Document:

exv10w45

Exhibit 10.45

 

Letter of Indemnification

Dated August 20, 2010

Rank Group Limited

for the benefit and in favour of

the Indemnitees defined in this Letter of Indemnification

(Austria — SIG)

 

 

 

Contents

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

 

 

THIS Letter of Indemnification is made on August 20, 2010

BY:

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

IN FAVOUR AND FOR THE BENEFIT OF:

Each Indemnitee (as defined below).

BACKGROUND

	A.	 	On 5 November 2009 Beverage Packaging Holdings (Luxembourg) III S.à r.l. acquired, both
directly and through a subsidiary, the Closure Systems International group of companies and
the Reynolds Consumer Products group of companies. The financing arrangements put in place for
this acquisition, and the original acquisition of the SIG group of companies, were amended or
replaced, including (without limitation) by (i) the entry into of a senior secured credit
agreement, dated 5 November 2009, between, among others, Reynolds Group Holdings Limited
(“RGHL”), the borrowers listed therein and Credit Suisse AG as administrative agent
(as subsequently amended, restated or otherwise modified from time to time, the “Senior
Credit Facilities”), (ii) the entry into of an indenture dated 5 November 2009 (the
“2009 Indenture”), in respect of senior secured notes due 2016 (the “2009
Notes”) and (iii) entry into certain intercreditor arrangements in respect of the Senior
Credit Facilities, the 2009 Notes, and certain senior notes and senior subordinated notes
issued in 2007 by Beverage Packaging Holdings (Luxembourg) II S.A. (together the “2007
Notes”) (collectively, the “Existing Financing”).
	 
	B.	 	On 4 May 2010 RGHL indirectly acquired (i) the Evergreen group of companies (the
“Evergreen Group”) from certain subsidiaries of the parent of the Evergreen Group,
Carter Holt Harvey Limited (“CHH”) and (ii) the business, assets and liabilities of
the Whakatane Paper Mill from CHH (collectively, the “Acquisition”).
	 
	C.	 	In connection with the Acquisition, certain members of the Evergreen Group, RGHL and certain
of its subsidiaries incurred additional debt, and the Existing Financing was supplemented
and/or amended (the “Evergreen Financing”). In connection with the Evergreen Financing
the Austrian Obligor (as defined

 

 

	below)	 	may, among other things, be required to do all or some of the following:

	 	1.	 	enter into a new indenture in respect of new unsecured notes (the
“Unsecured Notes”) issued by an indirect subsidiary of RGHL, including the
provision of unsecured guarantees in respect of such notes;
	 
	 	2.	 	confirm that the guarantees and/or security provided by the Austrian Obligors
in respect of the 2009 Notes extends to any additional senior secured notes, issued
either by way of (i) a supplement to the 2009 Indenture or (ii) a new senior notes
indenture (collectively, the Senior Secured Notes”);
	 
	 	3.	 	confirm that the guarantees and/or security provided by the Austrian Obligors
in respect of the Senior Credit Facilities extends to the additional debt incurred
either under (i) an incremental facility provided for in the Senior Credit Facilities
and/or (ii) an amendment to the Senior Credit Facilities (collectively, the “Bank
Debt”); and

	 	4.	 	enter into new, and/or amend existing, intercreditor arrangements in respect
of the Unsecured Notes, the Senior Secured Notes, the Bank Debt and the 2007 Notes,

     (collectively, the “Transactions”).

	D.	 	Rank has agreed to provide an indemnity to the Indemnitee as further described below.

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

THIS LETTER OF INDEMNIFICATION WITNESSES as follows:

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

 

 

	 	 	“Director” means any managing director (Geschäftsführer) or supervisory board
member (Aufsichtsratsmitglied) of SIG Austria Holding GmbH, SIG Combibloc GmbH and SIG
Combibloc GmbH & Co.KG.
	 
	 	 	“Indemnitee” means each Director listed in Part B to the Schedule to this Letter of
Indemnification.
	 
	 	 	“Indemnitee Company” means, in relation to an Indemnitee, any Austrian Obligor of
which an Indemnitee is a Director.
	 
	2.	 	Indemnification
	 
	 	 	Rank shall upon first demand indemnify each Indemnitee against expenses, losses,
liabilities, judgments, fines, penalties and amounts paid in settlement (including all
interest, assessments and other charges in connection therewith) incurred by an Indemnitee
or on an Indemnitee’s behalf in connection with any proceeding resulting from or relating
to decisions the Indemnitee made or any actions the Indemnitee took on behalf of an
Indemnitee Company in his or her capacity as a Director of the Indemnitee Company on
written (including by e-mail or telefax) instruction from a direct or indirect shareholder
of the relevant Indemnitee Company in connection with any transactions or the approval or
execution of any resolutions or documents in relation to the Transactions.
	 
	3.	 	Limitations on Indemnification
	 
	 	 	Notwithstanding any other provision of this Letter of Indemnification, an Indemnitee shall
not be entitled to indemnification under this Letter of Indemnification:

	 	1.	 	to the extent that payment is actually made, or for which payment may be
immediately claimed, to or on behalf of the relevant Indemnitee under an insurance
policy, unless the Indemnitee assigns to Rank any related payments claims under such
insurance policy; or
	 
	 	2.	 	to the extent that payment has or will be made to the relevant Indemnitee by
the Indemnitee Company or any affiliate of Rank otherwise than pursuant to this Letter
of Indemnification.

 

 

	4.	 	Indemnification Procedure
	 
	A.	 	Each Indemnitee shall give Rank notice in writing (including by e-mail or telefax) as soon as
practicable of any proceeding in relation to that Indemnitee for which indemnification will or
could be sought under this Letter of Indemnification. To obtain indemnification payments or
advances under this Letter of Indemnification, an Indemnitee shall submit to Rank a written
request therefore, together with such invoices or other supporting information as may be
reasonably requested by Rank and reasonably available to the relevant Indemnitee. Rank shall
make such indemnification payment within 10 business days of receipt of such invoices and
supporting information.
	 
	B.	 	Each Indemnitee shall be obliged as soon as practicable to claim his rights under any
applicable insurance policy and shall assign to Rank any related payments claims under such
insurance policy. However, this clause 4.2 does not affect the Indemnitee’s right to
indemnification under clause 2 above.
	 
	C.	 	For the avoidance of doubt, an Indemnitee shall not forego any rights to indemnification
under this Letter of Indemnification where he fails to give notice within the period specified
in sentence 1 (“as soon as practicable”) of this clause 4.
	 
	5.	 	Severability
	 
	 	 	If any provision or provisions of this Letter of Indemnification shall be held to be
invalid, illegal or unenforceable for any reason, the validity, legality and enforceability
of the remaining provisions of this Letter of Indemnification and this Letter of
Indemnification shall not in any way be affected or impaired thereby and shall remain
enforceable to the fullest extent permitted by law.
	 
	6.	 	Governing law and jurisdiction
	 
	 	 	This Letter of Indemnification shall be governed by and its provisions construed in
accordance with Austrian law. For the benefit of each Indemnitee, Rank submits to the
non-exclusive jurisdiction of the courts of Austria to settle any dispute arising out of or
in connection with this Letter of Indemnification (including any dispute regarding the
existence, validity or termination of this Letter of Indemnification).

 

 

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

 

 

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

Rank Group Limited

	 	 	 	 	 

	 

	 	/s/ Gregory Cole
 

	 	 
	By:

	 	Gregory Cole	 	 
	 

	 	Position: Director	 	 
	 

	 	Address: 18 Tarata Street, Mt. Eden, North Auckland 1024	 	 

 

 

Schedule

Part A

List of Austrian Obligors

SIG Austria Holding GmbH

SIG Combibloc GmbH and Co. KG

SIG Combibloc GmbH

7 

 

Part B

List of Indemnitees

• Marco Haussener

• Rolf Stangl

• André Rosenstock

• Wolfgang Ornig

• Holger Dickers

• Dieter Koch

• Daniel Kiwit

• Annelies Schell

• Philipp Trixl

8exv10w46

EXHIBIT 10.46

 

Indemnification Agreement

Dated 25 August 2010

Reynolds Group Holdings Limited

for the benefit and in favour of

the Indemnitees defined in agreement

(Netherlands)

 

 

 

	 	 	 	 	 

	1. Definitions
	 	 	4	 
	 
	 	 	 	 
	2. Indemnification
	 	 	4	 
	 
	 	 	 	 
	3. Limitations on Indemnification
	 	 	4	 
	 
	 	 	 	 
	4. Indemnification Procedure
	 	 	5	 
	 
	 	 	 	 
	5. Severability
	 	 	6	 
	 
	 	 	 	 
	6. Governing law
	 	 	6	 
	 
	 	 	 	 
	7. Amendments
	 	 	6	 
	 
	 	 	 	 
	8. Termination
	 	 	6	 

 

 

THIS Agreement is made on 25 August 2010

BY:

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

IN FAVOUR AND FOR THE BENEFIT OF:

Each Indemnitee (as defined below).

BACKGROUND

	 	A.	 	It is anticipated that one or more entities within the Reynolds group of companies
(comprising of the Closure Systems International group of companies, the SIG group of
companies, the Reynolds Consumer Products group of companies and the Evergreen group of
companies) will indirectly acquire the Reynolds Packaging group of companies (the
“Packaging Group”), from Reynolds Packaging (NZ) Limited (the
“Acquisition”).
	 
	 	B.	 	The Acquisition will be documented by a Sale and Purchase Agreement (“SPA”)
by and among Beverage Packaging Holdings (Luxembourg) III S.à r.l., as parent buyer,
Reynolds Group Holdings Inc., as US subsidiary buyer, Closure Systems International B.V.,
as an international subsidiary buyer, and Reynolds Packaging (NZ) Limited, as seller,
together with certain related ancillary documents (the SPA, together with such related
ancillary agreements, being the “Acquisition Documents”).
	 
	 	C.	 	As a result of the Acquisition, certain members of the Packaging Group (including
each Netherlands Guarantor) will be required to accede to certain existing financing
arrangements of the Reynolds Group, including by the giving of guarantees and/or provision
of security. In the case of each Netherlands Guarantor this is anticipated to be by way
of:

	 	1.	 	a guarantee in respect of the senior secured notes co-issued by Reynolds
Group Issuer LLC, Reynolds Group Issuer Inc. and Reynolds Group Issuer (Luxembourg)
S.A. in an amount of US$1,125 million due 2016 and €450 million due 2016 (the
“2009 Notes”) by accession to the indenture dated November 5, 2009 under which
the 2009 Notes were issued;
	 
	 	2.	 	the accession to the registration rights agreement in respect of the 2009
Notes dated November 5, 2009;
	 
	 	3.	 	a guarantee in respect of the senior unsecured notes co-issued by Reynolds
Group Issuer LLC, Reynolds Group Issuer Inc. and Reynolds Group Issuer (Luxembourg)
S.A. in an amount of US$1,000,000,000

2

 

	 	 	 	due 2018 (the “2010 Unsecured Notes”) by accession to the indenture dated
May 4, 2010 under which the 2010 Unsecured Notes were issued;
	 
	 	4.	 	the accession to registration rights agreement in respect of the 2010
Unsecured Notes dated May 4, 2010;
	 
	 	5.	 	a guarantee in respect of a US$2,705,000,000 and €330,000,000 multi-currency
term and revolving senior secured credit agreement dated November 5, 2009, between,
among others, RGHL, the borrowers listed therein and Credit Suisse AG, as amended by
amendment no. 1 and joinder agreement dated January 21, 2010 (“Amendment No. 1 and
Joinder Agreement”) and by amendment no. 2 and incremental term loan assumption
agreement dated May 4, 2010 (the “Senior Secured Credit Facilities”);
	 
	 	6.	 	the accession to the first lien intercreditor agreement dated November 5,
2009, between, among others, The Bank of New York Mellon as the collateral agent,
Credit Suisse AG, and the grantors from time to time party thereto and the
representatives from time to time party thereto, as amended by Amendment No. 1 and
Joinder Agreement;
	 
	 	7.	 	the accession to the intercreditor agreement dated May 11, 2007, as amended
and restated by an amendment and restatement agreement date November 5, 2009 between,
among others, RGHL as parent, Credit Suisse AG, Cayman Islands Branch as
administrative agent, The Bank of New York Mellon as collateral agent, senior secured
notes trustee and high yield noteholders trustee;
	 
	 	8.	 	the provision of a subordinated guarantee in respect of the senior indenture,
dated June 29, 2007, in respect of the 8% Senior Notes (“2007 Senior Notes”)
due 2016, initially issued in the aggregate principal amount of €480,000,000, between,
among others, Beverage Packaging Holdings (Luxembourg) II S.A. (“BPII”), the
Senior Note Guarantors (as defined therein), The Bank of New York Mellon as trustee,
principal paying agent and transfer agent, BNY Fund Services (Ireland) Limited and
Credit Suisse AG; and
	 
	 	9.	 	the provision of a subordinated guarantee in respect of the senior
subordinated indenture, dated June 29, 2007, in respect of the 91/2% Senior Subordinated
Notes due 2017 (“2007 Senior Subordinated Notes”), initially issued in the
aggregate principal amount of €420,000,000, between, among others, BPII, the Senior
Subordinated Note Guarantors (as defined therein), The Bank of New York Mellon as
trustee, principal paying agent and transfer agent, BNY Fund Services (Ireland)
Limited and Credit Suisse AG,

3

 

	 	 	(collectively, the “Transactions”).

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

It is the intention of RGHL that this document be executed as an agreement (this
“Agreement”) in favour and for the benefit of each Indemnitee.

THIS AGREEMENT WITNESSES as follows:

	1.	 	Definitions
	 
	 	 	“Indemnitee” means each person listed in Part B of the Schedule to this Agreement;
and
	 
	 	 	“Netherlands Guarantors” means the companies listed in Part A of the Schedule to
this Agreement.
	 
	2.	 	Indemnification
	 
	 	 	RGHL shall indemnify each Indemnitee against all legal expenses, losses, liabilities,
judgments, fines, penalties and amounts paid in settlement (including all interest,
assessments and other charges in connection therewith) (collectively, the “Indemnified
Liabilities”) incurred by an Indemnitee or on an Indemnitee’s behalf in connection with
any proceeding resulting from or relating to decisions the Indemnitee made or any actions
the Indemnitee took on behalf of a Netherlands Guarantors in his or her capacity as a
director of that company in connection with any transactions or the approval or execution
of any resolutions or documents in relation to the Acquisition, the Acquisition Documents,
or the Transactions.
	 
	3.	 	Limitations on Indemnification
	 
	 	 	Notwithstanding any other provision of this Agreement, an Indemnitee shall not be entitled
to indemnification under this Agreement:

	 	(a)	 	to the extent that such indemnification is not permitted by applicable laws;
or
	 
	 	(b)	 	to the extent such Indemnified Liabilities are the result of the bad faith or
wilful misconduct of the Indemnitee; or
	 
	 	(c)	 	to the extent that payment is actually made; or
	 
	 	(d)	 	to the extent that payment has or will be made to the relevant Indemnitee by
the Netherlands Guarantors or any affiliate of RGHL otherwise than pursuant to this
Agreement; or

4

 

	 	(e)	 	in connection with any proceeding (or part thereof) initiated by an
Indemnitee, unless:

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

	4.	 	Indemnification Procedure

	 	(a)	 	Each Indemnitee shall give RGHL notice in writing as soon as practicable of
any proceeding in relation to that Indemnitee for which indemnification will or could
be sought under this Agreement. To obtain indemnification payments or advances under
this Agreement, an Indemnitee shall submit to RGHL a written request therefore,
together with such invoices or other supporting information as may be reasonably
requested by RGHL and reasonably available to the relevant Indemnitee. RGHL shall
make such indemnification payment within 15 business days of receipt of such invoices
and supporting information.
	 
	 	(b)	 	There shall be no presumption in favour of indemnification. If there is a
dispute between RGHL and an Indemnitee as to whether that Indemnitee is entitled to
indemnification, then independent legal counsel shall be selected by the board of
directors of RGHL to make such determination. The selected independent legal counsel
shall make such determination within 30 business days of being selected and the
decision of such independent legal counsel shall be binding upon all RGHL and the
relevant Indemnitee;
	 
	 	(c)	 	Pending the procedures set out in paragraph 4 (a) and 4 (b) of the Agreement
the relevant Indemnitee is entitled to immediate relief and assistance in any way
possible from RGHL for as far as direct actions against the relevant Indemnitee are
taken in connection with any proceeding resulting from or relating to decisions the
Indemnitee made or any actions the Indemnitee took on behalf of a Netherlands
Guarantors in his or her capacity as a director of that company on written instruction
from a direct or indirect shareholder of the relevant Netherlands Guarantors in
connection with any transactions or the approval or execution of any resolutions or
documents in relation to the Transactions. In case the procedures set out in paragraph
4 (a) and 4 (b) of the Agreement lead to the conclusion that the relevant Indemnitee
can not exercise any rights under the Agreement, the

5

 

	 	 	 	relevant Indemnitee shall
reimburse any and all costs made by RGHL in relation thereto.

	5.	 	Severability
	 
	 	 	If any provision or provisions of this Agreement shall be held to be invalid, illegal or
unenforceable for any reason, the validity, legality and enforceability of the remaining
provisions of this Agreement shall not in any way be affected or impaired thereby and shall
remain enforceable to the fullest extent permitted by law.
	 
	6.	 	Governing law
	 
	 	 	This Agreement shall be governed by and its provisions construed in accordance with
Netherlands law.
	 
	7.	 	Amendments
	 
	 	 	No amendment or modification of this Agreement shall be effective unless it is approved in
writing by each Indemnitee having the benefit of this Agreement.
	 
	8.	 	Termination
	 
	 	 	This Agreement shall remain in effect in favour and for the benefit of each Indemnitee
until the expiration of 12 months after the date that is the later to occur of:

	 	(a)	 	the relevant Indemnitee ceasing to serve as a director of the relevant
Netherlands Guarantors;
	 
	 	(b)	 	the date on which all obligations of the relevant Netherlands Guarantor of
which that Indemnitee is a director in respect of the Senior Secured Facilities
Agreement, the 2009 Notes, the 2010 Notes, the 2007 Senior Notes, the 2007 Senior
Subordinated Notes or the relevant intercreditor agreement are expired, terminated or
released; and
	 
	 	(c)	 	the date on which all obligations of the relevant Netherlands Guarantor of
which that Indemnitee is a director in respect of the Acquisition Agreements are
expired, terminated or released.

6

 

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

Reynolds Group Holdings Limited

	 	 	 	 	 
	 	 	 
	 	     /s/ Gregory Cole
 	 
	 	Name:  	Gregory Cole 	 
	 	Director 	 
	 

	 	 	 	 	 
	 	 
	
/s/ [ILLEGIBLE]	 
	Signature of witness 	 
	 
	
Secretary	 
	Occupation 	 
	 
	
Auckland	 
	City of Residence 	 
	 	 

7

 

Schedule

Part A

Netherlands Guarantor

	•	 	Closure Systems International B.V.
	 
	•	 	Reynolds Packaging International B.V.

Part B

List of Indemnitees

	•	 	Gregory Alan Cole
	 
	•	 	Bryce McCheyne Murray
	 
	•	 	Eleonora Jongsma
	 
	•	 	Orangefield Trust (Netherlands) B.V.

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