Document:

exhibit10-3.htm - Generated by SEC Publisher for SEC Filing

  

 

                                                                   EXHIBIT 10.3

 

 

 

 

               (A free translation of the original in Portuguese)

 

 

               FIRST AMENDMENT TO THE SHAREHOLDERS' AGREEMENT OF

                   COMPANHIA DE BEBIDAS DAS AMERICAS - AMBEV

 

FUNDACAO ANTONIO E HELENA ZERRENNER INSTITUICAO NACIONAL DE BENEFICENCIA,

headquartered in the City of Sao Paulo, State of Sao Paulo, at Avenida

Brigadeiro Faria Lima No. 3.900, 11th floor, registered with the CNPJ under

No. 60.480.480/0001-67, and duly represented herein in accordance with its

association by-laws (hereinafter referred to as "FZ"); 

 

BRACO S.A., a corporation headquartered in the City of Sao Paulo, State of Sao

Paulo, at Avenida Brigadeiro Faria Lima No. 3.729, 7th floor (part),

registered with the CNPJ under No. 35.756.022/0001-60, and duly represented

herein in accordance with its corporate by-laws (hereinafter referred to as

"Braco");

 

EMPRESA DE ADMINISTRACAO E PARTICIPACOES S.A., a corporation headquartered in

the City of Sao Paulo, State of Sao Paulo, at Avenida Brigadeiro Faria Lima

No. 3.729, 7th floor (part), registered with the CNPJ under No.

27.098.946/0001-99, and duly represented herein in accordance with its

corporate by-laws (hereinafter referred to as "ECAP");

 

and, in the capacity of assenting intervenors,

 

COMPANHIA DE BEBIDAS DAS AMERICAS - AMBEV, a corporation headquartered in the

City of Sao Paulo, State of Sao Paulo, at Rua Renato Paes de Barros No. 1017,

4th floor, Itaim Bibi, registered with the CNPJ under No. 02.808.708/0001-07,

and duly represented herein in accordance with its corporate by-laws

(hereinafter referred to as "AmBev" or "Company");

 

JORGE PAULO LEMANN, a Brazilian citizen, married, economist, resident and

domiciled in the City of Sao Paulo, State of Sao Paulo, registered with the

Tax Registry (CPF) under No. 005.392.877-68 and bearer of identity card No.

1.566.020, issued by the IFP on 3/28/72 (hereinafter referred to as "JPL");

 

 

 

  

 

MARCEL HERRMANN TELLES, a Brazilian citizen, married, economist, resident and
domiciled in the City of Sao Paulo, State of Sao Paulo, registered with the

Tax Registry (CPF) under No. 235.839.087-91 and bearer of identity card No.

02.347.932-2, issued by the IFP on 12/12/88 (hereinafter referred to as

"MHT"); and

 

CARLOS ALBERTO DA VEIGA SICUPIRA, a Brazilian citizen, married, business

administrator, resident and domiciled in the City of Sao Paulo, State of Sao

Paulo, registered with the Tax Registry (CPF) under No. 041.895.317-15 and

bearer of identity card No. 1.971.453, issued by the IFP on 9/15/64

(hereinafter referred to as "CAS");

 

and, in addition, as Intervening Third Party Beneficiary,

 

 

 

 

 

 

  

 

 

 

INTERBREW S.A., a company duly organized and validly existing under the laws

of Belgium, herein duly represented in accordance with its corporate by-laws

(hereinafter referred to as "Interbrew");

 

 

 

Whereas:

 

     (i)  FZ, Braco and ECAP (collectively referred herein as the "Parties")

          are lawful holders and regular owners, jointly, of 11,159,903,166

          (eleven billion, one hundred and fifty nine million, nine hundred

          and three, one hundred and sixty six) common shares of the total

          capital stock of the Company;

 

     (ii) on 07/01/1999, FZ, Braco e ECAP, with JPL, MHT and CAS as

          intervening parties, entered into a Shareholders Agreement

          (hereinafter referred to as "Original Shareholders Agreement");

 

     (iii)since the execution of the Original Shareholders Agreement, the

          control of AmBev has been exercised in an extremely harmonious way

          and has resulted in increasing development of the Company and in

          substantial results for its shareholders;

 

     (iv) the Parties to the Original Shareholders Agreement, in light of the

          success obtained after its execution, have an interest in revising

          certain provisions thereof, as well as deleting other provisions

          which have proved to be unnecessary due to the fruitful relationship

          between Braco and FZ;

 

     (v)  there is substantial interest of FZ in maintaining its investment in

          AmBev and in continuing to share control with the ultimate Braco

          Controlling Shareholders, as well as maintaining and, if possible,

          increasing the dividend flow that will serve its permanent

          institutional objectives;

 

     (vi) FZ, on one hand, and Braco and Ecap, on the other hand, with a view

          on revising the Original Shareholders Agreement in order to meet

 

 

  

 

          FZ's permanent institutional objectives, agreed on the following

          modifications: (a) extension of the term of the Original

          Shareholders Agreement; (b) exclusion of the reciprocal sale and

          purchase options; (c) restriction on the transfer of Shares held by

          the Shareholders during the term of the Agreement; (d) connection

          between the term of the Shareholders Agreement and the terms set out

          in item 10.2.

 

FZ, Braco and ECAP resolve to amend the Original Shareholders' Agreement, for

the purposes and effects of Article 118 of Law No. 6,404 of December 15, 1976,

as follows:

 

CLAUSE 1 - TERMS AND DEFINITIONS OF THE ORIGINAL SHAREHOLDERS AGREEMENT

 

 

 

 

 

 

 

 

 

1.1.
Except for the terms expressly defined herein, the definitions and

concepts
contained in Clause I of the Original Shareholders Agreement shall

apply
to this First Amendment to the Shareholders Agreement ("First

Amendment").

 

CLAUSE
2 - MANAGEMENT OF THE COMPANY

 

2.1.
Clause IV of the Original Shareholders Agreement (Election of the

Management
of the Company) shall read as follows:

 

CLAUSE
IV - ELECTION OF THE MANAGEMENT OF THE COMPANY

 

4.1
The boards of directors of the Company and the Subsidiaries, when in

place,
shall each be comprised of no fewer than 3 (three) and no more than 15

(fifteen)
regular members and the same number of alternates, with a term of

office
of 3 (three) years, reelection being permitted.

 

4.1.1
Each of the Shareholders may appoint up to 2 (two) observers to the

meetings
of the Board of Directors of the Company, without the right to vote.

 

4.1.2
The Shareholders may, by consensus, establish committees within the

Company's
board of directors, with the purpose of looking into specific

matters
whose analysis presupposes that their members have specific technical

knowledge.
The Financial Committee and the Audit Committee are hereby created.

 

4.2
Regardless of its interest in the voting capital, but provided that it

maintains
at least the share ownership in the voting capital of the Company it

held
as of 07/01/1999 in terms of the number of Shares (adjusted for stock

dividends,
splits, reverse splits), FZ shall have the right to appoint 4

(four)
regular members and respective alternates to the board of directors of

the
Company and of each of the Subsidiaries, when in place.

 

4.2.1
Braco and ECAP shall jointly have the right to appoint regular members

and
their respective alternates to the boards of directors of the Company and

of
each Subsidiary in a number proportional to the number of members appointed

by FZ
under item 4.2 above, based on the ratio between, on the one hand, the

interest
of FZ and, on the other hand, the interests of Braco and ECAP in the

capital
stock of the Company, relative to the total amount of their interests

(any
fraction greater than 0.5 (half) being rounded to the next whole number).

 

 

 

Braco and ECAP shall have the right to elect,
from among the directors whom

they
are entitled to appoint in the manner provided for in item 4.2, one

effective
member, and respective alternate, appointed by Interbrew.

 

4.3
The Company's board of directors will have 2 (two) co-chairmen with

identical
rights and powers, it being the responsibility of FZ alone, on the

one
hand, and Braco and ECAP jointly, on the other hand, to appoint each of

the
co-chairmen of the Company's board of directors.

 

4.3.1
In the resolutions of the Company's boards [sic] of directors, neither

co-chairmen
shall have the deciding vote.

 

 

 

 

 

 

 

 

 

4.4
Each of the Shareholders shall, at any time, have the right to petition

for
the removal of any member of the boards of directors of the Company and/or

any of
the Subsidiaries, appointed by it; the Shareholders undertake to

promptly
take or, as the case may be, have the representatives of the Company

take
all steps necessary towards the removal of said director.

 

4.5 In
the event of removal, resignation, replacement or any other event

resulting
in the vacancy of the position of any of the members of the board of

directors
of the Company or any of the Subsidiaries, the Shareholder that has

appointed
said member will have the right to appoint the respective

substitutes
(or a new alternate, in the event that the Shareholder opts to

confirm
the originally appointed alternate for the vacant position), the

Shareholders
undertaking to exercise their voting right in the Company's

meeting
of shareholders or, as the case may be, to have the representatives of

the
Company exercise their voting right in the meetings of shareholders of the

Subsidiaries,
in such a way as to bring about the election of the proposed

member.

 

4.6 In
the resolutions relating to the election of members of the board of

directors,
the Shareholders shall exercise their voting right in the Company's

meetings
of shareholders and shall take the steps necessary to assure that the

Company's
representatives exercise their voting right in the meetings of

shareholders
of the Subsidiaries, availing themselves of all shares that they

hold,
always with the objective of electing the largest possible number of

directors
by the Shareholders.

 

4.6.1
In the event of adoption of the multiple vote procedure, the

Shareholders,
in the Preliminary Meeting to be held during the 24

(twenty-four)
hours preceding the respective meeting of shareholders of the

Company
or any of the Subsidiaries, as the case may be, shall resolve on the

method
of casting their votes so as to assure compliance with the objectives

set
forth in item 4.6 above and in the other items of this Clause IV,

provided,
however, that neither of the Shareholders shall request the adoption

of the
multiple vote procedure without the prior express agreement of the

other
Shareholder.

 

4.6.2
The Company's executive board shall consist of a General Officer, and

 

 

 

Officers without specific designation, all of
them to be elected by the board

of
directors.

 

CLAUSE
3 - EXERCISE OF VOTING RIGHT

 

3.1.
Clause V of the Original Shareholders Agreement (Preliminary Meetings and

Exercise
of Voting Right) shall read as follows:

 

CLAUSE
V - PRELIMINARY MEETINGS AND EXERCISE OF VOTING RIGHT

 

5.1
Except for resolutions relating to the election of members of the board of

directors,
in relation to which the provisions of Clause IV above shall apply,

each
of the Shareholders shall exercise its voting right in the shareholders'

meetings
of the Company as well as have its representatives on the board of

directors
of the Company and each of the Subsidiaries exercise their voting

rights
in the respective corporate bodies, always

 

 

 

 

 

 

 

 

jointly
with the other Shareholder (or, as the case may be, the

representatives
of the other Shareholder) and in accordance with the

provisions
of this Clause V.

 

5.2
Whenever duly called under the terms of this Clause V, the Shareholders

shall
hold, prior to any meeting of shareholders of the Company and/or any of

the
Subsidiaries and any meeting of the board of directors of the Company

and/or
the Subsidiaries, a meeting (hereinafter referred to as "Preliminary

Meeting")
with the purpose of discussing and determining the position to be

uniformly
maintained by both Shareholders in the shareholders' meetings and/or

board
meetings that such Preliminary Meetings may precede.

 

5.2.1
The Preliminary Meetings shall be held in the Company's headquarters or

at
another address to be established in a timely manner by consensus between

the
Shareholders.

 

5.2.2
Except for the Preliminary Meeting under item 4.6.1 above, the

Preliminary
Meetings shall be held, on first notice, at least 3 (three) days

prior
to the date of the shareholders' meeting or board of directors' meeting

where
the decision reached in the respective Preliminary Meeting must be

expressed.

 

5.2.3
Preliminary Meetings may be called by any of the Shareholders or any

representative
of the Shareholders on the board of directors of the Company

and/or
any of the Subsidiaries, upon notice to the other Shareholder at least

4
(four) days prior to its stipulated date. The notice must be in writing and

set
forth the agenda for the Preliminary Meeting to which it refers, and there

may
only be resolutions regarding the matters on the agenda.

 

5.2.4
Regardless of the provisions of items 5.2.1 to 5.2.3 above, Preliminary

Meetings
attended by at least 1 (one) representative of each Shareholder shall

be
deemed regularly called and held.

 

5.2.5
Should any Shareholder fail to attend a regularly called Preliminary

Meeting,
a second notice will be deemed automatically given for the same

Preliminary
Meeting, which in such case shall be held at the same place, 24

(twenty-four)
hours after the date and time stipulated in the first notice,

even
if it is not a business day.

 

 

 

 

5.2.6
Preliminary Meetings shall be held, on first notice, with the attendance

of
both Shareholders and, on second notice, with the attendance of either of

them.

 

5.3
The Shareholders hereby undertake to use their best efforts to define in

the
Preliminary Meetings, always by consensus, the position to be adopted by

the
Shareholders in the shareholders' meeting or board of directors' meeting

related
to the respective Preliminary Meeting. Nevertheless, should a

consensus
not be reached, the position to be adopted shall be defined by the

Shareholder
with the greatest number of shares having voting rights issued by

the
Company, provided that the matter under discussion is not (i) the election

of
members of the board of directors, in connection with which the procedure

described
in Clause IV above must be followed; or (ii) any of the

 

 

 

 

 

 

 

 

matters
set forth in item 5.4 below, in connection with which the adoption of

any
decision shall depend on consensus of the Shareholders.

 

5.4
The matters identified below must be necessarily submitted to the approval

of the
general shareholders' meeting and/or the board of directors' meetings

of the
Company and/or Subsidiaries, as the case may be, and shall be approved

in the
Preliminary Meetings only by means of the affirmative vote of both

Shareholders:

 

    
(a)  any amendment to the by-laws of the Company and/or any of the

         
Subsidiaries with the purpose of amending: (i) the corporate

         
objectives; (ii) the term of duration; and/or (iii) the composition,

         
powers and duties of the management bodies;

 

    
(b)  approval of the annual investment budget of the Company and/or of

         
any of the Subsidiaries when the amount of the investments exceeds

         
8.7% (eight point seven per cent) of net sales of the Company

         
foreseen for the same fiscal year;

 

    
(c)  designation, dismissal and substitution of the General Officer of

         
the Company;

 

    
(d)  approval or amendment to the remuneration policy of the board of

         
directors and of the executive board of the Company as well as of

         
the Subsidiaries;

 

    
(e)  approval of Stock Option Purchase Plans for the managers and

         
employees of the Company and/or Subsidiaries;

 

    
(f)  change in the Company's and/or Subsidiaries' statutory dividends

         
policy;

 

    
(g)  increases in the Company's and/or the Subsidiaries' capital, with or

         
without preference right, by subscription, creation of a new class

         
of shares or changes in the characteristics of the existing shares,

         
as well as decrease in capital, issuance of debentures, whether or

         
not convertible into shares, warrants and creation of beneficiary

         
bonds by the Company and/or any of the Subsidiaries, except when

         
such legal businesses are carried out between the Company and its

 

 

 

          Subsidiaries or between the
Subsidiaries;

 

    
(h)  amalgamations, spin-offs, transformations, mergers, acquisitions and

         
divestments involving the Company and/or any of its Subsidiaries, in

         
the latter case, (x) when such operation involves a company that is

         
not a Subsidiary, directly or indirectly, of the Company, and (y)

         
provided that the transaction in question results in a reduction in

         
the average dividend paid by the Company in the past 5 (five) years,

         
adjusted by the IGP-M published by Fundacao Getulio Vargas as of the

         
date of each payment;

 

    
(i)  creation, acquisition, assignment, transfer, establishment of an

         
Encumbrance and/or Disposal, under any title or form, of shares,

          quotas 

 

 

 

 

 

 

 

 

         
and/or any securities issued by any of the Subsidiaries, except in

         
the benefit of the Company itself and/or of another Subsidiary;

 

    
(j)  contracting by the Company and/or any of the Subsidiaries of a debt

          transaction
that results in a net debt/equity ratio greater than

         
60/40;

 

    
(k)  entering into amendment, termination, renewal or cancellation of any

         
contracts, agreements or the like, involving the registered or

         
deposited trademarks in the name of the Company or the Subsidiaries;

 

    
(l)  loans and offers of guarantees of any kind by the Company and/or the

         
Subsidiaries to any third parties in an amount greater than 1% (one

         
percent) of the Company's net worth as set forth in the last audited

         
balance sheet, except in favor of: (i) employees of the Company and

         
of its Subsidiaries; and (ii) the Subsidiaries themselves;

 

    
(m)  election of members for the Company's board of directors'

         
committees;

 

    
(n)  cancellation of the registration as a publicly traded company for

         
the Company and/or any of the Subsidiaries;

 

    
(o)  petition for an arrangement with creditors or acknowledgement of

         
bankruptcy by the Company and/or any of the Subsidiaries;

 

    
(p)  liquidation or dissolution of the Company and/or any of the

         
Subsidiaries; and

 

    
(q)  appointment of the external auditors of the Company and/or any of

         
the Subsidiaries.

 

5.4.1
Due to the provisions of item 5.4 above, it is hereby expressly agreed

that
if the Shareholders fail to arrive at a consensus regarding the position

to be
adopted for the resolution of any of the above matters in a Preliminary

Meeting,
they undertake henceforth to exercise or have their voting right so

exercised
so as not to approve the matter that is the subject of the general

meeting
or board of directors' meeting called at that time.

 

 

 

 

5.5 For each Preliminary Meeting, minutes
shall be drawn up, to be signed by

the
Shareholders present, summarizing the resolutions taken and establishing

the
general direction that shall be respected by both Shareholders.

 

5.5.1
Each of the Shareholders undertakes to exercise its voting right in the

shareholders'
meetings of the Company and to have its representatives on the

board
of directors of the Company and each of the Subsidiaries exercise their

respective
voting rights in such corporate bodies, always in accordance with

the
prevailing direction on the respective matter, as approved in the

Preliminary
Meeting if called, and, in such case, as a single block with the

other
Shareholder.

 

 

 

 

 

 

 

 

 

5.5.2
The Shareholder that may have possibly failed to attend any Preliminary

Meeting
duly called and held under this Clause V shall remain obligated to

exercise
its voting right in the Company's shareholders' meetings as well as

to
have its representatives on the board of directors of the Company and each

of the
Subsidiaries exercise their respective voting rights in said corporate

bodies,
always in accordance with the prevailing decision on the respective

matter
as approved in the corresponding Preliminary Meeting.

 

5.5.3
In the event that the representative of any Shareholder fails to attend

the
meetings of the board of directors of the Company and/or the Subsidiaries

or to
cast his/her vote in accordance with the prevailing decision on the

respective
matter as approved in the corresponding Preliminary Meeting

(including
by abstention), the harmed party will have the right to vote the

shares
of the Shareholder who is absent or fails to cast its vote (for

abstention
or other reason), and, in the case of a member of the board of

directors
who is absent or fails to cast his/her vote (for abstention or other

reason),
such voting right shall be exercised by any member elected by the

other
Shareholder.

 

5.6
The Shareholders hereby mutually grant each other irrevocable and

irreversible
powers of attorney to represent each other, so that in the event

of the
absence of one of the Shareholders in any shareholders' meeting of the

Company,
the Shareholder present can represent the absent Shareholder,

pursuant
to Article 126, ss.1, of the Corporation Law, casting the vote

strictly
within the terms of the minutes of the corresponding Preliminary

Meeting.

 

5.6.1
The mandate referred to in item 5.6 above shall have the same term as

this
Agreement, pursuant to ss. 7 of Article 118 of Law 6,404/76, as amended

by Law
10.303/01.

 

5.6.2
As an alternative, the Shareholders may appoint, by means of a specific

power
of attorney, a controller of the voting agreement that is the subject of

this
Agreement, with the specific function of:

 

    
(a)  seeking to due compliance with its power of attorney;

 

    
(b)  informing the Shareholders about decisions to be taken at the

         
shareholders' meeting of the Company and the Subsidiaries, in

 

 

 

          accordance with the position
adopted in the corresponding

         
Preliminary Meetings; and

 

    
(c)  whenever necessary, acting as sole representative of the

         
Shareholders in the Company's and the Subsidiaries' shareholders'

         
meetings.

 

5.6.3
Any vote cast at a Company's shareholders' meeting or in a meeting of

the
Board of Directors, contrary to the provisions of any of this Agreement

shall
be deemed void and ineffective, and the chairman of the meeting or of

the
meeting of the Board of Directors, as applicable, shall refrain from

counting
the vote exercised in violation of such provisions.

 

 

 

 

 

 

 

 

5.7
Notwithstanding the other provisions of this Clause V, resolution at a

Preliminary
Meeting shall not require the vote of the Shareholders or the

members
appointed by them to the board of directors of the Company and any of

the
Subsidiaries, on matters relating to:

 

    
(a)  review of the accounts of the managers of the Company and any of the

         
Subsidiaries;

 

    
(b)  examination, discussion and resolutions on the management report and

         
the financial statements of the Company and any of the Subsidiaries;

 

    
(c)  cases categorized as an abusive exercise of power, as set forth in

         
Article 117, ss.1, of the Corporation Law; and

 

    
(d)  practices inherent to the duty of diligence and loyalty and other

         
duties of the managers, as established in Articles 153 to 158 of the

         
Corporation Law.

 

5.8
The Strategic Five-Year Plan of the Company shall be the subject of mutual

consultation
between FZ and Braco.

 

5.9 FZ
undertakes, in view of the fact that the amendments to the Agreement

were
made contemplating the 2004 Restructuring, as foreseen in item 6.4.(e),

to (x)
cause AmBev's directors it appointed to vote favorably to the corporate

resolutions
related or arising from the implementation of the 2004

Restructuring
in the board of directors and in the general meeting, as well as

(y)
vote favorably to the same 2004 Restructuring (and to the same corporate

resolutions
referred to above) in AmBev's general meeting. It also undertakes

to
cause the members of FZ in the board of directors and in the extraordinary

general
meetings of the Company, as well as in the preliminary meetings

possibly
necessary under this Agreement, to analyze and vote favorably and

without
remarks on the proposal of the Incorporacao, which general conditions

appear
in the draft of the Incorporacao Agreement submitted to the board of

directors
of the Company on March 1 and 2, 2004.

 

CLAUSE
4 - RESTRICTIONS ON THE TRANSFER OF SHARES

 

 

 

 

4.1. Clause VI of the Original Shareholders
Agreement (Transfer of Shares)

shall
read as follows:

 

CLAUSE
VI - TRANSFER OF SHARES

 

6.1
Being recognized by the Shareholders that it is entirely in accordance

with
their investment objectives, and, in the case of FZ, also in accordance

with
its permanent institutional objectives, that seeks its participation in

Company's
capital, FZ, Braco and Ecap hereby agree: (i) not to Dispose,

directly
or indirectly, of their Shares, through private trades, on the stock

market
or on the over-the-counter market, including by way of tender offers,

either
voluntary or mandatory, except as provided in this Clause VI, during

the
term of this Agreement and (ii) not to create any type of Encumbrance on

its
Shares, in both cases, without the prior written consent of the other

Shareholder.

 

 

 

 

 

 

 

 

 

6.2 In
the event that the Shares owned by any of the Shareholders become

subject
to seizure, attachment, judicial surety or any other restrictive

measure,
and that such restriction on the Shares is not waived within 30

(thirty)
days after the imposition of the restrictive measure, such fact must

be
communicated by the Shareholder holding the Shares subject to the

restrictive
measure, to the other Shareholder by means of a notification, with

a copy
sent to the two co-chairmen of the Company's board of directors, with

such
notification being considered as an offer to sell the Shares subject to

the
restriction to the other Shareholder. For purposes of this item,

irrespective
of the notification mentioned above, the acknowledgement of the

restrictive
measure by the other Shareholder shall be equally considered as

being
an offer for sale of the Shares subject to the restrictive measure, and

such
offer will be considered effective 30 (thirty) days after the imposition

of the
restrictive measure, provided that the Shares have not been released

from
such restrictive measure by such date. In the case of an offer to sell,

pursuant
to the terms of this item, the price of the Shares subject to the

restrictive
measure must be the Stipulated Price and the Shareholder accepting

the
offer may pay such price in court to acquire such Shares. Such value as

may be
in excess shall be paid to the Shareholder whose Shares have been

subject
to the restriction. However, in the event that the obligations

guaranteed
by the legal restriction exceed the Stipulated Price set out in

item
11.4, the Shareholder whose Shares have been subject to the restriction

shall
be held liable, vis-a-vis the other Shareholder, for the difference in

the
amount that the other Shareholder may be required to deposit in order to

acquire
the Shares. Failure to repay such difference within 5 (five) days

shall
subject the Shareholder whose Shares were subject to the restriction to

an
extra-judicial foreclosure.

 

6.3
The Shareholders hereby agree to exercise the subscription rights

corresponding
to the Shares each of them holds, or to transfer such

subscription
right to the other Shareholder, for market price, according to

the
following:

 

    
(a)  each Shareholder must confirm to the other Shareholder, by means of

         
notification with a copy sent to the co-chairmen of the Company's

 

 

 

          board of directors, that it intends
to exercise the right of first

         
refusal to subscribe the new shares to be issued by the Company

         
within 10 (ten) days of the beginning of the expiration period set

         
for the exercise of such right;

 

    
(b)  if after the lapse of the period established in letter (a) of this

         
item 6.3 no positive statement was made by one of the Shareholders,

         
the other Shareholder may, within 10 (ten) days thereafter, also

         
state in writing its intent to subscribe the new shares that will

         
not be subscribed by the silent Shareholder, by depositing the

         
amount referred to in item 6.3 at the Company's headquarters;

 

    
(c)  after the 10 (ten) day period established for the other Shareholder

         
to make a statement according to letter (b) of this item 6.3 has

         
elapsed, without such Shareholder having made the statement, the

         
Shareholder that holds the right to subscribe may transfer such

         
right to third parties.

 

 

 

 

 

 

 

 

 

6.4
The obligation not to dispose of the Shares set forth in this Clause VI

shall
not apply to the following:

 

    
(a)  the fiduciary Disposal of 1 (one) Share by any Shareholder to any

         
member of the Company's board of directors as they may indicate; or

 

    
(b)  the Disposal of Shares by any of the Shareholders to any person (i)

         
exercising Corporate Control over such Shareholder; (ii) under the

         
Corporate Control of such Shareholder; or (iii) under the same

         
Corporate Control as such Shareholder; or

 

    
(c)  the Disposal of the Shares of any Shareholder causa mortis [Lat.: by

         
reason of death]; or

 

    
(d)  any transfer of Shares between the Braco Controlling Shareholders

         
and/or between corporations over which Corporate Control is

         
exercised by the Braco Controlling Shareholders.

 

    
(e)  the indirect Disposal of Shares by the Braco Controlling

         
Shareholders, through the Disposal of Shares of Braco or Ecap,

         
directly or through entities under common control (direct or

         
indirect) by the Braco Controlling Shareholders or companies

         
controlled by any of them, if (i) among themselves or (ii) to

         
Interbrew or to entities or foundations (stichting) that control

         
Interbrew (the "2004 Restructuring"), in which case such entities

         
will be considered to be "Braco Controlling Shareholders" for the

         
purposes of this Agreement.

 

6.4.1
Subject to the provisions of item 6.4.2 below, the Shares of any of the

Shareholders
which are Disposed of under the events of letters (a) through (d)

of
item 6.4 above shall remain entirely subject to this Agreement, which shall

be
extended to the acquirer of such Shares (hereinafter to be referred to

simply
as "Acquirer") with all their rights and obligations, including the
20

(twenty)-year
period set forth in item 10.1 below.

 

6.4.2
A condition precedent for the validity of the Disposal of Shares under

the
events provided for in letters (a), (b) and (d) of item 6.4 above shall be

the
prior signing, by the respective Acquirer, of an instrument by which it

adheres
to this Agreement, irrevocably and irreversibly binding itself to

 

 

 

unconditionally comply with all its terms and
provisions. In the event of the

Disposal
of Shares set forth in letter (c) of item 6.4 above, acceptance of

this
Agreement by the successor shall be automatically assumed.

 

6.4.3
In the event that any of the Shareholders Disposes of its Shares in

accordance
with the provisions contained in letters (a), (b), (c) and (d) of

item
6.4 to more than one Acquirer, such Acquirers (together with the selling

Shareholder,
in the event that such Shareholder still holds a portion of

Shares)
shall all be treated as one single party for the purposes of this

Agreement,
in which case the term "Shareholder" as defined in letter (b) of

item
1.1 above shall come to mean all Acquirers jointly (as well as the

selling
Shareholder, in the event that it still holds a portion of the

Shares).

 

 

 

 

 

 

 

 

 

6.4.4
In the case of letters (b), (c) and (d) of item 6.4 above, in the event

that
the selling Shareholder fails to maintain any ownership interest in the

Company's
voting capital, the Acquirers shall indicate, by means of

notification
to the other Shareholder with a copy sent to the two co-chairmen

of the
Company's board of directors, to occur within a period not to exceed 5

(five)
days from the date on which the selling Shareholder ceased to have

Shares
in the Company, the name and address of such Acquirer who will

individually
represent all other Acquirers vis-a-vis the other Shareholder

with
respect to any and all issues relating to this Agreement, including, but

not
limited to, summons and notifications, whether judicial or extra-judicial,

in any
way relating to the capacity of the Acquirers as Company shareholders.

 

6.4.5
In the event of (i) sale of Shares between the Braco Controlling

Shareholders;
or (ii) a division between the Braco Controlling Shareholders

(and/or
their successors) by means of a spin-off or any other form of

corporate
reorganization of the share interests held thereby, directly or

indirectly,
in Braco and/or in ECAP; the provisions contained in items 6.4 to

6.4.4
shall be applied, with the Braco Controlling Shareholders (and/or their

successors)
to be treated as Acquirers of the Shares.

 

6.5
Any Disposal of Shares, share subscription rights or the creation of any

Encumbrance
inconsistent with the provisions of this Clause VI shall not be

valid,
and the Company managers shall be prohibited from posting them to the

corresponding
corporate ledgers under penalty of personal liability.

 

CLAUSE
5 - PURCHASE OR SALE OPTION

 

5.1.
Clause VII (Purchase or Sale Option) of the Original Shareholders

Agreement
is hereby terminated.

 

CLAUSE
6 - INTERVENING PARTIES

 

6.1.
Clause VIII of the Original Shareholders Agreement (Intervening Parties)

shall
read as follows:

 

CLAUSE
VIII - INTERVENING PARTIES

 

8.1
The Company hereby enters into this Agreement in the capacity of an

intervening
party, acknowledging all its terms and undertaking to comply with

all
its provisions and, in particular, to file it in accordance with the

 

 

 

provisions of article 118 of the Corporation
Law.

 

8.2
The Company shall only be required to comply with any changes in the terms

of
this Agreement that have been determined by a written instrument, executed

by
both Shareholders and by the Company itself, in the capacity of intervening

party.

 

8.3
The Company promises to immediately inform the Shareholders of any act,

fact
or omission that may constitute a violation of this Amendment, as well as

to
take any measure that may be required by subsequent laws as a condition for

maintaining
the validity and effectiveness of this Agreement.

 

 

 

 

 

 

 

 

 

8.4
The Braco Controlling Shareholders hereby sign this Agreement in their

capacity
as intervening parties, acknowledging all its terms and irreversibly

and
irrevocably promising to comply with all its provisions, particularly

those
relating to the right of first refusal for the direct or indirect

acquisition
of Shares.

 

8.5
The Parties acknowledge that the provisions contained in this Agreement

represent
a benefit in favor of a third party, Interbrew, pursuant to art. 436

of the
Brazilian Civil Code, and hereby wave the right to modify such benefit

to the
prejudice of such third party beneficiary without its prior written

consent.
The Parties also grant Interbrew the right to demand compliance of

the
obligation pursuant to art. 437 of the Brazilian Civil Code.

 

8.6
Interbrew, in turn, intervenes in this Agreement in order to acknowledge

the
validity of this Agreement and the provisions contained herein, and

undertakes
to comply with such provisions, for Itself, its Affiliates and

their
respective successors.

 

CLAUSE
7 - NOTIFICATIONS

 

7.1.
Clause IX of the Original Shareholders Agreement (Notifications) shall

read
as follows, due to the modification in the parties' addresses:

 

CLAUSE
IX - NOTIFICATIONS

 

9.1
Any communication, notification and/or notice to be made in connection

with
the provisions of this Agreement shall necessarily be in writing and sent

to the
addresses specified below, and will be considered as having been duly

made
(i) 48 (forty-eight) hours after dispatch, if sent by special courier

with
confirmation of receipt; (ii) 24 (twenty-four) hours after transmission

by
fax, provided there is an express confirmation of receipt; or (iii) on the

date
stated in the delivery confirmation, in the case of registered letters:

 

     (a)
if sent to FZ, at:

 

         
Avenida Brigadeiro Faria Lima
No. 3.900, 11th floor

          Sao
Paulo - SP

          CEP
04538-132

          fax:
(011) 3708-0110

          Attn.: Victorio De Marchi

 

 

 

 

    
(b) if sent to Braco and/or to ECAP, at:

 

          Avenida Brigadeiro Faria Lima No. 3729 -
7(degree) andar

          Sao
Paulo - SP

          CEP
04538-905

          fax:
(011) 3049-5577

          Attn.: Marcel Herrmann Telles

 

 

 

 

 

 

 

 

 

    
(c) if sent to the Company, at:

 

         
Rua Renato Paes de Barros 1017,
4th floor

          Sao
Paulo - SP

          CEP
04530-001

          fax:
(011) 2122-1523

          Attn.:
Luiz Felipe Dutra Leite

 

     (d) if sent to the Braco
Controlling Shareholders, at:

 

         
Av. Brigadeiro Faria Lima No.
3729 - 7(degree) andar Sao

          Paulo - SP CEP 04538-905

         
fax: (011) 3049-5577

         
Attn.: Marcel Herrmann Telles

 

    
(e) if sent to Interbrew, at:

 

         
Vaartstraat 94

         
B-3000 Leuven

         
Belgium

         
fax: 32 16 31 54 46

         
Attn.: Corporate Secretary

 

9.2
Any of the parties may change the notification address set forth in item

9.1
above, provided that they notify the other parties, reporting such change

of
address in accordance with the provisions contained in this Clause IX.

 

CLAUSE
8 - TERM

 

8.1.
Clause X of the Original Shareholders Agreement (Term) shall read as

follows:

 

CLAUSE
X- TERM

 

10.1
This Agreement shall be effective until July 1, 2019, and, subject to

item
10.2, shall be automatically extended for successive 10 (ten) year

periods,
provided that none of the Shareholders expressly waives it with a

minimum
of 180 (one hundred eighty) days in advance of the end of the 10

(ten)-year
period, or its respective extensions, as the case may be.

 

10.2
Braco and Ecap shall have the unilateral option to accelerate the

termination
of the Shareholders Agreement if the current procedure set out in

the
bylaws for the election of the members of the Board of Trustees of FZ is

modified
or ceases to be followed for any reason other than a change in the

law or
regulations applicable to private law foundations.

 

CLAUSE
9 - SPECIFIC PERFORMANCE

 

 

 

 

 

 

9.1.
Clause XI of the Original Shareholders Agreement (Specific Performance)

shall
read as follows:

 

CLAUSE
XI - SPECIFIC PERFORMANCE

 

11.1
The Shareholders acknowledge and declare that the mere payment of losses

and
damages shall not constitute sufficient compensation for breaches of any

obligation
undertaken herein.

 

11.2
The provisions of this Agreement shall be subject to specific

performance,
pursuant to article 118, paragraph 3 of the Corporation Law, with

the
Shareholders acknowledging that this instrument constitutes an

extra-judicial
executive title for the enforcement of the provisions of

articles
461, 462, 639 and subsequent articles of the Code of Civil Procedure.

 

11.3
The Shareholders shall not waive but, conversely, may resort to any legal

action
or measure (including the collection of losses and damages) to which

they
may be entitled pursuant to the law, and they expressly promise to accept

such
penalties, court orders and other claims of such nature as are intended

to
prohibit or prevent breaches of this Agreement.

 

11.4
Without limiting the generality of the other items of this Clause and in

item
6.1, it is hereby agreed that any measure that violates, directly or

indirectly,
by action or omission, the bilateral obligation of the

Shareholders
not to Dispose of the Shares (or to create an Encumbrance on

them),
even if such obligation is declared invalid, shall give the innocent

Shareholder
the option (non revocable if the defaulting Shareholder does not

carry
out such Disposal) to, instead of declaring the transaction invalid and

inneffective,
exercise the right of first refusal over the Shares offered for

Disposal,
for the market price of such Shares (adjusted according to item

11.4.1),
calculated as the average weighted price of the Shares over the 20

days
immediately preceding the date in which the Shares were offered for

Disposal,
in the stock exchange in which the Shares have a greater volume of

trading
(being understood that, if the shares are not traded in at least half

of the
trading days, the period for calculation shall be increased to 40 days;

and if
the lack of trading in less than one half of those trading days, shall

 

 

 

be, consecutively, (x) adopted the average
weighted price of the preferred

shares
of the Company in the same stock exchange, during the same 20 or 40

trading
days, depending on whether there is trading on more than half of the

trading
days or (y) adopted the average weighted price of the Shares or the

preferred
shares of the Company in another stock exchange, during the same

trading
days).

 

11.4.1
The market price calculated pursuant to item 11.4 shall be multiplied

by 0.9
(nine tenths) to determine a penalty for the arrears.

 

11.4.2
For the purposes of this Clause, the management of the Company shall,

without
prejudice of its obligation not to register the proposed (or effected)

Disposal
made in violation of the terms of this Agreement, notify the other

Shareholder.

 

 

 

 

 

 

 

 

11.4.3
The market price defined pursuant to the terms of item 11.4 shall

correspond
to the Stipulated Price for purposes of item 6.2 above.

 

CLAUSE
10 - CONFIRMATION OF THE OTHER PROVISIONS AND RESTATEMENT

 

10.1.
The remaining provisions of the Original Shareholders Agreement shall

remain
in full force and effect, which is hereby restated and signed by the

parties
in the form of Annex I.

 

CLAUSE
11 - BY-LAWS OF THE COMPANY

 

11.1.
The mandatory minimum dividend foreseen in the bylaws of the Company

shall
be increased to 35% (thirty five percent), and the current rule that

provides
for the stability of this percentage during a period of 30 years

shall
be maintained, the parties undertaking to effect such amendment in the

first
shareholders meeting to be held.

 

Being
thereby in due agreement, the Shareholders hereby sign this instrument

in 5
(five) identical copies.

 

 

 

 

 

 

 

 

 

 

     
[execution page of the First Amendment to Companhia de Bebidas das

                
Americas - AMBEV executed on the date below]

 

 

 

                          
Sao Paulo, March 3, 2004.

 

         /s/ Jose
Heitor Atilio Gracioso /s/ Victorio Carlos de Marchi

                     
Fundacao Antonio e Helena Zerrenner

                    
Instituicao Nacional de Beneficencia

 

 

              
/s/ Marcel Herrmann Telles /s/ Jorge Paulo Lemann

     /s/ Carlos
Alberto da Veiga Sicupira /s/ Roberto Thompson Moses Motta

                                 
Braco S.A.

 

 

              
/s/ Marcel Herrmann Telles /s/ Jorge Paulo Lemann

     /s/ Carlos
Alberto da Veiga Sicupira /s/ Roberto Thompson Moses Motta

                
Empresa de Administracao e Participacoes S.A.

 

 

               
/s/ Jose Adilson Miguel /s/ Claudio Braz Ferro

                  
Companhia de Bebidas das Americas - Ambev

 

 

                           
/s/ Jorge Paulo Lemann

                             
Jorge Paulo Lemann

 

 

                         
/s/ Marcel Herrmann
Telles

                           
Marcel Herrmann Telles

 

 

               
     /s/ Carlos Alberto da Veiga
Sicupira

                      
Carlos Alberto da Veiga Sicupira

 

              /s/ Francois Jaclot             
/s/John F. Brock

             
-----------------------          ---------------------

             
Francois Jaclot                    John F. Brock

                               
Interbrew S.A.

 

Witnesses:

 

/s/ Marcio
Aparecido Alves Correa       /s/ Tatiana Buzalaf de Andrade e Silva

---------------------------------      
--------------------------------------

Name:  Marcio
Aparecido Alves Correa    Name: Tatiana Buzalaf de Andrade e Silva

R.G.: 
14.114.166                       R.G.: 6.122.637-0 SSP/PR

CPF: 
076.009.498-57                    CPF:  021.829.769-65exhibit10-4.htm - Generated by SEC Publisher for SEC Filing

EXHIBIT 10.4

  

INSTRUMENT OF ACCESSION TO THE SHAREHOLDERS’ AGREEMENT OF

COMPANHIA DE BEBIDAS DAS AMÉRICAS — AMBEV

 

In compliance with the provisions of Clause 6.4.2 and as set forth in Clause 6.4.5 of the Shareholders’ Agreement of Companhia de Bebidas das Américas - AmBev, a corporation with headquarters in the City of São Paulo, State of São Paulo, at Rua Dr. Renato Paes de Barros, 1,017, 4th floor, Itaim Bibi, enrolled with the Brazilian Corporate Taxpayers’ Registry (CNPJ/MF) under No. 02.808.708/0001-07 (the “Company”), executed on July 1st, 1999 by and among Fundação Antonio e Helena Zerrenner Instituição Nacional de Beneficência (“FAHZ”), Braco S.A. (replaced, on May 31, 2004, by InBev Holding Brasil S.A., which succeeded Braco S.A. in all of its rights and obligations under referred Shareholders’ Agreement) (“InBev Brasil”), and Empresa de Administração e Participações S.A. (“ECAP”), having the Company and others as intervening parties, which was amended by its respective parties on March 2nd, 2004, having Interbrew S.A. as an intervening and beneficiary party under referred amendment (the “Shareholders’ Agreement”); Interbrew International B.V., a corporation duly organized and existing under the laws of The Netherlands, with its principal business address at Ceresstraat 19, 4811 CA Breda, The Netherlands, File No. 2005440 (“IIBV”), and AmBrew S.A., corporation duly organized and existing under the laws of Luxembourg, with its principal business address at L-5365 Munsbach/Schuttrange, 5, Parc d’Activité Syrdall, Luxembourg, enrolled with the commercial registry of Luxembourg under No. B 99525 (“AmBrew”), in their capacities as holders of the totality of shares issued by the Company in replacement for Company’s shares cancelled as a result of the mergers (i) of ECAP into Inbev Brasil, on June 24, 2005, and (ii) of InBev Brasil into the Company, on July 28, 2005 (the “Shares”): 

  

	1. 	ACKNOWLEDGE the existence and validity of the Shareholders’ Agreement;

  

	2.  	ACKNOWLEDGE that, as set forth in Clause 6.4.1 of the Shareholders’ Agreement, the Shares are entirely bound by the Shareholders’ Agreement and, consequently, subject to all of its terms and conditions; and

  

	3.  	Expressly, irrevocably and irreversibly ADHERE to all terms and conditions of the Shareholders’ Agreement, thereby becoming entitled and subject to all rights and obligations thereunder, also irrevocably and irreversibly UNDERTAKING to respect and unconditionally comply with all of referred terms and conditions.

  

Moreover, IIBV and AmBrew undertake to, in compliance with Clause 6.4.4. of the Shareholders’ Agreement, within no more than 5 (five) days counted from the date hereof, by means of a notification to be sent to FAHZ with a copy to two co-Chairmen of Company’s Board of Directors, appoint the addresses to be considered for any and all matters relating to the Shareholders’ Agreement including, without limitation, summons and notifications that relate to their capacities as shareholders of the Company, either judicial or extrajudicial.

  

  

  

  

  

As a consequence of the adhesion of both IIBV and AmBrew to the Shareholders’ Agreement that is hereby formalized, as of this date and as set forth in the Shareholders’ Agreement, all references in the Shareholders’ Agreement to both InBev Brasil and ECAP shall be deemed, with no exception, to be a reference to both IIBV and AmBrew.

  

For the purposes of Article 118 of Law No. 6,404 of December 15, 1976, this instrument shall be filed at the Company’s headquarters.

  

São Paulo, July 28, 2005

  

	

     

   /s/ Carlos José Rolim de Mello

   INTERBREW INTERNATIONAL B.V.

   Carlos José Rolim de Mello

   Attorney in fact
	

     

   /s/ Carlos José Rolim de Mello

   AMBREW S.A.

   Carlos José Rolim de Mello

   Attorney in fact

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}]]