Document:

Sixth Amendment to Credit Agreement

 Exhibit 10.1 

SIXTH AMENDMENT TO CREDIT AGREEMENT 

SIXTH AMENDMENT TO CREDIT AGREEMENT (this “Sixth Amendment”), dated as of September 23, 2010 among GRAHAM PACKAGING
HOLDINGS COMPANY, a Pennsylvania limited partnership (“Holdings”), GRAHAM PACKAGING COMPANY, L.P., a Delaware limited partnership (the “Borrower”), GPC CAPITAL CORP. I, a Delaware corporation (the
“Co-Borrower”), the Lenders (as defined in the Credit Agreement referred to below) party hereto, and DEUTSCHE BANK AG CAYMAN ISLANDS BRANCH, as administrative agent (in such capacity, the “Administrative Agent”) for
the Lenders. Unless otherwise indicated, all capitalized terms used herein and not otherwise defined shall have the respective meanings provided to such terms in the Credit Agreement referred to below (as amended by this Sixth Amendment).

 W I T N E S S E T H: 

WHEREAS, Holdings, the Borrower, the Co-Borrower, the Lenders from time to time party thereto, and the Agents are parties to a Credit
Agreement, dated as of October 7, 2004 (as amended, modified and/or supplemented to, but not including, the date hereof, the “Credit Agreement”); and 

WHEREAS, Graham Packaging Acquisition Corp., a Delaware corporation (“GPAC”), a subsidiary of the Borrower, has entered
into that certain Stock and Unit Purchase Agreement, dated as of August 9, 2010, by and among Liquid Container, L.P., a Delaware limited partnership (“Liquid Container”), each of the limited partners of Liquid Container and
each of the stockholders of the general partners of Liquid Container (the “General Partners”), pursuant to which GPAC and/or its affiliates have agreed to acquire all of the issued and outstanding shares of common stock of the
General Partners and all of the partnership units of Liquid Container (the “Liquid Acquisition”); and 

WHEREAS, the Borrower desires to borrow D Term Loans to finance a portion of the Liquid Acquisition and repay the B Term Loans
outstanding on the Sixth Amendment Effective Date; and 
 WHEREAS, the parties hereto wish to enter into certain agreements and
amendments regarding the Credit Agreement as herein provided; 
 NOW, THEREFORE, it is agreed: 

 

	I.	Amendments to the Credit Agreement. 

1. The definition of “Change of Control” appearing in Section 1.01 of the Credit Agreement is hereby amended by
deleting clause (iii) of said definition in its entirety and inserting the following new clause (iii) in lieu thereof: 

“(iii) a “Change in Control” shall occur under the Second-Lien Credit Agreement, Senior Subordinated Note
Indenture, the Senior Note Indenture or any Indebtedness incurred pursuant to Section 6.01(p)(z) or under any issue of indebtedness refinancing (in whole or in part) the Senior Subordinated Notes, the Senior Notes, the Second-Lien

 
Loans, any Indebtedness incurred pursuant to Section 6.01(p)(z) or any subsequent refinancing thereof”. 

2. The definition of “Commitments” appearing in Section 1.01 of the Credit Agreement is hereby amended by
(i) inserting the text “D Term Loan Commitments,” immediately after the text “C Term Loan Commitments,” appearing in said definition and (ii) replacing the text “Incremental C Term Loan Commitment” appearing
in said definition with the text “Incremental D Term Loan Commitment”. 
 3. The definition of “C Term
Loans” appearing in Section 1.01 of the Credit Agreement is hereby amended by replacing the text “Sections 2.01(e) or 2.23” appearing in said definition with the text “Section 2.01(e)”. 

4. The definition of “Incremental Commitment Request Requirements” appearing in Section 1.01 of the Credit
Agreement is hereby amended to read in its entirety as follows: 
 “Incremental Commitment Request
Requirements” shall mean, with respect to any request for an Incremental D Term Loan Commitment made pursuant to Section 2.23, the satisfaction of each of the following conditions on the date of such request: (x) no Default or
Event of Default then exists or would result therefrom (for purposes of such determination, assuming the relevant Loans in an aggregate principal amount equal to the full amount of Incremental D Term Loan Commitments, as the case may be, then
requested had been incurred, and the proposed Permitted Business Acquisition (if any) to be financed with the proceeds of such Loans had been consummated, on such date of request) and all of the representations and warranties contained herein and in
the other Loan Documents are true and correct in all material respects at such time (unless stated to relate to a specific earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such
earlier date); and (y) if all of the proceeds of D Term Loans to be provided pursuant to the requested Incremental D Term Loan Commitment will not be used to repay outstanding C Term Loans or D Term Loans, the Senior Secured Net Leverage Ratio
on the last day of the Test Period most recently ended prior to the date of the request for Incremental D Term Loan Commitments, as the case may be, shall not exceed 4.50:1.00, with such calculation to be made on a Pro Forma Basis, as if the
relevant Loans to be made pursuant to such Incremental D Term Loan Commitments (in each case, assuming the full utilization thereof) had been incurred, and the proposed Permitted Business Acquisition (if any) to be financed with the proceeds of such
Loans (as well as other Permitted Business Acquisitions theretofore consummated after the first day of such Test Period) had occurred, on the first day of such Test Period. 

5. The definition of “LIBO Rate” appearing in Section 1.01 of the Credit Agreement is hereby amended by
(i) replacing the word “and” located at the end of clause (i) of said definition with a comma (“,”) and (ii) inserting the text “, and (iii) with respect to D Term Loans only, 1.75%” immediately
prior to the period at the end of said definition. 
 6. The definition of “LIBOR Margin” appearing in
Section 1.01 of the Credit Agreement is hereby amended by inserting the text “D Term Loans,” immediately after the text “C Term Loans,” appearing in said definition. 

 

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 7. The definition of “Maturity Date” appearing in Section 1.01 of the
Credit Agreement is hereby amended by (i) replacing the word “or” located immediately after the text “B Term Loan Maturity Date” appearing in said definition with a comma (“,”) and (ii) inserting the text
“or the D Term Loan Maturity Date” immediately after the text “C Term Loan Maturity Date” appearing in said definition. 

8. The definition of “Net Proceeds” appearing in Section 1.01 of the Credit Agreement is hereby amended by
replacing the text “or the Senior Notes” appearing in clause (a)(i) of said definition with the text “, the Senior Notes, any Indebtedness incurred pursuant to Section 6.01(p)(z)”. 

9. The definition of “Permitted Business Acquisition Amount” appearing in Section 1.01 of the Credit Agreement is
hereby amended by (i) replacing the text “$120,000,000, or $160,000,000 if the Net Leverage Ratio is less than 3.50 to 1.00 (as established pursuant to a certificate of a Financial Officer of the Borrower showing the Net Leverage Ratio for
the most recently ended Test Period for which financial statements were delivered (or required to be delivered) pursuant to Section 5.04(a) or (b), as the case may be),” appearing said definition with the text “$200,000,000”.

 10. The definition of “Permitted Refinancing Indebtedness” appearing in Section 1.01 of the Credit
Agreement is hereby amended to read in its entirety as follows: 
 “Permitted Refinancing
Indebtedness” shall mean any Indebtedness of Holdings or a Subsidiary of Holdings issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund (collectively, to
“Refinance”), Indebtedness permitted by Sections 6.01(b) (only with respect to C Term Loans and D Term Loans), 6.01(j) or (p) (or previous refinancings thereof constituting Permitted Refinancing Indebtedness) of Holdings or
such Subsidiary of Holdings, as the case may be, provided that (i) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable)
of the Indebtedness so Refinanced (plus, in the case of Sections 6.01(j) and (p), unpaid accrued interest and premium thereon), (ii) the average life to maturity of such Permitted Refinancing Indebtedness is greater than or equal to that
of the Indebtedness being Refinanced, (iii) if the Indebtedness being Refinanced is subordinated in right of payment to the Obligations under this Agreement, such Permitted Refinancing Indebtedness shall be subordinated in right of payment to
such Obligations on terms at least as favorable to the Lenders as those contained in the documentation governing the Indebtedness being Refinanced, (iv) no Permitted Refinancing Indebtedness shall have different obligors, or greater guarantees
or security (except as otherwise expressly permitted herein), than the Indebtedness being Refinanced, (v) if the Indebtedness being Refinanced is secured by any collateral (whether equally and ratably with, or junior to, the Secured Parties or
otherwise), such Permitted Refinancing Indebtedness may be secured by such collateral (including any collateral pursuant to after-acquired property clauses to the extent any such collateral secured the Indebtedness being Refinanced) on terms no less
favorable to the Secured Parties than those contained in the documentation governing the Indebtedness being Refinanced, (vi) such Indebtedness (other than Indebtedness permitted by Section 6.01(j)) shall not require any repayments of
principal that are earlier than (x) any repayments that are required under the Indebtedness being Refinanced and (y) in the case of Indebtedness refinancing the 

 

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Senior Notes, the Senior Subordinated Notes, the B Term Loans, the C Term Loans, the D Term Loans or any refinancing in respect thereof, 90 days after the D Term Loan Maturity Date, (vii) in
the case of Indebtedness permitted under Section 6.01(p), no Permitted Refinancing Indebtedness shall contain covenants, defaults or events of default that are materially more adverse to Holdings and its Subsidiaries, or the Lenders, than those
contained in such Indebtedness being Refinanced and (viii) in the case of Indebtedness refinancing the B Term Loans, the C Term Loans, the D Term Loans or any refinancing thereof (but not for any other purpose), such Indebtedness may be secured
by Liens on Collateral (but no other assets) that are pari passu to the Liens securing the Obligations; provided that such Indebtedness is subject to intercreditor arrangements that are in form and substance satisfactory to the
Administrative Agent. Notwithstanding the foregoing, if any Permitted Refinancing Indebtedness is incurred to Refinance the Second-Lien Loans or any previous issue of Permitted Refinancing Indebtedness incurred pursuant to sub-clause (x) of
Section 6.01(p), then unless such Permitted Refinancing Indebtedness is unsecured, each Loan Party, the Administrative Agent, the Collateral Agent and the administrative agent and collateral agent for such Permitted Refinancing Indebtedness
shall enter into a new intercreditor agreement in the form of Exhibit I hereto, appropriately modified to reflect the new issue of Permitted Refinancing Indebtedness and with such other changes, if any, as may be satisfactory to the Administrative
Agent and the Collateral Agent (with each such intercreditor agreement being herein called an “Additional Intercreditor Agreement”) 

11. The definition of “Repricing Transaction” appearing in Section 1.01 of the Credit Agreement is hereby amended
to read in its entirety as follows: 
 “Repricing Transaction” shall mean (1) the
incurrence by the Borrower or any of its Subsidiaries of any indebtedness (including, without limitation, any new or additional term loans under this Agreement, whether incurred directly or by way of the conversion of D Term Loans into a new tranche
of replacement term loans under this Agreement) that is secured or is broadly marketed or syndicated to banks and other institutional investors in financings similar to the facilities provided for in this Agreement (i) having an
“effective” interest rate margin or weighted average yield for the respective Type of such indebtedness that is less than the applicable rate for or weighted average yield for D Term Loans of the respective Type (with the comparative
determinations to be made by the Administrative Agent consistent with generally accepted financial practices, after giving effect to, among other factors, margin, upfront or similar fee or “original issue discount” shared with all lenders
or holders of such indebtedness or D Term Loans, as the case may be, but excluding the effect of any arrangement, structuring, syndication or other fees payable in connection therewith that are not shared with all lenders or holders of such
indebtedness or D Term Loans, as the case may be, and without taking into account any fluctuations in the Adjusted LIBO Rate or comparable LIBO Rate) and (ii) the proceeds of which are used to prepay (or, in the case of a conversion, deemed to
prepay or replace), in whole or in part, outstanding principal of D Term Loans and/or (2) any effective reduction in the ABR Margins or LIBOR Margins for D Term Loans (e.g., by way of amendment, waiver or otherwise). Any such determination by
the Administrative Agent as contemplated by preceding clauses (1) and (2) shall be conclusive and binding on the Borrower and all Lenders holding D Term Loans. 
  

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 12. The definition of “Term Borrowing” appearing in Section 1.01 of
the Credit Agreement is hereby amended by (i) replacing the word “or” located immediately after the text “B Term Loans” appearing in said definition with a comma (“,”) and (ii) inserting the text “or D
Term Loans” immediately after the text “C Term Loans” appearing in said definition. 
 13. The definition of
“Term Loans” appearing in Section 1.01 of the Credit Agreement is hereby amended to read in its entirety as follows: 

“Term Loans” shall mean the B Term Loans, the C Term Loans, the D Term Loans and (without duplication)
term loans of any other sub-Tranche made by the Lenders to the Borrower pursuant to Section 2.23. 
 14. The definition of
“Tranche” appearing in Section 1.01 of the Credit Agreement is hereby amended to read in its entirety as follows: 

“Tranche” shall mean the respective facility and commitments utilized in making Loans hereunder, with
there being six separate Tranches on the Sixth Amendment Effective Date, i.e., B Term Loans, C Term Loans, D Term Loans, Non-Extending Revolving Loans, Extending Revolving Loans and Swingline Loans. 

15. Section 1.01 of the Credit Agreement is hereby further amended by (i) deleting the definitions of “Incremental C
Term Loan Commitment Agreements”, “Incremental C Term Loan Commitments” and “Incremental C Term Loan Lender” appearing therein in their entirety and (ii) inserting the following new definitions in the
appropriate alphabetical order: 
 “D Term Borrowing” shall mean a Borrowing comprised of D Term
Loans. 
 “D Term Loan Commitment” shall mean with respect to each Lender, the commitment of
such Lender to make D Term Loans hereunder as set forth in Schedule 2.01. 
 “D Term Loan
Installment Date” shall have the meaning provided in Section 2.11(a)(iii). 
 “D Term Loan
Maturity Date” shall mean the earlier of (x) September 23, 2016, (y) if the Senior Notes have not been repaid or refinanced in full on or before the 91st day prior to the stated maturity of the Senior Notes, the date which is
91 days prior to the stated maturity of the Senior Notes, and (z) if the Senior Subordinated Notes have not been repaid or refinanced in full on or before the 91st day prior to the stated maturity of the Senior Subordinated Notes, the date
which is 91 days prior to the stated maturity of the Senior Subordinated Notes. 
 “D Term Loan
Percentage” shall mean, at any time, a fraction (expressed as a percentage) the numerator of which is the aggregate principal amount of D Term Loans then outstanding and the denominator of which is the sum of the aggregate principal amount
of Term Loans then outstanding. 
 “D Term Loans” shall mean the term loans made by the Lenders
to the Borrower pursuant to Sections 2.01(g) or 2.23. 
  

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 “Incremental D Term Loan Commitment Agreement” shall mean
an Incremental D Term Loan Commitment Agreement substantially in the form of Exhibit D (appropriately completed), with such revisions reasonably approved by the Administrative Agent, executed in accordance with Section 2.23. 

“Incremental D Term Loan Commitments” shall mean, for any Lender, any commitment by such Lender to make D
Term Loans as agreed to by such Lender in the Incremental D Term Loan Commitment Agreement delivered pursuant to Section 2.23. 

“Incremental D Term Loan Lender” shall have the meaning provided in Section 2.23(b). 

“Liquid Acquisition” shall have the meaning provided in the Sixth Amendment. 

“Sixth Amendment” shall mean the Sixth Amendment to the Credit Agreement, dated as of September 23,
2010, among Holdings, the Borrower, the Co-Borrower, the other Loan Parties, the Lenders party thereto and the Administrative Agent. 

“Sixth Amendment Effective Date” shall have the meaning provided in the Sixth Amendment. 

“Sixth Amendment Mortgage Amendments” shall have the meaning provided in Section 5.18. 

16. Section 2.01 of the Credit Agreement is hereby amended by inserting the following new clause (g) at the end of said
Section: 
 “(g) Subject to the terms and conditions and relying upon the representations and warranties of
Holdings and the Borrower herein set forth, each Lender agrees, severally and not jointly to make a D Term Loan to the Borrower in a principal amount not to exceed the D Term Loan Commitment set forth opposite its name on Schedule 2.01, which D
Term Loans shall be incurred by the Borrower on the Sixth Amendment Effective Date.” 
 17. Section 2.05(f) of the
Credit Agreement is hereby amended to read in its entirety as follows: 
 “(f) All prepayments (and/or
conversions) of principal of D Term Loans (whether voluntary or mandatory) made in connection with a Repricing Transaction after the Sixth Amendment Effective Date and on or prior to the first anniversary of the Sixth Amendment Effective Date will
be subject to payment to the Administrative Agent, for the ratable account of each Lender with outstanding D Term Loans, of a fee in an amount equal to 1.0% of the aggregate principal amount of the D Term Loans so prepaid and/or converted. Such
prepayment fees shall be due and payable upon the date of any such prepayment or conversion of D Term Loans in connection with a Repricing Transaction.” 

18. Section 2.09(a)(i) of the Credit Agreement is hereby amended by inserting the following new sentence immediately at the end of
said Section: 
  

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 “The D Term Loan Commitments shall be automatically and permanently
reduced on the Sixth Amendment Effective Date by the aggregate principal amount of D Term Loans incurred on such date. In addition, the D Term Loan Commitments shall be automatically and permanently terminated at 5:00 p.m., New York City time, on
the Sixth Amendment Effective Date.” 
 19. Section 2.10(vii) of the Credit Agreement is hereby amended to read in its
entirety as follows: 
 “(vii)(a) no Interest Period may be selected for any Eurodollar Term Borrowing of B
Term Loans that would end later than a B Term Loan Installment Date occurring on or after the first day of such Interest Period if, after giving effect to such selection, the aggregate outstanding amount of (A) the Eurodollar Term Borrowings of
B Term Loans with Interest Periods ending on or prior to such B Term Loan Installment Date and (B) the ABR Term Borrowings of B Term Loans would not be at least equal to the principal amount of B Term Borrowings to be paid on such B Term
Loan Installment Date, (b) no Interest Period may be selected for any Eurodollar Term Borrowing of C Term Loans that would end later than a C Term Loan Installment Date occurring on or after the first day of such Interest Period if, after
giving effect to such selection, the aggregate outstanding amount of (A) the Eurodollar Term Borrowings of C Term Loans with Interest Periods ending on or prior to such C Term Loan Installment Date and (B) the ABR Term Borrowings of C
Term Loans would not be at least equal to the principal amount of C Term Borrowings to be paid on such C Term Loan Installment Date and (c) no Interest Period may be selected for any Eurodollar Term Borrowing of D Term Loans that would end
later than a D Term Loan Installment Date occurring on or after the first day of such Interest Period if, after giving effect to such selection, the aggregate outstanding amount of (A) the Eurodollar Term Borrowings of D Term Loans with
Interest Periods ending on or prior to such D Term Loan Installment Date and (B) the ABR Term Borrowings of D Term Loans would not be at least equal to the principal amount of D Term Borrowings to be paid on such D Term Loan Installment
Date;”. 
 20. Section 2.11 of the Credit Agreement is hereby amended by (i) replacing the title of said section
in its entirety with the title “Repayment of B Term Borrowings, C Term Borrowings and D Term Borrowings”, (ii) deleting the last sentence of clause (ii) of paragraph (a) of said Section, (iii) adding the
following clause (iii) immediately after clause (ii) of paragraph (a) of said Section: 

“(iii) The D Term Borrowings shall be payable as to principal (i) on the last day of each fiscal quarter of the
Borrower commencing on December 31, 2010 (each such date being called a “D Term Loan Installment Date”), in an amount equal to 0.25% of the initial aggregate amount of D Term Loans incurred on the Sixth Amendment Effective Date
and (ii) on the D Term Loan Maturity Date, in an amount equal to the remaining aggregate principal amount of all D Term Loans incurred on the Sixth Amendment Effective Date. Notwithstanding the foregoing, all then outstanding principal of the D
Term Loans shall be due and payable on the D Term Loan Maturity Date. In the event that on any date after the Sixth Amendment Effective Date D Term Loans are incurred 

 

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pursuant to the provisions of Section 2.23 (other than D Term Loans that are deemed to be part of a separate sub-Tranche of D Term Loans hereunder and which will have a different
amortization schedule and/or final maturity), an amount equal to the aggregate principal amount of the D Term Loans so incurred on such date pursuant to Section 2.23 shall be applied to increase the amounts due on each then remaining D Term
Loan Installment Date on a pro rata basis (based upon the then remaining principal amounts due on each D Term Loan Installment Date after giving effect to all prior reductions thereto).”, 

(iii) inserting the following text immediately after the text “Fourth Amendment Effective Date” appearing in clause (iii) of the proviso to
paragraph (b) of said Section: 
 “and with respect to the repayment of C Term Loans or D Term Loans of
a Lender from and after the Sixth Amendment Effective Date with the proceeds of D Term Loans provided by such Lender or an Affiliate thereof and incurred in accordance with Section 2 23”, 

(iv) deleting clause (iv) of the proviso to paragraph (b) of said Section and inserting the following new clause (iv) in lieu thereof:

 “(iv) repayments of Term Loans pursuant to Section 2.12(c) and (d) shall be applied pro
rata to the B Term Loan Tranche, C Term Loan Tranche and D Term Loan Tranche based on the B Term Loan Percentage, the C Term Loan Percentage and the D Term Loan Percentage and”, 

and (v) adding the following paragraph (e) immediately after paragraph (d) of said Section: 

“(e) All prepayments of D Term Loans made pursuant to Sections 2.12(a), (c) and (d) shall reduce the
scheduled payments required under paragraph (a) above of the D Term Loans required to be repaid after the date of such prepayment, on a pro rata basis. To the extent not previously paid, all D Term Borrowings shall be due and payable on
the D Term Loan Maturity Date. Each payment of Borrowings pursuant to this Section 2.11 shall be accompanied by accrued interest on the principal amount paid to but excluding the date of payment.” 

21. Section 2.16(a) of the Credit Agreement is hereby amended by adding the text “D Term Loan Commitments,” immediately
after the text “C Term Loan Commitments” appearing in said Section. 
 22. Section 2.23 of the Credit Agreement
is hereby amended to read in its entirety as follows: 
 “SECTION 2.23. Incremental D Term Loan
Commitments. (a) So long as the Incremental Commitment Request Requirements are satisfied at the time of the delivery of the request referred to below, the Borrower shall have the right, in consultation and coordination with the
Administrative Agent as to all of the matters set forth below in this Section 2.23 and with the consent of the Administrative Agent, such consent not to be unreasonably withheld, but without requiring the consent of any of the Lenders, to
request at any time and from time to time after the Sixth Amendment Effective Date and prior to the date which is 12 months prior to the D Term Loan Maturity Date, that one or 

 

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more Lenders (and/or one or more other persons which will become Lenders as provided below) provide Incremental D Term Loan Commitments and, subject to the applicable terms and conditions
contained in this Agreement, make D Term Loans pursuant thereto to the Borrower; it being understood and agreed, however, that (i) no Lender shall be obligated to provide an Incremental D Term Loan Commitment as a result of any such request by
the Borrower, and until such time, if any, as such Lender has agreed in its sole discretion to provide an Incremental D Term Loan Commitment and executed and delivered to the Administrative Agent an Incremental D Term Loan Commitment Agreement in
respect thereof as provided in clause (b) of this Section 2.23, such Lender shall not be obligated to fund any D Term Loans, (ii) any Lender (including any person who will become a Lender) may so provide an Incremental D Term Loan
Commitment without the consent of any other Lender, (iii) the provision of Incremental D Term Loan Commitments pursuant to this Section 2.23 shall be in a minimum aggregate amount (for all Lenders (including any person who will become a
Lender)) of at least $10,000,000 and in integral multiples of $1,000,000 in excess thereof; provided that such amount may be less than $10,000,000 if such amount represents all remaining availability under the limitation set forth in
sub-clause (iv) of this Section 2.23(a), (iv) the aggregate amount of all Incremental D Term Loan Commitments provided pursuant to this Section 2.23 from and after the Sixth Amendment Effective Date (other than Incremental D Term
Loan Commitments to the extent the proceeds of the D Term Loans provided pursuant to such Incremental D Term Loan Commitments are used to repay outstanding principal of C Term Loans) shall not exceed $300,000,000; provided that the proceeds
of D Term Loans provided pursuant to any Incremental D Term Loan Commitment shall not be used to repay, prepay, redeem or acquire for value the Senior Notes, any Permitted Refinancing Indebtedness issued in respect thereof or any prior refinancing
in respect thereof unless (x) the Senior Secured Net Leverage Ratio on the last day of the Test Period most recently ended prior to the date of such incurrence shall not exceed 3.75:1.00, with such calculation to be made on a Pro Forma
Basis, as if the relevant D Term Loans to be made pursuant to such Incremental D Term Loan Commitments (in each case, assuming the full utilization thereof) had been incurred, and the repayment, prepayment, redemption or acquisition for value to be
financed with the proceeds of such D Term Loans (as well as other repayments, prepayments, redemptions or acquisitions for value of the Senior Notes theretofore consummated after the first day of such Test Period) had occurred, prior to the end of
such Test Period and (y) after giving effect to such repayment, prepayment, redemption or acquisition for value, Minimum Liquidity is greater than $75,000,000, (v) any upfront facility fees, original issue discount, interest rate bench
mark floors, prepayment fees, LIBOR Margin and/or ABR Margin applicable to any D Term Loans provided pursuant to an Incremental D Term Loan Commitment shall be determined by the Borrower and the Lenders providing such Incremental D Term Loan
Commitment, (vi) in the event that the effective spread over LIBO/Alternate Base Rate (taking into account any upfront facility fees, original issue discount, interest rate bench mark floors or prepayment fees and with such factors to be
equated to interest rates in a manner determined by the Administrative Agent and consistent with generally accepted financial practices, based on, where applicable, a remaining life-to-maturity of the lesser of four years and the remaining
life-to-maturity of such incremental D Term Loans) of the D Term Loans provided pursuant to such Incremental D Term Loan Commitment exceeds by more than 25 basis points the effective spread over LIBO/Alternate Base Rate then in effect for the C Term
Loan, the D Term Loans or the Extending Revolving Loans that are 
  

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outstanding (or which would be outstanding if any Extending Revolving Credit Commitments then in effect were drawn upon) immediately prior to giving effect to the incurrence of such D Term Loans,
the LIBOR Margin and ABR Margin with respect to such outstanding C Term Loans, D Term Loans and Extending Revolving Loans (or such Extending Revolving Loans which would be outstanding if any Extending Revolving Credit Commitments then in effect were
drawn upon) shall be automatically adjusted to be equal to such effective spread over LIBO/Alternate Base Rate relating to such incremental D Term Loans (as so determined by the Administrative Agent as set forth above) less 25 basis points,
(vii) the weighted average life to maturity of D Term Loans provided pursuant to any Incremental D Term Loan Commitment shall not be less than the weighted average life to maturity of the D Term Loans that are outstanding immediately prior to
giving effect to the incurrence of such D Term Loans provided pursuant to such Incremental D Term Loan Commitment and the maturity of D Term Loans provided pursuant to any Incremental D Term Loan Commitment shall be on or after the D Term Loan
Maturity Date, (viii) all D Term Loans provided pursuant to an Incremental D Term Loan Commitment may be deemed to be part of the same Tranche as the existing D Term Loans hereunder or part of a sub-Tranche of the D Term Loans hereunder and, in
either case, such D Term Loans (and all interest, fees and other amounts payable thereon) shall be Obligations under this Agreement and the other applicable Loan Documents and shall be secured by the relevant Security Documents, and guaranteed under
each relevant Guarantee Agreement, on a pari passu basis with all other Obligations secured by each such Security Document and guaranteed under each such Guarantee Agreement and (ix) all actions taken by the Borrower pursuant to this
Section 2.23 shall be done in coordination with the Administrative Agent. To the extent that D Term Loans provided pursuant to an Incremental D Term Loan Commitment are deemed to be part of a sub-Tranche of D Term Loans hereunder, the Required
Lenders hereby irrevocably authorize the Administrative Agent to enter into any amendments to the Loan Documents and any other documentation deemed necessary or desirable by the Administrative Agent to add such new sub-Tranche of D Term Loans to
this Agreement and to include appropriately the Lenders holding the D Term Loans provided pursuant to such Incremental D Term Loan Commitment in any determination of the Required Lenders, Majority Lenders and Supermajority Lenders. Notwithstanding
anything to the contrary contained herein, a repayment of the outstanding principal of C Term Loans with the proceeds of D Term Loans provided pursuant to Incremental D Term Loan Commitments as otherwise permitted hereunder may be effected by
converting outstanding C Term Loans of one or more Lenders into D Term Loans. 
 (b) At the time of the provision
of Incremental D Term Loan Commitments pursuant to this Section 2.23, the Borrower, the Administrative Agent and each such Lender or other person which agrees to provide an Incremental D Term Loan Commitment (each, an “Incremental D
Term Loan Lender”) shall execute and deliver to the Administrative Agent an Incremental D Term Loan Commitment Agreement, with the effectiveness of such Incremental D Term Loan Lender’s Incremental D Term Loan Commitment to occur on
the date set forth in such Incremental D Term Loan Commitment Agreement, which date in any event shall be no earlier than the date on which (u) all fees required to be paid in connection therewith at the time of such effectiveness shall have
been paid (including, without limitation, any agreed upon up-front or arrangement fees owing to the Administrative Agent), (v) the Administrative Agent shall 

 

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have received evidence reasonably satisfactory to it that the additional Obligations to be incurred pursuant to the Incremental D Term Loan Commitment shall constitute “Designated Senior
Indebtedness” and “Senior Indebtedness” under the Senior Subordinated Note Documents, (w) the Administrative Agent shall have received evidence reasonably satisfactory to it that the additional Obligations to be incurred pursuant
to the Incremental D Term Loan Commitments are permitted by the terms of the outstanding Indebtedness of Holdings, the Borrower, the Co-Borrower and their respective Subsidiaries including, without limitation, the Second-Lien Credit Documents, the
Senior Note Documents and the Senior Subordinated Note Documents, (x) all Incremental Commitment Request Requirements are satisfied, (y) all other conditions set forth in this Section 2.23 shall have been satisfied, and (z) all
other conditions precedent that may be set forth in such Incremental D Term Loan Commitment Agreement shall have been satisfied. Additionally, by the date of effectiveness of any Incremental D Term Loan Lender’s Incremental D Term Loan
Commitment as set forth in an Incremental D Term Loan Commitment Agreement (or, in the case of the mortgage amendments and related title insurance policy endorsements, in each case, referred to below, such later date as may be otherwise agreed by
the Collateral Agent), the Borrower shall have delivered to the Collateral Agent, or caused to be delivered to the Collateral Agent, (i) fully executed counterparts of amendments, in form and substance reasonably satisfactory to the
Administrative Agent, to each of the Mortgages covering the Mortgaged Properties, together with evidence that counterparts of each such amendment have been delivered to the title company insuring the Lien on the Mortgages for recording in all places
to the extent necessary or desirable, in the judgment of the Collateral Agent, effectively to maintain a valid and enforceable perfected mortgage lien superior to and prior to the rights of all third parties (except Liens under Section 6.02)
and subject to no other Liens except as are permitted by Section 6.02 on the Mortgaged Properties in favor of the Collateral Agent for the benefit of the Secured Parties securing all of the Obligations; (ii) to the extent reasonably
required by the Collateral Agent, the Administrative Agent or the Required Lenders, endorsements to each lender’s title insurance policy required pursuant to Section 4.02(h)(iii) reasonably satisfactory to the Collateral Agent, insuring
the Collateral Agent that each Mortgage is a valid and enforceable first priority mortgage lien on the respective Mortgaged Properties, free and clear of all defects and encumbrances except Permitted Encumbrances; (iii) flood certificates
covering each Mortgaged Property, in form and substance acceptable to the Collateral Agent, certified to the Collateral Agent in its capacity as such and certifying whether or not each such Mortgaged Property is located in a flood hazard zone by
reference to the applicable FEMA map; and (iv) to the extent requested by the Administrative Agent, an opinion or opinions of counsel to the Borrower covering matters incidental to such Incremental D Term Loan Commitment and related Incremental
D Term Loan Commitment Agreement as shall be reasonably determined by the Administrative Agent. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Incremental D Term Loan Commitment Agreement, and at such
time, (i) the D Term Loans to be made pursuant to the respective Incremental D Term Loan Commitment Agreements shall be permitted to be made in accordance with the terms of this Agreement and the respective Incremental D Term Loan Commitment
Agreements, (ii) Schedule 2.01 shall be deemed modified to reflect the revised D Term Loan Commitments of the affected Lenders and (iii) to the extent requested by any Incremental D Term Loan Lender, Notes will be issued at the
Borrower’s expense, to 
  

 -11- 

 
such Incremental D Term Loan Lender in accordance with Section 2.04(e) to the extent needed to reflect the additional D Term Loans made by such Incremental D Term Loan Lender. 

(c) All D Term Loans made after the Sixth Amendment Effective Date pursuant to the provisions of this Section 2.23
(and the respective Incremental D Term Loan Commitment Agreements) that are deemed to be part of the same sub-Tranche as the existing D Term Loans hereunder shall be proportionally added to, and thereafter shall form part of, all then outstanding
Borrowings of D Term Loans (with the effect being that all Lenders of D Term Loans of the same sub-Tranche, including the Lenders of D Term Loans then being made pursuant to this Section 2.23, shall have a percentage interest in each then
outstanding Borrowing of D Term Loans which is the same as the percentage its aggregate outstanding principal of D Term Loans bears to the aggregate principal amount of all then outstanding D Term Loans of all Lenders). To the extent the provisions
of this clause (c) require that Lenders make new D Term Loans which are added to (and deemed to form a part of) the then outstanding Borrowings of D Term Loans maintained as Eurodollar Loans, it is acknowledged that the effect thereof may
result in such new D Term Loans having short Interest Periods (i.e., an Interest Period that began during an Interest Period then applicable to outstanding Eurodollar Loans and which will end on the last day of such Interest Period). In
connection therewith, the Borrower may agree, in the respective Incremental D Term Loan Commitment Agreement, to compensate the Lenders making the new D Term Loans for funding Eurodollar Loans during an existing Interest Period on such basis as may
be agreed by such Borrower and the respective Lender or Lenders.” 
 23. Section 3.13 of the Credit Agreement is
hereby amended by adding the text “(or, with respect to any Tranches of Loans provided for by an amendment to this Agreement, the purposes specified in the preamble of such amendment)” immediately after the text “only for the purposes
specified in the preamble to this agreement” appearing in said Section. 
 24. Section 5.11(a) of the Credit Agreement
is hereby amended by replacing the text “within 20 Business Days” appearing in said Section with the text “within 45 days (or such longer period as the Collateral Agent may agree in its reasonable discretion)”. 

25. Article V of the Credit Agreement is hereby amended by inserting the following new Section 5.18 at the end said Article:

 “SECTION 5.18. Sixth Amendment Mortgage Amendments. Within 60 days following the Sixth Amendment
Effective Date (unless otherwise agreed by the Collateral Agent), if and to the extent required by the Collateral Agent, the Borrower shall have delivered to the Collateral Agent, or caused to be delivered to the Collateral Agent, fully executed
counterparts of amendments (the “Sixth Amendment Mortgage Amendments”), in form and substance reasonably satisfactory to the Administrative Agent, to each of the Mortgages covering the Mortgaged Properties, together with evidence
that counterparts of each of the Sixth Amendment Mortgage Amendments have been delivered to the title company insuring the Lien on the Mortgages for recording in all places to the extent necessary or desirable, in the judgment of the Collateral
Agent, 
  

 -12- 

 
effectively to maintain a valid and enforceable perfected mortgage lien superior to and prior to the rights of all third parties (except Liens under Section 6.02) and subject to no other
Liens except as are permitted by Section 6.02 on the Mortgaged Properties in favor of the Collateral Agent for the benefit of the Secured Parties securing all of the Obligations.” 

26. Section 6.01(n) of the Credit Agreement is hereby amended by (i) replacing the text “$150.0 million” appearing in
said Section with the text “$300,000,000” and (ii) replacing the text “75.0 million” appearing in said Section with the text “$150,000,000”. 

27. Section 6.01(p) of the Credit Agreement is hereby amended by (i) deleting the word “and” appearing immediately
after the text “$250,000,000” appearing in said Section and (ii) inserting the following text immediately after the text “$375,000,000” appearing in said Section: 

“, and (z) Indebtedness of the Borrower and the Guarantors under any senior unsecured notes so long as
(i) both immediately prior and after giving effect to the incurrence thereof (A) no Default or Event of Default shall exist or result therefrom and (B) the Interest Coverage Ratio for the most recently ended Test Period (calculated
after giving effect to the incurrence of such Indebtedness on a Pro Forma Basis) shall be greater than 2.00:1.00 and (ii) such Indebtedness does not have a stated maturity date or require any scheduled repayments of principal on a date
that is earlier than one year after the D Term Loan Maturity Date or, if later, latest Maturity Date then in effect at the time of the incurrence of such Indebtedness, and any Permitted Refinancing Indebtedness in respect thereof (or in respect of
Permitted Refinancing Indebtedness previously incurred pursuant to this sub-clause (z))”. 
 28. Section 6.01(v) of
the Credit Agreement is hereby amended by replacing the text “$60,000,000” appearing in said Section with the text “$150,000,000”. 

29. Section 6.04(j) of the Credit Agreement is hereby amended by inserting the following new proviso at the end of said Section:

 “; provided, further, that the aggregate amount of investments made in connection with the
Liquid Acquisition shall not constitute investments for any purpose under this clause (j)”. 
 30. Section 6.04(k) of
the Credit Agreement is hereby amended by replacing the text “$150,000,000” appearing therein with the text “$350,000,000”. 

31. Section 6.09(b)(i) of the Credit Agreement is hereby amended by (i) replacing the text “(x)” appearing in said
Section with the text “(w)” and (ii) adding the following text immediately after the text “any Permitted Refinancing Indebtedness incurred pursuant to the relevant sub-clause of Section 6.01(p),” appearing in said
Section: 
 “(x) in the case of the Senior Subordinated Notes only, with the proceeds of senior unsecured
notes incurred pursuant to Section 6.01(p)(z) after the Sixth Amendment Effective Date,”. 
  

 -13- 

 32. Section 6.10(a) of the Credit Agreement is hereby amended by (i) replacing the
text “December 31, 2010” located in the last row of the table appearing in said Section with the text “December 31, 2010 and each fiscal year ending thereafter” and (ii) inserting the following proviso at the end of said
Section: 
 “; provided that Capital Expenditures made by the Borrower and its Subsidiaries in
connection with the Liquid Acquisition in an amount not to exceed $320,000,000 shall not constitute Capital Expenditures for any purpose under this Section 6.10.” 

33. Section 9.04(b) of the Credit Agreement is hereby amended by (i) deleting each instance of the text “and/or C Term
Loans” located in said Section and inserting the text “, C Term Loans and/or D Term Loans” in lieu thereof and (ii) deleting the text “or C Term Loans” located in clause (i) of the proviso to said Section and
inserting the text “, C Term Loan or D Term Loans” in lieu thereof. 
 34. Exhibit D to the Credit Agreement is hereby
deleted in its entirety and new Exhibit D attached hereto is inserted in lieu thereof. 
 35. The pricing grid appearing at the
top of Schedule A to the Credit Agreement is hereby restated in its entirety as follows: 
  

																					
	 Category Period
	  	LIBOR
Margin for
Non-Extending
Revolving
Loans	  	LIBOR
Margin
for
Extending
Revolving
Loans	  	LIBOR
Margin
for B
Term
Loans	  	LIBOR
Margin
for C
Term
Loans	  	LIBOR
Margin
for D
Term
Loans	  	ABR
Margin
for
Non-Extending
Revolving
Loans	  	ABR
Margin
for
Extending

Revolving
Loans	  	ABR
Margin
for B
Term
Loans	  	ABR
Margin
for C
Term
Loans	  	ABR
Margin
for D
Term
Loans
	 Category A Period
	  	2.75%	  	4.25%	  	2.50%	  	4.25%	  	4.25%	  	1.75%	  	3.25%	  	1.50%	  	3.25%	  	3.25%
	 Category B Period
	  	2.75%	  	4.25%	  	2.25%	  	4.25%	  	4.25%	  	1.75%	  	3.25%	  	1.25%	  	3.25%	  	3.25%
	 Category C Period
	  	2.50%	  	4.25%	  	2.00%	  	4.25%	  	4.25%	  	1.50%	  	3.25%	  	1.00%	  	3.25%	  	3.25%

 36. Schedule A to
the Credit Agreement is hereby further amended by inserting the following new sentence at the end of said Schedule A: 

“Notwithstanding the foregoing or anything to the contrary contained in this Agreement, if the LIBOR Margin and ABR
Margin with respect to the outstanding C Term Loans or outstanding Extending Revolving Loans (or Extending Revolving Loans which would be outstanding if any Extending Revolving Credit Commitments then in effect were drawn upon) would have been
increased pursuant to Section 2.23 (as in effect immediately prior to giving effect to the Sixth Amendment) had the D Term Loans been issued as part of a sub-Tranche of C Term Loans pursuant to Section 2.23 (as in effect immediately prior
to giving effect to the Sixth Amendment), then the LIBOR Margin and ABR Margin with respect to the C Term Loans and Extending Revolving Loans (or such Extending Revolving Loans which would be outstanding if any Extending Revolving

  

 -14- 

 
Credit Commitments then in effect were drawn upon) shall be increased to such higher rates.” 

37. Schedule 2.01 to the Credit Agreement is hereby amended by inserting the following new table at the end of said Schedule 2.01:

  

				
	 Lender
	  	D Term Loan
Commitment
	 Deutsche Bank AG Cayman Islands Branch
	  	$	913,000,000.00
		  	 	 
	 TOTAL
	  	$	913,000,000.00
		  	 	 

  

	II.	Miscellaneous Provisions. 

1. In order to induce the Administrative Agent to enter into this Sixth Amendment, the Borrower hereby represents and warrants that
(i) no Default or Event of Default exists as of the Sixth Amendment Effective Date after giving effect to this Sixth Amendment and the applicable transactions permitted (or required) hereunder as described in preceding Part I, and (ii) all
of the representations and warranties contained in the Credit Agreement or the other Loan Documents are true and correct in all material respects on the Sixth Amendment Effective Date after giving effect to this Sixth Amendment, with the same effect
as though such representations and warranties had been made on and as of the Sixth Amendment Effective Date (it being understood that any representation or warranty made as of a specific date shall be true and correct in all material respects as of
such specific date). 
 2. On the Sixth Amendment Effective Date, the B Term Loans shall be repaid in full with the proceeds of
the D Term Loans incurred on the Sixth Amendment Effective Date. 
 3. This Sixth Amendment is limited as specified and shall
not constitute a modification, acceptance or waiver of any other provision of the Credit Agreement or any other Loan Document. 

4. This Sixth Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each
of which counterparts when executed and delivered (including the facsimile or electronic transmission) shall be an original, but all of which shall together constitute one and the same instrument. 

5. THIS SIXTH AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY
THE LAW OF THE STATE OF NEW YORK. 
 6. This Sixth Amendment shall become effective on the date (the “Sixth
Amendment Effective Date”) when each of the following conditions shall have been satisfied: 
 (i) the
Administrative Agent, Holdings, the Borrower, the Co-Borrower and each Subsidiary Guarantor, the Required Lenders and Lenders with D Term Loan Commitments in an aggregate amount equal to $913,000,000.00 shall have signed a counterpart hereof
(whether the same or different counterparts) and shall have delivered 
  

 -15- 

 
(including by way of facsimile transmission or electronic mail) the same to White & Case LLP, 1155 Avenue of the Americas, New York, NY 10036 Attention: May Yip-Daniels (facsimile
number: 212-354-8113; email: myip@whitecase.com); 
 (ii) the Borrower shall have paid to the
Administrative Agent, for the account of each Lender (or its designee) who has consented to this Sixth Amendment by signing a counterpart hereof and delivering the same as provided in preceding clause (i) prior to 5:00 P.M. (New York City time)
on Wednesday, September 15, 2010, a non-refundable cash fee (the “Amendment Fee”) in Dollars in an amount equal to 15 basis points (0.15%) on an amount equal to the sum of (i) the aggregate principal amount of all Term
Loans of such Lender outstanding on the Sixth Amendment Effective Date plus (ii) the Non-Extending Revolving Credit Commitment of such Lender as in effect on the Sixth Amendment Effective Date plus (iii) the Extending
Revolving Credit Commitment of such Lender as in effect on the Sixth Amendment Effective Date (it being understood and agreed that the Amendment Fee shall not be subject to counterclaim or set-off, or be otherwise affected by, any claim or dispute
relating to any other matter); 
 (iii) the Borrower shall have paid to each Lender that has provided notice of
the amount that it is entitled to receive pursuant to Section 2.15(c) no later than two (2) Business Days prior to the Sixth Amendment Effective Date (it being understood that the failure by any Lender to deliver such notice shall not
extinguish such Lender’s right to indemnification under Section 2.15(c) of the Credit Agreement) any amounts owed to such Lender under Section 2.15(c) of the Credit Agreement as a result of the transactions contemplated by this Sixth
Amendment; 
 (iv) the Borrower shall have (i) received cash proceeds of $250,000,000 (calculated before
original issue discount, underwriting discounts and commissions) from the issuance by it of a like principal amount of senior unsecured notes (the “Notes”) and (ii) utilized (and caused its Subsidiaries to utilize) the full
amount of such cash proceeds to make payments owing in connection with the Transactions (as defined below) prior to the utilization by the Borrower of any proceeds of D Term Loans for such purpose; 

(v) other than pursuant to this Sixth Amendment, the Credit Agreement shall not have been amended or waived since
August 9, 2010; 
 (vi) the Borrower shall not have incurred any C Term Loans pursuant to Section 2.23
of the Credit Agreement during the period from August 9, 2010 to the Sixth Amendment Effective Date; 

(vii) the acquisition by the Borrower directly or indirectly through one or more affiliates of all of the equity interests
of Liquid Container (the “Target”) from Mid Oaks Investments, Gallagher Industries and its other owners (the “Acquisition”) shall have been consummated, or shall be consummated substantially simultaneously herewith,
in accordance with the terms of that certain Acquisition Agreement, dated as of August 9, 2010 (the “Acquisition Agreement”), without giving effect to any amendments or waivers by the Borrower that are materially adverse to the
Lenders without the consent of the Administrative Agent, such consent not to be unreasonably withheld, conditioned or delayed; 
  

 -16- 

 (viii) since December 31, 2009, there shall not have occurred any
Material Adverse Effect (as defined in the Acquisition Agreement without giving effect to any amendment thereto); 

(ix) all representations made by the Target in the Acquisition Agreement as are material to the interests of the Lenders,
but only to the extent that the Borrower has a right to terminate its obligations under the Acquisition Agreement as a result of a breach of such representations in the Acquisition Agreement, shall be accurate in all material respects; 

(x) the representations and warranties set forth in Sections 3.01, 3.02, 3.03, 3.04, 3.09(b), 3.11, 3.12, 3.15 and 3.24 of
the Credit Agreement shall be accurate in all material respects with respect to the Target and its Subsidiaries; 

(xi) the Administrative Agent shall have received (a) audited consolidated balance sheets and related statements of
income, stockholders’ equity and cash flows of the Target for the 2009, 2008 and 2007 fiscal years, in each case, without qualification by the Target’s auditors, (b) unaudited consolidated balance sheets and related statements of
income, stockholders’ equity and cash flows of the Target for each subsequent fiscal quarter ended at least 45 days before the incurrence of the D Term Loans (which will have been reviewed by the independent accountants for the Borrower or the
Target as provided in the Statement on Auditing Standards No. 100) and (c) any “Required Information” (as defined in the Acquisition Agreement) received by the Borrower pursuant to the Acquisition Agreement; 

(xii) the Administrative Agent shall have received a pro forma consolidated statement of income of the Borrower for the
most recently completed fiscal year and any interim period ended at least 45 days prior to the incurrence of the D Term Loans and a pro forma consolidated balance sheet and related pro forma consolidated statement of income of the Borrower as of and
for the twelve-month period ending on the last day of the most recently completed four-fiscal-quarter period ended at least 45 days prior to the incurrence of the D Term Loans, in each case taking into account the operational requirements of the
Borrower and its subsidiaries in light of their industries, businesses and business practices and prepared after giving effect to the Acquisition, the incurrence of the D Term Loans, the issuance of the Notes and the repayment in full of all
indebtedness of the Target and its subsidiaries (other than any indebtedness that survives the closing of the Acquisition pursuant to the Acquisition Agreement) in existence prior to the Acquisition (collectively, the
“Transactions”) as if the Transactions had occurred as of such date (in the case of such balance sheet) or at the beginning of such period (in the case of such other financial statements); 

(xiii) all fees required to be paid on the Sixth Amendment Effective Date and reasonable out-of-pocket expenses required
to be paid on the Sixth Amendment Effective Date, to the extent invoiced at least three business days prior to the Sixth Amendment Effective Date, shall, upon the initial borrowing or funding under the D Term Loan Commitments or the Notes, have been
paid (which amounts may be offset against the proceeds of the D Term Loan Commitments or the Notes); 
  

 -17- 

 (xiv) there shall have been delivered to the Administrative Agent copies of
resolutions of the board of directors of Holdings, the Borrower and the Co-Borrower approving and authorizing the execution, delivery and performance of this Sixth Amendment and the Loan Documents as amended by this Sixth Amendment, certified as of
the Sixth Amendment Effective Date by the corporate secretary or an assistant secretary of such Loan Party as being in full force and effect without modification or amendment; 

(xv) the Administrative Agent shall have received from Simpson Thacher & Bartlett LLP, special New York counsel
to the Borrower, an opinion addressed to each Agent, the Collateral Agent and each of the Lenders and dated the Sixth Amendment Effective Date, which opinion shall be in form and substance reasonably satisfactory to the Administrative Agent;

 (xvi) the D Term Loan Lenders shall have received at least three business days prior to the Sixth Amendment
Effective Date all documentation and other information required by regulatory authorities with respect to the Borrower under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the
PATRIOT Act, that has been reasonably requested by the D Term Loan Lenders at least 10 business days in advance of the Sixth Amendment Effective Date; and 

(xvii) the Administrative Agent shall have received an officer’s certificate from a Responsible Officer of the
Borrower reasonably satisfactory to the Administrative Agent evidencing that the Transactions comply with the Senior Note Indenture and the Senior Subordinated Note Indenture. 

7. By executing and delivering a copy hereof, each Loan Party hereby acknowledges that all Loans (as defined after giving effect to the
Sixth Amendment) shall continue to be fully guaranteed pursuant to the Canadian Guarantee Agreement and the U.S. Guarantee and Collateral Agreement in accordance with the terms and provisions thereof and shall continue to be secured in accordance
with the terms and provisions of the Security Documents. 
 8. From and after the Sixth Amendment Effective Date, all references
in the Credit Agreement and each of the other Loan Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement, as modified hereby. 

*        *        * 

 

 -18- 

 IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute
and deliver this Sixth Amendment as of the date first above written. 
  

			
	 GRAHAM PACKAGING COMPANY, L.P.

By: GPC Opco GP LLC, its general partner

		
	By:	 	/s/    David W. Bullock        
		 	 Name: David W. Bullock

Title: Chief Financial Officer

	
	 GRAHAM PACKAGING HOLDINGS COMPANY

By: BCP/Graham Holdings L.L.C., its general partner

		
	By:	 	/s/    Mark S. Burgess      
		 	 Name: Mark S. Burgess

Title: Vice President, Finance & Administration

	
	GPC CAPITAL CORP. I
		
	By:	 	/s/    David W. Bullock
		 	 Name: David W. Bullock

Title: Chief Financial Officer

[Sixth Amendment to Credit Agreement] 
  

			
	 DEUTSCHE BANK AG CAYMAN ISLANDS BRANCH, as Administrative Agent

		
	By:	 	/s/    Enrique Landaeta        
		 	 Name: Enrique Landaeta

Title: Vice President

		
	By:	 	/s/    Omayra Laucella        
		 	 Name: Omayra Laucella

Title: Vice President

[Sixth Amendment to Credit Agreement] 
  

 SIGNATURE PAGE TO THE SIXTH AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE DATE FIRST
WRITTEN ABOVE, AMONG GRAHAM PACKAGING HOLDINGS COMPANY, GRAHAM PACKAGING COMPANY, L.P., GPC CAPITAL CORP. I, CERTAIN LENDERS FROM TIME TO TIME PARTY TO THE CREDIT AGREEMENT, AND DEUTSCHE BANK AG CAYMAN ISLANDS BRANCH, AS ADMINISTRATIVE AGENT FOR THE
LENDERS 
  

			
	NAME OF INSTITUTION:
	
	 [Lender]

		
	By:	 	[Authorized Signatory]
		 	 Name:

		 	 Title:

[Sixth Amendment to Credit Agreement] 

 Each of the undersigned, each being a Subsidiary Guarantor under, and as defined in, the
Credit Agreement referenced in the foregoing Sixth Amendment, hereby acknowledges the entering into of the Sixth Amendment and acknowledges to the provisions thereof. 
  

			
		  	 GPC CAPITAL CORP. I

		  	 GRAHAM PACKAGING POLAND, L.P.

        By: GPC Sub GP LLC, its general partner

		  	 GRAHAM RECYCLING COMPANY, L.P.

        By: GPC Sub GP LLC, its general partner

		  	 GRAHAM PACKAGING FRANCE PARTNERS

        By: Graham Packaging Company, L.P., its

            general partner

		  	             By: GPC Opco GP LLC, its general
partner

		  	 GRAHAM PACKAGING LATIN AMERICA, LLC

		  	 GPC SUB GP LLC
 GRAHAM
PACKAGING WEST JORDAN, LLC
 GRAHAM PACKAGING ACQUISITION CORP.

		  	 GRAHAM PACKAGING PLASTIC PRODUCTS INC.

GRAHAM PACKAGING PET TECHNOLOGIES INC.
 GRAHAM
PACKAGING LEASING USA INC.

		  	 GRAHAM PACKAGING CONTROLLERS USA, INC.

GRAHAM PACKAGING COMERC USA INC.
 GRAHAM
PACKAGING REGIOPLAST STS INC.

		  	 GRAHAM PACKAGING TECHNOLOGICAL SPECIALTIES INC.

GRAHAM PACKAGING INTERNATIONAL PLASTIC PRODUCTS INC.

		
		  	    on behalf of each of the above Subsidiary Guarantors

 

			
		
	BY:	 	/s/    David W. Bullock        
		
		 	 Name: David W. Bullock

Title: Chief Financial Officer

[Sixth Amendment to Credit Agreement]Trust, Land Purchase and Right of First Refusal Agreement

 Exhibit 10.4 

TRUST, LAND PURCHASE AND RIGHT OF FIRST REFUSAL TO PURCHASE AGREEMENT 

Between us, 
 ZONA FRANCA COYOL, SOCIEDAD
ANÓNIMA (“CFZ”), corporate identification number 3- 101- 420512, domiciled in Escazú, one hundred meters South of the Multiplaza Shopping Center, Terraforte Building, duly represented by ANDRE GARNIER KRUSE, of age,
married, a businessman, resident of San José, bearer of identity card number X-XXX-XXXX; and JORGE MONGE AGÜERO, of age, married, engineer, resident of Freses, Curridabat, from Pops 25 meters East, 300 north 50 east and 50 north, bearer
of identity card number X-XXX-XXXX, in their capacity acting together, duly authorized under a Full Power of Attorney with no restrictions as to the amounts involved, as shown in the certificate attached hereto as Exhibit A a);

 VOLCARICA, SOCIEDAD DE RESPONSABILIDAD LIMITADA (“VOLCANO”), corporate identification number 
3- 102- 515567,
domiciled in San José, Santa Ana, Forum Business Center, Building C, Office One C One, duly represented by John Dahldorf, of legal age, married, CFO, resident of Carlsbad, California, U.S.A, personal identity card number XXX-XX-XXXX, in his
capacity as Manager, duly authorized under a Full Power of Attorney with no restrictions as to the amounts involved, as shown in the certificate attached hereto as Exhibit A b); 

BANCO IMPROSA, SOCIEDAD ANÓNIMA (“Trustee”), corporate identification number 3- 101- 79006, domiciled in San José,
duly represented by JORGE CALVO ZELEDÓN, of age, married, business administrator, resident of San José, personal identity card number X-XXX-XXXX, duly authorized under a Full Power of Attorney with no restrictions as to the amounts
involved, as shown in the certificate attached hereto as Exhibit A c); 
 CFZ, VOLCANO and Trustee shall be hereinafter referred
to collectively for purposes of this deed (the “Agreement”) as the “Parties”. 
 WHEREAS 

 

	 	A.	CFZ is the sole, lawful and exclusive owner of the real estate properties described below (hereinafter individually each the “Property” and jointly the
“Properties”), (as described in Exhibit B), located in the Province of Alajuela with a total surface area of 57728,88 m2, registered with the Section of Condominium Property of the Costa Rican Public Registry under the registration numbers
1) 2- 68528-F- 000, 2) 2- 68529-F- 000, 3) 2- 68530-F- 000, 4) 2- 68532-F- 000, 5) 2- 68533-F- 000, and 6) 2- 68534-F- 000, and within the Coyol Free Zone and Industrial Park (the “Park”) also known as “Condominio Horizontal
Industrial Comercial con fincas filiales primarias individualizadas (FFPI) Zona Franca Coyol” (the “Condominium”). 

  

 1 

	 	B.	The Condominium shall be restructured in its entirety, and therefore the Properties shall be modified as disclosed to VOLCANO. 

 

	 	C.	VOLCANO is interested in establishing a manufacturing facility (the “Facility”) at the Park, and therefore VOLCANO desires to purchase a portion of the
Properties for such Facility, and to maintain a right of first refusal to purchase the remaining portion for expansion purposes, and CFZ has agreed. 

  

	 	D.	VOLCANO also desires to contract construction services from CFZ for the construction of the Facility in its entirety. 

Now therefore in consideration of the mutual considerations and promises herein made, and in consideration of the representations, warranties, and
covenants herein contained, the Parties have agreed to execute this trust, land purchase, and right of first refusal to purchase agreement (hereinafter referred to as the “Agreement”). 

I. UNDERSTANDINGS: The following is a clear understanding between the Parties concerning the Properties: 

 

	 	A.	Facility. VOLCANO is interested in establishing the Facility at the Condominium, where CFZ currently operates as developer and manager of the Park and also acts
as owner of the Properties and other parcels. 

  

	 	B.	Purchase of Properties and Facility Construction Services. The following is a clear understanding between the Parties concerning the Properties, according to
which CFZ and VOLCANO have agreed to modify the Properties, and sell a portion of the resulting Properties to VOLCANO (Parcel One as defined below), and provide VOLCANO a right of first refusal to purchase the remainder of the Properties (Parcel Two
as defined below). Furthermore, and VOLCANO has also required from CFZ certain construction services pursuant to the Cold Shell Construction Contract entered into by CFZ and VOLCANO on this same date (the “Construction Contract”) and the
Design, Architecture & Engineering and Construction Management Agreement to be entered into by CFZ and VOLCANO (the “Construction Management Agreement”), for the construction of a facility on Parcel One, the Parcel Two
Construction Contract and Construction Management Contract will be executed simultaneously and the latest 90 days after VOLCANO informed CFZ it will purchase Phase Two Lot or within the right of first refusal period as long as a mutual agreement has
been reached to sign the both agreements, individually the facility and collectively the “Facilities” (collectively the “Definitive Agreements”, Exhibit C to this Agreement). 

 

	 	C.	 This Agreement as the Land PSA. This Agreement is the Land Purchase and Sale Agreement (PSA) for Parcel One required as part of the Definite
Agreements. As such, VOLCANO promises to buy and CFZ promises to sell Parcel One, subject to 

  

 2 

	 	 
the terms and conditions herein outlined. This Agreement shall be complemented by the subsequent purchase and sale agreement to be executed upon transfer of the Properties (and/or resulting
Parcels, as defined herein) to VOLCANO or to CFZ, as the case may be, all of which shall be collectively referred to as the Land PSA in its final form. The other remaining contracts and agreements included in the Definitive Agreements shall be
executed by the Parties, as necessary and as the terms and conditions previously fixed in this Agreement are developed, in order to make the proposed transaction binding on the Parties, as appropriate. 

III. PHASES OF THE PROJECT. 
  

	 	A.	Description of the Phases. The Project shall be implemented in two phases, of which: 

 

	 	a.	Phase One shall take place immediately upon transfer of the Properties into the Trust, giving rise to the obligation to reunite the Properties and segregate the
resulting Property in two parcels, Parcel One (Lot area: 25,308 sq. m. (272,415 sq. ft.) as shown in Exhibit F(a) and Parcel Two (Lot area: 32,421 sq. m. (348,980 sq. ft.) as shown in Exhibit F(b), as it is provided and described in Section VI of
this Agreement and following the instructions that CFZ and VOLCANO shall determine for the Trustee to that effect. 

Parties understand that the Condominium will be restructured in its entirety, as per the plan attached hereto as Exhibit G, and
its required modifications, and therefore current Properties will be modified. Therefore, Parties shall instruct Trustee to grant a letter of special power of attorney to CFZ, in order for CFZ to attend any Condominium owners meeting in
representation of Trustee, in order to vote in favor of such modification, if required. 
 In this regard, by their agreement,
VOLCANO and CFZ may instruct Trustee to grant any letters of special power of attorney so that CFZ may process, as necessary, any construction permits and proceed with any construction works pursuant to the Phases so provided in this Agreement. CFZ
and VOLCANO hereby expressly exempt Trustee from any defects or problems in construction, as well as any contingencies deriving thereof, such as, but not limited to, worker’s risks insurance, social security contributions, construction permits,
environmental permits or employment severance indemnities. CFZ and VOLCANO expressly exempt Trustee of any liability for future claims that may arise and that CFZ and VOLCANO shall be responsible of any eventuality with respect to the Trustee,
provided such claim is not due to Trustee ́s fault. Consequently, upon execution of this Agreement, the parties hereby grant their authorization to proceed with 

 

 3 

 
the Construction Contract, the Construction Services Agreement and the actual construction by CFZ of Parcel One building planned, described and provided for in such documents. In addition to
that, once Parcel One has been segregated it shall be transferred to VOLCANO, as provided in Section IV.(H) of this Agreement; 

b. Phase Two, starting on this date, and once the Properties have been subdivided and Parcel One and Parcel Two, have been
registered, as it is provided and described in Section IV of this Agreement and following the instructions that CFZ and VOLCANO shall determine for the Trustee to that effect, the Parcel Two shall be transferred by Trustee back to CFZ, and VOLCANO
shall have a right of first refusal to purchase and/or lease such Parcels, as per the corresponding third party offer. 
  

	 	B.	VOLCANO’s Right of First Refusal to Purchase Implications. CFZ grants VOLCANO the Right of First Refusal (RFR) for a period of 5 years as of this date to
purchase or lease Parcel Two or its modifications, in accordance to layout attached hereto, with a current area of thirty two thousand four hundred and twenty one (32,421) square meters (approximately 348,980 square feet) including a cold shell
manufacturing building of fifteen thousand nine hundred and eighty nine square meters (15,989) square meters, or its modifications. The closing and purchase price will be set at a value not to exceed $3,902,357 for the land and not to exceed
$12,856,381 for the building, (price to be duly indexed accordingly to the Building Construction Index as quoted by Cámara Costarricense de la Construccion and the Exchange rate index from as quoted by the Costa Rican Central Bank) at moment
of execution. During this period, if CFZ receives a bona-fide offer to purchase or lease Parcel Two, CFZ must inform VOLCANO of such offer including lot price, lot area and construction price and VOLCANO shall have thirty (30) calendar days in
which to provide a RFR Response Notice to CFZ indicating if it wants to exercise its first right and match the offer or accept the RFR terms provided above, and shall execute the Definitive Agreements. VOLCANO shall comply with the conditions
precedent and make payments detailed in the following paragraph within ninety (90) days as of the date of the delivery of such notice: 

  

	 	i.	Payment to CFZ of the corresponding Purchase Price, as provided in Section VII below; 

 

	 	ii.	Simultaneous execution of the corresponding construction contract and construction services agreement for such Phase, using the same terms and conditions of the
Construction Contract, and the Construction Services Agreement for Phase One, and as per Section VII below; 

  

 4 

	 	iii.	VOLCANO being a beneficiary of the Free Trade Zone regime, as provided in Section IV.(H) of this Agreement; and, 

 

	 	iv.	Transfer free and clear title to VOLCANO of the corresponding Parcel, at VOLCANO’s cost. 

Failure to respond shall be deemed a rejection to purchase by VOLCANO, and CFZ shall be able to sell or lease Parcel Two, to such third
party. 
 III. ESTABLISHMENT OF TRUST AND TRANSFER OF PROPERTIES TO TRUSTEE. CFZ transfers on this same date
the Properties and a Promissory Note (pagaré) in an amount equal to the sum of Phase One Lot Purchase Price (US$3,046,200), executed in favor of VOLCANO by CFZ and personally guaranteed by Andre Garnier and Alvaro Carballo (Guarantee) as
entrusted Properties into the Trust under the name of the Trustee (the “Entrusted Properties”), in the amount of one thousand colones. Transfer is made free and clear of any encumbrances, liens or easements for construction or operation of
VOLCANO, except for the easement, at the Public Registry as follows: book 285, entry 09370, consecutive number 01, sequence 002, subsequence 001 that does not affect the construction or operation of VOLCANO, besides from said encumbrance the
Properties are free of all other encumbrances, including but not limited to mortgages, annotations and restrictions, and condominium-related or otherwise, pursuant the Construction Contract and Construction Services Agreement. COYOL guarantees the
Shell can be constructed as as per the Construction Contract and Construction Services Agreement with the required setback/drawback and density restrictions applicable pursuant to Costa Rican law. The Properties are transferred being current as to
payment of municipal fees, municipal licenses (patentes) and Properties taxes, condominium dues, maintenance fees and any applicable contributions, and subject only to the following: (a) routine covenants and restrictions
of the free trade zone industrial parks and condominiums, as applicable to CFZ, and set forth in the following documents: (i) PROCOMER ́s Executive Resolution number 252-2996, of the
6th, day of November, 2006, copy of which is attached
hereto as Exhibit D; (ii) the Condominium Regulations, copy of which is attached hereto as Exhibit E, the “Condominium Regulations”) and as modified from time to time; and (iii) the Internal Operation Park
Regulations, as published in the Official Diary “La Gaceta” number ninety, of May twelfth, of the year two thousand and eight (the “Operations Regulations”), copies of which are attached hereto as Exhibit E, and are also
delivered to the Trustee; (b) the information on each of the Parcels to be recorded with the Public Registry which are attached hereto as Exhibit F, (“Parcel Land Plans”); and (c) the terms and conditions of the Trust
Agreement herein executed by and between the Parties. Trustee expressly accepts the transfer of the Properties as Entrusted Properties, subject to the respective Trust provisions. Costs and expenses of the transfer are covered by VOLCANO, and such
transfer shall be performed by two Notaries acting jointly (co-notariado). One Notary will be appointed by VOLCANO and the other by CFZ; each party will cover the fees corresponding to their appointed Notary. 

 

 5 

 IV. GENERAL PURPOSES OF THE TRUST. This Trust (the “Trust”) has been designed to
implement the two Phases of the Project already established. Therefore, by virtue of the Trust, the Properties shall be transferred to VOLCANO or back to CFZ, under the following TRUST PROVISIONS:  

 

	 	A.	Creation of the Trust. In consideration of the mutual covenants and agreements herein contained, the Parties hereby agree as follows:

  

	 	a.	VOLCANO and CFZ have hereby agree to the creation of the Trust to hold title to the Properties (the “Entrusted Properties”) in order to have Trustee grant CFZ
all letters of special power of attorney required, in order for CFZ to represent Trustee in all condominium owners meeting’s and ratifications required to vote in favor of the condominium reform that will reallocate the land within the
Condominium and result in the creation of the two the Parcels required for the development of the Phases herein defined; 

  

	 	b.	CFZ has transferred in trust to Trustee the Entrusted Properties; 

  

	 	c.	Trustee has accepted the transfer of the Entrusted Properties to the Trust, and agreed to hold such Entrusted Properties subject to the terms of this Trust Agreement;

  

	 	d.	The Trustee shall hold the Promissory Note in custody until the transfer of the Properties takes place, as per Section J below. 

 

	 	e.	The creation of this Trust by the Parties shall be irrevocable and this Trust Agreement may be terminated only according to the terms and conditions contained herein;

  

	 	f.	Other than the Trustee, the parties to this Trust are CFZ as trustor and secondary beneficiary; and VOLCANO as main beneficiary; and 

 

	 	g.	The Trust shall be designated as and identified under the name of “CFZ- VOLCANO Guarantee Trust Agreement- I- 2678/2010”. 

 

	 	B.	Purpose of the Trust. The purpose for establishing this Trust is to: 

 

	 	a.	Have Trustee grant CFZ all letters of special powers of attorney required to CFZ, in order for CFZ to represent Trustee in all Condominium Owner’s meetings
required to obtain Parcel One and Parcel Two and to execute all documents required in order to duly register the Condominium reform., 

  

	 	b.	Have the Trustee transfer Parcel One to VOLCANO and Parcel Two back to CFZ upon registration, provided it has received the letter of authorization from CFZ and VOLCANO,
both letters granted on this date and included as Exhibit J; 

  

 6 

	 	c.	Keep the Entrusted Properties free of any mortgages, liens, encumbrances, attachments, and/or any other rights whether in favor of CFZ, VOLCANO, Trustee or any third
party, unless otherwise disclosed herein, and current as to payment of all Condominium dues and any applicable taxes and rates with funds to be contributed by VOLCANO and CFZ; 

 

	 	d.	Grant any letters of powers of attorney necessary, to facilitate the maintenance of the Entrusted Properties and the development of the Project on the Parcels.

  

	 	e.	Have Trustee hold the Promissory Note in custody until the transfer of the Properties takes place, and deliver the Promissory Note to the corresponding Party as per
Section J below. 

  

	 	C.	Future Transfer of the Parcels by Trustee. The Parties have agreed and accepted that the Parcels and Promissory Note shall be transferred by Trustee back
to CFZ or directly to VOLCANO, as the case may be, pursuant to Section VII of this Agreement. If the Parcels and Promissory Note are transferred by Trustee to VOLCANO or CFZ, Trustee shall transfer title to the Parcels with the understanding
that Trustee is thereby exempted from any warranty liabilities, including, but not limited to, those for hidden defects and related defects pertaining to the Parcels, as well as those related to any construction work conducted thereat, WITH PRIOR
INSTRUCTION OF THE PARTIES. 

  

	 	D.	Maintenance of the Entrusted Properties. Trustee shall pay any maintenance costs, land taxes and Condominium dues while the Parcels remain as part of the
Trust with funds to be contributed by: a) CFZ for Parcel Two; and b) VOLCANO for Parcel One, or a prorrata portion of such costs while Parcels have not been segregated. If the funds are not received from VOLCANO, CFZ shall be responsible of such
payment before Trustee, and may then charge them to VOLCANO. Trustee shall not be liable for any judicial sale of the Parcels as a result of lack of contribution of the above funds. If Parties make any direct payment of any of the above obligations
to the corresponding payee, it shall provide Trustee with evidence of such payment within three business days thereof. 

  

	 	E.	Term of the Trust. The term of the Trust Agreement shall be ten years from the date of execution of this Agreement, in as much as such term is necessary
for duly performing under this Agreement, unless otherwise expressly agreed in writing by the Parties. 

  

	 	F.	Trustee’s Compensation. The Parties agree that Trustee is entitled to receive an annual fee of two thousand four hundred $2400 dollars, first payable
ON THE SAME ACT OF EXECUTION OF THIS TRUST, and then on each anniversary of such date that this Trust Agreement remains in effect. The fee shall be paid by CFZ. 

 

 7 

	 	G.	Obligations, Prerogatives and Activities of Trustee. During the term of this Trust Agreement, Trustee shall: 

 

	 	a.	Hold and release, and perform its duties with respect to the Entrusted Parcels in strict accordance with the terms of this Agreement, particularly pertaining to any
Trust provisions included herein. 

  

	 	b.	Parties hereby instruct Trustee, to grant CFZ a letter of special power of attorney in order for CFZ to attend all condominium general owners meetings called in order
to approve and restructuring of the Condominium, and therefore the Entrusted Properties, and vote in acceptance of such changes, and to execute the corresponding minute of the Condominium general owners meetings, and any other documents required for
obtaining such reform, and register it with the Public Registry of Costa Rica. 

  

	 	c.	Upon registration of the Condominium reform, transfer Parcel One to VOLCANO, at the expense of the VOLCANO and notary chosen by VOLCANO, and transfer Parcel Two back to
CFZ, at the expense of CFZ. 

  

	 	d.	The Promissory Note will be returned to CFZ only upon execution of Section IV. G. c. 

 

	 	e.	 Inform VOLCANO and CFZ on notice received regarding Entrusted Assets. Issue as many special powers of attorney as necessary and required under
applicable law to Mr. CARLOS WONG ZÚÑIGA (the “Attorney-in-Fact”), of legal age, married once, economist, with domicile in Granadilla, Curridabat, with identification number one-six hundred and sixty four-nine hundred
and eighty nine, in accordance with article one thousand two hundred and fifty six of the Civil Code of Costa Rica, so that the Attorney-in-Fact can, in representation of Trustee as owner in trust of the Entrusted Properties, execute (A) any
documents required to apply for, process and obtain (One) any and all construction permits needed from the Municipality of Alajuela for each Phase of the Project, including any permits needed from the Municipality of Alajuela to move land in the
Entrusted Properties; (Two) any municipal authorizations (visados) required from the Municipality of Alajuela in connection with the cadastral plans corresponding to the Entrusted Properties; (Three) any other constructions permits and/or
authorizations required from other governmental or quasi-governmental agencies of Costa Rica in connection with the Construction Contract and each particular Phase of the Project; (B) any professional services agreements strictly corresponding
to the Construction Contract or the Construction Management Agreement, with any person(s) that shall be responsible for such works, all as required by applicable law, including the regulations of the Costa Rican Engineers and Architects Professional
Association (Colegio Federado de Ingenieros y Arquitectos de Costa Rica); 

  

 8 

	 	 
(C) any documents required to apply for, process and obtain other permits required to initiate and complete the construction of the Shell (as defined in the Construction Contract), strictly
pursuant to the terms and conditions of the Construction Contract; and (D) sign any insurance policy required for the Construction Contract and Construction Services Agreement after VOLCANO’s approval. It is understood that any
out-of-the-ordinary permits, authorizations and/or approvals related to the works, which may require specific actions on the part of the Attorney-in-Fact, shall be first consulted with and authorized by VOLCANO so that Trustee may issue the
respective special power of attorney. For purposes of this Section, permits, authorizations and/or approvals related to the works provided in items (A) and (B) are not out-of-the-ordinary. Trustee may not exercise any discretionary power
on behalf of VOLCANO and/or CFZ, unless expressly authorized under this Agreement. 

  

	 	f.	Hold the Promissory Note in custody and deliver it to the corresponding Party as per Section J below. 

 

	 	H.	Transfer of the Parcels. 

  

	 	a.	Transfer of Parcel One: Parcel One shall be transferred by Trustee to VOLCANO immediately upon its registration under Section VI of this Agreement,
provided Trustee receives: (a) a certified copy of the corresponding Construction Contract, as signed by the Parties, for the construction of a Shell building in such Parcel; (b) a copy of a receipt by CFZ of the initial deposit for the
Construction Contract; (c) certified copy of the corresponding Construction Management Agreement, as signed by the Parties, for the construction of the build out of the building in such Parcel; and (d) evidence that VOLCANO is a
beneficiary of the Free Trade Zone Regime. (e) An authenticate letter of the representatives of CFZ and VOLCANO where they authorize Trustee to transfer Parcel One to VOLCANO, since it has been paid for already, and to transfer Parcel Two back
to CFZ, as well as the instructions regarding the Promissory Note, both letters granted on this date and included as Exhibit J. 

  

	 	b.	Transfer of Parcel Two to CFZ: Parcel Two shall be transferred by Trustee to CFZ immediately upon its registration under Section VI of this Agreement.

 Parties agree that transfer of the Parcels is not subject to completion of the construction on such Parcels,
therefore transfer shall take place immediately after Trustee has confirmed that such Parcels have been duly registered, and that CFZ and VOLCANO shall provide the corresponding transfer deeds for transfer to Trustee. 

 

 9 

	 	I.	Delivery of the Parcels and Termination of the Trust Agreement. Once all the Parcels have transferred to the Parties in accordance with this Agreement,
Trustee shall thereby be discharged and released from any and all obligations and liability under this Trust Agreement, this Trust Agreement shall terminate, and the Parties shall have no further obligations hereunder other than offering each other
the corresponding settlements and releases. 

  

	 	J.	Promissory Note 

The Promissory Note has been delivered to Trustee on this date. Trustee shall hold the Promissory Note in custody and return such
Promissory Note assigned (endosado) to CFZ, upon execution of the deed of transfer of the Properties, without requirement of any further instructions by any of the Parties. This Guarantee shall secure reimbursement of Parcel One Purchase Price paid
by VOLCANO under the following condition: If Parcel One is not properly segregated and transferred to VOLCANO within twenty four months after the execution of the Definitive Agreements CFZ shall reimburse VOLCANO in full the Parcel One Purchase
Price. If CFZ fails to make such reimbursement, VOLCANO shall collect such Parcel One Purchase Price through the execution of the Promissory Note that shall be assigned (endosado) by the Trustee or any other means provided by the law. Therefore,
Trustee shall assign (endosar) and deliver the Promissory Note to VOLCANO when it has received evidence of fulfillment of all remedies in accordance with the Definitive Agreements, and after all corresponding cure terms have ended. Upon judicial
execution of the Promissory Note, VOLCANO may collect the amount equivalent to Parcel One Purchase Price; and, after such collection, (b) the Trust shall be deemed terminated, and Parcel One and all remaining land in trust shall be returned to
CFZ as agreed, without VOLCANO having any further rights over such land, the improvements, buildings or constructions made to or in such land, or the corresponding Parcels. In such event, the Parties shall release each other and no further claims or
actions may be instituted against the other upon termination of this Agreement and any and all related agreements. 
  

	 	K.	 Disputes. In the event of any dispute between VOLCANO and CFZ (a “Dispute”), Trustee shall refuse to comply with any such
instruction(s), claim(s) or demand(s) by any of the Parties so long as such disagreement shall continue, and in so refusing Trustee shall not release any of the Parcels, and Trustee shall not make any decision or judgment as to the disposition of
the Parcels, or the correctness of any such claim or demand. Trustee shall not be or become liable in any way to VOLCANO or CFZ for its failure or refusal to comply with any demands in case of a Dispute, which shall be notified in writing by either
party to the Trustee. Trustee shall be entitled to continue to so refrain from acting until (i) such Dispute has been adjusted by an agreement between the Parties and such agreement is

  

 10 

	 	 
notified to Trustee in writing, by means of a document executed by both VOLCANO and CFZ; or (ii) receiving a final determination regarding the disposition of one, some or all of the Parcels
issued by an arbitration tribunal as set forth in Section XIII hereof. Any Party to this Trust Agreement, including, but not limited to Trustee, may, at its sole discretion, initiate arbitration proceedings to achieve a final resolution of a Dispute
(without prejudice of Trustee’s right to refrain from doing so as a non-active party to this transaction). In the event of such arbitration proceedings, Trustee shall be held harmless for any and all loss, cost and expense sustained in either
filing or participating in any such civil action, with all costs, loss and expenses of such arbitration proceedings being borne by VOLCANO and/or CFZ, as the case may be, including, if available, any other appropriate civil remedy, as the
arbitrator, tribunal or court so determines. 

  

	 	L.	Resignation of Trustee. Trustee may resign at any time upon the giving of at least sixty-calendar-day prior written notice to VOLCANO and CFZ. VOLCANO and
CFZ shall, with a term of thirty days counted from said notice, issue written instructions executed by VOLCANO and CFZ appointing a Successor Trustee. If Trustee shall not receive such written instructions executed by VOLCANO and CFZ appointing a
Successor Trustee within this term, Trustee may presume there is a Dispute and petition an arbitration panel, following the procedure of Section XIII hereof, to appoint a Successor Trustee and, upon such appointment, deliver the Entrusted Properties
to such Successor Trustee. Trustee shall be automatically and fully relieved of all liability under this Trust Agreement by any and all Parties upon the transfer of all of the Parcels that remain in the Trust to the Successor Trustee.

  

	 	M.	Trustee’s Right to Retain Counsel and Duty to Defend. Trustee shall not be required to institute or defend any action or legal process involving any
matter referred to herein which in any manner affects its duties or liabilities hereunder, unless Trustee so desires, or unless or only as requested to do so by VOLCANO and CFZ, and then only upon receiving full indemnity in an amount, and of such
character, as Trustee shall, at Trustee’s sole discretion reasonably require, against any and all claims, liabilities, judgments, attorney’s fees, and other expenses of every kind in relation thereto. Trustee may, upon advice from counsel
act or refrain from acting in respect to any matter referred to in this Agreement, concerning the Trust, in full compliance with said advice of counsel which may be reasonably selected by Trustee (but which in no event shall be the same counsel as
is acting for VOLCANO or CFZ) and shall be fully protected in so acting or in refraining from acting upon such advice. Trustee agrees to give prompt notice to the Parties in the event that it is served notice regarding pending legal action in regard
to the Entrusted Properties. CFZ and VOLCANO shall be jointly liable for all expenses caused by the defense. 

  

 11 

	 	N.	Enforcement. In the event it becomes necessary for any Party to institute arbitration proceedings as a result of the failure of the Parties to comply with
this Trust Agreement, the arbitration tribunal shall determine whether the prevailing Party in such arbitration shall recover from the non-prevailing Party all costs and expenses and fees incurred or expended in connection therewith, including,
without limitation reasonable attorney’s fees and costs, at all levels. 

  

	 	O.	Liability of Trustee. The Parties hereto understand and agree to the following: 

 

	 	a.	Trustee is acting as a depository and in a ministerial capacity hereunder with the duties herein set forth. It is further agreed that (i) the duties of Trustee are
only as herein specifically provided, and (ii) Trustee shall incur no liability whatsoever except for willful misconduct or negligence. VOLCANO and CFZ each release Trustee from any act done or omitted to be done by Trustee in good faith in the
performance of its duties hereunder. 

  

	 	b.	Trustee shall not, by act, delay, omission or otherwise, be deemed to have waived any right or remedy it may have either under this Trust or generally, unless such
waiver is in writing, and signed by Trustee, and only to the extent expressly therein set forth. A waiver by Trustee under the terms of this Trust shall not be construed as a bar to, or waiver of, the same or any other such right or remedy which it
would otherwise have on any other occasion. 

  

	 	c.	Trustee is not a party to, and is not bound by or charged with notice of, any agreement or document out of which the Trust Agreement may arise.

  

	 	d.	Trustee shall not be responsible for any loss, diminution in value or failure to achieve a greater profit as a result of the transfer of the Parcels remaining in the
Trust. Trustee is not responsible for maintaining the value of any investment or providing investment counseling beyond what is strictly established as its obligation under this Agreement. 

 

	 	e.	 Upon termination of this Trust Agreement, Trustee shall be released from all responsibilities before the tax authorities by virtue of this Trust and
said responsibilities shall be acquired by the then owner(s) of the Parcels. The parties hereby agree that except in the case of willful misconduct or negligence, Trustee will not be held liable for any facts, actions, or omissions of the parties or
third parties that may prevent or impair performance of its Duties under this Agreement. Except in the case of willful misconduct or negligence by the Trustee, VOLCANO and CFZ assume complete responsibility for such omissions set forth in the
previous sentence and irrevocably release Trustee, its shareholders, parent companies, subsidiaries, branches, affiliates, directors, agents, representatives, personnel, administrators and assigns, from any civil, criminal or administrative
liabilities deriving from performance of any duties assigned to Trustee under this Agreement, as well as from any actions taken, whether directly or indirectly, in connection thereto. In addition to that, CFZ and VOLCANO agree to protect and hold
harmless 

  

 12 

	 	 
Trustee and keep it free from any liability resulting from legal actions taken against Trustee in connection to this Trust, and to reimburse Trustee for any amounts incurred thereby related to
attorney’s fees, judicial costs and any other expenses, in order to defend itself from any complaint, lawsuit, arbitration, charges or claim, whether present or future, filed by third parties, CFZ or VOLCANO, or their respective shareholders,
parent companies, subsidiaries, branches, affiliates, directors, agents, representatives, personnel, heirs, curators, administrators, successors and assigns, provided there is no negligence or misconduct of Trustee involved which may imply its being
liable therefore. Furthermore, CFZ and VOLCANO shall indemnify Trustee, its shareholders, parent companies, subsidiaries, branches, affiliates, directors, agents, representatives, personnel, administrators and assigns, for any losses, damages or
prejudice suffered as a result of this Trust, provided again there is no negligence or misconduct of Trustee involved which may imply their being liable therefore. 

 

	 	P.	Notices and Communications. Each notice, instruction or other demand given or required by any Party hereunder shall be in writing and shall be
communicated by personal delivery, fax, e-mail or other such electronic transmission or registered mail, return receipt requested, to the Parties hereto at the addresses indicated herein, or at such other address as any of them may designate by
notice and in writing to the other Parties: 

  

	 	a.	CFZ: ZONA FRANCA COYOL SOCIEDAD ANÓNIMA, at the administrative offices of Zona Franca Coyol, located in Zona Franca Coyol, Attention: Carlos Wong; E-Mail:
cwong@coyolfreezone.com; Facsimile (five zero six) two two zero nine- five nine six zero 

  

	 	b.	VOLCANO: VOLCARICA, SOCIEDAD ANÓNIMA, at Arias&Muñoz offices in Forum Business Center, Building C, office One C one, Attention: John Dahldorf
and Vicente Lines; email: jdahldorf@volcanocorp.com, vlines@ariaslaw.co.cr; Fax: (506) 22047580 

  

	 	c.	Trustee: Banco Improsa, S. A. Attention Jorge Calvo, San José, Barrio ESCALANTE, from the SANTA TERESITA church 300 EAST Y 200 M SOUTH, Tournón,
across Periódico la República, Facsimile: (five zero six) two two five seven- four four eight five. 

All notices given hereunder shall be effective and deemed received upon personal delivery or confirmed transmission by facsimile and/or
e-mail, or if mailed, five calendar days after mailing by the respective Party. 
  

	 	Q.	Severability. If any terms, conditions or provisions of this Trust Agreement or the application thereof to any person or circumstance shall to any extent,
be invalid or unenforceable, the remainder of this Trust Agreement, or the application of such terms or provisions to persons or circumstances other than those as to which it is held invalid or unenforceable shall not be affected thereby and each
term and provision of this Trust Agreement shall be held valid and be enforced to the fullest extent permitted by law. 

  

 13 

	 	R.	Indemnification of Trustee. VOLCANO and CFZ hereby agree to indemnify and hold Trustee harmless from and against any and all claims, liabilities,
judgments and legal fees, and other expenses of every kind or nature arising out of this Trust Agreement, other than such claims resulting from the willful misconduct, gross negligence, or breach of fiduciary duty of Trustee.

  

	 	S.	Termination of the Trust Agreement. This Trust shall be terminated: 

 

	 	a.	Upon transfer of the Parcels to the appropriate party, in accordance with the terms of this Agreement; 

 

	 	b.	Upon expiration of the term of the Trust; or 

  

	 	c.	By express written agreement of the Parties. Any expenses and professional fees to be paid in connection with the termination of the Trust, whatever the case may be,
shall be paid in equal parts by CFZ and VOLCANO, unless otherwise provided by an arbitrator pursuant to Section XIII hereof. Each of the Parties shall pay the expenses and legal fees of its own legal counsel. 

 

	 	d.	Provided the RFR and related rights and obligations to the same are independent from the Trust Agreement included herein, CFZ and VOLCANO agree that the RFR will
survive the termination of the Trust Agreement. 

 VI. CONDOMINUM REFORM. Based on the planning of the Project in
two phases, the Parties have agreed that the Entrusted Properties shall, as soon as possible: 
  

	 	a.	The Condominium shall be completely restructured, that will include a transformation of the Entrusted Properties into Parcel One, with an area of 25,308
square meters, corresponding to Phase One of the Project, as described in Cadastral Land Map of Parcel One, copy of which is added to this Agreement as Exhibit F-a and Parcel Two, with an area of 32,421 square meters,
corresponding to Phase One of the Project, as described in Cadastral Land Map of Parcel One, copy of which is added to this Agreement as Exhibit F-b; 

CFZ shall be responsible of providing Trustee all documents necessary to be able to perform all actions given in this section, provided
the Parcels are as described herein. 
  

 14 

	 	b.	For clarification purposes, Parties hereby acknowledge the original areas of the Properties, and the resulting Parcels and areas of such Parcels as follows:

  

									
	 Filial
Lot
	  	 Registry

Number
	  	 Area in Registry
	  	New Parcel	 	Area
	 39
	  	2- 68530 F-000	  	6969.40	  	Parcel One (37)	 	25,308
	 38
	  	2- 68529 F-000	  	10150.00	  	Parcel Two (38)	 	32,421
	 37
	  	2- 68528 F-000	  	9456.19	  	 
	 41
	  	2- 68532 F-000	  	12020.48	  	 
	 42
	  	2- 68533 F-000	  	10150.00	  	 
	 43
	  	2- 68534 F-000	  	8949.81	  	 
		  	Total	  	57695,88	  	Total	 	57728,88

 VII. TRANSFER PRICE OF THE
PARCELS. The transfer price of the Parcels shall be as follows (the “Purchase Price”). In addition, VOLCANO shall pay to CFZ certain amounts of money related to the construction of the Facility on the Properties. The Parties note
that VOLCANO has made or will be making, as the case may be, the following payments, which will be applied as follows: 
 (A) Phase
One: US$ 3,046,200 dollars corresponding to full payment for Parcel One (the “Purchase Price for Parcel One”). 
 (B)
Phase Two: not exceed US$ $ 3,902,357 dollars corresponding to full payment for Parcel Two (the “Purchase Price for Parcel Two”) if the RFR is exercised;  

(For clarification purposes, the given price of Parcel Two shall be indexed according to the net cost variance between the construction cost,
determined by the Price Index for Basic Materials and Supplies of the Construction Industry, Type of Work: Buildings (Índices de Precios de Materiales de Construcción) published by the Costa Rican Construction Chamber
(Cámara Costarricense de la Construcción) and the variance in the exchange value of the United States Dollar for buying dollars, in accordance with the Central Bank of Costa Rica (Banco Central de Costa Rica) (the
“Subsequent Phase Construction Contract Requirement”). 
 IX. REPRESENTATIONS AND WARRANTIES BY CFZ. Based on the above,
CFZ hereby represents and warrants the following to VOLCANO and Trustee, up to this date and during all the time required for the complete performance of those sale covenants and obligations assumed by CFZ in connection with the Parcels that are
herein indicated, unless otherwise provided herein, even if such time exceeds the term of the Trust: 
  

	 	A.	That it has the right, ability and authority to agree to and execute the terms and conditions of this Agreement without requiring the approval or consent of any other
party or authority; 

  

	 	B.	That it is the sole owner of the Properties as of the date hereof, possessing them in good faith, in a legal, public, continuous and peaceful manner, without defects,
except for the Condominium modification disclosed herein, as owner under titles which have been and remain so validly registered with the Public Registry; 

  

 15 

	 	C.	That to its knowledge there are no conditions, visible or concealed, that will in any way impair the construction, operation or use of the Facilities as contemplated by
VOLCANO; 

  

	 	D.	That the Properties are current as to the payment of any and all applicable municipal and Properties taxes, condominium dues and/or any applicable contributions, fee,
charges or assessments that might apply to the Properties or might become due from the owner of the Properties, unless such fees, dues, or similar are the responsibility of VOLCANO in accordance with the present Agreement; 

 

	 	E.	That the Properties are free and clear of any third party occupancy and/or possession rights except for the Construction Contract and Construction Services Agreement;

  

	 	F.	That the Properties have individual and full access to the roads and utilities of the Condominium; That to its knowledge there is no legal or factual basis for any
present or future action, process, hearing, charge, complaint, claim or lawsuit pertaining to or against the Properties that could create an obligation or liability with respect to such Properties; 

 

	 	G.	That CFZ, after reasonable investigation, has not received notice of pending investigations, inquiries, processes, actions or litigation, or any indications that there
has been a threat to start any such investigations, inquiries, processes, actions or litigation, that might affect the free and clear status of Properties before any court or government ministry, agency, commission, board or entity;

  

	 	H.	That CFZ has settled and/or paid any and all labor and/or contractor related obligations deriving from activities taking place in connection with the Properties up to
this date, and for which CFZ may be liable in any way and which may affect the free and clear status of the Properties; 

  

	 	I.	That CFZ has not reached nor executed any settlement or arrangement of any sort with any third party that may affect or impair its rights to dispose of the Properties
through free and clear titles, including but not limited to mortgages, liens or encumbrances of any sort, or options or promises for the sale of the Properties; 

 

	 	J.	That the Properties is free of leases, rentals, and use, dwelling or usufruct rights in favor of third parties; 

 

	 	K.	That no court or governmental, regulatory authority, condominium association, or other governing body have enacted or issued any judgment, injunction, statute, rule,
regulation or other order which would prohibit the consummation of this transaction or performance thereof (including free use of the Properties) as intended by VOLCANO and is known to CFZ, or limit the current value of the Properties to VOLCANO;

  

	 	L.	That CFZ will receive all necessary governmental approvals for the implementation of the Proposed Transaction including, without limiting the generality of the
foregoing, all required zoning approvals, all Shell permits, and all necessary environmental approvals required so that CFZ may build a Shell for VOLCANO under the terms and conditions of the Construction Contract; 

 

 16 

	 	M.	That the Properties are, as of the date of execution of this Agreement, and will be as of the date of implementations of each phase of the Project, in compliance with
all Environmental Laws and that there are no Hazardous Materials at, on or under the Properties (the words “Environmental Law” shall mean and include any and all environmental regulations applicable in Costa Rica at any time during the
term of the Trust; on the other hand, the words “Hazardous Materials” shall mean any material or substance which is defined or becomes defined as “hazardous substance,” “hazardous waste”, “toxic substance,”
“infectious waste,” “chemical mixture or substance,” or “air pollutant” under the Environmental Law); 

  

	 	N.	That CFZ agrees to make its best efforts to help VOLCANO with any governmental or condominium proceedings at any level related to the Properties and the Project
envisioned by VOLCANO under the Proposed Transaction; 

  

	 	O.	That this Agreement constitutes a binding and valid agreement for CFZ, which is enforceable in accordance with its own terms; and 

X. REPRESENTATIONS AND WARRANTIES BY TRUSTEE. Trustee represents and warrants the following to CFZ and VOLCANO: 

 

	 	A.	That Trustee has the right, ability and authority to agree to and execute the terms and conditions of this Agreement without requiring the approval or consent of any
other party or authority; 

  

	 	B.	That it is not a party to, nor bound by, nor required to give consideration under, the terms and provisions of any other agreements or undertakings between VOLCANO and
CFZ, or either one of them and any third parties; and 

  

	 	C.	That this Agreement constitutes a binding and valid agreement for Trustee, which may be enforceable by its own terms. 

XI. REPRESENTATIONS AND WARRANTIES BY VOLCANO. VOLCANO hereby represents and warrants the following to CFZ and Trustee: 

 

	 	A.	That VOLCANO has the right, ability and authority to agree to and execute the terms and conditions of this Agreement without requiring the approval or consent of any
other party or authority; and 

  

	 	B.	That VOLCANO will receive all necessary governmental approvals for the implementation of the Proposed Transaction including, without limiting the generality of the
foregoing, (i) all required approvals to operate as a beneficiary of the Free Trade Zone Regime; and, (ii) all zoning approvals, all required construction permits and all necessary environmental authorizations so that VOLCANO may build and
operate its Facilities; 

  

	 	C.	 That VOLCANO is willing and bound to comply with and fulfill, prior to and after the transfer of the Parcels, the following conditions, which will
extend to any and all successors or assigns, and VOLCANO accepts and commits it will not transfer, 

 

 17 

	 	 
assign or lease the Parcels to a third party that has not committed to these obligations, conditions and prohibitions as well: (i) VOLCANO accepts, commits itself and warrants that it will
not use or allow third parties to use the Parcels for any illegal activity or for sports-booking or gambling activities, manufacture of arms or parts thereof, or tobacco products; (ii) VOLCANO accepts, commits itself and warrants that it will
bind itself, respect, comply and execute all of the terms, conditions and requirements contained in the Park Regulations, as approved by the Free Trade Zone authorities of Costa Rica, as well as the Condominiums Regulations, including the obligation
to pay Condominium fees; (iii) VOLCANO accepts, commits itself and warrants that it will comply at all times with all Free Trade Zone regulations applicable in Costa Rica, as well as all laws and regulations applicable in the such country, and
that in case of non-compliance it shall indemnify CFZ and Park Administrator for any damages, sanctions or losses suffered due to such non-compliance; (iv) VOLCANO also warrants, accepts, commits itself not to carry out, within the Properties,
any type of activity that produces disturbing noises, foul odors or disturbs the peace and quietness of other occupants of the Park or its neighbors, or produces emanations of any kind in violation of Environmental Law; (v) VOLCANO also
warrants, accepts, commits itself not store Hazardous Materials, unless such Hazardous Materials are used in its manufacturing operations in which case it will take all necessary precautions to protect the Properties, the Park and its occupants, for
which it will be solely responsible. In these cases, VOLCANO must communicate in writing such circumstance to the Park Administrator, and provide them with a detailed list of such Hazardous Materials. The substances, materials, or chemicals should
be properly stored in accordance with the applicable Legal Requirements; and, 

  

	 	D.	That this Agreement constitutes a binding and valid agreement for VOLCANO, which may be enforceable in its own terms. 

XII. MISCELLANEOUS PROVISIONS. 
  

	 	A.	Counterparts. This Agreement shall be executed as one original, but several Notarial Certificates (one for each Party) shall be issued, all to be
considered an original, and such counterparts shall constitute and be one and the same Agreement. 

  

	 	B.	Headings. The headings of the paragraphs and sections of this Agreement are for convenience of the Parties as reference only and shall not be construed as
defining or limiting the scope of any provisions hereof.  

  

	 	C.	Persons Authorized to Act on Behalf of the Parties. The following individuals are the only ones authorized to bind the Parties hereto:
(i) CFZ: André Garnier Kruse, Alvaro Carballo Pinto, Philippe Garnier Diez, and Jorge Monge Agüero, having to act at least two of them jointly; (ii) VOLCANO: VOLCANO’s CFO currently John Dahldorf; and
(C) Trustee: Jorge Calvo. 

  

 18 

	 	D.	Complete Agreement Among the Parties. This Agreement represents the entire agreement between and among CFZ, VOLCANO and Trustee with respect to
transactions herein contemplated and shall be binding upon the Parties, their respective successors and assigns. 

  

	 	E.	Amendments. This Trust Agreement may not be modified or amended in any manner other than by written agreement and/or amendment executed by all Parties
hereto through their duly authorized representatives. 

  

	 	F.	Indemnity. In accordance with article one thousand forty five of the Civil Code, each Party (the “Breaching Party”) agrees to indemnify and hold
harmless the other Parties from any loss (including reasonable attorneys fees and other out of pocket costs), damage or liability attributable to or derived from a breach of the agreements contained in this Agreement by the Breaching Party,
provided, however, that neither Party shall be responsible to the others for any consequential damages or loss of profits related to the breach. 

  

	 	G.	Wire Transfer: Both Parties agree Volcano shall make good payment of its obligations under this Agreement upon issuance and delivery of a wire transfer
instruction in accordance with Exhibit I. Furthermore they acknowledge that accreditation of funds in the bank account established in the wire transfer instruction is subject to process by the issuing bank, the receiving bank and any intermediary.
Payment shall be formally received upon accreditation of the funds in accordance with the wire transfer instructions established in Exhibit I. CFZ reserves the right to terminate the agreements, without further liability if payment is not accredited
within a period of time reasonable for international fund transfers in the market. In such case, the Entrusted Assets will be returned to CFZ. 

XIII. GOVERNING LAW AND DISPUTE RESOLUTION. 
  

	 	(A)	Governing Law. All transactions set forth in this Agreement shall be governed and interpreted in accordance with the laws of Costa Rica, excluding its
conflict of law provisions. The laws of Costa Rica shall apply, regardless of the domicile of the Parties. 

  

	 	(B)	 Arbitration. Any controversy or claim arising out of or relating to the agreements contained in this instrument, or the breach thereof,
shall be determined by arbitration and not by a court. The arbitration shall be administered by the Conciliation and Arbitration Chamber of the Costa Rican Chamber of Commerce. All rules of the Conciliation and Arbitration Chamber of the Costa Rican
Chamber of Commerce shall apply to the arbitration. The number of arbitrators shall be three. The claimant shall appoint one arbitrator in its statement of claim; the respondent shall appoint one arbitrator in its statement of defense; and the third
arbitrator, 

  

 19 

	 	 
who shall act as the presiding arbitrator, shall be jointly appointed by the two parties within thirty calendar days after the appointment of the second arbitrator. If any arbitrators are not
appointed within these time periods, the Conciliation and Arbitration Chamber shall make the appointments. The place of arbitration shall be San José, Costa Rica. The language of the arbitration shall be English. Any award shall be made
payable in United States Dollars, free of any tax or any other deduction. In the event that monetary damages are awarded, the award shall include interest, running from the date of default to the date of payment of the award in full. The arbitrators
are authorized to include in their award an allocation to any party of such costs and expenses, including attorneys’ fees, as the arbitrators shall deem reasonable. Judgment upon any award(s) rendered by the arbitrator may be entered in any
court having jurisdiction thereof. The parties undertake to keep confidential all awards in their arbitration, together with all materials in the proceedings created for the purpose of the arbitration and all other documents produced by another
party in the proceedings not otherwise in the public domain, save and to the extent that disclosure may be required of a party by legal duty, to protect or pursue a legal right or to enforce or challenge an award in legal proceedings before a court
or other judicial authority. 

 XIV. GOVERNING DOCUMENT 

The Parties recognize and accept that they have executed a Spanish version of this Agreement. The English version shall be the controlling
version for all purposes. The Trustee shall not be liable or responsible for acts or omissions caused due to differences between both documents. 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed by their duly authorized agent(s) the day and year first above written.

  

			
	Volcarica, S.R.L.
	Date:	 	September 23, 2010
	Place:	 	San Diego, CA
		
	Name:	 	     John Dahldorf

		
		 	 /s/ John Dahldorf

		 	Signature

  

 20 

			
	Zona Franca Coyol, S. A.
	Date:	 	September 23, 2010
	Place:	 	San José        

  

											
	Name:	 	 Andre Garnier 
	 		  	Name:	 	 Jorge Monge 
	  	
						
		 	 /s/ Andre Garnier 
	 		  		 	 /s/ Jorge Monge 
	  	
		 	Signature	 		  		 	Signature	  	

  

 21 

			
	Banco Improsa, S. A.
	Date:	 	September 23, 2010
	Place:	 	San José        
		
	Name:	 	 Jorge Calvo 

		 	 /s/ Jorge Calvo 

		 	Signature

  

 22 

 LIST OF EXHIBITS* 

 

			
	Exhibit A	  	Notarial Statements:
		
		  	(a) CFZ
		
		  	(b) VOLCANO
		
		  	(c) Trustee
		
	Exhibit B	  	Properties
		
	Exhibit C	  	(a) Construction Contract
		
		  	(b) Construction Management Agreement to be provided on September 23, 2010
		
	Exhibit D	  	PROCOMER Executive Resolution No. 252-2006
		
	Exhibit E	  	(a) Condominium Regulations (Book 575, Entry 88620, Consecutive 01, Registration number 3-109-533883)
		
		  	(b) Park Regulations (La Gaceta N° 90, May
12th, 2008)
		
	Exhibit F	  	Parcel Land Plans.
		
		  	(a) Land Map of Parcel One.
		
		  	(b) Land Map of Parcel Two
		
	Exhibit G	  	Condominium Survey
		
	Exhibit H	  	Draft of Condominium Reform
		
	Exhibit I	  	Wire transfer information
		
	Exhibit J	  	Letters Authorizing the transfer of Parcel One, Parcel Two and Promissory Note

  

	*	All schedules or similar attachments to the Trust, Land Purchase and Right of First Refusal to Purchase Agreement have been omitted as permitted by SEC rules. Copies of
such schedules or similar attachments will be furnished supplementally to the SEC upon request. 

  

 23

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