Document:

Governance Agreement

 Exhibit 10.2 

 
  

 
 GOVERNANCE AGREEMENT 

BY AND BETWEEN 

CENTRAL EUROPEAN DISTRIBUTION CORPORATION 
 AND 
 ROUST TRADING LTD. 

Dated as of April 23, 2012 
  

 
  

 THIS GOVERNANCE AGREEMENT (this “Agreement”) is entered into as of
April 23, 2012 (the “Effective Date”), by and between Central European Distribution Corporation (the “Company”) and Roust Trading Ltd. (“RTL”). 

RECITALS: 

WHEREAS, the Company intends to issue and sell, and RTL or an Affiliate of RTL intends to purchase from the Company as an investment in
the Company, for an aggregate purchase price of $100,000,000, (i) 5,714,286 shares (the “Initial Shares”) of common stock, $0.01 par value per share, of the Company (the “Common Stock”), at a subscription price
of $5.25 per share in cash, and (ii) a debt instrument (the “New Debt”) that will be cleared through the Depositary Trust Company, Euroclear S.A./N.V. or Clearstream Banking, société anonyme with a face
value of $70,000,000, as each transaction is contemplated in a Securities Purchase Agreement, dated the date hereof (the “Securities Purchase Agreement”) between the parties hereto; 

WHEREAS, subject to the Company Stockholder Approval and certain other conditions, RTL or an Affiliate of RTL will purchase from the
Company an additional 13,333,333 shares plus a number of shares determined by dividing the accrued but unpaid interest on the New Debt at the time of the Second Closing (as defined in the Securities Purchase Agreement) by $5.25 (the
“Exchange Shares” and, together with the Initial Shares, the “Shares”) of Common Stock, reflecting a purchase price of $5.25 per share, issued to RTL, the proceeds of which will be used by the Company to repurchase
and cancel the New Debt,; and 
 WHEREAS, at the Second Closing (as such term is defined in the Securities Purchase Agreement),
subject to the terms and conditions set forth in the Securities Purchaser Agreement, RTL or an Affiliate of RTL will purchase from the Company a debt instrument to be issued by the Company that will be cleared through the Depositary Trust Company,
Euroclear S.A./N.V. or Clearstream Banking, société anonyme with a face value of $102,554,000 (the “Rollover Notes”), and the cash proceeds of such purchase will be used by the Company to repurchase the
Company’s 3.00% Convertible Senior Notes due 2013 (the “Convertible Notes”) held by the Purchaser or any of its Affiliates with a face value of $102,554,000, at a price equal to such face value amount, plus accrued but unpaid
interest thereon; 
 WHEREAS, at the Second Closing, RTL or an Affiliate of RTL has agreed to provide the Company with the right
to put a debt security (that will be cleared through the Depositary Trust Company, Euroclear S.A./N.V. or Clearstream Banking, société anonyme) to be issued by the Company to RTL (the “Backstop Notes”) in
exchange for up to $107,500,000. 
 NOW, THEREFORE, in consideration of the mutual agreements, representations, warranties and
covenants herein contained, the parties hereto agree as follows: 

  
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 ARTICLE I 
 DEFINITIONS 
 Section 1.1 Certain Defined Terms 

“2016 Senior Secured Notes” means any notes issued under the 2016 Senior Secured Notes Indenture, as amended or extended
in accordance herewith and notes issued in exchange therefore in accordance herewith. 
 “2016 Senior Secured Notes
Indenture” means the indenture with respect to the $380,000,000 of 9.125% Senior Secured Notes due 2016 and the €380,000,000 of 8.875% Senior Secured Notes due 2016 issued by CEDC Finance Corporation International, Inc. dated as of
December 2, 2009, as amended by the first supplemental indenture dated December 29, 2009 and the second supplemental indenture dated December 8, 2010, as amended or extended in accordance herewith, and any indenture governing notes
exchanged for 2016 Senior Secured Notes in accordance herewith. 
 “Affiliate” of a person means (i) any
corporation or other business entity Controlled by, Controlling or under common Control with such person and (ii) any other person proposed by RTL to be deemed to be an Affiliate hereunder to which the Company consents in writing, in each of
clause (i) and (ii) above, where such Affiliate agrees to be bound by the provisions of this Agreement by executing and agreeing to an assumption agreement reasonably acceptable to the parties hereto. 

“Board” means the Board of Directors of the Company. 

“Business Day” means any day except Saturday, Sunday and any day which shall be a legal holiday or a day on which
banking institutions in New York City, USA, Warsaw, Poland, or Moscow, Russia, are authorized or required by Law or other governmental action to close. 
 “Breach” is defined in Section 2.10(a). 

“Bylaws” means the Bylaws of the Company as in effect on the Effective Date, as they may be amended, supplemented or
otherwise modified from time to time in accordance with their terms, the terms of the Certificate of Incorporation and the terms of this Agreement. 
 “Certificate of Incorporation” means the Amended and Restated Certificate of Incorporation of the Company, as in effect on the Effective Date, as it may be amended, supplemented or
otherwise modified from time to time in accordance with its terms and the terms of this Agreement. 
 “Common
Stock” means any and all classes of the Company’s common stock as authorized pursuant to the Certificate of Incorporation. 
 “Company” is defined in the preamble. 

  
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 “Company Stockholder Approval” means the approval by the affirmative vote
of the holders of a majority of shares of Common Stock present or represented by proxy at the Stockholders Meeting (other than the Initial Shares, which shares of Common Stock shall not be entitled to vote on such matter and not be considered
present or represented by proxy at the Stockholders Meeting for the purposes of this vote) of the issuance of the Exchange Shares and any other shares of Common Stock potentially issuable pursuant to this Agreement or the other Operative Agreements
as required by NASDAQ Rules. 
 “Competitive Business Information” means competitively sensitive information
relating to marketing plans or marketing budgets relating to the Company’s export business (it being agreed that marketing plans or marketing budgets relating to the Company’s business in Russia does not constitute Competitive Business
Information). 
 “Conflicted Director” means any Director who is (or has been in the 6 months prior to his/her
nomination as a director) an employee of, or consultant to, Roust Trading (Cyprus) Limited (UK Branch) and its Subsidiaries with direct responsibility for, or where the scope of consulting services directly relate to, Roust Trading (Cyprus) Limited
(UK Branch)’s and its Subsidiaries’ export business, provided, however, that Mr. Roustam Tariko will not be considered a Conflicted Director. 
 “Control” (including the correlative terms “Controlling”, “Controlled by” and “under common Control with”) means the possession, directly or indirectly, of
the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 
 “Director” means any member of the Board. 
 “Equity
Incentive Plans” has the meaning specified in Section 3.1(b)(i) below. 
 “Equity Securities”
means any class of capital stock of, or other profit or voting interests in, the Company and all securities convertible into or rights to purchase capital stock of such interests in the Company, if any, including any Equity Security Equivalent (as
defined below) and any and all other equity securities of the Company or securities convertible into or exchangeable for such securities or issued as a distribution with respect to or in exchange for such securities. 

“Equity Security Equivalent” means any option, warrant, right or similar security or right exercisable into,
exchangeable for, or convertible into Equity Securities. 
 “Exchange Act” means the Securities Exchange Act of
1934, as amended, and the rules and regulations promulgated thereunder. 
 “Debt Amount” means the sum of the
aggregate principal amount of the New Debt, Rollover Notes and Backstop Notes; provided, that to the extent that any such debt instrument is not outstanding at the time of the relevant calculation of the Debt Amount, such debt instrument
shall not be included in the calculation of Debt Amount. 

  
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 “Governmental Authority” means any (i) nation, state, county, city,
town, district or other jurisdiction of any nature; (ii) federal, state, local, municipal, or other government; (iii) governmental or quasi-governmental authority of any nature; or (iv) body exercising, or entitled to exercise, any
administrative, executive, judicial, legislative, police, regulatory or taxing power or authority of any nature. 

“Indebtedness” means without duplication, (i) all outstanding debt (including short-term and long-term debt but not
including trade payables in respect of goods or services purchased in the ordinary course of business) for borrowed money; (ii) all obligations evidenced by a note, bond, debenture or similar instrument; (iii) all capital lease obligations
(as determined under GAAP); (iv) the deferred purchase price of property or services due more than six months after such property is acquired or services fully rendered, except trade payables in respect of goods or services purchased in the
ordinary course of business; (v) obligations in respect of letters of credit, banker’s acceptances, bank guarantees and similar instruments (other than those issued in respect of (A) taxes owed to Governmental Authorities or
(B) arrangements with suppliers of the Company or any of its Subsidiaries, in the case of each of clause (A) and (B), in the ordinary course of business); (vi) the net obligations under interest rate protection agreements, swap
agreements and call agreements; (vii) guarantees of Indebtedness of the type described in clauses (i) through (vi) (other than guarantees in respect of (A) taxes owed to Governmental Authorities or (B) arrangements with
suppliers of the Company or any of its Subsidiaries, in the case of each of clause (A) and (B), in the ordinary course of business) and (viii) all obligations in respect of unpaid interest owing on or in respect of any such Indebtedness
described in clauses (i) and (ii) above. 
 “Independent” means any Person meeting the independence
requirements of NASDAQ Rule 5605(a)(2) with respect to the Company. 
 “Law” means any applicable foreign or
domestic, federal, state or local, statute, ordinance, rule, regulation, code, license, permit, authorization, approval, consent, order, judgment, decree, injunction or requirement of any Governmental Authority or any arbitration
tribunal.
 “NASDAQ” means the NASDAQ Stock Market. 

“NASDAQ Rules” means the NASDAQ Listing Rules. 
 “Operative Agreements” means the Securities Purchase Agreement, the agreements with respect to the New Debt, the Rollover Notes and the Backstop Notes, and the Registration Rights
Agreement, together with this Agreement. 
 “person” or “Person” means an individual,
corporation, partnership, limited partnership, limited liability company, syndicate, person (including a “person” as defined in Section 13(d)(3) of the Exchange Act), trust, association or entity or Government Authority. 

“Roust Assets” means certain distribution rights of Roust, Inc. that may be agreed between the Company and RTL.

  
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 “RTL Director” means any Director nominated by RTL pursuant to
Section 2.1(a). 
 “RTL Nominee” means any Person designated by RTL to be nominated to the Board pursuant
to Section 2.1(a). 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder. 
 “Senior Executive Management of the Company” means the chief executive
officer, the chief financial officer, the chief operations officer and the director of investor relations of the Company. 

“Senior Russian Management Team” means the Chief Executive Officer, Chief Operating Officer, and Chief Marketing Officer
of the Russian Alcohol Group and the Chief Executive Officer of the Whitehall Group, and any analogous successor position in the event of a reorganization of the Company leading to the elimination of these positions. 

“Stockholders Meeting” means a meeting of the stockholders of the Company. 

“Subsidiary” of any entity means any other entity in which such first entity owns or Controls, directly or indirectly,
an amount of the voting securities, other voting interests or voting partnership interests sufficient to elect at least a majority of such other entity’s board of directors or other governing body (or, if there are no such voting interests, 50%
or more of the equity interests of such other entity). 
 “Superior Proposal” has the meaning set forth in the
Securities Purchase Agreement. 
 “Transfer” (and the correlative term “Transferred”) means to
directly or indirectly transfer, sell, encumber, hypothecate, assign or otherwise dispose of any New Debt, Rollover Notes or Backstop Notes to any Person that is not an Affiliate of RTL; provided, that in no event shall a Transfer occur as a
result of (i) the Company or any of its Subsidiaries repaying, prepaying, repurchasing or taking any similar action with respect to the New Debt, Rollover Notes or Backstop Notes and (ii) RTL or any of its Affiliates exercising any rights
of participation under this Agreement by paying for any Equity Security thereunder by redeeming or exchanging New Debt, Rollover Notes or Backstop Notes. 
 “Voting Securities” means any and all shares of capital stock of the Company and securities issued in respect thereof that are entitled to vote generally in the election of Directors,
including the Common Stock. 

  
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 ARTICLE II 
 CORPORATE GOVERNANCE 
 Section 2.1 Board Representation

 (a) From and after the Effective Date, RTL shall have the right to designate one or more individuals as Directors, and the
Company shall ensure that, at all times when RTL has the right to designate one or more Directors pursuant to this Agreement, any slate of nominees recommended by the Board includes the following individuals: 

(i) for so long as RTL and its Affiliates hold a minimum of 9.0% of the Voting Securities, one nominee designated by RTL;
and 
 (ii) for so long as RTL and its Affiliates hold a minimum of 15.0% of the Voting Securities, two nominees
designated by RTL; and 
 (iii) for so long as RTL and its Affiliates hold a minimum of 24.9% of the Voting
Securities, three nominees designated by RTL; 
 provided that, (x) for so long as RTL shall be entitled to designate
three nominees under Section 2.1(a)(iii) above, at least one RTL Director must be Independent and (y) if RTL fails to designate a nominee to serve as a member of the Board pursuant to this Section 2.1(a) prior to the 45th day before
the meeting of stockholders to elect Directors, the RTL Director previously holding such directorship shall be deemed the RTL Nominee unless no such RTL Director has otherwise previously been appointed to serve as a Director, in which case the Board
shall be free to nominate such Director at its discretion. RTL hereby designates Alessandro Picchi as the initial RTL Nominee, and the Company shall cause such RTL Nominee to be appointed to the Board, effective immediately. No less than five
(5) Business Days prior to the Initial Closing (as defined in the Securities Purchase Agreement), RTL will notify the Company of its proposed nominee that will be appointed to the Board at the Initial Closing pursuant to Section 2.1(a)(ii)
above, and the Company shall evaluate such nominee in accordance with the standards set forth in Section 2.1(b) below. Until termination of this Section 2.1(a), the Company will cause the size of the Board not to exceed ten
(10) Directors without obtaining the prior written consent of RTL. 
 (b) RTL shall exercise its right to designate any
RTL Director set forth in Section 2.1(a) above by submitting the names of any proposed candidates to the Nominating and Corporate Governance Committee of the Board. The Nominating and Corporate Governance Committee of the Board may only reject
a candidate proposed by 

  
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RTL if such candidate is manifestly unsuitable to serve as a Director by reason of prior criminal or civil misconduct or demonstrable lack of qualification. Upon exercise of the right to
designate any RTL Director set forth in Section 2.1(a) and approval of the nominee by the Nominating and Corporate Governance Committee of the Board, the Board shall, as needed and subject to the last sentence of Section 2.1(a) above,
promptly increase the size of the Board to create the number of vacancies necessary to appoint and elect such RTL Director(s), and upon creation of such vacancy or vacancies, to appoint and elect such RTL Director(s) pursuant to the applicable
provisions of the Certificate of Incorporation and Bylaws. At each annual or special meeting of the stockholders of the Company at which Directors are to be elected, the Company will include in the slate of nominees recommended by the Board and
the Nominating and Corporate Governance Committee of the Board and in the Company’s proxy statement or notice of such meeting all of the RTL Directors designated pursuant to Section 2.1(a) and approved by the Nominating and Corporate
Governance Committee of the Board, and both the Company and RTL shall use their respective reasonable best efforts to cause, and RTL shall vote all of its Voting Securities then owned or held in favor of, the election to the Board of each of those
nominees recommended by the Board, which shall include those RTL Nominees to be elected as RTL Directors as provided in this Agreement. 
 (c) To the extent permitted by Law (including under the NASDAQ Rules, the Securities Act and the Exchange Act), at least one RTL Director will be appointed as a member of each committee of the Board
(including without limitation any ad hoc committee of the Board). If there is only one RTL Director, RTL and the Company will discuss in good faith appropriate committee representation (it being understood that such RTL Director will be
entitled to serve on each committee to the extent desired by RTL and to the extent permitted by Law (including under the NASDAQ Rules, the Securities Act and the Exchange Act)). 

(d) If a vacancy is created at any time by the death, disability, retirement, resignation or removal (with or without cause) of any
Director who is a RTL Director, then the Company, the Board and RTL will take all actions necessary to cause the vacancy to be filled as soon as practicable by a new RTL Director who is nominated in the manner specified in this Section 2.1.

 (e) If RTL ceases to have the right to nominate one or more Directors in accordance with this Section 2.1, then RTL
shall use its reasonable best efforts to cause the removal or resignation of the applicable number of RTL Directors at the earliest possible time. 
 (f) Upon the written request of any RTL Director, the Company will promptly execute and deliver to such RTL Director an indemnification agreement either, at the election of the RTL Director, (i) in
the form of the Company’s current form of director indemnification agreement (or a modified version of such form proposed by the Company that is no less favorable to the RTL Director) or (ii) in a form entered into between any other
Director and the Company that is no less favorable to the Director than the Company’s current form. 

  
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 Section 2.2 Conflicts of Interest; Treatment of Competitive Business Information;
Waiver of Corporate Opportunity 
 (a) RTL agrees to procure that any RTL Director who is an employee of RTL or any
Affiliate of RTL shall comply with the Company’s policies on the treatment of confidential information by Directors to the extent such policies are generally applicable to the Company’s Directors. If a Conflicted Director is then
serving as a Director, to the maximum extent possible and without limiting the availability of Competitive Business Information to Directors who are not Conflicted Directors, the Company shall present the operating and other financial results of the
Company to the Board in a format that will allow, without revealing Competitive Business Information, all Directors, including Conflicted Directors, to evaluate the performance of the Company and its prospects. If a Conflicted Director is then
serving as a Director, to the extent Competitive Business Information is presented to the Board, Conflicted Directors shall not be entitled to receive such information. Each RTL Director who is not a Conflicted Director shall be entitled to
receive such information, and the Company shall, as a general matter, make information available to Directors who are not Conflicted Directors, including Competitive Business Information, in a manner consistent with past practice. The Board may form
a committee of Directors to receive, consider and discuss Competitive Business Information, provided that each RTL Director who is not a Conflicted Director is appointed to such committee and such committee is not empowered to approve any action,
but only to make recommendations to the Board with respect to actions to be taken (with any such recommendations to avoid disclosure of Competitive Business Information to a Conflicted Director). 

(b) Subject to Section 2.8 below, with it being the intention of the parties hereto that Section 2.8 fully regulates the
obligations of RTL, any Affiliate of RTL and any RTL Director with respect to corporate opportunities: 
 (i) To
the fullest extent permitted by Law, the doctrine of corporate opportunity and any analogous doctrine shall not apply to RTL, any RTL Director and any Affiliate of RTL or any RTL Director; 

(ii) To the fullest extent permitted by Law, the Company, on behalf of itself and its Subsidiaries, renounces any
interest or expectancy of the Company or any of its Subsidiaries in, or in being offered an opportunity to participate in, business opportunities that are from time to time presented to RTL, any RTL Director or any Affiliate of RTL or any RTL
Director; and 
 (iii) RTL, each RTL Director and any Affiliate of RTL or any RTL Director who acquires
knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Company or any of its Subsidiaries shall not (A) have any duty to communicate or offer such opportunity to the Company or any of its
Subsidiaries and (B) to the fullest extent permitted by Law, shall not be liable to the Company or any of its Subsidiaries or to the stockholders of the 

  
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Company for breach of any fiduciary or other duty by reason of the fact that RTL or any RTL Director pursues or acquires for, or directs such opportunity to, itself or another Person or does not
communicate such opportunity or information to the Company or any of its Subsidiaries. 
 Section 2.3 Compliance with
Laws 
 RTL will not nominate any Person as a RTL Nominee if the participation of that Person on the Board would violate any
Law, including any antitrust Law; provided that this provision will not serve as a basis for contractual damages against RTL so long as RTL acted in good faith in its nomination of such RTL Nominee. In the event that the continued service of any RTL
Director on the Board would violate any Law, including any antitrust Law, RTL will use its reasonable best efforts to assist the Board in removing such RTL Director and nominating a replacement director if necessary and will not vote in favor of
such removed RTL Director at any annual or special meeting of the Company’s stockholders. 
 Section 2.4
Appointment of the Senior Russian Management Team 
 (a) Upon and after the Second Closing Date (as defined under the
Securities Purchase Agreement) and for so long as RTL and its Affiliates hold at least 20.0% of the Voting Securities, the Company shall not make any changes to the Senior Russian Management Team or material amendments to such individuals’
responsibilities or compensation arrangements, other than with the written consent of RTL in compliance with this Section 2.4. 
 (b) With respect to any changes to the Senior Russian Management Team to be proposed by RTL, RTL shall notify the Company of any changes it proposes. Upon receipt of such notice, the Company shall
consider any changes proposed by RTL. If the Company accepts any such changes, the relevant member(s) of the Senior Russian Management Team shall be changed accordingly. If the Company does not accept such changes, the existing member(s) of the
Senior Russian Management Team shall remain in office. 
 (c) With respect to any members of the Senior Russian Management Team
that the Company may seek to terminate or otherwise remove, the Company shall notify RTL in advance and give RTL an opportunity to consider the person being so terminated or removed and the Company’s suggested replacement. If RTL does not agree
with the suggested removal and replacement, then the existing member of the Senior Russian Management Team shall remain in office. 
 (d) With respect to any vacancies among the Senior Russian Management Team caused by the resignation of a member of the Senior Russian Management Team, RTL and the Company shall select members of the
Senior Russian Management Team as follows: 
 (i) the Company shall identify and present a candidate to RTL for
any vacancy; 

  
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 (ii) the Company and RTL shall consider the candidate proposed pursuant to
Section 2.4(d)(i); 
 (iii) if the Company and RTL fail to agree on a mutually acceptable candidate
following such consideration under Section 2.4(d)(ii), then the Company and RTL shall each propose one (1) candidate for such vacancy; 
 (iv) the Company and RTL shall consider the candidate proposed by the other pursuant to Section 2.4(iii); 
 (v) if the Company and RTL fail to agree on a mutually acceptable candidate following such consideration under Section 2.4(d)(iv), then the candidate recommended by the Board from among the two
candidates proposed by the Company and RTL under Section 2.4(d)(iii) shall be deemed the mutually agreed candidate and shall be appointed to the relevant position on the Senior Russian Management Team. 

(e) With respect to any bona fide candidates proposed in good faith by the Company but rejected by RTL under Section 2.4(d) above
or members of the Senior Russian Management Team proposed for replacement by RTL under Section 2.4(b), RTL and its Affiliates shall not hire or otherwise arrange or agree to the hiring of such individuals without the Company’s written
consent for a period of twelve (12) months following such rejection. 
 (f) If the Second Closing does not occur under the
Securities Purchase Agreement, RTL shall have no rights under this Agreement to agree the Senior Russian Management Team under this Section 2.4. 
 (g) For the purposes of this Section 2.4, a material amendment to a compensation arrangement occurs where the amended compensation arrangement deviates by more than 25% from the individual’s
existing arrangements. 
 Section 2.5 Veto Rights 

Upon and after the Effective Date: 
 (a) The Company shall not, and shall cause its Subsidiaries not to, except as expressly required by the terms of this Agreement or any other Operative Agreement, do or propose or agree to, directly or
indirectly, do any of the following without the prior written consent or direction of RTL: 
 (i) increase the
size of the Board; 
 (ii) conduct any non-ordinary course business restructuring, spin-off or split-off
transaction or other type of corporate reorganization, whether done in a single step or series of related steps, involving assets with book or fair market value in excess of $35 million 

  
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(when aggregated with the book or fair market value of any other non-ordinary course business restructuring, spin-off or split-off transactions or other type of corporate reorganization), or any
non-ordinary course debt restructuring (including but not limited to any material amendment to any material Indebtedness of the Company); provided that, if the Roust Assets have not been assigned or otherwise transferred to the Company by
December 31, 2012, the Company shall have the right to effect a merger or other similar business combination of its significant Russian subsidiaries; and, provided further, that beginning March 14, 2014 and thereafter, the
Company will be free to (x) amend the terms and extend the maturity of the 2016 Senior Secured Notes (including by way of exchange of the 2016 Senior Secured Notes), provided, that any such amended or extended terms are not materially
less favorable from the perspective of the holders of the Rollover Notes or the Backstop Notes than the terms in effect on the Effective Date, and (y) refinance by way of a loan or debt issue the 2016 Senior Secured Notes so long as in
connection with any such refinancing the Rollover Notes and Backstop Notes are repaid in full; 
 (iii) merge
with or into, consolidate with or enter into any strategic partnership with any other Person, or enter into any series of such transactions, involving aggregate transaction values in excess of $35 million; 

(iv) acquire any business or brand, or make any acquisitions of or investments in securities of another business, in
excess of an aggregate amount of $35 million (as measured by fair market value); 
 (v) sell or encumber
(subject to the second to last sentence of Section 2.5(c)): 
 (1) any of the Company’s or any of its
Subsidiaries’ properties or tangible assets in excess of $10 million individually or in excess of $25 million in the aggregate (in both such cases, as measured by book or fair market value); provided, that (i) the Company cannot
sell any properties or tangible assets under the thresholds set forth above in this clause (1) unless the Company first offers RTL the right to purchase such properties or tangible assets on equal terms and (ii) a production or operational
facility that is material to a brand that is permitted to be sold pursuant to Section 2.5(a)(v)(2) below (and not material to a brand that is not being sold) may be sold even if the value of such facility or assets exceeds these limits (it
being agreed that, for purposes of this Section 2.5(a)(v)(1), a facility will be deemed material to a brand if 70% of its operations, as measured by aggregate production volume, is devoted to such brand); and 

(2) any of the Company’s or any of its Subsidiaries’ intangible assets that are material to their businesses or
any 

  
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immaterial assets to their businesses in excess of $35 million in the aggregate (as measured by book or fair market value); provided, that (A) it is agreed that the following brands
are material to the businesses of the Company and its Subsidiaries and therefore cannot be sold or encumbered without RTL’s consent: Żubrówka, Soplica, Absolwent, Bols, Green Mark, Parliament, Zhuravli, Talka, Silver Blend,
Kauffman, Marusia and Royal Vodka; and (B) the Company or any of its Subsidiaries shall be permitted to undertake disposals of intangible immaterial assets (other than those intangible assets described in clause (A) above, which are
material for purposes of this Agreement) without prior approval from RTL only if (I) the Company offers RTL the right to purchase such intangible assets on equal terms on all such disposals and (II) proceeds from such disposals are utilized to
repay Indebtedness of the Company in the following manner: 
 (A) for so long as the 2016 Senior Secured Notes
are outstanding the Company shall utilize all Net Proceeds (as defined in the 2016 Senior Secured Notes Indenture) from such disposals of intangible assets (i) to make an Asset Sale Offer (as defined in the 2016 Senior Secured Notes indenture)
as and when contemplated by the 2016 Senior Secured Notes Indenture and/or (ii) to the extent not prohibited by the terms of the 2016 Senior Secured Notes, the New Debt, the Rollover Notes or the Backstop Notes, to repay part or all of the New
Debt (if the Securities Purchase Agreement has been terminated prior to the Second Closing Date (as defined in the Securities Purchase Agreement)), the Rollover Notes and the Backstop Notes, in this order of priority, immediately upon receipt, and

 (B) if the 2016 Senior Secured Notes are no longer outstanding, and to the extent not prohibited by the terms
of the New Debt, the Rollover Notes or the Backstop Notes, the Company shall utilize all proceeds (net of transaction fees) from such disposals of intangible assets to repay part or all of the New Debt (if the Securities Purchase Agreement
has been terminated prior to the Second Closing Date (as defined in the Securities Purchase Agreement)), the Rollover Notes and the Backstop Notes, in this order of priority, immediately upon receipt. 

Notwithstanding the provisions of Section 2.5(a)(v)(1) and (2) above, should the Company face any short-term liquidity issues,
then prior to engaging in an asset disposal or encumbering any asset in order to solve such problems, the Company will approach RTL to explore potential solutions to such problems; 

  
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 (vi) issue or sell any shares of Common Stock or any other equity ownership
interests (including but not limited to equity-linked securities) in the Company or any of its Subsidiaries in excess of $35 million in the aggregate prior to April 15, 2015, excluding shares sold by or issued to members of the Board and
Company officers and/or employees for bona fide compensatory purposes. After April 15, 2015, the Company shall be permitted to make any such issuance or sale without prior approval from RTL in the event that (1) RTL (or an Affiliate
thereof designated by RTL) is provided the right to exchange up to 100% of the Backstop Notes and/or the Rollover Notes at an exchange price that is equal to the price at which the new equity is issued in order to avoid dilution; and (2) all
proceeds from such issuance or sale are utilized to repay part or all of the Rollover Notes and/or the Backstop Notes, in that order of priority, immediately upon receipt (it being agreed that the Rollover Notes and/or Backstop Notes will not be
repaid pursuant to this clause (2) without RTL first being given a reasonable opportunity to exercise its rights under clause (1) above). Notwithstanding the provisions of this Section 2.5(a)(vi) above, if the Company faces any
short-term liquidity problems, then prior to issuing equity or any other equity ownership interests (including but not limited to equity-linked securities) in order to solve such problems, the Company will approach RTL to explore potential solutions
to such problems; 
 (vii) provide any equity compensation to Senior Executive Management of the Company in
excess of $4 million in the aggregate in any fiscal year including all stock option awards and restricted share awards (valued in accordance with GAAP); 
 (viii) pay any cash dividends on shares of Equity Securities; 

(ix) pay any equity dividends on shares of Equity Securities other than necessary for the purposes of effecting the
Company’s stockholder rights plan or other “poison pill” arrangements; 
 (x) repurchase or
cancel the Company’s existing Common Stock, or engage in any other transaction involving Common Stock that will cause RTL and its Affiliates’ to fall within the mandatory tender offer provisions of the Polish Act of 29 July 2005 on
Public Offering, Conditions Governing the Introduction of Financial Instruments to Organized Trading, and Public Companies; 
 (xi) incur an aggregate amount of Indebtedness outside the ordinary course of the Company’s business in excess of $20 million (it being agreed between the Company and RTL that any incurrence

  
 13 

 
used to finance working capital constitutes an ordinary course incurrence), other than (A) Indebtedness issued to RTL and its Affiliates and (B) refinancing Indebtedness in compliance
with clause (ii) of this Section 2.5(a); 
 (xii) make any capital expenditures which are more than:

 (1) to the extent that the amount budgeted for capital expenditures in the annual budget approved by the
Board is greater than $10 million, 25% greater (in local currency); and 
 (2) to the extent that the amount
budgeted for capital expenditures in the annual budget approved by the Board is less than $10 million, 50% greater (in local currency), 
 in each case than such budgeted amounts, excluding any capital expenditures that result from a casualty event or capital expenditures made in response to an emergency; and 

(xiii) any amendment to the Certificate of Incorporation or Bylaws that does any of the following: 

(1) adversely affects the right of RTL to designate RTL Directors pursuant to Section 2.1 above (including any
amendment to Section 6.1 of the Certificate of Incorporation or Section 3.2, 3.3 or 3.8 of the Bylaws or the manner in which the business of the Board is conducted); 

(2) changes the method for calling or holding meetings of the Board (including any amendment to Section 3.4 or 3.5
of the Bylaws); 
 (3) adversely changes the exculpatory or indemnification provisions now existing in the
Certificate of Incorporation or the Bylaws for the benefit of the Directors (including Section 6.3 of the Certificate of Incorporation or Article 6 of the Bylaws); or 

(4) changes the rights, preferences of privileges of Common Stock existing as of the Effective Date or creates (including
by reclassification or otherwise) any new class or series of Equity Securities having terms that frustrates or impairs the rights of RTL set forth in Section 2.1 above or this Section 2.5; provided, that the Company may, subject to
Section 2.5(a)(vi) above and Article III below, amend the Certificate of Incorporation to increase its authorized amount of capital stock. 

  
 14 

 (b) Notwithstanding the provisions of Section 2.5(a) above and subject to Article III,
(i) if Company Stockholder Approval is not obtained, the Company may (A) issue equity or any other equity ownership interests (including but not limited to equity-linked securities) provided that any proceeds from such issue are first used
to repay the Convertible Notes (as defined in the Securities Purchase Agreement) and New Debt on a pro rata basis and (B) issue additional Indebtedness provided that the proceeds from such issuances are first utilized to repay the Convertible
Notes (as defined in the Securities Purchase Agreement) and New Debt on a pro rata basis, and (ii) the Company may issue equity or any other equity ownership interests (including but not limited to equity-linked securities) and/or additional
Indebtedness to the extent necessary, and to the extent the proceeds of such issuance are used, to satisfy in full the Convertible Notes at maturity in the event that pursuant to Section 2.5(e) of the Securities Purchase Agreement RTL elects to
waive its rights under Section 2.5(a) with respect to such issuances. 
 (c) Notwithstanding any provision in
Section 2.5(a) to the contrary: (i) no such provision shall or shall be construed to encumber or restrict the ability of any Restricted Subsidiary of the Company to (a) pay dividends or make any other distributions on its Capital
Stock to the Company or any of its Restricted Subsidiaries, (b) pay any Indebtedness owed to the Company or any of its Restricted Subsidiaries, (c) make loans or advances to the Company or any of its Restricted Subsidiaries, or
(d) sell, lease or transfer any properties or assets to the Company or any of its Restricted Subsidiaries, in each case to the extent that and for so long as such provision would constitute a Default or Event of Default under the 2016 Senior
Secured Indenture and (ii) no such provision shall apply with respect to the enforcement of remedies or exercise of rights by any security trustee (or similar agent under secured indebtedness permitted to be incurred in accordance with this
Agreement) with respect to any security that is permitted to be granted in accordance with this Agreement (provided that, with respect to any Indebtedness incurred after the date hereof, any provisions related to security are not materially less
favorable from the perspective of the holders of the New Debt, the Rollover Notes or the Backstop Notes than the terms of any security documents related to secured indebtedness outstanding on the date hereof). The limitations and restrictions
arising under this clause shall apply only as long as the 2016 Senior Secured Indenture and such other security documents are in force (in each case to the extent applicable). In addition, notwithstanding anything in this Section 2.5, the
Company and its Subsidiaries shall be permitted to provide security or otherwise encumber assets in connection with any incurrence or refinancing of Indebtedness permitted hereunder; provided, however, that the Company and its Subsidiaries
shall not be permitted to provide security or otherwise encumber assets relating to the following brands: Żubrówka, Green Mark and Zhuravli. All capitalized terms relevant to the construction of this clause and defined in the 2016 Senior
Secured Indenture shall have the meanings ascribed to them in the 2016 Senior Secured Indenture. 
 (d) In addition, and
notwithstanding the provisions of Section 2.5(a) above, the Company may enter into an acquisition agreement or similar agreement with respect to any Superior Proposal after termination of the Securities Purchase Agreement in accordance with
Section 7.1(c). 

  
 15 

 (e) For purposes of determining compliance with the U.S. dollar-denominated restriction on
the incurrence of Indebtedness expressed in Section 2.5(a)(xi) above, the U.S. dollar equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on
the date such Indebtedness was incurred, in the case of term Indebtedness, or first committed, in the case of revolving credit Indebtedness; provided that if such Indebtedness is incurred to refinance other Indebtedness denominated in a
non-U.S. dollar currency, and such refinancing would cause the applicable U.S. dollar-dominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-dominated
restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced (plus fees, expenses and other reasonable costs
associated with such refinancing); provided further, that if and for so long as any such Indebtedness is subject to an agreement or arrangement designed to protect such Person against fluctuations in currency exchange rates with
respect to the currency in which such Indebtedness is denominated covering principal and interest on such Indebtedness, the amount of such Indebtedness will be deemed to be the amount of the principal payment required to be made under such agreement
or arrangement determined in U.S. dollars in accordance with the first clause of this sentence. Notwithstanding any other provision of this Section 2.5, the maximum amount of Indebtedness that the Company may incur pursuant to this
Section 2.5, shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of currencies. The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from
the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such refinancing Indebtedness is denominated that is in effect on the date of such refinancing. 

Section 2.6 Non-Solicitation 
 (a) To the extent permitted by Law, RTL shall not, and RTL shall use its reasonable best efforts to cause its Affiliates not to, directly or indirectly (i) at all times during the period commencing
with the Effective Date and continuing until the termination of this Agreement, solicit for employment or other engagement the employees of the Company or any of its Subsidiaries or otherwise encourage such employees to leave the employ of the
Company or any of its Subsidiaries or hire such employees for a period of one year following the termination of their employment with the Company or any of its Subsidiaries and (ii) during such time when RTL and the Company are in discussions
about a potential combination of aspects of their respective businesses (but in any event not to exceed one (1) year from the Effective Date), solicit the business of the customers and suppliers of the Company or its Subsidiaries in Russia in a
manner that is harmful to the business or operations of the Company or any of its Subsidiaries in Russia or otherwise encourage such customers or suppliers in Russia to cease doing business with, or reduce the amount of business done with, the
Company or any of its Subsidiaries (it being agreed that RTL or the Company may at any time, in its sole discretion, notify the other in writing that it is ceasing discussions of such potential business combination and, at such time, the
restrictions contained in this clause (ii) shall terminate). 

  
 16 

 (b) To the extent permitted by Law, the Company shall not, and the Company shall use its
reasonable best efforts to cause its Subsidiaries not to, directly or indirectly (i) at all times during the period commencing with the Effective Date and continuing until the termination of this Agreement, solicit for employment or other
engagement the employees of RTL or any of its Affiliates or otherwise encourage such employees to leave the employ of RTL or any of its Affiliates or hire such employees for a period of one-year following the termination of their employment with RTL
or any of its Affiliates and (ii) during such time when RTL and the Company are in discussions about a potential combination of aspects of their respective businesses (but in any event not to exceed one (1) year from the Effective Date),
solicit the business of the customers and suppliers of RTL or its Affiliates in Russia in a manner that is harmful to the business or operations of RTL or any of its Affiliates in Russia or otherwise encourage such customers or suppliers in Russia
to cease doing business with, or reduce the amount of business done with, RTL or any of its Affiliates (it being agreed that RTL or the Company may at any time, in its sole discretion, notify the other in writing that it is ceasing discussions of
such potential business combination and, at such time, the restrictions contained in this clause (ii) shall terminate). 

Section 2.7 Failure to Fund Backstop Notes 
 In the event the Company exercises its right to put the Backstop Notes to RTL or an Affiliate thereof in accordance with Section 2.5 of the Securities Purchase Agreement and, upon satisfaction or
waiver of the conditions specified in Section 5.5 of the Securities Purchase Agreement, RTL or an Affiliate thereof fails to perform its obligations to fund the required amounts due to the Company (other than a failure to perform resulting from
and during a good faith dispute as to whether RTL or any of its Affiliates is obligated to perform its obligations thereunder), RTL shall not be entitled to the benefit of Section 2.4 and Section 2.5 above and shall relinquish all rights
in respect thereof. 
 Section 2.8 RTL Offer of New Opportunities 

From and after the Effective Date and until the earlier of such time when (i) RTL and its Affiliates cease to hold any Rollover
Notes, Backstop Notes or New Debt and (ii) RTL and its Affiliates own less than 9.0% of the Voting Securities: 
 (a) RTL
shall offer any opportunity presented to it or any of its Affiliates to acquire a business within the spirits sector that has a fair market value in excess of $35 million to the Company in the first instance (subject to Law and confidentiality
obligations). In the event the Company does not or chooses not to actively pursue such an opportunity within twenty (20) Business Days after receiving a notice in writing with respect to such opportunity from RTL, RTL and its Affiliates shall
be free to pursue any such opportunities independently. 

  
 17 

 (b) Neither RTL nor its Affiliates shall not acquire any business that it was required to
offer to the Company pursuant to Section 2.8(a) and failed to do so or denied the Company approval to acquire pursuant to Section 2.5(a)(iv) above. 
 Section 2.9 Information Rights; Notices 
 (a) The Company shall
promptly provide RTL written notice of any breach, or any event or occurrence that would reasonably be expected to, with notice or lapse of time or both, constitute a breach, of any of its covenants and agreements set forth in Section 2.4 or
Section 2.5 above. 
 (b) Upon the written request of RTL, the Company shall provide RTL with all information reasonably
requested by RTL in connection with its exercise or non-exercise of any of its rights set forth in Section 2.5(a) above (it being agreed that any request by RTL for Competitive Business Information that the Company has a legitimate business
interest to keep confidential from RTL shall not be deemed to be a reasonable request under this Section 2.9(b)). 
 (c)
The Company and its Subsidiaries shall permit RTL and/or its designated representatives, or any of them, twice each fiscal year, at any reasonable time during normal business hours and with reasonable advance notice to (i) request any
information or materials that a director of the Company would be entitled to receive, and (ii) discuss the affairs, finances and accounts of the Company and its Subsidiaries with any officer or director of the Company and its Subsidiaries, it
being understood that a meeting with the Chief Executive Officer or the Chief Financial Officer of the Company will ordinarily suffice for such purposes and that the Chief Executive Officer of the Company may attend any such meeting with an officer
or director of the Company and its Subsidiaries; provided, that nothing in this Section 2.9(c) shall require the Company and its Subsidiaries to make available to RTL and its representatives any Competitive Business Information that the
Company has a legitimate business interest to keep confidential from RTL. 
 (d) Regardless of whether any 2016 Senior Secured
Notes are then outstanding, the Company shall provide RTL with all information that it is required to provide pursuant to Section 4.14 of the 2016 Senior Secured Notes Indenture as in effect as of the Effective Date, in the manner and at the
times required by Section 4.14 of the 2016 Senior Secured Notes Indenture as in effect as of the Effective Date, mutatis mutandis. 
 (e) RTL agrees that it will, and will procure that its Affiliates and representatives which receive information pursuant to this Section 2.9 will, keep confidential all confidential information
relating to the Company and Subsidiaries that it receives pursuant to this Section 2.9; provided, that the information subject to the foregoing confidentiality provisions will not include any information generally available to, or known
by, the public (other than as a result of disclosure in violation hereof); and provided, further, that the provisions of this Section 2.9(e) will not prohibit any retention of copies of records or disclosure (A) required by
any applicable Law (in the case of 

  
 18 

 
disclosure, so long as reasonable prior notice is given of such disclosure and a reasonable opportunity is afforded to the Company to contest the same) or (B) made in connection with the
enforcement of any right or remedy relating to this Agreement, any other Operative Agreement or any of the transactions contemplated hereby or thereby. 
 (f) RTL acknowledges and agrees that it is aware that the materials furnished to it or its representatives under this Section 2.9 may contain material, non-public information regarding the Company
and its Subsidiaries and it acknowledges and agrees to comply with all applicable restrictions relating to the use of such information under applicable securities Laws. 
 Section 2.10 Remedy for Breach of Veto Rights 
 (a) In the event of a
Breach by the Company and/or its Subsidiaries of its or their obligations under Section 2.4 or Section 2.5 above, RTL may claim for repayment under any New Debt, Rollover Notes and Backstop Notes that it and any Affiliate of RTL then hold
and such notes shall be immediately due and payable and such Breach shall be treated as an Acceleration (as defined in the Rollover Notes, the Backstop Notes and the New Debt and contemplated by Section 8.15 of the Securities Purchase
Agreement). For purposes of this Section 2.10, a “Breach” shall be a violation of the obligations of the Company and its Subsidiaries under Section 2.4 or Section 2.5 above, of which RTL has given the Company notice
reasonably promptly after RTL’s senior executives actually become aware of such Breach, and, solely with respect to a Breach that the Company does not dispute, which the Company and its Subsidiaries have had a period of thirty (30) days
after such notice to remedy. 
 (b) In the event that the Company disputes any assertion of a Breach, or alleged Breach, by RTL
pursuant to Section 2.10(a) or the Company seeks a declaratory judgment or similar judicial declaration that it has not Breached, in each case, prior to the Backstop Closing (as defined in the Securities Purchase Agreement), RTL and the Company
shall resolve such dispute solely in accordance with the procedures set forth in Section 10.1(d) of the Securities Purchase Agreement. 
 (c) During the pendency of any proceeding related to a Breach by the Company and/or its Subsidiaries of this Section 2.5, the Company shall, and shall cause its Subsidiaries to, take all commercially
reasonably efforts to stay its actions in order to reduce the impact of such actions on RTL’s rights under Section 2.5. 
 ARTICLE III 
 PARTICIPATION RIGHTS / TRANSFERS 

Section 3.1 Participation Rights 
 (a) At all times during the period commencing with the execution and delivery of this Agreement and continuing until the termination of this Agreement, the Company grants RTL a participation right to
purchase RTL’s pro rata share of New Securities (as defined below) that the Company may, from time to time, 

  
 19 

 
propose to sell and issue. RTL’s pro rata share, for purposes of this participation right, is the ratio of the number of shares of Common Stock owned by RTL and its Affiliates immediately
before the issuance of New Securities, assuming full exchange of the New Debt held by RTL and its Affiliates as contemplated by Section 8.11(c) of the Securities Purchase Agreement, to the total number of shares of Common Stock outstanding
immediately before the issuance of New Securities, assuming full exchange of the New Debt held by RTL and its Affiliates as contemplated by Section 8.11(c) of the Securities Purchase Agreement (the “Pro Rata Percentage”). RTL
(or an Affiliate thereof designated by RTL) may deliver to the Company, as consideration for any equity purchased pursuant to such participation right, Backstop Notes, Rollover Notes and/or New Debt. 

(b) As used in this Agreement, the term “New Securities” means any of the Company’s capital stock, whether or not
now authorized, and rights, options, or warrants to purchase such capital stock, and securities of any type whatsoever that are, or may become, convertible into capital stock; provided that the term “New Securities” expressly does
not include: 
 (i) subject to Section 3.2 below and to the extent that at least once a year the Company
offers RTL and its Affiliates the opportunity to purchase shares of Common Stock at its then trading value to permit RTL and its Affiliates to maintain their Pro Rata Percentage (as of immediately prior to such issuance of New Securities), shares of
capital stock issuable or issued to the Company’s officers, directors, employees, consultants, or advisors pursuant to the Company’s 2007 Stock Incentive Plan, or other employee stock incentive programs, or other arrangements approved by
the Company Board for the primary purpose of soliciting or retaining such parties’ services (collectively, “Equity Incentive Plans”), or upon exercise or conversion of options, warrants, or convertible securities granted to
such parties pursuant to any such plan or arrangement; 
 (ii) shares of capital stock issuable or issued upon
the exercise, exchange, adjustment, or conversion of any outstanding Equity Security Equivalents that are disclosed in reports, statements, or other documents filed by the Company with U.S. Securities and Exchange Commission and outstanding as of
the Effective Date; 
 (iii) shares of capital stock issuable or issued on a pro rata basis as a dividend or
distribution on Common Stock; 
 (iv) shares of capital stock issuable or issued on a pro rata basis pursuant to
any stock dividend, stock split, share combination, reverse stock split, reorganization, recapitalization, or other reclassification affecting the Company’s equity securities; or 

(v) shares of capital stock issued upon the exercise of convertible or exercisable instruments issued in compliance with
this Section 3.1. 

  
 20 

 (c) If the Company proposes to issue New Securities, then the Company will give RTL written
notice of the Company’s intention, describing the type of New Securities, their price, and the general terms upon which the Company proposes to issue the New Securities. RTL will have fifteen (15) Business Days after any such notice is
delivered and RTL has been provided access to all information and due diligence material to which the other prospective acquirers of such New Securities have been provided, if any, to agree to purchase (or nominate an Affiliate of RTL to purchase)
up to its Pro Rata Percentage of such New Securities for the price and upon the terms specified in the notice by giving written notice to the Company and stating in such notice the quantity of New Securities to be purchased. 

(d) If RTL (or such nominated Affiliate of RTL) fails to exercise fully the participation right within the time period set forth in
Section 3.1(c) above, then the Company will have 90 days thereafter to sell or enter into an agreement (pursuant to which the sale of New Securities covered thereby will be closed, if at all, within 90 days from the date of such agreement) to
sell the New Securities with respect to which RTL’s participation right specified in this Section 3.1 was not exercised, at a price, and upon terms, no more favorable to the purchasers thereof than specified in the Company’s notice to
RTL pursuant to Section 3.1(c). If (x) the Company has not sold such New Securities within such 90-day period, (y) the Company has not entered into an agreement within such 90-day period to sell the New Securities in accordance with
the foregoing sentence within 90 days from the date of such agreement or (z) the Company has entered into an agreement within such 90-day period to sell the New Securities in accordance with the foregoing sentence within 90 days from the date
of such agreement and the Company does not effectuate such closing within 90 days from the date of such agreement, then, in each of clauses (x), (y) and (z), the Company will not thereafter issue or sell any New Securities, without first again
offering such securities to RTL in the manner provided in this Section 3.1. 
 Section 3.2 Employee Equity. In
the event that New Securities are issued pursuant to Section 3.1(b) after the date of this Agreement or that options, warrants or convertible securities issued prior to the date of this Agreement pursuant to an Equity Incentive Plan are
exercised or converted into Equity Securities after the date of this Agreement, RTL (or a designated Affiliate thereof) shall be permitted (i) to acquire in the open market an amount of Equity Securities and/or (at the election of RTL)
(ii) exchange New Debt, Rollover Notes and/or Backstop Notes with the Company for an amount of Equity Securities, in each of clauses (i) and (ii), sufficient to increase its Pro Rata Percentage up to an amount equal to its Pro Rata
Percentage immediately prior to such issuance of New Securities; provided, that to the extent that the New Securities are issued pursuant to an Equity Incentive Plan and are not exercised or have not been converted into Equity Securities, RTL
(or a designated Affiliate thereof) shall only be permitted to acquire Equity Securities pursuant to this Section 3.2 at such time when such New Securities are exercised or converted into Equity Securities. In the case of an exchange
contemplated by clause (ii) of this Section 3.2, if multiple forms of Equity Securities are outstanding at such time, the form of such Equity Security acquired thereunder will be selected by RTL (or such designated Affiliate) from the
outstanding Equity Securities of the Company at such time and the exchange ratio for such Equity 

  
 21 

 
Securities to be determined by dividing the principal amount of each dollar of the Indebtedness exchanged by the then prevailing fair market value of such selected Equity Security. 

Section 3.3 Exemption from the Pill. The Company shall take all actions necessary to (i) approve any acquisition of
securities by RTL (or a designated Affiliate thereof) pursuant to this Article III or otherwise pursuant to any other Operative Agreement in order not to (A) cause RTL to constitute an “Acquiring Person” under the Rights Agreement by
and between the Company and American Stock Transfer & Trust Company, LLC, dated September 6, 2011 or (B) otherwise trigger any rights under any other “poison pill” or similar agreement or plan of the Company or any of
its direct or indirect subsidiaries and (ii) cause any takeover, anti-takeover, moratorium, “fair price,” “control share” or other similar law applicable to the Company not to apply to any acquisition of securities by RTL
(or a designated Affiliate thereof) pursuant to this Article III or otherwise pursuant to any other Operative Agreement. 

Section 3.4 Rule 16b-3. The Company shall take such steps as may be required and reasonably practicable to cause any
disposition of the Company’s Equity Securities (including derivative securities) by RTL (or an Affiliate thereof) pursuant to a transaction approved by the Board to be exempt under Rule 16b-3 promulgated under the Exchange Act. 

ARTICLE IV 

MISCELLANEOUS 
 Section 4.1 Termination 
 Subject to the early termination of any
provision of this Agreement as provided in accordance with its terms, (i) this Agreement will terminate at any time by mutual agreement of the Company and RTL, (ii) this Agreement (other than Sections 2.4, 2.5 and 2.9) will terminate upon
such time as RTL and its Affiliates own less than 9.0% of the Voting Securities, (iii) after the Initial Closing (as defined the Securities Purchase Agreement), Sections 2.4, 2.5, 2.8 and 2.9 of this Agreement will terminate upon the earlier of
(A) such time when RTL and its Affiliates have Transferred more than 66.6% of the Debt Amount and (B) RTL and its Affiliates cease to own any New Debt, Rollover Notes or Backstop Notes and (iv) this Agreement will terminate if the
Securities Purchase is terminated pursuant to Section 7.1(a) of the Securities Purchase Agreement; except in each of clauses (i), (ii) and (iii) above that Section 2.1(e), Section 4.2 through Section 4.5 and
Section 5.1 through Section 5.7 of this Agreement will not terminate and will survive any termination of this Agreement.
 Section 4.2 Amendments and Waivers 
 (a) Except as otherwise provided
in this Agreement, no modification, amendment or waiver of any provision of this Agreement will be effective without the written approval of the Company and RTL, except that any party hereto may waive (in writing) the benefit of any provision of
this Agreement with respect to itself for any purpose.

  
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 (b) No delay or omission to exercise any right, power or remedy accruing to any party, upon
any breach, default or noncompliance by another party under this Agreement, will impair any right, power or remedy of any non-breaching and non-defaulting party, nor will it be construed to be a waiver of any breach, default or noncompliance, or any
acquiescence in it, or of or in any similar breach, default or noncompliance later occurring. No waiver of any default with respect to any provision, condition or requirement of this Agreement will be deemed to be a continuing waiver in the
future or a waiver of any other provision, condition or requirement hereof. 
 Section 4.3 Rights Cumulative

 Each and all of the various rights, powers and remedies of the parties hereto shall be considered to be cumulative with and
in addition to any other rights, powers and remedies which such parties may have at law or in equity in the event of the breach of any of the terms of this Agreement. The exercise or partial exercise of any right, power or remedy shall neither
constitute the exclusive election thereof nor the waiver of any other right, power or remedy available to such party. 

Section 4.4 Further Assurances 
 Each party hereto agrees to cooperate fully with the other party and to execute such further instruments, documents and agreements and to give such further written assurances, as may be reasonably
requested by the other party to better evidence and reflect the transactions described herein and contemplated hereby, and to carry into effect the intents and purposes of this Agreement. 

Section 4.5 Notices 
 Any notices, reports or other correspondence (hereinafter collectively referred to as “correspondence”) required or permitted to be given hereunder shall be in writing and shall be sent by
postage prepaid first class mail, courier or facsimile or delivered by hand to the party to whom such correspondence is required or permitted to be given hereunder, and shall be deemed sufficient upon receipt when delivered personally or by courier,
overnight delivery service or confirmed facsimile, or three (3) Business Days after being deposited in the regular mail as certified or registered mail (airmail if sent internationally) with postage prepaid, if such notice is addressed to the
party to be notified at such party’s address or facsimile number as set forth below: 
 (a) All correspondence to the
Company shall be addressed as follows: 
 Central European Distribution Corporation 

Bobrowiecka 6 

00-728 Warsaw 

Poland 

Attention: William V. Carey 
 Facsimile: +48 22 456 60 01 

  
 23 

 with a copy to 
 Skadden, Arps, Slate, Meagher & Flom (UK) LLP 
 40 Bank St., Canary Wharf

 London E14 5DS 
 UK 
 Attention:         Scott Simpson,
Esq. 
 Facsimile:         +44 20 7519 7070 

and 

Dewey & LeBoeuf 
 No. 1 Minster Court 
 Mincing Lane 

London EC3R 7YL 

UK 
 Attention:
        Frank Adams, Esq. 
 Facsimile:
        +44 20 7459 5900 
 (b) All correspondence to RTL shall be addressed as
follows: 
 Roust Trading Ltd. 
 25 Belmont Hills Drive 
 Warwick WK 06, Bermuda 

Attention:         Wendell M. Hollis 

with a copy to 

Ropes & Gray LLP 
 One Metro Center 
 700 12th Street, Suite 900 

Washington, DC 20005-3948 
 Attention:         James Myers 

Facsimile:         +1 (202) 383-8349 

and 

Ropes & Gray LLP 
 The Prudential Tower 
 800 Boylston Street 

Boston, MA 02199-3600 
 Attention:         Christopher Comeau 

Facsimile:         +1 (617) 951-7050 

  
 24 

 (c) Either party may change the address to which correspondence to it is to be addressed by
written notification as provided for herein. 
 ARTICLE V 

GOVERNING LAW AND OTHER PROVISIONS 
 Section 5.1 Governing Law; Consent to Jurisdiction; Waiver of Jury Trial; Injunctive Relief 
 (a) This Agreement shall be governed by and construed in accordance with the internal procedural and substantive laws of the State of New York without regard to any conflicts of laws concepts which would
apply the substantive law of some other jurisdiction. 
 (b) The parties hereto agree, subject to Section 2.10(b), that
any dispute between them relating to this Agreement or the transactions contemplated hereby will be resolved solely in the manner set forth in clauses (i) and (ii) below: 

(i) Each of the parties hereto irrevocably submits to the jurisdiction of the United States District Court located in the
State of New York and in the Borough of Manhattan, and all appellate courts relating thereto, for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby. Service
of process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the same methods as are specified for the giving of notices under this Agreement. Each party hereto irrevocably waives any
objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE
PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER. 

(ii) Any dispute or claim arising under this Agreement or the transactions contemplated hereby may be submitted to
arbitration in New York, New York. Such arbitration will take place at and under the auspices of the American Arbitration Association or JAMS in accordance with its rules. The arbitration tribunal will consist of a single arbitrator agreed to by the
parties (or if there is no agreement, as selected by the American Arbitration Association or JAMS (as applicable)); provided, that the parties agree to express a preference for such arbitrator to be a retired federal district court judge (or,
if a retired federal district court judge is unavailable to hear such matter, a retired trial judge with commercial experience). Such arbitrator may not have any preexisting, direct or indirect

  
 25 

 
personal, social or financial relationship with any party to the dispute. Each party hereto expressly consents to, and waives any future objection to, such forum and arbitration rules. The
parties hereto agree to instruct the arbitrator (i) that the arbitration hearing must be completed within thirty (30) days of the request for arbitration, (ii) that his or her decision must be limited solely to disputes directly under
this Agreement and the other Operative Agreements and the transactions contemplated hereby and thereby, and each party hereto agrees that any decision or award of the arbitrator (or part thereof) that purports to address, interpret, apply, enforce
or resolve any other agreement, issue or dispute between the parties will be deemed to be beyond the scope of the arbitrator’s power and authority and will be given no force or effect by either party hereto or any other Person or any court,
either directly or by application of collateral estoppel, res judicata or otherwise; and each party hereto covenants that it will not argue that such decision should be given any such effect and (iii) that he or she must deliver to the parties
a written award and explanation of the basis for such award within seven (7) days after completion of the arbitration hearing. Subject to clause (ii) of the preceding sentence, the parties hereto agree that (A) the arbitrator’s
decision shall be final and binding upon the parties and (B) that any final arbitral award may be entered as a judgment or order in any court of competent jurisdiction. The costs of such arbitration (including reasonable attorneys’ fees
and expenses incurred by the parties hereto in connection with such arbitration) will be the responsibility of the party hereto who did not prevail in such arbitration (and the parties hereto shall instruct the arbitrator to make such a
determination). 
 The plaintiff in the actions described in clauses (i) and (ii) above may divide any disputes or issues in question
between the two forums in its discretion (to the extent permitted by applicable Law). 
 (c) Each of the parties hereto
acknowledges and agrees that damages will not be an adequate remedy for any material breach or violation of this Agreement if such material breach or violation would cause immediate and irreparable harm (an “Irreparable Breach”).
Accordingly, in the event of a threatened or ongoing Irreparable Breach, each party hereto shall be entitled to equitable relief of a kind appropriate in light of the nature of the ongoing or threatened Irreparable Breach, without the necessity of
posting a bond or providing an undertaking, which relief may include, without limitation, specific performance or injunctive relief. Such remedies shall not be the parties’ exclusive remedies, but shall be in addition to all other remedies
provided in this Agreement. 
 Section 5.2 Interpretation 

All pronouns or any variation thereof shall be deemed to refer to the masculine, feminine or neuter, singular or plural, as the identity
of the person, persons, entity or entities may require. The captions and paragraph headings of this Agreement are solely for the convenience of reference and shall not affect its interpretation. This

  
 26 

 
Agreement shall be deemed to be the joint work product of the Company and RTL, and any rule of construction that a document shall be interpreted or construed against a drafter of such document
shall not be applicable. 
 Section 5.3 Severability 

Should any part or provision of this Agreement be held unenforceable or in conflict with the Laws of any jurisdiction, the invalid or
unenforceable part or provisions shall be replaced with a provision which accomplishes, to the extent possible, the original business purpose of such part or provision in a valid and enforceable manner, and the remainder of this Agreement shall
remain binding upon the parties hereto.
 Section 5.4 Entire Agreement 

This Agreement, together with the other Operative Agreements, embodies the complete agreement and understanding among the parties to this
Agreement with respect to the subject matter of this Agreement and supersedes and preempts any prior understandings, agreements or representations by or among the parties, written or oral, that may have related to the subject matter of this
Agreement in any way.
 Section 5.5 No Third Party Beneficiaries 

This Agreement is entered into solely for the benefit of the Company and its successors (whether by merger, operation of law or
otherwise) and RTL and its successors (whether by merger, operation of law or otherwise), and no other Person may exercise any right or enforce any obligation under this Agreement. 

Section 5.6 Counterpart 
 This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. 

Section 5.7 Costs of Enforcement 
 In the event that legal proceedings are commenced by any party to this Agreement against another party to this Agreement in connection with this Agreement or the other Operative Agreements, the
non-prevailing party in such proceedings shall pay the reasonable attorneys’ fees and other reasonable out-of-pocket costs and expenses incurred by the prevailing party in such proceedings. 

[Rest of page intentionally left blank] 

  
 27 

 IN WITNESS WHEREOF, the parties to this Agreement have executed this Agreement as of the
date set forth in the first paragraph hereof. 
  

					
	CENTRAL EUROPEAN DISTRIBUTION CORPORATION
		
	By:	 	 /s/ William V. Carey

		 	Name:	 	William V. Carey
		 	Title:	 	Chairman, CEO and President
	
	ROUST TRADING LTD.
		
	By:	 	 /s/ Wendell M. Hollis

	Name:	 	Wendell M. Hollis
	Title:	 	Director
		
	By:	 	 /s/ Dana Bean

	Name:	 	Dana Bean
	Title:	 	SecretaryRegistration Rights Agreement

 Exhibit 10.3 
 REGISTRATION RIGHTS AGREEMENT 
 This REGISTRATION RIGHTS AGREEMENT dated as
of April 23, 2012 (this “Agreement”), is between (i) CENTRAL EUROPEAN DISTRIBUTION CORPORATION, a Delaware corporation (the “Company”), and (ii) ROUST TRADING LTD. (the “Securities
Holder”). 
 WHEREAS, at the Initial Closing (as defined in the Securities Purchase Agreement), the Company will
(i) issue to the Securities Holder (or an Affiliate thereof) 5,714,286 shares (the “New Common Stock”) of common stock, par value $0.01 per share, of the Company (“Common Stock”) pursuant to that certain
Securities Purchase Agreement (the “Securities Purchase Agreement”) by and between the Company and the Securities Holder dated April 23, 2012; and (ii) issue to the Securities Holder (or an Affiliate thereof) a debt
instrument with a face value of $70 million (the “New Debt”) pursuant to the Securities Purchase Agreement and the terms of note underlying the New Debt, which New Debt, upon certain conditions specified in the Securities Purchase
Agreement, may be used to purchase from the Company an additional 13,333,333 shares of Common Stock plus a number of shares of Common Stock determined by dividing the accrued and unpaid interest on the New Debt through the Initial Closing (as
defined in the Securities Purchase Agreement) by $5.25 (the “New Exchanged Common Stock”). The New Common Stock, any New Exchanged Common Stock that may be issued to the Securities Holder, any Common Stock held by the Securities
Holder on the date hereof and any additional shares of Common Stock issued to or purchased by the Securities Holder or any Affiliate pursuant to the Operative Agreements (as defined in the Securities Purchase Agreement) are collectively referred to
herein as the “Shares.” 
 WHEREAS, upon the Second Closing (as defined in the Securities Purchase Agreement),
the Company will issue to the Securities Holder (or an Affiliate thereof) a debt instrument with a face value of $102,500,000 (the “Rollover Notes”). 
 WHEREAS, upon the Backstop Closing (as defined in the Securities Purchase Agreement), the Company will issue to the Securities Holder (or an Affiliate thereof) a debt instrument in the amount specified in
Section 2.5 and Section 2.6 of the Securities Purchase Agreement (the “Backstop Notes”). 
 WHEREAS,
the shares of New Common Stock, the New Debt, the Rollover Notes and the Backstop Notes have not been and, upon issuance, any shares of New Exchanged Common Stock or other shares of Common Stock issued pursuant to the Operative Agreements, the New
Debt, the Rollover Notes and the Backstop Notes will not be, registered under the Securities Act (as hereinafter defined) or any state securities laws. 
 WHEREAS, in connection with the foregoing, the Company has agreed, subject to the terms, conditions and limitations set forth in this Agreement, to provide the Securities Holder and the Securities Holder
with certain registration rights. 

 NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, the
parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 1.1 Definitions. Capitalized words and phrases used
and not otherwise defined in this Agreement shall have the following meanings: 
 “Affiliate” means
(i) with respect to any Person other than the Securities Holder, any other Person that, directly or indirectly through one or more intermediaries, Controls, is Controlled by or is under common Control with such first party and (ii) with
respect to the Securities Holder, any Person that Mr. Roustam Tariko directly or indirectly, through one or more intermediaries (A) Controls or (B) beneficially owns fifty percent (50%) or more of the equity interests of.

 “Agreement” has the meaning set forth in the preamble. 

“Backstop Notes” has the meaning set forth in the recitals. 

“Business Day” means any day other than a Saturday or Sunday or a day on which commercial banking institutions in New
York, New York are authorized by law to be closed. 
 “Commission” means the Securities and Exchange Commission
or any other federal agency at the time administering the Securities Act. 
 “Common Stock” has the meaning set
forth in the recitals. 
 “Company” has the meaning set forth in the preamble. 

“Controls” means, as to any party, the power to direct or cause the direction of the management and policies of such
party, whether through the ownership of voting securities, by contract or otherwise. The terms “Controlled,” “Controlled by” and “under common Control with” shall be construed accordingly. 

“Demand Registration” has the meaning set forth in Section 2.1. 

“Exchange Act” means the Securities Exchange Act of 1934, and any successor to such statute, and the rules and
regulations of the Commission issued under such Act, as they each may, from time to time, be amended and in effect. 

“Group” means the Securities Holder together with its Affiliates. 

“Losses” has the meaning set forth in Section 6.1. 

“Misstatement/Omission” has the meaning set forth in Section 6.1. 

  
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 “Non-Registration Expenses” means (a) all overhead and compensation
expenses relating to officers, directors, and employees of the Company performing legal or accounting duties, and (b) qualification, filing, printing, messenger and delivery fees and expenses and all reasonable fees and disbursements of legal
counsel, accountants, management and other advisors relating to any filings of the Company made with the Commission prior to and following the filing of a registration statement pursuant to this Agreement, whether or not filed in connection with
causing the registration of Registrable Securities pursuant to this Agreement, or causing any such registration to be declared effective pursuant to this Agreement, other than such fees and expenses directly relating to supplements or amendments to
registration statements filed in connection herewith. 
 “Permitted Transferee” has the meaning set forth in
Section 9.2. 
 “Person” means any individual, corporation, partnership, trust or other entity of
any nature whatsoever. 
 “Piggyback Registration” has the meaning set forth in Section 3.1.

 “Registration Availability Date” means the first day after the expiration or termination of the lock-up
arrangement specified in Section 8.9 of the Securities Purchase Agreement pursuant to the terms thereof; provided, that if the lock-up has expired or terminated because of the failure of the Second Closing to have occurred by the End
Date (as defined in the Securities Purchase Agreement), the Securities Purchase Agreement shall have been terminated. 

“register”, “registered”, and “registration”, when used with respect to the capital
stock of the Company, mean a registration effected by preparing and filing a registration statement or similar document in compliance with the Securities Act which has been declared or ordered effective (or become automatically effective) in
accordance with the Securities Act. 
 “Registrable Securities” means (i) the Shares (upon issuance, with
respect to those not yet issued), (ii) any Common Stock issued (or issuable upon the conversion or exercise of any warrant, right, option or other convertible security which is issued) as a dividend or other distribution with respect to, or in
exchange for, or in replacement of, the Common Stock referred to in clause (i) above, and (iii) any Common Stock issued by way of a stock split of the Common Stock referred to in clauses (i) or (ii) above. Shares of Common Stock
shall cease to be Registrable Securities when (A) a registration statement with respect to the sale of such shares of Common Stock shall have become effective under the Securities Act pursuant to this Agreement and such shares of Common Stock
have been sold pursuant to such effective registration statement, (B) such shares of Common Stock shall have been sold or otherwise distributed pursuant to Rule 144 (or any successor provision) under the Securities Act, (C) such shares of
Common Stock are Transferred (other than to a Permitted Transferee) or are otherwise no longer held by the Securities Holder or a Permitted Transferee who has acquired such Shares in accordance with the terms hereof, or (D) such shares of
Common Stock shall have ceased to be outstanding. 
 “Rollover Notes” has the meaning set forth in the
recitals. 

  
 - 3 -

 “Registration Expenses” means all registration, qualification, filing,
printing, messenger and delivery fees and expenses and all reasonable fees and disbursements of legal counsel, accountants and other advisors relating to the registration of Registrable Securities pursuant to this Agreement, relating to causing such
registration to become effective pursuant to this Agreement, and relating to causing such registration to remain effective for the time periods set forth in this Agreement, but excluding all underwriting discounts and selling commissions applicable
to the registration and sale of Registrable Securities pursuant to this Agreement. 
 “Rule 144” means
Rule 144 under the Securities Act, and any successor rule or regulation thereto, and in the case of any referenced section of such rule, any successor section thereto, collectively and as from time to time amended and in effect. 

“Securities Act” means the Securities Act of 1933, and any successor to such statute, and the rules and regulations of
the Commission issued under such Act, as they each may, from time to time, be amended and in effect. 
 “Securities
Holder” means individually or collectively, as applicable: (i) the entity defined as such in the recitals; (ii) upon the death of any individual Securities Holder, the executor of such Securities Holder or such Securities
Holder’s heirs, devisees, legatees or assigns; or (iii) upon the disability of any Securities Holder, any guardian or conservator of such Securities Holder. 
 “Securities Holder Indemnified Parties” has the meaning set forth in Section 6.1. 
 “Shares” has the meaning given to it in the recitals. 

“Transfer” means any transfer, sale, gift, assignment, distribution, conveyance, pledge, hypothecation, encumbrance or
other voluntary or involuntary transfer of title or beneficial interest, whether or not for value, including, without limitation, any disposition by operation of law or any grant of a derivative or economic interest therein. 

Capitalized terms used but not defined herein have the meanings ascribed to them in the Securities Purchase Agreement. 

ARTICLE II 

DEMAND REGISTRATION 
 2.1 Demand Registration. 
 (a) On and after the Registration Availability
Date, the Securities Holder may make written request to the Company requesting that the Company register under the Securities Act all or any part of the issued and outstanding Registrable Securities, but such request may be made only after the
Registrable Securities relating to such Shares have been issued (a “Demand Registration Request”). The Securities Holder is entitled to make a total of three Demand 

  
 - 4 -

 
Registration Requests pursuant to this Agreement, but not more than one such request in any 12 month period. Upon receipt by the Company of a valid Demand Registration Request, subject to the
restrictions contained herein, the Company shall, in accordance with Article V below, (i) file a registration statement under the Securities Act with the Commission as promptly as practicable after receiving such request to register
under the Securities Act that number of Registrable Securities that has been issued and requested in the respective Demand Registration Request, or (ii) file with the Commission a prospectus supplement (the “Prospectus Supplement”)
to an existing shelf registration statement on Form S-3 which is at the time currently effective (the “Form S-3”) as promptly as practicable after receiving such request hereof to register such number of Registrable Securities,
but, in each case, only to the extent that the Securities Holder has complied with its obligations under Section 7.1 below (each a “Demand Registration”). 

(b) In the event that the Securities Purchase Agreement has been terminated pursuant to the terms thereof, the Securities Holder may make
two written requests to the Company requesting that the Company register under the Securities Act the New Debt. The Company shall endeavor to register such New Debt in substantially the same manner as, and the Company and the Securities Holder shall
be subject to the same terms, conditions and agreements herein provided for, a Demand Registration of Shares, with such appropriate changes to reflect the nature of the security registered, as the parties hereto shall agree, each acting reasonably.

 (c) From and after the Debt Securities Lock-Up End Date (as defined in the Securities Purchase Agreement), the Securities
Holder may make three written requests to the Company requesting that the Company register under the Securities Act the Rollover Notes and/or the Backstop Notes. The Company shall endeavor to register such Rollover Notes and/or Backstop Notes, as
applicable, in substantially the same manner as, and the Company and the Securities Holder shall be subject to the same terms, conditions and agreements herein provided for, a Demand Registration of Shares, with such appropriate changes to reflect
the nature of the security registered, as the parties hereto shall agree, each acting reasonably. 
 2.2 Expenses. With
respect to a Demand Registration, the Company shall bear sole responsibility for all Registration Expenses and Non-Registration Expenses incurred in connection therewith. 
 2.3 Underwriting. If the Securities Holder intends to distribute the Registrable Securities covered by any such Demand Registration by means of an underwriting, then the Securities Holder shall so
advise the Company in the corresponding Demand Registration Request. In such case, the Securities Holder shall negotiate with an underwriter selected by it (which managing underwriter shall be an internationally recognized financial institution
experienced in securities offerings registered under the Securities Act) and approved by the Company, which approval shall not be unreasonably withheld, with regard to the underwriting of such requested Demand Registration. The right of the
Securities Holder to include Registrable Securities in such registration shall be conditioned upon (i) the entry of the Securities Holder (together with the Company and other holders distributing their securities through such underwriting) into
an underwriting agreement in customary form reasonably acceptable to the Securities Holder with the underwriter or underwriters selected for such underwriting, and (ii) the completion and execution by the Securities Holder of all
questionnaires, powers of attorney, 

  
 - 5 -

 
indemnities and other documents required under the terms of such underwriting arrangements. The Company shall bona fide cooperate with the Securities Holder and any underwriter to effect such
underwritten offering. Upon the reasonable request (relative to the proposed size of the offering) of the managing underwriter in such an underwriting, the Company will include in any registration statement filed in response to a Demand Registration
Request the information that would be required by Part I of Form S-1 for a Form S-1 filed pursuant to the Securities Act. Notwithstanding the foregoing sentence, the Company shall not be required to include in any such registration statement the
information required by Item 11(l) of Form S-1. 
 2.4 Registration on Form S–3. In addition to registrations
pursuant to Section 2.1(a), on and after the Registration Availability Date, the Securities Holder may request that the Company file one or more shelf registration statements on Form S-3 (provided that (i) each such request contemplates
the sale of at least $10 million of Common Stock and (ii) no more than two such requests may be made in any 12 month period), if at such time the Company is a registrant entitled to use Form S–3 or any successor thereto to register shares
of Common Stock. Following any such request, the Company shall effect the registration on Form S–3 or any successor thereto for an offering of Registrable Securities to be made on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act (a “Shelf Registration Statement”) and shall use its reasonable best efforts to keep the Shelf Registration Statement effective and usable for the resale or Registrable Securities until the date on which all
Registrable Securities so registered have been sold pursuant to the Shelf Registration Statement or until such securities cease to be Registrable Securities. 
 2.5 Priority for Registrations. Notwithstanding any other provision of this Article II, if the managing underwriter advises the Company or the Securities Holder that the marketability of the
offering would be adversely affected by the number of securities included in such offering, then the Company shall so advise the Securities Holder, or the Securities Holder shall so advise the Company, as applicable, and the number of shares of
Common Stock proposed to be included in such registration other than Registrable Securities shall be reduced as required by the underwriter(s). For the avoidance of doubt, this Section 2.5 applies only to registration statements filed pursuant
to Article II of this Agreement. 
 ARTICLE III 
 PIGGYBACK REGISTRATION 
 3.1 Right to Piggyback Registrations. On
and after the Registration Availability Date, whenever the Company or another party having registration rights proposes that the Company register any of the Company’s equity securities under the Securities Act for any reason (other than a
registration on Form S-4 or Form S-8 or any successor forms thereto), whether or not for sale for the Company’s own account, the Company will give written notice of such proposed registration to the Securities Holder at least 30 days before the
anticipated filing date. Such notice shall offer the Securities Holder the opportunity to register such amount of Registrable Securities as it shall request (a “Piggyback Registration”). The Company shall include in each Piggyback
Registration all Registrable Securities with respect to which the Company has received a written request for inclusion therein from the Securities Holder within 20 days after notice has been given the Securities Holder. If the registration statement
relating to 

  
 - 6 -

 
the Piggyback Registration is for an underwritten offering, such Registrable Securities shall be included in the underwriting on the same terms and conditions as the securities otherwise being
sold through the underwriters. The Securities Holder shall be permitted to withdraw all or part of the Registrable Securities from a Piggyback Registration prior to the effective time of such Piggyback Registration. The right of the Securities
Holder to a Piggyback Registration that is an underwritten offering shall be conditioned upon the Securities Holder entering into an underwriting agreement in customary form with the managing underwriter or underwriters for such registered offering.
No registration pursuant to this Article III will relieve the Company of its obligations to register Registrable Securities pursuant to Article II hereof. The rights to Piggyback Registration may be exercised an unlimited number of
occasions. 
 3.2 Priority for Piggyback Registrations. If the managing underwriter of a Piggyback Registration advises
the Company that, in its opinion, the shares of Common Stock requested to be included in such Piggyback Registration exceeds the amount which can be sold in such offering without adversely affecting the distribution of the securities being offered,
then the Company will allocate the securities to be included in such registration as follows: 
 (i) first, pro
rata among (A) the Company, to the extent the Company proposes to register any securities for its own account, and (B) other Persons who have exercised demand registration rights granted by the Company prior to the date hereof causing the
Company to effect such registration; 
 (ii) second, to the Securities Holder; and 

(iii) third, to other shareholders, including any shareholders who are granted piggyback registration rights after the
date of this Agreement in accordance with Section 10.2. 
 3.3 Expenses. With respect to Piggyback Registrations,
the Company shall bear sole responsibility for all Registration and Non-Registration Expenses incurred in connection with any such Piggyback Registration. 
 ARTICLE IV 
 PERMITTED DELAYS IN REGISTRATION 

4.1 Suspension of Company Obligations. 
 (a) Notwithstanding anything to the contrary herein, the Company’s obligations under Article II of this Agreement to maintain the effectiveness of any registration statement shall be suspended
(and, to the extent applicable, the Securities Holder shall suspend the disposition of any Registrable Securities pursuant to a then currently effective registration statement from and after the time at which it has received written notice from the
Company with respect to such suspension) for a period not to exceed 60 days (and such suspension not to occur more than twice in any 12-month period) in the event that, in the good faith reasonable judgment of the Company’s Board of Directors,
effecting or maintaining the effectiveness of the registration of such Registrable Securities (i) would be detrimental to any material financing, acquisition, merger, disposition of assets, disposition of stock or other comparable transaction

  
 - 7 -

 
then being pursued by the Company or (ii) would require the Company to make public disclosure of material, non-public information which is not otherwise required to be publicly disclosed at
that time, and the public disclosure of which could reasonably be expected to have an adverse effect upon the Company. 
 (b)
The Company shall notify the Securities Holder in writing of the existence of any suspension event set forth in this Section 4.1 and, to the extent requested by the Securities Holder (but only if requested by the Securities Holder) the
reasons therefor. Such notice and, if requested and provided, all facts and circumstances relating to such suspension event, shall be kept confidential by the Securities Holder. The Company shall provide the Securities Holder with further written
notice at such time that the Company reasonably believes the suspension event ceases to justify a suspension pursuant to Section 4.1(a), and shall lift such suspension at such time. 

ARTICLE V 

REGISTRATION PROCEDURES 
 5.1 Registration Procedures. Whenever the Company is obligated to register Registrable Securities pursuant to this Agreement, subject to and in accordance with the terms hereof, the Company shall:

 (a) use its reasonable best efforts to cause the registration statement filed with respect to such Registrable Securities
(i) to become effective as promptly as practicable after the making of such filing and (ii) to remain effective and usable for the resale of Registrable Securities until the date on which all Registrable Securities so registered have been
sold, the relevant offering has been abandoned or until such securities cease to be Registrable Securities; 
 (b) furnish the
Securities Holder, its underwriters, if any, and their respective counsel, at such times so as to permit their reasonable review, the opportunity to review the registration statement, each prospectus included therein or filed with the Commission,
and each amendment thereof or supplement thereto, and to consider in good faith incorporating any comments reasonably requested by the Securities Holder, its underwriters, if any, and their respective counsel, provided that the Securities
Holder’s, the underwriters’, if any, and their respective counsels’ review of such documents shall not delay the filing of the registration statement so long as such parties have been provided a reasonable time to review the same;

 (c) make available for reasonable inspection by, or give reasonable access to, any underwriter and its counsel participating
in any disposition of Registrable Securities all pertinent financial and other records, pertinent corporate documents and properties of the Company and, in respect of any Demand Registration, to cause its senior management to participate in such
management presentations and roadshow as such underwriters may reasonably request (provided, however, that such senior management have been given reasonable advanced notice of such presentations and roadshows and that such senior management
shall only be obligated to participate in one roadshow of reasonably customary duration in respect of any Demand Registration) and to cause the Company’s directors, officers and employees to supply all information reasonably requested by any
such underwriter in connection with the offering thereunder; 

  
 - 8 -

 (d) promptly notify counsel for the Securities Holder and the managing underwriter or agent
and confirm the notice in writing (i) when the registration statement, or any post-effective amendment to the registration statement, will have become effective, or any supplement to the prospectus or any amendment to the prospectus will have
been filed, (ii) of the receipt of any comments from the Commission, (iii) of any request of the Commission to amend the registration statement or amend or supplement the prospectus or for additional information, and (iv) of the
issuance by the Commission of any stop order suspending the effectiveness of the registration statement or of any order preventing or suspending the use of any preliminary prospectus, or of the suspension of the qualification of the registration
statement for offering or sale in any jurisdiction, or of the institution or threatening of any proceedings for any of such purposes; 
 (e) furnish, without charge, to the Securities Holder and to the underwriters of the securities being registered such number of copies of the registration statement, preliminary prospectus, final
prospectus and other documents incident thereto as such underwriters and the Securities Holder from time to time may reasonably request; 
 (f) prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply
with the provisions of the Securities Act and applicable state securities laws with respect to the disposition of all securities covered by such registration statement; 
 (g) use its reasonable best efforts to register or qualify the Registrable Securities covered by such registration statement under such other securities laws or state blue sky laws of such U.S.
jurisdictions as shall be reasonably requested by the Securities Holder for the distribution of the Registrable Securities covered by the registration statement; provided, however, that the Company shall not be required to qualify to do
business or to file a general consent to service of process in any such states or jurisdictions or to subject itself to taxation in any such states or jurisdictions wherein it would not but for the requirements of this paragraph (f) be required
to do so; 
 (h) enter into customary agreements in form and substance reasonably satisfactory to the Company (including a
customary underwriting agreement in form and substance reasonably satisfactory to the Company, if the offering is to be underwritten, in whole or in part), which may include indemnification provisions in favor of underwriters and other Persons in
addition to the provisions of Article VI hereof; 
 (i) notify the Securities Holder at any time when a prospectus
relating thereto covered by such registration statement is required to be delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an
untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing and, at the request of the Securities Holder,

  
 - 9 -

 
as promptly as practicable prepare and furnish to the Securities Holder a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as
thereafter delivered to the purchasers of such securities, such prospectus shall not include an untrue statement of material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances then existing; provided that, upon receipt of such notice from the Company, the Securities Holder will forthwith discontinue disposition of its Registrable Securities pursuant to the registration
statement covering such Registrable Securities until the Securities Holder receives the copies of the supplemented or amended prospectus covering such Registrable Securities (and the Securities Holder shall return to the Company all copies of the
unsupplemented or unamended prospectus covering such Registrable Securities); 
 (j) making all required filings necessary to
list all Registrable Securities covered by such registration statement on the Nasdaq or on such other securities exchange on which shares of Common Stock are then currently listed; 

(k) use its reasonable best efforts to prevent the issuance of any order suspending the effectiveness of a registration statement or
suspending the qualification (or exemption from qualification) of any of the Registrable Securities included therein for sale in any U.S. jurisdiction, and, in the event of the issuance of any stop order suspending the effectiveness of a
registration statement, or of any order suspending the qualification of any Registrable Securities included in such registration statement for sale in any U.S. jurisdiction, use its reasonable best efforts to promptly obtain the withdrawal of such
order; provided that, upon receipt of notice from the Company of such order, the Securities Holder will forthwith discontinue disposition of its Registrable Securities pursuant to the registration statement covering such Registrable
Securities until the Securities Holder is notified by the Company in writing that the order relating to the prospectus covering such Registrable Securities has been withdrawn; 
 (l) use its reasonable best efforts to obtain “cold comfort” letters and updates thereof reasonably satisfactory to the managing underwriters from the independent certified public accountants of
the Company, addressed to each of the underwriters, such letters to be in customary form and covering matters of the type customarily covered in “cold comfort” letters in connection with underwritten offerings; 

(m) use its reasonable best efforts to obtain opinions of outside counsel to the Company reasonably satisfactory to the managing
underwriters, addressed to each of the underwriters covering the matters customarily covered in opinions of issuer’s counsel requested in underwritten offerings; 
 (n) cooperate with the Securities Holder and each underwriter or agent participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required
to be made with the FINRA; and 
 (o) cooperate with the Securities Holder and the managing underwriter or agent, if any, to
facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities to be sold under the registration statement, and enable such securities to be in such denominations and registered in such
names as the managing underwriter or agent, if any, or the Securities Holder may request; and 

  
 - 10 -

 (p) comply in all material respects with the Securities Act, the Exchange Act and any other
applicable rules and regulations of the Commission, and make available to its securities holders, as soon as reasonably practicable, an earnings statement covering the period of at least 12 months after the effective date of such Registration
Statement, which earnings statement shall satisfy Section 11(a) of the Securities Act and any applicable regulations thereunder, including Rule 158; and 
 (q) provide a transfer agent and registrar for all Registrable Securities registered pursuant hereto and a CUSIP number for all such Registrable Securities, in each case not later than the effective date
of such registration. 
 5.2 Company Lock-Up. In the case of an underwritten offering requested to be effected by the
Securities Holder hereunder, upon the reasonable request of the lead underwriter, the Company will refrain for a period of up to 60 days following the later of the effective date of the registration statement or bona fide commencement of the
offering, from directly or indirectly selling, offering to sell, granting any option for the sale of, or otherwise disposing of any common equity or securities convertible into common equity (other than pursuant to Company employee equity plans or
as consideration for the acquisition of a business or all or a substantial portion of the assets thereof) without the consent of the managing underwriter. 
 ARTICLE VI 
 INDEMNIFICATION 

6.1 Indemnification by the Company. In the event of any registration of any Registrable Securities pursuant to this Agreement
under the Securities Act, the Company will indemnify, hold harmless and reimburse the Securities Holder, each of the directors, officers, employees, managers, shareholders, partners, members, counsel, agents or representatives of the Securities
Holder and its Affiliates and each Person who controls the Securities Holder, if any, within the meaning of the Securities Act (collectively, “Securities Holder Indemnified Parties”), against any losses, claims, damages or
liabilities, joint or several, to which the participating Securities Holder or any such Person may become subject under the securities laws (collectively, “Losses”), insofar as such Losses arise out of or are based on any untrue
statement or alleged untrue statement of any material fact contained in the registration statement, or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading (a
“Misstatement/Omission”), under which such Registrable Securities were registered under the Securities Act, in any preliminary prospectus, final prospectus or summary prospectus contained therein, or in any amendment or supplement
thereto, and shall reimburse such Securities Holder Indemnified Parties for any legal and other expenses reasonably incurred by such Securities Holder Indemnified Parties in connection with investigating and/or defending any such Losses, whether or
not resulting in any liability; provided, however, that the Company shall not be liable in any such case to the extent that any such Losses or expense arises out of or is based upon a Misstatement/Omission made in such

  
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registration statement, preliminary prospectus, final prospectus, summary prospectus, amendment or supplement in reliance upon and in conformity with written information furnished to the Company
by or on behalf of such Securities Holder Indemnified Parties specifically for use in the preparation thereof. 
 6.2
Indemnification by Securities Holder. If the Securities Holder’s Registrable Securities are included or are to be included in any registration statement, as a condition to including Registrable Securities in such registration statement,
the Securities Holder hereby agrees, to indemnify, hold harmless and reimburse (in the same manner and to the same extent as set forth in Section 6.1) the Company, each of its directors, officers, employees, managers, shareholders,
counsel, agents or representatives and the Company’s Affiliates and each Person (other than the Securities Holder) who controls the Company, if any, within the meaning of the Securities Act or the Exchange Act with respect to any Losses that
arise out of or are based on any Misstatement/Omission, from such registration statement, preliminary prospectus, final prospectus or summary prospectus, or any amendment or supplement thereto, if such untrue statement or alleged untrue statement or
omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company by the Securities Holder and stated to be specifically for use therein. Notwithstanding the foregoing, the obligation to
indemnify will be limited to the net amount of proceeds received by the Securities Holder from the sale of Registrable Securities pursuant to such registration statement giving rise to such indemnification obligation. Such indemnity shall remain in
full force and effect regardless of any investigation made by or on behalf of the Company or any such director, officer, or any such underwriter or controlling person and shall survive the transfer of such securities by the Securities Holder.

 6.3 Notices of Claims. Promptly after receipt by an indemnified party of notice of the commencement of any action or
proceeding involving a claim referred to in Section 6.1 or Section 6.2, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party, give written notice to the latter of the
commencement of such action; provided, however, that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations under Section 6.1 or Section 6.2,
except to the extent that the indemnifying party is actually prejudiced by such failure to give notice. In case any such action is brought against an indemnified party, unless in such indemnified party’s reasonable judgment a conflict of
interest between such indemnified and indemnifying parties may exist in respect of such claim, the indemnifying party shall be entitled to participate in and to assume the defense of such action, jointly with any other indemnifying party similarly
notified to the extent that it may wish, with counsel reasonably satisfactory to such indemnified party (whose approval shall not be unreasonably withheld), and after notice from the indemnifying party to such indemnified party of its election so to
assume the defense thereof, the indemnifying party shall not be liable to the indemnified party for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense thereof other than reasonable costs of
investigation; provided, that the indemnified party may participate in such defense at the indemnified party’s expense, and provided, further, that all indemnified parties shall have the right to employ one counsel to represent
them if, in the reasonable judgment of such indemnified parties, after receiving the advice of counsel experienced in the defense of matters for which indemnity may be sought hereunder, it is advisable for them to be represented by separate counsel
by reason of having legal defenses which are different from or in addition to those 

  
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available to the indemnifying party, and in that event the reasonable fees and expenses of such one counsel shall be paid by the indemnifying party. If the indemnifying party is not entitled to,
or elects not to, assume the defense of a claim, it will not be obligated to pay the fees and expenses of more than one counsel for the indemnified parties with respect to such claim, unless in the reasonable judgment of any indemnified party a
conflict of interest may exist between such indemnified party and any other indemnified parties with respect to such claim, in which event the indemnifying party shall be obligated to pay the fees and expenses of such additional counsel for the
indemnified parties. No indemnifying party shall consent to entry of any judgment or enter into any settlement without the consent of the indemnified party which does not include as an unconditional term thereof the giving by the claimant or
plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. No indemnifying party shall be subject to any liability for any settlement made without its written consent. The indemnifying party’s
liability to any such indemnified party hereunder shall not be extinguished solely because any other indemnified party is not entitled to indemnity hereunder. 
 6.4 Survival. The indemnification provided for under this Agreement will (i) remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or
any officer, director or controlling Person of such indemnified party and (ii) survive the termination of this Agreement. 

6.5 Contribution. If, for any reason, the foregoing indemnity is unavailable, or is insufficient to hold harmless an indemnified
party, then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of the expense, loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the
indemnifying party on the one hand and the indemnified party on the other (determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission relates to information
supplied by the indemnifying party or the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission), as well as any other relevant equitable
considerations. The amount paid or payable by a party as a result of the expense, loss, claim, damage or liability referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with
any investigation or proceeding. The parties hereto agree that it would not be just or equitable if contribution pursuant to this Section 6.5 were determined by pro rata allocation or by any other means of allocation, unless such
contribution takes into account the equitable considerations referred to in this paragraph. Notwithstanding the provisions of this Section 6.5, a Securities Holder shall not be required to contribute any amount in excess of the amount by
which (i) the amount at which the securities that were sold by such Securities Holder and distributed to the public were offered to the public exceeds (ii) the amount of any damages which such Securities Holder has otherwise been required
to pay by reason of such Misstatement/Omission or violation. No indemnified party guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any indemnifying party
who was not guilty of such fraudulent misrepresentation. 

  
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 ARTICLE VII 
 INFORMATION BY PARTICIPATING SECURITIES HOLDER 
 7.1 Information
Regarding Securities Holder and its Affiliates. At the Company’s reasonable request in writing, following delivery by the Securities Holder to the Company of a Demand Registration Request pursuant to Article II hereof or notice of a
desire to participate in a Piggyback Registration pursuant to Article III hereof, the Securities Holder shall furnish to the Company and any applicable underwriter such information regarding the Securities Holder and the distribution proposed
by the Securities Holder and its Affiliates required by applicable law or regulation to be included in any registration statement or prospectus relating to such registration, as the Company or such underwriter reasonably believes may be required in
connection with any registration, qualification or compliance referred to in this Agreement. 
 ARTICLE VIII 

RULE 144 SALES 
 8.1 Reporting. With a view to making available to the Securities Holder the benefits of certain rules and regulations of the Commission which may permit the sale of Registrable Securities to the
public without registration or through short form registration forms, the Company agrees to use its reasonable best efforts to: 

(a) make and keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act;

 (b) file with the Commission in a timely manner all reports and other documents required of the Company under the Securities
Act and the Exchange Act; and 
 (c) furnish to the Securities Holder forthwith upon request (i) a written statement by the
Company as to its compliance with the reporting requirements of Rule 144, the Securities Act and the Exchange Act, or as to its qualification as a registrant whose securities may be resold pursuant to Form S-3, (ii) a copy of the most recent
annual or quarterly report of the Company and such other reports and documents so filed by the Company and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC which permits the
selling of any such securities without registration or pursuant to such form. 
 ARTICLE IX 

RESTRICTIONS ON TRANSFER 
 9.1 Restrictions on Transferability. 
 (a) The Registrable Securities may be
Transferred, in whole or in part, to any Person; provided, that: 
 (i) there is in effect a registration
statement under the Securities Act covering such proposed Transfer and such Transfer is made in accordance with such registration statement, or 

  
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 (ii) such Transfer is eligible under Rule 144 or such Transfer is otherwise
made in accordance with applicable securities law and the Securities Holder provides the Company and the Company’s transfer agent with a legal opinion from independent internationally recognized legal counsel experienced in such matters,
which legal opinion shall be in customary form reasonably acceptable to the Company and shall state that such Transfer is eligible under Rule 144 or is otherwise made in accordance with applicable securities laws. 

(b) The Securities Holder is aware of the following Telephone Interpretation in the SEC Manual of Publicly Available Telephone
Interpretations (July 1997): 
 A.65. Section 5 
 An issuer filed a Form S-3 registration statement for a secondary offering of common stock which is not yet effective. One of the selling shareholders wanted to do a short sale of common stock
“against the box” and cover the short sale with registered shares after the effective date. The issuer was advised that the short sale could not be made before the registration statement becomes effective, because the shares underlying the
short sale are deemed to be sold at the time such sale is made. There would, therefore, be a violation of Section 5 if the shares were effectively sold prior to the effective date. 

(c) The Company is required to refuse to register any transfer of the Shares which is not made in accordance with Regulation S under the
Securities Act, pursuant to a registration statement under the Securities Act or pursuant to an available exemption therefrom. 

(d) The Securities Holder shall not take any action with respect to any distribution deemed to be made pursuant to any Registration that
would constitute a violation of Regulation M under the Exchange Act. 
 9.2 Permitted Transferees. Rights of the
Securities Holder may be assigned (but only with all related obligations as set forth below) in connection with a transfer of Shares to a Permitted Transferee. Without prejudice to any other or similar conditions imposed hereunder with respect to
any such Transfer, no assignment permitted under the terms of this Section 9.2 will be effective unless the Permitted Transferee to which such assignment is being made has delivered to the Company a written acknowledgment and agreement
in form and substance reasonably satisfactory to the Company that the Shares in respect of which such assignment is made will continue to be deemed Shares and will be subject to all of the provisions of this Agreement relating to Shares and that
such Permitted Transferee will be bound by, and will be a party to, this Agreement. A Permitted Transferee to whom rights are transferred pursuant to this Section 9.2 may not again transfer such rights to any other Permitted Transferee,
other than as provided in this Section 9.2. Any Person to whom rights under this Agreement are transferred in accordance with this Section 9.2 who (i) is a member of the Group and (ii) acquires at least 100,000
shares of Registrable Securities (equitably adjusted for any stock splits, subdivisions, stock dividends, changes, combinations or the like) shall be a “Permitted Transferee.” 

  
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 9.3 No Participation in Other Securities Offerings. The rights granted by the Company
hereunder shall be the exclusive rights granted to the Securities Holder with respect to the registration of Registrable Securities under the Securities Act. Except as otherwise provided herein or in another Operative Agreement (as defined in the
Securities Purchase Agreement), the Securities Holder shall have no rights to participate in any offering of securities by the Company to third parties, whether such offering is effected pursuant to registration under the Securities Act or pursuant
to an exemption from registration thereunder. 
 ARTICLE X 

COVENANTS OF THE PARTIES 
 10.1 Securities Holder. The Securities Holder hereby agrees (i) to cooperate with the Company and, as a condition precedent to the Company’s obligation to file any registration statement,
to furnish to the Company all such information regarding the Securities Holder, its ownership of Registrable Securities and the disposition of such securities in connection with the preparation of and as required by the registration statement and
any filings with any state securities commissions as the Company may reasonably request, (ii) to the extent required by the Securities Act, to deliver or cause delivery of the prospectus contained in the registration statement, any amendment or
supplement thereto, to any purchaser of the Registrable Securities covered by the registration statement from the Securities Holder and (iii) if requested by the Company, to notify the Company of any sale of Registrable Securities by the
Securities Holder. 
 10.2 Company. Following the date of this Agreement, should the Company enter into any agreements
with any holder or prospective holder of Company securities that grant such holder or prospective holder rights to include securities of the Company in any Registration Statement, and holder or prospective holder is reasonably believed by the
Company to hold at least 5% of the outstanding shares of Common Stock, the Company agrees to require such holder or prospective holder to agree in the relevant agreement to the restrictions imposed on the Company under Section 5.2 of this
Agreement. 
 ARTICLE XI 
 TERMINATION 
 11.1 Termination. This Agreement and the rights
provided hereunder shall terminate and be of no further force and effect on the date that all Registrable Securities cease to be Registrable Securities pursuant to the terms of this Agreement. This Section 11.1 shall not, however, apply
to the provisions of Article VI of this Agreement, which shall survive the termination of this Agreement. 

  
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 ARTICLE XII 
 MISCELLANEOUS 
 12.1 Successors and Assigns. The terms and
conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors, assigns and transferees of the parties. The Securities Holder shall be permitted to assign or transfer its rights hereunder to any Permitted
Transferee who acquires all or part of the Shares; provided, however, that no Permitted Transferee shall have any rights hereunder unless and until it has agreed in writing to become a party to this Agreement in accordance with
Section 9.2 hereof (at which time, it shall be deemed to be a Securities Holder as that term is used herein). 
 12.2
Notices. All notices and other communications provided for hereunder shall be in writing and sent by registered or certified mail, return receipt requested, postage prepaid or delivered in person or by courier, telecopier or electronic mail,
and shall be deemed to have been duly given on the date on which personally delivered to, or actually received by, the party to whom such notice is to be given at its address set forth below, or at such other address for the party as shall be
specified by notice given pursuant hereto: 
 Central European Distribution Corporation 

3000 Atrium Way, Suite 265 
 Mount Laurel, New Jersey 08054 
 United States of America 

Attn: William V. Carey, President 
 with a copy (which shall not constitute notice) to: 
 Skadden, Arps, Slate,
Meagher & Flom (UK) LLP 
 40 Bank St., Canary Wharf 

London E14 5DS 

UK 
 Attention:
Scott Simpson, Esq. 
 Facsimile: +44 20 7519 7070 
 and 
 Dewey & LeBoeuf LLP 

1301 Avenue of the Americas 
 New York, New York 10019 
 United States of America 

Attn: Frank R. Adams, Esq. 
  

	 	(a)	If to the Securities Holder, to: 

Roust Trading Ltd. 
 5 Belmont Hills Drive 

  
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 Warwick WK 06, Bermuda 

Attention: Wendell M. Hollis 
 with a copy (which shall not constitute notice) to: 
 Ropes & Gray LLP

 One Metro Center 
 700 12th Street, NW, Suite 900 
 Washington, DC 20005-3948 

USA 

Attention: James Myers 
 Facsimile: +1 (202) 383-8349 
 and 

Ropes & Gray LLP 
 The Prudential Tower 
 800 Boylston Street 

Boston, MA 02199-3600 
 USA 
 Attention: Christopher Comeau 

Facsimile: +1 (617) 951-7050 
 12.3 Governing Law. This Agreement shall be governed by and construed in accordance with the internal procedural and substantive laws of the State of New York without regard to any conflicts of
laws concepts which would apply the substantive law of some other jurisdiction. 
 12.4 Jurisdiction. Each of the parties
hereto irrevocably submits to the exclusive jurisdiction of the United States District Court and other courts of the United States of America located in the State of New York and the state courts in the State of New York for the purpose of any suit,
action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby. Service of process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world
by the same methods as are specified for the giving of notices under this Agreement. Each party hereto irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any
claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND
REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER. 
 12.5 Specific Performance. Each of the
parties hereto acknowledges and agrees that damages will not be an adequate remedy for any material breach or violation of this Agreement if such material breach or violation would cause immediate and irreparable harm (an “Irreparable
Breach”). Accordingly, in the event of a threatened or ongoing Irreparable Breach, each party hereto shall be entitled to equitable relief, without posting any bond or similar 

  
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undertaking, of a kind appropriate in light of the nature of the ongoing or threatened Irreparable Breach, which relief may include, without limitation, specific performance or injunctive relief.
Such remedies shall not be the parties’ exclusive remedies, but shall be in addition to all other remedies provided in this Agreement. 
 12.6 Entire Agreement; Amendments and Waivers. This Agreement constitutes the entire agreement among the parties pertaining to the subject matter hereof and supersedes all prior agreements,
understandings, negotiations and discussions whether oral or written, of the parties. No supplement, modification or waiver of this Agreement shall be binding unless executed in writing by all parties. No waiver of any of the provisions of this
Agreement shall be deemed or shall constitute a waiver of any other provision hereof (whether or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided. 

12.7 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument. Copies of executed counterparts transmitted by telecopy or other electronic transmission service, including via email in .pdf format, shall be considered original executed counterparts.

 12.8 Severability. In the event that any one or more of the provisions contained in this Agreement shall, for any
reason, be held to be invalid, illegal or unenforceable in any respect If any provision of this Agreement is found by any court of competent jurisdiction to be invalid or unenforceable, each party hereto hereby waives such provision to the extent
that it is found to be invalid or unenforceable. Such provision will, to the maximum extent allowable by law, be modified by such court so that it becomes enforceable, and, as modified, will be enforced as any other provision hereof, all the other
provisions hereof continuing in full force and effect. 
 12.9 Headings. The headings of the Articles and Sections herein
are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Agreement. 
 12.10 Gender and Other References. Unless the context clearly indicates otherwise, the use of any gender pronoun in this Agreement shall be deemed to include all other genders, and singular
references shall include the plural and vice versa. 
 12.11 Effectiveness. This Agreement will become effective upon the
Initial Closing (as defined in the Securities Purchase Agreement). In the event that the Securities Purchase Agreement is terminated prior to the Initial Closing, this Agreement shall become null and void in all respects. 

[SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written. 
  

			
	CENTRAL EUROPEAN DISTRIBUTION CORPORATION
		
	By:	 	 /s/ William Carey

	Name:	 	Mr. William V. Carey
	Title:	 	Chairman, CEO and President
	
	ROUST TRADING LTD.
		
	By:	 	 /s/ Wendell M. Hollis

	Name:	 	Wendell M. Hollis
	Title:	 	Director
		
	By:	 	 /s/ Dana Bean

	Name:	 	Dana Bean
	Title:	 	Secretary

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