Danone // 2020 Universal Registration Document

7 Share capital and ownership 7.11 Change of control 305 DANONE UNIVERSAL REGISTRATION DOCUMENT 2020 a Saudi-based company selling fresh dairy products and fruit juice in the Middle East in which Danone holds an indirect 17% stake. In the event of a change of control in the Company without the consent of Al Faisaliah Holding, Al Faisaliah Holding could terminate the shareholders’ agreement and exercise a call option on the shares held by Danone in Alsafi Danone Company Limited. • Under the terms of contracts regarding the use of mineral springs, in particular Volvic and Evian in France, Danone has very longstanding and privileged relations with local municipalities in which these springs are located. It is difficult for the Company to assess with certainty the impact on these contracts of any change in its control. • The Group Performance Units (GPU) and Group Performance Shares (GPS) plans, that were put in place by the Company for the benefit of certain employees and its corporate officers, include specific provisions in the event of a change of control of the Company resulting from a public tender offer on the Company’s securities, described in section 6.4 Detailed information on long- term compensation plans. • Danone’s syndicated facility agreement includes a change of control provision, which offers the lending banks an early re- demption right in the event of a change of control of the Company, if it is accompanied by a downgrade of its rating by the rating agencies to sub-investment grade. It represents a principal amount of €2 billion. • The Company’s EMTN bond issuance program, its U.S. bond issuances in June 2012 and November 2016 and certain bilateral bank credit facility also include a similar mechanism in the event of a change of control of the Company (see Note 11.3 of the Notes to the consolidated financial statements). (x) Agreements providing for indemnities to be paid to employees and corporate officers of the Company in the event that they resign, or their employment is terminated without cause or if their employment ends due to a public tender offer See section 6.3 Compensation and benefits of governance bodies . 7.11 CHANGE OF CONTROL To the Company’s knowledge, no agreement exists which, if implemented, could, at a future date, lead to a change of control of the Company.