Document:

Exhibit 4.2

SHAREHOLDERS’
AGREEMENT

This SHAREHOLDERS’
AGREEMENT, dated as of 18 August, 2006 by and between (1) National Bank of
Greece S.A., a société anonyme
organized under the laws of the Republic of Greece (the “Purchaser”) and, (2) Fiba Holding A.S (“Fiba Holding”),
Girisim Factoring A.S and Fiba Factoring Hizmetleri A.S, each a joint stock
company organized under the laws of the Republic of Turkey (Fiba Holding,
Girisim Factoring A.S. and Fiba Factoring Hizmetleri A.S., are collectively
referred to as the “Fiba
Shareholders”);

WITNESSETH THAT:

WHEREAS, pursuant to the Share Purchase Agreement (as
defined below), the Purchaser agreed to acquire (the “Acquisition”) from the Sellers (as defined below) the
Purchaser Shares (as defined below) representing 46% of the ordinary share
capital and all of the Founders’ Shares (as defined below) of Finansbank A.S.,
a listed joint stock corporation organized under the laws of the Republic of
Turkey (the “Company”), on the
terms and conditions stated therein;

WHEREAS, Fiba Shareholders, following the Acquisition,
continue to hold the Fiba Shares (as defined below) representing 9.68% of the
ordinary share capital of the Company; and

WHEREAS, the Purchaser and Fiba Shareholders wish to
set forth the terms and conditions for their cooperation as shareholders in the
Company, including the terms governing the composition of the Board of
Directors (as defined below) and certain other rights and obligations to each
other.

NOW, THEREFORE, for good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties (as defined below), intending to be bound hereby,
agree as follows:

ARTICLE I

DEFINITIONS

1.01     Definitions.—In this Agreement, each of the following terms
shall have the meaning set forth below:

“Affiliate” :
shall mean, with respect to any Person, an individual, corporation,
partnership, firm, association, unincorporated organization or other entity
directly or indirectly controlling, controlled by or under common control with
such Person. For the purposes of this Agreement, Mr Hűsnű Őzyeğin and any Affilitate of Mr Hűsnű Őzyeğin shall be an Affiliate of the
Sellers. For the purposes of this definition, “control”
shall mean having or being subject to a Controlling Interest.

“Agreement” :
shall mean this Shareholders’ Agreement, as amended, supplemented, restated or
otherwise modified from time to time.

“Articles” :
shall mean the articles of association of the Company in effect from time to
time.

“Board of Directors”
: shall mean the board of Directors of the Company.

“Business Day” :
shall mean any calendar day other than a Saturday, Sunday or any other day on
which credit institutions are authorized to close in Athens (Greece) and/or
Istanbul (Turkey).

“Change of Control”
: shall mean, with respect to the Purchaser, that the shares or other ownership
interests of the Purchaser shall have been directly or indirectly transferred
(either in one transaction or on a cumulative basis) and, after giving effect
to such transfer, the direct or indirect ownership of 50% or more of the shares
or other ownership interests of the Purchaser 
belongs to a Person (alone or together 

 1
 

with its Affiliates) other
than the shareholders who directly or indirectly owned such shares or other
ownership interests at the date of this Agreement.

“Closing Date” :
shall have the meaning given to such term in the Share Purchase Agreement.

“CMB” : shall
mean the Capital Markets Board (“Sermaye Piyasasi Kurulu”) of the Republic of
Turkey.

“Company” :
shall have the meaning ascribed to such term in the recitals.

“Directors” :
shall mean the directors of the Company from time to time.

“Fiba Shares” :
shall mean the Ordinary Shares owned by Fiba Shareholders as at the date of
this Agreement (and following the transfer of the Purchaser Shares pursuant to
the Acquisition), as may be reduced from time to time following the transfer of
such Fiba Shares by the Fiba Shareholders pursuant to and in accordance with
this Agreement or, after Closing, under the Share Purchase Agreement.

“Fiba Shares Offer Price”
: shall have the meaning ascribed to such term in Section 2.03(A).

“Fiba Shareholders”
: shall have the meaning ascribed to such term in the preamble to this
Agreement (and, following the Closing Date, shall include their Affiliates to
the extent any such Affiliate becomes a holder of Fiba Shares pursuant to the
terms of this Agreement).

“Final Ordinary Share
Consideration” shall have the meaning given to such term in the
Share Purchase Agreement.

“Finansbank Shares”
: shall mean the Fiba Shares and the Purchaser Shares collectively.

“Founders’ Shares”
: shall have the meaning given in the Share Purchase Agreement.

“IFRS” : shall
mean International Financial Reporting Standards as promulgated by the
International Accounting Standards Board and as in force at the date to which
the relevant financial statements are prepared.

“International Subsidiaries”
: shall have the meaning ascribed to such term in the Share Purchase Agreement.

“Lien” and “Liens” : shall mean any mortgage, pledge, option, security
interest, usufruct right, easement, conditional sale or other title retention
agreement, attachment (whether preliminary, ordinary or an execution of a
judgment), lien, charge of any kind, including any agreement to exercise voting
rights, any agreement or derivatives transaction to give effect to any of the
foregoing or other similar restriction or third-party rights, as the context
may require.

“No Action Event”
: shall have the meaning ascribed to such term in Section 2.03(A) or Section 2.03(B),
as the context requires.

“Offered Fiba Shares”
: shall have the meaning ascribed to such term in Section 2.03(A).

“Offered Purchaser Shares”
: shall have the meaning ascribed to such term in Section 2.03(B).

“Offer Notice” :
shall have the meaning ascribed to such term in Section 2.03(A).

“Ordinary Shares”
: shall mean the issued and outstanding ordinary shares in the capital of the
Company from time to time.

“Party” : shall
mean Fiba Shareholders, or the Purchaser Shareholders, individually, and “Parties” shall mean Fiba Shareholders and the Purchaser
Shareholders collectively.

“Person” : shall
mean an individual, partnership, joint venture, company, trust, unincorporated
organization, government or other entity.

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“Purchase Price”
: shall have the meaning given in the Share Purchase Agreement.

“Purchaser” :
shall have the meaning assigned to such term in the preamble to this Agreement
(including its Affiliates to the extent any such Affiliate becomes a
Shareholder pursuant to the terms of this Agreement).

“Purchaser Shareholders”
: means the Purchaser and any of its Affiliates to the extent any such
Affiliate becomes a Shareholder pursuant to the terms of this Agreement.

“Purchaser Shares”
: shall mean the Ordinary Shares owned by the Purchaser and any of its
Affiliates pursuant to the Share Purchase Agreement and/or this Agreement.

“Purchaser Shares Offer
Price” : shall have the meaning ascribed to such term in Section 2.03(B).

“Put/Call Option Price”
: shall have the meaning given in Section 2.06.

“Sale” : shall
have the meaning ascribed to such term in Section 2.01.

“Sellers” :
shall mean Fiba Holding, Fina Holding A.S., Girisim Factoring A.S. and Fiba
Factoring Hizmetleri A.S.

“Shareholders” :
shall mean the owners of the Fiba Shares and the Purchaser Shares from time to
time.

“Share Purchase Agreement”
: shall mean the share purchase agreement between the Purchaser and the
Sellers, dated 3 April, 2006.

“SPA Price per Ordinary
Share” : shall mean the amount in USD which results from dividing
the Final Ordinary Share Consideration by the number of Ordinary Shares
purchased by the Purchaser under the Share Purchase Agreement at Closing.

“Tag/Drag Along Agreement”
shall mean the agreement to be entered into between the Fiba Shareholders and
the Purchaser on the date of this Agreement in the form of Exhibit I to
this Agreement.

“Tender Offer” :
shall have the meaning ascribed to such term in the Share Purchase Agreement.

“USD” : shall
mean the lawful currency of the United States of America.

Unless otherwise
expressly provided herein, terms used in this Agreement shall have the meanings
ascribed to them in, and shall be interpreted in accordance with the provisions
of, the Share Purchase Agreement.

1.02.    Principles of Construction.—(i) References to sections
and articles are to Sections and Articles in this Agreement unless otherwise
specified. The words “hereof”, “herein” and “hereunder” and words of similar
impact when used in this Agreement shall refer to this Agreement as a whole and
not to any particular provisions of this Agreement.

(ii)       Any
notices required to be sent by, or to, any Fiba Shareholders pursuant to the
terms of this Agreement including the notices sent in pursuit of certain
consents under Section 2.02 or relating to the exercise of certain rights
under Sections 2.03 and 2.04 shall be deemed to have been duly sent or received
by all Fiba Shareholders, if sent or received solely by Fiba Holding.

(iii)      Fiba
Holding is hereby authorised by all the other Fiba Shareholders to act on their
behalf with full capacity and authority in exercising all rights expressed to
be exercisable by any Fiba Shareholder under this Agreement.

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ARTICLE II

SHARE TRANSFERS

2.01.    Restrictions on Share Transfers.—(a) Finansbank Shares
may only be transferred in accordance with the provisions of this Agreement or
the Share Purchase Agreement (in each case as well as complying, where
applicable, with the Articles) (any such transaction being referred to as the “Sale”
and the words “Sell”, “Sold” and “Selling” shall have similar meaning as the
context requires).

(b)        Except
for a transfer (i) permitted by Section 2.02, or (ii) under the
caption “Purchaser’s  Call Option” in Section 2.03(A),
or (iii) under the captions “Fiba Shareholders’ Tag-Along Right, “Purchaser
Shareholders’ Drag-Along Right” or “Fiba Shareholders’ Put Option in Section 2.03(B) or
(iv) under Section 3.03, no Fiba Shareholder shall for a period of
four (4) years from the Closing Date, transfer any Fiba Shares to any
person.

(c)        No
Fiba Shareholder shall, otherwise than in accordance with this Agreement, at
any time;

(i)         transfer
any Fiba Shares;

(ii)       grant,
declare, create or dispose of any right or interest in any Fiba Shares; or

(iii)      create
or permit to exist any Lien or other encumbrance over any Fiba Shares.

2.02.    Conditional Share Transfers.—Any Sale of Fiba Shares between
any Fiba Shareholder and any of its Affiliates, or any Sale of the Purchaser
Shares between the Purchaser and any of its Affiliates, may be made provided
such Affiliate has first agreed in writing to become a Party to this Agreement.
An Affiliate having become a Shareholder shall have all rights and assume all
obligations expressed in this Agreement as belonging to the Party from whom it
purchased any Finansbank Shares provided that the Party Selling such Finansbank
Shares shall continue to be jointly and severally liable with such Affiliate in
respect of the punctual and exact performance by the latter of all obligations
arising from this Agreement. Any Sale pursuant to this Section 2.02 shall
not be subject to the provisions of Section 2.03.

2.03     (A). Right of First Offer of the Purchaser Shareholders.—If,
following the fourth anniversary of the Closing Date, any Fiba Shareholder
wishes to Sell any part of the Fiba Shares it then owns, it undertakes to
provide a right of first offer to the Purchaser (acting on its own behalf and
on behalf of the other Purchaser Shareholders). Such Fiba Shareholder shall
provide the Purchaser with a written notice (the “Offer Notice”) of such intended Sale stating the number of
the Fiba Shares to be Sold (the “Offered
Fiba Shares”), the price per Fiba Share (the “Fiba Shares Offer Price”) (including such written records as
are reasonably necessary to evidence such Offer Price), the identity of the proposed
transferee, and the other terms of the intended Sale. Within 15 Business Days
of receipt of the Offer Notice, the Purchaser shall inform such Fiba
Shareholder in writing if it or any of its Affiliates wishes to exercise the
right of first offer to buy all of the Offered Fiba Shares (but not less than
all) (the “Acceptance Notice”)
on the terms and conditions as stated in the Offer Notice. Upon receipt of the
Acceptance Notice, such Fiba Shareholder shall Sell all of the Offered Fiba
Shares to the Purchaser or its Affiliate (as applicable) on the terms stated in
the Offer Notice. If the Purchaser fails to respond to the Offer Notice within
this period or informs such Fiba Shareholder that it elects not to exercise its
right of first offer with respect to the Offered Fiba Shares (such event being
referred to as a “No Action Event”),
then within forty five (45) days after the date of the Offer Notice, such Fiba
Shareholder will be permitted to Sell all (but not less than all) of the
Offered Fiba Shares to the proposed transferee identified in the Offer Notice
at any consideration not less than the Fiba Shares Offer Price and on other
terms not more favourable than those specified in the Offer Notice. Save as
otherwise agreed in writing between the Parties, all Sales pursuant to this Section 2.03
(A) must be completed within forty five (45) days of the date of the Offer
Notice, this period only being subject to extension by agreement of the Parties
(acting reasonably) to the extent necessary to obtain required governmental and
regulatory approvals and if the proposed Sale has been otherwise 

 4
 

unconditionally agreed
prior to the end of such forty five (45) day period. For the avoidance of
doubt, no transfer under this provision of Section 2.03(A) shall take
place unless any required governmental or regulatory approval has been
obtained.

Purchaser’s Call Option.—Without  prejudice to the drag along right of the Purchaser
Shareholders pursuant to Section 2.03(B), at any time following:

(i)         the
consummation of the Tender Offer and for a period of one (1) month
thereafter; and/or

(ii)       the
second anniversary of the Closing and for a period of two (2) years
thereafter,

the Purchaser shall have the right and the option, but
not the obligation (the “Call Option”),
by delivery of a call notice (the “Call Notice”)
to require the Fiba Shareholders to Sell (and, upon the exercise by the
Purchaser of such right, the Fiba Shareholders shall be obligated to Sell to
the Purchaser):

(a)        in
respect of the period referred to in (i) above, Fiba Shares up to the
difference between 50% plus one Ordinary Share of the Ordinary Shares and the
total Ordinary Shares then owned by the Purchaser, at the purchase price per
Fiba Share equal to the SPA Price per Ordinary Share; and

(b)        in
respect of the period referred to in (ii) above, Fiba Shares which
constitute a minimum of 3% of the outstanding ordinary share capital at the
relevant time, at the Put/Call Option Price (the Call Option in this paragraph (b) being,
for the avoidance of doubt, exercisable on one or more occasion).

If the Purchaser
exercises its Call Option pursuant to Paragraph (b) above of this Section 2.03(A),
the costs and expenses of calculating the Put/Call Option Price shall be borne
by the Purchaser.

2.03     (B) Right of First Offer of Fiba Shareholders.—In the event that
any Purchaser Shareholder wishes to Sell any part of the Purchaser Shares it
then owns, it undertakes to provide a right of first offer to Fiba Holding
(acting on its own behalf and on behalf of the other Fiba Shareholders) by
delivering to Fiba Holding an Offer Notice (as defined in Section 2.03
(A)) of such intended Sale stating the number of the Purchaser Shares to be
Sold (the “Offered Purchaser Shares”),
the price per Purchaser Share (the “Purchaser
Shares Offer Price”) (including such written records as are
reasonably necessary to evidence such Purchaser Shares Offer Price), the
identity of the proposed transferee, and the other terms of the intended Sale. Within
15 Business Days of receipt of the Offer Notice, Fiba Holding shall have the
right to inform the Purchaser in writing by way of sending an Acceptance Notice
if it or any of its Affiliates wishes to exercise the right of first offer to
buy all of the Offered Purchaser Shares (but not less than all) on the terms
and conditions as stated in the Offer Notice. Upon receipt of the Acceptance
Notice, the Purchaser shall Sell all of the Offered Purchaser Shares to Fiba
Holding or its Affiliate (as applicable). If Fiba Holding fails to respond to
the Purchaser within this period or informs the Purchaser that it elects not to
exercise its right of first offer with respect to the Offered Purchaser Shares
(such event being referred to as a “No
Action Event”), then within forty five (45) days after the date of
the Offer Notice, such Purchaser Shareholder will be permitted to Sell all (but
not less than all) of the Offered Purchaser Shares to the proposed transferee
identified in the Offer Notice at any consideration not less than the Purchaser
Shares Offer Price and on other terms not more favourable than those specified
in the Offer Notice. Save as otherwise agreed in writing between the Parties,
all Sales pursuant to this Section 2.03 (B) must be completed within
forty five (45) days of the date of the Offer Notice, this period only being
subject to extension by agreement of the Parties (acting reasonably) to the
extent necessary to obtain required governmental and regulatory approvals and
if the Sale has been otherwise unconditionally agreed prior to the end of such
forty five (45) day period. For the avoidance of doubt, no transfer under this
provision of Section 2.03(B) shall take place unless any required
governmental or regulatory approval has been obtained.

 5

Fiba
Shareholders’ Tag-Along Right.—If  at any time an Offer Notice is served by any Purchaser
Shareholder on Fiba Holding pursuant to this Section 2.03 (B) and a
No Action Event occurs thereupon, Fiba Shareholders shall be entitled to Sell
to any Person designated by the Purchaser (in which case the Purchaser shall be
obligated to procure the purchase by such Person so designated) such proportion
of the number of Fiba Shares they then own which is equal to the proportion
that the number of Purchaser Shares subject to the Offer Notice is to the
number of Purchaser Shares then held by the Purchaser Shareholders, at the
Purchaser Shares Offer Price and on the terms and conditions stated in the
relevant Offer Notice. The Purchaser shall have the right but not the
obligation to purchase such Fiba Shares on the same terms and conditions in
lieu of procuring the purchase by its designee. The tag-along right of Fiba
Shareholders shall be exercisable in the manner and upon the terms stated in
the Tag/Drag-Along Agreement.

Purchaser
Shareholders’ Drag-Along Right.—If  at any time an Offer Notice is served by any Purchaser
Shareholder on Fiba Holding pursuant to this Section 2.03(B) and a No
Action Event occurs thereupon, the Purchaser shall be entitled to require, on
behalf of itself and the Purchaser Shareholders, the Sale by the Fiba
Shareholders to the transferee identified in the Offer Notice (in which case
the Fiba Shareholders shall be obligated to Sell to the proposed transferee)
such proportion of the number of Fiba Shares they then own which is equal to
the proportion that the number of Purchaser Shares subject to the Offer Notice
is to the number of Purchaser Shares then held by the Purchaser Shareholders,
at the Purchaser Shares Offer Price and on the terms and conditions stated in
the relevant Offer Notice. The Purchaser shall have the right but not the
obligation to purchase such Fiba Shares on the same terms and conditions in
lieu of procuring the purchase by its designee. The drag-along right of
Purchaser Shareholders shall be exercisable in the manner and upon the terms
stated in the Tag/Drag-Along Agreement.

Fiba
Shareholders’ Put Option.—Without  prejudice to the tag along right of the Fiba Shareholders
stipulated in this Section 2.03 (B), at any time following the second
anniversary of the Closing Date and for a period of two (2) years
thereafter, Fiba Shareholders shall have the right and the option, but not the
obligation (the “Put Option”), by
delivery of a put notice (the “Put
Notice”) on one or more occasions to require the Purchaser to
purchase (and, upon the exercise by Fiba Shareholders of such right, the
Purchaser shall be obligated to purchase from Fiba Shareholders) Fiba Shares
which, on each such occasion, constitute a minimum of 3% of the outstanding
ordinary share capital at the relevant time, at the Put/Call Option Price. If
the Fiba Shareholders exercise their Put Option pursuant to this
Section 2.03(B), the costs and expenses of calculating the Put/Call Option
Price shall be borne by the Sellers.

2.04.    Public or Private Placements.—If (i) any Purchaser
Shareholder or (ii) following the fourth anniversary of the Closing Date,
any Fiba Shareholder wishes to Sell any or part of the Shares it then owns in a
public or private placement, it shall comply with the provisions of Sections
2.03(A) or 2.03(B), as applicable, save that the Offer Price for the
purposes of the Offer Notice shall be the volume weighted average price of the
shares of the Company traded on the Istanbul Stock Exchange in the thirty (30)
Business Days ending on the last Business Day prior to the date of the Offer
Notice. If, in accordance with Sections 2.03(A) or 2.03(B), a No Action
Event occurs in relation to any Offered Purchaser Shares or Offered Fiba
Shares, then, notwithstanding anything to the contrary in Sections 2.03(A) and
2.03(B), such Party shall be free to sell all or part of the Offered Shares in
a public or private placement within 10 days of the No Action Event for any
consideration (whether higher or lower than the Purchaser Shares Offer Price or
the Fiba Shares Offer Price, as the case may be) and on any terms (whether or
not more favorable to the Purchaser or the Fiba Shareholders, as the case may
be, than those set out in the Offer Notice) provided such sale is on a bona
fide best-execution basis and is lead managed by at least one reputable
international investment bank.

 6
 

2.05     Transfer Terms.—Any
Ordinary Shares to be transferred pursuant to this Agreement shall be
transferred on and subject to the following terms:

(a)        the
Ordinary Shares will be sold free from all Liens and other encumbrances,
together with all rights of any nature attaching to them including all rights
to any dividends or other distributions declared, paid or made after the date
of the relevant Offer Notice;

(b)        the
relevant seller (the “Transferor”)
shall deliver to the relevant buyer (the “Transferee”)
duly executed transfer(s) in favour of the Transferee or as it may direct,
together with, if appropriate, share certificate(s) for the Ordinary Shares
being transferred and a certified copy of any authority under which such
transfer(s) is/are executed;

(c)        against
delivery of the transfer(s), the Transferee shall pay the consideration for the
Ordinary Shares to the Transferor in cleared funds for value on the completion
date;

(d)        the
parties shall ensure (insofar as they are able) that the relevant transfer or
transfers (subject to their being duly stamped, stamp duty to be paid by the
Transferee) are registered in the name of the Transferee or as it may direct;

(e)        the
Transferor shall do all such other things and execute all other documents
(including any deed) as the Transferee may reasonably request to give effect to
the sale and purchase of the Ordinary Shares being transferred, and

(f)         for
the avoidance of doubt, no such transfer shall take place unless any required
governmental or regulatory approval has been obtained, and the parties shall
each use reasonable endeavours to obtain such approvals.

2.06     Put/Call Option Price—(a)    
For the purpose of this Agreement:

“Dividend Adjusted
Equity”  means, in relation to any date, the amount
in YTL equal to the shareholders’ equity, on a consolidated basis, of the
Company and its subsidiaries as at that date (as shown in the consolidated IFRS
financial statements of the Company and its subsidiaries as at that date), minus the amount in YTL equal to the element of that
shareholders’ equity which is attributable to minority interests as at that
date (as shown in the consolidated IFRS financial statements of the Company and
its subsidiaries as at that date), plus an amount
in YTL equal to the aggregate gross amount of dividends paid in cash by the
Company to holders of Ordinary Shares at any time from but excluding the
Closing Date up to and including that date.

 7
 

“RoAE” means the
amount which is the product of the following calculation:

[Graphic
to Come]

Where:

	
  a

  	
   

  	
  =

  	
   

  	
  the total number of fiscal quarters of the Company
  falling within the RoAE Period;

  
	
  Total
  Net Profit

  	
   

  	
  =

  	
   

  	
  the amount in YTL equal to the aggregate of the
  Quarterly Net Profit as calculated for each of the fiscal quarters in the
  RoAE Period; the “Quarterly
  Net Profit” in respect of a fiscal quarter shall be the amount
  in YTL which is equal to the consolidated net profit of the Company and its
  subsidiaries for that fiscal quarter (as shown in the applicable consolidated
  IFRS financial statements of the Company and its subsidiaries), minus  the amount in YTL equal to the element of
  that consolidated net profit which is attributable to minority interests as
  at that date (as shown in the applicable consolidated IFRS financial
  statements of the Company and its subsidiaries as at that date), plus or minus the amount of any adjustment required to be
  made to give effect to paragraph (c) below (to the extent applicable)
  (for the avoidance of doubt, any Quarterly Net Profit shall be calculated
  excluding any gain which arises as a result of any transfer or other step
  which takes place at Closing);

  
	
  Average
  Equity

  	
   

  	
   

  	
   

  	
  the amount in YTL equal
  to the arithmetical average of the Dividend Adjusted Equity (in each case, plus or minus the amount of any adjustment required to be
  made to give effect to paragraph (c) below, to the extent applicable) at
  the opening of the RoAE Period (for the avoidance of doubt, reflecting the
  fact that Closing has occurred) and at the end of each of the fiscal quarters
  in the RoAE Period,

  

 

“Multiple” means: 3.5 if the RoAE is 25 or higher; or 3 if
the RoAE is less than 25 but higher than or equal to 23; or 2.5 if the RoAE is
less than 23.

“Option Notice” means any Put Notice, Change of Control Put
Notice or relevant Call Notice served pursuant to Section 2.03.

“Put/Call Auditors”  means the statutory auditors of the Company
as at the date the Option Notice is served;

 8
 

“Put/Call Option Price” means the USD Equivalent (as
determined as at the date on which the relevant Option Notice is served) of the
sum resulting from the following calculation:

[Graphic to Come]

Where:

	
  v

  	
   

  	
  =

  	
   

  	
  the amount equal to the aggregate gross amount of
  dividends paid in cash in respect of the Ordinary Shares which are the
  subject of the relevant Option Notice during the period between the Closing
  Date and the date on which the transfer of such Ordinary Shares is completed

  
	
  w

  	
   

  	
  =

  	
   

  	
  the number of Ordinary Shares which are the subject
  of the Option Notice

  
	
  y

  	
   

  	
  =

  	
   

  	
  the Dividend Adjusted Equity as at the end of the
  RoAE Period, minus an amount equal to the total cash received by the Company
  during the RoAE Period pursuant to the issue of any new shares in the capital
  of the Company

  
	
  z

  	
   

  	
  =

  	
   

  	
  the total number of
  Ordinary Shares outstanding as at the end of the RoAE Period excluding any
  new shares issued by the Company for any increase in its share capital for
  cash during the RoAE Period.

  

 

“RoAE Period” means
the period from and including the  first
full fiscal quarter immediately following the fiscal quarter during which
Closing takes place, to and including the last full fiscal quarter immediately
prior to the fiscal quarter during which the Option Notice is served.

(b)        The
Parties shall, within 10 Business Days after the Option Notice has been served,
procure that the Put/Call Auditor is instructed by the Company and at the
Company’s expense to calculate the RoAE and each of the amounts forming part of
that calculation in accordance with this Section 2.06 and the Put/Call
Option Price and deliver its determination of each of them to the Parties,
together with reasonable supporting calculations, within 20 Business Days of
being instructed. Each such calculation shall, for the avoidance of doubt, be
based solely on the quarterly consolidated IFRS financial statements actually
prepared by the Company in the ordinary course and the only adjustments that
will be made to the amounts derived from those statements will be those which
are required under paragraph (c) below or under the terms of the
applicable definition in paragraph (a) above. The Parties will each
exercise their respective powers to ensure that the Company prepares such other
financial information, and that the Put/Call Auditors are given such access to
the Company’s books and records (including papers in relation to accounts and
audits conducted in respect of relevant completed financial periods), as is in
each case reasonably necessary to enable the Put/Call Auditors to make the
calculation. The Put/Call Auditors’ determination of the RoAE and each of the
amounts forming part of that calculation and also of the Put/Call Option Price
shall be final and binding on the Parties for the purpose of this Agreement, in
the absence of manifest error, and in making its determination the Put/Call
Auditor shall act as expert and not as arbitrator.

(c)        For
the purposes of calculating the RoAE only (but not for the purposes of
calculating the Put/Call Option Price once the RoAE has been determined):

(i)         if:

(A)       a
one-off provision in respect of any cash or non cash loan that was outstanding
in favour of the Company (or any of its subsidiaries) immediately after
Closing, or a one-off provision for any impairment loss in respect of any
tangible or intangible asset 

 9
 

owned by the Company (or
any of its subsidiaries) immediately after Closing, is included in Closing Date
Financial Statements; and

(B)       that
one-off provision would not have been included in the Closing Date Financial
Statements, or the amount of the one-off provision included is greater than it
would have been, if the Closing Date Financial Statements had, in relation to
the relevant loan or asset, been prepared in a manner consistent with the accounting
policies and procedures (together, the “Pro Forma Policies”) adopted in the
preparation of the Balance Sheet Date Pro Forma Financial Statements; and

(C)       an
equivalent one-off provision in respect of the relevant loan or asset is
included in any consolidated quarterly financial statements of the Company in
respect of any fiscal quarter falling within the RoAE Period and that one-off
provision continues to exceed the amount (if any) of the provision that would
have been included in those statements if, in relation to the relevant loan or
asset, those statements had been prepared in accordance with the Pro Forma
Policies, having regard to the facts and circumstances as at the date those
statements are prepared,

then the
Quarterly Net Profit for the fiscal quarter during which that provision is
made, and the Dividend Adjusted Equity as at the date of the first consolidated
quarterly financial statements of the Company and its subsidiaries in which
that provision is reflected and as at any subsequent date at which a Dividend
Adjusted Equity is calculated for the purposes of the calculation of the RoAE,
shall each be recalcuated as if the approach taken to provisioning in respect
of the relevant loan or asset had been in accordance with the Pro Forma
Policies. For the avoidance of doubt:

(aa)      this
recalculation shall only be made for the purpose of the calculation of the RoAE
and no such adjustment shall be made to the Dividend Adjusted Equity calculated
as at the end of the Overall RoE period for use in the calculation of the
Put/Call Option Price; and

(bb)     if, at
any time after such a one-off provision has been made, there is a change
in facts or circumstances relating to the relevant loan or asset and, as a
result it would be in accordance with the Pro Forma Policies to make provision,
or increase the amount of provision made, in respect of that loan or asset,
then a provision, or increased provision, shall be deemed to have been made at
that point and shall be reflected in the Quarterly Net Profit for the fiscal
quarter in which that change in facts or circumstances occurs, and in the
Dividend Adjusted Equity as at any date from and including the date that change
in facts and circumstances occurs; and

(ii)       if the
accounting treatment given to the Founders’ Shares and/or to dividends in
respect of the Founders’ Shares in the consolidated IFRS financial statements
of the Company and its subsidiaries as at any date after Closing is different
to the accounting treatment given to the Founders’ Shares and to dividends in
respect of Founders’ Shares in the Balance Sheet Date Financial Statements (the
“2005 Treatments”),
then (as applicable) the Quarterly Net Profit for the fiscal quarter ending on
that date and the Dividend Adjusted Equity as at that date shall be recalculated
as if the accounting treatment given to the Founders’ Shares and the dividends
in respect of Founders’ Shares in those financial statements had been the 2005
Treatments.

(d)        The
Purchaser shall procure that none of the Founders’ Shares are redeemed or
purchased by the Company prior to the fourth anniversary of Closing.

(e)        The Purchaser agrees that, save as may be required by law or
regulation or by any governmental or regulatory authority (including, without
limitation, the Turkish Capital Markets Board), the Purchaser will vote all
Ordinary Shares held by it to procure that the Company does not, prior to the
fourth anniversary of the Closing Date or the date on which the Fiba
Shareholders cease to hold any Fiba Shares, whichever is the earlier, pay any
cash dividend.

 10

ARTICLE III

GOVERNANCE AND MANAGEMENT OF THE COMPANY

3.01.    Public Listing.—The Parties agree and undertake to vote all
Finansbank Shares they then own to maintain the Company’s listing on the
Istanbul Stock Exchange for as long as the Finansbank Shares held in public
hands (for the avoidance of doubt, excluding any Finansbank Shares owned by any
one of them or their respective Affiliates) represent at least five (5)% of the
share capital of the Company.

3.01(A).   Board of Directors.—The Parties agree that the number of
Directors shall be seven (7) at a minumum and not be subject to any
maximum number and that the Purchaser shall be entitled to increase the overall
size of the Board of Directors at its discretion.

3.02.    Fiba Shareholders’ Right to Participate in Management.—Until
the date Fiba Shareholders no longer hold Fiba Shares representing at least
five (5)% of the Ordinary Shares, the Purchaser shall ensure the appointment of
two (2) Directors as nominated by Fiba Holding. If the Fiba Shareholders
cease to hold Fiba Shares representing at least five (5)% of the Ordinary
Shares, upon written request by the Purchaser, the Fiba Shareholders shall
ensure that all the Directors appointed by it resign and the
resignation(s) take effect without any liability on the Company for
compensation for loss of office or otherwise.

3.03.    Change of Control.—(a) Following a Change of Control of
the Purchaser after Closing, the Fiba Shareholders shall at any time within 20
Business Days thereafter have the right and the option, but not the obligation
(the “Change of Control Put Option”), by
delivery of written notice (the “Change of Control Put
Notice”) to require the Purchaser Shareholders to purchase (and,
upon the exercise by Fiba Shareholders of such right, the Purchaser Shareholders
shall be obligated to purchase from the Fiba Shareholders) all Fiba Shares they
all then own (and not some only) at the purchase price per Fiba Share equal to
the Put/Call Option Price.

(b)        For
the avoidance of doubt, the rights and benefits set out in this
Section 3.03 are granted to the Fiba Shareholders in addition to those set
out in Section 2.03, including the rights granted under the paragraph
captioned “Fiba Shareholders’ Put Option”. Fiba Shareholders shall be entitled
to exercise their Put Option pursuant to the terms set out in Section 2.03
(B) regardless of the occurence of a Change of Control with respect to the
other Purchaser.

3.04.    Voting and Shareholder Arrangements.—(a) For the period
from the Closing Date until the date on which the Purchaser’s right to exercise
the Call Option pursuant to Section 2.03(A)(i) above expires, upon
the written request of the Purchaser, the Fiba Shareholders agree and undertake
to attend any general meetings of the Company and to vote such number of Fiba
Shares they then own as is equal to the difference between 50.01% of the
Ordinary Shares and the total number Ordinary Shares then owned by the
Purchaser, in accordance with the instructions and directions of the Purchaser.

(b)        The
Fiba Shareholders agree to attend all general meetings of the Company, and to
vote all Ordinary Shares they then own (i) in accordance with any
recommendations of the Board of Directors which the Directors nominated by Fiba
Holding have not voted against at the relevant meeting of the Board, and
(ii) otherwise to give effect to the provisions of this Agreement, the
Share Purchase Agreement and the Articles.

(c)        If
there is any dispute between the Purchaser (or any of its Affiliates) and the
Sellers (or any of the its Affiliates including, after Closing, the
International Subsidiaries) under the Share Purchase Agreement or any agreement
entered into pursuant thereto, the Parties agree to procure that confidential
information prepared for the Board of Directors relating to such dispute shall
not be provided to any Director nominated by the Sellers pursuant to
Section 3.01 and that any such Director shall refrain from 

 11
 

attending that part of the
meeting  and voting in respect thereto at
any meeting of the Board of Directors where such dispute (or the subject matter
of such dispute) is tabled or discussed.

3.05     Joint and Several
Obligations.—The liability of the Fiba Shareholders under this
Agreement shall be joint and several (both in respect of any covenant or
obligation expressed as one of an individual Fiba Shareholders and any
expressed as one of the Fiba Shareholders or more than one of them). If any
undertaking under this Agreement is expressed to be an obligation of more than
one Fiba Shareholder, it shall be construed as a joint and several obligation
all of the Fiba Shareholders. Each of the Fiba Shareholders unconditionally and
irrevocably guarantees to the Purchaser, as a continuing obligation and as
primary obligor and not merely as surety, that it and each of the other Fiba
Shareholders will comply properly and punctually with their obligations under
this Agreement.

ARTICLE IV

TERM AND
TERMINATION

4.01.    Effectiveness; Termination.—This Agreement shall take effect
on the date hereof upon the exchange of the duly executed copies of this
Agreement between the Parties and shall terminate, other than Sections 1.01,
1.02, 4.02, 5.01, 5.02, 5.03, 5.07, 5.08, 5.09 and 5.10;

(a)        upon
the mutual written agreement of the Parties;

(b)        at
18:00 (Istanbul time) on such date when, as the case may be, there cease to be
any Fiba Shares held by the Fiba Shareholders or there cease to be any
Purchaser Shares held by the Purchaser Shareholders;

(c)        at the
election of one Party, if any member of the other Party is subject to an order
of a court of competent jurisdiction, or a resolution is passed, for the
dissolution or administration of that Party otherwise than in the course of a
reorganisation or restructuring (which has been previously approved in writing
by the Party not undertaking the reorganisation or restructuring, such approval
not to be unreasonably withheld or delayed);

(d)        at the
election of one Party, if any Person takes any step to appoint a liquidator or
other similar officer in respect of any assets which include either (i) the
Finansbank Shares held by the other Party, or (ii) shares in the other
Party or any company that has, directly or indirectly, a Controlling Interest
in it; or

(e)        at the
election of one Party, if the other Party convenes a meeting of its creditors
or makes or proposes any arrangement or composition with, or any assignment for
the benefit of, its creditors.

4.02.    Effect of Termination.—If
this Agreement is validly terminated pursuant to Section 4.01 (a), this
Agreement will forthwith become null and void, and there will be no liability
or obligation on the part of the Parties (or any of their respective officers,
directors, employees, agents or other representatives or Affiliates), except as
otherwise expressly provided in this Agreement. Notwithstanding any other
provision in this Agreement to the contrary, upon termination of this Agreement
pursuant to Section 4.01, the Purchaser Shareholders will remain liable to
Fiba Shareholders for any breach of this Agreement by the Purchaser
Shareholders prior to such termination, and Fiba Shareholders will remain
liable to the Purchaser Shareholders for any breach of this Agreement by any
Fiba Shareholder prior to such termination, and the appropriate Party pursuant
to the foregoing may seek such remedies, including damages and attorneys fees,
against the other Party with respect to any such breach as are provided in this
Agreement or as are otherwise available at law or in equity.

 12
 

ARTICLE V

MISCELLANEOUS

5.01.    Entire Agreement.—This Agreement and the Share Purchase
Agreement and all documents delivered as part of this Agreement or the Share
Purchase Agreement or which are incorporated as part of this Agreement or the
Share Purchase Agreement by reference constitute and contain the entire
agreement between the Parties and, replace in its entirety any and all
agreements, arrangements and understandings between the Parties with respect to
the subject matter hereof.

5.02.    Notices.—All notices, requests and communications hereunder
must be in writing and will be deemed duly given only if delivered to the
Parties at the following addresses or facsimile numbers.

(a)                        if to the
Fiba Shareholders:

FIBA Holding A.S.

Buyukdere Caddesi No. 129/5

Mecidiyekoy, Sisli

Istanbul, Turkey

Attention: Husnu Ozyegin

with copy to the attention of: Kerem Moroli

(b)                       if to the
Purchaser, to it at :

Aiolou 86,

Athens 10232, Greece,

Attention: The Chairman/Chief Executive Officer

All such notices,
requests and other communications will (a) if delivered personally to the
address as provided in this Section 5.02, be deemed given upon delivery, (b) if
delivered by facsimile transmission to the facsimile number as provided in this
Section 5.02, be deemed given upon receipt, and (c) if delivered by
recognized international courier to the address as provided in this Section 5.02,
be deemed given upon confirmed receipt, and (d) if sent by letter or
cable, upon receipt (in each case regardless of whether such notice, request or
other communication is received by any other Person to whom a copy of such
notice is to be delivered pursuant to this Section 5.02 and provided that
where delivery occurs out of Working Hours, it shall be deemed to have been
received at the start of Working Hours on the next following Business Day). Any
Party from time to time may change its address, facsimile number or the other
information for the purpose of notices to that Party by giving written notice
specifying such change to the other Parties hereto.

5.03.    Publicity and Confidentiality.—(a) Except, as ordered
or required by any applicable law or competent judicial, governmental or other
authority or in accordance with the requirements of any securities exchange, no
Party shall issue any press release or make any other public statement related
to this Agreement or any of the transactions contemplated by this Agreement
without obtaining the prior written approval of the other Party (not to be
unreasonably withheld or delayed) as to the contents and the manner of
presentation and publication of such press release or public statement, or use the
other Party’s name or tradename or any trademark or other intellectual property
right of the Party without obtaining the prior approval of the other Party as
to the manner of such use.

(b)        Each
of the Fiba Shareholders agrees to keep in strictest confidence all information
relating to or acquired (i) from the Purchaser in connection with the
performance of this Agreement or (ii) through participation in the
ownership or management of the Company. Each of the Purchaser Shareholders
agrees to keep in strictest confidence all information relating to or acquired
from the Fiba Shareholders in connection with the performance of this Agreement.
Each Party agrees that it will not publish, communicate, divulge, disclose or
use any information described in the preceding sentences without the 

 13
 

prior written consent of
the other Party, except as expressly provided herein. The restriction contained
in this Section 5.03 (b) shall not apply with respect to: (i) information
which at the time of disclosure was in the public domain unless the same occurs
in consequence of the breach hereof by the receiving Party; (ii) information
which can be demonstrated to have been independently developed by the receiving
Party or acquired from a third party which did not itself acquire such
information with restrictions on further dissemination directly or indirectly
from the disclosing Party; (iii) information which the Parties have agreed
is no longer confidential; and (iv) information ordered or required to be
disclosed by any applicable law or competent judicial, governmental or other
authority or in accordance with the requirements of any stock exchange or
securities regulation.

5.04.    Assignment; Successors and Assigns.—(a) Other than to a
Party’s Affiliate (in which case the assigning Party must continue to be
jointly and severally liable with such Affiliate in respect of the punctual and
exact performance by the latter of all obligations arising from this Agreement)
no interest of any Party to this Agreement may be assigned or otherwise
transferred except with the prior written consent of the other Party and is
further subject to required government approvals.

(b)        This
Agreement shall be binding upon and inure to the benefit of the Parties, their
successors and permitted assignees.

5.05.    Waiver.—Any term or condition of this Agreement may be
waived at any time by the Party that is entitled to the benefit thereof, but no
such waiver shall be effective unless in a written instrument duly executed by
or on behalf of the Party waiving such term or condition. No waiver by any
Party of any term or condition of this Agreement, in any one or more instances,
shall be deemed to be or construed as a waiver of the same or any other term or
condition of this Agreement on any future occasion. All remedies, either under
this Agreement or by law or otherwise afforded, will be cumulative and not
alternative.

5.06.    Amendment.—This Agreement may be amended, supplemented or
modified only by a written instrument duly executed by or on behalf of each
Party.

5.07.    Governing Law.—This Agreement shall be governed by and
construed in accordance with the laws of the Republic of Turkey, without giving
effect to any conflicts of laws principles thereof which would result in the
application of the laws another jurisdiction.

5.08.    Arbitration.—All disputes arising out of or in
connection with this Agreement shall be finally settled under the Rules of
Arbitration of the International Chamber of Commerce by three arbitrators
appointed in accordance with the said Rules. The first arbitrator will be
appointed by the Party initiating the arbitration proceedings simultaneously
with its demand for arbitration, the second one of which will be appointed by
the other Party within twenty (20) Business Days of the date on which it has
received notice of the demand for arbitration and the third one of which (who
shall act as Chairman of the arbitration panel) will be designated by agreement
of the first two within twenty (20) Business Days from the appointment of the
second Arbitrator or, failing such agreement, the International Chamber of
Commerce Court of Arbitration, which will also designate (A) the second
arbitrator if the Party required to make such designation will not have done so
within the period indicated above; and (B) the replacement of any
arbitrator who is unable or unwilling to serve or to continue to serve as such,
but only in the event that such replacement has not been designated by the
Party which appointed the arbitrator to be replaced within twenty (20) Business
Days from the date on which such arbitrator resigned or otherwise ceased from
office or, in the case of the Chairman, by agreement of the other two
Arbitrators. The place of arbitration shall be Paris, France. The language to
be used in the arbitral proceedings shall be English.

The expenses of the arbitration proceedings referred to
in this section shall be borne by the Parties in accordance with the applicable
determinations of the Arbitration Tribunal.

The Fiba Shareholders and the Purchaser
hereby designate their respective addresses for the giving of notice, as set
forth in section 5.02 as their
respective domiciles at which service of process may be made 

 14
 

in any
arbitration, legal action or proceeding arising hereunder. The Fiba
Shareholders and the Purchaser may change such address, except that each such
address shall always be, as to the Fiba Shareholders, within the geographical
area encompassed (as of the date of this Agreement) by the boundaries of Turkey
and, as to thePurchaser , within the geographical area encompassed (as the same
date) by the boundaries of Turkey.

5.09.    Interpretation.—(a) If any provision contained in this
Agreement or any other document executed in connection herewith is or shall
become invalid, illegal or unenforceable in any jurisdiction, the invalidity,
illegality or unenforceability of such provision in such jurisdiction shall not
affect or impair the validity, legality or enforceability of (i) any other
provision of this Agreement or any such other document in such jurisdiction or (ii) such
provision or any other provision of this Agreement or any such other document
in any other jurisdiction.

(b)        The
Parties hereby acknowledge and agree that if there shall be at any time a
conflict, misinterpretation or discrepancy between this Agreement and the
Articles, the provisions of this Agreement shall prevail among the Parties.

(c)        This
Agreement has been negotiated and executed in the English language. All
certificates, reports, notices and other documents and communications given or
delivered pursuant to this Agreement shall be in the English language or
accompanied by an English translation thereof and the English version thereof
shall govern for purposes hereof in any conflict with any non-English version.

(d)        No
provision of this Agreement shall be interpreted against the interest of a
Party merely because that Party drafted the provision.

5.10.    Costs.—Each of the parties shall pay its own costs and
expenses in connection with the negotiation, preparation and carrying into
effect of this Agreement.

5.11.    No Partnership.—Nothing in this Agreement shall be deemed to
constitute a partnership between the Parties.

5.12.    Further Assurance.—(a) Each of the Parties shall do and
execute and perform all such further deeds, documents, assurances, acts and
things as may reasonably be required to give effect to the terms of this
Agreement.

(b)        The
Parties covenant to and agree with each other that so long as this Agreement is
in effect each of them shall vote its Finansbank Shares so as to give effect to
the provisions of this Agreement and to the rights granted hereunder and under
the Articles.

5.13     No Further Funding.—The Parties intend that the Company and
its subsidiaries should be self-financing. None of the Parties are obliged to
contribute further funds or participate in any guarantee or similar undertaking
for the benefit of the Company or of any of its subsidiaries.

 15
 

IN
WITNESS WHEREOF, the Parties have caused this
Agreement to be signed in their respective names as of the date first above
written;

	
  Fiba Holding A.S.

  	
   

  	
  Purchaser

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  

  	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  Title:

  	
   

  	
   

  	
  Name:

  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Girisim Factoring A.S.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  Title:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fiba Factoring
  Hizmetleri A.S.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  

 

 

 16

EXHIBIT I

TAG/DRAG ALONG
AGREEMENT

This TAG/DRAG ALONG
AGREEMENT (“Agreement”), dated as of [•], 2006 by and between National
Bank of Greece S.A., a société
anonyme organized under the laws of 
the Republic of Greece (the “Purchaser”), on
one side, and Fiba Holding A.S. (“Fiba Holding”),
Girisim Factoring A.S. and Fiba Factoring Hizmetleri A.S., each a joint stock
company organized under the laws of the Republic of Turkey (Fiba Holding,
Girisim Factoring A.S. and Fiba Factoring Hizmetleri A.S., are collectively
referred to as “Fiba Shareholders”) on the other
side;

WHEREAS:

By a SHARE PURCHASE AND SALE AGREEMENT (“SPA”) dated 3 April, 2006 by and between the Purchaser and
Fiba Shareholders, the Purchaser agreed to acquire (the “Acquisition”)
from Fiba Shareholders the Purchaser Shares (as defined in SHA) representing
46% of the ordinary share capital and 100 Founders’ Shares (as defined in the
SPA) of Finansbank A.S., a listed joint stock corporation organized under the
laws of Turkey (the “Company”) on
the terms and conditions stated therein and,

By a SHAREHOLDERS’ AGREEMENT (“SHA”)
dated 18 August, 2006 by and between Fiba Shareholders and the Purchaser, the
Fiba Shareholders and the Purchaser agreed upon certain terms, among others,
relating to the transfer of the Shares they own in the Company, and their
respective rights and obligations in case of such transfer.

NOW, THEREFORE, the
Parties to this Agreement wish to set forth the manner and the terms which
their certain rights and obligations arising from the SHA shall be exercised
and performed, and agree as follows;

ARTICLE I

DEFINITIONS

1.01.    Definitions.—(a) Unless otherwise defined herein,
capitalized terms and definitions used in this Agreement shall have the
meanings as specified in the SHA and, failing that, the SPA.

(b)        Wherever used in this Agreement, the following terms shall
have the meanings set forth below:

“Closing” :
shall mean the consummation of the purchase and sale of the Tag Along Shares or
Drag Along Shares, as applicable, pursuant to the terms of this Agreement.

“Closing Date” :
shall mean the date of completion of the sale of the Offered Purchaser Shares
to the proposed transferee identified in the Offer Notice, or such other date
as the Fiba Shareholders and the Purchaser may agree.

“Drag Along Event”
: shall mean the occurrence of the event described in Section 2.03 (B) of
the SHA under the paragraph captioned “Purchaser Shareholders’
Tag Along Right”.

“Drag Along Notice”
: shall mean the notice given to Fiba Holdings, on behalf of the Fiba
Shareholders, by the Purchaser in connection with the exercise of the Drag
Along Right, substantially in the form in Exhibit B hereto.

“Drag Along Purchase Price”
: shall mean the purchase price payable for the acquisition of the Drag Along
Shares which is the Purchaser Shares Offer Price multiplied by the number of
Fiba Shares forming the Drag Along Shares.

 17
 

“Drag Along Right”
: shall mean the right and the option of the Purchaser Shareholders exercisable
upon the occurrence of a Drag Along Event.

“Drag Along Shares”
: shall mean the number of Fiba Shares which is such proportion of the Fiba
Shares owned by the Fiba Shareholders on the date the Offer Notice is sent to
the Fiba Shareholders pursuant to the terms of Section 2.03 (B) of
the SHA as is equal to the proportion that the number of Purchaser Shares
subject to the relevant Offer Notice is to the number of Purchaser Shares then
held by the Purchaser Shareholders.

“Exercise Period”
: shall mean the period commencing from the first Business Day (inclusive)
immediately after the occurrence of a Tag Along Event or a Drag Along Event, as
applicable, and ending five (5) Business Days (inclusive) thereafter.

“Person” : shall
mean an individual, partnership, joint venture, company, trust, unincorporated
organization, government or other entity.

“Tag Along Event”
: shall mean the occurrence of the event described in Section 2.03 (B) of
the SHA under the paragraph captioned “Fiba Shareholders’ Tag
Along Right”.

“Tag Along Notice”
: shall mean the notice given to the Purchaser by any Fiba Shareholder in
connection with the exercise of the Tag Along Right, substantially in the form
in Exhibit A hereto.

“Tag Along Purchase Price”
: shall mean the purchase price payable for the acquisition of the Tag Along
Shares which is the Purchaser Shares Offer Price multiplied by the number of
Fiba Shares forming the Tag Along Shares.

“Tag Along Right”
: shall mean the right and the option of the Fiba Shareholders exercisable upon
the occurrence of a Tag Along Event.

“Tag Along Shares” : shall mean the number of Fiba Shares
which is such proportion of the Fiba Shares owned by the Fiba Shareholders on
the date the Offer Notice is sent to the Fiba Shareholders pursuant to the
terms of Section 2.03 (B) of the SHA as is equal to the proportion
that the number of Purchaser Shares subject to the relevant Offer Notice is to
the number of Purchaser Shares then held by the Purchaser Shareholders.

1.02.    Principles of Construction.—(a) References to sections
and articles are to Sections and Articles in this Agreement unless otherwise
specified. The words “hereof”, “herein” and “hereunder” and words of similar
impact when used in this Agreement shall refer to this Agreement as a whole and
not to any particular provisions of this Agreement.

(b)        Any
notices required to be sent by, or to, any Fiba Shareholder pursuant to the
terms of this Agreement including the notices sent in pursuit of certain
consents under Section 2.01 shall be deemed to have been duly sent or
received by all Fiba Shareholders, if sent or received merely by Fiba Holding.

(c)        Fiba
Holding is hereby authorised by all the other Fiba Shareholders to act on their
behalf with full capacity and authority in exercising all rights expressed to
be exercisable by any Fiba Shareholder under this Agreement.

(d)        Purchaser
may designate an Affiliate or an unrelated third Person to purchase the Tag
Along Shares provided that such designation is notified to the Fiba
Shareholders in writing delivered two (2) Business Days prior to the
Closing Date. No such designee shall have any right or obligation under this
Agreement other than to take title to the Tag Along Shares and pay the Tag
Along Purchase Price. No such designation, however, shall relieve the Purchaser
of its primary obligation to procure a purchaser to acquire, or to acquire
itself, the Tag Along Shares in accordance with the terms of this Agreement.

 18
 

ARTICLE II

EXERCISE OF THE TAG
ALONG AND DRAG ALONG RIGHTS

2.01.    Tag Along Right.—In the event that a Tag Along Event occurs,
the Fiba Shareholders shall have the right and the option to require the
Purchaser by delivery, not later than 17:00 Istanbul time on the last day of
the Exercise Period, of a Tag Along Notice to the Purchaser, to purchase all of
the Tag Along Shares from the Fiba Shareholders. Upon exercise of the Tag Along
Right, the Purchaser shall have the option to purchase (but shall not be
obliged so to do) or shall procure a purchaser to purchase from the Fiba
Shareholders all of the Tag Along Shares at the Purchaser Shares Offer Price
per Tag Along Share and on and subject to the terms and conditions stated in
the Offer Notice. The Purchaser shall not complete the transfer of its shares
to the  proposed transferee identified in
the Offer Notice unless the sale and purchase of the Tag Along Shares is
completed simultaneously with the Offered Purchaser Shares in accordance with
the terms of this Agreement and the SHA.

2.02.    Drag Along Right. - In the event that a Drag Along
Event occurs, the Purchaser Shareholder shall have the right to require the
Fiba Shareholders to transfer the Drag Along Shares to the proposed transferee
identified in the Offer Notice by delivery, not later than 17:00 Istanbul time
on the last day of the Exercise Period, of a Drag Along Notice to Fiba Holding.

2.03.    Closing.—The Closing shall take place at the address
provided for notices to be sent to Fiba Holding (as amended in writing by Fiba
Holding from time to time) in Section 5.02 of the SHA at the same time as
completion of the sale of the Offered Purchaser Shares to the proposed
transferee identified in the Offer Notice.

On the Closing Date, Purchaser shall pay, or cause to
be paid, to the Fiba Shareholders the Tag Along Purchase Price or the Drag
Along Purchase Price, as applicable, in accordance with the applicable
provisions of this Agreement and the Fiba Shareholders shall execute and
deliver, or cause to be executed and delivered, such transfer or other
instruments as may be necessary to effectively transfer to the Purchaser, or
such other person as the Purchaser may designate, all its title, right and
interest in and to the Tag Along Shares or the Drag Along Shares, as applicable.
The Fiba Shareholders shall also deliver to the Purchaser, on the Closing Date,
a certified copy of any authority under which such transfer or other
instruments are executed.

The Shares
transferred pursuant to this Agreement shall be sold free from all Liens and
other encumbrances, together with all rights of any nature attaching to them
including all rights to any dividends or other distributions declared, paid or
made after the date of the relevant Offer Notice. Payment such Shares shall be
made against delivery of the transfers and other documents referred to in this Section 2.03.

2.04.    Expiry of the Tag/Drag Along Right.—In the event that no Tag
Along Right or Drag Along Right is exercised within the period as set forth
hereunder, the Tag Along Right and Drag Along Right with respect to the
relevant Tag Along Event and Drag Along Event, as applicable, shall be deemed
to expire and the Purchaser shall not be obligated to purchase, or procure the
purchase of, any Tag Along Shares from the Fiba Shareholders and the Fiba
Shareholders shall not be obligated to sell any Drag Along Shares to the
Purchaser, as applicable.

2.05.    Further Assurance.
- The Parties shall do all such other things and execute all other
documents (including any deed) as may reasonably be required to give effect to
the sale and purchase of any Shares pursuant to this Agreement.

ARTICLE III

MISCELLANEOUS

3.01.    Inseparable part.—This Agreement is an integral part of the
SHA.

 19
 

3.02.    Notices.—All notices under this Agreement shall be delivered
in accordance with Section 5.02 of the SHA.

3.03.    Applicable Law.—This Agreement shall be governed by and
construed in accordance with the laws of the Republic of Turkey, without giving
effect to any conflicts of laws principles thereof which would result in the
application of the laws of another jurisdiction.

3.04.    Jurisdiction.—Any dispute, controversy or claim arising out
of or in connection with this Agreement, if not amicably resolved by the
Parties within 30 days of notification thereof, shall be finally settled under
the Rules of Arbitration of the International Chamber of Commerce (the “ICC Rules”) specified under Section 5.08 of the SHA.

3.05.    Conflict.—The Parties hereby agree that in the absence of a
provision in this Agreement or in the event there is any conflict between the
provisions of this Agreement and the SHA, the provisions of the SHA shall
prevail.

IN WITNESS WHEREOF,
the Parties have caused this Agreement to be signed in their respective names
as of the date first above written;

	
  Fiba Holding A.S.

  	
   

  	
  Purchaser

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  

  	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  Title:

  	
   

  	
   

  	
  Name:

  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Girisim Factoring A.S.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  Title:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fiba Factoring
  Hizmetleri A.S.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  

 

 

 20

EXHIBIT A

TAG ALONG NOTICE

(To be executed by the Fiba Shareholders to exercise
the right to require the Purchaser to purchase the Tag Along Shares under the
foregoing Tag Along Right)

To: The Purchaser

The undersigned is
Fiba Holding A.S, a company organized under the laws of Turkey (“Fiba Holding”).

1.                              The
Tag Along Right is currently exercisable to sell a total of
                 
Tag Along Shares.

2.                              The
undersigned Fiba Holding hereby exercises its right to sell                     
Tag Along Shares pursuant to the Tag Along Right.

3.                              Pursuant
to this exercise of the Tag Along Right:

                                        ------
The Fiba Shareholder shall deliver to the Purchaser or any Person designated by
the Purchaser                          
Tag Along Shares in accordance with the terms of this Tag Along Right.

4.                              The
Tag Along Purchase Price is $                                  .

	
  Dated:

  	
   

  	
   

  	
  Name of Fiba Shareholder/

  
	
   

  	
   

  	
   

  	
  Fiba Holding A.S

  
	
   

  	
   

  	
   

  	
  on behalf of all Fiba Shareholders

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  

 

 21

EXHIBIT B

DRAG ALONG NOTICE

(To be executed by the Purchaser Shareholders to
exercise the right to require the Fiba Shareholders to sell the Drag Along
Shares under the foregoing Drag Along Right)

To:                    Fiba
Holdings

on behalf of all Fiba Shareholders

The undersigned is
National Bank of Greece A.S, a société
anonyme organized under the laws of Greece (“NBG”).

1.                              The
Drag Along Right is currently exercisable to sell a total of
                      
Drag Along Shares.

2.                              The
undersigned NBG hereby exercises its right to require the Fiba Shareholders to
sell                     
Drag Along Shares pursuant to the Drag Along Right.

3.                              Pursuant
to this exercise of the Drag Along Right:

                                        ------
The Fiba Shareholders shall deliver to NBG or any Person designated by NBG                               
Tag Along Shares in accordance with the terms of this Drag Along Right.

4.                              The
Drag Along Purchase Price is
$                             .

	
  Dated:

  	
   

  	
   

  	
  on behalf of National Bank of Greece A.S.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  

 

 22Exhibit 10.1

	
  Restricted Stock Award Agreement

  	
   

  	
  Staples, Inc.

  
	
   

  	
   

  	
  Employer ID: 04-2896127

  
	
   

  	
   

  	
  500 Staples Drive

  
	
   

  	
   

  	
  Framingham, MA 01702

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ACCOUNT ID:

  
	
  «FirstName» «MiddleName» «LastName»

  	
   

  	
  LOCATION:

  
	
  «Address1»

  	
   

  	
   

  
	
  «Address2»

  	
   

  	
   

  
	
  «Address3»

  	
   

  	
   

  
	
  «City», «State» «Zip»

  	
   

  	
   

  
	
  «Country»

  	
   

  	
   

  

 

In consideration of
services rendered to Staples, Inc., you have been awarded restricted shares of
Staples’ Common Stock under Staples, Inc.’s Amended and Restated 2004 Stock
Incentive Plan, as follows:

	
  Award No.:

  	
   

  	
   

  
	
  Stock Option
  Plan:

  	
   

  	
  2004RS

  	
   

  
	
  Date of Grant:

  	
   

  	
   

  	
   

  
	
  Total Number of
  Shares:

  	
   

  	
   

  	
   

  
	
  Fair Market
  Value per Share:

  	
   

  	
  $

  	
   

  
	
  Total Value of
  Shares Granted:

  	
   

  	
  $

  	
   

  

 

	
  Vesting
  Date

  	
   

  	
  Number of Shares

  Vesting on Vesting Date

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

By your acceptance of
this Restricted Stock Award, you acknowledge that this award is granted under
and governed by the terms and conditions of Staples, Inc.’s Amended and
Restated 2004 Stock Incentive Plan (as further amended or restated from time to
time) and by the terms and conditions of Staples, Inc.’s Restricted Stock Award
Agreement as attached.

You understand and agree
that this Restricted Stock Award is being granted to you in exchange for your
execution of a Non-Compete and Non-Solicitation Agreement in a form approved by
Staples.

Staples, Inc.

Ronald L. Sargent

Chairman and Chief Executive Officer

Attachment:  Staples, Inc. Restricted Stock Award
Agreement

 

 

STAPLES, INC.

RESTRICTED STOCK AWARD AGREEMENT

1.             Award.  In consideration of services rendered,
Staples, Inc., a Delaware corporation (“Staples”), hereby awards to the
Associate named in the accompanying Notice of Award of Restricted Stock (the “Notice”),
pursuant to Staples’ Amended and Restated 2004 Stock Incentive Plan (the “Plan”),
the Total Number of Shares of Common Stock of Staples stated in the Notice (the
“Shares”) subject to the terms and conditions of this Restricted Stock Award
Agreement and the Plan.  Except where the
context otherwise requires, the term “Staples” shall include any parent and all
present and future subsidiaries of Staples as defined in Sections 424(e) and
424(f) of the Internal Revenue Code of 1986, as amended or replaced from time
to time (the “Code”).

2.             Transferability of
Shares.  Until the Vesting
Date described below, the Shares may not be sold, assigned, transferred,
pledged, hypothecated or otherwise disposed of (whether by operation of law or
otherwise) nor shall the Shares be subject to execution, attachment or similar
process, except that the Shares may be transferred by will or the laws of
descent and distribution or, upon notice to Staples, for estate planning
purposes to entities that are beneficially owned entirely by family members.  All transferees of the Shares must agree to
be governed by all of the terms and conditions of this Agreement.  Upon any sale, transfer, assignment, pledge,
hypothecation or other disposition, or any attempt to sell, assign, transfer,
pledge, hypothecate or otherwise dispose, of the Shares contrary to the
provisions hereof, or upon the levy of any execution, attachment or similar
process upon the Shares or such rights, the Shares shall, at the election of
Staples, be deemed repurchased by Staples at a repurchase price of zero and all
rights with respect to the Shares shall be forfeited to Staples.  In addition, Staples may seek any other legal
or equitable remedies available to it, including rights of specific performance.  Staples may refuse to recognize as a
shareholder of Staples any purported transferee of or holder of any rights with
respect to the Shares and may retain and/or recover all dividends payable or
paid with respect to such Shares.

3.             Vesting of Shares.  Except as otherwise provided in this
Agreement, the transfer restrictions on the Shares shall lapse, and the Shares
shall be considered to “vest”, on the Vesting Date set forth in the Notice.

4.                                       Vesting Date.

(a)  Continuous Relationship with
Staples Required.  Except as otherwise provided in this Section
4, the Shares shall not vest unless the Associate is, and has been at all times
since the Date of Award set forth in the Notice, an employee of, or a
consultant to, Staples (an “Eligible Associate”).

(b)  Termination of Relationship
with Staples.  If the Associate ceases to be an Eligible
Associate for any reason prior to the Vesting Date, then, except as provided in
paragraph (c) and (d) below, the Shares shall be deemed repurchased by Staples
at a repurchase price of zero and ownership of all right, title and interest in
and to the Shares shall be forfeited and revert to Staples on the date such
Associate ceases to be an Eligible Associate. 
If the Associate is an employee on an approved leave of absence, then
the Shares shall not be forfeited as a result of such leave of absence unless
and until the Associate’s employment relationship is ultimately terminated

(c)  Vesting Upon Death or
Disability or Retirement.  If the Associate (i) dies; (ii) becomes
disabled (within the meaning of Section 22(e)(3) of the Code); or (iii)
terminates employment on or after the Rule of 65 Qualification Date (defined
below), in each case prior to the Vesting Date while he or she is an Eligible
Associate, then the Shares shall vest in full. 
For purposes of this Section 4(c), the “Rule of 65 Qualification Date”
shall mean the first Quarterly Measurement Date (defined below) to occur on or
after both (A) the Date of Award and (B) the date that the Associate has
attained age 55 and the sum of the years of service (as determined by the Board
of Directors of Staples) completed by the Associate plus the Associate’s age is
greater than or equal to 65.  For
purposes of this Section 4(c), the “Quarterly Measurement Date” means the sixth
Thursday following the end of each fiscal quarter.  In addition and subject to Section 11 of this
Agreement, on the Eligible Associate’s Rule of 65 Qualification Date, a number
of unvested Shares that is sufficient to satisfy the Eligible Associate’s
federal, state or local income and employment tax obligations with respect to
the Shares that are triggered by virtue of the Eligible Associate satisfying
the conditions of the Rule of 65 Qualification Date shall vest in full,
provided that Staples may only withhold a number of such vested Shares that is
necessary to meet the minimum federal, state or local income and employment tax
withholding requirements.

(d)  Termination for Cause.  If
(a) the Associate’s relationship with Staples is terminated by Staples for “cause”
(as defined below), or (b) if the Associate retires or resigns and Staples
determines  within six months thereafter
that the Associate’s conduct prior to his or her retirement or resignation
warranted a discharge for “cause,” or (c) Staples determines that the Associate’s
conduct after termination of the employment or consulting relationship fails to
comply with the terms of any non-competition, non-solicitation or
confidentiality provision contained in any employment, consulting, advisory,
proprietary information, non-disclosure, non-competition, non-solicitation or
other similar agreement between the Associate and Staples, then, without
limiting any other remedy available to Staples, the Shares shall be deemed
repurchased by Staples at a repurchase price of zero and ownership of all
right, title and interest in and to the Shares shall be forfeited and revert to
Staples as of the date of such determination; or, if the Associate at such time
no longer owns such Shares, Staples shall be entitled to recover from the
Associate the gross profit earned by the Associate upon the disposition
(whether by sale, gift, donation or otherwise) of such Shares.

“Cause,” as determined by Staples (which
determination shall be conclusive), shall mean:

(i) willful failure by the Associate to substantially perform his or her
duties with Staples (other than any failure resulting from incapacity due to
physical or mental illness); provided, however, that Staples has given the
Associate a written demand for substantial performance, which specifically
identifies the areas in which the Associate’s performance is substandard, and
the Associate has not cured such failure within 30 days after delivery of the
demand.  No act or failure to 

 

act
on the Associate’s part will be deemed “willful” unless the Associate acted or
failed to act without a good faith or reasonable belief that his or her conduct
was in Staples’ best interest; or

(ii) breach by the Associate of any provision of any employment,
consulting, advisory, proprietary information, non-disclosure, non-competition,
non-solicitation or other similar agreement between the Associate and Staples,
including, without limitation, the Proprietary and Confidential Information
Agreement and/or the Non-Compete and Non-Solicitation Agreement; or

(iii) violation by the Associate of the Code of Ethics or an attempt by
the Associate to secure any improper personal profit in connection with the
business of Staples; or

(iv) failure by the Associate to devote his or her full working time to
the affairs of Staples except as may be authorized in writing by Staples’ CEO
or other authorized Company official; or

(v) the Associate’s engagement in business other than the business of
Staples except as may be authorized in writing by Staples’ CEO or other
authorized Company official; or

(vi) the Associate’s engagement in misconduct which is demonstrably and
materially injurious to Staples.

(e)  Repurchase/Forfeiture.   Upon
repurchase/forfeiture of the Shares for any reason hereunder, the Associate
shall cease to have any rights or privileges as a stockholder of Staples with
respect to the Shares repurchased/forfeited and such Shares shall again be
available for subsequent option grants or awards under the Plan.

5.             Delivery of Shares.  Staples
shall, upon the Date of Award, effect issuance of the Shares by registering the
Shares in book entry form with Staples’ transfer agent in the name of the
Associate.  No certificate(s)
representing all or a part of the Shares shall be issued until vesting.

6.             No Special
Employment or Similar Rights. 
Nothing contained in the Plan or this Agreement shall be construed or
deemed by any person under any circumstances to bind Staples to continue the
employment or other relationship of the Associate with Staples for the period
prior to or after vesting.

7.             Rights as a
Shareholder.  Except as
otherwise provided herein, the Associate shall have all rights as a shareholder
with respect to the Shares including, without limitation, any rights to receive
dividends or non-cash distributions with respect to the Shares and to vote the
Shares and act in respect of the Shares at any meeting of shareholders.

8.               Adjustment Provisions.

(a)  General.   In
the event of any recapitalization, reclassification of shares, combination of
shares, stock dividend, stock split, reverse stock split, spin-off or other
similar change in capitalization or event or any distribution to holders of
Common Stock other than an ordinary cash dividend, the Associate shall, with
respect to the Shares, be entitled to the rights and benefits, and be subject
to the limitations, set forth in Section 9(a) of the Plan.

(b)  Board Authority to Make
Adjustments.  Any adjustments under this Section 8 will be
made by the Board of Directors, whose determination as to what adjustments, if
any, will be made and the extent thereof will be final, binding and
conclusive.  No fractional shares will be
issued with respect to Shares on account of any such adjustments.

9.             Mergers,
Consolidations, Distributions, Liquidations, Etc.  In the event of a merger or consolidation or
any share exchange transaction in which outstanding shares of Common Stock are
exchanged for securities, cash or other property of any other corporation or
business entity, or in the event of a liquidation of Staples, the Associate
shall, with respect to this Agreement, be entitled to the rights and benefits,
and be subject to the limitations, set forth in Section 9 of the Plan.  

10.           Vesting
Following a Change in Control.

(a)  Definitions.  For
purposes of this Agreement, the following terms shall have the following
meanings:

(i)  A “Change in Control” shall be deemed to have
occurred if (A) any “person”, as such term is used in Sections 13(d) and 14(d)
of the Securities Exchange Act of 1934 (the “Exchange Act”) (other than
Staples, any trustee or other fiduciary holding securities under an employee
benefit plan of Staples, or any corporation owned directly or indirectly by the
stockholders of Staples in substantially the same proportion as their ownership
of stock of Staples), is or becomes the “beneficial owner” (as defined in Rule
13d-3 under the Exchange Act), directly or indirectly, of securities of Staples
representing 30% or more of the combined voting power of Staples’ then
outstanding securities (other than pursuant to a merger or consolidation
described in clause (1) or (2) of subsection (C) below); (B) individuals who,
as of the date hereof, constitute the Board of Directors of Staples (as of the
date hereof, the “Incumbent Board”) cease for any reason to constitute at least
a majority of the Board of Directors, provided that any person becoming a
director subsequent to the date hereof whose election, or nomination for
election by Staples’ stockholders, was approved by a vote of at least a
majority of the directors then comprising the Incumbent Board (other than an
election or nomination of an individual whose initial assumption of office is
in connection with an actual or threatened election contest relating to the
election of the directors of

 

 

Staples, as such terms are used in Rule 14a-11 of Regulation 14A under
the Exchange Act) shall be, for purposes of this Agreement, considered as
though such person were a member of the Incumbent Board; (C) the stockholders
of Staples approve a merger or consolidation of Staples with any other
corporation, and such merger or consolidation is consummated, other than (1) a
merger or consolidation which would result in the voting securities of Staples
outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving
entity) more than 75% of the combined voting power of the voting securities of
Staples or such surviving entity outstanding immediately after such merger or
consolidation, or (2) a merger or consolidation effected to implement a
recapitalization of Staples (or similar transaction) in which no “person” (as
defined above) acquires more than 30% of the combined voting power of Staples’
then outstanding securities; or (D) the stockholders of Staples approve an
agreement for the sale or disposition by Staples of all or substantially all of
Staples’ assets, and such sale or disposition is consummated.

(ii) “Surviving Corporation” shall mean (x) in the
case of a Change in Control pursuant to clause (A) or clause (B) of Section
10(a)(i), Staples; (y) in the case of a Change in Control pursuant to clause
(C) of Section 10(a)(i), the surviving or resulting corporation in such merger
or consolidation; and (z) in the case of a Change in Control pursuant to Clause
(D) of Section 10(a)(i), the entity acquiring the majority of the assets being
sold or disposed of by Staples.

(b)  Effect of Change in Control. Notwithstanding the provisions of Section
3(a), if a Change in Control of Staples occurs, the Shares shall become vested
as follows:

(i)  If, upon the Change in Control, the Associate

(A) is not offered employment with the Surviving Corporation (or is not
allowed to continue his or her employment, if the Surviving Corporation is
Staples) in a position (1) in which the title, employment duties and
responsibilities, conditions of employment, and the level of compensation and
benefits are at least equivalent to those in effect during the 90-day period
immediately preceding the Change in Control and (2) that does not involve a
relocation of the Associate’s principal place of employment of more than an
additional 50 miles from his or her primary residence at the time of the Change
in Control, and

(B) does not accept (or continue) employment with the Surviving
Corporation (regardless of position, compensation or location) (other than as a
result of retirement), or

(ii) If, within one year
following the date of the Change in Control, the Associate either

(A) is discharged without cause (as defined in Section 4(d)) or

(B) resigns or retires because his or her title or employment duties and
responsibilities are diminished, his or her conditions of employment are
adversely changed, the level of his or her compensation and benefits are
reduced, or his or her principal place of employment is relocated by more than
an additional 50 miles from his or her primary residence at the time of the
Change in Control, then the vesting of Shares shall be accelerated such that
all of Shares shall vest effective upon the date of such discharge, resignation
or retirement (which shall be considered a Vesting Date hereunder).

11.           Withholding Taxes.  Staples’ obligation to vest the Shares shall
be subject to the Associate’s satisfaction of all applicable federal, state and
local income and employment tax withholding requirements.  Staples may withhold any amount as it
considers necessary to meet any tax withholding requirement of the
Associate.   These arrangements may
include the sale of any Shares on behalf of an Associate and/or deductions from
salary and/or bonus payments.

12.         Miscellaneous.

(a)  Except as
provided herein, this Agreement may not be amended or otherwise modified unless
evidenced in writing and signed by Staples and the Associate unless the Board
of Directors determines that the amendment or modification, taking into account
any related action, would not materially and adversely affect the Associate.

(b)  All notices under this Agreement shall be
mailed or delivered by hand to Staples at its main office, Attn: Secretary, and
to the Associate to his or her last known address on the employment records of
Staples or at such other address as may be designated in writing by either of
the parties to one another.

(c)  This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware.

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