展示 4.19
公證翻譯
宣誓翻譯
[原始文件的所有頁面底部都有簽名。]
第十六份實施協議
修改
至企業服務主協議
2024年8月20日在布宜諾斯艾利斯自治城市訂立的協議th 2024年8月20日由以下雙方簽訂：
(i) CRESUD S.A.C.I.F. y A.，住所位於布宜諾斯艾利斯自治城第261號，9樓，以下簡稱「cresud」，作爲甲方的指定代理人在此代表。
(ii) irsa inversiones y representaciones sociedad anónima， 註冊地址位於布宜諾斯艾利斯自治城市Della Paolera 261號9樓，代表IRSA Propiedades Comerciales S.A. (IRSA PC) 以併購行政人員身份行事，由下列委託代理律師代表參與簽署，作爲乙方（以下簡稱爲「IRSA」，並與CRESUD合稱爲「雙方」）。
鑑於：
(i) 2004年6月30日，cresud、IRSA和IRSA PC（以下簡稱「原始組織」）簽署了一份《企業服務交換總協議》（以下簡稱「總協議」）；
(ii) 在2007年8月23日，原始各方簽署了《關於實施公司服務主協議修訂的第一協議》（以下簡稱「第一協議」），其中引入了對公司服務交換地區和成本分配基礎進行的某些修訂，並任命了新的個別負責人；
（iii）2008年8月14日和2009年11月27日，原始當事方簽署了《用於實施公司服務主協議修正案的第二協議》（以下簡稱「第二協議」）和《用於實施公司服務主協議修正案的第三協議》（以下簡稱「第三協議」），分別針對公司服務交易領域和成本分配基礎進行了新的修正；
(四)在2010年3月12日，原合同各方簽署了《公司服務交換協議補充協議》（以下簡稱「補充協議」），原合同各方同意將公司服務交換領域的服務統一在cresud，並且大部分此領域員工的僱傭協議被轉移，並建立了處理可能出現的員工離職所產生的潛在勞動成本分配程序；
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(v) 在2011年7月11日，原約定方簽署了有關公司服務主協議修訂實施的第四協議（以下簡稱「第四協議」）；在2012年10月15日，原約定方簽署了公司服務主協議修訂實施的第五協議（以下簡稱「第五協議」）；在2013年11月12日，原約定方簽署了公司服務主協議修訂實施的第六協議（以下簡稱「第六協議」）；在2015年2月18日，原約定方簽署了公司服務主協議修訂實施的第七協議（以下簡稱「第七協議」及連同第一協議、第二協議、第三協議、第四協議、第五協議和第六協議，合稱「協議」），引入新修訂內容於公司服務交易領域和成本分配基礎之中；
(vi)根據按業務領域劃分的新組織模式的構建過程，達成協議，將服務於技術、製造業務、購買、建築和設計以及工程開發領域、房地產業務管理、房地產業務人力資源、安全和房地產領域的員工的就業協議轉移給IRSA和/或IRSAPC，所有這些都與房地產業務有關。2014年2月24日，原參與方簽署了關於公司服務交易的主協議的第二次補充協議（以下簡稱「第二補充協議」），其中建立了用於分配可能涉及的勞動力支出成本的機制。
在2015年11月12日，原始各方簽署了關於對企業服務主協議修訂實施的第八協議（以下簡稱「第八協議」）
(viii) 2017年5月5日，原始各方簽署了《關於執行對公司服務主協議修正案的第九協議》（以下簡稱「第九協議」）。
(ix) 在2018年6月29日，原始各方簽署了關於公司服務主協議修訂實施的第十份協議（以下簡稱「第十份協議」）。
(x) 在2019年6月28日，原始各方簽署了關於執行對公司服務主協議的修訂的第十一協議（以下簡稱「第十一協議」）。
(xi) 2020年6月30日，原參與方簽署了有關公司服務主協議修訂的第十二協議的執行協議（以下簡稱「第十二協議」）。
(xii) 2021年6月30日，原始各方執行了關於公司服務總協議修訂的第十三次協議的執行協議（以下簡稱「第十三次協議」）。
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(xiii)2021年9月30日，IRSA和IRSA PC簽署了初步合併協議，啓動了兩家公司之間的合併流程。在這個過程中，IRSA將成爲合併公司，而IRSA PC將成爲被合併公司，並將在不清算的情況下被解散。隨後，2021年12月22日，IRSA和IRSA PC舉行了各自的股東會議，決議最終批准了合併。隨後，2022年1月27日，兩家公司簽署了最終合併協議（「FMA」），使上述公司重組過程生效。
(xiv) 因此，自2022年1月1日起，作爲IRSA PC的合併公司，IRSA成爲了依據總協議、其附件和修正案承擔IRSA PC的所有權利和義務的存續公司。
(xv) 2022年7月12日，雙方簽署了《企業服務總協議修訂實施第十四協議》（以下簡稱「第十四協議」）。
(xvi) 2023年7月14日，雙方簽署了《關於執行對公司服務主協議修訂的第十五份協議》（以下簡稱「第十五份協議」）。---
(十七) 最初是原始各方，然後根據Deloitte & Co. S.R.L.起草的實施手冊進行執行，定期更新；
(xviii) 根據德勤的報告以及目前外部核數師的建議，2024年和2025年初期在企業服務交易所和成本分配基地領域實施了新的運營變革，希望當事方能書面承認；
(xix) 雙方已向各自的審核委員會披露了本內容。 第十六 企業服務主協議修訂實施協議 （以下簡稱「第十六個協議」）提交各自的審計委員會；並
(xx) 雙方簽署這第十六份協議 ad referendum 各方董事會有效批准
現在，基於上述考慮， 各方同意根據以下條款條件執行本第十六份協議：
一： 各方確認領域（定義於主協議書中）及運營服務交易的計算方法（同樣定義於主協議書中）已於下列日期起變更，因此修正附件I和II，並由協議書修改的主協議書，詳情如下：
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(i) 2024年7月起，管理和財務領域調整了其結構，導致財務規劃板塊從原本歸財務管理板塊轄下，現已轄下資本市場板塊，相應流程進行改變。因此，展示版I和版II已經修改
(ii) 自2024年7月起，作為法務-企業領域的一部分的保險板塊將成為管理和財務領域的一部分。因此，修改了附件I和II。
(iii) Starting in July 2024, the Revenue Administration, Expenses Administration and Services Control sectors changed their distribution methods. As a consequence, Exhibits I and II were modified.-
(iv) Starting in July 2024, the Corporate Human Resources area changed its distribution method. As a consequence, Exhibits I and II were modified.
In consideration of the foregoing, the PARTIES hereby put on record that, subject to the clarifications detailed in the preceding clauses and for purposes of updating Exhibits I and II, they shall be read as hereto attached for the periods and as from the dates indicated.
TWO: THE PARTIES represent that all the sections of the Master Agreement, the Agreements, the Addendum and the Second Addendum that have not been amended pursuant to this Sixteenth Agreement continue to be in full force and effect.
In witness whereof, this Agreement has been executed in two (2) counterparts of the same tenor and to a single effect in the place and on the date first written.
CRESUD S.A.C.I.F.y A.
__________/ ____________
Attorneys-in-fact
IRSA Inversiones y Representaciones Sociedad Anónima
___________/ ____________
Attorneys-in-fact
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Exhibit I
Description of Corporate Services Exchange Areas
Corporate Human Resources
The Human Resources sector renders to THE PARTIES the service consisting in Human Resources Administration; Human Resources Management, and Organizational Culture Management. Within the main activities of the sector we may mention labor relationships, selection of managerial positions, leadership training and interpersonal skills, compensation and benefits, internal communications, etc.
Administration and Finance
The Administration and Finance sector renders to THE PARTIES the service consisting in Investor Relations, Capital Markets, Financial Risk and Management of Financial Transactions. In addition, it renders to THE PARTIES the service consisting in planning and defining the companies’ fiscal policies and the service consisting in managing their assets’ coverage by negotiating, purchasing and monitoring insurance policies, dealing with claims in terms of coverage, collection, etc.
Planning
The Planning area is responsible for medium- and long-term planning, for aligning THE PARTIES’ objectives and individual goals, for coordinating THE PARTIES’ investment analysis, controlling the Shared Services Center’s, the Board’s and Corporate expenses management and budgeting, and for coordinating all the management information flowing through the businesses and submitted to the respective Boards of Directors.
Institutional Relations
The Institutional Relations department renders to THE PARTIES the service consisting in relations with the media and communities where the company does business, consisting in drafting of newsletters and statements, preparation of brochures and institutional events, CSR strategy, relationship with NGOs and planning and preparation of CSR actions.
Compliance
The Compliance sector is responsible for information security and Internal Control, controlling the proper management of the different processes that constitute the administrative and accounting system and participating in their continuous improvement. In addition, it is in charge of verifying compliance with controls defined in the processes as well as with the regulations, principles and procedures that govern the governing bodies of THE PARTIES. In addition, it provides support and assistance to the Audit Committee for compliance with its duties. Furthermore, it renders to THE PARTIES Corporate Fraud Prevention services.
Shared Services Center
The Shared Services Center provides THE PARTIES with all the transactional and operational services associated with income and expense management, to the services inherent in managing human resources benefits and payroll processing, in commercial contract management, in errand running services and in management of services. And it is also includes managing, maintaining and providing support to systems, technology and processes, the companies’ tax calculation processes and the services regarding accounting and preparation of separate and consolidated financial statements.
Safety
The Safety sector renders to THE PARTIES the surveillance service.
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Legal Affairs - Corporate
The Legal Affairs - Corporate sector renders assistance to THE PARTIES in connection with the analysis, preparation of strategies and follow-up of legal proceedings of institutional importance for THE PARTIES, as well as in the negotiation and drafting of M&A agreements. It also advises THE PARTIES on corporate regulatory compliance matters, in the negotiation, drafting and enforcement of shareholders agreements and in the definition, drafting and control of powers of attorney, the preparation, analysis of and answer to legal briefs, agreements, official letters, etc.
Bolívar
Bolívar includes the employees performing activities of support and assistance to THE PARTIES’ Board of Directors.
Attorneys-in-Fact
The Attorneys-in-Fact sector groups the employees who perform activities consisting in representing THE PARTIES before different governmental agencies.
General Management Department to be Distributed
The General Management Department to be Distributed sector includes employees performing activities of support and assistance to THE PARTIES’ General Management Departments.
Board of Directors’ Safety
The Board of Directors’ Safety sector renders to THE PARTIES the service consisting in comprehensive safety for the main officers acting in their Board of Directors.
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Exhibit II
Cost Distribution Bases
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Corporate Departments
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Department
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Division / Subdivision
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Distribution Method
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Corporate Human Resources
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Corporate Human Resources
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The percentages of the corporate personnel areas are weighted.
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| Administration and Finance | Finance Department |
| The percentages of all the sectors making up the area are weighted. |
| Capital Markets |
| The fifty percent (50%) for Financial Risks will be distributed pro rata based on the following: Number of risk notes made for balance sheets, Valuation of instruments, Fair Value of Liabilities (number of valued debts), yield/risk analysis for assets and liabilities. The fifty percent (50%) for Capital Markets will be distributed pro rata the Number of financial transactions conducted in the period weighted at 70% and the remaining 30% on the basis of updates of offering memoranda and “horizontal” works (20F, annual reports, Press Release, etc.) | |
| Relations with Investors |
| Number of business highlights during the six-month period, number of earnings releases, number of meetings with investors (current or potential) to discuss the companies’ business and strategy, number of active coverages, number of earnings release conferences, the complexity of the website of each company, number of material events published in the Argentine Securities Commission and the US Securities and Exchange Commission, and number of Roadshows (Deal or Non-Deal). All items involved are weighted in equal parts.
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| Financial Planning |
| Number of consolidated companies in each cash report submitted on a monthly basis and those companies in which a quarterly report is separately sent for the company because there is a partner. | |
| Financial Administration |
| Total Assets weighted at 60% and total Liabilities weighted at 40%. The resulting percentage shall be weighted at 50% over the total. Thirty percent (30%) will correspond to the number of transactions performed for each vehicle and its subsidiaries. The remaining 20% will correspond to the number of vehicles for which transactions are performed and number of inquiries for special transactions. |
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Corporate Departments
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Department
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Division / Subdivision
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Distribution Method
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| Corporate Tax |
| Salaries are weighted by position and by tasks performed (by company) |
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Insurance
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Premium amount of the annual insurance program.
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Planning
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Planning Department
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Each one of the sectors making up the area is weighted.
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Corporate Budget and Management Control
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Overhead expenses budget for the period is pro-rated.
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Strategic Analysis
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Tasks performed and the time spent in each.
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Institutional Relations
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Area expenses budget for the period is pro-rated
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| Compliance | Compliance Department |
| Each sector comprising the Management is weighted. |
| Risk Management and Audit |
| Time estimated/projected in the annual plan. | |
| Information security |
| Incidents closed by company. | |
| Shared Services Center (CSC)
| CSC Department |
| The percentage corresponding to each sector falling within the scope of the CSC area is weighted on the basis of the impact exerted by the relevant sector’s projected salaries on the total salaries of the CSC. |
| Revenues Administration |
| Direct Allocation of Resources | |
| Expenses Administration |
| Direct Allocation of Resources | |
| Customer Administration |
| Direct Allocation of Resources | |
| Collections Administration |
| Direct Allocation of Resources | |
| Treasury Administration |
| Number of Treasury Transactions performed for each Company. | |
| Own Account Administration |
| Number of Transactions performed for each Company. | |
| Technology |
| Weighting of time spent in each task (related to the services). | |
| IT Services |
| Number of CASTI incidents processed for each Company. | |
| Master Data |
| Number of transactions processed by each Company. | |
| Systems and Applications |
| Hours devoted to each task. | |
| Project Systems |
| Hours devoted to each task. | |
| Systems Maintenance |
| Hours devoted to each task. | |
| Commercial Transactions |
| Number of agreements signed by Company | |
| Data Management |
| Hours devoted to each task. | |
| Process Quality |
| Weighting of time spent in each task. | |
| CSC Human Resources |
| 75% weighting of % of CSC sectors; and 25% weighting % of Corporate sectors. | |
| Errand Running Service |
| Number of errands run. | |
| Services Management |
| Hours spent in each task. | |
| Administrative operations |
| The percentage of each sector served is weighted. | |
| Services Control |
| Direct allocation of resources. | |
| CSC Taxes |
| Salaries are weighted by position and by tasks performed (by company) | |
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| Accounting and Reporting |
| Weighted between payroll for tasks performed and number of vouchers recorded for the companies and their managed subsidiaries. |
| Safety |
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| Per hour |
| Legal Affairs - Corporate |
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| Weighted between number of Meetings of board of directors, liquidators and shareholders’ meetings. |
| Attorneys-in-fact |
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| Time spent in tasks performed. |
| Bolívar |
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| 66.66% IRSA and 33.33% CRESUD. |
| Board of Directors’ Safety |
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| 66.66% IRSA and 33.33% CRESUD |
| General Management to be distributed |
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| 66.66% IRSA and 33.33% CRESUD |
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