EX-10.11




 Exhibit 10.11 

RETAINED COPYRIGHT 

LICENSE AGREEMENT 

This Retained Copyright License Agreement (this “Agreement”) dated as of September 30, 2021 (“Effective
Date”), is made by and between International Paper Company, a New York corporation (“Licensor”), and Global Holdings II, Inc., a Delaware corporation (“Licensee”). 

WHEREAS, Licensor and Licensee have entered into a Separation and Distribution Agreement dated as of September 29, 2021 (the
“Separation Agreement”), pursuant to which Licensor has agreed to contribute, assign, transfer, convey and deliver to Licensee all of Licensor’s right, title and interest in and to the SpinCo Assets, including the SpinCo
Intellectual Property, on the terms and subject to the conditions set forth in the Separation Agreement; 
 WHEREAS, the Retained Licensed
Copyrights (as defined below) are not being transferred to Licensee pursuant to the Separation Agreement; and 
 WHEREAS, Licensee wishes to
continue to use the Retained Licensed Copyrights in connection with Products (as defined below) manufactured at the Facility (as defined below), and Licensor has agreed to license the Retained Licensed Copyrights to Licensee in connection with
Products manufactured at the Facility, subject to the limitations set forth herein. 
 NOW, THEREFORE, in consideration of the premises and
mutual covenants herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed: 

SECTION 1. Definitions. 

(a) Capitalized terms that are not otherwise defined in this Agreement shall have the meanings ascribed to them in the Separation Agreement.

 (b) “Copyrights” means copyrights, moral rights, mask work rights, database rights and design rights, whether or not
registered, and all registrations and applications for registration of any of the foregoing, and all rights in and to any of the foregoing provided by international treaties or conventions. 

(c) “Facility” means the existing manufacturing facilities located at (i) Ticonderoga, (ii) Eastover, (iii) Luís
Antônio, Brazil, (iv) Três Lagoas, Brazil, (v) Mogi Guaçu, Brazil, (vi) Svetogorsk, Russia and (vii) Saillat, France; sheeter facilities located at (x) Sumter and (y) Saillat, France; and any
future expansions to such existing manufacturing facilities that result in an expansion of capacity, provided that such future expansions are co-located with and physically connected to such existing
manufacturing facilities. 
 (d) “Products” means, with respect to any Facility, products manufactured in the operation of
the SpinCo Business as conducted at such Facility during the twenty-four (24) months immediately prior to the Effective Date; provided that Products shall exclude bristols and specialty papers and any product produced by the Parent Business,
including containerboard, linerboard, white top linerboard, medium recycled linerboard, recycled medium, saturating kraft, corrugated containers and fluff, market and specialty pulps (the products in this proviso, collectively, the “Excluded
Products”). 











 (e) “Retained Licensed Copyrights” means Copyrights owned by, or licensed
to (and sublicensable by Licensor without any obligation to the owner of such Copyrights) (such licensed Copyrights, the “Licensed Copyrights”), Licensor or its Subsidiaries as of the Effective Date which is in commercial use in
connection with Products manufactured at the Facility by Licensee or its Affiliates and which is reasonably necessary for Licensee or its Affiliates in the design, manufacture, application, sale or marketing of Products manufactured at the Facility
as of the Effective Date of this Agreement including without limitation those specifically mentioned in Schedule 1, provided, however, that Retained Licensed Copyrights shall not include Software. 

SECTION 2. License and Use. 

(a) Subject to the terms and conditions set forth in this Agreement, Licensor, on behalf of itself and its Subsidiaries, grants to Licensee a
fully paid-up, royalty-free, perpetual (subject to Section 4), worldwide, sublicensable (subject Section 2(b) and Section 14), non-assignable (subject to
Section 14), non-exclusive license to reproduce, display, perform, distribute, transmit and use (including, subject to Section 2(b), to create derivative works from) the Retained Licensed Copyrights
solely to conduct the SpinCo Business in connection with Products manufactured at the Facility following the Effective Date, in the manner conducted as of the Effective Date and not for any other current or future purpose or business of Licensee
(collectively, the rights granted above will be referred to as the “License”). 
 (b) For purposes of clarity, the rights
granted to Licensee under this section are subject to Section 2(c) of this Agreement and no rights to grant sublicenses or create derivative works are granted to Licensee with respect to the Licensed Copyrights, which are owned by
Licensor’s business partners or any other third party. 
 (c) Licensee acknowledges that Licensor and, if applicable, Licensor’s
business partners or other third party are and at all times shall continue to be the exclusive owners of the Retained Licensed Copyrights and that all of Licensee’s rights and use under this Agreement will inure to the benefit of the Licensor
and Licensor’s business partners all title and property in the Retained Licensed Copyrights continue at all times to vest solely and absolutely in the Licensor and Licensor’s business partners or other third party. In the event that
Licensee desires to expand its use of the Licensed Copyrights (including but not limited to such Licensed Copyrights set forth on Schedule 1 of this Agreement), Licensee agrees that: (i) Licensor shall have no liability related to such expanded
use; (ii) Licensor shall have no responsibility to negotiate such rights to enable Licensee’s expanded use; and (iii) Licensee shall negotiate such rights to Licensee’s expanded use directly with Licensor’s business
partners. 
 (d) Licensee shall not do, cause, suffer or cause to be done any deed, matter or thing whatsoever which shall, or is likely to,
adversely affect or prejudice, directly or indirectly, the validity of the Retained Licensed Copyrights or the ownership of the Retained Licensed Copyrights by Licensor and Licensor’s business partners or any other third party. 











 SECTION 3. Derivative Works. In the event a party creates, or has a Third Party
create, derivative works of any Retained Licensed Copyrights (excluding the Licensed Copyrights, for which no rights to create derivative works therefrom are granted hereunder) (“Derivative Works”), each party shall retain ownership
of any derivative works that such party creates, or has a Third Party create. For purposes of clarity, the License does not include rights to Derivative Works. 

SECTION 4. Term and Termination. 

(a) Unless otherwise terminated in accordance with the terms herein, this Agreement shall remain in full force and effect in perpetuity. 

(b) Licensor may terminate (i) this Agreement in the event Licensee makes or attempts to make an assignment of this Agreement in
violation of Section 14, (ii) this Agreement in the event Licensee (x) becomes insolvent, (y) becomes the subject of a petition in bankruptcy which is not withdrawn or dismissed within sixty (60) days thereafter, or
(z) makes an assignment for the benefit of creditors, (iii) this Agreement upon the mutual written agreement of the parties, (iv) this Agreement in the event Licensee challenges or attempts to challenge Licensor’s ownership of or
the validity of the Retained Licensed Copyrights and (v) the License in the event Licensee uses the Retained Licensed Copyrights outside the conduct of the SpinCo Business as conducted as of the Effective Date or otherwise contrary to this
Agreement. 
 SECTION 5. No Representations or Warranties. ALL OF THE RETAINED LICENSED COPYRIGHTS ARE LICENSED ON AN “AS IS,
WHERE IS” BASIS. ACCORDINGLY, EXCEPT AS MAY EXPRESSLY BE SET FORTH IN THE SEPARATION AGREEMENT OR ANY OF THE ANCILLARY AGREEMENTS, (a) LICENSOR EXPRESSLY DISCLAIMS AND MAKES NO REPRESENTATION OR WARRANTY OF ANY KIND WHATSOEVER,
EXPRESS OR IMPLIED, WITH RESPECT TO ANY RETAINED LICENSED COPYRIGHTS, INCLUDING AS TO VALIDITY, NON-INFRINGEMENT AND ADEQUACY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR OPERATION OR PERFORMANCE
THEREOF AND (b) IN NO EVENT SHALL LICENSOR BE LIABLE FOR ANY DIRECT DAMAGES, COSTS OR SPECIAL, PUNITIVE, EXEMPLARY, INCIDENTAL OR CONSEQUENTIAL DAMAGES OR LOST PROFITS WITH RESPECT TO THE RETAINED LICENSED COPYRIGHTS, INCLUDING ANY USE THEREOF
BY LICENSEE. 
 SECTION 6. Confidentiality. The parties hereto shall hold in strict confidence, and not disclose to any other Person
or use for any purpose other than as expressly permitted pursuant to this Agreement, without the prior written consent of the other party, any information regarding the Retained Licensed Copyrights or otherwise received under this Agreement which
the disclosing party, at the time of disclosure, identifies as confidential (whether in writing or orally) or that would otherwise reasonably be understood to constitute confidential information; provided that the parties hereto may disclose, or may
permit disclosure of, such confidential information (a) to their respective Representatives who have a need to know such information for auditing and other non-commercial purposes and are informed of
their obligation to hold such 











 
information confidential to the same extent as is applicable to the parties hereto and in respect of whose failure to comply with such obligations, the applicable party will be responsible,
(b) if the parties hereto are requested or required to disclose any such confidential information by oral questions, interrogatories, requests for information or other documents in legal proceedings, subpoena, civil investigative demand or any
other similar process, or by other requirements of Law or stock exchange rule, (c) as required in connection with any legal or other proceeding by one party against any other party or (d) as necessary in order to permit a party to prepare
and disclose its financial statements, or other required disclosures required by Law or such applicable stock exchange. Notwithstanding the foregoing, in the event that any demand or request for disclosure of confidential information is made
pursuant to clause (b) above, each party hereto, as applicable, shall provide the other with prompt written notice of any such request or requirement so that the other party has an opportunity to seek a protective order or other appropriate
remedy, which such parties will cooperate in obtaining. In the event that such appropriate protective order or other remedy is not obtained, the party that is required to make disclosure shall disclose or shall cause to be disclosed only that
portion of the confidential information that is in the opinion of outside counsel necessary to be disclosed and shall use its reasonable best efforts to ensure confidential treatment is accorded to such disclosed information. 

SECTION 7. No Third-Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their permitted assigns and
nothing herein expressed or implied shall give or be construed to give to any other Person any legal or equitable rights hereunder. 

SECTION 8. Notices. All notices, requests, claims, demands or other communications under this Agreement shall be in writing and shall
be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by e-mail with receipt confirmed (followed by delivery of an original
via overnight courier service or by registered or certified mail postage prepaid, return receipt requested) to the respective parties at the following addresses (or at such other address for a party as shall be specified in a notice given in
accordance with this Section 8): 
 if to Licensor, to: 

International Paper Company 
 6400
Poplar Avenue 
 Memphis, Tennessee 38197 

Attention: Sharon Ryan (General Counsel) 

with a copy (which shall not constitute notice) to: 

INTERNATIONAL PAPER COMPANY 

6400 Poplar Avenue 
 Memphis, TN
38197 
 Attention: Chief Counsel—Intellectual Property 











 if to Licensee, to: 

Global Holdings II, Inc. 
 6400
Poplar Avenue 
 Memphis, TN 38197 

Attention: Matt Barron (Senior Vice President and General Counsel) 

with a copy (which shall not constitute notice) to: 

Global Holdings II, Inc. 
 6400
Poplar Avenue 
 Memphis, TN 38197 

Attention: Brad Poe (Senior Counsel – Intellectual Property)] 

A party may, by notice to the other party, change the address to which such notices are to be given. 

SECTION 9. Amendments. No provisions of this Agreement shall be deemed waived, amended, supplemented or modified by a party, unless
such waiver, amendment, supplement or modification is in writing and signed by the authorized representative of the party against whom it is sought to enforce such waiver, amendment, supplement or modification. 

SECTION 10. Severability. If any provision of this Agreement or the application thereof to any Person or circumstance is determined by
a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof or thereof, or the application of such provision to Persons or circumstances or in jurisdictions other than those as to which it has been held
invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby. Upon such determination, the parties shall negotiate in good faith in an effort to agree upon a suitable and equitable
provision to effect the original intent of the parties. 
 SECTION 11. Entire Agreement. This Agreement and the Separation Agreement
and the exhibits, schedules and appendices hereto and thereto, contain the entire agreement between the parties with respect to the subject matter hereof, and supersede all previous agreements, negotiations, discussions, writings, understandings,
commitments and conversations with respect to such subject matter, and there are no agreements or understandings between the parties other than those set forth or referred to herein or therein. In the event of any conflict between the provisions of
this Agreement, on the one hand, and the provisions of the Separation Agreement (including the exhibits, schedules and appendices thereto), on the other hand, the provisions of the Separation Agreement shall control. 

SECTION 12. Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same
agreement, and shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered to the other party hereto. Each party acknowledges that it and the other party are executing this Agreement by
facsimile, stamp or mechanical signature, and that delivery of an 











 
executed counterpart of a signature page to this Agreement (whether executed by manual, stamp, electronic or mechanical signature) by email in portable document format (PDF) shall be effective as
delivery of such executed counterpart of this Agreement. Each party expressly adopts and confirms each such facsimile, stamp or mechanical signature (regardless of whether delivered in person, by mail, by courier or by email in portable document
format (PDF)) made in its respective name as if it were a manual signature delivered in person, agrees that it shall not assert that any such signature or delivery is not adequate to bind such party to the same extent as if it were signed manually
and delivered in person and agrees that, at the reasonable request of the other party at any time, it shall as promptly as reasonably practicable cause this Agreement to be manually executed (any such execution to be as of the date of the initial
date thereof) and delivered in person, by mail or by courier. 
 SECTION 13. Governing Law; Forum; Waiver of Jury Trial. The
provisions of Section 10.2 of the Separation Agreement shall apply to this Agreement mutatis mutandis. 
 SECTION 14.
Assignment and Sublicense. Neither this Agreement nor any rights and obligations of Licensee hereunder may be assigned or sublicensed (subject to Section 2(b)) by Licensee; provided, however, that Licensee may, without consent,
and upon prior written notice to Licensor, (a) assign this Agreement or sublicense, solely within the scope of the License, the rights granted hereunder (excluding such rights with respect to the Licensed Copyrights, for which no rights to
grant sublicenses thereof or thereto are granted hereunder), in whole or in part, to an Affiliate of Licensee or (b) assign this Agreement, in whole or in part, to a non-Affiliate purchaser or non-Affiliate transferee of all or part of a Facility, provided further, that in no event may the non-Affiliate assignee or transferee use any of the Retained Licensed
Copyrights in any business or activity other than that of the portion of the purchased or transferred Facility as operated as of the date of such assignment. Licensee shall be responsible for the activities of any sublicensee of Licensee as if the
activities were directly those of Licensee. Any transfer or other disposition by Licensor or any of its Subsidiaries of any Retained Licensed Copyrights will be made subject to the terms of this Agreement. Licensor may freely assign this Agreement
in whole or in part in connection with the transfer of all or any portion of its business to which this Agreement pertains. Subject to the preceding sentences of this Section 14, this Agreement shall be binding upon, inure to the benefit of and
be enforceable by the parties hereto and their respective successors and permitted assigns. 
 SECTION 15. Limitations of Liability.
NEITHER PARTY, NOR ANY OF ITS AFFILIATES, DIRECTORS, OFFICERS, AND EMPLOYEES SHALL BE LIABLE TO THE OTHER PARTY, OR ITS AFFILIATES, FOR ANY SPECIAL, INDIRECT, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, LOST
PROFITS, REVENUE OR BUSINESS) ARISING OUT OF OR RELATED TO THIS AGREEMENT. THIS LIMITATION APPLIES REGARDLESS OF WHETHER SUCH DAMAGES ARE SOUGHT BASED ON BREACH OF CONTRACT, NEGLIGENCE OR ANY OTHER LEGAL THEORY. 

SECTION 16. Headings. The Section and paragraph headings contained in this Agreement are for reference purposes only and shall not
affect in any way the meaning or interpretation of this Agreement. 











 SECTION 17. Bankruptcy. All licenses granted under this Agreement will be
deemed licenses of rights to intellectual property for purposes of Section 365(n) of the U.S. Bankruptcy Code and a licensee under this Agreement will retain and may fully exercise all of its rights and elections under the U.S. Bankruptcy Code.

 [SIGNATURE PAGE FOLLOWS] 











 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly
authorized representatives effective as of the date first set forth above. 
  

			
	LICENSOR, INTERNATIONAL PAPER COMPANY 
		
	by	 	/s/ Keith Townsend
		 	 Name: Keith Townsend
 Title:   VP
Strategic Initiatives



  

			
	LICENSEE, GLOBAL HOLDINGS II, INC. 
		
	by	 	/s/ Greg Gibson
		 	 Name: Greg Gibson

Title:    President