Document:

cnv_Ex4_36

		
			EXHIBIT 4.36
		

		
			ENGLISH SUMMARY OF VERBAL FIRST AMENDMENT, DATED MARCH 27, 2015, TO THE SECOND COMMERCIAL PARTNERSHIP AGREEMENT, DATED MAY 19, 2014, BETWEEN CDISCOUNT S.A. (“CD”) AND DISTRIBUTION CASINO FRANCE S.A. (“DCF” OR THE “AGENT”)
		

		
			Parties: CD and DCF (each referred to as the “Party” and collectively as the “Parties”)
		

		
			Date: March 27, 2015. The present amendment shall take effect retroactively on January 1, 2015.
		

		
			Background:
		

			
	
			
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			On May 19, 2014 the Parties signed a “commercial partnership agreement” with effect from 1 June 2014 (the “Original Agreement”) according to which DCF supplies National brand or Private Label products to CD.

			
	
			
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			As they expressed their wish to amend some provisions of the Original Agreement, the Parties have met in order to sign the present amendment n°1, pursuant to the provisions of article 9 of the Original Agreement.

		
			Summary of Major Terms: 
		

		
			The Parties have agreed to modify the Original Agreement by deleting Article 2 “Conditions of Product Provision, Quality and Conformity” of the Original Agreement and replacing it by the present Article 2 with the following terms: 
		

		
			2. Supply Conditions
		

		
			2.2. Conditions
		

		
			CD is free to buy or not from DCF. In this respect, CD does not grant any purchase volume guarantee nor any guarantee that it will maintain any purchase volume to DCF for the entire duration of the present agreement.
		

		
			CD stays free to determine its commercial and pricing policy in accordance with the applicable law.
		

		
			When it acts as the direct importer and only for the products of which it defines the requirements specification, DCF will be liable for the traceability of the products that are ordered by CD and for their placing on the national market in accordance with applicable regulations, being clarified that:
		

			
	
			
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			the products or goods are insured by the Casino group as part of the entire insurance policy “all-risk import” when the importer is in charge of the insurance under the agreed Incoterm;

			
	
			
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			the orders are firm and definitive according to a mutually agreed criteria;

			
	
			
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			the price of the products supplied by DCF to CD, referred to as the TP or “Transfer Price”, will be calculated as a function of the share of purchase volume for CD as a part of the global purchase volume of the non-food products made by DCF (including any company directly or indirectly affiliated to DCF).

		
			
		

		
			

		 

 

Thus:
		

			
	
			
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			in the case where CD’s share in the global purchase volume of the non-food products made by DCF (including any company directly or indirectly affiliated to DCF) and Cdiscount is strictly greater than 35%, then the TP will be  equal to the Effective Purchase Price of the products;

			
	
			
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			in the case where CD’s share in the global purchase volume of the non-food products made by DCF (including any company directly or indirectly affiliated to DCF) and Cdiscount is between 20% and 35%, then the TP will be  equal to the Effective Purchase Price of the products plus 0.7%;

			
	
			
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			in the case where CD’s share in the global purchase volume of the non-food products made by DCF (including any company directly or indirectly affiliated to DCF) and Cdiscount is strictly less than 20%, then the TP will be  equal to the Effective Purchase Price of the products plus 1.5%.

		
			In the present amendment, the “Effective Purchase Price” corresponds to the net sale price, excluding the taxes appearing on the purchase invoice, plus transportation costs and minus the amount of all the financial benefits granted by the supplier to DCF and included in the annual framework agreement on its date of signature (3 x net).
		

		
			It is specified that if the benefit is not acquired by DCF at the date of CD’s invoice, the percentage of the price reduction that is taken into account will be the one booked by DCF at the said date of invoice. A regularisation shall occur depending on the conditions that are actually fulfilled at the end of the year N, by March 31, N+1 at the latest.
		

		
			Furthermore, the Parties agree that all the other financial benefits not provided for in the annual framework agreement concluded with the supplier, such as commercial cooperation or “other obligations” (“4net”) as well as the mandate transactions will be returned to CD to the extent CD is entitled to these financial benefits; these amounts will be calculated and returned to CD in accordance with the calculation methods referred to above, on the basis of the provisions accounted by DCF and by March 31, N+1 at the latest.
		

		
			DCF will issue invoices including taxes at every delivery of supplied products; these invoices will be discharged by CD within forty-five (45) days of the end of the month from the issuance of the invoice. 
		

		
			The Parties have agreed to modify the Original Agreement by adding Article 2.2 “AUDIT” with the following terms:
		

		
			2.2 Audit
		

		
			After giving one (1) month’s written notice to DCF, CD may have a third party, that is subject to an obligation of confidentiality, carry out an audit to control the performance of the terms of the present agreement, every year throughout the duration of the agreement, without having to justify the reasons for this audit.
		

		
			CD will notify DCF of the identity of the auditor, the object and the duration of the mission as well as the name of the commissioned experts. The costs of the external auditor’s mission will be shared equally by the Parties.
		

		
			The audit operations shall not disrupt the orderly functioning of DCF.
		

		
			DCF will convey to the auditor the information requested for the audit.
		

		
			DCF is committed to collaborate in good faith and unreservedly with any auditor thus appointed. Thus, it will facilitate the access of the auditors to any document or information or other element that is useful to the conduct of the audit mission and will facilitate its mission, 
		

		
			

		 

 

especially by answering all the questions and by granting him access to all the tools and means necessary to the audit.
		

		
			The auditor is subject to professional secrecy and shall, on that point, sign a confidentiality and escrow undertaking in respect of the information collected from DCF, as part of its mission, whatever the method of acquisition.
		

		
			Only the results of the final audit, supplier by supplier (agreement by agreement for the suppliers who signed several agreements), will be specifically addressed to each Party as part of an audit report.
		

		
			DCF is committed to make all necessary effort to allow that the audit can be completed within the time reasonably determined by CD in its notification.
		

		
			The completion of any audit shall in no way constitute or be interpreted as an interference of CD in the services of DCF, nor reduce the liability of this latter.
		

		
			If the audit results disclose any sum unduly perceived by Cdiscount or remaining due to Cdiscount, the Parties will carry out the adequate regularisations within 30 days after the submission of the audit report.
		

		
			The provisions of the Original Agreement that are not amended by the present amendment remain in effect and fully applicable.cnv_Ex4_37

		

			Exhibit 4.37

		

		

			 

		

		
			AMENDMENT No. 2 
		

		
			 
		

		
			TO THE COMMERCIAL PARTNERSHIP AGREEMENT
		

		
			 
		

		
			BETWEEN THE UNDERSIGNED:
		

		
			 
		

		
			CDISCOUNT, Société Anonyme with capital of 5,631,441.34 euros, with head office situated at 120-126 Quai de Bacalan - 33000 Bordeaux, registered with the trade and companies register in BORDEAUX under number 424 059 822,
		

		
			 
		

		
			represented by Mr. Emmanuel GRENIER, acting as Chief Executive Officer, duly authorized for the purposes hereof, 
		

		
			 
		

		
			Hereafter referred to as "CD"
		

		
			 
		

		
			On one side,
		

		
			 
		

		
			AND:
		

		
			 
		

		
			DISTRIBUTION CASINO FRANCE, Société par Actions Simplifiée with capital of 106,758,801.00 euros, with head office at 1 Esplanade de France, 42000 Saint-Etienne, registered in the commercial and companies register of Saint-Etienne under number 428 268 023,
		

		
			 
		

		
			represented by Mr. Gérard WALTER, acting as Chief Executive Officer, duly authorized for the purposes hereof, 
		

		
			 
		

		
			Hereafter referred to as "DCF"
		

		
			 
		

		
			On the other side,
		

		
			 
		

		
			In the context of this Amendment No. 2, CD and DCF may also be referred to individually as the "Party" and collectively the "Parties".
		

		
			 
		

		
			IT BEING PREVIOUSLY STATED THAT:
		

		
			 
		

		
			On 19 May 2014, the Parties signed a "Commercial Partnership Agreement" with effect from June 1st, 2014, under which CD supplies DCF with national brand products or as a distributor.
		

		
			 
		

		
			The said "Commercial Partnership Agreement" was amended by the Parties by Amendment No. 1 with effect from January 1st, 2015.
		

		
			 
		

		
			The "Commercial Partnership Agreement" and Amendment No. 1 shall be referred to jointly hereafter as the "Initial Agreement"
		

		
			 
		

		
			Since the Parties have desired to amend Article 2 of the Initial Agreement, they have, pursuant to the provisions of Article 9 of the Initial Agreement, come together in order to sign this Amendment No. 2. 
		

		
			 
		

		
			THIS HAVING BEEN RECALLED, IT HAS BEEN AGREED AS FOLLOWS:
		

		
			 
		

		
			Article 1
		

		
			 
		

		
			The Parties have agreed to delete Article 2 "Conditions of supply" of the Initial Agreement and to replace it by this Article 2: 
		

		
			 
		

		
			'2. Conditions of Supply
		

		
			 
		

		
			2.1. Conditions 
		

		
			
		

		
			

		 

		

			1

		

 

 
		

		
			DCF is free to source supplies from CD or not. In this regard, DCF offers no guarantee to purchase any particular volume nor any guarantee to maintain any particular purchasing volume from CD throughout this agreement. 
		

		
			 
		

		
			DCF is free to set its commercial and pricing policy in compliance with the law in force. 
		

		
			 
		

		
			CD, when acting as a direct importer and only for products for which defines the respective specifications, shall be responsible for the traceability of products ordered by DCF and placing them on the domestic market in accordance with current regulations, it being specified that: 
		

		
			 
		

		
			- The products or goods are provided by the Casino Group as part of the overall "all import risks " insurance policy, whenever the chosen Incoterm provides the importer with insurance; 
		

		
			 
		

		
			- Orders shall be considered as firm and definitive, in accordance with a particular criterion to be mutually approved; 
		

		
			 
		

		
			- The prices of products supplied by CD to DCF, known as the ITP or the "Internal Transfer Price" shall be calculated according to the share that represents the purchase volumes pertaining to DCF in the aggregate purchase volume of non-food products carried out by CD (including any company directly or indirectly affiliated with CD) and DCF.
		

		
			 
		

		
			Therefore: 
		

		
			 
		

		
			- In the event that the share represented by DCF in the total purchasing volume of non-food products carried out by CD (including any company directly or indirectly affiliated with CD) and DCF is strictly greater than 35%, then the PCI shall equal the Effective Purchase Price of the products; 
		

		
			 
		

		
			- In the event that the share represented by DCF in the total purchasing volume of non-food products carried out by CD (including any company directly or indirectly affiliated with CD) and DCF is between 20% and 35%, then the PCI shall equal the Effective Purchase Price of the products + 0.7%; 
		

		
			 
		

		
			- In the event that the share represented by DCF in the total purchasing volume of non-food products carried out by CD (including any company directly or indirectly affiliated with CD) and DCF is less than 20%, then the PCI shall equal the Effective Purchase Price of the products +1.5%; 
		

		
			 
		

		
			As part of this Amendment, the "Effective Purchase Price" is the net price, excluding tax shown on the invoice, plus any transport costs charged by the supplier to CD and reduced by the amount of all the financial advantages granted by the supplier to CD and included in the annual framework agreement on the date of signature.
		

		
			 
		

		
			It is expressly stated that with regard to all financial advantages granted by the supplier to CD, CD shall apply the price reduction rate applied by CD on the billing date to DCF by CD. 
		

		
			 
		

		
			Moreover, the Effective Purchase Price shall be increased, if necessary, by transport costs in connection with the provision of delivery provided by CD - or by any third party to which it may resort -. These transport costs shall be charged to DCF by CD at the "market price" in the light of market conditions observed over the same reference period for the same types of services provided by external providers; accordingly, transport costs shall be charged to DCF based on the forecast prepared by CD under the order placed by DCF and an adjustment shall be made at the end of every quarter as soon as the price of transport actually becomes known; 
		

		
			 
		

		
			CD shall issue invoices – all taxes included – for each batch of goods delivered, whereby the said invoices shall be honoured by DCF within forty-five (45) days of the end of the month, counting from the date of issue of the invoice.
		

		
			 
		

		
			Article 2
		

		
			 
		

		
			This Amendment shall take effect on January 1st, 2016. 
		

		
			
		

		
			

		 

		

			2

		

 

All provisions of the Initial Agreement that are not modified by this Amendment shall remain in full force and effect. 
		

		
			 
		

		
			 
		

		
			Done at Bordeaux on __28.06.2016___ 
		

		
			 
		

		
			 
		

			
					
						For CDISCOUNT

					
					
						                                                           

					
					
						For DISTRIBUTION CASINO FRANCE

				
	
					
						Mr. Emmanuel GRENIER

					
					
						 

					
					
						Mr. Gérard WALTER

				
	
					
						Chief Executive Officer

					
					
						 

					
					
						Chief Executive Officer

				
	
					
						Signature :

					
					
						 

					
					
						Signature :

				

		
			 
		

		 

		

			3

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