DRAFT MERGER AGREEMENT NACRT UGOVORA O PRIPAJANJU This Merger Agreement (hereinafter referred to as the "Agreement") is concluded in Belgrade, on [ ], by and between: Ovaj Ugovor o pripajanju (u daljem tekstu: "Ugovor") je zaključen u Beogradu, dana [ ] godine, između: 1. SERBIA BROADBAND - SRPSKE KABLOVSKE MREŽE DOO BEOGRAD, with its seat in Belgrade, Bulevar Zorana Đinđića 8a, registered with the Commercial registry of the Serbian Business Registers Agency, under ID no. 17280554 (u daljem tekstu: "SBB"), koje zastupa [ ], kao društvo-sticalac, 1. SERBIA BROADBAND - SRPSKE KABLOVSKE MREŽE DOO BEOGRAD, sa sedištem u Beogradu, Bulevar Zorana Đinđića 8a, upisano u registar privrednih subjekata Agencije za privredne registre Republike Srbije pod matičnim brojem 17280554 (hereinafter referred to as "SBB"), represented by [ ], as the acquiring company, i and 2. Adria Bidco d.o.o. Beograd, with its seat in Belgrade, Cincar Jankova 3, registered with the Commercial registry of the Serbian Business Registers Agency, under ID no. 20963131 (u daljem tekstu: "Adria Bidco"), koje zastupa [ ], kao društvo-prenosilac, 2. Adria Bidco d.o.o. Beograd, sa sedištem u Beogradu, Cincar Jankova 3, upisano u registar privrednih subjekata Agencije za privredne registre Republike Srbije pod matičnim brojem 20963131 (hereinafter referred to as "Adria Bidco"), represented by [ ], as the merging company, (Hereinafter collectively referred to as the "Parties", and individually as the "Party"). (u daljem tekstu zajednički kao: "Ugovorne strane", a pojedinačno kao: "Ugovorna strana"). WHEREAS: BUDUĆI DA: (A) on the date of conclusion of this Agreement, Adria Bidco is registered as the sole shareholder of the company SBB, with the total subscribed and paid in/contributed share capital of SBB registered with (A) je na dan zaključenja ovog Ugovora, Adria Bidco registrovan kao jedini član društva SBB, te da ukupan upisani i uplaćeni/uneti osnovni kapital SBB-a registrovan kod Agencije za privredne registre Republike Srbije (u daljem
the Serbian Business Registers tekstu: "APR") iznosi 100 dinara u Agency (hereinafter referred to as the novcu i 25.537.578.344,35 dinara u "SBRA") of RSD 100 in cash and RSD stvarima, dok je registrovani upisani i 25,537,578,344.35 in kind, while the uplaćeni osnovni kapital društva Adria registered share capital of Adria Bidco Bidco 16.345.480.197,44 RSD u is RSD 16,345,480,197.44 in cash. novcu. (B) SBB and Adria Bidco, in accordance with (B) su SBB i Adria Bidco, saglasno članu the Article 486 of the Companies Act 486. Zakona o privrednim društvima (Official Gazette of the Republic of (Službeni glasnik Republike Srbije, br. Serbia, no. 36/2011 and 99/2011) 36/2011 i 99/2011) (u daljem tekstu: (hereinafter referred to as the "Zakon o privrednim društvima"), "Companies Act"), have decided to odlučili da sprovedu statusnu promenu merge Adria Bidco into company SBB, pripajanja društva Adria Bidco as its 100% controlled company, and privrednom društvu SBB, kao svom for the purpose of such merger the 100% zavisnom društvu, te da su radi Parties had prepared draft of this sprovođenja statusne promene Merger Agreement which have been pripajanja pripremile nacrt ovog announced on the web sites of SBB and Ugovora koji je dana [ ] 2014. Adria Bidco on [ ] 2014, as well as godine objavljen na internet stranicama on the web site of the SBRA, all in SBB i Adria Bidco, kao i na internet accordance with the Article 495 of the stranici APR-a, u svemu u skladu sa Companies Act, članom 495. Zakona o privrednim društvima, (C) SBB and Adria Bidco allowed their shareholders to inspect the bylaws and documents at the seat of SBB and Adria Bidco, all in accordance with Article 496 of the Companies Act (C) su SBB i Adria Bidco svojim članovima omogućili uvid u akta i dokumenta u sedištima društava SBB i Adria Bidco, u skladu sa članom 496. Zakona o privrednim društvima (D) by publishing the draft of this Agreement on the web site of the SBRA from the above item (B) creditors of SBB and Adria Bidco have been notified on the status change from this Agreement, in accordance with Article 495 paragraph 6 of the Companies Act, (D) su, objavljivanjem nacrta ovog Ugovora na internet stranici APR-a iz gornje tačke (B), poverioci društava SBB i Adria Bidco obavešteni o statusnoj promeni pripajanja iz ovog Ugovora, u skladu sa članom 495. stav 6. Zakona o privrednim društvima, 2
(E) on the date of publication of the draft of this Agreement on the web site of the SBRA from the above item (B), SBB and Adria Bidco notified their known creditors claiming at least RSD 2,000,000.00 on the merger, all in accordance with Article 497 of the Companies Act, (E) su SBB i Adria Bidco, na dan objavljivanja nacrta ovog Ugovora na internet stranici APR-a iz gornje tačke (B), obavestile svoje poznate poverioce čija potraživanja iznose najmanje 2.000.000,00 dinara o sprovođenju statusne promene pripajanja, u svemu u skladu sa članom 497. Zakona o privrednim društvima, (F) the Shareholder of Adria Bidco, the (F) je Član društva Adria Bidco, društvo company Adria Serbia Holdco B.V. from Adria Serbia Holdco B.V. iz Holandije, Netherlands, adopted on [ ] 2014 dana [ ] 2014. godine, doneo the resolution on merger of Adria Bidco odluku o statusnoj promeni pripajanja into SBB by approving the draft Merger društva Adria Bidco društvu SBB Agreement from the item (B) mentioned kojom je odobren nacrt Ugovora o above statusnoj promeni iz gornje tačke (B), (G) Adria Bidco, as the sole Shareholder of (G) je Adria Bidco, kao jedini član društva SBB adopted on [ ] 2014 the SBB, dana [ ] 2014. godine, doneo resolution on merger of Adria Bidco into odluku o statusnoj promeni pripajanja SBB by approving the draft Merger društva Adria Bidco društvu SBB Agreement from the item (B) mentioned kojom je odobren nacrt Ugovora o above, statusnoj promeni iz gornje tačke (B), (H) simultaneously with the adoption of the (H) je istovremeno sa donošenjem nacrta draft of this Agreement, the draft ovog Ugovora pripremljen i nacrt resolution on amendments to the odluke o izmenama i dopunama Incorporation Resolution of SBB has odluke o osnivanju SBB-a koja je data been adopted and attached to this u Prilogu 1 ovog Ugovora i koja čini Agreement as Appendix 1 representing njegov sastavni deo, a koja odluka o its integral part, which resolution on izmenama i dopunama odluke o amendments to the Incorporation osnivanju društva SBB će biti Resolution of SBB shall be adopted usvojena istovremeno sa simultaneously with conclusion of this zaključenjem ovog Ugovora, Agreement, The Parties have agreed as follows: Ugovorne strane su se dogovorile kako sledi: 3
I SUBJECT MATTER OF THE AGREEMENT I PREDMET UGOVORA 1.1 The subject matter of this Agreement is merger of Adria Bidco into SBB by transferring all assets and liabilities of Adria Bidco to SBB, whereby Adria Bidco shall be dissolved without conducting the liquidation proceedings. 1.1 Predmet ovog Ugovora je pripajanje društva Adria Bidco društvu SBB prenošenjem celokupne imovine i obaveza društva Adria Bidco na SBB, čime Adria Bidco prestaje da postoji bez sprovođenja postupka likvidacije. 1.2 The value of assets and liabilities of Adria Bidco that shall be transferred to SBB is specified in the financial reports of Adria Bidco adopted by the Shareholder of Adria Bidco on 31 March 2014, and amounts to: value of assets RSD 36,891,577,779.47, value of liabilities RSD 20,455,635,955.30, as follows: - short-term liabilities RSD 1,595,988.21, - long-term liabilities RSD 20,454,039,967.09. 1.2 Vrednosti celokupne imovine i obaveza društva Adria Bidco koje se prenose na SBB su iskazane u finansijskim izveštajima društva Adria Bidco koji su usvojeni na od strane člana društva Adria Bidco, dana 31.03.2014. godine i iznose: vrednost imovine 36.891.577.779,47 RSD, vrednost obaveza 20.455.635.955,30 RSD, i to: - kratkoročne obaveze 1.595.988,21 RSD, - duguročne obaveze - 20.454.039.967,09 RSD. Description of movable and immovable property of Adria Bidco is attached to this Agreement as Appendix 2 representing its integral part. Opis pokretne i nepokretne imovine Adria Bidco, dat je u Prilogu 2 ovog Ugovora i čini njegov sastavni deo. II GOALS OF THE AGREEMENT II CILJEVI UGOVORA 2.1 Bearing in mind that Adria Bidco is the sole shareholder of SBB, and that Adria Bidco does not perform actual business activities separately from SBB, SBB and Adria Bidco decided, for the purpose of rationalization of business operations, to integrate and merge Adria Bidco into 2.1 Imajući u vidu da je Adria Bidco jedini član SBB-a, kao i da Adria Bidco ne obavlja poslovne aktivnosti odvojeno od društva SBB, radi racionalizacije poslovanja, SBB i Adria Bidco su odlučile da integrišu Adria Bidco svom zavisnom društvu SBB i da sprovedu statusnu 4
its controlled company SBB, in accordance with the Companies Act and this Agreement. promenu pripajanja društva Adria Bidco društvu SBB, u skladu sa Zakonom o privrednim društvima i ovim Ugovorom. III MERGER PROCEDURE III POSTUPAK PRIPAJANJA 3.1 As a consequence of the preformed status change merger of Adria Bidco into SBB, in accordance with the Article 503 of the Companies Act, the share capital of SBB, as the acquiring company, shall be: - inscribed share capital: o RSD 100 in cash and o RSD 25,537,578,344.35 in kind; - paid in/contributed share capital: o RSD 100 in cash and o RSD 25,537,578,344.35 in kind. 3.1 Kao posledica sprovođenja statusne promene pripajanja društva Adria Bidco društvu SBB, a u skladu sa članom 503. Zakona o privrednim društvima, osnovni kapital SBB-a iznosi ukupno: - upisani osnovni kapital: o RSD 100 u novcu, i o RSD 25.537.578.344,35 u stvarima; - uplaćen/unet osnovni kapital: o RSD 100 u novcu, i o RSD 25.537.578.344,35 u stvarima. 3.2 As a consequence of the performed status change merger of Adria Bidco into SBB, by which Adria Bidco ceases to exist, in accordance with the Article 483 paragraph 2 of the Companies Act, the company Adria Serbia Holdco B.V., a limited liability company with its seat in Prins Bernhardplein 200, 1097 JB Amsterdam, the Netherlands, registered with the Dutch trade register under ID number 58934014 (hereinafter: "Adria Serbia Holdco"), as the sole shareholder of the merging company Adria Bidco, acquires 100% of the shareholding and becomes the sole shareholder of the acquiring company SBB. This means that the shareholding of 100% that Adria Serbia Holdco has 3.2 Kao posledica sprovođenja statusne promene pripajanja društva Adria Bidco društvu SBB, čime Adria Bidco prestaje da postoji, a u skladu sa članom 483. stav 2. Zakona o privrednim društvima, Adria Serbia Holdco B.V., društvo sa ograničenom odgovornošću sa sedištem u Prins Bernhardplein 200, 1097 JB Amsterdam, Holandija, registrovano u holandskom Trgovinskom registru pod matičnim brojem 58934014 (u daljem tekstu: "Adria Serbia Holdco"), kao jedini član društva-prenosioca Adria Bidco, stiče 100% udela i postaje jedini član društva SBB (društva-sticaoca). U tom smislu, udeo od 100% koje društvo Adria Serbia Holdco ima u društvu Adria Bidco kao društvu-prenosiocu, zamenjuje 5
in the company Adria Bidco, shall be replaced with the shareholding of 100% in the acquiring company SBB. se za udeo od 100% u društvu-sticaocu, odnosno društvu SBB. IV DATE OF TERMINATION OF BUSINESS ACTIVITIES IV DATUM PRESTANKA POSLOVNIH AKTIVNOSTI 4.1 Date of termination of business activities of Adria Bidco shall be the date of registration of the status change merger with the SBRA. 4.1 Datum od koga prestaju poslovne aktivnosti društva Adria Bidco će biti datum registracije statusne promene pripajanja kod APR-a. V MERGING ACCOUNTING DATE V DATUM OBRAČUNA PRIPAJANJA 5.1 Date from which the transactions of Adria Bidco are deemed to be, for accounting purposes, the transactions performed on behalf of SBB is the date of registration of the status change merger with the SBRA. 5.1 Datum od koga se transakcije Adria Bidco smatraju, u računovodstvene svrhe, transakcijama obavljenim u ime SBB je datum registracije statusne promene pripajanja kod APR-a. VI ACTIONS TO BE TAKEN AFTER EXECUTION OF THE AGREEMENT VI RADNJE NAKON ZAKLJUČENJA UGOVORA 6.1 Following the execution of this Agreement, the Parties shall take all actions necessary for valid execution and registration of the status change from this Agreement in the Register of Business Entities kept with the SBRA, in accordance with the Companies Act and other applicable laws. 6.1 Nakon zaključenja ovog Ugovora, Ugovorne strane će preduzeti sve potrebne radnje neophodne za zakonito sprovođenje i registraciju statusne promene iz ovog Ugovora u Registar privrednih subjekata APR-a, u skladu sa Zakonom o privrednim društvima i drugim primenljivim propisima. 6.2 At earliest 30 (thirty) days from the date of coming into force of this Agreement: 6.2 Najranije u roku od 30 (trideset) dana od dana stupanja na snagu ovog Ugovora: SBB shall file an application for the registration of the merger of Adria SBB će podneti prijavu za upis statusne promene pripajanja društva 6
Bidco into SBB in the Register of Adria Bidco društvu SBB u registar Business Entities kept with the privrednih subjekata APR-a, SBRA, Adria Bidco shall file an application Adria Bidco će podneti prijavu za upis for the deletion of the company brisanja društva iz Registra privrednih from the Register of Business subjekata APR-a. Entities kept with the SBRA. VII LEGAL EFFECTS OF THE MERGER VII PRAVNE POSLEDICE PRIPAJANJA 7.1 By the date of registration of the status change from this Agreement with the Register of Business Entities kept with the SBRA, the following legal consequences shall occur: 7.1 Registracijom statusne promene pripajanja iz ovog Ugovora u registar privrednih subjekata APR-a, nastupaju sledeće pravne posledice: All assets of Adria Bidco shall be Celokupna imovina društva Adria Bidco transferred to SBB, prelazi na SBB, The sole shareholder of SBB, with the Jedini član društva SBB, sa 100% udela, shareholding of 100%, becomes the postaje društvo Adria Serbia Holdco company Adria Serbia Holdco (the (dosadašnji jedini član društva Adria sole shareholder of Adria Bidco before Bidco). the merger). All obligations of Adria Bidco shall be transferred to SBB and SBB shall become a new debtor in relation to these liabilities, Sve obaveze društva Adria Bidco prelaze na SBB i SBB postaje novi dužnik u pogledu tih obaveza, Adria Bidco ceases to exist without Adria Bidco prestaje da postoji bez liquidation and shall be deleted form sprovođenja postupka likvidacije i briše the Register of Business Entities kept se iz Registra privrednih subjekata APR- with the SBRA, a, Mutual claims of Adria Bidco and SBB Uzajamna potraživanja između društva shall cease to exist, Adria Bidco i SBB se gase, 7
Duties and authorizations of the directors, members of the corporate bodies and representatives of Adria Bidco shall cease to exist, Direktorima, članovima organa i zastupnicima društva Adria Bidco prestaju dužnosti i ovlašćenja, Licences, concessions and other privileges or liberations granted to društva Adria Bidco shall be transferred to SBB, unless otherwise is provided by the applicable law. Dozvole, koncesije, druge povlastice i oslobođenja data ili priznata društvu Adria Bidco prelaze na SBB, osim ako je propisima kojim se uređuje njihovo davanje drugačije određeno. 7.2 With respect to the assets and rights of Adria Bidco the transfer of which is conditioned upon registration in public books or obtaining specific consents or approvals, the transfer of such assets to SBB shall be carried out upon such registration pursuant to this Agreement, or upon obtaining such consents or approvals. 7.2 U pogledu stvari i prava čiji je prenos sa društva Adria Bidco na SBB uslovljen upisom u javne knjige, odnosno pribavljanjem određenih saglasnosti ili odobrenja, prenos te imovine izvršiće se odgovarajućim upisom na osnovu ovog Ugovora, odnosno pribavljanjem tih saglasnosti ili odobrenja. 7.3 By this Agreement, Adria Bidco grant explicit and unrevocable consent to SBB that SBB may register with the public and other books as the owner of the real estates and assets of Adria Bidco (clausula intabulandi), if any. 7.3 Adria Bidco ovim daje izričitu i neopozivu saglasnost SBB da se SBB može upisati u javne i druge knjige kao vlasnik nepokretnosti i ostale imovine Adria Bidco (clausula intabulandi), ukoliko je ima. 7.4 The directors of Adria Bidco and SBB shall not be granted with any special privileges in the procedure of the status change from this Agreement. 7.4 Direktorima društava Adria Bidco i SBB ne odobravaju se posebne pogodnosti u postupku sprovođenja statusne promene iz ovog Ugovora. VIII EMPLOYMENT VIII RADNI ODNOS ZAPOSLENIH 8.1 On the date of conclusion of this Agreement, Adria Bidco has no employees. 8.1 Na dan zaključenja ovog Ugovora, Adria Bidco nema zaposlenih lica. 8
IX DISPUTE RESOLUTION IX REŠAVANJE SPOROVA 9.1 Any dispute arising out of or in connection with this Agreement, the Parties shall settle amicably. 9.1 Sve sporove koji nastanu iz ili u vezi sa ovim Ugovorom, Ugovorne strane će pokušati da reše mirnim putem. 9.2 If this would not be the case, the dispute shall be finally settled before the competent court in Belgrade. 9.2 Ukoliko to nije moguće, spor će biti konačno rešen pred nadležnim sudom u Beogradu. X LANGUAGE X JEZIK 10.1 This Agreement been made in Serbian and English language. 10.1 Ovaj Ugovor je sačinjen na srpskom i engleskom jeziku. 10.2 In case of any discrepancy between the two versions, the Serbian version shall prevail. 10.2 U slučaju nesaglasnosti između srpske i engleske verzije, merodavna je verzija na srpskom jeziku. XI NUMBER OF COPIES XI BROJ PRIMERAKA UGOVORA 11.1 This Agreement is executed in 7 (seven) identical copies of which 1 (one) copy shall remain with the court in the procedure of court authentication, 2 (two) copies shall be used for the purpose of the registration of the merger with the SBRA, while the Parties shall keep 2 (two) copies each. 11.1 Ovaj Ugovor je sačinjen u 7 (sedam) istovetnih primeraka, od kojih 1 (jedan) primerak zadržava sud u postupku sudske overe, 2 (dva) primerka služe za potrebe registracije statusne promene kod APR-a, dok po 2 (dva) primerka zadržava svaka Ugovorna strana. XII COMING INTO FORCE XII STUPANJE NA SNAGU 12.1 This Agreement shall come into force on [ ], as the date of adoption of the resolutions of the shareholders of SBB and Adria Bidco approving the draft of this Agreement and as the date of conclusion of this Agreement. 12.1 Ovaj Ugovor stupa na snagu dana [ ], kada su donete odluke članova društava SBB i Adria Bidco kojom se odobrava nacrt ovog Ugovora i kada je zaključen ovaj Ugovor o pripajanju. 9
For and on behalf of/za ADRIA BIDCO: For and on behalf of/za SBB: [ ] [ ] 10
APPENDIX 1/PRILOG 1 Draft of the resolution on amendments to the Incorporation Resolution of SBB/ Nacrt odluke o izmenama i dopunama odluke o osnivanju SBB 11
APPENDIX 2/PRILOG 2 Description of movable and immovable property of Adria Bidco / Opis pokretne i nepokretne imovine Adria Bidco 12
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