Document:

EX-10.9

 Exhibit 10.9 
  

			
	Rick Smith	  	Terms & Conditions of Employment
		
		  	 December 2009

Senior Management Grade 3  

  
 

 
 WRITTEN STATEMENT OF TERMS AND 

CONDITIONS OF EMPLOYMENT 
 This Statement
sets out some of your terms and conditions of employment and incorporates the written particulars required by the Employment Rights Act 1996 (as amended). This document, your offer letter, job description, and those elements of the staff information
pack and any rules and procedures published by Chesapeake that are identified as having contractual effect constitute the Contract of Employment. 
 This
Statement dated 21st January 2010 sets out certain particulars of the terms and conditions on which Chesapeake, known hereafter as “the Company” employs Rick Smith of 4 Skegby Hall
Gardens, Skegby, Sutton-in-Ashfield, Nottinghamshire. 
 The terms of this Statement will commence from
1st February 2010. 
 For statutory purposes, you have been continuously employed since 15th December 1997. 
  

	1.	PLACE OF WORK 

 Your normal place of work is Nottingham or such other location within a
reasonable distance of Nottingham. You may be required to travel throughout the UK and outside it as part of your job duties as directed by management from time to time. For the purposes of Part 1 of the Employment Rights Act 1996, it is not
expected that you will be required to work outside the UK for more than one month at a time. 
  

	2.	JOB TITLE 

 Your job title is Group Chief Financial Officer & Divisional Finance
Director, Pharmaceutical & Healthcare and you will be required to undertake all the duties that are appropriate to your job title and grade. This position is a Grade 3 job in the Company’s current management grade structure. 

 

	3.	JOB DUTIES AND JOB DESCRIPTION 

 Your job description is attached to this Statement
(Schedule A) and forms part of your terms and conditions of employment. 
 Due to the evolving nature and changing demands of the
Company’s business, your job description is only a guide to examples of the kind of job duties you are expected to undertake. Your duties may vary from time to time and you will be given advance warning (where practicable) of any such changes.

			
	Rick Smith	 	Terms & Conditions of Employment

  

	4.	HOURS OF WORK 

 Your normal hours of work are 9:00 am to 5:00 pm, Monday to Friday, with
1 hour for lunch. However, you may be required to work whatever additional hours the needs of the business may from time to time demand without additional payment. 
  

	5.	SALARY 

 Your salary is £120,000 per annum. You will be paid monthly on or
around the 21st of each month by direct bank transfer. Salaries are usually reviewed annually on 1st April. Your next review will be 1st April 2011. There is no contractual entitlement to any increase in your salary but you will be notified in writing in any case when there is any change to your salary. 

 

	6.	DEDUCTIONS 

 For the purposes of the Employment Rights Act 1996, you authorise the
Company at any time during the continuance of this agreement or following its termination (whether or not that termination is lawful) and in any event on termination of your employment, to deduct from your remuneration (which for this purpose
includes salary, pay in lieu of notice, bonus, holiday and/or sick pay) all debts owed by you to the Company including but without limitation the balance of any loans outstanding (plus interest) advanced by the Company to you, the cost of repairing
any damage or loss to the Company’s property caused by you , any overpayment of holiday and any loss suffered by the Company as a result of any neglect or breach of duty by you. 

 

	7.	MANAGEMENT INCENTIVE SCHEME 

 The Company has a discretionary Management Incentive Scheme
(bonus scheme). The Company reserves the right to amend or withdraw the benefits of the bonus scheme at any time and reserves the right to terminate any employee’s participation in the bonus scheme at any time. Detail of the bonus scheme is set
out in the Staff Information Pack. 
  

	8.	CAR RELATED CASH BENEFIT SCHEME 

 The Company operates a Car Related Cash Benefit Scheme
and you have an eligibility level of 3 within the scheme and detail of the scheme is set out in the Staff Information Pack. The option of taking a car under the Scheme is available to those employees where there is a continued requirement for
them to travel at least 10,000 miles a year on company business. You must comply with the provisions of the scheme and where a car is provided; take good care of the car and ensure that you comply with the terms of any insurance policy affecting the
car. The car may not be taken outside the U K without our written consent. 

			
	Rick Smith	 	Terms & Conditions of Employment

  

 The Company reserves the right to alter the terms of the scheme and/or the procedures at any
time. 
 You must promptly notify the Company of any accident in which you are involved whilst driving a car on Company business or in which
your Company car is involved, any cautions or charges against you by the Police including drink driving offences and of any endorsements imposed. You must comply at all times with the Road Traffic Acts, other relevant legislation and the Highway
Code. 
  

	9.	MOBILE PHONE 

 Job Duties may require you to have the facilities of a mobile phone (or
similar device e.g. BlackBerry Wireless Handheld). In such circumstances you agree to indemnify the Company in respect of any transmissions made by you on the equipment that are of a personal nature. If you incur any debt or liability to the Company
in respect of personal transmissions then the Company may deduct from any salary or other payment due to you such amount or amounts as is necessary until the debt is repaid and the liability met. 

You will at all times abide by any Company policies, currently in place and/or as amended from time to time, that relate to the use of above
equipment. 
  

	10.	MEDICAL/HEALTHCARE BENEFITS 

  

	 	a)	Medical Insurance Scheme 

 You will remain a member of the private medical insurance scheme
provided by the Company. Details of the current scheme can be provided by the Benefits Department on request. 
  

	 	b)	Health Screening 

 You will remain eligible for health screening medicals every 3 years up to
age 45 and thereafter every 2 years. We currently use Nuffield Hospitals to provide this service. 
  

	 	c)	Personal Accident and Travel Insurance Scheme 

 You will remain eligible for cover under a
Personal Accident and Travel Insurance Scheme policy. Details of the scheme will be provided by the Benefits Department on request. 
  

	 	d)	Sick Pay Scheme 

 Full details on the scheme including the period of entitlement based on length
of service and absence procedure are contained in the staff information pack. 
 You are not entitled to receive sick pay if you are unable
to work due to your health during any period in which you may be subject to disciplinary investigation or disciplinary proceedings. Any payment of sick pay made by us in those circumstances is discretionary. 

			
	Rick Smith	 	Terms & Conditions of Employment

  

 If the Company asks, you will undergo a medical examination performed by a doctor and paid
for by the Company. You authorise the Company to have access to any reports or reports produced as a result of that examination. 
 The
Company reserves the right to vary the terms of (or change the insurer of) any of the above benefits or to withdraw any insurance related benefits if cover is not available for you and/or your partners and/or your children at reasonable rates 

 

	11.	HOLIDAYS 

 You are entitled to 26 days holiday each holiday year (accruing pro-rata) plus
statutory holidays. In your first year of employment you will receive the amount of holiday actually accrued in the year. 
 The holiday year
runs from January to to December. Holidays not taken in the year of entitlement will, unless otherwise agreed by the Company in writing, be lost. You will be subject to all the rules of the Holiday Policy which is set out in the staff information
pack. Holiday dates must be approved in writing beforehand. 
 On termination of your employment any accrued but un-taken holiday will be
paid on a pro-rata basis in proportion to each complete month of service in the holiday year prior to such termination. 
 We may decide
whether or not any holiday that you have taken forms part of your entitlement under the Working Time Regulations. Unless we decide otherwise, it is assumed that holidays accruing under those Regulations are taken first. 

 

	12.	RETIREMENT & PENSION SCHEME 

 The Company’s retirement age is 65 for male
and female employees and your employment will terminate automatically and without notice on the last day of the month in which your 65th birthday falls. 

You will remain a member of your current pension provision. 

The company reserves the right to revise or withdraw pension provision under the Plan and/or to substitute the Plan by a replacement
arrangement. 
  

	13.	PROFESSIONAL BODIES 

 The Company will pay the annual membership fee for one relevant
professional body. 

			
	Rick Smith	 	Terms & Conditions of Employment

  

	14.	TERMINATION & NOTICE 

 In the event of your leaving the Company you are required to
give the Company 6 month’s notice whilst the Company is required to give you 12 month’s notice. 
 The Company reserves the right
to dismiss you without notice or payment in lieu of notice if it has reasonable grounds to believe you are guilty of gross misconduct or gross negligence or other substantial grounds justifying your immediate dismissal including any significant
breach of your contractual obligations and having particular regard to the Company’s policies and procedures, including the disciplinary procedure. 

The Company reserves the right to suspend you on full pay in situations of alleged acts of indiscipline whilst investigations are carried out.

  

	15.	STAFF INFORMATION PACK 

 The staff information pack contains details of other terms and
conditions together with copies of core Company Policies and Procedures. The Company reserves the right to revise or replace its policies and procedures from time to time. Where there is a conflict between this Statement and any other terms and
conditions this Statement shall prevail. You must comply with all of our rules, policies and procedures contained in the information pack therefore it is very important that you read and fully understand everything in the information pack. Should
you have any queries you should ask the Personnel Department for clarification and guidance. 
  

	16.	SAFETY/HYGIENE POLICY 

 You will undertake to comply with the Company policy on all
health/hygiene, safety and environmental matters. A copy of the policy is contained in the staff information pack. 
  

	17.	DISCIPLINARY RULES AND GRIEVANCE PROCEDURE 

 You are subject to the Company’s
Disciplinary Rules and Procedures and Grievance and Disputes Procedure. Copies of the respective policies are contained in the staff information pack. In cases of gross misconduct the Company reserves the right to dismiss you without notice or pay
in lieu. You have the right to appeal against any disciplinary decision and details of this are set out in the procedure. In all other cases should you be dissatisfied with any other matter affecting your employment you have the right to raise the
issue with your immediate Manager as part of the company’s grievance procedure. The Company’s Disciplinary Rules and Procedures and Grievance and Disputes Procedure do not form part of your Contract of Employment and do not give rise to
any contractual rights as between you and the Company. 
  

	18.	DUTY OF CONFIDENTIALITY 

 You shall not either during the period of employment with the
Company, or thereafter, discuss with or divulge to any person, firm, company, partnership or organisation or otherwise use any information of a secret or confidential nature relating to the Company, or the Group of which it is a part, or those with
whom they deal or acquired during your 

			
	Rick Smith	 	Terms & Conditions of Employment

  

 
period of employment. Confidential information includes (but is not limited to) details about the Company’s clients, customers, suppliers, employees, actual, potential or past and all
details relating to information on any of its databases as well as other information which is identified as confidential or by its nature is confidential. The restrictions contained in this clause shall cease to apply to information which becomes
publicly known or where disclosure or use is legitimate in the course of the employment. 
  

	19.	ALL PROPERTIES TO BE RETURNED ON TERMINATION 

 You are required to return to the Company,
before the end of your employment, or immediately after should your employment terminate without notice or at any other time at the reasonable request of the Company, all property belonging to the Company or the Group of which it forms a part, or
relating to its/their business including all papers, documents, keys, credit cards, computer media and cars. This obligation extends to all notes, extracts, summaries or copies of any documents howsoever stored. You will be required to sign an
undertaking that all such property has been duly returned. 
  

	20.	REPRESENTING THE COMPANY 

 You are not permitted to represent yourself as an authorised
agent for the Company except where specifically authorised to do so. On termination of your employment you must not hold yourself out as being an employee of the Company. Should there be any misrepresentation or intention to deceive in this respect,
or any attempt to interfere with the relationships between the Company and its existing or potential clients, suppliers or agents, the Company may take proceedings against you to prevent such action and to recover any loss incurred as a result. 

 

	21.	NON-SOLICITATION AND NON-COMPETITION 

  

	 	a)	In order to protect the legitimate business interests of the Company you agree that you will not, without the prior written consent of the Company for a period of 3 months after the termination of your employment
howsoever caused and whether on your own behalf or on behalf of any other person firm or company- 

  

	 	i)	engage or be concerned whether directly or indirectly in any business which competes in any way whatsoever (whether directly or indirectly) with such part or parts of the Company’s business with which you were
concerned to a material extent during the final year of your employment with The Company. 

  

	 	ii)	solicit, accept the custom or business of or deal with in competition with the Company, the custom or business of any person who during the period of 12 months immediately preceding the termination of your employment
was a customer or supplier of the Company and with whom you had personal contact or dealings on behalf of the Company and in relation to such part or parts of the Company’s business with which you were concerned to a material extent during the
final year of your employment with the Company. 

			
	Rick Smith	 	Terms & Conditions of Employment

  

	 	iii)	approach or solicit any person who, during the final year of your employment was a senior employee or officer of the Company with whom you had a working relationship with a view to recruiting that person to a business
venture which competes (or which will, once operational, compete) with such part or parts of the Company’s business with which you were concerned to a material extent during the final year of your employment with The Company. 

 

	 	b)	The restrictions contained in this clause are considered necessary and reasonable by the parties. In the event that the restrictions are found to be void unless some part of it were deleted or the period of application
reduced then such restriction shall apply with such modifications as may be necessary to make it valid or effective. 

  

	22.	GARDEN LEAVE AND PAYMENT IN LIEU OF NOTICE 

  

	 	a)	The Company reserves the right where either you or the Company gives notice to terminate the employment or otherwise purports to terminate the employment, to exclude you from all or any of the Company’s places of
business, and to require you to remain at home during all or part of the contractual notice period and/or to perform other tasks outside the normal scope of your duties. 

 

	 	b)	The Company may require you not to have any contact with any of its customers, suppliers or its other business contacts and, where appropriate, its employees during any such period. 

 

	 	c)	Where the Company requires you to stay at home or perform other duties under this clause, the Company is relieved from any obligation whatsoever to provide you with work to do, and your normal duties of work as
described in this Statement will be suspended for the duration of the notice period. For the avoidance of doubt your employment continues during this period, including your obligations of confidentiality, fidelity and not to have other business
interests. The Company will continue to pay your salary and provide all other contractual benefits to which you are entitled for the notice period (provided that it may instead provide you with the cash equivalent of all or any of such benefits).

  

	 	d)	The Company may require you to take or not to take all or part of any outstanding holiday during your notice period. 

  

	 	e)	The Company at its absolute discretion reserves the right to terminate your employment with immediate effect and pay you in lieu of any notice of termination or any part therefore outstanding (irrespective of whether
you have served notice or the Company has served notice). Bonus and incentive payments will be excluded from the calculation of payment to be made in lieu of notice. 

			
	Rick Smith	 	Terms & Conditions of Employment

  

	23.	OTHER BUSINESS INTERESTS 

 You shall not, whilst in the employment of the Company or any
other division within the or any other division of the Company, including affiliated companies being part of Chesapeake, be engaged in any other business or employment whatsoever without the previous consent, in writing, of the Company, and you
shall devote the whole of your working time, attention and abilities exclusively to the business of the Company and in all respects obey and conform to the orders and regulations from time to time issued by the Company, and shall at all times well
and faithfully serve the Company. 
  

	24.	INVENTIONS AND DISCOVERIES 

 Every invention, improvement or discovery made or discovered
by you during the period of your employment with the Company and arising out of, or in consequence of, such employment shall be deemed to have been made by and on behalf of the Company and shall belong to the Company exclusively and you shall
forthwith provide to the Company full particulars of each such invention, improvement and discovery. You shall at the request and cost of the Company both whilst in such employment and thereafter take such steps as the Company may direct to procure
the granting of Letters of Patent in the U.K. and similar protection abroad in respect of every invention, improvement and discovery and shall execute all assignments, licences and other documents required by the Company to deal with the said
Letters of Patent, other intellectual property rights and/or similar protection in such a manner as the Company may think fit. 
  

	25.	SHARE DEALING RULES 

 You agree to comply with the terms of any share dealing rules that
may be issued by the company from time to time. 
  

	26.	DATA COLLECTION 

 As part of your terms and conditions of employment, you give the
Company permission to collect, retain and process information about you, including your age, sex, ethnic origin and attendance at work. This information will be used so that we can monitor our compliance with the law and best practice in terms of
employment relations equal opportunity and non-discrimination and exercise, administer or perform any right or obligation in connection with your employment. The information which we hold will be checked with you from time to time to ensure that it
remains up to date. You agree to keep us informed of any changes to your personal data and to comply with the Data Protection Act 1998. 

			
	Rick Smith	 	Terms & Conditions of Employment

  

	27.	OTHER AGREEMENTS 

 You acknowledge that there are no other agreements or arrangements
whether written, oral or implied between you and the Company relating to your employment other than those expressly set out or referred to in this Statement. In particular, you acknowledge that these terms and conditions are in substitution for all
other terms and conditions entered into between you and the Company and that you have no claim whatsoever against the Company in respect of a waiver of your rights under any former terms and conditions of employment. 

There are no collective agreements that directly affect the terms and conditions of your employment. 

 

	28.	SEVERABILITY 

 If any part or term or provision of this Agreement, not being of a
fundamental nature, is held to be illegal or unenforceable the validity or enforceability of the remainder of this Agreement shall not be affected. 
  

	29.	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999 

 This agreement does not confer any rights
on your spouse or dependents or on any other third party under the Contracts (Rights of Third Parties) Act 1999. 
  

	30.	PROPER LAW 

 This Agreement shall be governed, construed and take effect in all respects
in accordance with English Law and the English courts shall have exclusive jurisdiction regarding any dispute under it. 
  

			
	 /s/ Jerry Kerins

	Signed on behalf of the Company - Jerry Kerins
		
	Date:	 	  

 I have read, understood and accept the Terms and Conditions of Employment as stated and referred to above and those contained
in my offer letter and set out in the staff information pack, which are relevant to my employment with the Company. 
  

			
	 /s/ Rick Smith

	Signed (Rick Smith)
		
	Date:EX-10.10

 Exhibit 10.10 
  

 
  

			
	Rick Smith	  	
	4 Skegby Hall Gardens	  	
	Skegby	  	
	Sutton In Ashfield	  	Millennium Way West
	Nottinghamshire	  	Phoenix Centre
	NG17 3FX	  	Nottingham
		  	NG8 6AW
		
		  	Tel: (0115) 979 6300
		  	Fax: (0115) 979 50600
		
		  	www.chesapeakecorp.com

 Dear Rick 
 Re. the
Paperboard Group – Update to your Terms and Conditions of Employment 
 Reference is made to an investment agreement dated on or around the date
hereof among you, the Managers (as defined therein), CEP III Chase SARL, Chase Manco, L.P., CEP III Chase Finance SARL, Chase Midco 1 Limited and Chase Topco Limited (the “Investment Agreement”). Capitalised terms used herein, but
not otherwise defined, shall have the meaning given to them in the Investment Agreement. 
 As you are aware, pursuant to the Share Purchase Agreement, the
Paperboard Group (as defined in the Share Purchase Agreement), comprising: (i) Chesapeake Packaging Asia Limited; (ii) Chesapeake Packaging B.V.; (iii) Chesapeake Packaging GmbH; (iv) Chesapeake UK Holdings Limited; and
(v) Chesapeake US Inc., and each of their subsidiaries, was sold to Chase Bidco Limited. 
 As a condition to closing of the transactions contemplated
by the Investment Agreement, you, as a senior manager employed by a Paperboard Group entity, are required to enter into this amendment letter (the “Employment Contract Amendment Letter”), amending the terms of your existing
employment contract (the “Employment Contract”) with your Paperboard Group employing entity (the “Employer”) as follows: 
  

	 	(i)	In addition to any existing termination provisions in the Employment Contract, the Employer shall be entitled, but not bound, to terminate your employment with your Employer with immediate effect without notice or
payment in lieu of notice if you commit a material breach of: 

  

	 	a.	Clauses 7.2 (Conduct of Business), 8.2 (Provision of Information) or 19.3, 19.5, 19.6, 19.7 and 19.9 (Exit & Refinancing) of the Investment Agreement; or 

 

	 	b.	Articles 52.2 (Share Transfers: General), 

  

	 	c.	the Warranties (as defined in the Investment Agreement), provided that such breach gives rise to a successful claim under the Subscription Letter 

provided that if the breach is capable of remedy, such breach is not remedied to the reasonable satisfaction of the Majority Investors (as
defined in the Investment Agreement) within 10 Business Days of receipt of notice in writing of such breach by you. 

  
 Registered Number:
2586987, England and Wales 
 Registered office: Millennium Way West, Phoenix Centre, Nottingham NG8 6AW 

	 	(ii)	The Employer reserves the right in its absolute discretion to terminate your employment with the Paperboard Group immediately by giving you notice of termination in writing either instead of or at any time after prior
notice of termination is given by either party to the Employment Contract. In these circumstances, subject to any terms of the Employment Contract permitting the Employer to terminate your employment summarily, within 14 days the Employer will make
a payment to you in lieu of the unexpired notice period of an amount equal to basic salary you would have earned and the cost to the Employer of providing your contractual benefits during the unexpired notice period, as reasonably determined by the
Employer. The payments will not include any bonus, commission, share of profits and any other benefits, for example benefits derived from any share incentives, and will be paid less any deductions for tax and social security contributions, anywhere
in the world arising. For the avoidance of doubt, to the extent that your employment with the Paperboard Group is terminated after the end of a bonus year but before the date that a bonus is due to be paid, you will be entitled to a payment in
respect of the bonus accrued, if any, for that prior bonus year, calculated in accordance with and paid at the same time as, bonuses for those other senior managers who remain in employment on the applicable bonus payment date. 

To the extent any term or terms of your Employment Contract conflict with the terms of this letter, the terms of this letter shall prevail. All other terms
and conditions of your employment with the Paperboard Group shall remain the same. 
 For your reference, we attach extracts of the clauses of the
Investment Agreement and Articles referred to above. These are for illustration only and reference must at all times be made to the versions of the Investment Agreement and Articles in force at the applicable time. 

Please sign and return a copy of this letter to confirm you have read and understood it and agree to its terms. 

 

	
	Yours sincerely
	
	/s/ Mike Cheetham
	
	Mike Cheetham
	CEO, Chesapeake
	For and on behalf of the Paperboard Group

  
 Registered Number:
2586987, England and Wales 
 Registered office: Millennium Way West, Phoenix Centre, Nottingham NG8 6AW 

 I, [Name Rick Smith], confirm that I have read and understood the terms of this Employment Contract
Amendment Letter sent to me on [30/9/13] by the Paperboard Group amending certain provisions of my Employment Contract and I agree to its terms. 
  

			
	Signed:	 	/s/ Rick Smith
		 	  

  
 Registered Number:
2586987, England and Wales 
 Registered office: Millennium Way West, Phoenix Centre, Nottingham NG8 6AW 

 Extract from Investment Agreement 

Clause 7.2 
 Each Manager... undertake[s] to the
Investors that he... shall (to the extent that he... (as applicable) is reasonably and legally able to do so) procure that the Company performs its obligations as set out in Schedule 3. 

Clause 8.2 
 Each Manager... undertake[s] to the
Investors that he... shall (to the extent that he... (as applicable) is reasonably and legally able to do so) procure that the Company performs its obligations as set out in Schedule 4. 

Clause 19.3 
 If the Majority Investors propose an Exit,
Asset Sale or a Refinancing, .... the Managers shall take such steps (as a shareholder, director, employee or otherwise), execute such documents, pass such resolutions or otherwise give such cooperation and assistance to implement the Exit, Asset
Sale or Refinancing as is reasonably required by the Majority Investors which, in the case of the Managers, shall include the preparation of an information memorandum, the giving of presentations to potential purchasers, investors, financiers and
their advisers and the provision of assistance in any syndication process or the voting of any shares or giving of any class consents in accordance with the Majority Investors’ reasonable requirements as is necessary or desirable to facilitate
the Exit, Asset Sale or Refinancing. 
 Clause 19.5 

Each of the parties acknowledges and agrees that immediately prior to, but conditional upon, an Exit the share capital of the relevant Group Company shall be
reorganised as may be reasonably determined by the Majority Investors for the purpose of enabling or assisting an Exit to occur (a “Pre-Exit Reorganisation”) provided always that....the economic rights of the A Ordinary Shares
will not be affected without the economic rights of the B Ordinary Shares being proportionately affected and the proceeds that would have been received by the holders of A Ordinary Shares on such Exit but for the Pre-Exit Reorganisation and the
proceeds that will be received by the holders of A Ordinary Shares on such Exit following the Pre-Exit Reorganisation will remain the same in all material respects. 

Clause 19.6 
 The Managers... acknowledge that, in view
of the opportunity afforded to them by the terms of their subscriptions for Shares, Loan Notes, Manco Interests or shares in any Group Company or a New Holding Company that is the subject of the Exit as a result of a Pre-Exit Reorganisation, in the
event of an Exit: 
  

	(a)	they will give such warranties, indemnities and restrictive covenants as are customarily given in the context of such an Exit and which are negotiated between the Managers and the purchaser or sponsor as the case may
be; 

  

	(b)	they will each reveal to the Investors the full details of any agreements, arrangements or understandings pursuant to which they (or any person connected with them) will or may receive any consideration in respect of
the Exit; and 

  

	(c)	in the event such Exit is an IPO, they will agree such reasonable restrictions on the disposal of their Shares (or those held by their Family Trusts) for a reasonable period after the IPO as is recommended by the
sponsor on such IPO, subject to customary limitations. 

 Clause 19.7 

Promptly following an Asset Sale...the Managers shall, at the request of the Majority Investors, take such steps (in so far as each has the power to do so)
as are necessary to achieve a Winding-Up and to distribute the surplus assets of the Group in accordance with the Articles as soon as reasonably practicable following completion of such Asset Sale. 

 Clause 19.9 

.... each of the Managers agree that: 
  

	(a)	they will promptly notify the Majority Investors and the Investor Directors of any serious approach from a third party who is potentially interested in acquiring shares or other securities (including debt securities) in
the Group or acquiring a substantial part of the business or assets of the Group (a “Prospective Buyer”) about which it or they become actually aware; and 

 

	(b)	without the prior consent in writing of the Majority Investors, they will not (and will procure that no other shareholder, director, adviser, agent or employee of the Group does not) directly or indirectly:

  

	 	(i)	enter into or be involved in any negotiation with any Prospective Buyer; or 

  

	 	(ii)	make available any information relating to the Group to any Prospective Buyer. 

  
 2 

 SCHEDULE 3 

CONDUCT OF BUSINESS 
  

	1.	CONDUCT OF BUSINESS 

  

	1.1	Except as otherwise expressly required or permitted under this Agreement or with the prior written consent of the Majority Investors, the Company shall at all times: 

 

	 	(a)	procure that each Group Company properly manages its business, makes no change in the nature of its business, complies with all Laws applicable to it in respect of the conduct of its business, carries on its business
only in the ordinary course, takes all reasonable steps to preserve and protect its assets and goodwill, including its relationships with customers and suppliers and obtains and maintains in full force and effect all licences, consents and
authorisations required for the conduct of the whole or any part of its business and ensure that any expansion, development or evolution of the business of the Group, as carried on today, is effected only through the Group Companies;

  

	 	(b)	procure that each Group Company complies with all Anti-Corruption Laws; 

  

	 	(c)	seek to develop its business in accordance with the Annual Budget; 

  

	 	(d)	insure and keep insured at all times with reputable insurers the insurable assets and undertakings of the Group to the extent, in the amounts and against the risks which its insurance brokers advise that it would be
good practice to keep (such insurance to include cover against any liability of the directors of any Group Companies and their respective alternates in the lawful performance of their respective duties) and procure that the insurances maintained by
the Group are reviewed by the Company’s insurance brokers at least once in each calendar year and that all reasonable recommendations made by such insurance brokers in relation to such insurances are complied with and not do anything or, as far
as practicable suffer anything to be done whereby any such insurance policies shall become void or voidable or an increased premium thereon shall become payable; 

  

	 	(e)	comply with the Disclosure and Transparency Guidelines, to the extent applicable, including vis-à-vis its reporting, communication and disclosure obligations thereunder and as required by the Majority
Investors; 

  

	 	(f)	implement and maintain systems and policies to ensure compliance with, and comply with, any CRC Measures that apply to any Group Company and take all steps required by an Investor (or any of its Affiliate) for them to
comply with their obligations in relation to CRC Measures, on a timely basis including: (i) the payment of all relevant costs for which any member of the Group is liable in relation to CRC Measures; and (ii) the reimbursement of all
relevant costs in relation to the Group’s compliance with CRC Measures for which any of the Investors (or their Affiliates) become liable; 

  

	 	(g)	procure that each Group Company complies with its obligations under this Agreement, the Share Purchase Agreement, the Loan Note Instrument, its constitutional documents and the Finance Documents and, at the request of
an Investor Director, enforces all of its rights thereunder and shall not, without the consent of the Majority Investors, release, compound or compromise any liability to any Group Company by any party thereto or give time or indulgence to any such
party and shall not apply for any waiver or consent thereunder or make any amendment thereunder which may reasonably be considered to be prejudicial to the interests of the Investors; 

 

	 	(h)	take such action as is necessary under the terms of the Finance Documents to enable all payments due to be paid under the terms of the Articles and the Loan Notes to be paid when due (or as soon thereafter as the terms
of the Finance Documents permit); 

  

	 	(i)	maintain effective and appropriate control systems in relation to the financial, accounting, tax and record keeping functions of the Group and conduct such internal audits into its operations and management as the Board
directs, to be led by an internal controller in conjunction with the Company’s auditors at the time; 

  
 3 

	 	(j)	take reasonable steps to protect any Confidential Information; and 

  

	 	(k)	procure that each Group Company shall enforce to the fullest extent practicable the obligations of its employees, directors, officers, consultants and exclusive contractors under their respective employment contracts,
service agreements, agreements for the provision of services and consultancy agreements insofar as those obligations: 

  

	 	(i)	apply following termination of the employment, consultancy or contractorship; 

  

	 	(ii)	relate to the disclosure of confidential information; 

  

	 	(iii)	relate to the disclosure of or the ownership of Intellectual Property or the procedures for vesting and/or perfecting such ownership or rights to Intellectual Property in the relevant Group Company; or

  

	 	(iv)	relate to any interest such employee, consultant or exclusive contractor may have in any business, company, partnership or other undertaking or in any contract or other arrangement which is or may be or become harmful
to any Group Company. 

  

	2.	RESERVED MATTERS 

  

	2.1	Except as otherwise expressly required or permitted under this Agreement or with the prior written consent of the Majority Investors, the Company shall at all times procure that no Group Company: 

Constitutional Arrangements 
  

	 	(a)	other than as permitted under this Agreement, creates, allots, issues, redeems or repurchases any share, loan capital or other security or grants any options over, or any other right in respect of, any share, loan
capital or other security; 

  

	 	(b)	makes any alteration to its constitutional documents; 

  

	 	(c)	makes any change to its name; 

  

	 	(d)	takes any steps to: 

  

	 	(i)	wind itself up; 

  

	 	(ii)	obtain an administration order in respect; 

  

	 	(iii)	invite any person to appoint a receiver or receiver and manager of the whole or any party of its business; 

  

	 	(iv)	make a proposal for a voluntary arrangement under section 1 of the Insolvency Act 1986; 

  

	 	(v)	obtain a compromise or arrangement under Part 26 of the Companies Act 2006; or 

  

	 	(vi)	do anything similar or analogous to those things in paragraphs (A) to (E) above, in any other jurisdiction; 

  

	 	(e)	makes any material changes to the accounting procedures or principles by reference to which its accounts are prepared or the basis of their application or its accounting reference date (save as may be necessary to
comply with changes in statements of standard accounting practice); 

  

	 	(f)	changes its auditors unless they shall at their own insistence resign or not seek re appointment (in which event no new appointment shall be made without the written consent of the Majority Investors);

  
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 Distributions 
  

	 	(g)	(other than as required by the Articles in respect of the Shares) declares, makes or pays a dividend or other distribution (whether in cash, stock or in kind) or makes any reduction of its paid-up share capital;

 Encumbrances 
  

	 	(h)	creates, grants, issues or varies any Encumbrance over its shares, assets or undertaking (otherwise than in the ordinary course of business and in accordance with the Finance Documents or any document to be entered into
pursuant to the Finance Documents or any security created pursuant to them); 

 Transaction Documents 

 

	 	(i)	amends, takes any action under, or waives any right or claim under this Agreement, the Articles, the Loan Note Instrument, the Share Purchase Agreement or any agreement or arrangement entered into in connection
therewith; 

  

	 	(j)	takes any action or makes any omission which is inconsistent with the provisions of this Agreement; 

On-going Operations 
  

	 	(k)	enters into any transaction of any nature other than on arm’s length terms; 

  

	 	(l)	makes any material alteration to the nature of its business; 

  

	 	(m)	makes any explanation of non-compliance with the requirements of the Disclosure and Transparency Guidelines; 

  

	 	(n)	makes any change to the Annual Budget; 

  

	 	(o)	fail to settle in accordance with the payment procedures and timescales normally observed by the Group any debts incurred in the normal course of trading; 

 

	 	(p)	enters into any discussions or negotiations with potential purchaser of the Group or any material part thereof; 

  

	 	(q)	enters into any lease, lease hire or hire purchase agreement or agreement for payment on deferred terms having an annual value exceeding £250,000; 

 

	 	(r)	implements any new risk management, health and safety or environmental policy; 

  

	 	(s)	factors any of its book debts or enters into any invoice discounting or similar arrangements; 

  

	 	(t)	makes any political donations; 

  

	 	(u)	makes charitable donations in excess of £75,000 in aggregate per annum; 

 Material
Contracts 
  

	 	(v)	enters into, makes any material modification to or terminates any contract which either: (i) is incapable of being performed in accordance with its terms within 3 years and has an annual net impact on the EBITDA of
the Group of £2.0 million or more; or (ii) results in, or is reasonably likely to result in, revenues of, or expenditure by, the Group in excess of £10.0 million per annum; 

 

	 	(w)	enters into any agreement which: 

  

	 	(i)	restricts its freedom to do business, otherwise than in the ordinary course of business of the Group as carried on in the twelve months prior to Completion; or 

 

	 	(ii)	restricts its freedom to do business in a material respect; 

  
 5 

 Capital Expenditure 

 

	 	(x)	incurs any capital expenditure in excess of £500,000 on any individual project unless (and to the extent that) such capital expenditure has been forecast in the Annual Budget in respect of the applicable Financial
Year; 

 Borrowing 
  

	 	(y)	borrows any money (other than pursuant to, or as permitted by, the Finance Documents) or enters into any foreign exchange contracts, interest rate swaps or other derivative instruments; 

 

	 	(z)	grants or modifies the terms of any loans or other financial facilities (except to Employees in amounts not exceeding £2,000 per Employee, or in the normal course of trading, or to a wholly-owned subsidiary
for use in the normal course of trading) or any guarantees or indemnities for the benefit of any person; 

 Acquisitions,
Disposals and Joint Ventures 
  

	 	(aa)	enters into any agreement or arrangement or permits any action whereby another company becomes its subsidiary undertaking where the enterprise value of such subsidiary is greater than £500,000 or where a current
Group Company ceases to be a Group Company; 

  

	 	(bb)	enters into any joint venture, partnership or agreement or arrangement for the sharing of profits or assets; 

  

	 	(cc)	acquires (whether by one transaction of by a series of transactions) the whole, or a substantial or material part of the business, undertaking or assets of any other person where the value of such acquisition is in
excess of £500,000; 

  

	 	(dd)	disposes of (whether by one transaction or by a series of transactions) the whole or any substantial or material part of its business, undertaking or any other of its assets where the value of such disposal is in excess
of £500,000; 

 Insurance 
  

	 	(ee)	materially modifies the terms of any insurance policies of the Group; 

 Exit 

 

	 	(ff)	appoints any advisers on an Asset Sale, Exit or Refinancing or on any other matter material to the Group as a whole; 

Litigation 
  

	 	(gg)	institutes, engages in or settles any material legal proceedings (except in respect of debt collection in the ordinary course of business); 

Officers and Employees 
  

	 	(hh)	appoints or removes from the board of any Group Company or terminates the employment of: (A) any director, officer or company secretary; or (B) any Employee: (x) whose aggregate annual salary and
emoluments (including bonus) is in excess of £100,000; or (y) who is a Manager; 

  

	 	(ii)	enters into, terminates or varies any contract or arrangement between any member of the Group and a Manager (or a connected person of a Manager) or in which the Manager is otherwise interested; 

  
 6 

	 	(jj)	enters into any material correspondence or discussions with the trustees of any pension scheme of any Group Company or enters into any correspondence or discussions with the Pensions Regulator; 

 

	 	(kk)	makes any material changes (other than those required by Law) to the terms and conditions of employment (including the provision of any contractual or non-contractual benefits) of directors, officers or employees
(including granting any new options or other entitlements under existing schemes or benefits); 

  

	 	(ll)	makes any amendment, other than solely to comply with legislative requirements, to any agreements or arrangements for the payment of pensions or other benefits on retirement to present or former directors, officers or
employees of any of the Group Companies or any of their dependants; or 

 Agreement 

 

	 	(mm)	enters into any agreement or arrangement (whether in writing or otherwise) to do any of the foregoing or allow or permit any of the foregoing. 

  
 7 

 SCHEDULE 4 

INFORMATION OBLIGATIONS 
  

	1.	FINANCIAL INFORMATION 

  

	1.1	The Company undertakes to the Investors that it will prepare and deliver to each of the Investors, at the Company’s cost: 

  

	 	(a)	not later than 20 Business Days before the beginning of each Financial Year, a detailed draft operating budget of the Group in respect of such Financial Year (including a cash flow and capital expenditure forecast for
the Group in respect of such Financial Year broken down by month and a specific list of transactions proposed in such Financial Year for which the consent of the Majority Investors is required) in the form reasonably required by the Investors, and
once the Investors have been consulted as to form and content and the written consent of the Majority Investors has been given such budget shall be adopted as the annual budget (the “Annual Budget”); 

 

	 	(b)	within four months after the commencement of any Financial Year and within one month of the end of each three month period thereafter, an updated Annual Budget for the remainder of such Financial Year (which shall not
constitute the Annual Budget unless and until the written consent of the Majority Investors is given) and a comparison against the original Annual Budget; 

  

	 	(c)	within 10 Business Days of the end of and in respect of each month, consolidated monthly management accounts of the Group in the form reasonably required by the Majority Investors including a profit and loss account or
equivalent financial statement required to be prepared by International Accounting Standards and a balance sheet, cash flow statement and forecast in each case with a comparison against the Annual Budget together with a report by the managing
director of the Group on the trading and prospects of the Group; and 

  

	 	(d)	promptly upon the same becoming available and in any event not later than four months after the end of each Financial Year, the audited (consolidated, where appropriate) financial statements for such Financial Year in
relation to the Group and the audited financial statements for such Financial Year in relation to each Group Company, including in each case all additional information and related notes and the directors’ report and auditor’s report.

  

	2.	OTHER INFORMATION 

  

	2.1	The Company undertakes to the Investors that it will: 

  

	 	(a)	keep the Investor Directors and the Investor promptly informed as soon as reasonably practicable of all material matters relating to the business of the Group to such extent and in such form as the Investor Directors
and the Majority Investors may from time to time reasonably require; 

  

	 	(b)	procure that the Investors are given such information and such access to the officers, employees and premises of the Group as the Majority Investors may reasonably require; 

 

	 	(c)	deliver to the Investors information regarding any offer or approach (formal or informal) which might lead to any sale or disposal of any Shares or of any part of the business or assets of the Group (otherwise than in
the ordinary and normal course of trading) as soon as reasonably practicable upon the Company or any member of the Board becoming actually aware of it; 

  

	 	(d)	deliver to each Investor a copy of the draft minutes of each meeting of the Board or of a committee of the Board, as soon as reasonably practicable following, and in any event, no later than the earlier of the same time
the minutes are made available to the relevant directors of the board(s) and the Business Day before the next meeting of the relevant board or committee; or within two weeks of such meeting; 

  
 8 

	 	(e)	as soon as practicable upon any Group Company or any member of the Board becoming aware of them, deliver to the Investors written details of any circumstances which will or might be reasonably likely to:

  

	 	(i)	cause any actual or prospective material adverse change in the financial position, prospects, assets or business of the Group; or 

  

	 	(ii)	adversely affect any Group Company’s ability to perform its obligations under this Agreement, the Finance Documents or enforceability of any security thereunder, or its obligations under any material contract to
which it is a party; 

  

	 	(f)	deliver to the Investors written notification as soon as practicable and in any event within 24 hours if it becomes aware of any violation by any Group Company of any Law, statute, regulation or ordinance of any
government entity, applicable to any Group Company which could in any respect materially and adversely affect the business or reputation of the Group or of any Investor; 

 

	 	(g)	deliver to the Investors written details of any litigation, arbitration or administrative proceedings or claim which might by itself, or together with any other proceedings or claim, either have a material adverse
effect on the financial condition of the Group (or affect adversely its ability to perform its obligations under this Agreement) as soon as the proceedings or claim is issued or threatened in writing; and 

 

	 	(h)	deliver to the Investors as soon as practicable following publication any reports or studies commissioned by or on behalf of any Group Company and any interim drafts obtained by any Group Company in connection with the
same. 

  
 9 

 Extract from Articles 

Article 52.2 
 No share or shares may be transferred to any
person at any time, except: 
  

	(a)	as permitted....with the prior written consent of an Investor Director; 

  

	(b)	as required pursuant to Article 54 [(compulsory transfers]); 

  

	(c)	where such transfer...is required pursuant to a Drag Along Notice; 

  

	(d)	where such transfer is made pursuant to the acceptance of an offer made in accordance with Article 56.1 [(Tag along right)]. 

  
 10

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