Exhibit 4.10



FIRST SUPPLEMENTAL INDENTURE



dated as of September 23, 2015



to the



INDENTURE



dated as of May 19, 2015



among



CASCADES INC.,



THE SUBSIDIARY GUARANTORS named therein,
and



WELLS FARGO BANK, NATIONAL ASSOCIATION,



as Trustee











FIRST SUPPLEMENTAL INDENTURE



FIRST SUPPLEMENTAL INDENTURE (this “First
Supplemental Indenture”), dated as of September 23, 2015, among Cascades Flexible Packaging Inc. (the “Guaranteeing
Subsidiary”), Cascades Inc., a corporation organized under the laws of the Province of Quebec, Canada (the “Company”),
and Wells Fargo Bank, National Association, as Trustee under the Indenture referred to below.



W I T N E S S ET H:



WHEREAS, each of the Company, the Subsidiary
Guarantors and the Trustee have heretofore executed and delivered an indenture dated as of May 19, 2015 (as amended, supplemented,
waived or otherwise modified, the “Indenture”), providing for the issuance of its 5.75% Senior Notes due 2023
(the “Notes”);



WHEREAS, the Indenture provides that under
certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture to which the
Guaranteeing Subsidiary shall unconditionally guarantee, on a joint and several basis with the other Subsidiary Guarantors, all
of the Company’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under the
Indenture (the “Guarantee”); and



WHEREAS, pursuant to Section 9.01 of the
Indenture, the Company and the Trustee are authorized to execute and deliver this First Supplemental Indenture to amend or supplement
the Indenture, without the consent of any Holder;



NOW, THEREFORE, in consideration of the
foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary,
the Company and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:



ARTICLE I



DEFINITIONS



SECTION 1.1.  Defined Terms.
As used in this First Supplemental Indenture, terms defined in the Indenture or in the preamble or recitals hereto are used herein
as therein defined. The words “herein,” “hereof” and “hereby” and other words of similar import
used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.



ARTICLE II



AGREEMENT TO BE BOUND;
GUARANTEE



SECTION 2.1. Agreement to be Bound.
The Guaranteeing Subsidiary hereby becomes a party to the Indenture as a Subsidiary Guarantor and as such will have all of the
rights and be subject to all of the obligations and agreements of a Subsidiary Guarantor under the Indenture.



SECTION 2.2. Subsidiary Guarantee.
The Guaranteeing Subsidiary agrees to fully, unconditionally and irrevocably Guarantee to each Holder of the Notes and the Trustee
the Obligations pursuant to Article 10 of the Indenture on a senior basis and this First Supplemental Indenture shall constitute
evidence of the Guaranteeing Subsidiary’s Subsidiary Guarantee.











ARTICLE III



MISCELLANEOUS



SECTION 3.1. Notices.
All notices and other communications to the Guaranteeing Subsidiary shall be given as provided in the Indenture to the Guaranteeing
Subsidiary, with a copy to the Company as provided in the Indenture for notices to the Company.



SECTION 3.2.  Parties.  Nothing
expressed or mentioned herein is intended or shall be construed to give any Person, firm or corporation, other than the Holders
and the Trustee, any legal or equitable right, remedy or claim under or in respect of this First Supplemental Indenture or the
Indenture or any provision herein or therein contained.



SECTION 3.3.  Governing Law.
This First Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York.



SECTION 3.4.  Severability.  In
case any provision in this First Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective
only to the extent of such invalidity, illegality or unenforceability.



SECTION 3.5.  Benefits Acknowledged.  The
Guaranteeing Subsidiary’s Guarantee is subject to the terms and conditions set forth in the Indenture. The Guaranteeing Subsidiary
acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and
that the guarantee and waivers made by it pursuant to this Guarantee are knowingly made in contemplation of such benefits.



SECTION 3.6.  Ratification
of Indenture; First Supplemental Indenture Part of Indenture.  Except as expressly amended hereby, the Indenture
is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.
This First Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or
hereafter authenticated and delivered shall be bound hereby.



SECTION 3.7.  The
Trustee. The Trustee makes no representation or warranty as to the validity or sufficiency of this First Supplemental Indenture
or with respect to the recitals contained herein, all of which recitals are made solely by the other parties hereto.



SECTION 3.8.  Counterparts.
The parties hereto may sign any number of copies of this First Supplemental Indenture. Each signed copy shall be an original, but
all of them together represent the same agreement. The exchange of copies of this First Supplemental Indenture and of signature
pages by facsimile or PDF transmission shall constitute effective execution and delivery of this First Supplemental Indenture as
to the parties hereto and may be used in lieu of the original First Supplemental Indenture for all purposes. Signatures of the
parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.



SECTION 3.9. Execution
and Delivery. The Guaranteeing Subsidiary agrees that the Guarantee shall remain in full force and effect notwithstanding any
failure to endorse on each Note a notation of any such Guarantee.











SECTION 3.10.  Headings.
The headings of the Articles and the Sections in this First Supplemental Indenture are for convenience of reference only and shall
not be deemed to alter or affect the meaning or interpretation of any provisions hereof.



SECTION 3.11.   FATCA.  This
First Supplemental Indenture has not resulted in a material modification of the issuance for purposes of the Foreign Account Tax
Compliance Act (FATCA) provisions of the Internal Revenue Code.



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











IN WITNESS WHEREOF, the parties hereto have
caused this First Supplemental Indenture to be duly executed as of the date first above written.



| | CASCADES INC.                    
| | ---------------------------------
| |                                  
| | By:                              
| |                                  
| |                                  
| |                                  
| |                                  
| | CASCADES FLEXIBLE PACKAGING INC.,
| | as the Guaranteeing Subsidiary   
| |                                  
| | By:                              
| |                                  
| |                                  











| | WELLS FARGO BANK, NATIONAL ASSOCIATION,
| | ---------------------------------------
| | as Trustee                             
| |                                        
| | By:                                    
| |                                        
| |