Document:

Document

Exhibit 10.16

EMPLOYMENT CONTRACT

_____________

By and between

APTAR MEZZOVICO SA   (the “Company”) 
Registered Office: Via Cantonale 55, 6805 Mezzovico, Switzerland.
Company registration number: 514.3.004.911-8
Represented by Mr. Thomas Klofac, acting as Chairman of the Board of Directors

and 

Mr. Marc prieur   (the “Employee”)
Address: [Insert Address]

The parties hereto agree as follows:

Whereas:
The Aptargroup group (hereafter “Aptar Group”) is a leading global provider of a broad range of innovative packaging, dispensing and sealing solutions, primarily for the beauty, personal care, home care, prescription drug, consumer health care, injectables, food, and beverage markets.
The development of the Aptar Group is global.
Some transverse and central functions might be located in Europe to provide strategic services and general management assistance to the affiliates of the Aptar Group, together with Aptargroup, Inc., the Company’s ultimate shareholder, located in Crystal Lake, USA.
In this context, Mr. Marc Prieur has been employed by Aptar Mezzovico SA by employment contract of July 9th 2018 in the function as President of Aptar's Food + Beverage Segment. 
The Company offered to Mr Marc Prieur a new position as President of Aptar's Beauty + Home Segment, which the Employee intends to accept. 
For this purpose, the parties wish to conclude a new employment contract with the terms and conditions set out in this agreement (the “Employment Contract”).

Article 1 - Functions

As of December 1st, 2019, Mr. Marc Prieur holds the position of “President, Aptar Beauty + Home” and his duties shall essentially be to direct all global activities of the Beauty + Home segment and ensure its growth. 
At operational level, Mr. Marc Prieur shall report directly to the Group President and Chief Executive Officer.
Mr. Marc Prieur shall be a member of the Group Executive Committee (“ExCom”). 
The duties of Mr. Marc Prieur may, by their nature, evolve according to the organization and the activities of Aptar Group in general.

Article 2 - Effective Date, Term of Contract – Period of Notice - Seniority

This Employment Contract is effective as of December 1st, 2019 and shall remain in full force and effect for an unlimited period. There is no probation period.

This Employment Contract cancels and replaces all prior employment agreements entered by Mr. Marc Prieur with Aptar Mezzovico SA and with other legal entities held directly or indirectly by AptarGroup, Inc., including the employment contract dated July 9th 2018, which terminates on 30 November 2019. The Employee acknowledges and accepts that he has no rights and entitlements against the Company or any Aptar Group company other than those set out in this Employment Contract.
Each party has the right to terminate this Employment Contract by giving advance written notice of 6 (six) months, such termination being effective at the end of the sixth calendar month following such notification. The Employment Contract may be terminated with immediate effect for good reason pursuant to Art. 337 Swiss Code of Obligations.
In any case, this Employment Contract shall expire at the end of the month in which Mr. Marc Prieur reaches the ordinary retirement age, according to the then applicable Swiss law, without any need for further motivation, in particular without any need for prior notification.
Mr. Marc Prieur was first hired by an Aptar Group legal entity on June 1st, 1998 and such seniority within Aptar Group shall be taken into account to determine the length of service with the Company, as far as rights and obligations are concerned.

Article 3 -  Compensation

Mr. Marc Prieur will receive a base gross annual salary equal to CHF 532,000 (five hundred thirty two thousand Swiss Francs), settled in 13 (thirteen) equal monthly payments, paid at the end of each month, after deduction of the social contributions, insurance premiums and any further withholding taxes in accordance with any applicable law.
In addition to the above, Mr. Marc Prieur is entitled to:
•An annual Short-Term Incentive (“STI”), according to STI Compensation Plan of Aptar Group: the target of such will be 75% (seventy-five percent) of gross annual base salary. The STI can vary from 0% (zero percent) to 200% (two hundred percent) of the above target. The STI Compensation Plan may be subject to subsequent amendments. The STI, if any, will be paid, if accrued, after deduction of the social contributions, insurance premiums and any further withholding taxes, in accordance with the applicable laws and, usually, with March’s pays slip of the following calendar year of reference.
–For the period between December 1st and December 31st, 2019, the STI with 75% target will be paid prorata temporis in accordance with the achievements of the Food + Beverage Segment for the year 2019.
–From January 1st 2020, the achievements of the Beauty + Home Segment will be relevant.
•A housing allowance, equal to a monthly net amount of
–CHF 937.50 (nine hundred thirty-seven Swiss Francs and fifty cents) from June 1st, 2019 until May 31st, 2020.
The housing allowance will be subject to social and tax contributions in accordance with applicable laws. It will expire on June 1st, 2020. 
•An insurance policy covering pure risk in case of death for accident or illness with a coverage amount of CHF 500,000 (five hundred thousand Swiss Francs).

Aptar Mezzovico Sa | Via Cantonale 55 | 6805 Mezzovico | Switzerland | Tel. +41 91 935 90 90 | Fax +41 91 935 90 82 |

•A Previnter insurance, contributed by the Company but deducted from the monthly net salary, up to CHF 911 (nine hundred eleven Swiss Francs) at the date hereof, such amount being reviewed on a yearly basis.
Mr Marc Prieur will be eligible to participate in Long-Term Incentives ("LTI") according to the Aptargroup, Inc. 2018 Equity Incentive Plan.

Article 4 -  Company car and other equipment

Mr. Marc Prieur will be provided with a company car according to the Aptar car policy in Switzerland. Such company car can also be used for private purposes, which is considered as a benefit in kind and subject to social and tax contributions.
Mr. Marc Prieur will also be provided with mobile devices, the use of which is governed by the “Aptar Mobility Policy for Europe”.
Mr. Marc Prieur will lose entitlement to the company car, the mobile devices and any further equipment in case of termination of this Employment Contract; he will therefore be required to return such equipment to the Company at the latest within the notice period.

Article 5 -  Place of Work

Mr. Marc Prieur’s main place of work will remain Aptar Mezzovico’s registered office. 
Depending on the needs of the position he holds, Mr. Marc Prieur may undertake business trips and temporary missions abroad; such business trips shall not bring about any change of place of residence and will be subject to reimbursement of necessary professional expenses on presentation of the corresponding receipts.
Moreover, for reasons relating to the organization and the smooth functioning of Aptar Mezzovico or of Aptar Group, Mr. Marc Prieur’s main place of work could be modified. Such transfer shall comply, as the case may be, with Aptar Group’s relocating policy.

Article 6 -  Working Hours and Vacation

Mr. Marc Prieur is hired full-time. Given the level of initiative that is required by the position that Mr. Marc Prieur holds, the latter undertakes to carry out his function fully and diligently and should devote all the time that is necessary in this respect.
Ordinary working time and overtime are included in the gross annual base salary mentioned above.
Mr. Marc Prieur is entitled, for each calendar year, to 28 (twenty-eight) days of paid vacation. These vacation days will be taken considering Aptar Group’s and the Company’s needs and in accordance with the Internal Regulations. Vacation days must be used during the calendar year in which they were accrued.  

Aptar Mezzovico Sa | Via Cantonale 55 | 6805 Mezzovico | Switzerland | Tel. +41 91 935 90 90 | Fax +41 91 935 90 82 |

Article 7 -  Terms and Conditions 

a.7.1. Confidentiality
Mr. Marc Prieur shall strictly and absolutely refrain from disclosing any information or confidential material he might obtain in the course of his function, regardless of their nature or origin. This obligation shall survive and continue in full force and effect despite termination and regardless of the reason of its termination. Breach of this clause shall be considered as a case of dismissal for cause according to Art. 337 CO of the Swiss “Code des Obligations”.

b.7.2. Internal Policies and Regulations
Mr. Marc Prieur is also bound by the various Aptar Group policies that affect the category of executives he belongs to. By signing this Employment Contract, Mr. Marc Prieur confirms that he has received and accepted the following internal regulations,
•Group Policies and Regulations:
–Compliance Manual, including the Conflict of Interest Policy and the Insider Trading Policy,
–Mobility Policy for Europe
–Travel Policy
–Social Media Policy
–G15 Policy for Corporate Approval and Notification
–Internal Data Protection
•Company’s Policies and Regulations:
–Internal Regulation
–Expense Regulation
–Pension Regulation
–Company Car Policy
Where the terms of this Employment Contract do not coincide with the above internal policies and regulations, the terms of this Employment Contract shall prevail.

c.7.3. Prohibition form working for third parties
Mr. Marc Prieur undertakes to not perform any other type of work during the employment relationship, in any form whatsoever, even if not in competition with the Company or Aptar Group, without prior written consent of both the Company and Aptar Group.

d.7.4. Notification of Personal Data
Mr. Marc Prieur shall inform the Company without delay of any change that might occur in respect of his civil status, family situation, address, or any other change, which would be relevant for the purpose of the performance of this Employment Contract or according to Swiss social insurance applicable law. 
The Company undertakes to use such personal information only for the purpose of good administration and compliance with the relevant legal requirements.
Mr. Marc Prieur hereby gives his consent to the processing of his personal data for a specific and legitimate purpose.

Article 8 -  Non Competition

i.Because of the Company’s and Aptar Group’s needs to protect all techniques, methods, processes, know-how and other information that may be conveyed to Mr. Marc Prieur and that contribute to the 

Aptar Mezzovico Sa | Via Cantonale 55 | 6805 Mezzovico | Switzerland | Tel. +41 91 935 90 90 | Fax +41 91 935 90 82 |

efficiency of its business, Mr. Marc Prieur, given the nature of his responsibilities, shall refrain from:
•Working, either directly or indirectly, in any form whatsoever or through any intermediary, for the benefit of private individuals or corporate entities or any other organization having a Competing or Similar Activity;
•Acquiring an interest, whether directly, indirectly or through any intermediary, in any form whatsoever (e.g. creating a business, acquiring a stake) in any private individual or corporate entity or any other organization having a Competing or Similar Activity. 
“Competing or Similar Activity” shall be understood as anything with a direct or indirect relation to the activity of Aptar Group, i.e. developing, manufacturing and selling innovative packaging, dispensing and sealing solutions for the packaging of consumer products, which Mr Marc Prieur gained insight of during the 24 months prior to the last day of his employment, including any insights into the Food + Beverage Segment.  

ii.This non-competition obligation shall apply worldwide. The geographic scope of this clause shall apply both to the location of the domicile or registered office of the above-mentioned private individual or corporate entity having a Competing or Similar Activity and to the pursuit of the Competing or Similar Activity as such.

iii.The present clause shall apply for a period of 2 (two) years commencing on the date of the effective termination of this Employment Contract, whether or not Mr. Marc Prieur works for the duration of his period of notice. 

iv.In consideration for this non-competition obligation, Mr. Marc Prieur shall receive for the duration of application of this clause following termination of this Employment Contract, except in case of dismissal for cause listed under Art. 337 CO, a fixed amount for special compensation equal to 50% (fifty percent) of the average monthly gross salary (including the STI) received by him during his last 12 (twelve) months’ presence in the Company. This compensation shall be paid as from the effective end of his activity for the duration of implementation of this Article 8, until the nearest of the two following dates: end of application of this Article 8 or Mr. Marc Prieur’s retirement according to Swiss social insurance law (“LAVS”).

v.In the event Mr. Marc Prieur does not comply with the present clause, the Company shall be released from its obligation to pay financial compensation. Furthermore, Mr. Marc Prieur shall automatically owe a lump sum corresponding to 1 (one) years’ salary based on the average monthly salary (including the STI) received by him during the last 12 (twelve) months’ presence in the Company. Such lump sum shall be paid to the Company for any infringement observed, without formal notice to end the competing activity being necessary. The payment of such lump sum does release the Employee from his obligation under this Article 8, and does not exclude any right that the Company reserves to sue Mr. Marc Prieur for compensation for the harm actually caused and to take out an injunction to ensure that he ends the Competing or Similar Activity.

vi.However, the Company reserves the option of releasing Mr. Marc Prieur from the non-competition obligation.  In this case, the Company shall inform Mr. Marc Prieur accordingly in writing within 7 (seven) days from the notification of the termination of this Employment Contract. The Company shall then be released from its obligation to pay the financial compensation provided for in clause 8.4 above.

vii.The Company also reserves the option of releasing Mr. Marc Prieur from the non-competition obligation at the end a one (1) year period commencing on the date of the effective termination of this Employment Contract; in such case, Mr. Marc Prieur will be informed by registered letter return receipt requested, within 90 (ninety) days prior to the end of this one year period. The Company shall then be released from its obligation to pay the financial compensation provided for in clause 8.4 above.

Aptar Mezzovico Sa | Via Cantonale 55 | 6805 Mezzovico | Switzerland | Tel. +41 91 935 90 90 | Fax +41 91 935 90 82 |

viii.The provisions of this Article 8 shall not be exclusive of any other non-competition clause provided for in any other document executed by Mr. Marc Prieur with any company within Aptar Group, notably, but not limited to, Aptargroup, Inc. Stock Option Agreements for Employees or Restricted Stock Units Awards.

Article 9 -  Non Solicitation of Employees

Mr. Marc Prieur hereby commits not to, without the Company’s or Aptar Group’s prior written consent solicit or having anybody solicit, whether directly or indirectly, in the framework of an activity outside the Company or Aptar Group, the services of employees, whether full-time or part-time or under discussions, of the Company or any other affiliate of Aptar Group.

Article 10 -  Intellectual Property

During the term of this Employment Contract, and for a 1 (one) year period after the termination of this Employment Contract notwithstanding the cause of its termination, Mr. Marc Prieur hereby agrees and acknowledges, without reservation or exception, and without any additional compensation other than what is provided for in this Employment Contract:
•To inform the Company of all inventions, improvements, plans, etc. carried out by himself in the field of activity of Aptar Group, including inventions and designs according to Art. 332 paragraph 2 CO;
•To vest in the Company or in any company within Aptar Group requesting it in writing and within 6 (six) months from the information, the exclusive ownership in Switzerland or abroad of such inventions,  improvements, plans, etc. insofar as the Company does not already own them, according to Art. 332 paragraph 1 CO;
•To fill in for that purpose all formalities and procedures necessary to allow the Company to be the legitimate owner of the abovementioned inventions, improvements, plans etc...
Furthermore Mr. Marc Prieur shall waive to the Company or to any company within Aptar Group requesting it, all title and rights, he may have in Switzerland or abroad, to an invention made with a third party and within the scope materials, machines or products manufactured and sold by Aptar Group.
In return for such transfer and waiver of ownership, the Company shall, any time it deems it fair and possible, have the name of Mr. Marc Prieur figure as inventor in the summary of the patent that will be filed by the said company to protect Mr. Marc Prieur invention. Both parties will also discuss, in all fairness, the compensation, the amount and the form of which will be, in any case, appraised by the said company.

Article 11 -  Miscellaneous

i.The cancellation of any one of the provisions of this Employment Contract shall not terminate the Employment Contract as long as the litigious clause is not considered by both parties as essential and determining to the agreement herein, and the cancellation does not challenge the general balance of the Employment Contract. In the event of cancellation of any of the provisions herein, the parties shall, in any case, endeavor to negotiate in good faith the drawing up of an economically equivalent clause.

ii.The failure of either party at any time to enforce or request for enforcement of any provision of this Employment Contract shall not be construed as a waiver of such provision.

Aptar Mezzovico Sa | Via Cantonale 55 | 6805 Mezzovico | Switzerland | Tel. +41 91 935 90 90 | Fax +41 91 935 90 82 |

iii.Any waiver by a party of any of its rights, or any change of any provision of this Employment Contract, shall not come into force except in writing, and if duly signed by both parties.

iv.The employment relationship between the parties are governed exclusively by and construed in accordance with the laws of Switzerland.

v.In case of controversy, the Court of residence of the defendant or of the place where the Employee usually exercises his professional activity is competent to rule on disputes arising from this Employment Contract.

vi.For all matters not provided by this Employment Contract, reference is made to the Swiss laws (Code of Obligations, Federal Labor Law, and other applicable federal and cantonal ordinances), the then current regulations and policies applicable to the Company and Aptar Group and their subsequent amendments.

vii.Any amendment to this Employment Contract shall be made in writing.

viii.This Employment Contract is drawn up in two original copies, one for each party.

Executed in Mezzovico, on December 4, 2019

															
					
					
		On behalf of			
		Aptar Mezzovico SA			
					
		/s/ KATIA IMMER		/s/ RAFFAELE BERNASCONI	
		Katie Immer		Raffaele Bernasconi	
		Head of Human Resources		Member of the Board of Directors	
					
			(« Read and Approved »)
		
					
			/s/ MARC PRIEUR		
			Mr. Marc Prieur		
					

Aptar Mezzovico Sa | Via Cantonale 55 | 6805 Mezzovico | Switzerland | Tel. +41 91 935 90 90 | Fax +41 91 935 90 82 |

Marc Prieur
[Insert Address]

Strictly confidential and personal

Mezzovico, December 20th 2019

Dear Marc, 

Further to your appointment as President of the Beauty + Home Segment and to the Executive Committee of the Aptargroup, we are pleased to provide additional guarantees to these promotions in compensation of the loss of your job, including in the event of a change in control, which have been aligned with the standard for Executive Committee members currently in effect in the U.S. 

The following terms and conditions are in addition, and not in replacement or modification to the terms and conditions governing the termination of employment under the employment contract with Aptar Mezzovico SA or any other employing Aptar group entity at the time ("Employer"). Therefore, the Change in Control Compensation (as defined below) and Severance Compensation (as defined below), as applicable, are in addition to the base salary and any prorated bonus as well as the post-termination non-compete allowance and any other contractual fringe benefits, if any, defined in the Employment Contract.

A.Change in Control Compensation

The definition of "Change in Control" is set out below in the appendices to this letter.

In the event that, within two years following a Change in Control, you were to be dismissed involuntarily by the Employer for any reason whatsoever, except for serious or gross negligence or dismissal for long-term sickness or disability, the Company will pay you a compensation (called "Change in Control Compensation") intended to compensate you for the consequences and any damages resulting from this termination, including the indemnities which you may be entitled to, if any, as a result of the termination under local applicable laws. 

In line with the U.S. standard of paying a total of 2.5 years of annual compensation, the gross amount of the Change in Control Compensation payable to you shall be equal to:

–One year of the base gross salary you will have received during the 12 calendar months preceding the notification of your dismissal and the average annual gross bonus ("short term incentive") actually received during the three years prior to the dismissal.

Aptar Mezzovico Sa | Via Cantonale 55 | 6805 Mezzovico | Switzerland | Tel. +41 91 935 90 90 | Fax +41 91 935 90 82 |

B.Severance Compensation

In the event that you were to be dismissed involuntarily by the Employer for any reason whatsoever, except for serious or gross negligence or dismissal for long-term sickness or disability, and except in the event of a Change in Control, the Company will pay you severance (called "Severance Compensation") intended to compensate you for the consequences and any damages resulting from this termination, including the indemnities which you may be entitled to, if any, as a result of the termination under local applicable laws.

In line with the U.S. standard of paying a total of 2 years of annual compensation, the gross amount of the Severance Compensation payable to you shall be equal to:

–Six months of the base gross salary as in effect at the time of the notification of your dismissal and the prorated average annual gross bonus ("short term incentive") actually received during the three years prior to the dismissal.

C.Further terms and conditions

The portion of the Change in Control Compensation or Severance Compensation, as applicable, exceeding any statutory or contractual severance payments that would be due to you on the occasion of your dismissal under your Employment Contract or applicable local law, is conditional on you signing a termination agreement within three months after the notice of dismissal, (i) renewing the non-compete obligation as set out in the Employment Contract, and (ii) confirming your waiver of any claims against the Employer, the Company and all entities of the Aptargroup concerning the conclusion, the terms and conditions, performance and termination of your Employment Contract and employment relationship.

This letter is construed under and governed by Swiss law.

With warm regards.
															
					
					
		On behalf of			
		Aptar Mezzovico SA			
					
		/s/ KATIA IMMER		/s/ RAFFAELE BERNASCONI	
		Katie Immer		Raffaele Bernasconi	
		Head of Human Resources		Member of the Board of Directors	
					
			(« Read and Approved »)
		
					
			/s/ MARC PRIEUR		
			Mr. Marc Prieur		
					

Aptar Mezzovico Sa | Via Cantonale 55 | 6805 Mezzovico | Switzerland | Tel. +41 91 935 90 90 | Fax +41 91 935 90 82 |

Annex: Definitions: Change in Control

									
	Change in Control	For purposes of this side letter, “Change in Control” shall mean:
	1.	the acquisition by any individual, entity or group (a “Person”), including any “person” within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of beneficial ownership within the meaning of Rule 13d-3 promulgated under the Exchange Act, of more than 50% of either (i) the then outstanding shares of common stock of Aptargroup, Inc. (the “Outstanding Aptar Common Stock”) or (ii) the combined voting power of the then outstanding securities of Aptargroup, Inc. entitled to vote generally in the election of directors (the “Outstanding Aptar Voting Securities”); provided, however, that the following acquisitions shall not constitute a Change in Control: (A) any acquisition directly from Aptargroup, Inc. (excluding any acquisition resulting from the exercise of a conversion or exchange privilege in respect of outstanding convertible or exchangeable securities unless such outstanding convertible or exchangeable securities were acquired directly from Aptargroup, Inc.), (B) any acquisition by Aptargroup, Inc., (C) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by Aptargroup, Inc. or any corporation controlled by Aptargroup, Inc. or (D) any acquisition by any corporation pursuant to a reorganization, merger or consolidation involving Aptargroup, Inc., if, immediately after such reorganization, merger or consolidation, each of the conditions described in clauses (i), (ii) and (iii) of Article 7.8.3 shall be satisfied; and provided further that, for purposes of clause (B), if any Person (other than Aptargroup, Inc. or any employee benefit plan (or related trust) sponsored or maintained by Aptargroup, Inc. or any corporation controlled by Aptargroup, Inc.) shall become the beneficial owner of more than 50% of the Outstanding Aptar Common Stock or more than 50% of the Outstanding Aptar Voting Securities by reason of an acquisition by Aptargroup, Inc. and such Person shall, after such acquisition by Aptargroup, Inc., become the beneficial owner of any additional shares of the Outstanding Aptar Common Stock or any additional Outstanding Aptar Voting Securities and such beneficial ownership is publicly announced, such additional beneficial ownership shall constitute a Change in Control;
		2.	individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of such Board; provided, however, that any individual who becomes a director of Aptargroup, Inc. subsequent to the date hereof whose election, or nomination for election by Aptargroup, Inc.’s stockholders, was approved by the vote of at least a majority of the directors then comprising the Incumbent Board shall be deemed to have been a member of the Incumbent Board; and provided further, that no individual who was initially elected as a director of Aptargroup, Inc. as a result of an actual or threatened solicitation by a Person other than the Board for the purpose of opposing a solicitation by any other Person with respect to the election or removal of directors or any other actual or threatened solicitation of proxies or consents by or on behalf of any Person other than the Board shall be deemed to have been a member of the Incumbent Board;

Aptar Mezzovico Sa | Via Cantonale 55 | 6805 Mezzovico | Switzerland | Tel. +41 91 935 90 90 | Fax +41 91 935 90 82 |

									
		3.	consummation of a reorganization, merger or consolidation unless, in any such case, immediately after such reorganization, merger or consolidation, (i) 50% or more of the then outstanding shares of common stock of the corporation resulting from such reorganization, merger or consolidation and 50% or more of the combined voting power of the then outstanding securities of such corporation entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals or entities who were the beneficial owners, respectively, of the Outstanding Aptar Common Stock and the Outstanding Aptar Voting Securities immediately prior to such reorganization, merger or consolidation and in substantially the same proportions relative to each other as their ownership, immediately prior to such reorganization, merger or consolidation, of the Outstanding Aptar Common Stock and the Outstanding Aptar Voting Securities, as the case may be, (ii) no Person (other than Aptargroup, Inc., any employee benefit plan (or related trust) sponsored or maintained by Aptargroup, Inc. or the corporation resulting from such reorganization, merger or consolidation (or any corporation controlled by Aptargroup, Inc.) and any Person which beneficially owned, immediately prior to such reorganization, merger or consolidation, directly or indirectly, more than 50% of the Outstanding Aptar Common Stock or the Outstanding Aptar Voting Securities, as the case may be) beneficially owns, directly or indirectly, more than 50% of the then outstanding shares of common stock of such corporation or more than 50% of the combined voting power of the then outstanding securities of such corporation entitled to vote generally in the election of directors and (iii) at least a majority of the members of the board of directors of the corporation resulting from such reorganization, merger or consolidation were members of the Incumbent Board at the time of the execution of the initial agreement or action of the Board providing for such reorganization, merger or consolidation; or
		4.	consummation of (i) a plan of complete liquidation or dissolution of Aptargroup, Inc. or (ii) the sale or other disposition of all or substantially all of the assets of Aptargroup, Inc. other than to a corporation with respect to which, immediately after such sale or other disposition, (A) 50% or more of the then outstanding shares of common stock thereof and 50% or more of the combined voting power of the then outstanding securities thereof entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Aptar Common Stock and the Outstanding Aptar Voting Securities immediately prior to such sale or other disposition and in substantially the same proportions relative to each other as their ownership, immediately prior to such sale or other disposition, of the Outstanding Aptar Common Stock and the Outstanding Aptar Voting Securities, as the case may be, (B) no Person (other than Aptargroup, Inc., any employee benefit plan (or related trust) sponsored or maintained by Aptargroup, Inc. or such corporation (or any corporation controlled by Aptargroup, Inc.) and any Person which beneficially owned, immediately prior to such sale or other disposition, directly or indirectly, more than 50% of the Outstanding Aptar Common Stock or the Outstanding Aptar Voting Securities, as the case may be) beneficially owns, directly or indirectly, more than 50% of the then outstanding shares of common stock thereof or more than 50% of the combined voting power of the then outstanding securities thereof entitled to vote generally in the election of directors and (C) at least a majority of the members of the board of directors thereof were members of the Incumbent Board at the time of the execution of the initial agreement or action of the Board providing for such sale or other disposition.

Aptar Mezzovico Sa | Via Cantonale 55 | 6805 Mezzovico | Switzerland | Tel. +41 91 935 90 90 | Fax +41 91 935 90 82 |Document

Exhibit 10.37

AMENDMENT No. 1 TO CREDIT AGREEMENT

This AMENDMENT NO. 1 TO CREDIT AGREEMENT (this “Amendment”) dated as of January 22, 2021 is entered into by and among APTARGROUP, INC., a Delaware corporation (the “Company”), APTARGROUP UK HOLDINGS LIMITED, a private limited company organized under the laws of England (the “UK Borrower”; together with the Company, collectively, the “Borrowers” and each a “Borrower”), WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for the Lenders (as defined in the Credit Agreement described below) (in such capacity, the “Administrative Agent”) and in its capacity as the maker of swingline loans (in such capacity, the “Swingline Lender”), and each of the Lenders signatory hereto.  Each capitalized term used and not otherwise defined in this Amendment has the definition specified in the Credit Agreement described below.  
WITNESSETH:
WHEREAS, the Borrowers, the Administrative Agent and the Lenders party thereto have entered into that certain Credit Agreement dated as of July 20, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), pursuant to which the Lenders have made available to the Borrowers certain senior credit facilities; 
WHEREAS, the Borrower has advised the Administrative Agent and the Lenders that it desires to amend the Credit Agreement as set forth herein; and  
WHEREAS, the Administrative Agent, the Swingline Lender and the Lenders party hereto are willing to so amend the Credit Agreement on the terms and conditions contained in this Amendment; 
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto hereby agree as follows:
1.Amendments to Credit Agreement.  Subject to the terms and conditions set forth herein, the Credit Agreement is hereby amended as follows:
(a)Section 6.21(a) is amended and restated in its entirety as follows:
(a)    If at any time any Subsidiary becomes a guarantor or an obligor, whether as a borrower or an additional borrower or co-borrower or otherwise, for or in respect of any Debt under any Material Credit Facility or any Existing Note Purchase Agreement, then the Company will promptly notify the Administrative Agent thereof and, concurrently therewith, cause such Subsidiary to become a Subsidiary Guarantor by way of execution of a Subsidiary Guaranty (or a joinder to an existing Subsidiary Guaranty) and, concurrently with becoming a Subsidiary Guarantor, deliver to the Administrative Agent all documents, certificates and opinions as may be reasonably requested by the Administrative Agent (including, without limitation, resolutions, Organization Documents, incumbency certificates, legal opinions and documentation and other information requested by the Administrative Agent and each Lender in order to comply with requirements of the PATRIOT Act, applicable “know your customer” and anti-money laundering rules and regulations).
138588587_3

(b)Section 6.21(b) is amended by deleting the reference therein to “(other than any Material Domestic Subsidiary or any Subsidiary that became a Subsidiary Guarantor as a result of being a Material Domestic Subsidiary at any time, the release of which, in each case, shall be subject to Section 8.10)” in its entirety.
(c)Section 9 is amended by adding the following new Section 9.20 to the end thereof.
Section 9.20    Acknowledgement Regarding Any Supported QFCs.   To the extent that the Credit Documents provide support, through a guarantee or otherwise, for Hedge Agreements or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and, each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the FDIC under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Credit Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States): 
(a)    In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Credit Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Credit Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.  
(b)    As used in this Section 9.20, the following terms have the following meanings:
“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.
“Covered Entity” means any of the following:
(i)    a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);
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(ii)    a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or
(iii)    a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).
“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).     
The amendments set forth in this Section 1 are limited to the extent specifically set forth above and no other terms, covenants or provisions of the Credit Agreement are intended to be affected hereby.  
2.Effectiveness; Condition Precedent.  The effectiveness of this Amendment and the amendments provided in Section 1 are subject to the Administrative Agent’s receipt of this Amendment, duly executed by the Borrowers, the Administrative Agent and Lenders constituting Required Lenders.
3.Representations and Warranties.  In order to induce the Administrative Agent, the Swingline Lender and the Lenders to enter into this Amendment, each Borrower represents and warrants to the Administrative Agent, the Swingline Lender and the Lenders as follows:
(i)The representations and warranties made by it in Section 5 of the Credit Agreement are true and correct in all material respects on and as of the date hereof, except that (i) if a qualifier relating to materiality or Material Adverse Effect applies, such representation or warranty is true and correct in all respects, (ii) if such representation or warranty specifically refers to an earlier date, such representation or warranty is true and correct in all material respects as of such earlier date (except that if a qualifier relating to materiality or Material Adverse Effect applies, such representation or warranty is true and correct in all respects as of such earlier date), (iii) for purposes of this Amendment, the representations and warranties contained in Section 5.9 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a)(i) and (ii), respectively, of Section 6.6 of the Credit Agreement and (iv) for purposes of Section 5.16, such representation and warranty shall be deemed made after giving effect to this Amendment;
(ii)This Amendment has been duly authorized, executed and delivered by each Borrower and constitutes a legal, valid and binding obligation of each Borrower, except as may be limited by general principles of equity or by the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally; and
(iii)After giving effect to this Amendment, no Default or Event of Default has occurred and is continuing or will exist.
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4.Entire Agreement.  This Amendment, together with the Credit Documents (collectively, the “Relevant Documents”), sets forth the entire understanding and agreement of the parties hereto in relation to the subject matter hereof and supersedes any prior negotiations and agreements among the parties relating to such subject matter.  No promise, condition, representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied on any such promise, condition, representation or warranty.  Each of the parties hereto acknowledges that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any party to the other in relation to the subject matter hereof or thereof.  None of the terms or conditions of this Amendment may be changed, modified, waived or canceled orally or otherwise, except in writing and in accordance with Section 9.1 of the Credit Agreement. 
5.Full Force and Effect of Amendment.  Except as hereby specifically amended, modified or supplemented, the Credit Agreement and all other Credit Documents are hereby confirmed and ratified in all respects and shall be and remain in full force and effect according to their respective terms. 
6.Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy, facsimile or other electronic transmission (including .pdf) shall be effective as delivery of a manually executed counterpart of this Amendment. 
7.Governing Law.  This Amendment shall in all respects be governed by, and construed in accordance with, the laws of the State of New York.
8.Enforceability.  Should any one or more of the provisions of this Amendment be determined to be illegal or unenforceable as to one or more of the parties hereto, all other provisions nevertheless shall remain effective and binding on the parties hereto.
9.References.  All references in any of the Credit Documents to the “Credit Agreement” shall mean the Credit Agreement, as amended hereby and as from time to time hereafter further amended, modified, supplemented, restated or amended and restated.
10.Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the Borrower, the Administrative Agent, the Swingline Lender, each Lender and their respective successors and assignees to the extent such assignees are permitted assignees as provided in Section 9.6 of the Credit Agreement. 
[Signature pages follow.]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to Credit Agreement to be executed as of the date first above written.
									
		BORROWERS:
			
		APTARGROUP, INC.
			
		By:	/s/ Robert W. Kuhn
		Name:	Robert W. Kuhn
		Title:	Executive Vice President, Chief Financial Officer
			
		APTARGROUP UK HOLDINGS LIMITED
			
		By:	/s/ Robert W. Kuhn
		Name:	Robert W. Kuhn
		Title:	Director

AMENDMENT NO. 1 TO CREDIT AGREEMENT
Signature Page

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		ADMINISTRATIVE AGENT:
			
		WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent

			
		By:	/s/ Kay Reedy
		Name:	Kay Reedy
		Title:	Managing Director
			

AMENDMENT NO. 1 TO CREDIT AGREEMENT
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		LENDERS:
			
		WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender and Swingline Lender

			
		By:	/s/ Kay Reedy
		Name:	Kay Reedy
		Title:	Managing Director
			

AMENDMENT NO. 1 TO CREDIT AGREEMENT
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		WELLS FARGO BANK, N.A., LONDON BRANCH, as a Lender

			
		By:	/s/ Daniel Clarke
		Name:	Daniel Clarke
		Title:	Director
			

AMENDMENT NO. 1 TO CREDIT AGREEMENT
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		BANK OF AMERICA, N.A., as a Lender

			
		By:	/s/ Stephen J. D’Elia
		Name:	Stephen J. D’Elia
		Title:	Vice President
			

AMENDMENT NO. 1 TO CREDIT AGREEMENT
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		JPMORGAN CHASE BANK, N.A., as a Lender

			
		By:	/s/ Peter S. Predun
		Name:	Peter S. Predun
		Title:	Executive Director
			

AMENDMENT NO. 1 TO CREDIT AGREEMENT
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		HSBC BANK USA, N.A., as a Lender

			
		By:	/s/ Shaun Kleinman
		Name:	Shaun Kleinman
		Title:	Senior Vice President
			

AMENDMENT NO. 1 TO CREDIT AGREEMENT
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		BNP PARIBAS, as a Lender

			
		By:	/s/ Rick Pace
		Name:	Rick Pace
		Title:	Managing Director
			
		By:	/s/ Michael Lefkowitz
		Name:	Michael Lefkowitz
		Title:	Vice President

AMENDMENT NO. 1 TO CREDIT AGREEMENT
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		PNC BANK, NATIONAL ASSOCIATION, as a Lender

			
		By:	/s/ Debra Hoffenkamp
		Name:	Debra Hoffenkamp
		Title:	Assistant Vice President
			

AMENDMENT NO. 1 TO CREDIT AGREEMENT
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		U.S. BANK NATIONAL ASSOCIATION, as a Lender

			
		By:	/s/ James N. DeVries
		Name:	James N. DeVries
		Title:	Senior Vice President
			

AMENDMENT NO. 1 TO CREDIT AGREEMENT
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		SOCIÉTÉ GÉNÉRALE, LONDON BRANCH, as a Lender

			
		By:	/s/ Francois Pannetier
		Name:	Francois Pannetier
		Title:	Managing Director
			

AMENDMENT NO. 1 TO CREDIT AGREEMENT
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		SOCIÉTÉ GÉNÉRALE, as a Lender

			
		By:	/s/ Philippe Madar
		Name:	Philippe Madar
		Title:	Managing Director
			

AMENDMENT NO. 1 TO CREDIT AGREEMENT
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		DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender

			
		By:	/s/ Ming K. Chu
		Name:	Ming K. Chu
		Title:	Director
			
		DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender

			
		By:	/s/ Marko Lukin
		Name:	Marko Lukin
		Title:	Vice President

AMENDMENT NO. 1 TO CREDIT AGREEMENT
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		THE NORTHERN TRUST COMPANY, as a Lender

			
		By:	/s/ Joseph A. Kozak
		Name:	Joseph A. Kozak
		Title:	Second Vice President
			

AMENDMENT NO. 1 TO CREDIT AGREEMENT
Signature Page

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