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EXHIBIT 10.24  


 
  THIRD AMENDED AND RESTATED
  GRAPHIC PACKAGING INTERNATIONAL CORPORATION
  EXECUTIVE EMPLOYMENT AGREEMENT    
  


        THIRD AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT (the "Agreement") between Graphic Packaging International Corporation, a Colorado corporation (the
"Company"), each of the Affiliated Companies (as defined in Section 2(b)(iv)) and the Executive listed on the signature page who has signed the Agreement and agreed to be bound by its terms
(the "Executive"), dated as of March 25, 2003. 


        The
Executive is currently employed by the Company and has executed a Second Amended and Restated Employment Agreement dated January 10, 2003 (the "Prior Agreement"). The Company
and Riverwood Holding, Inc. ("Riverwood") have entered into the Agreement and Plan of Merger, dated as of the date hereof (the "Merger Agreement"), pursuant to which, and subject to the terms
and conditions of which, the Company will merge with and into Riverwood Acquisition Sub LLC (the "Merger"). 


        The
Company and the Executive desire to amend the Prior Agreement, to become effective upon the consummation of the Merger as provided herein. 


        The
parties agree as follows: 


        1.    Employment Period.    The Company hereby agrees to continue the Executive in its employ, and the Executive
hereby agrees to remain in the employ of the Company subject to the terms and conditions of this Agreement, for the period commencing on the consummation of the Merger (the "Effective Date") and
ending on the third anniversary of such date (the "Employment Period"). 


        2.    Terms of Employment.    



        (a)    Position and Duties.    



          (i)  During
the Employment Period, the Executive's position (including status, offices, and titles), authority, duties and responsibilities shall be as set forth in
Schedule A hereto. 


        (ii)  During
the Employment Period, and excluding any periods of vacation and sick leave to which the Executive is entitled, the Executive agrees to devote reasonable
attention and time during normal business hours to the business and affairs of the Company and, to the extent necessary to discharge the responsibilities assigned to the Executive hereunder, to use
the Executive's reasonable best efforts to perform faithfully and efficiently such responsibilities. During the Employment Period, Executive may (A) serve on boards or committees of other
organizations, (B) teach and (C) manage personal investments, so long as such activities do not significantly interfere with the performance of the Executive's responsibilities as an
employee of the Company in accordance with this Agreement. To the extent that any such activities have been conducted by the Executive and by other executives of the Company prior to the Effective
Date, the continued conduct of such activities (or the conduct of activities similar in nature and scope thereto) subsequent to the Effective Date shall not thereafter be deemed to interfere with the
performance of the Executive's responsibilities to the Company. 




        (b)    Compensation.    



        (i)    Base Salary.    During the Employment Period, the Executive shall receive the Base Salary as set forth in
Schedule A hereto ("Base Salary"). The Executive's Base Salary shall be reviewed no more than twelve months after the last salary increase awarded to the Executive prior to the Effective Date
and thereafter at least annually. Any increase in Base Salary shall not serve to limit or reduce any other obligation to the Executive under this Agreement. Base Salary shall not be reduced after any
such increase and the term Base Salary as utilized in this Agreement shall refer to Base Salary as so increased. 







 


        (ii)    Annual Bonus.    The Executive shall participate in the Company's short-term incentive
compensation plan or plans for its executive officers existing from time to time, at a level commensurate with other
similarly situated executives of the Company (any such incentive bonus hereinafter referred to as the "Annual Bonus"). 


        (iii)    Other Incentive Plans.    Except as provided in the preceding Section 2(b)(ii) ("Annual
Bonus"), during the Employment Period the Executive's participation in any incentive plans, programs or arrangements shall be determined by the Compensation Committee of the Riverwood Board of
Directors from time to time, provided that Executive shall be entitled to participate in any such plan, program or arrangement to the extent such plan,
program or arrangement commences after the third anniversary of the Effective Date at a level commensurate with other similarly situated executives of the Company. 


        (iv)    Savings and Retirement Plans.    During the Employment Period, the Executive shall be entitled to participate
in all savings and retirement plans, practices, policies and programs applicable generally to other similarly situated executives of the Company and any company controlled by, controlling, or under
common control with the Company ("Affiliated Companies"). 



        (v)    Welfare Benefit Plans.    During the Employment Period, the Executive and/or the Executive's family, as the
case may be, shall be eligible for participation in and shall receive all benefits under welfare benefit plans, practices, policies and programs provided by the Company and its Affiliated Companies
(including, without limitation, medical, prescription, dental, disability, employee life, group life, accidental death and dismemberment and travel accident insurance plans and programs) to the extent
applicable generally to other similarly situated executives of the Company and its Affiliated Companies. 



        (vi)    Expenses.    During the Employment Period, the Executive shall be entitled to receive prompt reimbursement for
all reasonable expenses incurred by the Executive in accordance with the generally applicable policies, practices and procedures of the Company and its Affiliated Companies as in effect generally from
time to time after the Effective Date with respect to other similarly situated executives of the Company and its Affiliated Companies. 


        (vii)    Fringe Benefits.    During the Employment Period, the Executive shall be entitled to fringe benefits ("Fringe
Benefits") including, without limitation, tax and financial planning services, payment of club dues and, if applicable, use of an automobile and payment of related expenses, (or, in lieu thereof, cash
payments paid as a perquisite allowance) no less favorable than those provided to the Executive as of the date hereof, and which are set forth on Schedule A. 


        (viii)    Office and Support Staff.    During the Employment Period, the Executive shall be entitled to an office or
offices of a size and with furnishings and other appointments, and to secretarial and other assistance, in the same manner as other similarly situated executives of the Company and its Affiliated
Companies. 


        (ix)    Vacation.    During the Employment Period, the Executive shall be entitled to the same number of weeks of paid
annual vacation as currently provided and as set forth in Schedule A. 





        3.    Termination of Employment.    



        (a)    Death or Disability.    The Executive's employment shall terminate automatically upon the Executive's death
during the Employment Period. If the Company determines in good faith that 



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the Disability of the Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to the Executive written notice in accordance with
Section 13(b) of this Agreement of its intention to terminate the Executive's employment. In such event, the Executive's employment with the Company shall terminate effective on the 30th day
after receipt of such notice by the Executive (the "Disability Effective Date"), provided that, within the thirty days after such receipt, the Executive shall not have returned to
full-time performance of the Executive's duties. For purposes of this Agreement "Disability" shall mean the absence of the Executive from the Executive's duties with the Company on a
full-time basis for 180 consecutive days as a result of incapacity due to mental or physical illness which is determined to be total and permanent by a physician selected by the Company or
its insurers and acceptable to the Executive or the Executive's legal representative. Nothing in this Section 3(a) shall affect the Company's ability to reduce Executive's salary to the extent
such reductions are offset by disability insurance payments to Executive. 



        (b)    Cause.    The Company may terminate the Executive's employment during the Employment Period for Cause. For
purposes of this Agreement, "Cause" shall mean: 



          (i)  the
willful and continued failure of the Executive to perform substantially the Executive's duties with the Company or one of its Affiliated Companies (other than, any
such failure resulting from incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to the Executive by the Board of Directors of the Company
(the "Board") or the Chairman of the Board or Chief Executive Officer of the Company which specifically identifies the manner in which the Board or Chief Executive Officer believes that the Executive
has not substantially performed the Executive's duties, or 


        (ii)  the
willful engaging by the Executive in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Company. 




        For
purposes of this provision, no act or failure to act, on the part of the Executive, shall be considered "willful" unless it is done, or omitted to be done, by the Executive in bad
faith or without reasonable belief that the Executive's action or omission was in the best interests of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution
duly adopted by the Board or upon the instructions of the Chief Executive Officer or the senior officer of the Company directly or
indirectly to whom the Executive reports or based upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the
best interests of the Company. The cessation of employment of the Executive shall not be deemed to be for Cause unless and until there shall have been delivered to the Executive a copy of a resolution
duly adopted by the affirmative vote of not less than three quarters of the entire membership of the Board at a meeting of the Board called and held for such purpose (after reasonable notice is
provided to the Executive and the Executive is given an opportunity, together with counsel, to be heard before the Board), finding that, in the good faith opinion of the Board, the Executive is guilty
of the conduct described in subparagraph (i) or (ii) above, and specifying the particulars thereof in detail. 


        (c)    Good Reason.    The Executive's employment may be terminated by the Executive during the Employment Period for
Good Reason. For purposes of this Agreement, "Good Reason" shall mean a termination of employment by Executive within 90 days following the occurrence of any of the following events without
Executive's consent: 



          (i)  the
assignment to the Executive of title, responsibilities or duties that result in a material diminution of the title, responsibilities and duties provided for in
Section 2(a); 


        (ii)  any
failure by the Company to comply with any of the provisions of Section 2(b) of this Agreement, other than an isolated, insubstantial and, inadvertent failure
not occurring in 




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bad faith and which is remedied by the Company promptly after receipt of notice thereof given by the Executive; 


        (iii)  any
purported termination by the Company of the Executive's employment otherwise than as expressly permitted by this Agreement; 


        (iv)  any
failure by the Company to comply with and satisfy Sections 7(e) and 8 of this Agreement; or 



        (v)  a
mandatory relocation, other than in connection with a promotion, of the Executive's principal business office to a location more than thirty-five miles
from the location of such office as of the Effective Date. 




        (d)    Notice of Termination.    Any termination by the Company for Cause, not for Cause, or by the Executive for Good
Reason, shall be communicated by Notice of Termination to the other party hereto given in accordance with Section 13(b) of this Agreement. For purposes of this Agreement, a "Notice of
Termination" means a written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail
the facts and
circumstances claimed to provide a basis for termination of the Executive's employment under the provision so indicated and (iii) if the Date of Termination (as defined below) is other than the
date of receipt of such notice, specifies the termination date (which date shall be not more than thirty days after the giving of such notice). The failure by the Executive or the Company to set forth
in the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of the Executive or the Company, respectively, hereunder or
preclude the Executive or the Company, respectively, from asserting such fact or circumstance in enforcing the Executive's or the Company's rights hereunder. 



        (e)    Date of Termination.    "Date of Termination" means (i) if the Executive's employment is terminated by
the Company for Cause, or by the Executive for Good Reason, the date of receipt of the Notice of Termination or any later date specified therein, as the case may be, (ii) if the Executive's
employment is terminated by the Company for any reason other than for Cause or Disability, the Date of Termination shall be the date on which the Company notifies the Executive of such termination and
(iii) if the Executive's employment is terminated by reason of death or Disability, the Date of Termination shall be the date of death of the Executive or the Disability Effective Date, as the
case may be. 




        4.    Obligations of the Company upon Termination.    



        (a)    Good Reason; Other Than for Cause.    If, during the Employment Period, the Company shall terminate the
Executive's employment other than for Cause or the Executive shall terminate employment for Good Reason: 



          (i)  the
Company shall pay to the Executive in a lump sum in cash within thirty days after the Date of Termination the aggregate of the following amounts: 



        A.    the
sum of (1) the Executive's Base Salary through the Date of Termination to the extent not theretofore paid, (2) the greater of (A) an amount equal
to the Executive's highest bonus (including any bonus deferred by the Executive) under the Company's bonus plan, or any comparable bonus under any predecessor or successor plan, for the last three
full fiscal years prior to the Effective Date (annualized in the event that Executive was not employed by the Company for the whole of such fiscal year) and 





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(B) the
Annual Bonus paid or payable (including any bonus or portion thereof which has been earned but deferred), in each case(1) pro rated through the Date of Termination to the
extent not theretofore paid, (3) any accrued and unpaid Fringe Benefits, and (4) any compensation previously deferred by the Executive (together with any accrued interest or earnings
thereon) and any accrued vacation pay, in
each case to the extent not theretofore paid (the sum of the amounts described in clauses (1), (2), (3) and (4) shall be hereinafter referred to as the "Accrued Obligations"); 




        B.    the
amount equal to the product of (1) three and (2) the Executive's highest Base Salary during any of the three years preceding the Date of Termination;
plus an amount equal to the Executive's highest Base Salary during any of the three years preceding the Date of Termination multiplied by the highest percentage payout of the Executive's bonus under
the Short Term Incentive Program (or any successor short term bonus plan or program) in comparison to salary (annualized in the event that Executive was not employed by the Company for the whole of
such applicable period) paid and/or accrued in any of the three years preceding the Date of Termination; plus the highest one-year cash equivalent amount of Fringe Benefits paid to the
Executive in any of the three calendar years preceding the Date of Termination. This amount will be reduced by the amounts paid, if any, to the Executive under the Company's Severance Pay Plan (or any
successor severance pay plan) as a result of such termination; provided, however, that if the
Executive's benefits under the Company's Severance Pay Plan (or any successor severance pay plan) exceed the amounts payable under this Section, the Executive shall be entitled to such benefits and
shall not be entitled to the payments provided for under this Section 4(a)(i)(B); and 



        C.    payment
of benefits under any Supplemental Executive Retirement Plan ("SERP") in which the Executive participates in effect as of the Date of Termination in accordance
with the provisions of the SERP. The SERP benefit shall be a lump sum payment in an amount equal to the benefit payable under the SERP adjusted by crediting the Executive with additional years of
credited service for benefit accrual and vesting, and additional years of age, in each case equal to five years less the period from the Effective Date through the Date of Termination in which the
Executive participates in any SERP. The amount of any such benefit shall be calculated as of the Date of Termination in accordance with the terms of the SERP, and the payment of such benefit shall be
in lieu of any other payment under the SERP; 




        (ii)  for
three years after the Executive's Date of Termination, or such longer period as may be provided by the terms of the appropriate plan, program, practice or policy,
the Company shall continue benefits to the Executive and/or the Executive's family at least equal to those which would have been provided to them in accordance with the plans, programs, practices and
policies described in Section 2(b)(v) of this Agreement if the Executive's employment had not been terminated; provided,  however, that if the
Executive becomes reemployed with another employer and is eligible to receive medical or other welfare benefits under another
employer-provided plan, the medical benefits provided by the Company shall no longer be available to the Executive and the other welfare benefits described herein shall become secondary to those
provided under such other plan during such applicable period of eligibility; 


        (iii)  for
twelve months following the Date of Termination, if the Company has terminated this Agreement for other than Cause, the Company shall, at its sole expense as
incurred to an aggregate of $15,000, provide the Executive with outplacement services the scope and provider of which shall be selected by the Executive in his sole discretion; 






	(1)
	For
2x and 3x people. 


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        (iv)  to
the extent not therefore paid or provided, the Company shall timely pay or provide to the Executive any other amounts or benefits required to be paid or provided or
which the Executive is eligible to receive under any plan, program, policy or practice or contract or agreement of the Company and its Affiliated Companies (such other amounts and benefits shall be
hereinafter referred to as "Other Benefits"); provided, however, Other Benefits shall exclude any
benefits under the Company's Severance Pay Plan. 




        (b)    Death.    If the Executive's employment is terminated by reason of the Executive's death during the Employment
Period, this Agreement shall terminate without further obligations to the Executive's legal representatives under this Agreement other than for payment of Accrued Obligations, and the timely payment
or provision of Other Benefits. Accrued Obligations shall be paid to the Executive's estate or beneficiary, as applicable, in a lump sum in cash within 30 days of the Date of Termination. With
respect to the provision of Other Benefits, the term "Other Benefits" as utilized in this Section 4(b) shall include, without limitation, and the Executive's estate and/or beneficiaries shall
be entitled to receive, benefits on the same basis as those provided by the Company and Affiliated Companies to the estates and beneficiaries of similarly situated executives. 


        (c)    Disability.    If the Executive's employment is terminated by reason of the Executive's Disability during the
Employment Period, this Agreement shall terminate without further obligations to the Executive or the Executive's legal representatives under this Agreement other than for payment of Accrued
Obligations and the timely payment or provision of Other Benefits. Accrued Obligations shall be paid to the Executive in a lump sum in cash within 30 days of the Date of Termination. With
respect to the provision of Other Benefits, the term "Other Benefits" as utilized in this Section 4(c) shall include, and the Executive shall be entitled after the Disability Effective Date to
receive, disability benefits on the same basis as those provided by the Company and Affiliated Companies to similarly situated executives. 


        (d)    Cause; Other than for Good Reason.    If the Executive's employment shall be terminated for Cause during the
Employment Period or the Executive shall terminate employment other than for Good Reason, this Agreement shall terminate without further obligations to the Executive other than the obligation to pay
to the Executive (x) his Annual Base Salary through the Date of Termination, (y) the amount of any compensation previously deferred by the Executive, and (z) Other Benefits, but
only to the extent earned, nonforfeitable, currently payable and unpaid, as of the Date of Termination. If the Executive voluntarily terminates employment during the Employment Period, excluding a
termination for Good Reason, this Agreement shall terminate without obligations to the Executive other than the timely payment or provision of Other Benefits. 




        5.    Nonexclusivity of Rights.    Nothing in this Agreement shall prevent or limit the Executive's continuing or
future participation in any plan, program, policy or practice provided by the Company or any of its Affiliated Companies and for which the Executive may qualify, nor, subject to Section 13(f),
shall anything herein limit or otherwise affect such rights as the Executive may have under any contract or agreement with the Company or any of its Affiliated Companies. Amounts which are vested
benefits or which the Executive is otherwise entitled to receive under any plan, policy, practice or program of or any contract or agreement with the Company or any of its Affiliated Companies at or
subsequent to the Date of Termination shall be payable in accordance with such plan, policy, practice or program or contract or agreement except as explicitly modified by this Agreement. 


        6.    Full Settlement.    Subject to Section 12, the Company's obligation to make the payments provided for in
this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company
may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive
under any of the provisions of this Agreement and such amounts shall not be reduced whether or not the Executive obtains other employment. 


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        7.    Long Term Incentive Plans and Restricted Stock Grants.    



        (a)  Upon
the Effective Date, to the extent that they have not been previously paid to the Executive or have not expired, the Company shall pay all Cash Target amounts under
its Long-term Incentive Plan 2000-2004 and Long-term Incentive Plan 2003-2005 regardless of whether applicable debt ratios have been achieved. 


        (b)  Upon
the Effective Date, any outstanding options previously granted to the Executive pursuant to the Company's Equity Incentive Plan or Long-term Incentive
Plan 2000-2004 shall vest immediately, and options shall become immediately exercisable in full, and the period of exercise of any options shall be ten (10) years from the original
date of grant. Within 30 days after the Merger, the Executive shall have the right to either (i) convert vested options to vested options to acquire the substituted, converted or new
shares of the Surviving Corporation (as such term is defined in the Merger Agreement), exercisable for a period of ten years following the Effective Date; or (ii) receive payment in cash (net
of applicable withholding taxes) of the amount of the spread between the then fair market value of the relevant shares subject to option and the exercise price under the option measured as of the
Effective Date. 


        (c)  Upon
the Effective Date, the shares of restricted stock of the Company granted to the Executive in December 2002 and as set forth on Schedule A shall be
converted into restricted stock units representing the right to receive shares of the "Surviving Corporation" on the same basis as the "Exchange Ratio" (as those terms are defined in the Merger
Agreement) (the "Restricted Units"). The Restricted Units shall be issued pursuant to a plan consistent with the terms of this Agreement and shall vest 331/3% on each of the first three
anniversaries of the Effective Date, provided, however, that the Restricted Units shall become fully
vested upon the first to occur of (i) the Company's termination of the Executive without Cause, due to death or Disability, due to retirement, or if the Executive terminates employment for Good
Reason, or (ii) the occurrence of a Change of Control (as defined below). Shares underlying vested Restricted Units shall be delivered on the earlier of (i) the third anniversary of the
Effective Date and (ii) the occurrence of any of the events described in clauses (i) or (ii) in the preceding sentence. 


        (d)  For
the purposes of Section 7(c) a "Change of Control" shall be deemed to have occurred if: 



          (i)  any
person (within the meaning of Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")), including any group (within the
meaning of Rule 13d-5(b) under the Exchange Act)), acquires "beneficial ownership" (within the meaning of Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of Newco representing 50% or more of the combined Voting Power (as defined below) of Newco's securities; 



        (ii)  within
any 24-month period, the persons who were directors of Newco at the beginning of such period (the "Incumbent Directors") shall cease to constitute at
least a majority of the Board of Directors of Newco or the board of directors of any successor to Newco provided,  however, that any director elected to the
Board of Directors of Newco, or nominated for election, by a majority of the Incumbent Directors then still in
office shall be deemed to be an Incumbent Director; 


        (iii)  consummation
of a merger, consolidation, share exchange, division, sale or other disposition of all or substantially all of the assets of Newco (a "Corporate Event"),
and immediately following the consummation of which the stockholders of Newco immediately prior to such Corporate Event do not hold, directly or indirectly, a majority of the Voting Power of
(x) in the case of a merger or consolidation, the surviving or resulting corporation or (y) in the case
of a share exchange, the acquiring corporation; or 




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        (iv)  any
other event occurs which the Board of Directors of Newco declares to be a Change of Control. 





        For
the avoidance of doubt, entering into the Merger Agreement or the Voting Agreement (as defined in the Merger Agreement) or the consummation of the transactions contemplated by either
of those agreements shall not constitute a Change of Control for the purposes of this Section 7(d). For the purposes of this Section 7(d), a specified percentage of "Voting Power" shall
mean such number of all the securities of a company entitling the holders thereof to vote in an annual election of directors as shall enable the holders thereof to cast such percentage of all the
votes which could be cast in an annual election of directors. 



        (e)  All
amounts provided for under this Section 7 included in the calculation subject to the excise tax described in Paragraph 8 shall be subject to the
provisions of Paragraph 8. 




        8.    Certain Additional Payments by the Company    



        (a)  Notwithstanding
anything to the contrary contained herein, in the event it shall be determined that any payment or distribution by the Company to or for the benefit of
Executive (whether paid or
payable or distributed or distributable pursuant to the terms of this Agreement but determined without regard to any additional payments required under Section 7(e) and/or 8 (a "Payment"),
would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code") or any comparable federal, state or local excise tax (such excise tax,
together with any interest and penalties, are hereinafter collectively referred to as the "Excise Tax"), then Executive shall be entitled to receive an additional payment (a "Gross-Up
Payment") in such an amount that after the payment of all taxes (including, without limitation, any interest and penalties on such taxes and the Excise Tax) on the Payment and on the
Gross-Up Payment, Executive shall retain an amount equal to the Payment minus all applicable taxes on the Payment, provided,  however, that Executive will
be entitled to receive a Gross-Up Payment only if the amount of the parachute payments as defined in
Section 280G(b)(2) of the Code exceeds $50,000 plus 2.99 times the Executive's Base Amount as defined in Section 280G(b)(3) of the Code, and provided further, that if Executive is not
entitled to receive a Gross-Up Payment, the Executive will receive only an amount of the parachute payments that would not include any excess parachute payments as defined in
Section 280G(b)(1) of the Code. The intent of the parties is that the Company shall be solely responsible for, and shall pay, any Excise Tax on any Payment and Gross-Up Payment and
any income and employment taxes (including, without limitation, penalties and interest) imposed on any Gross-Up Payment, as well as any loss of tax deduction caused by the
Gross-Up Payment. 


        (b)  All
determinations required to be made under this Section, including, without limitation, whether and when a Gross-Up Payment is required and the amount of
such Gross-Up Payment and the assumptions to be utilized in arriving at such determinations, shall be made by PricewaterhouseCoopers LLP or any other nationally recognized accounting firm
which is the Company's outside auditor at the time of such determinations, which firm must be reasonably acceptable to Executive (the "Accounting Firm"). The Company shall cause the Accounting Firm to
provide detailed supporting calculations to the Company and Executive within fifteen (15) business days after notice is given by Executive to the Company that there has been a Payment, or such
earlier time as is requested by the Company. Within two (2) business days after said notice is given to the Company, the Company shall instruct the Accounting Firm to timely provide the data
required by this Section 8 to Executive. All fees and expenses of the Accounting firm shall be borne solely by the Company. Any Gross-Up Payment as determined pursuant to this
Section 8, shall be paid by the Company to the Internal Revenue Service and/or other appropriate taxing authority on Executive's behalf within five (5) days after receipt of the
Accounting Firm's determination. If the Accounting Firm determines that there is substantial authority (within the 



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meaning of Section 6662 of the Code) that no Excise Tax is payable by Executive, the Accounting Firm shall furnish Executive with a written opinion that failure to disclose or report the
Excise Tax on Executive's federal income tax return will not constitute a substantial understatement of tax or be reasonably likely to result in the imposition of a negligence or similar penalty. Any
determination by the Accounting Firm shall be binding upon the Company and Executive in the absence of material mathematical or legal error. As a result of the uncertainty in the application of
Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that Gross-Up Payment will not have been made by the Company that
should have been made ("Underpayment") or that Gross-Up Payment have been made that should not have been made ("Overpayment"), in each case, consistent with the calculations required to be
made hereunder. In the event that the Company exhausts its remedies pursuant to Section 8 below and Executive hereafter is required to make a payment of any Excise Tax, the Accounting Firm
shall determine the amount of Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to the Internal Revenue Service or other appropriate taxing authority on
Executive's behalf or, if such Underpayment has been previously paid by Executive, to Executive. In the event that the Accounting
Firm determines that an Overpayment has been made, any such Overpayment shall be treated for all purposes as a loan to Executive with interest at applicable federal rate provided for in
Section 7872(f)(2) of the Code, due and payable within ninety (90) days after written demand to Executive by the Company; provided,  however that
Executive shall have no duty or obligation whatsoever to repay said loan unless Executive's receipt of the Overpayment, or any portion
thereof, is includible in Executive's income and Executive's repayment of same is not deductible by Executive for federal and state income tax purposes. 


        (c)  Executive
shall notify the Company in writing of any claim by the Internal Revenue Service or state or local taxing authority, that, if successful, would result in any
Excise Tax or an Underpayment ("Claim"). Such notice shall be given as soon as practicable but no later than fifteen (15) business days after Executive is informed in writing of the Claim and
shall reprise the Company of the nature of the Claim, the administrative or judicial appeal period, and the date on which any payment of the claim must be paid. Executive shall not pay any portion of
the claim prior to the expiration of the thirty (30) day period following the date on which he gives such notice to the Company (or such shorter period ending on the date that any amount under
the Claim is due). If the Company notifies Executive in writing prior to the expiration of such thirty (30) day period that it desires to contest the Claim, Executive shall: 



          (i)  give
the Company any information reasonably requested by the Company relating to the Claim; 


        (ii)  take
such action in connection with contesting the Claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting
legal representation concerning the Claim by an attorney selected by the Company who is reasonably acceptable to Executive; and 


        (iii)  cooperate
with the Company in good faith in order to effectively contest the Claim; provided,  however, that the Company shall bear and pay directly all costs and
expenses (including, without limitation, additional interest, and penalties and
attorneys' fees) incurred in such contests and shall indemnify and hold Executive harmless, on an after-tax basis, for any Excise Tax or income tax (including, without limitation interest
and penalties thereon) imposed as a result of such representation. Without limitation upon the foregoing provisions of the Section 8(b), except as provided below, the Company shall control all
proceedings concerning such contest and, at its sole option, may pursue or forego any and all administrative appeal, proceedings, hearings and conferences with the taxing authority pertaining to the
Claim. At the written request of the Company and upon payment to Executive of an amount at least equal to the Claim plus any additional amount necessary to 




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obtain the jurisdiction of the appropriate tribunal and/or court ("Additional Sum") Executive shall pay same and sue for a refund. Executive agrees to prosecute any contest of a Claim to a
determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine;  provided, however, that if the Company requests Executive to pay the Claim and sue for
interest-free basis, and shall indemnify and hold Executive harmless on an after-tax basis, from any Excise Tax or income tax (including, without limitation, interest and
penalties thereon) imposed on such advance or for any imputed income on such advance. Any extension of the statute of limitations relating to assessment of any Excise Tax for the taxable year of
Executive which is the
subject of the Claim is to be limited solely to the Claim. Furthermore, the Company's control of the contest shall be limited to issues for which a Gross-Up Payment would be payable
hereunder. Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority. 




        (d)  If,
after the receipt by Executive of an amount advanced by the Company pursuant to Section 8(c) above, Executive receives any refund of a Claim and/or any
Additional Sum, Executive shall promptly pay to the Company the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto). If, after the receipt by
Executive of an amount advanced by the Company pursuant to Section 8(c) above, a determination is made that Executive shall not be entitled to any refund of the Claim and the Company does not
notify Executive in writing of its intent to contest such denial of refund of a Claim prior to the expiration of thirty (30) days after such determination, then the portion of such advance
attributable to a Claim shall be forgiven and shall not be required to be repaid. The amount of such advance attributable to a Claim shall offset, to the extent thereof, the amount of the Underpayment
required to be paid by the Company to Executive. 


        (e)  If,
after the advance of an Additional Sum by the Company, there is a "Final Determination" (as defined below) made by the taxing authority that Executive is not
entitled to any refund of such Additional Sum, or any portion thereof, then such nonrefundable amount shall be repaid to the Company by Executive within thirty (30) days after Executive
receives notice of such Final Determination. A "Final Determination" shall occur when the period to contest or otherwise appeal any decision by an administrative tribunal or court of initial
jurisdiction has been waived or the tie for contesting or appealing same has expired. 




        9.    Confidential Information, Non-competition.    



        (a)  The
Executive shall hold in a fiduciary capacity for the benefit of the Company all secret or confidential information, knowledge or data relating to the Company or any
of its Affiliated Companies, and their respective businesses, which shall have been obtained by the Executive during the Executive's employment by the Company or any of its Affiliated Companies and
which shall not be or become public knowledge (other than by acts by the Executive or representatives of the Executive in violation of this Agreement). After termination of the Executive's employment
with the Company, the Executive shall not, without the prior written consent of the Company or as may otherwise be required by law or legal process, communicate or divulge any such information,
knowledge or data to anyone other than the Company and those designated by it. In no event shall an asserted violation of the provisions of this Section 9 constitute a basis for deferring or
withholding any amounts otherwise payable to the Executive under this Agreement. 


        (b)  Executive
agrees that during the period that he is an employee of the Company or any of its subsidiaries, pursuant to this Agreement and for two years after any Date of
Termination occurring on or prior to the final day of the Employment Period, he will not without the consent of the Company (i) Participate In (as defined below) any business or organization in
the printing and packaging business (a "Competitor") in a capacity that directly assists such Competitor in 



10





 





competing with the Company, any of its subsidiaries, or any company in which the Company owns at least 10% of the equity interests (an "Affiliate"), in a material respect in the printing and
packaging business in the respective specific geographic areas where the Company or any of its subsidiaries or Affiliates conducted such businesses at the time Executive ceased to be an employee
hereunder, (ii) own a controlling interest in a business or organization that competes in a material respect in the printing and packaging business in the respective specific geographic areas
where the Company or any of its subsidiaries or Affiliates conducted such businesses at the time Executive ceased to be an employee hereunder, or (iii) solicit or interfere with, or endeavor to
entice away from the Company or any of its subsidiaries or Affiliates any of their respective suppliers, customers or employees. The employment by Executive or a business that Executive Participates
In of a person employed or formerly employed by the Company shall not be prohibited by the foregoing provision if such person sought out employment on his own initiative without initial encouragement
by Executive. For purposes of this Section 9(b), the term "Participate In" shall mean: "directly or indirectly, for his own benefit or for, with or through any other person, firm or
corporation, own, manage, operate, lend money to or participate in the ownership, management, operation or control of, or be connected as a director, officer, employee, partner, consultant, agent,
independent contractor or otherwise with, or acquiesce in the use of his name in." Notwithstanding the foregoing, Executive shall not be deemed to Participate In a business merely because he owns not
more than 5% of the outstanding common stock of a corporation, if, at the time of its acquisition by Executive, such stock is listed on a national securities exchange, is reported on Nasdaq or is
regularly traded in the over-the-counter market by a member of a national securities exchange. 


        (c)  Executive
agrees that the provisions of Section 9 are necessary and reasonable to protect the Company in the conduct of its business. If any restriction contained
in this Section 9 shall be deemed to be invalid, illegal or unenforceable by reason of the extent, duration or geographical scope hereof, or otherwise, then the court making such determination
shall have the right to reduce such extent, duration, geographical scope or other provisions hereof, and in its reduced form such restriction shall then be enforceable in the manner contemplated
hereby. 




        10.    Successors.    



        (a)  This
Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable by the Executive otherwise than by will or the
laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive's legal representatives. 



        (b)  This
Agreement shall inure to the benefit of and be binding on the Company and its successors and assigns. The Company will require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, "Company" shall mean the Company as hereinbefore
defined and any successor to its
business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise. 




        11.    Arbitration.    Any claim or controversy arising out of or relating to this Agreement, or the breach thereof,
shall be resolved by arbitration in accordance with the commercial arbitration rules of the American Arbitration Association and shall be conducted in Denver, Colorado. Judgment upon the award
rendered by the arbitrator shall be final, binding and non-appealable, and may be entered as a judgment by any court having jurisdiction of the parties. The expenses of any such
arbitration proceeding shall be borne by the Company, and the Company agrees to pay, to the full extent permitted by law, all legal fees and expenses which the Executive may reasonably incur as a
result of 


11





 


any contest by the Company, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement. 


        12.    Waiver and Release of Claims.    As a condition to the receipt of payments and other benefits provided under
Sections 4 and 7, Executive shall sign the Waiver and Release attached hereto and incorporated herein by reference as Exhibit A after termination from employment during the Employment Period
and prior to receipt of any of the payments and benefits provided in Sections 4 and 7 (other than the Accrued Obligations described in Section 4(a)(i)(A)). Failure or refusal by the Executive
to sign the Waiver and Release shall release the Company from any obligation to make payment or provide benefits described in Sections 4 and 7 (other than the Accrued Obligations described in
Section 4(a)(i)(A)). Notwithstanding the foregoing, the Executive does not, and will not, by signing the Waiver and Release, release or waive his/her right, if any, to indemnification pursuant
to the Company's articles of incorporation, certificate of incorporation, bylaws, or director's and officer's liability insurance coverage. 


        13.    Miscellaneous.    



        (a)  This
Agreement shall be governed by and construed in accordance with the laws of the State of Colorado, without reference to principles of conflict of laws. The captions
of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties
hereto or their respective successors and legal representatives. 


        (b)  All
notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return
receipt requested, postage prepaid, addressed as follows: 



        If
to the Executive, then to the address set forth opposite the Executive's signature on the signature page. 



If
to the Company: 


Graphic
Packaging International Corporation

4455 Table Mountain Drive

Golden, Colorado 80403

Attention: Chairman of the Board 




or
to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received by the addressee. 




        (c)  The
invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. 


        (d)  The
Company may withhold from any amounts payable under this Agreement such Federal, state, local or foreign taxes as shall be required to be withheld pursuant to an
applicable law or regulation. 


        (e)  The
Executive's or the Company's failure to insist upon strict compliance with any provision of this Agreement or the failure to assert any right the Executive or the
Company may have hereunder, including, without limitation, the right of the Executive to terminate employment for Good Reason pursuant to Section 3(c)(i)-(iv) of this Agreement, shall
not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement. 


        (f)    The
Executive and the Company acknowledge that, except as may otherwise be provided under any other written agreement between the Executive and the Company, the
employment of the Executive by the Company is "at will" and the Executive's employment and/or this Agreement 



12





 





may be terminated by either the Executive or the Company at any time prior to the Effective Date, in which case the Executive shall have no further rights under this Agreement. From and after the
Effective Date, this Agreement shall supersede any other agreement, statement or understanding between the parties with respect to the subject matter hereof, except to the extent provided herein. 




        14.    Amended and Restated Agreement.    This Agreement restates and amends the Prior Agreement between the Company
and the Executive. As of the Effective Date of this Agreement, the Prior Agreement, including all modifications and amendments thereto, whether in writing or otherwise, is amended and restated in its
entirety by this Agreement. 


[Following Page is the Signature Page]


13





 

        IN
WITNESS WHEREOF, the Executive has hereunto set the Executive's hand and, pursuant to the authorization from its Board of Directors and the Compensation Committee, the Company has
caused these presents to be executed in its name on its behalf, all as of the day and year first above written. 



	 	 	 	 	COMPANY:
	

 	
 	

 	
 	

GRAPHIC PACKAGING INTERNATIONAL CORPORATION
	



	
 	

 	
 	

By:	

/s/  JILL B.W. SISSON      

	 	 	 	 	 	Name: Jill B.W. Sisson

Title: General Counsel and Secretary
	

Address of Executive:	
 	

EXECUTIVE:
	

 	
 	

Jeffrey H. Coors

16126 W. 32nd Avenue

Golden, CO 80439	
 	

/s/  JEFFREY H. COORS      
 Name: Jeffrey H. Coors




14







 
 

SCHEDULE OF DEFINITIONS    
  


"Accounting
Firm" is defined in Section 8(b). 


"Accrued
Obligations" is defined in Section 4(a)(i)(A). 


"Additional
Sum" is defined in Section 8(c)(iii). 


"Affiliate"
is defined in Section 9(b). 


"Affiliated
Companies" is defined in Section 2(b)(iii). 


"Annual
Bonus" is defined in Section 2(b)(ii). 



"Base
Salary" is defined in Section 2(b)(i). 


"Board"
is defined in Section 3(b)(i). 


"Cause"
is defined in Section 3(b). 


"Riverwood"
is defined in the second paragraph. 


"Change
of Control" is defined in Section 7 (d). 


"Claim"
is defined in Section 8(c). 


"Code"
is defined in Section 8(a). 


"Company"
is defined in the initial paragraph. 


"Competitor"
is defined in Section 9(b). 


"Corporate
Event" is defined in Section 7(d)(iii). 


"Date
of Termination" is defined in Section 3(e). 


"Disability"
is defined in Section 3(a). 


"Disability
Effective Date" is defined in Section 3(a). 


"Effective
Date" is defined in Section 1. 


"Employment
Period" is defined in Section 1. 



"Exchange
Act" is defined in Section 7(d)(1). 





 

"Exchange
Ratio" is defined in Section 7(c). 


"Excise
Tax" is defined in Section 8(a). 


"Executive"
means the individual identified in the initial paragraph. 


"Final
Determination" is defined in Section 8(e). 


"Fringe
Benefits" is defined in Section 2(b)(vi). 



"Good
Reason" is defined in Section 3(c). 


"Gross-Up
Payment" is defined in Section 8(a). 


"Incumbent
Directors" is defined in Section 7(d)(iii). 


"Merger"
is defined in the second paragraph. 


"Merger
Agreement" is defined in the second paragraph. 


"Notice
of Termination" is defined in Section 3(d). 


"Other
Benefits" is defined in Section 4(a)(iv). 


"Overpayment
is defined in Section 8(b). 



"Participate
In" is defined in Section 9(b). 


"Payment"
is defined in Section 8(a). 


"Prior
Agreement" is defined in the second paragraph. 


"Reduced
Amount" is defined in Section 8(a). 


"Restricted
Units" is defined in Section 7(c). 


"SERP"
is defined in Section 4(a)(i)(C). 


"Surviving
Corporation" is defined in Section 7(c). 


"Underpayment"
is defined in Section 8(b). 



"Voting
Power" is defined in Section 7(d). 


"willful"
is defined in Section 3(b). 


2








Schedule A  


Jeffrey H. Coors  



	Title ((§2(a)(i)):	 	Executive Chairman of the Board of Directors of Riverwood Holding, Inc.
	

Position and Duties (§2(a)(i)):	
 	

Those responsibilities and duties as are customarily assigned to individuals serving as Chairman of the Board of Directors of a comparable company (for the avoidance of doubt, however, excluding any responsibilities or duties specifically assigned to
the Chief Executive Officer or any other officer). Without limiting the foregoing, the Executive Chairman shall have the following duties and responsibilities: (1) Overseeing the development and implementation of a process that evaluates Board
performance against its governance obligations and working with the Chief Executive Officer (the "CEO") to provide feedback to full Board and individual directors on improvement needs; (2) Setting Board meeting schedule and agenda; conducting Board
meetings according to pre-determined schedule; overseeing the development of legal governance and Board committee charters and the compliance of such with respect to securities laws, (including Sarbanes-Oxley) and New York Stock Exchange
requirements; (3) Consulting with the CEO prior to the CEO presenting to the Board of Directors for its approval (a) any significant strategic decision or (b) a decision as to the hiring, termination, promotion, assignment of duties compensation or
other similar item with respect to any executive who will report directly to the Chief Executive Officer; (4) Scheduling and conducting executive sessions of the Board as needed to get director input and resolution on sensitive matters (it being
understood that the CEO in his capacity as a member of the Board shall be entitled to attend such meetings except to the extent the topic involves a conflict of interest (e.g., CEO compensation)); and (5) Overseeing the proper administration of new
director orientation. In furtherance of the foregoing, the Executive Chairman shall have complete access to CEO and other members of senior management and the Company's outside counsel and auditors.
	

Base Salary (§2(b)(i)):	
 	

$555,000
	

Fringe Benefits (§2(b)(vii)):	
 	

Cash allowance of $46,500 for the cost of fringe benefits and perquisites. The full amount of the allowance is to be paid regardless of the actual cost of fringe benefits and perquisites. Term life insurance policy for six times Executive's base
salary.
	

Vacation (§2(b)(ix)):	
 	

5 weeks
	

Number of Shares of Restricted Stock (§7(c)):	
 	

386,885








Exhibit A  


WAIVER AND RELEASE OF CLAIMS  


        In consideration of the receipt of payments and benefits described in the Sections 4 and 7 of the attached Third Amended and Restated Executive Employment
Agreement between the Executive and the Company, the Executive, as a free, knowing and voluntary act, agrees to waive his or her right to file individually or participate as a class member in any
claims or lawsuits with federal or state agencies or courts against the Company and their successors and the directors, officers, employees, agents, attorneys and representatives of all of them (the
"Company entities") for any and all claims, demands, rights and/or causes of action that Executive might have or assert against the Company (1) by reason of active employment by the Company and
all circumstances related thereto up to the date of execution of this Waiver and Release of Claims ("Waiver"), or (2) by reason of any other matter, case or thing whatsoever that may have
occurred prior to the date of execution of this Waiver. This Waiver includes, but is not limited to, any and all debts, obligations, demands, claims, judgments or causes of action of any kind
whatsoever, whether known or unknown, in tort, in contract, by statute, or any other basis for compensatory, punitive or other damages, expenses, reimbursements or costs of any kind, including those
that might arise out of allegations relating to claimed breach of an alleged oral or written contract, or related purported employment discrimination or civil rights violations including, but not
limited to, alleged violations of Title VII of the Civil Rights Act of 1964, as amended; claims under the Civil Rights Act of 1991; claims under the Age Discrimination in Employment Act of 1967, as
amended; claims under 42 U.S.C. § 1981, § 1981a, § 1983, § 1985, or § 1988; claims under the Family and Medical Leave Act of 1993; claims
under the Americans with Disabilities Act of 1990, as amended; claims under the Fair Labor Standards Act of 1938, as amended; claims under the Employee Retirement Income Security Act of 1974, as
amended; claims under the Colorado Anti-Discrimination Act; the Worker Adjustment and Retraining Notification Act; or claims under any other similar federal, state or local law or
regulation. 


        Notwithstanding
the foregoing, the Executive does not hereby release or waive his/her right to indemnification pursuant to the Company's articles of incorporation, certificate of
incorporation, bylaws, or director's and officer's liability insurance coverage. 


        Executive
acknowledges that he or she has been given at least 21 calendar days to consider this Waiver and may choose to sign it earlier, and that he or she has been advised to consult
with an attorney prior to signing this Waiver. Executive acknowledges that the signing of this Waiver is completely knowing and voluntary. 


[The remainder of this page is intentionally left blank.]





 

        Executive
has the right to rescind this Waiver within seven calendar days of signing it by delivering a written statement of revocation within that seven-day period by
certified mail to Graphic Packaging International Corporation, Attention: General Counsel, 4455 Table Mountain Drive, Golden, Colorado 80403. 



Executed
this            day of                        ,
20    . 


THIS
IS A RELEASE: READ CAREFULLY BEFORE SIGNING.

YOU SHOULD CONSULT WITH AN ATTORNEY. 



	GRAPHIC PACKAGING INTERNATIONAL CORPORATION	 	EXECUTIVE
	



	

 	
 	

 	

 
	By:	    
	 	    

	

Title:	

    
	
 	

Name:	

    





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THIRD AMENDED AND RESTATED GRAPHIC PACKAGING INTERNATIONAL CORPORATION EXECUTIVE EMPLOYMENT AGREEMENT


SCHEDULE OF DEFINITIONS