Document:

Deposit Agreement, dated as of February 2, 2009

 Exhibit 4.9 
 EXECUTION COPY 
 DELHAIZE GROUP SA/NV, 
 AS ISSUER 
 AND 
 THE BANK OF NEW YORK MELLON, 
 AS CDI DEPOSITARY 
 AND 
 THE OWNERS OF BOOK-ENTRY INTERESTS

 DEPOSIT AGREEMENT 
 DATED AS OF
February 2, 2009 

 TABLE OF CONTENTS 
  

			
	ARTICLE I	  	
		
	Definitions And Other General Provisions	  	
		
	 SECTION 1.01. Definitions
	  	1
	 SECTION 1.02. Rules of Construction
	  	4
		
	ARTICLE II	  	
		
	Book-Entry Interests	  	
		
	 SECTION 2.01. Deposit of Book-Entry Interests in the Global Securities: Issuance of Certificated Depositary Interests
	  	4
	 SECTION 2.02. Book-Entry System
	  	4
	 SECTION 2.03. [Reserved]
	  	5
	 SECTION 2.04. Transfer of Certificated Depositary Interests
	  	5
	 SECTION 2.05. Transfer of Interests in the Global Securities
	  	5
	 SECTION 2.06. Payment in Respect of a Certificated Depositary Interest and Global Securities
	  	7
	 SECTION 2.07. Redemption of Securities and Book-Entry Interests
	  	7
	 SECTION 2.08. Record Date
	  	7
	 SECTION 2.09. Action in Respect of a Certificated Depositary Interest
	  	8
	 SECTION 2.10. Offer to Purchase Securities and Book-Entry Interests
	  	8
	 SECTION 2.11. Transfer
	  	9
	 SECTION 2.12. Changes Affecting a Global Security
	  	9
	 SECTION 2.13. Reports
	  	9
	 SECTION 2.14. Information Regarding Belgian Law
	  	10
	 SECTION 2.15. Additional Amounts
	  	10
	 SECTION 2.16. National Bank of Belgium
	  	11
		
	ARTICLE III	  	
		
	The CDI Depositary	  	
		
	 SECTION 3.01. Certain Duties and Responsibility
	  	11
	 SECTION 3.02. Not Responsible for Offering Materials or Issuance of Securities
	  	12
	 SECTION 3.03. Money Held in Trust
	  	12
	 SECTION 3.04. Compensation and Reimbursement
	  	13
	 SECTION 3.05. CDI Depositary Required; Eligibility
	  	14
	 SECTION 3.06. Resignation and Removal; Appointment of Successor
	  	14
	 SECTION 3.07. Acceptance of Appointment by Successor
	  	15
	 SECTION 3.08. Merger, Conversion, Consolidation or Succession to Business
	  	16

  

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	ARTICLE IV	  	
		
	Miscellaneous Provisions	  	
		
	 SECTION 4.01. Notices to CDI Depositary
	  	16
	 SECTION 4.02. Notice to Depositary and Owners; Waiver
	  	17
	 SECTION 4.03. Effect of Heading
	  	18
	 SECTION 4.04. Successors and Assigns
	  	18
	 SECTION 4.05. Separability Clause
	  	18
	 SECTION 4.06. Benefits of Agreement
	  	18
	 SECTION 4.07. Governing Law
	  	18
	 SECTION 4.08. Consent to Jurisdiction; Appointment of Agent for Service of Proof; Waiver of Immunities
	  	18
	 SECTION 4.09. Counterparts
	  	19
	 SECTION 4.10. Inspection of Agreement
	  	19
	 SECTION 4.11. Satisfaction and Discharge
	  	19
	 SECTION 4.12. Amendments
	  	19
	 SECTION 4.13. CDI Depositary to Execute Amendments
	  	20
	 SECTION 4.14. Effect of the Agreement
	  	21
	 SECTION 4.15. No Recourse
	  	21

  

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 THIS DEPOSIT AGREEMENT (this “Agreement”) is made as of this 2nd day of February, 2009
by and between Delhaize Group SA/NV, a limited liability company organized under the laws of the Kingdom of Belgium (naamloz vennootschap) (the “Company”), and The Bank of New York Mellon, a New York banking corporation, as
CDI Depositary (the “CDI Depositary”) and the owners from time to time of beneficial interests in any Certificated Depositary Interest (as defined below) issued hereunder in registered form in respect of Global Securities (as
defined below) representing one or more Series (as defined below) of the Company’s unsecured debentures, notes or other evidence of indebtedness (the “Securities”) to be issued pursuant to the Indenture (as defined below).

 ARTICLE I 
 Definitions And
Other General Provisions 
 SECTION 1.01. Definitions. The following terms, as used herein, have the following meanings:

 “Additional Amounts” shall have the meaning ascribed to it in the Indenture. 
 “Affiliate” of any Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common
control with such Person. For the purposes of this definition, “control”, when used with respect to any specific Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the
ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Amendment Certificate” has the meaning ascribed to it in Section 4.01 hereof. 
 “Authorized Person” has the meaning ascribed to it in Section 4.01 hereof. 
 “Beneficial
Owner” means any Person owning any beneficial interest in a given Certificated Depositary Interest but who is not the holder of such Certificated Depositary Interest and may include any “DTC Participant” (as hereinafter defined);
it being understood that the term “Beneficial Owner” shall not include any agent or financial intermediary holding an interest in such Certificated Depositary Interest solely to the extent such interest is held for or on behalf of any
Beneficial Owner. 
 “CDI Depositary” means the party named as such in this Agreement until a successor shall have become
such pursuant to Section 3.07 hereof, and thereafter “CDI Depositary” shall mean such successor or its nominee or the custodian of either. 
 “Book-Entry Interests” means an interest or interests in any Certificated Depositary Interest issued pursuant to this Agreement which are eligible for trading through DTC’s book-entry system.

 “Business Day” shall have the meaning ascribed to it in the Indenture. 
  

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 “Certificated Depositary Interest” means a global certificate in the form of Appendix A
hereto representing an interest in a Global Security that (i) shall, at all times represent the right to receive 100% of the principal of, and premium, if any, interest and Additional Amounts, if any, on such Global Security and the right to
procure in certain circumstances the exchange of such Global Security for one or more Definitive Registered Securities representing up to 100% of the principal amount at maturity represented by such Global Security and (ii) is issued by the CDI
Depositary to the Depositary or its nominee and held by the CDI Depositary as custodian on behalf of the Depositary. 
 “Clearstream” means Clearstream Banking, SA, or any successor securities clearing agency. 
 “Clearing
Agreement” means the Clearing Service Agreement between the Custodian, the Company and the Principal Paying Agent. 
 “Closing Date” means February 2, 2009. 
 “Company” means the party named as such in this
Agreement until a successor replaces it pursuant to the applicable provisions of the Indenture and, thereafter means the successor. 
 “Company Order” means a written order signed in the name of the Company by a Director and delivered to the CDI Depositary. 
 “Corporate Trust Office” means the office of the CDI Depositary in The Borough of Manhattan, The City of New York, at which at any particular time its corporate trust business shall be principally
administered, which at the date hereof is located at 101 Barclay Street, Floor 21 W, New York, NY 10286. 
 “Custodian”
means the National Bank of Belgium, as operator of the X/N System. 
 “Definitive Registered Securities” means definitive
Securities in registered form exchanged for Global Securities pursuant to the Indenture. 
 “Depositary” means DTC or any
successor, in whose name the Certificated Depositary Interests are recorded pursuant to Section 2.04 hereof. 
 “DTC”
means The Depository Trust Company or its nominee. 
 “DTC Participants” means institutions that have accounts with DTC or
its successors. 
 “Euroclear” means Euroclear Bank SA/NV, or any successor securities clearing agency. 
 “Event of Default” shall have the meaning ascribed to it in the Indenture. 
  

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 “Exchange Act” means the United States Securities Exchange Act of 1934, as amended.

 “Global Security” means one or more global securities in bearer form representing Securities issued pursuant to the
Indenture. 
 “Incumbency Certificate” has the meaning ascribed to it in Section 4.01 hereof. 
 “Indenture” means the indenture dated as of February 2, 2009 between the Company and The Bank of New York Mellon, as Trustee,
relating to the Securities as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental thereto entered into pursuant to the applicable provisions thereof, including for all purposes the
provisions of the TIA that are deemed to be a part of and govern such instrument. 
 “Letter of Representations” means a
Blanket Letter of Representations to DTC from the CDI Depositary on behalf of the Company pertaining to the Securities. 
 “Meeting” shall have the meaning ascribed to it in the Indenture. 
 “Officers’ Certificate”
shall have the meaning ascribed to it in the Indenture. 
 “Opinion of Counsel” means a written opinion from legal counsel,
who may be an employee of or counsel to the Company, a Subsidiary of the Company or the Trustee. 
 “Person” means any
individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof or any other entity. 
 “Principal Paying Agent” means ING Belgium SA/NV or any successor paying agent thereof. 
 “Responsible Officer” means, with respect to the CDI Depositary, any officer assigned to or working in the CDI Depositary’s
corporate trust department or, with respect to a particular corporate trust or agency matter, any other officer to whom such matter is referred because of his or her knowledge and familiarity with the particular subject. 
 “Securities” shall have the meaning set forth in the introductory paragraph of this Agreement. 
 “Securities Act” means the United States Securities Act of 1933, as amended. 
 “Series” means all Securities of the same series authorized by or pursuant to a particular resolution or resolutions of the Board of
Directors of the Company in accordance with the terms of the Indenture. 
 “Subsidiary” shall have the meaning ascribed to
it in the Indenture. 
 “TIA” means the United States Trust Indenture Act of 1939 (15 U.S. §§ 77aaa-77bbbb)
as in effect on the date of the Indenture; provided, however, that in the event the United States Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by such amendment, the United
States Trust Indenture Act of 1939, as so amended. 
  

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 “Trustee” means the Person acting as Trustee under the Indenture until a successor
Trustee shall have become such pursuant to the applicable provisions of the Indenture, and “Trustee” shall thereafter mean such successor Trustee. 
 “X/N System” shall have the meaning ascribed to it in the Indenture. 
 SECTION 1.02.
Rules of Construction. Unless the context otherwise requires, (a) a term has the meaning assigned to it herein; (b) any capitalized term not otherwise defined herein shall have the meaning ascribed to it in the Indenture;
(c) “or” is not exclusive; (d) “including” means including without limitation; and (e) the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this
Agreement as a whole and not to any particular Article, Section or other subdivision. 
 ARTICLE II 
 Book-Entry Interests 
 SECTION 2.01.
Deposit of Book-Entry Interests in the Global Securities: Issuance of Certificated Depositary Interests. The CDI Depositary, as a participant in Euroclear and/or Clearstream, hereby agrees to accept 100% of the book-entry interests in the
Global Securities of a Series for the benefit of the Depositary and shall act as CDI Depositary in accordance with the terms of this Agreement. The CDI Depositary shall issue Certificated Depositary Interests with respect to its book-entry interests
in the Global Securities in accordance with the Letter of Representations. 
 SECTION 2.02. Book-Entry System. (a) Upon
acceptance by DTC of a Certificated Depositary Interest for entry into its book-entry settlement system in accordance with the terms of the Letter of Representations, Book-Entry Interests will be issued by DTC and traded through DTC’s
book-entry system, and ownership of such Book-Entry Interests shall be shown in, and the transfer of such ownership shall be effected through, records maintained by DTC or its successors or DTC Participants. Book-Entry Interests shall be
transferable only as units representing authorized denominations of the Securities of the Series to which they correspond and in the manner contemplated by the Indenture. 
 (b) The Certificated Depositary Interest shall be issuable only to DTC, or successors of DTC or their respective nominees. Except as provided in Section 2.05, no owner of Book-Entry Interests shall be entitled to
receive a Security in definitive form on account of such ownership, and such owner’s interest therein shall be shown only in accordance with the procedures of DTC as set forth in the Letter of Representations. 
  

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 (c) Notwithstanding the foregoing, nothing herein shall prevent the Company, the CDI Depositary or any
agent of the Company or the CDI Depositary from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its DTC Participants, the operation of customary practices
of the Depositary governing the exercise of the rights of a holder of a beneficial interest in any Certificated Depositary Interest. 
 SECTION 2.03. [Reserved] 
 SECTION 2.04. Transfer of Certificated Depositary Interests. The Company appoints the CDI
Depositary as its agent for the sole purpose of maintaining at the CDI Depositary’s Corporate Trust Office records in which the CDI Depositary shall (i) record DTC as the initial owner of the Certificated Depositary Interests,
(ii) record the transfer of ownership of such Certificated Depositary Interests and (iii) record the increases and decreases in the principal amount at maturity represented by such Certificated Depositary Interests. Ownership of a
Certificated Depositary Interest cannot be transferred unless such transfer is noted in the records of the CDI Depositary. The CDI Depositary shall not recognize any transfer or exchange of ownership of Certificated Depositary Interests of a Series
that does not comply with the provisions of this Section 2.04. Unless and until the Global Securities are exchanged in whole or in part for other securities of the Company or for Definitive Registered Securities, the Certificated Depositary
Interests of a Series owned by DTC may not be transferred except as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or another nominee of DTC or by DTC or any such nominee to a successor of DTC or a nominee of such successor. The
CDI Depositary shall treat the Person in whose name a Certificated Depositary Interest is recorded in the records of the CDI Depositary as the owner thereof for all purposes whatsoever and shall not be bound or affected by any notice to the
contrary, other than an order of a court having jurisdiction over the CDI Depositary. 
 The foregoing paragraph shall not (i) impose an
obligation on the CDI Depositary to record the interests in or transfers of Book-Entry Interests held by DTC Participants, or Persons that may hold Book-Entry Interests through DTC Participants or (ii) restrict transfers of such Book-Entry
Interests held by DTC Participants or such Persons. 
 In connection with the CDI Depositary’s appointment as the Company’s agent
under this Section 2.04, the Company shall have such rights and obligations as regards removal of the CDI Depositary and appointment of a successor as are specified in Section 3.07 hereof. 
 SECTION 2.05. Transfer of Interests in the Global Securities. The CDI Depositary shall not transfer or lend any interest in the Global Securities
except (i) the transfer and exchange of a Global Security pursuant to Section 2.07 of the Indenture, (ii) the replacement of a Global Security pursuant to Section 2.08 of the Indenture, (iii) upon delivery of a Global
Security for cancellation pursuant to Section 2.11 of the Indenture and (iv) the transfer of any interest in a Global Security to a successor CDI Depositary appointed in accordance with Section 3.06 hereof. 
  

 5 

 If: 
 (i) the Custodian ceases to operate the X/N System and no successor-operator has been appointed within 120 days after the date on which the Custodian gives notice of such fact to the Company and the Principal Paying
Agent, 
 (ii) both Euroclear and Clearstream notify the Company or the CDI Depositary that they are unwilling or unable to
continue to act as a clearing agent and no successor-clearing agent has been appointed within 15 days after the date on which notice of such fact is given, 
 (iii) if, as a result of any amendment to, or change in, the laws or regulations of Belgium, another Member State (as defined in Section 1.01 of the Indenture) or the United States (or any political sub-division
of any of the foregoing) or of any authority therein or thereof having power to tax or in the interpretation, by a revenue authority or a court, or administration of such laws or regulations, which become effective after the Closing Date, the
Company reasonably concludes that continuing to settle the Securities through the X/N System would require it to make a deduction or withholding from any payment in respect of the Securities, which deduction or withholding would not then be required
in respect of Definitive Registered Securities, 
 (iv) DTC notifies the Company or the CDI Depositary it is unwilling or
unable to continue as depositary with respect to the Certificated Depositary Interests or if at any time it is unable to or ceases to be a clearing agency registered under the Exchange Act and, in either case, no successor-depositary registered as a
clearing agency under the Exchange Act is appointed by the CDI Depositary at the Company’s request within 15 days after the date on which notice of such fact is given, or 
 (v) the CDI Depositary notifies the Company in writing under Section 3.06 hereof that it is unwilling or unable to continue as CDI
Depositary and no successor CDI Depositary has been appointed by the Company within 15 days after the date on which notice of such fact is given, 
 then the
CDI Depositary shall upon written direction from the Principal Paying Agent notify the Depositary that interests in the corresponding Global Security in the form of Book-Entry Interests will be exchanged in whole for Definitive Registered Securities
pursuant to Section 2.07 of the Indenture. Definitive Registered Securities shall be registered by the Company in such names and amounts as the Depositary shall specify upon cancellation of the corresponding Global Security, Certificated
Depositary Interest and all Book-Entry Interests with respect thereto. The CDI Depositary agrees to take all such actions as are reasonable with respect to its interests in the corresponding Global Security held through Euroclear and/or Clearstream
to give effect to the exchange of interests in the corresponding Global Security in the form of Definitive Registered Securities. 
 Exchange
of Definitive Registered Securities pursuant to this Section 2.04 and issue of any certificate delivered in respect thereof shall be made free of any fees of the CDI Depositary to the Depositary or Beneficial Owner with respect thereto.

  

 6 

 SECTION 2.06. Payment in Respect of a Certificated Depositary Interest and Global Securities.
(a) Whenever the CDI Depositary shall receive any payment on a Global Security, including any payments of Additional Amounts, the amount so received shall be distributed promptly to the Depositary on the corresponding payment date for such
Global Security. So long as DTC is the Depositary, such payments shall be made in accordance with the Letter of Representations. 
 (b) The
CDI Depositary shall forward to the Trustee, the Company and their respective agents, as the case may be, such information from its records as the Company may reasonably request to enable the Company or its agents to file necessary reports with
governmental agencies, and the CDI Depositary, the Company and the Trustee or their agents may (but shall not be required to) file any such reports necessary to obtain benefits under any applicable tax treaties for the Depositary or Beneficial
Owners of Book-Entry Interests. 
 (c) None of the Company, the Trustee, the Paying Agent, the Custodian, Euroclear, Clearstream, the CDI
Depositary or any of their respective agents will have any responsibility or liability for any aspect of the records relating to payments made by the Depositary (or its direct or indirect participants) on account of Book-Entry Interests or for
maintaining, supervising or reviewing any records relating to such Book-Entry Interests. 
 (d) Notwithstanding any other provision of this
Agreement, the CDI Depositary shall be required to pay to the Depositary only amounts (including Additional Amounts) received by the CDI Depositary with respect to a Global Security. 
 SECTION 2.07. Redemption of Securities and Book-Entry Interests. In the event that the Company redeems all or any part of a Global Security
pursuant to the Indenture and the terms of the Securities of such Series, the CDI Depositary shall promptly notify the Depositary of the principal amount redeemed and of the corresponding reduction of the same principal amount of the corresponding
Certificated Depositary Interest. The CDI Depositary shall pay all such amounts received by it in connection with such redemption to the Depositary. 
 SECTION 2.08. Record Date. Whenever (i) any payment is to be made in respect of a Global Security, (ii) the CDI Depositary shall receive notice of any action to be taken by the holder of a Global
Security or (iii) whenever the Company deems it appropriate in respect of any other matter, the CDI Depositary may, but shall not be obligated to (except in the case of (ii)) fix a record date (the “Record Date”) (in the case
of payments only, 14 days prior to the due date for such payment) for the determination of the principal amount represented by the Certificated Depositary Interests of a Series representing interests in such Global Security and the holders of such
Certificated Depositary Interests who shall be entitled to receive payment in respect thereof, to take any such action or to act in respect of any such matter, which record date, if any, shall be the same date as that fixed with respect to the
corresponding holder of such Global Security or holders, if any, of corresponding Definitive Registered Securities under the Indenture. Subject to the provisions of this Agreement, only the Depositary in whose name a Certificated Depositary Interest
is recorded in the records of the CDI Depositary at the close of business on such record date shall be entitled to receive any such payment, to give instructions as to such action or to act in respect of any such matter. 
  

 7 

 SECTION 2.09. Action in Respect of a Certificated Depositary Interest. Promptly after receipt by
the CDI Depositary of notice of any solicitation of consents or request for a waiver or other action (to be taken at a Meeting or otherwise) by the holder of a Global Security or holders of interests therein under the Indenture or by the CDI
Depositary under this Agreement, the CDI Depositary shall mail to the Depositary a notice containing (i) such information as is contained in the notice received, (ii) a statement that the Depositary at the close of business on a specified
record date (established in accordance with Section 2.08 hereof) will be entitled, subject to the provisions of or governing such Certificated Depositary Interest or Global Security, as the case may be, to instruct the CDI Depositary as to the
consent, waiver or other action (to be taken at a Meeting or otherwise), if any, pertaining to the Global Securities, this Agreement or the Indenture and (iii) a statement as to the manner in which such instructions may be given. Upon the
written request of the Depositary received on or before the date established by the CDI Depositary for such purpose, but in no event later than the close of business (Belgian time) three Business Days preceding the date set for any action to be
taken by the holders of the Global Securities or interests therein, the CDI Depositary shall endeavor insofar as practicable and permitted under the provisions of this Agreement or the Indenture, as the case may be, to obtain a Voting Certificate
and a Proxy in the manner set forth in Appendix B to the Indenture (to the extent it is regarded as the holder of all or a portion of the Global Securities for the purpose of any such Meeting) and to take such action regarding the requested
consent, waiver offer, or other action (to be taken at a Meeting or otherwise) in respect of all or only a portion of the principal amount at maturity of such Certificated Depositary Interest representing corresponding interests in the Global
Security with respect to which instructions in accordance with any instructions set forth in such request have been received. In addition, the CDI Depositary will forward to the Depositary, or, based upon instructions received from the Depositary,
to owners of Book-Entry Interests of a given Series, all materials received by the CDI Depositary pertaining to any such solicitation, request or other action. The CDI Depositary agrees that the Depositary may grant proxies, sub-proxies or otherwise
authorize DTC Participants (or Persons owning Book-Entry Interests through such DTC Participants) to provide such instructions to the CDI Depositary so that it may exercise any rights of a holder or take any other action which a holder is entitled
to take under the Indenture. The CDI Depositary shall not itself exercise any discretion in the granting of consents or waivers or the taking of any other action in respect of a Global Security. Without prejudice to Section 2.06(c), the records
of the Depositary shall, absent manifest error, be conclusive evidence of the owners of the Book-Entry Interests and the principal amount at maturity represented by such Book-Entry Interests. 
 SECTION 2.10. Offer to Purchase Securities and Book-Entry Interests. Upon receipt by the CDI Depositary as holder of the book-entry interest in
the Global Securities of notice of an offer to purchase Securities of a Series pursuant to Section 3.01 of the Indenture, the CDI Depositary shall forward such notice to the Depositary 

  

 8 

 
with any additional instructions applicable to owners of Book-Entry Interests of such Series. Upon notice by the Depositary of the principal amount of such
Book-Entry Interests tendered for purchase in response to such offer to purchase, such CDI Depositary will instruct the Custodian (through Euroclear and/or Clearstream) to surrender the applicable Global Security in accordance with the instructions
set forth in such offer to purchase indicating the portion of the principal amount of such Global Security that is being tendered for purchase pursuant to the offer to purchase. Upon receipt of any payment resulting from an offer to purchase, the
CDI Depositary shall pay any amounts received to the Depositary, indicate the principal amount of such Global Security reduced by the Trustee in connection with such offer to purchase, and notify the Depositary of a corresponding reduction in the
principal amount of the applicable Certificated Depositary Interest. 
 SECTION 2.11. Transfer. If the owner of a Book-Entry
Interest in a Certificated Depositary Interest of a Series related to one Global Security wishes at any time to transfer such interest to a Person who wishes to take delivery thereof in the form of a Book-Entry Interest in a Certificated Depositary
Interest of such Series relating to a second Global Security, then, to the extent permitted by any applicable regulation, upon receipt by the CDI Depositary of an order given by the Depositary or its authorized representative directing that a
Book-Entry Interest relating to the second Global Security be increased by a specified principal amount and the Book-Entry Interest relating to the first Global Security be decreased in an equal principal amount, such CDI Depositary shall
(i) promptly instruct Euroclear and/or Clearstream, as applicable, to instruct the Custodian to deliver the applicable Global Securities to the Principal Paying Agent and request that the Principal Paying Agent endorse Schedule A to such
Global Securities to reflect the reduction in principal amount of the first Global Security and the corresponding increase in the second Global Security resulting from such transfer and (ii) notify the Depositary of the corresponding
adjustments in the principal amounts of the relevant Certificated Depositary Interests. The Depositary shall make such adjustments in accordance with the provisions of Section 2.04. 
 SECTION 2.12. Changes Affecting a Global Security. Upon any reclassification of Securities of a Series or upon any recapitalization,
reorganization, merger, assumption or consolidation or sale of assets affecting the Company or to which the Company is a party, any interests in securities that shall be received by the CDI Depositary in exchange for or in respect of the relevant
Global Security shall be treated as an interest in a new Global Security or as part of such Global Security under this Agreement and any corresponding Certificated Depositary Interest shall thenceforth represent such Global Security, including such
new securities so received. 
 SECTION 2.13. Reports. The CDI Depositary shall promptly send to the Depositary a copy of any notices,
reports and other communications received relating to the Company or any Securities that are received by the CDI Depositary as holder of the book-entry interests in a Global Security. 
  

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 SECTION 2.14. Information Regarding Belgian Law. The CDI Depositary shall inform DTC that for the
Securities of any Series to be admitted in an exempt account in the X/N System (and for their holders to benefit from the related exemption to Belgian withholding tax) DTC should ensure that it does not hold any Certificated Depository Interest of
such Series on behalf of any investor, such as a Belgian person, who does not qualify as an “Eligible Investor” for the purposes of article 4 of the Royal Decree of 26 May 1994. 
 “Eligible Investors,” as defined in article 4 of the Royal Decree of 26 May 1994, include, inter alia: (1) Belgian resident companies subject to
corporate income tax within the meaning of Article 2, §1, 5°b of the Income Tax Code 1992 (“ITC 1992”); (2) without prejudice to Article 262, 1° and 5° of ITC 1992, Belgian insurance or pension undertakings within the
meaning of Article 2, §3 of the Law of July 9, 1975 on supervision of insurance companies (other than those referred in points 1° and 3° of said Article); (3) State-linked social security organizations and institutions
assimilated therewith within the meaning of Article 105, 2° of the Royal Decree of August 27, 1993 implementing ITC 1992; (4) non-residents of Belgium within the meaning of Article 105, 5° of said Royal Decree of August 27,
1993; (5) mutual funds within the meaning of Article 115 of said Royal Decree of August 27, 1993; (6) companies, entities or partnerships within the meaning of Article 227, 2° of ITC 1992 which are subject to non-resident income
tax in Belgium in accordance with Article 233 of ITC 1992 and whose Securities are held as part of a taxable business activity in Belgium; (7) the Belgian State, with respect to its investments exempted from withholding tax in accordance with
Article 265 of ITC 1992; (8) mutual funds organized under foreign law which are structured as an undivided estate managed by a management company on behalf of certificate holders, provided that their certificates are not publicly offered or
otherwise marketed in Belgium; and (9) Belgian resident companies not referred to in point 1 above whose sole or principal activity consists in granting credits or loans. 
 SECTION 2.15. Additional Amounts. At least 30 days prior to the date the payment of
Additional Amounts with respect to a Series would be required to be made pursuant to Section 4.05 of the Indenture (unless the obligation to make such payment arises after the 30th day prior to that payment date, in which case the Company shall furnish the proceeding certificate promptly thereafter), the Company will furnish the CDI Depositary with an
Officers’ Certificate stating the fact that Additional Amounts with respect to such Series will be payable and the amount so payable. The CDI Depositary shall have no responsibility for determining whether the Depositary or any owner of a
Book-Entry Interest in such Series is entitled to the payment of Additional Amounts, but shall be entitled to rely conclusively for this purpose on the Officers’ Certificate or on certifications from the Depositary. The Company shall, prior to
the time on which the CDI Depositary is required to make such payment, pay to the CDI Depositary amounts equal to any Additional Amounts with respect to such Series payable on such date by the CDI Depositary under this Agreement. Notwithstanding
anything to the contrary provided above, the CDI Depositary shall pay or cause to be paid Additional Amounts with respect to a Series only out of funds that shall be received by it for that purpose. 
  

 10 

 SECTION 2.16. National Bank of Belgium. Each of the CDI Depositary and the Company agree to
recognize the National Bank of Belgium as the Custodian of the Global Securities. 
 ARTICLE III 
 The CDI Depositary 
 SECTION 3.01.
Certain Duties and Responsibility. The CDI Depositary agrees to perform such duties as are specifically set forth in this Agreement. The CDI Depositary may perform or execute any of its duties or powers hereunder directly or, with prior
written approval of the Company (which shall not be unreasonably withheld or delayed), through its agents and shall not be responsible for any willful misconduct or negligence of any agent appointed with due care and approved hereunder, which agent
shall be responsible to the Company for its willful misconduct or negligence. 
 (a) The CDI Depositary assumes no obligation nor shall it be
subject to any liability under this Agreement to the Depositary with respect to any Certificated Depositary Interest or any holder of Book-Entry Interests or any other Person hereunder or in connection herewith if, by reason of any circumstances
beyond the control of the CDI Depositary, including acts of God, war and government action, including any laws, ordinances, regulations or the like which restrict or prohibit the CDI Depositary from doing or performing any act or thing that the
terms of this Agreement provide shall be done or performed. 
 (b) The CDI Depositary shall not be liable for any act or omission to act, any
action taken or omitted to be taken under this Agreement other than by reason of its own bad faith, willful misconduct or negligence in the performance of its obligations under this Agreement and in no event shall the CDI Depositary be liable to
anyone for special, indirect or consequential damages or lost profits, arising in connection with this Agreement. In the absence of bad faith or negligence on its part, the CDI Depositary may conclusively rely, as to the truth of the statements and
the correctness of the opinions expressed therein, upon any written notice, request, direction, certificate, opinion or other document furnished to the CDI Depositary and conforming to the requirements of this Agreement, but in the case of any such
written notice, request, direction, certificate, opinion or other document that by any provision hereof are required to be furnished to the CDI Depositary, the CDI Depositary shall be under a duty to examine the same to determine whether or not they
conform to the requirements of this Agreement. 
 (c) The CDI Depositary assumes no obligation nor shall it be subject to any liability under
this Agreement to any Depositary or any owner of Book-Entry Interests or any other Person (including, without limitation, liability with respect to the validity or worth of the Securities), other than that it agrees to use its good faith and
reasonable care in the performance of its obligations under this Agreement. 
  

 11 

 (d) The CDI Depositary makes no representation or warranty and shall at no time have any responsibility
for, or liability or obligation in respect of, the legality, validity, binding effect, adequacy or enforceability of the Global Securities, the performance and observance by the Company of its obligations under the Global Securities or the
recoverability of any sum of interest or principal due or to become due from the Company in respect of the Global Securities. 
 (e) The CDI
Depositary shall at no time have any responsibility for, or obligation or liability in respect of, the financial condition, creditworthiness, affairs, status or nature of the Company. 
 (f) The CDI Depositary shall not be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Global
Security or in respect of the Certificated Depositary Interests, or take any other action or omit to take any action under this Agreement, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all
expenses and liability be furnished as often as may be required. 
 (g) The CDI Depositary shall not be liable for any acts or omissions made
by a successor CDI Depositary whether in connection with a previous act or omission of the CDI Depositary or in connection with a matter arising wholly after the removal or resignation of the CDI Depositary, unless such act or omissions of such
successor CDI Depositary result from the bad faith, willful misconduct or negligence of the CDI Depositary. 
 (h) The CDI Depositary may own
and deal in any class of securities of the Company and its Affiliates and in the Securities and Book-Entry Interests. The CDI Depositary may enter into other dealings with the Company or any of its Affiliates of any nature whatsoever. 
 (i) The CDI Depositary may conclusively rely on and shall be protected in acting upon written instructions from any authorized Director of the Company.

 (j) The CDI Depositary may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full
and complete authorization and protection with respect to any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 
 SECTION 3.02. Not Responsible for Offering Materials or Issuance of Securities. The CDI Depositary does not make any representations as to the validity or sufficiency of any offering materials. The CDI
Depositary shall not be accountable for the use or application by the Company of the proceeds of the Securities. 
 SECTION 3.03. Money
Held in Trust. Money held by the CDI Depositary in trust hereunder shall be segregated from other funds held by the CDI Depositary as required by law applicable laws or regulations. The CDI Depositary shall be under no obligation to invest or
pay interest on any money received by it hereunder, except as otherwise agreed in writing with the Company. 
  

 12 

 SECTION 3.04. Compensation and Reimbursement. The Company agrees: 
 (a) to pay to the CDI Depositary from time to time such compensation as agreed between them in writing for all services rendered by it
hereunder; 
 (b) except as otherwise expressly provided herein, to reimburse the CDI Depositary upon its request for all
reasonable expenses, disbursements and advances incurred or made by the CDI Depositary in accordance with any provision of this Agreement (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except
any such expense, disbursement or advance as may be attributable to its negligence, willful misconduct or bad faith; and 
 (c) to indemnify the CDI Depositary and its Affiliates, employees and directors for, and to hold them harmless against, any and all loss, liability, claim, damage or expense incurred without negligence, willful misconduct or bad faith on
their part, arising out of or in connection with the acceptance or administration of this Agreement and its duties hereunder, including the reasonable costs and expenses of defending themselves against or investigating any claim of liability in
connection with the exercise or performance of any of its powers or duties hereunder. 
 The CDI Depositary shall notify the Company in
writing of the commencement of any action or lien in respect of which indemnification may be sought promptly after the CDI Depositary becomes aware of such commencement (provided that the failure to make such notification shall not affect the CDI
Depositary’s rights hereunder) and the Company shall be entitled to participate in, and to the extent it shall wish, to assume the defense thereof, including the employment of counsel reasonably satisfactory to the CDI Depositary;
provided that the CDI Depositary may employ, at the Company’s expense, separate counsel if the CDI Depositary shall have reasonably concluded, upon advice of counsel, that there may be legal defenses available to it that are different
from or in addition to those available to the Company; provided, however, that it is understood that the Company shall not, under any circumstances, be liable for the reasonable fees and expenses, as incurred, of more than one counsel
at any one time to the CDI Depositary (except in the case where local counsel may also be required). The CDI Depositary shall not compromise or settle any such action or claim without the written consent of the Company, which consent shall not be
unreasonably withheld. 
 The obligations of the Company under this Section to compensate and indemnify the CDI Depositary and to pay or
reimburse the CDI Depositary for expenses, including reasonable attorney’s fees, disbursements and advances, shall survive the repayment of any Security, resignation or removal of the CDI Depositary and satisfaction, discharge or other
termination of this Agreement. 
 The CDI Depositary shall not be responsible for (i) taxes and other governmental charges (except for
liabilities for failure to backup withhold under relevant U.S. tax law) or (ii) such registration fees as may be in effect for the registration from time to time of transfers of interests in the Certificated Depositary Interests of a Series.

  

 13 

 SECTION 3.05. CDI Depositary Required; Eligibility. At all times when there is a CDI Depositary
hereunder, such CDI Depositary shall be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, having, together with its parent, a combined capital and surplus of at
least $50,000,000, subject to supervision or examination by Federal, State or District of Columbia authority, willing to act on reasonable terms. Such corporation shall have its principal place of business in the Borough of Manhattan, The City of
New York, if there be such a corporation in such location willing to act upon reasonable and customary terms and conditions. If such corporation, or its parent, publishes reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for the purposes of this Section 3.05, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report
of condition so published. The CDI Depositary shall have executed a Letter of Representations to DTC acceptable in form and substance to DTC and the Company pertaining to the Certificated Depositary Interests. The CDI Depositary hereunder shall at
all times be the Trustee under the Indenture, subject to receipt of an Opinion of Counsel that the same Person is precluded by law from acting in such capacities. If at any time the CDI Depositary shall cease to be eligible in accordance with the
provisions of this Section 3.05, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 
 SECTION 3.06. Resignation and Removal; Appointment of Successor. (a) No resignation or removal of the CDI Depositary with respect to a Series of Securities and, in the case of (i) below no appointment of a successor CDI
Depositary with respect to a Series of Securities pursuant to this Article shall become effective until (i) the acceptance of appointment by the successor CDI Depositary with respect to such Series of Securities in accordance with the
applicable requirements of Section 3.08 hereof or (ii) the exchange of Definitive Registered Securities with respect to all outstanding Securities of such Series in accordance with Section 2.04 hereof. 
 (b) The CDI Depositary with respect to a Series of Securities may resign by giving written notice thereof to the Company and the Depositary, in
accordance with Section 4.01 and Section 4.02 hereof, not less than 60 days prior to the effective date of such resignation. The CDI Depositary may be removed with respect to a Series of Securities at any time upon not less than 90
days’ notice by the filing with it and the Trustee of an instrument in writing signed on behalf of the Company and specifying such removal and the date when it is intended to become effective. 
 (c) Notwithstanding the provisions of clauses (a) and (b) of this Section 3.06, if at any time: 
 (i) the CDI Depositary shall cease to be eligible under Section 3.05 hereof and shall fail to resign after written request therefore
by the Company or by the Depositary, or 
 (ii) the CDI Depositary shall become incapable of acting with respect to any
Certificated Depositary Interest or shall be adjudged a bankrupt or insolvent, or a receiver or liquidator of the CDI Depositary or of its property shall be appointed or any public officer shall take charge or control of the CDI Depositary or of its
property or affairs for the purpose of rehabilitation, conservation or liquidation, 
  

 14 

 then, in any such case, (i) the Company may immediately remove the CDI Depositary and appoint a successor CDI
Depositary or (ii) the Depositary or CDI Depositary may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the removal of the CDI Depositary and the appointment of a successor CDI Depositary
unless all Global Securities with respect to all outstanding Securities have been exchanged for Definitive Registered Securities in accordance with the Indenture. Such court may thereupon, after such notice, if any, as it may deem proper and
prescribe, remove the CDI Depositary and appoint a successor CDI Depositary. 
 (d) If, with respect to a Series of Securities, the CDI
Depositary shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of CDI Depositary for any cause, the Company shall promptly appoint a successor CDI Depositary (other than the Company) for such Series of
Securities and shall comply with the applicable requirements of Section 3.07 hereof. If no successor CDI Depositary with respect to a Series of Securities shall have been so appointed by the Company and accepted appointment in the manner
required by Section 3.07, the Depositary or CDI Depositary may, on behalf of itself and all others similarly situated, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor CDI Depositary
for such Series unless Definitive Registered Securities have been issued with respect to all outstanding Securities of such Series in accordance with the Indenture. 
 (e) The Company shall give, or shall cause such successor CDI Depositary to give, notice of each resignation and each removal of a CDI Depositary and each appointment of a successor CDI Depositary to the Depositary in
accordance with Section 4.02 hereof. Each notice shall include the name of the successor CDI Depositary and the address of its Corporate Trust Office. 
 SECTION 3.07. Acceptance of Appointment by Successor. (a) In case of the appointment hereunder of a successor CDI Depositary with respect to one or more Series of Securities, every such successor CDI
Depositary so appointed shall execute, acknowledge and deliver to the Company and to the retiring CDI Depositary an instrument accepting such appointment, and thereupon the resignation or removal of the retiring CDI Depositary shall become effective
and such successor CDI Depositary, without any further act, deed or conveyance shall become vested with all the rights, powers, agencies and duties of the retiring CDI Depositary, with like effect as if originally named as CDI Depositary hereunder;
provided, however, on the request of the Company or the successor CDI Depositary, such retiring CDI Depositary shall, upon payment of all amounts due and payable to it pursuant to Section 3.04 hereof, execute and deliver an
instrument transferring to such successor CDI Depositary all the rights and powers of the retiring CDI Depositary and shall duly assign, transfer and deliver to such successor CDI Depositary all property, records and money held by such retiring CDI
Depositary hereunder related to the affected Series and shall deliver each Global Security of such Series to the successor. 
  

 15 

 (b) Upon request of any such successor CDI Depositary, the Company shall execute any and all instruments
necessary for more fully and certainly vesting in and confirming to such successor CDI Depositary all such rights, powers and agencies referred to in paragraph (a) of this Section 3.07. 
 (c) No successor CDI Depositary shall accept its appointment unless at the time of such acceptance such successor CDI Depositary shall be eligible under
this Article. 
 (d) Upon acceptance of appointment by any successor CDI Depositary as provided in this Section 3.07, the Company shall
give notice thereof to the Depositary in accordance with Section 4.02 hereof. If the acceptance of appointment is substantially contemporaneous with the resignation of the CDI Depositary, the notice called for by the preceding sentence may be
combined with the notice called for by Section 3.06 hereof. If the Company fails to give such notice within 15 days after acceptance of appointment by the successor CDI Depositary, the successor CDI Depositary shall promptly cause such notice
to be given at the expense of the Company. 
 SECTION 3.08. Merger, Conversion, Consolidation or Succession to Business. Any
corporation into which the CDI Depositary may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the CDI Depositary shall be a party, or any corporation
succeeding to all or substantially all the corporate trust or agency business of the CDI Depositary, shall be the successor of the CDI Depositary hereunder, without the execution or filing of any paper or any further act on the part of any of the
parties hereto; provided that such corporation shall be otherwise eligible under this Article. Written notice of any merger, conversion, consolidation or sale shall promptly be given to the Company and the Depositary. 
 ARTICLE IV 
 Miscellaneous Provisions 

 SECTION 4.01. Notices to CDI Depositary. Any request, demand, authorization, direction, notice, consent, or waiver or other
document provided or permitted by this Agreement to be made upon, given or furnished to, or filed with: 
 (a) the CDI
Depositary by the Company or the Depositary shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if made, given, furnished or filed in writing (which may be via facsimile) and delivered or mailed and received,
first-class postage prepaid, to the CDI Depositary at its Corporate Trust Office, Attention: Corporate Trust Administration, Fax: +44 207 964 2536, or at any other address previously furnished in writing by the CDI Depositary to the Depositary, the
Trustee and the Company, or 
  

 16 

 (b) the Company, by the CDI Depositary shall be sufficient for every purpose hereunder
(unless otherwise herein expressly provided) if made, given, furnished or filed in writing (which may be via facsimile) and delivered or mailed and received, first-class postage prepaid, to 
 Etablissements Delhaize Frères et Cie “Le Lion” SA/NV 
 Square Marie Curie 40 
 1070 Brussels 
 Belgium 
 Attention: Richard James and William
Schoofs (separate notices to each person) 
 Fax: +32 2 412 2118 (for Richard James) and +32 2 412 2118 (for William Schoofs) 
 or at any other address previously furnished in writing to the CDI Depositary by the Company. 
 The Company accepts that facsimile communication is not secure, and the CDI Depositary shall incur no liability solely by reason of receiving
instructions from, or transmitting data to, the Company via such a non-secure method, provided the CDI Depositary acts without bad faith, willful misconduct or negligence. 
 The Company shall provide, and shall procure that each of its appointed agents provides, the CDI Depositary with a certificate (the “Incumbency
Certificate”) in a form provided to the Company containing the names, telephone numbers and specimen signatures of each person authorized to execute documents on behalf of the Company (“Authorized Person”). The CDI
Depositary is authorized to comply with and rely upon any notices, instructions or other communications believed by it to have been sent or given by an Authorized Person. The Company and any Authorized Person may amend the Incumbency Certificate or
add any person to or delete any person from the Incumbency Certificate by delivering a certificate that adds or removes one or more Authorized Persons (an “Amendment Certificate”) to the Incumbency Certificate to the CDI Depositary.
However, until the CDI Depositary actually receives such Amendment Certificate to the Incumbency Certificate, the CDI Depositary may rely upon and shall incur no liability for relying upon the original Incumbency Certificate. 
 SECTION 4.02. Notice to Depositary and Owners; Waiver. Where this Agreement provides for notice to the Depositary or owners of Book-Entry
Interests of a Series of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided or as provided in the Letter of Representations) if in writing and mailed, first-class postage prepaid, to the Depositary at the
address notified to the CDI Depositary, in each case not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. Where this Agreement provides for notice in any manner, such notice may be waived
in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by the Depositary shall be filed with the CDI Depositary, but such filing shall not
be a condition precedent to the validity of any action taken in reliance upon such waiver, and such waiver shall be the equivalent of such notice. 
  

 17 

 If any Series of Securities are listed on the Luxembourg Stock Exchange and the rules of that stock
exchange so require, notices shall also be published in a daily leading newspaper with general circulation in Luxembourg (expected to be the Luxemburger Wort). 
 In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the CDI
Depositary shall constitute a sufficient notification for every purpose hereunder. 
 SECTION 4.03. Effect of Heading. The Article and
Section headings herein are for convenience only and shall not affect the construction hereof. 
 SECTION 4.04. Successors and
Assigns. All covenants and agreements in this Agreement by the Company shall bind its successors and assigns, whether so expressed or not. 
 SECTION 4.05. Separability Clause. In case any provision in this Agreement, the Indenture or the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions hereof and
thereof shall not in any way be affected or impaired thereby. The parties to any such agreement shall endeavor in good faith negotiations to replace the invalid, void or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the invalid, void or unenforceable provisions. 
 SECTION 4.06. Benefits of Agreement. Nothing
in this Agreement, the Securities or the Indenture, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, any benefits or any legal or equitable right, remedy or claim under this Agreement. The
owners from time to time of the Book-Entry Interests shall be parties to this Agreement and shall be bound by all of the terms and conditions hereof and of the Indenture and the Securities, by their acceptance of delivery of such Book-Entry
Interests. 
 SECTION 4.07. Governing Law. This agreement shall be governed by, and construed in accordance with, the laws of the
State of New York without regard to the applicable principles of conflicts of laws to the extent that the application of the laws of another jurisdiction would be required thereby. 
 SECTION 4.08. Consent to Jurisdiction; Appointment of Agent for Service of Proof; Waiver of Immunities. By the execution and delivery of this
Agreement the Company irrevocably (i) agrees that any legal suit, action or proceeding against the Company arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in any United States Federal or
state court in the Borough of Manhattan, The City of New York and (ii) waives, to the fullest extent it may effectively do so, any objection which it may now or hereafter have to the laying of venue of any such proceeding. The Company has
appointed Corporation Service Company at 1133 Avenue of the Americas, Suite 3100, New York, NY 10036-6710, USA as its authorized agent (the “Authorized Agent”) upon whom process may 

  

 18 

 
be served in any such action arising out of or based on the Indenture, the Securities or the transactions contemplated hereby which may be instituted in any
New York court, expressly consents to the jurisdiction of any such court in respect of any such action, and waives any other requirements of or objections to personal jurisdiction with respect thereto. Such appointment shall be irrevocable. The
Company represents and warrants that the Authorized Agent has agreed to act as such agent for service of process and agrees to take any reasonable action, including the filing of any and all documents and instruments that may be necessary to
continue such appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent and written notice of such service to the Company shall be deemed, in every respect, effective service of process upon the Company.

 To the extent that the Company has or hereinafter may acquire any immunity from jurisdiction of any court or from any legal process
(whether through service of notice, attachment prior to judgment, attachment in aid of execution or otherwise) with respect to itself or its property, the Company hereby irrevocably waives such immunity in respect of its obligations under this
Agreement to the fullest extent permitted by law. 
 SECTION 4.09. Counterparts. This Agreement may be executed in any number of
counterparts by the parties hereto on separate counterparts, each of which, when so executed and delivered, shall be deemed an original, but all such counterparts shall together constitute one and the same instrument. 
 SECTION 4.10. Inspection of Agreement. A copy of this Agreement shall be available upon reasonable prior written notice at all reasonable times
during normal business hours at the Corporate Trust Office of the CDI Depositary for inspection by any owner of Book-Entry Interests. 
 SECTION 4.11. Satisfaction and Discharge. This Agreement upon a Company Order shall cease to be of further effect with respect to the Securities of a Series, and the CDI Depositary, at the expense of the Company, shall execute proper
instruments provided to it acknowledging satisfaction and discharge of this Agreement with respect to Securities of such Series, when (i) all obligations of the Company with respect to Securities of such Series under the Indenture have been
satisfied and discharged pursuant to the provisions thereof or Definitive Registered Securities have been issued with respect to such Series and the corresponding Global Securities have been canceled in accordance with the provisions of
Section 2.05 or 2.06, (ii) the Company has paid or caused to he paid all sums payable hereunder by the Company with respect to the Securities of such Series and (iii) the Company has delivered to the CDI Depositary an Officers’
Certificate and an Opinion of Counsel, stating that all conditions precedent herein provided relating to the satisfaction and discharge of this Agreement with respect to the Securities of such Series have been complied with. 
 SECTION 4.12. Amendments. The Company and the CDI Depositary may amend this Agreement without the consent of the Depositary or the owners of
Book-Entry Interests of a Series: 
 (a) to cure any ambiguity, omission, defect or inconsistency; 
  

 19 

 (b) to add to the covenants and agreements of the CDI Depositary or the Company;

 (c) to evidence or effectuate the assignment of the CDI Depositary’s rights and duties to a qualified successor, as
provided herein; 
 (d) to comply with any requirements of the Securities Act, the Exchange Act, the U.S. Investment Company
Act of 1940, as amended, the TIA, Belgian securities laws and/or tax laws or any other applicable law, rule or regulation; or 
 (e) to modify, alter, amend or supplement this Agreement in any other manner that is not adverse to the Depositary or the owners of Book-Entry Interests of such Series. 
 No amendment that affects the Depositary or the owners of Book-Entry Interests of any Series may be made to this Agreement without the
written consent of the Depositary or the owners of Book-Entry Interests of such Series , as the case may be. 
 SECTION 4.13. CDI
Depositary to Execute Amendments. The CDI Depositary shall duly execute and deliver any amendment authorized pursuant to Section 4.12, if the amendment does not adversely affect the rights, duties, liabilities or immunities of the CDI
Depositary. If it does, the CDI Depositary may but need not execute and deliver such amendment. In executing and delivering such amendment the CDI Depositary shall be entitled to receive indemnity reasonably satisfactory to it and to receive, and
shall be fully protected in reasonably relying upon, an Officers’ Certificate (which need only cover the matters set forth in clause (a) below) and an Opinion of Counsel stating that: 
 (a) such amendment is authorized or permitted by this Agreement; 
 (b) the Company has all necessary corporate power and authority to execute and deliver the amendment and that the execution, delivery and
performance of such amendment has been duly authorized by all necessary corporate action; 
 (c) the execution, delivery and
performance of the amendment do not conflict with, or result in the breach of or constitute a default under any of the terms, conditions or provisions of (i) this Agreement, (ii) the Articles of Association of the Company (Statuen)
or (iii) any law or regulation applicable to the Company; 
 (d) such amendment has been duly and validly executed and
delivered by the Company, and this Agreement together with such amendment constitutes a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, subject to applicable bankruptcy, insolvency or
similar laws affecting creditors’ rights generally and general equitable principles. 
  

 20 

 SECTION 4.14. Effect of the Agreement. Nothing in this Agreement shall affect the legal
rights of any holder of any Global Security or the obligations of the Company or the Trustee to such holder. 
 SECTION 4.15. No
Recourse. No director, officer, employee, incorporator or shareholder of the Company shall have any liability for any obligations of the Company under the Certificated Depositary Interests, the Global Securities or this Agreement or for any
claim based on, in respect of, or by reason of, such obligations or their creation, and each holder of or owner of a beneficial interest in a Certificated Depositary Interest or Global Security by accepting such interest waives and releases all such
liability, which waiver and release are part of the consideration for issuance of the Global Securities and Certificated Depositary Interests. 
 [Signature page follows] 
  

 21 

 IN WITNESS WHEREOF the parties have caused this Agreement to be duly executed as of the date first
written above. 
  

			
	DELHAIZE GROUP SA/NV
		
	by:	 	/s/ Richard James
		 	Name: Richard James
		 	Title: Vice President - Finance

  

			
	THE BANK OF NEW YORK MELLON,
as CDI Depositary,
		
	by:	 	/s/ Mark Jeanes
		 	Name: Mark Jeanes
		 	Title: Assistant Vice President

 Signature page to the Deposit Agreement 

 APPENDIX A 
 CERTIFICATED DEPOSITARY INTERESTS 
 (Representing Global Securities ) 
 THE BANK OF NEW YORK MELLON 
 CERTIFICATED
DEPOSITARY INTERESTS 
 REPRESENTING INTERESTS IN THE 
 [    ]% SENIOR SECURITIES DUE [    ] OF 
 THE DELHAIZE GROUP SA/NV

 (Incorporated under the laws of the Kingdom of Belgium) 
 The Bank of New York Mellon, as depositary (hereinafter called the “CDI Depositary”), hereby certifies that __________, or registered assigns IS THE OWNER OF ___________ in aggregate principal amount of
Certificated Depositary Interests representing 100% of the [ ]% Securities due [ ] in global bearer form issued on [ ] (herein called the “Global Securities”) of Delhaize Group SA/NV, a société anonyme organized under
the laws of the Kingdom of Belgium (herein called the “Company”). At the date hereof, this Certificated Depositary Interest represents Global Securities in an equal aggregate principal amount subject to the Deposit Agreement (as defined
below) and held by the National Bank of Belgium (herein called the “Custodian”). The CDI Depositary’s Corporate Trust Office is located at a different address than its principal executive office. Its Corporate Trust Office is located
at 101 Barclay Street, New York, N.Y. 10286. 
 1. THE DEPOSIT AGREEMENT. 
 This Certificated Depositary Interest (herein called a “CDI”) is one of an issue, all issued and to be issued or to be issued upon the terms
and conditions set forth in the deposit agreement, dated as of [            ], 2009 (herein called the “Deposit Agreement”), by and among the Company, the CDI Depositary, and the
owners from time to time of beneficial interests in any CDI (herein called the “Book-Entry Interests”) issued thereunder in respect of the Global Securities. The Deposit Agreement sets forth the rights of owners of Book-Entry Interests
(herein called the “Owners”) and the rights and duties of the CDI Depositary in respect of the Securities deposited thereunder and any and all other securities, property and cash from time to time received in respect of such Global
Securities and held thereunder. Copies of the Deposit Agreement are on file at the CDI Depositary’s Corporate Trust Office in New York City. 
 The statements made in this CDI are summaries of certain provisions of the Deposit Agreement and are qualified by and subject to the detailed provisions of the Deposit Agreement, to which reference is hereby made. Capitalized terms defined
in the Deposit Agreement and not defined herein shall have the meanings set forth in the Deposit Agreement. 
  

 A-1 

 2. DEPOSIT OF BOOK ENTRY INTERESTS IN THE GLOBAL SECURITIES: ISSUANCE OF CERTIFICATED DEPOSITARY INTERESTS.

 The CDI Depositary, as a participant in Euroclear and/or Clearstream hereby agrees to accept 100% of the book-entry interests in the
Global Securities for the benefit of the Depositary and shall act as CDI Depositary in accordance with the terms of the Deposit Agreement. The CDI Depositary shall issue Certificated Depositary Interests with respect to its book-entry interests in
the Global Securities in accordance with the Letter of Representations. 
 3. BOOK-ENTRY SYSTEM. 
 (a) Upon acceptance by DTC of a Certificated Depositary Interest for entry into its book-entry settlement system in accordance with the terms of the
Letter of Representations, Book-Entry Interests will be issued by DTC and traded through DTC’s book-entry system, and ownership of such Book-Entry Interests shall be shown in, and the transfer of such ownership shall be effected through,
records maintained by DTC or its successors or DTC Participants. Book-Entry Interests shall be transferable only as units representing authorized denominations of the Securities and in the manner contemplated by the Indenture. 
 (b) The Certificated Depositary Interest shall be issuable only to DTC, or successors of DTC or their respective nominees. Except as provided in
Section 2.05 of the Deposit Agreement, no owner of Book-Entry Interests shall be entitled to receive a Security in definitive form on account of such ownership, and such owner’s interest therein shall be shown only in accordance with the
procedures of DTC as set forth in the Letter of Representations. 
 (c) Notwithstanding the foregoing, nothing herein shall prevent the
Company, the CDI Depositary or any agent of the Company or the CDI Depositary from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its DTC Participants,
the operation of customary practices of the Depositary governing the exercise of the rights of a holder of a beneficial interest in any Certificated Depositary Interest. 
 4. TRANSFER OF CERTIFICATED DEPOSITARY INTERESTS. 
 The Company appoints the CDI Depositary as its
agent for the sole purpose of maintaining at the CDI Depositary’s Corporate Trust Office records in which the CDI Depositary shall (i) record Cede & Co. as the initial owner of the Certificated Depositary Interests,
(ii) record the transfer of ownership of the Certificated Depositary Interests and (iii) record the increases and decreases in the principal amount at maturity represented by the Certificated Depositary Interests. Ownership of a
Certificated Depositary Interest cannot be transferred unless such transfer is noted in the records of the CDI Depositary. The CDI Depositary shall not recognize any transfer or exchange of ownership of Certificated Depositary Interests that does
not comply with the provisions of this section. Unless and until the Global Securities are exchanged in whole or in part for other securities of the Company or for Definitive Registered Securities, the Certificated Depositary Interests owned by DTC
may not be transferred except as a whole by DTC to a nominee of DTC or by a nominee of DTC 

  

 A-2 

 
to DTC or another nominee of DTC or by DTC or any such nominee to a successor of DTC or a nominee of such successor. The CDI Depositary shall treat the
Person in whose name a Certificated Depositary Interest is recorded in the records of the CDI Depositary as the owner thereof for all purposes whatsoever and shall not be bound or affected by any notice to the contrary, other than an order of a
court having jurisdiction over the CDI Depositary. 
 The foregoing paragraph shall not (i) impose an obligation on the CDI Depositary
to record the interests in or transfers of Book-Entry Interests held by DTC Participants, or Persons that may hold Book-Entry Interests through DTC Participants or (ii) restrict transfers of such Book-Entry Interests held by DTC Participants or
such Persons. 
 In connection with the CDI Depositary’s appointment as the Company’s agent under this section, the Company shall
have such rights and obligations as regards removal of the CDI Depositary and appointment of a successor as are specified in Section 3.07 of the Deposit Agreement. 
 5. TRANSFER OF INTERESTS IN THE GLOBAL SECURITIES. 
 The CDI Depositary shall not transfer or lend
any interest in the Global Securities except (i) the transfer and exchange of a Global Security pursuant to Section 2.07 of the Indenture, (ii) the replacement of a Global Security pursuant to Section 2.08 of the
Indenture, (iii) upon delivery of a Global Security for cancellation pursuant to Section 2.11 of the Indenture and (iv) the transfer of any interest in a Global Security to a successor CDI Depositary appointed in accordance with
Section 3.06 of the Deposit Agreement. 
 If: 
 (i) the Custodian ceases to operate the X/N System and no successor-operator has been appointed within 120 days after the date on which the Custodian gives notice of such fact to the Company and the Principal Paying
Agent, 
 (ii) both Euroclear and Clearstream notify the Company or the CDI Depositary that they are unwilling or unable to continue to act as
a clearing agent and no successor- clearing agent has been appointed within 15 days after the date on which notice of such fact is given, 
 (iii) if, as a result of any amendment to, or change in, the laws or regulations of Belgium, another Member State (as defined in Section 1.01 of the Indenture) or the United States (or any political sub-division of any of the
foregoing) or of any authority therein or thereof having power to tax or in the interpretation, by a revenue authority or a court, or administration of such laws or regulations, which become effective after the Closing Date, the Company reasonably
concludes that continuing to settle the Securities through the X/N System would require it to make a deduction or withholding from any payment in respect of the Securities, which deduction or withholding would not then be required in respect of
Definitive Registered Securities, 
  

 A-3 

 (iv) DTC notifies the Company or the CDI Depositary it is unwilling or unable to continue as depositary
with respect to the Certificated Depositary Interests or if at any time it is unable to or ceases to be a clearing agency registered under the Exchange Act and, in either case, no successor-depositary registered as a clearing agency under the
Exchange Act is appointed by the CDI Depositary at the Company’s request within 15 days after the date on which notice of such fact is given, or 
 (v) the CDI Depositary notifies the Company in writing under Section 3.06 of the Deposit Agreement that it is unwilling or unable to continue as CDI Depositary and no successor CDI Depositary has been appointed
by the Company within 15 days after the date on which notice of such fact is given, 
 then the CDI Depositary shall upon written direction from the
Principal Paying Agent notify the Depositary that interests in the corresponding Global Security in the form of Book-Entry Interests will be exchanged in whole for Definitive Registered Securities pursuant to Section 2.07 of the Indenture.
Definitive Registered Securities shall be registered by the Company in such names and amounts as the Depositary shall specify upon cancellation of the corresponding Global Security, Certificated Depositary Interest and all Book-Entry Interests with
respect thereto. The CDI Depositary agrees to take all such actions as are reasonable with respect to its interests in the corresponding Global Security held through Euroclear and/or Clearstream to give effect to the exchange of interests in the
corresponding Global Security in the form of Definitive Registered Securities. 
 Exchange of Definitive Registered Securities pursuant to
this section and issue of any certificate delivered in respect thereof shall be made free of any fees of the CDI Depositary to the Depositary or Beneficial Owner with respect thereto. 
 6. PAYMENT IN RESPECT OF A CERTIFICATED DEPOSITARY INTEREST AND GLOBAL SECURITIES.  
 (a) Whenever
the CDI Depositary shall receive any payment on a Global Security, including any payments of Additional Amounts, the amount so received shall be distributed promptly to the Depositary on the corresponding payment date for such Global Security. So
long as DTC is the Depositary, such payments shall be made in accordance with the Letter of Representations. 
 (b) The CDI Depositary shall
forward to the Trustee, the Company and their respective agents, as the case may be, such information from its records as the Company may reasonably request to enable the Company or its agents to file necessary reports with governmental agencies,
and the CDI Depositary, the Company and the Trustee or their agents may (but shall not be required to) file any such reports necessary to obtain benefits under any applicable tax treaties for the Depositary or Beneficial Owners of Book-Entry
Interests. 
 (c) None of the Company, the Trustee, the Paying Agent, the Custodian, Euroclear, Clearstream, the CDI Depositary or any of
their respective agents will have any responsibility or liability for any aspect of the records relating to payments made by the Depositary (or its direct or indirect participants) on account of Book-Entry Interests or for maintaining, supervising
or reviewing any records relating to such Book-Entry Interests. 
  

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 (d) Notwithstanding any other provision of the Deposit Agreement, the CDI Depositary shall be required to
pay to the Depositary only amounts (including Additional Amounts) received by the CDI Depositary with respect to the Global Security. 
 7. REDEMPTION OF
SECURITIES AND BOOK-ENTRY INTERESTS. 
 In the event that the Company redeems all or any part of a Global Security pursuant to the
Indenture and the terms of the Securities, the CDI Depositary shall promptly notify the Depositary of the principal amount redeemed and of the corresponding reduction of the same principal amount of the corresponding Certificated Depositary
Interest. The CDI Depositary shall pay all such amounts received by it in connection with such redemption to the Depositary. 
 8. RECORD DATE.

 Whenever (i) any payment is to be made in respect of a Global Security, (ii) the CDI Depositary shall receive notice of any
action to be taken by the holder of a Global Security or (iii) whenever the Company deems it appropriate in respect of any other matter, the CDI Depositary may, but shall not be obligated to (except in the case of (ii)) fix a record date (the
“Record Date”) (in the case of payments only, 14 days prior to the due date for such payment) for the determination of the principal amount represented by the Certificated Depositary Interests representing interests in such Global
Security and the holders of such Certificated Depositary Interests who shall be entitled to receive payment in respect thereof, to take any such action or to act in respect of any such matter, which record date, if any, shall be the same date as
that fixed with respect to the corresponding holder of a Global Security or holders, if any, of corresponding Definitive Registered Securities under the Indenture. Subject to the provisions of the Deposit Agreement, only the Depositary in whose name
a Certificated Depositary Interest is recorded in the records of the CDI Depositary at the close of business on such record date shall be entitled to receive any such payment, to give instructions as to such action or to act in respect of any such
matter. 
 9. ACTION IN RESPECT OF A CERTIFICATED DEPOSITARY INTEREST. 
 Promptly after receipt by the CDI Depositary of notice of any solicitation of consents or request for a waiver or other action (to be taken at a Meeting or otherwise) by the holder of a Global Security or holders of
interests therein under the Indenture or by the CDI Depositary under the Deposit Agreement, the CDI Depositary shall mail to the Depositary a notice containing (i) such information as is contained in the notice received, (ii) a statement
that the Depositary at the close of business on a specified record date (established in accordance with Section 2.08 of the Deposit Agreement) will be entitled, subject to the provisions of or governing such Certificated Depositary Interest or
Global Security, as the case may be, to instruct the CDI Depositary as to the consent, waiver or other action (to be taken at a Meeting or otherwise), if any, pertaining to the Global Securities, the Deposit Agreement or the Indenture and
(iii) a statement as to the manner in which such instructions may be given. Upon the written request of the Depositary received on or before the date 

  

 A-5 

 
established by the CDI Depositary for such purpose, but in no event later than the close of business (Belgian time) three Business Days preceding the date
set for any action to be taken by the holders of the Global Securities or interests therein, the CDI Depositary shall endeavor insofar as practicable and permitted under the provisions of the Deposit Agreement or the Indenture, as the case may be,
to obtain a Voting Certificate and a Proxy in the manner set forth in Appendix B to the Indenture (to the extent it is regarded as the holder of all or a portion of the Global Securities for the purpose of any such Meeting) and to take such
action regarding the requested consent, waiver offer, or other action (to be taken at a Meeting or otherwise) in respect of all or only a portion of the principal amount at maturity of such Certificated Depositary Interest representing corresponding
interests in the Global Security with respect to which instructions in accordance with any instructions set forth in such request have been received. In addition, the CDI Depositary will forward to the Depositary, or, based upon instructions
received from the Depositary, to owners of Book-Entry Interests, all materials received by the CDI Depositary pertaining to any such solicitation, request or other action. The CDI Depositary agrees that the Depositary may grant proxies, sub-proxies
or otherwise authorize DTC Participants (or Persons owning Book-Entry Interests through such DTC Participants) to provide such instructions to the CDI Depositary so that it may exercise any rights of a holder or take any other action which a holder
is entitled to take under the Indenture. The CDI Depositary shall not itself exercise any discretion in the granting of consents or waivers or the taking of any other action in respect of a Global Security. Without prejudice to Section 2.06(c)
of the Deposit Agreement, the records of the Depositary shall, absent manifest error, be conclusive evidence of the owners of the Book-Entry Interests and the principal amount at maturity represented by such Book-Entry Interests. 
 10. OFFER TO PURCHASE SECURITIES AND BOOK-ENTRY INTERESTS. 
 Upon receipt by the CDI Depositary as holder of the book-entry interest in the Global Securities of notice of an offer to purchase Securities pursuant to Section 3.01 of the Indenture, the CDI Depositary shall forward such notice to
the Depositary with any additional instructions applicable to owners of Book-Entry Interests. Upon notice by the Depositary of the principal amount of such Book-Entry Interests tendered for purchase in response to such offer to purchase, such CDI
Depositary will instruct the Custodian (through Euroclear and/or Clearstream) to surrender the applicable Global Security in accordance with the instructions set forth in such offer to purchase indicating the portion of the principal amount of such
Global Security that is being tendered for purchase pursuant to the offer to purchase. Upon receipt of any payment resulting from an offer to purchase, the CDI Depositary shall pay any amounts received to the Depositary, indicate the principal
amount of such Global Security reduced by the Trustee in connection with such offer to purchase, and notify the Depositary of a corresponding reduction in the principal amount of the applicable Certificated Depositary Interest. 
 11. TRANSFER. 
 (a) If the owner of a Book-Entry
Interest in a Certificated Depositary Interest related to one Global Security wishes at any time to transfer such interest to a Person who wishes to take delivery thereof in the form of a Book-Entry Interest in a Certificated Depositary Interest
relating to a second Global Security, then, to the 

  

 A-6 

 
extent permitted by any applicable regulation, upon receipt by the CDI Depositary of an order given by the Depositary or its authorized representative
directing that a Book-Entry Interest relating to the second Global Security be increased by a specified principal amount and the Book-Entry Interest relating to the first Global Security be decreased in an equal principal amount, such CDI Depositary
shall (i) promptly instruct Euroclear and/or Clearstream, as applicable, to instruct the Custodian to deliver the applicable Global Securities to the Principal Paying Agent and request that the Principal Paying Agent endorse Schedule A to
such Global Securities to reflect the reduction in principal amount of the first Global Security and the corresponding increase in the second Global Security resulting from such transfer and (ii) notify the Depositary of the corresponding
adjustments in the principal amounts of the Certificated Depositary Interests. The Depositary shall make such adjustments in accordance with the provisions of Section 2.04 of the Deposit Agreement. 
 (b) The Indenture sets forth certain transfer restrictions relating to exchanges or transfers between holders of the Global Securities and/or Definitive
Registered Securities. Owners of Book-Entry Interests acknowledge that analogous transfer restrictions shall apply to transfers and exchanges described in this section. Accordingly, in the circumstances where documentation specified in the Indenture
is required to be delivered to the Trustee in connection with any transfer or exchange involving a Global Security, such document shall be delivered to the CDI Depositary in connection with any analogous transfer or exchange involving Book-Entry
Interest in such Global Security. 
 12. CHANGES AFFECTING A GLOBAL SECURITY. 
 Upon any reclassification of Securities or upon any recapitalization, reorganization, merger, assumption or consolidation or sale of assets affecting the
Company or to which the Company is a party, any interests in securities that shall be received by the CDI Depositary in exchange for or in respect of the relevant Global Security shall be treated as an interest in a new Global Security or as part of
such Global Security under the Deposit Agreement and any corresponding Certificated Depositary Interest shall thenceforth represent such Global Security, including such new securities so received. 
  

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 13. REPORTS. 
 The CDI Depositary shall promptly send to the Depositary a copy of any notices, reports and other communications received relating to the Company or any Securities that are received by the CDI Depositary as holder of the book-entry
interests in the a Global Security. 
 14. INFORMATION REGARDING BELGIAN LAW. 
 The CDI Depositary shall inform DTC that for the Securities to be admitted in an exempt account in the X/N System (and for their holders to benefit from
the related exemption to Belgian withholding tax) DTC should ensure that it does not hold any Certificated Depository Interest on behalf of any investor, such as a Belgian person, who does not qualify as an “Eligible Investor” for the
purposes of article 4 of the Royal Decree of 26 May 1994. 
 “Eligible Investors,” as defined in article 4 of the Royal Decree of 26 May
1994, include, inter alia: (1) Belgian resident companies subject to corporate income tax within the meaning of Article 2, §1, 5°b of the Income Tax Code 1992 (“ITC 1992”); (2) without prejudice to Article 262, 1°
and 5° of ITC 1992, Belgian insurance or pension undertakings within the meaning of Article 2, §3 of the Law of July 9, 1975 on supervision of insurance companies (other than those referred in points 1° and 3° of said Article);
(3) State-linked social security organizations and institutions assimilated therewith within the meaning of Article 105, 2° of the Royal Decree of August 27, 1993 implementing ITC 1992; (4) non-residents of Belgium within the
meaning of Article 105, 5° of said Royal Decree of August 27, 1993; (5) mutual funds within the meaning of Article 115 of said Royal Decree of August 27, 1993; (6) companies, entities or partnerships within the meaning of
Article 227, 2° of ITC 1992 which are subject to non-resident income tax in Belgium in accordance with Article 233 of ITC 1992 and whose Securities are held as part of a taxable business activity in Belgium; (7) the Belgian State, with
respect to its investments exempted from withholding tax in accordance with Article 265 of ITC 1992; (8) mutual funds organized under foreign law which are structured as an undivided estate managed by a management company on behalf of
certificate holders, provided that their certificates are not publicly offered or otherwise marketed in Belgium; and (9) Belgian resident companies not referred to in point 1 above whose sole or principal activity consists in granting credits
or loans. 
 15. ADDITIONAL AMOUNTS. 
 At least 30 days prior to the date the payment of Additional Amounts would be required to be made
pursuant to Section 4.05 of the Indenture (unless the obligation to make such payment arises after the 30th day prior to that payment date, in
which case the Company shall furnish the proceeding certificate promptly thereafter), the Company will furnish the CDI Depositary with an Officers’ Certificate stating the fact that Additional Amounts will be payable and the amount so payable.
The CDI Depositary shall have no responsibility for determining whether the Depositary or any owner of a Book-Entry Interest is entitled to the payment of Additional Amounts, but shall be entitled to rely conclusively for this purpose on the
Officers’ Certificate or on certifications from the Depositary. The Company shall, prior to the time on which the CDI Depositary is required to make such payment, pay to the CDI Depositary 

  

 A-8 

 
amounts equal to any Additional Amounts payable on such date by the CDI Depositary under the Deposit Agreement. Notwithstanding anything to the contrary
provided above, the CDI Depositary shall pay or cause to be paid Additional Amounts only out of funds that shall be received by it for that purpose. 
 16.
NATIONAL BANK OF BELGIUM. 
 Each of the CDI Depositary and the Company agree to recognize the National Bank of Belgium as the
Custodian of the Global Securities. 
 17. CERTAIN DUTIES AND RESPONSIBILITY.
 The CDI Depositary agrees to perform such duties as are specifically set forth in the Deposit Agreement. The CDI Depositary may perform or execute any of
its duties or powers hereunder directly or, with prior written approval of the Company (which shall not be unreasonably withheld or delayed), through its agents and shall not be responsible for any willful misconduct or negligence of any agent
appointed with due care and approved hereunder, which agent shall be responsible to the Company for its willful misconduct or negligence. 
 (a) The CDI Depositary assumes no obligation nor shall it be subject to any liability under the Deposit Agreement to the Depositary with respect to any Certificated Depositary Interest or any holder of Book-Entry Interests or any other
Person hereunder or in connection herewith if, by reason of any circumstances beyond the control of the CDI Depositary, including acts of God, war and government action, including any laws, ordinances, regulations or the like which restrict or
prohibit the CDI Depositary from doing or performing any act or thing that the terms of the Deposit Agreement provide shall be done or performed. 
 (b) The CDI Depositary shall not be liable for any act or omission to act, any action taken or omitted to be taken under the Deposit Agreement other than by reason of its own bad faith, willful misconduct or negligence in the performance of
its obligations under the Deposit Agreement and in no event shall the CDI Depositary be liable to anyone for special, indirect or consequential damages or lost profits, arising in connection with the Deposit Agreement. In the absence of bad faith on
its part, the CDI Depositary may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any written notice, request, direction, certificate, opinion or other document furnished to the CDI
Depositary and conforming to the requirements of the Deposit Agreement, but in the case of any such written notice, request, direction, certificate, opinion or other document that by any provision hereof are required to be furnished to the CDI
Depositary, the CDI Depositary shall be under a duty to examine the same to determine whether or not they conform to the requirements of the Deposit Agreement. 
 (c) The CDI Depositary assumes no obligation nor shall it be subject to any liability under the Deposit Agreement to any Depositary or any owner of Book-Entry Interests (including, without limitation, liability with
respect to the validity or worth of the Securities), other than that it agrees to use its good faith and reasonable care in the performance its obligations under the Deposit Agreement. 
  

 A-9 

 (d) The CDI Depositary makes no representation or warranty and shall at no time have any responsibility
for, or liability or obligation in respect of, the legality, validity, binding effect, adequacy or enforceability of the Global Securities, the performance and observance by the Company of its obligations under the Global Securities or the
recoverability of any sum of interest or principal due or to become due from the Company in respect of the Global Securities. 
 (e) The CDI
Depositary shall at no time have any responsibility for, or obligation or liability in respect of, the financial condition, creditworthiness, affairs, status or nature of the Company. 
 (f) The CDI Depositary shall not be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Global
Security or in respect of the Certificated Depositary Interests, or take any other action or omit to take any action under the Deposit Agreement, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it
against all expenses and liability be furnished as often as may be required. 
 (g) The CDI Depositary shall not be liable for any acts or
omissions made by a successor CDI Depositary whether in connection with a previous act or omission of the CDI Depositary or in connection with a matter arising wholly after the removal or resignation of the CDI Depositary, unless such act or
omissions of such successor CDI Depositary result from the bad faith, willful misconduct or negligence of the CDI Depositary. 
 (h) The CDI
Depositary may own and deal in any class of securities of the Company and its Affiliates and in the Securities and Book-Entry Interests. The CDI Depositary may enter into other dealings with the Company or any of its Affiliates of any nature
whatsoever. 
 (i) The CDI Depositary may conclusively rely on and shall be protected in acting upon written instructions from any authorized
Director of the Company. 
 (j) The CDI Depositary may consult with counsel of its selection and the advice of such counsel or any Opinion of
Counsel shall be full and complete authorization and protection with respect to any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 
 18. NOT RESPONSIBLE FOR OFFERING MATERIALS OR ISSUANCE OF SECURITIES. 
 The CDI Depositary does not
make any representations as to the validity or sufficiency of any offering materials. The CDI Depositary shall not be accountable for the use or application by the Company of the proceeds of the Securities. 
 19. MONEY HELD IN TRUST. 
 Money held by the CDI
Depositary in trust hereunder shall be segregated from other funds held by the CDI Depositary as required by law applicable laws or regulations. The CDI Depositary shall be under no obligation to invest or pay interest on any money received by it
hereunder, except as otherwise agreed in writing with the Company. 
  

 A-10 

 20. COMPENSATION AND REIMBURSEMENT. 
 The Company agrees: 
 (a) to pay to the CDI Depositary from time to time such compensation as agreed between
them in writing for all services rendered by it hereunder; 
 (b) except as otherwise expressly provided herein, to reimburse the CDI
Depositary upon its request for all reasonable expenses, disbursements and advances incurred or made by the CDI Depositary in accordance with any provision of the Deposit Agreement (including the reasonable compensation and the expenses and
disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence, willful misconduct or bad faith; and 
 (c) to indemnify the CDI Depositary and its Affiliates, employees and directors for, and to hold them harmless against, any and all loss, liability, claim, damage or expense incurred without negligence, willful
misconduct or bad faith on their part, arising out of or in connection with the acceptance or administration of the Deposit Agreement and its duties hereunder, including the reasonable costs and expenses of defending themselves against or
investigating any claim of liability in connection with the exercise or performance of any of its powers or duties hereunder. 
 The CDI
Depositary shall notify the Company in writing of the commencement of any action or lien in respect of which indemnification may be sought promptly after the CDI Depositary becomes aware of such commencement (provided that the failure to make such
notification shall not affect the CDI Depositary’s rights hereunder) and the Company shall be entitled to participate in, and to the extent it shall wish, to assume the defense thereof, including the employment of counsel reasonably
satisfactory to the CDI Depositary; provided that the CDI Depositary may employ, at the Company’s expense, separate counsel if the CDI Depositary shall have reasonably concluded, upon advice of counsel, that there may be legal defenses
available to it that are different from or in addition to those available to the Company; provided, however, that it is understood that the Company shall not, under any circumstances, be liable for the reasonable fees and expenses, as
incurred, of more than one counsel at any one time to the CDI Depositary (except in the case where local counsel may also be required). The CDI Depositary shall not compromise or settle any such action or claim without the written consent of the
Company, which consent shall not be unreasonably withheld. 
 The obligations of the Company under this section to compensate and indemnify
the CDI Depositary and to pay or reimburse the CDI Depositary for expenses, including reasonable attorney’s fees, disbursements and advances, shall survive the repayment of any Security, resignation or removal of the CDI Depositary and
satisfaction, discharge or other termination of the Deposit Agreement. 
  

 A-11 

 The CDI Depositary shall not be responsible for (i) taxes and other governmental charges (except for
liabilities for failure to backup withhold under relevant U.S. tax law) or (ii) such registration fees as may be in effect for the registration from time to time of transfers of interests in the Certificated Depositary Interests. 
 21. CDI DEPOSITARY REQUIRED; ELIGIBILITY. 
 At all
times when there is a CDI Depositary hereunder, such CDI Depositary shall be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, having, together with its parent,
a combined capital and surplus of at least $50,000,000, subject to supervision or examination by Federal, State or District of Columbia authority, willing to act on reasonable terms. Such corporation shall have its principal place of business in the
Borough of Manhattan, The City of New York, if there be such a corporation in such location willing to act upon reasonable and customary terms and conditions. If such corporation, or its parent, publishes reports of condition at least annually,
pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published. The CDI Depositary shall have executed a Letter of Representations to DTC acceptable in form and substance to DTC and the Company pertaining to the Certificated Depositary Interests. The CDI
Depositary hereunder shall at all times be the Trustee under the Indenture, subject to receipt of an Opinion of Counsel that the same Person is precluded by law from acting in such capacities. If at any time the CDI Depositary shall cease to be
eligible in accordance with the provisions of this section, it shall resign immediately in the manner and with the effect hereinafter specified in Article 3 of the Deposit Agreement. 
 22. RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR. 
 (a) No resignation or removal of the CDI
Depositary and, in the case of (i) below no appointment of a successor CDI Depositary pursuant to Article 3 of the Deposit Agreement shall become effective until (i) the acceptance of appointment by the successor CDI Depositary in
accordance with the applicable requirements of Section 3.08 of the Deposit Agreement or (ii) the exchange of Definitive Registered Securities with respect to all outstanding Securities in accordance with Section 2.04 of the Deposit
Agreement. 
 (b) The CDI Depositary may resign by giving written notice thereof to the Company and the Depositary, in accordance with
Section 4.01 and Section 4.02 of the Deposit Agreement, not less than 60 days prior to the effective date of such resignation. The CDI Depositary may be removed at any time upon not less than 90 days’ notice by the filing with it and
the Trustee of an instrument in writing signed on behalf of the Company and specifying such removal and the date when it is intended to become effective. 
  

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 (c) Notwithstanding the provisions of clauses (a) and (b) of this section, if at any time:

 (i) the CDI Depositary shall cease to be eligible under Section 3.05 of the Deposit Agreement and shall fail to resign
after written request therefore by the Company or by the Depositary, or 
 (ii) the CDI Depositary shall become incapable of
acting with respect to any Certificated Depositary Interest or shall be adjudged a bankrupt or insolvent, or a receiver or liquidator of the CDI Depositary or of its property shall be appointed or any public officer shall take charge or control of
the CDI Depositary or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 
 then, in any such case, (i) the
Company may immediately remove the CDI Depositary and appoint a successor CDI Depositary or (ii) the Depositary or CDI Depositary may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the
removal of the CDI Depositary and the appointment of a successor CDI Depositary unless all Global Securities with respect to all outstanding Securities have been exchanged for Definitive Registered Securities in accordance with the Indenture. Such
court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the CDI Depositary and appoint a successor CDI Depositary. 
 (d) If the CDI Depositary shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of CDI Depositary for any cause, the Company shall promptly appoint a successor CDI
Depositary (other than the Company) and shall comply with the applicable requirements of Section 3.07 of the Deposit Agreement. If no successor CDI Depositary with respect to the Securities shall have been so appointed by the Company and
accepted appointment in the manner required by Section 3.07 of the Deposit Agreement, the Depositary or CDI Depositary may, on behalf of itself and all others similarly situated, at the expense of the Company, petition any court of competent
jurisdiction for the appointment of a successor CDI Depositary unless Definitive Registered Securities have been issued with respect to all outstanding Securities in accordance with the Indenture. 
 (e) The Company shall give, or shall cause such successor CDI Depositary to give, notice of each resignation and each removal of a CDI Depositary and
each appointment of a successor CDI Depositary to the Depositary in accordance with Section 4.02 of the Deposit Agreement. Each notice shall include the name of the successor CDI Depositary and the address of its Corporate Trust Office.

 23. ACCEPTANCE OF APPOINTMENT BY SUCCESSOR. 
 (a) In case of the appointment hereunder of a successor CDI Depositary, every such successor CDI Depositary so appointed shall execute, acknowledge and deliver to the Company and to the retiring CDI Depositary an instrument accepting such
appointment, and thereupon the resignation or removal of the retiring CDI Depositary shall become effective and such successor CDI Depositary, without any further act, deed or conveyance shall become vested with all the rights, powers, agencies and
duties of the retiring CDI Depositary, with like effect as if originally named as CDI Depositary hereunder; provided, however, on the request of the Company or the successor CDI Depositary, such retiring CDI Depositary shall, upon
payment of all amounts due and payable to it pursuant to Section 3.04 of the Deposit Agreement, 

  

 A-13 

 
execute and deliver an instrument transferring to such successor CDI Depositary all the rights and powers of the retiring CDI Depositary and shall duly
assign, transfer and deliver to such successor CDI Depositary all property, records and money held by such retiring CDI Depositary hereunder and shall deliver each Global Security to the successor. 
 (b) Upon request of any such successor CDI Depositary, the Company shall execute any and all instruments necessary for more fully and certainly vesting
in and confirming to such successor CDI Depositary all such rights, powers and agencies referred to in paragraph (a) of this section. 
 (c) No successor CDI Depositary shall accept its appointment unless at the time of such acceptance such successor CDI Depositary shall be eligible under Article 3 of the Deposit Agreement. 
 (d) Upon acceptance of appointment by any successor CDI Depositary as provided in this section, the Company shall give notice thereof to the Depositary
in accordance with Section 4.02 of the Deposit Agreement. If the acceptance of appointment is substantially contemporaneous with the resignation of the CDI Depositary, the notice called for by the preceding sentence may be combined with the
notice called for by Section 3.06 of the Deposit Agreement. If the Company fails to give such notice within 15 days after acceptance of appointment by the successor CDI Depositary, the successor CDI Depositary shall promptly cause such notice
to be given at the expense of the Company. 
 24. MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS. 
 Any corporation into which the CDI Depositary may be merged or converted or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the CDI Depositary shall be a party, or any corporation succeeding to all or substantially all the corporate trust or agency business of the CDI Depositary, shall be the successor of the CDI Depositary
hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided that such corporation shall be otherwise eligible under Article 3 of the Deposit Agreement. Written notice of any
merger, conversion, consolidation or sale shall promptly be given to the Company and the Depositary. 
  

 A-14Registrant's 2008 Employee Stock Plan Form of Agreement

 Exhibit 10.1 
 AUTODESK, INC. 
 2008 EMPLOYEE STOCK PLAN 
 NONSTATUTORY STOCK OPTION AGREEMENT 
 Autodesk Inc., a Delaware corporation (the “Company”), has granted to the Participant named on the Notice of Grant of Stock Options (the “Notice of Grant”) which is attached hereto an option (the “Option”) to
purchase that number of Shares set forth on the Notice of Grant at the exercise price per Share set forth on the Notice of Grant (the “Exercise Price”), subject to all of the terms, definitions and provisions in this Agreement and the
Company’s stock option plan stated in the Notice of Grant (as applicable, the “Plan”), which is incorporated herein by reference. Subject to Section 14(c) of the Plan, in the event of a conflict between the terms and conditions
of the Plan and the terms and conditions of this Agreement, the terms and conditions of the Plan shall prevail. The terms defined in the Plan shall have the same defined meanings in this Agreement. 
 1. Nature of Option. Each Option granted under this Agreement shall be a Nonstatutory Stock Option (“NSO”). 
 2. Vesting Schedule. Except as provided in Section 3, the Option awarded by this Agreement shall vest in accordance with the vesting
provisions set forth in the Notice of Grant. Shares scheduled to vest on a certain date or upon the occurrence of a certain condition shall not vest in Participant in accordance with any of the provisions of this Agreement, unless Participant shall
have been continuously an Employee from the Date of Grant until the date such vesting occurs. 
 3. Administrator Discretion. The
Administrator, in its discretion, may accelerate the vesting of the balance, or some lesser portion of the balance, of the unvested Option at any time, subject to the terms of the Plan. If so accelerated, such Option shall be considered as having
vested as of the date specified by the Administrator. 
 4. Exercise of Option. This Option may be exercised only within the term set
out in the Notice of Grant, and may be exercised during such term only in accordance with the Plan and the terms of this Agreement. 
 This Option shall be exercisable in a manner and pursuant to such procedures as the Administrator may determine, which shall state the election to exercise the Option, the number of Shares in respect of which the Option is being exercised
(the “Exercised Shares”), and such other representations and agreements as may be required by the Company pursuant to the provisions of the Plan (the “Exercise Notice”). Such Exercise Notice shall be properly completed and
delivered in such manner as the Administrator may determine (including electronically). Payment of the Exercise Price may only be made in such manner as described below, and if appropriate, shall accompany the written notice. This Option shall be
deemed to be exercised upon receipt by the Company (or its designated representative) of the Exercise Notice and completion of payment of the Exercise Price. 

 No Shares shall be issued pursuant to the exercise of this Option unless such issuance
and exercise complies with Applicable Laws. Assuming such compliance, for income tax purposes the Exercised Shares shall be considered transferred to the Participant on the date the Option is exercised with respect to such Exercised Shares. This
Option may not be exercised for a fraction of a share. 
 5. Method of Payment. Payment of the aggregate Exercise Price shall be by
any of the following, or a combination thereof, at the election of the Participant: 
 (a) cash; 
 (b) check; 
 (c) delivery of a properly executed Exercise Notice together with irrevocable instructions to an agent of the Company to sell the Shares and promptly deliver to the Company that portion of the sale proceeds required to pay the Exercise
Price (and any applicable withholding taxes). 
 6. Termination Period. If the Participant ceases to be an Employee, including as a
result of his or her Disability, he or she may, but only within twelve (12) months after the date Participant ceases to be an Employee, exercise this Option to the extent that he or she was entitled to exercise it as of the date of such
cessation; provided, however, that in the event that Participant is terminated for Cause (as defined below), then he or she may only so exercise this Option within three (3) months after the date Participant ceases to be an
Employee. To the extent he or she was not entitled to exercise this Option as of the date of such cessation, or if he or she does not exercise the Option within the time specified herein, the Option shall terminate. For purposes of this
Section 6, “Cause” shall have the meaning set forth either (i) in the Participant’s employment agreement with the Company, if any, or (ii) if the Participant has no such employment agreement with the Company, in the
current version of the Company’s Executive Change in Control Program, in effect on the date of grant set forth in the Notice of Grant. 
 Notwithstanding the foregoing, if, the Participant accepts employment with a Competitor (as defined below) prior to the date Participant terminates employment with the Company, as determined by the Company in its sole
discretion, the Participant may only exercise this Option within three (3) months after the date Participant ceases to be an Employee of the Company. In such case, the Company will notify Participant of the reduction in post-termination
exercise period applicable to this Option and if no notice is provided by the Company during the three (3) month period following the date the Participant ceases to be an Employee, the post-termination exercise period for this Option
will be determined based on the provisions of this Section 6 without regard to this paragraph. For purposes of this Section 6, “Competitor” shall mean the list of competitors as set forth on page 10 of the Company’s Form
10-K for the fiscal year ended January 31, 2008 that was filed with the Securities Exchange Commission on March 28, 2008. 
 In the event of the death of the Participant during the term of this Option and while an Employee, the Option shall become fully exercisable, including as to Shares for which it would not otherwise be exercisable, and may be exercised, at
any time within twelve (12) months following the date of death, by Participant’s estate or by a person who acquired the right to exercise the Option by bequest or inheritance. 

 Notwithstanding the foregoing, in no event may this Option be exercised after the
Expiration Date as provided above and may be subject to earlier termination as provided in Section 13(c) of the Plan. 
 7.
Withholding Taxes. Notwithstanding any contrary provision of this Agreement, no certificate representing the Shares shall be issued to Participant, unless and until satisfactory arrangements (as determined by the Administrator) shall have
been made by Participant with respect to the payment of income, employment and other taxes which the Company determines must be withheld with respect to such Shares. To the extent determined appropriate by the Company in its discretion, it shall
have the right (but not the obligation) to satisfy any tax withholding obligations by reducing the number of Shares otherwise deliverable to Participant. If Participant fails to make satisfactory arrangements for the payment of any required tax
withholding obligations hereunder at the time of the Option exercise, Participant acknowledges and agrees that the Company may refuse to honor the exercise and refuse to deliver Shares if such withholding amounts are not delivered at the time of
exercise. 
 8. Rights as Stockholder. Neither Participant nor any person claiming under or through Participant shall have any of the
rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares shall have been issued, recorded on the records of the Company or its transfer agents or
registrars, and delivered to Participant. After such issuance, recordation and delivery, Participant shall have all the rights of a stockholder of the Company with respect to voting such Shares and receipt of dividends and distributions on such
Shares. 
 9. No Guarantee of Continued Employment. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE
VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS AN EMPLOYEE AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING PARTICIPANT) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED AN OPTION OR PURCHASING SHARES HEREUNDER.
PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS AN EMPLOYEE FOR THE VESTING
PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING PARTICIPANT) TO TERMINATE PARTICIPANT’S RELATIONSHIP AS AN EMPLOYEE AT ANY
TIME, WITH OR WITHOUT CAUSE. 
 10. Address for Notices. Any notice to be given to the Company under the terms of this Agreement shall
be addressed to the Company at Autodesk, Inc., 111 McInnis Parkway, San Rafael, CA 94903, or at such other address as the Company may hereafter designate in writing. 

 11. Grant is Not Transferable. This Option may not be transferred in any manner otherwise than by
will or by the laws of descent or distribution and may be exercised during the lifetime of Participant only by Participant. 
 12. Binding
Agreement. Subject to the limitation on the transferability of this grant contained herein, this Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties
hereto. 
 13. Additional Conditions to Issuance of Stock. If at any time the Company shall determine, in its discretion, that the
listing, registration or qualification of the Shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory authority is necessary or desirable as a condition to the issuance of
Shares to Participant (or his or her estate), such issuance shall not occur unless and until such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Company.
The Company shall make all reasonable efforts to meet the requirements of any such state or federal law or securities exchange and to obtain any such consent or approval of any such governmental authority. 
 14. Plan Governs. This Agreement is subject to all terms and provisions of the Plan. In the event of a conflict between one or more provisions of
this Agreement and one or more provisions of the Plan, the provisions of the Plan shall govern. Capitalized terms used and not defined in this Agreement shall have the meaning set forth in the Plan. 
 15. Administrator Authority. The Administrator shall have the power to interpret the Plan and this Agreement and to adopt such rules for the
administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any Shares subject to the Option have vested). All
actions taken and all interpretations and determinations made by the Administrator in good faith shall be final and binding upon Participant, the Company and all other interested persons. The Administrator shall not be personally liable for any
action, determination or interpretation made in good faith with respect to the Plan or this Agreement. The Administrator shall, in its absolute discretion, determine when such conditions have been fulfilled. 
 16. Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to Options awarded under the Plan or
future Options that may be awarded under the Plan by electronic means or request Participant’s consent to participate in the Plan by electronic means. Participant hereby consents to receive such documents by electronic delivery and agrees to
participate in the Plan through any on-line or electronic system established and maintained by the Company or another third party designated by the Company. 
 17. Captions. Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Agreement. 
 18. Agreement Severable. In the event that any provision in this Agreement shall be held invalid or unenforceable, such provision shall be
severable from, and such invalidity or unenforceability shall not be construed to have any effect on, the remaining provisions of this Agreement. 

 19. Modifications to the Agreement. This Agreement constitutes the entire understanding of the
parties on the subjects covered. Participant expressly warrants that he or she is not accepting this Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Agreement or the
Plan can be made only in an express written contract executed by a duly authorized officer of the Company. 
 20. Amendment, Suspension or
Termination of the Plan. By accepting this Award, Participant expressly warrants that he or she has received an Option under the Plan, and has received, read and understood a description of the Plan. Participant understands that the Plan is
discretionary in nature and may be amended, suspended or terminated by the Company at any time. 
 21. Governing Law. This Agreement
shall be governed by the laws of the State of California, without giving effect to the conflict of law principles thereof. For purposes of litigating any dispute that arises under this Option or this Agreement, the parties hereby submit to and
consent to the jurisdiction of the State of California, and agree that such litigation will be conducted in the courts of Marin County, California, or the federal courts for the United States for the District of Northern California, and no
other courts, where this Option is made and/or to be performed.

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