AFFILIATE JOINDER AGREEMENT TO THE INVESTMENT AGREEMENT

EXHIBIT C

AFFILIATE JOINDER AGREEMENT TO THE INVESTMENT AGREEMENT

The undersigned is executing and delivering this Affiliate Joinder Agreement pursuant to that certain Investment Agreement, dated as of 5 May 2022 (as amended, restated, supplemented or otherwise modified in accordance with the terms thereof, the “Investment Agreement”) by and between (i) Global Blue Group Holding AG, a Swiss corporation (the “Company”), and (ii) CK Opportunities Fund I, LP (the “Investor Holder”). Capitalized terms used but not defined in this Affiliate Joinder Agreement shall have the respective meanings ascribed to such terms in the Investment Agreement.

By executing and delivering this Affiliate Joinder Agreement to the Investment Agreement, the undersigned hereby adopts and approves the Investment Agreement and agrees, effective commencing on the date hereof to become a party to the Investment Agreement as the “Investor Holder” and to be bound by and comply with the provisions of, the Investment Agreement applicable to the Investor Holder, in the same manner as if the undersigned were an original signatory to the Investment Agreement; provided that nothing in the foregoing shall release CK Opportunities Fund I, LP from its rights and obligations under the Investment Agreement.

The administrative details of the undersigned for the purposes of Clause 13 (Notices) are as follows:

	Address:	CK Opportunities Wolverine S.à x.x., c/o Knighthead Capital Management, LLC, 000 Xxxx Xxxxxx, 00xx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000
	Email:	xxxxxxxx@xxxxxxxxxx.xxx
	Attention:	Xxxxx Xxxxxxx

	Address:	CK Opportunities Wolverine S.à x.x., c/o Certares Management LLC, 000 Xxxxxxx Xxxxxx, 0xx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000
	Email:	xxx.xxxxxxxxx@xxxxxxxx.xxx
	Attention:	Xxx XxXxxxxxx

The undersigned acknowledges and agrees that Clauses 16 (Miscellaneous) and 17 (Governing Law and Jurisdiction) are incorporated herein by reference, mutatis mutandis.

Accordingly, CK Opportunities Wolverine S.à x.x. has executed and delivered this Affiliate Joinder Agreement as of May 23, 2022

	/s/ Xxx XxXxxxxxx
	(Signature)
	Address:	c/o Certares Management LLC
		000 Xxxxxxx Xxxxxx, 0xx Xxxxx
		Xxx Xxxx, Xxx Xxxx 00000
	Email address: xxx.xxxxxxxxx@xxxxxxxx.xxx

	/s/ Xxxxx Xxxxxxx
	(Signature)
	Address:	Knighthead Capital Management, LLC
		000 Xxxx Xxxxxx, 00xx Xxxxx
		Xxx Xxxx, Xxx Xxxx 00000
	Email address: xxxxxxxx@xxxxxxxxxx.xxx