Document:

EX-10.14

 Confidential Treatment Requested by Pactiv Evergreen Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 Exhibit 10.14 
  

 
 July 17, 2019 
 Mike
Ragen 
 CFO / COO, Pactiv 
 Re: Retention Agreement

 Dear Mike, 
 We are pleased to offer you
(“you” or “Employee”) this retention bonus agreement (the “Agreement”) related to your continued service to Pactiv (the “Company”). 

The terms of this Agreement are as follows: 
 1. Retention
Bonus. Subject to the terms and conditions herein, the Company will provide you with a retention bonus in the gross amount of $980,000 (“Retention Bonus”). The Retention Bonus shall be payable in the following manner: 

The Retention bonus shall be paid in three installments with 1/3 ($326,666.67)payable in the next available payroll immediately following the
Company’s receipt of this Agreement signed by you; and, 1/3 payable on 12/31/19; and, 1/3 payable on 6/30/20. 
 The Retention Bonus is subject to
regular tax withholdings and other authorized deductions. This bonus will not be treated as compensation for any purpose under any benefit plans or programs, unless statutorily required. 

2. Period of this Agreement. In order to accept the offer set forth herein, you must promptly sign and return this Agreement to Steve Estes (Chief Human
Resources Officer, Rank Group) but in no event later than July 19, 2019. This Agreement will commence as of the date noted above and will end December 31, 2020 (the “Agreement Period”), provided, however, that Section 4
(Confidentiality) of this Agreement shall survive the expiration or termination of this Agreement. 
 3. Repayment on Resignation or Termination for
Cause. In the event that you resign or the Company terminates your employment for Cause during the Agreement Period, you agree to promptly repay Company for the Retention Bonus, but in no event later than thirty (30) days after your last
day of employment with the Company. You further agree that, in the event you resign or are terminated for Cause, the Company may deduct the amount of the Retention Bonus in whole or in part from any payments then due to you from the Company. 

For purposes of this Agreement, the Company may terminate the Employee’s employment for “Cause” if in the good faith determination of the
Company’s CEO that Employee has engaged in conduct consisting of (i) dishonesty or other serious misconduct related to Employee’s duties as an employee of the Company, or (ii) willful and continual failure (unless due to
incapacity resulting from physical or mental illness) to perform the duties of Employee’s employment after written demand for substantial performance is delivered to Employee by the Company specifically identifying the manner in which Employee
has not substantially performed such duties. 
 4. Confidentiality. You agree to keep the existence of this Agreement and its terms confidential,
unless disclosure is required pursuant to an order by a court of competent jurisdiction. However, you may discuss the terms of this Agreement with your spouse, attorney(s) or tax advisor(s), provided any such person agrees to keep the existence and
terms of this Agreement strictly confidential. 

  

 Confidential Treatment Requested by Pactiv Evergreen Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 5. Continuation of Employment. This Agreement does not change your status as an “at-will”
employee and does not guarantee your employment for any specific period of time. The Company reserves the right to terminate you at any time and for any or no reason. 

6. Governing Law/Captions/Severance/Attorney’s Fees. This Agreement shall be construed in accordance with, and pursuant to, the laws of the State
of Illinois. The captions of this Agreement shall not be part of the provisions hereof, and shall have no force or effect. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any
other provision of this Agreement. In the event that the Company must file a claim to seek enforcement of any provision of this Agreement, the Company shall be entitled to receive compensation for related costs, including but not limited to
reasonable attorney’s fees and interest. 
 7. Entire Agreement/Amendment. This instrument contains the entire agreement of the parties relating
to the subject matter hereof, and the parties have made no agreement, representations, or warranties relating to the subject matter of this Agreement that are not set forth herein. This Agreement may be amended at any time by written agreement of
both parties, but it shall not be amended by oral agreement. 
 We look forward to your continuing contributions to the Company. Please acknowledge by
signing below that you have read this Agreement and you understand and agree to its terms. 
  

	
	Sincerely,
	
	 /s/ John McGrath

	John McGrath

 CEO, Pactiv 
 I, Mike Ragen,
have read this Agreement, and I understand and agree to its terms. 
  

					
	 /s/ Michael Ragen
	  	    	  	 7/17/19

	Employee (signature)	  		  	Date

  

	
	 Michael Ragen

	Employee (printed name)EX-10.15

 Confidential Treatment Requested by Pactiv Evergreen Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 Exhibit 10.15 
  

 
 July 3, 2019 
 Mike
Ragen 
 CFO / COO, Pactiv 
 Dear Mike: 

As we have discussed, a critical component of our ongoing business strategy Pactiv will be to explore opportunities for the business that could lead to an
Initial Public Offering (IPO) of the business or potentially a divestiture of the associated business entities. Your assistance is needed by Pactiv as we work through this process to help prepare the business for a successful transaction. In light
of this, we are offering you a special Transaction Success bonus (“Bonus”) that will become payable if a successful IPO is concluded or if there is a sale of the business by June 30, 2020. 

If the transaction is completed, your potential bonus will be $980,000. Fifty percent (50%) of this bonus ($490,000) will be paid to you 30 days after
the effective date of an IPO or the closing date of a sale, so long as you do not voluntarily leave your employment with the succeeding entity during that time. You will be paid the remaining fifty percent (50%) of this bonus six
(6) months after the effective date of an IPO or the closing date, so long as you do not voluntarily leave your employment with the succeeding entity during that time. This bonus is a gross amount and is subject to all applicable tax
withholding requirements. This bonus will not be treated as compensation for any purpose under any benefit plans or programs, unless statutorily required. 

Because of the significance of this strategic effort, and given that you are one of a select group of employees to be offered this opportunity, it is of
utmost importance that you keep this offer and all its terms entirely confidential. 
 Thank you for your willingness to assist the team during this
endeavor and for your help in ensuring the success of this very important process for Pactiv. 
 Sincerely, 

 

	
	 /s/ John McGrath

	John McGrath
	Chief Executive Officer
	Pactiv

  

 Confidential Treatment Requested by Pactiv Evergreen Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 

 
  

			
	TO:	    	Mike Ragen
		
	FROM:	    	Steve Estes, CHRO – Rank Group
		
	DATE:	    	June 1, 2020
		
	SUBJECT:	    	Transaction Success Bonus—Extension

  
 As a part of our
business strategy to explore opportunities for Pactiv and Evergreen that could lead to an Initial Public Offering (IPO) or potentially a divestiture of the business, you were included in a Transaction Success Bonus program. The terms and
conditions of the program are captured in a letter to you, dated July 3, 2019. This letter states that the program is contingent upon the transaction being completed by June 30, 2020. 

Due to the ongoing explorative process related to the Pactiv and Evergreen businesses, the decision has been made to extend the availability of this program.
By way of this notice, we are extending the program through December 31, 2020. The terms and conditions of the program remain the same as identified in your letter dated July 3, 2019. 

Thank you for your ongoing support and efforts as we continue to explore transaction opportunities for the business. 

/s/  Steve EstesEX-10.16

 Confidential Treatment Requested by Pactiv Evergreen Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 Exhibit 10.16 
  

 
  

			
	TO:	  	MICHAEL RAGEN
		
	FROM:	  	STEVE ESTES
		
	DATE:	  	JULY 8, 2019
		
	SUBJECT:	  	PLANNED ISSUANCE OF RESTRICTED STOCK

  
  

As we have discussed, a critical component of our ongoing business strategy for Pactiv LLC will be to explore opportunities for the business that could lead
to an Initial Public Offering (IPO) of the business, either as a stand-alone business or as part of a combined entity with other RGHL businesses, or potentially a divestiture of the associated business entities. Your assistance is needed by Pactiv
as we work through this process to help prepare the business for a successful transaction. 
 If the IPO is successful, the company whose shares are
registered in the IPO will issue you Restricted Stock at the completion of the IPO. The number of shares in this grant equals $490,000 divided by the IPO price as of the date of the grant, rounded to the nearest whole share. Vesting for the
restricted stock will occur over a 3-year period with 1/3 vesting after 12-months from the successful IP0; 1/3 vesting after 24-months from the successful IPO; and, 1/3 vesting after 36-months from the successful IPO. You must be an employee of the
Company or one of its affiliates on the applicable vesting date to receive such shares. 
 Should there be a business sale instead of an IPO, you will
receive $490,000 in cash in lieu of Restricted Stock. For purposes hereof, a business sale means a sale of all or substantially all of the assets of the Company (or, if the Company has been combined with another RGHL entity, of that combined entity)
or a sale of more than 50% of the equity of the Company or such entity. This cash payment will be made in the following manner: 
 1⁄2 Payable 30-days post-closing of the sale, provided employee has not voluntarily resigned. 

1⁄2 Payable 180-days post-closing of the sale, provided
employee has not voluntarily resigned. 
 This memo does not change your status as an “at-will” employee and does not guarantee your employment
for any specific period of time. The Company reserves the right to terminate you at any time and for any or no reason. Any Restricted Stock issued or cash payment made pursuant to this memo shall be subject to regular tax withholdings and other
authorized deductions and will not be treated as compensation for any purpose under any benefit plans or programs, unless statutorily required. 
 This memo
is provided to summarize the agreement that has been reached in this regard between the Company and the employee. Should an IPO be completed, a formal grant letter for the Restricted Stock will be provided to the employee that documents all terms
and conditions related to the grant. 
  

			
	By:	 	 /s/ Steve Estes

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