Document:

Employment Agmt

 Exhibit 10.65 
 PRIVILEGED AND CONFIDENTIAL 
  
 

 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (“Agreement”) is entered into as of July 9, 2012 (the “Effective Date”), by and between Central European Distribution Corporation, a
Delaware corporation (the “Company”), and David Bailey (the “Officer”). 
 WHEREAS, the Company desires to
employ the Officer, and the Officer desires to be employed by the Company, on the terms and conditions set forth herein. 
 NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the parties hereto agree as follows: 

 

	1.	Employment. 

 On
the terms and conditions set forth in this Agreement, the Company agrees to employ the Officer and the Officer agrees to be employed by the Company for the term set forth in Section 2 hereof and in the position and with the duties set forth in
Section 3 hereof. 
  

	2.	Term. 

 The term of
employment of the Officer by the Company as provided in Section 1 hereof (the “Term”) shall commence as of the Effective Date and continue for a period of up to six months, expiring on January 9, 2013, unless sooner terminated
pursuant to Section 8. The Term may be extended by mutual agreement of the parties for a period of not more than an additional six months. 

  
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	3.	Position and Duties. 

 During the Term, the Officer shall serve as Interim Chief Executive Officer of the Company, and as Interim Chief Executive Officer of CEDC International Sp. zo.o.(“Subsidiary”), with such duties
and responsibilities as the board of directors of the Company and/or the Subsidiary may from time to time determine and assign to the Officer. Additionally, during the Term the Officer shall serve as a member of the Board of Directors of the Company
and as the Chairman of the management board and the managing director of the Subsidiary. The Officer shall devote the Officer’s reasonable best efforts and substantially full business time to the performance of the Officer’s duties and the
advancement of the business and affairs of the Company and the Subsidiary. 
  

	4.	Place of Performance. 

 In connection with the Officer’s employment by the Company, the Officer shall be based at the principal executive office of the Subsidiary, or such other place as the Company and the Officer mutually
agree, except for required travel on Company business. 
  

	5.	Compensation. 

  

	 	5(a)	Base Salary. During the Term, the Officer shall be paid base salary at the rate of Sixty-Two thousand Five Hundred USD ($62,500) gross per month by the Company
and Subsidiary (the base salary in effect from time to time, the “Base Salary”). Any portion of the Base Salary may be paid by the Subsidiary as determined by the Company in the Company’s sole discretion.

  

	 	5(b)	Bonus. With respect to the second half of the 2012 fiscal year of the Company, the Officer shall be eligible to receive a cash bonus under the Company’s
Executive Bonus Plan (the “Second Half Bonus”), the target amount of which shall be $300,000. The terms and conditions relating to the earning and payment of the Second Half Bonus are set forth in Exhibit A attached hereto, it being
understood that there shall be no requirement that the Officer remain employed beyond January 9, 2013. Such bonus shall be paid no later than March 15, 2013. 

  
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	 	5(c)	Equity Awards. Subject to shareholder approval (at the Company’s 2012 annual meeting or any special meeting of shareholders) of amendments to the
Company’s 2007 Stock Incentive Plan authorizing additional shares to be reserved for the granting of equity-based awards, the Company shall grant to the Officer, as of the date of such approval, a number of restricted stock units
(“RSUs”) having an aggregate value of Two-Hundred Fifty Thousand USD ($250,000) as of such date. Such RSUs shall become fully vested and payable as of January 9, 2013, so long as the Officer has remained employed to such date;
provided, that vesting and payment in respect of the RSUs shall be accelerated in full in the event that, prior to such date, the Officer’s employment is terminated by the Company (other than for Cause, as hereinafter defined), the Officer
terminates his employment for Good Reason (as hereinafter defined), or the Officer’s employment terminates by reason of death; provided, further, however, that notwithstanding the previous proviso, in the event the Officer’s employment is
terminated by the Company (other than for Cause) or the Officer terminates his employment for Good Reason and, in either case, such termination results from the appointment of a permanent Chief Executive Officer for the Company (such termination
being hereinafter referred to as a “New CEO Termination”), vesting in respect of the RSUs shall only be accelerated on a pro rata basis, based on the quotient determined by dividing (A) the number of full and partial months from the
Effective Date to the Date of Termination by (B) the number six (6), and the remainder of such RSUs shall be forfeited. 

  

	 	5(d)	Specific Benefits. The Officer shall receive the following fringe benefits, subject to the Company’s policies in effect from time to time:

  

	 	(d)(i)	Company Car 

  

	 	(d)(ii)	Health plan — Medicover card 

  
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	 	5(e)	Other Benefits. 

 The Officer also shall be entitled to participate in such other benefit plans and to receive such bonuses, incentive compensation and fringe benefits as may be granted or established by the Company and/or
Subsidiary from time to time. The Company and Subsidiary each reserve the right to amend, modify or terminate any compensation or benefit plans, policies or agreements at any time and from time to time in the Company’s or Subsidiary’s
discretion, including, without limitation, changing carriers or effecting modifications in insurance coverage for the Officer. 
  

	 	5(f)	Vacation: Holidays. The Officer shall be entitled to all public holidays observed by the Subsidiary, and shall be entitled to fifteen (15) vacation days
during the Term, in accordance with the applicable vacation policies for senior executives of the Company and applicable law, which shall be taken at a reasonable time or times. 

 

	 	5(g)	Cost-of-Living Adjustments. If the spot foreign exchange of PLN to USD will drop for over a period of sixty (60) days below 2.50 then the Compensation
Committee shall determine, in its discretion, if an adjustment to all payments made to the Officer under this Agreement in cash or a cash equivalent (including, without limitation, any base salary, bonus or reimbursement, and any corresponding
payment, if any, due hereunder following the Officer’s termination of employment with the Company and the Subsidiary) shall be subject to increase or decrease pursuant to a cost-of-living adjustment. 

 

	 	5(h)	Withholding Taxes and Other Deductions. The Company and the Subsidiary shall withhold from any payments to the Officer, or with respect to any benefits provided
under this Agreement, any applicable taxes or other deductions as the Company or Subsidiary determine must be withheld pursuant to applicable law or payroll policies. 

  
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	6.	Expenses. 

  

	 	6(a)	The Company or the Subsidiary shall reimburse the Officer for all reasonable expenses incurred by the Officer (in accordance with the policies and procedures in effect
for senior executives of the Company and the Subsidiary) in connection with the Officer’s services under this Agreement. The Officer shall account to the Company or the Subsidiary, as the case may be, for such expenses in accordance with
policies and procedures established by the Company or the Subsidiary. 

  

	 	6(b)	All reimbursements and in-kind benefits provided under the Agreement which are subject to Section 409A of the U.S. Internal Revenue Code of 1986, as amended (the
“Code”), shall be made or provided in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement shall be for expenses incurred during the
Officer’s lifetime (or during a shorter period of time specified in this agreement), (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for
reimbursement, or in-kind benefits to be provided, in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred, and
(iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

  

	7.	Confidential Information. 

  

	 	7(a)	The Officer covenants and agrees that the Officer will not ever, without the prior written consent of the Board or a person authorized by the Board, publish or disclose
to any unaffiliated third party or use for the Officer’s personal benefit or advantage any confidential information with respect to any of the Company’s or Subsidiary’s products, services, subscribers, suppliers, marketing techniques,
methods or future plans disclosed to the Officer as a result of the Officer’s employment with the Company, to the extent such information has heretofore or shall hereafter remain confidential (except for unauthorized disclosures) and except as
otherwise ordered by a court of competent jurisdiction. 

  
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	 	7(b)	The Officer acknowledges that the restrictions contained in Section 7 (a) hereof are reasonable and necessary, in view of the nature of the Company’s
business, in order to protect the legitimate interests of the Company, and that any violation thereof would result in irreparable injury to the Company. Therefore, the Officer agrees that in the event of a breach or threatened breach by the Officer
of the provisions of Section 7(a) hereof, the Company shall be entitled to obtain from any court of competent jurisdiction, preliminary or permanent injunctive relief restraining the Officer from disclosing or using any such confidential
information. Nothing herein shall be construed as prohibiting the Company from pursuing any other remedies available to it for such breach or threatened breach, including, without limitation, recovery of damages from the Officer.

  

	 	7(c)	The Officer shall deliver promptly to the Company on termination of employment, or at any other time the Company may so request, ail confidential memoranda, notes,
records, reports and other documents (and ail copies thereof) relating to the Company’s and its affiliates’ businesses which the Officer obtained white employed by, or otherwise serving or acting on behalf of, the Company or which the
Officer may then possess or have under his or her control. 

  

	8.	Termination of Employment. 

  

	 	8(a)	Death. The Officer’s employment hereunder shall terminate upon the Officer’s death. 

 

	 	8(b)	By the Company. The Company may terminate the Officer’s employment hereunder for “Cause.” For purposes of this Agreement, “Cause” shall
mean any of the following: 

  

	 	(i)(A)	the willful refusal by the Officer to follow a written order of the Board of Directors of the Company , in so far as the request does not breach any federal, state or
local law; 

  
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	 	(i)(B)	the Officer’s willful engagement in conduct materially injurious to the Company; 

 

	 	(i)(C)	dishonesty of a material nature that relates to the performance of the Officer’s duties under this Agreement; 

 

	 	(i)(D)	the Officer’s conviction of any felony involving moral turpitude; or, 

 

	 	(i)(E)	the Officer’s continued failure to perform his duties under this Agreement (except due to the Officer’s incapacity as a result of physical or mental illness)
to the satisfaction of the Board of Directors of the Company for a period of at least forty-five (45) consecutive days after written notice from the Board of Directors is delivered to the Officer specifically identifying the manner in which the
Officer has failed to perform his duties. 

  

	 	8(c)	By the Officer for Good Reason. The Officer may terminate the Officer’s employment hereunder for “Good Reason.” For purposes of this Agreement,
“Good Reason” shall mean (i) the Company’s failure to perform or observe any of the material terms or provisions of this Agreement, and the continued failure of the Company to cure such default within thirty (30) days
after written demand for performance has been given to the Company by the Officer, which demand shall describe specifically the nature of such alleged failure to perform or observe such material terms or provisions; or (ii) a material reduction
in the scope of the Officer’s responsibilities and duties for the Company or the Subsidiary (including the appointment of a permanent Chief Executive Officer of the Company). For the sake of clarity, the appointment of a permanent Chief
Executive Officer of the Subsidiary shall not constitute “Good Reason.” 

  

	 	8(d)	The Company may terminate the Officer’s employment for any reason, other than the reasons specified in Sections 8(b), upon written notice to the Officer as
specified in Section 8(e)(ii). The Officer may terminate his employment for any reason, other than the reasons specified in Section 8(c), upon ten days’ written notice to the Company. 

  
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	 	8(e)	Notice of Termination. 

  

	 	(e)(i)	Any termination of the Officer’s employment by the Company or the Officer (other than pursuant to Section 8(a) hereof) shall be communicated by written
“Notice of Termination” to the other party hereto in accordance with Section 10 hereof. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the Date of Termination, the specific
termination provision in this Agreement relied upon, if any, and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Officer’s employment under the provision so indicated.

  

	 	(e)(ii)	For any termination of the Officer’s employment by the Company pursuant to Section 8(d) (other than a New CEO Termination), one (1) month’s notice
must be provided in a Notice of Termination. 

  

	 	(e)(iii)	Notwithstanding any other provision of this Agreement to the contrary, if the Officer’s employment is terminated under Section 8(c) or Section 8(d), the
Company, in its sole discretion, may accelerate the Date of Termination that is specified in the Notice of Termination. If the Company determines to accelerate the Date of Termination, then if the Officer terminated his employment with the Company
pursuant to Section 8(c) or the Company terminated the Officer’s employment pursuant to Section 8(d), the Officer shall receive compensation and benefits pursuant to Section 9(d) without further payment with respect to the
shortened notice period. 

  

	 	(e)(iv)	It is understood by both the Company and the Officer that termination of this agreement terminates by association any employment agreement with any and all of the
Company’s subsidiaries. 

  
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	 	8(f)	Date of Termination. For purposes of this Agreement, the “Date of Termination” shall mean (i) if the Officer’s employment is
terminated by the Officer’s death, the date of the Officer’s death; or (ii)) if the Officer’s employment is terminated for any other reason, the date specified as the Date of Termination in the Notice of Termination. Notwithstanding
the previous sentence, in the case of a termination pursuant to Section 8(b), Section 8(c) or Section 8(d), if payments to the Officer may be subject to Section 409A of the Code, the Date of Termination shall be no later than the
date the Officer experiences a “separation from service” as such term is defined under Section 409A of the Code. 

  

	9.	Compensation Upon Termination. 

  

	 	9(a)	 If the Officer’s employment is terminated by the Officer’s death, (1) the Company shall pay all Accrued Obligations to the
Officer’s estate, or as may be directed by the legal representatives of such estate, (2) the accelerated vesting provisions of Section 5(c) shall apply, (3) in the case of Officer’s death prior to the close of the
Company’s 2012 fiscal year, the Company shall pay to the executive’s estate, or as may be directed by the legal representatives of such estate, a lump sum bonus amount equal to the Remaining Bonus, as defined and determined under
Section 9(d) below, such amount to be paid at the same time bonuses for 2012 are paid to the Company’s other senior executives, and (4) the Company shall have no further obligations to the Officer under this Agreement.
“Accrued Obligations” shall mean the following: (1) the lump sum amount of any Base Salary accrued but unpaid through the Date of Termination, (2) the lump sum amount of any earned but unpaid annual bonus for periods with
respect to which the performance period to earn such bonus has closed under the Executive Bonus Plan, (3) the lump sum amount of any accrued but unused paid time off or sick pay in accordance with Company policy and applicable law, (4) the
lump sum of any business expenses incurred which have been properly submitted for reimbursement in accordance with Company and/or Subsidiary policy, but not reimbursed prior to the Date of Termination, (5) any other compensation or benefits
which may be owed or provided to or in respect of the Officer, paid or provided in accordance with the 

  
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terms and provisions of the applicable benefit plans or programs of the Company and/or Subsidiary, and (6) less any advances made to the Officer. For all purposes of this Agreement, the cash
payments payable to, or with respect to, the Officer under clauses (1), (2) and (3) of the definition of Accrued Obligations shall be paid within ten (10) days of the Date of Termination or, if earlier, in accordance with applicable
law. 

  

	 	9(b)	If the Company terminates the Officer’s employment for Cause as provided in Section 8(b) hereof, the Company shall pay the Officer all Accrued Obligations and
the Company shall have no further obligations to the Officer under this Agreement. 

  

	 	9(c)	If the Officer terminates the Officer’s employment other than for Good Reason, the Company shall pay to the Officer all Accrued Obligations and the Company shall
have no further obligations to the Officer under this Agreement. 

  

	 	9(d)	 If the Company terminates the Officer’s employment other than for Cause, disability or death, or if the Officer terminates the Officer’s
employment for Good Reason as provided in Section 8(c) hereof, then (1) the Company shall: (i) pay or provide to the Officer all Accrued Obligations; (ii) except as hereinafter provided, pay the Officer in a single lump sum
payment an amount equal to the Base Salary that would have been payable to the Officer under Sections 5(a) through January 9, 2013 (the “Remaining Base Salary”); (iii) pay the Officer in a single lump sum the bonus to which the
Officer would have been entitled under Section 5(b) had he remained employed to January 9, 2013 (the “Remaining Bonus”); and (iv) pay the Officer any other amounts and provide to the Officer benefits that would have been
received by him under Section 5(d) hereof during the remainder of the Term, at the time such amounts or benefits would otherwise have been due in accordance with the Company’s normal payroll practices; (2) the full or partial
accelerated vesting provisions of Section 5(c) shall apply; and (3) the Company shall have no further obligations to the Officer under this Agreement. For purposes of determining the amount of the Remaining Bonus, the parties

  
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acknowledge that the portion of the Second Half Bonus which is dependant upon financial results will be calculated based on such financial results and that the portion of the Second Half Bonus
which is dependant upon operational or organizational results will be determined in good faith by the Compensation Committee in consultation with the Officer, if living, but subject to approval by the Board of Directors of the Company. If certain
operational or organizational targets have been achieved until the date of termination then the full associated bonus for such operational or organizational actions should be paid. Notwithstanding the initial sentence of this Section 9(d), in
the event of a New CEO Termination, the Officer shall not be entitled to payment of any Remaining Base Salary and the amount of the Remaining Bonus shall be pro rated based on the quotient determined by dividing (A) the number of full and
partial months from the Effective Date to the Date of Termination by (B) the number six (6). 

  

	 	9(e)	Mitigation. The Officer shall not be required to mitigate amounts payable pursuant to Section 9(a) through Section 9(d) hereof by seeking other
employment, provided, however, that the Company’s obligation to continue to provide the Officer with benefits pursuant to Section 9(d) hereof shall cease if the Officer becomes eligible to participate in benefit plans or
otherwise receive employer-provided benefits substantially similar to those provided for in this Agreement as a result of the Officer’s employment during the period that the Officer is entitled to such benefits. The Officer must provide prompt
notice to the Company upon acceptance of any subsequent employment that may impose an offset under this Section 9(e). 

  

	 	9(f)	 Release. Notwithstanding any provision of this Agreement to the contrary, the Company’s obligations to the Officer pursuant to
Section 9(d) upon the Officer’s termination of employment shall be conditioned upon the Officer’s execution and the irrevocability of a release in substantially the form attached hereto as Exhibit B hereto (the “Release”).
All cash payments (other than any Accrued Obligations) pursuant to Section 9(d) will be paid on the sixtieth (60th) day following the Date of Termination, provided that the Release becomes irrevocable by such sixtieth

  
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(60th) day, except that the bonus amount referred to in Section 8(d)(1)(ii) shall be paid at the same time bonuses are paid to Company employees with respect to the Company’s 2012
fiscal year. The Company shall provide the Release to the Officer within five days of the Officer’s Date of Termination. 

  

	10.	Notices. 

 All
notices, demands, requests or other communications required or permitted to be given or made hereunder shall be in writing and shall be delivered, telecopied or mailed by first class registered or certified mail, postage prepaid, addressed as
follows: 
  

	 	10(a)	If to the Company: 

  

			
	Central European Distribution Corporation
	ul. Bobrowiecka 6
	00-728 Warsaw, Poland
	Telecopier:	  	48 22 488 34 10
	Attention:	  	James Archbold
		  	Vice President and Director of Investor Relations or

  

	 	10(b)	If to the Officer: 

 David Bailey 
 At the address on file with the Company 

Or to such other address as may be designated by either party in a notice to the other. Each notice, demand, request or other
communication that shall be given or made in the manner described above shall be deemed sufficiently given or made for all purposes at such time as it is delivered to the addressee (with the return receipt, the delivery receipt, the answer back or
the affidavit of messenger being deemed conclusive evidence of such delivery) or at such time as delivery is refused by the addressee upon presentation. 
  

	11.	Severability. 

 The
invalidity or unenforceability of any one or more provisions of this Agreement shall not affect the validity or enforceability of the other provisions of this Agreement, which shall remain in full force and effect. 

  
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	12.	Survival. 

 It is
the express intention and agreement of the parties hereto that the provisions of Section 7 hereof shall survive the termination of employment of the Officer. In addition, all obligations of the Company to make payments hereunder shall survive
any termination of this Agreement on the terms and conditions set forth herein. 
  

	13.	Assignment. 

 The
rights and obligations of the parties to this Agreement shall not be assignable, except that the rights and obligations of the Company hereunder shall be assignable in connection with any subsequent merger, consolidation, sale of all substantially
all of the assets of the Company or similar reorganization of a successor corporation. 
  

	14.	Binding Effect. 

Subject to any provisions hereof restricting assignment, this Agreement shall be binding upon the parties hereto and shall inure to the
benefit of the parties and their respective heirs, devisees, executors, administrators, legal representatives, successors and assigns. 
  

	15.	Amendment Waiver. 

This Agreement shall not be amended, altered or modified except by an instrument in writing duly executed by the parties hereto. Neither
the waiver by either of the parties hereto of a breach of or a default under any of the provisions of this Agreement, nor the failure of either of the parties, on one or more occasions, to enforce any of the provisions of this Agreement or to
exercise any right or privilege hereunder, shall thereafter be construed as a waiver of any subsequent breach or default of a similar nature, or as a waiver of any such provisions, rights or privileges hereunder. 

 

	16.	Headings. 

 Section
and subsection headings contained in this Agreement are inserted for convenience of reference only, shall not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning, construction or scope of
any of the provisions hereof. Any reference herein to a “Reserved” provision shall not have any meaning for purposes of interpreting the terms or provisions of this Agreement. 

  
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	17.	Governing Law. 

This Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall be governed by and
construed in accordance with the laws of the State of Delaware (but not including the choice of law rules thereof). 
  

	18.	Action of Behalf of the Subsidiary. 

 The Company is executing this Agreement also on behalf of its Subsidiary and agrees to cause the Subsidiary to fulfill its obligations hereunder, through the appointment and removal, if necessary, of
members of the management board of the Subsidiary. 
  

	19.	Entire Agreement. 

This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof, and it supersedes
all prior oral or written agreements, commitments or understandings with respect to the matters provided for herein. 
  

	20.	Counterparts. 

This Agreement may be executed in two or more counterparts, each of which shall be an original and all of which shall be deemed to
constitute one and the same instrument. 
  

	21.	Parachute Tax. 

Anything in this Agreement to the contrary notwithstanding, if it shall be determined that any payment, award, benefit or distribution by
the Company (or any of its affiliated entities) or by any entity which effectuates a change of control of the Company (or any of its affiliated entities) to or for the benefit of the Officer (whether pursuant to the terms of this Agreement or
otherwise) (each a “Payment”) would be subject to the excise tax imposed by Section 4999 of the Code or any corresponding provisions of state or local tax laws, or any interest or penalties with respect to such excise tax (such
excise tax, together with any such interest and penalties, are 

  
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hereinafter collectively referred to as the “Excise Tax”), and if it shall also be determined that, by reducing the Payments to a present value (as calculated in accordance with
Section 280G of the Code) that is one dollar less than the Safe Harbor Amount (as hereinafter defined), the Officer would receive a larger after-tax benefit from the Payments than if such reduction had not occurred, the Payments shall be
reduced so as to have a present value that is one dollar less than the Safe Harbor Amount. The reduction of the amounts payable hereunder, if applicable, shall be made by first reducing the payments or benefits provided under Section 9(d)(1)
before reducing the other payments under this Agreement or otherwise; thereafter any such reduction shall be made to other cash payments to which the Officer is entitled. For purposes of this Section 21, “Safe Harbor Amount”
shall mean the greatest amount that could be paid to the Officer such that the receipt of Payments would not give rise to any Excise Tax. All determinations required to be made under this Section 21 shall be made by the public accounting firm
that is retained by the Company as of the date immediately prior to any change in control of the Company (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and the Officer within
fifteen (15) business days of the receipt of notice from the Officer that there has been a Payment, or such earlier time as is requested by the Company. All fees and expenses of the Accounting Firm shall be borne solely by the Company.

  

	22.	Section 409A. 

It is intended that this Agreement will comply with Section 409A of the Code, to the extent the Agreement is subject thereto, and the
Agreement shall be interpreted on a basis consistent with such intent. If an amendment of the Agreement is necessary in order for it to comply with Section 409A of the Code, the parties hereto will negotiate in good faith to amend the Agreement
in a manner that preserves the original intent of the parties to the extent reasonably possible. Notwithstanding any provision to the contrary in this Agreement, and except as otherwise provided in this Agreement, if a payment or benefit is to be
paid upon the Officer’s Date of Termination or termination, then such payment shall be delayed until the Officer has experienced a “separation from service” (as such term is defined under Section 409A of the Code);
provided, however, that if a payment or benefit is considered to be a deferral of compensation subject to Section 409A of the Code and the Officer is deemed to be a “specified employee” within the meaning of that term
under Section 409A(a)(2)(B) of the Code, then with 

  
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regard to any payment or the provisions of any benefit that is required to be delayed pursuant to Section 409A(a)(2)(B) of the Code, such payment or benefit shall not be made or provided
prior to the earlier of (i) the expiration of the six (6)-month period measured from the date of the Officer’s “separation from service” (as such term is defined in U.S. Treasury Regulations issued under Section 409A of the
Code), or (ii) the date of the Officer’s death (the “Delay Period”). As soon as practicable following the expiration of the Delay Period, all payments and benefits delayed pursuant to this Section 22 (whether they
would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Officer in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided
in accordance with the normal payment dates specified for them herein. Notwithstanding the foregoing, to the extent that the foregoing applies to the provision of any ongoing welfare benefits to the Officer that would not be required to be delayed
if the premiums therefore were paid by the Officer, the Officer shall pay the full costs of premiums for such welfare benefits during the Delay Period and the Company shall pay the Officer an amount equal to the amount of such premiums paid by the
Officer during the Delay Period within thirty (30) days after the conclusion of such Delay Period. 

  
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 IN WITNESS WHEREOF, the undersigned have duly executed this Agreement, or have caused this Agreement to be
duly executed on their behalf, as of the day and year fast hereinabove written. 
  

			
	CENTRAL EUROPEAN DISTRIBUTION CORPORATION
		
	By:	 	 /s/ Markus Sieger

	Name:	 	Markus Sieger
	Title:	 	Chairman of the Compensation Committee
	
	 /s/ David Bailey

	Name:	 	David Bailey
	Title:	 	The Officer

  
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 EXHIBIT A 

Terms and Conditions 
 Of Second Half Bonus 
 Each of the three targets (a, b, c) count each for 1/3 of the
total bonus amount of US$ 300’000 — each assessed independently. 
 a. EBITDA target for 2H2012, adjusted for
extraordinary, this being unbudgeted 
  

	 	•	 	 legal fees 

  

	 	•	 	 impact of financial restatement 

  

	 	•	 	 fees for investigation 

  

	 	•	 	 Whitehall restructuring fees (if any) 

  

	 	•	 	 termination payments for executives 

  

	 	•	 	 waiver fees 

  

	 	•	 	 FX impact (as defined in the bonus system) 

  

	 	•	 	 fees for executive search. 

 b. Successfully manage and direct the financial restatement process that results in reissued 2010, 2011 audited financial by October 31st, 2012, Q1 & Q2 2012 and the Company meeting all
financial reporting covenants in 2012, excluding the August 14th reporting covenant, which is in process of being waived and excluding any resulting delays from the investigation. 

c. Organizational Matters, specifically 
  

	 	•	 	 Assessment and selection of new GM for Poland latest by December 31st, 2012 

 

	 	•	 	 Actively Operate and direct the establishment of the Russia Advisory Committee with activity summary reported to the Board monthly beginning August,
2012 

  

	 	•	 	 Coordination internal control activities specifically related to recent deficiencies and provide a Report on Internal Control activities to the Audit
Committee monthly beginning in August. 

  
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 EXHIBIT B 
 TO THE 
 EMPLOYMENT AGREEMENT 

BETWEEN 

CENTRAL EUROPEAN DISTRIBUTION CORPORATION 
 AND 
 DAVID BAILEY 

GENERAL RELEASE AND WAIVER AGREEMENT1 
 This General Release and Waiver Agreement (the “Agreement”) is made as of             ,
         by and between David Bailey (the “Officer”) and Central European Distribution Corporation, a Delaware corporation (together with all of its subsidiaries and affiliated entities, collectively
hereinafter referred to as “Company”). 
  

	I.	TERMINATION OF EMPLOYMENT 

The parties acknowledge that the Officer terminated his employment with the Company effective [list date]. 

 

	II.	CONSIDERATION 

 As
consideration for Officer’s entering into and abiding by this Agreement, (i) the Company will pay and provide to the Officer the amounts and benefits specified in Section 9(d) of the Employment Agreement (the “Employment
Agreement”) between Central European Distribution Corporation and the Officer, dated as of July 9, 2012 (all such amounts and benefits the “Aggregate Severance Payments”). The parties agree that the Aggregate Severance Payments
are in excess of any payments or benefits to which Officer may otherwise be entitled from the Company and its subsidiaries and affiliated entities. 
  

	III.	COMPLETE RELEASE 

Officer, for Officer and Officer’s predecessors, successors, assigns, and heirs, hereby discharges and releases Company and, as
applicable, each of the Company’s predecessors, representatives, the Company’s present or former officers, directors, employees, stockholders, affiliates, insurers, successors and assigns, from all claims or demands Officer may have based
on Officer’s employment with Company or the termination of that employment. This includes a release of any rights or claims Officer may have based on any facts or events, whether known or unknown by the Officer that occurred on or before the
effective date of this Agreement or events that are contemplated by this Agreement, including, without limitation, a release of any rights or claims Officer may have based on (i) the following United States laws: the Civil Rights Acts of 1964,
as amended; the Age Discrimination in Employment Act of 1967, as amended; the Americans with Disabilities Act of 1990; the Rehabilitation Act of 1973; the Equal Pay Act of 

 

	1 	Provisions of Agreement should be modified to comply with legal requirements and customs under non-U.S. law. 

  
 19 

 
1963; or the Employee Retirement Income Security Act of 1974, as amended; (ii) applicable laws of the states of the United States concerning wages, employment and discharge;
(iii) applicable laws of Poland and the European Union concerning wages, discrimination, employment and discharge; (iv) claims arising out of any legal restrictions of the right to terminate Officer such as wrongful or unlawful discharge
or related causes of action; (v) defamation, invasion of privacy, intentional or negligent infliction of emotional distress or any other tortious conduct; and/or (vi) violations of any contract or promise express or implied, specifically
including, but not limited to the Employment Agreement. No reference to the aforementioned causes of action or claims is intended to limit the scope of this Agreement. Notwithstanding the foregoing, the Officer does not hereby release any rights or
claims with respect to enforcement of this Agreement or the period following the effective date of this Agreement. 
  

	IV.	PERIOD FOR REVIEW AND CONSIDERATION OF AGREEMENT 

 Officer confirms that Officer is over the age of 40 and has been given twenty-one (21) days [or forty-five (45) days if applicable under ADEA] to review and consider this Agreement before
signing it. 
 [If forty-five (45) day period applies, additional information will be attached as required by ADEA.] 

 

	V.	ENCOURAGEMENT TO CONSULT WITH AN ATTORNEY 

 Officer is encouraged, at Officer’s own expense, to consult with an attorney before signing this Agreement. 
  

	VI.	OFFICER’S RIGHT TO REVOKE AGREEMENT 

 If this Agreement is signed by Officer and returned to Company within the time specified in Section IV, Officer may revoke this Agreement within seven (7) calendar days of the date of the
Officer’s signature. Revocation can be made by delivering a written notice of revocation to the Company. For this revocation to be effective, written notice must be received no later than the close of business on the seventh (7th) calendar
day (or next business day thereafter) after the Officer signs this Agreement. If the Officer revokes this Agreement, it shall not be effective or enforceable and Officer will not receive the payments described in Section II. Notices for the purposes
of this paragraph shall be effective if delivered personally, or by certified mail to the following address (or such other address as Officer shall notify Company, or Company shall notify Officer (as the case may be), in each case in writing):

  

							
	Officer:	    	David Bailey	  	Company:	    	Central European Distribution Corporation
		
	[Officer’s Address]	  	[Company’s Address]
		    		  	Attention:	    	[Company Representative]

  
 20 

	VII.	SEVERABILITY AND JUDICIAL RESTATEMENT 

 Officer and Company agree that the provisions of this Agreement are severable and divisible. In the event any portion of this Agreement is determined to be illegal or unenforceable, the remaining
provisions of this Agreement shall remain in full force and effect. 
  

	VIII.	MISCELLANEOUS 

 This
Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without reference to principles of conflict of laws thereunder. 
 The captions of this Agreement are not part of the provisions hereof and shall not have any force or effect. 
 This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives. 

Nothing contained in this Agreement is intended to be, or shall be construed to be, an admission of any liability by any party or an
admission of the existence of any facts upon which liability could be based. 
 Officer acknowledges and represents that Officer
has voluntarily executed this Agreement. 
 This Agreement shall not be assignable, except that in the event of the death of
Officer white amounts or benefits are still due hereunder, any remaining payments due as described in Section II hereof shall be paid to Officer’s estate. 
  

	IX.	EFFECTIVE DATE OF AGREEMENT 

 The effective date of this Agreement shall be eight (8) calendar days after the date this Agreement is signed and dated by Officer. If the Agreement is not dated by Officer then, in that event, the
effective date of this Agreement shall be eight (8)) calendar days after receipt of the signed Agreement by Company. 
 PLEASE READ
CAREFULLY. THIS AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS PRIOR TO THE DATE THE OFFICER SIGNS THIS AGREEMENT INCLUDING THOSE PURSUANT TO THE AGE DISCRIMINATION IN EMPLOYMENT ACT, AS AMENDED, AND OTHER LAWS PROHIBITING
DISCRIMINATION IN EMPLOYMENT. 

  
 21 

 OFFICER ACKNOWLEDGES THAT OFFICER HAS READ THIS AGREEMENT, UNDERSTANDS IT AND IS VOLUNTARILY ENTERING INTO
IT. 
  

			
	CENTRAL EUROPEAN DISTRIBUTION CORPORATION
		
	 By:
	 	  

		
	 Date:
	 	  

	
	  

	 David Bailey

		
	 Date:
	 	  

  
 22Separation Agmt

 Exhibit 10.66 
 EXECUTION VERSION 
 SEPARATION AGREEMENT 

This SEPARATION AGREEMENT (this “Agreement”) is made and entered into by and between Central European Distribution Corporation,
a Delaware corporation. (the “Company”), and Christopher Biedermann (the “Executive”), dated as of September 14, 2012. 
 WHEREAS, the Executive is currently employed as Chief Financial Officer of the Company (“CFO”) pursuant to the Second Amended and Restated Employment Agreement dated as of October 13, 2011
(as amended, the “Employment Agreement”); and 
 WHEREAS, the Executive and the Company have mutually determined that
it is in the best interest of the Company for the Executive to cease to serve as CFO and to continue to serve as a Consultant pursuant to the terms hereof; and 
 WHEREAS, the parties wish to set forth their mutual understanding as to their respective rights and obligations in connection with the foregoing; 

NOW, THEREFORE, in consideration of the foregoing premises and the mutual promises, terms, provisions and conditions set forth in this
Agreement, the parties hereby agree as follows: 
  

	1.	Separation Date. For purposes of this Agreement, the “Separation Date” shall be September 14, 2012. 

 

	2.	Resignation. Effective as of the Separation Date, the Executive hereby irrevocably resigns his position as CFO and from all positions he currently holds with any
subsidiary of the Company, and the Company hereby accepts such resignations. The Executive agrees to cooperate with the Company and to execute such documents and take reasonable actions as may be necessary or desirable to effectuate the foregoing.

  

	3.	Consulting Period. Subject to the succeeding sentence hereof, the period from the Separation Date through December 14, 2012 shall be referred to as the
“Consulting Period” during which the Executive shall serve the Company as an independent consultant in accordance with the terms set forth below. Upon ten (10) days’ prior notice to the Executive, the Company may cause the
Consulting Period to end prior to December 14, 2012. 

  
 1 

	 	(a)	During the Consulting Period: 

  

	 	(i)	the Executive shall consult with and report to the Interim Chief Executive Officer of the Company (the “Interim CEO”) and/or the Interim Chief Financial
Officer of the Company (the “Interim CFO”), or their respective designee, as needed, and shall have such duties and responsibilities as may be reasonably assigned to him from time to time by the Interim CEO, the Interim CFO or their
respective designee, including but not limited to, the duties and responsibilities set forth on Appendix B annexed hereto; 

  

	 	(ii)	the Executive shall not have any executive responsibilities and, except as may be expressly granted to the Executive in writing, the Executive shall have no authority
to obligate the Company in any manner, shall not enter into any contract on behalf of the Company, shall not, directly or indirectly, solicit for employment, or employ, any employee of the Company, or solicit or induce any such persons to leave the
employ of or otherwise terminate their employment relationship with the Company, and shall not make any representation, warranty or other statement or take any action that may be construed by any third party to indicate that the Executive has any
authority to obligate in any manner, or to enter into any contract on behalf of the Company; 

  

	 	(iii)	the Executive shall not, directly or indirectly, solicit any of the Company’s distributors, customers or suppliers with whom he was involved as part of his job
responsibilities during his employment with the Company or regarding which or from whom he learned confidential information during his employment with the Company, without the prior express written consent of the Interim CEO or his designee;

  

	 	(iv)	so long as the Executive has performed his consulting services hereunder (as determined in good faith by the Interim CEO), the Company shall pay to the Executive a
consulting fee of twenty-seven thousand dollars ($27,000) per month, the first payment of which shall be made on October 14, 2012, and thereafter on November 14, 2012 and December 14, 2012 (except as hereinafter provided), it being
understood that such amount shall be payable if the Company does not avail itself of the Executive’s consulting services; provided, however, that in the event the Consulting Period is terminated by the Company as described above, a final
consulting payment, pro rated as necessary to reflect a period of less than one month, shall be made within two days following the end of the shortened Consulting Period; and provided further, that in no event shall the Executive be entitled to less
than a minimum of twenty-seven thousand dollars ($27,000) for the Consulting Period; and 

  

	 	(v)	 the Company shall pay or reimburse the Executive for all reasonable and necessary business expenses incurred or paid by the Executive in

  
 2 

	 	
the performance of his duties and responsibilities as a consultant, in accordance with the reimbursement policies of the Company that were in effect and applicable to the Executive during his
period of employment by the Company. 

 (b) The Executive shall be solely responsible for the taxes due to any
applicable taxing authority in respect of the payments and benefits provided by the Company to the Executive under this Section 3. The Executive hereby agrees to indemnify and hold harmless the Company for and taxes, interest, of penalty that
may be assessed against the Company in respect of the payments and benefits provided by the Company to the Executive under this Section 3 that are subsequently determined to have been subject to deduction and remittance to any taxing authority.

  

	4.	Severance Benefits. 

 (a)
In connection with the Executive’s “separation from service” as of the Separation Date, but subject to the provisions of paragraph (b) below and to the conditions set forth in Section 9(h) of the Employment Agreement,
(1) the Company shall pay or provide to the Executive, in a lump sum, the sum of one million seventy-three thousand twenty-two dollars ($1,073,022) (the “Severance Amount”), payable ten (10) days after this Agreement and the
General Release and Waiver Agreement attached hereto as Appendix A are executed and delivered by the Executive to the Company, provided however, that such agreements and release are executed and delivered to the Company within 21 days following the
Separation Date, and (2) the Executive shall continue to receive the benefits provided under Section 5(d) of the Employment Agreement for a period of eighteen (18) months following the Separation Date. For the sake of clarity, the
Executive hereby acknowledges and agrees that, except as provided herein, he shall not be entitled to any other compensation or benefits pursuant to the Employment Agreement in connection with his separation from service (including but not limited
to any compensation or benefits pursuant to Section 9(g) of the Employment Agreement and any compensation in consideration for not having been granted additional equity awards in January 2012) and that all unvested equity and other awards held
by Executive as of the Separation Date shall be immediately forfeited in full. 
 (b) Payment of the Severance Amount, less any
required tax withholdings (such net amount, the “Net Severance Amount”), shall be made via deposit to a separate bank account in the Executive’s name, which account shall be reasonably acceptable to the Company. The Executive
acknowledges and agrees that, until the earlier of December 31, 2012 or completion of the current investigation being conducted by the Audit Committee of the Company’s Board of Directors (the “Board”) relating to the restated
financial statements of the Company (the “Investigation”), he shall not withdraw (or cause to be withdrawn) from such account any portion of the Net Severance Amount. The Executive acknowledges that the Company hereby reserves its rights
and remedies against the Executive solely based on the facts made known to it as a result of the Investigation. Should the Board conclude in good faith, based upon the results of the Investigation, that it has adequate grounds to have terminated
Executive’s employment for “Cause” (within the meaning of Section 8(b)(ii) of the Employment Agreement) (the “Board Finding”), Executive’s employment shall be deemed to have terminated for “Cause” as of
the Separation Date and the Company shall have the right to seek repayment of any or all amounts paid, or the value of other compensation or benefits provided to the Executive pursuant to paragraph (a) above. Without limiting the generality of
the preceding sentence, if all or any portion of the Net Severance Amount is held in the aforementioned bank account at the time of the Board Finding, Executive shall cause all 

  
 3 

 
amounts then so held to be returned promptly to the Company. Nothing herein shall be deemed as a waiver of Executive’s right to contest the Board’s determination that it had adequate
grounds to terminate Executive’s employment for “Cause”. 
  

	5.	Final Salary and Paid Time Off. On the first regular Company payday immediately following the Separation Date, the Executive shall receive payment with respect
to any earned but unpaid base salary through the Separation Date and accrued paid time off rights, including but not limited to, pay for the vacation the Executive had earned and not used as of the Separation Date. Such unpaid base salary through
the Separation Date and accrued paid time off rights are equivalent to $45,730. 

  

	6.	Confidentiality. The Executive affirms that the provisions of Section 7 of the Employment Agreement shall remain in full force and effect and continue to
apply in accordance with their terms. The Executive represents that he has not taken any action or failed to take any action in breach of the provisions of Section 7 of the Employment Agreement on or before the date upon which he signs this
Agreement. 

  

	7.	Indemnification and Advancement. At all times prior to, during and after this Separation Agreement, the Executive shall continue to receive the rights of
advancement and indemnification from the Company to the fullest extent permitted under the Company’s Amended and Restated Bylaws (effective September 28, 2011) and under Delaware Law, including indemnification for “fees on fees”
litigation. 

  

	8.	Withholding. All payments made by the Company to the Executive under Sections 4 and 5 of this Agreement shall be subject to applicable tax withholding.

  

	9.	Consultation with Attorney; Voluntary Agreement. The Executive understands and agrees that the Executive has the right and has been given the opportunity to
review this Agreement and, specifically, the General Release and Waiver attached as Appendix A to this Agreement, with an attorney. Executive represents that he has read this Agreement, including the aforementioned Release, and understands its terms
and that the Executive enters into this Agreement freely, voluntarily, and without coercion. 

  

	10.	Miscellaneous. 

 (a) This
Agreement may not be modified or amended, and no breach shall be deemed to be waived, unless agreed to in writing by the Executive and the authorized designee of the Board. The captions and headings in this Agreement are for convenience only, and in
no way define or describe the scope or content of any provision of this Agreement. 
 (b) The Company and the Executive each
hereby affirm that it is their intention that the provision of payments and benefits described or referenced herein be exempt from or in compliance with the requirements of Section 409A of the Code and that each party’s tax reporting shall
be completed in a manner consistent with such view. The Executive and the Company hereby further agree that in the event that any payment or benefit made or provided to the Executive in connection with his service to the Company would result in the
imposition of an excise tax pursuant to Section 4999 of the Code, the provisions of Section 21 of the Employment Agreement shall apply. 

  
 4 

 (c) Subject to his other personal and profession commitments existing at the time, the
Executive agrees from and after the Consulting Period, will make himself reasonably available to the Company to provide cooperation and assistance to the Company with respect to areas and matters in which he was involved during his employment,
including any threatened or actual litigation concerning the Company, and make himself reasonably available to provide to the Company, if requested, information and counsel relating to ongoing matters of interest to the Company. The Company agrees
to reimburse the Executive for the actual out-of-pocket expenses incurred by him as a result of complying with this provision, subject to submission to the Company of documentation substantiating such expenses as the Company may require. 

(d) The Company shall pay or reimburse the Executive for all reasonable and necessary legal expenses incurred in connection with his
negotiation and entry into of this Agreement, and the General Release and Waiver Agreement, subject to a maximum payment/reimbursement of $15,000. 
 (e) This Agreement may be executed in counterparts, each of which shall be deemed an original, and which together shall be deemed to be one and the same instrument. 

(f) In the event that any one or more of the provisions of this Agreement shall be held to be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remainder of the Agreement shall not in any way be affected or impaired thereby. 

(g) This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware, without
reference to its choice of law rules. Any suit involving any dispute, controversy or claim arising under or relating to this Agreement, or the General Release and Waiver Agreement may only be brought in a court of competent jurisdiction within the
United States of America. The Company and the Executive hereby irrevocably consent to the exercise of personal jurisdiction by any such court with respect to any such proceeding and waive any objection to venue or inconvenient forum. 

(h) This Agreement, along with the General Release and Waiver Agreement and the surviving provisions of the Employment Agreement as
expressly provided herein, contain the entire agreement and understanding of the parties relating to the subject matter hereof and merges and supersedes any and all prior discussions, agreements, negotiations and understandings of every kind and
nature between the parties pertaining to the subject matter hereof. 

  
 5 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first set forth
above. 
  

			
	Central European Distribution Corporation
		
	By:	 	 /s/ David Bailey

		 	David Bailey, Interim Chief Executive Officer
		
		 	 /s/ Christopher Biedermann

		 	Christopher Biedermann

  
 6 

 Appendix A 

GENERAL RELEASE AND WAIVER AGREEMENT 
 This General Release and Waiver Agreement (the “Agreement”) is made and entered into by and between Christopher Biedermann (the “Officer”) and Central European Distribution
Corporation, a Delaware corporation (“CEDC”) (together, with all of its subsidiaries and affiliated entities, collectively hereinafter referred to as “Company). 

 

	I.	TERMINATION OF EMPLOYMENT 

The parties acknowledge that the Officer resigned as Chief Financial Officer of the Company, effective as of September 14, 2012.

  

	II.	CONSIDERATION 

 As mutual
consideration for Officer’s as well as the Company’s entering into and abiding by this Agreement, and as contemplated by the Separation Agreement entered into by the Officer and CEDC dated as of September 14, 2012 (the
“Separation Agreement”), the Officer will take such actions contemplated by the Separation Agreement and the Company will pay and provide to the Officer the amounts and benefits set forth in the Separation Agreement, subject to its terms
and conditions (all such amounts and benefits the “Separation Payments”). The parties agree that the Separation Payments are in excess of any payments or benefits to which Officer may otherwise be entitled from the Company. 

 

	III.	MUTUAL RELEASES 

 A.
Officer, for Officer and Officer’s predecessors, successors, assigns, and heirs, hereby knowingly and voluntarily forever discharges and releases the Company and each of its predecessors and representatives, along with each of its present or
former officers, directors, employees, employee benefit plans, stockholders, affiliates, insurers, successors and assigns from all rights, claims and demands Officer may have based on or related to Officer’s employment or termination of
employment with the Company or that the Officer had, now has, or may hereafter claim to have based on any facts or events, whether known or unknown by Officer that occurred on or before the date Officer signs this Agreement or events that are
contemplated by this Agreement, including, without limitation, a release of any rights or claims the Officer may have based on (i) the following United States laws: the Civil Rights Acts of 1964, as amended; the Age Discrimination in Employment
Act of 1967, as amended; the Americans with Disabilities Act of 1990; the Rehabilitation Act of 1973; the Equal Pay Act of 1963; and the Employee Retirement Income Security Act of 1974, as amended; (ii) applicable laws of the states of the
United States concerning wages, employment and discharge; (iii) applicable laws of Poland and the European Union concerning wages, discrimination, employment and discharge; (iv) claims arising out of any legal restrictions of the right to
terminate Officer, such as wrongful or unlawful discharge or related causes of action; (v) defamation, invasion of privacy, intentional or negligent infliction of emotional distress or any other tortious conduct; and/or (vi) violations of
any contract or promise, express or implied, specifically including, but not limited to, the Employment Agreement (as defined in the Separation Agreement). No reference to the 

  
 Appendix A - 1

 
aforementioned causes of action or claims is intended to limit the scope of this Agreement. Notwithstanding the foregoing, the Officer does not hereby release any rights, claims or demands with
respect to the enforcement of this Agreement, the Separation Agreement, or the period following the effective date of this Agreement. 
 B. The Company hereby knowingly and voluntarily forever discharges and release Officer, Officer’s predecessors, successors, assigns, and heirs, from all rights, claims or demands the Company had, now
has, or may hereafter claim to have against Officer based on Officer’s employment with Company (or the termination thereof), or on any facts or events, whether known or unknown by the Company that occurred on or before the date the Comp signs
this Agreement; provided, however, that this release shall not include a release of the Company’s rights under Section 4(b) of the Separation Agreement. Notwithstanding the foregoing, the Company does not hereby release any rights, claims
or demands with respect to the enforcement of this Agreement, any other provision of the Separation Agreement, or the period following the effective date of this Agreement. 

 

	IV.	PERIOD FOR REVIEW AND CONSIDERATION OF AGREEMENT 

 Officer confirms that Officer is over the age of 40 and has been given twenty-one (21) days to review and consider this Agreement before signing it. 

 

	V.	ENCOURAGEMENT TO CONSULT WITH AN ATTORNEY 

 Officer is encouraged to consult with an attorney before signing this Agreement. 
  

	VI.	OFFICER’S RIGHT TO REVOKE AGREEMENT 

 If this Agreement is signed by Officer and returned to the Company within the time specified in Section IV, Officer may revoke this Agreement within seven (7) calendar days of the date of the
Officer’s signature. Revocation can be made by delivering a written notice of revocation to the Company. For this revocation to be effective, written notice must be received no later than the close of business on the seventh (7th) calendar
day (or next business day thereafter) after the Officer signs this Agreement. If the Officer revokes this Agreement, it shall not be effective or enforceable and Officer will not receive the payments or benefits described in Section II hereof or the
release set forth in Section III (B) above. Notices for the purposes of this paragraph shall be effective if delivered personally, or by certified mail, to the following address (or such other address as the Officer shall notify Company, or
Company shall notify the Officer (as the case may be), in each case in writing): 
  

			
	Officer: Christopher Biedermann	 	Company: Central European Distribution Corporation
		
	at the most recent address in the
payroll records of the Company	 	 Bobrowiecka 6
 00-728
Warsaw, Poland
 Attention: David Bailey

Facsimile: +48 22 456 60 01

  
 Appendix A - 2

	VII.	SEVERABILITY AND JUDICIAL RESTATEMENT 

 Officer and Company agree that the provisions of this Agreement are severable and divisible. In the event any portion of this Agreement is determined to be illegal or unenforceable, the remaining
provisions of this Agreement shall remain in full force and effect. 
  

	VIII.	MISCELLANEOUS 

 This
Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without reference to principles of conflict of laws thereunder. 
 The captions of this Agreement are not part of the provisions hereof and shall not have any force or effect. 
 This Agreement may not be amended or modified other than by a written agreement executed by the parties hereto or their respective successors and legal representatives. 

Nothing contained in this Agreement is intended to be, or shall be construed to be, an admission of any liability by any party or an
admission of the existence of any facts upon which liability could be based. 
 Officer acknowledges and represents that Officer
has voluntarily executed this Agreement. 
 This Agreement shall not be assignable, except that in the event of the death of
Officer while amounts or benefits are still due hereunder, any remaining payments due as described in Section II hereof shall be paid to Officer’s estate. 
  

	IX.	EFFECTIVE DATE OF AGREEMENT 

 The effective date of this Agreement shall be eight (8) calendar days after the date this Agreement is signed and dated by Officer. If the Agreement is not dated by Officer then, in that event, the
effective date of this Agreement shall be eight (8) calendar days after receipt of the signed Agreement by Company. 
 PLEASE READ
CAREFULLY. THIS AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS PRIOR TO THE DATE OFFICER SIGNS THIS AGREEMENT INCLUDING THOSE PURSUANT TO THE AGE DISCRIMINATION IN EMPLOYMENT ACT, AS AMENDED, AND OTHER LAWS PROHIBITING DISCRIMINATION
IN EMPLOYMENT. OFFICER ACKNOWLEDGES THAT OFFICER HAS READ THIS AGREEMENT, UNDERSTANDS IT AND IS VOLUNTARILY ENTERING INTO IT. 

  
 Appendix A - 3

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth.

  

			
	CENTRAL EUROPEAN DISTRIBUTION CORPORATION
		
	By:	 	  

		
	Name:	 	David Bailey
		
	Title:	 	Interim Chief Executive Officer
		
	Date:	 	  

	
	  

	
	Christopher Biedermann
		
	Date:	 	  

  
 Appendix A - 4

 Appendix B 

The Executive will support the Interim CEO and Interim CFO in the overall transition of the financial function from the Executive to the
Interim CFO. This will include but is not limited to the following areas: 
  

	1.	Financial Reporting Function 

  

	 	(a)	Support in preparing the final restated 2010, 2011 and Q1 2012 SEC reports (10Q/A’s and 10K/A) as well as the 2nd quarter 2012 10Q. 

 

	 	(b)	Support the Interim CFO in organizing and executing the Q3 2012 close process for the Company’s group. 

 

	 	(c)	Advising on any accounting or reporting issues as part of the close process as necessary. 

 

	 	(d)	Review of current monthly reporting packs and support in development of new reporting packs to better support the goals of new Company management.

  

	 	(e)	Transfer over of knowledge from Executive to Interim CFO on all issues around restatement and normal month-end closing. 

 

	 	(f)	Consultation on earnings press releases and investor presentations. 

  

	2.	2013 Budget Process – Support in developing the structure for the 2013 budget process including: 

 

	 	(a)	Timeline and overall organization; 

  

	 	(b)	Develop reporting packs to be completed by business units; 

  

	 	(c)	Development of overall consolidation model for budgeting; 

  

	 	(d)	Support Interim CFO with communications to Business Unit CFO’s with regards to the budget process; 

 

	 	(e)	Provide views to Company management with regards to assumptions and output coming from the business units 2013 budget; and 

 

	 	(f)	Work with Company group Treasurer and Interim CFO to develop improved cash flow budgeting as part of 2013 budgeting process. 

 

	3.	Reorganization and Structure 

  

	 	(a)	Work closely with the Russian finance team to provide restructuring of the legal entities in order to maximize tax benefits and avoid any potential technical bankruptcy
issues, all within the confines of the Company’s current Senior Secured 2016 bond indenture. 

  
 Appendix B - 1

	 	(b)	Clean sheet of paper look at current head office finance function to develop proposed new structure for immediate term and transition to a more effective long term
structure, including: 

  

	 	(i)	Identification of current skill gaps in the organization and support in filling these gaps; and 

 

	 	(ii)	Assist in the recruitment of new employees to ensure proper structure of head office finance team. 

 

	 	(c)	Advise on implementation of a new head office SAP BPC Financial Consolidation system. 

 

	4.	Treasury 

  

	 	(a)	Support in transition of cooperation with Company Treasurer from the Executive to the Interim CFO and CEO. 

 

	 	(b)	Support in assessing the structure of Company Treasury and proposal for any required changes. 

 

	 	(c)	Review of cash flow forecasts together with Interim CEO. 

  

	 	(d)	Support in ensuring compliance with loan agreements and outstanding bond indentures. 

 

	 	(e)	Preparing Interim CFO for meetings and discussions with rating agencies. 

  

	 	(f)	Consultation on current working capital financing in Poland and analysis of new proposals (e.g. working capital loans and/or new factoring arrangements).

  

	5.	Management reporting 

  

	 	(a)	Support in preparing new monthly management reporting package and KPI system. 

 

	6.	Other 

  

	 	(a)	Advice when needed on SOX compliance and internal controls. 

  

	 	(b)	Provide Interim CEO with view on potential investor or analysts meetings. Preparing the Interim CFO for any meetings with investors or analysts if necessary.

  
 Appendix B - 2

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