Document:

exv10w15

Exhibit 10.15

 

Letter of Indemnification

Dated 8 October, 2009

Rank Group Limited

for the benefit and in favour of

the Indemnitees defined in this Letter of Indemnification

(Thailand —  SIG)

Debevoise & Plimpton llp

London

 

 

 

Contents

	 	 	 	 	 
	Clause	 	Page	 
	1. Definitions
	 	 	2	 
	2. Indemnification
	 	 	2	 
	3. Limitations on Indemnification
	 	 	3	 
	4. Indemnification Procedure
	 	 	3	 
	5. Severability
	 	 	4	 
	6. Governing law and jurisdiction
	 	 	4	 
	7. Amendments
	 	 	4	 

i

 

THIS Letter of Indemnification is made on 8 October, 2009

BY;

Rank Group Limited, a company registered in New Zealand whose registered office is at c/o Bell
Gully (GJM), Level 22, Vero Centre, 48 Shortland Street, Auckland, New Zealand
(“Rank”);

IN FAVOUR AND FOR THE BENEFIT OF:

Each Indemnitee (as defined below).

BACKGROUND

	A.	 	SIG Combibloc Group AG (“SIG”), the holding company of the Thai Obligor (defined
below), was acquired by Beverage Packaging Holdings (Luxembourg) III S.à r.l.
(“BPIII”) in mid 2007, using acquisition debt made available under a combination of
senior secured bank loans under a senior facilities agreement (the “Senior Facilities
Agreement”),and an issue of senior notes and senior subordinated notes (the
“Notes”). The Thai Obligor has provided guarantees and security in relation to the
Senior Facilities Agreement, and guarantees in relation to the Notes.

	B.	 	BPIII, the sole shareholder of SIG, intends to directly and indirectly acquire the Closure
Systems International business and Reynolds Consumer Products business (the “Acquisition”).

	C.	 	In connection with the Acquisition, the existing financing arrangements put in place
for the acquisition of SIG and the Closure Systems International and Reynolds Consumer
Products businesses will need to be amended or replaced. The Thai Obligor (as defined below)
will be required to:

	 	(a)	 	enter into release documentation in relation to the Senior Facilities Agreement and the
guarantees and security provided by the Thai Obligor in respect of the Senior Facilities Agreement;

	 	(b)	 	guarantee the issue of new senior lien notes in an aggregate principal amount
of the equivalent of approximately US$1 .842 billion (the “New Notes”) and new
senior bank debt in the amount of the equivalent of approximately US$1.16 billion
(“New Senior Facility”);

	 	(c)	 	provide senior priority security for the New Notes and the New Senior Facility over
substantially all of its assets;

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	 	(d)	 	enter into an intercreditor agreement in respect of the New Senior Facility and the New
Notes, and an intercreditor agreement in respect of the New Notes, New Senior Facility and the
Notes,

	 	 	(collectively, the “Transactions”).

	D.	 	Rank has agreed to provide an indemnity to the Indemnitees in respect of the
Transactions as further described below.

It is the intention of Rank that this document be executed as a Letter of Indemnification in favour
and for the benefit of each Indemnitee.

THIS LETTER OF INDEMNIFICATION WITNESSES as follows:

	1.	 	Definitions
	 
	 	 	“Indemnitee” means each person listed in Part B to the Schedule to this Letter of
Indemnification.
	 
	 	 	“Thai Obligor” means the company listed in Part A to the Schedule to this Letter of
Indemnification.

	2.	 	Indemnification
	 
	 	 	Rank shall upon first demand indemnify each Indemnitee against expenses, losses,
liabilities, judgments, fines, penalties and amounts paid in settlement (including all
interest, assessments and other charges in connection therewith) incurred by an Indemnitee
or on an Indemnitee’s behalf in connection with any proceeding resulting from or relating
to decisions the Indemnitee made or any actions the Indemnitee took on behalf of the Thai
Obligor in his or her capacity as a director of the Thai Obligor on written (including by
e-mail or telefax) instruction from a direct or indirect shareholder of the Thai Obligor in
connection with any transactions or the approval or execution of any resolutions or
documents in relation to the Transactions.

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	3.	 	Limitations on Indemnification
	 
	 	 	Notwithstanding any other provision of this Letter of Indemnification, an
Indemnitee shall not be entitled to indemnification under this Letter of
Indemnification:

	 	(a)	 	to the extent that payment is actually made, or for which payment may be
immediately claimed, to or on behalf of the relevant Indemnitee under an insurance
policy, unless the Indemnitee assigns to Rank any related payments claims under such
insurance policy; or

	 	(b)	 	to the extent that payment has or will be made to the relevant Indemnitee by the Thai
Obligor or any affiliate of Rank otherwise than pursuant to this Letter of Indemnification.

	4.	 	Indemnification Procedure

	 	4.1	 	Each Indemnitee shall give Rank notice in writing (including by e-mail or telefax) as soon
as practicable of any proceeding in relation to that Indemnitee for which indemnification will
or could be sought under this Letter of Indemnification. To obtain indemnification payments or
advances under this Letter of Indemnification, an Indemnitee shall submit to Rank a written
request therefore, together with such invoices or other supporting information as may be
reasonably requested by Rank and reasonably available to the relevant Indemnitee. Rank shall
make such indemnification payment within 10 business days of receipt of such invoices and
supporting information.

	 	4.2	 	Each Indemnitee shall be obliged as soon as practicable to claim his rights under any
applicable insurance policy and shall assign to Rank any related payments claims under such
insurance policy. However this clause 4.2 does not affect the Indemnitee’s right to
indemnification under clause 2 above.

	 	4.3	 	For the avoidance of doubt, an Indemnitee shall not forego any rights to indemnification
under this Letter of Indemnification where he fails to give notice within the period specified
in sentence 1 (“as soon as practicable”) of this clause 4.

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	5.	 	Severability
	 
	 	 	If any provision or provisions of this Letter of Indemnification shall be held to be
invalid, illegal or unenforceable for any reason, the validity, legality and enforceability
of the remaining provisions of this Letter of Indemnification and this Letter of
Indemnification shall not in any way be affected or impaired thereby and shall remain
enforceable to the fullest extent permitted by law.

	6.	 	Governing law and jurisdiction
	 
	 	 	This Letter of Indemnification shall be governed by and its provisions construed in
accordance with Swiss law. All the parties to this Letter of Indemnification irrevocably
agree that the courts of Zurich are to have exclusive jurisdiction to settle any dispute
arising out of or in connection with this Letter of Indemnification (including any dispute
regarding the existence, validity or termination of this Letter of
Indemnification).

	7.	 	Amendments
	 
	 	 	No amendment or modification of this Letter of Indemnification shall be effective unless
it is approved in writing by each Indemnitee having the benefit of this Letter of Indemnification.

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IN WITNESS of which this Letter of Indemnification has been executed and has been delivered on the
date stated at the beginning of this Letter of Indemnification for the benefit and in favour of
each Indemnitee.

	 	 	 	 	 
	Rank Group Limited

 	 
	By:  	/s/ Graeme Hart
 	 
	 	Graeme Hart
Position: Director 	 
	 	Address: 743 Riddell Rd, Glendowie, New Zealand 1005 	 

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Schedule

Part A

Thai Obligor

	•	 	SIG Combibloc Ltd.

6

 

Part B

List of Indemnitees

	•	 	Karl Joseph Eagle
	 
	•	 	André Rosenstock
	 
	•	 	Frank Buchholz

7exv10w16

Exhibit
10.16

 

Deed Poll of Indemnification

Dated 8  October 2009

Rank Group Limited

for the benefit and in favour of

the Indemnitees defined in this deed poll

(United Kingdom — CSI & RCP)

Debevoise & Plimpton llp 

London

 

 

 

Contents

	 	 	 	 	 
	Clause	 	Page	 
	1. Definitions
	 	 	3	 
	2. Indemnification
	 	 	3	 
	3. Limitations on Indemnification
	 	 	3	 
	4. Indemnification Procedure
	 	 	4	 
	5. Sevarablity
	 	 	5	 
	6. Governing law
	 	 	5	 
	7. Amendments
	 	 	5	 
	8. Termination
	 	 	5	 
	 
	Schedule
	 	 	 	 
	 
	1. Part A:United Kingdom Guarantor
	 	 	7	 
	2. Part B:List of Indemnitees
	 	 	7	 

 

 

THIS Deed
Poll is made on 8 October 2009

BY:

Rank Group Limited, a company registered in New Zealand whose registered office
is at c/o Bell Gully (GJM), Level 22, Vero Centre, 48 Shortland Street, Auckland, New
Zealand (“Rank”);

IN FAVOUR AND FOR THE BENEFIT OF:

Each Indemnitee (as defined below).

BACKGROUND

	A.	 	SIG Combibloc Group AG (“SIG”) was acquired
by Beverage Packaging Holdings (Luxembourg) III S.á r.l. (“BPIII”) in mid 2007, using acquisition
debt made available under a combination of senior secured bank loans under a senior facilities agreement (the “Senior Facilities Agreement”), and an issue of
senior notes and senior subordinated notes as further described below.
	 
	B.	 	The Closure Systems International business (the “CSI Group”) and the Reynolds Consumer Products business (the “RCP Group”) were acquired as
part of the Reynolds group of companies in February 2008 using acquisition debt made available under a senior secured facilities agreement (the “Reynolds
Facility”).
	 
	C.	 	BPIII, the sole shareholder of SIG, intends to directly and indirectly acquire
the CSI Group and the RCP Group (the “Acquisition”).
	 
	D.	 	In connection with the Acquisition, the existing financing arrangements put in place for the acquisition of SIG and the CSI Group and RCP Group will need
to be amended or replaced. Each United Kingdom Guarantor (as defined
below) will be required to:

	 	(a)	 	enter into release documentation in relation to the Reynolds Facility and the guarantee and
security provided by each United Kingdom Guarantor in respect of the Reynolds Facility;
	 
	 	(b)	 	guarantee the issue of new senior lien notes in an aggregate principal amount of
approximately US$1.842 billion (the “New Notes”) and new senior bank debt in the
amount of the equivalent of approximately US$1.16 billion (“New Senior Facility”) and
provide senior priority security in respect of the New Notes and the New Senior Facility over
substantially all of its assets;
	 
	 	(c)	 	provide guarantees in respect of €480,000,000 senior notes due 2016 and €420,000,000 senior
subordinated notes due 2017, each issued by Beverage Packaging Holdings (Luxembourg) II S.A.
(“Existing Notes”). These guarantees will be unsecured; and

2

 

	 	(d)	 	enter into an intercreditor agreement in respect of the New Senior Facility and the New
Notes, and an intercreditor agreement in respect of the New Notes, New Senior Facility and the
Existing Notes,

	 	 	(collectively, the “Transactions”).
	 
	E.	 	Rank has agreed to provide an indemnity to the Indemnitees as defined below in respect
of the Transactions as further described below.

It is the intention of Rank that this document be executed as a deed poll (this “Deed
Poll”) in favour and for the benefit of each Indemnitee.

THIS DEED POLL WITNESSES as follows:

	1.	 	Definitions
	 
	 	 	“Indemnitee” means each person listed in Part B of the Schedule to this Deed Poll; and

	 
	 	 	“United Kingdom Guarantor” means each company listed in Part A of the Schedule to this Deed
Poll.

	2.	 	Indemnification
	 
		 	Rank shall indemnify each Indemnitee against all legal expenses, losses, liabilities, judgments,
fines, penalties and amounts paid in settlement (including all interest, assessments and other
charges in connection therewith) incurred by an Indemnitee or on an Indemnitee’s behalf in
connection with any proceeding resulting from or relating to decisions the Indemnitee made or any
actions the Indemnitee took on behalf of a United Kingdom Guarantor in his or her capacity as a
director of that company on written instruction from a direct or indirect shareholder of the
relevant United Kingdom Guarantor in connection with any transactions or the approval or execution
of any resolutions or documents in relation to the Transactions.

	3.	 	 Limitations on Indemnification
	 
	 	 	Notwithstanding any other provision of this Deed Poll, an Indemnitee shall not be entitled to
indemnification under this Deed Poll:

	 	(a)	 	to the extent that such indemnification is not permitted by applicable laws; or
	 
	 	(b)	 	to the extent such Indemnified Liabilities are the result of the gross negligence, bad faith
or wilful misconduct of the Indemnitee; or

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	 	(c)	 	to the extent that payment is actually made, or for which payment is available, to or on behalf of
the relevant Indemnitee under an insurance policy, except in respect of any amount in excess of the
limits of liability of such policy or any applicable deductible for such policy; or
	 
	 	(d)	 	to the extent that payment has or will be made to the relevant Indemnitee by the United Kingdom
Guarantor or any affiliate of Rank otherwise than pursuant to this Deed Poll; or
	 
	 	(e)	 	in connection with any proceeding (or part thereof) initiated by an Indemnitee, unless:

	 	(i)	 	such indemnification is expressly required to be made by
law,
	 
	 	(ii)	 	the proceeding was authorised by the shareholder(s) (or
other decision making organ) of the relevant United Kingdom
Guarantor; or
	 
	 	(iii)	 	such indemnification is provided by the United Kingdom
Guarantor, in its sole discretion, pursuant to the powers vested
in the United Kingdom Guarantor under applicable law.

4.       Indemnification Procedure

	 	(a)	 	Each Indemnitee shall give Rank notice in writing as soon as practicable of any proceeding in
relation to that Indemnitee for which indemnification will or could be sought under this Deed
Poll. To obtain indemnification payments or advances under this Deed Poll, an Indemnitee shall
submit to Rank a written request therefore, together with such invoices or other supporting
information as may be reasonably requested by Rank and reasonably available to the relevant
Indemnitee. Rank shall make such indemnification payment within 30 business days of receipt of
such invoices and supporting information.
	 
	 	(b)	 	There shall be no presumption in favour of indemnification. If there is a dispute between
Rank and an Indemnitee as to whether that Indemnitee is entitled to indemnification, then
independent legal counsel shall be selected by the board of directors of Rank to make such
determination. The selected independent legal counsel shall make such determination within 30
business days of being selected and the decision of such independent legal counsel shall be
binding upon all Rank and the relevant Indemnitee.

4

 

	5.	 	Severability
	 
	 	 	If any provision or provisions of this Deed Poll shall be held to be invalid, illegal or
unenforceable for any reason, the validity, legality and enforceability of the remaining provisions
of this Deed Poll shall not in any way be affected or impaired thereby and shall remain enforceable
to the fullest extent permitted by law.
	 
	6.	 	Governing law
	 
	 	 	 
This Deed Poll shall be governed by and its provisions construed in accordance with English law.
	 
	7.	 	Amendments

	 
	 	 	No amendment or modification of this Deed Poll shall be effective unless it is approved in writing
by each Indemnitee having the benefit of this Deed Poll.

	 
	8.	 	Termination
	 
	 	 	This Deed Poll shall remain in effect in favour and for the benefit of each Indemnitee until the
expiration of 12 months after the date that is the earlier to occur of:

	 	(a)	 	the relevant Indemnitee ceasing to serve as a director of the relevant United Kingdom
Guarantor; and
	 
	 	(b)	 	the date on which all obligations of a United Kingdom Guarantor of which that Indemnitee is a
director in respect of the New Senior Facility Agreement, the New Notes, the Existing Notes or
the relevant Intercreditor Agreement is released or terminated.

5

 

     IN WITNESS of which this Deed Poll has been executed and has been delivered on the date stated
at the beginning of this Deed Poll for the benefit and in favour of each Indemnitee.

	 	 	 	 
	Rank Group Limited
	 	 	 
	 

	 	/s/ Graeme Hart	 
	 

	 	 	 
	 

	 	Graeme Hart

Director	 
	 
	 	 	 
	/s/ F Ramsey
	 	 	 
	 
	 	 	 
	Signature of Witness
	 	 	 
	 
	 	 	
	
Secretary
	 	 	
	 
	 	 	
	Occupation
	 	 	
	 
	 	 	
	 Auckland
	 	 	
	 
	 	 	
	City of Residence
	 	 	

6

 

Schedule

Part A

United Kingdom Guarantor

	•	 	Closure Systems International (UK) Limited
	 
	•	 	Reynolds Consumer Products (UK) Limited
	 
	•	 	BACO Consumer Products Limited

Part B

List of Indemnitees

	•	 	Gregory Alan Cole
	 
	•	 	Susan Foster
	 
	•	 	Helen Dorothy Golding
	 
	•	 	Michael Eugene Graham
	 
	•	 	Victor Lance Mitchell
	 
	•	 	Francisco Javier Hernandez-Muñoz
	 
	•	 	Daniel Joseph Zimmerlee

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