Document:

exhibit10-5.htm - Generated by SEC Publisher for SEC Filing

 

 

                                                                    
EXHIBIT 10.5

 

          
SHAREHOLDERS' VOTING RIGHTS AGREEMENT AND OTHER COVENANTS

 

 

Among:

 

 

1.  
Santa Judith Participacoes S.A. (formerly named 312 Participacoes S.A.),

    
a corporation duly incorporated and validly existing under the laws of

    
the Federative Republic of Brazil, with head office at Av. Brigadeiro

    
Faria Lima nr. 3729, 7th. floor (part), in the city of Sao Paulo (SP),

    
enrolled in the taxpayers' registry under number 03.970.207/0001-87

    
("LH1");

 

2.  
Santa Irene Participacoes S.A. (formerly named 323 Participacoes S.A.), a

    
corporation duly incorporated and validly existing under the laws of the

    
Federative Republic of Brazil, with head office at Av. Brigadeiro Faria

    
Lima nr. 3729, 7th floor (part), Sao Paulo (SP), enrolled in the

    
taxpayers' registry under number 04.001.357/0001-45 ("LH2");

 

3.  
Santa Estela Participacoes S.A. (formerly named 328 Participacoes S.A.),

   
 a corporation duly incorporated and validly existing under the laws of

    
the Federative Republic of Brazil, with head office at Av. Brigadeiro

    
Faria Lima nr. 3729, 7th floor (part), Sao Paulo (SP), enrolled in the

    
taxpayers' registry under number 04.007.374/0001-90 ("SH"); and

 

4.  
Santa Prudencia Participacoes S.A. (formerly named 327 Participacoes

    
S.A.), a corporation duly incorporated and validly existing under the

    
laws of the Federative Republic of Brazil, with head office at Av.

    
Brigadeiro Faria Lima nr. 3729, 7th floor (part), in the city of Sao

    
Paulo (SP), enrolled in the taxpayers' registry under number

    
04.006.973/0001-99 ("TH"),

 

and,
as Intervening Parties,

 

5.  
Jorge Paulo Lemann, Brazilian citizen, married, economist, residing in

    
Sao Paulo (SP), holder of ID no. 1.566.020-IFP/RJ, enrolled in the CPF/MF

    
under nr. 005.392.877-68 ("JPL");

 

6.  
Carlos Alberto da Veiga Sicupira, Brazilian citizen, married, business

    
manager, residing in Sao Paulo (SP), holder of ID no. 1.971.453-IFP/RJ,

    
enrolled in the CPF/MF under nr. 041.895.317-15 ("CAS"); and

 

7.  
Marcel Herrmann Telles, Brazilian citizen, married, economist, residing

    
in Sao Paulo (SP), holder of ID no. 02.347.932-2-IFP/RJ, enrolled in the

    
CPF/MF under nr. 235.839.087-91 ("MHT").

 

 

 

 

 

 

 

 

                                                                            
2

 

With
the acknowledgement and acceptance of:

 

1.  
S-BRACO Participacoes S.A. (formerly named 311 Participacoes S.A.), a

    
corporation duly incorporated and validly existing under the laws of the

    
Federative Republic of Brazil, with head office at Av. Brigadeiro Faria

    
Lima nr. 3729, 7th floor (part), Sao Paulo (SP), enrolled in the

    
taxpayers' registry under number 03.980.209/0001-57 ("S-Braco" or the

    
"Company");

 

2.  
Braco S.A., a corporation duly incorporated and validly existing under

    
the laws of the Federative Republic of Brazil, with head offices at Av.

    
Brigadeiro Faria
Lima nr. 3729, 7th floor (part), Sao Paulo (SP),

    
enrolled
in the taxpayers' registry under number 35.756.022/0001-60

    
("Braco"); 

 

3.  
Empresa de Administracao e Participacoes S.A. - ECAP, a corporation duly

    
incorporated
and validly existing under the laws of the Federative

    
Republic of Brazil, with head offices at Av. Brigadeiro Faria Lima nr.

    
3729, 7th floor (part), Sao Paulo (SP), enrolled in the taxpayers'

    
registry under number 27.098.946/0001-99 ("Ecap"); and

 

4.  
Companhia de Bebidas das Americas - AmBev, a corporation duly

    
incorporated
and validly existing under the laws of the Federative

    
Republic of Brazil, with head offices at Av. Maria Coelho Aguiar nr. 215,

    
b. F, 6th floor, Sao Paulo (SP), enrolled in the taxpayers' registry

    
under number 02.808.708/0001-07 ("AmBev").

 

 

A.
RECITALS

 

I.  
LH1, LH2, SH and TH are each hereinafter referred to as "Holding" or
as

    
"Party".

 

II. 
JPL, MHT and CAS are each hereinafter referred to as "Intervening
Party".

 

III.
S-Braco, Braco, Ecap and AmBev are each hereinafter referred to as

    
"Acknowledging Party".

 

IV. 
Each direct descendent of JPL, MHT and CAS (e.g. children, grandchildren

    
etc.) is hereinafter referred to as "Family Member".

 

V.  
LH1 and LH2 are companies controlled by JPL; SH is a company controlled

    
by CAS; TH is a company controlled by MHT.

 

 

 

 

 

 

 

 

                                                                            
3

 

VI. 
The Holdings, in conjunction, directly control S-Braco, which, in turn,

    
directly controls Braco. Braco directly, and indirectly through its

    
subsidiary ECAP, holds a significant block of common and preferred shares

    
in AmBev.

 

VII.
In this Shareholders' Voting Rights Agreement and Other Covenants (the

    
"Shareholders' Voting Rights Agreement"), any reference in the plural
of

    
a defined term which was originally expressed in the singular, as well as

    
any reference in the singular of a defined term which was originally

    
expressed in the plural, signifies only a quantitative modification and

    
shall not be deemed to cause any change regarding the subject represented

    
by the respective defined term.

 

 

B.  
CAPITAL STRUCTURE OF S-BRACO

 

<TABLE>

 

S-Braco's
capital structure is, as of today, as follows:

<CAPTION>

 

                                 
# Common              # Preferred                 # Total of       %

Shareholder                       
Shares         %        Shares           %          Shares      Total

<S>                              
<C>            <C>    <C>                <C>     
<C>            <C>

 

Santa
Judith

Participacoes
S.A.                384.959        25        149.621         50        
534.580      29,07

 

Santa
Irene

Participacoes
S.A.                384.959        25        149.621          0        
534.580      29,07

 

Santa
Prudencia

Participacoes
S.A.                384.959        25              0         50        
384.959      20,93

 

Santa
Estela

Participacoes
S.A.                384.959        25              0          0        
384.959      20,93

 

Jorge
Paulo

Lemann                                 
1         0              0          0               1          0

 

Carlos
Alberto da

Veiga
Sicupira                          1         0              0         
0               1          0

 

Marcel
Hermann

Telles                                 
1         0              0          0               1          0

 

Paulo
Alberto

Lemann                                 
1         0              0          0               1          0

 

 
Total                         1.539.840       100        299.242       
100       1.839.082        100

</TABLE>

 

 

 

 

 

 

 

 

                                   
                                         4 

 

C.  
AMBEV'S CONTROL

 

On
July 1st, 1999, Fundacao Antonio e Helena Zerrenner Instituicao Nacional de

Beneficencia
("Fundacao Zerrenner"), Braco and Ecap, as well as AmBev, JPL,

MHT
and CAS, the latter four as intervening parties, entered into a

shareholders'
agreement with respect to the voting of shares of AmBev and the

voting
by AmBev of the shares of its subsidiaries, among other matters, which

is
attached hereto as Annex 1 (the "AmBev Shareholders' Agreement").

 

 

Now,
therefore, the Parties have come to the following agreement:

 

 

1.  
Purpose of this Shareholders' Voting Rights Agreement

 

The
Parties intend to enter into this Shareholders' Voting Rights Agreement in

order
to govern their rights and obligations: (i) as holders of common

("ordinarias")
and/or preferred ("preferenciais") shares issued by the Company

and/or
by its successors ("S-Braco Shares"); (ii) as direct and indirect

holders
of common and/or preferred shares issued by Braco and/or by its

successors
("Braco Shares"); (iii) as direct and indirect holders of common

and/or
preferred shares issued by Ecap and/or by its successors ("Ecap

Shares");
and (iv) as direct and indirect holders of common shares issued by

AmBev
and/or by its successors ("AmBev Shares").

 

For
the avoidance of any doubt, this Shareholders' Voting Rights Agreement is

not
intended to, and does not, govern the Parties' rights and obligations as

direct
and/or indirect holders of any other non-voting security issued by the

Company,
Braco, Ecap or AmBev except for (a) any warrants which entitle the

holder
to subscribe for new common shares in AmBev (also included in the

concept
of AmBev Shares), (b) any and all non-voting quotas, preferred

non-voting
shares and/or other securities owned by the Parties issued by the

Company
or by any company or other type of institution controlled directly or

indirectly
by the Company, notably Braco, Ecap, AmBev and their respective

subsidiaries
and/or any successors of any of these companies or other types of

institutions
("Controlled Companies"), which in the future may acquire voting

rights,
and (c) any other securities which entitle the holder to subscribe for

new
voting shares in the Company and/or in the Controlled Companies, which

will
be automatically included in the concept of, as the case may be, S-Braco

Shares,
Braco Shares, Ecap Shares and AmBev Shares, for the time such

securities
entitle the holder to subscribe for new voting shares in the

Company
and/or in the Controlled Companies, limited or not (e.g. as a result

of
a change in the applicable law or regulations, or of the non-payment of

dividends,
or otherwise).

 

Any
future S-Braco Shares, Braco Shares, Ecap Shares and AmBev Shares directly

or
indirectly acquired by the Parties shall be forthwith subject to this

Shareholders'
Voting Rights Agreement.

 

 

 

 

 

 

 

 

                                                                            
5

 

2.  
Compliance with this Shareholders' Voting Rights Agreement

 

Each
Holding (and JPL, MHT and CAS) undertakes to exercise its influence in

the
Company and in the Controlled Companies, including any voting rights

granted
by all those companies' shares or quotas, as well as to cause its

representatives
in all those companies' board of directors ("Board") or

Executive
Committee ("Diretoria") to act and vote in such manner as to be, at

all
times, in full compliance with the terms of this Shareholders' Voting

Rights
Agreement.

 

Each
of the Intervening Parties undertakes - individually and on behalf of

their
respective successors - to use its best efforts to cause (a) each

Holding,
the Company and the Controlled Companies to comply with the

provisions
of this Shareholders' Voting Rights Agreement and (b) the

respective
legal structures of the Parties, the Company and the Controlled

Companies
to be at all times in full compliance with the principles herein

laid
down.

 

 

3.  
Representation on the Board of Directors of the Company

 

The
Board of the Company shall consist of four members. Braco and Ecap shall

not
have a Board but only an Executive Committee of two to four members. Each

block
of voting shares representing 25% (twenty-five percent) of the voting

capital
stock of the Company shall entitle its owner(s), at all times, to

designate
(i) one member of the Board of the Company, (ii) one member of the

Executive
Committee of Braco, (iii) one member of the Executive Committee of

Ecap
and (iv) one member of the Board of AmBev and the respective alternate

member.

 

The
Parties shall appoint a higher number of individuals to function as Board

members
of AmBev if it proves to be necessary to maintain control over AmBev's

Board,
alone or in conjunction with Fundacao Zerrenner, in any case pursuant

to
the AmBev Shareholders' Agreement.

 

4.  
Access to Information

 

Each
Party, through the Board of Directors and/or Executive Committee member

designated
by it, shall be entitled to receive all information relating to the

Company
and to the Controlled Companies and to have access to the books and

records
of the Company and of the Controlled Companies on a reasonable basis.

 

The
Holdings and all Intervening Parties, as well as all Acknowledging Parties

to
this Shareholders' Voting Rights Agreement, shall keep all non-publicly

available
information strictly confidential and

 

 

 

 

 

 

 

 

                                                                            
6

 

shall
abstain from disclosing any such information to any third

parties.

 

5.  
Unanimity for Certain Resolutions

 

Resolutions
concerning the Company or the Controlled Companies relating to the

following
issues may only be approved by prior unanimous vote of the Parties,

directly
or through their appointed representatives pursuant to this

Shareholders'
Voting Rights Agreement. For such purpose, any of the Parties

may
call a meeting of the representatives of the other Parties ("Previous

Meeting"),
to be held no later than two business days prior to any executive

committee
meeting, board meeting, quotaholders' meeting, amendment to articles

of
association, shareholders' meeting and/or any other type of meeting

(including,
without limitation, previous meetings in relation to any

Controlled
Company), as the case may be, in which any of the following issues

is
or may become part of the agenda, in order to determine the uniform vote to

be
cast by all of the Parties, directly or through their appointed

representatives,
as the case may be, at said executive committee meetings,

board
meetings, quotaholders' meetings, amendments to articles of association,

shareholders'
meetings or other types of meetings. The Previous Meeting shall

be
held, unless otherwise agreed by the Parties, at the head office of the

Company
and shall be called by written notice no later than three business

days
before (x) the date scheduled for the Previous Meeting or (y) the date

scheduled
for the previous meeting provided in the AmBev Shareholders'

Agreement,
whichever comes first. If any of the Parties is absent from the

Previous
Meeting or abstains from voting, it shall be deemed to vote against

the
adoption of the resolution. Each of the Holdings undertakes to abide by

the
result of the Previous Meeting and to cause such result to be implemented

at
executive committee meetings, board meetings, quotaholders meetings,

amendments
to articles of association and shareholders' meetings of the

Company
and/or of any of the Controlled Companies, as the case may be. In

order
to avoid unnecessary holding of meetings, if (i) a Previous Meeting is

required
under this Section5 to consider any matter that is also a matter for

which
a previous meeting must be held in respect of any one or more Controlled

Companies,
(ii) the decision taken on the matter at the Previous Meeting will

necessarily
determine the decision to be taken at the Controlled Company

previous
meeting(s), by virtue of the shareholdings of the Company and (iii)

the
participants in the Previous Meeting and the Controlled Company previous

meeting(s)
are the same or have all been appointed, directly or indirectly, by

the
Parties or the Company, a single meeting shall be held and the decision

taken
at the Previous Meeting on the matter shall be deemed to have been

adopted
at the Controlled Company previous meeting(s) as well.

 

The
following matters are covered by this Section 5:

 

    
(a) Change of the corporate purpose of the Company and/or of any of the

    
Controlled Companies (except and to the extent required by law);

 

 

 

 

 

 

 

 

                                                                            
7

 

    
(b) The performance of any act or omission that causes an increase in the

    
number of activities effectively carried out by AmBev, by any company or

    
other type of institution that is directly or indirectly controlled by

    
AmBev, or the successors of any of them ("AmBev Controlled
Companies"),

 
   to include any operational activity other than the production,

    
distribution and sale of beer, soft drinks, mineral water, other

    
beverages and other related activities, even if such other operational

    
activities are described in the By-laws of AmBev (a portion of which is

    
attached hereto as Annex 2) and/or in the AmBev Shareholders' Agreement

    
as forming part of their corporate purpose;

 

    
(c) Authorization for acquisition of shares issued by the Company and/or

    
by any of the Controlled Companies, to be held in treasury or canceled,

    
as well as authorization for the subsequent disposition of shares

    
eventually held in treasury;

 

    
(d) The performance of any act or omission, including (i) the alienation,

  
  assignment, transfer, encumbrance or disposition, by any means, of shares

    
or quotas in the Controlled Companies, except for 1 (one) qualifying

    
share to the board members or representatives of any of the Controlled

    
Companies, if necessary; (ii) the alienation, assignment, waiver,

    
transfer, encumbrance or disposition, by any means, of rights to

    
subscribe for or acquire shares or quotas in any Controlled Company; or

    
(iii) mergers, amalgamations, split-ups, spin-offs or any other form of

    
corporate restructuring involving any of the Controlled Companies that

    
may result in the loss by the Company of direct or indirect control,

    
alone or together with Fundacao Zerrenner, over AmBev or any of the AmBev

    
Controlled Companies;

 

    
(e) Amalgamation, split-up or spin-off of the Company, merger of another

    
company or a portion of the assets and liabilities of another company

    
into the Company or merger of the Company into any other company;

 

    
(f) Nomination of the chief executive officer of AmBev, if the proposed

    
individual has not acted in the past as an officer of AmBev for a period

    
of at least 5 (five) years;

 

    
(g) Alienation, assignment, transfer, encumbrance or disposition, by any

    
means, of proprietary rights in any of AmBev's and/or any of AmBev

    
Controlled Companies' brands (including licenses to use such brands);

 

    
(h) Approval of the policy for variable remuneration for employees and

    
managers of the Company and/or of any of the Controlled Companies and/or

    
changes in such policy (including stock option plans);

 

 

 

 

 

 

 

 

                                                                            
8

 

    
(i) Change in the following policies of the Company and/or of any of the

    
Controlled Companies:

 

         
(A)  as to the Company, Braco and Ecap, they shall distribute 100%

              
(one hundred percent) of any proceeds received, directly or

              
indirectly, from AmBev after:

 

               
(i) deducting its operational expenses;

 

              
(ii) provisions for contingencies, tax and other liabilities

                   
and/or legally required reserves have been made;

 

             
(iii) the respective company's outstanding and payable

     
              financial obligations for the following fiscal year have

                   
been funded (i.e. through a cash reserve); and

 

              
(iv) 20% (twenty percent) of the cash available after expenses,

                   
provisions and debt according to (i) through (iii) above

                   
has been used in order to create an additional cash

                   
reserve; provided, however, that such additional cash

                   
reserve shall not exceed an amount equal to twice the

                   
average of the total amount of dividends distributed by

                   
the respective company in the 3 (three) years immediately

                   
preceding calculation and shall be used to provide an

                   
exceptional dividend for years in which the respective

                   
company has not had a positive net income.

 

         
(B)  as to AmBev, AmBev shall pursue a dividend policy appropriate

              
for a publicly listed corporation which shall include the

              
distribution of a minimum dividend of 27.5% (twenty-seven and

              
one-half percent) of the preceding year's net income.

 

 

    
(j) Liquidation, dissolution, filing for bankruptcy or concordata of the

    
Company and/or of any of the Controlled Companies;

 

 

    
(k) Change in the by-laws of the Company and/or of any of the Controlled

    
Companies with respect to (i) any provisions that determine the manner of

    
nominating the representatives of the Company and/or of any of the

    
Controlled Companies at previous meetings, board of directors' meetings,

    
shareholders' meetings, quotaholders' meetings and/or in amendments to

    
articles of association, of their respective controlled companies and/or

    
successors of their controlled companies, as well as in any act executed

    
by the Company and/or by any of the

 

 

 

 

 

 

 

 

                                                                            
9

 

    
Controlled Companies in their capacity as partner, shareholder,

    
quotaholder, consortium member or holder of any participation or economic

    
or institutional interest in other companies, institutions or

    
undertakings, (ii) any provisions related to majorities, attributions and

    
other matters that affect the procedures for determining the vote to be

    
cast by the Company and/or by any of the Controlled Companies, or by

    
their respective representatives, at previous meetings, board of

    
directors' meetings, shareholders' meetings, quotaholders' meetings

    
and/or amendments to articles of association of their respective

    
controlled companies and/or successors of their controlled companies, as

    
well as in any act executed by the Company and/or by any of the

    
Controlled Companies in their capacity as partner, shareholder,

    
quotaholder, consortium member or holder of any participation or economic

    
or institutional interest in other companies, institutions or

    
undertakings and (iii) any other provisions that have, as a direct or

    
indirect consequence, the effects referred to in (i) and (ii) above;

 

    
(l) Change in the term of duration of the Company and/or of any of the

    
Controlled Companies;

 

    
(m) Creation or issue of securities that (i) are convertible or

    
exchangeable into shares, quotas or other securities in the Company

    
and/or in any of the Controlled Companies, or(ii) confer the right to

    
subscribe for such shares, quotas or other securities;

 

    
(n) Change in the structure of corporate bodies of the Company and/or of

    
any of the Controlled Companies, including any change in the number of

    
members of the Executive Committee (Diretoria) and the Board of

    
Directors, if a Board of Directors exists;

 

    
(o) Capital reduction of the Company and/or of any of the Controlled

    
Companies, provided that a reduction to set off any accumulated losses

    
shall be deemed not to be a capital reduction;

 

    
(p) Listing or delisting the Company and/or any of the Controlled

    
Companies for public trading of shares with the Brazilian Securities

    
Exchange Commission ("Comissao de Valores Mobiliarios") or any other

    
similar agency;

 

    
(q) Acquisition, alienation, assignment, transfer, encumbrance or

    
disposition of real estate, for any reason, by the Company and/or by any

    
of the Controlled Companies, as well as any grant, by any of such

    
entities, of security or guarantees of any nature for their own or third

    
parties' obligations in any amount, including without limitation, the

    
grant of personal guarantees such as aval and fianca;

 

 

 

 

 

 

 

 

                                                                           
10

 

    
(r) Assumption of any financings or loans, or any other transaction that

    
results in the creation of indebtedness in any amount for the Company

    
and/or for any of the Controlled Companies;

 

    
(s) The entering into, change to, or termination of, any contract,

    
agreement or transaction of any nature related to the Company and/or any

    
of the Controlled Companies that, in a single transaction or series of

    
related transactions carried out over a period of 12 (twelve) successive

    
months, involves a total amount greater than 1% (one percent) of the net

    
worth of the entity in question;

 

    
(t) The entering into, change to, or termination of, any contract,

    
agreement or transaction of any nature between the Company, on one side,

    
and, on the other, (i) any of the Controlled Companies; or (ii) any

    
company(ies), other type(s) of institution or individual(s) that,

    
directly or indirectly, control(s) the Company; or (iii) any company or

    
other type of institution that is directly or indirectly controlled by

    
the same company(ies), other type(s) of institution or individual(s) that

    
control(s) the Company; or (iv) any family member(s) of individual(s) who

    
control(s) the Company, or any company(ies) or other type(s) of

    
institutios) controlled, directly or indirectly, by such family

    
member(s).

 

    
(u) The entering into, change to, or termination of, any contract,

    
agreement or transaction of any nature between any of the Controlled

    
Companies, on one side, and, on the other, (i) any company or other type

    
of institution that is directly or indirectly controlled by the

    
Controlled Company in question; or (ii) any company or other type of

    
institution that directly or indirectly controls or participates in the

    
control of the Controlled Company in question; or (iii) any company or

    
other type of institution that is directly or indirectly controlled by

    
the same company(ies) and/or other type(s) of institution that control(s)

    
the Controlled Company in question;

 

    
(v) Nomination of the Officer(s) or representative(s) who shall represent

    
the Company and/or any of the Controlled Companies (i) at shareholder's

    
meetings, quotaholder's meetings and/or in amendments to the articles of

    
association of any of its respective controlled companies and/or the

    
successors of such controlled companies, as well as (ii) in any other act

    
or instrument executed by the Company and/or by any of the Controlled

    
Companies in their capacity as partner, shareholder, quotaholder,

    
consortium member or holder of any participation or economic or

    
institutional interest in other companies, institutions or undertakings;

 

 

 

 

 

 

 

 

                                                                           
11

 

    
(w) Participation by the Company and/or by any of the Controlled

    
Companies in other new or existing companies, institutions or

    
undertakings in Brazil or abroad, as partner, shareholder, quotaholder,

    
consortium member or holder of any participation or economic or

    
institutional interest, including participation in shareholders'

    
agreements, quotaholders' agreements, consortia, joint ventures,

    
investment agreements or any other type of agreement of association

    
and/or institutional participation;

 

    
(x) any extension or any kind of modification to the term of the AmBev

    
Shareholders' Agreement;

 

    
(y) the exercise, failure to exercise, waiver or performance of any other

    
act or omission in respect of the right of first refusal and/or the

   
 purchase and sale option related to AmBev shares (according to Clauses VI

    
and VII of the AmBev Shareholders' Agreement); and

 

    
(z) without prejudice to any of the matters listed above, any decision in

    
respect of any of the matters listed in article 136 of Law nr. 6.404/76

    
in relation to the Company and/or to any of the Controlled Companies, as

    
well as any transaction that may give the shareholders of such companies

    
the right to exercise appraisal rights (direito de recesso) within the

    
terms of applicable legislation.

 

6.  
Deadlocks

 

In
the event of a deadlock relating to this Shareholders' Voting Rights

Agreement
(excluding resolutions to be taken by unanimous vote under Section 5

above
in relation to which this Section shall not apply and a dissenting vote

shall
prevent the adoption of the resolution as provided in such Section 5),

JPL,
CAS or MHT, as the controlling shareholders of the Holdings, shall have a

binding
personal casting vote in order to resolve the deadlock immediately.

The
casting vote shall be exercised in turns by each of JPL, CAS and MHT by

order
of the most senior individual alive (i.e. the first casting voteshall be

exercised
by JPL, the second by CAS, the third by MHT, the fourth by JPL,

etc).
Such right shall terminate upon the 75th (seventy-fifth) birthday of

JPL,
CAS or MHT, respectively. Such right shall not be transmitted to any

successor
by inheritance or otherwise and shall remain in effect so long as at

least
one of JPL, CAS and MHT are alive and less than 75 (seventy-five) years

of
age.

 

 

 

 

 

 

 

 

                                                                           
12

 

Issues
that are resolved by the exercise of this deadlock provision may only

be
brought again for resolution pursuant to this Section after a period of 2

(two)
years.

 

7.  
Holding and Purchase of Shares

 

Each
Party (and JPL, CAS and MHT) covenant and agree and shall procure and

ensure
that:

 

    
a)   JPL, MHT and CAS and their respective Family Members shall not hold,

        
 directly or indirectly, any S-Braco Shares, Braco Shares or Ecap

         
Shares other than through their respective Holdings (except for

         
qualifying shares required for board members).

 

    
b)   The Parties (and JPL, CAS and MHT and their respective Family

         
Members) shall not hold, directly or indirectly, any AmBev Shares

         
other than through the Company, Braco and Ecap, except for one AmBev

         
Share which may be required for the Parties' representatives and

        
 transferred to them on a fiduciary basis for the Parties to be

         
represented at the Board of AmBev (provided that preferably this

         
qualifying share shall be a non-voting share).

 

    
c)   The Company shall have an irrevocable and evergreen purchase option

         
("call option") over any current and future AmBev Shares held

         
directly or indirectly, other than through the Company, Braco or

         
Ecap, by any of the Parties (or by JPL, CAS and MHT) or by any

         
Family Member or by a legal entity controlled by one or several such

         
parties. The exercise price of the call option, in cash, shall be

         
the higher of either (i) the market value at the time the call

         
option is exercised or (ii) the actual price paid for the

         
acquisition of such AmBev Shares by the respective holder, adjusted

         
for inflation according to the IGP-M (Indice Geral de Precos de

         
Mercado) rate, or such other index as may replace it, applied on a

   
      pro rata temporis basis. Furthermore, the parties against whom the

         
Company has a call option shall immediately inform the Company of

         
any AmBev Shares held directly or indirectly and offer such AmBev

         
Shares to the Company for purchase.

 

    
d)   The Parties (and JPL, CAS and MHT) hereby irrevocably assign to the

         
Company any current and future rights to purchase or subscribe for

         
any Braco Shares, ECAP Shares or AmBev Shares offered thereto by any

     
    other shareholder of AmBev, Braco or Ecap.

 

8.  
No Pledging of Shares etc.

 

(a)
The Parties shall not in any way give in fiduciary disposition (alienacao

fiduciaria),
pledge or otherwise encumber to any third party, including

without
limitation the Parties, or otherwise dispose of AmBev Shares, Ecap

Shares,
Braco Shares, S-Braco Shares or of shares/quotas in the

 

 

 

 

 

 

 

 

                                                                           
13

 

Controlled
Companies, as security for the obligations of third parties or

under
any other arrangement that could result, legally or economically, in the

transfer
of ownership of or control resulting from such shares/quotas to any

third
party.

 

(b)
The Parties shall not grant any usufruto or fideicomisso over the AmBev

Shares,
Braco Shares, Ecap Shares, S-Braco Shares, or over the Controlled

Companies'
shares or quotas.

 

(c)
The by-laws of each of the Company and the Controlled Companies shall

provide
for a duty of the officers and the Company itself as well as the

Controlled
Companies to abstain from registering any transaction against the

provisions
of this Section.

 

9.  
Legal Successors of the Parties Hereto

 

This
Shareholders' Voting Rights Agreement shall not be terminated upon death

of
any individual who is a party or intervening hereto; rather, the rights and

obligations
of JPL, CAS and MHT under this Shareholders' Voting Rights

Agreement,
except for the rights to cast a binding vote pursuant to Section 6,

shall
be binding upon and benefit their respective Family Members. Any other

legal
successor of JPL, CAS or MHT or of the Family Members or any other third

party
which may, without violation of the terms of this Shareholders' Voting

Rights
Agreement, receive, directly or indirectly, the S-Braco's or its

successors'
shares or quotas by operation of law or by last will (legacies by

testament),
shall not benefit from the terms hereof, unless the remaining

Parties
shall decide by simple majority whether or not the respective legal

successor
or third party shall effectively become a party to this

Shareholders'
Voting Rights Agreement. In this case, the respective legal

successor
or third party shall declare in writing, prior to the transfer of

S-Braco's
or its successors' shares, that he(she) irrevocably and

unconditionally
agrees to be bound by all obligations contained in this

Shareholders'
Voting Rights Agreement and that he(she) shall comply with all

the
terms of this Shareholders' Voting Rights Agreement.

 

10. 
Conciliation Procedure

 

If
a dispute arises in connection with this Shareholders' Voting Rights

Agreement
(and without prejudice to the deadlock procedure provided in Section

6),
any Party may invoke the conciliation procedure set forth below by

providing
written demand for resolution to the other Parties describing the

nature
of such dispute in reasonable detail, provided that the conciliation

procedure
may not be invoked to overrule or change the vote of any of the

Parties
in relation to any matter subject to the unanimous vote provision of

Section
5 above.

 

 

 

 

 

 

 

 

                                                                           
14

 

A
meeting of the senior management of the Parties shall be scheduled to

attempt
to resolve such disagreements within 20 (twenty) days as of the

receipt
of the demand for resolution. At such meeting, the Parties shall

conduct
friendly deliberations with the goal of resolving the dispute. This

meeting
shall be held in the head offices of the Company.

 

If
the dispute is not resolved within 30 (thirty) days as of the date of the

first
meeting of the Parties, the Parties shall jointly nominate an

independent
and neutral mediator who shall submit, within 30 (thirty) days, a

non-binding
proposal to resolve the dispute.

 

The
Parties acknowledge that refusal to participate in the conciliation

procedure
described above may be construed as evidence of bad faith in

connection
with the dispute at issue.

 

11. 
Governing Law

 

This
Shareholders' Voting Rights Agreement shall be construed in accordance

with
and governed by the laws of the Federative Republic of Brazil, without

giving
effect to any choice of law or conflict of law rules or provisions

(whether
of the Federative Republic of Brazil or any other jurisdiction) that

would
cause the application of the laws of any other jurisdiction other than

those
of the Federative Republic of Brazil.

 

12. 
Arbitration

 

Any
dispute arising under this Shareholders' Voting Rights Agreement among the

Parties
hereto or related thereto and not settled in accordance with the

conciliation
procedure set forth in Section 10 shall be finally settled by

arbitration,
provided that this reference to arbitration shall not be

understood
as a limitation to the use of deadlock resolution procedure set

forth
in Section 6 hereof or in order to review, overrule or change the vote

of
any of the Parties in relation to any matter subject to the unanimous vote

provision
of Section 5 above. All disputes arising under the terms of or in

connection
with this Shareholders' Voting Rights Agreement shall be resolved

exclusively
as follows: first, the Conciliation Procedure set forth in Section

10
shall be carried out. If the disagreements cannot be resolved by the

Conciliation
Procedure within 90 (ninety) days from the date any Party made a

written
demand for resolution, a binding arbitration shall be held. The Rules

of
Arbitration of the International Chamber of Commerce ("ICC"), as
amended

from
time to time, shall apply in any arbitration held pursuant to this

Shareholders'
Voting Rights Agreement, except to the extent that the said

rules
have been expressly modified by this Shareholders' Voting Rights

Agreement.
The proceedings shall be held in Zurich in the English language,

administered
by the ICC. As a minimum set of rules in the arbitration the

Parties
agree as follows:

 

 

 

 

 

 

 

 

                                                                           
15

 

    
1.   The arbitration shall be held by a single arbitrator mutually

         
acceptable to all parties. If the parties cannot agree on a single

         
arbitrator within 30 (thirty) days from the date written demand for

         
arbitration is made, three arbitrators shall be appointed according

         
to the Rules of Arbitration of the ICC, as amended from time to time

         
(including without limitation the multi-party arbitration

         
provisions). The plaintiff party (or parties), on the one hand, and

         
the defendant party (or parties), on the other hand, shall each

         
appoint one arbitrator. If either party fails so to appoint its

         
arbitrator, then the arbitrator for such party shall be appointed by

         
the ICC. The first two arbitrators appointed in accordance with this

         
provision shall appoint a third arbitrator. If the first two

         
arbitrators appointed fail to appoint a third arbitrator then the

         
ICC shall appoint the third arbitrator. The third arbitrator shall

         
act as a chair of the tribunal. The arbitrators shall be

         
knowledgeable regarding international business transactions and no

         
arbitrator shall be domiciled or resident in Brazil or admitted to

         
the Bar (Ordem
dos Advogados do Brasil) in Brazil.

 

    
2.  
The parties shall equally bear the costs and fees of the arbitration

         
and each party shall bear its own legal expenses incurred in the

         
conduct of the arbitration, unless the arbitral decision holds that

         
one of the parties is liable to pay expenses incurred by the other

         
party in the conduct of the arbitration, including reasonable

         
attorneys' fees, costs and other expenses in connection with the

         
damages for which the party is found liable.

 

    
3.   Any award shall be final and binding, and shall not be subject to

         
appeal or review in any forum. Each party agrees to submit to the

         
jurisdiction of state and federal courts located in Sao Paulo,

         
Brazil for purposes of the enforcement of any such decision, award,

         
order or judgment.

 

    
4.   Any arbitration proceeding hereunder shall be conducted on a

         
confidential basis.

 

    
5.   The duty of the parties to arbitrate any dispute within the scope of

         
this Shareholders' Voting Rights Agreement shall survive the

         
expiration or termination of this Shareholders' Voting Rights

         
Agreement for any reason. The discretion of the arbitrator(s) in

         
setting out the terms of his(their) decision shall be limited as

         
stated in this Section and shall include money damages and specific

         
performance under the express terms of this Shareholders' Voting

         
Rights Agreement.

 

13. 
Term and Termination

 

This
Shareholders' Voting Rights Agreement is in force and effect as of the

date
of its execution and shall continue to be in force and effect for the

term
of corporate existence of the Company or its legal successor, or for 99

(ninety-nine)
years, whichever comes first.

 

 

 

 

 

 

 

 

                                                                           
16

 

Upon
completion of the transfer of all of S-Braco Shares by any of the

Parties,
such transferring Party shall immediately be excluded from this

Shareholders'
Voting Rights Agreement, which shall immediately terminate in

relation
to such transferring Party, except for the provisions set forth in

Section
12 and in Section 15(c) below which shall survive the termination for

any
reason of this Shareholders' Voting Rights Agreement.

 

14. 
Intervening Parties

 

The
Intervening Parties JPL, CAS and MHT execute this Shareholders' Voting

Rights
Agreement, in their capacity as controlling shareholders of the

Parties,
for the purpose of manifesting their consent to the obligations

expressly
assumed by them and the rights expressly conferred upon them under

this
Shareholders' Voting Rights Agreement.

 

 

15. 
Final Provisions

 

(a)
AmBev Shareholders' Agreement. The terms and conditions of this

Shareholders'
Voting Rights Agreement are subordinated to and subject to any

rights
granted to other parties of the AmBev Shareholders' Agreement.

 

(b)
Severability. The provisions of this Shareholders' Voting Rights Agreement

are
several and the unenforceability of any provision of this Shareholders'

Voting
Rights Agreement shall not affect the enforceability of any other

provision
hereof. In addition, in the event any provision of this

Shareholders'
Voting Rights Agreement (or a portion thereof) is determined to

be
unenforceable by an arbitral award obtained pursuant to Section 12 or by a

court
of competent jurisdiction, it is the mutual agreement of the Parties

that
such provision shall be construed in a manner designed to reach the

purpose
of such unenforceable provision to the maximum extent enforceable

under
applicable law. If such construction is not possible, the parties

undertake,
to the extent reasonably possible, to modify such provision (or a

portion
thereof) in order to implement its purposes as fully as possible.

 

(c)
Entire Agreement. This Shareholders' Voting Rights Agreement and the other

writings
referred to herein or delivered pursuant hereto contain the entire

agreement
among the Parties hereto with respect to the subject matter hereof

and
supersede all prior and contemporaneous agreements and understandings with

respect
thereto, all of which are hereby automatically terminated in their

entirety
and of no further force or effect without any action by the parties

thereto.

 

(d)
Confidentiality. The Parties agree to keep the existence of this

Shareholders'
Voting Rights Agreement and all of its terms and conditions

strictly
confidential and not to disclose this

 

 

 

 

 

 

 

 

                                                                           
17

 

Shareholders'
Voting Rights Agreement and its terms and conditions to any

third
parties, unless (i) compelled to do so by force of law and to the extent

such
disclosure is strictly necessary under applicable law or (ii) to any

prospective
investor and to the binding effect in relation to any new

shareholder,
pursuant to Section 9.

 

(e)
Registration. This Shareholders' Voting Rights Agreement will be filed

with
the Company, pursuant to article 118 of the Brazilian Corporate Law and

each
share registration shall include a legend substantially as follows: "The

shares
referred to in this registration and the exercise of voting rights are

subject
to a Shareholders' Voting Rights Agreement dated as of August 30,

2002.

 

(f)
Specific Performance. This Shareholders' Voting Rights Agreement shall

have
specific performance pursuant to article 118 of Law no. 6,404/76, as

amended
from time to time, and to articles 461, 639 and following of the Code

of
Civil Procedure. The arbitral award provided for in Section 12 shall also

have
specific performance.

 

(g)
Amendments, Waivers. No failure or delay on the part of any party in

exercising
any right, power or privilege hereunder shall operate as a waiver

thereof
except as explicitly provided herein, nor shall any single or partial

exercise
thereof preclude any other or further exercise thereof or the

exercise
of any other right, power or privilege. The rights and remedies

herein
provided shall be cumulative and not exclusive of any rights or

remedies
provided by law. Any provision of this Shareholders' Voting Rights

Agreement
may be amended or waived if, but only if, such amendment or waiver

is
in writing and is signed, in the case of an amendment, by each party to

this
Shareholders' Voting Rights Agreement, or in the case of a waiver, by the

party
against whom the waiver is to be effective. Any amendment to this

Shareholders'
Voting Rights Agreement shall only be valid if dated subsequent

to
the date of execution of this Shareholders' Voting Rights Agreement.

 

(h)
Language: In case of inconsistencies between the English version and the

Portuguese
version of this Shareholders' Voting Rights Agreement, the English

version
shall prevail.

 

(i)
Notices: All notices, requests, claims, demands and other communications

hereunder
shall be in writing and shall be deemed to have been duly given when

delivered
in person or by facsimile transmission (confirmed by the sender by

mail)
to the respective parties as follows:

 

 

 

 

 

 

 

 

                                                                           
18

 

        
If to Santa Judith Participacoes S.A.:

 

        
Av. Brigadeiro
Faria Lima no. 3729 - 7o andar (parte)

    
    Sao Paulo - SP

        
Brasil - CEP: 04538-905

        
Fax: 011-3049-5559

 

        
Att: Sr. Jorge Paulo Lemann

 

        
If to
Santa Irene Participacoes S.A.:

 

        
Av. Brigadeiro
Faria Lima no. 3729 - 7o andar (parte)

        
Sao Paulo - SP

 
       Brasil - CEP: 04538-905

        
Fax: 011-3049-5559

 

        
Att.: Sr. Jorge Paulo Lemann

 

 

        
If to Santa Prudencia Participacoes S.A.:

 

        
Av. Brigadeiro Faria Lima no. 3729 - 7o andar (parte)

        
Sao Paulo - SP

        
Brasil - CEP: 04538-905

        
Fax:
011-3049-5559

 

        
Att.: Sr. Marcel Herrmann Telles

 

        
If to Santa
Estela Participacoes S.A.:

 

        
Av. Brigadeiro Faria Lima no. 3729 - 7o andar (parte)

        
Sao Paulo - SP

        
Brasil - CEP: 04538-905

        
Fax: 011-3049-5559

 

        
Att.: Sr. Carlos Alberto da Veiga Sicupira

 

 

        
If to Jorge Paulo Leman:

 

        
Av. Brigadeiro Faria Lima no. 3729 - 7o andar (parte)

        
Sao Paulo - SP

        
Brasil - CEP: 04538-905

        
Fax: 011-3049-5559

 

 

 

 

 

 

 

 

                                                                           
19

 

        
If to Carlos Alberto da Veiga Sicupira:

 

        
Av. Brigadeiro Faria Lima no. 3729 - 7o andar (parte)

        
Sao Paulo - SP

        
Brasil - CEP: 04538-905

        
Fax:
011-3049-5559

 

        
If to Marcel Herrmann Telles:

 

        
Av. Brigadeiro
Faria Lima no. 3729 - 7o andar (parte)

        
Sao Paulo - SP

        
Brasil - CEP: 04538-905

        
Fax:
011-3049-5559

 

 

         
or to such other address as the person to whom notice is given may

         
have previously furnished to the other in writing in the manner set

         
forth above (provided that notice of any change of address shall be

         
effective only upon receipt thereof).

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Shareholders' Voting

Rights
Agreement as of August 30, 2002.

 

Signatures:

 

Santa
Judith Participacoes S.A.

                                            
/s/ Jorge Paulo Lemann

            
                            ----------------------------------- 

 

 

Santa
Prudencia Participacoes S.A.          /s/ Marcel Herrman Telles

                                        
-----------------------------------

 

 

Santa
Irene Participacoes S.A.              /s/ Jorge Paulo Lemann

                                        
----------------------------------- 

 

 

 

 

 

 

  

 

 

                                                                            20

<TABLE>

<CAPTION>

 

SECOND SIGNATURE PAGE OF THE S-BRACO PARTICIPACOES S.A. SHAREHOLDERS' VOTING 

RIGHTS AGREEMENT AND OTHER COVENANTS, DATED AS OF AUGUST 30, 2002.

<S>                                          <C>                                       <C>

Santa Estela Participacoes S.A.                 /s/ Carlos Alberto da Veiga Sicupira

                                             ---------------------------------------

 

Jorge Paulo Lemann                              /s/ Jorge Paulo Lemann

                                             ---------------------------------------

 

Carlos Alberto da Veiga Sicupira                /s/ Carlos Alberto da Veiga Sicupira

                                             --------------------------------------- 

 

Marcel Herrmann Telles                          /s/ Marcel Herrmann Telles

                                             --------------------------------------- 

 

Agreed and accepted:

S-BRACO Participacoes S.A.

                                                /s/ Jorge Paulo Lemann                 /s/ Roberto Moses Thompson Motta

                                             --------------------------------------   ----------------------------------

 

Braco S.A.                                      /s/ Jorge Paulo Lemann                 /s/ Roberto Moses Thompson Motta

                                             --------------------------------------   ----------------------------------

 

Empresa de Administracao e Participacoes S.A.

                                                /s/ Jorge Paulo Lemann                 /s/ Roberto Moses Thompson Motta

                                             --------------------------------------   ----------------------------------

 

Companhia de Bebidas das Americas - AmBev

                                                /s/ Luis Felipe Pedreira Dutra Leite   /s/ Carlos Alves de Brito

                                             --------------------------------------   ----------------------------------

 

 

Witness:                                     Witness:

 

    /s/ Marcio Aparecido Alves Correa            /s/ Tatiana Buzalaf de Andrade e Silva

-------------------------------------         -----------------------------------------

Name:   Marcio Aparecido Alves Correa        Name:   Tatiana Buzalaf de Andrade e Silva

ID No.: R.G.14.114.166                       ID No.: R.G.6.122.637-0 SSP/PR

</TABLE>

 

 

 

 

 

 

 

 

                                                                           
21

 

List
of Annexes:

 

Annex
1: AmBev Shareholders' Agreement (incorporated by reference to Exhibit A

to
Amendment No. 1 to Schedule 13D relating to AmBev, filed on October 27,

2000
by Fundacao Antonio e Helena Zerrenner Instituicao Nacional de

Beneficencia,
Braco and Ecap).

 

Annex
2: Provisions of the by-laws of AmBev related to is corporate purpose.

 

Annex
3: Joinder Agreement

 

 

 

 

 

 

 

 

                                                                           
22

 

                           
Annex 2 - AmBev By-Laws

 

The
objective of the Company shall be, either directly or through

participation
in other business associations:

 

    
a)   to produce and commercialize beer, concentrates, soft drinks, and

         
other beverages;

 

    
b)   to produce and commercialize raw materials necessary for the

         
manufacture of beverages and their by-products, including malt,

         
barley, ice, carbon gas, as well as apparatuses, machines,

         
equipment, and all else necessary or useful for the activities

         
listed in item "a" above;

 

    
c)   to package and handle any of its products, or those of third

         
parties;

 

    
d)   to cultivate and fund agricultural activities for the production of

         
cereals and fruits that constitute raw material for use in the

         
manufacturing activities of the Company, as well as in other sectors

         
demanding a maximum dynamic in the exploitation of the virtual

         
resources of the Brazilian soil, mainly as regards food and health;

 

    
e)   to process, purge, engage in other phytosanitary services, and

         
manufacture the products resulting from the activities listed in

         
item "d" above, be it to service the needs of its own manufacturing

         
process, or be it for the commercialization of its by-products;

 

    
f)   to advertise its products and those of third parties and to

         
commercialize promotion and advertising material;

 

    
g)   to render technical, marketing, and management assistance services,

         
as well as other assistance services related directly or indirectly

       
  toe the main activities of the Company;

 

    
h)   to import all that is necessary for its manufacturing and

         
commercialization process;

 

    
i)   to export is products;

 

    
j)   to operate, either directly and indirectly, bars, restaurants,

         
luncheonettes and the like; and

 

    
k)   to contract the sale and/or distribution of its products and of

         
those of its controlled companies, either directly or through third

         
parties, to use whatever means of transportation are necessary to

         
distribute its products, by-products and accessories, and to adopt

         
any system or directive that, at the discretion of the Board of

         
Directors, is conducive to the intended objectives.

 

 

 

 

 

 

 

 

                 
                                                          23 

 

    
Sole Paragraph - In addition to the stipulations contained

in
the heading of this Article, the Company may participate in or

become
associated with other business associations, whether

commercial
or civil, as a partner, shareholder or quota holder,

in
the country or abroad.

 

 

 

 

 

 

 

 

                                                                           
24

 

                                   
Annex 3

   
Instrument of Adherence to the Companhia de Bedidas da Americas - AmBev

                          
Shareholders' Agreement

 

    
Entered into by and between:

 

    
1. Santa Judith Participacoes S.A. (formerly 312 Participacoes S.A.), a

    
corporation duly incorporated and validly existing under the laws of the

    
Federative Republic of Brazil, with its head office at Av. Brigadeiro

    
Faria Lima no. 3729, 7th floor (part), in the City and State of Sao

    
Paulo, enrolled in the taxpayers' register (CNPJ) under no.

    
03.970.207/0001-87 ("LH1");

 

    
2. Santa Irene Participacoes S.A. (formerly 323 Participacoes S.A.), a

    
corporation duly incorporated and validly existing under the laws of the

    
Federative Republic of Brazil, with its head office at Av. Brigadeiro

    
Faria Lima no. 3729, 7th floor (part), in the City and State of Sao

    
Paulo, enrolled in the taxpayers' register (CNPJ) under no.

    
04.001.357/0001-45
("LH2");

 

    
3. Santa Estela Participacoes S.A. (formerly 328 Participacoes S.A.), a

    
corporation
duly incorporated and validly existing under the laws of the

    
Federative Republic of Brazil, with its head office at Av. Brigadeiro

    
Faria Lima no. 3729, 7th floor (part), in the City and State of Sao

    
Paulo, enrolled in the taxpayers' register (CNPJ) under no.

    
04.007.374/0001-90 ("SH");

 

    
4. Santa Prudencia Participacoes S.A. (formerly 327 Participacoes S.A.),

    
a corporation duly incorporated and validly existing under the laws of

    
the Federative Republic of Brazil, with its head office at Av. Brigadeiro

    
Faria Lima no. 3729, 7th floor (part), in the City and State of Sao

    
Paulo, enrolled in the taxpayers' register (CNPJ) under no.

    
04.006.973/0001-99 ("TH"); and

 

    
5. S-BRACO Participacoes S.A. (formerly 311 Participacoes S.A.), a

    
corporation duly incorporated and validly existing under the laws of the

    
Federative Republic of Brazil, with its head office at Av. Brigadeiro

    
Faria Lima no. 3729, 7th floor (part), in the City and State of Sao

    
Paulo, enrolled in the taxpayers' register (CNPJ) under no.

    
03.980.209/0001-57 ("S-Braco"),

 

 

 

 

 

 

 

 

                                                                           
25

 

    
LH1, LH2, SH TH and S-BRACO hereafter referred to collectively as

   
 "Parties" and individually as a "Party";

 

    
And, as consenting intervening parties ,

 

    
Fundacao Antonio
e Helena Zerrenner Instituicao Nacional de Beneficencia,

    
with
its head office in the City of Sao Paulo, State of Sao Paulo, at Rua

    
Vergueiro no. 17, formerly no. 1, enrolled in the taxpayers' register

    
(CNPJ) under no. 60.480.480/0001-67, represented herein in accordance

    
with its bylaws ("FZ"), and

 

    
Companhia de
Bebidas das Americas - AmBev, a corporation duly

    
incorporated
and validly existing under the laws of the Federative

    
Republic of Brazil, with its head office at Av. Maria Coelho Aguiar no.

    
215, block F, 6th floor, in the City and State of Sao Paulo, enrolled in

    
the taxpayers' register (CNPJ) under no. 02.808.708/0001-07
("AmBev").

 

    
Whereas

 

    
I - On July 1, 1999, FZ, Braco S.A., a corporation duly incorporated and

    
validly existing under the laws of the Federative Republic of Brazil,

    
with its head office at Av. Brigadeiro Faria Lima no. 3729, 7th floor

    
(part),
in the City and State of Sao Paulo, enrolled in the taxpayers'

    
register (CNPJ)
under no. 35.756.022/0001-60 ("Braco"), and Empresa de

    
Administracao e Participacoes S.A. - ECAP, a corporation duly

    
incorporated
and validly existing under the laws of the Federative

    
Republic of Brazil, with its head office at Av. Brigadeiro Faria Lima no.

    
3729, 7th floor (part), in the City and State of Sao Paulo, enrolled in

    
the taxpayers' register (CNPJ) under no. 27.098.946/0001-99 ("Ecap"),
in

    
their capacity as shareholders of AmBev, entered into a shareholders'

    
agreement that deals with, among other matters, voting rights in AmBev

    
and AmBev's voting rights in its controlled companies ("AmBev

   
 Shareholders' Agreement);

 

 

 

 

 

 

 

 

                                                                           
26

 

    
II - In addition to AmBev, there appear in the AmBev Shareholders'

    
Agreement, as consenting intervening parties, Jorge Paulo Lemann,

    
Brazilian citizen, married, economist, residing in the City and State of

    
Sao Paulo, holder of identity card no. 1.566.020-IFP/RJ and enrolled in

    
the taxpayers' register (CPF/MF) under no. 005.392.877-68 ("JPL"),
Marcel

    
Herrmann Telles, Brazilian citizen, married, economist, residing in the

    
City and State of Sao Paulo, holder of identity card no.

    
02.347.932-2-IFP/RJ and enrolled in the taxpayers' register (CPF/MF)

    
under no.
235.839.087-91 ("MHT") and Carlos Alberto da Veiga Sicupira,

    
Brazilian
citizen, married, business manager, residing in the City and

    
State of Sao Paulo, holder of identity card no. 1.971.453-IFP/RJ,

    
enrolled in the taxpayers' register (CPF/MF) under no. 041.895.317-15

    
("CAS"), all of whom are referred to in the AmBev Shareholders'
Agreement

    
as "Braco
Controllers" (Controladores Braco);

 

    
III -
As FZ is aware: (i) JPL transferred his shareholding in Braco to

    
S-Braco and simultaneously transferred his shareholding in S-Braco in

    
equal parts to LH1 and LH2; (ii) CAS transferred his shareholding in

    
Braco to S-Braco and simultaneously transferred his shareholding in

    
S-Braco to SH; and (iii) MHT transferred his shareholding in Braco to

    
S-Braco and simultaneously transferred his shareholding in S-Braco to TH;

 

    
IV - The transfers of JPL's, CAS's and MHT's shareholdings in Braco,

    
referred to above, did not change in any respect ultimate control of

    
Braco, which continues to be exercised, indirectly, by JPL, CAS and MHT;

 

    
V - Section 6.6.5 of the AmBev Shareholders' Agreement provides that in

    
the event of division between the Braco Controllers (and/or their

    
successors) of the shareholdings held by them directly or indirectly in

    
Braco and/or Ecap, by reason of corporate split or other form of

    
corporate reorganization, the provisions of section 6.6 to 6.6.4 of the

    
AmBev Shareholders' Agreement shall apply;

 

    
VI - Among the above-mentioned provisions, section 6.6.2 of the AmBev

    
Shareholders' Agreement establishes, as a condition to the effectiveness

    
of any Transfer of Shares (Alienacao de Acoes), that the Acquiror

    
(Adquirente) must first execute an instrument for the purpose of adhering

    
to the AmBev Shareholders' Agreement, undertaking irreversibly and

    
irrevocably to comply unconditionally with all its terms and provisions

    
including, without limitation, the right of first refusal established in

    
Section VI of the AmBev Shareholders' Agreement;

 

 

 

 

 

 

 

 

                                                                           
27

 

    
VII - LH1, LH2, SH, TH and S-Braco wish to adhere to the AmBev

    
Shareholders' Agreement and undertake, irreversibly and irrevocably, to

    
comply unconditionally with all its terms and provisions including,

    
without limitation, the right of first refusal established in Section VI

    
of the AmBev Shareholders' Agreement,

 

    
Now therefore the Parties have entered into this Instrument of Adherence

    
to the AmBev Shareholders' Agreement ("Instrument of Adherence"), in

    
accordance with the following provisions:

 

    
1.1 - Terms defined in the AmBev Shareholders' Agreement shall have the

    
same meaning in this Instrument of Adherence, without prejudice to such

    
other definitions as may be established herein.

 

    
1.2 - By this instrument, the Parties adhere to the AmBev Shareholders'

    
Agreement, undertaking irreversibly and irrevocably to comply

    
unconditionally with all its terms and provisions including, without

    
limitation, the right of first refusal established in Section VI of the

    
AmBev Shareholders' Agreement.

 

    
1.3 - The consenting intervening parties execute this instrument to

    
manifest, irreversibly and irrevocably, their consent to the entire tenor

    
of this instrument and in particular the transfer to S-Braco of the

    
shareholdings held by the Braco Controllers in Braco.

 

    
And having so agreed, the parties and consenting intervening parties have

    
executed this instrument in 6 (six) counterparts of equal form and

    
content, in the presence of the undersigned witnesses.

 

    
Sao Paulo,
August 30, 2002

 

 

 

    
/s/ Jorge Paulo Lemann                  /s/ Jorge Paulo Lemann

 

    
Santa Judith Participacoes S.A.         Santa Irene Participacoes S.A.

 

    
/s/ Carlos Alberto da Veiga Sicupira    /s/ Marcel Herrmann Telles

 

    
Santa Estela Participacoes S.A.         Santa Prudencia Participacoes S.A.

 

    
/s/ Jorge Paulo Lemann   /s/ Roberto Moses Thompson Motta

 

    
S-BRACO Participacoes S.A.

 

 

 

 

 

 

  

 

 

                                                                            28

 

   Second Signature Page of the Instrument of Adherence to the Companhia de

              Bedidas da Americas - AmBev Shareholders' Agreement

 

     /s/ Roberto Herbster Gusmao  /s/ Victorio Carlos de Marchi

 

     Fundacao Antonio e Helena Zerrenner Instituicao Nacional de Beneficencia

 

     /s/ Marcel Herrmann Telles  /s/ Luis Felipe Pedreira Dutra Leite

 

     Companhia de Bebidas das Americas - AmBev

 

 

<TABLE>

<CAPTION>

<S>                                          <C>

 

Witness:                                     Witness:

 

    /s/ Marcio Aparecido Alves Correa            /s/ Tatiana Buzalaf de Andrade e Silva

-------------------------------------         -----------------------------------------

Name:   Marcio Aparecido Alves Correa        Name:   Tatiana Buzalaf de Andrade e Silva

ID No.: R.G.14.114.166                       ID No.: R.G.6.122.637-0 SSP/PR

</TABLE>exhibit10-6.htm - Generated by SEC Publisher for SEC Filing

EXHIBIT 10.6

 

AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

This AMENDED AND RESTATED SHAREHOLDERS AGREEMENT is made and entered into as of September 9, 2009 by and among BRC, a corporation (société à responsabilité limitée) duly incorporated and validly existing under the laws of Luxembourg, having its registered office at 13-15 Avenue de la Liberté L-1931, Luxembourg (“BRC”), Eugénie Patri Sébastien SA or EPS SA, a corporation (société anonyme) duly incorporated and validly existing under the laws of Luxembourg having its registered office at 5, rue Guillaume Kroll, L-1882, Luxembourg (formerly, Eugénie Patri Sébastien SCA) (“EPS”), Rayvax Société d’Investissements SA, a corporation (société anonyme) duly incorporated and validly existing under the laws of Belgium, having its registered office at 19, square Vergote, 1200 Brussels, Belgium (“Rayvax”) and the Stichting Anheuser-Busch InBev, a foundation (stichting) duly incorporated and validly existing under the laws of the Netherlands, having its legal seat in Rotterdam and its registered office at Hofplein 20, 3032 AC Rotterdam, the Netherlands (formerly, Stichting InBev and Stichting Administratiekantoor Interbrew) (the “AK”, and each of the AK, BRC, EPS and Rayvax, a “Party” and collectively, the “Parties”), to amend and restate in its entirety the Shareholders Agreement entered into by and among the Parties as of March 2, 2004, as amended from time to time (the “Agreement”); 

 

WHEREAS, as of the date hereof the AK is the owner of 726,439,815 shares of capital stock (“Shares”) of Anheuser-Busch InBev SA/NV, a corporation (société anonyme/naamloze vennootschap) (formerly InBev and Interbrew), organized under the laws of Belgium (the “Company”), BRC is the holder of 357,988,615 Certificates (as defined below) and EPS is the holder of 368,451,200 Certificates (as defined below);

 

WHEREAS, BRC and EPS desire to exercise joint equal control over the affairs of the AK and the Company, and to provide for certain rights and restrictions with respect to the governance and management of the AK and the Company; 

 

WHEREAS, EPS and BRC agree, without making any commitment, that it is desirable that the AK (with the existing partners) moves over the next years in the direction of reaching an ownership of more than 50% of the outstanding Shares;

 

WHEREAS, any party to this Agreement is entitled at any time to submit to the other parties any proposal relating to (i) the admission of a new industrial or financial partner as a shareholder of the Company, (ii) a modification of the commitments made pursuant to Section 5.01. and Section 5.02. hereof, (iii) a modification to the composition of the Company Board and, in the event of any such

 

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CONFIDENTIAL TREATMENT REQUESTED BY ANHEUSER-BUSCH INBEV SA/NV

 

proposal, the parties are prepared to discuss it in good faith, it being understood that any decision relating thereto shall have to be taken by each party hereto in its sole discretion and, if applicable, by the AK Board in accordance with the AK By-laws and the Conditions of Administration (including article 9.4 of the Conditions of Administration).

 

WHEREAS, the Parties desire to amend and restate the Shareholders Agreement in its entirety.

 

Accordingly, the parties hereby agree as follows:

 

ARTICLE I

 

Definitions

 

SECTION 1.01.  Definitions.  For purposes of this Agreement, the following terms shall have the following meanings:

 

“affiliate” or “affiliated” of any person other than an individual means another person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such first person and, in the case of an individual, (i) upon the death of such individual, such individual’s executors, administrators or testamentary trustees, (ii) such individual’s spouse, parents, siblings or descendants or such parents’, siblings’ or descendants’ spouses, (iii) a trust or similar arrangement the beneficiaries of which include only such individual or any of the relatives of such individual specified in clause (ii) or (iv)  a charitable foundation, charitable trust or similar charitable entity established by such individual and administered by such individual or relatives of such individual specified in clause (ii).

 

“AmBev” means Companhia de Bebidas das Américas — AmBev, a corporation duly incorporated and validly existing under the laws of the Federative Republic of Brazil, with head offices at Rua Dr Renato Paes de Barros 1017, 4th Floor, 04530-001, São Paulo (SP), enrolled in the taxpayers’ registry under number 02.808.708/0001-07.

 

“By-laws” means the By-laws of the AK, as amended from time to time.

 

“Certificate” means any Class A Certificate or Class B Certificate.

 

“Class”, when used in reference to any Certificate, refers to whether such Certificate is a Class A Certificate or a Class B Certificate.

 

“Class A Certificate” means a certificate issued by the AK to EPS or any Permitted Successor or Permitted Transferee of EPS in accordance with Section 5.01(a) in respect of a Share directly or indirectly owned by EPS or such Permitted Successor or Permitted Transferee.

 

“Class B Certificate” means a certificate issued by the AK to BRC or any Permitted Successor or Permitted Transferee of BRC in accordance with Section 5.02(a) in respect of a Share directly or indirectly owned by BRC or such 

 

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CONFIDENTIAL TREATMENT REQUESTED BY ANHEUSER-BUSCH INBEV SA/NV

 

Permitted Successor or Permitted Transferee.

 

“Closing Date” means August 27, 2004.

 

“Conditions of Administration” means the Conditions of Administration of the AK, as amended from time to time.

 

“control” over any Person means the ability, by having a sufficient amount of the voting securities, or other voting ownership or voting interests, to elect directly or indirectly at least a majority of the board of directors or other governing body of that person.

 

“CSA” means the Contribution and Subscription Agreement, dated as of March 3, 2004 among the Company, EPS, BRC and the other parties named therein.

 

“Deadlock” means any situation as referred to in Section 3.02.(b) of this Agreement.

 

“Founder” means, on the one hand, each of the founders of the Company, being the descendants of Roger de Spoelberch, Olivier de Spoelberch,  Guillaume de Spoelberch, Geneviève de Pret Roose de Calesberg, Gustave de Mevius, Elisabeth de Haas Teichen, Marthe van der Straten Ponthoz and Albert Van Damme and, on the other hand, each of the controlling shareholders of AmBev, being Jorge Paulo Lemann, Carlos Alberto da Veiga Sicupira and Marcel Herrmann Telles.

 

“Founders’ Affiliate” means any legal or natural person affiliated to a Founder.

 

“Holders” means EPS, BRC and their respective Permitted Successors or Permitted Transferees.

 

“Lien” means any mortgage, lien, pledge, security or other interest, charge, covenant, option, claim, restriction or encumbrance of any kind or nature whatsoever, other than mandatory liens.

 

“Member” means, with respect to EPS or BRC, any ultimate direct or indirect owner of Certificates or of Shares which are directly or indirectly owned by BRC or EPS, as the case may be, as of the date hereof.

 

“Permitted Successor” means, with respect to EPS, any successor as referred to in Section 5.01.(a) of this Agreement and, with respect to BRC, any successor as referred to in Section 5.02.(a) of this Agreement.

 

“Permitted Transferee” means any Founders’ Affiliate; provided, that the voting or economic interests held directly or indirectly in any such Founders’ Affiliate by Persons who are not Founders or Founders’ Affiliates shall not exceed 24.99%.

 

“Person” means any individual, firm, corporation, partnership, limited liability company, foundation, trust, joint venture, association, unincorporated organization, governmental entity or other entity.

 

3

 

 

CONFIDENTIAL TREATMENT REQUESTED BY ANHEUSER-BUSCH INBEV SA/NV

 

“Rights” means, in respect of any security, any right, warrant, option or other security which, directly or indirectly, represents the right to purchase or acquire, or is convertible into or exercisable or exchangeable for, or otherwise represents an interest in, such security.

 

“Shares” means the shares of capital stock of the Company.

 

“Transfer”, as to any Certificates, Shares or Rights in respect of Certificates or Shares, means to sell, or in any other way transfer, assign, pledge, distribute, encumber or otherwise dispose of, create any Rights in respect of, or permit any Lien to exist on, such Certificates, Shares or Rights, whether directly or indirectly, voluntarily or involuntarily or with or without consideration, including, without limitation, any Transfer of shares or other Rights in a Person that owns, directly or indirectly, such Certificates, Shares or Rights.

 

ARTICLE II

 

Governance and Management of the AK and the Company

 

SECTION 2.01.  Number of Directors.  Subject to any limitation provided by any applicable law, the number of directors constituting the board of directors of the AK (the “AK Board”) and the Company (the “Company Board” and together with the AK Board, the “Boards” and each, a “Board”) shall be fixed from time to time by each Board or the certificate holders or shareholders at a general meeting, as applicable, in accordance with their respective By-laws, Conditions of Administration or applicable law, provided, that, unless the Holders otherwise agree, the number of directors constituting the AK Board shall be eight (8) and the number of directors constituting the Company Board shall be not less than twelve (12) nor more than fourteen (14).

 

SECTION 2.02.  Nomination and Appointment of Directors.  The composition of each Board shall be determined in accordance with the following provisions:

 

(a)  The eight (8) members of the AK Board shall consist of four (4) directors appointed by the Holders of the Class A Certificates and four (4) directors appointed by the Holders of the Class B Certificates.

 

(b)  The members of the Company Board shall be appointed by the general meeting of shareholders of the Company upon proposal of the AK.  Of the members of the Company Board proposed by the AK, four (4) directors shall be nominated exclusively by the Holders of the Class A Certificates, four (4) directors shall be nominated exclusively by the Holders of the Class B Certificates and four (4) to six (6) independent directors shall be nominated by the AK Board.

 

SECTION 2.03.  Election of Directors.  At each annual or extraordinary general meeting of shareholders of the Company called for the purpose, among other things, of electing directors of the Company, the AK and, if applicable, the Holders shall vote all of the Shares owned by them or their affiliates in favor of 

 

4

 

 

CONFIDENTIAL TREATMENT REQUESTED BY ANHEUSER-BUSCH INBEV SA/NV

 

the election to the Company Board of the nominees nominated in accordance with Section 2.02 and against the election of persons nominated in opposition to such nominees.

 

SECTION 2.04.  Committees.  The Audit Committee of the Company shall be composed of four directors, one of whom shall be a director proposed by the AK upon nomination by the Holders of the Class A Certificates, one of whom shall be a director proposed by the AK upon nomination by the Holders of the Class B Certificates and two of whom shall be independent directors.  Any other committee of each Board, including, without limitation, any “integration” or “convergence” committee of the Company Board, shall be comprised of directors nominated by EPS and BRC in, as nearly as practicable, the same proportion as the representation of the nominees of the Holders of the Class A Certificates and the Class B Certificates on the related Board.

 

SECTION 2.05.  Removal; Vacancies.  Subject to any applicable law, each director shall serve until his or her death, disability, resignation or removal.  Subject to applicable law, the AK and, if applicable, each Holder agrees to vote at the general meeting of the Company all the Shares owned by it in favor of the removal or suspension of a director of the Company if the Holder who nominated such director recommends his or her removal or suspension.  Subject to applicable law, each Holder agrees to cause the directors of the AK nominated by such Holder to vote in favor of the removal or suspension of a director of the AK if the Holder who nominated such director recommends his or her removal or suspension.  If a vacancy occurs because of the death, disability, resignation or removal of a director, the Holder who nominated the director shall nominate a successor, and each Board shall elect such successor.  In his or her capacity as a director, any such successor shall serve until the next general meeting of shareholders of the Company.

 

SECTION 2.06.  Meetings of Directors.

 

(a)  Regular Meetings.  Unless otherwise decided by a majority of the entire Company Board, the Company Board shall hold regular meetings at such times as may be from time to time fixed by resolution of the Company Board, and no notice (other than the resolution) need be given as to regularly scheduled meeting.  Special meetings of the Company Board may be called and held at any time upon the call of either Chairman of the Board or at least two members of the entire Company Board, by notice to each director at least three business days before the meeting.  Reasonable efforts shall be made to ensure that each director actually receives timely notice of any such special meeting.  An annual meeting of the Company Board shall be held without notice immediately following the annual general meeting of the Company.

 

(b)  Telephonic Meetings.  Any or all of the directors may participate in a meeting of any Board by means of telephone, videoconference or similar communications equipment by means of which all persons participating in the meeting can hear each other.  Participation in a meeting by such means shall constitute presence in person at such meeting.

 

(c)  Written Consents.  Any action required or permitted to be taken at a meeting of any Board may be taken by unanimous written consent of all the directors to the extent permitted by applicable law.

 

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CONFIDENTIAL TREATMENT REQUESTED BY ANHEUSER-BUSCH INBEV SA/NV

 

(d)  Quorum and Approval Requirements.  In the case of the AK Board, the presence in person or by proxy of at least seven (7) directors shall be necessary to constitute a quorum for the transaction of business and the affirmative vote of a majority of the directors present, including at least two (2) directors appointed by the Holders of the Class A Certificates and two (2) directors appointed by the Holders of the Class B Certificates, shall be required for any action of the AK Board; provided, however, that in the event any meeting of the AK Board shall fail to achieve a quorum due in each case to the absence of directors appointed by the Holders of the same Class of Certificates, the quorum requirement shall not apply to the second meeting and valid resolutions may be passed at such second meeting by the directors then present.  In the case of the Company Board, the presence of a majority of the directors constituting the entire Board shall be necessary to constitute a quorum for the transaction of business.  EPS and BRC agree to cause the respective directors nominated by them to duly appoint a proxy to attend any meeting from which such directors will be absent so that all directors nominated by EPS and BRC will be present in person or by proxy at all meetings of each Board.  Any adjournment of a meeting of the AK Board shall be held no sooner than 48 hours after the time set for the related meeting or previous adjournment.

 

(e)  Chairman.   The Chairman of the Company Board shall be an independent director and shall not have a casting vote in the event of a tie.

 

SECTION 2.07.  Charter Documents.  The AK and each Holder shall take or cause to be taken all lawful action necessary to ensure at all times that the Conditions of Administration and By-laws of the AK and the by-laws of the Company are not at any time inconsistent with, and to the greatest extent possible under the applicable laws give effect to, the provisions of this Agreement.

 

ARTICLE III

 

Voting Provisions

 

SECTION 3.01.  Company Shareholders’ Meetings.  The AK Board will meet prior to each shareholders’ meeting of the Company in order to determine the manner in which the Shares owned by the AK will be voted.  One director nominated by the Holders of the Class A Certificates and one director nominated by the Holders of the Class B Certificates shall jointly represent the AK at each ordinary or extraordinary shareholders’ meeting of the Company.  Such representatives of the AK shall jointly vote at the shareholders’ meetings of the Company in accordance with the decisions of the AK Board and the Conditions of Administration and By-laws of the AK.  If any Ownership Matter (as defined in Section 3.02) or Key Operational Matter (as defined in Section 3.03) shall be considered at any ordinary or extraordinary shareholders’ meeting of the Company, the provisions of Sections 3.02 and 3.03 shall apply.

 

SECTION 3.02.  Ownership Matters.  (a)  The following matters shall constitute “Ownership Matters” for purposes of this Agreement:

 

(i) any reduction in the number of outstanding Shares or Rights;

 

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CONFIDENTIAL TREATMENT REQUESTED BY ANHEUSER-BUSCH INBEV SA/NV

 

(ii) any issuance of Shares or Rights (being understood that any such issue shall not be regarded as an Ownership Matter if it occurs within the authorized capital of the Company and provided this authorized capital does not relate to the issuance of a number of Shares higher than 3% of the number of outstanding Shares at the beginning of the period for which the authorized capital shall remain valid);

 

(iii) any repurchase or buy-back of Shares or Rights not in the ordinary course of business (being understood that any such repurchase or buy-back shall only be regarded as being within the ordinary course of business if it is not made in connection with stock option plans and is of a size and scope customary in the market for companies of similar size);

 

(iv) any merger or split-up of the Company;

 

(v) any amendment or modification to the by-laws of the Company that would have a material adverse effect on the rights of BRC or EPS;

 

(vi) the delisting of the Company;

 

(vii) the liquidation or dissolution of the Company;

 

(viii) any acquisition or disposal of tangible assets in excess of 1/3 of the Company’s consolidated assets; and

 

(ix) any modification of the Company’s dividend payout policy (25 to 33 % on average of the Company’s consolidated net cash earnings i.e. net earnings before goodwill amortization).

 

(b)  The AK Board will meet prior to each shareholders’ meeting of the Company at which an Ownership Matter will be considered in order to determine the manner in which the Shares owned by the AK will be voted.  If the AK Board takes action in accordance with Section 2.06(d) on the manner in which the AK should vote with respect to any Ownership Matter, it will instruct its representatives to vote the AK’s shares accordingly.  If the AK Board cannot take action on the manner in which the AK should vote with respect to any Ownership Matter because of a tie vote (a “Deadlock”), the AK shall instruct its representatives to vote the AK’s Shares against the approval of the Ownership Matter.  After the occurrence of a Deadlock on an Ownership Matter, the Holders shall endeavor to resolve the Deadlock for a period of 360 days (the “Cooling Off Period”) from the date of the shareholders’ meeting at which the Ownership Matter was presented for approval.  Negotiations between the Holders shall be organized under the supervision of the Chairman of the Board of the Company.

 

(c)  If a Deadlock on an Ownership Matter has not been resolved during the Cooling Off Period in accordance with Section 3.02(b), then, subject to Section 3.02(d), the Holder that wished to approve the Ownership Matter that resulted in the Deadlock (the “Proposing Holder”) may deliver to the other Holder an offer (the “Buy/Sell Offer”) stating the price per Certificate (which must be payable entirely in cash or immediately available funds in accordance with Section 3.02(d) and which shall be adjusted for any share dividend, split-up, subdivision or 

 

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CONFIDENTIAL TREATMENT REQUESTED BY ANHEUSER-BUSCH INBEV SA/NV

 

combination of Certificates occurring after the date of the Buy/Sell offer and prior to the consummation of the sale and purchase of the applicable Certificates) at which the Proposing Holder is willing either to (i) sell all, but not less than all, the Certificates held by the Proposing Holder and its Permitted Transferees to the other Holder (the “Dissenting Holder”) or (ii) purchase (or to cause a nominee or nominees designed by it to purchase) from the Dissenting Holder and its Permitted Transferees all, but not less than all, the Certificates held by the Dissenting Holder and its Permitted Transferees.  The Buy/Sell Offer shall be irrevocable for a period of 90 days and shall preempt the right of the Dissenting Holder to make such an offer.  Any Buy/Sell Offer must be supported by a valuation report of an internationally recognized investment bank based on a multi-criteria valuation methodology customary in the industry.

 

(d)  Within 60 days following receipt of the Buy/Sell Offer, the Dissenting Holder shall, by notice to the Proposing Holder, elect either to purchase (or to cause a nominee or nominees designated by the Dissenting Holder to purchase) all, but not less than all, the Certificates held by the Proposing Holder and its Permitted Transferees or to sell to the Proposing Holder (or to a nominee or nominees designated by the Proposing Holder) all, but not less than all, the Certificates held by the Dissenting Holder and its Permitted Transferees, in either case at the price set forth in the Buy/Sell Offer.  In the event that the Dissenting Holder fails to make such election within such 60-day period, the Proposing Holder may then elect whether to buy all, but not less than all, the Certificates held by the Dissenting Holder and its Permitted Transferees or to sell all, but not less than all, the Certificates held by the Proposing Holder and its Permitted Transferees to the Dissenting Holder at the price set forth in the Buy/Sell Offer.  Any election by a Dissenting Holder or Proposing Holder in accordance with this Section 3.02(d) shall be deemed to constitute “acceptance” of a Buy/Sell Offer.  Once a Buy/Sell Offer is accepted, the Holders shall consummate such purchase or sale of the applicable Certificates as promptly as practicable, but in no case later than the end of the 90-day period referred to in Section 3.02(b).  If the Dissenting Holder has elected to purchase the Certificates held by the Proposing Holder and its Permitted Transferees, and fails to consummate such purchase for any reason within the period set forth in the preceding sentence, the Proposing Holder shall have the right to purchase all, but not less than all, the Certificates held by the Dissenting Holder and its Permitted Transferees at the price stipulated in the Buy/Sell Offer as soon as reasonably practicable.  In connection with any sale and purchase pursuant to a Buy/Sell Offer, the selling Holder and its Permitted Transferees shall execute and deliver appropriate instruments and other documents conveying good and valid title to the applicable Certificates, free and clear of any Liens.

 

(e)  The purchase price for the Certificates purchased pursuant to a Buy/Sell Offer shall be paid 20% at the closing, with the balance payable in four equal annual installments of 20% each on the first four anniversaries of the date of the closing.  The unpaid portion of the purchase price shall bear interest at a rate per annum equal to one-month LIBOR plus 1% from the date of the closing until the date of payment.

 

(f)  Notwithstanding the foregoing, (i) neither Holder shall be entitled to deliver a Buy/Sell Offer prior to March 2, 2010 and (ii) a Holder that is in default in 

 

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CONFIDENTIAL TREATMENT REQUESTED BY ANHEUSER-BUSCH INBEV SA/NV

 

any material respect in the performance or observance of the terms and conditions of this Agreement shall not be entitled to deliver a Buy/Sell Offer at any time.

 

SECTION 3.03.  Key Operational Matters.  (a)  The following matters shall constitute “Key Operational Matters” for purposes of this Agreement:

 

(i) appointment upon proposal by the Company Board and ratification of the dismissal by the Company Board of the CEO;

 

(ii) modification of the Company’s executive remuneration and incentive compensation policy;

 

(iii) ratification of party transactions with affiliates;

 

(iv) modification of the Company’s target capital structure and the maximum level of net debt; and

 

(v) all other matters that under Belgian law must be approved by the shareholders, including the nomination of directors, the distribution of dividends, approval of the Company’s accounts, appointment of auditors and discharge of the Company Board.

 

(b)  The AK Board will meet prior to each shareholders’ meeting of the Company at which a Key Operational Matter will be considered in order to determine the manner in which the Shares owned by the AK will be voted.  If the AK Board takes action in accordance with Section 2.06(d) on the manner in which the AK should vote with respect to any Key Operational Matter, it will instruct its representatives to vote the AK’s Shares accordingly.  If the AK Board is Deadlocked on the manner in which the AK should vote with respect to any Key Operational Matter, then the directors appointed by the Holders of the Class A Certificates or the directors appointed by the Holders of the Class B Certificates shall have an alternating casting vote in accordance with Section 3.05 to break such Deadlock.

 

SECTION 3.04.  Other Operational Matters.  All other matters submitted to Company Board approval (by Belgian law in accordance with the Company’s by-laws or internal corporate governance rules as modified where appropriate) (“Other Operational Matters”) will be decided by simple majority of the Company Board.  If, prior to or during any meeting of the Company Board, it becomes apparent that the non-independent directors proposed by the AK are Deadlocked as to how to vote with respect to Other Operational Matters, then they will meet separately from the independent directors and endeavor to reach a consensus.  If a consensus cannot be reached, then the directors appointed by the Holders of the Class A Certificates or the directors appointed by the Holders of the Class B Certificates shall have an alternating casting vote in accordance with Section 3.05 to break such Deadlock.

 

SECTION 3.05.  Order of Alternating Casting Votes.  In the event of any Deadlock with respect to a Key Operational Matter or Other Operational Matter, the directors appointed by the Holders of the Class A Certificates and the directors appointed by the Holders of the Class B Certificates shall have an alternating casting vote; provided, however, that, notwithstanding the foregoing, if any Holder shall 

 

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CONFIDENTIAL TREATMENT REQUESTED BY ANHEUSER-BUSCH INBEV SA/NV

 

default in any material respect in the performance or observance of the terms and conditions of this Agreement, the directors appointed by the non-defaulting Holder shall have the exclusive right to cast the casting vote for a period of one (1) year after the date of the default.

 

SECTION 3.06.  Shares Held by EPS and BRC.  Each of EPS and BRC agrees that it will vote, and that it will cause each of its Permitted Transferees who shall have acquired Shares pursuant to a Transfer that would take place after the Closing Date, to vote, all Shares owned by EPS or BRC, as the case may be, or such Permitted Transferees, that are not certificated in accordance with the Conditions of Administration of the AK, in the same manner as the Shares owned by the AK. To the extent necessary, the Parties confirm and acknowledge that this Section 3.06 applies to all Shares subscribed by EPS or BRC further to the Rights Offering.

 

ARTICLE IV

 

Additional Covenants

 

SECTION 4.01.  Information Rights.  Each director of the Company shall be entitled to receive as promptly as practicable after such information is available (i) quarterly consolidated unaudited financial statements and reports of the Company and its subsidiaries, (ii) consolidated annual audited financial statements and reports of the Company and its subsidiaries, and (iii) such other information relating to the business, affairs, prospects or condition (financial or otherwise) of the Company and its subsidiaries as is available to the Company that such director may reasonably request.

 

SECTION 4.02.  Audits.  The financial statements and accounts of the AK shall be audited on an annual basis by internationally recognized independent public accountants.

 

SECTION 4.03.  Purpose of Agreement.  The purpose of this Agreement and the Conditions of Administration are to provide a means by which the Holders of Class A Certificates on the one hand and Holders of Class B Certificates on the other hand may exercise joint equal control over the business and affairs of the AK and the Company.  Each Holder agrees not to take any action, or omit to take any action, if such action or omission would adversely affect the Holders’ joint equal control of the AK and the Company, except to the extent such action or omission is expressly permitted or contemplated by this Agreement or the Conditions of Administration.

 

SECTION 4.04.  Further Assurances.  From time to time, as and when requested by any party, each party shall execute and deliver, or cause to be executed and delivered, all such documents and instruments and shall take, or cause to be taken, all such further or other actions as such other party may reasonably deem necessary or desirable to further assure or give effect to the provisions of this Agreement.

 

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ARTICLE V

 

Transfer Restrictions Relating to the Certificates and the Shares

 

SECTION 5.01.  Restrictions Relating to EPS.  (a)  EPS shall at the latest upon the completion of the Third Certification (as defined in the Conditions of Administration) directly hold a number of Class A Certificates which will be equal to at least 342,000,000; provided, that EPS may transfer such aggregate number of Class A Certificates in its entirety to any successor holding company that is directly or indirectly owned solely by Members and Permitted Transferees of EPS and that becomes a party to this Agreement.  Subject to the preceding sentence and except as the Parties may otherwise agree in writing, EPS shall not, and shall not permit any Member or Permitted Transferee of EPS or any affiliate thereof to Transfer, or permit the Transfer other than to EPS, a Permitted Transferee or BRC of any Class A Certificates held by EPS, any Member, any Permitted Transferee or any affiliate thereof, or any Rights in respect of such Class A Certificates, or any shares or other Rights in EPS or any other Person that is a direct or indirect shareholder of EPS.

 

(b)  EPS shall cause each Permitted Transferee of Class A Certificates or Shares to become a party to this Agreement by executing a signature page hereto or other instrument of joinder prior to or upon the consummation of any Transfer of Class A Certificates or Shares to such Permitted Transferee.  By the execution of such signature page or other instrument of joinder, such Permitted Transferee shall agree to be bound by, and to comply with, all obligations applicable to EPS and its Permitted Transferees under this Agreement.  Without limiting the generality of the foregoing and except as the Parties may otherwise agree in writing, no Permitted Transferee of EPS shall Transfer, or permit the Transfer, other than to EPS, another Permitted Transferee or BRC, of any Class A Certificates or Shares held by such Permitted Transferee or any affiliate thereof, or any Rights in respect of such Class A Certificates or Shares, or any shares or other Rights in such Permitted Transferee or any other Person that is a direct or indirect shareholder of such Permitted Transferee.

 

SECTION 5.02.  Restrictions Relating to BRC.  (a)  BRC shall at the latest upon the completion of the Third Certification (as defined in the Conditions of Administration) directly hold a number of Class B Certificates which will be equal to at least 342,000,000; provided, that BRC may transfer such aggregate number of Class B Certificates in its entirety to any successor holding company that is directly or indirectly owned solely by Members and Permitted Transferees of BRC and that becomes a party to this Agreement.  Subject to the preceding sentence and except as the Parties may otherwise agree in writing, BRC shall not, and shall not permit any Member or Permitted Transferee of BRC or any affiliate thereof to Transfer, or permit the Transfer, other than to BRC, a Permitted Transferee or EPS, of any Class B Certificates or Shares held by BRC, any Member, any Permitted Transferee or any affiliate thereof, or any Rights in respect of such Class B Certificates or Shares, or any shares or other Rights in BRC or any other Person that is a direct or indirect shareholder of BRC.

 

(b)  BRC shall cause each Permitted Transferee of Class B Certificates or Shares to become a party to this Agreement by executing a signature page hereto or other instrument of joinder prior to or upon the consummation of any Transfer of Class B Certificates or Shares to such Permitted Transferee.  By the execution of such 

 

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signature page or other instrument of joinder, such Permitted Transferee shall agree to be bound by, and to comply with, all obligations applicable to BRC and its Permitted Transferees under this Agreement.  Without limiting the generality of the foregoing and except as the Parties may otherwise agree in writing, no Permitted Transferee of BRC shall Transfer, or permit the Transfer, other than to BRC, another Permitted Transferee or EPS, of any Class B Certificates or Shares held by such Permitted Transferee or any affiliate thereof, or any Rights in respect of such Class B Certificates or Shares, or any shares or other Rights in such Permitted Transferee or any other Person that is a direct or indirect shareholder of such Permitted Transferee.

 

SECTION 5.03.  Permitted Transfers of Shares by EPS and BRC.  Each of EPS, BRC and their respective Permitted Transferees shall be permitted to Transfer Shares not certificated in accordance with the Conditions of Administration to any Person provided that any such Transfers are effected in an orderly manner of disposition that does not disrupt the market for the Shares and in accordance with any conditions established by the Company to ensure such orderly disposition.

 

SECTION 5.04.  Certificate Transfers.  In the event of any Transfer of a Certificate by a Holder of one Class to a Holder of the other Class in accordance with Section 5.01 or 5.02, the Certificate to be transferred shall be presented to the AK for cancellation and a Certificate in respect of such other Class shall be issued to the transferee Holder in accordance with the Conditions of Administration.

 

SECTION 5.05.  Stop Transfer. Legend.  (a)  The AK shall not register the Transfer of any Certificates unless the Transfer is in accordance with Sections 5.01 or 5.02.  The Certificate register of the AK and any entry in the Certificate register of the AK made upon any Transfer to a Permitted Transferee shall include the following legend:

 

“THE CERTIFICATES REPRESENTED BY THIS REGISTRATION ARE SUBJECT TO RESTRICTIONS ON TRANSFER IN ACCORDANCE WITH THE TERMS OF AN AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT DATED AS OF SEPTEMBER [to be completed] 2009, AND THE CONDITIONS OF ADMINISTRATION OF THE ISSUER AS THE SAME MAY BE AMENDED OR MODIFIED FROM TIME TO TIME, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICE OF THE ISSUER.  NO REGISTRATION OF TRANSFER OF SUCH CERTIFICATES WILL BE MADE ON THE BOOKS OF THE ISSUER UNLESS SUCH RESTRICTIONS ARE COMPLIED WITH.”

 

(b)  The parties agree that any purported Transfer of Certificates not in accordance with Sections 5.01 or 5.02 shall be deemed null and void and shall not be given effect or recognition by the AK or the Company, as the case may be.

 

SECTION 5.06.  Restrictions on Acquisition of AmBev shares.  (a)  EPS shall not, and shall not permit any Member or Permitted Transferee of EPS or any affiliate thereof to, directly or indirectly, acquire any shares of capital stock of AmBev, or any Rights in respect of such shares of capital stock except for (i) any shares or Rights acquired on or prior to March 2, 2004, or to be acquired, by the 

 

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Company pursuant to the terms of the CSA, (ii) any shares or Rights acquired or to be acquired pursuant to AmBev’s board or executive compensation plans and (iii) directors’ qualifying shares, without the prior approval of the AK.

 

(b)  BRC shall not, and shall not permit any BRC Member, BRC Permitted Transferee or any affiliate thereof to, directly or indirectly, acquire any shares of capital stock of AmBev, or any Rights in respect of such shares of capital stock, except for (i) any shares or Rights acquired on or prior to March 2, 2004, or to be acquired, by the Company pursuant to the terms of the CSA, (ii) any shares or Rights held by any such Person as of the date hereof, (iii) any shares or Rights acquired or to be acquired pursuant to AmBev’s board or executive compensation plans and (iv) directors’ qualifying shares, without the prior approval of the AK.

 

SECTION 5.07.  Adjustments Upon Changes in Capitalization.  For purposes of Sections 5.01 and 5.02, the number of Certificates referred to in the first sentence thereof shall be appropriately adjusted to give effect to any share dividend, split-up, subdivision or combination of shares or any recapitalization, reclassification, reorganization or similar transaction involving the Company or the AK.

 

SECTION 5.08.  Call Option.  (a)   Should there be any violation by any Holder or Member of the Transfer restrictions contained in Section 5.01., Section 5.02. or Section 5.03., each Holder of Certificates of the other Class shall have an irrevocable option to purchase all or any portion of the Offered Certificates (as defined hereinafter) from the non-complying Holder (in the case of violation by a Holder) or from the Holder of the same Class as the non-complying Member (in the case of violations by a  Member) (‘the Selling Holder’); provided, however, that such option may not be exercised (i) on all or any portion of such Offered Certificates unless such non-complying Holder or Member, as the case may be, has failed to cure such violation within 3 months, calculated from the time the notice of failure to comply is sent by the AK Board (at the request of one or more of its members) to such non-complying Holder or Member, as the case may be, or (ii) by any Holder if such Holder is in violation of such Transfer restrictions at such time.

 

(b)  The option referred to under Section 5.08.(a) relates, as the case may be, to a number of  Certificates (all such Certificates being the “Offered Certificates”) held by the Selling Holder, equal to the total number of Certificates held by the Holder (in the case of violations by a Holder) or the total number of Certificates indirectly held by such non-complying Member (in the case of violations by a Member) at the time of the violation of Section 5.01., 5.02. or 5.03., irrespective of the circumstances surrounding such non-compliance.

 

As an illustration of such rules, the following example may be given:

 

Should the Selling Holder have 100 Certificates, the option referred to under Section 2.08.(a) shall relate to these 100 certificates.  Should the non-complying Member indirectly have a 33% equity or ownership interest in a Holder, in its capacity as ultimate direct or indirect owner of Certificates or of Shares which are directly or indirectly owned by BRC or EPS, the option referred to under Section 5.08.(a) shall only relate to 33% of these 100 certificates.

 

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(c)  The option price for each Offered Certificate shall be an amount equal to 80% of the average closing price for a Share on the principal stock exchange on which the Shares are then listed during the 20 business days immediately preceding the last day of the three month period referred to above.  Unless such violation has been cured in accordance with Section 5.08.(a), by the end of such three month period, the AK Board shall send a notice to each eligible Holder specifying that such call option may be exercised on all or any portion of the Offered Certificate during the 30-day period beginning on the date on which such notices are deemed delivered in accordance with Section 6.05.

 

(d)  In order to validly exercise such call option, a Holder must deliver to the AK Board, within the 30-day time period referred to above, written notice stating such Holder’s intention to exercise such call option and specifying the number of Offered Certificates such Holder intends to purchase. Such notices shall be irrevocable.  If several Holders validly exercise such option, the number of Offered Certificates available for purchase by each Holder shall be such Holder’s pro rata share of such number of Offered Certificates (based on the percentage obtained by dividing  the number of Shares and/or Certificates held by such Holder at such time by the number of Shares and/or Certificates held by all Holders validly exercising such call option at such time and multiplying  by 100).

 

(e)  Within 8 days following the expiration of the 30-day time period referred to above, the AK Board shall notify the non-complying Holder and the Holders as to the number of Offered Certificates that shall be allocated to any Holders for purchase in accordance with the immediately preceding paragraph.  The Transfer of the Offered Certificates shall be deemed to have occurred on the date of such notices, and the AK Board shall ensure that all applicable Transfer formalities in respect of such Offered Certificates are completed as soon as practicable.  The option price of the Offered Certificates shall be paid to the Selling Holder as follows: 20% of this price shall be paid within 15 days following such non-complying Holder’s receipt of notice of the completion of the transfer formalities with respect to such Offered Certificates, with the balance payable in four equal annual installments of 20% each on the first four anniversaries of the date of the payment of the first installment. The unpaid portion of the purchase price shall bear interest at a rate per annum equal to one-month LIBOR plus 1% from the date on which the non-complying Holder shall have received notice of the completion of the transfer formalities with respect to such Offered Certificates.

 

ARTICLE VI

 

General Provisions

 

SECTION 6.01.  Term; Termination.  This Agreement shall remain in effect for an initial term until August 27, 2024 and shall thereafter be automatically renewed for successive renewal terms of ten (10) years each unless, not later than two (2) years prior to the expiration of the initial or any renewal term, either party notifies the other in writing of its election to terminate the Agreement.  In the event of any such election to terminate, the Agreement shall terminate upon the expiration of the then current term.

 

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SECTION 6.02.  Specific Performance.  The parties agree that the obligations imposed on them in this Agreement are special, unique and of an extraordinary character, and that in the event of breach by any party damages would not be an adequate remedy, and each of the other parties shall be entitled to specific performance and injunctive and other equitable relief to the extent permitted by applicable law in addition to any damages or any other remedy to which it may be entitled, at law or in equity.  The parties further agree to waive any requirement for the securing or posting of any bond in connection with the obtaining of any such injunctive or other equitable relief.

 

SECTION 6.03.  Assignment.  This Agreement and the rights and obligations hereunder shall not be assignable or transferable by any party (including by operation of law in connection with a merger or consolidation of such party) except to a successor holding company as provided in Section 5.01(a) and 5.02(a) without the prior written consent of the other parties hereto.  Any attempted assignment in violation of this Section 6.03 shall be void.

 

SECTION 6.04.  No Third-Party Beneficiaries.  This Shareholders Agreement is for the sole benefit of the parties hereto and their permitted assigns and nothing herein expressed or implied shall give or be construed to give to any person, other than the parties hereto and such assigns, any legal or equitable rights hereunder.

 

SECTION 6.05.  Notices.  All notices or other communications required or permitted to be given hereunder shall be in writing and shall be delivered by hand or sent by fax or sent, postage prepaid, by registered, certified or express mail or overnight courier service and shall be deemed given when so delivered by hand or fax, or if mailed, three days after mailing (one business day in the case of express mail or overnight courier service), as follows:

 

(i)              if to the AK,

 

Stichting Administratie Kantoor Anheuser-Busch InBev

548, Herengracht, 1017, CG Amsterdam, the Netherlands

Attention: The Board

with a copy at the following address:

Zarf Trust, Hofplein 20, 3032 AC Rotterdam

 

(ii)           if to EPS,

 

EPS SA

5, rue Guillaume Kroll, L-1882 Luxemburg

Attention: The Board

 

(iii)        if to BRC,

 

BRC Sàrl

13-15, Avenue de la Liberté, L-1931, Luxembourg

Attention : Jorge Paulo Lemann, Carlos Alberto da Veiga Sicupira and Marcel Herrmann Telles

 

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(iv)       if to Rayvax,

 

Rayvax SA

19, Square Vergote

1200 Brussels

Attention: The Board

 

SECTION 6.06.  Interpretation; Exhibits and Schedules; Certain Definitions.  The headings contained in this Agreement or in any Exhibit or Schedule hereto are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.  Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein, shall have the meaning as defined in this Agreement.  When a reference is made in this Agreement to a Section, Exhibit or Schedule, such reference shall be to a Section of, or an Exhibit or Schedule to, this Agreement unless otherwise indicated.

 

SECTION 6.07.  Counterparts.  This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or more such counterparts have been signed by each of the parties and delivered to the other parties.  An executed counterpart of this Agreement delivered by fax shall be deemed to be an original and shall be as effective for all purposes as delivery of a manually executed counterpart.

 

SECTION 6.08.  Severability.  If any provision of this Agreement (or any portion thereof) or the application of any such provision (or any portion thereof) to any person or circumstance shall be held invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision hereof (or the remaining portion thereof) or the application of such provision to any other persons or circumstances.  In such case the parties shall negotiate in good faith in order to replace such term or provision by another term or provision with a similar legal and economic effect, to the extent permitted by applicable law.  Also, should any new legal or regulatory provision, or any case-laws development render this Agreement invalid, illegal or unenforceable in any respect, the parties shall negotiate in good faith in order to replace such term or provision by another term or provision with a similar legal and economic effect, to the extent permitted by applicable law.

 

SECTION 6.09.  Arbitration.  (a)    All disputes arising out of or in connection with this Agreement shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce.  Judgment on the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.

 

(b)  The number of arbitrators shall be three, one appointed by the plaintiff party or parties, one by the respondent party or parties and a chairman appointed jointly by the first two arbitrators. In the event that, in multiple party proceedings, the plaintiff parties or the respondent parties are not able to reach consensus on the appointment of their arbitrator, such (and only such) arbitrator shall be appointed by the International Chamber of Commerce.

 

(c)  Any party to the dispute submitted to arbitration in connection with this Agreement may assert a counterclaim or cross-claim against any other party to the dispute based on any breach of this Agreement.  Any party to the dispute shall have access to all documents filed by any other party.

 

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(d)  The parties agree that the ICC Court of Arbitration shall fix separate advances on costs in respect of each claim, counterclaim or cross-claim.

 

(e)  The parties agree that if a dispute raises issues which are the same as or substantially connected with issues raised in a related dispute arising in connection with this Agreement, the CSA or any other Operative Document (as defined in the CSA) such dispute and such related dispute shall be finally settled by the first appointed arbitral tribunal, provided a joinder of proceedings is requested by at least one party to any of the disputes.

 

(f)  The place of arbitration shall be Paris, France.  The language of the arbitration shall be English.

 

(g)  The arbitrators will have no authority to award punitive damages or any other damages not measured by the prevailing party’s actual damages, and may not, in any event, make any ruling, finding or award that does not conform to the terms and conditions of this contract.

 

(h)  Any party may make an application to the arbitrators seeking injunctive relief to maintain the status quo until such time as the arbitration award is rendered or the controversy is otherwise resolved.  Any party may apply to any court having jurisdiction hereof to seek injunctive relief in order to maintain the status quo until such time as the arbitration award is rendered or the controversy is otherwise resolved.

 

SECTION 6.10.  Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of Belgium.

 

SECTION 6.11.  Consideration of Further Amendment

 

(a)  BRC (i) acknowledges that EPS has requested a further change in Section 5.01 to permit transfers of a portion of the Class A Certificates to Members and Permitted Transferees, since it may be advantageous for some stakeholders in EPS to hold Class A Certificates directly rather than indirectly through ownership of EPS shares, and (ii) agrees, without making any commitment to implement such change, to explore with EPS whether such proposed change can be implemented while respecting the Parties current obligations and commitments.

 

(b)          EPS (i) acknowledges that BRC has requested a further change in Section 5.02.(a) to delete the references therein to “Shares”, since Section 5.01.(a) does not include any equivalent transfer restrictions applicable to EPS, and (ii) agrees, without making any commitment to implement such change, to explore with BRC whether such proposed change can be implemented while respecting the Parties current obligations and commitments.

 

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Done in Brussels, on September 9, 2009 in four originals.  Each of the parties acknowledges having received its own original.

 

	

    
	

   STICHTING ANHEUSER-BUSCH INBEV,

	

    
	

    

	

    
	

   By

	

    
	

    
	

   /s/ A. de Pret

	

    
	

    
	

   A. de Pret

	

    
	

    

	

    
	

   By

	

    
	

    
	

   /s/ Roberto M. T. Motta

	

    
	

    
	

   Roberto M. T. Motta

	

    
	

    

	

    
	

   EUGÉNIE PATRI SÉBASTIEN SA,

	

    
	

    

	

    
	

   By

	

    
	

    
	

   /s/ A. Van Damme

	

    
	

    
	

   A. Van Damme

	

    
	

    

	

    
	

   By

	

    
	

    
	

   /s/ G. de Spoelberch

	

    
	

    
	

   G. de Spoelberch

	

    
	

    

	

    
	

   BRC,

	

    
	

    

	

    
	

   By

	

    
	

    
	

   /s/ Roberto M. T. Motta

	

    
	

    
	

   Roberto M. T. Motta

	

    
	

    

	

    
	

   By

	

    
	

    
	

   /s/ Carlos Alberto da V. Sicupira

	

    
	

    
	

   Carlos Alberto da V. Sicupira

	

    
	

    

	

    
	

   RAYVAX SOCIÉTÉ D’INVESTISSEMENTS SA,

	

    
	

    

	

    
	

   By

	

    
	

    
	

   /s/ A. de Pret

	

    
	

    
	

   A. de Pret

	

    
	

    

	

    
	

   By

	

    
	

    
	

   /s/ Bernard Boon-Falleur

	

    
	

    
	

   Bernard Boon-Falleur

 

18

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