Document:

cnv_Ex4_38

		

			Exhibit 4.38

		

		

			 

		

		
			AMENDMENT No. 2 
		

		
			 
		

		
			TO THE COMMERCIAL PARTNERSHIP AGREEMENT
		

		
			 
		

		
			BETWEEN THE UNDERSIGNED:
		

		
			 
		

		
			CDISCOUNT, Société Anonyme with capital of 5,631,441.34 euros, with head office situated at 120-126 Quai de Bacalan - 33000 Bordeaux, registered with the trade and companies register in BORDEAUX under number 424 059 822,
		

		
			 
		

		
			represented by Mr. Emmanuel GRENIER, acting as Chief Executive Officer, duly authorized for the purposes hereof, 
		

		
			 
		

		
			Hereafter referred to as "CD"
		

		
			 
		

		
			On one side,
		

		
			 
		

		
			AND:
		

		
			 
		

		
			DISTRIBUTION CASINO FRANCE, Société par Actions Simplifiée with capital of 106,758,801.00 euros, with head office at 1 Esplanade de France, 42000 Saint-Etienne, registered in the commercial and companies register of Saint-Etienne under number 428 268 023,
		

		
			 
		

		
			represented by Mr. Gérard WALTER, acting as Chief Executive Officer, duly authorized for the purposes hereof, 
		

		
			 
		

		
			Hereafter referred to as "DCF"
		

		
			 
		

		
			On the other side,
		

		
			 
		

		
			In the context of this Amendment No. 2, CD and DCF may also be referred to individually as the "Party" and collectively the "Parties".
		

		
			 
		

		
			IT BEING PREVIOUSLY STATED THAT:
		

		
			 
		

		
			On 19 May 2014, the Parties signed a "Commercial Partnership Agreement" with effect from June 1st, 2014, under which DCF supplies CD with national brand products or as a distributor.
		

		
			 
		

		
			The said "Commercial Partnership Agreement" was amended by the Parties by Amendment No 1 with effect from January 1st, 2015.
		

		
			 
		

		
			The "Commercial Partnership Agreement" and Amendment No. 1 shall be referred to jointly hereafter as the "Initial Agreement"
		

		
			 
		

		
			Since the Parties have desired to amend Article 2 of the Initial Agreement, they have, pursuant to the provisions of Article 9 of the Initial Agreement, come together in order to sign this Amendment No. 2. 
		

		
			 
		

		
			THIS HAVING BEEN RECALLED, IT HAS BEEN AGREED AS FOLLOWS:
		

		
			 
		

		
			Article 1
		

		
			 
		

		
			The Parties have agreed to delete Article 2 "Conditions of supply" of the Initial Agreement and to replace it by this Article 2: 
		

		
			 
		

		
			'2. Conditions of Supply
		

		
			 
		

		
			2.1. Conditions 
		

		
			
		

		
			

		 

		

			1

		

 

 
		

		
			CD is free to source supplies from DCF or not. In this regard, CD offers no guarantee to purchase any particular volume nor any guarantee to maintain any particular purchasing volume from DCF throughout this agreement. 
		

		
			 
		

		
			CD is free to set its commercial and pricing policy in compliance with the law in force.
		

		
			 
		

		
			DCF, when acting as a direct importer and only for products for which defines the respective specifications, shall be responsible for the traceability of products ordered by CD and placing them on the domestic market in accordance with current regulations, it being specified that: 
		

		
			 
		

		
			- The products or goods are provided by the Casino Group as part of the overall "all import risks " insurance policy, whenever the chosen Incoterm provides the importer with insurance; 
		

		
			 
		

		
			- Orders shall be considered as firm and definitive, in accordance with a particular criterion to be mutually approved; 
		

		
			 
		

		
			- The prices of products supplied by DCF to CD, known as the ITP or the "Internal Transfer Price" shall be calculated according to the share that represents the purchase volumes pertaining to CD in the aggregate purchase volume of non-food products carried out by DCF (including any company directly or indirectly affiliated with DCF) and CD.
		

		
			 
		

		
			Therefore: 
		

		
			 
		

		
			- In the event that the share represented by CD in the total purchasing volume of non-food products carried out by DCF (including any company directly or indirectly affiliated with DCF) and CD is strictly greater than 35%, then the PCI shall equal the Effective Purchase Price of the products; 
		

		
			 
		

		
			- In the event that the share represented by CD in the total purchasing volume of non-food products carried out by DCF (including any company directly or indirectly affiliated with DCF) and CD is between 20% and 35%, then the PCI shall equal the Effective Purchase Price of the products + 0.7%; 
		

		
			 
		

		
			- In the event that the share represented by CD in the total purchasing volume of non-food products carried out by DCF (including any company directly or indirectly affiliated with DCF) and CD is less than 20%, then the PCI shall equal the Effective Purchase Price of the products +1.5%; 
		

		
			 
		

		
			As part of this Amendment, the "Effective Purchase Price" is the net price, excluding tax shown on the invoice, plus any transport costs charged by the supplier to DCF and reduced by the amount of all the financial advantages granted by the supplier to DCF and included in the annual framework agreement on the date of signature.
		

		
			 
		

		
			It is expressly stated that with regard to all financial advantages granted by the supplier to DCF, DCF shall apply the price reduction rate applied by DCF on the billing date to CD by DCF. 
		

		
			 
		

		
			Moreover, the Effective Purchase Price shall be increased, if necessary, by transport costs in connection with the provision of delivery provided by DCF - or by any third party to which it may resort -. These transport costs shall be charged to CD by DCF at the "market price" in the light of market conditions observed over the same reference period for the same types of services provided by external providers; accordingly, transport costs shall be charged to CD based on the forecast prepared by DCF under the order placed by CD and an adjustment shall be made at the end of every quarter as soon as the price of transport actually becomes known; 
		

		
			 
		

		
			DCF shall issue invoices – all taxes included – for each batch of goods delivered, whereby the said invoices shall be honoured by CD within forty-five (45) days of the end of the month, counting from the date of issue of the invoice.
		

		
			 
		

		
			Article 2
		

		
			 
		

		
			This Amendment shall take effect on January 1st, 2016. 
		

		
			
		

		
			

		 

		

			2

		

 

 
		

		
			All provisions of the Initial Agreement that are not modified by this Amendment shall remain in full force and effect. 
		

		
			 
		

		
			Done at Bordeaux on __28.06.2016___ 
		

		
			 
		

			
					
						For CDISCOUNT

					
					
						                                    

					
					
						For DISTRIBUTION CASINO FRANCE

				
	
					
						Mr. Emmanuel GRENIER

					
					
						 

					
					
						Mr. Gérard WALTER

				
	
					
						Chief Executive Officer

					
					
						 

					
					
						Chief Executive Officer

				
	
					
						Signature :

					
					
						 

					
					
						Signature :

				

		
			 
		

		 

		

			3cnv_Ex4_40

		

			Exhibit 4.40

		

		

			 

		

		

			 

		

		
			FORM OF SIDE LETTER AGREEMENT
		

		
			 
		

		
			 
		

		
			São Paulo, [date]
		

		
			 
		

		
			To
		

		
			 
		

		
			CNOVA COMÉRCIO ELETRÔNICO S.A.
		

		
			Rua Gomes de Carvalho, n° 1609 - 3rd to 7th floors-
Vila Olímpia São Paulo - SP - Brazil
		

		
			 
		

		
			C/O [*]
		

		
			 
		

		
			 
		

		
			Ref.: Side Letter - Surety – [name of the agreement]
		

		
			 
		

		
			 
		

		
			 
		

		
			Dear Sir,
		

		
			 
		

		
			COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO, company headquartered in the city of São Paulo, State of São Paulo, Brazil, at Avenida Brigadeiro Luis Antonio No. 3142, Jardim Paulista, registered under CNPJ/MF No. 47.508.411/0001-56 , herein represented by its bylaws (“CBD”), hereby this document (“Letter”),
		

		
			 
		

		
			WHEREAS
		

		
			 
		

		
			I.        Cnova Comércio Eletrônico S.A. (“Cnova”) and [name of the bank](“Bank”) are in negotiations for the conclusion of a [name of the agreement], [description of the agreement] (“Agreement”).
		

		
			 
		

		
			II.       To ensure compliance with Cnova obligations under the Agreement, Cnova requested the CBD to issue a guarantee, by surety in Bank favour, from the signature of the Agreement.
		

		
			 
		

		
			LET CNOVA COMÉRCIO ELETRÔNICO  S.A., company headquartered in city of São Paulo, state of São Paulo, at Rua Gomes de Carvalho, n° 1609, 3rd to 7th floors, Vila Olímpia, registered under CNPJ/MF n° 07.170.938/0001-07, to be informed about what follows:
		

		
			 
		

		
			1     CBD agrees to guarantee, by surety, the obligations of Cnova arising from the Agreement, for the exact terms of this Agreement.
		

		
			 
		

		
			2     In return for the guarantee provided by CBD to Cnova, Cnova will pay to CBD, semi-annually, a fee corresponding to 50% (fifty percent) of the difference (spread) between the compensatory interest rates charged by the Bank for the transaction with and without CBD's surety, as quotes presented by the Bank ("Commission").
		

		
			 
		

		
			3     On the date of celebration of this Letter, CBD obtained the quotes listed in Exhibit I. Based on criteria established in Clause 2 above, it was established that the Commission to be charged by CBD will be R$ [*] ([*] reais).
		

		
			 
		

		
			4     Cnova will pay the Commission to CBD by bank transfer to the account to be indicated by CBD, within thirty (30) days after receipt by Cnova of the tax document issued by CBD.
		

		
			
		

		
			

		 

		

			[initialized stamp: Grupo Pão de Açúcar Corporate Legal]

		

 

		

			GPA

		

		

			 

		

 
		

		
			5     The lateness in the fulfilment of any obligation under this Letter, including the delay in payment by Cnova, will automatically subject Cnova to a fine of 2% (two percent) of the amount due, readjusted according to IGP-M (FGV) variation, plus arrears interest of 1% (one percent) per month, accrued pro rata temporis on the amount due from the default date until the respective settlement date;
		

		
			 
		

		
			6     CBD and Cnova agree that if, at any time during the term of the guarantee, CBD is requested by the Bank or by its successors or assignees, to make any payment in reason of such guarantee, CBD may proceed promptly, under the terms of the aforementioned guarantee and regardless of any notice, communication, notification, consultation, confirmation or authorization of Cnova, to the payment of the amount and in the deadline requested by the Bank, unless: (a) up to 24 (twenty four) hours before the end of the period that was granted by the Bank for payment, CBD receive proof, by a proper document, in its sole discretion, that Cnova made payment of the amount or amounts requested by the Bank; or (b) CBD receive notification of judicial or administrative decision suspending or voiding the request for payment submitted by the Bank.
		

		
			 
		

		
			7     If CBD makes any payment to the Bank due to the provision of guarantee, whose resources have not been previously delivered by Cnova, Cnova undertakes to repay CBD of any sums that were spent by CBD for this payment, plus the funding cost of CBD in the operation within five (05) days from the notification made by CBD to Cnova.
		

		
			 
		

		
			8     Failure in the refund to be made by Cnova within the term that may be agreed by the Parties in due course established, will subject Cnova to the penalty provided in Clause 5 above.
		

		
			 
		

		
			9     Preserved the rights of beneficiaries of the guarantees issued, the present Letter may be terminated by either Party at any time, by written notice to the other party, at least sixty (60) days from receipt of the communication, without imposing any burden and/or penalty.
		

		
			 
		

		
			10   In the event of early termination of this Letter:
		

		
			 
		

		
			a.         It will be determined, between the Parties, the amounts owed to each other, which will be paid/reimbursed in updated way, based on the IPCA-IBGE, from the obligation until the date of payment/reimbursement, and this should take place within to 20 (twenty) days from the termination date.
		

		
			 
		

		
			b.         Cnova should immediately replace all Guarantees provided by CBD, ensuring its discharge.
		

		
			 
		

		
			With nothing more to add, we undersign.
		

		
			 
		

		
			 
		

		
			Cordially,
		

		
			 
		

		
			 
		

		
			 
		

		
			COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO
		

		
			[name]
		

		
			
		

		
			

		 

		

			[initialized stamp: Grupo Pão de Açúcar Corporate Legal]

		

		

			 

		

 

		

			GPA

		

		

			 

		

 
		

		
			[position]
		

		
			 
		

		
			Received on and agreed.
		

		
			 
		

		
			CNOVA COMÉRCIO ELETRÔNICO S.A.
		

		
			[name]
		

		
			[position]
		

		 

		

			[initialized stamp: Grupo Pão de Açúcar Corporate Legal]

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