Document:

Exhibit 4.6

 

RIDER TO THE CONTRACT FOR

 

LOGISTICS SERVICES

 

BETWEEN THE UNDERSIGNED

 

EASYDIS, Société par Actions Simplifiée (a simplified joint-stock company), the head offices of which are located at 1 Esplanade de France 42000 SAINT ETIENNE, registered in the Business and Companies Registry of SAINT ETIENNE under number 383 123 874,

 

duly represented by Julie BADICHE, President

 

PARTY OF THE FIRST PART,

 

AND

 

CDISCOUNT, a Limited Company, the head offices of which are located at 120-126 Quai de Bacalan, 33000 BORDEAUX, registered in the Business and Companies Registry of BORDEAUX under number 424 059 822,

 

duly represented by Pierre-Yves ESCARPIT, Supply Chain Director

 

PARTY OF THE SECOND PART.

 

 

PREAMBLE

 

The Parties have signed a contract to provide logistics services on January 24, 2013 (hereinafter the “Contract”), for products falling under the category of “non-food products weighing more than 30 kg and/or with total measurements greater than 2m”, as well as 2 riders dated May 16, 2014.

 

The Parties met in December 2014 in order to verify whether the rates applied by EASYDIS were consistent with market rates.

 

SOLE CLAUSE

 

After having analyzed the rates for comparable services in 2014 offered by external service providers, the Parties have noted that the prices of Easydis are higher than market prices.

 

As a consequence, the Parties agree that for services provided between January 1, 2014 and December 31, 2014, a rebate calculated based on the prices agreed to between the Parties is owing, taking into account the market prices as offered by competing operators for comparable services.

 

The Parties furthermore agree to discuss implementing a rate charged based on “work units” at market prices, which will be used as the basis for invoicing for services provided by Easydis beginning from January 1, 2015.

 

 

Signed in Bordeaux, on March 27, 2015

 

	
For CDISCOUNT
    	
 
    	
For EASYDIS
    
	
 
    	
 
    	
 
    
	
/s/ Pierre-Yves Escarpit
    	
 
    	
/s/ Julie Badiche
    
	
Pierre-Yves   ESCARPIT, Supply Chain Director
    	
 
    	
Julie   BADICHE, PresidentExhibit 4.19

 

RIDER NO. 2 TO THE P30 CDISCOUNT PICK-UP POINT CONTRACT

 

The company CDISCOUNT, a Limited Company with capital of €5,162,154.62, the head offices of which are located at 120-126 Quai de Bacalan, 33000 Bordeaux, registered in the Business and Companies Registry of Bordeaux under number 424 059 822,

 

Represented by Mr. Emmanuel GRENIER, CEO, duly authorized for the purposes of this document,

 

Hereinafter known as “CDISCOUNT”,

 

Party of the first part,

 

AND

 

The company DISTRIBUTION CASINO FRANCE, Société par Actions Simplifiée (a simplified joint-stock company) with capital of €106,758,801, the head offices of which are located at 1 Esplanade de France, 42000 Saint-Etienne, registered in the Business and Companies Registry of Saint-Etienne under number 428 268 023,

 

Represented by Mr. Gérard WALTER, duly authorized for the purposes of this document,

 

Hereinafter known as “DCF”,

 

Party of the second part,

 

with CDISCOUNT and DCF hereinafter known as the “Party” or “Parties”.

 

WHEREAS:

 

The Parties have signed a “P30 CDISCOUNT PICK-UP POINT CONTRACT”, effective since January 1, 2009, according to which DCF provides the service known as a “Withdrawal Point” on behalf of CDISCOUNT for the customers of the latter in its stores.

 

The Parties have extended the duration of this 10-year contract via Rider No. 1, effective since June 1, 2014.

 

The Contract and Rider No. 1 will hereinafter together be known as the “Contract”.

 

Because the parties decided to make changes to the price of the services provided by DCF to CDISCOUNT, considering market conditions, the Parties have agreed to sign this Rider No. 2.

 

HAVING STATED THE AFOREMENTIONED, THE FOLLOWING CLAUSES WERE AGREED TO:

 

ARTICLE 1.

 

Article 7.1 “Price” of the Contract is being removed and replaced by Article 7.1 “Price” as follows:

 

“CDISCOUNT pays DCF eight euros and fifty cents excluding taxes (€8.50 excluding taxes) for each package received by each Store and correctly reported in the computer applications for tracking packages.

 

 

This amount constitutes a lump sum payment that is complete and final: it covers all of the services provided by DCF and its stores pursuant to the Contract. No additional payment will be paid by CDISCOUNT.”

 

ARTICLE 2.

 

This rider is retroactively effective to January 1, 2014.

 

The other provisions of the Contract, which have not been amended by this Rider No. 2, remain in effect and fully applicable.

 

As a consequence of the provisions of this rider, the Parties will make the necessary financial and accounting adjustments.

 

Signed in Bordeaux, December 19, 2014, with 2 copies.

 

	
For   CDISCOUNT
    	
 
    	
For DISTRIBUTION CASINO FRANCE
    
	
 
    	
 
    	
 
    
	
Emmanuel   GRENIER, CEO
    	
 
    	
Gérard   WALTER, CEO
    
	
 
    	
 
    	
 
    
	
/s/   Emmanuel Grenier
    	
 
    	
/s/   Gérard WalterExhibit 4.44

 

 

Cnova N.V.

 

Remuneration Policy

 

 

CNOVA N.V.

 

REMUNERATION POLICY

 

1.                                     INTRODUCTION

 

Cnova N.V. (the “Company”) is required by Dutch corporate law and its articles of association to have a policy (this “Remuneration Policy”) governing the remuneration of the board of directors of the Company (the “Board”, comprising of one or more executive Directors, the “Executive Director(s)” and one or more non-executive Directors, the “Non-Executive Director(s)”, the Executive Director(s) and the Non-Executive Director(s) jointly the “Directors”) and the non-Board co-CEO(s) of the Company (the “Non-Board Co-CEO(s)”). The remuneration of Directors and the Non-Board Co-CEO(s) will be determined by the Board with due observance of this Remuneration Policy and the Company’s articles of association.

 

The Board has established a nomination and remuneration committee (the “Nomination and Remuneration Committee”) from among its members to assist the Board inter alia in matters relating to the remuneration of Directors and the Non-Board Co-CEO(s).

 

This Remuneration Policy was adopted by the Company’s general meeting of shareholders on October 30, 2014 with effect from November 20, 2014 and replaces the previous Remuneration Policy of the Company.

 

2.                                     GENERAL

 

This Remuneration Policy sets forth a remuneration structure designed to attract, retain and motivate Directors and Non-Board Co-CEO(s) with the leadership qualities, skills and experience needed to support the management and growth of the Company’s business. This Remuneration Policy aims to drive strong business performance, promote accountability, incentivize Directors and the Non-Board Co-CEO(s) to achieve short- and long-term performance goals with the objective of substantially increasing the Company’s equity value, and assure that Directors’ and the Non-Board Co-CEO(s)’s interests are closely aligned to those of the Company’s shareholders and other stakeholders.

 

This Remuneration Policy is intended to ensure the overall market competitiveness of the Directors’ and the Non-Board Co-CEO(s)’s remuneration packages, while providing the Board with enough flexibility to tailor its remuneration practices on a case by case basis. In determining the remuneration of Directors and the Non-Board Co-CEO(s), the Board (and the Nomination and Remuneration Committee), in its discretion, shall consider what, if any, actions shall be taken with a view to preventing conflicts of interest. In its discretion, the Board (or the Nomination and Remuneration Committee) may obtain independent advice from compensation consultants or counsel on the appropriate levels of compensation. The Nomination and Remuneration Committee shall annually review and, if deemed appropriate, recommend to the Board changes to the individual Directors’ and Non-Board Co-CEO(s)’s remuneration packages from time to time in a manner consistent with this Remuneration Policy.

 

 

3.                                     DIRECTOR AND NON-BOARD CO-CEO REMUNERATION

 

3.A.                          GENERAL

 

The remuneration for the Directors and the Non-Board Co-CEO(s) shall be determined by the Board, within the framework of this Remuneration Policy (and with respect to the remuneration for the Executive Director(s) and the Non-Board Co-CEO(s), without involvement of the Executive Director(s) and the Non-Board Co-CEO(s) in the deliberations and decision-making).

 

In determining the appropriate levels of compensation for each of the Directors and the Non-Board Co-CEO(s), the Board (and the Nomination and Remuneration Committee) may take into account marketplace information such as industry standards and peer group data, pre-existing arrangements, whether a Non-Executive Director is independent and the specific respective positions a Director or Non-Board Co-CEO serves on the Board, its committees and/or the Company’s executive management. The Board (and the Nomination and Remuneration Committee) may further take into account such other remuneration as may be payable to the persons covered by this policy in any capacity, whether at the level of the Company or at the level of other entities controlled by the Company or under common control with the Company, and whether payable by the Company or by entities controlled by the Company or under common control with the Company.

 

3.B.                          EXECUTIVE DIRECTOR AND NON-BOARD CO-CEO REMUNERATION

 

The remuneration package of each of the Executive Director(s) and the Non-Board Co-CEO(s) shall consist of a mix between fixed and variable remuneration and include some or all of the following components:

 

·                  Base salary

·                  Variable cash incentives

·                  Long-term incentive awards

·                  Pensions and benefits

·                  Severance pay

 

The mix of short and long-term variable components is intended to support both long-term value creation and short-term Company objectives. The Board may in its discretion include other components in an Executive Director’s or Non-Board Co-CEO’s remuneration package with due observance of this Remuneration Policy.

 

Annual Base Salary

 

The annual base salary (the fixed part of the annual cash compensation) shall be subject to annual review by the Nomination and Remuneration Committee in light of each Executive Director’s and Non-Board Co-CEO’s performance as well as the Company’s performance, and/or such other factors as the Nomination and Remuneration Committee deems appropriate. After review, the Nomination and Remuneration Committee may, if deemed appropriate,

 

 

propose a base salary increase or decrease, if any, for approval to the Board, subject to the terms of any contractual compensation arrangements with the relevant Executive Director or Non-Board Co-CEO.

 

Variable Cash Incentives

 

The Executive Director(s) and the Non-Board Co-CEO(s) are eligible for an annual cash incentive award (the variable part of the annual cash compensation)[, expressed as a percentage of base salary,] based on financial and/or non-financial metrics as may be established by the Board.

 

An Executive Director or Non-Board Co-CEO may further be eligible for other short-term and/or long-term cash incentive awards that are intended to provide award opportunities in consideration for substantial contributions to the success of the Company and/or to promote and incentivize continued service of such Executive Director or Non-Board Co-CEO with the Company. Such cash incentive awards may be based on the satisfaction of continued-service conditions and/or achieving short-term or long-term financial or other performance objectives designated by the Board (upon recommendation of the Nomination and Remuneration Committee or at its own initiative).

 

With respect to all variable cash incentive awards, subject to existing contractual arrangements, the Board shall (i) set the applicable targets, objectives and/or conditions, and their respective weighting, (ii) set the maximum amount for the cash incentive, (iii) review and, if deemed appropriate, amend the applicable targets, objectives and conditions, and (iv) determine the extent to which the applicable targets, objectives and/or conditions are attained, and the final amount of the cash incentive award to vest and be paid to the relevant Executive Director or Non-Board Co-CEO. The Nomination and Remuneration Committee may make recommendations in this respect.

 

The Board may also award cash bonuses to an Executive Director or a Non-Board Co-CEO for specific transactions that the Board, in its discretion, deems exceptional in terms of strategic importance and effect on the Company’s results.

 

Omnibus Incentive Plan

 

The Company has adopted the Cnova N.V. 2014 Omnibus Incentive Plan (the “Omnibus Incentive Plan”) to give the Company a competitive advantage in attracting, retaining and motivating selected directors, officers, employees and consultants of the Company and its subsidiaries and affiliates, and to provide incentives for future performance of services directly linked to shareholder value.

 

The Omnibus Incentive Plan provides the Board (or a committee composed of Directors as designated by the Board) with the authority to award to selected individuals stock options, stock appreciation rights, restricted stock, restricted stock units, performance units, deferred stock units or other awards that may be settled in, valued by reference to or otherwise based upon the Company’s ordinary shares. Subject to adjustment for changes in capitalization and corporate transactions, up to 16,500,000 of the Company’s ordinary shares may be issued pur suant to awards granted under the Omnibus Incentive Plan.

 

 

The Executive Director(s) and Non-Board Co-CEO(s) are eligible to receive awards under the Omnibus Incentive Plan as determined by the Board (or a committee composed of Directors as designated by the Board).

 

The Omnibus Incentive Plan provides that the Board (or a committee composed of Directors as designated by the Board) may establish performance goals as a condition for the vesting of any award under the Omnibus Incentive Plan. Such goals will be based on the achievement of specified levels or rates of one or more of the following measures:

 

·                  share price;

·                  earnings (including earnings before taxes, earnings before interest and taxes or earnings before interest, taxes, depreciation and amortization), earnings per share (whether on pre-tax, after-tax, operations or other basis) or operating earnings;

·                  return on assets or return on operating assets;

·                  total return to shareholders;

·                  ratio of debt to debt-plus-equity, net borrowing, credit quality ratings or debt ratings;

·                  market share;

·                  objective customer service measures or indices;

·                  working capital;

·                  capital expenditures;

·                  expense or expense levels, expense ratio, cost, cost control or cost savings;

·                  cash flow (before or after dividends), cash flow per share (before or after dividends), free cash flow or cash generation;

·                  gross merchandise volume, sales, net sales, unit volume, basket size or conversion rate;

·                  gross margin, gross profit, operating profit, economic profit, profit before tax net profit, pre- or after-tax net income, net income or other measure of profitability;

·                  return on capital (including return on total capital or return on invested capital) or cash flow return on investment;

·                  net asset value per share; or

·                  shareholder value added, embedded value added or economic value added,

 

in each case with respect to the Company or any one or more entities controlled by the Company or under common control with the Company, including divisions, business units or business segments thereof, either in absolute terms or relative to the performance of one or more other companies (including an index covering multiple companies).

 

The performance goals may at any time be modified, amended or adjusted by the Board (or a committee composed of Directors as designated by the Board) in a manner consistent with the Omnibus Incentive Plan.

 

Pension

 

The Executive Director(s) and/or Non-Board Co-CEO(s) may be eligible for post-retirement income and/or other benefits, as determined by the Non-Executive Directors from time to

 

 

time.

 

Benefits

 

The Executive Director(s) and/or Non-Board Co-CEO(s) may be entitled to allowances and/or benefits in kind. These allowances and benefits may comprise of elements based on general local practice (such as but not limited to a company car, contribution to health care costs, fixed annual cost allowances) or relate to specific international circumstances (such as but not limited to grossed-up costs relating to relocation, accidental and health insurance, housing, school and travel).

 

Severance Pay

 

The Executive Director(s) and/or Non-Board Co-CEO(s) may be eligible for severance pay upon termination of office or employment by the Company, as determined by the Non-Executive Directors from time to time.

 

3.C.                         NON-EXECUTIVE DIRECTOR REMUNERATION

 

Each Non-Executive Director may receive (i) cash compensation in the form of an annual retainer fee, committee membership fee, chair fee and/or meeting attendance fees, and (ii) cash or equity compensation in the form of cash or equity settled awards under the Omnibus Incentive Plan, in each case as determined by the Board. Remuneration of each Non-Executive Director is fixed and not dependent on the Company’s financial results.

 

4.                                     OTHER

 

It is the current policy of the Company that it shall not grant any personal loans and guarantees to the Directors and the Non-Board Co-CEO(s), provided that travel advances, cash advances and use of a Company-sponsored credit card in the ordinary course of business and on terms applicable to the personnel as a whole shall not be prohibited by this paragraph.

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