Document:

EXHIBIT 10.4  

EXECUTION COPY  

March 25,
2003 

	The 1818 Fund II, L.P.	 	Madison Dearborn Capital Partners, L.P.
	c/o Brown Brothers Harriman & Company	 	c/o Madison Dearborn Partners, Inc.
	140 Broadway	 	70 West Madison Street, Suite 3800
	New York, NY 10005	 	Chicago, IL 60602
	Attn: Lawrence Tucker	 	Attn: Samuel M. Mencoff
	Facsimile: (212) 493-8429	 	Facsimile: (312) 895-1056
	 	 	 
	HWH Investment Pte Ltd	 	Wolfensohn-River LLC
	c/o GIC Special Investments Pte Ltd	 	c/o Raymond L. Golden
	255 Shoreline Drive, Suite 600	 	300 Seminole Avenue
	Redwood City, CA 94065	 	Palm Beach, FL 33480
	Attn: Brett K. Fisher	 	 
	Facsimile: (650) 802-1213	 	With a copy to:
	 	 	 
	J.P. Morgan Partners (BHCA), L.P.	 	1120 5th Avenue
	(formerly	 	New York, NY 10128
	Chase Equity Associates, L.P.)	 	 
	1221 Avenue of the Americas, 39th Floor	 	 
	New York, NY 10020-1080	 	 
	Attn: Christopher C. Behrens	 	 
	Facsimile: (212) 899-3855	 	 
	 	 	 
	First Plaza Group Trust	 	 
	767 Fifth Avenue, 16th Fl.	 	 
	New York, NY 10153	 	 
	Attn: Marcia Haydel	 	 
	Facsimile: (212) 418-3644	 	 

Transfer Restrictions and Observation Rights Agreement  

Ladies
and Gentlemen: 

        The
undersigned Riverwood Holding, Inc., a Delaware corporation (the "Company"), agrees with each of you (each an
"Other Riverwood Stockholder" and, collectively, the "Other Riverwood Stockholders") as follows: 

        1.    Related Agreements.    We refer to (a) the Stockholders
Agreement (the "Stockholders Agreement"), dated as of the date hereof, among the Company, the persons listed on Schedule I of such agreement,
Clayton, Dubilier & Rice Fund V Limited Partnership (the "CDR Fund") and EXOR Group S.A ("Exor"),
and (b) the Amended and Restated Registration Rights Agreement (the "Registration Rights
Agreement"), dated as of the date hereof, among the Company, the CDR Fund, Exor and the Other Riverwood Stockholders. Capitalized terms used herein without definition shall
have the respective meanings specified in the Stockholders Agreement as in effect on the date hereof. 

 

        2.    Representations and Warranties.    

        2.1    Representations and Warranties of the Other Riverwood Stockholders.    Each Other Riverwood Stockholder
represents and warrants, severally and not jointly, to each other and to the Company as follows: 

        (a)    Authority.    Such Other Riverwood Stockholder has all requisite power and authority to enter into this letter
agreement and to consummate the transactions contemplated hereby. This letter agreement has been duly authorized, executed and delivered by such Other Riverwood Stockholder and constitutes a valid and
binding obligation of such Other Riverwood Stockholder enforceable in accordance with its terms. 

        (b)    No Conflicts.    Neither the execution and delivery of this letter agreement, nor the consummation of the
transactions contemplated hereby or thereby nor compliance with the terms hereof will violate, conflict with or result in a breach, or constitute a default (with or without notice of lapse of time or
both) under any provision of, any trust agreement, loan or credit agreement, note, bond, mortgage, indenture, lease or other agreement, instrument, permit, concession, franchise, license, judgment,
order, notice, decree, statute, law, ordinance, rule or regulation applicable to such Other Riverwood Stockholder or to such Other Riverwood Stockholder's property or assets. 

        (c)    The Other Riverwood Covered Shares.    Immediately following the Effective Time, such Other Riverwood
Stockholder will be the record and beneficial owner of, and has good and marketable title to, the Other Riverwood Covered Shares, in each case free and clear of all Liens. As of the Effective Time
such Other Riverwood Stockholder will have the sole right to vote, or to dispose, of such Other Riverwood Covered Shares, and none of such Other Riverwood Covered Shares will be subject to any
agreement, arrangement or restriction with respect to the voting of such Other Riverwood Covered Shares. Except for this letter agreement, (i) there are, and as of the Effective Time there will
be, no agreements or arrangements of any kind, contingent or otherwise, obligating such Other Riverwood Stockholder to Transfer any of the Other Riverwood Covered Shares, and (ii) no Person
has, nor as of the Effective Time will any Person have, any contractual or other right or obligation to purchase or otherwise acquire any of the Other Riverwood Covered Shares of such Other Riverwood
Stockholder. For purposes of this letter agreement, "Other Riverwood Covered Shares" means with respect to any Other Riverwood Stockholder all the
Shares of Common Stock, and any other voting securities of the Company, owned from time to time by such Other Riverwood Stockholder (as adjusted for any reorganization, reclassification,
recapitalization, stock dividend, stock split or any similar transaction). 

        2.2    Representations and Warranties of the Company.    The Company hereby represents and warrants to each Other
Riverwood Stockholder that the Company has all requisite corporate power and authority to enter into this letter agreement and to consummate the transactions contemplated hereby. The execution and
delivery of this letter agreement by the Company, and the consummation of the
transactions contemplated hereby, have been duly authorized by all necessary corporate action on the part of the Company. This letter agreement has been duly executed and delivered by the Company and
constitutes a valid and binding obligation of the Company enforceable in accordance with its terms. Neither the execution and delivery of this letter agreement, nor the consummation of the
transactions contemplated hereby and thereby and compliance with the terms hereof and thereof will violate, conflict with or result in a breach, or constitute a default (with or without notice or
lapse of time or both) under any provision of, the organizational documents of the Company, any trust agreement, loan or credit agreement, note, bond, mortgage, indenture, lease or other agreement,
instrument, permit, concession, franchise, 

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license, judgment, order, notice, decree, statute, law, ordinance, rule or regulation applicable to the Company or to the Company's property or assets. 

        3.    Restrictions on Transfer.    Each Other Riverwood Stockholder shall abide by the restrictions on the Transfer of
Common Stock provided in Section 3.1 and Section 3.2 of the Stockholders Agreement (as such agreement is in effect on the date hereof), in each case as though such Other Riverwood
Stockholder was a party to the Stockholders Agreement and a Stockholder; provided that, in lieu of the period of time referenced by the Restricted
Period (as defined in the Stockholders Agreement), the restrictions on transfer applicable to each Other Riverwood Stockholder under this Section 3 and Section 3.1 and Section 3.2
of the Stockholders Agreement (as such agreement is in effect on the date hereof) shall expire the later of (a) 90 days following the
closing of the first secondary offering for which a request is made by the Requisite Percentage of Stockholders (as defined in the Registration Rights Agreement) prior to December 31, 2003
pursuant to Section 2.1 of the Registration Rights Agreement (or immediately following the earlier termination or withdrawal of such offering) and, in any event, no later than March 31,
2004, and (b) December 31, 2003 (the period through such later date, the "Other Restricted
Period"); after which time, the Other Riverwood Stockholders shall be permitted to Transfer shares of Common Stock held by such stockholders pursuant to Rule 144 or
other applicable exemptions from registration under the Securities Act, except to the extent any such Other Riverwood Stockholder is subject to a holdback obligation pursuant to Section 2.4(e)
of the Registration Rights Agreement. For purposes of this letter agreement, the term Permitted Transferee shall include, with respect to each Other Riverwood Stockholder, such stockholder's
Affiliates. 

        4.    Legends.    Each certificate representing Common Stock owned by any Other Riverwood Stockholder shall bear a
legend on the face thereof substantially to the following effect (with such additions or changes therein as the Company may be advised by counsel are required by law or necessary to give full effect
to this Agreement, the "Legend"): 

        "THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TRANSFER RESTRICTIONS AND OBSERVATION RIGHTS AGREEMENT AMONG RIVERWOOD HOLDING, INC. AND THE OTHER STOCKHOLDERS
PARTY THERETO, DATED MARCH 25, 2003, AS AMENDED AND SUPPLEMENTED FROM TIME TO TIME IN ACCORDANCE WITH THE TERMS THEREOF, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF RIVERWOOD HOLDING, INC.
SUCH AGREEMENT CONTAINS, AMONG OTHER THINGS, CERTAIN PROVISIONS RELATING TO THE TRANSFER OF THE SHARES SUBJECT TO THE AGREEMENT. NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER
DISPOSITION OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE,
DIRECTLY OR INDIRECTLY, MAY BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SUCH TRANSFER RESTRICTIONS AND OBSERVATION RIGHTS AGREEMENT. THE HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE OF THIS
CERTIFICATE, AGREES TO BE BOUND BY ALL OF THE PROVISIONS OF SUCH AGREEMENT." 

        The
Legend will be removed by the Company, with respect to any certificate representing Common Stock, by the delivery of substitute certificates without such Legend, at end of the Other
Restricted Period. 

        5.    Observation Rights; Information Rights.    

        5.1    The
1818 Fund II, L.P. (the "1818 Fund") shall have the right to designate Lawrence Tucker
("Mr. Tucker"), to attend meetings of the Board as an observer; provided that,
Mr. Tucker's observer rights shall terminate at such time as the 1818 Fund shall have Transferred (other than to a Permitted Transferee) 50% or more of the Common Stock held by the 1818 Fund at
the Effective Time. Mr. Tucker shall not have any right to vote on any matter presented to the Board nor shall Mr. Tucker have any duties, obligations or liability to the Company arising
out of acting 

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as an observer other than for breach of the 1818 Fund's agreement to keep non-public information about the Company it receives confidential. The Company shall give or cause to be given to
Mr. Tucker written notice of each meeting of the Board at the same time and in the same manner as the members of the Board receive notice of such meetings, and the Company shall permit
Mr. Tucker to attend as an observer at all such meetings thereof; provided, however, that the Board may from time to time meet without the
presence of any non-management observers should the Board so decide. Mr. Tucker shall be entitled to receive all written materials and other information given to the directors who
are members of the Board in connection with such meetings at the same time such materials and information are given to such directors, and the 1818 Fund shall cause Mr. Tucker to keep such
materials and information confidential pursuant to Section 6 hereof. If the Board proposes to take any action by unanimous written consent in lieu of a meeting, the Company shall cause a copy
of the request for written consent, including a complete copy of the form of the requested written consent, to be sent to Mr. Tucker within one Business Day of the date such request is first
sent to the members of the Board. 

        5.2    Each
Other Riverwood Stockholder other than the 1818 Fund, which shall have the rights provided in Section 5.1, and Wolfensohn-River LLC (each such Other
Riverwood Stockholder an "Information Recipient") shall have the right to receive all written materials and other information given to directors who are
members of the Board in connection with the Board's meetings at the same time such materials and information are given to such directors; provided that
such rights shall terminate at such time as such Information Recipient shall have Transferred (other than to a Permitted Transferee) 50% or more of the Common Stock held by such Information Recipient
at the Effective Time. Each Information Recipient shall keep such materials and information confidential pursuant to Section 6 hereof. Each Information Recipient hereby acknowledges that such
Information Recipient is aware that the United States securities laws prohibit any person who has received from an issuer any material, non-public information from purchasing or selling
securities of such issuer or from communicating such
information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities. 

        6.    Confidentiality.    Each Other Riverwood Stockholder shall comply with the obligations as to confidentiality
applicable to Stockholders pursuant to Section 4.2 of the Stockholders Agreement (as such agreement is in effect on the date hereof), in each case as though such Other Riverwood Stockholder was
a party to the Stockholders Agreement and a Stockholder. 

        7.    Effectiveness; Term.    This letter agreement shall become effective immediately upon the Effective Time. This
letter agreement shall terminate (a) upon the unanimous written consent of the Company and the Other Riverwood Stockholders,
(b) with respect to the 1818 Fund, upon the later of the end of the Other Restricted Period and the date the 1818 Fund no longer has the right to
designate Mr. Tucker as an observer pursuant to Section 5.1 of this letter agreement, (c) with respect to the Other Riverwood
Stockholders (other than the 1818 Fund and Wolfensohn-River LLC), upon the later of the end of the Other Restricted Period and the date such Other Riverwood Stockholder (other than the 1818 Fund and
Wolfensohn-River LLC) no longer has the information rights provided for in Section 5.2 of this letter agreement, (d) with respect to
Wolfensohn-River LLC, upon the end of the Other Restricted Period or (e) upon the termination of the Stockholders Agreement;  provided, however, that
the confidentiality obligations of Section 5.2 and Section 6 of this letter agreement shall survive any such
termination. 

        8.    Miscellaneous.    

        8.1    Severability.    If any provision of this letter agreement is invalid, inoperative or unenforceable for any
reason, such circumstance shall not have the effect of rendering the provision in question invalid, inoperative or unenforceable in any other case or circumstance, or of 

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rendering any other provision or provisions herein contained invalid, inoperative or unenforceable to any extent whatsoever. The invalidity of any one or more phrases, sentences, clauses, Sections or
subsections of this letter agreement shall not affect the remaining portions of this letter agreement. 

        8.2    Entire Agreement.    This letter agreement and the Registration Rights Agreement constitute the entire
agreement, and supersede all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof and thereof. The Stockholders Agreement, dated as
of March 27, 1996, among the Company and the investors specified therein shall be terminated as of the Effective Time. 

        8.3    Counterparts.    This letter agreement may be executed in one or more counterparts, all of which shall be
considered one and the same agreement and shall become effective when one or more counterparts
have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart. 

        8.4    Governing Law.    This letter agreement shall be governed by and construed in accordance with the laws of the
State of Delaware, without giving effect to its principles and rules of conflict of laws to the extent such principles or rules would require the application of the law of another jurisdiction. 

        8.5    Assignment.    Except as provided in Section 3 hereof, neither this letter agreement nor any of the
rights, interests or obligations hereunder shall be assigned by any of the parties, in whole or in part (whether by operation of law or otherwise), and any attempt to make any such assignment other
than as provided in Section 3 hereof shall be null and void. Subject to the preceding sentence, this letter agreement will be binding upon, inure to the benefit of and be enforceable by the
parties and their respective successors and assigns. 

        8.6    No Third Party Beneficiaries.    This letter agreement shall be binding upon and inure solely to the benefit of
each party hereto, and nothing in this letter agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by
reason of this letter agreement. 

        8.7    Amendment; Waivers, etc.    This letter agreement may be amended only with the prior written consent of the
Company and each of the Other Riverwood Stockholders party hereto, provided, however, that Section 5 hereof may be amended with the prior written
consent of the Company and the 1818 Fund only. No amendment, modification or discharge of this letter agreement, and no waiver hereunder, shall be valid or binding unless set forth in writing and duly
executed by the party against whom enforcement of the amendment, modification, discharge or waiver is sought. Any such waiver shall constitute a waiver only with respect to the specific matter
described in such writing and shall in no way impair the rights of the party granting such waiver in any other respect or at any other time. 

        8.8    Submission to Jurisdiction; Waivers.    Each of the parties hereto irrevocably agrees that any legal action or
proceeding with respect to this letter agreement or for recognition and enforcement of any judgment in respect hereof brought by the other party hereto or its successors or assigns may be brought and
determined in the Chancery or other Courts of the State of Delaware, and each of the parties hereto hereby irrevocably submits with regard to any such action or proceeding for itself and in respect to
its property, generally and unconditionally, to the nonexclusive jurisdiction of the aforesaid courts. Each of the parties hereto hereby irrevocably waives, and agrees not to assert, by way of motion,
as a defense, counterclaim or otherwise, in any action or proceeding with respect to this letter agreement, (a) any claim that it is not
personally subject to the jurisdiction of the above-named courts for any reason other than the failure to lawfully serve process, (b) that it or
its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, 

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attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (c) to the fullest extent
permitted by applicable law, that (i) the suit, action or proceeding in any such court is brought in an inconvenient forum,
(ii) the venue of such suit, action or proceeding is improper and (iii) this letter
agreement, or the subject matter hereof, may not be enforced in or by such courts. 

        8.9    Waiver of Jury Trial.    Each party hereby waives, to the fullest extent permitted by applicable law, any right
it may have to a trial by jury in respect of any suit, action or other proceeding arising out of this letter agreement or any transaction contemplated hereby. Each party
(a) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would
not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges that it and the other parties have been induced to
enter into this Agreement by, among other things, the mutual waivers and certifications in this Section 8.9. 

        Please
indicate your acceptance of the terms hereof by executing this letter agreement in the spaces provided below. 

	

 	
 	

Very truly yours,
	

 	
 	
RIVERWOOD HOLDING, INC.
	

 	
 	
By:	

/s/  STEPHEN M. HUMPHREY      
 Name: Stephen M. Humphrey

Title: President and Chief Executive Officer

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Accepted
and agreed: 

	THE 1818 FUND II, L.P.	 	 
	

By:	

Brown Brothers Harriman & Co.

General Partner of The 1818 Fund II, L.P.	
 	

 
	

By:	

/s/ LAWRENCE C. TUCKER	
 	

 
	 	
 Name: Lawrence C. Tucker

Title: Partner	 	 
	

HWH INVESTMENT PTE LTD	
 	

 
	

By:	

/s/ BRETT K. FISHER	
 	

 
	 	
 Name: Brett K. Fisher

Title: Director	 	 
	

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/ ROBERT R. RUGGIERO, Jr.	
 	

 
	 	 	
 Name: Robert R. Ruggiero, Jr.

Title: Managing Director	 	 
	

FIRST PLAZA GROUP TRUST (J.P. Morgan

Chase Bank, As Trustee, as directed by

General Motors Investment Management

Corporation)	
 	

 
	

By:	
 	

/s/ JOHN A. FERRANTE	
 	

 
	 	 	
 Name: John A. Ferrante

Title: Assistant Treasurer	 	 

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	MADISON DEARBORN CAPITAL PARTNERS, L.P.	 	 
	

By:	
 	

/s/ SAMUEL M. MENCOFF	
 	

 
	 	 	
 Name: Samuel M. Mencoff

Title: Managing Director	 	 
	

WOLFENSOHN-RIVER LLC
	

By:	
 	

/s/ RAYMOND L. GOLDEN	
 	

 
	 	 	
 Name: Raymond L. Golden

Title: Managing Member	 	 

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EXHIBIT 10.10  

 
 

INDEMNIFICATION AGREEMENT    
  

        INDEMNIFICATION AGREEMENT, dated as of March 27, 1996 (the "Agreement"), among Riverwood Holding, Inc., a Delaware corporation ("Holding"), RIC Holding, Inc., a
Delaware corporation and wholly-owned subsidiary of Holding ("RIC HOLDING), Riverwood International Corporation, a Delaware corporation and an indirect wholly-owned subsidiary of Holding ("RIC"),
Riverwood International USA, Inc., a Delaware corporation and an indirect wholly-owned subsidiary of Holding (the "COMPANY"), Clayton, Dubilier & Rice, Inc., a Delaware corporation ("CD&R"), and
Clayton, Dubilier & Rice Fund V Limited Partnership, a Cayman Islands exempted limited partnership (together with any other investment vehicle managed by CD&R, the "CD&R FUND"). Capitalized terms used
herein without definition have the meanings set forth in Section 1 of this Agreement. 

 
 

W I T N E S S E T H:    
  

        WHEREAS, the CD&R Fund is managed by CD&R, and the general partner of the CD&R Fund is Clayton, Dubilier & Rice Associates V Limited Partnership, a Cayman Islands
exempted limited partnership (together with any general partner of any other investment vehicle managed by CD&R, "CD&R ASSOCIATES"), and the general partner of CD&R Associates is CD&R Investment
Associates, Inc., a Delaware corporation (together with any other general partner of CD&R Associates, "ASSOCIATES INC."); 

        WHEREAS,
CD&R organized Holding, RIC Holding and CDRO Acquisition Corporation, a Delaware corporation ("ACQUISITION CORP.") and their Subsidiaries, to effect the acquisition of RIC and
performed financial, management advisory and other services for each of Holding, RIC Holding, Acquisition Corp. and their Subsidiaries in connection therewith, including but not limited to in
connection with the preparation, negotiation, execution and delivery of the Agreement and Plan of Merger, dated as of October 25, 1995 (the "MERGER AGREEMENT"), among RIC Holding, Acquisition Corp.
and RIC, the Voting and Indemnification Agreement, dated as of October 25, 1995 (the "VOTING AGREEMENT"), by and among Manville Corporation, a Delaware corporation ("MANVILLE"), RIC Holding and
Acquisition Corp. and the Tax Matters Agreement, dated as of October 25, 1995 (the "TAX MATTERS AGREEMENT"), by and among Manville, RIC, RIC Holding and Acquisition Corp.; 

        WHEREAS,
concurrently with the execution and delivery of this Agreement, each of Holding, RIC Holding, RIC and the Company is entering into a Consulting Agreement, dated as of the date
hereof (the "CONSULTING AGREEMENT"), among Holding, RIC Holding, RIC, the Company and CD&R; 

        WHEREAS,
pursuant to the Merger Agreement, Acquisition Corp. has merged with and into RIC (the "MERGER") on the date hereof, and RIC, as the surviving corporation in the Merger,
thereupon succeeded to all of the rights and obligations of Acquisition Corp. and became a wholly owned subsidiary of Holding; 

        WHEREAS,
on the day following the date hereof, RIC will transfer (the "ASSET TRANSFER") substantially all of its assets (other than shares of stock of the Company) to the Company, and
RIC will merge with and into RIC Holding (the "SUBSEQUENT MERGER"), and RIC Holding, as the surviving corporation in the Subsequent Merger, will thereupon succeed to all of the rights and obligations
of RIC hereunder and under the Consulting Agreement; 

        WHEREAS,
in connection with the solicitation by Manville and RIC of proxies of their respective stockholders to vote in favor of the Merger (the "PROXY SOLICITATION"), (A) Manville and
RIC each prepared and filed with the Securities and Exchange Commission (the "COMMISSION") a proxy statement on Schedule 14A (the "PROXY STATEMENTS") and (B) RIC, RIC Holding and Acquisition Corp.
prepared and filed with the Commission a Transaction Statement on Schedule 13E-3 (the "13E-3"); 

 

        WHEREAS,
for the purpose of financing the Merger and related transactions, Holding issued and sold an aggregate of 7,000,000 shares of its Class A Common Stock, par value $.01 per share
(the "CLASS A COMMON STOCK"), and an aggregate of 500,000 shares of its Class B Common Stock, par value $.01 per share (the "CLASS B COMMON STOCK," and together with the Class A Common Stock, the
"COMMON STOCK"), to a group of equity investors (the "INVESTORS") pursuant to investor stock subscription agreements, dated as of March 15, 1996, between Holding and each such Investor (the "EQUITY
OFFERING"); 

        WHEREAS,
in order further to finance the Merger and related transactions, RIC Holding offered and sold in a registered underwritten offering (the "NOTE OFFERING") to the public
$250,000,000 aggregate principal amount of Senior Notes due 2006 (the "SENIOR NOTES") and $400,000,000 aggregate principal amount of Senior Subordinated Notes due 2008 (the "SENIOR SUBORDINATED NOTES"
and, together with the Senior Notes, the "NOTES"); 

        WHEREAS,
in order further to finance the Merger and related transactions (the "SENIOR SECURED FINANCING") (A) RIC Holding entered into the Credit Agreement, dated as of March 21, 1996
(the "CREDIT AGREEMENT"), among RIC Holding (the rights and obligations of which thereunder are to be assumed by the Company), the lenders named therein and Chemical Bank as administrative agent,
providing for a maximum aggregate principal amount of up to $1,550 million, and guaranteed by Holding, Acquisition Corp. and, effective upon the Merger and until the Assumption (as defined below),
RIC, and (B) the Machinery Credit Agreement, dated as of March 21, 1996 (the "MACHINERY CREDIT AGREEMENT"), among Riverwood International Machinery, Inc. ("RIMI"), the lenders named therein, Chemical
Bank as administrative agent and Bank of America NT&SA as documentation agent, providing for a maximum aggregate principal amount of up to $140 million; 

        WHEREAS,
in connection with the Merger, RIC has offered to purchase (the "TENDER OFFERS") all of its outstanding 10 3/4% Senior Notes due June 15, 2000; 10 3/4% Senior Notes II due June
15, 2000; 11 1/4% Senior Subordinated Notes due June 15, 2002; 11 1/4% Senior Subordinated Notes II due June 15, 2002; and 10 3/8% Senior Subordinated Notes due June 30, 2004 (collectively, the
"OUTSTANDING NOTES"), and made related consent solicitations (the "CONSENT SOLICITATIONS") to eliminate substantially all of the restrictive covenants relating to the Outstanding Notes; 

        WHEREAS,
the CD&R Fund has purchased Common Stock of Holding pursuant to the Equity Offering, becoming one of the two largest stockholders of Holding; 

        WHEREAS,
at the closing of the Senior Secured Financing, RIC Holding and RIMI made certain borrowings pursuant to the Credit Agreement and the Machinery Credit Agreement, respectively,
and such borrowings were guaranteed by Holding, Acquisition Corp., and effective upon the Merger, RIC; 

        WHEREAS,
at the closing of the Note Offering, RIC Holding issued the Notes and Acquisition Corp. and Holding and effective upon the Merger, RIC, guaranteed the Notes; 

        WHEREAS,
shortly following the Subsequent Merger, the Company, through one of its Subsidiaries, may offer and sell in an underwritten registered offering to the public (the "TIMBER NOTE
OFFERING") not more than approximately $300 million of Timber Collateralized Notes due 2017 (the "TIMBER NOTES"); 

        WHEREAS,
following the Subsequent Merger, (I) the Company will assume (the "ASSUMPTION"), pursuant to several assumption agreements all of RIC's rights and obligations under the Notes
and the Senior Secured Financing, including the right to make borrowings and to obtain letters of credit, and will be released of its guarantees of the Notes and the Senior Secured Financing, and (II)
RIC Holding will guarantee the assumed Notes in exchange for being released from its primary obligations under the Notes and its outstanding obligations under the Senior Secured 

2

 

Financing in exchange for being released from its primary obligations under the Senior Secured Financing; 

        WHEREAS,
shortly following the Merger, (I) Holding intends to issue and sell (A) not more than 201,000 shares of Class A Common Stock to certain executive officers and other key
employees of the Company (the "MANAGEMENT INVESTORS"), and (B) not more than 60,000 shares of Class A Common Stock to certain directors of Holding and the Company and certain directors and senior
executives of companies in which entities managed by CD&R have made substantial equity investments and other person with whom CD&R has consulting or advisory relationships, and (II) Holding will grant
options to purchase not more than 497,000 shares of Class A Common Stock to the Management Investors (such transactions collectively, the "SUBSEQUENT EQUITY OFFERING"); 

        WHEREAS,
Holding, RIC Holding, the Company or one or more of their respective Subsidiaries from time to time in the future (A) may offer and sell or cause to be offered and sold equity
or debt securities (such offerings, being hereinafter referred to as the "SUBSEQUENT OFFERINGS"), including without limitation (I) offerings of shares of common stock of Holding, and/or options to
purchase such shares to employees, directors, managers and consultants of and to Holding, RIC Holding, the Company or any Subsidiary (a "MANAGEMENT OFFERING"), and (II) one or more offerings of debt
securities for the purpose of refinancing any indebtedness of Holding, RIC Holding, the Company or any Subsidiary or for other corporate purposes, and (b) may repurchase, redeem or otherwise acquire
certain securities of Holding or one or more of its Subsidiaries (any such repurchase or redemption being referred to herein as a "REDEMPTION"); 

        WHEREAS,
the parties hereto recognize the possibility that claims might be made against and liabilities incurred by CD&R, the CD&R Fund, CD&R Associates, Associates Inc. or related
persons or affiliates under applicable securities laws or otherwise in connection with the Transactions or the Securities Offerings, or relating to other actions or omissions of or by Holding, RIC
Holding, Acquisition Corp., RIC or the Company or their respective Subsidiaries, or relating to the provision by CD&R of management consulting, monitoring and financial advisory services to Holding,
RIC Holding, Acquisition Corp., RIC, the Company and their respective Subsidiaries, and the parties hereto accordingly wish to provide for CD&R, the CD&R Fund, CD&R Associates, Associates Inc. and
related persons and affiliates to be indemnified in respect of any such claims and liabilities; and 

        WHEREAS,
the parties hereto recognize that claims might be made against and liabilities incurred by directors and officers of Holding, RIC Holding, Acquisition Corp., RIC, the Company
and any Subsidiary in connection with their acting in such capacity, and accordingly wish to provide for such
directors and officers to be indemnified to the fullest extent permitted by law in respect of any such claims and liabilities; 

        NOW,
THEREFORE, in consideration of the foregoing premises, and the mutual agreements and covenants and provisions herein set forth, the parties hereto hereby agree as follows: 

        1.    Definitions.    

        (a)  "Claim" means, with respect to any Indemnitee, any claim against such Indemnitee involving any Obligation with respect to
which such Indemnitee may be entitled to be defended and indemnified by Holding, RIC Holding, RIC or the Company under this Agreement. 

        (b)  "Consulting Agreement" means the Consulting Agreement, dated as of the date hereof, among Holding, RIC Holding, RIC, the
Company and CD&R, as the same may be amended, waived, modified or supplemented from time to time. 

        (c)  "Financing" means the Equity Offering, the Senior Secured Financing, the Note Offering and the Timber Note Offering. 

        (d)  "Indemnitee" means each of CD&R, the CD&R Fund, CD&R Associates, Associates Inc., their respective successors and
assigns, and their respective directors, officers, partners, employees, agents, advisors, representatives and controlling persons (within the meaning of the Securities Act of 

3

 

1933, as amended (the "Securities Act")) and each other person who is or becomes a director or an officer of Holding, RIC Holding, RIC, the Company or
any Subsidiary. 

        (e)  "Obligations" means, collectively, any and all claims, obligations, liabilities, causes of actions, actions, suits,
proceedings, investigations, judgments, decrees, losses, damages, fees, costs and expenses (including without limitation interest, penalties and fees and disbursements of attorneys, accountants,
investment bankers and other professional advisors), in each case whether incurred, arising or existing with respect to third parties or otherwise at any time or from time to time. 

        (f)    "Related Document" means any agreement, certificate, instrument or other document to which Holding, RIC Holding,
Acquisition Corp., RIC, the Company or any Subsidiary may be a party or by which it or any of its properties or assets may be bound or affected from time to time relating in any way to the
Transactions or any Securities Offering or any of the transactions contemplated thereby,
including without limitation, in each case as the same may be amended, modified, waived or supplemented from time to time, (A) any registration statement filed by or on behalf of Holding, RIC Holding,
Acquisition Corp., RIC, the Company or any Subsidiary with the Commission in connection with any Securities Offering, including all exhibits, financial statements and schedules appended thereto, and
any submissions to the Commission in connection therewith, (B) any prospectus, preliminary or otherwise, included in such registration statements or otherwise filed by or on behalf of Holding, RIC
Holding, Acquisition Corp., RIC, the Company or any Subsidiary in connection with any Securities Offering or used to offer or confirm sales of their respective securities in any Securities Offering,
(C) any private placement or offering memorandum or circular, or other information or materials distributed by or on behalf of Holding, RIC Holding, Acquisition Corp., RIC, the Company or any
Subsidiary or any placement agent or underwriter in connection with any Securities Offering, (D) any federal, state or foreign securities law or other governmental or regulatory filings or
applications made in connection with any Securities Offering, the Transactions or any of the transactions contemplated thereby, (E) any dealer-manager, underwriting, subscription, purchase,
stockholders, option or registration rights agreement or plan entered into or adopted by Holding, RIC Holding, Acquisition Corp., RIC, the Company or any Subsidiary in connection with any Securities
Offering, (F) any purchase, repurchase, redemption or other agreement entered into by Holding, RIC Holding, Acquisition Corp., RIC, the Company or any Subsidiary in connection with any Redemption, (G)
any quarterly, annual or current reports filed by Holding, RIC Holding, RIC or the Company with the Commission or (H) any proxy statements or transaction statements, including the Proxy Statements and
the Schedule 13E-3, filed by or on behalf of RIC, RIC Holding or Acquisition Corp. with the Commission in connection with the Merger, including all exhibits, financial statements and schedules
appended thereto, and any submission to the Commission in connection therewith. 

        (g)  "Securities Offerings" means the Equity Offering, the Note Offering, the Subsequent Equity Offerings, the Timber Note
Offering, any Redemption, any Management Offering and any Subsequent Offering. 

        (h)  "Subsidiary" means each corporation or other person or entity in which Holding, RIC Holding, RIC or the Company owns or
controls, directly or indirectly, capital stock or other equity interests representing at least 50% of the outstanding voting stock or other equity interests. 

        (i)    "Transactions" means the Merger, the Subsequent Merger, the Equity Offering, the Proxy Solicitation, the Note Offering,
the Senior Secured Financing, the Tender Offers, the Consent Solicitations, the Asset Transfer, the Assumption and the Timber Note Offering. 

        2.    Indemnification.    

        (a)  Each
of Holding, RIC Holding, RIC and the Company (each an "Indemnifying Party and collectively, the "Indemnifying Parties"), jointly and severally, agrees to indemnify,
defend and hold harmless each Indemnitee: 

4

 

	(i)
	from
and against any and all Obligations, whether incurred with respect to third parties or otherwise, in any way resulting from, arising out of or in connection with, based upon or
relating to (A) the Securities Act, the Securities Exchange Act of 1934, as amended (the "EXCHANGE ACT"), or any other applicable securities or other laws, in connection with any Securities Offering,
any Related Document or any of the transactions contemplated thereby, (B) any other action or failure to act of Holding, RIC Holding, Acquisition Corp., RIC, the Company or any Subsidiary or any of
their predecessors, whether such action or failure has occurred or is yet to occur or (C) except to the extent that any such Obligation is found in a final judgment by a court of competent
jurisdiction to have resulted from the gross negligence or intentional misconduct of CD&R, the performance by CD&R of management consulting, monitoring, financial advisory or other services for
Holding, RIC Holding, Acquisition Corp., RIC or the Company (whether performed prior to the date hereof, hereafter, pursuant to the Consulting Agreement or otherwise); and 
	(ii)
	to
the fullest extent permitted by Delaware law, from and against any and all Obligations in any way resulting from, arising out of or in connection with, based upon or relating to
(A) the fact that such Indemnitee is or was a director or an officer of Holding, RIC Holding, Acquisition Corp., RIC, the Company or any Subsidiary, as the case may be, or is or was serving at the
request of such corporation as a director, officer, employee or agent of or advisor or consultant to another corporation, partnership, joint venture, trust or other enterprise or (B) any breach or
alleged breach by such Indemnitee of his or her fiduciary duty as a director or an officer of Holding, RIC Holding, Acquisition Corp., RIC, the Company or any Subsidiary, as the case may be; 

in
each case including but not limited to any and all fees, costs and expenses (including without limitation fees and disbursements of attorneys) incurred by or on behalf of any Indemnitee in
asserting, exercising or enforcing any of its rights, powers, privileges or remedies in respect of this Agreement or the Consulting Agreement. 

        (b)  Without
in any way limiting the foregoing Section 2(a), each of the Indemnifying Parties agrees, jointly and severally, to indemnify, defend and hold harmless each
Indemnitee from and against any and all Obligations resulting from, arising out of or in connection with, based upon or relating to liabilities under the Securities Act, the Exchange Act or any other
applicable securities or other laws, rules or regulations in connection with (I) the inaccuracy or breach of or default under any representation, warranty, covenant or agreement in any Related
Document, (II) any untrue statement or alleged untrue statement of a material fact contained in any Related Document or (III) any omission or alleged omission to state in any Related Document a
material fact required to be stated therein or necessary to make the statements therein not misleading. Notwithstanding the foregoing, none of the Indemnifying Parties shall be obligated to indemnify
such Indemnitee from and against any such Obligation to the extent that such Obligation arises out of or is based upon an untrue statement or omission made in such Related Document in reliance upon
and in conformity with written information furnished to Holding, RIC Holding, Acquisition Corp., RIC, or the Company as the case may be, in an instrument duly executed by such Indemnitee and
specifically stating that it is for use in the preparation of such Related Document. 

        3.    CONTRIBUTION.    

        (a)  Except
to the extent that Section 3(b) is applicable, if for any reason the indemnity provided for in Section 2(a) is unavailable or is insufficient to hold harmless any
Indemnitee from any of the Obligations covered by such indemnity, then each of the Indemnifying Parties, jointly and severally, shall contribute to the amount paid or payable by such Indemnitee as a
result of such Obligation in such proportion as is appropriate to reflect (I) the relative fault of each of Holding, RIC Holding, Acquisition Corp., RIC, the Company and their Subsidiaries, on the one
hand, and such Indemnitee, on the other, in connection with the state of facts giving rise to such Obligation, (II) if such Obligation 

5

 

results from, arises out of, is based upon or relates to any Securities Offering, the relative benefits received by each of Holding, RIC Holding, Acquisition Corp., RIC, the Company and their
Subsidiaries, on the one hand, and such Indemnitee, on the other, from such Securities Offering and (III) if required by applicable law, any other relevant equitable considerations. 

        (b)  If
for any reason the indemnity specifically provided for in Section 2(b) is unavailable or is insufficient to hold harmless any Indemnitee from any of the Obligations
covered by such indemnity, then the Indemnifying Parties, jointly and severally, shall contribute to the amount paid or payable by such Indemnitee as a result of such Obligation in such proportion as
is appropriate to reflect (I) the relative fault of each of Holding, RIC Holding, Acquisition Corp., RIC, the Company and their Subsidiaries, on the one hand, and such Indemnitee, on the other, in
connection with the information contained in or omitted from any Related Document, which inclusion or omission resulted in the inaccuracy or breach of or default under any representation, warranty,
covenant or agreement therein, or which information is or is alleged to be untrue, required to be stated therein or necessary to make the statements therein not misleading, (II) the relative benefits
received by Holding, RIC Holding, Acquisition Corp., RIC, the Company and their Subsidiaries, on the one hand, and such Indemnitee, on the other, from such Securities Offering and (III) if required by
applicable law, any other relevant equitable considerations. 

        (c)  For
purposes of Section 3(a), the relative fault of each of Holding, RIC Holding, Acquisition Corp., RIC, the Company and their Subsidiaries, on the one hand, and of the
Indemnitee, on the other, shall be determined by reference to, among other things, their respective relative intent, knowledge, access to information and opportunity to correct the state of facts
giving rise to such Obligation. For purposes of Section 3(b), the relative fault of each of Holding, RIC Holding, Acquisition Corp., RIC, the Company and their Subsidiaries, on the one hand, and of
the Indemnitee, on the other, shall be determined by reference to, among other things, (I) whether the included or omitted information relates to information supplied by Holding, RIC Holding,
Acquisition Corp., RIC, the Company and their Subsidiaries, on the one hand, or by such Indemnitee, on the other, and (II) their respective relative intent, knowledge, access to information and
opportunity to correct such inaccuracy, breach, default, untrue or alleged untrue statement, or omission or alleged omission. For purposes of Section 3(a) or 3(b), the relative benefits received by
each of Holding, RIC Holding, Acquisition Corp., RIC, the Company and their Subsidiaries, on the one hand, and the Indemnitee, on the other, shall be determined by weighing the direct monetary
proceeds to Holding, RIC Holding, Acquisition Corp., RIC, the Company and their Subsidiaries, on the one hand, and such Indemnitee, on the other, from such Securities Offering. 

        (d)  The
parties hereto acknowledge and agree that it would not be just and equitable if contributions pursuant to Section 3(a) or 3(b) were determined by pro rata allocation
or by any other method of allocation that does not take into account the equitable considerations referred to in such respective Section. The Indemnifying Parties shall not be liable under Section
3(a) or 3(b), as applicable, for contribution to the amount paid or payable by any Indemnitee except to the extent and under such circumstances any Indemnifying Party would have been liable to
indemnify, defend and hold harmless such Indemnitee under the corresponding Section 2(a) or 2(b), as applicable, if such indemnity were enforceable under applicable law. No Indemnitee shall be
entitled to contribution from any Indemnifying Party with respect to any Obligation covered by the indemnity specifically provided for in Section 2(b) in the event that such Indemnitee is finally
determined to be guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) in connection with such Obligation and the Indemnifying Parties are not guilty of
such fraudulent misrepresentation. 

        4.    INDEMNIFICATION PROCEDURES.    

        (a)  Whenever
any Indemnitee shall have actual knowledge of the reasonable likelihood of the assertion of a Claim, CD&R (acting on its own behalf or, if requested by any such
Indemnitee other than itself, on behalf of such Indemnitee) or such Indemnitee shall notify any Indemnifying Party in 

6

 

writing of the Claim (the "NOTICE OF CLAIM") with reasonable promptness after such Indemnitee has such knowledge relating to such Claim and has notified CD&R thereof. The Notice of Claim shall
specify all material facts known to CD&R (or if given by such Indemnitee, such Indemnitee) that may give rise to such Claim and the monetary amount or an estimate of the monetary amount of the
Obligation involved if CD&R (or if given by such Indemnitee, such Indemnitee) has knowledge of such amount or a reasonable basis for making such an estimate. The failure of CD&R to give such Notice of
Claim shall not relieve any Indemnifying Party of their respective indemnification obligations under this Agreement except to the extent that such omission results in a failure of actual notice to
them and they are materially injured as a result of the failure to give such Notice of Claim. The Indemnifying Parties shall, at their expense, undertake the defense of such Claim with attorneys of
their own choosing satisfactory in all respects to CD&R. CD&R may participate in such defense with counsel of CD&R's choosing at the expense of the Indemnifying Parties. In the event that none of the
Indemnifying Parties undertakes the defense of the Claim within a reasonable time after CD&R has given the Notice of Claim, CD&R may, at the expense of the Indemnifying Parties and after giving notice
to any Indemnifying Party of such action, undertake the defense of the Claim and compromise or settle the Claim, all for the account of and at the risk of the Indemnifying Parties. In the defense of
any Claim, the Indemnifying Parties shall not, except with the consent of CD&R, consent to entry of any judgment or enter into any settlement that includes any injunctive or other non-monetary relief,
or that does not include as an unconditional term thereof the giving by the person or persons asserting such Claim to such Indemnitee of a release from all liability with respect to such Claim. In
each case, CD&R and each other Indemnitee seeking indemnification hereunder will cooperate with the Indemnifying Parties, so long as the Indemnifying Parties are conducting the defense of the Claim,
in the preparation for and the prosecution of the defense of such Claim, including making available evidence within the control of CD&R or such Indemnitee, as the case may be, and persons needed as
witnesses who are employed by CD&R or such Indemnitee, as the case may be, in each case as reasonably needed for such defense and at cost, which cost, to the extent reasonably incurred, shall be paid
by the Indemnifying Parties. 

        (b)  The
Indemnifying Parties hereby agree to advance costs and expenses, including attorney's fees, incurred by CD&R (acting on its own behalf or, if requested by any such
Indemnitee other than itself, on behalf of such Indemnitee) or any Indemnitee in defending any Claim in advance of the final disposition of such Claim upon receipt of an undertaking by or on behalf of
CD&R or such Indemnitee to repay amounts so advanced if it shall ultimately be determined that CD&R or such Indemnitee is not entitled to be indemnified by any Indemnifying Party as authorized by this
Agreement. 

        (c)  CD&R
shall notify the Indemnifying Parties in writing of the amount of any Claim actually paid by CD&R (the "NOTICE OF PAYMENT"). The amount of any Claim actually paid
by CD&R shall bear simple interest at the rate equal to Chemical Bank's prime rate as of the date of such payment plus 2% per annum, from the date any Indemnifying Party receives the Notice of Payment
to the date on which any Indemnifying Party shall repay the amount of such Claim plus interest thereon to CD&R. 

        5.    CERTAIN COVENANTS.    Holding agrees to cause each of RIC Holding , RIC, and the Company to perform its
obligations under this Agreement. The rights of each Indemnitee to be indemnified under any other agreement, document, certificate or instrument or applicable law are independent of and in addition to
any rights of such Indemnitee to be indemnified under this Agreement. The rights of each Indemnitee and the obligations of Holding, RIC Holding, RIC, and the Company hereunder shall remain in full
force and effect regardless of any investigation made by or on behalf of such Indemnitee. Each of the Indemnifying Parties shall maintain the State of Delaware as its state of incorporation and shall
implement and maintain in full force and effect any and all corporate charter and by-law provisions that may be necessary or appropriate to enable it to carry out its obligations hereunder to the
fullest extent permitted by Delaware corporate law, including without limitation a provision of its certificate of incorporation eliminating liability of a director for breach of 

7

 

fiduciary duty to the fullest extent permitted by Section 102(b)(7) (or any successor section thereto) of the General Corporation Law of the State of Delaware, as it may be amended from time to time. 

        6.    NOTICES.    All notices and other communications hereunder shall be in writing and shall be delivered by
certified or registered mail (first class postage prepaid and return receipt requested), telecopier, overnight courier or hand delivery, as follows: 

	(a)
	if
to Holding or RIC Holding to: 

Riverwood
Holding, Inc.

RIC Holding, Inc.

c/o The Corporation Trust Company

Corporation Trust Center

1209 Orange Street

Wilmington, Delaware 19801

Telephone: (302) 658-7581

Facsimile: (302) 655-5049 

ATTENTION:
General Counsel 

	(b)
	if
to RIC or the Company, to: 

Riverwood
International Corporation

Riverwood International USA, Inc.

3350 Cumberland Circle

Suite 1400

Atlanta, GA 30339

Telephone: (770) 644-3000

Facsimile: (770) 644-2929 

ATTENTION:
General Counsel 

	(c)
	if
to CD&R, to: 

Clayton,
Dubilier & Rice, Inc.

375 Park Avenue

18th Floor

New York, New York 10152

Telephone: (212) 407-5200

Facsimile: (212) 407-5272 

ATTENTION:
Kevin J. Conway 

	(d)
	if
to the CD&R Fund, to: 

Clayton,
Dubilier & Rice

Fund V Limited Partnership

Foulkstone Plaza, Suite 102

1403 Foulk Road

Wilmington, Delaware

Telephone:

Facsimile: 

ATTENTION:
Joseph L. Rice, III 

or
to such other address or such other person as Holding, RIC Holding, RIC, the Company, CD&R or the CD&R Fund, as the case may be, shall have designated by notice to the other parties hereto. All
communications hereunder shall be effective upon receipt by the party to which they are addressed. A copy of any notice or other communication given under this Agreement shall also be given to: 

8

 

Debevoise
& Plimpton

875 Third Avenue

New York, New York 10022

Telephone: (212) 909-6000

Facsimile: (212) 909-6836 

ATTENTION:
Franci J. Blassberg, Esq. 

        7.    Governing Law.    This Agreement shall be governed in all respects, including validity, interpretation and
effect, by the law of the State of New York, regardless of the law that might be applied under principles of conflict of laws, except to the extent that the corporate law of the State of Delaware
specifically and mandatorily applies, in which case such law shall apply. 

        8.    Severability.    If any provision or provisions of this Agreement shall be held to be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby. 

        9.    Miscellaneous.    The headings contained in this Agreement are for reference purposes only and shall not affect
in any way the meaning or interpretation of this Agreement. This Agreement shall be binding upon and inure to the benefit of each party hereto and its successors and permitted assigns, and each other
Indemnitee, but neither this Agreement nor any right, interest or obligation hereunder shall be assigned, whether by operation of law or otherwise, by Holding, RIC Holding, RIC, or the Company without
the prior written consent of CD&R and the CD&R Fund. This Agreement is not intended to confer any right or remedy hereunder upon any person other than each of the parties hereto and their respective
successors and permitted assigns and each other Indemnitee. No amendment, modification, supplement or discharge of this Agreement, and no waiver hereunder shall be valid and binding unless
set forth in writing and duly executed by the party or other Indemnitee against whom enforcement of the amendment, modification, supplement or discharge is sought. Neither the waiver by any of the
parties hereto or any other Indemnitee of a breach of or a default under any of the provisions of this Agreement, nor the failure by any party hereto or any other Indemnitee on one or more occasions,
to enforce any of the provisions of this Agreement or to exercise any right, powers or privilege hereunder, shall be construed as a waiver of any other breach or default of a similar nature, or as a
waiver of any provisions hereof, or any rights, powers or privileges hereunder. The rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies that any party or
other Indemnitee may otherwise have at law or in equity or otherwise. This Agreement may be executed in several counterparts, each of which shall be deemed an original, and all of which together shall
constitute one and the same instrument. 

        IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement by their authorized representatives as of the date first above written. 

	 	 	RIVERWOOD HOLDING, INC.
	

 	
 	
By:	

/s/  KEVIN J. CONWAY      
 Name: Kevin J. Conway

Title: Vice President
	

 	
 	
RIC HOLDING, INC.

9

 

	

 	
 	
By:	

/s/  KEVIN J. CONWAY      
 Name: Kevin J. Conway

Title: Vice President
	

 	
 	
RIVERWOOD INTERNATIONAL CORPORATION
	

 	
 	
By:	

/s/  KEVIN J. CONWAY      
 Name: Kevin J. Conway

Title: Vice President
	

 	
 	
RIVERWOOD INTERNATIONAL USA, INC.
	

 	
 	
By:	

/s/  KEVIN J. CONWAY      
 Name: Kevin J. Conway

Title: Vice President
	

 	
 	
CLAYTON, DUBILIER & RICE, INC.
	

 	
 	
By:	

/s/  JOSEPH L. RICE, III      
 Name: Joseph L. Rice, III

Title: Co-President
	

 	
 	
CLAYTON, DUBILIER & RICE FUND V LIMITED PARTNERSHIP
	

 	
 	
By:	

CD&R Associates V Limited Partnership, the General Partner
	

 	
 	

By:	

CD&R Investment Associates, Inc., the general partner
	

 	
 	

By:	

/s/  JOSEPH L. RICE, III      
 Name: Joseph L. Rice, III

Title: President

10

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