfer Shares;  “Leaver Provisions Expiry Date” means the earlier of (i) the date falling 18 months  after Closing and (ii) such time as the Investor’s Liquidity Proportion is at least 80%;  “Leaving Shareholder” means an employee or director of a member of the Group who  ceases for whatever reason to be an employee or director of a member of the Group  without remaining or becoming an employee or director of any other member of the  Group (as the case may be) or is declared bankrupt or, whilst remaining an employee,  becomes eligible for benefits under a permanent health insurance policy, and any  Related Holder, or any nominee holder of such person;  “Liquidity Proportion” means (a) a party’s Cash Proportion plus (b) the product of:  (i) the sum of (x) such person’s Stock Proportion and (y) such person’s Preferred  Proportion and (ii) such person’s Post Closing Sale Proportion;  “Lock-up” means the restriction on selling Shares to be applicable to the Investor and  each Manager immediately following Closing pursuant to the Shareholders Agreement,  on the terms and subject to the exceptions set out therein;  “Lock-up Period” means the period of time for which the Lock-up applies;  “LP Distribution” means a direct or indirect distribution by the Investor to its direct  or indirect limited partners or shareholders, other than any such distribution which  constitutes an Excluded Transfer;  “Management Representative” means any person appointed by the Managers holding  a majority of the Shares as management representative from time to time who shall be  entitled to remove any such person and to appoint another person in his place. The first  Management Representative shall be Jacques Stern;  “Manager Sell-Down Shares” has the meaning given in Clause 6.7.1;  “Managers” means any person that enters into a Deed of Adherence in the capacity of  a Manager and a “Manager” means any one of them;  “Merger Agreement” has the meaning given in the recitals;   “Misconduct” means any of:  (a) the committing of any act of misconduct warranting summary termination at  common law;  (b) any breach by an employee of the obligation of trust and confidence to his  employer;  (c) the committing of any serious or persistent breach or non-observance or non- performance of any of the terms, conditions or stipulations contained in the  individual’s Service Agreement or the rules of any applicable regulatory  authority;  

 

9  (d) being guilty of any gross misconduct or serious negligence in connection with  or affecting the business or affairs of any Group Company for which he is  required to perform duties;  (e) being guilty of conduct which brings or is likely to bring himself or any Group  Company into disrepute;  (f) being convicted of an arrestable criminal offence (other than an offence under  road traffic legislation for which a non-custodial penalty is imposed);  (g) being adjudged bankrupt or making any arrangement or composition with his  creditors;  (h) being or becoming prohibited by law or the articles of association of, or any  regulatory body applicable to, any Group Company of which the individual is a  director, from being a director because of his own acts or omissions;  (i) voluntarily resigning as a director of any Group Company other than: (i) at the  request of the Company; or (ii) pursuant to Clause 7;  (j) the committing of a material breach of this Agreement (whether or not such  breach amounts to a repudiatory breach) and, if capable of remedy, such breach  is not remedied to the reasonable satisfaction of the Investor within 10 Business  Days of receipt of a notice of such breach. In this paragraph (j), a material breach  of this Agreement shall only be deemed to occur as a result of any of a breach  by the Manager of Clauses 9 (Protection of Goodwill) and/or 11  (Confidentiality) of this Agreement; or  (k) a lack of time commitment and/or effort commensurate with full time  employment, the determination of which shall take into account past  performance and what is appropriate for an employee in such a role;  “Nomination and Compensation Committee” means the nomination and  compensation committee to be constituted in accordance with the Organizational  Regulations of the Board as in effect from time to time;  “Non-Compete Period” is defined in Clause 9.1.2;   “Notice” is defined in Clause 16.1;  “Party” means each person who entering into this Agreement as at the date hereof or  thereafter by way of a Deed of Adherence, other than Partners Group;  “Permanent Insider” has the meaning given to it in the Company’s Insider Trading  Policy in force from time to time;  “Post-Closing Sale Proportion” means the fraction, expressed as a percentage, equal  to:   (a) the aggregate of the number of Shares (including Convertible Preferred Shares  on an As-Converted Basis) and the number of EBT Shares sold or transferred  

 

10  (directly or indirectly, including pursuant to an LP Distribution but excluding  pursuant to an Excluded Transfer) by or on behalf of a party after Closing;  divided by  (b) the total number of Shares (including Convertible Preferred Shares on an As- Converted Basis) held by or on behalf of such person immediately after Closing  plus any EBT Shares allocated and transferred to such person on or after the  first anniversary of Closing;  “Pre-Sale Stake” means the number of Shares (including Convertible Preferred Shares  on an As-Converted Basis) held (directly or indirectly) by a person immediately prior  to a Sell-Down, including, for the avoidance of doubt, where applicable, any Shares  (including Convertible Preferred Shares on an As-Converted Basis) which formed part  of such person’s Sell-Down Entitlement in respect of a previous Sell-Down but which  such person did not sell in such Sell-Down but, in respect of a Manager, excluding, for  the avoidance of doubt, any Additional Shares;  “Preferred Proportion” means the amount of Convertible Preferred Shares Value  received by a party divided by the total amount of Consideration received by such party,  in each case pursuant to the Transaction;  “Recognised Investment Exchange” has the meaning given in section 285(1) of the  FSMA;  “Registration Rights Agreement” means the registration rights agreement to be  entered into between the Company and certain Shareholders at Closing;  “Regulation” means any regulation, ordinance, decree, directive (including EU  directive), rule, circular, code, order, recommendation, notice, direction, code of  practice, guidance note, judgement or decision enacted, issued or promulgated by, or  entered into with, any regulatory authority, listing authority or stock exchange;  “Related Holder” means a Spouse, Family Member, Family Trust, or person as the  case may be, to whom a Shareholder has transferred Shares pursuant to Clause 4;  “Relevant Date” is defined in Clause 9.5.1;   “Relevant Securities” is defined in Clause 10;  “Reorganisation” is defined in the recitals of this Agreement;  “Sale Notice Period” is defined in Clause 6.4;  “Security Interest” includes any mortgage, charge, pledge, lien, encumbrance,  hypothecation, hedging or assignment or any other agreement or arrangement having  the effect of conferring security;  “Sell-Down” means, other than in the case of an Excluded Transfer, an LP Distribution  or pursuant to a Catch-up Sale, a transfer of Shares by the Investor or a transfer (direct  or indirect) of any interest therein by way of an accelerated bookbuild or other sale  transaction following Closing;  

 

11  “Sell-Down Entitlement” means, subject to Clause 6 but notwithstanding anything  else to the contrary herein or in the individual Manager’s Deed of Adherence, with  respect to each Manager and each Sell-Down, a number of Shares equal to:  (a) the number of the Shares (including Convertible Preferred Shares on an As- Converted Basis) held by such Manager received as Stock Consideration  multiplied by the Sell-Down Proportion;  (b) if such Manager is a Permanent Insider, all Common Shares received by such  Manager pursuant to the Company’s restricted share award plan and stock  option plan; and  (c) all of the EBT Shares held by such Manager,  as may be reduced in accordance with Clause 6.7;  “Sell-Down Proportion” means, in respect of any Sell-Down, the fraction, expressed  as a percentage, equal to the number of Investor Sell-Down Shares to be sold (directly  or indirectly) in such Sell-Down by the SL Investor (as may be reduced pursuant to  Clause 6.7) divided by the SL Investor’s Pre-Sale Stake;    “Shareholder” means any holder of any Share from time to time;  “Shareholders Agreement” means the shareholders agreement between the Company  and certain Shareholders dated on or around the date hereof;  “Shares” means Common Shares and Convertible Preferred Shares but, with respect to  each Manager, shall be limited to those Common Shares and Convertible Preferred  Shares received by each Manager as Stock Consideration pursuant to the Transaction,  other than for the purposes of the participation by a Manager in a Sell-Down in respect  of his Sell-Down Entitlement in accordance with Clause 6, where Shares shall be  deemed to include a Manager’s Additional Shares;  “SL Funds” means Silver Lake Partners III Cayman (AIV III), L.P. and Silver Lake  Technology Investors III Cayman, L.P.;  “SL Investor” means Silver Lake and any person to which it transfers Shares pursuant  to limb (a) of “Excluded Transfer” from time to time; “Spouse” means a person who is married to or in a civil partnership with or has been  permanently cohabiting for a minimum period of five years with a Shareholder;  “Stock Consideration” has the meaning given in the Merger Agreement;   “Stock Consideration Value” has the meaning given in the Merger Agreement;  “Stock Proportion” means the amount of Stock Consideration Value received by a  party divided by the total amount of Consideration received by such party, in each case  pursuant to the Transaction;  “Tax” means any form of tax and any duty, contribution, levy, social security  contribution, or tariff (including withholdings and deductions and amounts equivalent  

 

12  to Tax or calculated by reference to Tax), whether of the United Kingdom or elsewhere  in the world, in each case in the nature of tax together with all related penalties, fines,  charges, costs and interest, in any case whenever imposed and however arising but  excluding uniform business rates, council tax, water rates and other local authority rates  or charges;  “Tax Authority” means any authority or body competent to impose, assess, collect or  administer any Tax;  “Total Proposed Sell-Down Shares” has the meaning given in Clause 6.7.1;  “Transaction” is defined in the recitals of this Agreement;  “Transfer Notice” means a notice deemed to be given by the Leaving Shareholder  offering a transfer of the Transfer Shares;  “Transfer Shares” means such number of Shares constituting all or part of a Leaving  Shareholder’s Leaving Equity as specified in a Leaver Notice given to such Leaving  Shareholder;  “Transferred Company Shares” has the meaning given in the Merger Agreement;   “Trust Deed” means the trust deed dated 27 July 2012 between Global Blue  Management & Co. S.C.A., Estera Trust (Jersey) Limited (formerly Appleby Trust  (Jersey) Limited) (as amended from time to time);  “VWAP” has the meaning given in the Merger Agreement; and   “Waterfall” means the respective entitlements of the Investor and the Managers  pursuant to Clause 14 of the Investment Agreement.  1.2 Unless the context otherwise requires, words and expressions defined in or having a  meaning provided by the Act as at the date of this Agreement shall have the same  meaning in this Agreement.  1.3 The term “connected person” shall have the meaning attributed to it at the date of this  Agreement by section 1122 of the Corporation Tax Act 2010 and the words “connected  with” shall be construed accordingly except that a Shareholder shall not be deemed to  be connected with another Shareholder only by virtue of the fact that they are both party  to an agreement made between Shareholders in relation to the Company.  1.4 Unless the context otherwise requires, references in this Agreement to:  1.4.1 any of the masculine, feminine and neuter genders shall include other  genders;  1.4.2 the singular shall include the plural and vice versa;  1.4.3 a person shall include a reference to any natural person, body corporate,  unincorporated association, partnership, firm and trust;  

 

13  1.4.4 save where used in the definition of “employees” shall be deemed to  include consultants and directors, and references to contracts of  employment and to commencement or cessation of employment shall be  deemed to include contracts for consultancy and directorship and  commencement or cessation of consultancy or directorship;  1.4.5 any statute or statutory provision shall be deemed to include any  instrument, order, regulation or direction made or issued under it and  shall be construed as a reference to the same as it may have been, or may  from time to time be, amended, modified, consolidated or re-enacted  except to the extent that any amendment or modification made after the  date of this Agreement would increase any liability or impose any  additional obligation under this Agreement;  1.4.6 any English legal term for any action, remedy, method of judicial  proceeding, legal document, legal status, court, official or any legal  concept or thing shall, in respect of any jurisdiction other than that of  England, be deemed to include what most nearly approximates in that  jurisdiction to the English legal term;  1.4.7 any class or category of Shareholder giving a written direction, written  consent or written notice shall, unless this Agreement expressly provides  otherwise, mean the giving of such a direction, consent or notice by the  holders of a majority in number of such class or category of Shares in  issue from time to time;  1.4.8 any time or date shall be construed as a reference to the time or date  prevailing in England; and  1.4.9 a procuring obligation, where used in relation to the Managers, the  Investor, the Board or the other Parties to this Agreement (or any one or  more of them), means that each Manager, Investor, member of the  Board, or other Party (as the case may be) undertakes to exercise his or  its voting rights and use any and all powers vested in him or it from time  to time as a holder of Shares, director, officer or employee or otherwise  in or of the Company or any other member of the Group or other entity  (as relevant) to ensure compliance with that obligation so far as he or it  is commercially reasonably able to do so (having regard to his  position/role in relation to the powers of an employee), whether acting  along or (to the extent that he is lawfully able to contribute to ensuring  such compliance collectively) acting with others.  1.5 The headings in this Agreement are for convenience only and shall not affect its  meaning. References to a Clause, Schedule or paragraph are (unless otherwise stated)  to a Clause of and Schedule to this Agreement and to a paragraph of the relevant  Schedule. The Schedules form part of this Agreement and shall have the same force  and effect as if expressly set out in the body of this Agreement.  1.6 A reference in this Agreement to the transfer of any Share shall mean the transfer of  either or both of the legal and beneficial ownership in such Share and/or the grant of an  option to acquire either or both of the legal and beneficial ownership in such Share and  

 

14  the following shall, subject to Clause 1.7, be deemed (without limitation) to be a transfer  of a Share:  1.6.1 any direction (by way of renunciation or otherwise) by a Shareholder  entitled to an allotment or issue of any Share that such Share be allotted  or issued to some person other than himself;  1.6.2 any sale or other disposition of any legal or equitable interest in a  security (including any voting right attached thereto) and whether or not  by the registered holder thereof and whether or not for consideration or  otherwise and whether or not effected by an instrument in writing;  1.6.3 any grant of a Security Interest over any Share and/or any grant or sale  of any derivative interest in the same, as part of a hedge or otherwise.  1.7 Notwithstanding the provisions of Clause 1.6, any transfer by any partner, unitholder,  shareholder or other participant in, or operator, manager or custodian of, any SL Fund  (or any other Fund managed, advised and/or majority owned or controlled directly or  indirectly by Silver Lake Group L.L.C. or Silver Lake Technology Management, L.L.C.  and/or any Affiliate thereof) or Partners Group (or any other Fund managed, advised  and/or majority owned or controlled directly or indirectly by Partners Group AG and/or  any Affiliate thereof) (a “Fund Participant”) (or by any trustee or nominee for any  such Fund Participant) of any interest in such Fund to any person who is, or as a result  of the transfer becomes, a Fund Participant, shall not, and shall not be deemed to, be a  transfer of Shares for any purpose under this Agreement, but, for the avoidance of  doubt, a transfer of Shares to such person may still constitute an LP Distribution.  1.8 Where any Shares are held by a nominee for any person (other than in breach of this  Agreement), that person shall (unless the context required otherwise) be treated for the  purposes of this Agreement as the holder of those Shares and, for so long as any Shares  are held (directly or indirectly) by an Institutional Investor (or any person to which  Shares have previously been (directly or indirectly) transferred pursuant to limb (a) of  “Excluded Transfer”), such person shall be entitled to exercise and enforce all or any  of the rights or benefits of the Investor under this Agreement as if a Party to this  Agreement.  1.9 In construing this Agreement, general words introduced by the word “other” shall not  be given a restrictive meaning by reason of the fact that they are preceded by words  indicating a particular class of acts, matters or things and general words shall not be  given a restrictive meaning by reason of the fact that they are followed by particular  examples intended to be embraced by the general words.  1.10 The obligations of the Parties under this Agreement are (save where otherwise  provided) several and given only in respect of themselves.  1.11 The Investor agrees that any rights of the Investor under this Agreement shall be  exercised, and any notices shall be given or received (as applicable), by the SL Investor  on its behalf, and the other Parties shall be entitled to rely on any action taken, or  confirmation or notice given, by the SL Investor as validly taken or given, as the case  may be, by the Investor. Any obligations of the Investor under this Agreement shall be  

 

15  performed, and any costs of the Investor shall be borne, on a pro rata basis, based on  the respective holdings of Shares (including the Convertible  Preferred Shares on an As-Converted Basis) of the persons comprising the Investor  from time to time.  2 EFFECTIVENESS  2.1 Clauses 5 to 9 (inclusive) and Clause 15.16 of this Agreement shall be conditional and  take effect upon Closing. The remaining provisions of this Agreement shall take effect  immediately.  2.2 In the event that the Merger Agreement is terminated without Closing occurring, this  Agreement shall cease and be of no further effect.  3 CALCULATION OF WATERFALL AND REORGANISATION  3.1 Promptly following the delivery by GB Topco of the Estimated Closing Statement and  by FPAC of the statement of Estimated FP Transaction Expenses pursuant to Section  2.16 of the Merger Agreement, the Investor shall calculate the entitlements of the  Investor and the Managers pursuant to the Waterfall based on the Euro Equity Value  determined in accordance with such statements and on the basis of such entitlements  calculate the number of GB Topco Shares to be issued to each of the Investor and each  Manager pursuant to the Reorganisation. Promptly after such calculation has been made  the Investor shall notify the Management Representative of such entitlement of, and the  corresponding number of GB Topco Shares to be issued to, each Manager. The Investor  shall share with the Management Representative its working papers in connection with  such calculations and the Management Representative shall be given a reasonable  opportunity to comment and ask questions of the Investor with respect to such working  papers and the Investor shall consider in good faith any comments made by the  Management Representative.  3.2 The detailed steps to give effect to the Reorganisation shall be determined and executed  by the Investor in its sole discretion, provided that the effect of the Reorganisation is  that:  3.2.1 the price per GB Topco Share issued to each Manager and the Investor  is the same and is calculated by reference to the Euro Equity Value;  3.2.2 each Manager receives, as legal and beneficial owner, the number of GB  Topco Shares calculated pursuant to Clause 3.1; and  3.2.3 the Investor shall consider all reasonable steps to mitigate against any  Employee Taxation as a result of the Reorganisation and the  Management Representative shall be given a reasonable opportunity to  comment and ask questions in connection therewith. Each Manager shall  carry out all reasonable actions, give all instructions, execute, complete  and deliver all documents reasonably necessary to effect the  Reorganisation and, without prejudice to any separate power of attorney  granted by each Manager from time to time, hereby irrevocably  appoints, by way of security for the performance of his obligations under  

 

16  this Clause 3, Silver Lake to be his attorney or, failing which, his agent  with authority in his name and on his behalf to carry out all actions, give  all instructions, execute, complete and deliver all documents necessary  to effect the Reorganisation.  3.3 The Parties agree that the Investment Agreement is terminated with effect from Closing  and that from Closing this Agreement supersedes all prior agreements, understandings  and statements, written or oral, between the parties with respect to the matters  contemplated by this Agreement.  4 CONTRIBUTION OF SHARES IN THE TRANSACTION  4.1 Subject to Clause 4.2 and 4.3, each Manager shall contribute all his GB Topco Shares  in the Transaction on the same terms as the SL Investor contributes (directly or  indirectly) its GB Topco Shares. Each Manager shall receive the same proportion of his  Consideration as Cash Consideration as the proportion of the SL Investor’s  Consideration that it receives (directly or indirectly) as Cash Consideration (or would  have received but for any adjustments as described in Clause 4.3).  4.2 Subject to the terms of the Deed of Adherence entered into by any Manager, if the SL  Investor’s Cash Proportion is less than 30%, each Manager shall be entitled to elect for  his Cash Proportion to be up to 30%. Such right shall be exercised on the Managers’  behalf by the Management Representative by notification to the Investor within 5  Business Days after the Investor gives written notice to the Management Representative  that it expects a definitive proxy statement relating to the Transaction to be published  by FPAC within the following 10 Business Days.  4.3 The Investor may agree pursuant to the Deed of Adherence entered into by any Manager  that such Manager shall receive a higher proportion of his Consideration as Cash  Consideration and a lower proportion of his Consideration as Stock Consideration. To  the extent there is any increase in the Cash Consideration and decrease in the Stock  Consideration received by one or more Managers pursuant to this Clause 4.3, there shall  be a corresponding reduction in the Cash Consideration and increase in the Stock  Consideration received by the Investor.  4.4 Following finalisation of the Closing Statement in accordance with Section 2.16(c) of  the Merger Agreement, the Investor shall recalculate the entitlements of the Investor  and the Managers pursuant to the Waterfall based on the Euro Equity Value determined  in accordance with the Closing Statement (the “Final Waterfall Calculation”). The  Investor shall instruct New Topco to issue the Adjustment Shares to the Investor and  each Manager or to redeem Excess Shares from the Investor and each Manager, as  applicable, in each case in such proportions as shall result in each of the Investor and  each Manager receiving, in aggregate at Closing and following the application of  Section 2.16(d) of the Merger Agreement, Consideration with a total value equal to its  or his entitlement pursuant to the Final Waterfall Calculation.  4.5 Each Manager will be the beneficial owner of the Shares issued to him, which shall be  held by such Manager subject to the terms of the Escrow Agreement, and shall be  entitled to receive any dividends declared by the Company on such Shares (net of all  fees and expenses payable by such Manager).  

 

17  4.6 The number of GB Topco Shares issued to each Manager pursuant to the  Reorganisation and the amount of Cash Consideration and number of Shares received  by each Manager pursuant to the Transaction shall be disclosed in the Form F-4  published by the Company, to the extent and in the manner required by Applicable Law.  4.7 Each Manager shall be a party to the Shareholders Agreement (including the Lock-up)  and the Registration Rights Agreement and shall execute the Shareholders Agreement,  the Registration Rights Agreement and such other agreements and provide such  information and documentation as may reasonably be required in connection with the  Transaction. Each Manager, without prejudice to any separate power of attorney  granted by each Manager to the Management Representative from time to time, hereby  irrevocably appoints, by way of security for the performance of his obligation under  this Clause 4.7, the Management Representative to be his attorney or, failing which, his  agent with authority in his name and on his behalf to carry out all actions, give all  instructions, execute, complete and deliver all documents necessary in connection with  the Transaction in each case that are reasonably and customarily required. Neither the  Investor or any of its Affiliates or representatives nor the Management Representative  shall have any liability for or in respect of any Manager relating to his participation in  the Transaction.  4.8 The Investor shall be entitled to exercise the EBT’s rights to exchange such percentage  of the EBT’s Convertible Preferred Shares for Common Shares pursuant to the  Conversion Agreement as is equal to the percentage of the Investor’s own Convertible  Preferred Shares that it exchanges for Common Shares from time to time.  5 TRANSFERS OF SHARES   General prohibition on transfers  5.1 No transfer of any beneficial interest in any Share shall be made if this Agreement  would not permit a transfer of the legal ownership of such Share.  5.2 Each Manager agrees that he will not, without the approval of the Investor:  5.2.1 effect a transfer of any of his Shares (including any grant or sale of any  derivative interest in the same, as part of a hedge or otherwise), except  a transfer in accordance with this Clause 5; or  5.2.2 create or allow to be created any Security Interest on or over or affecting  any of his Shares.  Permitted transfers by Managers  5.3 The following transfers (which shall be at the cost of the transferor) by Managers are  permitted under this Clause 5:  5.3.1 any transfer pursuant to and in accordance with Clause 3 or Clause 6;  5.3.2 any transfer required by Clause 7;  5.3.3 any transfer by a Manager (in consultation with the Board), for bona fide  tax planning purposes, of any interests in Shares to a Family Member  

 

18  over the age of 18 or to a trustee of a Family Trust, provided that: (i) in  all cases he retains voting control of such Shares; (ii) such transfer does  not prejudice his creditworthiness or the performance of his obligations  pursuant to this Agreement and (iii) such Shares remain subject to the  Escrow Agreement to which the Manager is a party. If, following such  a transfer, a person ceases for whatever reason to be a Family Member  he shall immediately transfer all interests in the Shares back to the  original transferor of such interests at the same price as that paid by such  person on their initial receipt of the Shares transferred pursuant to this  Clause 5.3.3. If such Family Member fails to transfer such interests in  accordance with this Clause 5.3.3 within 5 Business Days of the date  such person ceases to be a Family Member, then Clause 7.14 shall apply  as if the Family Member was a Leaving Shareholder or Related Holder  who fails to transfer the Transfer Shares in accordance with this  Agreement; and  5.3.4 any transfer of interests in Shares by a Shareholder who is a trustee of a  Family Trust to any person (being a Family Member of a Shareholder  or of a former Shareholder who has previously transferred interests in  some or all of his Shares in accordance with Clause 5.3.3) upon their  becoming entitled to the same under the terms of that Family Trust or  transfer of any interests in Shares to new trustees of such Family Trust  upon a change in the trustees of such Family Trust, provided that such  Shares remain subject to the Escrow Agreement to which the Manager  is a party.  End of transfer restrictions  5.4 Clause 5 shall cease to apply (except in relation to Shares or interests in Shares which  are in the process of being transferred) on the End Date.  Discretion to refuse to register a transfer  5.5 The Board may (unless such transfer was permitted pursuant to Clauses 5.3 or 6 or is  carried out following the End Date) refuse to register the transfer of a Share provided  the transferee is informed of the refusal as soon as practicable and in any event within  10 Business Days of the transfer being lodged with the Company and brought to the  attention of the Board, provided that they shall not be obliged to provide such  information if they suspect that the proposed transfer may be fraudulent.  New Shareholders  5.6 No transfer of interests in Shares shall be made pursuant to Clause 5.3.3 or 5.3.4 unless  the transferee shall have first:  5.6.1 executed a Deed of Adherence in accordance with Clause 8; and  5.6.2 satisfied the Company’s requirements for KYC Information.   

 

19  Consequences of Breach  5.7 In case of a breach by the Manager of the transfer restrictions in Clause 5 (Transfers of  Shares) of this Agreement, such Manager shall be treated like a Bad Leaver and Clause  6.19 shall apply mutatis mutandis in relation to a Bad Leaver.  6 MANAGEMENT SELL-DOWN RIGHTS  6.1 Each Manager and the Management Representative agree not to exercise any discretion,  make any election, give any notice to or enter into any communications with the  Investor or take any other action pursuant to or in relation to any transaction  contemplated by this Clause 6 at any time when he is restricted from dealing in the  Shares by any Applicable Law.   Sell-Down Post Lock-up Period  6.2 Following the expiry of the Lock-up Period and until the End Date, each Manager shall,  subject to Clauses 7.18 and 7.19, have the right, subject to the terms of this Agreement,  subject at all times to Applicable Law, to sell up to his Sell-Down Entitlement in each  Sell-Down. The fact that any Manager is restricted by Applicable Law from selling  Shares in a Sell-Down shall not disqualify any other Manager from selling Shares in  such Sell-Down, provided he can do so on the terms of this Agreement and in  compliance with Applicable Law. The Investor shall use commercially reasonable  endeavours to take those steps within its control such that no Sell-Down is executed at  a time when the Group CEO and a majority of the Company’s Executive Committee  are restricted by Applicable Law (excluding Applicable Laws relating to Black-out  Periods or inside information which is solely dealt with in clause 6.10) from selling  Shares in a Sell Down, provided that such Manager complies with his obligations in,  and such Sell Down is otherwise transacted in accordance with, this Clause 6.  6.3 Each Manager hereby gives a standing instruction to sell on his behalf in each Sell- Down a number of Shares equal to his Sell-Down Entitlement, for the same price per  Share as the Investor obtains for the Shares it sells as part of such Sell-Down (the  “Standing Instruction”). At least 24 hours prior to (a) the launch of marketing of a  Sell-Down, in the case of a Sell-Down effected by way of a marketed offering, or (b)  any Sell-Down, in the case of a Sell-Down not effected by way of a marketed offering  (in each case, unless such time period has been waived by the Management  Representative, acting on behalf of the Managers, at his sole discretion), the Investor  shall notify the Management Representative in writing (including by email) (the “Sale  Notice”) of its intention to carry out a Sell-Down, including providing information with  respect to the expected range of the number of Shares to be sold and the expected price  range per Share to be achieved. Such Sale Notice shall be valid for a period of two  weeks following the date of its receipt by the Management Representative.  6.4 The Management Representative may consult with the Managers and, within 24 hours  of delivery of the Sale Notice (such period, the “Sale Notice Period”), may inform the  Investor if any Manager wishes to reduce the number of Shares included in his Standing  Instruction and, if so, the percentage of such Manager’s Sell-Down Entitlement that he  wishes to sell, together with the number of EBT Shares which the Manager wishes to  sell (if any) (a “Sale Instruction”). Any such Sale Instruction shall be valid for any  Sell-Down conducted within two weeks after the expiry of the Sale Notice Period,  

 

20  following which a Manager’s original Standing Instruction shall again apply. If no Sale  Instruction is received in respect of a Manager, the Standing Instruction shall apply in  respect of such Manager.  6.5 For the avoidance of doubt, any ongoing consultation of the Management  Representative with any Managers shall not prohibit the Investor from selling after the  expiry of the Sale Notice Period, at which time the Standing Instruction shall apply to  any Managers in respect of whom the Management Representative has not given a Sale  Instruction to the Investor.  6.6 The Investor and the Managers shall be subject to the same Lock-up terms and  conditions. If the Investor is released from the Lock-up before the expiry of the Lock- up Period, then it will not be permitted to sell Shares except to the extent that: (a) the  Managers are also released from the Lock-up or (b) the Investor’s aggregate Liquidity  Proportion is less than the Managers’ aggregate Liquidity Proportion, in which case the  Investor may, subject to Applicable Law, sell, transfer or hedge Shares provided the  Investor’s Liquidity Proportion remains equal to or less than the Managers’ aggregate  Liquidity Proportion.  6.7 If a Sell-Down involves an underwritten offering and the managing underwriters advise  the Company or the Investor that, in their opinion, the number of Shares to be otherwise  included in such underwritten offering pursuant to this Clause 6 exceeds the amount  that can be sold in such offering without having an adverse effect on price, timing or  distribution of the Shares offered in such underwritten offering, then the number of  Shares to be sold in such Sell-Down shall be reduced such that the aggregate number  of Shares sold in such Sell-Down (including the applicable Sell-Down Entitlement) is  the maximum amount that the underwriters advise would not have such adverse effect  (the “Advised Sell-Down Shares”). Such reduction:  6.7.1 shall be applied to the Shares proposed to be sold pursuant to the Sell- Down by the Investor (the “Investor Sell-Down Shares”) and each  participating Manager’s Sell-Down Entitlement or, if issued in  accordance with Clause 6.4, such Manager’s Sale Instruction  (the  “Manager Sell-Down Shares” and the aggregate of all such Shares  proposed to be sold, together with the Investor Sell-Down Shares, being  the “Total Proposed Sell-Down Shares”) by multiplying such number  of Shares in each case by the Cutback Sell-Down Percentage;  6.7.2 in respect of each Manager, shall not be applied to the EBT Shares  included in his or her Manager Sell-Down Shares, and shall be split  between the other different types of Shares and Additional Shares as the  Company shall determine in its sole discretion; and   6.7.3 notwithstanding the foregoing, shall in no event result in any Manager’s  Sell-Down Entitlement being reduced to a lower number of Shares than  the number of EBT Shares included in his or her Manager Sell-Down  Shares.  

 

21  Catch-up Sales  6.8 If and to the extent that, from time to time, the Managers’ aggregate Liquidity  Proportion is lower than the SL Investor’s Liquidity Proportion, subject to Clauses 7.18  and 7.23, each Manager shall have the right, to be exercised by the Management  Representative at his sole discretion pursuant to Clause 6.9, but subject to Applicable  Law, to sell additional Shares (“Catch-up Shares”) provided that his Liquidity  Proportion remains equal or less than the SL Investor’s Liquidity Proportion after  giving effect to the sale.  6.9 If and for so long as the Managers have the right to sell Catch-up Shares pursuant to  Clause 6.8, the Management Representative shall then be entitled, subject to Applicable  Law and in accordance with the Registration Rights Agreement, to arrange an  additional sale or sales in the market to allow the Managers to sell their Catch-up Shares  (each a “Catch-up Sale”), provided that:  6.9.1 the Management Representative shall not be entitled to arrange more  than two Catch-up Sales in total, regardless of whether every Manager  participated in such Catch-up Sales;  6.9.2 no Catch-up Sale may occur (a) on a date falling less than three months  after the most recent Sell-Down; (b) during any period in which the  Investor is restricted from selling Shares pursuant to the Lock-up or any  restriction contained in the documentation governing a previous Sell- Down; or (c) unless at least one Sell-Down has occurred since any  previous Catch-up Sale;  6.9.3 the Management Representative shall give the Investor at least seven  calendar days’ written notice (including by email) of a proposed Catch- up Sale, including the number of Shares proposed to be sold in and  proposed date of such Catch-up Sale (taking into account the provisions  of the Registration Rights Agreement); and  6.9.4 the Investor shall be entitled, at its sole discretion, subject to compliance  with Applicable Law, to sell, as part of the Catch-up Sale, up to such  number of Shares as represents the same proportion of its Shares  (including Convertible Preferred Shares on an As-Converted Basis) held  (directly or indirectly) immediately prior to such Catch-up Sale as the  proportion the number of Shares to be sold in such Catchup Sale by the  Managers (in aggregate) represents of the Shares (including Convertible  Preferred Shares on an As-Converted Basis) held by the Managers (in  aggregate) immediately prior to such Catch-up Sale. The Investor may  exercise such right by giving written notice (including by email) to the  Management Representative within three calendar days of receipt of  notice pursuant to Clause 6.9.3. In such case the number of each  participating Manager’s Catch-up Shares may, at such Manager’s  election, be increased (any additional Shares, the “Top-up Amount”)  such that following the sale of such Shares and such sale of Shares by  the Investor, the Managers’ Liquidity Proportion is less than or equal to  the SL Investor’s Liquidity Proportion.  

 

22  Execution of Sell-Downs and Catch-up Sales  6.10 The Investor shall not execute any Sell-Down and no Manager shall execute any Catch- up Sale, at any time during a Black-out Period (as defined in the Registration Rights  Agreement) restricting any Manager from trading or during any period when the  Investor or the Management Representative is otherwise in possession of inside  information, other than (in the case of the Investor) at a time when (a) both the Investor  and the Managers may do so in compliance with Applicable Law; or (b) there is no  Director on the Board who was designated by the SL Investor for nomination by the  Board as a Director and the Investor may execute a Sell-Down in compliance with  Applicable Law.  6.11 Any Sell-Down shall be arranged and executed in all respects by the Investor and, to  the extent applicable, in accordance with the Registration Rights Agreement. To the  extent necessary to complete a Sell-Down, the Investor shall exercise the Managers’  rights to exchange their Convertible Preferred Shares for Common Shares pursuant to  the Conversion Agreement. The Investor shall act in good faith to select appropriate  broker(s) and/or third party financial advisor(s) and arrange and execute in all respects  (including, to the extent applicable, in accordance with the Registration Rights  Agreement) any Catch-up Sale in which it has elected to participate in accordance with  Clause 6.9.4. If the Investor does not so elect to participate in such Catch-up Sale, or  does not act in good faith in accordance with the previous sentence, the Management  Representative shall act in good faith to select appropriate broker(s) and/or financial  advisor(s) and arrange and execute (including, to the extent applicable, in accordance  with the Registration Rights Agreement) such Catch-up Sale in compliance with  Applicable Law.  6.12 The proceeds of any Sell-Down or Catch-up Sale shall be distributed by the broker or  underwriter which conducts such Sell-Down or Catch-up Sale, net of broker fees,  commissions and other costs and expenses, which shall be borne by all participants in  such Sell-Down or Catch-up Sale pro rata to their gross proceeds of such Sell-Down or  Catch-up Sale.  6.13 Each Manager’s participation in any Sell-Down or Catch-up Sale shall be subject to  such Manager complying with his obligations in Section 6.14. Any Manager that does  not comply with his obligations in Section 6.14 in a timely manner to allow for the Sell- Down or Catch-up Sale to occur without delay shall cease to be entitled to participate  in, but neither the Investor nor any other Manager shall be prohibited from proceeding  with, such Sell-Down or Catch-up Sale. Neither the Investor or any of its Affiliates or  representatives nor the Management Representative shall have any liability (i) for or in  respect of any Manager who participates in any Sell-Down or Catch-up Sale or (ii) to  any Manager who is excluded from any Sell-Down or Catch-up Sale in accordance with  this Clause 6.13 or as a result of any Applicable Law.  6.14 From time to time, the Investor may designate to the Management Representative one  or more financial institutions (each such institution, a “Counterparty”) that could  potentially serve as a counterparty in a future Sell-Down or Catch-Up Sale to be  conducted by way of an accelerated bookbuild or other sale transaction (or series of  connected sales) in the market arranged by the Investor (a “Trade”). Each Manager  shall use his best endeavours to: (i) promptly satisfy each Counterparty’s client  onboarding and maintenance requirements, including but not limited to promptly  

 

23  providing such information and promptly executing such agreements as each  Counterparty reasonably requests according to its policies and procedures from time to  time or in connection with a Trade, so that the Counterparty will permit such Manager  to participate in a Trade involving such Counterparty and (ii) consult with the Investor  regarding the progress of any onboarding and maintenance processes and promptly  discuss in good faith any issues.  6.15 If any Manager (an “Excluded Manager”):  (a) has complied in all respects (other than inadvertent and de minimis errors and  omissions) with his obligations pursuant to Section 6.14;  (b) has not, during the Sale Notice Period prior to a Trade (the “Applicable  Trade”), given a Sale Instruction confirming that such Manager wishes to  reduce the number of Shares included in his Standing Instruction to nil for the  purposes of the Applicable Trade;  (c) agrees in writing to abide by the same lockup imposed on the Investor and  Managers who actually participate in the Applicable Trade; and  (d) is nonetheless excluded by the Counterparty or Counterparties from the  Applicable Trade,   then the Investor shall sell in the Applicable Trade an additional number of Shares equal  to the aggregate number of Shares that all such Excluded Managers would have sold in  the Applicable Trade and each Excluded Manager shall sell (such sale, the “True-Up”)  and, to the extent in accordance with Applicable Law, the Investor shall buy a number  of Shares from each Excluded Manager such that, when taking into account both the  Applicable Trade and the True-Up, the SL Investor (indirectly) and the Excluded  Managers will each have sold (in the case of the SL Investor, on a net basis) the same  number of Shares (including Convertible Preferred Shares on an As-Converted Basis)  they would have sold, respectively, had the Excluded Managers not been excluded from  the Applicable Trade (subject to and taking into account any Sale Instruction given by  any Manager during the Sale Notice Period). The True-Up shall, by virtue of the  provisions of this Agreement, be deemed to be executed simultaneously with execution  of the Applicable Trade and settlement of the True-Up shall be conditional upon, and  shall occur as soon as reasonably practicable after (but no later than 10 Business Days  after), settlement of the Applicable Trade. The True-Up shall be on the same terms  (including, to the extent reasonably required by the Investor, the Excluded Managers  giving to the Investor such warranties, indemnities and undertakings as are given by the  Investor for purposes of the Applicable Trade) and at the same price per Share (or, in  the series of connected sales constituting the Applicable Trade, at the volume weighted  average price per Share) as received by the Investor in the Applicable Trade, net of the  fees, commissions and expenses per Share incurred by the Investor in such Applicable  Trade. With respect to the above reference to Applicable Law in this Clause 6.15, the  Investor warrants to each Manager that, based on facts and circumstances existing as at  the date of this Agreement, it is not aware of any reason why it would not be possible  to purchase the Shares pursuant to this Clause 6.15 in compliance with Applicable Law.  

 

24  Hedging Transactions  6.16 If at any time the Investor intends to enter into any hedging transaction in respect of its  Shares, it shall, subject to this Clause 6.16 and Clauses 7.18 and 7.19, permit the  Managers to participate in such transaction at the same time and on the same terms. The  terms of and procedures for each Manager’s participation in such transaction shall be  as set out in Clauses 6.2 to 6.5 and Clauses 6.10 to 6.11 (each inclusive) as though  references therein and in defined terms used therein to “a Sell-Down” or “selling in a  Sell-Down” (or similar references) were references to such hedging transaction or  participating therein. For avoidance of doubt, the Managers shall participate in a  hedging transaction proposed by the Investor pursuant to the Standing Instruction  except to the extent the Management Representative notifies the Investor pursuant to  Clause 6.4 that any one or more Managers does not wish to participate. The Investor  shall not conduct any hedging transaction at any time that any member of the Group’s  Executive Committee is prevented or restricted, for any reason, from participating  therein (provided that each such member has complied and continues to comply with  his obligations in Clause 6.1). For the purposes of this Clause 6.16, a “hedging  transaction” means any transaction involving a sale of any economic interest in a Share  that does not involve a transfer of the legal ownership in such Share (including, without  limitation, as part of a hedge or otherwise).  Co-Investor Transfers  6.17 Following any (direct or indirect) transfer of Shares which falls into limb (c) of the  definition of “Excluded Transfer”, the Shares the subject of such transfer (including  Convertible Preferred Shares on an As-Converted Basis) shall cease to form part of the  SL Investor’s Pre-Sale Stake or be taken into account when calculating the SL  Investor’s aggregate Liquidity Proportion in both the numerator and denominator of its  constituent definitions and each Manager’s Sell-Down Entitlement and number of  Catch-up Shares (as applicable) shall be calculated accordingly.  Escrow Arrangements and Power of Attorney  6.18 To the extent that any Manager sells Shares pursuant to and in accordance with this  Clause 6, the Investor shall give the requisite instructions as required by the Escrow  Agreement to facilitate such transfer(s), but shall not otherwise instruct the Escrow  Agent under the Escrow Agreement to transfer any Manager’s Shares unless such  Manager has consented in writing to such transfer. If the Investor acts in bad faith in  not sending the requisite instructions as required by the Escrow Agreement to facilitate  transfer(s) pursuant to a Catch-Up Sale arranged and executed by the Management  Representative in accordance with Clause 6.11, the Company shall be entitled to give  such instructions only to the extent such Catch-Up Sale has been executed in all respects  in accordance with this Clause 6.  6.19 Each Manager, without prejudice to any separate power of attorney granted by each  Manager to the Management Representative from time to time, hereby irrevocably  appoints, by way of security for the performance of his obligations under this Clause 6,  the Investor to be his attorney or, failing which, his agent with authority in his name  and on his behalf to carry out all actions, give all instructions, execute, complete and  deliver all documents necessary, including on his behalf under the Registration Rights  Agreement and the Conversion Agreement, to effect the transfer of that Manager’s  

 

25  Shares to the extent such Shares are sold as part of a Sell-Down or Catch-up Sale  pursuant to this Clause 6.  6.20 For the avoidance of doubt, if there is any conflict between this Agreement and the  Registration Rights Agreement and/or the Conversion Agreement, the Parties agree  that, as between themselves, this Agreement shall prevail and each Party shall procure  that effect is given to this Agreement.  7 LEAVING SHAREHOLDER PROVISIONS   Leaving Shareholder required to transfer Shares  7.1 If a Manager becomes a Leaving Shareholder, the Company may, save in respect of a  Good Leaver, (if so determined by a majority decision of the Board pursuant to Clause  7.24) within 30 days of the Relevant Date (the “Leaver Option Period”) deliver a  Leaver Notice to the Leaving Shareholder and the Leaving Shareholder shall be bound  to transfer the Transfer Shares specified in the Leaver Notice and shall be deemed to  have served a Transfer Notice on the Relevant Date offering to transfer such Transfer  Shares to the person(s) and at the price(s) specified in the Leaver Notice. Any dispute  as to the price to be paid for the Transfer Shares shall not invalidate any Transfer Notice  served or deemed to be served under this Clause 7.1 and the Leaving Shareholder shall  remain bound to transfer his Transfer Shares. If the Company does not deliver a Leaver  Notice on the Leaving Shareholder within the Leaver Option Period, the provisions of  this Clause 7.1 shall no longer apply to such Leaving Shareholder. Clauses 7.2 to 7.15  inclusive describe the mechanics of transfer and the relevant valuation at which a  transfer pursuant to this Clause 7.1 will be effected (if a Leaver Notice is delivered on  the Leaving Shareholder).  Determination of contents of the Leaver Notice  7.2 The Board shall determine within 30 days of the Relevant Date: (i) that a Leaving  Shareholder is a Good Leaver or a Bad Leaver (and may do so without such  determination having been agreed with the Leaving Shareholder or otherwise  determined by any third party (including any court or tribunal)) and the price payable  for the Transfer Shares pursuant to Clauses 7.4 to 7.5 (inclusive), as applicable; and (ii)  the person(s) which may include the Company to which Transfer Shares are to be  transferred in the Leaver Notice.  7.3 If the Board does not determine within 30 days of the Relevant Date that a Leaving  Shareholder is a Bad Leaver, the Leaving Shareholder shall automatically be deemed a  Good Leaver unless and until otherwise reclassified as a Bad Leaver in accordance with  Clause 7.7.  Good Leaver  7.4 For the avoidance of doubt, a Good Leaver shall not be subject to compulsory sale  provisions in this Section 7 (Leaving Shareholder Provisions) and they shall continue  to be entitled to sell their Shares in accordance with the terms of this Agreement on the  same terms as the remaining Managers.  

 

26  Bad Leaver  7.5 In the case of a Bad Leaver, the amount payable for the Transfer Shares shall be:  (a) for 50% of the Transfer Shares, the lower of:  (i) Fair Value; and  (ii) the actual value of the Shares on an Exit, which shall be  determined based on the aggregate proceeds received for  Shares sold directly or indirectly by SL Investor on or  following the Relevant Date until and including the Exit  divided by the aggregate number of Shares sold directly  or indirectly by SL Investor during such period; and  (b) for the remaining 50% of the Transfer Shares, the lower of:  (i) Fair Value; and  (ii) the Cost per Share.  7.6 For avoidance of doubt, no Manager shall be required to repay any amount received by  such Manager as proceeds of a Sell-Down or Catch-up Sale completed before such  Manager became a Leaving Shareholder or the Relevant Date in respect of such  Manager otherwise occurred.  Re-classification of Leaving Shareholders  7.7 The Board may:  7.7.1 determine to designate a Leaving Shareholder as a Good Leaver or allow  that individual to retain some or all of the Transfer Shares (subject  always to Clause 7.12), regardless of the circumstances surrounding his  ceasing to be an employee and/or director of a member of the Group,  provided that the Board has determined that such classification would  not be in breach of Applicable Law, including, if applicable, the  Ordinance Against Excessive Compensation; and  7.7.2 in respect of a Leaving Shareholder who, at any time during the Non- Compete Period, breaches any of his obligations under Clause 9  (Protection of Goodwill) or any similar restrictive covenant in favour of  any member of the Group in any material respect, determine to designate  such Leaving Shareholder a Bad Leaver regardless of the circumstances  surrounding his ceasing to be an employee and/or director of a Group  Company (a “Re-classified Bad Leaver”), and Clauses 7.1 to 7.6  (inclusive) shall apply as if references therein to the Relevant Date were  references to the date of such designation by the Board.  7.8 If, at any time, a Leaving Shareholder becomes a Re-classified Bad Leaver, without  prejudice to any other rights or remedies which any member of the Group may have,  the Re-classified Bad Leaver shall:  

 

27  7.8.1 not be entitled to receive any portion of the Good Leaver Excess  Amount; and  7.8.2 if required to do so in writing by the Board, immediately pay the amount  of the Good Leaver Excess Amount (to the extent already paid to such  Re-classified Bad Leaver) to the Company (or to such other person(s) as  the Board may nominate) together with interest on any Good Leaver  Excess Amount (to the extent paid to such Reclassified Bad Leaver)  which shall accrue at the annual rate of 10% from (and including) the  date any such Good Leaver Excess Amount has been received by the  Re-classified Bad Leaver to (and including) the date of payment  pursuant to this Clause 7.8.2.  Payment for and validity of transfer of Transfer Shares  7.9 Any dispute as to the price to be paid for the Transfer Shares shall not invalidate any  Transfer Notice served or deemed to be served but the Transfer Shares shall remain in  escrow subject to the Escrow Agreement pending resolution of such dispute, at which  time the Transfer Shares shall be transferred in accordance with such Transfer Notice.  7.10 Subject to Clause 7.11, all amounts payable to a Leaving Shareholder pursuant to this  Clause 7 shall be paid upon the completion of the transfer of the Transfer Shares  (provided that, if the Company is the transferee, the Board has determined acting  reasonably at the relevant time that the Company has sufficient available reserves and  cash available to pay for such Transfer Shares and such payment would not breach the  restrictions on the Company acquiring its own shares pursuant to Article 659 of the  Swiss Code of Obligations) or, where the Company has insufficient available reserves  and cash available to pay for such Transfer Shares and/or such payment would breach  such restrictions, such amounts shall be paid to the Leaving Shareholder (provided  always that such payment is permitted under the terms of the Financing Documents) as  soon as the Board determines (acting reasonably) that the Company has sufficient  available reserves and cash to pay for such Transfer Shares and such payment would  not breach the restrictions the Company acquiring its own shares pursuant to Article  659 of the Swiss Code of Obligations, unless the Leaving Shareholder is dismissed for  Misconduct whereupon the Board may, at its discretion, determine that such payment  shall be made on the Leaver Provisions Expiry Date whereupon it shall be deemed to  be deferred consideration until payment. The obligation of the Company to pay the  amounts due to a Leaving Shareholder pursuant to this Clause 7 are subject to  Applicable Law, including, if applicable, the Ordinance Against Excessive  Compensation.  7.11 Any payment made pursuant to Clause 7.5 and any amounts not yet paid to a Leaving  Shareholder pursuant to this Clause 7 as a result of the Board determining that the  Company did not have sufficient available reserves and cash to pay for the Transfer  Shares pursuant to Clause 7.12, shall be made upon an Exit and shall be deemed to be  deferred consideration (subordinated to all other debts of the Company) until payment.  Rights attaching to Transfer Shares  7.12 Notwithstanding any other provision in this Agreement and subject always to the Board  deciding otherwise, a Leaving Shareholder upon whom a Leaver Notice is served shall,  

 

28  on the Relevant Date and provided he retains the Transfer Shares, have all the rights of,  and rank pari passu with, the other holders of the same category of Shares save that he  is not entitled to receive any dividend or other distribution declared, made or paid on  or after the Relevant Date, such dividend or distribution to be held instead by the  Company on trust for the transferee of such Shares and to be paid to the transferee on  transfer or as the Company may otherwise agree in writing. If the Board decides not to  serve a Leaver Notice on a Leaving Shareholder, then such Leaving Shareholder shall  retain all the rights of, and rank pari passu with the other holders of, the Shares.  Transfer of Transfer Shares  7.13 Each Manager acknowledges that the Company shall, and shall be entitled to, give the  requisite instructions as required by the Escrow Agreement to facilitate any transfer of  Transfer Shares in accordance with this Clause 7, but the Company agrees that it shall  not otherwise instruct the Escrow Agent under the Escrow Agreement to transfer any  Manager’s Shares unless such Manager and the Investor have consented in writing to  such transfer. Any notice given by the Company pursuant to this Clause 7.13 shall be  copied to the Investor.  7.14 The following provisions apply to a Leaving Shareholder prior to the transfer of his  Transfer Shares pursuant to this Clause 7:  7.14.1 the Leaving Shareholder shall consent to, vote for, raise no objections to  and waive any applicable rights in connection with the Transfer Shares  and shall be required to take all lawful actions with respect to the  Transfer Notice as are required by the Directors or the Escrow Agent to  facilitate the transfer of the Transfer Shares;  7.14.2 the Company may hold any purchase money due to the Leaving  Shareholder in trust for such Leaving Shareholder (without any  obligation to pay interest) pending the transfer of the Transfer Shares;  7.14.3 the Leaving Shareholder shall not be entitled to receive any dividend or  other distribution or other payments on the Transfer Shares declared,  made or paid on or after the date of the Transfer Notice, such dividend  or distribution or other payments on the Transfer Shares to be held  instead by the Company on trust for the transferee of such Transfer  Shares and to be paid to the transferee on transfer or as the Company  may otherwise agree in writing; provided that if: (i) the Leaver Option  Period expires and a Leaver Notice has not been served by such time or  (ii) a Leaver Notice is served which specifies a number of Transfer  Shares which is less than the total amount of such Leaving Shareholder’s  Leaver Equity, then such Leaving Shareholder shall, at such time, regain  such entitlement in respect of his Leaver Equity, as provided for  pursuant to this Agreement, to the extent it does not constitute Transfer  Shares and shall be entitled to receive any payment held by the Company  on trust in respect of such Leaver Equity to the extent it does not  constitute Transfer Shares;  

 

29  7.14.4 the Company shall give the requisite instructions as required by the  Escrow Agreement to facilitate any transfer of the Transfer Shares in  accordance with this Clause 7; and  7.14.5 the terms of Clause 7.17 will apply, without prejudice to the foregoing.  7.15 The Shareholders acknowledge and agree that the authority conferred under Clause  7.14 is necessary as security for the performance by any Shareholder to whom this  Clause applies of his obligations under this Agreement.  7.16 Each Manager undertakes to the Company that if, pursuant to this Agreement, any  person is required to transfer any Shares to which the Manager is beneficially entitled,  he shall transfer all beneficial interest in such Shares (as applicable) free and clear from  all encumbrances to the relevant transferee at the same time as the transfer of the legal  interest in such Shares is completed, and each Manager undertakes to execute all such  agreements, deeds and other documents as are necessary to effect such transfer.  7.17 Upon a Manager becoming a Leaving Shareholder:  7.17.1 immediately upon the Company having served a Leaver Notice in  accordance with Clause 7.1, the Leaving Shareholder and his Related  Holders shall waive and release and, for the avoidance of doubt, the  Leaving Shareholder and their Related Holders hereby undertakes  irrevocably (but subject to this Clause 7.17) not to exercise any of the  rights attached to the Leaver Equity, other than in the case of voting  required under the Shareholders Agreement, (including, without  limitation, the right to vote, the right to distributions declared after the  date he becomes a Leaving Shareholder and the right to information)  other than the right to receive the payment price for such Shares pursuant  to this Agreement and the right to receive any declared but unpaid  dividend;  7.17.2 to the extent applicable, the Leaving Shareholder shall immediately  resign and be deemed to have resigned from any board position of any  Group Company; and  7.17.3 immediately upon the Board having served a Leaver Notice in  accordance with Clause 7.1, the Leaving Shareholder and his Related  Holders (if relevant) will execute and/or deliver such documents as the  Company reasonably requires to implement the transfer (the “Transfer  Documents”) provided that (other than giving warranties as to title to  the Leaver Equity) he shall not be subject to any more obligations than  those necessary to transfer the Leaving Shareholder’s interest in the  Leaver Equity.  7.18 Subject to Clause 7.19, a Leaving Shareholder that is a Bad Leaver shall not have the  right to sell up to his Sell-Down Entitlement in each Sell-Down pursuant to Clause 6.2,  to sell Catchup Shares pursuant to Clauses 6.8 and 6.9 or to participate in a hedging  transaction pursuant to Clause 6.16:  

 

30  7.18.1 if a Leaver Notice has been served on such Leaving Shareholder  pursuant to Clause 7.1; or  7.18.2 a Leaver Notice has not yet been served but the Leaver Option Period  has not yet expired.  7.19 If a Leaver Notice has been served on a Leaving Shareholder which specifies a number  of Transfer Shares which is less than the total amount of such Leaving Shareholder’s  Leaver Equity, such Leaving Shareholder shall retain his rights pursuant to Clauses 6.2,  6.8 and 6.9 in respect of his Leaver Equity which is not subject to the Leaver Notice.  7.20 Upon the transfer of Leaver Equity in accordance with this Agreement, any and all  rights attached to the Leaver Equity shall be deemed to transfer to the transferee. The  compensation for the waiver, release and deemed transfer of such rights shall be  deemed to have been included in the price to be paid to the Leaving Shareholder in  accordance with this Agreement.  Further assurances in respect of transfers  7.21 Subject to the other provisions of this Clause 7, each Manager shall take or cause to be  taken all such actions as may be necessary or reasonably desirable in order to  expeditiously consummate each transfer to which he or his Related Holders are a party  pursuant to this Clause 7 and any related transactions, including executing,  acknowledging and delivering consents, assignments, waivers and other documents or  instruments; furnishing information and copies of documents; filing applications,  reports, returns, filings and other documents or instruments with governmental  authorities; and otherwise cooperating with the relevant Parties.  7.22 Each Manager, without prejudice to any separate power of attorney granted by each  Manager from time to time, hereby irrevocably appoints, by way of security for the  performance of his obligations under this Clause 7, the Company to be his attorney or,  failing which, his agent with authority in his name and on his behalf to carry out all  actions, give all instructions, execute, complete and deliver all documents necessary to  effect the transfer of that Manager’s Leaver Equity (or an amount thereof) if a transfer  of that Manager’s Leaver Equity is required pursuant to this Clause 7.  Expiry of Provisions  7.23 The provisions of Clause 7.1 to Clause 7.22 (inclusive) shall cease to apply after the  Leaver Provisions Expiry Date except that any Leaving Shareholder who resigns from  his employment and did not give the requisite notice as determined by his Service  Agreement shall be deemed a Bad Leaver and the provisions of Clause 7.1 to Clause  7.22 (inclusive) shall apply to such Leaving Shareholder in accordance with their terms  regardless of whether such notice was given or resignation occurred prior to or after the  Leaver Provisions Expiry Date.  Board Decision-Making  7.24 Any decisions or determination of the Board for the purposes of this Clause 7 shall be  taken by way of the approval of a simple majority of those members of the Board  participating in such decision or determination. The Management Representative and  

 

31  any other Manager who is on the Board from time to time shall be recused from and  take no part in any and all discussions and determinations relating to the provisions of  this Clause 7 and any action taken by the Company hereunder.  8 DEED OF ADHERENCE  No transfer without a Deed of Adherence  8.1 A person (who is not already a Party) acquiring any interest in Shares pursuant to Clause  5.3.3 or 5.3.4 or pursuant to limb (a) of “Excluded Transfer” must enter into and deliver  to the Board a Deed of Adherence in a legally binding manner and a Party transferring  any such interest Shares shall procure that the transferee (if not already a Party), by the  time of transfer, enters into and delivers a Deed of Adherence.  Designation as Manager or Investor  8.2 A person (other than a Manager) who enters into a Deed of Adherence because that  person acquires Shares from the Investor (or its nominee) pursuant to an Excluded  Transfer must be designated by the Deed of Adherence as an Investor. A person (other  than the Investor) who enters into a Deed of Adherence because that person acquires  Shares from a Manager or such Manager’s permitted transferee under Clause 5.3.3 must  be designated in the Deed of Adherence as a Manager.  Benefit and burden of Agreement  8.3 A person who has entered into a Deed of Adherence pursuant to this Agreement has the  benefit of, and is subject to the burden of, all the provisions of this Agreement as if that  person is a Party in the capacity designated in the Deed of Adherence, and this  Agreement shall be interpreted accordingly.  8.4 Without limiting the general nature of Clause 8.3, a person designated as an Investor in  a Deed of Adherence is entitled to the benefit of all representations, warranties and  undertakings given to the Investor in or pursuant to this Agreement provided that  nothing in this Clause 8.4 is construed as requiring a Party to perform again an  obligation or discharge again a liability already performed or discharged or entitling a  Party to receive again a benefit already enjoyed or as increasing any liability of a Party.  9 PROTECTION OF GOODWILL  9.1 Each Manager undertakes to the Company (for itself and as trustee for each other Group  Company) and (as a separate undertaking) to the Investor that:  9.1.1 for so long as he is employed by or engaged as a consultant to or director  of the Company or any other Group Company he will, during normal  business hours and such other hours as may be reasonably required,  devote his full time and attention to the business of the Group and will  use all reasonable endeavours to develop the business and interests of  the Group and will use all reasonable endeavours to procure that such  business is developed and expanded through the Group and shall not,  without the approval of the Board, be concerned with, engaged or  interested in, any other business whether or not in competition with any  business carried on by the Group;  

 

32  9.1.2 he or she will not, directly or indirectly, at any time prior to, nor during  the period of 24 calendar months from the Relevant Date (with the  exception of the Group CEO, for whom the period shall be 36 months)  (the “Non-Compete Period”):  (a) solicit or entice away, or endeavour to solicit or entice away, or cause to be  solicited or enticed away from the Company or any other Group Company; or  (b) employ or engage, or endeavour to employ or engage or causing to be employed  or engaged,   any person who was at the Relevant Date, or who at any time during the  period of 12 calendar months prior to the Relevant Date had been, an  employee of or consultant to the Company or any other Group Company  (and with whom the Manager had dealings (other than in a de minimis  way) during such 12 calendar month period) whether or not such person  would commit a breach of his employment contract by reason of leaving  service, save that this Clause 9.1.2 shall not apply to any employee or  consultant engaged in a non-managerial or purely administrative role;  9.1.3 he or she will not, directly or indirectly, in any jurisdiction where the  group has material revenues from time to time (to the extent he has been  involved, other than in a de minimis way, with the activities of the Group  in such geographies) at any time during the period of 24 calendar months  from the Relevant Date (with the exception of the Group CEO, for whom  the period shall be 36 months):  (a) engage in; or  (b) be concerned or interested in,   any business carried on in competition or will or is likely to compete  with the Business or any other activities of the Company or any other  Group Company with which he was associated at any time during the  period of 12 calendar months prior to the Relevant Date; and  9.1.4 he or she will not, directly or indirectly, at any time during the period of  24 calendar months from the Relevant Date (with the exception of the  Group CEO, for whom the period shall be 36 months):  (a) solicit the custom of or seek to do business with or deal with any customer or  supplier to the Company or any Group Company with whom he had any  dealings (other than in a de minimis way) at any time during the period of 12  calendar months prior to the Relevant Date so as to compete with or harm the  goodwill of the Company or any other Group Company during such period or  in any other way interfere or endeavour to interfere with the continuance of  supplies to the Company and/or any Group Company from such a supplier;  (b) interfere (or endeavour to interfere) with either the continuance of supplies to  the Company and/or any Group Company (or the terms relating to those  

 

33  supplies) by any customer or supplier or the relations between the Company  and/or any Group Company and any such customer or supplier; or  (c) be employed by or provide consultancy services to any major customer of the  Company and/or any Group Company with whom he had any dealings (other  than in a de minimis way) at any time during the period of 12 calendar months  prior to the Relevant Date.  9.2 Nothing contained in Clause 9.1 shall prevent any Manager from being the holder or  beneficial owner, by way of bona fide personal investment, of any class of Shares in  any company if such class of Shares is listed, or dealt in, on a Recognised Investment  Exchange provided that he (together with his Family Members) neither holds nor is  beneficially interested in more than a total of 5% of any single class of the Shares in  that company and is in compliance with Clause 9.1.  9.3 Each of the Managers agrees that:  9.3.1 if at any time during the time he is employed by or engaged as a  consultant to or director of the Group, two or more Managers or any  three or more employees or consultants of the Group (such three  including, for the avoidance of doubt, any Manager(s)) shall have left  the employment of the Group or ceased to provide services to the Group  in order to work for or provide services to a competitor of the Group or  otherwise, the Manager will not, at any time when the Investor holds  any Shares, be employed or engaged in any way with such persons;  9.3.2 he or she will not, directly or indirectly, make or publish or otherwise  communicate any disparaging or derogatory statement in writing or  otherwise which is intended to or which might be expected to damage  or lower the reputation of the Group or the Investor, any  customer/supplier, any agent/representative, any investor/finance  provider or any director, officer or employee of any such entity; and  9.3.3 any breach by a Manager of this Clause 9 will entitle such Manager’s  employer to summarily dismiss him from his employment whereupon  such individual shall be treated as a Bad Leaver.  9.4 Each of the undertakings contained in Clause 9.1 and 9.3 is a separate undertaking by  each Manager in relation to himself and his interests and shall be enforceable by the  Company and/or any other Group Company and/or the Investor separately and  independently of their rights to enforce any one or more of the other covenants  contained in Clauses 9.1 and 9.3. Each Manager (having taken independent legal  advice) acknowledges and agrees that the undertakings contained in Clause 9.1 and 9.3  are reasonable and necessary for the protection of the legitimate interests of the  Investor, the Company and any other Group Company and that these restrictions do not  work harshly on him. It is nevertheless agreed that, if any such undertaking shall be  found to be void but would be valid if some part were deleted, then such undertaking  shall apply with such deletions and/or modifications as may be necessary to make it  valid and enforceable.  9.5 For the purposes of Clause 9.1:  

 

34  9.5.1 the “Relevant Date” shall mean the date on which the Manager ceases  to be employed by any Group Company or if earlier, the date of exercise  of any Group Company’s right under the relevant Manager’s Service  Agreement to put that Manager on garden leave or the date on which  any Group Company (as applicable) gave such Manager notice of  termination or the date on which the Manager gave notice of termination  to any Group Company; and  9.5.2 “directly or indirectly” shall mean the Manager acting either alone or  jointly with or on behalf of any other person, firm or company whether  as principal, partner, manager, employee, contractor, director,  consultant, investor or otherwise.  10 MANAGERS’ TAXATION  10.1 Unless otherwise agreed with the consent of the Board, the following provisions shall  apply as regards the Shares or shares or other securities in, or loan notes issued by, any  member of the Group (together, “Relevant Securities”) held by any of the Managers  (or any persons to whom Shares are transferred under Clause 5.3.2 or 5.3.3) who are  resident in the United Kingdom, United States of America or any other jurisdiction:  10.1.1 each such Shareholder (an “Electing Shareholder”) who acquires  Relevant Securities (whether that date is prior to, on or after Closing),  hereby undertakes that to the extent an election is available to be made  by him, and if so directed by the Company or any member of the Group,  he shall enter into an election with his employing company pursuant to  section 431(1) ITEPA (or any substantially similar election in any  jurisdiction outside the United Kingdom other than an election under  section 83(b) of the United States Internal Revenue Code, in the form  prescribed by the relevant Tax Authority (the “Election”)) no later than  14 days after the acquisition of such Relevant Securities or such shorter  period as the relevant Taxation Authority may direct; and  10.1.2 each Electing Shareholder shall provide to the Company (or his  employer member of the Group if different) such information as it shall  reasonably require for the purposes of fulfilling its obligations under this  Clause 10.  10.2 Each Manager or any person to whom Relevant Securities are transferred under Clause  5.3.2 or 5.3.3 who, at the date he acquires any Relevant Securities (whether that date is  prior to, on or after Closing), is subject to taxation in the United States (regardless of  his place of residency) (a “US Electing Shareholder”) hereby undertakes that he shall  timely make and cause to be filed with the United States Internal Revenue Service an  election under Section 83(b) of the United States Internal Revenue Code (the “US  Election”) with respect to such Relevant Securities no later than 30 days after the  acquisition of such Relevant Securities.  10.3 Each such US Electing Shareholder shall timely provide to the Company (or his  employer member of the Group if different) a copy of such US Election referred to  above.  

 

35  10.4 In any case where any member of the Group is obliged to withhold and remit amounts  of any Employee Taxation as a result of or in respect of the following:  10.4.1 the acquisition of the legal and/or beneficial ownership of and/or interest  in Relevant Securities by a Manager or by any person under Clause 5.3.2  or 5.3.3; or  10.4.2 any action, event or thing done following the acquisition of Relevant  Securities, including the disposal of the Relevant Securities which gives  rise to a liability in respect of the Relevant Securities of a Manager or of  any person to whom Shares have been transferred pursuant to Clause  5.3.2 or 5.3.3,   such company may recover the Employee Taxation from the Shareholder in question  in such manner as the Investor shall think fit and (without limitation to the generality  of the foregoing) each such Shareholder agrees that such company may, to the extent  possible, recover the Employee Taxation via deductions from salary for the relevant  period and, to the extent that such deductions are insufficient to cover the Employee  Taxation, the Shareholder shall pay to such company the balance.  10.5 Each Manager hereby irrevocably and unconditionally indemnifies and holds harmless  any Group Company from and against any New Security Tax Liability incurred by any  Group Company and pledges his holdings of Relevant Securities as security therefor,  such that any Manager may be required by the board of the Company to forfeit some  or all of such investment, at Fair Value, in order to satisfy (in whole or in part) his  obligations in this regard from time to time.  The “New Security Tax Liability” shall be the total Employee Taxation arising as a  consequence of, or in connection with, the acquisition of, holding or disposal of  Relevant Securities by the relevant Manager, or the transfer of such Manager’s Shares,  including under Clause 3, 4, 5.3.2, 5.3.3, 6 or 7.  11 CONFIDENTIALITY  11.1 Notwithstanding any other provision of this Agreement but subject to Applicable Law,  the Investor shall be entitled at all times:  11.1.1 to consult freely about the Group and its affairs with, and to disclose  Confidential Information to, the Group’s auditors, lenders and proposed  lenders or with or to any other Investor, such other Investor’s Affiliates  or any proposed investor (directly or indirectly) in the Company or any  other person on whose behalf it is investing in the Company (or with or  to any of its or their professional advisers), provided that it has been  agreed in advance by the Management Representative, Chief Executive  Officer, Chief Financial Officer, General Counsel, or a majority of the  Board members of the Company, that the Investor can consult with  and/or disclose Confidential Information to such person. Nothing herein  shall restrict any individual Director (whether or not affiliated with the  Investor) from taking any action reasonably advisable in his or her good  faith estimation to fulfil his or her fiduciary duties to the Company and  in compliance with Applicable Law; and  

 

36  11.1.2 for the purposes of facilitating a Sell-Down, to disclose any Confidential  Information to any proposed purchaser, underwriter, sponsor or broker,  and, in each case, subject to the relevant Investor or such Investor’s Affiliates using its  reasonable commercial endeavours to (i) procure that any such recipient is made aware  that it is Confidential Information and agrees to treat it accordingly, or (ii) in the case  of a disclosure to a Fund (where compliance with obligations set out in this Clause 11  (Confidentiality) would result in a breach of such Fund’s constitutional documents),  make clear to the recipient that such Confidential Information is confidential, and the  Company and the Managers agree with the Investor for themselves and as trustees for  the persons to whom Confidential Information may be disclosed under this Clause 11.1  to waive any claim for breach of confidence in respect of any disclosure of Confidential  Information made by an Investor in compliance with this Clause 11.1.  11.2 Subject to Clause 11.1, each Party shall in all respects keep confidential and not at any  time disclose or make known in any other way to anyone whomsoever or use for his  own or any other person’s benefit or to the detriment of any Group Company any  Confidential Information, provided that:  11.2.1 such obligations shall not apply to information which becomes generally  known (other than through a breach by any Party of this Clause 11.2);  11.2.2 such confidentiality obligations shall not apply to the disclosure of  Confidential Information:  (a) which is required to be disclosed by law, by a rule of a listing authority or stock  exchange to which the disclosing party is subject or submits or by a  governmental authority, or other authority with relevant powers to which the  disclosing party is subject or submits, or for tax or accounting purposes, whether  or not the requirement has the force of law provided that the disclosure shall, so  far as is practicable and legally permissible, be made after consultation with the  other Parties after taking into account such other Parties’ reasonable  requirements as to its timing, content and manner of making or despatch;  (b) to an adviser for the purposes of advising in connection with the transactions  contemplated by this Agreement provided that such disclosure is essential for  these purposes and is on the basis that the confidentiality obligations under this  Clause 11 applies to the disclosure by the adviser;  (c) to any member of the Group or the Institutional Investor Group or any Affiliate  thereof, to any investor or potential investor (whether direct or indirect) in the  Investor or the Group or to any adviser, manager, limited or general partner of  such undertaking including, for the avoidance of doubt, to the Institutional  Investors and any Affiliate thereof;  (d) to a manager, director, officer, employee or agent of the Group or any member  of the Institutional Investor Group or any Affiliate thereof whose function  requires him to have the relevant Confidential Information;  (e) to the auditor of any member of the Group or of any member of the Institutional  Investor Group or any Affiliate thereof;  

 

37  (f) to any actual or potential providers of finance to the Group and/or the  Institutional Investor Group and/or for the refinancing of any of the funding  provided by any such finance providers provided that such disclosure is on the  basis that this Clause 11 applies to any disclosure by any such person;  (g) to the extent that the information has been made public by, or with the consent  of, the other party; or  (h) by any employee of or consultant to any Group Company from disclosing  information in the proper performance of his duties as an employee or  consultant.  11.3 All records, papers, documents and data (in whatever form they may exist) in the  possession, custody or control of, or kept or made by or on behalf of, any Manager  relating to the business or affairs of any Group Company and all rights in such records,  papers, documents and data shall be deemed to be the property of that Group Company  and, other than (if he is Good Leaver) the information he would have been entitled to  receive as a Good Leaver under, all such items shall be delivered to the relevant Group  Company upon and by a Manager ceasing to be employed by or a director or consultant  of any Group Company and not being immediately thereafter employed by or a  consultant or director of any other Group Company.  11.4 The Managers hereby consent to the processing of their personal data, including  sensitive personal data (as such terms are defined in the General Data Protection  Regulation), in whatever form held, by any Investor and their Affiliates for the  following purposes:  11.4.1 conducting due diligence;  11.4.2 evaluating an investment in the Company or any other Group Company;  11.4.3 facilitating an acquisition by the Company or any other Group Company  of another company or business;  11.4.4 facilitating any sale or transfer of Shares; and/or   11.4.5 compliance with applicable laws, regulations and procedures.  12 ANNOUNCEMENTS  No Party shall (without the approval of the Board or the Investor) issue any press release  or make any public statement or publish any document or otherwise make any  disclosure to any person who is not a Party to this Agreement at any time relating to  any of the matters provided for or referred to in this Agreement or any ancillary matter.  This Clause 12 shall not apply to any announcement or disclosure required by law or  by any competent judicial or regulatory authority or by the rules of, or any agreement  with, the New York Stock Exchange (in which case the Parties shall co-operate, in good  faith, in order to agree the content of any such announcement, so far as practicable,  prior to its being made).  13 THE ARTICLES  

 

38  13.1 If the provisions of the articles of association (or other constitutional documents) for  the time being of any Group Company conflict with the provisions of this Agreement  then, during such period, the Parties agree that the provisions of this Agreement shall  prevail and the Parties shall procure that the provisions of the relevant articles of  association (or other constitutional documents) are amended, as soon as reasonably  practicable, to the extent permitted by applicable laws and regulations so as to comply  with the provisions of this Agreement.  13.2 The Parties hereby agree that, in the event of a dispute relating to any matter contained  both in the articles of association (or other constitutional documents) for the time being  of any Group Company and in this Agreement, any claim relating thereto shall be made  first pursuant to this Agreement and not pursuant to the applicable articles of  association.  14 DURATION  14.1 Without prejudice to the accrued rights of any Party and save in respect of the  provisions of this Clause 14 and Clauses 1 (Definitions and Interpretation), 10  (Managers’ Taxation), 11 (Confidentiality), 12 (Announcements) 15 (General), 16  (Notices) and 18 (Applicable law and jurisdiction) this Agreement shall cease and  terminate on the End Date.  14.2 Without prejudice to the accrued rights of any Party and save in respect of the  provisions of this Clause 14 and Clauses 1 (Definitions and Interpretation), 9  (Protection of Goodwill), 10 (Managers’ Taxation), 11 (Confidentiality), 12  (Announcements) 15 (General), 16 (Notices) and 18 (Applicable law and jurisdiction),  this Agreement shall cease and terminate, with respect to the rights and obligations of  any Party, on such Party (and, in the case of an Investor or any person to which Shares  have previously been (directly or indirectly) transferred pursuant to limb (a) of  “Excluded Transfer”) ceasing to hold Shares or ceasing to be the beneficial owner of  Shares provided that:  14.2.1 such Party shall have first complied with its obligations under Clause  3.3 (Transfers of Shares) (and the transferee shall, if appropriate, have  entered into a Deed of Adherence); and  14.2.2 this Clause 14.2 shall not apply to any Manager for so long as he remains  an employee of any Group Company or continues in his office as a  director of any Group Company.  14.3 Without prejudice to the accrued rights of any Party and save in respect of the  provisions of this Clause 14 and Clauses 1 (Definitions and Interpretation), 11  (Confidentiality), 12 (Announcements) 15 (General), 16 (Notices) and 18 (Applicable  law and jurisdiction), this Agreement shall cease and terminate, with respect to the  rights and obligations of Holdco, upon the occurrence of a Qualifying Event (as defined  in the investor agreement relating to Holdco between, among others, Silver Lake,  Partners Group and Holdco dated on or around the date hereof).  14.4 Within five calendar days after the termination of this Agreement in accordance with  Clause 14.1, Silver Lake and the Company shall give notice to the Escrow Agent  confirming that termination of this Agreement has occurred.  

 

39  15 GENERAL   Entire agreement  15.1 This Agreement (together with any documents referred to herein or entered into  pursuant to this Agreement) contains the entire agreement and understanding of the  Parties and supersedes all prior agreements, understandings or arrangements (both oral  and written) relating to the subject matter of this Agreement and any such document.  Each of the other Parties acknowledges that he is entering into this Agreement without  reliance on any undertaking or representation given by or on behalf of any other Party  other than as expressly contained in this Agreement, provided that nothing in this  Clause shall exclude any Party from liability for fraudulent misrepresentation.  15.2 This Agreement shall not be construed as creating any partnership or agency  relationship between any of the Parties.  Variations and waivers  15.3 15.3 A variation of or amendment to this Agreement (other than Clause 7) is only valid  if it is in writing and signed by or on behalf of the Investor and the Management  Representative and, in the case of Clause 7, a variation or amendment is only valid if it  is in writing and signed by or on behalf of the Company, the Investor and the  Management Representative.  15.4 No failure or delay by any Investor or time or indulgence given in exercising any  remedy or right under or in relation to this Agreement shall operate as a waiver of the  same nor shall any single or partial exercise of any remedy or right preclude any further  exercise of the same or the exercise of any other remedy or right.  15.5 No waiver by any Party of any requirement of this Agreement, or of any remedy or  right under this Agreement, shall have effect unless given in writing and signed by such  Party. No waiver of any particular breach of the provisions of this Agreement shall  operate as a waiver of any repetition of such breach.  15.6 Any waiver, release or compromise or any other arrangement of any kind whatsoever  which a Party gives or enters into with any other Party in connection with this  Agreement shall not affect any right or remedy of any Party as regards any other Parties  or the liabilities of any other such Parties under or in relation to this Agreement.  Assignment  15.7 Subject to Clause 15.8, no Manager shall be entitled to assign the benefit or burden of  any provision of this Agreement (or any of the documents referred to herein) without  the approval of the Board.  15.8 Any Investor may assign all or any of its rights under this Agreement to any person to  which it has transferred Shares pursuant to an Excluded Transfer.  

 

40  Counterparts  15.9 This Agreement may be executed as two or more counterparts and execution by each  of the Parties of any one of such counterparts will constitute due execution of this  Agreement.  Further assurance  15.10 Each Party shall (and shall procure that their respective nominees shall) do and execute  and perform all such further deeds, documents, assurances, acts and things as may  reasonably be required to give effect to the terms of this Agreement and each Manager  shall at all times use and exercise the votes that they control (which shall be deemed to  include all votes held by any of their respective connected persons) at both general  meetings and/or Board meetings to ensure the maintenance and observance of the terms  of this Agreement.  15.11 If a general meeting is requested by the Investor or a Board meeting is called by an  Investor Director to consider any resolution(s) required by the Investor or an Investor  Director consistent with the terms of this Agreement, each of the Managers shall  procure (so far as they are able) that such meetings are, if requested by the Investor,  held on short notice and each of the Managers irrevocably appoints an Investor Director  as his attorney to grant such consent on his behalf and in his name to any meeting being  held on short notice and, if required, will ratify such action or signature by such Investor  Director.  15.12 To the extent that any document required to be signed by a Manager in relation to the  Transaction is signed under a power of attorney, then the Investor can require, on  written notice, that such document be signed by the relevant Manager and be delivered  to the Company no later than 10 Business Days following Closing.  Holding Out  15.13 Each of the other Parties agrees with the Investor that, other than factual statements as  to shareholding, he or she will not hold out any Group Company as being connected in  any way with the Institutional Investors or the Investor, any member of an Institutional  Investor Group or any Affiliate thereof.  Managers’ confirmation  15.14 Each of the Managers acknowledges and agrees with the Investor that in relation to the  transactions contemplated by this Agreement:  15.14.1 he has entered into such transactions entirely on the basis of his/its own  assessment of such transactions and of the risks and effect thereof and  of any separate advice which he may have received from any person  (other than the Institutional Investors and the Investor) and not on the  basis of any information provided to him/it by, or any advice received  from, or on behalf of the Institutional Investors or the Investor;  15.14.2 he is not a client of the Institutional Investors and neither of the  Institutional Investors is acting or has acted for him/it, nor are the  Institutional Investors responsible to him/it for providing the protections  

 

41  afforded to clients of their respective firms or for advising him/it on such  transactions;  15.14.3 neither the appointment of an Investor Director or other director nor the  giving of advice by any such person in his capacity as a director of a  Group Company is to be taken as constituting the regulated activity of  providing investment advice either by such person or by the appointing  Institutional Investor (or an Affiliate thereof).  15.14.4 save for any contractual obligations expressly set out in this Agreement,  he is owed no duty of care or other obligation by the Institutional  Investors in respect thereof and, insofar as he is owed any such duty or  obligation (whether in contract, tort or otherwise) by an Investor, he  hereby waives, to the extent permitted by law, any rights which he may  have in respect of such duty or obligation.  15.15 Without limiting the generality of Clause 15.14, each Manager irrevocably  acknowledges, agrees and undertakes that, save to the extent expressly contemplated  by this Agreement, he has no claims, rights or remedies against the Investor or any  Institutional Investor (or any of its Affiliates) whatsoever.  Fees  15.16 Neither the Investor nor Silver Lake shall be permitted to charge any arrangement,  monitoring or transaction or similar private equity fees in connection with the entry into  this agreement, the Transaction, a Sell-Down or a Catch-up Sale, except pursuant to the  transaction and monitoring fee agreement dated 31 July 2012 between Global Blue  Acquisition B.V., Globetrotter Midco S.à r.l, Silver Lake Management Company III,  LLC and Partners Group (Guernsey) Limited to the extent taken into account in the  Waterfall in accordance with Clause 14.4 of the Investment Agreement, and without  prejudice to the reimbursement of third party or director expenses by the Group from  time to time.  The Euro  15.17 If, at any time, the Euro ceases to exist as a currency unit (or there is a material  likelihood of such cessation) or (in the reasonable opinion of the Investor) it becomes  so uncertain, unattractive or otherwise unworkable such that the Parties to this  Agreement enter into bona fide discussions regarding the use of a different currency,  then the Investor may require that:  15.17.1 some or all of the Shares of the Investor and/or any other member of the  Group are redenominated in US$ or a different currency of its choice;  15.17.2 the structure of the Investor and the Group be changed, including by way  of establishing new companies and/or other entities, or redomiciliation  or restructuring of the current companies in the Group or in any other  manner; and  15.17.3 any other changes be made to reflect the change in currency,   

 

42  and the Parties shall do all such things (including, but not limited to, voting in favour  of shareholder resolutions and entering into any agreements), provided always that no  such change will be made that is more economically disproportionately adverse to the  other Parties than it is to the Investor.  Other remedies  15.18 Any remedy or right conferred upon a Party for breach of this Agreement shall be in  addition to and without prejudice to all other rights and remedies available to it.  Successors  15.19 This Agreement shall be binding on each Party’s assigns, personal representatives and  successors in title.  Third party rights  15.20 Where, in connection with this Agreement (or any other agreement or arrangement to  be entered into by the Investor in accordance with this Agreement), any Party  undertakes any obligation in respect of any person (other than, or in addition to, the  Investor), that Party unconditionally and irrevocably acknowledges and agrees that the  Investor is entering into this Agreement (or any such other agreement or arrangement)  and accepting the benefits of such obligations not only for itself but also as agent and  trustee for such other person.  15.21 Notwithstanding the provisions of Clauses 1.7 and 15.7, the general partner, operator,  manager or adviser of any Investor, or any other person nominated by that Investor to  act on its behalf, shall, at the discretion of the relevant Investor, be entitled to enforce  all rights and benefits of such Investor under this Agreement at all times as if a Party to  this Agreement.  15.22 Save as expressly set out in Clauses 1.7, 10, 15.7, 15.20, 15.21, and 15.22, no provision  of this Agreement is intended to benefit or be enforceable by any third party pursuant  to the Contracts (Rights of Third Parties) Act 1999, but this shall not affect any right or  remedy of a third party which exists or is available apart from that Act. Notwithstanding  any benefits or rights conferred by this Agreement on any third party by virtue of the  Contracts (Rights of Third Parties) Act 1999, the Parties to this Agreement may vary,  terminate or rescind this Agreement on the Investor’s behalf without obtaining the  consent of any such third party.  Severability  15.23 Each Party acknowledges and agrees that if any provision of this Agreement is held to  be invalid or unenforceable but would be valid or enforceable if part of it were deleted  then such provision shall apply with such deletions and/or modifications as may be  necessary to make them enforceable.  Unenforceability  15.24 Each Party acknowledges, agrees and undertakes that it shall not seek any delay or  forbearance or refuse to perform or otherwise observe its obligations under this  Agreement (or any ancillary agreement) on the basis of a challenge by or on behalf of  

 

43  such Party to the validity or enforceability of any provision in this Agreement either as  a matter of applicable law or otherwise.  Authority in Respect of Restructuring  15.25 In connection with any bona fide Investor led distressed financial restructuring of all or  any of member of the Group (a “Restructuring”), each Manager irrevocably  undertakes to facilitate, assist and support the Restructuring and not to act (or omit to  act) in any way which would or might delay, impede or prevent the implementation of  the Restructuring. Without limiting the generality of the foregoing, each Manager  irrevocably undertakes to exercise his voting and/or any other rights attaching to the  Shares in favour of any amendment, waiver, consent, release, proposal or other action  as may be necessary or desirable for the implementation of the Restructuring which  does not have an economic effect on the Managers that is disproportionately adverse to  the Managers compared to that on the Investor.  16 NOTICES  Form of Notice  16.1 Any notice, consent, request, demand, approval or other communication to be given or  made under or in connection with this Agreement (each a “Notice” for the purposes of  this Clause) shall be in writing and signed by or on behalf of the person giving it.  Method of service  16.2 Service of a Notice must be effected by one of the following methods;  16.2.1 by hand to the relevant address set out in Clause 16.4 and shall be  deemed served upon delivery if delivered during a Business Day, or at  the start of the next Business Day if delivered at any other time; or  16.2.2 by courier or prepaid registered first-class post to the relevant address  set out in Clause 16.4 and shall be deemed served at the start of the  second Business Day after the date of posting if posted in the same  jurisdiction as the recipient; or  16.2.3 by courier or prepaid international airmail to the relevant address set out  in Clause 16.4 and shall be deemed served at the start of the fourth  Business Day after the date of posting if not posted in the same  jurisdiction as the recipient,   and in each case, for the convenience of the Parties, a copy of that notice shall be  provided by electronic mail to the e-mail addresses specified in Clause 16.4, but for the  avoidance of doubt, no such distribution by electronic mail shall be a substitute for the  valid methods of Notice specified in this Clause 16.2.  16.3 In Clause 16.2 “during a Business Day” means any time between 9.30am and 5.30pm  on a Business Day based on the local time where the recipient of the Notice is located.  References to “the start of [a] Business Day” and “the end of [a] Business Day” shall  be construed accordingly.  

 

44  Address for service  16.4 Notices shall be addressed as follows:  16.4.1 Notices for any Manager shall be addressed or sent to the relevant  Manager at the address set out in his Deed of Adherence.  16.4.2 Notices for the Investor shall be sent to the address below:  c/o Maples Corporate Services Limited  PO Box 309, Ugland House  Grand Cayman, KY1-1104  Cayman Islands  Attention: Legal Depart.  Email: LegalStaff-UK@silverlake.com  with copies (which shall not constitute notice) to:  c/o Silver Lake Europe LLP  Broadbent House, 65 Grosvenor Street,  London W1K 3LH  Attention: Legal Depart.  Email: LegalStaff-UK@silverlake.com  and  Simpson Thacher & Bartlett LLP  Citypoint, One Ropemaker Street  London EC2Y 9HU  Attention: Clare Gaskell  Email: cgaskell@stblaw.com  16.4.3 Notices for the Company shall be sent to the address below:  Jeremy Henderson-Ross  General Counsel  Global Blue SA  Route de Crassier 7  1262 Eysins  Switzerland  with copies (which shall not constitute notice) to:  c/o Silver Lake Europe LLP  Broadbent House, 65 Grosvenor Street,  London W1K 3LH  Attention: Legal Depart.  Email: LegalStaff-UK@silverlake.com  and  

 

45  Simpson Thacher & Bartlett LLP  Citypoint, One Ropemaker Street  London EC2Y 9HU  Attention: Clare Gaskell  Email: cgaskell@stblaw.com  Change of details  16.5 16.5 A Party may change its address for service provided that the new address is within  the United Kingdom and that it gives the other Parties not less than 28 days’ prior notice  in accordance with this Clause 16. Until the end of such notice period, service on either  address shall remain effective.  Deemed service  16.6 Notice to a Manager pursuant to this Agreement shall be deemed validly served on all  of them if validly served on the Management Representative.  16.7 Each Manager hereby agrees that any legal proceedings may be served on him by  delivering a copy of such proceedings to him at the address set out against his name in  his Deed of Adherence.  17 CAPACITY  Each Party represents to each other Party that it has full power and authority and has  obtained all necessary consents to enter into and perform the obligations expressed to  be assumed by it under this Agreement (and any other agreement or arrangement to be  entered into by it in connection with this Agreement), that the obligations expressed to  be assumed by it under this Agreement and each such other agreement are legal, valid  and binding and enforceable against it in accordance with their terms and that the  execution, delivery and performance by it of this Agreement and each such other  agreement and arrangement will not:  17.1 result in a breach of, or constitute a default under, any agreement or arrangement to  which it is a Party or by which it is bound or (where not a natural person) under its  constitutive documents; or  17.2 result in a breach of any law or order, judgment or decree of any court, governmental  agency or regulatory body to which it is a Party or by which it is bound.  18 APPLICABLE LAW AND JURISDICTION  18.1 This agreement and all matters, including any contractual and non-contractual rights  and obligations of the Parties arising out of or in connection with it shall be governed  by and construed in accordance with the laws of England.  18.2 The Parties irrevocably submit to the exclusive jurisdiction of the Courts of England  and Wales in respect of any claim, dispute or difference arising out of or in connection  with this Agreement, provided that nothing contained in this Clause 18 shall be taken  to have limited the right of the Investor to proceed in the courts of any other competent  jurisdiction.  

 

46  18.3 Each Party acknowledges and undertakes as follows:  18.3.1 it shall not challenge the validity or enforceability of the restrictions in  this Agreement either as a matter of Swiss law or otherwise  (“Challenge”); and  18.3.2 in the event of a Challenge, such Party shall indemnify and keep  indemnified each other Party against each loss, liability and cost which  the Party may incur arising out of or in connection with a Challenge  including, without limitation, each loss, liability and cost reasonably  incurred as a result of settling or defending a Challenge.  18.4 Each Manager acknowledges and undertakes as follows:  18.4.1 he shall not challenge the validity or enforceability of the restrictions in  his Service Agreement as a matter of the governing law of such Service  Agreement or otherwise (the “Service Agreement Challenge”); and  18.4.2 in the event of a Service Agreement Challenge, the relevant Manager  shall indemnify and keep indemnified each other Party and the relevant  Group Company who employs such Manager against each loss, liability  and cost which the Party may incur arising out of or in connection with  a Service Agreement Challenge including, without limitation, each loss,  liability and cost reasonably incurred as a result of settling or defending  a Service Agreement Challenge.  THIS AGREEMENT has been duly executed and delivered as a deed on the date stated  above. 

 

47  SCHEDULE 1  THE INSTITUTIONAL INVESTORS (1) (2) (3) (4)  Name Address Fax number Address in UK for service  of proceedings  Silver Lake   Partners III   Cayman (AIV III),   L.P.  PO Box 309   Ugland House   Grand Cayman  KYI-1104   Cayman Islands  +44 20 3205 8401 c/o Silver Lake Europe LLP  Broadbent House   65 Grovesnor Street   London   W1K 3JH   (attn: Legal Dept)  Silver Lake   Technology   Investors III   Cayman, L.P.  PO Box 309   Ugland House   Grand Cayman  KYI-1104   Cayman Islands  +44 20 3205 8401 c/o Silver Lake Europe LLP  Broadbent House   65 Grovesnor Street   London   W1K 3JH   (attn: Legal Dept)  Partners Group Private  Equity (Master Fund),  LLC  c/o Partners Group  (Guernsey) Limited   P.O. Box 477   Tudor House   Le Bordage   St Peter Port  Guernsey, GY1 6BD  +44 1481 730947 c/o Partners Group (UK)   Limited   Heron Tower   110 Bishopsgate   London   EC2N 4AY  Partners Group   Barrier Reef, L.P.  c/o Partners Group  (Guernsey) Limited   P.O. Box 477   Tudor House   Le Bordage   St Peter Port  Guernsey, GY1 6BD  +44 1481 730947 c/o Partners Group (UK)   Limited   Heron Tower   110 Bishopsgate   London   EC2N 4AY  Partners Group   Client Access 5 LP  Inc.  c/o Partners Group  (Guernsey) Limited   P.O. Box 477   Tudor House   Le Bordage   St Peter Port  Guernsey, GY1 6BD  +44 1481 730947 c/o Partners Group (UK)   Limited   Heron Tower   110 Bishopsgate   London   EC2N 4AY  

 

48  SCHEDULE 2  DEED OF ADHERENCE  THIS DEED is made on [                              ]   BETWEEN:  (1) GLOBAL BLUE HOLDING LP (“Holdco”);  (2) SL GLOBETROTTER LP (“Silver Lake”); (3) GLOBAL BLUE GROUP HOLDING AG (the “Company”); (4) [[Name and Address/Address of Agent for Service] (the “[Adhering  Manager][Acquiror]”);]  (5) [[●] (the “Transferor[s]/Existing Investor[s]”);]  AND IS SUPPLEMENTAL TO a Management Shareholders Agreement dated [●] 2020 and  made between, amongst others, (1) Holdco, (2) Silver Lake; and (3) the Company, as from time  to time amended, varied, novated or supplemented (the “Principal Agreement”). WHEREAS:  [The Adhering Manager is the holder of certain GB Manco Securities and is a party to the  Investment Agreement and it is intended that he shall acquire GB Topco Shares pursuant to the  Reorganisation and Shares (the “Relevant Shares”) pursuant to the Transaction, subject to the  Adhering Manager entering into this Deed.] [The Transferor[s] intend[s] to transfer to the  Acquiror Shares (the “Relevant Shares”) subject to the Acquiror entering into this Deed.]  IT IS AGREED as follows: 1. Unless the context requires otherwise, words and expressions defined in the Principal  Agreement shall have the same meaning when used in this Deed.  2. The [Adhering Manager][Acquiror] hereby undertakes to the Continuing Parties to  comply with the provisions of, and to perform all the obligations in, the Principal  Agreement of [a] [an] [Manager] [Investor] so far as they may remain to be observed  and performed and the [Adhering Manager][Acquiror] shall become a party to the  Principal Agreement as if the [Adhering Manager][Acquiror] were named in the  Principal Agreement as [a] [an] [Manager] [Investor] [holding the Relevant Shares [in  place of] [in addition to] [the Transferor[s]] [the Existing Investor[s]]].  3. Holdco, Silver Lake and the Company undertake to the [Adhering Manager][Acquiror]  to comply with the provisions of, and to perform all their respective obligations as  provided in, the Principal Agreement so far as they remain to be observed and  performed.  4. [This paragraph is only to be used in the case of an Adhering Manager who it has been  agreed may elect to receive a higher minimum proportion of cash in the Transaction.]  [The Adhering Manager shall be entitled to receive up to [•] per cent of his  

 

49  Consideration as Cash Consideration with a corresponding pro rata reduction in his  Stock Consideration and Convertible Preferred Shares Value to be received. Such right  shall be exercised on the Adhering Manager’s behalf by the Management  Representative. If the Adhering Manager elects to exercise his right pursuant to the  preceding sentence, he shall not be entitled to sell Shares in a Sell-Down or Catch-up  Sale, or to participate in a hedging transaction pursuant to Clause 6 of the Principal  Agreement, unless and until the SL Investor’s Liquidity Proportion is greater than the  Adhering Managers’ Liquidity Proportion.]  5. [This paragraph is only to be used in the case of an Acquiror who is receiving all (but  not some only) Shares from the Transferor[s].] [The Continuing Parties agree to accept  the liability of the Acquiror under the Principal Agreement and, from today, the  Continuing Parties release and discharge the Transferor[s] from all the provisions of,  and all claims and demands in respect of, the Principal Agreement in respect of the  Shares transferred to the Acquiror, provided that nothing in this paragraph shall  prejudice any prior rights and remedies accruing to any party or in any way exclude or  limit the liability of the Transferor[s] or the Continuing Parties in respect of Clauses 9  (Protection of Goodwill), 11 (Confidentiality) and 12 (Announcements).]  6. [This paragraph 6 is only to be used for the Adhering Managers subject to Swiss tax  laws.] [In the event that the Adhering Manager has received a final decision from an  applicable Tax Authority (a “Tax Agreement”) that any consideration (irrespective of  its form) that such Adhering Manager has received as a result of the acquisition, holding  or disposal of Relevant Securities pursuant to the Reorganisation (the “Reorganisation  Consideration”) should be treated as employment income rather than a capital gain (as  reflected in the Adhering Manager’s relevant tax filing), the Company agrees that if the  Cash Consideration received by the Adhering Manager in the Transaction is not  sufficient to pay any Tax owed by such Adhering Manager as a result of the Tax  Agreement, subject to the Adhering Manager complying with his obligations in  paragraphs 6.1 and 6.2, the Registration Rights Agreement and Applicable Law and  notwithstanding the transfer restrictions in Clause 5 (Transfers of Shares) of the  Principal Agreement, such Adhering Manager shall be entitled to sell in the market such  number of his Shares as is necessary to pay such Tax owed by the Adhering Manager  up to a maximum Liquidity Proportion of (a) 50%, if his blended average Tax rate that  is applied on the Reorganisation Consideration is greater than 30%; or (b) 40% if his  blended average Tax rate that is applied on the Reorganisation Consideration is less  than 30% but greater than 20%; provided that any such sale shall be arranged and  executed in all respects by the Company in consultation with the Board as part of a  single sale of Shares by all Managers that have executed a Deed of Adherence  containing this paragraph 6 and elect to exercise their rights hereunder.]  6.1. [This paragraph 6.1 and the following paragraph 6.2 shall apply unless and until the  Adhering Manager receives a Tax Agreement. The Adhering Manager shall consult  with the Company in relation to any correspondence received from an applicable Tax  Authority relating to the acquisition, holding or disposal of Relevant Securities pursuant  to the Reorganisation and shall take reasonable account of the views of the Company  before responding to any such correspondence. The Adhering Manager shall not make  any admission or enter into settlement with any such Tax Authority in relation to any  matter that might give rise to a Claim without the prior written consent of the Company.  The Adhering Manager shall take such action as the Company may reasonably request  

 

50  to avoid, dispute, defend, resist, appeal, compromise or contest any matter that might  give rise to a Claim.  6.2. To the extent permitted by the applicable Tax Authority, the Company shall be entitled  in its absolute discretion, by notice in writing to the Adhering Manager, to take such  action as it shall deem necessary to avoid, dispute, defend, resist, appeal, compromise  or contest any matter that might give rise to a Claim in the name of and on behalf of  such Adhering Manager and to have the conduct of any related proceedings,  negotiations or appeals, provided in each case that it keeps such Adhering Manager  informed of the progress of such proceedings, negotiations or appeals and provides such  Adhering Manager with copies of all relevant documents and such other relevant  information in its possession as is reasonably requested by such Adhering Manager  (except any legally privileged information).]  7. [Paragraph 7 is only to be used for Jacques Stern, Loic Jenouvrier and Jeremy  Henderson-Ross. The Parties agree that notwithstanding Clause 7 of the Principal  Agreement:  7.1. [in the case of Jacques Stern, Loic Jenouvrier and Jeremy Henderson-Ross,] if the  Adhering Manager submits his resignation within 6 months of Closing, he shall be  deemed a Bad Leaver regardless of the circumstances surrounding his ceasing to be an  employee and/or director of a Group Company; and  7.2. [in the case of Jacques Stern only,] notwithstanding Paragraph 7.1, the Adhering  Manager may submit his resignation at any time and be considered a Good Leaver if  the chairman of the Company either (in a manner that is more than de minimis or  incidental): (i) fails to adequately respect the Governance Principles or (ii) engages with  clients (other than where the engagement is initiated for purposes not related to the  Group’s business relationship with such client), acquisition targets, employees (other  than the normal course updates with the CFO or the GC) or the media (other than broad,  non-Group focused engagements where the Chairman is responding to a question about  the Group), without having been requested to do so by the Adhering Manager; and such  activity is not remedied (if capable of being remedied) within 30 calendar days of the  Board being informed in writing by the Group CEO of such conduct. “Governance  Principles” means the duties of the chairman and chief executive officer, respectively,  of the Company as set out in Clauses 4.9 and 5.1 of the Organizational Regulations  (agreed form as attached to the Merger Agreement) of the Board of Directors].  7.3. If the Adhering Manager is a Bad Leaver, the amount payable for the Transfer Shares  shall be:  (a) for 662/3% of the Transfer Shares, the lower of:  (i) Fair Value; and  (ii) the value of the Transfer Shares by reference to the Stock  Consideration Value in Euros; and  (b) for the remaining 331/3% of the Transfer Shares, the lower of:  (i) Fair Value; and  

 

51  (ii) the Cost per Share.]  8. The Parties agree that, save as hereby provided, all the provisions of the Principal  Agreement shall remain in full force and effect.  9. The provisions of Clauses 18 (Applicable law and jurisdiction) and 15.9 (Counterparts)  of the Principal Agreement shall apply to this Deed, mutatis mutandis.  THIS DEED has been duly executed as a deed on the date stated above.  

 

EXECUTED AND DELIVERED AS A DEED by the Parties on the date first stated above.  Executed as a DEED by GLOBAL BLUE HOLDING LP acting by its general partner SL  GLOBETROTTER GP, LTD.  By:  Name: Joseph Osnoss  Title: Director  Executed as a DEED by JACQUES STERN in his capacity as Management Representative  By:  Name:  Title: Title:  Address:  F,._V\"°'� r\�  fi\  Executed as a DEED by GLOBAL BLUE GROUP HOLDING AG  By:  Name: Joseph Osnoss  Title: Director  Executed as a DEED by SL GLOBETROTTER L.P. acting by its general partner SL  GLOBETROITER GP, L TD.  By:  Name: Joseph Osnoss  Title: Director  /s/ Joseph Osnoss /s/ Joseph Osnoss /s/ Joseph Osnoss Name: Jacques Stern /s/ Jacques Stern /s/ Françoise Marchalletteramendmenteffective

  Amendment Letter - D&O Claims (28 June 2022).docx  Confidential  PRIVATE AND CONFIDENTIAL    28th June 2022    From: Global Blue Group Holding AG (the Borrower)    To: SL Globetrotter, L.P.    and  Global Blue Holding L.P.   (together, the Lenders)    Dear Sirs    Project Globetrotter - Liquidity Loan Amendment Letter      1  Introduction    1.1 Reference is made to the loan agreement originally dated 30 September 2020 (as amended and  restated on 22 November 2021 and amended on 29 March 2022) between Global Blue Group  Holding AG as borrower and the Lenders (the Loan Agreement).    1.2 Unless otherwise defined herein, terms defined in the Loan Agreement shall have the same  meaning when used in this letter. In addition:    Effective Date means the date on which this letter is countersigned by SL Globetrotter, L.P.    1.3 The Borrower and SL Globetrotter, L.P. (in its capacity as a Lender constituting the Majority  Lenders) are entering into this letter to amend the Loan Agreement in accordance with Clause  12 (Amendments) of the Loan Agreement.    2 Amendment Request    2.1 The Borrower hereby requests the consent of the Lenders to:    (a) delete the definition of “Availability Period” in its entirety and replace it with the  following:    “Availability Period means (a) for all commitments other than the Reserved  Commitments, the period from (but excluding) the Closing Date until (and including) 8  July 2022 and (b) for the Reserved Commitments, the Termination Date.”;    (b) include the following definition in alphabetical order in Clause 1.1:    “Reserved Commitments means commitments of the Lenders in an aggregate amount  equal to $10,000,000.”; and    (c) include the following new paragraph (g) in Clause 3:    

 

    2  Amendment Letter - D&O Claims (28 June 2022).docx  “Notwithstanding any other term of this Agreement:     (i) the Reserved Commitments may be utilised to finance any amounts  payable by the Company in connection with any director or officer liability claims (the  Reserved Purposes) subject to the conditions set out in Clause 4 and this paragraph (g) and  may not be utilised for any other purpose;  (ii) an Additional Loan may be borrowed by the Company for the Reserved  Purposes in excess of the two Loans specified in paragraph (c) above;  (iii) the “Board Approval” required under paragraph (c) of Clause 4 shall be  an approval of the relevant Loan for the Reserved Purposes by the majority of the Board  (excluding for such purpose any vote of any director of the Board that is a representative  of the Lenders);  (iv) the Company may only utilise any Reserved Commitments to finance any  amount of any director or officer liability claim to the extent that, pro forma for the payment  of such amount of that claim without the utilisation of the Reserved Commitments, the  Group would have Liquidity of less than €60,000,000;  (v) the Reserved Commitments will be immediately cancelled on dollar for  dollar basis in amount equal to any director and officer liability insurance obtained by the  Company; and  (vi) the Company shall use reasonable endeavours to obtain director and  officer liability insurance.”    (the Proposed Amendments).    4 Consent    4.1 Pursuant to Clause 12 (Amendments) of the Loan Agreement, the Borrower hereby requests that  SL Globetrotter, L.P. (in its capacity as a Lender constituting the Majority Lenders), countersigns  this letter and returns it to the Company thereby confirming:    (a) each Lender’s irrevocable and unconditional consent to, and approval of, the Proposed  Amendment; and  (b) each Lender’s acknowledgement and confirmation that the Proposed Amendment shall  take effect on the Effective Date.    4 Reservation of Rights    Except as varied by the terms of this letter, the Loan Agreement will remain in full force and  effect and, from the Effective Date, any reference in the Loan Agreement or to any provision  of the Loan Agreement will be construed as a reference to the Loan Agreement or that  provision, as amended by this letter.    5 Miscellaneous    

 

    3  Amendment Letter - D&O Claims (28 June 2022).docx  5.1 This letter may be executed in any number of copies which taken together shall constitute the  same agreement.    5.2 Any person who is not a party to this letter has no right under the Contracts (Rights of Third  Parties) Act 1999 to enforce or to enjoy the benefit or any of its terms.    5.3 The provisions of Clause 18 (Governing Law) of the Loan Agreement shall apply to this letter  mutatis mutandis.              Yours faithfully          /s/ Jacques Stern  GLOBAL BLUE GROUP HOLDING AG    Name: Jacques Stern   Title: CEO                      

 

    4  Amendment Letter - D&O Claims (28 June 2022).docx                    ACCEPTED AND AGREED:   SL GLOBETROTTER, L.P.   in its capacity as a Lender constituting the Majority Lenders   By: SL Globetrotter GP, Ltd., its general partner     By: /s/ Joe Osnoss   Name: Joe Osnoss  Title: Director

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