Document:

Exhibit
4.11

 

SHAREHOLDERS AND
CORPORATE GOVERNANCE AGREEMENT

 

THIS SHAREHOLDERS AND CORPORATE GOVERNANCE AGREEMENT
(this “Agreement”) is made as of December 1, 2005, among JSG Packaging
Limited, a private limited company organized under the laws of the Republic of
Ireland with company number 380620 (the “Company”), the MDCP
Co-Investors, Smurfit Kappa Feeder G.P. Limited, acting in its capacity as
general partner of, and on behalf of, the Kappa Limited Partnership (the “Kappa
Investor”), each of the Persons listed on the Schedule of Additional
Investors (each, an “Additional Investor”, and collectively, the “Additional
Investors”) and, for the purposes herein described, the Cinven
Co-Investors, the CVC Co-Investors, the Stichting, Dr. Michael W.J. Smurfit (“MWJS”),
Gary McGann (“GMcG”), Anthony Smurfit (“APJS”), and Ian Curley (“IJC”
and together with MWJS, GMcG and APJS, each, a “Management Investor” and
collectively, the “Management Investors”). The MDCP Co-Investors, the
Kappa Investor, and the Additional Investors are collectively referred to
herein as the “Investors” and in the singular as an “Investor”. Except
as otherwise indicated herein, capitalized terms used herein are defined in Section
10 hereof.

 

The MDCP Co-Investors and the Additional Investors own
Ordinary Shares — Class A of the Company, nominal value €0.001 per share (the “Class
A Ordinary Shares”). In connection with the transactions contemplated by
that certain Share Purchase Agreement, dated as of November 23, 2005, by and
among the Company, JSG Acquisitions, the Kappa Investor, the Stichting, the
Cinven Co-Investors and the CVC Co-Investors (as amended, modified,
supplemented or waived from time to time, the “Purchase Agreement”), the
Kappa Investor is receiving, inter alia,
Ordinary Shares — Class B of the Company, nominal value €0.001 per share (the “Class
B Ordinary Shares” and, together with the Class A Ordinary Shares, the “Ordinary
Shares”). The Company and the Investors are entering into this Agreement in
order to record the arrangements which they have agreed should apply to the
Investors’ participation in the Company and to set out certain terms governing
the relationship amongst the Investors as shareholders and, where applicable,
the Cinven Co-Investors, the CVC Investors and the Stichting as limited
partners of the Kappa Limited Partnership.

 

NOW, THEREFORE, the parties hereto agree as follows:

 

Section 1.               Covenants
of the Company.

 

1A.          Financial
Statements and Other Information. The Company shall deliver to each
Investor and, in the case of clause (v), the MDCP Co-Investors and the Kappa
Investor:

 

(i)            as soon
as available, but in any event within 30 days after the end of each monthly
accounting period in each fiscal year, unaudited consolidated statements of
income and cash flows of the Company and its Subsidiaries for such monthly
period and for the period from the beginning of the fiscal year to the end of
such month, and a consolidated balance sheet of the Company and its
Subsidiaries as of the end of such monthly period;

 

(ii)           as soon as
available, but in any event within 45 days after the end of each quarterly
accounting period in each fiscal year, unaudited consolidated statements of 

 

 

income and cash
flows of the Company and its Subsidiaries for such quarterly period and for the
period from the beginning of the fiscal year to the end of such quarter, and a
consolidated balance sheet of the Company and its Subsidiaries as of the end of
such quarterly period, setting forth in each case comparisons to the annual
budget and to the corresponding period in the preceding fiscal year;

 

(iii)          within
120 days after the end of each fiscal year, consolidating and consolidated
statements of income and cash flows of the Company and its Subsidiaries for
such fiscal year, and consolidating and consolidated balance sheets of the
Company and its Subsidiaries as of the end of such fiscal year, setting forth
in each case comparisons to the annual budget and to the preceding fiscal year,
accompanied with respect to the consolidated portions of such statements
(except with respect to budget data), by an opinion of an independent
accounting firm of recognized international standing acceptable to the Board;

 

(iv)          not later
than 30 days after the beginning of each fiscal year, an annual budget prepared
on a monthly basis for the Company and its Subsidiaries for such fiscal year
(displaying anticipated statements of income and cash flows), and promptly upon
preparation thereof any other significant budgets prepared by the Company and
any revisions of such annual or other budgets; and

 

(v)           written
commentaries or reports on any of the above in the form provided to the senior
lenders of the Company and its Subsidiaries and other written reports or
information regarding the Company provided to the MDCP Co-Investors (in the
case of written commentaries, reports and information to be provided to the
Kappa Investor) or the Kappa Investor (in the case of written reports,
commentaries and information to be provided to the MDCP Co-Investors); provided
that the obligations of the Company pursuant to this clause (v) shall terminate
on the Required Vote Termination Date.

 

1B.          Inspection
of Property. The Company shall permit any representatives designated by any
Investor, upon reasonable notice and during normal business hours and such
other times as any such holder may reasonably request, to (i) visit and
inspect any of the properties of the Company and its Subsidiaries,
(ii) examine the corporate and financial records of the Company and its
Subsidiaries and make copies thereof or extracts therefrom and (iii) discuss
the affairs, finances and accounts of any such corporations with the directors,
chief executive officer and chief financial officer of the Company.

 

1C.          Preemptive
Right.

 

(i)            If the
Company proposes to issue any additional Ordinary Shares or Equity Securities
or Equity Equivalents that are convertible or exercisable into Ordinary Shares
(the “New Shares”) after the date hereof, each Investor shall have the
right to purchase all or a portion of the New Shares equal to the product of
(a) the total number of New Shares proposed to be issued, multiplied  by
(b) a fraction, (I) the numerator of which is the number of Class D Convertible
Shares (if any) and Ordinary Shares held by such Investor as of immediately
prior to the proposed issuance and (II) the denominator of which is the total
number of Class D Convertible Shares and Ordinary Shares which 

 

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are held by all
shareholders of the Company immediately prior to the proposed issuance; provided
that, for purposes clause (I) and (II) of this paragraph 1C, in determining the
number of Ordinary Shares owned by the Kappa Investor, the Kappa Investor shall
be deemed to own an additional number of Ordinary Shares determined by
multiplying the number of all issued Class D Convertible Shares as of
immediately prior to the proposed issuance by the Relevant Proportion.

 

(ii)           The
Company shall give each Investor written notice of any proposed issuance of New
Shares (the “Option Issuance Notice”) describing the price and terms
upon which the Company proposes to issue and sell such New Shares. During the
20-day period following the date of delivery of the Option Issuance Notice (the
“Election Period”), each Investor may exercise his, her or its right to
purchase New Shares in accordance with this paragraph 1C, for the price and
upon the terms and conditions specified in the Option Issuance Notice by giving
written notice to the Company and stating therein the quantity of New Shares to
be purchased (which shall not, in any event, for any Investor exercising rights
pursuant to this paragraph 1C, exceed the number of New Shares such Investor is
entitled to purchase, as determined in accordance with clause (i) foregoing). Notwithstanding
anything herein to the contrary, any Investor may, by written notice to the
Company on or prior to the expiration of the Election Period, elect to assign
its right to subscribe for New Shares pursuant to this paragraph 1C to any
other Investor party to this Agreement as of the date hereof (with it being
understood that any such assignment shall be limited to the right to be issued
New Shares upon completion of the subscription (in whole or in part) and that
all determinations pursuant to this paragraph 1C shall be made as though such
right was exercised directly by the assigning Investor).

 

(iii)          In
the event that any Investor (A) both (I) fails to exercise its right to
subscribe for any New Shares which it is entitled to subscribe for under this
paragraph 1C prior to the expiration of the Election Period and (II) fails to
assign its rights under this paragraph 1C prior to the expiration of the
Election Period, (B) assigns its rights under this paragraph 1C and the
assignee of those rights fails to exercise those rights to subscribe for the New
Shares prior to the expiration of the Election Period or (C) defaults (or its
assignee defaults) in completing any subscription for New Shares pursuant to
this paragraph 1C, the Company shall have 90 days following the expiration of
the Election Period (or, in the case of (iii)(C), 90 days after such default),
to issue or enter into an agreement to issue the New Shares not elected to be
subscribed for by such Investor or its assignee (or with respect to which the
Investor or its assignee is in default of its obligations) at the price and
upon terms and conditions not substantially more favorable to the prospective
subscribers for such New Shares than those specified in the Option Issuance
Notice. In the event the Company has not issued the New Shares or entered into
an agreement to issue the New Shares within the said 90-day period, the Company
shall not thereafter issue or otherwise transfer such New Shares without first
offering such New Shares to the Investors in the manner provided in this
paragraph 1C.

 

(iv)          If one or
more Investors elects to subscribe for any New Shares pursuant to this
paragraph 1C, the completion of such subscriptions shall occur as soon as
reasonably practicable after receipt of the subscription notices and at such
locations 

 

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selected by the
Company and all such subscriptions with respect to a particular Option Issuance
Notice shall occur within 10 Business Days of one another.

 

(v)           Upon the
issuance by the Company of any Ordinary Shares for which the Kappa Investor is
exercising rights to purchase such shares pursuant to this Agreement, the Kappa
Investor shall receive Class B Ordinary Shares in such issuance and upon the
issuance by the Company of any Ordinary Shares for which the MDCP Co-Investors
and the Additional Investors are exercising rights to purchase such shares
pursuant to this Agreement, the MDCP Co-Investors and the Additional Investors
shall receive Class A Ordinary Shares in such issuance.

 

(vi)          Notwithstanding
anything else to the contrary set forth herein, the provisions of this
paragraph 1C shall not apply to (A) any Excluded Issuances, or (B) any issuance
to the Kappa Investor or other Person in connection with the transactions
contemplated by the Purchase Agreement (including Section 3 and Section 4 of
the Purchase Agreement).

 

1D.          Certain
Negative Covenants.

 

(i)            The
Company agrees that, without a Required Shareholder Vote, it shall not
announce, approve, authorize, enter into a definitive agreement relating to, or
complete any Sale of the Company or Listing.

 

(ii)           The
Company agrees that, without a Required Shareholder Vote, it shall not permit
the aggregate of (i) the number of the Class H Convertible Shares of the
Company created and/or issued by the Company; (ii) the number of Class I
Convertible Shares created and/or issued by the Company; and (iii) the number
of Class I Convertible Shares which have been created and/or issued by the
Company and which have subsequently been cancelled in consideration for the issue
of Class B Ordinary Shares, to at any time exceed 2,104,980 (it being
understood and agreed that, without Required Shareholder Vote, in no event
shall the number of Class B Ordinary Shares issued pursuant to the conversion
of Class I Convertible Shares at any time exceed 2,104,980 in the aggregate (in
each case, as equitably adjusted for any share split, share combination or
recapitalization arising after the date hereof)).

 

(iii)          The
Company agrees that, without a Required Shareholder Vote, it shall not permit
the aggregate of (i) the number of the Class A Convertible Shares, Class B
Convertible Shares, Class C Convertible Shares, Class E Convertible Shares,
Class F Convertible Shares and Class G Convertible Shares of the Company
created and/or issued by the Company, (ii) the number of Class D Convertible
Shares created and/or issued by the Company, and (iii) the number of Class D
Convertible Shares which have been created and/or issued by the Company and
which have subsequently been cancelled in consideration for the issue of Class
A Ordinary Shares, to at any time exceed 8,606,334, (it being understood and
agreed that, without Required Shareholder Vote, in no event shall the number of
Class A Ordinary Shares issued pursuant to the conversion of Class D Convertible
Shares at any time exceed 8,606,334 in the aggregate (in each case, as
equitably adjusted for any share split, share combination or recapitalization
arising after the date hereof)).

 

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Section 2.               Representations
and Warranties of the Company. As a material inducement to the Investors to
enter into this Agreement, the Company hereby represents and warrants to the
Investors, as of the date of this Agreement, that:

 

2A.          Organization
and Corporate Power. The Company is a private limited company duly
organized and validly existing under the laws of the Republic of Ireland and is
qualified to do business in every jurisdiction in which the failure to so
qualify might reasonably be expected to have a material adverse effect on the
financial condition, operating results, assets, operations or business
prospects of the Company and its Subsidiaries taken as a whole. The Company has
all requisite corporate power and authority and all material licenses, permits
and authorizations necessary to own and operate its properties, to carry on its
businesses as now conducted and presently proposed to be conducted and to carry
out the transactions contemplated by this Agreement. The copies of the Company’s
Articles of Association (as amended in connection with the transactions
contemplated by the Purchase Agreement) which have been furnished to the
Investors or their counsel reflect all amendments made thereto at any time
prior to the date of this Agreement and are correct and complete.

 

2B.          Authorised
Share Capital and Related Matters.

 

(i)            The
authorized share capital of the Company is as set forth in the Company’s
Articles of Association. As of the date hereof, all of the Ordinary Shares in
issue are validly issued and fully paid.

 

(ii)           There are
no statutory or contractual shareholders preemptive rights or rights of refusal
with respect to the issuance of Ordinary Shares, except as may be provided
herein, the Purchase Agreement and in the MIP, the MEIA or the Articles of Association.
There are no agreements between the Company’s shareholders with respect to the
voting or transfer of the Company’s share capital or with respect to any other
aspect of the Company’s affairs, except for this Agreement, the Purchase
Agreement and the MIP, the MEIA, and the Registration Agreement.

 

2C.          Authorization;
No Breach. The execution, delivery and performance of this Agreement and
the Registration Agreement have been duly authorized by the Company. Each of
this Agreement and the Registration Agreement constitutes a valid and binding
obligation of the Company, enforceable against the Company in accordance with
its terms, except (i) as such enforcement is limited by bankruptcy, insolvency
and other similar laws affecting the enforcement of creditors’ rights generally
and (ii) for limitations imposed by general principles of equity. The
execution, delivery and performance by the Company of this Agreement and the
Registration Agreement do not and will not (i) conflict with or result in
a breach of the terms, conditions or provisions of, (ii) constitute a default
under, (iii) result in the creation of any lien, security interest, charge
or encumbrance upon the Company’s share capital or assets pursuant to,
(iv) give any third party the right to modify, terminate or accelerate any
obligation under, (v) result in a violation of, or (vi) require any
authorization, consent, approval, exemption or other action by or notice to any
court or administrative or governmental body pursuant to, the Articles of Association
of the Company, or any law, statute, rule or regulation to which the Company is
subject, or any agreement, instrument, order, judgment or decree to which the
Company is a party or by which it is bound.

 

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2D.          Compliance
with Laws. The Company has not violated any law or any governmental
regulation or requirement which violation would reasonably be expected to have
a material adverse effect upon its business, financial condition, operating
results, assets, liabilities, customer, employee or supplier relations,
prospects or value.

 

Section 3.               Investors’
Representations. Subject to Section 3E, each of the Investors, the Cinven
Co-Investors, the CVC Co-Investors and the Stichting (each, an “Owner”,
and collectively, the “Owners”) hereby represents and warrants to each
other Owner and to the Company for itself, severally and ratably and not
jointly, as of the date of this Agreement, that: 

 

3A.          Corporate
Existence and Power. If such Owner is a company or a partnership, such
Owner is duly organized and validly existing under the laws of its jurisdiction
of organization and has all corporate, partnership or limited liability company
powers (as applicable) and all material governmental and regulatory licenses,
authorizations, permits, consents and approvals required to carry on its
business as now conducted. If such Owner is a company or a partnership, such
Owner is duly qualified to do business in each jurisdiction where such
qualification is necessary, except for those jurisdictions where failure to be
so qualified would not have a material adverse effect on such Owner.

 

3B.          Authorization.
If such Owner is a company or a partnership, the execution, delivery and
performance by such Owner of this Agreement and the Registration Agreement and
the consummation of the transactions contemplated hereby and thereby are within
such Owner’s corporate, partnership or limited liability company powers (as
applicable) and have been duly authorized by all necessary corporate,
partnership or limited liability company action (as applicable) on the part of
such Owner. Each Owner that is an individual has sufficient legal capacity to
assess, execute and deliver this Agreement on his or her own behalf. Each of
this Agreement and the Registration Agreement constitutes a legal, valid and
binding agreement of such Owner, enforceable against such Owner in accordance
with its terms, except (i) as such enforcement is limited by bankruptcy,
insolvency and other similar laws affecting the enforcement of creditors’
rights generally and (ii) for limitations imposed by general principles of
equity.

 

3C.          Governmental
Authorization. The execution, delivery and performance by such Owner of
this Agreement and the Registration Agreement and the consummation of the
transactions contemplated hereby and thereby require no action with respect to
such Owner by or in respect of, or filing with, any governmental or regulatory
entity other than (i) compliance with any applicable filing requirements with
competition authorities (each of which has been made by such Owner), (ii) other
filings, notifications and consents that may be required after consummation of
the transactions contemplated hereby or (iii) those that are immaterial to the
consummation of the transactions contemplated hereby.

 

3D.          Noncontravention.
The execution, delivery and performance by such Owner of this Agreement and the
Registration Agreement and the consummation of the transactions contemplated
hereby and thereby do not and will not (i) violate the articles of association,
bylaws, agreement of limited partnership, certificate of limited partnership,
or other organizational documents, if any, of such Owner, (ii) violate any
applicable law, except for any such violation which would not have a material
adverse effect on the ability of such Owner to 

 

6

 

consummate the transactions and perform all of such
Owner’s obligations hereunder contemplated hereby and thereby or (iii) require
any consent or other action by any Person, or constitute a default, under any
provision of any agreement or other instrument binding upon such Owner, except
as to matters which would not be material to such Owner in the context of the
rights and obligations of such Owner contemplated hereby and thereby.

 

3E.           Qualification
of Warranties in Section 3. Notwithstanding the other provisions of this
Section 3, for the avoidance of doubt, no Owner shall be deemed to make any
representation or warranty pursuant to this Section 3 to the extent such
representation or warranty relates to an agreement to which such Owner is not
party.

 

Section 4.               Additional
Representations and Warranties,

 

4A.          Additional
Investor Representation and Warranties. Each Additional Investor
represents, warrants and covenants to the MDCP Co-Investors and the Company
that: (i) the determination of such Additional Investor to acquire or receive
the Ordinary Shares and to enter into the agreements contemplated hereby was
made by such Additional Investor on the basis of its own due diligence
investigation, independent of any other Investor and independent of any
statements or opinions as to the advisability of such purchase or as to the
properties, business, prospects or condition (financial or otherwise) of the Company
or any of its Subsidiaries which may have been made or given by any other
Investor or by any agent or employee of any other Investor, and represents the
investment decision of such Additional Investor alone, (ii) no other Investor
has acted as an agent of such Additional Investor in connection with its
acquisition or receipt of Ordinary Shares and no other Investor shall be acting
as an agent of such Investor in connection with monitoring its investment
hereunder, (iii) no representation or warranty is being made by the MDCP
Co-Investors, the Company, or any of their respective Affiliates (collectively,
the “MDCP Co-Investor Parties”) nor was relied upon or is being relied
upon by any Additional Investor in connection with its acquisition or receipt of
Ordinary Shares and/or the transactions contemplated by this Agreement and the
other agreements or documents being delivered by such Additional Investor
hereunder, other than representations or warranties made by such MDCP
Co-Investor Party in this Agreement, (iv) such Additional Investor forever
releases, discharges and covenants not to sue any of the MDCP Co-Investor
Parties in any matter in connection with its acquisition or receipt of Ordinary
Shares, the transactions contemplated by this Agreement, and the other
agreements or documents being delivered by such Additional Investor hereunder,
except, to the extent provided therein, for breach of representations,
warranties and covenants expressly made by such MDCP Co-Investor Party and set
forth in the Purchase Agreement, this Agreement and the other agreements and
documents contemplated hereby to which such MDCP Co-Investor Party is a party,
and (v) other than costs and expenses expressly agreed to be paid by the
Company in writing (including pursuant to any side letter), such Additional
Investor is solely responsible for all costs, expenses, taxes, duties, filing
fees and charges arising out of its acquisition or receipt of Ordinary Shares
and any other transaction contemplated hereby or by the agreements or documents
delivered by such Additional Investor in connection with this Agreement.

 

7

 

4B.          Various
Parties Representations.

 

(i)            The Kappa
Investor, each Cinven Co-Investor, each CVC Co-Investor and the Stichting
represent, warrant and covenant to the MDCP Co-Investors that: (A) the
determination of such Owner to acquire or receive the Ordinary Shares and to
enter into this Agreement, the Purchase Agreement and the agreements and
documents contemplated hereby and thereby to which such Owner is a party was
made by such Owner on the basis of its own due diligence investigation,
independent of any statements, opinions or decisions of any MDCP Co-Investor or
any Affiliate, employee or representative thereof (collectively, the “MDCP
Released Parties”), (B) no MDCP Released Party has acted as an agent of
such Owner in connection with its acquisition or receipt of Ordinary Shares and
that no MDCP Released Party thereof shall be acting as an agent of such Owner
in connection with monitoring its investment hereunder, (C) no representation,
warranty, covenant or undertaking is being made by any MDCP Released Party nor
was relied upon or is being relied upon by such Owner in connection with its
acquisition or receipt of Ordinary Shares and the transactions contemplated by
this Agreement, the Purchase Agreement and the other agreements and documents
contemplated hereby and thereby to which such Owner is party, other than
representations, warranties, covenants and undertakings made by such MDCP
Released Party in this Agreement or the agreements or documents contemplated
hereby to which such MDCP Released Party is party, and (D) such Owner forever
releases, discharges and covenants not to sue any MDCP Released Party in any
matter in connection with its acquisition or receipt of Ordinary Shares and the
transactions contemplated by this Agreement, the Purchase Agreement and the
other agreements and documents contemplated hereby and thereby to which such
Owner is party, except, to the extent provided therein, for representations,
warranties, covenants and undertakings expressly made by such MDCP Released
Party in this Agreement and the other agreements and documents contemplated
hereby to which such MDCP Released Party is a party.

 

(ii)           Each MDCP
Co-Investor represents, warrants and covenants to the Kappa Investor, the
Cinven Co-Investors, the CVC Co-Investors and the Stichting that: (A) the
determination of such MDCP Co-Investor to enter into this Agreement and the
agreements and documents contemplated hereby to which such MDCP Co-Investor is
party was made by such MDCP Co-Investor on the basis of its own due diligence
investigation, independent of any statements, opinions or decisions of any such
Owner or any Affiliate, employee or representative thereof (collectively, the “Kappa
Released Parties”), (B) no Kappa Released Party has acted as an agent of
such MDCP Co-Investor in connection with its acquisition or receipt of Ordinary
Shares and that no Kappa Released Party thereof shall be acting as an agent of
such MDCP Co-Investor in connection with monitoring its investment hereunder,
(C) no representation, warranty, covenant or undertaking is being made by any
Kappa Released Party nor was relied upon or is being relied upon by such MDCP
Co-Investor in connection with the transactions contemplated by this Agreement,
the Purchase Agreement or the other agreements and documents contemplated
hereby and thereby to which such MDCP Co-Investor is party, other than
representations, warranties, covenants and undertakings made by any such Kappa
Released Party in this Agreement, the Purchase Agreement or the other
agreements and documents contemplated hereby and thereby to which such Kappa
Released Party is party, and (D) such MDCP Co-Investor forever releases,
discharges and covenants not to sue any Kappa Released Party in any matter in
connection with the transactions contemplated by this Agreement, the Purchase
Agreement or the other agreements or documents contemplated hereby or thereby to
which such MDCP Co-Investor is party, except, to the extent provided therein,
for representations, warranties, covenants and undertakings expressly made by
such Kappa Released 

 

8

 

Party in the Purchase Agreement, this Agreement and
the other agreements and documents contemplated hereby and thereby to which
such Kappa Released Party is a party.

 

4C.          Kirkland
& Ellis LLP; Arthur Cox and William Fry. Each Owner (other than the
MDCP Co-Investors) acknowledges and agrees that (i) the MDCP Co-Investor
Parties retained Kirkland & Ellis LLP, Arthur Cox, and William Fry in
connection with this Agreement and the transactions contemplated hereby and
expect to retain Kirkland & Ellis LLP, Arthur Cox and/or William Fry as
legal counsel in connection with the management and operation of their
investment in the Company, (ii) Kirkland & Ellis LLP, Arthur Cox and
William Fry are not representing and will not, without their consent, represent
such Owner in connection with the transactions contemplated hereby or any
dispute which may arise between any of the MDCP Co-Investor Parties, on the one
hand, and any such Investor, on the other hand, (iii) such Owner will, if it
wishes counsel on the transactions contemplated hereby, retain at its own
expense its own independent counsel, and (iv) Kirkland & Ellis LLP, Arthur
Cox and William Fry may represent the MDCP Co-Investor Parties in connection
with any and all matters contemplated hereby (including, without limitation,
any dispute or litigation between any
of the MDCP Co-Investor Parties, on the one hand, and any such Owner, on the
other hand).

 

Section 5.               Restrictions
on Transfer.

 

5A.          General.

 

(i)            Unless
otherwise consented to by the MDCP Co-Investor Majority, no Additional Investor
may directly or indirectly (including by means of a change of ownership or
change of control of such Additional Investor or any Person directly or
indirectly controlling such Additional Investor if such change is designed to
circumvent the provisions of this Agreement) sell, assign, transfer, exchange,
mortgage, pledge, grant a security interest in, or otherwise dispose of or
encumber (including by operation of law) (a “Transfer”) all or any part
of such Additional Investor’s Equity Securities or Equity Equivalents of the
Company, except as provided in this paragraph 5A or permitted by paragraphs 5C
or 5D and no such Transfer shall relieve the transferor of its obligations
hereunder. The restrictions set forth in this paragraph 5A shall not apply with
respect to any Transfer by any Additional Investor (i) in the case of any
Additional Investor who is an individual, pursuant to applicable laws of
descent and distribution or among such Additional Investor’s Family Group or
(ii) in the case of an Additional Investor which is a company or partnership,
among its Affiliates (collectively referred to herein as “Permitted
Transferees”); provided that the restrictions contained in this Section
5 shall continue to be applicable to the transferred Equity Securities or
Equity Equivalents after any such Transfer; provided  further
that, prior to any Transfer becoming effective, the transferees of such Equity
Securities or Equity Equivalents shall execute and deliver to the Board a Deed
of Adherence. Notwithstanding the foregoing, no party hereto shall avoid the
provisions of this Agreement by making one or more Transfers to one or more
Permitted Transferees and subsequently disposing of all or any portion of such
party’s interest in any such Permitted Transferee.

 

(ii)           Without
limiting the proviso and the further proviso of the last sentence of paragraph
5A(i), (x) Permitted Transferees of each of J.P. Morgan Partners Global 

 

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Investors, L.P.,
J.P. Morgan Partners Investors (Cayman), L.P., J.P. Morgan Partners Global
Investors A, L.P., J.P. Morgan Partners Global Investors (Cayman) II, L.P.,
J.P. Morgan Partners Global Investors (Selldown), L.P. and J.P. Morgan Partners
(BHCA), L.P. shall include (A) JP Morgan Chase, its Subsidiaries, holding
companies and other Subsidiaries of such holding company (the “JPM Group”),
(B) any other partnership,
fund or other investment entity established, managed, advised (including where
a general partner of a partnership is advised) or sponsored by any member of
the JPM Group as a co-investment scheme operated wholly or partially for
the benefit of employees of any member of the JPM Group (“JPM Partnership”),
any principal or executive of the JPM Group and every nominee or other trustee
of any such person, partnership, fund, investment entity or (C) the general
partner of such JPM Partnership to hold on behalf of the JPM Partnership, and
(y) Permitted Transferees of each of Arthur Street Portfolio, L.P., Arthur
Street Fund, L.P., Vesey Street Portfolio, L.P., Vesey Street Fund, L.P. and
Passage Portfolio, L.P. shall include (A)
Merrill Lynch & Co., Inc., its Subsidiaries, holding companies and other
Subsidiaries of any such holding company (“ML Group”), (B) any other
partnership, fund or other investment entity established, managed, advised
(including where a general partner of a partnership is advised) or sponsored by
any member of the ML Group as a co-investment scheme operated wholly or
partially for the benefit of employees of any member of the ML Group (“ML
Partnership”), any principal or executive of the ML Group and every nominee
or other trustee of any such person, partnership, fund, investment entity or
(C) the general partner of such ML Partnership to hold on behalf of the ML
Partnership.

 

(iii)          The
Kappa Investor, the Cinven Co-Investors, the CVC Co-Investors and the Stichting
hereby agree as follows:  (A) a true,
correct and complete copy of the Limited Partnership Agreement of the Kappa
Limited Partnership (the “Kappa Limited Partnership Agreement”), duly
executed by the parties to the Kappa Limited Partnership Agreement, has been
delivered to the Company and the MDCP Co-Investors in accordance with paragraph
11I of this Agreement, (B) at all times from and after the date hereof, the Kappa
Limited Partnership Agreement shall include provisions regarding restrictions
on equity issuances, transfers, asset acquisitions, liability incurrence,
amendment, modification and waiver that are consistent in substance with the
provisions of this paragraph 5A(iii) and the Kappa Investor shall enforce such
provisions to the extent breached, (C) no amendment, modification or waiver of
any provision of the Kappa Limited Partnership Agreement that would be
inconsistent with the principles set out in this paragraph 5A(iii) or that
could reasonably be expected, either directly or indirectly, to materially
affect or impair the obligations of the Kappa Investor, the Stichting, any
Cinven Co-Investor or any CVC Co-Investor under this Agreement or the Registration
Agreement shall be effective without the prior written consent of the MDCP
Co-Investor Majority, (D) the Kappa Investor shall not acquire any assets
(other than cash and Equity Securities and Equity Equivalents of the Company)
or incur any liabilities (other than liabilities directly arising from the
Kappa Investor’s ownership of Equity Securities and Equity Equivalents of the
Company and liabilities incidental to its existence), (E) the Kappa Investor
shall not issue or sell any Equity Securities or Equity Equivalents in the
Kappa Limited Partnership to any Person other than the Cinven Co-Investors, the
CVC Co-Investors, or the Stichting (or any Affiliate of the foregoing), without
the prior written consent of the MDCP Co-Investor Majority, (F) none of the 

 

10

 

Cinven
Co-Investors nor any of the CVC Co-Investors shall Transfer any Equity
Securities or Equity Equivalents of the Kappa Limited Partnership without the
prior written consent of the MDCP Co-Investor Majority, other than (x) in the
case of any Cinven Co-Investor, to other Persons falling within the definition
of Cinven Co-Investors and any Affiliate of such Cinven Co-Investor, in each
case who execute and deliver to the Company on behalf of the other parties
hereto a Deed of Adherence (and thereafter such Affiliate will be deemed a
Cinven Co-Investor for all purposes of this Agreement), (y) in the case of any
CVC Co-Investor, to other Persons falling within the definition of CVC
Co-Investors and any Affiliate of such CVC Co-Investor, in each case who
executes and delivers to the Company on behalf of the other parties hereto a
Deed of Adherence (and thereafter such Affiliate will be deemed a CVC
Co-Investor for all purposes of this Agreement), or (z) in the case of the
Stichting, to any Affiliate of the Stichting who executes and delivers to the
Company on behalf of the other parties hereto a Deed of Adherence, (G) they
shall cause (x) Smurfit Kappa Feeder G.P. Limited (or a successor general
partner of the Kappa Limited Partnership) at all times to manage and control
the affairs of the Kappa Limited Partnership, (y) the Cinven Co-Investors, the
CVC Co-Investors and/or Affiliates thereof to own all Equity Securities and
Equity Equivalents of the general partner of the Kappa Limited Partnership, and
(z) Smurfit Kappa Feeder GP Limited (or any successor general partner of the
Kappa Limited Partnership) to not, in its personal capacity, be entitled to any
distribution of assets of the Kappa Limited Partnership (including, without
limitation, Common Equity Securities of the Company) and (H) the Cinven
Co-Investors, the CVC Co-Investors and the Kappa Investor shall give prompt
written notice to the Company and the MDCP Co-Investors as soon as they become
aware of any breach of the provisions of this paragraph 5A(iii). Notwithstanding
the foregoing provisions of clauses (B), (C) and (D) of this paragraph 5A(iii),
but without otherwise limiting the obligations of the Kappa Investor, the
Cinven Co-Investors, the CVC Co-Investors and the Stichting under this
paragraph 5A(iii) or elsewhere in this Agreement, the Kappa Investor is
permitted to acquire other assets and incur other liabilities, without the
prior written consent of the MDCP Co-Investor Majority, to the extent that such
asset acquisition and/or liability incurrence is reasonably necessary in
furtherance of or in respect of the Kappa Investor’s investment in the Company
(including, without limitation, as may relate to future purchases of Equity
Securities and/or Equity Equivalents of the Company by the Kappa Investor) and
may amend the Kappa Limited Partnership Agreement to the extent necessary to
reflect or accomplish such asset acquisition or liability incurrence. Notwithstanding
the foregoing provisions of this paragraph 5A(iii), no Transfer or issuance
otherwise permitted by paragraph 5A(iii) shall be permitted where the
transferee or recipient of such issuance competes, either directly or
indirectly, in a material line of business of the Company and its Subsidiaries,
taken as a whole.

 

(iv)          Notwithstanding
the provisions of paragraph 5A(iii)(F), upon a liquidation or dissolution of a
Person falling within the definition of Cinven Co-Investor or CVC Co-Investor,
the Cinven Co-Investor or CVC Co-Investor may Transfer Equity Securities or
Equity Equivalents of the Kappa Limited Partnership to the beneficial owners
(whether stockholders, partners, members or otherwise, each such beneficial
owner, a “Beneficiary”) of such Cinven Co-Investor or CVC Co-Investor as
long as each such Beneficiary executes and delivers to the Company on behalf of
the other parties hereto a 

 

11

 

Deed of Adherence
agreeing to be bound in the same capacity as the Cinven Co-Investor or CVC Co-Investor
(and thereafter such Beneficiary shall be deemed a Cinven Co-Investor or CVC
Co-Investor, as applicable, for all purposes of this Agreement). In the event
that all Beneficiaries of a liquidating or dissolving Cinven Co-Investor or CVC
Co-Investor agree in writing for the benefit of the general partner, managing
member, board of directors or other controlling body (each, a “Controlling
Person”) of the liquidating or dissolving Cinven Co-Investor or CVC
Co-Investor and the MDCP Co-Investor Majority that such Controlling Person of
the liquidating or dissolving Cinven Co-Investor or CVC Co-Investor shall
continue to have sole decision-making authority with respect to the Equity
Securities and Equity Equivalents of the Kappa Limited Partnership being so
Transferred (including with respect to voting and Transfer of such Equity
Securities and Equity Equivalents), such Beneficiaries shall be considered “Counted
Beneficiaries” for purposes of this Agreement.

 

(v)           Notwithstanding
the provisions of paragraph 5A(iii)(F), if the Stichting becomes obligated to
redeem all outstanding depositary receipts or otherwise upon a liquidation or
dissolution of the Stichting, the Stichting may Transfer Equity Securities or
Equity Equivalents of the Kappa Limited Partnership to any holder of depositary
receipts issued by the Stichting or to any other beneficial owners (whether
stockholders, partners, members or otherwise, each such beneficial owner and
each such holder of depositary receipts, a “Stichting Beneficiary”) the
Stichting as long as each such Stichting Beneficiary executes and delivers to
the other parties hereto a Deed of Adherence (and thereafter such Stichting
Beneficiary shall be deemed to have the same rights and obligations of the
Stichting for all purposes of this Agreement).

 

5B.          Right of
First Refusal on Certain Transfers.

 

(i)            For the
avoidance of doubt, subject to the other provisions of paragraphs 5B, 5C and 5D
of this Agreement, any Transfer of Equity Securities or Equity Equivalents of
the Company by any MDCP Co-Investor or the Kappa Investor shall not require the
consent of any other Person pursuant to paragraph 5A of this Agreement; provided
that (x) as long as each of the Cinven Interest and CVC Interest are not less
than 10%, in the event that any MDCP Co-Investor desires to Transfer any Equity
Securities or Equity Equivalents of the Company to a competitor of any material
business line of the Company and its Subsidiaries, taken as a whole, no such
Transfer shall be effective without the prior written consent of either the
Cinven Directors (acting in their capacity as representatives of the Cinven
Co-Investors) or the CVC Directors (acting in their capacity as representatives
of the CVC Co-Investors), and (y) as long as the MDCP Co-Investors beneficially
own not less than 10% of the entire issued Common Equity Securities of the
Company, in the event that the Kappa Investor desires to Transfer any Equity
Securities or Equity Equivalents of the Company to a competitor of any material
business line of the Company and its Subsidiaries, taken as a whole, no such
Transfer shall be effective without the prior written consent of the MDCP
Co-Investor Majority. Nothing in this paragraph or elsewhere in this Agreement
shall be construed to give the Kappa Investor the right to Transfer any Equity
Securities or Equity Equivalents of the Company at a time the Kappa Investor is
prohibited or restricted from doing so under the Purchase Agreement.

 

12

 

(ii)           At least
45 days prior to making any Transfer (other than a Non-Applicable Transfer) of
any Equity Securities or Equity Equivalents of the Company which is permitted
under and does not require consent under paragraph 5B(i), each MDCP Co-Investor
and the Kappa Investor (each, a “Relevant Shareholder”) shall deliver a
written notice (an “Offer Notice”) to the Company and the other Relevant
Shareholders (such non-offering Relevant Shareholders, the “Other
Shareholders”). The Offer Notice shall disclose in reasonable detail the
proposed number and type, series or class of Equity Securities and Equity
Equivalents of the Company to be transferred, the proposed price, terms and
conditions of the Transfer and the identity of the prospective transferee(s)
(if known). The Company may elect to purchase all or any portion of the Equity
Securities and Equity Equivalents of the Company to be transferred by the
proposing Relevant Shareholder for the same price and upon the same terms and
conditions as those set forth in the Offer Notice by delivering a written
notice of such election to the proposing Relevant Shareholder and the Other
Shareholders within 45 days after the Offer Notice has been delivered to the
Company. If the Company has not elected to purchase all of the Equity
Securities and Equity Equivalents of the Company to be transferred by the
proposing Relevant Shareholder prior to the expiration of such 45-day period,
the Other Shareholders may elect to purchase all or any portion of the
remaining Equity Securities and Equity Equivalents of the Company to be
transferred for the same price and upon the same terms and conditions as those
set forth in the Offer Notice by delivering written notice of such election to
the proposing Relevant Shareholder within 15 days after the expiration of the
45-day period referred to above. If the Other Shareholders elect to purchase
the Equity Securities and Equity Equivalents of the Company offered by the
proposing transferor, the Equity Securities and Equity Equivalents of the
Company to be sold shall, with respect to each type, series or class of Equity
Securities or Equity Equivalents of the Company proposed to be transferred, be
allocated among the Other Shareholders pro rata according to the number of
Equity Securities or Equity Equivalents, as applicable, of such type, series or
class owned by the Other Shareholders electing to participate (and, in the
event that any Other Shareholder does not have Equity Securities or Equity
Equivalents of the Company of the type, series or class proposed to be transferred,
the percentage of Equity Securities or Equity Equivalents of the Company of
such type, series or class shall be allocated among the Other Shareholders pro
rata according to the number of Ordinary Shares held by each Other Shareholder).
If the Company and the Other Shareholders elect to purchase all of the Equity
Securities and Equity Equivalents of the Company proposed to be sold in the
Offer Notice, the completion of such purchase shall occur at a time and place
elected by the Company and the Other Shareholders; provided that such
completion shall occur not more than 90 days after the date of the Offer Notice.
If the Company and the Other Shareholders collectively do not elect to purchase
all of the Equity Securities and Equity Equivalents of the Company specified in
the Offer Notice, the proposing Relevant Shareholder may, subject to and after
compliance with paragraph 5D hereof, during the 75-day period immediately
following the expiration of the 15 day period referred to above for exercise of
rights by the Other Shareholders under this paragraph 5B, transfer the Equity
Securities and Equity Equivalents of the Company specified in the Offer Notice
at a price and on terms no more favorable to the transferee(s) thereof than
specified in the Offer Notice. If the proposing Relevant Shareholder has not so
transferred the Equity 

 

13

 

Securities and
Equity Equivalents of the Company within the said 75 day period, the Relevant
Shareholder shall not thereafter otherwise Transfer such Equity Securities and
Equity Equivalents without first complying with the provisions of this Section
5.

 

(iii)          Notwithstanding
anything herein to the contrary, (x) any Other Shareholder may elect to assign
its right to purchase under paragraph 5B(ii) to any other Investor (with it
being understood that such assignment shall be limited to the right to purchase
(in whole or in part) and all determinations pursuant to this paragraph 5B
shall be made as though such right was exercised directly by the assigning
Other Shareholder), (y) at completion of any Transfer pursuant to this
paragraph 5B, the transferring Relevant Shareholder shall make customary
representations, warranties, covenants and undertakings (including remedies and
recourse for breach of representations, warranties, covenants and undertakings)
regarding its ownership of the Equity Securities and Equity Equivalents of the
Company being transferred, free and clear of Encumbrances, and its authority to
enter into such transaction and (z) in the event that the proposing Relevant
Shareholder is to receive any non-cash consideration (whether indicated in the
Offer Notice or otherwise) and such Other Shareholder is unwilling or unable to
provide such form of non-cash consideration, such Other Shareholder may provide
cash consideration equal to the fair market value of such non-cash
consideration (as determined in good faith by the Relevant Shareholder and such
Other Shareholder) and such Transfer shall nonetheless be deemed to be on the
same terms and conditions as set forth in the Offer Notice.

 

5C.          Sale of
the Company.

 

(i)            If a Sale
of the Company (an “Approved Sale”) is approved with Required
Shareholder Vote, each Investor shall vote for, consent to and raise no
objections against such Approved Sale. If the Approved Sale is structured as
(a) a merger or consolidation or a sale of assets, each Investor shall waive
any minority rights, objection rights, or similar rights in connection with
such merger, consolidation or sale, or (b) a sale of Equity Securities and/or
Equity Equivalents of the Company, each Investor shall agree to Transfer all of
its Equity Securities and Equity Equivalents of the Company on the terms and
conditions approved with Required Shareholder Vote. Each Investor holding
Equity Securities and/or Equity Equivalents of the Company shall promptly take
all necessary or desirable actions in connection with the consummation of the
Approved Sale as requested with Required Shareholder Vote.

 

(ii)           The
obligations of the Investors holding Equity Securities or Equity Equivalents of
the Company with respect to the Approved Sale are subject to the satisfaction
of the following conditions: (a) upon the consummation of the Approved Sale,
all of the holders of a particular type, series or class of Equity Securities
or Equity Equivalents of the Company shall, after giving effect to reduction
for exercise price or conversion price (if any), receive in their capacity as
holders of Equity Securities and/or Equity Equivalents, the same form and
amount of consideration per unit; and (b) if any Investor, as the case may be,
is given an option as to the form and amount of consideration to be received in
respect of a particular type, series or class of Equity Securities or Equity
Equivalents of the Company, each Investor shall be given the same 

 

14

 

option in respect
of their Equity Securities or Equity Equivalents of the Company of the same
type, series or class; provided that, notwithstanding the foregoing, in
no event shall the conditions in this paragraph 5C be deemed not satisfied as a
result of a management holder of Equity Securities or Equity Equivalents of the
Company receiving equity securities of the purchaser or one of its Affiliates
in lieu of all or any portion of the cash consideration receivable by such
management holder in connection with such Approved Sale.

 

(iii)          Each
Investor Transferring Equity Securities or Equity Equivalents of the Company
pursuant to this paragraph 5C shall pay its pro rata share (based on the
relative aggregate amount of consideration received by each Investor pursuant
to such Transfer in respect of Equity Securities and Equity Equivalents) of the
expenses incurred by the Company and the Investors in connection with such
Transfer and shall be obligated to transfer such Equity Securities and Equity
Equivalents of the Company on such terms, conditions, warranties,
representations, covenants, undertakings, and other obligations (including
remedies and recourse for breaches of representations, warranties, covenants,
undertaking and obligations) that is specified by Required Shareholder Vote in
connection with such Transfer (other than any such obligations that relate
specifically to a particular Investor, such as remedies and recourse with
respect to representations and warranties given by an Investor regarding such
Investor’s title to and ownership of Equity Securities and Equity Equivalents
of the Company, which such Investor shall be required to provide only with
respect to itself and its Equity Securities and Equity Equivalents); provided
that no Investor shall be obligated in connection with such Transfer to agree
to indemnify or hold harmless the transferees with respect to an amount in
excess of the net proceeds paid to such holder in connection with such
Transfer; provided further that, without limiting the obligations of any
other Investor, no Investor shall be required to provide any remedies or
recourse (other than, subject to the foregoing proviso, remedies and recourse
with respect to representations and warranties given by such Investor regarding
such Investor’s title to and ownership of Equity Securities and/or Equity
Equivalents) that would violate any provision of such Investor’s constitutive documents
as in effect on the date of this Agreement.

 

5D.          Tag-Along
Rights.

 

(i)            At least
30 days prior to any Transfer (other than an Exempted Transfer) by any MDCP
Co-Investor, the Kappa Investor or any of their respective Permitted
Transferees (the “Transferring Shareholders” and each, a “Transferring
Shareholder”) of Equity Securities or Equity Equivalents, such Transferring
Shareholder or the Company shall deliver a written notice (the “Sale Notice”)
to each other Investor (collectively, the “Other Investors”) specifying
in reasonable detail the identity of the prospective transferee(s), the number
of Equity Securities and/or Equity Equivalents to be transferred and the price,
terms and conditions of the proposed Transfer.

 

(ii)           Upon
receipt of the Sale Notice, the Other Investors may elect to participate in the
contemplated Transfer by delivering written notice to the Board within 15 days
after delivery of the Sale Notice. For each type, series or class of Equity
Securities or Equity Equivalents to be included in any such Transfer, such
participation 

 

15

 

shall be based on
the pro rata share represented by the type, series or class of Equity
Securities or Equity Equivalents owned by each Investor participating in such
Transfer relative to the aggregate number of all of such type, series or class
of Equity Securities or Equity Equivalents owned by Persons participating in
such Transfer; provided that for purposes of determining the number of
Equity Securities and/or Equity Equivalents that each Other Investor is
entitled to include in any proposed Transfer pursuant to this paragraph 5D
only, the Class A Ordinary Shares, the Class B Ordinary Shares, Class D
Convertible Shares and Class I Convertible Shares shall be deemed the same
type, series and class of Equity Securities (with it being understood, however,
that the consideration to be paid per Class D Convertible Share and per Class I
Convertible Share in such Transfer shall be reduced by the unpaid conversion
price per share applicable to such share); provided  further that
for purposes of calculating the number of Class B Ordinary Shares held by the
Kappa Investor for purposes of determining the pro rata share of each Person,
such number shall include the aggregate number of issued Class D Ordinary
Shares multiplied by the Relevant Proportion and that for purposes of
calculating the number of Class A Ordinary Shares owned by the MDCP
Co-Investors and the Additional Investors, each MDCP Co-Investor and each Additional
Investor shall be deemed to own an additional number of Ordinary Shares
determined by multiplying the number of all issued Class I Convertible Shares
as of immediately prior to the proposed issuance by the Applicable Portion of
such MDCP Co-Investor or Additional Investor, as the case may be. If the Other
Investors have not elected to participate in the contemplated Transfer (through
notice to such effect or expiration of the 15-day period after delivery of the
Sale Notice without exercise of rights hereunder), then the Transferring
Shareholder proposing to make such Transfer and its Permitted Transferee may
Transfer the Equity Securities and/or Equity Equivalents specified in the Sale
Notice at a price and on terms no more favorable to the transferee(s) thereof
than specified in the Sale Notice during the 90-day period immediately
following the date of the delivery of the Sale Notice. The Equity Securities
and Equity Equivalents of the Transferring Shareholder and its Permitted
Transferees not Transferred within such 90-day period shall be subject to the
provisions of this paragraph 5D upon subsequent Transfer thereof.

 

(iii)          The
Transferring Shareholder and any Permitted Transferee proposing to Transfer
Equity Securities and/or Equity Equivalents of the Company shall use reasonable
best efforts to obtain the agreement of the prospective transferee(s) to the
participation of the Other Investors who have elected to participate in any
contemplated Transfer, and shall not Transfer any of its Equity Securities and
Equity Equivalents of the Company to any prospective transferee if such
prospective transferee(s) declines to allow the participation of the Other
Investors to the extent permitted by this paragraph 5D unless such Transferring
Shareholder and/or such Permitted Transferee agree to purchase the Equity
Securities and Equity Equivalents of the Company entitled to be sold by such
Other Investor at the same time and otherwise upon the same terms and
conditions as such Other Investor would have otherwise been entitled to sell
pursuant to this paragraph 5D. Each Investor transferring Equity Securities
and/or Equity Equivalents of the Company pursuant to this paragraph 5D shall
pay its pro rata share (determined on a pro rata basis, based upon the aggregate
consideration received in respect of Equity Securities and Equity Equivalents
of the Company) of the expenses incurred by the Investors and the Company in
connection with such Transfer and shall be obligated to join in any 

 

16

 

terms, conditions,
warranties, representations, covenants, undertakings, and other obligations
(including recourse or remedies for breach of any representation, warranty,
covenant, undertaking or obligation) that the Transferring Shareholder, any of
its Permitted Transferees, the Board or the Company agrees to provide in
connection with such Transfer (other than any such expenses, terms, conditions,
warranties, representations, covenants, undertakings, indemnities and/or other
obligations that relate specifically to a particular Investor (such as
indemnification with respect to representations and warranties given by an
Investor regarding such Investor’s title to and ownership of Equity Securities
and Equity Equivalents of the Company, which such Investor shall be required to
provide only with respect to itself and its Equity Securities and Equity
Equivalents of the Company)); provided that no Investor shall be
obligated in connection with such Transfer to agree to indemnify or hold harmless
the transferees with respect to an amount in excess of the net proceeds paid to
such Investor in connection with such Transfer; provided further that,
without limiting the obligations of any other Investor, no Investor shall be
required to provide any recourse or remedy for breach (other than, subject to
the foregoing proviso, recourse or remedy with respect to representations and
warranties given by such Investor regarding such Investor’s title to and
ownership of Equity Securities and Equity Equivalents) that would violate any
provision of such Investor’s constitutive documents as in effect on the date of
this Agreement.

 

5E.           General.
For the avoidance of doubt, the provisions of paragraphs 5B, 5C and 5D shall
not apply to Equity Securities or Equity Equivalents of the Kappa Limited
Partnership, but shall apply to Equity Securities or Equity Equivalents of the
Company held by the Kappa Investor.

 

Section 6.               Voting.
From and after the date hereof and until this Agreement is terminated, each
Investor and Management Investor shall vote all of his Ordinary Shares and any
other voting securities of the Company over which such Investor has voting
control and shall take all other reasonably necessary or desirable actions
within his or its control in his or its capacity as a shareholder of the
Company only (including, without limitation, attendance at meetings in person
or by proxy for purposes of obtaining a quorum and execution of written
consents in lieu of meetings), and the Company shall take all reasonably
necessary or desirable actions within its control (including, without
limitation, calling special board and shareholder meetings), so that:

 

6A.          Authorized
Number. The authorized number of directors on the Company’s Board of
Directors (the “Board”) be increased to, and remain, as fourteen (14)
directors.

 

6B.          Board
Composition. The following individuals shall be elected to the Board:

 

(i)            four
representatives designated by MDCP IV Global Investments LP (the “MDCP IV
Global Directors”);

 

(ii)           one
representative designated by MDCP III Global Investments LP (the “MDCP III
Global Director”);

 

17

 

(iii)          MWJS;

 

(iv)          GMcG;

 

(v)           APJS;

 

(vi)          IJC;

 

(vii)         Frits
Beurskens (“FB”);

 

(viii)        two
representatives designated by the Kappa Investor and certified to be on behalf
of the Cinven Co-Investors (the “Cinven Directors”); and

 

(ix)           two
representatives designated by the Kappa Investor and certified to be on behalf
of the CVC Co-Investors (the “CVC Directors” and together with the
Cinven Directors, each a “Kappa Investor Director” and together the “Kappa
Investor Directors”).

 

Notwithstanding anything
to the contrary herein, MDCP IV Global Investments L.P. may elect to designate
less than four (4) MDCP IV Global Directors and, upon the request of the MDCP
Global Investments IV L.P., the Investors and Management Investors shall take
such action as permitted under the laws of the Republic of Ireland (including
by amendment to the Company’s Articles of Association) such that the MDCP IV
Global Directors actually designated by MDCP IV Global Investments IV and the
MDCP III Global Director are entitled to cast an aggregate of five (5) votes in
any vote or action taken by the Board.

 

6C.          Subsidiary
Boards. With Required Board Vote, exercised at any time, the composition of
the board of directors of all or any of the Company’s Subsidiaries (a “Subsidiary
Board”) shall be the same as, or as close to proportionately equivalent as
possible to, that of the Board; provided that, without limiting the
generality of the foregoing, but subject to any limitations under applicable
law, at the request of any Management Investor, such Management Investor shall
be appointed to the board of directors of JSG or any principal operating
company of the Company.

 

6D.          Committees.
Any committees of the Board or a Subsidiary Board shall be created only upon
the approval of a majority of the members of the Board; provided that any
committee that is responsible for administration of the MIP shall not make any
determinations with respect thereto prior to consulting with GMcG, and if GMcG
no longer serves on the Board, the Company’s chief executive officer. The
committees of the Board shall include, in addition to any other committees
established by the Board, a compensation committee and audit committee. No
matter shall be delegated to a committee of the Board for approval if, in
accordance with the terms hereof, such matter requires Required Board Vote for
approval. Any committee of the Board shall consist of three or five members (as
determined by the Board) and (i) if such committee consists of three (3)
members, shall include two (2) individuals that are MDCP IV Global Directors or
MDCP III Global Directors and one (1) individual that is a Kappa Investor Director
and (ii) if such committee consists of five (5) members, shall include (3)
individuals that are MDCP IV Global Directors and MDCP III Global Directors and
two (2) individuals that are Kappa Investor Directors.

 

18

 

6E.           Removal.

 

(i)            Until the
rights of MDCP IV Global Investments LP to cause the election of a director or
designate a director for election pursuant to this Section 6 are terminated or
unless such a representative becomes ineligible to serve as a director as a
matter of law, the removal from the Board or a Subsidiary Board (with or
without cause) of any MDCP IV Global Director shall be at the written request
to the Board of MDCP IV Global Investments LP, but only upon such written
request and under no other circumstances. Until the rights of MDCP IV Global
Investments LP to cause the election of a director or designate a director for
election pursuant to this Section 6 are terminated or unless such a
representative becomes ineligible to serve as a director as a matter of law, in
the event that any MDCP IV Global Director ceases to serve as a member of the
Board, a Subsidiary Board or any committee during his term of office, the
resulting vacancy on the Board, the Subsidiary Board or such committee shall be
filled by a representative designated by MDCP IV Global Investments LP as
provided hereunder. Until the rights of MDCP IV Global Investments LP to cause
the election of a director or designate a director for election pursuant to
this Section 6 are terminated, any alternate director for any MDCP IV Global
Director shall be as provided in written notice from MDCP IV Global Investments
LP to the Board;

 

(ii)           Until the
rights of MDCP III Global Investments LP to cause the election of a director or
designate a director for election pursuant to this Section 6 are terminated or
unless such a representative becomes ineligible to serve as a director as a
matter of law, the removal from the Board or a Subsidiary Board (with or
without cause) of the MDCP III Global Director shall be at the written request
of MDCP III Global Investments LP, but only upon such written request and under
no other circumstances. Until the rights of MDCP III Global Investments LP to
cause the election of a director or designate a director for election pursuant
to this Section 6 are terminated or unless such a representative becomes
ineligible to serve as a director as a matter of law, in the event that the
MDCP III Global Director ceases to serve as a member of the Board, a Subsidiary
Board or any committee during his term of office, the resulting vacancy on the
Board, the Subsidiary Board or such committee shall be filled by a
representative designated by MDCP III Global Investments LP as provided
hereunder. Until the rights of MDCP III Global Investments LP to cause the
election of a director or designate a director for election pursuant to this
Section 6 are terminated, any alternate director for any MDCP III Global
Director shall be as provided in written notice from MDCP III Global Investments
LP to the Board;

 

(iii)          MWJS
shall resign or be removed as a member of the Board, any Subsidiary Board and
any committees by a vote of a majority of Ordinary Shares then held by the
Investors and Management Investors, as of any date after the date hereof that
he no longer is employed as the chairman, the chief executive officer, the
chief operations officer or the chief financial officer of the Company and its
Subsidiaries or JSG and its Subsidiaries (with it being understood that in the
event that MWJS does not resign, each Investor and Management Investor shall
take any and all actions necessary to effectuate such removal);

 

19

 

(iv)          GMcG shall
resign or be removed as a member of the Board, any Subsidiary Board and any
committees by a vote of a majority of Ordinary Shares then held by the
Investors and the Management Investors, as of any date after the date hereof
that he no longer is employed as the chief executive officer, the chairman, the
chief operations officer or the chief financial officer of the Company and its
Subsidiaries or JSG and its Subsidiaries (with it being understood that in the
event that GMcG does not resign, each Investor and Management Investor shall
take any and all actions necessary to effectuate such removal);

 

(v)           APJS shall
resign or be removed as a member of the Board, any Subsidiary Board and any
committees by a vote of a majority of Ordinary Shares then held by the
Investors and Management Investors, as of any date after the date hereof that
he no longer is employed as the chief operations officer, chairman, chief
executive officer or chief financial officer of the Company and its
Subsidiaries or chief operations officer, chairman, chief executive officer or
chief financial officer of JSG and its Subsidiaries (with it being understood
that in the event that APJS does not resign, each Investor and Management
Investor shall take any and all actions necessary to effectuate such removal);

 

(vi)          IJC shall
resign or be removed as a member of the Board, any Subsidiary Board and any
committees by a vote of a majority of Ordinary Shares then held by the
Investors and Management Investors, as of any date after the date hereof that
he no longer is employed as the chief financial officer, chairman, chief
executive officer or chief operations officer of the Company and its
Subsidiaries or chief financial officer, chairman, chief executive officer or
chief operations officer of JSG and its Subsidiaries (with it being understood
that in the event that IJC does not resign, each Investor and Management
Investor shall take any and all actions necessary to effectuate such removal);

 

(vii)         FB
shall resign or be removed as a member of the Board, any Subsidiary Board and
any committees by a vote of a majority of Ordinary Shares then held by the
Investors and Management Investors, as of any date after the date hereof that
he no longer is employed as vice chairman of the Company and its Subsidiaries
(with it being understood that in the event that FB does not resign, each
Investor and Management Investor shall take any and all actions necessary to
effectuate such removal);

 

(viii)        Until
the rights of the Kappa Investor to cause the election of an individual as a
Cinven Director or designate an individual as a Cinven Director for election
pursuant to this Section 6 are terminated or unless such a representative
becomes ineligible to serve as a director as a matter of law, the removal from
the Board or a Subsidiary Board (with or without cause) of any Cinven Director
shall be at the written request to the Board of the Kappa Investor and
certified by the Kappa Investor to be on behalf of the Cinven Co-Investors, but
only upon such written request and under no other circumstances. Until the
rights of the Kappa Investor to cause the election of an individual as a Cinven
Director or designate an individual as a Cinven Director for election pursuant
to this Section 6 are terminated or unless such a representative becomes
ineligible to serve as a director as a matter of law, in the event that any
Cinven Director ceases to serve as a 

 

20

 

member of the
Board, a Subsidiary Board or any committee during his term of office, the
resulting vacancy on the Board, the Subsidiary Board or such committee shall be
filled by a representative designated by the Kappa Investor as provided
hereunder. Until the rights of the Kappa Investor to cause the election of an
individual as a Cinven Director or designate an individual as a Cinven Director
for election pursuant to this Section 6 are terminated, any alternate director
for such Cinven Director shall be as provided in written notice to the Board
from the Kappa Investor and certified by the Kappa Investor to be on behalf of
the Cinven Co-Investors; and

 

(ix)           Until the
rights of the Kappa Investor to cause the election of an individual as a CVC
Director or designate an individual as a CVC Director for election pursuant to
this Section 6 are terminated or unless such a representative becomes
ineligible to serve as a director as a matter of law, the removal from the
Board or a Subsidiary Board (with or without cause) of any CVC Director shall
be at the written request to the Board of the Kappa Investor and certified by
the Kappa Investor to be on behalf of the CVC Co-Investors, but only upon such
written request and under no other circumstances. Until the rights of the Kappa
Investor to cause the election of an individual as a CVC Director or designate
an individual as a CVC Director for election pursuant to this Section 6 are
terminated or unless such a representative becomes ineligible to serve as a
director as a matter of law, in the event that any CVC Director ceases to serve
as a member of the Board, a Subsidiary Board or any committee during his term
of office, the resulting vacancy on the Board, the Subsidiary Board or such
committee shall be filled by a representative designated by the Kappa Investor
as provided hereunder. Until the rights of the Kappa Investor to cause the
election of an individual as a CVC Director or designate an individual as a CVC
Director for election pursuant to this Section 6 are terminated, any alternate
director for such CVC Director shall be as provided in written notice to the
Board from the Kappa Investor and certified by the Kappa Investor to be on
behalf of the CVC Co-Investors.

 

6F.           Board
Meetings; Expenses. The Company shall hold not less than four (4) meetings
per year of the Board and any Subsidiary Board in which the Management
Investors have exercised rights pursuant to paragraph 6C hereof; provided
that unless exceptional circumstances exist which require a Board meeting to be
convened, the Company intends to schedule five (5) Board meetings per year. The
Company shall pay the reasonable out-of-pocket expenses incurred by each
director in connection with attending the meetings of the Board, any Subsidiary
Board and any committee thereof. To the extent practicable, the Company shall
distribute any agendas, reports or other materials to be reviewed or covered at
any meeting of the Board prior to the meeting of the Board. The Company shall
hold a sufficient number of Board meetings in the Republic of Ireland as may be
necessary to ensure that the Company remains a resident of the Republic of
Ireland.

 

6G.          Replacement
of MWJS, GMcG, APJS, IJC and FB. Subject to the rights of any such Person
to appoint a Purchased Equity Director pursuant to paragraph 6I, in the event
that any of MWJS, GMcG, APJS, IJC or FB is removed or resigns from the Board,
any Subsidiary Board or any
committee thereof, any replacement director shall be appointed by Required
Board Vote. Unless otherwise agreed by Required Board Vote, any such director
appointed pursuant to this paragraph 6G shall be removed or replaced on the
Board only by Required Board Vote.

 

21

 

6H.          Amendment
of the Articles of Association. In the event that Cinven Directors and CVC
Directors are not appointed to the Board in accordance with this Section 6, or
are removed or replaced from the Board in contravention of the provisions of
this Section 6 (in each case provided that the Kappa Investor’s right to cause
appointment of such Cinven Directors and/or CVC Directors, as the case may be,
has not terminated pursuant to paragraph 11M), and such Cinven Directors and
CVC Directors are not appointed or re-appointed, as the case may be, as members
of the Board as soon as reasonably practicable (giving effect to the timing for
calling of a shareholders meeting under Irish law) after written notice of such
issue from the Kappa Investor, each of the Investors and Management Investors
shall take all action to amend the Articles of Association such that the Class
B Ordinary Shares may vote in the election of directors of the Company. Each of
the Investors and Management Investors hereby agree to the calling of a meeting
on short notice for the appointment or re-appointment of a Cinven Director or
CVC Director as required by Section 6 (in each case provided that the Kappa
Investor’s right to cause appointment of such Cinven Directors and/or CVC
Directors, as the case may be, has not terminated pursuant to paragraph 11M)
and, if such Cinven Director or CVC Director is not appointed or re-appointed
as so required at such meeting, amendment of the Articles of Association in
accordance with the immediately foregoing sentence. The Company, the Investors
and the Management Investors agree that, prior to the Required Vote Termination
Date, no decisions requiring Required Board Vote or Required Shareholder Vote
shall be passed by the Board if there are no Cinven Directors and CVC Directors
in office in contravention of paragraph 6B (in each case provided that the
Kappa Investor’s right to cause appointment of such Cinven Directors and/or CVC
Directors, as the case may be, has not terminated pursuant to paragraph 11M).

 

6I.            Purchased
Equity Director. Each Purchased Equity Holder who, together with his
Affiliates and/or Family Group, owns (i) prior to a Listing, Ordinary Shares,
as of any date of determination, with an aggregate investmentacquisition cost (i.e., subscription price or purchase price
paid for Ordinary Shares plus any other amounts contributed to or invested in
the Company not specifically for the acquisition of Ordinary Shares or to
makeloans made to the Company, and which, for the avoidance of doubt shall be
deemed to include the aggregate investment cost of Ordinary Shares) of
not less than €50,000,000 or (ii) on and after a Listing, (x) a number of
Ordinary Shares, which when multiplied by the per share listing price on the
securities market on which the Ordinary Shares are listed, has an aggregate
value equal to not less than €50,000,000 or (y) Ordinary Shares with an
aggregate investmentacquisition cost
(i.e., subscription price or purchase price paid for Ordinary Shares plus any
other amounts contributed to or invested in the Company not specifically for
the acquisition of Ordinary Shares or to makeloans made to the Company)
of not less than 50% of the aggregate investmentacquisition
cost (i.e., subscription price or purchase price paid for Ordinary Shares plus
any other amounts contributed to or invested in the Company not specifically
for the acquisition of Ordinary Shares or to makeloans made to the Company)
of the Ordinary Shares held by such Purchased Equity Holder and his or its
Affiliates and Family Group as of September 17, 2002, then such Purchased
Equity Holder or (if such holder is an individual), upon such holder’s death, a
descendant of such Purchased Equity Holder (any such Person, an “Eligible
Purchased Equity Holder”) shall have the right to appoint one member of the
Board (a “Purchased Equity Director”). The condition specified in
clauses (i) and (ii) of this paragraph 6I are referred to herein as the “Minimum
Investment Condition.”  Until such
date as the applicable Minimum Investment Condition has no longer been
satisfied or unless a Purchased Equity Director becomes ineligible to serve as
a director as a matter of law, the 

 

22

 

removal from the Board, a Subsidiary Board or any
committee (with or without cause) of any Purchased Equity Director shall be at
the written request of the appointing Eligible Purchased Equity Holder, but
only upon such written request and under no other circumstances; provided
that in the event that a Purchased Equity Director (without the consent of the
Board) becomes an employee of, serves as a director of, or otherwise provides
services for, any Person (other than Smurfit-Stone Container Corp. and its
Subsidiaries) that competes with a material business of the Group Companies,
such Purchased Equity Director shall be removed upon Required Board Vote. Until
the rights of any Eligible Purchased Equity Holder to cause the election of a
director or designate a director for election pursuant to this paragraph 6I are
terminated or unless a Purchased Equity Director becomes ineligible to serve as
a director as a matter of law, in the event that any Purchased Equity Director
ceases to serve as a member of the Board, a Subsidiary Board or any committee
during his term of office, the resulting vacancy on the Board, the Subsidiary
Board or such committee shall be filled by a representative designated by the
Eligible Purchased Equity Holder originally appointing such Purchased Equity
Director as provided hereunder. As of and after the date that any Eligible
Purchased Equity Holder ceases to satisfy the applicable Minimum Investment
Condition or the Purchased Equity Director has become ineligible to serve as a
director as a matter of law, upon Required Board Vote, the Purchased Equity
Director shall resign or be removed from the Board, and the Investors shall
take all actions to remove such Purchased Equity Director. In the event that the Purchased Equity
Director resigns or is removed as a result of an Eligible Purchased Equity
Holder’s failure to satisfy the Minimum Investment Condition, any individual
that is to serve as a director as a result of the resignation or removal of the
Purchased Equity Director shall be appointed by Required Board Vote. Notwithstanding
anything else to the contrary in this paragraph 6I, (A) in no event shall any
Purchased Equity Holder have any rights pursuant to clause (ii) of this
paragraph 6I unless such Purchased Equity Holder at some point prior to a
Listing satisfied the condition specified in clause (i) hereof, (B) Purchased
Equity Holders, in the aggregate and subject to the conditions set forth in
this paragraph 6I, shall not be able to appoint more than one Purchased Equity
Director to serve on the Board at any one time, and (C) in no event shall any
Purchased Equity Holder have any right to appoint a Purchased Equity Director
at a time when such Person is a member of the Board, has nominated a member of
the Board, and has the right by contract (other than this paragraph 6I),
operation of law or sufficient voting power through ownership of Ordinary
Shares to elect, appoint or nominate a member of the Board.

 

6J.           Process.
Any appointment or removal of a director shall be effected by delivery to the
Company’s registered office of written notice signed by or on behalf of the
Investor or Investors making such appointment or removal or, in the case of an
appointment or removal in connection with a Required Board Vote, shall be
effected by the taking of the necessary board action and, in each case, shall
take effect upon such delivery or, if later, any effective date stated in the
notice or resolution, as the case may be.

 

6K.          Vote for
Board at Completion. By its execution and delivery hereof, the Kappa
Investor (i) does hereby designate Marcus Wood and Simon Rowlands as the
initial Cinven Directors and certifies that such designation is on behalf of
the Cinven Co-Investors and (ii) does hereby designate Hugh Briggs and Rolly
van Rappard as the initial CVC Directors and certifies that such designation is
on behalf of the CVC Co-Investors. By its execution hereof, each Investor and Management
Investor hereby agrees that its execution and delivery hereof shall constitute,
to the fullest extent permitted by Irish law, its vote in favor of the
appointment of 

 

23

 

Marcus Wood, Simon Rowlands, Hugh Briggs and Rolly van
Rappard as directors of the Company effective upon completion (as defined in
the Purchase Agreement). Furthermore, each Investor and Management Investor
agrees that in the event that any Cinven Director or CVC Director cannot be
appointed to the Board at any time as a result of there being 14 directors
already appointed to the Board when such Cinven Director or CVC Director is
otherwise entitled to be appointed to the Board pursuant to this Agreement,
such Investor shall vote its Ordinary Shares and all other voting securities of
the Company in favor of the removal of those individuals who are not
specifically entitled to be on the Board as a result of the arrangements set
forth in paragraph 6B such that sufficient vacancies are created on the Board
for the appointment of the relevant Cinven Directors and CVC Directors.

 

Section 7.               Certain
Governance Rights.

 

7A.          Affiliate
Transactions. The Company shall not, without the prior consent of its Board
(including, as long as any such Person serves on the Board, at least one
Management Investor or, if no Management Investor serves on the Board, the
Purchased Equity Director as long as such individual serves on the Board), from
and after the date of this Agreement, enter
into, or permit any Subsidiary to enter into, any transaction with any Person
or group of related Persons that are not Independent Third Parties (each, an “Affiliated
Person”) or with any Person in which any such Affiliated Person owns more
than a 25% beneficial interest; provided that the consent of any
Management Investor or the Purchased Equity Director shall not be required with
respect to contracts in the ordinary course of business of the Company or its
Subsidiaries or contracts that are negotiated on an arm’s-length basis and are
on terms which are commercially reasonable.

 

7B.          Accounting Policies. The Company shall not for purposes
of calculating or determining whether any management incentive target had been
achieved or satisfied, change any accounting policy of the Company in a manner
that would adversely affect the calculation of any management incentive target
or performance; provided that the Company may change such accounting
policy if, under the supervision of the Board, management incentive targets or
bonuses are calculated using the former accounting policy.

 

7C.          Affirmative
Covenants. From and after the date of this Agreement, the Company covenants
to the Management Investors that it shall:

 

(i)            permit
any representatives designated by the Management Investors, upon reasonable
notice and during normal business hours and such other times as the Management
Investors may reasonably request, to (a) visit and inspect any of the
properties of the Company and its Subsidiaries, (b) examine the corporate
and financial records of the Company and its Subsidiaries and (c) discuss
the affairs, finances and accounts of any such Persons with the directors,
officers, key employees and independent accountants of the Company and its
Subsidiaries; provided that the Company shall have the right to have a
member of the Board or a representative of the Board present in connection with
the exercise of rights by the Management Investors pursuant to this paragraph
2C(i); provided further that all of the information disclosed to the
Management Investors or their representatives pursuant to this paragraph 2C(i)
shall be treated as confidential and shall not be disclosed to any third Person
(and the Management 

 

24

 

Investors and
their representatives shall, at the request of the Company, execute customary
confidentiality agreements in respect thereof, prior to gaining access to any
such information);

 

(ii)           issue any
unissued equity interests available for issuance under the Company’s MIP only to
members of the management of the Company or other persons recommended by the
Company’s chief executive officer;

 

(iii)          allocate
all equity interests under the Company’s MIP not previously allocated only
after receiving the recommendation of the Company’s chief executive officer as
to how such equity interests should be allocated (with it being understood that
the Company shall not unreasonably withhold its approval or unnecessarily delay
its decision with respect to such recommendations); and

 

(iv)          reallocate
equity interests purchased from departing members of management in the manner
determined by the Company’s chief executive officer in consultation with the
Company’s compensation committee as to how such equity interests should be
reallocated (which consultation may occur after the reallocation has occurred);
provided that notwithstanding this clause (iv), no equity interests may
be reallocated to any Management Investor or its successors or assigns without
the consent of the Company’s compensation committee.

 

7D.          Negative
Covenants. The Company covenants to the MDCP Co-Investors and the Kappa
Investor that, from and after the date of this Agreement, it shall not, without
Required Board Vote:

 

(i)            hire or
fire any of the chairman, chief executive officer, chief financial officer, or
chief operating officer of the Company and its Subsidiaries;

 

(ii)           approve
any annual budget or business plan for the Company and its Subsidiaries;

 

(iii)          approve,
authorize, declare, make or pay any dividend, distribution, repurchase or
redemption of Equity Securities or Equity Equivalents, other than (A)
repurchases or redemptions of Equity Securities or Equity Equivalents from
management upon termination of employment, or (B) as may be required to comply
with the terms of the Company’s existing Warrants;

 

(iv)          incur
indebtedness for borrowed money or capital lease obligations in excess of
€10,000,000 in any twelve-month period, other than indebtedness and capital
lease obligations incurred in the ordinary course business operations of the
Company and its Subsidiaries that are not prohibited under the Company’s Senior
Credit Facility;

 

(v)           announce,
approve, authorize, execute a definitive agreement to complete, or complete any
acquisition or divestiture of any Person, assets of any Person or business line
or division of any Person where the aggregate enterprise value of the Person,
assets, business line or division being acquired or divested equals or exceeds
€25,000,000, other than (A) capital expenditures made in accordance with its
capital expenditure budget, and 

 

25

 

(B) subject to the
provisions of the Purchase Agreement, divestitures and agreements to divest any
JSG Redundant Assets (as defined in the Purchase Agreement);

 

(vi)          announce,
approve, authorize, execute a definitive agreement to complete or complete any
divestiture of any Kappa Redundant Asset;

 

(vii)         without limiting its obligations under
paragraph 7A, enter into, or permit any Subsidiary to enter into, any transaction
with any Affiliated Person or with any Person in which any such Affiliated
Person owns more than a 25% beneficial interest, other than contracts that are
negotiated on an arm’s-length basis and are on terms which are commercially
reasonable;

 

(viii)        voluntarily
instigate insolvency proceedings for the Company;

 

(ix)           accelerate
vesting on any Class H Convertible Shares unless, contemporaneously with such
vesting, there is accelerated vesting on an aggregate number of Class B
Convertible Shares and Class F Convertible Shares equal to the Reciprocal
Relevant Proportion of the number of Class H Convertible Shares being
accelerated;

 

(x)            approve,
authorize, execute or amend any definitive agreement or plan involving
issuances of equity to management as an incentive or compensation for
management (whether such equity takes the form of options, issued share capital
or otherwise), including, without limitation, the MIP and MEIA (with it being
understood that approval, authorization and execution of the MIP and MEIA in
the agreed-form to the Purchase Agreement on the date of this Agreement is not
a violation of this clause (ix));

 

(xi)           enter into
or exit from any material business line of the Company and its Subsidiaries,
taken as a whole; or

 

(xii)          appoint
an attorney or attorneys to take any action which, if taken by the Company
directly, would require Required Board Vote.

 

Section 8.               General
Voting Agreement.

 

8A.          So long as
the MDCP Co-Investors, the Kappa Investor and their respective Permitted
Transferees collectively beneficially hold a majority of the Ordinary Shares,
each Investor shall vote all of its Equity Securities and take all other
necessary or desirable actions (in such holder’s capacity as a shareholder of
the Company) (a) to cause the Company to issue Equity Securities or Equity
Equivalents of the Company pursuant to the Company’s obligations to issue such
Equity Securities or Equity Equivalents under the terms of the Purchase
Agreement, the PIK or the Preference, and (b) as otherwise directed by Required
Shareholder Vote. In addition, each Investor shall at all such times vote his
or her Equity Securities on all matters presented to the Company’s shareholders
(including in connection with a recapitalization in connection with the Company’s
initial Listing) as directed by Required Shareholder Vote as long as such vote
is not materially adversely discriminatory to such Investor in a manner
different from the MDCP Co-Investor Majority and the Kappa Investor; provided
that no 

 

26

 

material adverse discrimination entitling an Investor
to withhold its vote shall be deemed to arise solely as a result of economic
differences that relates to the type, class or series of Equity Securities or
Equity Equivalents of the Company held by such Investor relative to any type,
class or series of the Equity Securities or Equity Equivalents of the Company
held by the MDCP Co-Investor Majority and/or the Kappa Investor.

 

8B.          The Kappa
Investor agrees, for the benefit of the MDCP Co-Investors and the Additional
Investors, to comply with its obligations under Section 3.7(a) of the Purchase
Agreement. The Company agrees that the provisions of the Purchase Agreement
with respect to the Preference are for the benefit of the MDCP Co-Investors and
the Additional Investors and hereby affirms its obligations under the Purchase
Agreement with respect thereto.

 

Section 9.               Transfers; Future Sales.

 

9A.          Generally
Prior to any Investor Transferring any Equity Securities or Equity Equivalents
of the Company to any Person (other than pursuant to a Public Sale), such
Investor shall cause the prospective transferee to be bound by this Agreement
and to execute and deliver to the Company on behalf of the other Investors a
Deed of Adherence. Transferees of Equity Securities and/or Equity Equivalents
of the Company held by Additional Investors shall be deemed to have the rights
and obligations of Additional Investors with respect to such Equity Securities
and/or Equity Equivalents and transferees of Equity Securities and/or Equity
Equivalents of the Company held by any MDCP Co-Investor or the Kappa Investor
shall be deemed to have the rights and obligations of MDCP Co-Investors and/or
the Kappa Investor, as applicable, with respect to such Equity Securities
and/or Equity Equivalents; provided that, notwithstanding the foregoing,
Equity Securities and/or Equity Equivalents of the Company acquired by a MDCP
Co-Investor or the Kappa Investor from an Additional Investor shall be deemed
to have the rights and obligations hereunder of Equity Securities and/or Equity
Equivalents of the Company held by a MDCP Co-Investor or the Kappa Investor,
respectively. Any Transfer of Equity Securities and/or Equity Equivalents of
the Company, the Kappa Investor (or any successor general partner of the Kappa
Limited Partnership) or the Kappa Limited Partnership in violation of this
Agreement shall be void ab initio.

 

9B.          Kappa
Investor Distribution. Notwithstanding anything herein to the contrary, the
Kappa Investor agrees not to distribute Equity Securities or Equity Equivalents
of the Company to its equityholders or the holders of Equity Securities or
Equity Equivalents of the Kappa Limited Partnership without the prior written
consent of the Company or, as long as the MDCP Co-Investors beneficially own
more than 10% of the Common Equity Securities of the Company, the MDCP
Co-Investor Majority.

 

Section 10.             Definitions.
For the purposes of this Agreement, the following terms have the meanings set
forth below:

 

“Affiliate” of any particular Person means any
other Person controlling, controlled by or under common control with such
particular Person, where for these purposes “control” means the power (whether
through the ownership of voting securities, by contract or otherwise) to direct
or cause the direction of the management, policies and activities of such
particular Person or to appoint or remove (or to direct or cause the direction
of the appointment 

 

27

 

or removal of) directors
of the particular Person holding a majority of the voting rights exercisable at
meetings of its board and “controlled” and “controlling” shall be construed
accordingly; provided that in no event shall the Company be deemed an
Affiliate of one or more Cinven Co-Investors, CVC Co-Investors, MDCP
Co-Investors, or the Kappa Investor.

 

“Applicable Portion” means for each MDCP
Co-Investor or Additional Investor, as the case may be, the Reciprocal Relevant
Proportion multiplied by a fraction, the numerator of which is the number of
Ordinary Shares owned by such MDCP Co-Investor or Additional Investor and the
denominator of which is the number of Ordinary Shares owned by the MDCP
Co-Investors and Additional Investors.

 

“Cinven Applicable Percentage” the percentage
determined by dividing (i) the sum of (A) €323,000,000 plus (B) the aggregate
amount paid by Cinven Co-Investors after the date hereof to acquire debt
securities or Equity Securities and/or Equity Equivalents of the Kappa Limited
Partnership by (ii) the sum of (A) €646,000,000 plus (B) the aggregate amount
paid by Cinven Co-Investors and CVC Co-Investors after the date hereof to
acquire debt securities, Equity Securities and/or Equity Equivalents of the
Kappa Limited Partnership; provided that, for the avoidance of doubt,
until an additional amount is paid by the Cinven Co-Investors or CVC
Co-Investors for additional debt securities, Equity Securities and/or Equity
Equivalents of the Kappa Limited Partnership, the amount for each foregoing
clause (B) shall be €0.

 

“Cinven Co-Investors” means, collectively,
Cinven Nominees Limited, Cinven Fund No. 1 Limited Partnership, Cinven Fund US
No. 1 Limited Partnership, Second Cinven Fund Dutch No. 1 Limited Partnership,
Second Cinven Fund Dutch No. 2 Limited Partnership, Second Cinven Fund Dutch
No. 3 Limited Partnership, Second Cinven Fund Dutch No. 4 Limited Partnership,
Second Cinven Fund No. 1 Limited Partnership, Second Cinven Fund No. 2 Limited
Partnership, Second Cinven Fund US No. 1 Limited Partnership, Second Cinven
Fund US No. 2 Limited Partnership, Second Cinven Fund US No. 3 Limited
Partnership, Second Cinven Fund US No. 1 Co-Investment Limited Partnership,
Railway Pension Venture Capital Limited, Barclays UK Retirement Fund Venture
Limited Partnership, Coal Pension Venture Limited Partnership, Commercial Union
Life Assurance Company Ltd, CGNU Life Assurance Limited, Norwich Union Life
& Pensions Limited, HarbourVest International Private Equity Partners IV
Direct Fund LP, European Strategic Partners, European Strategic Partners
Scottish B LP, European Strategic Partners Scottish C LP, European Strategic
Partners-1 LP, ESP Co-Investment Limited Partnership and any Affiliate or
Counted Beneficiary of the foregoing that owns or holds Equity Interests or Equity
Equivalents of the Kappa Limited Partnership as of the date of determination
and “Cinven Co-Investor” means any of the Cinven Co-Investors.

 

“Cinven Interest” shall mean the percentage
determined by multiplying (i) the percentage of Common Equity Securities of the
Company owned by the Kappa Investor by (ii) the Cinven Applicable Percentage; provided
that in the event that the Kappa Investor, any Cinven Co-Investor or any CVC
Co-Investor is in breach of its obligations under clause (E) or (F) of paragraph
5A(iii), the Cinven Interest shall be determined by taking the number of issued
Common Equity Securities of the Company owned the Kappa Investor and
determining, upon a distribution of all Common Equity Securities by the Kappa
Investor to the limited partners of the Kappa Limited Partnership, the number
of Common Equity Securities of the Company that would be distributed to the
Cinven Co-Investors in accordance with the Kappa Limited 

 

28

 

Partnership Agreement and
dividing such number of Common Equity Securities deemed to be distributed to
the Cinven Co-Investors by the aggregate number of issued and outstanding
Common Equity Securities of the Company; provided further that prior to
applying the immediately foregoing proviso, the Company and the MDCP
Co-Investors shall request the following information to be provided by the
Kappa Investor:  (A) a copy of the Kappa
Limited Partnership Agreement and a register of limited partners showing the
outstanding Equity Securities and Equity Equivalents of the Kappa Limited
Partnership certified to be true and correct by the Kappa Investor, (B) a
certification by the Kappa Investor that no issuance or Transfer in violation
of clauses (E) or (F) of paragraph 5A(iii) has occurred, and (C) such other
information reasonably requested by the Company and the MDCP Co-Investors to
determine compliance with clauses (E) and (F) of paragraph 5A(iii) (including
in each case information regarding any Person on the register of limited
partners of the Kappa Limited Partnership that is not listed by name in the
definition of Cinven Co-Investor, CVC Co-Investor or the Stichting and for
which a Deed of Adherence has not previously been delivered to the Company) and
the Kappa Investor shall provide such information within 10 Business Days after
request therefor and the foregoing proviso shall only be applicable if (w) the
Kappa Investor admits in writing that a breach, or facts that give rise to a
breach, of clause (E) or (F) of paragraph 5A(iii) has occurred, (x) it can be
reasonably determined that the certifications made by the Kappa Investor were
false in any material respect when made, (y) it can be reasonably determined
from such information that the Kappa Investor, any Cinven Co-Investor or any
CVC Co-Investor has breached its obligations under clauses (E) or (F) or
paragraph 5A(iii), or (z) the Kappa Investor fails to provide the requested
information on a timely basis. Notwithstanding any other provision of this
Agreement to the contrary, in no event shall any Beneficiary (other than
Counted Beneficiaries) or other transferee, successor or assign of any Cinven
Co-Investor (other than another Person falling within the definition of Cinven
Co-Investor or an Affiliate of a Person falling within the definition of Cinven
Co-Investor that is not a competitor of any material line of business of the
Company and its Subsidiaries, taken as a whole) be deemed a Cinven Co-Investor
for purposes of this definition, even if such Beneficiary, transferee,
successor or assign joins this Agreement as a Cinven Co-Investor.

 

“Class D Convertible Shares” means Class D
Convertible Shares of the Company, nominal value €0.001 per share.

 

“Class I Convertible Shares” means Class I
Convertible Shares of the Company, nominal value €0.001 per share.

 

“Common Equity Securities” means, for any
Person as of any date of determination, ordinary shares, shares of common stock
or other similar equity securities not limited to a fixed stated return on
liquidation, dissolution or winding up of such Person, together with the
ordinary shares, shares of common stock or other similar equity securities of
such Person issuable upon exercise of then-exercisable rights, options,
warrants or similar securities of such Person or issuable upon conversion of
then-convertible equity or debt securities of such Person. For the avoidance of
doubt, in determining Common Equity Securities of the Company, (i) the Ordinary
Shares issuable upon conversion of the issued Class D Convertible Shares, (ii)
the Ordinary Shares issuable upon conversion of the issued Class I Convertible
Shares, and (iii) the Ordinary Shares issuable to the Kappa Investor pursuant
to the Purchase Agreement as a result of a then-exercisable subscription right
shall be deemed Common Equity Securities, but 

 

29

 

(x) the Ordinary Shares
issuable upon conversion of the issued Class A Convertible Shares, Class B
Convertible Shares, Class C Convertible Shares, Class E Convertible Shares,
Class F Convertible Shares, Class G Convertible Shares and Class H Convertible
Shares of the Company and (y) the Ordinary Shares issuable upon conversion of
the PIK or the Preference shall not be deemed Common Equity Securities.

 

“CVC Applicable Percentage” means 100% minus
the Cinven Applicable Percentage.

 

“CVC Co-Investors” means, collectively,
Citicorp Capital Investors Europe Limited, Capital Ventures Nominees Limited,
CVC European Equity Partners II Limited Partnership, CVC European Equity
Partners II (Jersey) Limited Partnership, Citi-Europe Co-Invest Limited
Partnership, CVC European Equity Partners III Limited Partnership, CVC European
Equity Partners III Parallel Fund-A Limited Partnership, CVC European Equity
Partners III Parallel Fund-B Limited Partnership, CVC Europe Enterprise
(Domestic) Limited Partnership, CVC Europe Enterprise (Cayman) Limited
Partnership, Stichting Certificaathouders Kappa and any Affiliate of the
foregoing that owns or holds Equity Interests or Equity Equivalents of the
Kappa Limited Partnership as of the date of determination and “CVC Co-Investor”
means any of the CVC Co-Investors.

 

“CVC Interest” shall mean the percentage
determined by multiplying (i) the percentage of Common Equity Securities of the
Company owned by the Kappa Investor by (ii) the CVC Applicable Percentage; provided
that in the event that the Kappa Investor, any Cinven Co-Investor or any CVC
Co-Investor is in breach of its obligations under clause (E) or (F) of
paragraph 5A(iii), the CVC Interest shall be determined by taking the number of
issued Common Equity Securities of the Company owned the Kappa Investor and
determining, upon a distribution of all Common Equity Securities by the Kappa
Investor to the limited partners of the Kappa Limited Partnership, the number
of Common Equity Securities of the Company that would be distributed to the CVC
Co-Investors in accordance with the Kappa Limited Partnership Agreement and
dividing such number of Common Equity Securities deemed to be distributed to
the CVC Co-Investors by the aggregate number of issued and outstanding Common
Equity Securities of the Company; provided further that prior to
applying the immediately foregoing proviso, the Company and the MDCP
Co-Investors shall request the following information to be provided by the
Kappa Investor:  (A) a copy of the Kappa
Limited Partnership Agreement and a register of limited partners showing the
outstanding Equity Securities and Equity Equivalents of the Kappa Limited Partnership
certified to be true and correct by the Kappa Investor, (B) a certification by
the Kappa Investor that no issuance or Transfer in violation of clauses (E) or
(F) of paragraph 5A(iii) has occurred, and (C) such other information
reasonably requested by the Company and the MDCP Co-Investors to determine
compliance with clauses (E) and (F) of paragraph 5A(iii) (including in each
case information regarding any Person on the register of limited partners of
the Kappa Limited Partnership that is not listed by name in the definition of
Cinven Co-Investor, CVC Co-Investor or the Stichting and for which a Deed of
Adherence has not previously been delivered to the Company) and the Kappa
Investor shall provide such information within 10 Business Days after request
therefor and the foregoing proviso shall only be applicable if (w) the Kappa
Investor admits in writing that a breach, or facts that give rise to a breach,
of clause (E) or (F) of paragraph 5A(iii) has occurred, (x) it can be
reasonably determined that the certifications made by the Kappa Investor were
false in any material respect 

 

30

 

when made, (y) it can be
reasonably determined from such information that the Kappa Investor, any Cinven
Co-Investor or any CVC Co-Investor has breached its obligations under clauses
(E) or (F) or paragraph 5A(iii), or (z) the Kappa Investor fails to provide the
requested information on a timely basis. Notwithstanding any other provision of
this Agreement to the contrary, in no event shall any Beneficiary (other than
Counted Beneficiaries) or other transferee, successor or assign of any CVC
Co-Investor (other than another Person falling within the definition of CVC
Co-Investor or an Affiliate of a Person falling within the definition of CVC
Co-Investor that is not a competitor of any material line of business of the
Company and its Subsidiaries, taken as a whole) be deemed a CVC Co-Investor for
purposes of this definition, even if such Beneficiary, transferee, successor or
assign joins this Agreement as a CVC Co-Investor.

 

“Deed of Adherence” means a deed of adherence
substantially in the form of Exhibit A attached hereto.

 

“Equity Equivalents” means any securities
convertible into or exchangeable for any Equity Securities, including without
limitation, warrants, options and other rights to acquire Equity Securities. For
the avoidance of doubt, Equity Equivalents of the Company shall not include
Equity Equivalents or Equity Securities of the Kappa Limited Partnership. Except
as specifically provided otherwise herein (e.g., as in “Equity Equivalents of
the Kappa Limited Partnership”), any reference to “Equity Equivalents” herein
shall be a reference to Equity Interests of the Company.

 

“Equity Securities” means any shares, share
derivatives, share appreciation rights, or other rights or instruments
containing equity-like features or otherwise based on changes in the enterprise
value of the issuer thereof or its Affiliates (other than ordinary course cash
bonus payments) and any rights to acquire any such right or instrument. For the
avoidance of doubt, (i) “Equity Securities” of the Company shall include
Ordinary Shares of any class or series, (ii) “Equity Securities” of the Kappa
Limited Partnership shall include limited partnership interests or other
similar interests in the Kappa Limited Partnership, and (iii) “Equity
Securities” of the Company shall not include Equity Securities or Equity
Equivalents of the Kappa Limited Partnership. Except as specifically provided
otherwise herein (e.g., as in “Equity Securities of the Kappa Limited
Partnership”), any reference to “Equity Securities” herein shall be a reference
to Equity Securities of the Company.

 

“Excluded Issuances” means the issuance of (i)
any Equity Securities or Equity Equivalents after the date hereof for management
incentive and/or compensation purposes (including pursuant to the MEIA and the
MEP), (ii) any Equity Securities or Equity Equivalents issued as consideration
for an acquisition or joint venture transaction, (iii) any Equity Securities or
Equity Equivalents issued as an “equity kicker” in respect of indebtedness for
borrowed money or any preferred Equity Securities, (iv) any Equity Securities
or Equity Equivalents issued upon conversion of any Equity Securities, any
Equity Equivalents, the PIK or the Preference, (v) Equity Securities or Equity
Equivalents to Persons (other than a MDCP Co-Investor or the Kappa Investor)
which the Company, with Required Board Vote, has determined to be Excluded
Issuances, (vi) Equity Securities or Equity Equivalents in respect of Class B
Ordinary Shares (or Equity Securities or Equity Equivalents subsequently issued
in respect of Class B Ordinary Shares) to provide for dilution protection to
such Class B Ordinary Shares pursuant to Section 3.9 of the Purchase Agreement,
(vii) any options, warrants or rights to acquire, or shares 

 

31

 

convertible into, Equity
Securities or Equity Equivalents listed in clauses (i) through (vi), and (viii)
Equity Securities or Equity Equivalents issued in connection with or pursuant
to a Public Sale.

 

“Exempted Transfer” means a Transfer of Equity
Securities and/or Equity Equivalents of the Company by a MDCP Co-Investor or
the Kappa Investor (i) to one or more Affiliates of a MDCP Co-Investor or such
Kappa Investor, respectively, (ii) to any members, partners, shareholders,
officers or directors of a MDCP Co-Investor or the Kappa Investor or any
Affiliate of any of the foregoing, respectively, (iii) of up to 5% of the
aggregate Equity Securities or Equity Equivalents of the Company of each type,
class or series held by the MDCP Co-Investors or the Kappa Investor,
respectively (aggregating, in each case, all Transfers made after the date
hereof), (iv) to the Company, an Investor or any Affiliate of an Investor under
paragraph 5B of this Agreement or (v) in a Public Sale.

 

“Family Group” means, with respect to any
Investor, such Investor’s spouse and descendants (whether natural or adopted)
and any trust solely for the benefit of such Investor and/or such Investor’s
spouse, descendants, siblings and/or siblings’ descendants.

 

“5% Owner” means any Person that owns 5% or
more of the Company’s Common Equity Securities.

 

“FSA” means the Financial Services Authority.

 

“Independent Third Party” means any Person who,
immediately prior to the contemplated transaction, is not a 5% Owner, who is
not controlling, controlled by or under common control with any 5% Owner and
who is not the spouse or descendent (by birth or adoption) of any 5% Owner.

 

“JSG” means Jefferson Smurfit Group Limited, an
Irish private limited company.

 

“Kappa Limited Partnership” means Smurfit Kappa
Feeder L.P., a limited partnership organized under the laws of Jersey.

 

“Listing” means
the admission of all or any part of any Ordinary Shares to the Official List of
The Irish Stock Exchange Limited or the Official List of the FSA, and to
trading on the market for listed securities of the London Stock Exchange or to
trading on the Alternative Investment Market or the taking effect of any granting
of permission to deal in the same on any recognized investment exchange (as
that term is used in the Financial Services Act 1986) or the registration of
all or any of any Common Equity Securities (or equivalent securities of any
Subsidiary or American Depository Receipts with respect to any of the forgoing)
on Form F-1, F-2 or F-3 (or any similar long-form or short-form registrations)
pursuant to the United States Securities Act of 1933 (as amended) or any
similar US federal law, or any similar listing or registration by the Company
of any Ordinary Shares or other Common Equity Securities on the public stock
exchange or securities market in any other jurisdiction.

 

“MDCP Co-Investor
Majority” means the holders of a majority of the Ordinary Shares held beneficially
and/or of record by all MDCP Co-Investors.

 

32

 

“MDCP Co-Investors” means, collectively, MDCP
IV Global Investments LP, MDCP III Global Investments LP, MDSE III Global
Investments LP and any Affiliate of the foregoing that owns or holds Ordinary
Shares as of the date of determination and “MDCP Co-Investor” means any of the
MDCP Co-Investors.

 

“MEIA” means the Company’s Amended and Restated
Management Equity Agreement, dated as of December 1, 2005, by and among the
Company and certain of its executives, as such agreement may be amended,
restated, supplemented or waived from time to time.

 

“MIP” means the Company’s 2005 Management
Equity Plan, approved by the Company on December 1, 2005, as amended, restated,
supplemented or waived from time to time.

 

“Non-Applicable Transfer” means a Transfer of
Equity Securities or Equity Equivalents by a Relevant Shareholder (i) made in
connection with an Approved Sale and not in violation of its obligations under
paragraph 5C hereof, (ii) to one or more Affiliates of such Relevant
Shareholder, (iii) of up to 5% of the aggregate Equity Securities or Equity
Equivalents of each type, series or class held by such Relevant Shareholder as
of the date of this Agreement and acquired after the date of this Agreement, or
(iv) in a Public Sale.

 

“Ordinary Shares” has the meaning given to such
term in the preamble hereto and shall include each other class or series of
ordinary shares of the Company created after the date hereof that is issued in
respect of such other Ordinary Shares in connection with any share dividend or
share split or in connection with a combination of shares, recapitalization,
merger, consolidation or other reorganization or otherwise. For the avoidance
of doubt, “Ordinary Shares” shall include Class A Ordinary Shares and Class B
Ordinary Shares.

 

“Permitted Transferees” shall have the meaning
given to such term in paragraph 5A hereof.

 

“Person” means an individual, a partnership, a
limited liability company an unlimited liability company, a company limited by
guarantee, a corporation, an association, a joint stock company, a trust, a
joint venture, an unincorporated organization and a governmental entity or any
department, agency or political subdivision thereof.

 

“PIK” shall have the meaning given to such term
in the Purchase Agreement.

 

“Preference” shall have the meaning given to
such term in the Purchase Agreement.

 

“Public Sale” means (x) any sale pursuant to or
after a Listing in any European Union member state or (y) in the case of a
Listing in the United States, any sale pursuant to a registered public offering
under the Securities Act or any sale to the public pursuant to Rule 144
promulgated under the Securities Act effected through a broker, dealer or
market maker.

 

33

 

“Purchased Equity Holder” means any Person
party to the Corporate Governance Agreement, dated as of July 4, 2002, that had
acquired Ordinary Shares of JSG on or before September 17, 2002.

 

“Reciprocal Relevant Proportion” shall have the
meaning given to such term in the Purchase Agreement.

 

“Registration Agreement” means that certain
Registration Rights Agreement, dated as of the date of this Agreement, by and
among the Company, the MDCP Co-Investors, the Kappa Investor and the other
parties signatory thereto, as amended, modified, supplemented or waived from
time to time.

 

“Relevant Proportion” shall have the meaning
given to such term in the Purchase Agreement.

 

“Required Board Vote” means (i) until the
Required Vote Termination Date, the affirmative vote of (A) a majority of the
MDCP III Global Director and the MDCP IV Global Directors then in office and
(B) either the Cinven Directors or the CVC Directors and (ii) from and after
the Required Vote Termination Date, the affirmative vote of a majority of the
members of the Board of Directors of the Company.

 

“Required Shareholder Vote” means (i) until the
Required Vote Termination Date, the prior written consent of (A) the MDCP
Co-Investor Majority and (B) either the Cinven Directors (acting in their
capacity as representatives of the Cinven Co-Investors) or the CVC Directors
(acting in their capacity as representatives of the CVC Co-Investors) and (ii)
from and after the Required Vote Termination Date (as determined in accordance
with its terms) the prior written consent of holders of a majority of the
Common Equity Securities party to this Agreement.

 

“Required Vote Termination Date” means the
earliest of (i) the date that the MDCP Co-Investors and their respective
Affiliates cease to beneficially own in the aggregate at least 10% of the
issued Common Equity Securities of the Company, (ii) the date that the Cinven
Interest is less than 10% or (iii) the date that the CVC Interest is less than
10%.

 

“Sale of the Company” means the sale of the
Company to an Independent Third Party or affiliated group of Independent Third
Parties pursuant to which such party or parties acquire (i) issued share
capital of the Company possessing the voting power to elect a majority of the
Company’s board of directors (whether by merger, consolidation or sale or
transfer of the Company’s issued share capital) or (ii) all or substantially
all of the Company’s assets determined on a consolidated basis; provided
that in no event shall a Sale of the Company be deemed to arise in whole or in
part as a result of the Class B Ordinary Shares becoming entitled to vote in
the election of directors.

 

“Securities Act” means the Securities Act of
1933, as amended.

 

“Stichting” means Stichting Senior Management
Kappa and any Affiliate of Stichting Senior Management Kappa that owns Equity
Securities of the Kappa Limited Partnership as of the date of determination.

 

34

 

“Subsidiary” means any Company of which the
securities having a majority of the ordinary voting power in electing the board
of directors are, at the time as of which any determination is being made,
owned by the Company either directly or through one or more Subsidiaries.

 

Section 11.             Miscellaneous.

 

11A.        Complete
Agreement. This Agreement and the agreements contemplated hereby embody the
complete agreement and understanding among the parties hereto with respect to
the subject matter hereof and supersedes and preempts any prior understandings,
agreements or representations by or among the parties, whether written or oral,
which may have related to the subject matter hereof in any way. Without
limiting the generality of the foregoing, this Agreement amends and restates in
its entirety that certain Exchange and Shareholders Agreement, dated as of
February 6, 2004, by and among the Company and certain of its shareholders (as
amended, modified, supplemented or waived from time to time, the “Existing
Shareholders Agreement”), which itself amended and restated that certain
Purchase and Shareholders Agreement, dated as of September 17, 2002 (the “Initial
Shareholders Agreement”), and that certain Corporate Governance Agreement,
dated as of February 6, 2004, by and among the Company and certain of its
shareholders (the “Existing Corporate Governance Agreement); provided
that no such termination of the Existing Shareholders Agreement shall waive any
right or remedy of any party for breach of such Existing Shareholders Agreement
or Existing Corporate Governance Agreement arising prior to the date of this
Agreement or any agreement of an
Investor or Management Investor made in any Acceptance Form included with that
certain Exchange Offer information memorandum dated on or about January 20,
2004, including, without limitation, the power of attorney executed in
connection therewith, or in any side letter executed (or, in accordance with
this Section 11, deemed executed) by the Company.

 

11B.        Remedies.
Each party hereto shall have all rights and remedies set forth in this
Agreement and the Articles of Association and all rights and remedies which
such holders have been granted at any time under any other agreement or
contract and all of the rights which such holders have under any law. Any
Person having any rights under any provision of this Agreement shall be
entitled to enforce such rights specifically (without posting a bond or other
security), to recover damages by reason of any breach of any provision of this
Agreement and to exercise all other rights granted by law. Each party hereto
agrees that its obligations hereunder (including its obligations under Sections
6, 7 and 8 hereof) may be enforced by an action for specific performance and no
such party shall object to the granting of such relief on grounds that an
adequate remedy exists at law.

 

11C.        Consent to
Amendments. Except as otherwise expressly provided herein, the provisions
of this Agreement may be amended and the Company or any holder of Equity
Securities and/or Equity Equivalents party hereto may take any action herein
prohibited, or omit to perform any act herein required to be performed by it,
only if the Company has obtained the Required Shareholder Vote; providedthat (i) if any such amendment,
modification or waiver would materially adversely affect any Investor relative
to the Investors comprising Required Shareholder Vote (assuming for this
purpose, that any action taken by Cinven Directors or CVC Directors as part of
Required Shareholder Vote is taken on behalf of the Cinven Co-Investors and the
CVC Co-Investors, respectively), such amendment, modification or waiver shall
be 

 

35

 

effective against such
Investor only with the written consent of such Investor or the holders of a
majority of Ordinary Shares held by all holders so adversely affected or (ii)
if any such amendment, modification or waiver would materially adversely affect
any Management Investor relative to the Investors comprising Required Shareholder
Vote (assuming for this purpose, that any action taken by Cinven Directors or
CVC Directors as part of Required Shareholder Vote is taken on behalf of the
Cinven Co-Investors and the CVC Co-Investors, respectively), such amendment,
modification or waiver shall be effective against such Management Investor only
with the written consent of such Management Investor or with the written
consent of a majority of the Management Investors. In addition, any amendment, modification or waiver of the
provisions of Section 7 which affects the Management Group (as defined in
paragraph 11O) in an adversely discriminatory manner relative to the Investors
voting in favor of such amendment, modification, or waiver (assuming for this
purpose, that any action taken by Cinven Directors or CVC Directors as part of
Required Shareholder Vote is taken on behalf of the Cinven Co-Investors and the
CVC Co-Investors, respectively) shall be effective against the Management Group
only if such amendment, modification or waiver has been approved by the holders
of a majority of the Ordinary Shares held by the Management Group. No
other course of dealing between the Company and any Investor or Management
Investor or any delay in exercising any rights hereunder, under any agreement
contemplated hereby or under the Articles of Association shall operate as a
waiver of any rights of any such holders. Each Investor agrees and acknowledges
that the Schedule of Investors and the Schedule of Additional
Investors may be updated by the Company to reflect the issuance of Equity
Securities and/or Equity Equivalents not in violation of Section 1 of this
Agreement after the date of this Agreement and the addition of the Person
acquiring such Equity Securities and/or Equity Equivalents as a party hereto as
an Additional Investor, in each case without the consent of any Investor
hereunder.

 

11D.        Successors
and Assigns. Except as otherwise expressly provided herein (including Section
9 hereof), all covenants and agreements contained in this Agreement by or on
behalf of any of the parties hereto shall bind and inure to the benefit of the
respective successors and assigns of the parties hereto whether so expressed or
not. In addition, and whether or not any express assignment has been made,
except as otherwise expressly provided herein (including Section 9
hereof), the provisions of this Agreement which are for the Investors’ benefit
as purchasers or holders of Ordinary Shares are, except as otherwise set forth
herein, also for the benefit of, and enforceable by, any subsequent holder of
such shares. Notwithstanding anything herein to the contrary, the rights and
obligations of any Investor or Management Investor under this Agreement and the
agreements contemplated hereby may be assigned at any time only with the prior
written consent of such Investor or Management Investor, as the case may be (in
addition to the prior written consent of those other Persons whose consent is
required for such assignment pursuant to the terms hereof). In the event that
at any time after the date hereof, (i) MWJS ceases to be the chairman of the
Company or JSG, (ii) GMcG ceases to be the chief executive officer of the
Company or JSG, (iii) APJS ceases to be the chief operating officer of the
Company or JSG, or (iv) IJC ceases to be the chief financial officer of the
Company or JSG, the rights of such person under Section 7 shall automatically,
and without further action on the part of any Person hereto, be assigned to
such Person’s successor with the Company, who shall succeed to all of such
Person’s rights under Section 7 hereof. Notwithstanding anything else to the
contrary set forth herein, in no event shall any Person or group of Persons
entitled to designate directors for appointment to the Board pursuant to
Section 6 be entitled to assign such rights without Required Board Vote. Notwithstanding
anything else to the contrary set forth 

 

36

 

herein, in no event shall any Person or group of
Persons entitled to designate directors for appointment to the Board pursuant
to Section 6 be entitled to assign such rights without Required Board Vote.

 

11E.         Severability.
Whenever possible, each provision of this Agreement shall be interpreted in
such manner as to be effective and valid under applicable law, but if any
provision of this Agreement is held to be prohibited by or invalid under
applicable law, such provision shall be ineffective only to the extent of such
prohibition or invalidity, without invalidating the remainder of this
Agreement.

 

11F.         Counterparts.
This Agreement may be executed simultaneously in two or more counterparts
(including by facsimile or electronic transmission), any one of which need not
contain the signatures of more than one party, but all such counterparts taken
together shall constitute one and the same Agreement.

 

11G.        Descriptive
Headings; Interpretation. The descriptive headings of this Agreement are
inserted for convenience only and do not constitute a Section of this
Agreement. The use of the word “including” in this Agreement shall be by way of
example rather than by limitation.

 

11H.        Governing
Law. The Agreement and the exhibits and schedules hereto shall be governed
by and construed in accordance with the laws of the Republic of Ireland. Each
of the parties hereby submits to the non-exclusive jurisdiction of the Republic
of Ireland. Any suit or action brought against any Management Investor
hereunder should be brought exclusively in the courts of the Republic of
Ireland (it being understood that, except as set forth in this sentence,
nothing contained in this paragraph 11H shall limit any party’s rights to bring
any suit against any party (other than the Management Investors) or with
respect to the subject matter hereof in any other jurisdiction).

 

11I.          Notices.
All notices, demands or other communications to be given or delivered under or
by reason of the provisions of this Agreement shall be in writing and shall be
deemed to have been given when delivered personally to the recipient, one day
after being sent to the recipient by reputable express courier service by
overnight mail (charges prepaid) or by facsimile. Such notices, demands and
other communications shall be sent to the Investors and to the Company at the
address indicated below:

 

If to the Company:

 

c/o Jefferson Smurfit
Group Limited

Headquarters

Beech Hill

Clonsekagh

Dublin 4

Attention:

Facsimile:               +353-1-283-7113

 

37

 

with copies to:

 

William
Fry

Solicitors

Fitzwilton
House

Wilton
Place

Dublin 2

Attention:               Owen
O’Connell

Facsimile:               +353-1-618-0618

 

and to the MDCP Co-Investors and Kirkland & Ellis
LLP (at the addresses set forth below)

 

If to the Kappa Investor or the Cinven Co-Investors:

 

c/o Cinven Limited

Warwick Court

Paternoster Square

London 

EC4M 7AG

Attention: Marcus Wood 

Facsimile:  (020) 7661 3888

 

with a copy to:

 

Freshfields Bruckhaus Deringer

65 Fleet Street 

London EC4Y 1HS

UK

Attention:               Edward
Braham / David Higgins

Facsimile:               (020)
7832 7001

 

If to the Kappa Investor or the CVC Co-Investors:

 

c/o CVC Capital Partners Limited

111 Strand

London

WC2R 0AG

UK 

Attention: David Milne

Facsimile:  (020) 7420 4231

 

with a copy to:

 

Freshfields Bruckhaus Deringer

65 Fleet Street 

London EC4Y 1HS

UK

Attention:               Edward Braham
/ David Higgins

Facsimile:               (020)
7832 7001

 

38

 

If to the MDCP Co-Investors:

 

c/o Madison Dearborn Partners, LLC

Three First National Plaza,

Suite 3800

Chicago, Illinois 60602

USA 

Attention: Samuel M. Mencoff

Facsimile: 
312-895-1001

 

with a copy to:

 

Kirkland & Ellis LLP

200 East Randolph Drive

Chicago, IL  60601

USA

Attention:               Dennis M.
Myers, P.C.

Facsimile:               (312)
861-2200

 

If to any Management Investor:

 

c/o William Fry Solicitors

Fitzwilton House

Wilton Place

Dublin 2

Ireland

Attention:  Owen
O’Connell

Facsimile:  +353-1-639-5333

 

If to an Additional Investor:

 

To the address set forth for such Additional Investor

on the Schedule of Additional Investors
attached hereto

 

or to such other address or to the attention of such
other person as the recipient party has specified by prior written notice to
the sending party.

 

11J.         No Strict
Construction. The parties hereto have participated jointly in the
negotiation and drafting of this Agreement. In the event an ambiguity or
question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the parties hereto, and no presumption or burden of
proof shall arise favoring or disfavoring any party by virtue of the authorship
of any of the provisions of this Agreement.

 

11K.        Side
Letters. Notwithstanding anything herein to the contrary, each of the
Company and each Investor agree that, in connection with such Investor’s
investment in MDCP 

 

39

 

Acquisitions Limited (formerly MDCP Acquisitions plc),
MDCP Acquisitions Limited or one or more of its Subsidiaries entered into
certain side letter agreements with certain of the Investors (true, correct and
complete copies of which have been delivered to the Kappa Investor’s counsel by
electronic transmission) and to the extent that any obligations under any such
side letter have not been fully performed by MDCP Acquisitions Limited or any
of its Subsidiaries prior to the date hereof, the obligations of MDCP
Acquisitions Limited under such side letter shall from and after the date
hereof be obligations of the Company as though the Company were originally
party thereto. Furthermore, any agreement of any Investor evidenced in any such
side letter (including to the extent such had the effect of amending rights or
obligations of any such Investor or the transferor of any Equity Securities
and/or Equity Equivalents held by such Investor) shall remain in full force and
effect and binding upon each such Investor. Notwithstanding the foregoing, no
amendment, modification or waiver of any such side letter agreement after the
date hereof shall be effective without Required Board Vote.

 

11L.         Signature
by General Partner.

 

(i)            Smurfit
Kappa Feeder G.P. Limited hereby confirms that it has entered into this
Agreement and the Registration Agreement for and on behalf of the Kappa Limited
Partnership. Each of the Cinven Co-Investors, the CVC Co-Investors and the
Stichting hereby confirm that Smurfit Kappa Feeder G.P. Limited shall continue
to be so authorized to act for and on behalf of the Kappa Limited Partnership
for the purposes described in this Agreement and the Registration Agreement and
that each of the other parties hereto shall be entitled to rely upon any act,
omission, notice, consent or waiver done, omitted or given by Smurfit Kappa
Feeder G.P. Limited hereunder or under the Registration Agreement and shall be
entitled to assume that Smurfit Kappa Feeder G.P. Limited remains in that
position and is authorized and appointed as aforesaid until (A) the other
parties hereto are notified of the identity of a new general partner by the
service upon them of a copy, certified as a true copy by counsel to the Kappa
Limited Partnership, of a deed or agreement amending the Kappa Partnership Agreement
by the appointment thereto of a new general partner and (B) such new general
partner has executed and delivered to the Company on behalf of the other
parties hereto a counterpart to this Agreement and the Registration Agreement
agreeing to be bound hereby and thereby in the same capacity as Smurfit Kappa
Feeder G.P. Limited.

 

(ii)           The Kappa
Investor hereby acknowledges and agrees that the Kappa Investor owns and holds
legal title to its Equity Securities and/or Equity Equivalents of the Company
in its capacity as general partner of, and on behalf of, the Kappa Limited
Partnership.

 

(iii)          The parties to the Agreement acknowledge for
all purposes and at all relevant times including, without limitation, for the
purposes of the Limited Partnership (Jersey) Law 1994, as amended (the “Law”)
that the Cinven Co-Invstors, the CVC Co-Investors and the Stichting are each
limited partners in the Kappa Limited Partnership and none of them is a “general
partner” of the Kappa Limited Partnership (as the term “limited partner” and “general
partner” are defined in the Law). The parties to this Agreement also
acknowledge that the Cinven Co-Invstors, the CVC Co-Investors and the Stichting
in their personal capacities or in their capacities as limited partners of the
Kappa Limited Partnership, do not have power to, and do not hereby, bind the
Kappa Limited Partnership. As a material inducement to obtain the
acknowledgments in this paragraph 11L(iii), the Cinven Co-Investors, the CVC
Co-Investors and 

 

40

 

the Stichting agree not to
accept appointment as, or become, the general partner of the Kappa Limited
Partnership.

 

11M.       Termination.
Other than paragraph 6I (which shall terminate upon the earlier of the date
that the Minimum Investment Condition is no longer satisfied and a Sale of the
Company), this Agreement, and the rights and obligations of the parties
hereunder, shall automatically terminate upon the earlier of (i) the effective
date of the Company’s initial Listing and (ii) the date of consummation of a
Sale of the Company; provided that in no event shall termination of this
Agreement affect the rights or obligations of any party for breach of this
Agreement arising prior to such termination. Notwithstanding the foregoing and
notwithstanding anything else to the contrary set forth in this Agreement, (x)
the rights of the Kappa Investor to elect or remove, or designate the election
or removal of, any Cinven Director pursuant to Section 6 of this Agreement
shall, in addition to any termination pursuant to the immediately foregoing
sentence, terminate on the date that the Cinven Interest is less than 10%, (y)
the rights of the Kappa Investor to elect or remove, or designate the election
or removal of, any CVC Director pursuant to Section 6 of this Agreement shall,
in addition to any termination pursuant to the immediately foregoing sentence,
terminate on the date that the CVC Interest is less than 10%, and (z) the
rights of MDCP IV Global Investments LP and MDCP III Global Investments to
elect or remove, or designate the election or removal of, the MDCP IV Global
Directors and the MDCP III Global Director pursuant to Section 6 of this
Agreement shall, in addition to any termination pursuant to the immediately
foregoing sentence, terminate on the date that the MDCP Co-Investors (including
any Affiliate thereof, but otherwise expressly excluding any transferee,
successor or assign not included in the definition thereof) cease to own at
least 10% of the issued and outstanding Common Equity Securities of the
Company.

 

11N.        Limitations
on Liability. Except for injunctive or other equitable relief (including
specific performance), each of the parties hereto agrees that the exclusive
remedy and recourse against any Investor for breach of any representation,
warranty, covenant or agreement made by such Investor in this Agreement or the
Registration Agreement shall be against Equity Securities and/or Equity
Equivalents of the Company held by such Investor or any transferee, successor or
assign of such Investor; provided that, in the case of breach by the
Kappa Investor of this Agreement and/or the Registration Agreement, each party
hereto shall also have remedy or recourse against the PIK issued to the Kappa
Investor for such breach; provided that, in the case of breach by any
other Investor of this Agreement and/or the Registration Agreement, each party
shall also have remedy or recourse against the Preference (if any) issued to
such Investor for such breach.

 

11O.        Rights of
Management Group. The Management Investors have entered into this Agreement
on their own behalf and, for the purposes of Section 7 of this Agreement, on
behalf of the participants in the MIP (the “Management Group”) but the
Management Investors shall be entitled in their absolute discretion to exercise
(or omit to do so) all powers, authorities and rights granted in Section 7 of
this Agreement without recourse to or consultation with the Management Group. No
member of the Management Group shall have any claim or right against the
Management Investors on account of the manner in which he has exercised or
failed to exercise any of the said powers, rights and authorities and each member of the Management Group
waives any and all rights which he may hereafter have or acquire as a result of
the exercise or manner of exercise or failure to exercise any of the said
powers, rights and authorities 

 

41

 

whether or not in so doing
the Management Investors have acted recklessly or negligently. In no event
shall any member of the Management Group (other than the Management Investors)
have any right themselves to bring an action or suit against the Company, any
MDCP Co-Investor, the Kappa Investor or any other Person for breach of this Agreement.

 

42

 

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement on the date first written above.

 

 

	
   

  	
  JSG PACKAGING LIMITED

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Michael
  O’Riordan

  	
   

  
	
   

  	
  Its:

  	
  Secretary

  	
   

  

 

43

 

Acknowledged and agreed as of the date first above
written:

 

	
  MDCP IV GLOBAL INVESTMENTS LP

  	
   

  
	
   

  	
   

  
	
  By:

  	
  MDP IV Global GP, LP

  	
   

  
	
  Its:

  	
  General Partner

  	
   

  
	
   

  	
   

  
	
  By:

  	
  MDP Global Investors Limited

  	
   

  
	
  Its:

  	
  General Partner

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Samuel M. Mencoff

  	
   

  	
   

  
	
  By:

  	
  Samuel M. Mencoff

  	
   

  	
   

  
	
  Its:

  	
  Managing Director

  	
   

  	
   

  
					

 

 

	
  MDCP III GLOBAL INVESTMENTS LP

  	
   

  
	
   

  	
   

  
	
  By:

  	
  MDP III Global GP, LP

  	
   

  
	
  Its:

  	
  General Partner

  	
   

  
	
   

  	
   

  
	
  By:

  	
  MDP Global Investors Limited

  	
   

  
	
  Its:

  	
  General Partner

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Samuel M. Mencoff

  	
   

  	
   

  
	
  By:

  	
  Samuel M. Mencoff

  	
   

  	
   

  
	
  Its:

  	
  Managing Director

  	
   

  	
   

  
					

 

	
  MDSE III GLOBAL INVESTMENTS LP

  	
   

  
	
   

  	
   

  
	
  By:

  	
  MDP III Global GP, LP

  	
   

  
	
  Its:

  	
  General Partner

  	
   

  
	
   

  	
   

  
	
  By:

  	
  MDP Global Investors Limited

  	
   

  
	
  Its:

  	
  General Partner

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Samuel M. Mencoff

  	
   

  	
   

  
	
  By:

  	
  Samuel M. Mencoff

  	
   

  	
   

  
	
  Its:

  	
  Managing Director

  	
   

  	
   

  
					

 

44

 

 

	
  Acknowledged and agreed as of the date first above
  written:

  
	
   

  
	
   

  
	
  /s/ Dr. Michael W.J. Smurfit

  	
   

  
	
  Dr. Michael W.J. Smurfit

  	
   

  
	
   

  
	
   

  
	
  /s/ Gary McGann

  	
   

  
	
  Gary McGann

  	
   

  
	
   

  
	
   

  
	
  /s/ Anthony P.J. Smurfit

  	
   

  
	
  Anthony P.J. Smurfit

  	
   

  
	
   

  
	
   

  
	
  /s/ Ian J. Curley

  	
   

  
	
  Ian J. Curley

  	
   

  
			

 

45

 

Acknowledged and agreed as of the date first above
written:

 

 

Smurfit Kappa Feeder G.P. Limited acting in its
capacity as general partner of, and on behalf of, the Kappa Limited Partnership

 

 

	
  By:

  	
  /s/ [Illegible]

  	
   

  
	
   

  	
   

  
	
  Its:

  	
  Director

  	
   

  

 

 

	
  SIGNED by

  	
  )

  	
   

  
	
  for and on behalf of

  	
  )

  	
  /s/ Marcus Wood

  
	
  CINVEN NOMINEES LIMITED

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SIGNED by

  	
  )

  	
   

  
	
  for and on behalf of

  	
  )

  	
   

  
	
  CINVEN CAPITAL MANAGEMENT (FF) LIMITED

  	
  )

  	
   

  
	
  as General Partner of

  	
  )

  	
   

  
	
  CINVEN CAPITAL MANAGEMENT (FF)

  	
  )

  	
  /s/ Marcus Wood

  
	
  LIMITED PARTNERSHIP

  	
  )

  	
   

  
	
  as General Partner of the following partnerships:

  	
  )

  	
   

  
	
  CINVEN FUND NO. 1 LIMITED PARTNERSHIP

  	
  )

  	
   

  
	
  CINVEN FUND US NO. 1 LIMITED PARTNERSHIP

  	
  )

  	
   

  

 

46

 

	
  SIGNED by

  	
  )

  	
   

  
	
  for and on behalf of

  	
  )

  	
   

  
	
  CINVEN CAPITAL MANAGEMENT (SF NO. 1)

  	
  )

  	
   

  
	
  LIMITED

  	
  )

  	
   

  
	
  as General Partner of

  	
  )

  	
   

  
	
  CINVEN CAPITAL MANAGEMENT (SF NO. 1)

  	
  )

  	
  /s/ Marcus Wood

  
	
  LIMITED PARTNERSHIP

  	
  )

  	
   

  
	
  as General Partner of the following partnerships:

  	
  )

  	
   

  
	
  SECOND CINVEN FUND DUTCH NO. 1 LIMITED

  	
  )

  	
   

  
	
  PARTNERSHIP

  	
  )

  	
   

  
	
  SECOND CINVEN FUND DUTCH NO. 2 LIMITED

  	
  )

  	
   

  
	
  PARTNERSHIP

  	
  )

  	
   

  
	
  SECOND CINVEN FUND DUTCH NO. 3 LIMITED

  	
  )

  	
   

  
	
  PARTNERSHIP

  	
  )

  	
   

  
	
  SECOND CINVEN FUND DUTCH NO. 4 LIMITED

  	
  )

  	
   

  
	
  PARTNERSHIP

  	
  )

  	
   

  
	
  SECOND CINVEN FUND NO. 1 LIMITED

  	
  )

  	
   

  
	
  PARTNERSHIP

  	
  )

  	
   

  
	
  SECOND CINVEN FUND NO. 2 LIMITED

  	
  )

  	
   

  
	
  PARTNERSHIP

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  SIGNED by

  	
  )

  	
   

  
	
  for and on behalf of

  	
  )

  	
   

  
	
  CINVEN CAPITAL MANAGEMENT (SF NO. 2)

  	
  )

  	
   

  
	
  LIMITED

  	
  )

  	
   

  
	
  as General Partner of

  	
  )

  	
   

  
	
  CINVEN CAPITAL MANAGEMENT (SF NO. 2)

  	
  )

  	
   

  
	
  LIMITED PARTNERSHIP

  	
  )

  	
   

  
	
  as General Partner of the following partnerships:

  	
  )

  	
   

  
	
  SECOND CINVEN FUND US NO. 1 LIMITED

  	
  )

  	
  /s/ Marcus Wood

  
	
  PARTNERSHIP

  	
  )

  	
   

  
	
  SECOND CINVEN FUND US NO. 2 LIMITED

  	
  )

  	
   

  
	
  PARTNERSHIP

  	
  )

  	
   

  
	
  SECOND CINVEN FUND US NO. 3 LIMITED

  	
  )

  	
   

  
	
  PARTNERSHIP

  	
  )

  	
   

  
	
  SECOND CINVEN FUND US NO. 1

  	
  )

  	
   

  
	
  CO-INVESTMENT LIMITED PARTNERSHIP

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SIGNED by

  	
  )

  	
   

  
	
  Marcus Wood as duly authorised attorney

  	
  )

  	
   

  
	
  for and on behalf of

  	
  )

  	
  /s/ Marcus Wood

  
	
  RAILWAY PENSION VENTURE CAPITAL

  	
  )

  	
   

  
	
  LIMITED

  	
  )

  	
   

  

 

47

 

	
  SIGNED by

  	
  )

  	
   

  
	
  Marcus Wood as duly authorised attorney

  	
  )

  	
   

  
	
  for and on behalf of

  	
  )

  	
   

  
	
  CINVEN CAPITAL MANAGEMENT (BN) LIMITED

  	
  )

  	
   

  
	
  as General Partner of

  	
  )

  	
  /s/ Marcus Wood

  
	
  CINVEN CAPITAL MANAGEMENT (BN) LIMITED

  	
  )

  	
   

  
	
  PARTNERSHIP

  	
  )

  	
   

  
	
  as General Partner of

  	
  )

  	
   

  
	
  BARCLAYS UK RETIREMENT FUND VENTURE

  	
  )

  	
   

  
	
  LIMITED PARTNERSHIP

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SIGNED by

  	
  )

  	
   

  
	
  Marcus Wood as duly authorised attorney

  	
  )

  	
   

  
	
  for and on behalf of

  	
  )

  	
   

  
	
  CINVEN CAPITAL MANAGEMENT (CN) LIMITED

  	
  )

  	
   

  
	
  as General Partner of

  	
  )

  	
  /s/ Marcus Wood

  
	
  CINVEN CAPITAL MANAGEMENT (CN) LIMITED

  	
  )

  	
   

  
	
  PARTNERSHIP

  	
  )

  	
   

  
	
  as General Partner of

  	
  )

  	
   

  
	
  COAL PENSION VENTURE LIMITED

  	
  )

  	
   

  
	
  PARTNERSHIP

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SIGNED by

  	
  )

  	
   

  
	
  Marcus Wood as duly authorised attorney

  	
  )

  	
   

  
	
  for and on behalf of

  	
  )

  	
  /s/ Marcus Wood

  
	
  COMMERCIAL UNION LIFE ASSURANCE

  	
  )

  	
   

  
	
  COMPANY LIMITED

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SIGNED by

  	
  )

  	
   

  
	
  Marcus Wood as duly authorised attorney

  	
  )

  	
  /s/ Marcus Wood

  
	
  for and on behalf of

  	
  )

  	
   

  
	
  CGNU LIFE ASSURANCE LIMITED

  	
  )

  	
   

  

 

48

 

	
  SIGNED by

  	
  )

  	
   

  
	
  Marcus Wood as duly authorised attorney

  	
  )

  	
   

  
	
  for and on behalf of

  	
  )

  	
  /s/ Marcus Wood

  
	
  NORWICH UNION LIFE & PENSIONS

  	
  )

  	
   

  
	
  LIMITED

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  SIGNED by

  	
  )

  	
   

  
	
  Marcus Wood as duly authorised attorney

  	
  )

  	
   

  
	
  for and on behalf of

  	
  )

  	
   

  
	
  HARBOURVEST INTERNATIONAL PRIVATE

  	
  )

  	
   

  
	
  EQUITY PARTNERS IV-DIRECT FUND L.P.

  	
  )

  	
  /s/ Marcus Wood

  
	
  by

  	
  )

  	
   

  
	
  HIPEP IV-DIRECT ASSOCIATES LLC

  	
  )

  	
   

  
	
  as its General Partner

  	
  )

  	
   

  
	
  by

  	
  )

  	
   

  
	
  HARBOURVEST PARTNERS LLC

  	
  )

  	
   

  
	
  as its Managing Member

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  Signed by STANDARD LIFE

  	
   

  	
   

  
	
  INVESTMENTS (PRIVATE

  	
  )

  	
   

  
	
  EQUITY) LIMITED as the duly

  	
  )

  	
   

  
	
  authorised manager of EUROPEAN

  	
  )

  	
  /s/ Marcus Wood

  
	
  STRATEGIC PARTNERS

  	
  )

  	
   

  
	
  acting by a duly appointed attorney in the

  	
  )

  	
   

  
	
  presence of this witness

  	
  )

  	
   

  

 

 

	
  /s/ Damien Hill

  	
  Witness Signature

  
	
   

  	
   

  
	
  Damien Hill

  	
  Full Name

  
	
   

  	
   

  
	
  65 Fleet Street EC4Y 1H5

  	
  Address

  

 

49

 

	
  SIGNED by STANDARD

  	
  )

  	
   

  
	
  LIFE INVESTMENTS (PRIVATE

  	
  )

  	
   

  
	
  EQUITY) LIMITED as the duly

  	
  )

  	
   

  
	
  authorised manager of EUROPEAN

  	
  )

  	
  /s/ Marcus Wood

  
	
  STRATEGIC PARTNERS - 1 LP

  	
  )

  	
   

  
	
  acting by a duly appointed attorney in the

  	
  )

  	
   

  
	
  presence of this witness

  	
  )

  	
   

  

 

 

	
  /s/ Damien Hill

  	
  Witness Signature

  
	
   

  	
   

  
	
  Damien Hill

  	
  Full Name

  
	
   

  	
   

  
	
  65 Fleet Street EC4Y 1H5

  	
  Address

  

 

 

	
  SIGNED by STANDARD

  	
  )

  	
   

  
	
  LIFE INVESTMENTS (PRIVATE

  	
  )

  	
   

  
	
  EQUITY) LIMITED as the duly

  	
  )

  	
   

  
	
  authorised manager of EUROPEAN

  	
  )

  	
  /s/ Marcus Wood

  
	
  STRATEGIC PARTNERS SCOTTISH B

  	
  )

  	
   

  
	
  acting by a duly appointed attorney in the

  	
  )

  	
   

  
	
  presence of this witness

  	
  )

  	
   

  

 

 

	
  /s/ Damien Hill

  	
  Witness Signature

  
	
   

  	
   

  
	
  Damien Hill

  	
  Full Name

  
	
   

  	
   

  
	
  65 Fleet Street EC4Y 1H5

  	
  Address

  

 

50

 

	
  SIGNED by STANDARD

  	
  )

  	
   

  
	
  LIFE INVESTMENTS (PRIVATE

  	
  )

  	
   

  
	
  EQUITY) LIMITED as the duly

  	
  )

  	
   

  
	
  authorised manager of EUROPEAN

  	
  )

  	
  /s/ Marcus Wood

  
	
  STRATEGIC PARTNERS SCOTTISH C

  	
  )

  	
   

  
	
  acting by a duly appointed attorney in the

  	
  )

  	
   

  
	
  presence of this witness

  	
  )

  	
   

  

 

 

	
  /s/ Damien Hill

  	
  Witness Signature

  
	
   

  	
   

  
	
  Damien Hill

  	
  Full Name

  
	
   

  	
   

  
	
  65 Fleet Street EC4Y 1H5

  	
  Address

  

 

	
  SIGNED by STANDARD

  	
  )

  	
   

  
	
  LIFE INVESTMENTS (PRIVATE

  	
  )

  	
   

  
	
  EQUITY) LIMITED as the duly authorised manager of

  	
  )

  	
   

  
	
  ESP Co INVESTMENT LIMITED

  	
  )

  	
  /s/ Marcus Wood

  
	
  PARTNERSHIP

  	
  )

  	
   

  
	
  acting by a duly appointed attorney in the

  	
  )

  	
   

  
	
  presence of this witness

  	
  )

  	
   

  

 

	
  /s/ Damien Hill

  	
  Witness Signature

  
	
   

  	
   

  
	
  Damien Hill

  	
  Full Name

  
	
   

  	
   

  
	
  65 Fleet Street EC4Y 1H5

  	
  Address

  

 

 

	
  SIGNED by

  	
  )

  	
   

  
	
  David Milne as duly authorised attorney

  	
  )

  	
   

  
	
  for and on behalf of

  	
  )

  	
  /s/ David Milne

  
	
  CVC EUROPEAN EQUITY II LIMITED

  	
  )

  	
   

  
	
  as General Partner of

  	
  )

  	
   

  
	
  CVC EUROPEAN EQUITY PARTNERS II L.P.

  	
  )

  	
   

  

 

51

 

	
  SIGNED by

  	
  )

  	
   

  
	
  David Milne as duly authorised attorney

  	
  )

  	
   

  
	
  for and on behalf of

  	
  )

  	
   

  
	
  CVC EUROPEAN EQUITY II LIMITED

  	
  )

  	
  /s/ David Milne

  
	
  as General Partner of

  	
  )

  	
   

  
	
  CVC EUROPEAN EQUITY PARTNERS II

  	
  )

  	
   

  
	
  (JERSEY) L.P.

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  SIGNED by

  	
  )

  	
   

  
	
  David Milne as duly authorised attorney

  	
  )

  	
   

  
	
  for and on behalf of

  	
  )

  	
   

  
	
  CVC EUROPEAN EQUITY III LIMITED

  	
  )

  	
   

  
	
  as General Partner of

  	
  )

  	
  /s/ David Milne

  
	
  CVC EUROPEAN EQUITY III GENERAL

  	
  )

  	
   

  
	
  PARTNERS L.P.

  	
  )

  	
   

  
	
  as General Partner of

  	
  )

  	
   

  
	
  CVC EUROPEAN EQUITY PARTNERS III L.P.

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  SIGNED by

  	
  )

  	
   

  
	
  David Milne as duly authorised attorney

  	
  )

  	
   

  
	
  for and on behalf of

  	
  )

  	
   

  
	
  CVC EUROPEAN EQUITY III LIMITED

  	
  )

  	
   

  
	
  as General Partner of

  	
  )

  	
  /s/ David Milne

  
	
  CVC EUROPEAN EQUITY III GENERAL

  	
  )

  	
   

  
	
  PARTNER L.P.

  	
  )

  	
   

  
	
  as General Partner of

  	
  )

  	
   

  
	
  CVC EUROPEAN EQUITY PARTNERS III

  	
  )

  	
   

  
	
  PARALLEL FUND A L.P.

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  SIGNED by

  	
  )

  	
   

  
	
  David Milne as duly authorised attorney

  	
  )

  	
   

  
	
  for and on behalf of

  	
  )

  	
   

  
	
  CVC EUROPEAN EQUITY III LIMITED

  	
  )

  	
   

  
	
  as General Partner of

  	
  )

  	
  /s/ David Milne

  
	
  CVC EUROPEAN EQUITY III GENERAL

  	
  )

  	
   

  
	
  PARTNER L.P.

  	
  )

  	
   

  
	
  as General Partner of

  	
  )

  	
   

  
	
  CVC EUROPEAN EQUITY PARTNERS III

  	
  )

  	
   

  
	
  PARALLEL FUND B L.P.

  	
  )

  	
   

  

 

52

 

	
  SIGNED by

  	
  )

  	
   

  
	
  David Milne as duly authorised attorney

  	
  )

  	
   

  
	
  for and on behalf of

  	
  )

  	
  /s/ David Milne

  
	
  CVC EUROPE ENTERPRISE GP LIMITED

  	
  )

  	
   

  
	
  as General Partner of

  	
  )

  	
   

  
	
  CVC EUROPE ENTERPRISE (DOMESTIC) L.P.

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  SIGNED by

  	
  )

  	
   

  
	
  David Milne as duly authoised attorney

  	
  )

  	
   

  
	
  for and on behalf of

  	
  )

  	
  /s/ David Milne

  
	
  CVC EUROPE ENTERPRISE GP LIMITED

  	
  )

  	
   

  
	
  as General Partner of

  	
  )

  	
   

  
	
  CVC EUROPE ENTERPRISE (CAYMAN) L.P.

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  SIGNED by

  	
  )

  	
   

  
	
  David Milne for and on behalf of

  	
  )

  	
  /s/ David Milne

  
	
  STICHTING CERTIFICAATHOUDERS KAPPA

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SIGNED by

  	
  )

  	
   

  
	
  David Milne as duly authorised attorney

  	
  )

  	
   

  
	
  for and on behalf of

  	
  )

  	
  /s/ David Milne

  
	
  CITICORP CAPITAL INVESTORS EUROPE

  	
  )

  	
   

  
	
  LIMITED

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  SIGNED by

  	
  )

  	
   

  
	
  David Milne as duly authorised attorney

  	
  )

  	
  /s/ David Milne

  
	
  for and on behalf of

  	
  )

  	
   

  
	
  CAPITAL VENTURES NOMINEES LIMITED

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  SIGNED by

  	
  )

  	
   

  
	
  David Milne as duly authorised attorney

  	
  )

  	
   

  
	
  for and on behalf of

  	
  )

  	
  /s/ David Milne

  
	
  CELFOF GP CORP

  	
  )

  	
   

  
	
  as General Partner of

  	
  )

  	
   

  
	
  CITI-EUROPE CO-INVEST L.P.

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  SIGNED by

  	
  )

  	
   

  
	
  for and on behalf of

  	
  )

  	
  /s/ Frits Beurskens and Han Wagter

  
	
  STICHTING SENIOR MANAGEMENT KAPPA

  	
  )

  	
   

  

 

53

 

Acknowledged and agreed as of the date first above
written:

 

MIDOCEAN EUROPE GP (JERSEY) LIMITED

 

	
  By:

  	
  /s/ Diarmuid Cummins

  	
   

  
	
   

  	
  Name:

  	
  Diarmuid Cummins

  
	
   

  	
  Title:

  	
  Director

  
				

 

54

 

Acknowledged and agreed as of the date first above
written:

 

	
  ARTHUR STREET PORTFOLIO, L.P.

  
	
   

  
	
  By:

  	
  MLIM DivPEP I, LLC,

  
	
  Its:

  	
  General Partner

  
	
   

  	
   

  
	
  By:

  	
  MLIM Private Equity, L.P.,

  
	
  Its:

  	
  Managing Member

  
	
   

  	
   

  
	
  By:

  	
  Portfolio Administration & Management Ltd.,

  
	
  Its:

  	
  General Partner

  
	
   

  	
   

  
	
  By:

  	
  /s Steven Baumgarten

  	
   

  
	
   

  	
  Name:

  	
  Steven Baumgarten

  
	
   

  	
  Title:

  	
  Vice President

  
				

 

 

	
  ARTHUR STREET FUND, L.P.

  
	
   

  
	
  By:

  	
  MLIM DivPEP I, LLC,

  
	
  Its:

  	
  General Partner

  
	
   

  	
   

  
	
  By:

  	
  MLIM Private Equity, L.P.,

  
	
  Its:

  	
  Managing Member

  
	
   

  	
   

  
	
  By:

  	
  Portfolio Administration & Management Ltd.,

  
	
  By:

  	
  General Partner

  
	
   

  	
   

  
	
  By:

  	
  /s Steven Baumgarten

  	
   

  
	
   

  	
  Name:

  	
  Steven Baumgarten

  
	
   

  	
  Title:

  	
  Vice President

  
				

 

 

Acknowledged and agreed as of the date first above
written:

 

	
  VESEY STREET PORTFOLIO, L.P.

  
	
   

  
	
  By:

  	
  MLIM DivPEP I, LLC,

  
	
  Its:

  	
  General Partner

  
	
   

  	
   

  
	
  By:

  	
  MLIM Private Equity, L.P.,

  
	
  Its:

  	
  Managing Member

  
	
   

  	
   

  
	
  By:

  	
  Portfolio Administration & Management Ltd.,

  
	
  Its:

  	
  General Partner

  
	
   

  	
   

  
	
  By:

  	
  /s Steven Baumgarten

  	
   

  
	
   

  	
  Name:

  	
  Steven Baumgarten

  
	
   

  	
  Title:

  	
  Vice President

  
				

 

 

	
  VESEY STREET FUND, L.P.

  
	
   

  
	
  By:

  	
  MLIM DivPEP I, LLC

  
	
  Its:

  	
  General Partner

  
	
   

  	
   

  
	
  By:

  	
  MLIM Private Equity, L.P.,

  
	
  Its:

  	
  Managing Member

  
	
   

  	
   

  
	
  By:

  	
  Portfolio Administration & Management Ltd.,

  
	
  Its:

  	
  General Partner

  
	
   

  	
   

  
	
  By:

  	
  /s Steven Baumgarten

  	
   

  
	
   

  	
  Name:

  	
  Steven Baumgarten

  
	
   

  	
  Title:

  	
  Vice President

  
				

 

 

Acknowledged and agreed as of the date first above
written:

 

	
  PASSAGE PORTFOLIO, L.P.

  
	
   

  
	
  By:

  	
  MLIM DivPEP I, LLC,

  
	
   

  	
  its general partner

  
	
   

  	
   

  
	
  By:

  	
  MLIM Private Equity, L.P.,

  
	
   

  	
  its managing member

  
	
   

  	
   

  
	
  By:

  	
  Portfolio Administration & Management Ltd.,

  
	
   

  	
  its general partner

  
	
   

  	
   

  
	
  By:

  	
  /s Steven Baumgarten

  	
   

  
	
   

  	
  Name:

  	
  Steven Baumgarten

  
	
   

  	
  Title:

  	
  Vice President

  
				

 

 

Acknowledged and agreed as of the date first above
written:

 

	
  J.P. MORGAN PARTNERS (BHCA), L.P.

  
	
   

  
	
  By:

  	
  JPMP MASTER FUND MANAGER, L.P.

  
	
   

  	
  Its general partner

  
	
   

  	
   

  
	
  By:

  	
  JPMP CAPITAL CORP.

  
	
   

  	
  Its general partner

  
	
   

  	
   

  
	
  By:

  	
  /s/ Richard D. Waters, Jr.

  	
   

  
	
   

  	
  Richard D. Waters, Jr.

  
	
   

  	
  Managing Director

  

 

 

	
  J.P. MORGAN PARTNERS GLOBAL INVESTORS, L.P.

  
	
   

  
	
  By:

  	
  JPMP GLOBAL INVESTORS, L.P.

  
	
   

  	
  Its general partner

  
	
   

  	
   

  
	
  By:

  	
  JPMP CAPITAL CORP.

  
	
   

  	
  Its general partner

  
	
   

  	
   

  
	
  By:

  	
  /s/ Richard D. Waters, Jr.

  	
   

  
	
   

  	
  Richard D. Waters, Jr.

  
	
   

  	
  Managing Director

  

 

 

	
  J.P. MORGAN PARTNERS GLOBAL INVESTORS (CAYMAN), L.P.

  
	
   

  
	
  By:

  	
  JPMP GLOBAL INVESTORS, L.P.

  
	
   

  	
  Its general partner

  
	
   

  	
   

  
	
  By:

  	
  JPMP CAPITAL CORP.

  
	
   

  	
  Its general partner

  
	
   

  	
   

  
	
  By:

  	
  /s/ Richard D. Waters, Jr.

  	
   

  
	
   

  	
  Richard D. Waters, Jr.

  
	
   

  	
  Managing Director

  

 

 

Acknowledged and agreed
as of the date first above written:

 

	
  J.P. MORGAN PARTNERS GLOBAL INVESTORS A, L.P.

  
	
   

  
	
  By:

  	
  JPMP GLOBAL INVESTORS, L.P.

  
	
   

  	
  Its general partner

  
	
   

  	
   

  
	
  By:

  	
  JPMP CAPITAL CORP.

  
	
   

  	
  Its general partner

  
	
   

  	
   

  
	
  By:

  	
  /s/ Richard D. Waters, Jr.

  	
   

  
	
   

  	
  Richard D. Waters, Jr.

  
	
   

  	
  Managing Director

  

 

 

	
  J.P. MORGAN PARTNERS GLOBAL INVESTORS (CAYMAN) II,
  L.P.

  
	
   

  
	
  By:

  	
  JPMP GLOBAL INVESTORS, L.P.

  
	
   

  	
  Its general partner

  
	
   

  	
   

  
	
  By:

  	
  JPMP CAPITAL CORP.

  
	
   

  	
  Its general partner

  
	
   

  	
   

  
	
  By:

  	
  /s/ Richard D. Waters, Jr.

  	
   

  
	
   

  	
  Richard D. Waters, Jr.

  
	
   

  	
  Managing Director

  

 

 

	
  J.P. MORGAN PARTNERS GLOBAL INVESTORS (SELLDOWN),
  L.P.

  
	
   

  
	
  By:

  	
  JPMP GLOBAL INVESTORS, L.P.

  
	
   

  	
  Its general partner

  
	
   

  	
   

  
	
  By:

  	
  JPMP CAPITAL CORP.

  
	
   

  	
  Its general partner

  
	
   

  	
   

  
	
  By:

  	
  /s/ Richard D. Waters, Jr.

  	
   

  
	
   

  	
  Richard D. Waters, Jr.

  
	
   

  	
  Managing Director

  

 

 

Acknowledged and agreed as of the date first above
written:

 

	
  TEACHERS INSURANCE AND ANNUITY

  
	
  ASSOCIATION OF AMERICA

  
	
   

  
	
  By:

  	
  /s/ Holly Holtz

  	
   

  
	
   

  	
  Name:

  	
  Holly Holtz

  
	
   

  	
  Title:

  	
  Director

  
				

 

 

Acknowledged and agreed as of the date first above
written:

 

	
  TECHLINE INVESTMENT PTE LTD.

  
	
   

  
	
  By:

  	
  /s/ Alvin A. Fong

  	
   

  
	
   

  	
  Name:

  	
  Alvin A. Fong

  
	
   

  	
  Title:

  	
  Authorized Signatory

  
				

 

 

Acknowledged and agreed as of the date first above
written:

 

TCW/CRESCENT MEZZANINE
PARTNERS III, L.P.

TCW/CRESCENT MEZZANINE TRUST
III

TCW/CRESCENT PARTNERS III
NETHERLANDS, L.P.

 

By:   TCW/Crescent Mezzanine Management III,
L.L.C.

Its:  Investment Manager

 

By:  TCW Asset Management Company

Its:  Sub-Advisor

 

 

	
  By:

  	
  /s/
  Timothy P. Costello

  	
   

  
	
   

  	
  Name:

  	
  Timothy P. Costello

  
	
   

  	
  Title:

  	
  Managing Director

  
				

 

 

Acknowledged and agreed as of the date first above
written:

 

 

	
  /s/
  Stanely S. Shuman

  	
   

  
	
  Stanley S. Shuman

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Macxe, LLC

  	
   

  
	
   

  
	
  By:

  	
  /s/ Stanley S. Shuman

  	
   

  
	
   

  	
   

  	
   

  
	
  Its:

  	
  Member

  	
   

  
	
   

  
	
   

  
	
  /s/
  Eran Ashany

  	
   

  
	
  Eran Ashany

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/
  Walter O’Hara, Jr.

  	
   

  
	
  Walter O’Hara, Jr.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/
  Robert Dean

  	
   

  
	
  Robert Dean

  	
   

  

 

 

Acknowledged and agreed
as of the date first above written:

 

 

	
  BVCF IV, L.P.

  
	
   

  
	
  By: Adams Street
  Partners, LLC, its General Partner

  
	
   

  
	
   

  
	
  By:

  	
    /s/ David
  S. Timson

  	
   

  
	
   

  	
    David
  S. Timson

  
	
   

  	
    Partner

  

 

 

Acknowledged and agreed as of the date first above
written:

 

 

	
  NORTHWESTERN UNIVERSITY

  
	
   

  
	
  /s/ William H. McLean

  	
   

  
	
   

  
	
  By: 

  	
  William H. McLean

  	
   

  
	
   

  	
   

  	
   

  
	
  Its:

  	
  Vice President and Chief Investment Officer

  	
   

  

 

 

Acknowledged and agreed as of the date first written
above:

 

 

	
  SCHWERIN COMPANY, L.L.C.

  
	
   

  
	
   

  
	
  By: 

  	
    /s/ Michael
  Schwerin

  	
   

  
	
   

  	
   

  	
   

  
	
  Its:

  	
  Managing Member

  	
   

  

 

 

Acknowledged and agreed as of the date first written
above:

 

 

	
  /s/ Paul Magnell

  	
   

  
	
  Paul Magnell

  

 

 

Acknowledged and agreed as of the date first written
above:

 

 

	
  SPECIAL CO-INVEST I

  	
   

  
	
   

  	
   

  
	
  /s/ Samuel M. Mencoff

  	
   

  
	
   

  
	
  By: 

  	
  Samuel M. Mencoff

  	
   

  
	
   

  	
   

  	
   

  
	
  Its: 

  	
  Managing Director

  	
   

  

 

 

	
  RANDOLPH STREET PARTNERS V

  
	
   

  
	
   

  
	
  By:

  	
    /s/ Jack S.
  Levin

  	
   

  
	
  Jack S. Levin, A Managing Partner

  

 

 

SCHEDULE
OF ADDITIONAL INVESTORS

AS OF
DECEMBER 1, 2005

 

Mid-Ocean Europe
GP (Jersey) Limited

Mid-Ocean Partners

3rd
Floor

1 Chester Street

London SW1X 7HP

Attention:
Diarmuid Cummins

 

J.P. Morgan
Partners Global Investors, L.P.

J.P. Morgan
Partners

1221 Avenue of the
Americas, 39th Floor

New York, NY 10020

Attention: Robert
Ruggiero

 

J.P. Morgan
Partners Investors (Cayman), L.P.

J.P. Morgan
Partners

1221 Avenue of the
Americas, 39th Floor

New York, NY 10020

Attention: Robert
Ruggiero

 

J.P. Morgan
Partners Global Investors A, L.P.

J.P. Morgan
Partners

1221 Avenue of the
Americas, 39th Floor

New York, NY 10020

Attention: Robert
Ruggiero

 

J.P. Morgan
Partners Global Investors

(Cayman) II, L.P.

J.P. Morgan
Partners

1221 Avenue of the
Americas, 39th Floor

New York, NY 10020

Attention: Robert
Ruggiero

 

J.P. Morgan
Partners (BHCA), L.P.

J.P. Morgan
Partners

1221 Avenue of the
Americas, 39th Floor

New York, NY 10020

Attention: Robert
Ruggiero

 

J.P. Morgan
Partners Global Investors (Selldown), L.P.

J.P. Morgan
Partners

1221 Avenue of the
Americas, 39th Floor

New York, NY 10020

Attention: Robert
Ruggiero

 

 

Arthur Street
Portfolio, L.P.

Merrill Lynch
Private Equity Partners

800 Scudders Mill
Road

Plainsboro, NJ
08536

Attention: Mike
Cerminaro

 

Arthur Street
Fund, L.P.

Merrill Lynch
Private Equity Partners

800 Scudders Mill
Road

Plainsboro, NJ
08536

Attention: Mike
Cerminaro

 

Vesey Street
Portfolio, L.P.

Merrill Lynch
Private Equity Partners

800 Scudders Mill
Road

Plainsboro, NJ
08536

Attention: Mike
Cerminaro

 

Vesey Street Fund,
L.P.

Merrill Lynch
Private Equity Partners

800 Scudders Mill
Road

Plainsboro, NJ
08536

Attention: Mike
Cerminaro

 

Passage Portfolio,
L.P.

Merrill Lynch
Private Equity Partners

800 Scudders Mill
Road

Plainsboro, NJ
08536

Attention: Mike
Cerminaro

 

Northwestern
University

Investment Office

633 Clark Street,
Crown 1-209

Evanston, IL 60208

Attention: Du H.
Chai

 

Techline
Investment Ltd.

GIC Special
Investments Pte Ltd

156 West 56th
Street

Suite 190

New York, NY 10019

Attention: David
L. Chiang

 

 

Teachers Insurance
and Annuity Association of America

TIAA-CREF

730 Third Avenue

New York, NY 10017

Attention: Holly
D. Holtz

 

BVCF IV, L.P.

Adams Street
Partners

One North Wacker

Suite 2200

Chicago, IL
60606-2807

Attention: David
S. Timson

 

TCW/Crescent
Mezzanine Trust

TCW/Crescent Mezzanine, LLC

200 Crescent Court

Suite 1600

Dallas, TX 75201

Attention: Tim
Costello

 

TCW/Crescent
Mezzanine Partners III, L.P.

TCW/Crescent Mezzanine, LLC

200 Crescent Court

Suite 1600

Dallas, TX 75201

Attention: Tim
Costello

 

TCW Crescent
Mezzanine Partners III Netherlands, L.P

TCW/Crescent Mezzanine, LLC

200 Crescent Court

Suite 1600

Dallas, TX 75201

Attention: Tim
Costello

 

Randolph Street
Partners V

c/o Kirkland &
Ellis LLP

200 East Randolph
Drive

Chicago, IL 60601

Attention: Dennis
M. Myers, P.C.

 

Stanley Shuman

Allen &
Company

711 5th Avenue

New York, NY  10022

 

 

Macxe LLC

Allen &
Company

711 5th Avenue

New York, NY  10022

 

Eran Ashany

Allen &
Company

711 5th Avenue

New York, NY  10022

 

Walter O’Hara, Jr.

Allen &
Company

711 5th Avenue

New York, NY  10022

 

Robert Dean

Allen &
Company

711 5th Avenue

New York, NY  10022

 

Schwerin Company,
L.L.C.

Michael Schwerin

President

One Bayview Avenue

Oyster Bay, New
York  11771

 

Paul Magnell

Plymouth Packaging

4075 West Columbia
Ave.

Battle Creek, MI
49015

 

Special Co-Invest
I

Madison Dearborn
Partners, LLC

Three First
National Plaza

Suite 3800

Chicago, Illinois
60602

Attention: David
MosherExhibit
4.13

 

Jefferson Smurfit Group Limited

 

Beech
Hill, Clonskeagh,

Dublin 4, Ireland.

 

Tel
(+353 1) 202 7000

Fax (+353 1) 269 4481

 

31 October 2003

 

PERSONAL AND CONFIDENTIAL

 

Dr. Michael W.J. Smurfit

Le Florestan

35 Blvd. du Larvotto

Monaco

 

Dear Dr. Smurfit:

 

On behalf of Jefferson Smurfit Group Limited (“JSG”),
we are pleased to offer you, with effect from 1 January 2003, the following
terms and conditions of employment by JSG.

 

1.     You
will be the Chairman of the Board of Directors of JSG (the “Board”) on the
terms and conditions set out in this letter. As Chairman, you will be
responsible and report to the Board.

 

2.     Your
role of Chairman will include the responsibility of chairing and conducting the
meetings of the Board and such other duties and responsibilities as may be
agreed between JSG and yourself from time to time.

 

3.     Your
aggregate compensation will be €300,000.00 per annum (the “Compensation”). The
salary component of the Compensation will be paid in equal installments in
accordance with JSG’s payroll practices. All remuneration and amounts payable
to you pursuant to this paragraph 3 or otherwise shall be subject to such tax
and other statutory deductions as are required to be deducted at source and
remitted to the appropriate revenue authorities. You will not be entitled to
receive any additional compensation or any expense
reimbursement from JSG.

 

4.     Subject
to earlier termination by JSG or you, you will serve as Chairman until November
1, 2008. If your employment is terminated by JSG prior to that date, either
with or without cause, you will be entitled to receive as severance an amount
equal to one year’s Compensation. Such severance shall be payable to you within
thirty days of your termination of employment. As a pre-condition to your
receipt of any such severance payments and as a material term of this
agreement, you agree that in the event of such termination you will execute a
mutually acceptable and complete release in favor of each of the Group
Companies (including, without limitation, a full and final settlement,
discharge and waiver of all rights under law (including but not limited to
statutory, contractual and other common law rights) with respect to your
employment and/or the termination of your employment and/or such payment upon
any termination in which you are entitled to such severance benefits). The rights
under this paragraph shall be in replacement of, rather than in addition to,
any rights that you may have under law (including, without limitation, payment
in lieu of notice).

 

5.     When
used herein, “Group Companies” means JSG and each of its subsidiaries and
Associated Companies and “Group Company” means any such company and “Associated
Company” means any company having an Equity Share Capital (as defined in
Section 155 of the Companies Act 1963) of which not less than 20% in nominal
value is beneficially owned by any Group Company.

 

 

6.     You
agree that so long as you serve on the board of any Group Company (the “Restricted
Period”) you shall not: (i) within any area of the world where any Group
Company conducts a material portion of its business (the “Restricted Area”) or
any part thereof, carry on either directly or indirectly, on your own behalf or
on behalf of any other person, firm, company or entity, any material business
of the same or similar kind to that in which any Group Company is engaged, (ii)
induce or attempt to induce any employee of any Group Company to leave the
employ of the Group Companies, or in any way interfere with the relationship
between any Group Company and any employee thereof and or (iii) call on,
solicit the custom or business of or service any customer, supplier, licensee,
licensor or other business relation of any Group Company in order to induce or
attempt to induce such person or entity to cease doing or reduce the amount of
business with any Group Company, or in any way interfere with the relationship
between any such customer, supplier, licensee or business relation and any
Group Company (including but not limited to making any negative statements or
communications about any Group Company, or any employee, director or stockholder
thereof).

 

7.     You
agree that all trade secrets, confidential operations, processes or dealings,
or any information concerning the organization, business, finances,
transactions and affairs, other than information that becomes publicly
available other than through breach of this provision by you, shall be kept
confidential both during the term of this letter agreement and thereafter. All
notes, memoranda, reports and information compiled by you during your
employment (in whatever form compiled) regarding the business, affairs and
operations of the Group Companies shall be and at all times remain the property
of the Group Companies.

 

8.     Effective
as of the date of this letter agreement, you agree that all indemnification
agreements or provisions currently in effect between you and any of the Group
Companies with respect to existing litigation arising in Spain shall be amended
to require JSG’s consent prior to settlement in excess of €47.0 million in the
aggregate. Subject to the amendment set forth in the immediately foregoing
sentence, JSG will cause the Group Companies to honor the indemnification
obligations with respect to the Spanish litigation to you as such agreements
exist as of the date of this letter.

 

9.     We
agree that the Chairman’s Dinner in Dublin will continue as an annual event, at
the expense of JSG and its Subsidiaries, and will be hosted by you in your
capacity as Chairman of JSG and its subsidiaries.

 

10.   Upon
execution of this letter agreement by each party hereto, this letter agreement
shall be binding and enforceable upon each party hereto and shall amend and
supersede any other agreement(s) with JSG and/or any of its subsidiaries
regarding the subject matter hereof to which you are a party prior to the date
hereof. Provided, however, that nothing in this letter agreement shall prevent
you from entering into and exercising and performing all your rights and
responsibilities under any consultancy or employment agreements with any other
Member of the Group, any such agreement to be effective in accordance with its
terms.

 

11.   The
Unfair Dismissals Act 1977 -2001 will not apply to a termination consisting
only of the expiration of the term of your employment without it being renewed.

 

12.   This
letter agreement may be executed in multiple counterparts (including by
facsimile), each of which shall constitute one and the same original. This
letter agreement shall be construed in accordance with the internal laws of
Ireland.

 

	
  JEFFERSON SMURFIT GROUP LIMITED

  
	
   

  
	
  By:

  	
  /s/ Michael O’Riordan

  	
   

  
	
   

  	
   

  	
   

  
	
  Its:

  	
  Secretary

  	
   

  
	
   

  
	
  Acknowledged and Accepted:

  
	
   

  
	
  DR. MICHAEL W.J. SMURFIT

  
	
   

  
	
    /s/ Dr. Michael W.J. Smurfit

  	
   

  
	
   

  
	
  Date:

  	
  31/10/2003

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