Document:

Amendment No.2 to Loan and Security Agreement

 Exhibit 10.22 
 AMENDMENT NO. 2 
 TO LOAN AND SECURITY AGREEMENT 

THIS AMENDMENT NO. 2 TO LOAN
AGREEMENT (this “Amendment”) is entered into this 19th day of April, 2010, by and between CHEMOCENTRYX, INC., a Delaware corporation (“Borrower”), and SILICON
VALLEY BANK (“Bank”). Capitalized terms used herein without definition shall have the same meanings given them in the Loan Agreement (as defined below). 

RECITALS 
 A.     Borrower and Bank have entered into that certain Loan and Security Agreement dated as of February 20, 2007 (as the same may be amended, restated, or otherwise
modified, the “Loan Agreement”), pursuant to which the Bank has agreed to extend and make available to Borrower certain advances of money. 

B.     Borrower desires that Bank amend the Loan Agreement to add a new equipment
facility upon the terms and conditions more fully set forth herein. 

C.     Subject to the representations and warranties of Borrower herein and upon the
terms and conditions set forth in this Amendment, Bank is willing to so amend the Loan Agreement. 
 AGREEMENT

 NOW, THEREFORE, in consideration of the foregoing Recitals and intending to be legally bound, the
parties hereto agree as follows: 
 1.       AMENDMENTS
TO LOAN AGREEMENT. 

1.1       Section 2 of the Loan
Agreement.   Section 2 of the Loan Agreement is amended to add the following new section 2.1.2: 
 “2.1.2  Equipment Facility B. 

(a)        Equipment B Advances.   Subject to the terms
and conditions of this Agreement, Bank agrees to lend to Borrower, during Draw Period B, equipment advances (each an “Equipment B Advance” and collectively the “Equipment B Advances”) in an aggregate amount not to
exceed Equipment Line B. The proceeds of the Equipment B Advances shall be used solely to reimburse Borrower for the purchase of Eligible Equipment purchased within ninety (90) days (determined based upon the applicable invoice date of such
Eligible Equipment) (other than the initial Equipment B Advance of $1,000,000, which shall not be subject to such 90 day lookback) of the Equipment B Advance and to purchase Eligible Equipment; provided however, the initial Equipment B Advance of
$1,000,000 funded on the Second Amendment Effective Date (the “Initial Equipment B Advance”) shall not require invoice documentation. Other than the Initial Equipment B Advance, no Equipment B Advance may exceed 100% of the total
invoice for Eligible Equipment. Unless otherwise agreed to by Bank, not more than 35% of the proceeds of the $3,000,000 of Equipment Line B remaining after the Initial Equipment B Advance shall be used to finance Other Equipment. Each Equipment B
Advance must be in an 

 
amount equal to at least $100,000. Borrower may not request more than twelve (12) Equipment B Advances hereunder. After repayment, no Equipment B Advance may be reborrowed. 

(b)        Repayment. Borrower shall repay each Equipment B Advance
pursuant to the terms set forth in its corresponding Loan Supplement. For each Equipment B Advance, Borrower shall make equal monthly payments of principal and interest, in advance, calculated by Bank based upon (i) the amount of the Equipment
B Advance, (ii) the Basic Rate (which shall be fixed at the time of each Funding Date), and (iii) an amortization schedule equal to the Repayment Period, beginning on the first day of the month following the month in which the Funding Date
occurs (or commencing on the Funding Date if the Funding Date is the first day of the month) with respect to such Equipment B Advance and continuing thereafter during the Repayment Period on each Payment Date. All outstanding principal and accrued
and unpaid interest is due and payable in full on the last Payment Date with respect to such Equipment B Advance. An Equipment B Advance may only be prepaid, at Borrower’s option, in accordance with Sections 2.1.2(c), (d), (e) and (f).

 (c)        Final Payment. On the earliest of (i) the
final Payment Date with respect to each Equipment B Advance, (ii) any prepayment (to the extent permitted hereunder) of such Equipment B Advance or (iii) the termination of Equipment Line B, Borrower shall pay, in addition to the
outstanding principal, accrued and unpaid interest, all future Scheduled Payments (except that such future Scheduled Payments shall not be payable with respect to a prepayment made pursuant to Section 2.1.2(d) or (f) below), in each case
on such Equipment B Advance, and all other amounts due on such date with respect to such Equipment B Advance, plus an amount equal to the Final Payment on such Equipment B Advance. 

(d)        Prepayment Upon an Event of Loss. Borrower shall bear the risk
of any loss, theft, destruction, or damage of or to the Financed Equipment. If during the term of this Agreement an Event of Loss occurs, then if no Event of Default has occurred or is continuing, within ten (10) days following the Event of
Loss, at Borrower’s option, Borrower shall (i) pay to Bank, with respect to the Equipment B Advance made with respect to the Financed Equipment subject to the Event of Loss, all outstanding principal, all accrued and unpaid interest to the
date of the prepayment, and the Final Payment; or (ii) repair or replace any Financed Equipment subject to the Event of Loss provided the repaired or replaced Financed Equipment is of equal or like value to the Financed Equipment subject to the
Event of Loss and provided further that Bank has a first priority perfected security interest in such repaired or replaced Financed Equipment. 
 (e)        Prepayment.    If the Equipment B Advances are voluntarily prepaid or accelerated following the occurrence of an Event of
Default, Borrower shall immediately pay to Bank an amount equal to the sum of (i) all outstanding principal plus accrued and unpaid interest, (ii) all future Scheduled Payments, (iii) the Final Payment, and (iv) all other sums,
if any, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts, in each case with respect to the Equipment B Advances being prepaid. 

(f)        Prepayment Upon Sale or Trade of Finance Equipment. If, during
the term of this Agreement, any item of Financed Equipment is sold or traded, then within ten (10) days following such sale or trade, Borrower shall (i) pay to Bank on account of the Obligations all accrued interest to the date of the
prepayment, the Final Payment, and all outstanding principal owing with respect to the Equipment B Advance made with respect to the Financed Equipment 

 
subject to such sale or trade; or (ii) provide other equipment in replacement of the sold or traded Financed Equipment, provided the replacement Financed Equipment is of equal or like value
to the Financed Equipment sold or traded, is acceptable to Bank in its sole discretion, and provided further that Bank has a first priority perfected security interest in such replacement Financed Equipment.” 

1.2       Section 2.2(a) (Payment of Interest on the Credit Extensions) of
the Loan Agreement. Section 2.2(a) of the Loan Agreement is amended and restated in its entirety to read as follows: 
 “(a)      Interest Rate. Subject to Section 2.2(b), the principal amount outstanding for each Equipment Advance shall accrue interest at a per annum rate
equal to the Basic Rate determined by Bank on the Funding Date for such Equipment Advance. Subject to Section 2.2(b), the principal amount outstanding for each Equipment B Advance shall accrue interest at a per annum rate equal to the Basic
Rate determined by Bank on the Funding Date for such Equipment B Advance.” 

1.3       Section 3.4 (Procedures for Borrowing) of the Loan Agreement.
Section 3.4 of the Loan Agreement is amended and restated in its entirety to read as follows: 

“3.4     Procedures for Borrowing. Subject to the prior satisfaction of all other
applicable conditions to the making of an Equipment Advance or Equipment B Advance set forth in this Agreement, to obtain an Equipment Advance following the Initial Equipment Advance or an Equipment B Advance following the Initial Equipment B
Advance, Borrower shall deliver to Bank by electronic mail or facsimile a completed Loan Supplement, executed by a Responsible Officer or his or her designee, together with copies of invoices for the Financed Equipment and such additional
information as Bank may reasonably request at least five (5) Business Days before the proposed Funding Date. On each Funding Date, Bank shall specify in the Loan Supplement for each Equipment Advance or Equipment B Advance, as the case may be,
the Basic Rate, and the Payment Dates. At Bank’s discretion, Bank shall have the opportunity to confirm that, upon filing the UCC-1 financing statement covering the Equipment described on the Loan Supplement, Bank shall have a first priority
perfected security interest in such Equipment. If Borrower satisfies the conditions of each Equipment Advance or each Equipment B Advance, as the case may be, Bank shall disburse such Equipment Advance or Equipment B Advance by transfer to the
deposit account designated by Borrower.” 

1.4       Section 6.4 (Insurance) of the Loan Agreement. Section 6.4
of the Loan Agreement is amended to replace “Section 2.1.1(d)” with “Sections 2.1.1(d) and 2.1.2(d)”. 
 1.5       Section 7.1 (Dispositions) of the Loan Agreement. Section 7.1 of the Loan Agreement is amended to replace “Section 2.1.1(f)” with
“Sections 2.1.1(f) and 2.1.2(f)” and to replace “Section 2.1.1(d)” with “Sections 2.1.1(d) and 2.1.2(d)”. 
 1.6       Section 13 (Definitions) of the Loan Agreement. Section 13 of the Loan Agreement is amended to add the following definitions in the
appropriate order to preserve the alphabetical listing of the terms in such section: 

 ““Draw Period B” is the period of time from the
Second Amendment Effective Date through the earlier to occur of (a) March 31, 2011, or an Event of Default.” 
 ““Equipment B Advance” is defined in Section 2.1.2(a).” 
 ““Equipment Line B” is an Equipment B Advance or Equipment B Advances in an aggregate amount of $4,000,000.” 

““Initial Equipment Advance” is defined in Section 2.1.1(a). 

““Initial Equipment B Advance” is defined in Section 2.1.2(a). 

““Second Amendment Effective Date” is April 19, 2010.” 

Section 13 of the Loan Agreement is further amended by amending and restating the following definitions: 

““Credit Extension” is any Equipment Advance or Equipment B Advance or any other extension of
credit by Bank for Borrower’s benefit.” 
 ““Final Payment” is a payment (in
addition to and not a substitution for the regular monthly payments of principal plus accrued interest) due on the earlier of (a) the final Payment Date for such Equipment Advance or such Equipment B Advance, as the case may be, or (b) the
acceleration of such Equipment Advance or such Equipment B Advance, as the case may be, equal to the Loan Amount for such Equipment Advance or such Equipment B Advance, multiplied by the Final Payment Percentage.” 

““Final Payment Percentage” is, for each Equipment Advance, five percent (5.00%) and, for
each Equipment B Advance, six percent (6.00%).” 
 ““Financed Equipment” is all
present and future Eligible Equipment in which Borrower has any interest, the purchase of which is financed by an Equipment Advance or Equipment B Advance.” 

““Loan Amount” in respect of each Equipment Advance is the original principal amount of such
Equipment Advance and in respect of each Equipment B Advance is the original principal amount of such Equipment B Advance.” 
 ““Loan Margin” is 165 basis points for Equipment Advances and 285 basis points for Equipment B Advances.” 

““Repayment Period” as to each Equipment Advance, is a period of time equal to forty-two
(42) consecutive months, and as to each Equipment B Advance, is a period of time equal to forty-eight (48) consecutive months, in either case, commencing on the first day of the month following the month in which the Funding Date occurs
(or commencing on the Funding Date if the Funding Date is the first day of the month).” 

 1.7       Exhibit B (Loan
Agreement Supplement) to the Loan Agreement. The form of Loan Agreement Supplement (Exhibit B to the Loan Agreement) is replaced in its entirety by the form of Loan Agreement Supplement attached to this Amendment as Exhibit B. 

2.       BORROWER’S
REPRESENTATIONS AND WARRANTIES.   Borrower represents and warrants that: 
 (a)    immediately upon giving effect to this Amendment (i) the representations and warranties contained in the Loan Documents are true, accurate and complete in all
material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (ii) no Event of Default has occurred and is continuing;

 (b)    Borrower has the corporate power and authority to execute and deliver this
Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 

(c)    the Amended and Restated Certificate of Incorporation dated May 29, 2009 and
delivered to Bank on April 2, 2010, together with the bylaws and other organizational documents of Borrower delivered to Bank on the Effective Date, remain true, accurate and complete and have not been amended, supplemented or restated and are
and continue to be in full force and effect; 
 (d)    the execution and delivery by
Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized by all necessary corporate action on the part of Borrower; 

(e)    this Amendment has been duly executed and delivered by the Borrower and is the binding
obligation of Borrower, enforceable against it in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable
principles relating to or affecting creditors’ rights; and 
 (f)    as of the
date hereof, it has no defenses against the obligations to pay any amounts under the Obligations. Borrower acknowledges that Bank has acted in good faith and has conducted in a commercially reasonable manner its relationships with Borrower in
connection with this Amendment and in connection with the Loan Documents. 
 Borrower understands and
acknowledges that Bank is entering into this Amendment in reliance upon, and in partial consideration for, the above representations and warranties, and agrees that such reliance is reasonable and appropriate. 

3.       LIMITATION. The amendments set
forth in this Amendment shall be limited precisely as written and shall not be deemed (a) to be a waiver or modification of any other term or condition of the Loan Agreement or of any other instrument or agreement referred to therein, or an
agreement to forbear with respect to any other breach or Event of Default thereunder, or to prejudice any right or remedy which Bank may now have or may have in the future under or in 

 
connection with the Loan Agreement or any instrument or agreement referred to therein; or (b) to be a consent to any future amendment or modification or waiver of any term or condition of
any Loan Document. Except as expressly amended hereby, the Loan Agreement shall continue in full force and effect. 
 4.     EFFECTIVENESS.   This Amendment shall become effective upon the satisfaction of all the following conditions precedent:

 4.1       Amendment.  Borrower and Bank shall have duly
executed and delivered this Amendment to Bank. 
 4.2       Board
Resolutions.   Borrower shall have delivered to Bank a copy of resolutions duly adopted by Borrower’s Board of Directors authorizing and ratifying the execution, delivery, and performance by Borrower of this Amendment and
approving the transactions contemplated hereby, together with a certification by Borrower’s secretary that such copy is true, correct, and complete and that such resolutions are in full force and effect. 

4.3       Payment of Bank Expenses.    Borrower shall have
paid all Bank Expenses (including all reasonable attorneys’ fees and reasonable expenses) incurred through the date of this Amendment. 
 5.     COUNTERPARTS.      This Amendment may be signed in any number of counterparts, and by different parties
hereto in separate counterparts, with the same effect as if the signatures to each such counterpart were upon a single instrument. All counterparts shall be deemed an original of this Amendment. 

6.     INTEGRATION.    This Amendment
and any documents executed in connection herewith or pursuant hereto contain the entire agreement between the parties with respect to the subject matter hereof and supersede all prior agreements, understandings, offers and negotiations, oral or
written, with respect thereto and no extrinsic evidence whatsoever may be introduced in any judicial or arbitration proceeding, if any, involving this Amendment; except that any financing statements or other agreements or instruments filed by Bank
with respect to Borrowers shall remain in full force and effect. 

7.     GOVERNING LAW;
VENUE.   THIS AMENDMENT SHALL BE GOVERNED BY AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA. Borrower and Bank each submit to the exclusive jurisdiction of
the State and Federal courts in Santa Clara County, California. 
 [Signature page follows] 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed as of the date first written above. 

 

			
	    BORROWER:	  	
		
		  	
		  	
		  	

			
	 CHEMOCENTRYX, INC.

a Delaware corporation

			
		
	 By
	  	     /s/ Thomas J.
Schall

			
	 Printed Name:
	  	 Thomas J. Schall

			
	 Title:
	  	 President and Chief Executive Officer

 

 

			
	    BANK:	  	
		
		  	
		  	
		  	

			
	SILICON VALLEY BANK

			
		
	 By
	  	 /s/ James Taylor

			
	 Printed Name:
	  	 James Taylor

			
	 Title:
	  	 Relationship Manager

 

  
 Amendment
No. 2 to Loan and Security AgreementAMENDMENT NO. 7 TO RESTATED CORPORATE JOINT VENTURE AGREEMENT

 Exhibit 10.4.1 
 AMENDMENT NO. 7 
 TO RESTATED CORPORATE JOINT VENTURE AGREEMENT 

This amendment is effective the 10th day of December, 2010, and is between Costco Venture Mexico (“CVM”) (formerly, “Price Venture Mexico,” a
California corporation also known as “PRIMEX” in its own capacity and as the surviving entity in the merger between PRIMEX and The Price Company, a California corporation (“PRICE”)), and Controladora Comercial Mexicana, S.A.B. de
C.V., a corporation organized under the laws of the United Mexican States (“CCM”), also known as “Comercial,” and is for the purpose of amending the Restated Corporate Joint Venture Agreement, dated February 15, 1995,
between PRICE and PRIMEX on the one hand and Comercial on the other, as amended (the “Restated Joint Venture Agreement”). 
 The parties agree as follows: 
  

	1.	 The definition of “Primex” and “Price” is superseded and amended to mean, everywhere such terms appear in the Restated Joint Venture
Agreement, “Costco Venture Mexico” or “CVM”. 

  

	2.	 The definition of “Price/Costco, Inc.” is superseded and amended to mean, everywhere such term appears in the Restated Joint Venture Agreement,
“Costco Wholesale Corporation,” a Washington corporation, the surviving corporation in their merger. 

  

	3.	 The definition of “Comercial” is superseded and amended to mean, everywhere such term appears in the Restated Joint Venture Agreement,
“Controladora Comercial Mexicana, S.A.B. de C.V.” or “CCM.” 

  

	4.	 The definition of “Shares” is superseded and amended to mean, everywhere such term appears in the Restated Joint Venture Agreement, “shares of
capital stock of the Holding Company.” 

  

	5.	 The definition of “Holding Company” is superseded and amended to mean, everywhere such term appears in the Restated Joint Venture Agreement,
“Costco de México, S.A. de C.V.” 

  

	6.	 The definition of “Management Agreements” is superseded and amended to mean, everywhere such term appears in the Restated Joint Venture Agreement,
the surviving “Management Agreement,” dated February 15, 1995, as amended, between Costco Wholesale Corporation, a Washington corporation as the successor in interest of Price/Costco, Inc., formerly a Delaware corporation, and Costco
de México, S.A. de C.V., as the successor in interest of its subsidiary Importadora Primex, S.A. de C.V., a corporation organized under the laws of the United Mexican States. 

 

	7.	 The definitions of “Pricemex Group” and “Pricemex Group Companies” are superseded and amended to mean, everywhere such terms appear in the
Restated Joint Venture Agreement, the Holding Company and its subsidiaries. 

  

	8.	 The new definition “Trust Agreement” is added and shall mean everywhere such term appears in the Restated Joint Venture Agreement:

 “That certain Irrevocable Management and Guaranty Trust Agreement dated
December 10th, 2010 by and among CCM as Settlor and Third Place Beneficiary, CVM as First Place Beneficiary, Banco Invex, S.A., Institucion de Banca Multiple, Invex Grupo Financiero in its role as ALF Collateral Agent in benefit of the Lenders
as Second Place Beneficiary, and Deutsche Bank Mexico, S.A., Institucion de Banca Multiple, Division Fiduciaria as Trustee.” 

  
 1 

	9.	 The definition of “Change in Control Event” is superseded and amended to mean, everywhere such term appears in the Restated Joint Venture Agreement,
as “Change in Control Event:” 

 “Means (a) the acquisition of CCM by
another entity (other than a reincorporation for the purpose of changing CCM’s domicile) by means of merger, consolidation, share exchange or other form of entity reorganization in which the outstanding capital stock of CCM is exchanged for,
converted into or cancelled in consideration of obtaining the right to receive securities or other consideration issued by or on behalf of the acquiring entity as a result of which the holders of the capital stock of CCM immediately, before such
transaction or series of related transactions, do not hold at least a majority of the voting power and at least a majority of the outstanding securities of the surviving, resulting or acquiring entity after such transaction or series of related
transactions in substantially the same proportions as held by the holders of capital stock of CCM immediately before such transaction or series of related transactions; or (b) a transaction or series of related transactions in which a Person,
entity, or a group of related Persons acquires direct or beneficial ownership of shares representing more than thirty-five percent (35%) of the outstanding voting power of CCM; or (c) the sale, lease, transfer, exclusive license or other
disposition, in a single transaction or series of related transactions, by CCM of all or substantially all the assets of CCM, or the sale or disposition (whether by merger or otherwise) of one or more subsidiaries of CCM if substantially all of the
assets of CCM are held by such subsidiary or subsidiaries; provided however, that for purposes of this definition, assets shall be deemed “substantially all” if they constitute or represent either of: (i) 60% of CCM’s
consolidated asset value; or (ii) 60% of consolidated sales for CCM during the previous twelve months; or (d) a change in the composition of the board of directors of CCM during any two-year period such that the individuals who, as of the
beginning of such two-year period, constitute the board of directors (the “Incumbent Board”) cease for any reason to constitute at least a majority of the board of directors, provided, however, that for purposes of this definition, any
individual who becomes a member of the board of directors subsequent to the beginning of the two-year period, whose election or nomination for election by CCM’s shareholders was approved by CCM’s shareholders shall be considered as though
such individual were a member of the Incumbent Board, and provided further, however, that any such individual, whose initial assumption of office occurs as a result of or in connection with an actual or threatened solicitation of proxies or consents
by or on behalf of a person or entity, or a group of related persons or entities, other than the board of directors, shall not be considered a member of the Incumbent Board.” 

 

	10.	 Section 2.1 of the Restated Joint Venture Agreement is superseded and amended to read as follows: 

“Until the termination of the Trust Agreement, there shall be two Series of shares of capital stock of the
Holding Company (the “Shares”), “A” and “B”. CVM Shares will be Series “A” Shares and CCM Shares will be Series “B” Shares, which are being held in trust in accordance with the Trust Agreement. Each
Share will have one vote; provided that the Series “A” Shares will have the right to appoint four members of the Board of Directors and the Series “B” Shares will have the right to appoint three members of the Board of
Directors. Notwithstanding the generality of the foregoing, the ownership rights and privileges with respect to the Shares shall be as more specifically set forth in the Articles of Incorporation and Bylaws of the Holding Company.” 

 

	11.	 Section 2.2 of the Restated Joint Venture Agreement is superseded and amended to read as follows: 

“The current ownership of the Shares of the Holding Company is as set forth in the Amended Exhibit 2.2.”

  
 2 

	12.	 The Restated Joint Venture Agreement is further amended by addition of a new Section 2.7.4 as follows: 

“Notwithstanding anything to the contrary in this Agreement or the Trust Agreement, until the termination of
the Trust Agreement, CVM may, in its sole discretion, advance or arrange loans or credits to the Holding Company or its subsidiaries, and the Holding Company or its subsidiaries, as the case may be, shall repay such loans or credits to CVM or its
designee, upon such terms and conditions and at such times as may be agreed between the Holding Company and CVM, with or without the consent of CCM; provided, however, that CCM shall have the right to consent to any repayment of such loans if such
repayment includes the capitalization of such loans and a possible dilution in the current ownership of the Shares of the Holding Company. Such loans may be unsecured, or secured by real estate or other assets of the Holding Company or its
subsidiaries or both as CVM may require.” 
  

	13.	 Section 2.9.1 of the Restated Joint Venture Agreement is superseded and amended to read as follows: 

“Except as provided for in the Trust Agreement, neither CCM nor CVM shall voluntarily sell, transfer, assign,
pledge or otherwise dispose of all or any portion of its Shares in the Holding Company or its subsidiaries without the prior approval of the Board of Directors of the Holding Company. Likewise, except as provided in the Trust Agreement, neither CCM
nor CVM shall suffer or permit the involuntary sale, transfer, assignment, pledge, or other disposal of its Shares in the Holding Company or its subsidiaries.” 
  

	14.	 Section 2.15 of the Restated Joint Venture Agreement is superseded and amended to read as follows: 

“A party may make a voluntary advance to the Holding Company or its subsidiaries at any time to fund the
working capital needs or expansion of the Holding Company or its subsidiaries in the ordinary course of business. Such advance will be made in U.S. Dollars and treated as a loan, and it will earn interest at the applicable rate provided under
Section 2.6.2(ii).” 
  

	15.	 Section 4.1.1 of the Restated Joint Venture Agreement is superseded and amended to read as follows: 

“Subject to the Management Agreement, and until the termination of the Trust Agreement, the Holding Company
shall be managed by a seven member Board of Directors, three of whom shall be designated by CCM and four of whom shall be designated by CVM. The parties may mutually agree to name their respective alternates.” 

 

	16.	 Section 4.1.2 of the Restated Joint Venture Agreement is superseded and amended to read as follows: 

“Until the termination of the Trust Agreement, the subsidiaries of the Holding Company shall each have a seven
member Board of Directors, consisting of the same members as the Board of Directors of the Holding Company. As used herein, unless the context otherwise so requires, “Board of Directors” refers to the Board of Directors of any of the
Holding Company or its subsidiaries.” 
  

	17.	 Section 4.1.5 of the Restated Joint Venture Agreement is superseded and amended to read as follows: 

“The Board of Directors of the Holding Company shall meet not less than annually. The powers and duties,
indemnification, and other terms and conditions of Board membership shall be as set forth in the articles of incorporation and bylaws of the Holding Company and its subsidiaries.” 

  
 3 

	18.	 Section 4.2 of the Restated Joint Venture Agreement is superseded and amended to read as follows: 

“Until the termination of the Trust Agreement, no meeting of any Board of Directors of the Holding Company or
its subsidiaries shall occur unless four directors are present and unless at least two of the directors designated by CVM are present. All decisions of the Board of Directors of any of the Holding Company or its subsidiaries shall require the
affirmative majority of the entire Board of Directors (at least four directors).” 
  

	19.	 Section 4.6 of the Restated Joint Venture Agreement is superseded and amended as follows: 

“4.6.1 Shareholder Meetings. Ordinary shareholder meetings of the Holding Company or any of its
subsidiaries shall deal only with the matters mentioned in Article 181 of the General Law of Commercial Companies of Mexico. Extraordinary shareholder meetings shall deal with all other matters to be considered by the shareholders. 

4.6.2 Quorum in Ordinary Shareholder Meetings. Ordinary shareholder meetings shall be deemed to be duly
convened pursuant to first call when at least sixty percent of the shares of the capital stock of the company are represented therein. In case of second or subsequent calls, shareholder meetings shall be deemed as duly convened irrespective of the
number of shares represented therein. In both cases, resolutions taken in ordinary shareholder meetings shall be adopted by a majority of the shares represented in the meetings. 

4.6.3 Quorum in Extraordinary Meetings. Extraordinary shareholder meetings shall be deemed as duly convened
pursuant to first call when at least sixty percent of the shares of capital stock of the company are represented therein. In case of second or subsequent calls, shareholder meetings shall be deemed as duly convened when at least fifty percent of the
shares of the capital stock of the company are represented. In both cases, resolutions shall be adopted by a majority of the shares represented in the meetings.” 
  

	20.	 A new Section 8.2.7 is added to the Restated Joint Venture agreement as follows: 

“8.2.7 Event of Default Under Trust Agreement. Notwithstanding the foregoing provisions in this
Section 8.2, in the case of an Event of Default within the meaning of the Trust Agreement, the Buy-Out by CVM of CCM’s shares shall be governed by the provisions of the Trust Agreement.” 

 

	21.	 Section 8.3 of the Restated Joint Venture Agreement is superseded and amended as follows: 

“8.3 Buy-Out. 

8.3.1 Determination of FMV. In the event of a Buy-Out Notice under Sections 2.6.1, 2.8, 2.9, 8.1.4, 8.2.4 or 8.8, or
an Insolvency Notice under Section 8.2.6 above, the Fair Market Value of the Holding Company and its subsidiaries as of the date the Buy-Out Notice is given shall be determined under Section 8.4 below. 

8.3.2 CVM Election. CVM shall then have thirty (30) Days from the date upon which the Fair Market Value shall
have been determined in which to elect (for itself or an Affiliate), by written notice, to purchase all of the Shares of CCM in the Holding Company for a price equal to one hundred percent (100%) of the Fair Market Value multiplied by
CCM’S percentage ownership of the Shares of the Holding Company. 
 8.3.3 CCM Election. Provided that
the Trust Agreement has terminated, if within the 30-Day period described in Section 8.3.2 CVM has not elected to purchase CCM’S Shares, CCM shall thereupon have a further thirty (30) Days in which to elect (to itself or an
Affiliate), by written notice, to purchase all of the Shares of CVM in the Holding Company for a price equal to one hundred percent (100%) of the Fair Market Value multiplied by CVM’S percentage ownership of the Shares of the Holding
Company. 

  
 4 

 8.3.4 Adjustment of FMV. If no election has been made under Sections
8.3.2 or 8.3.3 above, then, immediately upon expiration of the 30-Day period described in Section 8.3.3, the Fair Market Value shall become an amount that is ninety percent (90%) of the previous Fair Market Value, and the procedures of
Sections 8.3.2, 8.3.3 and this 8.3.4 will continue to be repeated in sequence until an election is made under Section 8.3.2 or Section 8.3.3. 

8.3.5 Purchase Terms. Once an election is made under Section 8.3.2 or Section 8.3.3, then (i) the
parties shall promptly perform all acts required of them and use their best efforts to cause third parties to perform all acts required to enable the purchaser to consummate forthwith its purchase of the Shares (the “Required Acts”), and
(ii) the purchaser shall pay the purchase price in cash and in U.S. Dollars within 120 Days after the date of the election or within twenty (20) Days after completion of Required Acts, whichever occurs earlier.” 

 

	22.	 Section 8.4 of the Restated Joint Venture Agreement is superseded and amended as follows: 

“8.4 Fair Market Value. 

8.4.1 Proposed & Agreed Values. Within thirty (30) Days after any Buy-Out Notice is given under
Section 8.1 or Section 8.2 above, each of CCM and CVM should appoint an independent appraiser, who will be an internationally recognized financial advisory firm or investment bank with experience in mergers and acquisitions (the “CCM
Appraiser” and “CVM Appraiser”, respectively). 
 8.4.2 Appraisers Determined Fair Market
Value. Both appraisers must submit the respective appraisal reports to the parties within 45 (forty-five) business days following their appointment. If the difference between both appraisals (expressed as price per share) divided by the lower
appraisal is 10% (ten percent) or less, the average between such appraisals (the “Appraisal Average”) will be used as the appraisal of price per share. However, in the event that the difference between both appraisals (expressed as price
per share) divided by the lower appraisal is greater than 10% (ten percent), both appraisers must together appoint an independent third appraiser, who must be an internationally recognized investment bank or financial advisory firm with experience
in mergers and acquisitions within 20 (twenty) business days, who must submit such appraisal report within 45 (forty-five) business days following his or her appointment. The appraisal of the third independent appraiser, in order to be accepted by
the parties, must fall within the range of the appraisals carried out by the CCM Appraiser and the CVM Appraiser, and CCM and CVM agree that this will be considered the final appraisal (the “Independent Appraisal”). If the Independent
Appraisal does not fall within the range of the appraisals carried out by the CCM Appraiser and the CVM Appraiser, the Independent Appraisal shall then be equal to the appraisal carried out by the CCM Appraiser or the CVM Appraiser to which the
Independent Appraisal falls the closest. The Independent Appraisal shall be final. CCM and CVM will each pay its respective appraisal costs, and both of them will equally pay the costs of the Independent Appraisal. The CCM Appraiser and the CVM
Appraiser will not share their appraisals or any other information related to their valuation analysis with the third independent appraiser. 
 In the event CCM, CVM or their appraisers (acting individually or jointly) fail to appoint their appraiser or the independent appraiser within the designated time period, any party may request that the American
Arbitration Association make such appointment, and the appointed appraiser must be an internationally recognized investment bank or financial advisory firm with experience in mergers and acquisitions. 

8.4.3 Fair Market Value. Either the Average Appraisal, or in the event of the appointment of an independent
appraiser, the Independent Appraisal shall be the “Fair Market Value.” 

  
 5 

	23.	 Section 8.8 of the Restated Joint Venture Agreement is superseded and amended as follows: 

“8.8 Change in Control. A Change in Control Event applies only to CCM. If there is a Change in Control
Event with respect to CCM, then CVM may immediately elect to Buy-Out CCM for the Fair Market Value referenced in Section 8.4.” 
  

	24.	 Except as expressly stated above, all terms, conditions and provisions of the Restated Joint Venture Agreement shall remain unchanged and are here ratified
and shall be in full force and effect. 

  
 6 

 [Signature Page for the Amendment No 7 to the Restated Corporate Joint Venture Agreement]

  

									
		 	 CONTROLADORA COMERCIAL
 MEXICANA,
S.A.B. DE C.V.
	 		 		 	COSTCO VENTURE MEXICO
	 By:
	 	 /s/ Luis Felipe Gonzalez Solana
	 		 	 By:
	 	 /s/ James D. Sinegal

		 	Luis Felipe Gonzalez Solana	 		 		 	James D. Sinegal
		 	Attorney-in-Fact	 		 		 	Chief Executive Officer

  
 7 

 Exhibit 2.2 Current Ownership of Shares 

 

													
	 SHAREHOLDERS
	  	FIXED
CAPITAL	 	  	SHARES	 	  	VARIABLE
CAPITAL	 
	 Costco Venture Mexico, Series “A”
	  	 	500	  	  				  	 	1,589,349,441	  
	 Controladora Comercial Mexicana, Series “B” S.A.B. de C.V., held in trust
	  	 	500	  	  				  	 	1,589,349,441	  
	 SUBTOTAL
	  	 	1000	  	  				  	 	3,178,698,882	  
	 TOTAL
	  				  	 	3,178,699,882	  	  			

  
 8

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