{"id":42339,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/implementation-agreement-corporate-restructure-best-buy-co.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"implementation-agreement-corporate-restructure-best-buy-co","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/operations\/implementation-agreement-corporate-restructure-best-buy-co.html","title":{"rendered":"Implementation Agreement – Corporate Restructure – Best Buy Co. Inc. and Carphone Warehouse Group PLC"},"content":{"rendered":"

DATED 12 December 2011<\/u><\/p>\n

(1) BEST BUY CO., INC.<\/strong><\/p>\n

and<\/p>\n

(2) CARPHONE WAREHOUSE GROUP PLC<\/strong><\/p>\n

<\/p>\n

IMPLEMENTATION AGREEMENT<\/strong><\/p>\n

\n

CONTENTS<\/strong><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Clause<\/strong><\/p>\n<\/td>\n

\n

Page<\/strong><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

1.<\/p>\n<\/td>\n

\n

Definitions and Interpretation<\/p>\n<\/td>\n

\n

2<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

2.<\/p>\n<\/td>\n

\n

The Transaction and Related Restructuring Arrangements<\/p>\n<\/td>\n

\n

6<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

3.<\/p>\n<\/td>\n

\n

Shareholders Agreement<\/p>\n<\/td>\n

\n

7<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

4.<\/p>\n<\/td>\n

\n

Implementation of the Transaction<\/p>\n<\/td>\n

\n

7<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

5.<\/p>\n<\/td>\n

\n

Confidential Information<\/p>\n<\/td>\n

\n

7<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

6.<\/p>\n<\/td>\n

\n

Assignment<\/p>\n<\/td>\n

\n

8<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

7.<\/p>\n<\/td>\n

\n

Costs<\/p>\n<\/td>\n

\n

8<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

8.<\/p>\n<\/td>\n

\n

Severability<\/p>\n<\/td>\n

\n

8<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

9.<\/p>\n<\/td>\n

\n

Variation, Waiver and Consent<\/p>\n<\/td>\n

\n

9<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

10.<\/p>\n<\/td>\n

\n

Rights and Remedies Cumulative<\/p>\n<\/td>\n

\n

9<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

11.<\/p>\n<\/td>\n

\n

Conflict<\/p>\n<\/td>\n

\n

9<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

12.<\/p>\n<\/td>\n

\n

Further Assurance<\/p>\n<\/td>\n

\n

9<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

13.<\/p>\n<\/td>\n

\n

Contracts (Rights of Third Parties) Act 1999<\/p>\n<\/td>\n

\n

10<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

14.<\/p>\n<\/td>\n

\n

Notices<\/p>\n<\/td>\n

\n

10<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

15.<\/p>\n<\/td>\n

\n

Counterparts<\/p>\n<\/td>\n

\n

11<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

16.<\/p>\n<\/td>\n

\n

Governing Law<\/p>\n<\/td>\n

\n

11<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

17.<\/p>\n<\/td>\n

\n

Jurisdiction<\/p>\n<\/td>\n

\n

11<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n
<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Schedule<\/strong><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

SCHEDULE 1<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Proposed Final Corporate Structure<\/p>\n<\/td>\n

\n

12<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

1<\/p>\n

\n

THIS IMPLEMENTATION AGREEMENT is made on 12 December 2011<\/strong>\n<\/p>\n

BETWEEN<\/strong><\/p>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(1)<\/p>\n<\/td>\n

\n

BEST BUY CO., INC. <\/strong>a company registered in the State of
\nMinnesota whose registered office is at 7601 Penn Avenue South, Richfield, MN
\n55423, United States of America (“BBY Inc<\/strong>“); and<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(2)<\/p>\n<\/td>\n

\n

CARPHONE WAREHOUSE GROUP PLC<\/strong> (company number 3253714), a
\ncompany incorporated under the laws of England and Wales and whose registered
\noffice is at 1 Portal Way, London W3 6RS (“CPW Plc<\/strong>“).<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

RECITALS:<\/strong><\/p>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(A)<\/p>\n<\/td>\n

\n

On 7 November 2011 the parties announced that they had, on 6 November 2011,
\nentered into heads of agreement (“Heads of Agreement<\/strong>“) in
\nrespect of strategic business arrangements including in respect of Best Buy
\nEurope Distributions Limited (company number 6534088) (“BBE
\nLtd<\/strong>“).<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(B)<\/p>\n<\/td>\n

\n

BBY Inc and CPW Plc each own, directly or indirectly, 50% of BBE Ltd. Their
\nrelationship as shareholders of BBE Ltd is principally governed by the
\nShareholders Agreement (defined below).<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(C)<\/p>\n<\/td>\n

\n

BBE Ltd and its subsidiary undertakings carry on business in Europe although
\none of its subsidiary undertakings, CPW Mobile Limited (company number 6330995)
\n(“CPWM Ltd<\/strong>“), (together with its subsidiary undertakings) are
\nparties to a number of agreements including the Best Buy Mobile Agreement
\n(defined below) under which CPWM Ltd receives a licence payment in respect of
\nthe BBYM Business (defined below).<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(D)<\/p>\n<\/td>\n

\n

BBY Inc and CPW Plc intend that BBE Ltd will no longer have any interest in
\nthe BBYM business such that BBY Inc will own the entire beneficial and economic
\ninterest in CPWM Ltd and CPW Plc will receive a cash dividend from New CPWM
\n(defined below).<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(E)<\/p>\n<\/td>\n

\n

In order to effect the proposed Transaction, the parties will implement a
\nmulti-step restructuring of the existing corporate structure of the BBE Group
\nsuch that New BBEDL (as defined below) will become the new holding company of
\nthe BBE Group (as defined below) of which BBY Inc and CPW Plc will each own 50%.
\nThe parties will, as a result, terminate the Shareholders Agreement (as defined
\nbelow) and enter into the New Shareholders Agreement (as defined below) which
\nwill in effect amend and restate the provisions of the Shareholders Agreement.\n<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(F)<\/p>\n<\/td>\n

\n

In connection with the Transaction the parties will also enter into a number
\nof other agreements to give effect to the Transaction and Heads of Agreement
\nincluding, without limitation, the Global Connect Agreement, the Option
\nAgreement and the Consultancy Agreement (each as defined below).<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(G)<\/p>\n<\/td>\n

\n

The parties wish to enter into this Agreement to set out certain mutual
\ncommitments to implement the Transaction and other matters which are the subject
\nof the Heads of Agreement.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

IT IS AGREED <\/strong>as follows:<\/p>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

1.<\/strong><\/p>\n<\/td>\n

\n

DEFINITIONS AND INTERPRETATION<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

1.1<\/p>\n<\/td>\n

\n

Defined Terms<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

2<\/p>\n

\n

In this agreement, the following words and expressions shall have the
\nfollowing meaning (including in the recitals):<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

“Affiliate<\/strong>“<\/p>\n<\/td>\n

\n

means, with respect to any person, any person that directly, or indirectly
\nthrough one or more intermediaries, controls, or is controlled by, or is under
\ncommon control with, such person;<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

“Best Buy Mobile Agreement<\/strong>“<\/p>\n<\/td>\n

\n

means the license agreement between CPWM Ltd and Best Buy Stores LP (a US
\nlimited partnership within the BBY Inc group), dated July 8, 2007 (as amended
\nbetween the parties thereto);<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

“BBE Group<\/strong>“<\/p>\n<\/td>\n

\n

means BBE Ltd and its subsidiaries from time to time;<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

“BBYM Business<\/strong>“<\/p>\n<\/td>\n

\n

means the Business as defined in the Best Buy Mobile Agreement and carried on
\nin the United States and rights to any such Business carried on in Canada;<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

“Business Day<\/strong>“<\/p>\n<\/td>\n

\n

means any day, other than a Saturday or Sunday, on which banks generally are
\nopen in London for the transaction of normal business;<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

“Completion<\/strong>“<\/p>\n<\/td>\n

\n

means completion of the Transaction which shall occur upon completion of step
\n8 of the Restructuring as detailed in the Steps Plan;<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

“Conditions<\/strong>“<\/p>\n<\/td>\n

\n

means:<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

a)<\/p>\n<\/td>\n

\n

obtaining CPW Plc shareholder approval in relation to the Transaction
\n(“Condition A”<\/strong>);<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

b)<\/p>\n<\/td>\n

\n

obtaining all necessary consents from BBE Ltd’s existing finance provider in
\nrelation to the Transaction (“Condition B”<\/strong>); and<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

c)<\/p>\n<\/td>\n

\n

each of the parties delivering to the other executed copies of the New
\nShareholders Agreement, the Global Connect Agreement, the Option Agreement, the
\nConsultancy Agreement and other agreements (as specified in the Heads of
\nAgreement) to give effect to the Transaction and the Heads of Agreement
\n(“Condition C”<\/strong>)<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

“Confidential Information<\/strong>“<\/p>\n<\/td>\n

\n

means the terms of this Agreement and any other agreements entered into
\nbetween the parties or their Affiliates pursuant to or in connection with this
\nAgreement or the Transaction and any discussions or negotiations relating
\nthereto (whether before or after their execution) and all information disclosed
\nby a party or any of its Affiliates to the other party or any of its Affiliates
\n(whether in writing or orally), in connection with or for the purposes of this
\nAgreement or the Transaction and any information reasonably regarded as being
\nconfidential which, in consequence of the negotiations relating to this
\nAgreement or the Transaction, any party (or any of its Affiliates) may have
\notherwise acquired, or any party’s<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

3<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

business, assets or affairs;<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

“Consultancy Agreement<\/strong>“<\/p>\n<\/td>\n

\n

means the agreement to be entered into between BBY Inc and CPW Plc under
\nwhich CPW Plc will provide certain consultancy services to BBY Inc;<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

“Global Connect Agreement<\/strong>“<\/p>\n<\/td>\n

\n

means the agreement to be entered into between BBY Inc and CPW Plc in respect
\nof business arrangements in territories other than the United States, Canada and
\nEurope;<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

“Global Connect Business<\/strong>“<\/p>\n<\/td>\n

\n

the businesses the subject of the Global Connect Agreement;<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

“Long Stop Date<\/strong>“<\/p>\n<\/td>\n

\n

means 31 January 2012;<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

“New BBEDL<\/strong>“<\/p>\n<\/td>\n

\n

means New BBED Limited (company number 7866062), which will become the new
\nholding company of BBE Ltd and which is to be incorporated in the course of the
\nRestructuring;<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

“New CPWM<\/strong>“<\/p>\n<\/td>\n

\n

means New CPWM Limited (company number 7866069), which will become the new
\nholding company of CPWM Ltd and which is to be incorporated in the course of the
\nRestructuring;<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

“New Shareholders Agreement<\/strong>“<\/p>\n<\/td>\n

\n

means an amended and restated form of the Shareholders Agreement to be
\nentered into by the parties on Completion, governing the relationship of the
\nparties as shareholders of New BBEDL;<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

“Notice<\/strong>“<\/p>\n<\/td>\n

\n

means any notice, demand or other communication;<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

“Option Agreement<\/strong>“<\/p>\n<\/td>\n

\n

means the option agreement to be entered into between BBY Inc and CPW Ltd
\npursuant to which each party will grant to the other certain call and put
\noptions in respect of their respective interests in New BBEDL and the Global
\nConnect Business;<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

“Payment<\/strong>“<\/p>\n<\/td>\n

\n

means an amount of $1,303,401,600 to be paid in cash by way of dividend from
\nNew CPWM to CPW Plc in accordance with clause 2.1 and the Steps Plan;<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

“Regulatory Requirement<\/strong>“<\/p>\n<\/td>\n

\n

means all applicable laws and regulations and all applicable requirements,
\nrules, guidance and standards of any relevant regulatory authority from time to
\ntime;<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

“Restructuring<\/strong>“<\/p>\n<\/td>\n

\n

means the multi-step restructuring of the existing corporate structure of the
\nBBE Group to be implemented in connection with the Transaction and in accordance
\nwith the Steps Plan in order to achieve the corporate structure set forth in
\nschedule 1;<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

“Shareholders Agreement<\/strong>“<\/p>\n<\/td>\n

\n

means the shareholders agreement between CPW Plc, BBY Inc and BBE Ltd dated
\n30 June 2008 (as amended on 29 July 2009 and 28 January 2010);<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

“Steps Plan<\/strong>“<\/p>\n<\/td>\n

\n

means the micro steps plan setting out those steps and actions required to be
\nimplemented in connection with the<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

4<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

Restructuring and which the parties have signed by way of identification
\ndated 7 December 2011 and exchanged between themselves;<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

“Tax<\/strong>” or “Taxation<\/strong>“<\/p>\n<\/td>\n

\n

means any and all forms of taxation and statutory, governmental, supra
\ngovernmental, state, principal, local governmental or municipal impositions,
\nduties, contributions, charges and levies in the nature of taxation and all
\nwithholdings or deductions in respect thereof of whatever nature, in each case
\nwherever and whenever imposed, and all penalties, charges, costs and interest
\nrelating thereto;<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

“Tax Authority<\/strong>“<\/p>\n<\/td>\n

\n

means any taxing or other authority (wherever located) competent to impose
\nany liability to make actual payments of Tax (or amounts in respect of Tax); and\n<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

“Transaction<\/strong>“<\/p>\n<\/td>\n

\n

means the transactions pursuant to which BBY Inc acquires the entire
\nbeneficial and economic interest in CPWM Ltd and the BBYM business and CPW Plc
\nreceives the Payment by way of dividend from New CPWM, to be achieved by
\nimplementation and completion of the Restructuring and as more fully described
\nin clause 2.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

1.2<\/p>\n<\/td>\n

\n

Holding company and subsidiary<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

A company or other entity shall be a “holding company<\/strong>” for
\nthe purposes of this Agreement if it falls within either the meaning attributed
\nto that term in s1159 CA 2006 or the meaning attributed to the term
\n“parent undertaking<\/strong>” in s1162 CA 2006, and a company or other
\nentity shall be a “subsidiary<\/strong>” for the purposes of this
\nAgreement if it falls within either the meaning attributed to that term in s1159
\nCA 2006 or the meaning attributed to the term “subsidiary
\nundertaking<\/strong>” in s1162 CA 2006, and the terms
\n“subsidiaries<\/strong>” and “holding companies<\/strong>” are to
\nbe construed accordingly.<\/p>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

1.3<\/p>\n<\/td>\n

\n

Recitals, schedules, etc.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

References to this Agreement include the recitals and schedules which form
\npart of this Agreement for all purposes. References in this Agreement to the
\nparties, the recitals, schedules and clauses are references respectively to the
\nparties and their legal personal representatives, successors and permitted
\nassigns, the recitals and schedules to and clauses of this Agreement.<\/p>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

1.4<\/p>\n<\/td>\n

\n

Meaning of references<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Save where specifically required or indicated otherwise:<\/p>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(a)<\/p>\n<\/td>\n

\n

words importing one gender shall be treated as importing any gender, words
\nimporting individuals shall be treated as importing corporations and vice versa,
\nwords importing the singular shall be treated as importing the plural and vice
\nversa, and words importing the whole shall be treated as including a reference
\nto any part thereof;<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(b)<\/p>\n<\/td>\n

\n

references to a person shall include any individual, firm, body corporate,
\nunincorporated association, government, state or agency of state, association,
\njoint venture or partnership, in each case whether or not having a separate
\nlegal personality. References to a company shall be construed so as to include
\nany<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

5<\/p>\n

\n

company, corporation or other body corporate wherever and however
\nincorporated or established;<\/p>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(c)<\/p>\n<\/td>\n

\n

a party shall be construed so as to include its successors, permitted assigns
\nand permitted transferees;<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(d)<\/p>\n<\/td>\n

\n

this “Agreement<\/strong>” is a reference to this Agreement as amended
\nor varied in accordance with its terms;<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(e)<\/p>\n<\/td>\n

\n

references to the word “include<\/strong>” or
\n“including<\/strong>” (or any similar term) are not to be construed as
\nimplying any limitation and general words introduced by the word
\n“other<\/strong>” (or any similar term) shall not be given a restrictive
\nmeaning by reason of the fact that they are preceded by words indicating a
\nparticular class of acts, matters or things;<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(f)<\/p>\n<\/td>\n

\n

references to any English statutory provision or legal term for any action,
\nremedy, method of judicial proceeding, legal document, legal status, court,
\nofficial or other legal concept, state of affairs or thing shall in respect of
\nany jurisdiction other than England be deemed to include that which most nearly
\napproximates in that jurisdiction to the English statutory provision or legal
\nterm or other legal concept, state of affairs or thing;<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(g)<\/p>\n<\/td>\n

\n

references to “$<\/strong>” or “USD<\/strong>” are to the
\nlawful currency of the United States of America as at the date of this
\nAgreement; and<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(h)<\/p>\n<\/td>\n

\n

any reference to “writing<\/strong>” or “written<\/strong>”
\nincludes any method of reproducing words or text in a legible and non-transitory
\nform but, for the avoidance of doubt, shall not include e-mail.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

1.5<\/p>\n<\/td>\n

\n

Headings<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Clause and paragraph headings and the table of contents are inserted for ease
\nof reference only and shall not affect construction.<\/p>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

2.<\/strong><\/p>\n<\/td>\n

\n

THE TRANSACTION AND RELATED RESTRUCTURING ARRANGEMENTS<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

2.1<\/p>\n<\/td>\n

\n

The parties hereby agree that, as at Completion and subject to fulfilment of
\nthe Conditions:<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(a)<\/p>\n<\/td>\n

\n

BBY Inc will acquire the entire beneficial and economic ownership of CPWM
\nLtd, which BBY Inc will immediately after Completion, hold in accordance with
\nthe corporate structure set forth in schedule 1;<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(b)<\/p>\n<\/td>\n

\n

New CPWM will hold only BBE Group’s existing interest, right and title in and
\nto the BBYM Business; and<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(c)<\/p>\n<\/td>\n

\n

CPW Plc shall receive the Payment by way of a dividend declared and paid by
\nNew CPWM.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

2.2<\/p>\n<\/td>\n

\n

The parties further agree that, as a result of and immediately following
\nCompletion, neither CPW Plc nor BBE Ltd will hold any beneficial or economic
\ninterest in the BBYM Business, but BBE Ltd will continue to operate its
\nremaining business activities in accordance with the terms of the New
\nShareholders Agreement. The parties agree that there will be no change in the
\nultimate ownership and control of BBE Ltd existing as at the date of this
\nAgreement as a result of the Transaction, save that the parties will hold their
\ninterest in BBE Ltd through New BBEDL. The parties will each hold 50 per cent.
\nof the legal and beneficial interest in New<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

6<\/p>\n

\n

BBEDL and, at Completion, the parties will enter into, inter alia, the New
\nShareholders Agreement in connection therewith.<\/p>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

2.3<\/p>\n<\/td>\n

\n

The parties will effect and achieve the transactions contemplated by clauses
\n2.1 and 2.2 above through implementation of the Restructuring in accordance with
\nthe Steps Plan. The parties acknowledge and agree that they shall not be bound
\nto proceed with steps 6, 7 or 8 of the Restructuring (as set forth in the Steps
\nPlan) unless and until Conditions A and B are fulfilled and they shall not be
\nbound to complete step 8 of the Restructuring unless and until Condition C is
\nfulfilled.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

3.<\/strong><\/p>\n<\/td>\n

\n

SHAREHOLDERS AGREEMENT <\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

3.1<\/p>\n<\/td>\n

\n

The parties acknowledge that:<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(a)<\/p>\n<\/td>\n

\n

in the course of the Restructuring, the parties will each acquire a 50 per
\ncent. legal and beneficial ownership interest in each of New BBEDL and New CPWM;\n<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(b)<\/p>\n<\/td>\n

\n

the New Shareholders Agreement will only be entered into between the parties
\nat Completion; and<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(c)<\/p>\n<\/td>\n

\n

the acquisition of the entire beneficial and economic interest in New CPWM by
\nBBY Inc will occur on Completion.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

3.2<\/p>\n<\/td>\n

\n

Notwithstanding the matters set out in clause 3.1 above and the various
\ntransactions to be implemented pursuant to the Restructuring, each party hereby
\nagrees and undertakes, for the period from the date of this Agreement until
\nCompletion, that it shall (and, to the extent that it is lawfully able to do so,
\nshall procure that its Affiliates, directors and officers shall) continue to
\nconduct and operate the business of the BBE Group (which shall include for these
\npurposes CPWM Ltd, New BBEDL and New CPWM) to the extent reasonably possible and
\npracticable in accordance with the terms of the Shareholders Agreement
\nincluding, but not limited to, in respect of governance, shareholder reserved
\nmatters, shareholder restrictions and finance matters, provided that this clause
\n3.2 shall not prohibit implementation of the transactions required pursuant to
\nthe Restructuring. The parties acknowledge and agree that this clause 3.2 shall
\nhave effect notwithstanding that the Shareholders Agreement may terminate in
\naccordance with its terms prior to Completion.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

3.3<\/p>\n<\/td>\n

\n

To the extent of any inconsistency between the provisions of this clause 3
\nand the Shareholders Agreement and the articles of association of either of New
\nBBEDL and New CPWM, the provisions of this clause 3 and the Shareholders
\nAgreement shall, as between the parties hereto, prevail.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

4.<\/strong><\/p>\n<\/td>\n

\n

IMPLEMENTATION OF THE TRANSACTION<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Subject to the terms of this Agreement and subject to any extension in time
\nwhich may occur in compliance with the terms of this Agreement, each party
\nundertakes that it shall (and, to the extent that it is lawfully able to do so,
\neach party undertakes to procure that its Affiliates shall) take and perform all
\nsuch actions and steps and execute and deliver all such documents and things as
\nmay be necessary or as the other party may reasonably require in order to
\nimplement and effect the Transaction in accordance with clause 2 and to give
\neffect to clause 3, with the overall intention that the Transaction is completed
\non or prior to the Long Stop Date.<\/p>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

5.<\/strong><\/p>\n<\/td>\n

\n

CONFIDENTIAL INFORMATION<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

5.1<\/p>\n<\/td>\n

\n

Each party undertakes to the other parties that all Confidential Information
\nreceived from another party shall be kept confidential and that it shall not
\ndirectly or indirectly use,<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

7<\/p>\n

\n

communicate, disclose or divulge at any time such Confidential Information,
\nexcept where such disclosure is expressly contemplated by this Agreement or
\nreasonably required to give effect to this Agreement or to their professional
\nadvisers, auditors and consultants.<\/p>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

5.2<\/p>\n<\/td>\n

\n

The restrictions in clause 5.1 above shall not apply to communications,
\ninformation and\/or material which fall within the definition of Confidential
\nInformation:<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(a)<\/p>\n<\/td>\n

\n

to the extent it comes into the public domain otherwise than through a breach
\nof this clause 5 or any other confidentiality undertaking agreed between the
\nParties in other documents; or<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(b)<\/p>\n<\/td>\n

\n

which can be shown by the recipient, to the reasonable satisfaction of the
\ndiscloser of such Confidential Information, to have been known to the recipient
\nprior to the recipient receiving the Confidential Information; or<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(c)<\/p>\n<\/td>\n

\n

the disclosure of which has been expressly authorised in writing by the party
\nto whom the Confidential Information belongs; or<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(d)<\/p>\n<\/td>\n

\n

which is required to be disclosed under any Regulatory Requirement or to
\ncomply with any request or determination of any Tax Authority; or<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(e)<\/p>\n<\/td>\n

\n

which is required to be disclosed by a party in order to exercise its rights
\nor perform its obligations under this Agreement or otherwise carry out the
\nmatters contemplated to be performed under this Agreement; or<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

5.3<\/p>\n<\/td>\n

\n

Each party shall take all reasonable steps to minimise the risk of
\nunauthorised disclosure of Confidential Information by ensuring that only such
\nof its employees, professional advisers, auditors and consultants whose duties
\nwill require them to possess any Confidential Information shall have access
\nthereto, and that they shall be instructed to treat the same as confidential
\nduring and after the term of their employment or appointment by the relevant
\nparty, as the case may be.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

5.4<\/p>\n<\/td>\n

\n

The obligations contained in this clause 5 shall continue after the
\ntermination of this Agreement.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

6.<\/strong><\/p>\n<\/td>\n

\n

ASSIGNMENT<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Neither party to this Agreement may assign this Agreement or any of its
\nrights hereunder without the prior written consent of the other party (not to be
\nunreasonably withheld or delayed). Any purported assignment in breach of this
\nclause shall not confer any rights on the purported assignee.<\/p>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

7.<\/strong><\/p>\n<\/td>\n

\n

COSTS<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Without prejudice to its other rights pursuant to this Agreement (or any
\nrelation to a breach by either party of the terms of this Agreement) and save as
\nmay otherwise be agreed between the parties, each party shall be responsible for
\nits own legal, accountancy and other costs, charges and expenses incurred in
\nconnection with negotiation, preparation, execution and implementation of this
\nAgreement and the Transaction.<\/p>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

8.<\/strong><\/p>\n<\/td>\n

\n

SEVERABILITY<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

If any provision of this Agreement is held by a court of competent
\njurisdiction to be illegal, invalid or unenforceable in any respect under the
\nlaw of any jurisdiction, then such provision shall (so far as it is invalid or
\nunenforceable) be given no effect and shall be deemed not to be included in this
\nAgreement but without invalidating any of the remaining provisions of this<\/p>\n

8<\/p>\n

\n

Agreement. Any provision of this Agreement held invalid or unenforceable only
\nin part or degree will remain in full force and effect to the extent not held
\ninvalid or unenforceable. The parties shall then use all reasonable endeavours
\nto replace the invalid or unenforceable provision(s) by a valid and enforceable
\nsubstitute provision the effect of which is as close as possible to the intended
\neffect of the invalid or unenforceable provision.<\/p>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

9.<\/strong><\/p>\n<\/td>\n

\n

VARIATION, WAIVER AND CONSENT<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

9.1<\/p>\n<\/td>\n

\n

Variation\/waiver to be in writing<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

No variation or waiver of any provision or condition of this Agreement shall
\nbe effective unless it is in writing and signed by or on behalf of each of the
\nparties (or, in the case of a waiver, by or on behalf of the party waiving
\ncompliance).<\/p>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

9.2<\/p>\n<\/td>\n

\n

Variation\/waiver shall not affect other rights<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Unless expressly agreed, no variation or waiver of any provision or condition
\nof this Agreement shall constitute a general variation or waiver of any
\nprovision or condition of this Agreement, nor shall it affect any rights,
\nobligations or liabilities under or pursuant to this Agreement which have
\nalready accrued up to the date of variation or waiver, and the rights and
\nobligations of the parties under or pursuant to this Agreement shall remain in
\nfull force and effect, except and only to the extent that they are so varied or
\nwaived.<\/p>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

9.3<\/p>\n<\/td>\n

\n

Consent to be in writing<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Any consent granted under this Agreement shall be effective only if given in
\nwriting and signed by the consenting party and then only in the instance and for
\nthe purpose for which it was given.<\/p>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

10.<\/strong><\/p>\n<\/td>\n

\n

RIGHTS AND REMEDIES CUMULATIVE<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

10.1<\/p>\n<\/td>\n

\n

Enforcement of rights<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

No failure or delay by any party in exercising any right or remedy provided
\nby law or under or pursuant to this Agreement shall impair such right or remedy
\nor operate or be construed as a waiver or variation of it or preclude its
\nexercise at any subsequent time. No single or partial exercise of any right or
\nremedy by any party shall preclude any other or further exercise of such right
\nor remedy or the exercise of any other right or remedy.<\/p>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

10.2<\/p>\n<\/td>\n

\n

Remedies cumulative<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The rights, powers and remedies provided by this Agreement are cumulative and
\nare in addition to any rights, powers and remedies provided by law.<\/p>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

11.<\/strong><\/p>\n<\/td>\n

\n

CONFLICT<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The provisions of this Agreement and the provisions of the Heads of Agreement
\nwill be read in concert to the extent possible so as to give full effect to
\nboth. To the extent that there is any conflict such that a provision of this
\nAgreement and the Heads of Agreement cannot be reconciled, then as between the
\nparties hereto, the provisions of the Heads of Agreement shall prevail.<\/p>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

12.<\/strong><\/p>\n<\/td>\n

\n

FURTHER ASSURANCE<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Each party agrees to perform (or procure the performance of) all further acts
\nand things, and execute and deliver (or procure the execution and delivery of)
\nsuch further documents, as may be required by law or as any other party or
\nparties may reasonably require to implement<\/p>\n

9<\/p>\n

\n

and\/or give effect to this Agreement and the transactions contemplated by it
\nand for the purpose of vesting in the other parties the full benefit of this
\nAgreement.<\/p>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

13.<\/strong><\/p>\n<\/td>\n

\n

CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The parties to this Agreement do not intend that any term of this Agreement
\nshould be enforceable, by virtue of the Contracts (Rights of Third Parties) Act
\n1999, by any person who is not a party to this Agreement.<\/p>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

14.<\/strong><\/p>\n<\/td>\n

\n

NOTICES<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

14.1<\/p>\n<\/td>\n

\n

Save as otherwise provided in this Agreement, any notice, demand or other
\ncommunication (“Notice<\/strong>“) to be given by any party under, or in
\nconnection with, this Agreement shall be in writing and signed by or on behalf
\nof the party giving it. Any Notice shall be served by delivering it by hand to
\nthe address set out in clause 14.2 marked for the attention of the relevant
\nparty set out in clause 14.2 (or as otherwise notified from time to time in
\naccordance with the provisions of this clause 14). Any Notice so served by hand
\nshall be deemed to have been duly given or made when delivered, provided that
\nwhere delivery by hand occurs after 6.00 p.m. on a Business Day or on a day
\nwhich is not a Business Day, service shall be deemed to occur at 9.00 a.m. on
\nthe following Business Day.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

References to time in this clause 14 are to local time in the country of the
\naddressee.<\/p>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

14.2<\/p>\n<\/td>\n

\n

The addresses of the parties for the purpose of clause 14.1 are as follows:\n<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/tr>\n
\n

BBY Inc.<\/strong><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Address:<\/p>\n<\/td>\n

\n

7601 Penn Avenue South, Richfield MN 55423<\/p>\n

United States of America<\/p>\n<\/td>\n<\/tr>\n

\n

Attention:<\/p>\n<\/td>\n

\n

Todd G. Hartman<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/tr>\n
\n

CPW Plc<\/strong><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Address:<\/p>\n<\/td>\n

\n

1 Portal Way, London, W3 6RS, England<\/p>\n<\/td>\n<\/tr>\n

\n

Attention:<\/p>\n<\/td>\n

\n

Tim Morris<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

14.3<\/p>\n<\/td>\n

\n

A party may notify all other parties to this Agreement of a change to its
\nname, relevant addressee or address for the purposes of this clause 14, provided
\nthat such notice shall only be effective on:<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(a)<\/p>\n<\/td>\n

\n

the date specified in the notification as the date on which the change is to
\ntake place; or<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

(b)<\/p>\n<\/td>\n

\n

if no date is specified or the date specified is less than five Business Days
\nafter the date on which notice is given, the date following five Business Days
\nafter notice of any change has been given.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

14.4<\/p>\n<\/td>\n

\n

In proving service it shall be sufficient to prove that the envelope
\ncontaining such notice was properly addressed and delivered to the address shown
\nthereon.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

10<\/p>\n

\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

15.<\/strong><\/p>\n<\/td>\n

\n

COUNTERPARTS<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

This Agreement may be executed in any number of counterparts and by the
\nparties to it on separate counterparts and each such counterpart shall
\nconstitute an original of this Agreement but all of which together constitute
\none and the same instrument. This Agreement shall not be effective until each
\nparty has executed at least one counterpart.<\/p>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

16.<\/strong><\/p>\n<\/td>\n

\n

GOVERNING LAW<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The construction, validity and performance of this Agreement and all
\nnon-contractual obligations (if any) arising from or connected with this
\nAgreement shall be governed by the laws of England.<\/p>\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

17.<\/strong><\/p>\n<\/td>\n

\n

JURISDICTION<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Each party irrevocably agrees to submit to the exclusive jurisdiction of the
\ncourts of England over any claim or matter (including any non-contractual claim)
\narising under or in connection with this Agreement.<\/p>\n

This Agreement has been executed by the parties on the date set out on the
\nfirst page of this document.<\/p>\n

SIGNED <\/strong>by<\/p>\n\n\n\n\n\n
<\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n
\n

\/s\/ TODD G. HARTMAN<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Todd G. Hartman, Senior Vice President, Deputy General Counsel<\/p>\n

duly authorised for and on behalf<\/p>\n

of BEST BUY CO., INC. <\/strong><\/p>\n

SIGNED<\/strong> by<\/p>\n\n\n\n\n\n
<\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n
\n

\/s\/ NIGEL LANGSTAFF<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Nigel Langstaff, Chief Financial Officer, Carphone Warehouse Group plc<\/p>\n

duly authorised for and on behalf<\/p>\n

of CARPHONE WAREHOUSE GROUP PLC<\/strong><\/p>\n

11<\/p>\n

\n

SCHEDULE 1<\/strong><\/p>\n

Proposed Final Corporate Structure<\/strong><\/p>\n

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