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Hive-Down and Spin-Off Agree- Ment (Demerger Agreement)

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Hive-Down and Spin-Off Agree- Ment (Demerger Agreement) Non-binding convenience translation Hive-Down and Spin-Off Agree- ment (Demerger Agreement) by and between METRO AG, Düsseldorf, as transferring entity and METRO Wholesale & Food Specialist AG, Düsseldorf, as receiving entity 2 Table of Contents A. Preamble ......................................................................................................................... 9 B. Hive-down ......................................................................................................................13 I. Hive-down, Hive-Down Assets, Relevant Hive-Down Date ................................................13 § 1 Hive-down, Hive-Down Assets ..............................................................................13 § 2 Determination of the Hive-Down Assets ................................................................14 § 3 Relevant Hive-Down Date and Hive-Down Tax Transfer Effective Date, Closing Balance Sheet .........................................................................................15 II. Description of the Hive-Down Assets ................................................................................16 § 4 The CE Assets ......................................................................................................16 § 5 Hive-Down Assets .................................................................................................25 § 6 Provisions governing the Hive-Down Assets and the CE Assets ...........................31 III. Consideration and capital measures; special rights and privileges ..................................35 § 7 Granting of shares and capital measures ..............................................................35 § 8 Granting of special rights and benefits ...................................................................35 IV. Consequences of the hive-down for the employees and their representative bodies .......35 § 9 Individual legal effects of the hive-down for the employees ...................................36 § 10 Consequences of the hive-down for the employees’ representative bodies under works constitution law .................................................................................39 § 11 Consequences of the hive-down for existing collective and works agreements ..........................................................................................................40 § 12 Consequences of the hive-down for company co-determination and the Supervisory Board ................................................................................................41 § 13 Consequences for employees employed in the operational activities of subsidiaries ..........................................................................................................42 § 14 Other measures envisaged with regard to employees and their representative bodies ...........................................................................................42 3 C. Spin-off ...........................................................................................................................43 I. Spin-off, Relevant Spin-Off Date, Spin-Off Balance Sheet, Spin-Off Assets ......................43 § 15 Spin-off ................................................................................................................43 § 16 Relevant Spin-Off Date and fiscal transfer effective date, Closing Balance Sheet ....................................................................................................................43 § 17 Spin-Off Assets and Spin-Off Balance Sheet .......................................................44 II. Consideration and capital measures; special rights and privileges ...................................46 § 18 Granting of shares, trustee and capital measures ................................................46 § 19 Granting of special rights and benefits .................................................................47 III. Consequences of the spin-off for the employees and their representative bodies ............47 § 20 Individual legal effects of the spin-off for the employees ......................................47 § 21 Consequences of the spin-off for the employees’ representative bodies under works constitution law .................................................................................48 § 22 Consequences for existing collective and works agreements ..............................50 § 23 Consequences of the spin-off for company co-determination and the Supervisory Board ................................................................................................50 § 24 Other measures envisaged as regards employees and their representative bodies ..................................................................................................................53 D. Common provisions for hive-down and spin-off .........................................................53 I. Procedure for the Transfer ................................................................................................54 § 25 Taking effect, Effective Date ................................................................................54 § 26 Catch-all provision ...............................................................................................54 § 27 Obligations to cooperate ......................................................................................56 § 28 Exclusion of claims ..............................................................................................58 § 29 Protection of creditors and internal compensation ...............................................58 II. Granting of special rights and benefits ..............................................................................59 § 30 Granting of special rights within the meaning of § 126 para. 1 no. 7 UmwG ........59 4 § 31 Granting of special benefits within the meaning of § 126 para. 1 no. 8 UmwG ....60 III. Provisions under company and stock exchange law regarding MWFS AG ......................62 § 32 Amendments of the Articles of Association and authorisations ............................62 § 33 Stock exchange listing .........................................................................................62 E. Further agreements .......................................................................................................64 I. Group Separation Agreement and services .......................................................................64 § 34 Group Separation Agreement ..............................................................................64 § 35 Provision of services............................................................................................64 II. Miscellaneous...................................................................................................................65 § 36 Relationship between hive-down and spin-off ......................................................65 § 37 Costs and taxes ...................................................................................................65 § 38 Final provisions ...................................................................................................65 5 Table of Annexes Annex 0.4 Certain former company interests (MWFS Business Division) Annex 0.5 Certain former company interests (CE Business Division) Annex 4.1.e) CE Assets – Enterprise agreements of METRO AG with companies of the CE Business Division Annex 4.2.c) CE Assets – Employees of METRO AG in the CE Business Divi- sion Annex 4.3.b) CE Assets – Inventory owned by METRO AG (CE Business Divi- sion) Annex 4.3.c) CE Assets – Lease agreement on premises and service agreement on facility management (CE Business Division) Annex 4.3.d) CE Assets – Car leasing (CE Business Division) Annex 4.4.a) CE Assets – Software licenses (CE Business Division) Annex 4.5.a) CE Assets – Bank accounts (CE Business Division) Annex 4.5.b) CE Assets – Third-party collateral (CE Business Division) Annex 4.5. e) CE Assets – Tax receivables (CE Business Division) Annex 4.6.a) CE Assets – Contingencies for which provisions have been created (CE Business Division) Annex 4.6.e) CE Assets – Tax liabilities recognised in the balance sheet (CE Business Division) Annex 4.6.f) CE Assets – Uncertain tax liabilities not recognised in the balance sheet (CE Business Division) Annex 4.7.a) CE Assets – Contractual agreements and other obligatory and le- gal relationships (CE Business Division) 6 Annex 4.8 CE Assets – Associations, groups and organisations (CE Business Division) Annex 4.9.1 CE Assets – Litigation of METRO AG relating to both the MWFS Business Division and the CE Business Division Annex 4.9.2 CE Assets – Litigation (CE Business Division) Annex 4.9.3 CE Assets – Contractual agreements relating to the proceedings listed in Annex 4.9.1 Annex 4.10.d) CE Assets –Legal relationships under public law Annex 4.11.a) CE balance sheet Annex 4.12.1 CE Assets – Neutral assets remaining with METRO AG Annex 4.12.2 CE Assets – Neutral assets allocated to the CE Assets for contribu- tion into MWFS AG Annex 4.12.3 CE Assets – Neutral assets allocated to the CE Assets for contribu- tion into MGLEH AG Annex 5.1.a) Hive-Down Assets – Subsidiaries and company interests (MWFS Business Division) Annex 5.1.b) Hive-Down Assets – Loan granted (MWFS Business Division) Annex 5.2.a) Hive-Down Assets – Employees of METRO AG in the MWFS Busi- ness Division Annex 5.3.b) Hive-Down Assets – Lease agreements and facility management agreement (MWFS Business Division)
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