Document:

Form of Employment Agreement

 Exhibit 10.12 
 FORM OF EMPLOYMENT AGREEMENT 
 THIS AGREEMENT made and entered into as
of the 1st day of January, 2009 by and among Intervest National Bank, (hereinafter “Intervest”) and
                         (hereinafter “Executive”); 
 WITNESSETH: 
 WHEREAS, the Board of Directors of Intervest recognizing value of the experience and knowledge of Executive to business of Intervest, desires to retain the valuable services and business counsel of Executive, it being in the best
interest of Intervest to arrange terms of employment for Executive so as to reasonably induce Executive to remain in his capacities with Intervest for Executive’s term hereof; and 
 WHEREAS, Executive is willing to provide services to Intervest in accordance with the terms and conditions hereinafter set forth;

 NOW, THEREFORE, for and in consideration of the mutual promises and covenants herein contained, the parties hereto
agree as follows: 
 1.        
EMPLOYMENT.         During Executive’s Employment, Intervest agrees to employ Executive and Executive agrees to accept such employment and to perform such duties and functions as the Board of
Directors of Intervest, and/or Intervest’s officers as designated by the Board of Directors, may assign to Executive from time to time, but only administrative and managerial functions commensurate with Executive’s past experience and
performance level. As directed by the Board of Directors, he shall perform such duties at the offices of Intervest in New York City. 
 Responsibility for the supervision of Executive shall rest with the Board of Directors of Intervest and its Executive Committee, which shall review Executive’s performance regularly. The Board of Directors of
Intervest shall have the authority to terminate Executive, subject to the provisions outlined in Section 6 of this Agreement. 
 2.         TITLE.         Executive shall serve as Senior Vice President and Chief Financial Officer of Intervest. 
 3.         TERM OF EMPLOYMENT.
        Executive’s Employment referred to in Section 1 hereof shall commence on January 1, 2009, and, subject to the termination provisions set forth below, shall end December 31,
2009, provided, however, that if (a) Executive advises Intervest in writing on or before September 1, 2009, of his desire to extend the term of the Agreement and (b) Intervest communicates its consent to such extension in writing to
Executive on or before September 30, 2009, then the Agreement shall continue upon the same terms and conditions for a further one-year period until December 31, 2010, renewable by the parties from year to year thereafter pursuant to the
same procedure described herein. If Intervest shall decide not to extend this Agreement, the denial shall not be construed as a termination pursuant to Paragraph 6 below. 
 4.         ANNUAL COMPENSATION. 
  

									
		  	LSD	  		  	Executive	  	

  

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 4.1         Base Salary.
        During Executive’s Employment, Executive shall be paid an annual base salary (hereinafter “Base Salary”) which shall be paid in equal installments in accordance with Intervest’s
normal pay practices, but not less frequently than monthly. Executive’s annual Base Salary shall be $             Any increases to the Base Salary during Executive’s
Employment are at the discretion of the Board of Directors of Intervest. 
 4.2         Bonus.         During Executive’s Employment and in addition to Executive’s Base Salary, Executive may receive a bonus payment
payable prior to the end of each applicable calendar year. The granting of any such bonus is at the sole discretion of the Board of Directors of Intervest. 
 4.3         Additional Benefits.         During Executive’s Employment, Executive shall be provided
with such employee benefits and benefit levels, including health and life insurance, etc. as may be provided by the Board of Directors of Intervest. The employee benefits shall be provided and maintained at a level of not less than what is in effect
at the time this Agreement is executed. Executive shall be entitled to participate in any qualified or unqualified pension, profit sharing or other employee benefit plan adopted by Intervest hereafter. 
 Throughout Executive’s Employment, Executive shall also be entitled to reimbursement for reasonable business expenses incurred by
him in the performance of his duties hereunder, as approved from time to time by the Board of Directors of Intervest. 
 5.           CHANGE IN CONTROL OF INTERVEST. 
 (a)         In the event of a “change in control” of Intervest, as defined herein, Executive shall be entitled, for a period of one (1) year from the date of closing of the transaction
effecting such change in control, at his election, to give written notice to Intervest of termination of this Agreement and to receive a lump sum cash payment as follows: 
 In the event of a change of control during the first six (6) months of the Agreement, Executive will be entitled to an amount equal to compensation, as outlined in Section 4 of this
Agreement, at Executive’s then current compensation level, for the balance of the Agreement through December 31, 2009 plus a bonus of six (6) months compensation and, in the event of change of control following the first six
(6) month period, Executive shall be entitled to an amount equal to compensation for the balance of the Agreement through December 31, 2009 plus a bonus of three (3) months compensation. 
 (b)         The severance payments provided for in this Section 5 shall be paid by Intervest
not later than ten (10) days after the date of notice of termination by Executive under this Section 5 or ten (10) days after the date of closing of the transaction effecting the change in control of Intervest, whichever is later.

 (c)         For purposes of this Section 5, “change in control” of
Intervest shall mean: 
  

	 	(i)	 any transaction, whether by merger, consolidation, asset sale, tender offer, reverse stock split or otherwise, which results in a reduction in the combined
ownership of the Dansker Family (consisting of Jean Dansker, Estate of Jerome Dansker, Trust f/b/o Jean Dansker, Lowell S. Dansker, Helene Bergman and their respective heirs and assigns) to less than 10% of the aggregate outstanding shares of all
classes of stock of Intervest Bancshares Corporation, computed on a fully diluted basis; or 

  

	 	(ii)	 if the Dansker Family shall cease to own a majority of the issued and outstanding shares of Class B Common Stock of Intervest Bancshares Corporation; or

  

									
		  	LSD	  		  	Executive	  	

  

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	 	(iii)	 the sale of all or substantially all of the assets of Intervest or Intervest Bancshares Corporation; or 

  

	 	(iv)	 the liquidation of Intervest or Intervest Bancshares Corporation. 

 6.           TERMINATION. 
 6.1         For Cause.         This Agreement may be terminated by the Board of Directors of Intervest without notice and without
further obligation other than for accrued and unpaid compensation, for any of the following reasons: 
 (a)
        failure of Executive to follow reasonable directions or policies of the Board of Directors of Intervest or its Executive Committee; or 
 (b)         gross negligence or willful misconduct of Executive materially damaging to the
business of Intervest during the Executive’s Employment; or 
 (c)
        conviction of the Executive during the Executive’s Employment of a crime involving breach of trust or moral turpitude. 
 In the event that Intervest discharges Executive alleging “cause” under this Section 6.1 and it is subsequently determined judicially that the termination was “without
cause”, then such discharge shall be deemed a discharge without cause subject to the provisions of Section 6.2 hereof. 
 6.2         Without Cause.         Intervest may, upon thirty (30) days written notice to Executive, terminate this Agreement without cause at any
time during the Executive’s Employment upon the condition that Executive shall be entitled, as liquidated damages in lieu of all other claims, to a severance payment as follows: 
 In the event of termination without cause during the first six (6) months of the Agreement, Executive will be entitled to an amount
equal to compensation, as outlined in Section 4 of this Agreement, at Executive’s then current compensation level, for the balance of the Agreement through December 31, 2009, plus a bonus of six (6) months compensation and, in
the event of termination without cause following the first six (6) month period, Executive shall be entitled to an amount equal to compensation for the balance of the Agreement through December 31, 2009, plus a bonus of three
(3) months compensation. The severance payment provided for in this Section 6.2 shall be paid by Intervest not later than thirty (30) days after the actual date of termination of employment of Executive. 
 7.           ENTIRE AGREEMENT.
        This Agreement constitutes the entire agreement between the parties hereto regarding the employment of Executive, and supersedes and replaces all prior agreements and understandings, whether written or
unwritten, relating thereto. 
 8.           ASSIGNMENT.
        Neither of the parties hereto may assign this Agreement without the prior written consent of the other party hereto. 
 9.           SEVERABILITY.         Each section and subsection of this Agreement
constitutes a separate and distinct understanding, covenant and provision hereof. In the event that any provision of this Agreement shall finally be determined to be unlawful, such provision shall be deemed to be severed from this Agreement, but
every other provision of this Agreement shall remain in full force and effect. 
  

									
		  	LSD	  		  	Executive	  	

  

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 10.           GOVERNING
LAW.         This Agreement shall in all respects be interpreted, construed and governed by and in accordance with the laws of the State of New York. 
 11.           RIGHTS OF THIRD PARTIES.
        Nothing herein expressed or implied is intended to or shall be construed to confer upon or give to any person, firm or other entity, other than the parties hereto and their permitted assigns, any
rights or remedies under or by reason by this Agreement. 
 12.           AMENDMENT.         This Agreement may not be amended orally but only by an instrument in writing duly executed by the
parties hereto. 
 13.          
NOTICES.         Any notice or other document or communication permitted or required to be given to Executive pursuant to the terms hereof shall be deemed given if personally delivered to Executive
or sent to him postage prepaid, by registered or certified mail, at                          or any such other address of
which Executive shall have notified Intervest in writing. Any notice or other document or other communication permitted or required to be given to Intervest pursuant to the terms hereof shall be deemed given if personally delivered or sent to
Chairman of the Board, 1 Rockefeller Plaza, Suite 400, New York, New York 10020-2002, postage prepaid, by registered or certified mail or at such other address as Intervest shall have notified Executive in writing. 
 14.           WAIVER.         The
waiver by either party hereto of a breach of any provision of this Agreement by the other shall not operate or be construed as a waiver of any subsequent breach of the same or any other provision of this Agreement by the breaching party. 

15.           The Employee acknowledges that the Employer’s parent
company is a party to a Letter Agreement with the United States Department of the Treasury in connection with that Department’s TARP Capital Purchase Program (the “Program”) and that the Employee has executed a waiver in connection
with such participation. Consistent with that waiver, the Employee agrees that this Agreement shall be amended, without requirement for further action by the Employer or the Employee, to the extent necessary to assure compliance with any regulations
issued by the Department of the Treasury under the Program. 
  

									
		 		 	INTERVEST NATIONAL BANK
					
		 	 	 		 	By:	 	 
		 	Attest	 		 		 	Lowell S. Dansker, Chairman
				
		 		 		 	  
 EXECUTIVE

				
		 	 	 		 	 
		 	Attest	 		 		 	

  

 4Amendment No. 1 to Shareholders' Agreement, dated February 24, 2009

 EXHIBIT 10.1 
 EXECUTION COPY 
  
  
  
 February 24, 2009 
 AMENDMENT No. 1 
 to

 SHAREHOLDERS’ AGREEMENT 
 by and among  
 Barclays Wealth Trustees (Jersey) Limited 
 as Trustee of the First National Trust, 
 Polmos Bialystok S.A., 
 Central European Distribution Corporation, 
 and 
 Peulla Enterprises Limited

 relating to the Shareholders’ 
 investments in  
 Peulla Enterprises Limited 
  
  
  

 AMENDMENT NO. 1 
 TO 
 SHAREHOLDERS’ AGREEMENT 
 This AMENDMENT No. 1 TO THE SHAREHOLDERS’ AGREEMENT (this
“Amendment”) is entered into as of February 24, 2008, by and among BARCLAYS WEALTH TRUSTEES (JERSEY) LIMITED as Trustee of the FIRST NATIONAL TRUST, a trust company incorporated under the laws of Jersey, having
its registered office at 39-41, Broad Street, St. Helier, JE4 5PS Jersey, Channel Islands (“Seller”), PEULLA ENTERPRISES LIMITED, a private limited liability company by shares incorporated under the laws of the Republic of
Cyprus, whose registered office is located at 9th Floor, Capital Center, 2-4 Arch. Makarios Avenue, Nicosia 1065, Cyprus
(“Company”), POLMOS BIALYSTOK S.A., a joint stock company incorporated under the laws of Poland, whose registered office is located at ul. Elewatorska No. 20, 15-950 Bialystok, Poland (“Purchaser”), and
CENTRAL EUROPEAN DISTRIBUTION CORPORATION, a corporation incorporated under the laws of the State of Delaware in the United States of America, whose registered office is at 2 Bala Plaza, Suite 300, Bala Cynwyd, Pennsylvania 19004, U.S.A. (the
“Parent”), (the Company, together with Seller, Purchaser and Parent collectively, the “Parties”, and each, individually, a “Party”). 
 RECITALS 
 WHEREAS, Seller, Purchaser and Parent among other parties
entered into that Share Purchase Agreement, dated as of May 23, 2008 (the “Share Purchase Agreement”), pursuant to the terms and subject to the conditions of which, among other things, Seller sold to Purchaser, and Purchaser
purchased from Seller, (i) 3,749 Class A Shares and (ii) 5,625 Class B Shares of the Company, in each case with all rights attaching to them at Closing (as defined in the Share Purchase Agreement); 
 WHEREAS, immediately following the Closing, (i) Seller owned an aggregate of 3,751 Class A Shares, representing 50.01 per cent. of
the issued and outstanding Class A Shares and 1,875 Class B Shares, representing 25.00 per cent. of the issued and outstanding Class B Shares and (ii) Purchaser owned an aggregate of 3,749 Class A Shares, representing
49.99 per cent. of the issued and outstanding Class A Shares and 5,625 Class B Shares, representing 75.00 per cent. of the issued and outstanding Class B Shares; 
 WHEREAS, Seller, Purchaser and the Company entered into a Shareholders Agreement (the “Agreement”), dated May 23, 2008,
setting forth certain terms and conditions concerning the relationship between Seller, on the one hand, and Purchaser, on the other hand, as the shareholders in the Company and to provide for the orderly governance and management of the Company and
the Group (as defined herein) following the consummation of the Investment; 
 WHEREAS, on October 21, 2008, Seller transferred
1,641 Class A Shares owned in the Company to Parent, as such Transfer was approved in writing by Seller in a letter addressed to the Company and Purchaser of even date therewith and Seller agreed to accede to, and be bound by, the Agreement as
if it were a Party thereto, and 
  

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 WHEREAS, on February 18, 2009, Seller, Purchaser and Parent among other parties, entered into
Amendment No. 5 to the Share Purchase Agreement, pursuant to the terms and subject to the conditions of which, among other things (i) Seller agreed to transfer to Purchaser, and Purchaser agreed to accept from Seller, an additional 375
Class B Shares with all rights attaching to them at the Third Closing (as defined in the Share Purchase Agreement); (ii) subject to certain conditions being met, Seller agreed to transfer to Purchaser, and Purchaser agreed to accept from Seller
up to a further 75 Class B Shares, with all rights attaching to them after the end of the Third Guarantee Period (as defined in the Share Purchase Agreement); and (iii) Seller, Purchaser and Parent agreed to make certain revisions to the method
of calculating the Exercise Price to be paid in connection with the Exit Option. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the premises and covenants set forth below and for other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, and intending to be legally bound, the Parties agree as follows: 
  

	1.	Effectiveness. 

 The modifications and
amendments set forth herein shall become effective as of the Third Closing Date (as defined in the Share Purchase Agreement). 
  

	2.	Amendments. 

 Schedule 1 to the Agreement is
hereby deleted and replaced in its entirety by Schedule 1 to this Amendment. 
  

	3.	No other Amendments. 

 Except as expressly
set forth herein, no other amendment or modification is made to the Agreement which shall remain at all times in full force and effect in accordance with its terms. References to “this Agreement” in the Agreement shall include the
Agreement as amended by this Amendment. 
  

	4.	Miscellaneous. 

 The provisions of Article 12
(Miscellaneous), including, but not limited to, Section 12.2 (Governing Law) and Section 12.3 (Dispute Resolution; Consent to Arbitration) of the Agreement are hereby incorporated by reference and shall apply hereto,
mutatis mutandis. 
 [The remainder of this page left intentionally blank; signature page follows] 
  

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 IN WITNESS WHEREOF, each Party hereto has caused this Amendment to be duly executed on its behalf as of
the day and year first above written. 
  

			
	BARCLAYS WEALTH TRUSTEES (JERSEY) LIMITED as Trustee of the FIRST NATIONAL TRUST
		
	By:	 	 /s/ Leslie Cunliffe

	Name:	 	Leslie Cunliffe
	Title:	 	Director
	
	BARCLAYS WEALTH TRUSTEES (JERSEY) LIMITED as Trustee of the FIRST NATIONAL TRUST
		
	By:	 	 /s/ Bernard Quant

	Name:	 	Bernard Quant
	Title:	 	Director
	
	POLMOS BIALYSTOK S.A.
		
	By:	 	 /s/ Christopher Biedermann

	Name:	 	Christopher Biedermann
	Title:	 	Board Member
	
	PEULLA ENTERPRISES LIMITED
		
	By:	 	 /s/ Mark Kaoufman

	Name:	 	Mark Kaoufman
	Title:	 	Director
	
	CENTRAL EUROPEAN DISTRIBUTION CORPORATION
		
	By:	 	 /s/ William Carey

	Name:	 	William Carey
	Title:	 	President

  

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 Schedule 1 
 Calculation of Exercise Price 
  

	A.	Assumptions 

 The Exercise Price will be calculated based on
the relevant measure of the Company’s financial performance during two separate periods: (A) the period from January 1, 2008 through the end of the year in which the date of exercise of the relevant Exit Option occurs (e.g., if
the Call Option is exercised on June 30, 2013, December 31, 2013) (the “First Period”) and (B) the two full financial years immediately preceding the end of the year in which the date of exercise of the relevant
Exit Option occurs (e.g., if the Call Option is exercised on June 30, 2013, the financial years ending December 31, 2012 and December 31, 2013) (the “Second Period”). 
 The Exercise Price will be calculated on the basis of the Company’s financial performance during these two periods in the following manner: 
  

	 	1.	The First Period 

  

	 	 •
	 	 Xactual represents the average actual annual Reference Operating Profit of the Company and the Group, based on the audited consolidated financial statements of the Company during the First Period;

  

	 	 •
	 	 Xtarget represents the average target annual Reference Operating Profit of the Group set forth in the Exit Price Target Plan for the First Period; 

  

	 	•	 	 The “Reference Operating Profit” during this First Period shall be calculated as the consolidated EBIT for the Group (which, for the avoidance of
doubt, will include the EBIT of the Whitehall Subsidiaries but exclude the EBIT of the Joint Venture) plus 50% of the EBIT of the Joint Venture; 

  

	 	•	 	 The “Exit Price Target Plan” means the target plan agreed between the Parties as of the date hereof. 

  

	 	2.	The Second Period 

  

	 	 •
	 	 Yactual represents the actual aggregate total of Reference Operating Profit of the Company and the Group, based on the audited consolidated financial statements of the Company during the Second Period;

  

	 	 •
	 	 Ytarget represents the target aggregate total of Reference Operating Profit of the Group for the Second Period set forth in the Exit Price Target Plan; 

  

	 	•	 	 The “Reference Operating Profit” during this Second Period shall be calculated as the consolidated EBIT for the Group (which, for the avoidance of
doubt, will include the EBIT of the Whitehall Subsidiaries but exclude the EBIT of the Joint Venture) minus the EBIT attributable to Kauffman Vodka. 

  

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	B.	Formula For Calculating Exercise Price 

 The
“Exercise Price” will be an amount in U.S. dollars calculated according to the following formula: 
  

			
	Exercise Price =	  	[(K1*0.40 + K2*0.60)*($75 million – NetDebt*0.25) * (1.12)Q – FOREX*(1.12)Q] + 

 Where: 
  

			
	Q =	  	the number of years (including any fractional year) in the period from the Closing Date through the end of the year in which the date of the exercise of the Exit Option
Occurs
		
	NetDebt =	  	Consolidated Net Debt of the Group as of the Closing, which for the avoidance of doubt was US$15,014,161
		
	FOREX =	  	US$10,730,000
		
	A =	  	the number of Class B Shares transferred by Seller to Purchaser at the Third Closing
		
	B =	  	the number of Class B Shares transferred by Seller to Purchaser pursuant to Section 7.18(c) of the Share Purchase Agreement, if any; provided that such number of shares shall
only be taken into account in respect of any dividend payment made on or after the date on which such Class B Shares were transferred
		
	TotDivn =	  	for each dividend payment date, the total amount of dividends (in U.S. Dollars) paid by the Company to the holders of Class B Shares as a class in respect of all the Class B Shares
outstanding on such dividend payment date; provided that such dividend payment date occurs after the Third Closing and prior to the end of the year in which the date of the exercise of the Exit Option occurs
		
	R =	  	the number of years (including any fractional year) in the period from the respective dividend payment date through the end of the year in which the date of the exercise of the Exit Option
occurs.

 It being understood that: 
 If (0.75 * Xtarget) < Xactual < (1.25 * Xtarget) then K1 = (1.6* Xactual / Xtarget) – 0.6 
 If Xactual
 < (0.75 * Xtarget) then K1 = 0.6 
 If Xactual > (1.25 * Xtarget
) then K1 = 1.4 
 If (0.75 * Ytarget) < Yactual < (1.25 * Ytarget) then K2 = (1.6* Yactual / Ytarget) – 0.6 
 If Yactual
 < (0.75 * Ytarget) then K2 = 0.6 
 If Yactual > (1.25 * Ytarget
) then K2 = 1.4 
  

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 provided, however, that, in the event of either of
the following there shall be no effective floor to the value of the Exit Price and the lower limit of 0.6 to the values of K1 and K2 shall not apply: 
  

	 	(1)	As a result of the Investment, Moët Hennessy International exercises a call right over Whitehall’s shares in the Joint Venture under the Joint Venture Agreement within 60
days of the Closing (and prevails in any Legal Dispute (as such term is defined in the Joint Venture Agreement) arising out of the exercise of the call right) with the result that the Joint Venture Agreement is terminated. 

 

	 	(2)	In the event of Mark Kaoufman’s death or permanent disability (as determined by a competent Russian court) Moët Hennessy International exercises a call right over
Whitehall’s shares in the Joint Venture under the Joint Venture Agreement on the grounds that MK Management is no longer under the effective control of Mark Kaoufman with the result that the Joint Venture Agreement is terminated.

  

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