Document:

Purchase Agreement

 Exhibit 10.1 
  
 Execution Version 
  
 [Form of] 
  
 PURCHASE AGREEMENT 
  
 THIS PURCHASE AGREEMENT (“Agreement”) is made as of the 3rd day of August, 2005 by and among Central European Distribution Corporation, a Delaware corporation (the “Company”), and the Investors
listed on Schedule I attached hereto (each an “Investor” and collectively the “Investors”). 
  
 In consideration of the mutual promises made herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows: 
  
 1.
Definitions. In addition to those terms defined above and elsewhere in this Agreement, for the purposes of this Agreement, the following terms shall have the meanings set forth below: 
  
 “Affiliate” means, with respect to any Person, any other
Person which directly or indirectly through one or more intermediaries Controls, is controlled by, or is under common control with, such Person. 
  
 “Agents” means Avondale Partners, LLC, ING Bank N.V. (London Branch) and ING Financial Markets LLC. 
  
 “Bialystok Acquisition” means the acquisition by the Company
of 61% of the outstanding share capital of Polmos Bialystok S.A. pursuant to that certain Share Purchase Agreement, dated as of July 11, 2005, by and among the State Treasury of Poland, Carey Agri International Poland Sp. z o.o., and the Company.

  
 “Business Day” means a day, other than a
Saturday or Sunday, on which banks in New York City are open for the general transaction of business. 
  
 “Commission” means the U.S. Securities and Exchange Commission. 
  
 “Common Stock” means the Company’s common stock, par value $0.01 per share. 
  
 “Knowledge” means the actual knowledge of William V. Carey
or Chris Biedermann, after reasonable inquiry. 
  
 “Confidential Information” means trade secrets, confidential information and know-how (including but not limited to ideas, formulae, compositions, processes, procedures and techniques, research and development information,
computer program code, performance specifications, support documentation, drawings, specifications, designs, business and marketing plans, and customer and supplier lists and related information). 
  
 “Control” (including the terms “controlling”,
“controlled by” or “under common control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting
securities, by contract or otherwise. 

 “Escrow Agent” means Wachovia Bank, National Association. 
  
 “Escrow Agreement” means that certain Escrow Agreement,
dated as of the date hereof, by and among the Company, the Investors and the Escrow Agent. 
  
 “Intellectual Property” means all of the following: (i) patents, patent applications, patent disclosures and inventions (whether or not patentable and whether or not reduced to practice); (ii)
trademarks, service marks, trade dress, trade names, corporate names, logos, slogans and Internet domain names, together with all goodwill associated with each of the foregoing; (iii) copyrights and copyrightable works; (iv) registrations,
applications and renewals for any of the foregoing; and (v) proprietary computer software (including but not limited to data, data bases and documentation). 
  
 “Material Adverse Effect” means a material adverse effect on (i) the assets, liabilities, results of operations, condition (financial and
otherwise) and business of the Company and its Subsidiaries taken as a whole, or (ii) the ability of the Company to perform its obligations under the Transaction Documents. 
  
 “Person” means an individual, corporation, partnership, limited liability company, trust, business trust,
association, joint stock company, joint venture, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically listed herein. 
  
 “Registration Rights Agreement” means that certain Registration Rights Agreement, in the form attached
hereto as Exhibit A, pursuant to which the Company will agree to provide certain registration rights under the 1933 Act and applicable state securities laws. 
  
 “SEC Filings” has the meaning set forth in Section 4.6. 
  
 “Shares” means the shares of Common Stock being purchased by
the Investors hereunder. 
  
 “Subsidiary” has the
meaning set forth in Section 4.1. 
  
 “Transaction
Documents” means this Agreement, the Escrow Agreement and the Registration Rights Agreement. 
  
 “1933 Act” means the Securities Act of 1933, as amended, or any successor statute, and the rules and regulations promulgated thereunder.

  
 “1934 Act” means the Securities Exchange Act
of 1934, as amended, or any successor statute, and the rules and regulations promulgated thereunder. 
  
 2. Purchase and Sale of the Shares; Escrow. 
  
 2.1 Purchase and Sale of the Shares. Subject to the terms and conditions of this Agreement, on the Closing Date, (a) each of the Investors hereby
severally, and not jointly, agrees to purchase that number of Shares listed opposite such Investor’s name on Schedule I, and (b) the Company hereby agrees to sell and issue to the Investors an aggregate of 3,360,000 Shares. The per share
purchase price of the Shares to by paid by the Investors under this Agreement shall be $34.69 (the “Per Share Purchase Price”). The aggregate purchase price for the Shares to be paid by all Investors under this Agreement shall be referred
to as the “Purchase Price.” 
  

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 2.2 Escrow. Contemporaneously with the execution and delivery of this Agreement, the Company, each
Investor and the Escrow Agent have executed and delivered the Escrow Agreement. Within one (1) Business Day of the date of this Agreement, each Investor will cause a wire transfer in same day funds to be sent to the account of the Escrow Agent in
the amount set forth opposite such Investor’s name on Schedule I. 
  
 3. Closing. Upon confirmation that the conditions to Closing specified herein have been satisfied or duly waived by the Investors and the Company, as applicable, prior to the termination of this Agreement pursuant to Section 6.3
below, (a) the Company shall deliver to the Escrow Agent a notice that the Purchase Price being held pursuant to the Escrow Agreement shall be released to the Company, with any interest that has accrued under the Escrow Agreement to be delivered to
the Investors pro rata, (b) the Company shall deliver to the Agents, in trust, a certificate or certificates, registered in such name or names as the Investors may designate, representing the Shares, with instructions that such certificates are to
be held for release to the Investors only upon receipt by the Company of the Purchase Price pursuant to the terms of the Escrow Agreement. On the date (the “Closing Date”) the Company receives the Purchase Price, the certificates
evidencing the Shares shall be released to the Investors (the “Closing”). The Closing of the purchase and sale of the Shares shall take place at the offices of Dickstein Shapiro Morin & Oshinsky LLP, 1177 Avenue of the Americas, New
York, N.Y. 10036, or at such other location and on such other date as the Company and the Investors shall mutually agree. 
  
 4. Representations and Warranties of the Company. The Company hereby represents and warrants to the Investors that, except as set forth in the SEC
Filings (as defined below): 
  
 4.1 Organization, Good
Standing and Qualification. Each of the Company and its Subsidiaries is a corporation duly organized and validly existing under the laws of the jurisdiction of its incorporation and has all requisite corporate power and authority to carry on its
business as now conducted and to own its properties. Each of the Company and its Subsidiaries is duly qualified to do business as a foreign corporation and is in good standing in each jurisdiction in which the conduct of its business or its
ownership or leasing of property makes such qualification or leasing necessary unless the failure to so qualify has not and could not reasonably be expected to have a Material Adverse Effect. The Company’s subsidiaries (the
“Subsidiaries”) are reflected in the SEC Filings. 
  
 4.2 Authorization. The Company has full power and authority and has taken all requisite action on the part of the Company, its officers, directors and stockholders necessary for (i) the authorization, execution and delivery of the
Transaction Documents, (ii) authorization of the performance of all obligations of the Company hereunder or thereunder, and (iii) the authorization, issuance and delivery of the Shares. The Transaction Documents constitute the legal, valid and
binding obligations of the Company, enforceable against the Company in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability, relating to or
affecting creditors’ rights generally, and subject to general equitable principles. The issuance of the Shares does not require the approval of the Company’s stockholders pursuant to the Company’s Bylaws, Certificate of Incorporation,
the provisions of the Delaware General Corporation Law, Nasdaq Marketplace Rule 4350(i) or any other similar rules or regulations promulgated under other trading markets or securities exchanges that are applicable to the Company, or otherwise.

  
 4.3 Capitalization. The SEC Filings set forth (a) the
authorized capital stock of the Company on the date hereof; (b) the number of shares of capital stock issued and outstanding; (c) the 
  

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 number of shares of capital stock issuable pursuant to the Company’s stock plans; and (d) the number of shares of
capital stock issuable and reserved for issuance pursuant to securities exercisable for, or convertible into or exchangeable for any shares of capital stock of the Company. All of the issued and outstanding shares of the Company’s capital stock
have been duly authorized and validly issued and are fully paid, nonassessable and free of preemptive rights and were issued in full compliance with applicable state and federal securities law and any rights of third parties. All of the issued and
outstanding shares of capital stock of each Subsidiary have been duly authorized and validly issued and are fully paid, nonassessable and free of preemptive rights, were issued in full compliance with applicable state and federal securities law and
any rights of third parties and are owned by the Company, beneficially and of record, subject to no lien, encumbrance or other adverse claim. No Person is entitled to preemptive or similar statutory or contractual rights with respect to any
securities of the Company. Except as set forth in the SEC Filings, there are no outstanding warrants, options, convertible securities or other rights, agreements or arrangements of any character under which the Company or any of its Subsidiaries is
or may be obligated to issue any equity securities of any kind and except as contemplated by this Agreement, neither the Company nor any of its Subsidiaries is currently in negotiations for the issuance of any equity securities of any kind. There
are no voting agreements, buy-sell agreements, option or right of first purchase agreements or other similar agreements of any kind among the Company and any of the securityholders of the Company relating to the securities of the Company held by
them. Except for the Registration Rights Agreement, no Person has the right to require the Company to register any securities of the Company under the 1933 Act, whether on a demand basis or in connection with the registration of securities of the
Company for its own account or for the account of any other Person. 
  
 The issuance and sale of the Shares will not obligate the Company to issue shares of Common Stock or other securities to any other Person (other than the Investors) and will not result in the adjustment of the exercise, conversion, exchange
or reset price of any outstanding security. 
  
 The Company does
not have outstanding stockholder purchase rights or “poison pill” or any similar arrangement in effect giving any Person the right to purchase any equity interest in the Company upon the occurrence of certain events. 
  
 4.4 Valid Issuance. The Company has reserved a sufficient number of
shares of Common Stock for the issuance of the Shares pursuant to this Agreement. The Shares have been duly and validly authorized and, when issued and paid for pursuant to this Agreement, will be validly issued, fully paid and nonassessable, and
shall be free and clear of all encumbrances and restrictions (other than those created by the Investors), except for restrictions on transfer set forth in the Transaction Documents or imposed by applicable securities laws. 
  
 4.5 Consents. The execution, delivery and performance by the Company
of the Transaction Documents and the offer, issuance and sale of the Shares require no consent of, action by or in respect of, or filing with, any Person, governmental body, agency, or official, including without limitation, any trading market or
securities exchange, other than the following: (a) filings, if any, pursuant to applicable state and federal securities laws which the Company undertakes to file within the applicable time periods, (b) the filing with the Commission of one or more
registration statements in accordance with the requirements of the Registration Rights Agreement, and (c) the filing of a listing application for the listing of the Shares with the Trading Market (as defined below), which shall be done pursuant to
the rules of the Trading Market. Subject to the accuracy of the representations and warranties of each Investor set forth in Section 5 hereof, the Company has taken all action necessary to exempt (i) the issuance and sale of the Shares, and (ii) the
other transactions contemplated by the Transaction Documents from the provisions of any stockholder rights plan or other “poison pill” arrangement, any anti-takeover, business combination or control share law or statute binding on the
Company or to which the Company or any of its assets and properties may be subject and any provision of the Company’s 
  

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 Certificate of Incorporation or Bylaws that is or could reasonably be expected to become applicable to the Investors as a
result of the transactions contemplated hereby, including, without limitation, the issuance of the Shares and the ownership, disposition or voting of the Shares by the Investors or the exercise of any right granted to the Investors pursuant to this
Agreement or the other Transaction Documents. 
  
 4.6 SEC
Filings; Financial Statements. 
  
 (a) The Company has filed
all reports required to be filed by it under the 1934 Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof (or such shorter period as the Company was required by law to file such material) (the
foregoing materials, including the exhibits thereto (together with any materials filed by the Company under the 1934 Act, whether or not required), being collectively referred to herein as the “SEC Filings,” except that solely for purposes
of this Section 4.6(a), “SEC Filings” shall not be deemed to include any Current Reports on Form 8-K (or amendments thereto) that are “furnished” by the Company to the Commission solely to comply with Regulation F-D promulgated
under the 1934 Act) on a timely basis or has timely filed a valid extension of time of filing and has filed any such SEC Filings prior to the expiration of any such extension. As of their respective dates, the SEC Filings complied in all material
respects with the requirements of the 1934 Act and the rules and regulations of the Commission promulgated thereunder, and none of the SEC Filings, when filed, contained any untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 
  
 (b) The financial statements of the Company included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2004, Quarterly
Report on Form 10-Q for the quarterly period ended March 31, 2005 and SEC Filings filed subsequent to the filing of such filings comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission
with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”), except as
may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the
Company and its consolidated Subsidiaries as of the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. Except as set forth in the most recent financial statements of the Company
included in the SEC Filings filed prior to the date hereof, neither the Company nor any Subsidiary has incurred any liabilities, contingent or otherwise, except those incurred in the ordinary course of business, consistent (as to amount in nature)
with past practices since the date of such financial statements, none of which, individually or in the aggregate, have had or could reasonably be expected to have a Material Adverse Effect. All material agreements to which the Company and its
Subsidiaries are a party or to which any of their respective property or assets are subject that are required to be filed as exhibits to the SEC Filings under Item 601 of Regulation S-K are included as a part of, or specifically identified in, the
SEC Filings. 
  
 4.7 Business. The Company and its
Subsidiaries are engaged only in the business described in the SEC Filings, and the SEC Filings contain a complete and accurate description of the business of the Company and its Subsidiaries, taken as a whole. 
  
 4.8 Use of Proceeds. The net proceeds of the sale of the Shares
hereunder shall be used by the Company to finance a portion of the purchase price for the Bialystok Acquisition. 
  

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 4.9 No Material Adverse Change. Since December 31, 2004, except as identified and described in the
SEC Filings, there has not been: 
  
 (i) any change in the
consolidated assets, liabilities, financial condition or operating results of the Company from that reflected in the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2004, except for
changes in the ordinary course of business which have not and could not reasonably be expected to have a Material Adverse Effect, individually or in the aggregate; 
  
 (ii) any declaration or payment of any dividend, or any authorization or payment of any distribution, on any of the capital
stock of the Company, or any redemption or repurchase of any securities of the Company; 
  
 (iii) any material damage, destruction or loss, whether or not covered by insurance to any material assets or properties of the Company or its Subsidiaries; 
  
 (iv) any waiver, not in the ordinary course of business, by the Company or
any Subsidiary of a material right or of a material debt owed to it; 
  
 (v) any satisfaction or discharge of any lien, claim or encumbrance or payment of any obligation by the Company or a Subsidiary, except in the ordinary course of business and which is not material to the assets, properties, financial
condition, operating results or business of the Company and its Subsidiaries taken as a whole (as such business is presently conducted and as it is proposed to be conducted); 
  
 (vi) any change or amendment to the Company’s Certificate of Incorporation or Bylaws, or material change to any
material contract or arrangement by which the Company or any Subsidiary is bound or to which any of their respective assets or properties is subject, except for changes in the ordinary course of business which have not and could not reasonably be
expected to have a Material Adverse Effect, individually or in the aggregate; 
  
 (vii) any material labor difficulties or labor union organizing activities with respect to employees of the Company or any Subsidiary; 
  
 (viii) any transaction entered into by the Company or a Subsidiary other than in the ordinary course of business;

  
 (ix) the loss of the services of any key employee, or
material change in the composition or duties of the senior management of the Company or any Subsidiary; or 
  
 (x) the loss or threatened loss of any supplier or customer which has had or could reasonably be expected to have a Material Adverse Effect. 

 
 4.10 No Conflict, Breach, Violation or Default. The execution,
delivery and performance of the Transaction Documents by the Company and the issuance and sale of the Shares will not conflict with or result in a breach or violation of any of the terms and provisions of, or constitute a default under (i) the
Company’s Certificate of Incorporation or the Company’s Bylaws, both as in effect on the date hereof, or (ii)(a) any statute, rule, regulation or order of any governmental agency or body or any court, domestic or foreign, having
jurisdiction over the Company, any Subsidiary or any of their respective assets or properties, or (b) any agreement or instrument to which the Company or any 
  

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 Subsidiary is a party or by which the Company or a Subsidiary is bound or to which any of their respective assets or
properties is subject, except, in the case of clause (ii) above, for such conflicts, breaches, violations or defaults as could not reasonably be expected to have a Material Adverse Effect. 
  
 4.11 Tax Matters. The Company and each Subsidiary have timely prepared
and filed all tax returns required to have been filed by the Company or such Subsidiary with all appropriate governmental agencies and timely paid all taxes shown thereon or otherwise owed by it, except those being contested in good faith. The
charges, accruals and reserves on the books of the Company in respect of taxes for all fiscal periods are adequate in all material respects, and there are no material unpaid assessments against the Company or any Subsidiary nor, to the
Company’s Knowledge, any basis for the assessment of any additional taxes, penalties or interest for any fiscal period or audits by any federal, state or local taxing authority except for any assessment which is not material to the Company and
its Subsidiaries, taken as a whole. All taxes and other assessments and levies that the Company or any Subsidiary is required to withhold or to collect for payment have been duly withheld and collected and paid to the proper governmental entity or
third party when due. There are no tax liens or claims pending or, to the Company’s Knowledge, threatened against the Company or any Subsidiary or any of their respective assets or property. There are no outstanding tax sharing agreements or
other such arrangements between the Company and any Subsidiary or other corporation or entity. 
  
 4.12 Certificates, Authorities and Permits. The Company and each Subsidiary possess adequate certificates, authorities or permits issued by appropriate governmental agencies or bodies necessary to conduct the
business now operated by it, and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authority or permit that, if determined adversely to the Company or
such Subsidiary, could reasonably be expected to have a Material Adverse Effect, individually or in the aggregate. 
  
 4.13 No Labor Disputes. No material labor dispute with the employees of the Company or any Subsidiary exists or, to the Company’s Knowledge,
is threatened. 
  
 4.14 Intellectual Property. The Company
owns or possesses sufficient rights to use all Intellectual Property free and clear of any material liens, security interests, charges, encumbrances, equities and other adverse claim, which is necessary to conduct its businesses as currently
conducted and as presently contemplated to be conducted. The Company has not received any written notice of, nor has Knowledge of, any infringement of or conflict with asserted rights of others with respect to any Intellectual Property, and to the
Company’s Knowledge, the present activities of the Company and the Subsidiaries do not infringe any patent, copyright, trademark, trade name, or other proprietary rights of any third party. 
  
 4.15 Environmental Matters. Neither the Company nor any Subsidiary (a)
is in violation of any statute, rule, regulation, decision or order of any governmental agency or body or any court, domestic or foreign, relating to the use, disposal or release of hazardous or toxic substances or relating to the protection or
restoration of the environment or human exposure to hazardous or toxic substances (collectively, “Environmental Laws”), (b) owns or operates any real property contaminated with any substance that is subject to any Environmental Laws, (c)
is liable for any off-site disposal or contamination pursuant to any Environmental Laws, or (d) is subject to any claim relating to any Environmental Laws, which violation, contamination, liability or claim has had or could reasonably be expected to
have a Material Adverse Effect, individually or in the aggregate, and there is no pending or, to the Company’s Knowledge, threatened, investigation that might lead to such a claim. 
  

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 4.16 Litigation. There are no pending actions, suits, inquiries, notices of violations,
investigations, or proceedings (collectively, an “Action”) against the Company, its Subsidiaries or any of its or their properties, and, to the Company’s Knowledge, no such Action is threatened or contemplated, which Action, if
determined adversely to the Company, its Subsidiaries or any of its or their properties, as the case may be, would have or could reasonably be expected to have a Material Adverse Effect. Neither the Company nor any Subsidiary, nor any director or
officer thereof in their capacity as such, is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the
Company’s Knowledge, there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company. 
  
 4.17 Compliance. 
  
 (a) Neither the Company nor any Subsidiary (i) is in default under or in violation of (and no event has occurred that has not been waived that, with
notice or lapse of time or both, could result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any agreement, credit
facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or
affected (whether or not such default or violation has been waived), (ii) is in violation of any order of any court, arbitrator or governmental body, or (iii) is or has been in violation of any statute, rule or regulation of any governmental
authority, including without limitation, all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety, and employment and labor matters, except in each case as did
not or would not (as applicable), individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect. 
  
 (b) The Company is in compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder
by the Commission, except where such noncompliance would not have or reasonably be expected to result in a Material Adverse Effect. 
  
 4.18 Insurance Coverage. The Company and each Subsidiary maintains in full force and effect insurance coverage against such liabilities, claims and
risks and in such amounts as is customary for comparably situated companies for the business being conducted and properties owned or leased by the Company and each Subsidiary. 
  
 4.19 Brokers and Finders. Other than fees paid to the Agents, no brokerage or finder’s fees or commissions are
or will be payable by the Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by this Agreement. The Investors shall have no
obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by this Agreement. 

 
 4.20 No General Solicitation or General Advertising. Neither the
Company nor any Person acting on its behalf has conducted any general solicitation or general advertising (as those terms are used in Regulation D under the 1933 Act) in connection with the offer or sale of any of the Shares. 
  
 4.21 No Integrated Offering. Neither the Company nor any of its
Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any Company 
  

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 security or solicited any offers to buy any security, under circumstances that would adversely affect reliance by the
Company on Section 4(2) for the exemption from registration for the transactions contemplated hereby or would require registration of the Shares under the 1933 Act. 
  
 4.22 Private Placement; State Securities Laws. Subject in part to the accuracy of the representations and warranties
of the Investors contained in Section 5, the offer and sale of the Shares to the Investors as contemplated hereby is exempt from the registration requirements of the 1933 Act. On or before the Closing Date, if required, the Company shall take all
necessary action to qualify, or to obtain, an exemption for the Shares under such securities laws of each state as shall be necessary to qualify, or to obtain an exemption from, the sale of the Shares. 
  
 4.23 Transactions with Affiliates. Except as disclosed in the SEC
Filings, none of the officers or directors of the Company and, to the Company’s Knowledge, none of the employees of the Company is presently a party to any transaction with the Company or any Subsidiary (other than as holders of stock options
and/or warrants, and for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or
otherwise requiring payments to or from any officer, director or such employee or, to the Company’s Knowledge, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee or
partner. 
  
 4.24 Accounting System; Controls and
Procedures. The Company makes and keeps accurate books and records and maintains a system of accounting controls sufficient to provide reasonable assurances that (i) transactions are executed in accordance with management’s general or
specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain accountability for assets; (iii) access to assets is
permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any
differences. The Company has established and maintains disclosure controls and procedures (as defined in 1934 Act Rules 13a-15(e) and 15d-15(e)), which (i) are designed to ensure that material information relating to the Company, including its
consolidated subsidiaries, is made known to the Company’s principal executive officer and its principal financial officer by others within those entities, particularly during the periods in which the periodic reports required under the 1934 Act
are being prepared; (ii) have been evaluated for effectiveness as of the end of the period covered by the Company’s most recent annual or quarterly report with the Commission which precedes the date of this Agreement; and (iii) are effective in
all material respects to perform the functions for which they were established. Based on the most recent evaluation of its disclosure controls and procedures, as of the date hereof, the Company is not aware of (i) any significant deficiencies or
material weaknesses in the design or operation of internal control over financial reporting (as defined in 1934 Act Rules 13a-15(f) and 15d-15(f)) which are reasonably likely to adversely affect the Company’s ability to record, process,
summarize and report financial information or (ii) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting. The Company is not aware
of any change in its internal control over financial reporting that has occurred during its most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial
reporting. 
  
 4.25 No Price Stabilization or Manipulation;
Compliance with Regulation M. The Company has not taken directly or indirectly, any action designed to or that might be reasonably expected to cause or result in stabilization or manipulation of the price of the shares of the Common Stock or any
other “Reference Security” (as defined in Rule 100 of Regulation M under the 1934 Act (“Regulation M”)) to facilitate the sale or resale of the Shares, and has taken no action which would directly or indirectly violate Regulation
M. 
  

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 4.26 Investment Company. The Company is not, and after giving effect to the sale of the Shares and
the application of the net proceeds therefrom, will not be, an “investment company” within the meaning of the Investment Company Act of 1940, as amended, or an Affiliate of an “investment company.” 
  
 4.27 Foreign Corrupt Practices. Neither the Company nor any of its
Subsidiaries, nor, to the Company’s Knowledge, any of their respective current or former directors, officers, employees, agents or other Person acting on behalf of the Company or any of its Subsidiaries, have (i) directly or indirectly, used
any corporate funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any direct or indirect unlawful payments to any governmental officials or employees from
corporate funds, (iii) failed to disclose fully any contribution made by the Company or made by any Person acting on its behalf and of which the Company is aware in violation of law; (iv) established or maintained any unlawful or unrecorded fund of
corporate monies or other assets; (v) made any false or fictitious entries on the books and records of the Company or any Subsidiary; (vi) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment of any nature;
or (vii) violated in any material respect any provision of the Foreign Corrupt Practices Act of 1977, as amended. 
  
 5. Representations and Warranties of the Investors. Each of the Investors hereby severally, and not jointly, represents and warrants to the Company
and each other Investor that: 
  
 5.1 Organization and
Existence. The Investor is a validly existing corporation, limited partnership or limited liability company and has all requisite corporate, partnership or limited liability company power and authority to invest in the Shares pursuant to this
Agreement. Such Investor (if not an individual) has not been formed for the specific purpose of acquiring the Shares. Such Investor has provided the Company with its jurisdiction of organization and its principal place of business. 
  
 5.2 Authorization; Non-contravention. The execution, delivery and
performance by the Investor of the Transaction Documents to which such Investor is a party have been duly authorized and will each constitute the valid and legally binding obligation of the Investor, enforceable against the Investor in accordance
with their respective terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability, relating to or affecting creditors’ rights generally, and subject to general equitable
principles. 
  
 5.3 Purchase Entirely for Own Account. The
Shares to be received by the Investor hereunder will be acquired for the Investor’s own account, not as nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of the 1933 Act, and the Investor has
no present intention of selling, granting any participation in, or otherwise distributing the same in violation of the 1933 Act. Such Investor does not have any agreement or understanding, whether or not legally binding, direct or indirect, with any
other Person to sell or otherwise distribute the Shares. The Investor is not a broker dealer registered with the Commission under the 1934 Act or an entity engaged in a business that would require it to be so registered. 
  
 5.4 Investment Experience. The Investor acknowledges that it can bear
the economic risk and complete loss of its investment in the Shares and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment contemplated hereby. Such Investor
understands that the purchase of the Shares involves substantial risk. 
  

 -10- 

 5.5 Disclosure of Information. The Investor has had an opportunity to receive all additional
information related to the Company requested by it and to ask questions of and receive answers from the Company regarding the terms and conditions of the issuance and sale of the Shares and the business, properties, prospects and financial condition
of the Company and to obtain any additional information requested and has received and considered all information such Investor deems relevant to make an informed decision to purchase the Shares. The Investor acknowledges that the Company has made
copies of the SEC Filings available to such Investor. Neither such inquiries nor any other due diligence investigation conducted by the Investor shall modify, amend or affect the Investor’s right to rely on the Company’s representations
and warranties contained in this Agreement. The Investor has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of the Shares. 
  
 5.6 Restricted Securities. The Investor understands that the Shares
are characterized as “restricted securities” under the U.S. federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations
such securities may be resold without registration under the 1933 Act only in certain limited circumstances. The Investor understands that no United States federal or state agency or any other government or governmental agency has passed on or made
any recommendation or endorsement of the Shares or the fairness or suitability of the investment in the Shares nor have such authorities passed upon or endorsed the merits of the offering of the Shares. 
  
 5.7 Legends. The Investor understands that, except as provided below
and until such time as the resale of the Shares have been registered under the 1933 Act as contemplated by the Registration Rights Agreement, certificates evidencing the Shares shall bear the following or any similar legend: 
  
 (a) “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, OFFERED FOR SALE, OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER
SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR AN OPINION FROM COUNSEL IN A FORM ACCEPTABLE TO THE COMPANY AND ITS LEGAL COUNSEL STATING THAT SUCH REGISTRATION IS NOT REQUIRED.” 
  
 (b) If required by the authorities of any state in connection with the issuance of sale of the Shares, the legend required
by such state authority. 
  
 5.8 Accredited Investor. The
Investor is an accredited investor as defined in Rule 501(a) of Regulation D, as amended, under the 1933 Act. 
  
 5.9 No General Solicitation. The Investor did not learn of the investment in the Shares by means of any form of general or public solicitation or
general advertising, or publicly disseminated advertisements or sales literature, including (i) any advertisement, article, notice or other communication published in any newspaper, magazine, or similar media, or broadcast over television or radio,
or (ii) any seminar or meeting to which such Investor was invited by any of the foregoing means of communications. 
  

 -11- 

 5.10 Brokers and Finders. Except for the fees payable to the Agents, for which the Company is
solely responsible, no Person will have, as a result of the transactions contemplated by the Transaction Documents, any valid right, interest or claim against or upon the Company, any Subsidiary or an Investor for any commission, fee or other
compensation pursuant to any agreement, arrangement or understanding entered into by or on behalf of the Investor. 
  
 5.11 Prohibited Transactions. 
  
 (a) Since the date each Investor entered into a confidentiality agreement with the Agents or the Company and prior to the date of this Agreement, no
Investor has, directly or indirectly, effected or agreed to effect any short sale, whether or not against the box, established any “put equivalent position” (as defined in Rule 16a-1(h) under the 1934 Act) with respect to the Common Stock,
granted any other right (including, without limitation, any put or call option) with respect to the Common Stock or with respect to any security that includes, relates to or derived any significant part of its value from the Common Stock or
otherwise sought to hedge its position in the Shares. 
  
 (b) The
Investor is aware of the following Telephone Interpretation in the SEC Manual of Publicly Available Telephone Interpretations (July 1997): 
  
 A.65. Section 5 
  
 An issuer filed a Form S-3 registration statement for a secondary offering of common stock which is not yet effective. One of the selling shareholders
wanted to do a short sale of common stock “against the box” and cover the short sale with registered shares after the effective date. The issuer was advised that the short sale could not be made before the registration statement becomes
effective, because the shares underlying the short sale are deemed to be sold at the time such sale is made. There would, therefore, be a violation of Section 5 if the shares were effectively sold prior to the effective date. 
  
 5.12 Reliance on Exemptions. The Investor understands that the Shares
are being offered and sold to it in reliance on specific exemptions from the registration requirements of United States federal and state securities laws and that the Company is relying in part upon the truth and accuracy of, and such
Investor’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of such Investor set forth herein in order to determine the availability of such exemptions and the eligibility of such to acquire the
Shares. 
  
 6. Conditions to Closing; Termination.

  
 6.1 Conditions to the Investors’ Obligations. The
obligation of the Investors to purchase the Shares at the Closing is subject to the fulfillment to the Investors’ satisfaction, on or prior to the Closing Date, of the following conditions, any of which may be waived by an Investor (as to
itself only): 
  
 (a) The representations and warranties made by
the Company in Section 4 hereof qualified as to materiality shall be true and correct in all respects on the Closing Date, except to the extent any such representation or warranty expressly speaks as of an earlier date, in which case such
representation or warranty shall be true and correct as of such earlier date, and the representations and 
  

 -12- 

 warranties made by the Company in Section 4 hereof not qualified as to materiality shall be true and correct in all
material respects on the Closing Date, except to the extent any such representation or warranty expressly speaks as of an earlier date, in which case such representation or warranty shall be true and correct in all material respects as of such
earlier date. The Company shall have performed in all material respects all obligations and conditions herein required to be performed or observed by it on or prior to the Closing Date. 
  
 (b) The Company shall have obtained any and all consents, permits, approvals, registrations and waivers necessary for
consummation of the purchase and sale of the Shares and the consummation of the other transactions contemplated by the Transaction Documents, all of which shall be in full force and effect. 
  
 (c) The Company shall have executed and delivered the Registration Rights
Agreement. 
  
 (d) No judgment, writ, order, injunction, award or
decree of or by any court, or judge, justice or magistrate, including any bankruptcy court or judge, or any order of or by any governmental authority, shall have been issued, and no action or proceeding shall have been instituted by any governmental
authority, enjoining or preventing the consummation of the transactions contemplated hereby or in the other Transaction Documents. 
  
 (e) The Company shall have delivered a Certificate, executed on behalf of the Company by its Chief Executive Officer or its Chief Financial Officer,
dated as of the Closing Date, certifying to the fulfillment of the conditions specified in subsections (a), (h) and (j) of this Section 6.1. 
  
 (f) The Company shall have delivered a Certificate, executed on behalf of the Company by its Secretary, dated as of the Closing Date, certifying the
resolutions adopted by the Board of Directors of the Company approving the transactions contemplated by this Agreement and the other Transaction Documents and the issuance of the Shares, certifying the current versions of the Certificate of
Incorporation and Bylaws of the Company and certifying as to the signatures and authority of persons signing the Transaction Documents and related documents on behalf of the Company. 
  
 (g) The Investors shall have received opinions from the Company’s legal counsel, dated as of the Closing Date, in form
and substance reasonably acceptable to the Investors and addressing such legal matters as the Investors may reasonably request. 
  
 (h) No stop order or suspension of trading shall have been imposed by the Commission or any other governmental or regulatory body with respect to public
trading in the Common Stock. 
  
 (i) No statute, rule,
regulation, executive order, decree, ruling, injunction, action, proceeding or interpretation shall have been enacted, entered, promulgated, endorsed or adopted by any court or governmental authority of competent jurisdiction or any self-regulatory
organization or trading market or the staff of any of the foregoing, having authority over the matters contemplated hereby which questions the validity of, or challenges or prohibits the consummation of, any of the transactions contemplated by this
Agreement. 
  
 (j) All conditions to the obligation of the
Company to consummate the Bialystok Acquisition shall have been fulfilled to the Company’s satisfaction, and contemporaneous with the Closing the Company shall consummate the Bialystok Acquisition. 
  

 -13- 

 (k) William V. Carey, Evangelos Evangelou and Chris Biedermann shall have executed and delivered the
Lock-up Agreement in the form attached hereto as Exhibit B. 
  
 6.2 Conditions to Obligations of the Company. The Company’s obligation to sell and issue the Shares at the Closing is subject to the fulfillment to the satisfaction of the Company on or prior to the Closing Date of the following
conditions, any of which may be waived by the Company: 
  
 (a)
The representations and warranties made by the Investors in Section 5 hereof, other than the representations and warranties contained in Sections 5.3, 5.4, 5.5, 5.6, 5.7, 5.8 and 5.9 (the “Investment Representations”), shall be true and
correct in all material respects when made, and shall be true and correct in all material respects on the Closing Date with the same force and effect as if they had been made on and as of said date. The Investment Representations shall be true and
correct in all respects when made, and shall be true and correct in all respects on the Closing Date with the same force and effect as if they had been made on and as of said date. The Investors shall have performed in all material respects all
obligations and conditions herein required to be performed or observed by them on or prior to the Closing Date. 
  
 (b) The Investors shall have executed and delivered the Registration Rights Agreement. 
  
 (c) No statute, rule, regulation, executive order, decree, ruling, injunction, action, proceeding or interpretation shall
have been enacted, entered, promulgated, endorsed or adopted by any court or governmental authority of competent jurisdiction or any self-regulatory organization or trading market or the staff of any of the foregoing, having authority over the
matters contemplated hereby which questions the validity of, or challenges or prohibits the consummation of, any of the transactions contemplated by this Agreement 
  
 (d) All conditions to the obligation of the Company to consummate the Bialystok Acquisition shall have been fulfilled to
the Company’s satisfaction and contemporaneous with the Closing the Company shall consummate the Bialystok Acquisition. 
  
 (e) Each of the Agents shall have executed and delivered a Placement Agent Certificate in the form attached hereto as Exhibit C. 
  
 6.3 Termination of Obligations to Effect Closing; Effects. 

 
 (a) The obligations of the Company, on the one hand, and the Investors,
on the other hand, to effect the Closing shall terminate as follows: 
  
 (i) Upon the mutual written consent of the Company and the Investors; 
  
 (ii) By the Company if any of the conditions set forth in Section 6.2 shall have become incapable of fulfillment, and shall not have been waived by the Company; 
  
 (iii) By an Investor (with respect to itself only) if any of the conditions
set forth in Section 6.1 shall have become incapable of fulfillment, and shall not have been waived by the Investor; or 
  

 -14- 

 (iv) Unless waived pursuant to Section 9.6 of this Agreement, if the Closing has not occurred on or
prior to November 30, 2005; 
  
 provided, however, that, except in the case of
clauses (ii) and (iii) above, the party seeking to terminate its obligation to effect the Closing shall not then be in breach of any of its representations, warranties, covenants or agreements contained in this Agreement or the other Transaction
Documents if such breach has resulted in the circumstances giving rise to such party’s seeking to terminate its obligation to effect the Closing. 
  
 (b) In the event of termination by the Company or any Investor of its obligations to effect the Closing pursuant to this Section 6.3, written notice
thereof shall forthwith be given to the other Investors and the other Investors shall have the right to terminate their obligations to effect the Closing upon written notice to the Company and the other Investors. Nothing in this Section 6.3 shall
be deemed to release any party from any liability for any breach by such party of the terms and provisions of this Agreement or the other Transaction Documents. 
  

7. Covenants and Agreements of the Company. 
  
 7.1 Listing of Underlying Shares and Related Matters. The Company hereby agrees, promptly following the Closing of the transactions contemplated by
this Agreement, to cause the Shares to be listed on the Nasdaq National Market or such other securities exchange or trading market in which the Company’s Common Stock is listed or quoted (the “Trading Market”). For so long as the
Investors beneficially own any of the Shares, the Company will use its best efforts to continue the listing and trading of its Common Stock on the Trading Market and will comply in all respects with the Company’s reporting, filing and other
obligations under the bylaws or rules of such Trading Market to ensure the continued eligibility for trading of the Shares thereon. 
  
 7.2 Removal of Legends. Upon the earlier of (i) registration for resale pursuant to the Registration Rights Agreement and receipt by the Company of
the Investor’s written confirmation that such Shares will not be disposed of except in compliance with the prospectus delivery requirements of the 1933 Act or (ii) Rule 144(k) becoming available the Company shall, upon an Investor’s
written request, promptly cause certificates evidencing the Investor’s Shares to be replaced with certificates which do not bear such restrictive legends. 
  

7.3 Lock-Up Agreement. Without the prior written consent of the Agents (which consent may be withheld at the sole discretion of the Agents) and
other than as contemplated by this Agreement or the Registration Rights Agreement with respect to the Shares, during the period commencing on the date hereof and continuing to and including the later of (i) the 90th day following the Closing Date or
(ii) the effectiveness of the registration statement to be filed by the Company pursuant to the Registration Rights Agreement (the “Lock-Up Period”), the Company will not, directly or indirectly, sell, offer, contract or grant any option
to sell (including without limitation any short sale), pledge, transfer, establish an open “put equivalent position” within the meaning of Rule 16a-1(h) under the 1934 Act, give, donate or otherwise dispose of, directly or indirectly, or
announce the offering of, or file any registration statement under the 1933 Act in respect of, any shares of Common Stock, options or warrants to acquire shares of Common Stock, or securities exchangeable or exercisable for or convertible into
shares of Common Stock, or publicly announce an intention to do any of the foregoing; provided, however, that the Company may (i) issue shares of its Common Stock or options to purchase its Common Stock, or shares of Common Stock upon exercise of
options, pursuant to any stock option, stock bonus or other stock plan or compensatory arrangement duly approved by the Board of Directors of the Company, (ii) issue shares of its Common Stock pursuant to the acquisition of another entity by the
Company by 
  

 -15- 

 merger, purchase of all or substantially all of the assets, or otherwise; provided, that the fair market value (as
determined in good faith by the Board of Directors of the Company) of such shares issued in connection with each such acquisition (other than the issuance of shares pursuant to that certain Share Sale Agreement, dated as of June 27, 2005, between
Remy Cointreau S.A., Botapol Management B.V., Takirra Investment Corporation N.V., Carey Agri International Poland Sp. z o.o. and the Company) does not exceed $10,000,000, (iii) issue shares of its capital stock upon conversion, exercise or exchange
of any warrants, options, securities or other rights directly or indirectly convertible into, or exercisable or exchangeable for, Common Stock, and (iv) issue securities in connection with a joint venture or development agreement or strategic
partnership or similar agreement approved by the Board of Directors of the Company, the primary purpose of which is not to raise equity capital; provided, that the fair market value (as determined in good faith by the Board of Directors of the
Company) of such shares issued pursuant to this subsection (iv) does not exceed $10,000,000, 
  
 8. Survival and Indemnification. 
  
 8.1 Survival. The representations, warranties, covenants and agreements contained in this Agreement shall survive the Closing of the transactions contemplated by this Agreement for a period of one (1) year
after the Closing. 
  
 8.2 Indemnification. The Company
agrees to indemnify and hold harmless each Investor and its Affiliates and their respective directors, officers, employees and agents from and against any and all losses, claims, damages, liabilities and expenses (including without limitation
reasonable attorney fees and disbursements and other expenses incurred in connection with investigating, preparing or defending any action, claim or proceeding, pending or threatened and the costs of enforcement thereof) (collectively,
“Losses”) to which such Person may become subject as a result of any breach of representation, warranty, covenant or agreement made by or to be performed on the part of the Company under the Transaction Documents, and will reimburse any
such Person for all such amounts as they are incurred by such Person. 
  
 8.3 Conduct of Indemnification Proceedings. Promptly after receipt by any Person (the “Indemnified Person”) of notice of any demand, claim or circumstances which would or might give rise to a claim or the
commencement of any action, proceeding or investigation in respect of which indemnity may be sought pursuant to Section 8.2, such Indemnified Person shall promptly notify the Company in writing and the Company shall assume the defense thereof,
including the employment of counsel reasonably satisfactory to such Indemnified Person, and shall assume the payment of all fees and expenses; provided, however, that the failure of any Indemnified Person so to notify the Company shall
not relieve the Company of its obligations hereunder except to the extent that the Company is materially prejudiced by such failure to notify. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the
fees and expenses of such counsel shall be at the expense of such Indemnified Person unless: (i) the Company and the Indemnified Person shall have mutually agreed to the retention of such counsel; or (ii) in the reasonable judgment of counsel to
such Indemnified Person representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Company shall not be liable for any settlement of any proceeding effected without its
written consent, which consent shall not be unreasonably withheld, but if settled with such consent, or if there be a final judgment for the plaintiff, the Company shall indemnify and hold harmless such Indemnified Person from and against any loss
or liability (to the extent stated above) by reason of such settlement or judgment. Without the prior written consent of the Indemnified Person, which consent shall not be unreasonably withheld, the Company shall not effect any settlement of any
pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such
Indemnified Person from all liability arising out of such proceeding. 
  

 -16- 

 9. Miscellaneous. 
  
 9.1 Successors and Assigns. This Agreement may not be assigned by a party hereto without the prior written consent of
the Company and (i) prior to the Closing, the Investors purchasing at least 67% of the Shares pursuant to this Agreement and (ii) following the Closing, holders of at least a majority of the Shares then outstanding; provided, however, that an
Investor may assign its rights and delegate its duties hereunder in whole or in part to an Affiliate or to a third party, in each case acquiring some or all of its Shares in a private transaction without the prior written consent of the Company or
the other Investors; provided, that such transferee agrees in writing to be bound by the terms, provisions and conditions of this Agreement and the Transaction Documents, and such transfer is in compliance with all of the terms and provisions of
this Agreement and the Transaction Documents and permitted by federal and state securities laws; and, provided, further, that no such assignment or obligation shall affect the obligations of such Investor hereunder. The provisions of this Agreement
shall inure to the benefit of and be binding upon the respective permitted successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective
successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 
  

9.2 Counterparts; Faxes. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. This Agreement may also be executed via facsimile, which shall be deemed an original. 
  
 9.3 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing
or interpreting this Agreement. 
  
 9.4 Notices. Unless
otherwise provided, any notice required or permitted under this Agreement shall be given in writing and shall be deemed effectively given as hereinafter described (i) if given by personal delivery, then such notice shall be deemed given upon such
delivery, (ii) if given by telex or telecopier or electronic mail, then such notice shall be deemed given upon receipt of confirmation of complete transmittal, (iii) if given by mail, then such notice shall be deemed given upon the earlier of (A)
receipt of such notice by the recipient or (B) three days after such notice is deposited in first class mail, postage prepaid, and (iv) if given by an internationally recognized overnight air courier, then such notice shall be deemed given one
business day after delivery to such carrier. All notices shall be addressed to the party to be notified at the address as follows, or at such other address as such party may designate by ten days’ advance written notice to the other party:

  
 If to the Company: 
  
 Central European Distribution Corporation 
 Two Bala Plaza 
 Suite 300 
 Bala Cynwyd, Pennsylvania 19004 
 Telephone:
(610) 660-7817 
 Facsimile: (610) 667-3308 
 Attention: Chief Executive Officer 
  

 -17- 

 with a copy to: 
  
 Dickstein Shapiro Morin & Oshinsky LLP 
 1177 Avenue of the Americas 
 New York, New York 10036 
 Telephone: (212) 835-1412 
 Facsimile: (212)
997-9880 
 Attention: Malcolm I. Ross, Esq. 
  
 If to the Investors: 
  
 to the addresses set forth on Schedule I hereto. 
  
 9.5 Expenses. The parties hereto shall pay their own costs and expenses in connection herewith. In the event that legal proceedings are commenced
by any party to this Agreement against another party to this Agreement in connection with this Agreement or the other Transaction Documents, the party or parties which do not prevail in such proceedings shall severally, but not jointly, pay their
pro rata share of the reasonable attorneys’ fees and other reasonable out-of-pocket costs and expenses incurred by the prevailing party in such proceedings. 
  
 9.6 Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this
Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and (i) prior to the Closing, the Investors purchasing at least 67% of the Shares pursuant
to this Agreement and (ii) following the Closing, holders of at least a majority of the Shares then outstanding. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each holder of any Shares purchased under this
Agreement at the time outstanding, each future holder of all such Shares, and the Company. 
  
 9.7 Publicity. Except as set forth below, no public release or announcement concerning the transactions contemplated hereby shall be issued by the Company or the Investors without the prior written consent of
the Company (in the case of a release or announcement by the Investors) or the Agents (in the case of a release or announcement by the Company) (which consents shall not be unreasonably withheld), except as such release or announcement as the
Company reasonably determines may be required by law or the applicable rules or regulations of any securities exchange or securities market, in which case the Company or the Investors, as the case may be, shall allow the Agents or the Company, as
applicable, to the extent reasonably practicable in the circumstances, reasonable time to comment on such release or announcement in advance of such issuance. By 8:30 a.m. (New York City time) on the trading day immediately following the Closing
Date, the Company shall issue a press release disclosing the consummation of the transactions contemplated by this Agreement. No later than the fourth business day (as defined by the Commission) following the Closing Date, the Company will file a
Current Report on Form 8-K attaching the press release described in the foregoing sentence as well as copies of the Transaction Documents. In addition, the Company will make such other filings and notices in the manner and time required by the
Commission. 
  

 -18- 

 9.8 Severability. Any provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted as if it were written so as to be enforceable to the
maximum extent permitted by applicable law, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, the
parties hereby waive any provision of law which renders any provision hereof prohibited or unenforceable in any respect. 
  
 9.9 Entire Agreement. This Agreement, including the Exhibits, and the other Transaction Documents constitute the entire agreement among the parties
hereof with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, both oral and written, between the parties with respect to the subject matter hereof and thereof. 
  
 9.10 Further Assurances. The parties shall execute and deliver all
such further instruments and documents and take all such other actions as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements herein contained. 
  
 9.11 Governing Law; Consent to Jurisdiction; Waiver of Jury Trial.
This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to the choice of law principles thereof. Each of the parties hereto irrevocably submits to the exclusive jurisdiction of
the courts of the State of New York located in New York County and the United States District Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and
the transactions contemplated hereby. Service of process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the same methods as are specified for the giving of notices under this
Agreement. Each of the parties hereto irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court. Each party hereto irrevocably waives any objection to the laying of
venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. TO THE EXTENT PERMITTED BY
APPLICABLE LAW, EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER. 
  
 9.12 Independent Nature of Investors’ Obligations and Rights. The
obligations of each Investor under any Transaction Document are several and not joint with the obligations of any other Investor, and no Investor shall be responsible in any way for the performance of the obligations of any other Investor under any
Transaction Document. The decision of each Investor to purchase Shares pursuant to the Transaction Documents has been made by such Investor independently of any other Investor. Nothing contained herein or in any Transaction Document, and no action
taken by any Investor pursuant thereto, shall be deemed to constitute the Investors as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors are in any way acting in concert or as a
group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Investor acknowledges that no other Investor has acted as agent for such Investor in connection with making its investment hereunder and that
no Investor will be acting as agent of such Investor in connection with monitoring its investment in the Shares or enforcing its rights under the Transaction Documents. Each Investor shall be entitled to independently protect and enforce its rights,
including, without limitation, the rights arising out of this Agreement or out of the other Transaction 
  

 -19- 

 Documents, and it shall not be necessary for any other Investor to be joined as an additional party in any proceeding for
such purpose. The Company acknowledges that each of the Investors has been provided with the same Transaction Documents for the purpose of closing a transaction with multiple Investors and not because it was required or requested to do so by any
Investor. 
  
 [Signature Page Follows] 
  

 -20- 

 IN WITNESS WHEREOF, the parties have executed this Purchase Agreement or caused their duly authorized
officers to execute this Purchase Agreement as of the date first above written. 
  

			
	CENTRAL EUROPEAN
	DISTRIBUTION CORPORATION
		
	By:	 	  

	Name:	 	 
	Title:	 	 

 IN WITNESS WHEREOF, the parties have executed this Purchase Agreement or caused their duly authorized
officers to execute this Purchase Agreement as of the date first above written. 
  

			
	INVESTORS:
	
	  

	Name of Entity
		
	By:	 	  

	Name:	 	  

	Title:Registration Rights Agreement

 Exhibit 10.2 
  
 Execution Version 
  
 [Form of] 
  
 REGISTRATION RIGHTS AGREEMENT 
  
 This Registration Rights Agreement (the “Agreement”) is made and entered into as of this 3rd day of August, 2005 by and among Central European
Distribution Corporation, a Delaware corporation (the “Company”), and the “Investors” named in that certain Purchase Agreement by and among the Company and the Investors of even date herewith (the “Purchase Agreement”).

  
 The parties hereby agree as follows: 
  
 1. Certain Definitions. 
  
 As used in this Agreement, the following terms shall have the following
meanings: 
  
 “Affiliate” means, with respect to
any person, any other person which directly or indirectly through one or more intermediaries controls, is controlled by, or is under common control with, such person. 
  
 “Business Day” means a day, other than a Saturday or Sunday, on which banks in New York City and Warsaw,
Poland are open for the general transaction of business. 
  
 “Common Stock” shall mean the Company’s common stock, par value $0.01 per share, and any securities into which such shares may hereinafter be reclassified. 
  
 “Investors” shall mean the Investors identified in the Purchase Agreement and any Affiliate or permitted
transferee of any Investor who is a subsequent holder of any Registrable Securities. 
  
 “Prospectus” shall mean the prospectus included in any Registration Statement, as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion
of the Registrable Securities covered by such Registration Statement and by all other amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by reference in such prospectus. 
  
 “Register,” “registered” and
“registration” refer to a registration made by preparing and filing a Registration Statement or similar document in compliance with the 1933 Act (as defined below), and the declaration or ordering of effectiveness of such
Registration Statement or document. 
  
 “Registrable
Securities” shall mean the Shares and any other securities issued or issuable with respect to or in exchange for the Shares; provided, that, a security shall cease to be a Registrable Security upon (A) sale pursuant to a Registration
Statement or Rule 144 under the 1933 Act, or (B) such security becoming eligible for sale by the Investors pursuant to Rule 144(k). 
  
 “Registration Statement” shall mean any registration statement of the Company filed under the 1933 Act that covers the resale of any of
the Registrable Securities pursuant to the provisions of this Agreement, amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits and all material incorporated by reference in such Registration
Statement. 
  
 “SEC” means the U.S. Securities
and Exchange Commission. 
  
 “Shares” means the
shares of Common Stock issued pursuant to the Purchase Agreement. 
  
 “1933 Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

 “1934 Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder. 
  
 2. Registration.

  
 (a) Registration Statement. Promptly following the
closing of the Bialystok Acquisition (as defined in the Purchase Agreement) (the “Closing Date”) but in no event following the later of September 19, 2005 or five (5) Business Days after the Closing Date (the “Filing Deadline”),
the Company shall prepare and file with the SEC one Registration Statement on Form S-3 (or, if Form S-3 is not then available to the Company, on such form of registration statement as is then available to effect a registration for resale of the
Registrable Securities), covering the resale of the Registrable Securities in an amount at least equal to the number of Shares. Such Registration Statement shall include the plan of distribution attached hereto as Exhibit A. Such Registration
Statement also shall cover, to the extent allowable under the 1933 Act and the rules promulgated thereunder (including Rule 416), such indeterminate number of additional shares of Common Stock resulting from stock splits, stock dividends or similar
transactions with respect to the Registrable Securities. No securities held by a third party shall be included in such Registration Statement without the consent of each Investor. The Registration Statement (and each amendment or supplement thereto,
and each request for acceleration of effectiveness thereof) shall be provided in accordance with Section 3(c) to the Investors and the Legal Counsel (as defined below) prior to its filing or other submission. 
  
 (b) Expenses. The Company will pay all expenses associated with each
registration, including filing and printing fees, the Company’s counsel and accounting fees and expenses, costs associated with clearing the Registrable Securities for sale under applicable state securities laws, listing fees, fees and
expenses, up to a maximum aggregate amount of $10,000, of one counsel to the Investors (“Legal Counsel”), which shall be Bass Berry & Sims PLC, or such other counsel as thereafter designated by the holders of at least a majority of the
Registrable Securities, and the Investors’ reasonable expenses in connection with the registration, but excluding discounts, commissions, fees of underwriters, selling brokers, dealer managers or similar securities industry professionals with
respect to the Registrable Securities being sold. 
  
 (c)
Effectiveness. 
  
 (i) The Company shall use its
commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable, but in no event later than November 11, 2005. The Company shall notify the Investors by facsimile or e-mail as promptly as practicable, and
in any event, within one Business Day, after the Registration Statement is declared effective and shall at such time provide the Investors with copies of any related Prospectus to be used in connection with the sale or other disposition of the
securities covered thereby. 
  
 (ii) For not more than thirty (30)
consecutive days or for a total of not more than sixty (60) days in any twelve (12) month period, the Company may delay the disclosure of material non-public information concerning the Company, by suspending the use of any Prospectus included in any
registration contemplated by this Section which would be required to contain such information, the disclosure of which at the time is not, in the good faith opinion of the Company, in the best interests of the Company (an “Allowed Delay”);
provided, that the Company shall promptly (A) notify the Investors in writing of the existence of (but in no event shall the Company disclose to such Investor any of the facts or circumstances regarding) material non-public information giving rise
to an Allowed Delay, (B) advise the Investors in writing to cease all sales under the Registration Statement until the end of the Allowed Delay and (C) use its commercially reasonable efforts to terminate an Allowed Delay as promptly as practicable.

  

 -2- 

 3. Company Obligations. The Company will use its commercially reasonable efforts to effect the
registration of the Registrable Securities in accordance with the terms hereof, and pursuant thereto the Company will, as expeditiously as possible: 
  
 (a) use its commercially reasonable efforts to cause such Registration Statement to become effective and to remain continuously effective for a period
that will terminate upon the earlier of (i) the date on which all Registrable Securities covered by such Registration Statement as amended from time to time, have been sold, and (ii) the date on which all Registrable Securities covered by such
Registration Statement may be sold pursuant to Rule 144(k) (the “Effectiveness Period”) and advise the Investors in writing when the Effectiveness Period has expired; 
  
 (b) prepare and file with the SEC such amendments and post-effective amendments to the Registration Statement and the
Prospectus as may be necessary to keep the Registration Statement effective for the period specified in Section 3(a) and to comply with the provisions of the 1933 Act and the 1934 Act with respect to the distribution of all of the Registrable
Securities covered thereby; 
  
 (c) provide copies to and permit
Legal Counsel to review (i) each Registration Statement no fewer than five (5) Business Days prior to its filing with the SEC, and (ii) all amendments and supplements thereto (except for periodic reports filed pursuant to the 1934 Act) within a
reasonable number of days prior to their filing with the SEC, and the Company shall not file any such Registration Statement, amendment or supplement in a form to which such Legal Counsel reasonably objects; 
  
 (d) furnish to the Investors and Legal Counsel (i) promptly after the same is
prepared and publicly distributed, filed with the SEC, or received by the Company (but not later than two (2) Business Days after the filing date, receipt date or sending date, as the case may be) one (1) copy of any Registration Statement and any
amendment thereto, each preliminary prospectus and Prospectus and each amendment or supplement thereto, and each letter written by or on behalf of the Company to the SEC or the staff of the SEC, and each item of correspondence from the SEC or the
staff of the SEC, in each case relating to such Registration Statement (other than any portion of any thereof which contains information for which the Company has sought confidential treatment), and (ii) such number of copies of a Prospectus,
including a preliminary prospectus, and all amendments and supplements thereto and such other documents as each Investor may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Investor that are
covered by the related Registration Statement; 
  
 (e) use its
commercially reasonable efforts to (i) prevent the issuance of any stop order or other suspension of effectiveness and, (ii) if such order is issued, obtain the withdrawal of any such order at the earliest possible moment; 
  
 (f) prior to any public offering of Registrable Securities, unless an
exemption from registration and qualification applies, use its commercially reasonable efforts to register or qualify or cooperate with the Investors and Legal Counsel in connection with the registration or qualification of such Registrable
Securities for offer and sale under the securities or blue sky laws of such jurisdictions requested by the Investors and do any and all other reasonable acts or things necessary or advisable to enable the distribution in such jurisdictions of the
Registrable Securities covered by the Registration Statement; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (i) qualify to do business in any jurisdiction where it would not otherwise
be required to qualify but for this Section 3(f) or (ii) subject itself to general taxation in any jurisdiction where it would not otherwise be so subject but for this Section 3(f); 
  

 -3- 

 (g) use its commercially reasonable efforts to cause all Registrable Securities covered by a Registration
Statement to be listed on each securities exchange, interdealer quotation system or other market on which similar securities issued by the Company are then listed; 
  
 (h) notify the Investors, at any time when a Prospectus relating to Registrable Securities is required to be delivered under
the 1933 Act, as promptly as practicable upon discovery that, or upon the happening of any event as a result of which, the Prospectus included in a Registration Statement, as then in effect, includes an untrue statement of a material fact or omits
to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing (provided that in no event shall such notice contain any material, non-public
information), and at the request of any such holder, promptly prepare and furnish to such holder a reasonable number of copies of a supplement to or an amendment of such Prospectus as may be necessary so that, as thereafter delivered to the
purchasers of such Registrable Securities, such Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of
the circumstances then existing; 
  
 (i) otherwise use its
commercially reasonable efforts to comply with all applicable rules and regulations of the SEC under the 1933 Act and the 1934 Act and take such other actions as may be reasonably necessary to facilitate the registration of the Registrable
Securities hereunder; and 
  
 (j) with a view to making available
to the Investors the benefits of Rule 144 (or its successor rule) and any other rule or regulation of the SEC that may at any time permit the Investors to sell shares of Common Stock to the public without registration, the Company covenants and
agrees to: (i) make and keep public information available, as those terms are understood and defined in Rule 144, until the earlier of (A) six months after such date as all of the Registrable Securities may be resold pursuant to Rule 144(k) or any
other rule of similar effect or (B) such date as all of the Registrable Securities shall have been resold; (ii) file with the SEC in a timely manner all reports and other documents required of the Company under the 1934 Act so long as the Company
remains subject to such requirements and the filing of such reports and documents is required for the applicable provisions of Rule 144; and (iii) furnish to each Investor upon request, as long as such Investor owns any Registrable Securities, (A) a
written statement by the Company that it has complied with the reporting requirements of the 1934 Act and (B) such other information as may be reasonably requested in order to avail such Investor of any rule or regulation of the SEC that permits the
selling of any such Registrable Securities without registration; provided, that the Company shall not be obligated to deliver to any Investor any information that is filed by the Company with the SEC and is available on EDGAR. 
  
 4. Information. The Company shall not disclose material non-public
information to the Investors, or to advisors to or representatives of the Investors, unless prior to disclosure of such information the Company identifies such information as being material non-public information and provides the Investors, such
advisors and representatives with the opportunity to accept or refuse to accept such material non-public information for review and any Investor wishing to obtain such information enters into an appropriate confidentiality agreement with the Company
with respect thereto. 
  
 5. Obligations of the Investors.

  
 (a) Each Investor shall furnish in writing to the Company
such information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it which shall be consistent with Exhibit A, as shall be reasonably required to effect the
registration of such Registrable Securities and shall execute such documents in connection 
  

 -4- 

 with such registration as the Company may reasonably request. In connection therewith, upon the execution of this
Agreement, each Investor shall complete, execute and deliver to the Company the Selling Securityholder Notice and Questionnaire in the form attached hereto as Exhibit B. At least five (5) Business Days prior to the first anticipated filing
date of any Registration Statement, the Company shall notify each Investor of any additional information the Company requires from such Investor if such Investor elects to have any of the Registrable Securities included in the Registration
Statement. An Investor shall provide such information to the Company at least two (2) Business Days prior to the first anticipated filing date of such Registration Statement if such Investor elects to have any of the Registrable Securities included
in the Registration Statement. 
  
 (b) Each Investor, by its
acceptance of the Registrable Securities agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of a Registration Statement hereunder, unless such Investor has notified the Company
in writing of its election to exclude all of its Registrable Securities from such Registration Statement. 
  
 (c) Each Investor agrees that, upon receipt of any notice from the Company of either (i) the commencement of an Allowed Delay pursuant to Section 2(c)(ii)
or (ii) the happening of an event pursuant to Section 3(h) hereof (each, a “Suspension Event”), such Investor will immediately discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such
Registrable Securities, until the Investor’s receipt of the copies of the supplemented or amended prospectus filed with the SEC and until any related post-effective amendment is declared effective and, if so directed by the Company, the
Investor shall deliver to the Company (at the expense of the Company) or destroy (and deliver to the Company a certificate of destruction) all copies in the Investor’s possession of the Prospectus covering the Registrable Securities current at
the time of receipt of such notice. 
  
 (d) Each Investor
covenants and agrees that it shall comply with the prospectus delivery requirements of the 1933 Act as applicable to it in connection with sales of Registrable Securities pursuant to any Registration Statement. 
  
 6. Indemnification. In the event any Registrable Securities are
included in a Registration Statement under this Agreement: 
  
 (a) Indemnification by the Company. The Company will indemnify and hold harmless, to the fullest extent permitted by law, each Investor and its officers, directors, members, employees and agents, successors and assigns, and each
other person, if any, who controls such Investor within the meaning of the 1933 Act, against any losses, claims, damages or liabilities, joint or several, to which they may become subject under the 1933 Act or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of any material fact contained in any Registration Statement, any preliminary prospectus or final
prospectus contained therein, or any amendment or supplement thereof; (ii) any blue sky application or other document executed by the Company specifically for that purpose or based upon written information furnished by the Company filed in any state
or other jurisdiction in order to qualify any or all of the Registrable Securities under the securities laws thereof (any such application, document or information herein called a “Blue Sky Application”); (iii) the omission
or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; or (iv) any violation by the Company or its agents of any rule or regulation promulgated under the 1933
Act applicable to the Company or its agents and relating to action or inaction required of the Company in connection with such registration (the matters in the foregoing clauses (i), (iii) and (iv) being collectively referred to herein as
“Violations”); and will reimburse such Investor, and each such officer, director or member and each such controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such
loss, claim, damage, liability or 
  

 -5- 

 action; provided, however, that the Company will not be liable in any such case if and to the extent that
any such loss, claim, damage or liability arises out of or is based upon (x) an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by such Investor or any such controlling
person in writing specifically for use in such Registration Statement or Prospectus, or (y) a failure of such Investor to deliver or to cause to be delivered a prospectus made available by the Company in a timely manner pursuant to Section 3(d).

  
 (b) Indemnification by the Investors. Each Investor
agrees, severally but not jointly, to indemnify and hold harmless, to the fullest extent permitted by law, the Company, its directors, officers, employees, stockholders and each person who controls the Company (within the meaning of the 1933 Act)
against any losses, claims, damages, liabilities (or actions in respect of the foregoing) and costs and expenses (including reasonable attorneys’ fees and expenses) that arise out of or are based upon any Violation, in each case to the extent,
but only to the extent that such Violation arises out of or is based upon any information furnished in writing by such Investor to the Company specifically for inclusion in such Registration Statement or Prospectus or amendment or supplement
thereto. In no event shall the aggregate liability of an Investor pursuant to this Section 6(b) be greater in amount than the dollar amount of the proceeds received by such Investor upon the sale of the Registrable Securities included in the
Registration Statement giving rise to such indemnification obligation. 
  
 (c) Conduct of Indemnification Proceedings. Any person entitled to indemnification hereunder shall (i) give prompt notice to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) permit such
indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided that any person entitled to indemnification hereunder shall have the right to employ separate counsel and to
participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such person unless (a) the indemnifying party has agreed to pay such fees or expenses, or (b) the indemnifying party shall have failed to
assume the defense of such claim and employ counsel reasonably satisfactory to such person or (c) in the reasonable judgment of any such person, based upon written advice of its counsel, a conflict of interest exists between such person and the
indemnifying party with respect to such claims (in which case, if the person notifies the indemnifying party in writing that such person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not
have the right to assume the defense of such claim on behalf of such person); and provided, further, that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its
obligations hereunder, except to the extent that such failure to give notice shall materially adversely affect the indemnifying party in the defense of any such claim or litigation. It is understood that the indemnifying party shall not, in
connection with any proceeding in the same jurisdiction, be liable for fees or expenses of more than one separate firm of attorneys at any time for all such indemnified parties. No indemnifying party will, except with the consent of the indemnified
party, consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect of such claim or
litigation. 
  
 (d) Contribution. If for any reason the
indemnification provided for in the preceding paragraphs (a) and (b) is unavailable to an indemnified party or insufficient to hold it harmless, other than as expressly specified therein, then the indemnifying party shall contribute to the amount
paid or payable by the indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the indemnified party and the indemnifying party, as well as any other relevant
equitable considerations. No person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the 1933 Act shall be entitled to contribution from any person not guilty of such fraudulent misrepresentation. In no event shall the
contribution obligation of a holder of Registrable Securities be greater in amount than the dollar amount of the proceeds (net of all expenses 
  

 -6- 

 paid by such holder in connection with any claim relating to this Section 6 and the amount of any damages such holder has
otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission) received by it upon the sale of the Registrable Securities giving rise to such contribution obligation. 
  
 7. Miscellaneous. 
  
 (a) Amendments and Waivers. This Agreement may be amended only by a
writing signed by the Company and the holders of at least a majority of the Registrable Securities. The Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company shall have
obtained the written consent to such amendment, action or omission to act, of the holders of at least a majority of the Registrable Securities. 
  
 (b) Notices. All notices and other communications provided for or permitted hereunder shall be made as set forth in Section 9.4 of the Purchase
Agreement. 
  
 (c) Assignments and Transfers by Investors.
The provisions of this Agreement shall be binding upon and inure to the benefit of the Investors and their respective successors and assigns. An Investor may transfer or assign, in whole or from time to time in part, to one or more persons its
rights hereunder in connection with the transfer of Registrable Securities by such Investor to such person, provided that such Investor complies with all laws applicable thereto and provides written notice of assignment to the Company promptly after
such assignment is effected. 
  
 (d) Assignments and Transfers
by the Company. This Agreement may not be assigned by the Company (whether by operation of law or otherwise) without the prior written consent of the holders of at least a majority of the Registrable Securities; provided, however, that the
Company may assign its rights and delegate its duties hereunder to any surviving or successor corporation in connection with a merger or consolidation of the Company with another corporation, or a sale, transfer or other disposition of all or
substantially all of the Company’s assets to another corporation, without the prior written consent of the holders of at least a majority of the Registrable Securities, after notice duly given by the Company to each Investor. 
  
 (e) Benefits of the Agreement. The terms and conditions of this
Agreement shall inure to the benefit of and be binding upon the respective permitted successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their
respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 
  
 (f) Counterparts; Faxes. This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. This Agreement may also be executed via facsimile, which shall be deemed an original. 
  
 (g) Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not
to be considered in construing or interpreting this Agreement. 
  
 (h) Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof but shall be interpreted as if it were written so as to be enforceable to the maximum extent permitted by applicable law, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render

  

 -7- 

 unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, the parties hereby
waive any provision of law which renders any provisions hereof prohibited or unenforceable in any respect. 
  
 (i) Further Assurances. The parties shall execute and deliver all such further instruments and documents and take all such other actions as may
reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements herein contained. 
  
 (j) Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and
exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject
matter. 
  
 (k) Governing Law; Consent to Jurisdiction; Waiver
of Jury Trial. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to the choice of law principles thereof. Each of the parties hereto irrevocably submits to the
exclusive jurisdiction of the courts of the State of New York located in New York County and the United States District Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising
out of this Agreement and the transactions contemplated hereby. Service of process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the same methods as are specified for the giving of
notices under this Agreement. Each of the parties hereto irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court. Each party hereto irrevocably waives any objection
to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE
PARTIES HERETO WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER. 
  
 [Remainder of Page Intentionally Left Blank] 
  

 -8- 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement or caused their duly
authorized officers to execute this Registration Rights Agreement as of the date first above written. 
  

			
	 CENTRAL EUROPEAN

	 DISTRIBUTION CORPORATION

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  
 Signature Page
to CEDC Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement or caused their duly
authorized officers to execute this Registration Rights Agreement as of the date first above written. 
  

			
	INVESTORS:
	
	  

	 Name of Entity

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  
 Signature Page
to CEDC Registration Rights Agreement 

 Exhibit A 
  

Plan of Distribution 
  
 We are registering the shares of common stock owned by the selling stockholders to permit the resale of these shares of common stock by the holders from
time to time after the date of this prospectus. We will not receive any of the proceeds from the sale by the selling stockholders of the shares of common stock. We will bear all fees and expenses incident to our obligation to register the shares of
common stock. 
  
 The selling stockholders may sell all or a
portion of the shares of common stock beneficially owned by them and offered hereby from time to time directly or through one or more underwriters, broker-dealers or agents. If the shares of common stock are sold through underwriters or
broker-dealers, the selling stockholders would be responsible for underwriting discounts or commissions or agent’s commissions. The shares of common stock may be sold in one or more transactions at fixed prices, at prevailing market prices at
the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales may be effected in transactions, which may involve crosses or block transactions, in any one or more of the following methods: 

 

	 	•	 	on any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale; 

  

	 	•	 	in the over-the-counter market; 

  

	 	•	 	in transactions otherwise than on these exchanges or systems or in the over-the-counter market; 

  

	 	•	 	through the writing of options, whether such options are listed on an options exchange or otherwise; 

  

	 	•	 	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; 

  

	 	•	 	block trades in which the broker-dealer would attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction;

  

	 	•	 	purchases by a broker-dealer as principal and resale by the broker-dealer for its account; 

  

	 	•	 	an exchange distribution in accordance with the rules of the applicable exchange; 

  

	 	•	 	privately negotiated transactions; 

  

	 	•	 	through the settlement of short sales; 

  

	 	•	 	pursuant to Rule 144 under the 1933 Act; 

  

	 	•	 	broker-dealers may agree with the selling security holders to sell a specified number of such shares at a stipulated price per share; 

  

	 	•	 	a combination of any such methods of sale; and 

  

	 	•	 	any other method permitted pursuant to applicable law. 

 If the selling stockholders effect such transactions by selling shares of common stock to or through
underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents may receive commissions in the form of discounts, concessions or commissions from the selling stockholders or commissions from purchasers of the shares of common
stock for whom they may act as agent or to whom they may sell as principal (which discounts, concessions or commissions as to particular underwriters, broker-dealers or agents may be in excess of those customary in the types of transactions
involved). In connection with sales of the common stock or otherwise, the selling stockholders may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the common stock in the course of hedging in positions
they assume. The selling stockholders may also sell shares of common stock short and deliver shares of common stock covered by this prospectus to close out short positions. The selling stockholders may also loan or pledge shares of common stock to
broker-dealers that in turn may sell such shares. 
  
 The selling
stockholders may pledge or grant a security interest in some or all of the shares of common stock owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the shares of
common stock from time to time pursuant to this prospectus or any amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the 1933 Act, amending, if necessary, the list of selling stockholders to include the pledgee,
transferee or other successors in interest as selling stockholders under this prospectus. The selling stockholders also may transfer and donate the shares of common stock in other circumstances in which case the transferees, donees, pledgees or
other successors in interest would be the selling beneficial owners for purposes of this prospectus. 
  
 The selling stockholders and any broker-dealer participating in the distribution of the shares of common stock may be deemed to be
“underwriters” within the meaning of the 1933 Act, and any commission paid, or any discounts or concessions allowed to, any such broker-dealer may be deemed to be underwriting commissions or discounts under the 1933 Act. At the time a
particular offering of the shares of common stock is made, a prospectus supplement, if required, would be distributed which would set forth the aggregate amount of shares of common stock being offered and the terms of the offering, including the
name or names of any broker-dealers or agents, any discounts, commissions and other terms constituting compensation from the selling stockholders and any discounts, commissions or concessions allowed or reallowed or paid to broker-dealers.

  
 Under the securities laws of some states, the shares of common
stock may be sold in such states only through registered or licensed brokers or dealers. In addition, in some states the shares of common stock may not be sold unless such shares have been registered or qualified for sale in such state or an
exemption from registration or qualification is available and is complied with. 
  
 There can be no assurance that any selling stockholder could sell any or all of the shares of common stock registered pursuant to the shelf registration statement, of which this prospectus forms a part. 
  
 The selling stockholders and any other person participating in such
distribution would be subject to applicable provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, including, without limitation, Regulation M of the Exchange Act, which may limit the timing of
purchases and sales of any of the shares of common stock by the selling stockholders and any other participating person. Regulation M may also restrict the ability of any person engaged in the distribution of the shares of common stock to engage in
market-making activities with respect to the shares of common stock. All of the foregoing may affect the marketability of the shares of common stock and the ability of any person or entity to engage in market-making activities with respect to the
shares of common stock. 

 We will pay all expenses of the registration of the shares of common stock pursuant to the registration
rights agreement, including, without limitation, Securities and Exchange Commission filing fees and expenses of compliance with state securities or “blue sky” laws; provided, however, that a selling stockholder will pay all underwriting
discounts and selling commissions, if any. We will indemnify the selling stockholders against liabilities, including some liabilities under the 1933 Act, in accordance with the registration rights agreements, or the selling stockholders will be
entitled to contribution. We may be indemnified by the selling stockholders against civil liabilities, including liabilities under the 1933 Act, that may arise from any written information furnished to us by the selling stockholders specifically for
use in this prospectus, in accordance with the related registration rights agreements, or we may be entitled to contribution. 
  
 Once sold under the shelf registration statement, of which this prospectus forms a part, the shares of common stock will be freely tradable in the hands
of persons other than our affiliates. 

 Exhibit B 
  

CENTRAL EUROPEAN DISTRIBUTION CORPORATION 
  
 SELLING SECURITYHOLDER NOTICE 
 AND QUESTIONNAIRE 
  
 The undersigned is a
purchaser of common stock, par value $.01 per share (“Common Stock”), of Central European Distribution Corporation, a Delaware corporation (the “Company”), pursuant to that certain Purchase Agreement dated as of August 3, 2005
(the “Purchase Agreement”) by and among the Company and the Investors listed on Schedule I thereto (the “Investors”). Pursuant to the Purchase Agreement, the Company also entered in a Registration Rights Agreement dated as
of August 3, 2005 with the Investors (the “Registration Rights Agreement”) pursuant to which the Company agreed, among other things, to file with the Securities and Exchange Commission (the “Commission”) a registration statement
on Form S-3 (as amended, modified or supplemented, the “Shelf Registration Statement”), for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “1933 Act”), of the shares of Common Stock
issued and sold by the Company to the Investors (including the undersigned) pursuant to the Purchase Agreement (including any other securities issued or issuable with respect to or in exchange for such shares, the “Registrable
Securities”). All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Registration Rights Agreement. 
  
 Each beneficial owner of Registrable Securities is entitled to the benefits of the Registration Rights Agreement. In order to sell or otherwise dispose of
any Registrable Securities pursuant to the Shelf Registration Statement, a beneficial owner of Registrable Securities generally will be required to be named as a selling securityholder in the related prospectus, deliver a prospectus to purchasers of
Registrable Securities and be bound by those provisions of the Registration Rights Agreement applicable to such beneficial owner (including certain indemnification provisions, as described below). Beneficial owners that do not complete this Selling
Securityholder Notice and Questionnaire (this “Questionnaire”) and deliver it to the Company as provided below will not be named as selling securityholders in the prospectus and therefore will not be permitted to sell any Registrable
Securities pursuant to the Shelf Registration Statement. Beneficial owners are required to complete and deliver this Questionnaire prior to the filing of the Shelf Registration Statement so that such beneficial owners may be named as selling
securityholders in the related prospectus at the time of the filing of the Shelf Registration Statement. Upon receipt of a completed Questionnaire from all beneficial owners of Registrable Securities, the Company will file the Shelf Registration
Statement. 
  
 Certain legal consequences arise from being named
as a selling securityholder in the Shelf Registration Statement and the related prospectus. Accordingly, holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of
being named or not being named as a selling securityholder in the Shelf Registration Statement and the related prospectus. 
  
 NOTICE 
  
 The undersigned beneficial owner (the “Selling Securityholder”) of Registrable Securities hereby gives notice to the Company of its intention to
sell or otherwise dispose of Registrable Securities beneficially owned by it and listed below in Item 3 pursuant to the Shelf Registration Statement. The undersigned, by signing and returning this Questionnaire, understands that it will be bound by
the terms and conditions of this Questionnaire and the Registration Rights Agreement. 

 Pursuant to the Registration Rights Agreement, the undersigned has agreed to indemnify and hold harmless
the Company, the Company’s directors, officers, employees and stockholders and each person, if any, who controls the Company within the meaning of the Securities Act, from and against certain losses arising in connection with statements
concerning the undersigned made in the Shelf Registration Statement or the related prospectus in reliance upon the information provided in this Notice and Questionnaire. 
  
 The undersigned hereby provides the following information to the Company and represents and warrants that such information
is accurate and complete: 
  
 QUESTIONNAIRE

  

	1.	Full Legal Name of Selling Stockholder. 

  
 ___________________________________________________________________________________________________________ 
  

	2.	Address for Notices to Selling Stockholder: 

  
 ___________________________________________________________________________________________________________ 
  
 ___________________________________________________________________________________________________________ 
  
 ___________________________________________________________________________________________________________ 
  
 Telephone:
_____________________________________________________________________________________________ 
  
 Facsimile: _____________________________________________________________________________________________ 
  
 Contact Person: __________________________________________________________________________________________ 
  

	3.	Number of Shares of Common Stock to be included in Shelf Registration Statement: 

  
 _______________________________________________________________________________________________________ 
  

	4.	Beneficial Ownership of Other Securities of the Company owned by the Selling Securityholder: 

  

					
	 	  	Of Record

	  	Beneficially

	 Common Stock (other than the Shares to be included in the Shelf Registration Statement):
	  	 	  	 
	 	  	
	  	

  
 Except as set
forth in this Item (4), the undersigned is not the beneficial or registered owner of any securities of the Company other than the Registrable Securities listed above in Item (3). 

 State any exceptions here: 
  

	5.	Relationships with the Company: 

  
 Except as set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equityholders (5% or more) has held any
position or office or has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years. 
  
 State any exceptions here: 
  
  

	6.	Plan of Distribution: 

  
 Except as set forth below, the undersigned (including its donees or pledgees) intends to distribute the Registrable Securities listed above in Item (3)
pursuant to the Shelf Registration Statement in accordance with the Plan of Distribution attached as Exhibit A to the Registration Rights Agreement. 
  
 State any exceptions here: 
  
  
 Note: In no event will such method(s) of distribution take the form of an
underwritten offering of the Registrable Securities without the prior agreement of the Company. 
  
 The undersigned acknowledges that it understands its obligation to comply with the provisions of the Exchange Act and the rules thereunder relating to
stock manipulation, particularly Regulation M thereunder (or any successor rules or regulations), in connection with any offering of Registrable Securities pursuant to the Shelf Registration Statement. The undersigned agrees that neither it nor any
person acting on its behalf will engage in any transaction in violation of such provisions. 
  
 Once this Questionnaire is executed by the undersigned and received by the Company, this Questionnaire, and the representations and warranties contained herein, shall be binding on, shall inure to the benefit of and
shall be enforceable by the respective successors, heirs, personal representatives, and assigns of the Company and the undersigned (with respect to the Registrable Securities beneficially owned by the undersigned and listed in Item (3) above).

  
 By signing below, the undersigned consents to the disclosure
of the information contained herein in its answers to Items (1) through (6) above and the inclusion of such information in the Shelf Registration Statement and the related prospectus. The undersigned understands that such information will be relied
upon by the Company in connection with the preparation or amendment of the Shelf Registration Statement and the related prospectus and for any required disclosures to any self-regulatory body, including the NASD. The Selling Securityholder
understands that such information will be relied upon by the Company in connection with the preparation of the Shelf Registration Statement and the related prospectus and any amendments or supplements thereto. 

 In accordance with the undersigned’s obligation under the Registration Rights Agreement to provide such information
as may be required by law for inclusion in the Shelf Registration Statement, the undersigned agrees to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof at any
time while the Shelf Registration Statement remains effective. 
  
 [Signature page follows.] 

 IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Selling Securityholder
Notice and Questionnaire to be executed and delivered either in person or by its duly authorized agent. 
  
 Dated:                     , 2005 
  

			
	  

	Beneficial Owner
		
	By:	 	  

	Name:	 	 
	Title:

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