Document:

Exhibit
10.3

May 8, 2007 

 

Mr. Dinesh Paliwal

Dear Dinesh:

Reference is made to that
certain letter agreement dated May 8, 2007, by and between you and Harman
International Industries (“Harman”),
regarding your new employment with Harman as its President, Chief Executive
Officer and Vice Chairman (the “Harman Letter”).

On behalf of KHI Parent
Inc., an affiliate of Kohlberg Kravis Roberts & Co. (“KHI”), this letter constitutes our
agreement with you regarding your continued service under the Harman Letter as
of and after the closing of the acquisition of Harman by KHI announced on April
26, 2007 (the “KHI Transaction”).  By this letter agreement, KHI and you each
agree that, subject to the closing of, and on and after the closing of the KHI
Transaction (the “Closing”), the
Harman Letter will continue to govern the terms and conditions of your
employment with Harman, except that, effective as of the Closing, the
Harman Letter shall be deemed amended to reflect the agreements contained
herein.  All terms not defined in this
letter agreement will have the meaning set forth in the Harman Letter and, if
no such term is defined therein, as set forth in that certain Agreement and
Plan of Merger among KHI, KHI Merger Sub Inc. and Harman, dated April 26, 2007
(the “Merger Agreement”).

Stock Options: 
The one-time stock option award (“Stock
Option Award”) of 100,000 shares of Harman common stock at a per
share exercise price equal to the fair market value of Harman common stock on
your Start Date, will, on the Closing, be fully vested and converted into the
right to receive a payment in cash in accordance with the terms of the Merger
Agreement.  Thereafter, on the Closing
Date you will receive a grant of options to purchase 100,000 shares of Parent
Common Stock, which will have a per share exercise price equal to the fair
market value of one share of Parent Common Stock on the date of grant (the “New Options”).  The New Options will vest 20% per year over
five years from the date of grant, subject to your continued employment and the
achievement by the Surviving Corporation of annual EBITDA targets.  These EBITDA targets shall be those
previously provided to you, to be adjusted as you and the Board of Directors of
Harman as in existence after the KHI Transaction deem appropriate.  The material terms of the New Options are set
forth on the Summary of Equity Participation Arrangements attached to this
letter agreement (the “Summary”).  You further acknowledge and agree that after
the Closing Date, there will be no guaranteed annual stock option grants
awarded to any employee (including yourself) under any stock incentive plan
maintained by KHI or the Surviving Corporation.

RSU Replacement Award: 
Effective as of the Closing Date, the amount payable in respect of your
RSU Replacement Award will be fixed, and will commence earning interest at a
market rate of interest through March 1, 2008. 
On March 1, 2008, you will be entitled to receive a cash payment equal
to the product of (x) 32,291 and (y) the Cash Election Price (as such term
is defined in the Merger Agreement), payable no later than March 3, 2008 (so
long as your employment has not been terminated for Cause by Harman or by you
without Good Reason prior to such time). 
Your RSU Replacement Award, Equity Replacement Award, Inducement Stock 

Award and Restricted
Stock Award shall otherwise remain outstanding in accordance with their terms,
subject to modification by the terms and conditions of definitive agreements to
be entered into by and between you and KHI (or the Surviving Corporation, as
applicable), the material terms of which are set forth in the Summary.

Severance: 
The entitlements that you may have upon a termination of your employment
by Harman without Cause or by you for Good Reason will be the same as set forth
in the Harman Letter, except that with respect to your Restricted Stock
Award, the minimum number of such shares that will become fully vested and
unrestricted shall only be 25,000 (less any shares of such Restricted Stock
Award previously vested).  For the
avoidance of doubt, KHI and you each acknowledges and agrees that, although the
Severance Agreement will provide that the KKR Transaction shall not constitute
a Change in Control for purposes thereof, the provisions contained in Section 5
of the Severance Agreement shall apply with respect to any payments and
benefits you may receive in connection with the KKR Transaction, and further,
that the Severance Agreement shall, following the KKR Transaction, remain in
full force and effect.

Reporting and Office. 
You will report to the Executive Chairman of the Board of Directors of
Harman and KHI (together, the “Board”)
and the Board itself.  If Dr. Sidney
Harman ceases for any reason to be Executive Chairman, you will report solely
to the Board.

This letter shall be
subject to reasonable modifications to the extent necessary to bring the terms
set forth herein into compliance with Section 409A of the Internal Revenue Code
of 1986, as amended, and the regulation promulgated thereunder.  During the period between the date of this
letter and the Closing, the provisions of Section 20 of the Harman Letter
pertaining to dispute resolution are incorporated herein by reference, with all
references to “Harman” deemed to refer to “KHI.”

Indemnification. 
KHI hereby agrees to indemnify and hold you harmless from and against
any losses, claims, damages, liabilities and expenses (including reasonable
attorney’s fees, which shall be advanced promptly as incurred) (“Losses”) in the event that you become
involved in any claim, suit, action, proceeding, investigation or inquiry
(including any shareholder or derivative action or arbitration) arising out of
your entering into, and performance under, this agreement while entering into,
and performing under, an employment agreement with Harman as its chief
executive officer, president, vice-chairman and/or a director thereof; provided,
however, that to the extent the foregoing indemnification applies and
you have any rights against Harman for indemnification pursuant to its
certificate of incorporation, bylaws or otherwise or under any directors and
officers liability insurance policy covering the officer or directors of
Harman, KHI shall only provide such indemnity in the event Harman or the
relevant insurance carrier, as the case may be, declines or otherwise refuses
or otherwise is unable to provide such indemnification (or in event that you
are required to repay any amounts advanced to you or paid on your behalf by
Harman or any such insurance carrier in connection with such Losses), in which
case KHI shall provide such indemnity and be subrogated to your rights under
such indemnification or insurance policy to the maximum extent permitted by law
with regard to our indemnification of you (it being understood that nothing
herein shall be deemed to require you to file any suit or claim against Harman
or any insurance carrier in connection with any indemnity

 

2

claim you may have or
otherwise to take any action in advance of seeking indemnification from KHI
beyond making the appropriate request of Harman and/or such insurance carrier
and agreeing to any reasonable and customary undertakings that Harman and/or
such insurance carrier may request).  Prior
to the Closing KKR 2006 Fund L.P. (the “Fund”),
by its execution hereof, hereby guarantees the full and complete performance by
KHI of its indemnification obligations under this letter agreement, any such
obligations to be considered an obligation and expense of the Fund incurred in
connection with this letter agreement and the transactions contemplated by the
Merger Agreement (it being understood that from and after the Closing any
indemnification obligations pursuant to this paragraph shall be obligations
solely of KHI, and the Fund shall have no further obligations or other
liability of any kind hereunder).

Merger Agreement. 
Finally, KHI and you acknowledge and agree that in the event that the
Merger Agreement terminates prior to the completion of the Merger, this letter
agreement (other than the Indemnification obligations in the prior paragraph)
shall also terminate and be of no further force and effect at the time the
Merger Agreement terminates.  In addition,
KHI and you acknowledge and agree that nothing contained in this letter agreement
shall in any way prevent you from having (or compel you to have) discussions or
other negotiations with any third party in connection with any Company
Acquisition Proposal (as defined in the Merger Agreement) pursuant to and in
accordance with the Merger Agreement or from entering into or not entering into
agreements with any such party.

[REMAINDER
OF PAGE INTENTIONALLY BLANK]

 

3

We look forward to
working with you and to our shared further development of this outstanding
company.

 

Sincerely,

KHI PARENT INC.

 

	
  By:

  	
  /s/ Brian F. Carroll

  	
   

  	
   

  
	
  Name: Brian F. Carroll

  	
   

  	
   

  
	
  Title: President

  	
   

  	
   

  

 

 

and, solely for purposes
of the indemnification provided hereunder:

KKR 2006 FUND,
L.P.
     By: 
KKR Associates 2006 L.P., its general partner
         By:  KKR 2006 GP LLC its general partner

 

	
  By:

  	
  /s/ Brian F. Carroll

  	
   

  	
   

  
	
  Name: Brian F. Carroll

  	
   

  	
   

  
	
  Title: Member

  	
   

  	
   

  

 

I accept and agree
to the provisions stated in this letter. 
I acknowledge and agree that this letter and the other documents referred
to herein constitutes the entire agreement between KHI and me and supersedes
all prior verbal or written agreements, arrangements or understandings
pertaining to my employment with Harman, to the extent that the terms of this
letter agreement conflicts with the terms of the Harman Letter.  I understand that I will be employed at will
and that my employment can be terminated at any time, with or without cause, at
the option of either Harman or me.

ACCEPTED AND
AGREED:

	
  /s/ Dinesh Paliwal

  	
   

  	
   

  
	
  Dinesh Paliwal

  	
   

  	
   

  

 

Date:       May 8, 2007

 

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Exhibit 10.29  

 
 

DATED [    •    INSERT DATE] 2007    
    

 
 

    
    
  COMPUTERSHARE INVESTOR SERVICES PLC    
    

 
 

DEED IN RESPECT OF
  SAMSONITE CORPORATION
  DEPOSITARY INTERESTS
  (as defined herein)    
    

  

 
 

CONTENTS    
    

	Clause
 
	 	Heading
	 	Page

	1.	 	INTERPRETATION	 	1
	

2.	
 	

FORM AND ISSUE OF SAMSONITE CORPORATION DEPOSITARY INTERESTS	
 	

6
	

3.	
 	

APPOINTMENT OF CUSTODIAN	
 	

10
	

4.	
 	

DEPOSITED PROPERTY	
 	

10
	

5.	
 	

DECLARATION OF TRUST	
 	

11
	

6.	
 	

WITHDRAWAL OF DEPOSITED PROPERTY	
 	

12
	

7.	
 	

COMPULSORY WITHDRAWAL	
 	

14
	

8.	
 	

AUTHORISATIONS AND CONSENTS	
 	

15
	

9.	
 	

LIABILITY	
 	

15
	

10.	
 	

DEPOSITARY'S FEES AND EXPENSES	
 	

19
	

11.	
 	

INDEMNITIES	
 	

19
	

12.	
 	

AGENTS	
 	

20
	

13.	
 	

RESIGNATION OF THE DEPOSITARY	
 	

20
	

14.	
 	

TERMINATION OF DEED	
 	

21
	

15.	
 	

AMENDMENT OF DEED	
 	

21
	

16.	
 	

FURTHER ACKNOWLEDGEMENTS	
 	

22
	

17.	
 	

STAMP DUTY RESERVE TAX	
 	

23
	

18.	
 	

REGULATORY REQUIREMENTS	
 	

24
	

19.	
 	

DISCLOSURE OF OWNERSHIP	
 	

24
	

20.	
 	

NOTICES	
 	

25
	

21.	
 	

SEVERABILITY	
 	

25
	

22.	
 	

COPIES OF DEED	
 	

25
	

23.	
 	

GOVERNING LAW AND JURISDICTION	
 	

25
	

24.	
 	

OVERRIDING PROVISIONS	
 	

26

i

THIS DEED is made on [    •    INSERT DATE]
2007 by COMPUTERSHARE INVESTOR SERVICES PLC an English company, number 3498808, whose registered office is at The Pavilions, Bridgwater Road, Bristol
BS13 8AE (the "Depositary"), which expression shall, unless the context otherwise requires, include any successor Depositary appointed in accordance with clause 13.2 of this Deed, in favour of
the holders of Samsonite Corporation Depositary Interests (as hereinafter defined). 

WHEREAS:  

	(A)
	The
Regulations and the CREST Manual do not provide for the direct holding and settlement of foreign securities such as Samsonite Corporation Securities by participants in CREST;

	(B)
	The
Depositary has determined to constitute and issue from time to time, upon the terms of this Deed, a series of Samsonite Corporation Depositary Interests, each such series
representing a particular Class of Samsonite Corporation Securities with a view to facilitating the indirect holding of, and settlement of transactions in, Samsonite Corporation Securities by
participants in CREST in accordance with the arrangements described in the CREST Manual;

	(C)
	The
UKLA has confirmed that the Depositary Interests in the manner described in this Deed are consistent with the Rules of the London Stock Exchange pertaining to the trading of
securities on the London Stock Exchange;

	(D)
	The
Depositary (who is an authorised person under the Financial Services and Markets Act 2000 in relation to its custodian role and all other activities to be carried on by it in
relation to Samsonite Corporation Depositary Interests) has arranged with the Operator for the Samsonite Corporation Depositary Interests to be settled through the CREST system;

	(E)
	Title
to the Samsonite Corporation Depositary Interests shall be evidenced only by entry on the Samsonite Corporation Depositary Interest Register and may be transferred only by means
of the CREST system; and

	(F)
	The
Depositary will maintain the Samsonite Corporation Depositary Interest Register in its capacity or as envisaged by clause 3.3. 

        NOW IT IS WITNESSED AND DECLARED AS FOLLOWS: 

1.     INTERPRETATION  

	1.1
	In
this Deed the following expressions shall have the following meanings: 

	"Agent"	 	any agent appointed by the Depositary pursuant to this Deed;
	

"Board Resolution"	
 	

the resolution of the Board of Directors of Samsonite Corporation duly passed on [• insert date] by virtue of which Samsonite Corporation treats a CREST Transfer or a Demat Form in which either no
transferee or a transferee other than the Custodian is specified together with a Stock Deposit Transaction for a number of Samsonite Corporation Depositary Interests equivalent to that specified in such CREST Transfer or Demat Form as valid
instruments of transfer of the securities in the capital of Samsonite Corporation the subject of that Crest Transfer or Demat Form and to authorise the same for registration as valid transfers of the number of securities specified therein to the
Custodian;
	

"Class"	
 	

a particular class of Samsonite Corporation Securities, units of which are for the time being in issue, where all the individual units of the class concerned are identical in all respects and cannot be separately distinguished;
	 	 	 

 

	

"CREST Manual"	
 	

the document entitled the "CREST Manual" issued by the Operator but excluding the CREST International Manual;
	

"CREST member"	
 	

a person who has been admitted by the Operator as a member of the CREST system;
	

"CREST Rules"	
 	

rules within the meaning of the Regulations and/or the Financial Services and Markets Act 2000 made by the Operator and any rules made by CRESTCo Limited as operator of a designated system under or pursuant to Directive 98/26/EC on settlement
finality in payment and securities settlement systems;
	

"CREST system"	
 	

the meaning ascribed thereto in the Glossary of the CREST Manual;
	

"CREST Transfer"	
 	

the form of stock transfer in use from time to time within the CREST system for a transfer of a certificated unit of a participating security to a CREST member to be held by a CREST member in uncertificated form which has been completed with a
specified number of Samsonite Corporation Securities and executed by or on behalf of the holder of such Samsonite Corporation Securities;
	

"Custodian"	
 	

subject to clause 3.3, any custodian or custodians, or any nominee of any such custodian, of the Deposited Property as may from time to time be appointed by the Depositary for the purposes of this Deed;
	

"Demat Form"	
 	

the CREST Dematerialisation Request Form in use from time to time within the CREST system for conversion of a unit of a participating security held by a CREST member into uncertificated form which has been completed with a specified number of
Samsonite Corporation Securities and executed by or on behalf of the holder of such Samsonite Corporation Securities;
	

"Deposited Property"	
 	

in relation to a particular Class of Samsonite Corporation Securities, the Deposited Samsonite Corporation Securities and all and any rights and other securities, property and cash for the time being held by or for the Custodian or the Depositary and
attributable to the Deposited Samsonite Corporation Securities;
	

"Deposited Samsonite Corporation Securities"	
 	

means Samsonite Corporation Securities of a particular Class or entitlements thereto from time to time credited to an account of the Custodian on behalf of the Depositary in the Share Register which are to be held under the terms of this Deed and in
respect of which Samsonite Corporation Depositary Interests of a series representing that Class of Samsonite Corporation Securities shall be issued pursuant to the terms of this Deed;
	

"FSA"	
 	

means the Financial Services Authority established in terms of section 1 Financial Services and Markets Act 2000;
	 	 	 

2

 

	

"Holder"	
 	

in relation to a particular Class of Samsonite Corporation Securities and subject to clause 6.2.1, the CREST member recorded in the Samsonite Corporation Depositary Interest Register for the time being as the holder of a Samsonite Corporation
Depositary Interest of the series which represents Samsonite Corporation Securities of that Class and, where the context admits, shall include a former Holder and the personal representatives or successors in title of a Holder or former
Holder;
	

"Liabilities"	
 	

any liability, damage, loss, cost, claim or expense of any kind or nature whether direct, indirect, special, consequential or otherwise;
	

"Membership Agreement"	
 	

the agreement entered into by a Holder with the Operator pursuant to which the Operator agreed to admit the Holder as a system member;
	

"Operator"	
 	

CRESTCo Limited or such other person who is for the time being the operator of the CREST system for the purposes of the Regulations;
	

"Proceedings"	
 	

any proceeding, suit or action of any kind and in any jurisdiction arising out of or in connection with this Deed or its subject matter;
	

"Regulations"	
 	

the Uncertificated Securities Regulations 2001 (SI 2001 No. 3755) and such other regulations under Section 207 of the Companies Act 1989 as are applicable to the Operator and/or the CREST system and are from time to time in force;
	

"Samsonite Corporation"	
 	

means Samsonite Corporation, incorporated in the State of Delaware under the Delaware General Corporation Law and whose registered office is c/o Prentice-Hall Corporation System Inc., 2711 Centerville Road, Suite 400, Wilmington, DE 19808,
United States;
	

"Samsonite Corporation Depositary Interest Register"	
 	

in relation to a particular series of Samsonite Corporation Depositary Interests, the register of Holders referred to in clause 2.9: and maintained in the United Kingdom on behalf of the Depositary by the Samsonite Corporation Depositary Interest
Registrar which expression shall so long as the Regulations so permit or require; be taken to refer, so far as relevant, to a related Operator register of securities;
	

"Samsonite Corporation Depositary Interest Registrar"	
 	

Computershare Investor Services plc or such other CREST Registrar who for the time being maintains the Samsonite Corporation Depositary Interest Register or, so long as the Regulations so permit or require, the relevant record of uncertificated
corporate securities
	

"Samsonite Corporation Depositary Interests"	
 	

Samsonite Corporation Depositary Interests of a particular series issued in uncertificated form from time to time by the Depositary on the terms and conditions of this Deed and in accordance with the Regulations, title to which is evidenced by entry
on the Samsonite Corporation Depositary Interest Register and which represent a particular Class of Samsonite Corporation Securities;
	 	 	 

3

 

	

"Samsonite Corporation Securities"	
 	

securities issued by Samsonite Corporation in accordance with its Certificate of Incorporation and By-Laws, whether represented by bearer certificates or instruments or by being recorded on a register or otherwise howsoever, and which are not
participating securities (as defined in the Regulations); but excluding such securities or Classes of securities as the Depositary may from time to time determine;
	

"Share Register"	
 	

means the share register of members of Samsonite Corporation maintained in the United States on behalf of Samsonite Corporation;
	

"Share Registrar"	
 	

the person who for the time being maintains the Share Register;
	

"Stock Deposit Transaction"	
 	

a properly authenticated dematerialised instruction in respect of a transaction type referred to in the CREST Manual as a stock deposit;
	

"Stock Withdrawal Transaction into Own Name"	
 	

a properly authenticated dematerialised instruction in respect of a transaction type referred to in the CREST Manual as a stock withdrawal and which does not include a transferee;
	

"Stock Withdrawal Transaction into New Name"	
 	

a properly authenticated dematerialised instruction in respect of a transaction type referred to in the CREST Manual as a stock withdrawal and which includes a transferee.
	

"UKLA"	
 	

the Financial Services Authority acting in its capacity as the UK Listing Authority for the purposes of Part VI of the Financial Services and Markets Act 2000.

	1.2
	In
this Deed, unless otherwise specified:

	1.2.1
	references
to clauses, sub-clauses, schedules and paragraphs are to clauses, sub-clauses, schedules and paragraphs of this Deed;

	1.2.2
	headings
to clauses and paragraphs are for convenience only and do not affect the interpretation of this Deed;

	1.2.3
	references
to a "person" shall be construed so as to include any individual, firm, company, corporation, government, state or agency of a state or any association or
partnership (whether or not having a separate legal personality) or two or more of the foregoing;

	1.2.4
	references
to any statute or statutory instrument or any provision thereof shall be construed as a reference to the same as it may have been, or may from time to time
be, amended, modified or re-enacted;

	1.2.5
	words
importing the singular shall include the plural and vice versa unless the contents otherwise requires and words importing a gender shall include any gender;

	1.2.6
	references
to fees, costs, charges, expenses or other payments, shall be exclusive of any value added tax or similar tax charged or chargeable in respect thereof; and

	1.2.6.1
	when
any such amount constitutes consideration for a supply by the Depositary for value added tax purposes, the Depositary shall, in addition to such amount, be
entitled to recover an amount equal to any value added tax chargeable on such supply and shall promptly provide an appropriate value added tax invoice to the recipient of the supply (and in the event
that the recipient of the supply is different from the party making payment the recipient shall promptly pay to the party making payment an amount equal 

4

 

to
any credit or repayment from the relevant tax authority which it reasonably determines relates to the value added tax chargeable on such supply); 

	1.2.6.2
	when
any such amount represents reimbursement for costs or expenses incurred by the Depositary, the Depositary shall be entitled to recover an amount equal to all
value added tax incurred by the Depositary in respect of the costs and expenses to the extent that the Depositary reasonably determines that neither it nor any other member of any group of which it is
a member for value added tax purposes is entitled to credit or repayment from the relevant tax authority in respect of such value added tax.

	1.2.7
	words
and phrases defined in the Regulations, the CREST Rules, and the CREST Manual which are not defined in this Deed shall have the same meanings where used herein
unless the context otherwise requires;

	1.2.8
	in
construing this Deed, general words shall not be given a restrictive meaning by reason of the fact that they are preceded or followed by words indicating a
particular class of acts, matters or things or by particular examples intended to be embraced by the general words;

	1.2.9
	any
provision to the effect that the Depositary shall not be liable in respect of a particular matter shall be construed to mean that the Depositary shall not have any
liability which the Depositary might, in the absence of such a provision, incur, whether the Depositary could incur such a liability:

	1.2.9.1
	under
the terms of this Deed or any other agreement or instrument relating to the CREST system (where such terms are express or implied by statute, law or
otherwise);

	1.2.9.2
	in
tort;

	1.2.9.3
	for
misrepresentation;

	1.2.9.4
	for
breach of trust or of any other duty imposed by law; or

	1.2.9.5
	in
any other way, except for as a result of fraud by the Depositary;

	1.2.10
	unless
otherwise stated, nothing in this Deed is intended to confer a benefit on any third party, and no term in this Deed will, therefore, be enforceable pursuant to
the Contracts (Rights of Third Parties) Act 1999 by any party other than the Depositary and any Holder. For these purposes, a term of this Deed shall only be "otherwise stated" if it incorporates an
express reference to a right or benefit of the Custodian; and

	1.2.11
	if
a benefit is conferred on any third party in accordance with clause 1.2.10, the Depositary may rescind or vary any term of this Deed in accordance with its
terms without the consent of the third party at all times. 

2.     FORM AND ISSUE OF SAMSONITE CORPORATION DEPOSITARY INTERESTS  

	2.1
	Subject
to clause 6.2 the Depositary shall only issue and transfer Samsonite Corporation Depositary Interests to CREST members who in accepting such issue or transfer give the
Operator the authority to confirm such membership and supply a copy of their membership agreement to the Depositary.

	2.2
	Subject
to the provisions of this Deed, the Depositary shall issue to a CREST member such number or amount of Samsonite Corporation Depositary Interests as is equal to the number or
amount (as the case may be) of Samsonite Corporation Securities of the relevant Class issued or transferred to the Custodian on behalf of the Depositary, for the account of that CREST member. 

5

 
	2.3
	Subject
to the provisions of this Deed, the Depositary shall only issue Samsonite Corporation Depositary Interests upon either:

	2.3.1
	receipt
by the Depositary of a CREST Transfer or a Demat Form in respect of a specified number and Class of Samsonite Corporation Securities which has been executed by
or on behalf of the holder of such Samsonite Corporation Securities; or

	2.3.2
	the
issue to the Custodian on behalf of a CREST member of a specified number and Class of Samsonite Corporation Securities; or

	2.3.3
	receipt
by the Depositary of a Stock Deposit Transaction for an equivalent number of Samsonite Corporation Depositary Interests.

	2.4
	Receipt
by the Depositary of:

	2.4.1
	a
CREST Transfer or a Demat Form; and

	2.4.2
	a
Stock Deposit Transaction for a number of Samsonite Corporation Depositary Interests equivalent to that specified in such CREST Transfer or Demat Form; 

shall
by virtue of the Board Resolution constitute an instrument of transfer of such Samsonite Corporation Securities in favour of the Custodian as transferee and by virtue of this clause but subject
to the provisions of this Deed, be deemed to constitute: 

	2.4.2.1
	an
irrevocable instruction to the Depositary to issue an equivalent number of Samsonite Corporation Depositary Interests in the name of the CREST member in whose
favour such CREST Transfer is made or in whose name such Demat Form is made; and

	2.4.2.2
	an
irrevocable direction to the Depositary or the Samsonite Corporation Depositary Interest Registrar on its behalf, to adjust by means of a Registrar's adjustment
transaction the stock account of the relevant CREST member in respect of the relevant number of Samsonite Corporation Depositary Interests; 

and
accordingly, forthwith upon receipt of the same the Depositary shall, subject to the provisions of this Deed: 

	2.4.2.3
	procure
that there is forthwith delivered to the Custodian on behalf of the Depositary, by unconditional credit to the Custodian's account in the Share Register, a
number or amount of Samsonite Corporation Securities of the Class concerned equal to the number or amount of Samsonite Corporation Depositary Interests so issued;

	2.4.2.4
	issue
such Samsonite Corporation Depositary Interests; and

	2.4.2.5
	send
such Registrar's adjustment transaction.

	2.5
	The
issue to the Custodian on behalf of a CREST member of a specified number and Class of Samsonite Corporation Securities shall be deemed, subject to the provisions of this Deed, to
constitute:

	2.5.1
	an
irrevocable instruction to the Depositary to issue an equivalent number of Samsonite Corporation Depositary Interests in the name of the CREST member in whose
favour such Samsonite Corporation Securities are issued; and

	2.5.2
	a
direction to the Depositary or the Samsonite Corporation Depositary Interest Registrar on its behalf to adjust by means of a Registrar's adjustment transaction the
stock account of the relevant CREST member in respect of the relevant number of Samsonite Corporation Depositary Interests; 

6

 

and,
accordingly, forthwith upon the issue of such Samsonite Corporation Securities, the Depositary shall, subject to the provisions of this Deed: 

	2.5.2.1
	procure
that there is forthwith delivered to the Custodian on behalf of the Depositary, by unconditional credit to the Custodian's account in the Share Register, a
number or amount of Samsonite Corporation Securities of the Class concerned equal to the number or amount of Samsonite Corporation Depositary Interests so issued;

	2.5.2.2
	issue
such Samsonite Corporation Depositary Interests; and

	2.5.2.3
	send
such Registrar's adjustment transaction.

	2.6
	The
sending by the Depositary or the Samsonite Corporation Depositary Interest Registrar of a Registrar's adjustment transaction in accordance with this Deed is taken to constitute
confirmation by the Depositary that:

	2.6.1
	the
relevant number of Samsonite Corporation Depositary Interests has been issued in the name of the relevant CREST member; and

	2.6.2
	there
has been delivered to the Custodian on behalf of the Depositary, by unconditional credit to the Custodian's account in the Share Register, a number or amount of
Samsonite Corporation Securities of the Class concerned equal to the number or amount of Samsonite Corporation Depositary Interests so issued.

	2.7
	Samsonite
Corporation Depositary Interests shall be issued in series, each series representing interests in a separate Class of Samsonite Corporation Securities.

	2.8
	Samsonite
Corporation Depositary Interests shall be issued on the terms and conditions set forth or referred to in or prescribed pursuant to this Deed and the CREST Manual, in each
case as from time to time amended.

	2.9
	The
Depositary shall maintain in England separate registers in respect of each series of Samsonite Corporation Depositary Interests in accordance with the Regulations. Each such
register shall record:

	2.9.1
	the
number of Samsonite Corporation Depositary Interests outstanding from time to time;

	2.9.2
	the
name and address of each person holding the Samsonite Corporation Depositary Interests;

	2.9.3
	how
many Samsonite Corporation Depositary Interests each such person holds;

	2.9.4
	the
date of issue and cancellation and changes in ownership in respect of all of Samsonite Corporation Depositary Interests, 

provided
that (1) the maintenance by the Operator, so long as that is permitted or required by the Regulations, of an Operator register of securities in respect of such a series in the United
Kingdom shall be a satisfaction pro tanto of the obligations of the Depositary contained in this clause 2.9 and (2) nothing in this deed shall be taken to impose any obligation on the
Operator or to confer any right against the Operator with respect to any register. 

	2.10
	Title
to a Samsonite Corporation Depositary Interest shall be evidenced only by entry on the Samsonite Corporation Depositary Interest Register and may be transferred only by means
of the CREST system.

	2.11
	A
Samsonite Corporation Depositary Interest may be issued only in uncertificated form. A request for conversion of Samsonite Corporation Depositary Interests into certificated units
of a security for the purposes of the Regulations shall be deemed to be a request to the Depositary for cancellation of such Samsonite Corporation Depositary Interests and withdrawal of the Deposited 

7

 

Property
represented by such Samsonite Corporation Depositary Interests in accordance with this Deed. 

	2.12
	Samsonite
Corporation Depositary Interests shall be transferable free from any equity, set-off or counterclaim between the Depositary and the original or any intermediate
Holder.

	2.13
	The
Depositary shall have no obligation to arrange for the Samsonite Corporation Depositary Interests to be admitted to any stock exchange or quoted or permitted to be dealt in or on
any other market.

	2.14
	The
Samsonite Corporation Depositary Interests have not been registered under the securities legislation of any territory other than England and Wales and the federal securities
legislation of the United States.

	2.15
	Save
for the trusts declared by clause 5.1 of this Deed, the Depositary shall not be bound by or compelled to recognise any express, implied or constructive trust or other
interest in respect of Deposited Property, even if it has actual or constructive notice of the said trust or interest. The Depositary does not undertake any duty or obligation to any person (other
than a Holder) and accepts no liability to any such person.

	2.16
	Samsonite
Corporation Depositary Interests may be cancelled by the Depositary pursuant to clauses 6, 7 and 9.4 and, so far as the Depositary considers appropriate, in the
circumstances contemplated in clauses 9.11, 9.14, 10.2, and 11.1.

	2.17
	The
Depositary shall maintain in respect of each Holder a securities account showing the amount of Deposited Samsonite Corporation Securities attributable to that Holder and, if and
so long as the Deposited Property includes cash a cash account recording the cash amounts (if any) attributable to such Deposited Samsonite Corporation Securities. 

3.     APPOINTMENT OF CUSTODIAN  

	3.1
	The
Depositary shall from time to time appoint one or more persons to act for it as Custodian. The function of the Custodian shall be to hold such of the Deposited Property as may be
designated from time to time by the Depositary and any cash or other property derived from such Deposited Property, on behalf of the Depositary. The Custodian shall be subject at all times and in all
respects to the direction of the Depositary and shall be responsible solely to it. The Depositary may at any time terminate the appointment of any Custodian and appoint a successor Custodian. The
Custodian may be a member of the same group of companies as the Depositary.

	3.2
	The
Depositary shall require the Custodian to ensure that all Deposited Property held by the Custodian is identified as being held on behalf of the Depositary for the account of
Holders. The Depositary shall not be liable to earn any interest on or to account to Samsonite Corporation or any Holder or any other person for any interest earned on moneys held either by it or by
the Custodian or by any Agent which shall have been paid by or on behalf of Samsonite Corporation or any Holder under this Deed or shall otherwise have been received in respect of Deposited Property.

	3.3
	Notwithstanding
the provisions of clause 3.1, the Depositary may, to the extent permitted by applicable laws and regulations to which it is subject, itself perform the
functions of the Custodian, in which case references in this Deed to the Custodian shall be deemed to be references to the Depositary. 

4.     DEPOSITED PROPERTY  

	4.1
	Each
Holder to whom Samsonite Corporation Depositary Interests are to be issued pursuant to this Deed (the "Holder") shall be bound to give such warranties and certifications to the 

8

 

Depositary
as the Depositary may reasonably require. Each Holder shall in any event be taken to warrant that Samsonite Corporation Securities which are transferred or issued to the Custodian on behalf
of the Depositary for the account of the Holder are transferred or, as the case may be, issued free and clear of all liens, charges, encumbrances or third party interests (other than the interests
therein arising pursuant to clause 5 of this Deed), that such transfers or, as the case may be, such issues of Samsonite Corporation Securities to the Custodian are not in contravention of the
Certificate of Incorporation or By-Laws of Samsonite Corporation or of any contractual obligation binding on the Holder or the person making the transfer or of any applicable law or
regulation or order binding on or affecting the Holder or the person making the transfer and that the Samsonite Corporation Securities which are transferred to the Custodian are not "restricted
securities" within the meaning of Rule 144 under the U.S. Securities Act of 1933, as amended, and the Holder shall indemnify the Depositary and keep it indemnified from and against any
Liabilities which it may suffer by reason of any breach of any such warranty. 

	4.2
	The
Depositary shall be entitled to refuse to accept Samsonite Corporation Securities:

	4.2.1
	whenever
it is notified in writing that Samsonite Corporation has restricted the transfer thereof to comply with ownership restrictions under applicable law or under
any contractual provision binding Samsonite Corporation;

	4.2.2
	if
it reasonably believes that any relevant transfer is invalid or ineffective to pass title in the Samsonite Corporation Securities under any applicable law or
regulation;

	4.2.3
	if
the Depositary is notified by or on behalf of Samsonite Corporation that such deposit or the issue of Samsonite Corporation Depositary Interests pursuant to this
Deed would or might result in the contravention of any applicable law; or

	4.2.4
	if
such action is deemed necessary or advisable by the Depositary at any time or from time to time because of any requirement of any applicable law or of any government or
governmental authority, body or agency or any regulatory authority or the Operator, or under any provision of this Deed or for any other reason, including, without limitation, that Samsonite
Corporation has notified the Depositary that such action is necessary to comply with U.S. securities laws. 

5.     DECLARATION OF TRUST  

	5.1
	The
Depositary hereby declares and confirms that it holds (itself or through the Custodian) as bare trustee and will so hold, subject to the terms of this Deed, all the Deposited
Property pertaining to Samsonite Corporation Depositary Interests for the benefit of the Holders as tenants in common and that each of the Holders is entitled to rights in relation to the relevant
Deposited Property accordingly. For the avoidance of doubt, in acting hereunder the Depositary shall have only those duties, obligations and responsibilities expressly undertaken by it in this Deed
and, except to the extent expressly provided by this Deed, does not assume any relationship of trust for or with the Holders or any other person.

	5.2
	Nothing
in this Deed is intended to nor shall create a charge or other security interest in favour of the Depositary. Any right or power of the Depositary in respect of the Deposited
Property is reserved by the Depositary under its declaration of trust contained in clause 5.1 and is not given by way of grant by any Holder.

	5.3
	The
Depositary shall pass on and shall ensure that the Custodian passes on to the relevant Holder(s) all rights and entitlements which it or the Custodian receives in respect of
Deposited Samsonite Corporation Securities in accordance with this Deed, except to the extent that the Depositary has been notified by Samsonite Corporation that it may not pass on such rights and
entitlements under U.S. securities laws. 

9

 

	5.3.1
	Any
such rights or entitlements to cash distributions, to information to make choices and elections, and to attend and vote at general meetings shall, subject to the
other provisions of this Deed, be passed on to the relevant Holder(s) forthwith upon being received by the Custodian in the form in which they are received by the Custodian together with such
amendments or such additional documentation as shall be necessary to effect such passing on.

	5.3.2
	Any
such rights or entitlements to scrip dividends, to bonus issues or arising from capital reorganisations shall be passed on to the relevant Holder(s):

	5.3.2.1
	by
means of the sub-division, cancellation and/or issue of Samsonite Corporation Depositary Interests to reflect the sub-division and/or
cancellation of the underlying Deposited Samsonite Corporation Securities or the issue of additional Samsonite Corporation Depositary Interests to the relevant Holder(s) to reflect the issue of
additional Samsonite Corporation Securities to the Custodian; and

	5.3.2.2
	in
either case forthwith following such sub-division and/or cancellation or issue of such Samsonite Corporation Securities as the case may be.

	5.3.3
	If
arrangements are made which allow a Holder to take up any rights in Samsonite Corporation Securities requiring further payment from a Holder, it must, if it wishes
the Depositary to exercise such rights on its behalf, put the Depositary in cleared funds before the relevant payment date or such other due date that the Depositary may notify the Holders in respect
of such rights.

	5.3.4
	The
Depositary will accept all compulsory purchase notices in respect of Samsonite Corporation Depositary Interests but will not exercise choices, elections or voting
rights in the absence of express instructions from the relevant Holder.

	5.3.5
	The
Depositary shall re-allocate any Samsonite Corporation Securities or distributions which are allocated to the Custodian and which arise automatically
out of any right or entitlement to Deposited Samsonite Corporation Securities to Holders pro-rata to the Deposited Samsonite Corporation Securities held for their respective accounts
provided that the Depositary shall not be required to account for any fractional entitlements arising from such re-allocation which fractional entitlements shall be aggregated and given to
charity.

	5.3.6
	Any
other rights or entitlements shall be passed on to Holders in such manner and by such means as the Depositary shall in its absolute discretion determine.

	5.4
	The
Depositary will not be bound to take notice of, nor to see to the carrying out of, any trust, mortgage, charge, pledge or claim in favour of any other person. A receipt from a
Holder (or from a Holder's personal representatives or nominated transferee in accordance with clause 6) for the Samsonite Corporation Depositary Interests will free the Depositary from
responsibility to any such other person in respect of any such interest. The Depositary may ignore any notice it receives of the right, title, interest or claim of any other person to an interest in
those assets, except where the interest is conferred by operation of law. 

6.     WITHDRAWAL OF DEPOSITED PROPERTY  

	6.1
	Subject
to the provisions of this Deed, the Depositary shall only cancel Samsonite Corporation Depositary Interests and transfer the Deposited Property represented thereby upon the
request of the Holder.

	6.2
	The
receipt by the Depositary of either a Stock Withdrawal Transaction into Own Name or a Stock Withdrawal Transaction into New Name for a specified number of Samsonite Corporation 

10

 

Depositary
Interests shall in addition to the meaning attributed to it within the CREST system (if different) be deemed to constitute: 

	6.2.1
	in
the event of a Stock Withdrawal Transaction into New Name, an irrevocable instruction to the Samsonite Corporation Depositary Interest Registrar to debit the
account on the Samsonite Corporation Depositary Interest Register of the CREST member who issued such Stock Withdrawal Transaction and credit the account of the transferee specified in such Stock
Withdrawal Transaction, whether or not a CREST member in each case with the relevant number of Samsonite Corporation Depositary Interests and for the avoidance of doubt any such transferee whether or
not a CREST member shall not become a Holder; 

11

  

	6.2.2
	in
the event of a Stock Withdrawal Transaction (whether into New Name or Own Name) an irrevocable request from the Holder on the Samsonite Corporation Depositary
Interest Register for those Samsonite Corporation Depositary Interests to be cancelled and for the Deposited Property represented thereby to be withdrawn; and

	6.2.3
	an
irrevocable instruction from the holder on the Samsonite Corporation Depositary Interest Register to the Custodian to forthwith transfer the relevant Deposited
Property to the transferee specified in such Stock Withdrawal Transaction into New Name or, in the case of a Stock Withdrawal Transaction into Own Name, the Holder of the relevant Samsonite
Corporation Depositary Interests (in either case the "Transferee") and to pay any money comprised in or referable to the Deposited Property relating to such Samsonite Corporation Depositary Interests
to such Transferee. 

	6.3
	In
respect of any transfer to the Transferee:

	6.3.1
	the
Depositary shall be entitled to deliver to the Transferee, in lieu of the relevant Deposited Samsonite Corporation Securities to which he is entitled, any
securities into which such Deposited Samsonite Corporation Securities have been converted, sub-divided or consolidated, any securities which are substituted by Samsonite Corporation for
such Deposited Samsonite Corporation Securities or any proceeds and/or securities received or issued in lieu of such Deposited Samsonite Corporation Securities as a result of any corporate event of or
affecting Samsonite Corporation; and

	6.3.2
	without
prejudice to the generality of clause 6.3.1, where the Depositary has at the direction of the Holder assented Deposited Samsonite Corporation Securities
to a third party pursuant to a take-over offer, the Depositary shall deliver to the Transferee in question the proceeds and/or securities received in respect of the assented Samsonite
Corporation Deposited Securities attributed to the Samsonite Corporation Depositary Interests being withdrawn in lieu of such Deposited Samsonite Corporation Securities; 

in
each case as soon as practicable following receipt if the same have not been received by the Depositary by the time of receipt of the relevant Stock Withdrawal Transaction whether into Own Name or
into New Name. 

	6.4
	Notwithstanding
the provisions of clause 6, the Depositary shall not be required to make arrangements for the transfer of Samsonite Corporation Securities of a particular Class
during any period when the Share Register is closed.

	6.5
	The
Depositary shall not be liable to a Holder or a Transferee if any Deposited Property cannot be delivered to or to the order of a Transferee by reason of any prohibition imposed
upon the Depositary or the Holder by applicable law or any other matter beyond the Depositary's reasonable control.

	6.6
	Notwithstanding
the withdrawal of Deposited Samsonite Corporation Securities under this clause 6, income distributions attributable thereto will be dealt with in accordance
with clause 5.

	6.7
	Any
person requesting cancellation of Samsonite Corporation Depositary Interests may be required by the Depositary to furnish it with such proof, certificates and representations and
warranties as to matters of fact, including, without limitation, as to his identity and with such further documents and information as the Depositary may deem necessary or appropriate for the
administration or implementation of this Deed in accordance with applicable laws and regulations. The Depositary may withhold delivery of the Deposited Property until such items are so furnished. 

12

 

7.     COMPULSORY WITHDRAWAL  

	7.1
	If
it shall come to the notice of the Depositary, or if the Depositary shall have reason to believe, that any Samsonite Corporation Depositary Interests:

	7.1.1
	are
owned directly or beneficially by any person in circumstances which, in the opinion of the Depositary, might result in the Depositary or the Custodian suffering
any liability to taxation or pecuniary, fiscal or material regulatory disadvantage which it might not otherwise have suffered;

	7.1.2
	are
owned directly or beneficially by, or otherwise for the benefit of, any person in breach of any law or requirement of any jurisdiction or governmental authority or
so as to result in ownership of any Samsonite Corporation Securities exceeding any limit under, or otherwise infringing, the Certificate of Incorporation or By-Laws of or law applicable to
Samsonite Corporation or the terms of issue of the Samsonite Corporation Securities;

	7.1.3
	are
owned directly or beneficially by, or otherwise for the benefit of, any person who fails to furnish to the Depositary such proof certificates and representations
and warranties as to matters of fact, including, without limitation, as to his identity, as the Depositary may deem necessary or appropriate for the administration or implementation of this Deed in
accordance with applicable laws and regulations, including (without limitation) information specified in the CREST Manual;

	7.1.4
	are
owned by a Holder who ceases at any time to be, or is suspended in whole or in part as, a CREST member for any reason; or

	7.1.5
	cease
to be capable of being held in the CREST system; 

then
the Holder shall be deemed, at the election of the Depositary to have requested the cancellation of his Samsonite Corporation Depositary Interest(s) and the withdrawal of the Deposited Samsonite
Corporation Securities represented by his Samsonite Corporation Depositary Interest(s). 

	7.2
	On
the Holder being deemed at the election of the Depositary, to have requested the withdrawal of the Deposited Samsonite Corporation Securities represented by his Samsonite
Corporation Depositary Interests pursuant to clause 7.1, the Depositary shall make such arrangements to the extent practicable and permitted by applicable law and regulation for the delivery of
the Deposited Property represented by the Holder's Samsonite Corporation Depositary Interests to the Holder as the Depositary shall think fit. Without limitation, the Depositary may:

	7.2.1
	arrange
for the Samsonite Corporation Depositary Interests of such Holder to be transferred (or cancelled and re-issued) to a CREST member selected by the
Depositary who shall hold the same as nominee for such Holder on such terms as the Depositary or that CREST member shall think fit;

	7.2.2
	arrange
for such Samsonite Corporation Depositary Interests to be cancelled and for the Deposited Property represented thereby to be transferred to such Holder; or

	7.2.3
	in
its absolute discretion, liquidate all or part of the Deposited Property and deliver the net proceeds in respect thereof to the Holder.

	7.3
	The
Depositary shall be entitled to deduct such fees, costs, duties, taxes and charges as may be applicable and any other sums owing to the Depositary in accordance with the
provisions of this Deed from the Deposited Property or from the net proceeds thereof before delivering the same to the Holder. If any official consents need to be obtained prior to the delivery of the
Deposited Property or the net proceeds thereof to the Holder, the Depositary shall make such arrangements with respect to the Deposited Property or the net proceeds thereof as it shall see fit. 

13

 

8.     AUTHORISATIONS AND CONSENTS  

	8.1
	The
Depositary warrants that it is an authorised person under the Financial Services and Markets Act 2000 and is duly authorised to carry out the custodian and other activities
required of it by this Deed in accordance with that Act and undertakes that, if and so long as this Deed remains in force, it shall, at its own burden and expense, maintain that status and
authorisation or any corresponding status under any legislation or regulatory requirement in England or of any other jurisdiction by which it is bound which may from time to time apply to the carrying
on of such activities in addition to or in substitution for the requirements of the Financial Services and Markets Act 2000.

	8.2
	Subject
to clause 8.1, if any other governmental or administrative authorisation, consent, registration or permit or any report to any governmental or administrative authority
is required in order for the Depositary to receive Samsonite Corporation Securities to be deposited hereunder and/or for Samsonite Corporation Depositary Interests representing the same to be issued
pursuant to this Deed, or in order for Samsonite Corporation Securities or other securities or property to be distributed or to be subscribed or acquired in accordance with the provisions prescribed
in or pursuant to this Deed, the prospective Holder shall apply for such authorisation, consent, registration, or permit or file such report within the time required. The Depositary shall not be bound
to issue Samsonite Corporation Depositary Interests or distribute, subscribe or acquire Samsonite Corporation Securities or other property with respect to which such authorisation, consent,
registration, permit or such report shall not have been obtained or filed, as the case may be, and shall have no duties to obtain any such authorisation, consent, registration or permit or to file any
such report except in circumstances where the same may only be obtained or filed by the Depositary and only without unreasonable burden or expense. 

9.     LIABILITY  

	9.1
	The
Depositary shall not incur any liability to any Holder or to any other person for any Liabilities suffered or incurred arising out of or in connection with the performance or
non-performance of its obligations or duties whether arising under this Deed (other than those specified in clauses 2.2 and 2.3) or otherwise save to the extent that such Liabilities
result from its negligence or wilful default or fraud or that of any person for whom the Depositary is vicariously liable provided that the Depositary shall not incur any such liability as a result of
the negligence or wilful default or fraud of any Custodian or Agent which is not a member of the same group of companies as the Depositary unless the Depositary shall have failed to exercise
reasonable care in the appointment and continued use of such Custodian or Agent. Nor shall the Depositary incur any such liability if any Liabilities suffered or incurred by the Holder are
attributable to or results from the negligence or wilful default or fraud of the Operator or Samsonite Corporation or the acts or omissions of any person who provides banking services in connection
with the CREST system. Except in the case of personal injury or death, or where liability results from fraud by the Depositary, any liability incurred by the Depositary to a Holder under this
Agreement will be limited to:

	9.1.1
	the
value (at the date the act, omission or other event giving rise to the liability is discovered and as if such act, omission or other event had not occurred) of the
Deposited Property that would have been properly attributable (if such act, omission or other event had not occurred) to the Depositary Interests to which the liability relates; or if less;

	9.1.2
	that
proportion of £5,000,000 which corresponds to the proportion which the amount the Depositary would otherwise be liable to pay to the Holder bears to
the aggregate of the amounts that the Depositary would otherwise be liable to pay to all or any Holders in respect of the same act, omission or event which gave rise to such liability or, if there are
no such other amounts, £5,000,000. 

14

 

	9.2
	The
Depositary shall not incur any liability to any Holder or to any other person if, by reason of:

	9.2.1
	any
provision of any present or future law or regulation of any jurisdiction or of any governmental authority, or by reason of the interpretation thereof;

	9.2.2
	the
Certificate of Incorporation or By-Laws of Samsonite Corporation;

	9.2.3
	the
provisions of the CREST Manual or CREST Rules or the application thereof;

	9.2.4
	any
refusal or failure of the Operator or of any other person to provide any service in relation to the CREST system or any operational failure of the CREST system;

	9.2.5
	any
act or omission of Samsonite Corporation;

	9.2.6
	any
other computer failure; or

	9.2.7
	any
circumstance beyond the reasonable control of the Depositary; 

the
performance by it or any other person of any act or thing which is required or permitted or contemplated to be done or performed by or pursuant to this Deed shall be prevented or delayed or
required to be effected in some manner or to an extent which is different in any respect from that provided for or contemplated by this Deed. 

	9.3
	If
and to the extent that by virtue of laws of any jurisdiction outside the United Kingdom, or the application or operation of those laws in any particular event or circumstance, or
by virtue of the provisions of the Certificate of Incorporation or By-Laws of Samsonite Corporation or the application or operation of those provisions in any particular event or
circumstance, the Depositary or the Custodian does not acquire unconditional and absolute title or right to any Deposited Property, or acquires a title or right to any Deposited Property which is in
any manner encumbered or defective or liable to be displaced or avoided, or where as a result of an event or circumstance beyond the Depositary's reasonable control the Deposited Property is reduced
or depleted or the Depositary does not hold sufficient Samsonite Corporation Securities to cover the Samsonite Corporation Depositary Interests in issue, neither the Depositary nor the Custodian shall
be in any way liable to any Holder or any other person by reason thereof; but in any such case the Depositary shall be entitled to take or cause to be taken such action as shall in its opinion be
reasonable or appropriate, including without limitation the cancellation without compensation of the Samsonite Corporation Depositary Interests of any Holder(s) determined by the Depositary whether or
not such Holder(s) are in any way responsible for the relevant event or circumstance; and each Holder agrees that, by acquiring and holding Samsonite Corporation Depositary Interests representing
Samsonite Corporation Securities by means of the arrangements contemplated by this Deed, such Holder accepts the risk that by virtue of such laws or terms and conditions, or the application or
operation thereof or any such event or circumstance the interest in any relevant Deposited Property may not be entire, complete and unimpeachable.

	9.4
	If
the Depositary becomes entitled to take or cause to be taken action in accordance with Clause 9.3 above, it will in its sole discretion consider whether it may directly or
indirectly transfer or make available to any Holder adversely affected, in whole or in part, the benefit of any rights, claims or other assets which may be available to the Depositary and which
pertain to the matter(s) giving rise to the relevant event or circumstance.

	9.5
	The
Depositary may rely on, and shall not be liable for any loss suffered by any Holder or any other person by reason of its having accepted (or the Custodian or any other Agent or
Samsonite Corporation or its agents having accepted) as valid and having relied upon any written notice, request, direction, transfer, certificate for Samsonite Corporation Securities (or other
securities), electronic communication or any other document or any translation thereof or communication reasonably believed by it in good faith to be genuine notwithstanding that the same shall have 

15

 

been
forged or shall not be genuine or accurate or shall not have been duly authorised or delivered. 

	9.6
	The
Depositary may act, or take no action, on the advice or opinion of, or in reliance upon, any certificate or information obtained from, Samsonite Corporation or any reputable
lawyer, valuer, accountant, banker, broker, information provider, settlement system operator, registrar or other expert whether obtained by Samsonite Corporation, the Depositary or otherwise and shall
not except where any such person is a member of the same group of companies as the Depositary be responsible or liable to any Holder or any other person for any loss or liability occasioned by so
acting or refraining from acting or relying on information from persons depositing Samsonite Corporation Securities or otherwise entitled to the issue of Samsonite Corporation Depositary Interests.
Any such advice, opinion, certificate or information may be sent or obtained by letter, telex, facsimile transmission, e-mail, telegram, cable or other electronic communication and the
Depositary shall not be liable for acting on any such advice, opinion, certificate or information notwithstanding that the same shall have been forged or shall not be genuine or accurate.

	9.7
	The
Depositary may call for and shall be at liberty to accept as sufficient evidence of any fact or matter or the expediency of any transaction or thing a certificate, letter or other
written communication, purporting to be signed on behalf of Samsonite Corporation by a director of Samsonite Corporation or by a person duly authorised in writing by a director of Samsonite
Corporation or such other certificate from any such person as is specified in clause 9.6 above which the Depositary considers appropriate and the Depositary shall not be bound in any such case
to call for further evidence or be responsible to any Holder or any other person for any loss or liability that may be occasioned by the Depositary acting on such certificate.

	9.8
	The
Depositary shall not be required or obliged to monitor, supervise or enforce the observance and performance by Samsonite Corporation of any of its obligations, including, without
limitation, those arising under or in connection with applicable law, or any contract or instrument to which Samsonite Corporation is a party or by which it or any of its assets is bound. The
Depositary makes no representation or recommendation to any person regarding the financial condition of Samsonite Corporation or the advisability of acquiring Samsonite Corporation Depositary
Interests or Samsonite Corporation Securities or other property or as to the type or character or suitability thereof and takes no responsibility for the operations of Samsonite Corporation or the
effect thereof on the value of the relevant Samsonite Corporation Securities or Samsonite Corporation Depositary Interests or any rights derived there from.

	9.9
	The
Depositary, the Custodian and any Agent may engage or be interested in any financial or other business transactions with Samsonite Corporation or any other member of any group of
which Samsonite Corporation is a member, or in relation to the Deposited Property (including, without prejudice to the generality of the foregoing, the conversion of any part of the Deposited Property
from one currency to another), may at any time hold or be interested in Samsonite Corporation Depositary Interests for their own account, and shall be entitled to charge and be paid all usual fees,
commissions and other charges for business transacted and acts done by them otherwise than in the capacity of Depositary or Custodian or Agent (as the case may be) in relation to matters arising under
this Deed (including, without prejudice to the generality of the foregoing, charges on the conversion of any part of the Deposited Property from one currency to another and on any sales of property)
without accounting to the Holders or any other person for any profit arising there from.

	9.10
	The
Depositary shall endeavour to effect any sale of securities or other property or transferable right and any conversion of currency as is referred to or contemplated by this Deed
in accordance with its normal practices and procedures but shall have no liability with respect to the terms of 

16

 

such
sale or conversion or if the effecting of such sale or conversion shall not be reasonably practicable. 

	9.11
	The
Depositary shall have no responsibility whatsoever to any Holder or any other person as regards any deficiency which might arise because the Depositary is subject to or
accountable for any tax in respect of any or any part of the Deposited Property or any income or capital distribution or other payment arising there from or any proceeds of sale thereof. The
Depositary shall be entitled to make such deductions from the Deposited Property or any income or capital arising there from or to sell all or any of the Deposited Property and make such deductions
from the proceeds of sale thereof as may be required by applicable law in order to comply with its obligations to account for any tax liability in respect thereof.

	9.12
	Without
prejudice to any other powers which the Depositary may have hereunder, the Depositary shall be entitled to enter into any agreement with or give any undertakings to any
relevant taxation authority concerning the taxation status of the transactions effected pursuant to this Deed and to do all such things as may be required under the terms of any such agreement or
undertakings.

	9.13
	Notwithstanding
anything else contained in this Deed but subject always to the rights of a Holder under clause 5, the Depositary may refrain from doing anything which could or
might, in its opinion, be contrary to any law of any jurisdiction or any of the rules or any regulation or requirement of any regulatory authority or other body which is binding upon it, or which
would or might otherwise in its reasonable opinion render it liable to any person and the Depositary may do anything which is, in its opinion, necessary to comply with any such law, regulation or
requirement or which is in its opinion necessary to avoid any such liability.

	9.14
	No
provision of this Deed shall require the Depositary to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties or in the
exercise of any of its rights or powers hereunder. If, notwithstanding this provision, the Depositary reasonably does so, it shall be entitled to make such deductions from the Deposited Property or
any income or capital arising there from or to sell all or any of the Deposited Property and make such deductions from the proceeds of sale thereof as may be required to account for any loss or
liability suffered by the Depositary in respect thereof.

	9.15
	All
communications, notices, certificates, documents of title and remittances to be delivered by or sent to or from Holders or their agents will be delivered to or sent to or from
them at their own risk.

	9.16
	The
Depositary shall not be liable to a Holder in respect of any of its obligations under this Agreement if it is unable to fulfil those obligations by reason of any prohibition
imposed upon the Depositary or the Holder by applicable law, any benefit attaching to Samsonite Corporation Securities being unable to pass through the CREST system and alternative arrangements not
being agreed with Samsonite Corporation or any other matter beyond the Depositary's reasonable control. 

10.   DEPOSITARY'S FEES AND EXPENSES  

	10.1
	The
Depositary shall be entitled to charge Holders in respect of the provision of its services under this Deed the fees and expenses notified from time to time.

	10.2
	The
Depositary shall not be liable for any taxes, duties, charges, costs or expenses which may become payable in respect of the Deposited Samsonite Corporation Securities or other
Deposited Property or the Samsonite Corporation Depositary Interests, whether under any present or future fiscal or other laws or regulations or otherwise howsoever, and such part thereof as is
proportionate or in the opinion of the Depositary referable to a Samsonite Corporation Depositary Interest shall be payable by the Holder thereof to the Depositary at any time on request; or may 

17

 

be
deducted from Deposited Property held for the account of the Holder and/or from any amount due or becoming due on such Deposited Property in respect of any dividend or other distribution. In
default thereof, the Depositary may in its sole discretion sell, and for the account of the Holder discharge the same out of the proceeds of sale of any appropriate number of Deposited Samsonite
Corporation Securities or other Deposited Property, and subsequently pay any surplus to the Holder. 

11.   INDEMNITIES  

	11.1
	A
Holder shall be required to accept liability for and shall be bound to indemnify the Depositary and the Custodian and their respective agents, officers and employees and hold each
of them harmless from and against, and shall reimburse each of them for, any and all Liabilities, arising from or incurred in connection with, or arising from any act performed in accordance with or
for the purposes of or otherwise related to, this Deed insofar as they relate to Deposited Property held for the account of, or Samsonite Corporation Depositary Interests held by, that Holder, except
for Liabilities caused by or resulting from any wilful default or negligence or fraud of:

	11.1.1
	the
Depositary; or

	11.1.2
	the
Custodian or any Agent if such Custodian or Agent is a member of the same group of companies as the Depositary or if, not being a member of the same group of
companies, the Depositary shall have failed to exercise reasonable care in the appointment and continued use of such Custodian or Agent.

	11.2
	The
Depositary shall be entitled to make such deductions from the Deposited Property or any income or capital arising there from or to sell all or any of the Deposited Property and
make such deductions from the proceeds of sale thereof as may be required to discharge the obligations of the Holder(s) under this clause.

	11.3
	The
obligations of each Holder under clause 11.1 shall survive any termination of this Deed in whole or in part and any resignation or replacement of the Depositary and any
Custodian.

	11.4
	Should
any amount paid or payable under this Deed by a Holder be itself subject to tax in the hands of the recipient or be required by law to be paid under any deduction or
withholding, relevant Holder(s) will be required to pay such sums as will after any such tax, deduction or withholding leave the recipient with the same amount as he would have had if no such tax had
been payable and no deduction or withholding had been made and such payments and adjustments shall be made as may be necessary to give effect to this clause 11.4. If, at any time after a Holder
pays any sum or sums as a consequence of the application of this clause 11.4, the recipient receives or is granted a credit against, refund of or relief from any tax payable by it which it
would not otherwise have received or been granted, the recipient shall promptly reimburse to the Holder such amount as, acting reasonably, the recipient determines will leave it in no worse a position
that it would have been in had the circumstances giving rise to the increased payment not in fact arisen. 

12.   AGENTS  

	12.1
	The
Depositary may from time to time appoint one or more Agents on such terms as the Depositary may think fit to perform any obligations of the Depositary under this Deed and the
Depositary may remove any such Agent.

	12.2
	In
particular but without prejudice to the generality of clause 12.1, the Depositary shall be entitled to delegate by power of attorney or otherwise to any Agent, all or any
of the powers, authorities and discretions vested in the Depositary by this Deed and such delegation may be made upon such 

18

 

terms
and subject to such conditions, including the power to sub-delegate, as the Depositary may think fit. 

	12.3
	Notice
of any appointment or removal pursuant to clause 12.1 or any delegation pursuant to clause 12.2 shall, where such matter is in the opinion of the Depositary
material to the Holders of Samsonite Corporation Depositary Interests, be given by or for the Depositary to the Holders. 

13.   RESIGNATION OF THE DEPOSITARY  

	13.1
	The
Depositary may resign as Depositary by giving at least 90 days' prior notice in writing to that effect to the Holders.

	13.2
	The
resignation of the Depositary shall take effect on the date specified in such notice provided that no such resignation shall take effect until the appointment by the Depositary
of a successor Depositary. The Depositary undertakes to use its reasonable endeavours to procure the appointment of a successor Depositary with effect from the date specified in such notice as soon as
reasonably practicable following the giving of notice of resignation. Upon any such appointment and acceptance, notice thereof shall be given by or for the Depositary to the Holders as soon as
reasonably practicable.

	13.3
	Upon
the resignation of the Depositary (referred to in this clause 13.3 as the "Retiring Depositary") and against payment of all sums due to the Retiring Depositary under this
Deed, the Depositary shall deliver to its successor as Depositary (the "Successor") sufficient information and records to enable the Successor efficiently to perform its obligations under this Deed
and shall transfer to the Successor or to a Custodian or other Agent appointed by the Successor all Deposited Property held by the Retiring Depositary as trustee under this Deed. Upon the date when
such resignation takes effect, any Custodian appointed by the Retiring Depositary shall be instructed by the Retiring Depositary to transfer to the Successor or to a Custodian or other Agent appointed
by the Successor the Deposited Property held by it pursuant to this Deed. 

14.   TERMINATION OF DEED  

	14.1
	The
Depositary may terminate this Deed either in its entirety or in respect of one or more series of Samsonite Corporation Depositary interests by giving 90 days' prior notice
to that effect to the Holders of the Samsonite Corporation Depositary Interests concerned.

	14.2
	During
the period from the giving of such notice to the Holders until termination, each Holder shall be entitled to cancel each Samsonite Corporation Depositary Interest held by it
and withdraw the Deposited Property related thereto in accordance with the terms of this Deed.

	14.3
	If
any Samsonite Corporation Depositary Interests in respect of which this Deed is terminated remain outstanding after the date of termination, the Depositary shall as soon as
reasonably practicable:

	14.3.1
	deliver
the Deposited Property then held by it under this Deed in respect of each Samsonite Corporation Depositary Interest to the respective Holder; or, at its
discretion;

	14.3.2
	sell
all or part of such Deposited Property;

	14.3.3
	request
the Operator to remove the relevant Samsonite Corporation Depositary Interests from the CREST system; and

	14.3.4
	following
any such removal the Depositary shall not register transfers of the relevant Samsonite Corporation Depositary Interests, pass on dividends or distributions
or take any other action in respect of such Deposited Property, except that it shall, as soon as reasonably practicable, deliver the net proceeds of any such sale, after deducting any sums 

19

 

then
due to the Depositary, together with any other cash then held by it under this Deed, pro rata to Holders in respect of their Samsonite Corporation Depositary Interests. After making such sale,
the Depositary shall be discharged from all obligations under this Deed, except its obligation to account to Holders for such net proceeds and other cash comprising the Deposited Property without
interest. 

	14.4
	For
the avoidance of doubt, any obligations of a Holder to make payments to the Depositary shall survive any such termination. 

15.   AMENDMENT OF DEED  

	15.1
	All
and any of the provisions of this Deed (other than this clause) may at any time and from time to time be amended or supplemented by the Depositary in any respect which it may
deem necessary or desirable by a deed supplemental to this Deed.

	15.2
	Notice
of any amendment or supplement, other than an amendment or supplement of a minor or technical nature which does not in the reasonable opinion of the Depositary materially
affect the interests of the Holders of Samsonite Corporation Depositary Interests concerned, shall be given by or for the Depositary to the Holders 30 days prior to the amendment or supplement
taking effect, except in circumstances where such an amendment or supplement is required for compliance with any applicable law, in which case, notice shall be given by or for the Depositary to the
Holders as soon as practicable after the Depositary is made aware that such amendment or supplement is required.

	15.3
	Any
amendment or supplement which shall, in the reasonable opinion of the Depositary, be materially prejudicial to the interests of the Holders as a whole shall only be made
following consultation with Samsonite Corporation and shall not take effect until 40 days after service of notice on the Holders at which time the Holders shall be deemed to have accepted the
amendment or supplement.

	15.4
	The
Depositary shall not be obliged to have regard to the consequences for the Holders of any proposed amendment or supplement to this Deed or the exercise of any power conferred on
the Depositary by this Deed except to the extent expressly provided in this Deed. 

16.   FURTHER ACKNOWLEDGEMENTS  

	16.1
	The
Holder shall be required and be bound to acknowledge and agree with the Depositary that:

	16.1.1
	the
Depositary has no responsibility for the operation or non-operation of the CREST system; accordingly, the Depositary shall be entitled without further
enquiry to execute or otherwise act upon instructions or information or purported instructions or information received by means of the CREST system notwithstanding that it may afterwards be discovered
that such instructions or information were not genuine or were not initiated by the Operator, a CREST member or other person authorised to give them. Any such execution or action by the Depositary
shall, save in the case of wilful default or negligent disregard of its obligations, constitute a good discharge to the Depositary, which shall not be liable for any Liabilities suffered or incurred
by the Holder or any other person arising in whatever manner directly or indirectly from and/or as a result of such execution or action;

	16.1.2
	the
Depositary and the Custodian rely on the Share Registrar to supply information relating to cash distributions, corporate actions, forthcoming meetings of the
holders of those securities and other matters having a bearing on the rights of persons holding Samsonite Corporation Depositary Interests representing Samsonite Corporation Securities and,
accordingly, the content of the information made available to Holders and the time at 

20

 

which
such information is available will reflect the content of and timing of the supply of information to the Depositary, the Custodian or its nominee, for which no responsibility is accepted; 

	16.1.3
	the
Holder shall not cause or endeavour to cause the Depositary, the Custodian or its nominee to make or assert any right or claim whatsoever against the Operator or
Samsonite Corporation or its officers;

	16.1.4
	the
Depositary and the Custodian may hold Holders' money entitlements in client bank accounts outside the UK on a pooled basis pending distribution and such money may
not be protected as effectively as money held in a bank account in the UK and, in particular, the relevant bank may be entitled to combine funds held in a client bank account with any other account of
the Depositary or the Custodian or to exercise any right of set-off or counterclaim against money held in a client bank account in respect of any sum owed to it on any other account by the
Depositary or the Custodian;

	16.1.5
	the
Depositary undertakes to take reasonable care in the selection and continued use of any person who provides banking and related services in connection with the
Deposited Samsonite Corporation Securities but neither the Depositary nor the Custodian is responsible for the acts or omissions of any such person and the Holder further acknowledges and agrees that
any such person is responsible only to any or both of the Depositary and the Custodian and undertakes to take no action to recover damages, compensation or payment or remedy of any other nature from
any such person; and

	16.1.6
	nothing
in this Deed shall prevent the Depositary carrying out nominee or Depositary services for anybody else. 

17.   STAMP DUTY RESERVE TAX  

	17.1
	The
Holder shall be required and be bound to agree and acknowledge with the Depositary that:

	17.1.1
	stamp
duty reserve tax ("SDRT") may not be payable on agreements to transfer certain Samsonite Corporation Depositary Interests by virtue of the Stamp Duty Reserve
Tax (UK Depositary Interests in Foreign Securities) Regulations 1999 and the Stamp Duty Reserve Tax (UK Depositary Interests in Foreign Securities) Regulations 2000; and

	17.1.2
	it
is the responsibility of the Holder, and not the Depositary, to ensure that any Samsonite Corporation Depositary Interests which the Holder is proposing to acquire
or dispose of by means of the CREST system and which are identified by the CREST system as being exempt from the charge to SDRT on their transfer are so exempt.

	17.2
	The
Holder shall be required to undertake to the Depositary:

	17.2.1
	to
notify the Operator and the Depositary forthwith if Samsonite Corporation Depositary Interests which the Holder is proposing to acquire or dispose or by means of
the CREST system and which are identified by the CREST system as being exempt from the charge to SDRT on their transfer are not so exempt; and

	17.2.2
	to
pay to the Operator any SDRT and any interest, charges or penalties in relation to late or non-payment of SDRT arising directly or indirectly from any
agreement of the Holder to acquire or dispose of Samsonite Corporation Depositary Interests or Samsonite Corporation Securities represented or to be represented by Samsonite Corporation Depositary
Interests which are not exempt for whatever reason from the charge to SDRT on their transfer and to hold the Depositary harmless from any and all Liabilities arising from or incurred in connection
therewith. 

21

 

	17.3
	For
the purposes of this clause 17, a CREST member will be taken to be proposing to acquire Samsonite Corporation Depositary Interests or to have entered into an agreement to
acquire Samsonite Corporation Depositary Interests if he acquires Samsonite Corporation Depositary Interests from another CREST member or if the Samsonite Corporation Depositary Interests are to be
issued to him and to be proposing to dispose of Samsonite Corporation Depositary Interests or to have entered into an agreement to dispose of Samsonite Corporation Depositary Interests if he disposes
of Samsonite Corporation Depositary Interests to another CREST member or if the Samsonite Corporation Depositary Interests would, as a result, be cancelled. 

18.   REGULATORY REQUIREMENTS  

	18.1
	The
Depositary is regulated in the conduct of its investment business (which for these purposes is taken to refer to the safeguarding and administration of the holdings of Samsonite
Corporation Securities in the manner described in this Deed) by FSA. The following further provisions apply in relation to such investment business.

	18.2
	The
Holder may give instructions to the Depositary in the manner described in this Deed. The Depositary will not specifically acknowledge such instructions.

	18.3
	The
Depositary has established procedures in accordance with the requirements of FSA for the effective consideration of complaints by Holders. All formal complaints should be made in
writing to the compliance officer of the Depositary at the registered office address of the Depositary from time to time. In addition, Holders have a right of complaint direct to The Financial
Ombudsman Service.

	18.4
	A
statement is available from the Depositary describing Holders' rights to compensation if the Depositary is unable to meet its liabilities.

	18.5
	None
of the Depositary, the Custodian or its nominee shall:

	18.5.1
	arrange
for any Samsonite Corporation Securities or other Deposited Property to be lent to any other person; or

	18.5.2
	charge
in favour of any other person any such property as security. 

19.   DISCLOSURE OF OWNERSHIP  

	19.1
	The
Depositary may from time to time require from any Holder or former or prospective Holder:

	19.1.1
	information
as to the capacity in which such Holder owns or owned Samsonite Corporation Depositary Interests and regarding the identity of any other persons then or
previously interested in such Samsonite Corporation Depositary Interests and the nature of such interests; and

	19.1.2
	evidence
or declaration of nationality or residence of the legal or beneficial owner(s) of Samsonite Corporation Depositary Interests registered or to be registered
in his name and such information as is required for the transfer of the relevant Samsonite Corporation Securities to the Holder; 

and
such other information as may be necessary or desirable for the purposes of this Deed or any other agreement or arrangement relating to the CREST system. Each Holder agrees to provide any such
information requested by Samsonite Corporation or the Depositary and consents to the disclosure of such information by the Depositary or custodian to the extent necessary or desirable to comply with
their respective legal or regulatory obligations. 

	19.2
	To
the extent that provisions of or governing any Samsonite Corporation Securities, the Certificate of Incorporation or By-Laws of Samsonite Corporation or applicable law
may require the 

22

 

disclosure
to Samsonite Corporation of, or limitations in relation to, beneficial or other ownership of Samsonite Corporation Securities or other securities, the Holders of Samsonite Corporation
Depositary Interests shall comply with Samsonite Corporation's instructions in respect of such disclosure or limitation, as may be forwarded to them from time to time. 

20.   NOTICES  

        Any notice shall be in writing and signed by or on behalf of the person giving it. Except in the case of personal service, any such notice shall be sent or
delivered to the party to be served, in the case of the Depositary, at the address set out above and marked for the attention of the Company secretary and, in the case of a Holder, at the address set
out in the Samsonite Corporation Depositary Interest Register. Any alteration in the details of the party to be served shall, to have effect, be notified to the other party in accordance with this
clause. Service of a notice must be effected by one of the following methods: 

	20.1
	personally
on a Holder (if a natural person) or on the director or the secretary of any Holder or any other party and shall be treated as served at the time of such service;

	20.2
	by
prepaid first class post (or by airmail if from one country to another) and shall be treated as served on the second (or if by airmail the fourth) business day after the date of
posting. In proving service it shall be sufficient to prove that the envelope containing the notice was correctly addressed, postage paid and posted; or

	20.3
	by
delivery of the notice through the letterbox of the party to be served and shall be treated as served on the first business day after the date of such delivery. 

21.   SEVERABILITY  

	21.1
	If
at any time any provision of this Deed is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect or impair the
legality, validity or enforceability under the law of any other jurisdiction of that or any other provision of this Deed. 

22.   COPIES OF DEED  

	22.1
	A
Holder shall be entitled to one copy of this Deed upon payment of a reasonable copying charge upon written request made to the Depositary. 

23.   GOVERNING LAW AND JURISDICTION  

	23.1
	This
Deed and the Samsonite Corporation Depositary Interests shall be governed by and construed in accordance with English law.

	23.2
	For
the benefit of the Depositary, the Holder shall irrevocably agree that the courts of England shall have jurisdiction to hear and determine any suit, action or proceeding, and to
settle any disputes, which may arise out of or in connection with this Agreement. For such purposes, the Holder shall irrevocably submit to the jurisdiction of the courts of England.

	23.3
	The
Holder shall irrevocably waive any objection which it might have to the courts referred to in clause 23.2 being nominated as the forum to hear and determine any suit,
action or Proceedings, and to settle any disputes, which may arise out of or in connection with this Agreement and agree not to claim any such court is not a convenient or appropriate forum.

	23.4
	The
submission to the jurisdiction of the courts referred to in clause 23.2 shall not (and shall not be construed so as to) limit the rights of the Depositary to take
Proceedings against the Holder in any other court of competent jurisdiction nor shall the taking of Proceedings in any one or more 

23

 

jurisdictions
preclude the taking of Proceedings in any other jurisdictions, whether concurrently or not. 

24.   OVERRIDING PROVISIONS  

	24.1
	For
so long as the Samsonite Corporation Depositary Interests remain a participating security in CREST, no provision of this Deed or of any other instrument relating to the Samsonite
Corporation Depositary Interests shall apply or have effect to the extent that it is in any respect inconsistent with:

	24.1.1
	the
holding of the Samsonite Corporation Depositary Interests in uncertificated form;

	24.1.2
	the
transfer of title to the Samsonite Corporation Depositary Interests by means of a relevant system; or

	24.1.3
	the
Regulations.

	24.2
	Without
prejudice to the generality of clause 24.1 and notwithstanding anything contained in this Deed or any such instrument:

	24.2.1
	all
Samsonite Corporation Depositary Interest Registers shall be maintained at all times in the United Kingdom;

	24.2.2
	Samsonite
Corporation Depositary Interests may be issued in uncertificated form in accordance with and subject as provided in the Regulations;

	24.2.3
	title
to the Samsonite Corporation Depositary Interests which are recorded on a Samsonite Corporation Depositary Interest Register as being held in uncertificated
form may be transferred by means of the relevant system concerned;

	24.2.4
	the
Depositary shall comply with the provisions of Regulations 25 and 26 in relation to the Samsonite Corporation Depositary Interests;

	24.2.5
	Regulation 41
may be applied by the Depositary where relevant; and

	24.2.6
	a
number of persons up to but not exceeding four may be registered as joint holders of any Samsonite Corporation Depositary Interest. 

THIS DOCUMENT has been duly EXECUTED AS A DEED by the party set out below and delivered on the date set
out at the front of this agreement. 

	 
	 	 
	 	 

	

Executed as a deed by
 COMPUTERSHARE

INVESTOR SERVICES PLC

acting by two directors or by

one director and the secretary	
 	
}	
 	

 Director

 Director/Secretary

24

QuickLinks

DATED [ • INSERT DATE] 2007

COMPUTERSHARE INVESTOR SERVICES PLC

DEED IN RESPECT OF SAMSONITE CORPORATION DEPOSITARY INTERESTS (as defined herein)

CONTENTS

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