Document:

EX-4.1 AMENDMENT TO RIGHTS AGREEMENT

 

Exhibit 4.1

Execution Version

AMENDMENT TO RIGHTS AGREEMENT

     THIS AMENDMENT (the “Rights Amendment”) is entered into as of the 9th day of July
2007, by and between Graphic Packaging Corporation, a Delaware corporation (f/k/a Riverwood
Holding, Inc.) (the “Corporation”), and Wells Fargo Bank, National Association (f/k/a Wells
Fargo Bank Minnesota, National Association), as Rights Agent (the “Rights Agent”), in order
to amend the terms of that certain Rights Agreement dated as of August 7, 2003, by and between the
Corporation and the Rights Agent (the “Rights Agreement”).

     WHEREAS, the Corporation, Bluegrass Container Holdings, LLC, a Delaware limited liability
Company (“BCH”), TPG Bluegrass IV, LP, a Delaware limited partnership (“TPG IV”),
TPG Bluegrass IV-AIV 2, LP, a Delaware limited partnership (“TPG IV-AIV”), TPG Bluegrass V,
LP, a Delaware limited partnership (“TPG V”), TPG Bluegrass V-AIV 2, LP, a Delaware limited
partnership (“TPG V-AIV”), Field Holdings, Inc., a Delaware corporation (“Field
Holdings”), TPG FOF V-A, L.P., a Delaware limited partnership (“FOF V-A”), TPG FOF V-B,
L.P., a Delaware limited partnership (“FOF V-B”), BCH Management LLC, a Delaware limited
liability company (together with TPG IV, TPG IV-AIV, TPG V, TPG V-AIV, Field Holdings FOF V-A, FOF
V-B and each owner of BCH equity interests joining the Transaction Agreement (as hereinafter
defined) as a Seller pursuant to Section 5.13 of the Transaction Agreement, the “Sellers”),
New Giant Corporation, a Delaware corporation (“Newco”), and Giant Merger Sub, Inc., a
Delaware corporation (“Merger Sub”) propose to enter into a Transaction Agreement and
Agreement and Plan of Merger, dated as of July 9, 2007 (the “Transaction Agreement”)
pursuant to which Merger Sub will be merged with and into the Corporation (the “Merger”)
and each Seller will contribute to Newco the BCH equity interests owned by each such Seller in
exchange for the issuance by Newco to each such Seller of common stock of Newco (the
“Exchange”);

     WHEREAS, BCH, the Corporation and certain stockholders of the Corporation, in connection with
the Transaction Agreement, are entering into a Voting Agreement, dated as of July 9, 2007 (the
“Voting Agreement”);

     WHEREAS, the Board of Directors of the Corporation has determined, in connection with the
proposed execution of the Transaction Agreement and the Voting Agreement, that it is desirable to
amend the Rights Agreement to exempt the Transaction Agreement, the Voting Agreement, and the
transactions contemplated thereby, including, without limitation, the Merger and the Exchange, from
the application of the Rights Agreement as set forth in this Rights Amendment;

     WHEREAS, as of the time immediately prior to the execution of this Rights Amendment, no Person
has become an Acquiring Person;

     WHEREAS, Section 27 of the Rights Agreement provides that prior to a Stock Acquisition Time,
the Corporation may, and the Rights Agent shall if the Corporation so directs, supplement or amend
any provision of the Rights Agreement in any respect whatsoever or desirable without the approval
of any other person or persons, subject to certain limitations provided therein;

     WHEREAS, Section 27 of the Rights Agreement provides that any supplement or amendment to the
Rights Agreement becomes effective immediately upon execution by the Corporation, whether or not
executed by the Rights Agent, so long as it does not amend the Rights Agreement in a manner adverse
to the Rights Agent; and

     WHEREAS, the Corporation desires to amend the Rights Agreement as set forth herein and hereby
directs the Rights Agent to execute this Rights Amendment.

 

 

     NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do
hereby agree as follows:

     SECTION 1. AMENDMENTS TO THE RIGHTS AGREEMENT. The Rights Agreement is hereby amended as
follows:

          1.1. New Definitions. Section 1 of the Rights Agreement is hereby amended by
inserting the following subsections at the end of Section 1:

“(aaa) “Transaction Agreement” shall mean the Transaction Agreement and Agreement
and Plan of Merger dated as of July 9, 2007 (as it may be amended or supplemented
from time to time), by and among the Corporation, Bluegrass Container Holdings, LLC,
a Delaware limited liability Company, TPG Bluegrass IV, LP, a Delaware limited
partnership, TPG Bluegrass IV-AIV 2, LP, a Delaware limited partnership, TPG
Bluegrass V, LP, a Delaware limited partnership, TPG Bluegrass V-AIV 2, LP, a
Delaware limited partnership, Field Holdings, Inc., a Delaware corporation, TPG FOF
V-A, L.P., a Delaware limited partnership, TPG FOF V-B, L.P., a Delaware limited
partnership, BCH Management, LLC, a Delaware limited liability company, New Giant
Corporation, a Delaware corporation, and Giant Merger Sub, Inc., a Delaware
corporation.”

“(bbb) “Merger” shall have the meaning set forth in the Transaction Agreement.”

“(ccc) “Exchange” shall have the meaning set forth in the Transaction Agreement.”

“(ddd) “Exempted Transaction” shall have the meaning set forth in Section 1(a)(vi)
of this Agreement.”

“(eee) “BCH Parties” shall mean Bluegrass Container Holdings, LLC, a Delaware
limited liability Company, TPG Bluegrass IV, LP, a Delaware limited partnership, TPG
Bluegrass IV-AIV 2, LP, a Delaware limited partnership, TPG Bluegrass V, LP, a
Delaware limited partnership, TPG Bluegrass V-AIV 2, LP, a Delaware limited
partnership, Field Holdings, Inc., a Delaware corporation, TPG FOF V-A, L.P., a
Delaware limited partnership, TPG FOF V-B, L.P., a Delaware limited partnership, BCH
Management, LLC, a Delaware limited liability company and each owner of BCH equity
interests joining the Transaction Agreement as a Seller pursuant to Section 5.13 of
the Transaction Agreement.”

“(fff) “Newco” shall have the meaning set forth in the Transaction Agreement.”

“(ggg) “Merger Sub” shall have the meaning set forth in the Transaction Agreement.”

“(hhh) “Voting Agreement” shall mean the Voting Agreement dated as of July 9, 2007
(as it may be amended or supplemented from time to time), by and among Bluegrass
Container Holdings, LLC, the Corporation and certain stockholders of the
Corporation.”

          1.2. Amendment to Definition of “Acquiring Person”. Section 1(a) of the Rights
Agreement is hereby amended by inserting the following subclause (vi) at the end of Section 1(a):

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“(vi) Notwithstanding anything in this Agreement to the contrary, none of the BCH
Parties, their Subsidiaries, Affiliates or Associates, including Newco or Merger
Sub, is, nor shall any of them be deemed to be, an Acquiring Person solely by reason
of (A) the approval, amendment, adoption, execution, delivery or performance of the
Transaction Agreement, (B) the approval or consummation of the Merger or the
Exchange, (C) the approval or consummation of any other transaction contemplated by
the Transaction Agreement, (D) the approval, amendment, adoption, execution,
delivery or performance of the Voting Agreement or (E) the announcement of any of
the foregoing, it being the purpose of the Corporation in adopting this amendment to
the Agreement that neither the execution of the Transaction Agreement or Voting
Agreement by any of the parties nor the consummation of the transactions
contemplated thereby shall in any respect give rise to any provisions of the
Agreement becoming effective. Each event described in this subclause (vi) is
referred to herein as an “Exempted Transaction.”

          1.3. Amendment to Definition of “Beneficial Owner”. Section 1(f) of the Rights
Agreement shall be amended by inserting the following subclause (v) at the end of Section 1(f):

“(v) Notwithstanding anything in this Section 1(f) to the contrary, none of the BCH
Parties, their Subsidiaries, Affiliates or Associates, including Newco and Merger
Sub, shall be deemed a Beneficial Owner of, or to beneficially own, any securities
solely by virtue of or as a result of any Exempted Transaction.”

          1.4. Amendment to Definition of “Stock Acquisition Time”. Section 1(uu) of the Rights
Agreement shall be amended by inserting the following sentence at the end of Section 1(uu):

“Notwithstanding the foregoing or any provision to the contrary in this Agreement, a
Stock Acquisition Time shall not occur or be deemed to have occurred by virtue of or
as a result of any Exempted Transaction.”

          1.5. Amendment to Section 3(a). Section 3(a) of the Rights Agreement shall be amended
by inserting the following sentence at the end of Section 3(a):

“Notwithstanding the foregoing or any provision to the contrary in this Agreement, a
Distribution Date shall not occur or be deemed to have occurred in connection with,
by virtue of or as a result of any Exempted Transaction.”

          1.6. Amendment to Section 7(a). Clause (i) of Section 7(a) of the Rights Agreement
shall be amended and restated in its entirety to read as follows:

“(i) the earlier of (A) the Close of Business on August 8, 2013 or (B) immediately
prior to the Effective Time (as defined in the Transaction Agreement and of which
the Corporation will give the Rights Agent twenty four (24) hours notice), but only
if such Effective Time shall occur (the earlier of (A) and (B) being herein referred
to as the “Final Expiration Date”)”.

          1.7. Amendment to Section 8. Section 8 of the Rights Agreement shall be amended by
deleting the last two sentences of Section 8 and by inserting the following three sentences at the
end of Section 8:

“Subject to applicable law and regulation, the Rights Agent shall maintain (i) in a
retrievable database electronic records of all cancelled or destroyed stock
certificates

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which have been canceled or destroyed by the Rights Agent. The Rights Agent shall
maintain such electronic records or physical records for the time period required by
applicable law and regulation. Upon written request of the Corporation (and at the
expense of the Corporation), the Rights Agent shall provide to the Corporation or
its designee copies of such electronic records or physical records relating to
rights certificates cancelled or destroyed by the Rights Agent.”

          1.8. Amendment to Section 11(a)(ii). Section 11(a)(ii) of the Rights Agreement shall
be amended by inserting the following sentence at the end of Section 11(a)(ii):

“Notwithstanding the foregoing or any provision to the contrary in this Agreement, a
Section 11(a)(ii) Event shall not occur or be deemed to have occurred in connection
with, by virtue of or as a result of any Exempted Transaction.”

          1.9. Amendment to Section 13(a). Section 13(a) of the Rights Agreement shall be
amended by inserting the following sentence at the end of Section 13(a):

“Notwithstanding the foregoing or any provision to the contrary in this Agreement, a
Section 13 Event shall not occur or be deemed to have occurred, in connection with,
by virtue of or as a result of any Exempted Transaction.”

          1.10. Amendment to Section 13(b). Section 13(b) of the Rights Agreement shall be
amended by inserting the following sentence at the end of Section 13(b):

“Notwithstanding the foregoing or any provision to the contrary in this Agreement,
none of the BCH Parties, their Subsidiaries, Affiliates or Associates, including
Newco or Merger Sub, is, nor shall any of them be deemed to be, a Principal Party in
connection with, by virtue of or as a result of any Exempted Transaction.”

          1.11. Addition of Section 35. A new Section 35 is hereby added to the end of the
Agreement, which new Section 35 shall read in its entirety as follows:

“Section 35. Termination. On the Final Expiration Date, (a) this Agreement shall
be terminated and be without any further force or effect, (b) none of the parties to
this Agreement will have any rights, obligations or liabilities hereunder and (c)
the holders of the Rights shall not be entitled to any benefits, rights or other
interests under this Agreement, including, without limitation, the right to purchase
or otherwise acquire Preferred Stock or any other securities of the Corporation.”

     SECTION 2. DIRECTION TO RIGHTS AGENT. The Corporation hereby directs Wells Fargo Bank,
National Association, in its capacity as Rights Agent and in accordance with the terms of Section
27 of the Rights Agreement, to execute this Rights Amendment.

     SECTION 3. EFFECTIVENESS AND CONTINUED EFFECTIVENESS. Except as specifically supplemented and
amended, changed or modified in Section 1 above, the Rights Agreement shall be unaffected by this
Rights Amendment and remain in full force and effect in accordance with its terms; provided,
however, that if for any reason the Transaction Agreement is terminated or the transactions
contemplated thereby are abandoned, then this Rights Amendment shall be of no further force and
effect and the Rights Agreement shall remain exactly the same as it existed immediately prior to
execution of this Amendment. Subject to the foregoing provisions of this Section 3, this Rights

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Amendment shall become effective upon execution by the Corporation and shall be deemed to be in
full force and effect prior to the execution of the Transaction Agreement and Voting Agreement.

     SECTION 4. DEFINITIONS. All terms defined in the Rights Agreement that are used herein shall
have the meanings defined in the Rights Agreement, unless specifically defined otherwise herein.
The term “Agreement” as used in the Rights Agreement shall mean the Rights Agreement, as amended by
this Rights Amendment, or as it may from time to time be amended in the future by one or more other
written amendment or modification agreements entered into pursuant to the applicable provisions of
the Rights Agreement.

     SECTION 5. GOVERNING LAW. This Rights Amendment shall be deemed to be a contract made under
the laws of the State of Delaware and for all purposes shall be governed by and construed in
accordance with the laws of such State applicable to contracts to be made and performed entirely
within such State. The parties agree that all actions and proceedings arising out of this Rights
Amendment or any of the transactions contemplated hereby in connection with the rights and
obligations of the Rights Agent shall be brought in the courts of the State of Delaware or the
United States District Court for the District of Delaware (each, a “Delaware Court”) and
that, in connection with any such action or proceeding relating to the rights and obligations of
the Rights Agent, the parties submit to the jurisdiction of, and venue in, such Delaware Court.
Each of the parties hereto irrevocably waives any right to a trial by jury in any action,
proceeding or counterclaim arising out of this Rights Amendment or the transactions contemplated
hereby.

     SECTION 6. COUNTERPARTS. This Rights Amendment may be executed in any number of counterparts
and each of such counterparts shall for all purposes be deemed to be an original, and all such
counterparts shall together constitute but one and the same instrument.

     SECTION 7. DESCRIPTIVE HEADINGS. Descriptive headings of the several Sections of this Rights
Amendment are inserted for convenience only and shall not control or affect the meaning or
construction of any of the provisions hereof.

     SECTION 8. COMPLIANCE WITH RIGHTS AGREEMENT. By execution of this Rights Amendment by the
undersigned officer of the Corporation, the Corporation hereby certifies that this Rights Amendment
complies with Section 27 of the Rights Agreement.

     SECTION 9. SEVERABILITY. If any term, provision, covenant or restriction of this Rights
Amendment is held by a court of competent jurisdiction or other authority to be invalid, void or
unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Rights
Amendment, and of the Rights Agreement, shall remain in full force and effect and shall in no way
be affected, impaired or invalidated.

     SECTION 10. WAIVER OF NOTICE. By executing this Rights Amendment, the Corporation and the
Rights Agent hereby waive any notice requirement under the Rights Agreement pertaining to the
matters addressed herein.

[SIGNATURES ON FOLLOWING PAGE]

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     IN WITNESS WHEREOF, the parties hereto have caused this Rights Amendment to be duly executed
as of the date first above written.

	 	 	 	 	 
	 	GRAPHIC PACKAGING CORPORATION,

Formerly known as Riverwood Holding, Inc.

 	 
	 	By:  	/s/ David W. Scheible
 	 
	 	 	Name:  	David W. Scheible 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 
	 	WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Rights Agent

 	 
	 	By:  	/s/  Barbara M. Novak
 	 
	 	 	Name:  	Barbara M. Novak 	 
	 	 	Title:  	Vice President 	 
	 

[Signature Page to Amendment to Rights Agreement]EX-4.2 STOCKHOLDERS AGREEMENT

 

Exhibit 4.2

Execution Version

NEW GIANT CORPORATION

STOCKHOLDERS AGREEMENT

dated as of July 9, 2007

 

 

Table of Contents

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I REPRESENTATIONS AND WARRANTIES
	 	 	2	 
	 
	 	 	 	 
	Section 1.1 Representations and Warranties of Each Stockholder
	 	 	2	 
	Section 1.2 Representations and Warranties of the Company
	 	 	3	 
	 
	 	 	 	 
	ARTICLE II CORPORATE GOVERNANCE AND MANAGEMENT
	 	 	3	 
	 
	 	 	 	 
	Section 2.1 Board of Directors
	 	 	3	 
	Section 2.2 Actions of the Board; Affiliate Agreements
	 	 	7	 
	Section 2.3 Board Committees
	 	 	8	 
	Section 2.4 Chairman of the Board; Executive Officers
	 	 	9	 
	 
	 	 	 	 
	ARTICLE III RESTRICTIONS ON TRANSFER
	 	 	9	 
	 
	 	 	 	 
	Section 3.1 General
	 	 	9	 
	Section 3.2 Transfers to Permitted Transferees
	 	 	9	 
	Section 3.3 Legends
	 	 	10	 
	Section 3.4 Attribution of Shares
	 	 	11	 
	Section 3.5 Standstill Agreement
	 	 	11	 
	 
	 	 	 	 
	ARTICLE IV OTHER COVENANTS AND AGREEMENTS
	 	 	13	 
	 
	 	 	 	 
	Section 4.1 Family Representative
	 	 	13	 
	Section 4.2 Confidentiality
	 	 	14	 
	Section 4.3 Further Assurances
	 	 	14	 
	Section 4.4 Voting: No Conflicting Provisions
	 	 	15	 
	Section 4.5 HSR Filings
	 	 	15	 
	 
	 	 	 	 
	ARTICLE V DEFINITIONS
	 	 	16	 
	 
	 	 	 	 
	ARTICLE VI MISCELLANEOUS
	 	 	20	 
	 
	 	 	 	 
	Section 6.1 Severability
	 	 	20	 
	Section 6.2 Effectiveness; Term of Agreement
	 	 	20	 
	Section 6.3 Enforcement
	 	 	20	 
	Section 6.4 Notices
	 	 	20	 
	Section 6.5 Entire Agreement
	 	 	22	 
	Section 6.6 Interpretation
	 	 	22	 
	Section 6.7 Counterparts
	 	 	23	 
	Section 6.8 Governing Law
	 	 	23	 
	Section 6.9 Assignment
	 	 	23	 
	Section 6.10 No Third Party Beneficiaries
	 	 	23	 

i 

 

	 	 	 	 	 
	 	 	Page	 
	Section 6.11 Amendment; Waivers, etc.
	 	 	23	 
	Section 6.12 Submission to Jurisdiction; Waivers
	 	 	23	 
	Section 6.13 Waiver of Jury Trial
	 	 	24	 

ii 

 

STOCKHOLDERS AGREEMENT

     STOCKHOLDERS
AGREEMENT (this “Agreement”), dated as of July 9, 2007, by and among New
Giant Corporation, a Delaware corporation (the “Company”), the persons listed on the
signature pages hereto as a Family Stockholder (each, together with its Permitted Transferees to
which it Transfers any Common Stock hereunder, a “Family Stockholder” and, collectively,
the “Family Stockholders”), Clayton, Dubilier & Rice Fund V Limited Partnership (together
with its Permitted Transferees to which it Transfers any Common Stock hereunder, the “CDR
Fund”), EXOR Group S.A. (together with its Permitted Transferees to which it Transfers any
Common Stock hereunder, “Exor”), Field Holdings, Inc. (together with its Permitted
Transferees to which it Transfers any Common Stock hereunder, “Field”) and TPG Bluegrass
IV, L.P., TPG Bluegrass IV, Inc., TPG Bluegrass IV – AIV 2, L.P., TPG Bluegrass V, L.P., TPG
Bluegrass V, Inc., TPG Bluegrass V – AIV 2, L.P., TPG FOF V – A, L.P. and TPG FOF V – B, L.P.
(together with their Permitted Transferees to which they Transfer any Common Stock hereunder,
collectively “TPG Entities” and, together with the Family Stockholders, the CDR Fund, Exor
and Field, the “Stockholders” and each of them a “Stockholder”). Capitalized terms
used herein without definition shall have the meanings set forth in Article V.

W I T N E S S E T H

     WHEREAS, the Company, Graphic Packaging Corporation, a Delaware corporation (“Giant”),
Giant Merger Sub, Inc., Bluegrass Container Holdings, LLC, a Delaware limited liability company
(“BCH”), TPG Entities and other sellers of BCH have entered into a Transaction Agreement
and Agreement and Plan of Merger, dated as of the date hereof (as such agreement may from time to
time be modified, supplemented or restated the “Transaction Agreement”), providing for (i)
the contribution of BCH to the Company in exchange for the issuance to the equityholders of BCH of
shares of the common stock, par value $0.01, of the Company (the “Common Stock”), and (ii)
the merger of Giant with a subsidiary of the Company, with Giant as the surviving corporation with
each share of common stock of Giant being converted into the right to receive one share of Common
Stock (the transactions contemplated by clauses (i) and (ii) collectively, the
“Transactions”), in each case upon the terms and subject to the conditions set forth
therein;

     WHEREAS, as a material inducement to the parties hereto entering into or approving the
Transaction Agreement, such parties shall enter into this Agreement concurrently with the execution
and delivery of the Transaction Agreement, to govern certain of their rights, duties and
obligations relating to their ownership of the Common Stock following the Transactions, it being
acknowledged and agreed that this Agreement shall become effective, and the rights and obligations
of the parties under this Agreement shall commence, immediately upon the Effective Time, and shall
have no effect prior to such time and date; and

 

 

     WHEREAS, concurrently with the execution and delivery of this Agreement and the Transaction
Agreement the parties hereto are entering into a Registration Rights Agreement (the
“Registration Rights Agreement”), dated as of the date hereof, with respect to the shares
of Common Stock that will be held by each of the Stockholders immediately following the
Transactions, such agreement also to become effective immediately upon the Effective Time.

     NOW, THEREFORE, in consideration of the mutual agreements contained herein, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

ARTICLE I

REPRESENTATIONS AND WARRANTIES

     Section 1.1 Representations and Warranties of Each Stockholder. Each
Stockholder, severally and not jointly, represents and warrants to each other and to the Company as
follows:

     (a) Authority for this Agreement. Such Stockholder has all requisite power and
authority to enter into this Agreement and to consummate the transactions contemplated hereby.
This Agreement has been duly authorized, executed and delivered by such Stockholder and constitutes
a valid and binding obligation of such Stockholder enforceable in accordance with its terms. If
such Stockholder is a trust, no consent of any beneficiary is required for the execution and
delivery of this Agreement or the consummation of the transactions contemplated hereby.

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

     (c) The Covered Shares. Immediately following the Closing, such Stockholder will be
the record and beneficial owner of, or is a trust that will be the record holder of and whose
beneficiaries will be the beneficial owners of, and will have good and marketable title to, the
Covered Shares owned by such Stockholder, in each case free and clear of all Liens. Immediately
following the Closing, such Stockholder will have the sole right to vote, or to dispose of, such
Covered Shares, and none of such Covered Shares will be subject to any agreement, arrangement or
restriction with respect to the voting of such Covered Shares, except as contemplated by this
Agreement. Except for this Agreement, and, if such Stockholder is a trust, in accordance with the
terms of such trust, (i) there are, and as of the Closing there will be, no agreements or
arrangements of

2

 

any kind, contingent or otherwise, obligating such Stockholder to Transfer any of the Covered
Shares, and (ii) no Person has, nor as of the Closing will any Person have, any contractual or
other right or obligation to purchase or otherwise acquire any of the Covered Shares of such
Stockholder.

     Section 1.2 Representations and Warranties of the Company. The Company hereby
represents and warrants to each Stockholder that the Company has all requisite corporate power and
authority to enter into this Agreement and to consummate the transactions contemplated hereby. The
execution and delivery of this Agreement by the Company, and the consummation of the transactions
contemplated hereby, have been duly authorized by all necessary corporate action on the part of the
Company. This Agreement has been duly executed and delivered by the Company and constitutes a
valid and binding obligation of the Company enforceable in accordance with its terms. Neither the
execution and delivery of this Agreement, nor the consummation of the transactions contemplated
hereby and thereby and compliance with the terms hereof and thereof will violate, conflict with or
result in a breach, or constitute a default (with or without notice or lapse of time or both) under
any provision of, the organizational documents of the Company, any material trust agreement, loan
or credit agreement, note, bond, mortgage, indenture, lease or other agreement, instrument, permit,
concession, franchise, license, judgment, order, notice, decree, statute, law, ordinance, rule or
regulation applicable to the Company or to the Company’s property or assets.

ARTICLE II

CORPORATE GOVERNANCE AND MANAGEMENT

     Section 2.1 Board of Directors

     (a) Board Size. The members of the Board of Directors of the Company (the
“Board”) shall be nominated and elected in accordance with the Certificate of Incorporation
and the By-Laws of the Company, and the provisions of this Agreement.

     (b) Classified Board. The Certificate of Incorporation and the By-Laws of the Company
shall provide that, subject to the rights, if any, of the holders of any series of preferred stock
to elect directors as set forth in the Certificate of Incorporation and By-Laws, the Board shall be
classified with respect to the time for which the directors severally hold office into three
classes, as nearly equal in number as possible as follows: (A) one class consisting initially of
five (5) directors (“Class I”), the initial term of which shall expire at the annual
meeting of stockholders held during 2008; (B) a second class consisting initially of four (4)
directors (“Class II”), the initial term of which shall expire at the annual meeting of
stockholders held during 2009; and (C) a third class consisting initially of four (4) directors
(“Class III”), the initial term of which shall expire at the annual meeting of stockholders
held during 2010, with the members of each class to hold office until their successors are elected
and qualified. At each annual meeting of the stockholders of the Company, the successors of the
members of the class of directors whose term expires at that meeting shall be elected to hold
office for a term expiring at

3

 

the third succeeding annual meeting of stockholders. Immediately after the Effective Time,
the Board shall consist of the thirteen individuals listed and allocated to the classes set forth
on Exhibit A.

     (c) Designees. Each of the Family Representative, the CDR Fund, Exor and TPG Entities
shall have the respective rights to designate individuals for nomination for election to the Board,
and the Company shall cause such individuals to be nominated for election to the Board, in each
case as follows:

     (i) The Family Representative shall be entitled to designate one person for nomination
for election to the Board for so long as the Family Stockholders have not Transferred any
shares of Common Stock such that immediately after giving effect to such Transfer they, in
the aggregate, own less than 3% of the Fully Diluted shares of Common Stock, consisting of
one director in Class I (the “Family Designee”) and who at the Effective Time shall
be Jeffrey H. Coors;

     (ii) The CDR Fund shall be entitled to designate one person for nomination for
election to the Board for so long as it has not Transferred any shares of Common Stock such
that immediately after giving effect to such Transfer it owns less than 3% of the Fully
Diluted shares of Common Stock, consisting of one director in Class I (the “CDR
Designee”) and who at the Effective Time shall be Kevin J. Conway;

     (iii) Exor shall be entitled to designate one person for nomination for election to
the Board for so long as it has not Transferred any shares of Common Stock such that
immediately after giving effect to such Transfer it owns less than 3% of the Fully Diluted
shares of Common Stock, consisting of one director in Class I (the “Exor Designee”)
and who at the Effective Time shall be G. Andrea Botta; and

     (iv) TPG Entities shall be entitled to designate (A) three persons for nomination for
election to the Board for so long as they have not Transferred any shares of Common Stock
such that immediately after giving effect to such Transfer they, in the aggregate, own less
than 20% of the Fully Diluted shares of Common Stock, consisting of one director in each of
Class I, Class II and Class III; (B) two persons for nomination to election to the Board
for so long as they have not Transferred any shares of Common Stock such that immediately
after giving effect to such Transfer they, in the aggregate, own less than the lesser of
(i) 16% of the Fully Diluted shares of Common Stock or (ii) such amount that the Family
Stockholders own in the aggregate at the time of the relevant Transfer by TPG Entities;
provided, however such amount shall in no case be less than 10% of the Fully Diluted shares
of Common Stock, consisting of one director in each of Class I and Class II; or (C) one
person for nomination to election to the Board for so long as they have not Transferred any
shares of Common Stock such that immediately after giving effect to such Transfer they, in
the aggregate, own less

4

 

than 3% of the Fully Diluted shares of Common Stock who shall be a member of Class I
(collectively, the “TPG Designees”).

     (d) CEO Director. The Company shall cause the then serving Chief Executive Officer of
the Company to be nominated for election to the Board as a Class I director at any meeting of the
stockholders of the Company at which directors of that class are to be elected, and shall recommend
that the stockholders elect such person to the Board (the “CEO Director”). For so long as
David W. Scheible serves as the Chief Executive Officer of the Company, he shall be nominated for
election as the CEO Director. At such time as David W. Scheible or any successor Chief Executive
Officer ceases to serve as the Chief Executive Officer of the Company, he or she shall be required
to have resigned as a director of the Company, and his or her successor as Chief Executive Officer
of the Company shall be elected by the Board to fill the vacancy created by such resignation for
the remainder of the term of the resigned CEO Director.

     (e) Agreement to Recommend Directors. At each meeting of the stockholders of the
Company at which directors of the Company are to be elected, the Company agrees to recommend that
the stockholders elect to the Board the Family Designee, the CDR Designee, the Exor Designee, each
TPG Designee and CEO Director nominated for election at such meeting.

     (f) Other Directors.

     (i) Each of the directors of the Company other than the Family Designee, the CDR
Designee, the TPG Designees, the Exor Designee and the CEO Director shall be an Independent
Director designated for nomination by the Nominating and Corporate Governance Committee
(each such director, an “Other Director”). At each meeting of the stockholders of
the Company held after the Effective Time at which directors of the Company are to be
elected, the Company agrees to recommend that the stockholders elect to the Board each
Other Director nominated by the Nominating and Corporate Governance Committee for election
at such meeting.

     (ii) In the event that as a result of a change in the number of shares of Common
Stock held by the Family Stockholders, the CDR Fund, Exor or TPG Entities, such Stockholder
loses the right to designate to the Board one or more designees provided for in Section
2.1(c), such designee(s) or such person shall resign immediately upon receiving notice from
the Nominating and Corporate Governance Committee of the Board that such committee has
identified a replacement director, and, in any event, shall resign no later than 120 days
after the Family Stockholders, the CDR Fund, Exor or TPG Entities, as the case may be,
loses the right to designate such designee to the Board. In such event, the Board seat
formerly occupied by such designee shall become a seat for an additional Other Director to
be selected solely by the Nominating and Corporate Governance Committee or the Board may
determine to reduce its size by the number of vacated board seats.

5

 

     (g) Agreement to Vote for Directors. Each Stockholder agrees to vote, in person or by
proxy, or to act by written consent (if applicable) with respect to, all Covered Shares owned by it
(i) to cause the election of the CEO Director and each of the Family Designee, the CDR Designee,
the Exor Designee, the TPG Designees and the Other Directors when nominated for election to the
Board and to take all other steps within such Stockholder’s power to ensure that the composition of
the Board is as set forth in this Section 2.1 and (ii) to reject or otherwise disapprove any
merger, consolidation or sale of substantially all the assets of the Company not approved in the
manner required by Section 2.2.

     (h) Vacancies.

     (i) As long as the Family Stockholders, the CDR Fund, Exor or TPG Entities, as the
case may be, has any right to designate one or more persons for nomination for election to
the Board in any particular class, as specified in Section 2.1(c), at any time at which a
vacancy shall be created on the Board as a result of the death, disability, retirement,
resignation, removal or otherwise of the Family Designee, the CDR Designee, the Exor
Designee or a TPG Designee, as the case may be, in such class, the Family Representative,
the CDR Fund, Exor or TPG Entities, as the case may be, shall be entitled to designate for
appointment by the remaining directors of the Company under the Certificate of
Incorporation an individual to fill such vacancy and to serve as a director on the Board in
such class. Each of the Company and the Stockholders agrees to take such actions as will
result in the appointment to the Board as soon as practicable of any individual so
designated by the Family Representative, the CDR Fund, Exor or TPG Entities.

     (ii) Each Stockholder further agrees that (x) it shall not vote, or give any proxy or
written consent, in favor of the removal as a director of the Company of any Family
Designee, CDR Designee, Exor Designee or TPG Designee (other than its own designee) without
the prior written consent of the applicable other Stockholder(s) unless such designee has
taken any action contrary to this Agreement, (y) except as otherwise set forth in this
clause (ii), it shall not give any proxy with respect to shares of the capital stock of the
Company entitling the holder of such proxy to vote on, or give any proxy or written consent
with respect to, the election of directors unless the holder of such proxy shall have
agreed to comply with the obligations of such Stockholder under this Agreement, and (z) if,
in connection with the election of any Family Designee, CDR Designee, Exor Designee, TPG
Designee or Other Director, any Stockholder indicates that it will not, or fails or refuses
to, vote (or act by written consent, if applicable) as required by this Agreement, or votes
or gives any proxy or written consent in contravention of this Agreement (such Stockholder,
a “Breaching Stockholder”), the Breaching Stockholder hereby constitutes and
appoints the Stockholder whose interests are detrimentally affected by such failure or
refusal (or, if there is more than one such Stockholder, the Stockholder that owns the
greatest number of shares of Common Stock) as the Breaching

6

 

Stockholder’s irrevocable proxy and attorney-in-fact (with full power of substitution)
for purposes of this clause (ii)(z) to vote any and all of the Covered Shares held or
controlled by the Breaching Stockholder, or to act by written consent with respect to such
Shares (if applicable) in accordance with this Agreement (the “Proxy”), which Proxy
shall revoke any other proxy previously given by the defaulting party in contravention of
this Agreement (it being understood that such Stockholder shall retain the right to vote
such shares for all other purposes not inconsistent with this Agreement). Subject to
Section 6.2 hereof, each Stockholder intends the Proxy to secure the voting agreements
provided in this Agreement and to be irrevocable and coupled with an interest and will take
such further action and execute such other instruments as may be necessary to effectuate
the intent of this clause (ii)(z). The Proxy shall be valid until the termination of this
Agreement in accordance with Section 6.2 hereof, regardless of whether such termination
occurs more than three years after the date as of the Effective Time.

     (iii) At any time at which a vacancy shall be created on the Board as a result of the
death, disability, retirement, resignation, removal or otherwise of an Other Director prior
to the expiration of his or her term as director, the Nominating and Corporate Governance
Committee shall notify the Board of a replacement and, provided such replacement would be
an Independent Director, each of the Company and the Stockholders agrees to take such
actions as will result in the appointment of such replacement Other Director to the Board
as soon as practicable.

     (i) Term of Rights. No Stockholder shall be obligated to designate an individual to
serve on the Board, and any vacancy on the Board created by the failure of a Stockholder to
designate a director shall be filled by an Independent Director designated for nomination by the
Nominating and Corporate Governance Committee of the Board or the Board may determine to reduce the
size of the Board by the number of vacated Board seats.

     Section 2.2 Actions of the Board; Affiliate Agreements. Except as otherwise
required by law, actions of the Board shall require the affirmative vote of at least a majority of
the directors present in person or by telephone at a duly convened meeting of the Board at which a
quorum is present, or the unanimous written consent of the Board, provided that the Company shall
not enter into a merger, consolidation or sale of substantially all the assets of the Company
unless such merger, consolidation or sale is approved by the affirmative vote of a majority of the
directors then in office. In addition to the vote required by the preceding sentence and any
approval required by the Company’s Policy Regarding Related Party Transactions, neither the Company
nor any Subsidiary shall enter into an Affiliate Agreement or modify or terminate an Affiliate
Agreement or enforce or abandon the rights of the Company or any Subsidiary under or pursuant to
any Affiliate Agreement (including the commencement or settlement of any suit or action) unless
such action is approved by the affirmative vote of a majority of the

7

 

directors not nominated or designated by a Stockholder which, directly or indirectly through its
Affiliate, has an interest in such Affiliate Agreement.

     Section 2.3 Board Committees.

     (a) Audit Committee. The Audit Committee of the Board shall have at least three
members each of whom shall be an Independent Director chosen by the Nominating and Corporate
Governance Committee. Each member of the Audit Committee shall meet the requirements for
membership of an audit committee under applicable law and exchange listing requirements.

     (b) Compensation and Benefits Committee. The Compensation and Benefits Committee of
the Board shall have three members, each of whom shall be an Independent Director chosen by the
Nominating and Corporate Governance Committee. No employee of the Company or its Subsidiaries
shall serve on the Compensation and Benefits Committee.

     (c) Nominating and Corporate Governance Committee. The Nominating and Corporate
Governance Committee of the Board shall have five members, consisting of (i) the Family Designee,
the CDR Designee and the Exor Designee, and (ii) two of the TPG Designees. The Chairman of the
Nominating and Corporate Governance Committee shall be any member of the Committee chosen by an
affirmative vote of a majority of members of the Committee, provided, however, that initially the
Nominating and Corporate Governance Committee shall have a non-voting Chairman who immediately
after the Effective Time shall be John R. Miller, and in which case the Nominating and Corporate
Governance Committee shall have six members. No employee of the Company or its Subsidiaries (other
than Jeffrey H. Coors) shall serve on the Nominating and Corporate Governance Committee.

     (d) Initial Composition; Undertaking; Limitation. Immediately after the Effective
Time, the Board committees referred to in Section 2.3(a)-(c) shall have the membership provided
therein, with the positions for Other Directors filled by such Other Directors as the Board shall
determine. Each of the Company and each of the Stockholders agree to take all steps within its
power to ensure that the composition of the Board’s committees is as provided herein.
Notwithstanding Section 2.3(a)-(c), no Stockholder shall have the right to have its director
designees sit as members of any committee of the Board in the event such Stockholder has
Transferred any shares of Common Stock such that immediately after giving effect to such Transfer
it owns less than 3% of the Fully Diluted shares of Common Stock, and, in the case of the two TPG
Designees to serve on the Nominating and Corporate Governance Committee, one of such designees
shall resign from the Committee at such time as TPG Entities only have the right to designate one
director pursuant to Section 2.1(c). The Board shall fill any committee seats that become vacant
pursuant to the preceding sentence with Other Directors. The Board shall not form an Executive
Committee.

8

 

     Section 2.4 Chairman of the Board; Executive Officers. The Chairman and the
executive officers of the Company shall be appointed in accordance with the Certificate of
Incorporation and the By-Laws. The initial Chairman shall be John R. Miller, and the initial Chief
Executive Officer shall be David W. Scheible.

ARTICLE III

RESTRICTIONS ON TRANSFER

     Section 3.1 General. No Stockholder may Transfer any Common Stock, except

     (a) after the expiration of the Restricted Period, to the Company or in a transaction
approved by the Board;

     (b) subject to Section 3.2, to a Permitted Transferee of such proposed transferor;

     (c) after the expiration of the Restricted Period, pursuant to a Public Offering; or

     (d) after the expiration of the Restricted Period, in a Private Transfer to any Person
who after giving effect to such Transfer would not (together with its Affiliates and any
Persons with whom it is acting or intends to act in concert with respect to Common Stock)
beneficially own in excess of 5% of the Fully Diluted shares of Common Stock (in each case
subject to any holdback obligations such Stockholder may have under the Registration Rights
Agreement).

Any attempt by any Stockholder to Transfer any Common Stock not in compliance with this Agreement
shall be null and void, and the Company shall not, and shall cause any transfer agent not to, give
effect in the Company’s stock records to any such attempted Transfer.

     Section 3.2 Transfers to Permitted Transferees. No share of Common Stock
shall be Transferred pursuant to Section 3.1 to any Permitted Transferee of the applicable
Stockholder unless and until such Permitted Transferee shall have agreed in writing, in a manner
acceptable in form and substance to each of the other Stockholders, (i) to accept the shares of
Common Stock Transferred to it subject to the terms and conditions of this Agreement and (ii) to be
bound by this Agreement and to agree and acknowledge that such Person shall constitute a
Stockholder for all purposes of this Agreement. If a Stockholder Transfers to a Permitted
Transferee pursuant to this Section 3.2 all, but no less than all, of such Stockholder’s shares of
Common Stock, then such Permitted Transferee shall have all the rights of such Transferring
Stockholder hereunder (including, without limitation, such Stockholder’s rights pursuant to Section
2.1(c)) and such Stockholder shall cease to have such rights. Each Stockholder is, and will
remain,

9

 

obligated for the performance by any of such party’s Permitted Transferees of its obligations
hereunder.

     Section 3.3 Legends.

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

     “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE STOCKHOLDERS AGREEMENT AMONG
NEW GIANT CORPORATION AND THE OTHER STOCKHOLDERS PARTY THERETO, DATED AS OF JULY___, 2007, AS
AMENDED AND SUPPLEMENTED FROM TIME TO TIME IN ACCORDANCE WITH THE TERMS THEREOF, A COPY OF WHICH IS
ON FILE WITH THE SECRETARY OF NEW GIANT CORPORATION AND SHALL BE PROVIDED TO A STOCKHOLDER OF NEW
GIANT CORPORATION WITHOUT CHARGE UPON REQUEST. THE STOCKHOLDERS AGREEMENT CONTAINS, AMONG OTHER
THINGS, CERTAIN PROVISIONS RELATING TO THE VOTING AND TRANSFER OF THE SHARES SUBJECT TO THE
AGREEMENT. NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE
SECURITIES REPRESENTED BY THIS CERTIFICATE, DIRECTLY OR INDIRECTLY, MAY BE MADE EXCEPT IN
ACCORDANCE WITH THE PROVISIONS OF SUCH STOCKHOLDERS AGREEMENT. THE HOLDER OF THIS CERTIFICATE, BY
ACCEPTANCE OF THIS CERTIFICATE, AGREES TO BE BOUND BY ALL OF THE PROVISIONS OF SUCH STOCKHOLDERS
AGREEMENT.”

If one or more shares of Common Stock owned by a Stockholder is evidenced by uncertificated shares,
the Legend, as well as any applicable legends contemplated by Section 3.3(b) or Section 3.3(c),
shall be included in any notice sent by the Company pursuant to Section 151(f) of the DGCL (a
“Section 151(f) Notice”) with respect to such shares.

     (b) Legend for Family Stockholders, CDR Fund and Exor. In addition to the legend
provided for in Section 3.3(a), those certificates representing shares of Common Stock owned by the
Family Stockholders, CDR Fund or Exor shall bear the following legend:

     “THE SHARES REPRESENTED BY THIS CERTIFICATE WERE ISSUED IN A TRANSACTION TO WHICH RULE 145
PROMULGATED UNDER THE SECURITIES ACT 1933, AS AMENDED (THE “ACT”), APPLIES, AND MAY BE
SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF ONLY IN COMPLIANCE WITH THE LIMITATIONS OF SUCH RULE
145, OR UPON RECEIPT BY NEW GIANT CORPORATION OF AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO
IT THAT SOME OTHER EXEMPTION FROM

10

 

REGISTRATION UNDER THE ACT IS AVAILABLE, OR PURSUANT TO A REGISTRATION STATEMENT UNDER THE
ACT.”

     (c) Legend for TPG Entities and Field. In addition to the legend provided for in
Section 3.3(a), those certificates representing shares of Common Stock owned by TPG Entities and
Field shall bear the following legend:

     “THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “ACT”) AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF
UNLESS THEY HAVE BEEN REGISTERED UNDER THE ACT OR UPON RECEIPT BY NEW GIANT CORPORATION OF AN
OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SOME OTHER EXEMPTION FROM REGISTRATION UNDER
THE ACT IS AVAILABLE, OR PURSUANT TO A REGISTRATION STATEMENT UNDER THE ACT.”

     (d) Removal of Legends. The Legend will be removed as soon as practicable by the
Company, with respect to any certificate representing Common Stock, by the delivery of substitute
certificates without such Legend, in the event of a Transfer permitted by this Agreement and in
which the Transferee is not required to enter into an agreement as provided for in Section 3.2.
With respect to uncertificated shares of Common Stock, a Section 151(f) Notice need not contain the
Legend where such Legend would not be required under this paragraph if such shares were evidenced
by certificates. The supplemental legends provided for Sections 3.3(b) or (c) will be removed as
soon as practicable following the receipt by the Company of an opinion of counsel reasonably
acceptable to the Company that such legends are no longer required for purposes of applicable
securities law.

     Section 3.4 Attribution of Shares. All references in this Agreement to the
percentage of Fully Diluted shares of Common Stock owned by a Stockholder shall include the shares
of Common Stock Transferred by such Stockholder to any of its Permitted Transferees that are or
become parties hereto.

     Section 3.5 Standstill Agreement. Except as provided herein or by the
Registration Rights Agreement (including any actions thereunder that could be deemed action in
concert or as part of a group with another Stockholder) or as otherwise requested or consented to
by the Company or required by Law, each Stockholder covenants and agrees that, from and after the
date hereof, it shall not, and it shall cause each of its Affiliates (which in respect of TPG
Entities, Exor and CDR, solely for purposes of this sentence shall include only Affiliates of such
Stockholder which are engaged in the business of private equity investing or otherwise act in
concert with such Stockholder with respect to the Company or its securities, and shall not, without
limitation, include (i) any portfolio company (or its Subsidiaries) owned or controlled by such
Stockholder or by any private equity investment vehicle that is an Affiliate of such Stockholder or
(ii) any other Affiliate not
engaged in the business of private equity investing, including any hedge fund, public equity
investment vehicle, debt fund, real

11

 

estate fund or similar entity, that in either case, could
otherwise be considered an Affiliate of such Stockholder but with which such Stockholder does not
act in concert with respect to the Company or its securities) not to, singly or as part of a
partnership, limited partnership, syndicate or other group (as those terms are defined in Section
13(d)(3) of the Exchange Act), directly or indirectly:

     (a) acquire, offer to acquire, or agree to acquire, by purchase, gift or otherwise, directly
or indirectly, the beneficial ownership of any additional equity securities of the Company (or any
warrants, options, or other rights to purchase or acquire, or any securities convertible into, or
exchangeable for, any equity securities of the Company) that has or could have the effect of
increasing such Stockholder’s beneficial ownership on a percentage basis in the outstanding Common
Stock of the Company above the percentage interest held by such Stockholder as of the date of the
Closing (“Ownership Cap”), except pursuant to a stock split, stock dividend, rights
offering, recapitalization, reclassification or similar transaction; provided however that TPG
Entities’ respective Ownership Cap will be reduced when, in connection with a Transfer of any
shares of Common Stock, immediately after giving effect to such Transfer, TPG Entities’ percentage
interest in the outstanding Common Stock of the Company drops (i) below 25%, to an Ownership Cap of
25% and (ii) below 15%, to an Ownership Cap of 15%;

     (b) make, or in any way participate, directly or indirectly, in any “solicitation” of
“proxies” to vote (as such terms are defined in Rule 14a-1 under the Exchange Act), solicit any
consent or communicate with or seek to advise or influence any person or entity with respect to the
voting of any securities of the Company or become a “participant” in any “election contest” (as
such terms are defined in the Exchange Act) with respect to the Company;

     (c) form, join, encourage or in any way participate in the formation of, any “person” or
“group” within the meaning of Section 13(d)(3) of the Exchange Act with respect to any shares of
Common Stock (except for clarification to the extent any such group could be deemed formed with
respect to this Agreement or the Registration Rights Agreement or any conduct by the Stockholders
contemplated hereunder or thereunder);

     (d) grant or agree to grant any proxy or other voting power to any Person other than the
Company or other Persons designated by the Company to vote at any meeting of the stockholders of
the Company, or deposit any shares of Common Stock into a voting trust or subject any shares of
Common Stock to any arrangement or agreement with respect to the voting thereof;

     (e) initiate, propose or otherwise solicit stockholders for the approval of one or more
stockholder proposals with respect to the Company as described in Rule 14a-8 under the Exchange Act
or otherwise, or induce or attempt to induce any other person to initiate any stockholder proposal;

     (f) except as contemplated by this Agreement, seek election to or seek to

12

 

place a representative on the Board of Directors of the Company or seek removal of any member of the Board
of Directors of the Company;

     (g) seek publicly to have called any meeting of the stockholders of the Company;

     (h) make any public announcement or proposal whatsoever with respect to, any form of business
combination transaction involving the Company (other than the Transactions), including, without
limitation, a merger, exchange offer, or sale or liquidation of the Company’s assets, or any
restructuring, recapitalization or similar transaction with respect to the Company;

     (i) seek publicly to have the Company waive, amend or modify any of the provisions contained
in this Section 3.5;

     (j) disclose or announce any intention, plan or arrangement to do any of the foregoing; or

     (k) advise, assist, instigate or encourage any third party to do any of the foregoing;

provided, however, that this Section 3.5 of this Agreement shall not prohibit or restrict (x) any
action taken by the Family Designee, the CDR Designee, the Exor Designee, the TPG Designees or any
Other Director, respectively, as members of the Board in such capacity, (y) the exercise by any
Stockholder of their voting rights with regard to shares of Common Stock or (z) the exercise by any
Stockholder of the rights and obligations provided for in Article II of this Agreement.

ARTICLE IV

OTHER COVENANTS AND AGREEMENTS

     Section 4.1 Family Representative. Each Family Stockholder hereby designates
and appoints (and each Permitted Transferee of each such Family Stockholder is hereby deemed to
have so designated and appointed) Jeffrey H. Coors (the “Family Representative”), to act as
its attorney-in-fact with full power of substitution for each of them, to serve as the
representative of each such Family Stockholder to perform all such acts as are required, authorized
or contemplated by this Agreement to be performed by such person and hereby acknowledges that the
Family Representative shall be the only person authorized to take any action so required,
authorized or contemplated by this Agreement by each such Family Stockholder. Each such Family
Stockholder further acknowledges that the foregoing appointment and designation shall be deemed to
be coupled with an interest
and shall survive the death or incapacity of such Family Stockholder. Each such Family Stockholder
hereby authorizes (and each such Permitted Transferee shall be deemed to have authorized) the other
parties hereto to disregard any

13

 

notices or other action taken by such Family Stockholder pursuant
to this Agreement, except for notice and actions taken by the Family Representative. The other
parties hereto are and will be entitled to rely on any action so taken or any notice given by the
Family Representative and are and will be entitled and authorized to give notices only to the
Family Representative for any notice contemplated by this Agreement to be given to any such Family
Stockholder. A successor to the Family Representative may be chosen by a majority in interest of
the Family Stockholders; provided that notice thereof is given by the new Family Representative to
the Company, the CDR Fund, Exor and TPG Entities.

     Section 4.2 Confidentiality.

     (a) No Stockholder shall, and each Stockholder shall cause its Affiliates not to, use for any
purpose or disclose to any Person (other than to other Stockholders), any Confidential Information,
except as required by applicable laws or regulations. In the event any Stockholder or any of its
Affiliates is required to disclose any Confidential Information under any law or regulation
(including complying with any oral or written questions, interrogatories, requests for information
or documents, subpoena, civil investigative demand or process to which a Stockholder is subject),
such Person shall, to the extent practicable, promptly notify the other parties of such requirement
so that such other parties may seek an appropriate protective order or similar relief.

     (b) “Confidential Information” means any information concerning the Company and its
Subsidiaries, and Persons which become Subsidiaries, or the financial condition, business,
operations or prospects of the Company and Persons which become Subsidiaries, in the possession of
or furnished to any Stockholder (including by virtue of its present or former right to designate a
Director); provided that the term “Confidential Information” does not include information which (i)
is or becomes generally available to the public other than as a result of a disclosure by a
Stockholder or its partners, directors, officers, employees, agents, counsel, investment advisers
or representatives in violation of this Section 4.2, (ii) is or becomes available from a source
other than the Company or its representatives, which source is not known by the recipient after
reasonable inquiry to be prohibited from such disclosure by a confidentiality agreement with the
Company or its Subsidiaries or (iii) is already in the recipient’s possession and not subject to
any other obligation of confidentiality to the Company or its Subsidiaries.

     Section 4.3 Further Assurances.

     (a) Each of the Company and the Stockholders shall make, execute, acknowledge and deliver such
other instruments and documents, and take all such other actions (including, in the case of a
Stockholder, voting any Covered Shares or acting by written consent, if applicable, with respect to
Covered Shares owned by such Stockholder) as may be reasonably required in order to effectuate the
purposes of this Agreement.

14

 

     (b) Without limiting the generality of the obligations set forth in clause (a) of this Section
4.3, each of the CDR Fund, Exor, the Family Representative and TPG Entities shall instruct their
respective designees to the Board to take all steps within the scope of such designee’s authority
as a director of the Company to effectuate the purposes of this Agreement (and, in case such
instructions are not carried out, shall cause the resignation and replacement of such designee),
including without limitation:

     (i) casting such designee’s vote in opposition to any proposal contrary to the
provisions, purposes and intent of this Agreement; and

     (ii) declining to serve on any committee of the Board unless the size and membership
of such committee is consistent with Section 2.3.

     (c) Without limiting the generality of the obligations set forth in clause (a) of this Section
4.3, if the Company, the Board or any director of the Company fails to take action to satisfy any
of their respective obligations hereunder, each Stockholder hereby agrees to take all actions, as
soon as practicable and to the fullest extent permitted by law, (i) to cause the Company, the Board
or such director (as applicable) to satisfy its or their respective obligations hereunder or (ii)
to take such action, in each Stockholder’s capacity as a Stockholder, to act in lieu of the
Company, the Board or such director (as applicable), in each case to effectuate the purposes of
this Agreement, including, when applicable (A) approving any amendments to the Certificate of
Incorporation or By-Laws of the Company, (B) voting in favor of the removal of any director or (C)
voting in favor of the election of director candidates willing to carry out the provisions of this
Agreement.

     Section 4.4 Voting: No Conflicting Provisions. Except as provided by Article
II and this Section 4.4, there shall be no restriction on the ability of the Stockholders or any of
their Affiliates to vote any Covered Shares. Each Stockholder shall take all steps in its power,
including voting any Covered Shares owned by it or any of its Affiliates, to ensure that the
Certificate of Incorporation and the By-Laws, subject to applicable law, facilitate and do not at
any time conflict with the provisions of this Agreement.

     Section 4.5 HSR Filings. To the extent required by Law in order for the
transactions contemplated by the
Transaction Agreement to be consummated, each Stockholder agrees (i) to make, as promptly as
practicable (and in any event will use commercially reasonable efforts to file within twenty
Business Days following the date hereof), an appropriate filing of a Notification and Report Form
pursuant to the HSR Act with respect to the Transactions, (ii) to supply as promptly as practicable
any additional information and documentary material that may be requested pursuant to applicable
antitrust laws or by such authorities and (iii) to use reasonable best efforts to obtain
termination or expiration of the applicable waiting period in respect thereof. In the event that
any Stockholder for whom such a filing is required has not received expiration or termination of
the applicable waiting period under the HSR Act by the time of the Closing, such Stockholder agrees
to enter into an escrow arrangement for such Stockholder’s Covered Shares, BCH Equity Interests
and/or Giant Common Stock, as

15

 

necessary to allow the Closing to proceed, that satisfies the
requirements of the Federal Trade Commission and Antitrust Division of the Department of Justice,
such escrow arrangement to remain in effect until such time as such Stockholder shall have received
expiration or termination of the applicable waiting period under the HSR Act.

ARTICLE V

DEFINITIONS

     As used in this Agreement, the following terms have the meanings set forth below:

     “Affiliate” means with respect to any Person, any other Person directly or indirectly
Controlling, Controlled by or under common Control with such first Person. Any director, member of
management or other employee of the Company or any of its subsidiaries who would not otherwise be
an Affiliate of a Stockholder shall not be deemed to be an Affiliate of such Stockholder.

     “Affiliate Agreement” means any agreement, commitment, understanding or arrangement
between the Company or any Subsidiary, on the one hand, and any Stockholder or any Affiliate of a
Stockholder, on the other hand.

     “beneficial ownership” by a Person of any securities includes ownership by any Person
who, directly or indirectly, through any contract, arrangement, understanding, relationship or
otherwise, has or shares (i) voting power, which includes the power to vote or direct the voting
of, such security; and/or (ii) investment power, which includes the power to dispose, or to direct
the disposition of such security; and shall otherwise be interpreted in accordance with the term
“beneficial ownership” as defined in Rule 13d-3 under the Exchange Act.

     “Board” means the Board of Directors of the Company.

     “Breaching Stockholder” has the meaning given in Section 2.1(h)(ii).

     “Business Day” means a day other than a Saturday, Sunday or other day on which
commercial banks in New York City are authorized or required to close.

     “CDR Designee” has the meaning given in Section 2.1(c)(ii).

     “CDR Fund” has the meaning given in the recitals of this Agreement.

     “CEO Director” has the meaning given in Section 2.1(d).

     “Chairman” has the meaning given in Section 2.3(c).

     “Class I” has the meaning given in Section 2.1(b).

16

 

     “Class II” has the meaning given in Section 2.1(b).

     “Class III” has the meaning given in Section 2.1(b).

     “Closing” has the meaning given in the Transaction Agreement.

     “Common Stock” has the meaning given in the recitals of this Agreement.

     “Company” has the meaning given in the recitals of this Agreement.

     “Confidential Information” has the meaning given in Section 4.2(b).

     “Control” means the power to direct the affairs of a Person by reason of ownership of
voting securities, by contract or otherwise.

     “Covered Shares” means all of the shares of Common Stock, and any other voting
securities of the Company, owned from time to time by any of the Stockholders (as adjusted for any
reorganization, reclassification, recapitalization, stock dividend, stock split or any similar
transaction).

     “Effective Time” has the meaning given in the Transaction Agreement.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules
and regulations promulgated thereunder, as the same may be amended from time to time.

     “Exor” has the meaning given in the recitals of this Agreement.

     “Exor Designee” has the meaning given in Section 2.1(c)(iii).

     “Family Designee” has the meaning given in Section 2.1(c)(i).

     “Family Representative” has the meaning given in Section 4.1.

     “Family Stockholders” has the meaning given in the recitals of this Agreement.

     “Fully Diluted” means, with respect to the Common Stock, (x) the total issued and
outstanding shares of Common Stock as of such time, plus (y) that number of shares of Common Stock
issuable upon the conversion of all evidences of indebtedness, shares of stock or other securities
which are directly or indirectly convertible, exercisable or exchangeable, with or without payment
of additional consideration in cash or property, for shares of Common Stock, either immediately or
upon the onset of a specified date or the happening of a specified event outstanding as of such
time (but not including options, warrants and other rights for the purchase or other acquisition of
Common Stock).

17

 

     “Giant” has the meaning given in the recitals of this Agreement.

     “Independent Director” means a director who (x) is not an officer or employee of the
Company or any of its Affiliates, (y) is not an officer or employee of any Stockholder or any of
such Stockholder’s Affiliates or, if such Stockholder is a trust, a direct or indirect beneficiary
of such trust and (z) meets the standards of independence under applicable law and the requirements
applicable to companies listed on the New York Stock Exchange.

     “Legend” has the meaning given in Section 3.4(a).

     “Lien” has the meaning given in the Transaction Agreement.

     “Other Directors” has the meaning given in Section 2.1(f)(i).

     “Ownership Cap” has the meaning given in Section 3.5.

     “Permitted Transferee” means (i) in the case of the CDR Fund, Exor, Field or TPG
Entities, any of their respective Affiliates, (ii) in the case of a Family Stockholder, (A) any
other Family Stockholder, (B) a spouse or lineal descendant (whether natural or adopted), sibling,
parent, heir, executor, administrator, testamentary trustee, lifetime trustee or legatee of such
Family Stockholder or Adolph Coors, Sr. or of a descendant of Adolph Coors, Sr., (C) any trust, the
trustees of which include only Persons named in clause (A) or (B) and the beneficiaries of which
include only the Persons named in clause (A) or (B), (D) any corporation, limited liability company
or partnership, the stockholders, members or general or limited partners of which include only the
Persons named in clause (A) or (B), (E) if such Family Stockholder is a trust, the beneficiary or
beneficiaries authorized or entitled to receive distributions from such trust, or (F) in the case
of a Family Stockholder which is a trust, all subsequent trusts which may result from the division
of such trust into two or more separate trusts, or any trust resulting from the combination of two
or more Family Stockholder trusts into a single trust and (iii) in the case of Field, any of (A)
Lawrence I. Field, Barbara Field and any lineal descendant (whether natural or adopted) of Lawrence
I. Field, (B) any trust the current beneficiaries of which include only the Persons named in clause
(A), or (C) any corporation, limited
liability company or partnership controlled by the Persons named in clause (A) and/or (B).

     “Person” means any natural person, firm, individual, partnership, joint venture,
business trust, trust, association, corporation, limited liability company or unincorporated
entity.

     “Private Transfer” means a Transfer (A) made in accordance with Rule 144 under the
Securities Act or (B) that is exempt from the registration requirements of the Securities Act and,
in each case under clause (A) or (B), that, subject to the good faith interpretation and
determination of the Finance Committee (as defined in the Registration Rights Agreement), would not
reasonably be expected to materially negatively impact

18

 

the public trading market or trading price
for the Common Stock or to materially negatively impact any planned public offering of Common
Stock.

     “Proxy” has the meaning given in Section 2.1(h)(ii).

     “Public Offering” means the sale of Common Stock to the public pursuant to an
effective registration statement (other than a registration statement on Form S-4 or S-8 or any
similar or successor form) filed under the Securities Act.

     “Registration Rights Agreement” has the meaning given in the recitals of this
Agreement.

     “Restricted Period” means the period from and after the Effective Time until 180 days
after the Effective Time.

     “Section 151(f) Notice” has the meaning given in Section 3.4(a).

     “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder, as the same may be amended from time to time.

     “Stockholders” has the meaning given in the recitals of this Agreement.

     “Subsidiary” means, with respect to a given Person, any corporation, partnership,
limited liability company or other entity of which such Person owns, directly or indirectly, at
least a majority of the securities or other ownership interests having by the terms thereof
ordinary voting power to elect a majority of the board of directors or other individuals performing
similar functions of such corporation, partnership, limited liability company or other entity.

     “TPG Entities” has the meaning given in the recitals of this Agreement.

     “TPG Designees” has the meaning given in Section 2.1(c)(iv).

     “Transaction Agreement” has the meaning given in the recitals of this Agreement.

     “Transactions” has the meaning given in the recitals of this Agreement.

     “Transfer” means, with respect to any share of Common Stock (or direct or indirect
economic or other interest therein), a transfer, sale, assignment, pledge, hypothecation or other
disposition, whether directly or indirectly (pursuant to the creation of a derivative security or
otherwise), the grant of an option or other right or the imposition of a restriction on disposition
or voting or by operation of law. When used as a verb, “Transfer” shall have the correlative
meaning. In addition, “Transferred” and “Transferee” shall have correlative meanings.

19

 

ARTICLE VI

MISCELLANEOUS

     Section 6.1 Severability. If any provision of this Agreement is invalid,
inoperative or unenforceable for any reason, such circumstance shall not have the effect of
rendering the provision in question invalid, inoperative or unenforceable in any other case or
circumstance, or of rendering any other provision or provisions herein contained invalid,
inoperative or unenforceable to any extent whatsoever. The invalidity of any one or more phrases,
sentences, clauses, Sections or subsections of this Agreement shall not affect the remaining
portions of this Agreement.

     Section 6.2 Effectiveness; Term of Agreement. Other than Section 4.5 and this
Article VI, this Agreement shall become effective, and the rights and obligations of the parties
under this Agreement shall commence, immediately upon the Effective Time. This Agreement shall
terminate (a) upon the unanimous written consent of the Company and the Stockholders, (b) with
respect to any Stockholder, at such time as such Stockholder holds fewer than 3% of the Fully
Diluted shares of Common Stock, (c) except for the provisions of Section 3.5, at such time as no
more than one of (i) the CDR Fund, (ii) Exor, (iii) the Family Stockholders or (iv) TPG Entities,
holds 3% or more of the Fully Diluted shares of Common Stock, (d) with respect to any provision
hereof other than Section 3.5 or this Article VI, at such time as approved in writing by each of
the following Stockholders who then hold in excess of 3% of the Fully Diluted shares of Common
Stock: (i) the CDR Fund, (ii) Exor, (iii) the Family Stockholders and (iv) TPG Entities or (e)
except for this Article VI, on the fifth anniversary of this Agreement; provided, however, that the
provisions of Section 4.2 shall survive for one year following any termination of this Agreement.
Notwithstanding the foregoing, in any event, the provisions of Section 3.5 shall terminate on the
earlier of (A) the date on which either (i) TPG Entities or (ii) CDR Fund, Exor and Family
Stockholders, collectively, beneficially own less than 10% of the Fully Diluted shares of Common
Stock and (B) the third anniversary of the Effective Time; provided, that in no event shall the
provisions of Section 3.5 of this Agreement be terminated pursuant to this sentence prior to the
second anniversary of the Effective Time. Notwithstanding the foregoing, this Agreement shall
terminate contemporaneously with any termination of the Transaction Agreement prior to the
Effective Time.

     Section 6.3 Enforcement. The parties agree that irreparable damage would
occur in the event that any of the provisions of this Agreement were not performed in accordance
with their specific terms. It is accordingly agreed that the parties shall be entitled to specific
performance of the terms hereof, this being in addition to any other remedy to which they are
entitled at law or in equity.

     Section 6.4 Notices. All notices and other communications hereunder shall be
in writing and shall be deemed duly given (a) on the date of delivery if delivered personally, or
by telecopy or telefacsimile, upon confirmation of receipt, (b) on the first Business Day following
the date of dispatch if delivered by a recognized next-day courier

20

 

service, or (c) on the tenth
Business Day following the date of mailing if delivered by registered or certified mail, return
receipt requested, postage prepaid. All notices hereunder shall be delivered as set forth below,
or pursuant to such other instructions as may be designated in writing by the party to receive such
notice:

(i) if to the Company:

New Giant Corporation

814 Livingston Court

Marietta, GA 30067

Facsimile (770) 644-2929

Attention: Senior Vice President,

          General Counsel and Secretary

with a copy to:

Alston & Bird LLP

One Atlantic Center

1201 West Peachtree Street

Atlanta, Georgia 30309

Facsimile: (404) 881-4777

Attention: Sidney J. Nurkin, Esq.

          William Scott Ortwein, Esq.

(ii) if to the CDR Fund:

Clayton, Dubilier & Rice Fund V Limited Partnership

c/o Clayton, Dubilier & Rice, Inc.

375 Park Avenue

New York, New York 10152

Facsimile: (212) 407-5260

Attention: Kevin J. Conway

with a copy to:

Debevoise & Plimpton

919 Third Avenue

New York, New York 10022

Facsimile: (212) 909-6836

Attention: Paul S. Bird, Esq.

(iii) if to Exor:

EXOR Group S.A.

c/o EXOR USA Inc.

375 Park Avenue

21

 

Suite 1901

New York, NY 10152

Facsimile: (212) 355-5690

Attention: Michael J. Bartolotta

with a copy to:

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019-6064

Facsimile: (212) 757-3990

Attention: Marc E. Perlmutter, Esq.

(iv) if to the Family Representative or any Family Stockholder, as

set forth on Exhibit B:

(v) if to TPG Entities:

c/o Texas Pacific Group

301 Commerce Street, Suite 3300

Fort Worth, Texas 76102

Facsimile: (817) 871-4010

Attention: General Counsel

with a copy to:

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, NY 10017

Facsimile: (212) 455-2502

Attention: David J. Sorkin, Esq.

          Andrew W. Smith, Esq.

     Section 6.5 Entire Agreement. This Agreement and the Registration Rights
Agreement constitute the entire agreement, and supersede all prior agreements and understandings,
both written and oral, among the parties with respect to the subject matter hereof and thereof.

     Section 6.6 Interpretation. When a reference is made in this Agreement to
Sections, Exhibits or Schedules, such reference shall be to a Section of or Exhibit or Schedule to
this Agreement unless otherwise indicated. The table of contents and headings contained in this
Agreement are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement. Whenever the words “include,” “includes” or “including” are used
in this Agreement, they shall be deemed to be followed by the words “without limitation.”

22

 

     Section 6.7 Counterparts. This Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement and shall become
effective when one or more counterparts have been signed by each of the parties and delivered to
the other parties, it being understood that all parties need not sign the same counterpart.

     Section 6.8 Governing Law. This Agreement shall be governed by and construed
in accordance with the laws of the State of Delaware, without giving effect to its principles and
rules of conflict of laws to the extent such principles or rules would require the application of
the law of another jurisdiction.

     Section 6.9 Assignment. Except as provided in Article III, neither this
Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the
parties, in whole or in part (whether by operation of law or otherwise), and any attempt to make
any such assignment other than as provided in Article III shall be null and void. Subject to the
preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable
by the parties and their respective successors and assigns.

     Section 6.10 No Third Party Beneficiaries. This Agreement shall be binding
upon and inure solely to the benefit of each party hereto, and nothing in this Agreement, express
or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of
any nature whatsoever under or by reason of this Agreement.

     Section 6.11 Amendment; Waivers, etc. This Agreement may be amended only with
the prior written consent of the Company, the Family Representative, Exor, the CDR Fund and TPG
Entities. No amendment, modification or discharge of this Agreement, and no waiver hereunder,
shall be valid or binding unless set forth in writing and duly executed by the
party against whom enforcement of the amendment, modification, discharge or waiver is sought. Any
such waiver shall constitute a waiver only with respect to the specific matter described in such
writing and shall in no way impair the rights of the party granting such waiver in any other
respect or at any other time. Notwithstanding the foregoing, the consent of any Stockholder which
has ceased to hold (together with its Permitted Transferees who are or become a party hereto) at
least 3% of the Fully Diluted shares of Common Stock shall not be required to amend or waive any
provision of this Agreement; provided that the prior written consent of the Family Representative
shall be required to amend or waive any provision of this Agreement so long as the Family
Stockholders own in the aggregate, at least 3% of the Fully Diluted shares of Common Stock.

     Section 6.12 Submission to Jurisdiction; Waivers. Each of the parties hereto
irrevocably agrees that any legal action or proceeding with respect to this Agreement or for
recognition and enforcement of any judgment in respect hereof brought by the other party hereto or
its successors or assigns may be brought and determined in the Court of Chancery of the State of
Delaware (or, if such court does not have jurisdiction with respect to such action or proceeding,
any other court of the State of Delaware that has

23

 

such jurisdiction), and each of the parties
hereto hereby irrevocably submits with regard to any such action or proceeding for itself and in
respect to its property, generally and unconditionally, to the nonexclusive jurisdiction of the
aforesaid courts. Each of the parties hereto hereby irrevocably waives, and agrees not to assert,
by way of motion, as a defense, counterclaim or otherwise, in any action or proceeding with respect
to this Agreement, (a) any claim that it is not personally subject to the jurisdiction of the
above-named courts for any reason other than the failure to lawfully serve process, (b) that it or
its property is exempt or immune from jurisdiction of any such courts or from any legal process
commenced in such courts (whether through service of notice, attachment prior to judgment,
attachment in aid of execution of judgment, execution of judgment or otherwise) and (c) to the
fullest extent permitted by applicable law, that (i) the suit, action or proceeding in any such
court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is
improper and (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such
courts. Each party to this Agreement irrevocably consents to the service of process out of any of
the aforementioned courts in any suit, action or other proceeding by the mailing of copies thereof
by mail to such party at its address set forth in this Agreement, such service of process to be
effective upon acknowledgement of receipt of such registered mail; provided that nothing in this
Agreement shall affect the right of any party to serve legal process in any other manner permitted
by law.

     Section 6.13 Waiver of Jury Trial. Each party hereby waives, to the fullest
extent permitted by applicable law, any right it may have to a trial by jury in respect of any
suit, action or other proceeding arising out of this Agreement or any transaction contemplated
hereby. Each party (a) certifies that no representative, agent or attorney of any other party has
represented, expressly or otherwise, that such other party would not, in the event of litigation,
seek to enforce the foregoing waiver and (b) acknowledges that it and the other parties have been
induced to enter into this Agreement by, among other things, the mutual waivers and certifications
in Section 6.13.

     Section 6.14 Termination of Existing Stockholders Agreement. By execution hereof, the
parties hereto hereby agree that the Stockholders Agreement, dated as of March 25, 2003, among
Giant, the Family Stockholders, the CDR Fund and Exor, shall terminate and be of no further force
and effect as of the Effective Time.

[Remainder of page intentionally left blank]

24

 

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

	 	 	 	 	 
	 	NEW GIANT CORPORATION

 	 
	 	By:  	/s/ David W. Scheible
 	 
	 	 	Name:  	David W. Scheible 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 
	 	CLAYTON, DUBILIER & RICE

FUND V LIMITED PARTNERSHIP

 	 
	 	By:  	CD&R Associates V
 	 
	 	 	Limited Partnership, its 	 
	 	 	general partner 	 
	 
	 	By: CD&R Investment Associates II,

Inc., its managing general partner

 	 
	 	By:  	/s/ Kevin J. Conway
 	 
	 	 	Name:  	Kevin J. Conway 	 
	 	 	Title:  	Vice President and Secretary 	 
	 
	 	EXOR GROUP S.A.

 	 
	 	By:  	/s/ Peter J. Rothenberg
 	 
	 	 	Name:  	Peter J. Rothenberg 	 
	 	 	Title:  	Attorney-in-Fact 	 
	 
	 	THE FAMILY STOCKHOLDERS:

ADOLPH COORS FOUNDATION

 	 
	 	By:  	/s/ Jeffrey H. Coors
 	 
	 	 	Name:  	Jeffrey H. Coors 	 
	 	 	Title:  	Trustee and Treasurer 	 
	 
	 	ADOLPH COORS, JR. TRUST DATED

SEPTEMBER 12, 1969

By:        Adolph Coors Company LLC, Trustee

 	 
	 	By:  	/s/ Jeffrey H. Coors
 	 
	 	 	Name:  	Jeffrey H. Coors 	 
	 	 	Title:  	Co-Chairman 	 
	 

[Signature Page to Stockholders Agreement]

 

 

	 	 	 	 	 
	 	GROVER C. COORS TRUST DATED AUGUST
 7, 1952

By:        Adolph Coors Company LLC, Trustee

 	 
	 	By:  	/s/ Jeffrey H. Coors
 	 
	 	 	Name:  	Jeffrey H. Coors 	 
	 	 	Title:  	Co-Chairman 	 
	 
	 	MAY KISTLER COORS TRUST DATED 

SEPTEMBER 24, 1965

By:        Adolph Coors Company LLC, Trustee

 	 
	 	By:  	/s/ Jeffrey H. Coors
 	 
	 	 	Name:  	Jeffrey H. Coors 	 
	 	 	Title:  	Co-Chairman 	 
	 
	 	AUGUSTA COORS COLLBRAN TRUST 

DATED JULY 5, 1946

By:        Adolph Coors Company LLC, Trustee

 	 
	 	By:  	/s/ Jeffrey H. Coors
 	 
	 	 	Name:  	Jeffrey H. Coors 	 
	 	 	Title:  	Co-Chairman 	 
	 
	 	BERTHA COORS MUNROE TRUST DATED 

JULY 5, 1946

By:        Adolph Coors Company LLC, Trustee

 	 
	 	By:  	/s/ Jeffrey H. Coors
 	 
	 	 	Name:  	Jeffrey H. Coors 	 
	 	 	Title:  	Co-Chairman 	 
	 

[Signature Page to Stockholders Agreement]

 

 

	 	 	 	 	 
	 	LOUISE COORS PORTER TRUST DATED JULY
5, 1946

By:        Adolph Coors Company LLC, Trustee

 	 
	 	By:  	/s/ Jeffrey H. Coors
 	 
	 	 	Name:  	Jeffrey H. Coors 	 
	 	 	Title:  	Co-Chairman 	 
	 
	 	HERMAN F. COORS TRUST DATED JULY 5,
1946

By:        Adolph Coors Company LLC, Trustee

 	 
	 	By:  	/s/ Jeffrey H. Coors
 	 
	 	 	Name:  	Jeffrey H. Coors 	 
	 	 	Title:  	Co-Chairman 	 
	 
	 	JANET H. COORS IRREVOCABLE TRUST FBO 

FRANCES M. BAKER DATED JULY 27, 1976

 	 
	 	By:  	/s/ Jeffrey H. Coors
 	 
	 	 	Name:  	Jeffrey H. Coors 	 
	 	 	Title:  	Trustee 	 
	 
	 	JANET H. COORS IRREVOCABLE TRUST FBO

FRANK E. FERRIN DATED JULY 27, 1976

 	 
	 	By:  	/s/ Jeffrey H. Coors
 	 
	 	 	Name:  	Jeffrey H. Coors 	 
	 	 	Title:  	Trustee 	 
	 
	 	JANET H. COORS IRREVOCABLE TRUST FBO 

JOSEPH J. FERRIN DATED JULY 27, 1976

 	 
	 	By:  	/s/ Jeffrey H. Coors
 	 
	 	 	Name:  	Jeffrey H. Coors 	 
	 	 	Title:  	Trustee 	 
	 

[Signature Page to Stockholders Agreement]

 

 

	 	 	 	 	 
	 	FIELD HOLDINGS, INC.

 	 
	 	By:  	/s/ Lawrence I. Field
 	 
	 	 	Name:  	Lawrence I. Field 	 
	 	 	Title:  	President 	 
	 
	 	TPG BLUEGRASS IV, L.P.

 	 
	 	By:  	TPG GenPar IV, L.P.
 	 
	 	 	its General Partner 	 
	 	 	 
	 	By:  	TPG Advisors IV, Inc.
 	 
	 	 	its General Partner 	 
	 	 	 
	 	By:  	/s/ Clive Bode
 	 
	 	 	Name:  	Clive Bode 	 
	 	 	Title:  	Vice President 	 
	 
	 	TPG BLUEGRASS IV — AIV 2, L.P.

 	 
	 	By:  	TPG GenPar IV, L.P.
 	 
	 	 	its General Partner 	 
	 	 	 
	 	By:  	TPG Advisors IV, Inc.
 	 
	 	 	its General Partner 	 
	 	 	 
	 	By:  	/s/ Clive Bode
 	 
	 	 	Name:  	Clive Bode 	 
	 	 	Title:  	Vice President 	 
	 
	 	TPG BLUEGRASS V, L.P.

 	 
	 	By:  	TPG GenPar V, L.P.
 	 
	 	 	its General Partner 	 
	 	 	 
	 	By:  	TPG Advisors V, Inc.
 	 
	 	 	its General Partner 	 
	 	 	 
	 	By:  	/s/ Clive Bode
 	 
	 	 	Name:  	Clive Bode 	 
	 	 	Title:  	Vice President 	 
	 

[Signature Page to Stockholders Agreement]

 

 

	 	 	 	 	 
	 	TPG BLUEGRASS V — AIV 2, L.P.

 	 
	 	By:  	TPG GenPar V, L.P.
 	 
	 	 	its General Partner 	 
	 	 	 
	 	By:  	TPG Advisors V, Inc.
 	 
	 	 	its General Partner 	 
	 	 	 
	 	By:  	/s/ Clive Bode
 	 
	 	 	Name:  	Clive Bode 	 
	 	 	Title:  	Vice President 	 
	 
	 	TPG BLUEGRASS IV, INC.

 	 
	 	By:  	/s/ Clive Bode
 	 
	 	 	Name:  	Clive Bode 	 
	 	 	Title:  	Vice President 	 
	 
	 	TPG BLUEGRASS V, INC.

 	 
	 	By:  	/s/ Clive Bode
 	 
	 	 	Name:  	Clive Bode 	 
	 	 	Title:  	Vice President 	 
	 
	 	TPG FOF V – A, L.P.

 	 
	 	By:  	TPG GenPar V, L.P.
 	 
	 	 	its General Partner 	 
	 	 	 
	 	By:  	TPG Advisors V, Inc.
 	 
	 	 	its General Partner 	 
	 	 	 
	 	By:  	/s/ Clive Bode
 	 
	 	 	Name:  	Clive Bode 	 
	 	 	Title:  	Vice President 	 
	 
	 	TPG FOF V – B, L.P.

 	 
	 	By:  	TPG GenPar V, L.P.
 	 
	 	 	its General Partner 	 
	 	 	 	 
	 

[Signature Page to Stockholders Agreement]

 

 

	 	 	 	 	 
	 	 	 
	 	By:  	TPG Advisors V, Inc.
 	 
	 	 	its General Partner 	 
	 	 	 
	 	By:  	/s/ Clive Bode
 	 
	 	 	Name:  	Clive Bode 	 
	 	 	Title:  	Vice President 	 
	 

[Signature Page to Stockholders Agreement]

 

 

Exhibit A

Initial Board Composition

Class I

G. Andrew Botta

Jeffrey H. Coors

Kevin J. Conway

(One director to be designated by the TPG Entities within 45 days of the date hereof)
David W. Scheible

Class II

(Two directors to be designated by the TPG Entities within 45 days of the date hereof)
(One Independent Director to be proposed by Giant within 45 days of the date hereof and subject to
the approval of the TPG Entities, which approval shall not be unreasonably withheld)

John R. Miller

Class III

George Bayly

Harold R. Logan, Jr.

Robert W. Tieken

(One Independent Director to be designated by the TPG Entities, subject to the approval (not to be
unreasonably withheld) of Giant)

 

 

Exhibit B

Family Stockholder Addresses

Adolph Coors, Jr. Trust dated September 12, 1969

Grover C. Coors Trust dated August 7, 1952

May Kistler Coors Trust dated September 24, 1965

Augusta Coors Collbran Trust dated July 5, 1946

Bertha Coors Munroe Trust dated July 5, 1946

Louise Coors Porter Trust dated July 5, 1946

Herman F. Coors Trust dated July 5, 1946

Coors Family Trusts

2120 Carey Avenue, Suite 412

Cheyenne, WY 82001

Facsimile: (307) 635-7430

Attention: Jeffrey H. Coors

Janet H. Coors Irrevocable Trust FBO Frances M. Baker dated July 27, 1976

Janet H. Coors Irrevocable Trust FBO Frank E. Ferrin dated July 27, 1976

Janet H. Coors Irrevocable Trust FBO Joseph J. Ferrin dated July 27, 1976

Coors Family Trusts’ Office

c/o CBCo Mail Stop VR 900

Golden, CO 80401

Adolph Coors Foundation

4100 E. Mississippi Ave.

Suite 1850

Denver, CO 80246

In the case of each Family Stockholder with a copy to:

Thomas N. Long, P.C.

2120 Carey Avenue, Suite 300

Cheyenne, WY 82003

Facsimile: (307) 635-0413

Attention: Thomas N. Long, Esq.

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