Document:

Fifth Amendment to Credit Agreement

 Exhibit 10.18 
 FIFTH AMENDMENT TO CREDIT AGREEMENT 
 FIFTH AMENDMENT
TO CREDIT AGREEMENT (this “Fifth Amendment”), dated as of December 16, 2009, among GRAHAM PACKAGING HOLDINGS COMPANY, a Pennsylvania limited partnership (“Holdings”), GRAHAM PACKAGING COMPANY, L.P., a Delaware
limited partnership (the “Borrower”), GPC CAPITAL CORP. I, a Delaware corporation (the “Co-Borrower”), the Lenders from time to time party to the Credit Agreement referred to below, and DEUTSCHE BANK AG CAYMAN
ISLANDS BRANCH, as administrative agent (in such capacity, the “Administrative Agent”) for the Lenders. Unless otherwise indicated, all capitalized terms used herein and not otherwise defined shall have the respective meanings
provided such terms in the Credit Agreement referred to below. 
 W I T N E S S
E T H: 
 WHEREAS, Holdings, the Borrower, the Co-Borrower, the Lenders from time to time party thereto,
and the Agents are parties to a Credit Agreement, dated as of October 7, 2004 (as amended, modified and/or supplemented to, but not including, the date hereof, the “Credit Agreement”); and 
 WHEREAS, the parties hereto wish to enter into certain agreements and amendments regarding the Credit Agreement as herein provided;

 NOW, THEREFORE, it is agreed: 
 I. Amendments to the Credit Agreement. 
 1. The definition of
“Borrower Partners” appearing in Section 1.01 of the Credit Agreement is hereby amended to read in its entirety as follows: 
 “Borrower Partners” shall mean, at any time, each person which is a holder of the Equity Interests of the Borrower from time to time. 
 2. The definition of “Holdings” appearing in Section 1.01 of the Credit Agreement is hereby amended to read in its
entirety as follows: 
 “Holdings” shall have the meaning given such term in the introductory
paragraph of this Agreement, provided that upon consummation of an IPO Reorganization pursuant to clause (a) of the definition thereof, “Holdings” shall be deemed to mean CapCo II. 
 3. The definition of “Holdings Partner” appearing in Section 1.01 of the Credit Agreement is hereby amended to read in
its entirety as follows: 
 “Holdings Partner” shall mean, at any time, each person which is a
holder of the Equity Interests of Holdings from time to time. 
 4. The definition of “IPO Reorganization”
appearing in Section 1.01 of the Credit Agreement is hereby amended to read in its entirety as follows: 

 “IPO Reorganization” shall mean either of (a) the
transfer of all or substantially all of Holdings’ assets (including, without limitation, all Equity Interests in the Borrower and Opco GP) and liabilities to CapCo II and the dissolution, liquidation or winding up of Holdings in connection with
or in contemplation of an initial public offering of the shares of common stock of CapCo II or (b) the issuance by Holdings or any direct or indirect parent of Holdings (Holdings or such parent, the “IPO Vehicle”) of its common Equity
Interests in an underwritten primary public offering (other than a public offering pursuant to a registration statement on Form S-8) pursuant to an effective registration statement filed with the SEC in accordance with the Securities Act of 1933
(whether alone or in connection with a secondary public offering). 
 5. The definition of “Permitted Tax Amount
Distributions” appearing in Section 1.01 of the Credit Agreement is hereby amended to read in its entirety as follows: 
 “Permitted Tax Amount Distributions” shall mean for each tax year that the Borrower qualifies or each of Borrower and Holdings qualifies as (w) a partnership, (x) a branch or
agency of another person, (y) a disregarded entity or (z) a corporation that is part of a consolidated tax group of which Holdings is not the common parent (any of (w), (x), (y) or (z), a “Flow-through Entity”) under the
Code (including the applicable provisions of Treasury Regulations promulgated thereunder) or any similar provision of state or local law, distributions of amounts, without duplication, in respect of (i) U.S. federal income tax and of income tax
imposed by the state or local jurisdictions in which the Flow-through Entity so qualifies as a partnership or as a branch or agency of another person or (ii) taxes imposed on profits or capital of such person for such period, including, without
limitation, state franchise and similar taxes (such as the Texas franchise tax and Michigan single business tax); provided, however, that (A) a knowledgeable and duly authorized officer of the Flow-through Entity certifies
annually that the Flow-through Entity qualifies as such for federal income tax purposes and under similar laws of the states in respect of which such tax amount distributions are being made and (B) at the time of such distributions, the most
recent audited financial statements of the Flow-through Entity provide that the Flow-through Entity was treated as such for federal income tax purposes for the period of such financial statements. Between the first and fifteenth day of each month in
which an estimated tax payment for a Borrower Partner is due, the Flow-through Entity may distribute cash to each Borrower Partner in an amount equal to the product of (A) the highest combined marginal individual or corporate (as applicable)
federal, state and local income tax rates ((i) including, to the extent applicable, if any, alternative minimum tax and (ii) taking into account any federal tax benefit for a deduction for state and local taxes) applicable to the taxable income
of the Flow-through Entity allocated to a Borrower Partner and in effect at the time of the distribution, times (B) the remainder, if any, of (1) the product of 25, 50, 75 or 100 percent for the first (1st), second (2nd), third
(3rd) or fourth (4th) required estimated tax installment payments for the fiscal year, respectively, times (a) the cumulative (as annualized) taxable income to be allocated to such Borrower Partner for such fiscal year
less (b) the cumulative taxable loss that has been allocated to such Borrower Partner to the extent such loss has not previously reduced taxable income pursuant to this provision in any prior taxable year, as determined in good faith by
the Flow-through Entity’s executive committee at or around the date of payment, minus (2) the sum of the cumulative distributions to such Borrower Partner made with respect to

  

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such fiscal year under the applicable provisions of the partnership agreement of the Borrower. For purposes of the foregoing sentence, estimated tax payments, estimated tax installment payments,
and taxable income and loss shall be computed without regards to (i) any tax items arising solely as a result of an adjustment to the basis of partnership property under Section 743(b) of the Code, and (ii) any taxable loss that arose
prior to the IPO Reorganization. Notwithstanding the foregoing provisions, the Permitted Tax Amount Distributions permitted to be distributed by Holdings shall be adjusted to reflect the Reimbursed Amount calculated under Section 5.1(b)(ii) of
Holdings’ partnership agreement as in effect on the date hereof. If any Borrower Partner of a Flow-through Entity is an S corporation or a partnership or a similar pass-through entity, (i) reference to Borrower Partner shall, for the
purposes of this definition, include shareholders or partners, as the case may be, of the Borrower Partner and reference to the Borrower shall include such S-corporation or partnership or similar pass-through entity and (ii) notwithstanding
anything provided elsewhere in this definition of “Permitted Tax Amount Distributions”, the aggregate Permitted Tax Amount Distributions to such Borrower Partner shall not exceed the aggregate Permitted Tax Amount Distributions payable to
such Borrower Partner’s shareholders or partners, as the case may be. 
 6. Section 2.16(a) of the Credit Agreement is
hereby amended by inserting the text “and as permitted by Section 2.23(a)” immediately following the text “Sections 2.01(e) and 2.14” appearing therein. 
 7. Section 2.23(a) of the Credit Agreement is hereby amended by inserting the following new sentence at the end thereof: 
 “Notwithstanding anything to the contrary contained herein, a repayment of the outstanding principal of B Term Loans
with the proceeds of C Term Loans provided pursuant to Incremental C Term Loan Commitments as otherwise permitted hereunder may be effected by converting outstanding B Term Loans of one or more Lenders into C Term Loans.” 
 II. Miscellaneous Provisions. 
 1. In order to induce the Lenders to enter into this Fifth Amendment, the Borrower hereby represents and warrants that (i) no Default or Event of Default exists as of the Fifth Amendment Effective Date after giving effect to this Fifth
Amendment and the applicable transactions permitted (or required) hereunder as described in preceding Part I, and (ii) all of the representations and warranties contained in the Credit Agreement or the other Loan Documents are true and correct
in all material respects on the Fifth Amendment Effective Date after giving effect to this Fifth Amendment, with the same effect as though such representations and warranties had been made on and as of the Fifth Amendment Effective Date (it being
understood that any representation or warranty made as of a specific date shall be true and correct in all material respects as of such specific date). 
 2. This Fifth Amendment is limited as specified and shall not constitute a modification, acceptance or waiver of any other provision of the Credit Agreement or any other Loan Document. 
  

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 3. This Fifth Amendment may be executed in any number of counterparts and by the different
parties hereto on separate counterparts, each of which counterparts when executed and delivered (including the facsimile or electronic transmission) shall be an original, but all of which shall together constitute one and the same instrument. A
complete set of counterparts shall be lodged with the Borrower and the Administrative Agent. 
 4. THIS FIFTH
AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. 
 5. This Fifth Amendment shall become effective on the date (the “Fifth Amendment Effective Date”) when each of the following conditions shall have been satisfied: 
 (i) the Administrative Agent, the Borrower, each other Loan Party and the Required Lenders shall have signed a counterpart
hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile transmission or electronic mail) the same to White & Case LLP, 1155 Avenue of the Americas, New York, NY 10036 Attention: May
Yip-Daniels (facsimile number: 212-354-8113; email: myip@whitecase.com); 
 (ii) the Borrower shall have
paid to each Lender who has consented to this Fifth Amendment by signing a counterpart hereof and delivering the same as provided in preceding clause (i) prior to 6:00 p.m. (New York City time) on December 16, 2009, a fee equal to 0.10% of
the sum of (x) the Revolving Credit Commitment of each such Lender and (y) the aggregate principal amount of the Term Loans of each such Lender, in each case as of the Fifth Amendment Effective Date, which fee shall not be subject to
counterclaim or set-off, or be otherwise affected by, any claim or dispute relating to any other matter and shall be paid by the Borrower to the Administrative Agent for distribution to such Lenders on the Fifth Amendment Effective Date; and

 (iii) the Borrower shall have paid in full all fees, costs and expenses (including legal fees and expenses)
then due and payable pursuant to the Credit Agreement that have been duly invoiced prior to the Fifth Amendment Effective Date. 
 6. By executing and delivering a copy hereof, each Loan Party hereby acknowledges that all Loans (as defined after giving effect to the Fifth Amendment) shall continue to be fully guaranteed pursuant to the Canadian Guarantee Agreement and
the U.S. Guarantee and Collateral Agreement in accordance with the terms and provisions thereof and shall continue to be secured in accordance with the terms and provisions of the Security Documents. 
 7. From and after the Fifth Amendment Effective Date, all references in the Credit Agreement and each of the other Loan Documents to the
Credit Agreement shall be deemed to be references to the Credit Agreement, as modified hereby. 
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 IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute
and deliver this Fifth Amendment as of the date first above written. 
  

					
	GRAHAM PACKAGING COMPANY, L.P.
		 	By:	 	GPC Opco GP LLC, its general partner
		
	By:	 	/s/ Mark S Burgess
		 	Name:	 	Mark S. Burgess
		 	Title:	 	Chief Executive Officer
	
	GRAHAM PACKAGING HOLDINGS COMPANY
		 	By:	 	BCP/Graham Holdings L.L.C., its general partner
		
	By:	 	/s/ Mark S. Burgess
		 	Name:	 	Mark S. Burgess
		 	Title:	 	Chief Executive Officer
	
	GPC CAPITAL CORP. I
		
	By:	 	/s/ Mark S. Burgess
		 	Name:	 	Mark S. Burgess
		 	Title:	 	President, Treasurer & Assistant Secretary
	
	DEUTSCHE BANK AG CAYMAN ISLANDS BRANCH, as Administrative Agent
		
	By:	 	/s/ Enrique Landaeta
		 	Name:	 	Enrique Landaeta
		 	Title:	 	Vice President
		
	By:	 	/s/ Marguerite Sutton
		 	Name:	 	Marguerite Sutton
		 	Title:	 	Director

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

		
	By:	 	[Authorized Signatory]
		 	Name:
		 	Title:

  

 Each of the undersigned, each being a Subsidiary Guarantor under, and as defined in, the
Credit Agreement referenced in the foregoing Fifth Amendment, hereby acknowledges the entering into of the Fifth Amendment and acknowledges to the provisions thereof (including, without limitation, Part II, Section 6 thereof). 
  

							
	 GPC CAPITAL CORP. I
 GRAHAM PACKAGING POLAND, L.P.

		 	By:	 	GPC Sub GP LLC, its general partner
	GRAHAM RECYCLING COMPANY, L.P.
		 	By:	 	GPC Sub GP LLC, its general partner
	GRAHAM PACKAGING FRANCE PARTNERS
		 	By: 	 	Graham Packaging Company, L.P., its general partner
		 		 	By: 	 	GPC Opco GP LLC, its general partner

							
	 GRAHAM PACKAGING LATIN AMERICA, LLC
 GPC SUB GP LLC
 GRAHAM PACKAGING WEST JORDAN, LLC
 GRAHAM PACKAGING ACQUISITION CORP.
 GRAHAM PACKAGING
PLASTIC PRODUCTS INC.
 GRAHAM PACKAGING PET TECHNOLOGIES INC.
 GRAHAM PACKAGING LEASING USA LLC
 GRAHAM PACKAGING CONTROLLERS USA, LLC
 GRAHAM PACKAGING COMERC USA LLC
 GRAHAM PACKAGING
REGIOPLAST STS INC.
 GRAHAM PACKAGING TECHNOLOGICAL SPECIALTIES LLC
 GRAHAM PACKAGING INTERNATIONAL PLASTIC PRODUCTS INC.

		
		 	on behalf of each of the above Subsidiary Guarantors
		
	By: 	 	/s/ David W. Bullock
		 	Name: 	 	David W. Bullock
		 	Title:	 	Chief Financial OfficerManagement Subscription Agreement

 Exhibit 10.30 
 MANAGEMENT SUBSCRIPTION AGREEMENT 
 (Co-Investment) 
 THIS MANAGEMENT SUBSCRIPTION AGREEMENT (this “Agreement”) by and between BMP/Graham
Holdings Corporation, a Delaware corporation (the “Company”), and the individual named on the signature page hereto (“Executive”) is made as of the date set forth on the signature page hereto. 
 WHEREAS, on the terms and subject to the conditions hereof, Executive desires to subscribe for and acquire from the Company, and the Company
desires to issue and provide to Executive, the Company’s shares of common stock, par value $0.01 (the “Shares”), in each case in the amount set forth on the signature page hereto; and 
 NOW, THEREFORE, in order to implement the foregoing and in consideration of the mutual representations, warranties, covenants and agreements
contained herein, the parties hereto agree as follows: 
  

	1.	Definitions. 

 1.1
Affiliate. An “Affiliate” of, or Person “Affiliated” with, a specified Person shall mean a Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control
with, the Person specified. 
 1.2 Management Stockholders’ Agreement. The term “Management Stockholders’
Agreement” shall mean the Management Stockholders’ Agreement dated as of February 3, 1998 (and as amended from time to time), among Blackstone Capital Partners III Merchant Banking Fund L.P., a Delaware limited partnership, Blackstone
Offshore Capital Partners III L.P., a Cayman Islands exempted limited partnership, and Blackstone Family Investment Partnership III L.P., a Delaware limited partnership (collectively, “Blackstone”), the Company, Graham Packaging Holdings
Company, a Pennsylvania limited partnership formerly known as Graham Packaging Company, GPC Capital Corp. II, a Delaware corporation, and the parties identified thereto or to the supplementary agreements referred to in Section 8.12 thereof as
Management Investors. 
 1.4 Person. The term “Person” shall mean any individual, corporation, partnership,
limited liability company, trust, joint stock company, business trust, unincorporated association, joint venture, governmental authority or other entity of any nature whatsoever. 
 1.5 Securities Act. The term “Securities Act” shall mean the Securities Act of 1933, as amended, and all rules and
regulations promulgated thereunder, as the same may be amended from time to time. 
 1.6 Subsidiary. The term
“Subsidiary” means, with respect to any Person, any corporation, partnership, association or other business entity of which fifty percent (50%) or more of the total voting power of shares of capital stock entitled (without regard to
the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof, or fifty percent (50%) or more of the equity interest therein, is at the time owned or controlled, directly or indirectly, by any Person or
one or more of the other Subsidiaries of such Person or a combination thereof. 

	2.	Subscription for and Purchase of Shares; Bound by Management Stockholders’ Agreement 

 2.1 Purchase of Shares. Pursuant to the terms and subject to the conditions set forth in this Agreement, Executive hereby subscribes
for and agrees to purchase, and the Company hereby agrees to issue and sell to Executive, on the Closing Date, the number of Shares set forth on the signature page hereto in exchange for a payment specified on the signature page hereto (the
“Purchase Price”). 
 2.2 The Closing. The closing (the “Closing”) of the acquisition
of Shares hereunder shall take place on the closing date specified on the signature page hereto. The date of the Closing shall be the “Closing Date”. At least one business day prior to the Closing, Executive shall deliver to the
Company the Purchase Price, payable by wire transfer in immediately available funds. 
 2.3 Closing Conditions.
Notwithstanding anything in this Agreement to the contrary, the Company shall be under no obligation to issue and sell to Executive any Shares unless (i) Executive is an employee of, or consultant to, the Company or one of its Affiliates on the
Closing Date; (ii) the representations of Executive contained in Section 3 hereof are true and correct in all material respects as of the Closing Date and (iii) Executive is not in breach of any agreement, obligation or covenant
herein required to be performed or observed by Executive on or prior to the Closing Date. 
 2.4 Management
Stockholders’ Agreement. Executive and the Company hereby agrees that, upon the Closing, Executive shall automatically and without further action become bound by, and become a party to, the Management Stockholders’ Agreement as a
“Management Investor” (as defined therein). 
  

	3.	Investment Representations and Covenants of Executive. 

 3.1 Shares Unregistered. Executive acknowledges and represents that Executive has been advised by the Company that: 
 (a) the offer and sale of the Shares have not been registered under the Securities Act; 
 (b) the Shares must be held indefinitely and Executive must continue to bear the economic risk of the investment in the
Shares unless the offer and sale of such Shares are subsequently registered under the Securities Act and all applicable state securities laws or an exemption from such registration is available (or as otherwise provided in the Management
Stockholders’ Agreement); 
 (c) there is no established market for the Shares and it is not anticipated
that there will be any public market for the Shares in the foreseeable future; 
 (d) a restrictive legend in the
form provided in the Management Stockholders’ Agreement shall be placed on the certificates, if any, representing the Shares. 
  

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 (e) a notation shall be made in the appropriate records of the Company
indicating that the Shares are subject to restrictions on transfer and, if the Company should at some time in the future engage the services of a securities transfer agent, appropriate stop-transfer instructions will be issued to such transfer agent
with respect to the Shares. 
 3.2 Additional Investment Representations. Executive represents and warrants that:

 (a) Executive’s financial situation is such that Executive can afford to bear the economic risk of
holding the Shares for an indefinite period of time, has adequate means for providing for Executive’s current needs and personal contingencies, and can afford to suffer a complete loss of Executive’s investment in the Shares; 

(b) Executive’s knowledge and experience in financial and business matters are such that Executive is capable of
evaluating the merits and risks of the investment in the Shares; 
 (c) Executive understands that the Shares are
a speculative investment which involves a high degree of risk of loss of Executive’s investment therein, there are substantial restrictions on the transferability of the Shares and, on the Closing Date and for an indefinite period following the
Closing, there will be no public market for the Shares and, accordingly, it may not be possible for Executive to liquidate Executive’s investment in case of emergency, if at all; 
 (d) the terms of the Management Stockholders’ Agreement provide that if under certain circumstances Executive ceases to
be an employee of the Company or its Affiliates, the Company and its Affiliates have the right to repurchase the Shares at a price which may, under certain circumstances, be less than the fair market value thereof; 
 (e) Executive understands and has taken cognizance of all the risk factors related to the purchase of the Shares and, other
than as set forth in this Agreement, no representations or warranties have been made to Executive or Executive’s representatives concerning the Shares or the Company or their prospects or other matters; 
 (f) Executive has been given the opportunity to examine all documents and to ask questions of, and to receive answers from,
the Company and its representatives concerning the Company and its Subsidiaries, the Management Stockholders’ Agreement, the Company’s organizational documents and the terms and conditions of the purchase of the Shares and to obtain any
additional information which Executive deems necessary; 
 (g) all information which Executive has provided to
the Company and the Company’s representatives concerning Executive and Executive’s financial position is complete and correct as of the date of this Agreement; and 
 (h) Executive is an “accredited investor” within the meaning of Rule 501(a) under the Securities Act. 

3.3 Other Representations. Executive acknowledges that Blackstone and its Affiliates may, from time to time, provide services to
the Company and its Affiliates for which a fee will be paid by the Company or its Affiliates, including an annual monitoring/advisory fee. 
  

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	4.	Miscellaneous. 

 4.1
Recapitalizations, Exchanges, Etc., Affecting Shares. The provisions of this Agreement shall apply, to the full extent set forth herein with respect to the Shares, to any and all securities of the Company or any successor or assign of the
Company (whether by merger, consolidation, sale of assets or otherwise) which may be issued in respect of, in exchange for, or in substitution of the Shares, by reason of any dividend payable in Shares, issuance of Shares, combination,
recapitalization, reclassification, merger, consolidation or otherwise. 
 4.2 Executive’s Employment. Nothing
contained in this Agreement shall be deemed to obligate the Company or any Subsidiary of the Company or its Affiliates to employ Executive in any capacity whatsoever or to prohibit or restrict the Company (or any such Affiliate) from terminating the
employment of Executive at any time or for any reason whatsoever, with or without cause. 
 4.3 Cooperation. Executive
agrees to cooperate with the Company in taking action reasonably necessary to consummate the transactions contemplated by this Agreement. 
 4.4 Binding Effect. The provisions of this Agreement shall be binding upon and accrue to the benefit of the parties hereto and their respective heirs, legal representatives, successors and assigns;
provided, however, that no transferee shall derive any rights under this Agreement unless and until such transferee has executed and delivered to the Company a valid undertaking and becomes bound by the terms of this Agreement; and provided further
that Blackstone is a third party beneficiary of this Agreement and shall have the right to enforce the provisions hereof. 
 4.5
Amendment; Waiver. This Agreement may be amended only by a written instrument signed by the parties hereto. No waiver by any party hereto of any of the provisions hereof shall be effective unless set forth in a writing executed by the party
so waiving. 
 4.6 Governing Law; Jurisdiction. This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Delaware applicable to contracts made and to be performed therein. Any suit, action or proceeding with respect to this Agreement, or any judgment entered by any court in respect of any thereof, shall be
brought in any court of competent jurisdiction in the State of New York or the State of Delaware, and each of the Company and Executive hereby submits to the exclusive jurisdiction of such courts for the purpose of any such suit, action, proceeding
or judgment. Executive and the Company hereby irrevocably waives (i) any objections which it may now or hereafter have to the laying of the venue of any suit, action or proceeding arising out of or relating to this Agreement brought in any
court of competent jurisdiction in the State of Delaware or the State of New York, (ii) any claim that any such suit, action or proceeding brought in any such court has been brought in any inconvenient forum and (iii) any right to a jury
trial. 
 4.7 Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have
been duly given when delivered by hand or overnight courier or three postal delivery days after it has been mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below in
this Agreement, or to

  

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such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt. 
 (a) If to the Company: 
 BMP/Graham Holdings Corporation 
 c/o Graham Packaging Holdings Company 
 2401 Pleasant Valley Road 
 York, Pennsylvania 17402 
 Attention: General Counsel 
 with a copy (which shall not constitute notice) to: 
 The Blackstone Group 
 345 Park Avenue 
 New York, NY 10154 
 Attention: Chinh Chu 
 If to Executive: 
 To the most recent address of Executive set forth in the personnel records of the Company. 
 4.8 Integration. This Agreement and the documents referred to herein or delivered pursuant hereto which form a part hereof contain the entire understanding of the parties with respect to the
subject matter hereof and thereof. There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein and therein. This
Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 
 4.9
Counterparts. This Agreement may be executed in separate counterparts, and by different parties on separate counterparts each of which shall be deemed an original, but all of which shall constitute one and the same instrument. 
 4.10 Rights Cumulative; Waiver. The rights and remedies of Executive and the Company under this Agreement shall be cumulative and not
exclusive of any rights or remedies which either would otherwise have hereunder or at law or in equity or by statute, and no failure or delay by either party in exercising any right or remedy shall impair any such right or remedy or operate as a
waiver of such right or remedy, nor shall any single or partial exercise of any power or right preclude such party’s other or further exercise or the exercise of any other power or right. The waiver by any party hereto of a breach of any
provision of this Agreement shall not operate or be construed as a waiver of any preceding or succeeding breach and no failure by either party to exercise any right or privilege hereunder shall be deemed a waiver of such party’s rights or
privileges hereunder or shall be deemed a waiver of such party’s rights to exercise the same at any subsequent time or times hereunder. 
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 IN WITNESS WHEREOF, each of the undersigned has executed this Agreement or caused this Agreement to be
executed on its behalf as of the date first written above. 
  

			
	BMP/GRAHAM HOLDINGS CORPORATION
		
	By:	 	/s/ Chinh Chu
	Name:	 	Chinh Chu
	Title:	 	President
	
	David Bullock
	
	/s/ David Bullock

  

					
	Date of Agreement: 	  	May 4, 2009	  	
			
	Closing Date:	  	October 12, 2009	  	
			
	Purchase Price:	  	$250,000	  	
		
	Number of Shares:	  	FMV based on valuation as of December 31, 2008

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