Document:

Exhibit 10.1

 

FORM OF
VOTING AGREEMENT

 

This VOTING AGREEMENT
(this “Agreement”), is dated as of August 24, 2016, by and between BERRY PLASTICS GROUP, INC., a Delaware
corporation (“Parent”), and [●] (“Stockholder”).

 

WHEREAS, in connection
with Parent, Holdings, Merger Sub, Merger Sub LLC and Purchaser entering into an Agreement and Plan of Merger, dated as of the
date hereof (the “Merger Agreement”), with Berry Plastics Group, Inc., a Delaware corporation (the “Company”),
Parent has requested Stockholder, and Stockholder has agreed, to enter into this Agreement with respect to all shares of common
stock, par value $0.01 per share, of the Company (the “Company Common Stock”) that Stockholder beneficially
owns (such shares, together with all other shares of Company Common Stock acquired (whether beneficially or of record) by Stockholder
after the date hereof and prior to the earlier of the Effective Time (as defined in the Merger Agreement) and the Expiration Time
(but excluding any shares of the Company sold or transferred on or after the date hereof in compliance with Section 4.01(b)),
the “Shares”);

 

WHEREAS, capitalized terms
used but not otherwise defined herein shall have the respective meanings set forth in the Merger Agreement; and

 

WHEREAS, Stockholder acknowledges
that Parent, Holdings, Merger Sub and Merger Sub LLC are entering into the Merger Agreement in reliance on the representations,
warranties, covenants and other agreements of Stockholder set forth in this Agreement.

 

NOW, THEREFORE, in consideration
of the representations, warranties, covenants and other agreements contained in this Agreement and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows:

 

Article
I

 

Voting
Agreement

 

Section 1.01    Voting
Agreement.  From the date hereof until the earlier of (i) the time the Company Stockholder Approval has been obtained
and (ii) the termination of this Agreement in accordance with Section 5.02, Stockholder hereby agrees to vote or, as applicable,
cause or direct to be voted, all Shares at the time of any vote (A) to approve and adopt the Merger

 

     

     

    

 

Agreement and the Integrated Mergers at the
Company Stockholders’ Meeting, and at any adjournment or postponement thereof, at which such Merger Agreement is submitted
for the consideration and vote of the stockholders of the Company and (B) against any other action, agreement or transaction that
would reasonably be expected to materially impede, interfere with, delay or postpone any of the Transactions.  Stockholder
further agrees that it will not vote or, as applicable, cause or direct to be voted, any Shares in favor of and will vote against
the approval of any Takeover Proposal.  Stockholder hereby revokes any and all previous proxies or powers of attorney
granted with respect to the Shares.  Notwithstanding anything in this Agreement to the contrary, except as specifically
set forth in this Agreement, each Stockholder will continue to hold and shall have the right to exercise all voting rights related
to such Stockholder’s Shares and, for the avoidance of doubt, nothing in this Agreement shall be construed to qualify, amend,
impede, prevent or otherwise affect such Stockholder’s right to make any election with respect to the Merger Consideration,
as contemplated by the Merger Agreement.

 

Section 1.02    Grant
of Irrevocable Proxy; Appointment of Proxy.

 

(a)    Stockholder hereby irrevocably appoints
Parent as its proxy and attorney-in-fact (with full power of substitution), to vote or, as applicable, cause or direct to be voted
(including by proxy, if applicable), the Shares in accordance with Section 1.01 above at the Company Stockholders’
Meeting or other annual or special meeting of the stockholders of the Company, however called, including any adjournment or postponement
thereof, at which any of the matters described in Section 1.01 above is to be considered, in each case prior to the Expiration
Time; provided, however, that such irrevocable proxy shall be effective (automatically and without any further action
by any of the parties hereto) only upon written notice from Parent to Stockholder no later than five (5) business days prior to
the Company Stockholder Meeting notifying Stockholder of Parent’s election to effect the proxy described in this Section
1.02 (the “Parent Proxy Election”), it being understood that Stockholder may exercise voting rights in the
ordinary course prior to such notice in a manner consistent with Section 1.01.  Stockholder represents that all
proxies, powers of attorney, instructions or other requests given by Stockholder prior to the execution of this Agreement in respect
of the voting of any of the Shares, if any, are not irrevocable. Stockholder shall take such further action or execute such other
instruments as may be necessary to effectuate the intent of this proxy.

 

(b)    Stockholder affirms that, if the Parent
Proxy Election is made pursuant to Section 1.02(a),  such irrevocable proxy is given in connection with the execution
of the Merger Agreement, and that such irrevocable proxy is given to secure the performance of the duties of Stockholder

 

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under this Agreement.  Stockholder further affirms that
such irrevocable proxy is coupled with an interest and is intended to be irrevocable during the term of this Agreement.  If
for any reason any proxy granted herein is not irrevocable, then Stockholder agrees to vote the Shares in accordance with Section
1.01 above.  The parties hereto agree that the foregoing is a voting agreement.  

 

(c)    The proxy granted by each Stockholder
in this Section 1.02, following effectiveness, shall remain valid until the earlier of (i) the time that the Company Shareholder
Approval has been obtained and (ii) the termination of this Agreement in accordance with Section 5.02, in each case immediately
upon which each such proxy shall automatically terminate without any further action required by any person.

 

Article
II

 

Representations
and Warranties of Stockholder

 

Stockholder represents
and warrants to Parent that:

 

Section
2.01    Authorization.  Stockholder
has the full legal capacity to enter into this Agreement and perform Stockholder’s obligations hereunder.  Assuming
the due authorization, execution and delivery hereby by Parent, this Agreement constitutes a valid and binding agreement of Stockholder.

 

Section
2.02    Non-Contravention.  The
execution, delivery and performance by Stockholder of this Agreement and the consummation of the transactions contemplated hereby
do not (i) violate any applicable Law, (ii) except as may be required by federal securities laws, require any consent or other
action by any Person under, constitute a default under, or give rise to any right of termination, cancellation or acceleration
or to a loss of any benefit to which Stockholder is entitled under any provision of any agreement or other instrument binding on
Stockholder or (iii) result in the imposition of any Lien on any of the Shares, in each case that would reasonably be expected
to prevent in any material respect the performance by Stockholder of its obligations under this Agreement.  There is
no legal or administrative proceeding, claim, suit or action pending against Stockholder or, to the knowledge of Stockholder, any
other person or, to the knowledge of Stockholder, threatened against Stockholder or any other person that restricts or prohibits
(or, if successful, would restrict or prohibit) the performance by Stockholder of its obligations under this Agreement. 

 

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Section 2.03    Ownership
of Shares.  Other than as disclosed on the signature page hereto, Stockholder has (except as otherwise permitted
by this Agreement, including in connection with the Permitted Transfer of any Shares), sole voting power and sole dispositive power
with respect to the Shares, free and clear of any Lien and any other limitation or restriction (including any restriction on the
right to vote or otherwise dispose of the Shares), except pursuant to applicable federal securities laws.  None of the
Shares is subject to any voting trust or other agreement or arrangement with respect to the voting of such Shares.

 

Section 2.04    Total
Shares.  Except for the Shares set forth on the signature page hereto and except for any Options, Restricted Stock
and Performance Units held by Stockholder, as of the date hereof, Stockholder does not beneficially own any (i) shares of capital
stock or voting securities of the Company, (ii) securities of the Company convertible into or exchangeable for shares of capital
stock or voting securities of the Company or (iii) Options or other rights to acquire from the Company any capital stock, voting
securities or securities convertible into or exchangeable for capital stock or voting securities of the Company.

 

Article
III

 

Representations
and Warranties of Parent

 

Parent represents and
warrants to Stockholder:

 

Section 3.01    Corporation
Authorization.  The execution, delivery and performance by Parent of this Agreement and the consummation by Parent
of the transactions contemplated hereby are within the corporate powers of Parent and have been duly authorized by all necessary
corporate action.  Assuming due authorization, execution and delivery hereby by Stockholder, this Agreement constitutes
a valid and binding agreement of Parent.

 

Article
IV

 

Covenants
of Stockholder

 

After the date hereof,
and until the earlier of (i) the time the Company Stockholder Approval has been obtained and (ii) the termination of this Agreement
is terminated in accordance with Section 5.02, Stockholder hereby covenants and agrees that:

 

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Section 4.01     No
Proxies for or Encumbrances on Shares.  

 

(a)    Except pursuant to and in furtherance
of the terms of this Agreement (including pursuant to Section 4.01(b)) or as disclosed on the signature page hereto, Stockholder
shall not during the term of this Agreement, directly or indirectly, without the prior written consent of Parent, (i) grant any
proxies or enter into any voting trust or other agreement or arrangement with respect to the voting of any Shares other than voting
in the ordinary course in a manner consistent with Section 1.01, (ii) offer for sale, sell (constructively or otherwise),
transfer, assign, tender in any tender or exchange offer, pledge, grant, encumber, hypothecate or similarly dispose of (by merger,
testamentary disposition, operation of Law or otherwise) (collectively, “Transfer”), or enter into any contract,
option or other arrangement or understanding with respect to the Transfer of any Shares, or any interest therein, including, without
limitation, any swap transaction, option, warrant, forward purchase or sale transaction, futures transaction, cap transaction,
floor transaction, collar transaction or any other similar transaction (including any option with respect to any such transaction)
or combination of any such transactions, in each case, involving any Shares that grants or has the effect of granting a third party
the right to vote or direct the voting of such Shares, or (iii) knowingly take any action that would have the effect of preventing
or delaying Stockholder from performing any of its obligations under this Agreement.  For the avoidance of doubt, the
fact that the Shares are held in a margin account shall not be deemed a violation of this Section 4.01 or Article II.

 

(b)    Any Stockholder that effects a Transfer
of any Shares to a Permitted Transferee of such Stockholder shall cause each such Permitted Transferee to execute a signature page
to this Agreement and deliver the same to the Parent,  pursuant to which such Permitted Transferee agrees to be a “Stockholder”
pursuant to this Agreement with respect to such Shares that are the subject of such Transfer.  Permitted Transferee means,
with respect to any Stockholder, (A) any other Stockholder, (B) a spouse, lineal descendant or antecedent, brother or sister, adopted
child or grandchild or the spouse of any child, adopted child, grandchild or adopted grandchild of such Stockholder, (C) any trust,
the trustees of which include only the persons named in clauses (A) or (B) and the beneficiaries of which include only the persons
named in clauses (A) or (B), (D) any corporation, limited liability company or partnership, the shareholders, members or general
or limited partners of which include only the persons named in clauses (A) or (B), (E) if such Stockholder is a trust, the beneficiary
or beneficiaries authorized or entitled to receive distributions from such trust, or (F) to any person by will, for estate or tax
planning purposes, for charitable purposes or as charitable gifts or donations. Transfers of Shares to Permitted Transferees made
pursuant to this Section 4.01(b) shall not be a breach of this Agreement.

 

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Section 4.02    Other
Offers.  Stockholder shall not (i) solicit, initiate or knowingly encourage or knowingly facilitate any Takeover
Proposal or the making of any proposal that would reasonably be expected to lead to the consummation of any Takeover Proposal,
or (ii) enter into or otherwise participate in any discussions or negotiations regarding, or furnish any material non-public information
relating to the Company or any Company Subsidiary in connection with a Takeover Proposal; provided, however, that
notwithstanding the foregoing, Stockholder may take any actions to the extent the Company is permitted to take such actions under
Section 5.2 of the Merger Agreement and nothing herein shall limit or affect any action of Stockholder taken in such Stockholder’s
capacity as an officer or director of the Company.

 

Section 4.03    Appraisal
Rights.  Subject to the terms of this Agreement,
Stockholder irrevocably waives and agrees not to exercise any rights to demand appraisal of any Shares which may arise with respect
to the Integrated Mergers or dissent from the Integrated Mergers.

 

Section 4.04    Proxy
Statement.  Stockholder hereby agrees to permit the Company to publish and disclose in the Proxy Statement (including
all documents filed with the SEC in accordance therewith), Stockholder’s identity and beneficial ownership of the Shares
or other equity interests of the Company and the nature of Stockholder’s commitments, arrangements and understandings under
this Agreement to the extent required by applicable Law.

 

Section 4.05    Acquisition
of Additional Shares.  During the term of this Agreement, Stockholder shall notify Parent promptly in writing of
the direct or indirect acquisition of record or beneficial ownership of additional shares of Company Common Stock after the date
hereof, if any, all of which shall be considered Shares and be subject to the terms of this Agreement as though owned by Stockholder
on the date hereof.  

 

Article
V

 

Miscellaneous

 

Section 5.01    Further
Assurances.  Parent and Stockholder shall each execute and deliver, or cause to be executed and delivered, all further
documents and instruments and use its commercially reasonable efforts to take, or cause to be taken, all actions and to do, or
cause to be done, all things necessary, proper or advisable under applicable Law, to perform each party’s respective obligations
under this Agreement.

 

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Section 5.02    Amendments;
Termination.  Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver
is in writing and is signed, in the case of an amendment, by each party to this Agreement or in the case of a waiver, by the party
against whom the waiver is to be effective.  This Agreement, and all obligations, terms and conditions contained herein,
shall automatically terminate without any further action required by any person upon the earliest to occur of (a) the termination
of the Merger Agreement in accordance with its terms; (b) the Effective Time; and (c) except as otherwise permitted pursuant to
the Merger Agreement, the making of any material change, by amendment, waiver or other modification to any provision of the Merger
Agreement that decreases the amount or changes the form of the consideration to the stockholders of the Company (the “Expiration
Time”).  Upon termination of this Agreement, no party shall have any further obligations or liabilities under
this Agreement.

 

Section 5.03    Expenses.  All
costs and expenses incurred in connection with this Agreement shall be paid by the party incurring such cost or expense.

 

Section 5.04    Successors
and Assigns.  The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns; provided that, other than as permitted by Section 4.01(b), neither party
may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the consent of the other
party hereto.

 

Section 5.05    Governing
Law.  This Agreement shall be construed in accordance with and governed by the laws of the State of Delaware, without
giving effect to any choice or conflict of laws provision or rule (whether of the State of Delaware or any other jurisdiction)
that would cause the application of the Laws of any jurisdiction other than the State of Delaware.

 

Section 5.06    Specific
Performance.  Each party acknowledges that monetary damages would not be an adequate remedy in the event that any
covenant or agreement in this Agreement is not performed in accordance with its terms, and therefore agrees that, in addition to
and without limiting any other remedy or right available to the parties, each party will have the right to an injunction, temporary
restraining order or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing specifically
the terms and provisions hereof. Each party agrees not to oppose the granting of such relief in the event a court determines that
such a breach has occurred, and to waive any requirement for the securing or posting of any bond in connection with such remedy.
All rights, powers, and remedies provided under this

 

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Agreement or otherwise available in respect
hereof at law or in equity shall be cumulative and not alternative, and the exercise or beginning of the exercise of any thereof
by a party shall not preclude the simultaneous or later exercise of any other such right, power or remedy by a party.

 

Section 5.07    Counterparts;
Effectiveness.  This Agreement may be signed in any number of counterparts, each of which shall be an original, with
the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when
each party hereto shall have received counterparts hereof signed by all of the other parties hereto.  Until and unless
each party has received (by electronic communication, facsimile or otherwise) a counterpart hereof signed by the other party hereto,
this Agreement shall have no effect and no party shall have any right or obligation hereunder (whether by virtue of any other oral
or written agreement or other communication).  Signatures to this Agreement transmitted by facsimile transmission, by
electronic mail in “portable document format” (“.pdf”) form or by any other electronic means intended to
preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper
document bearing the original signature.

 

Section 5.08     Severability.  If
any term, provision or covenant of this Agreement is held by a court of competent jurisdiction or other authority to be invalid,
void or unenforceable, the remainder of the terms, provisions and covenants of this Agreement shall remain in full force and effect
and shall in no way be affected, impaired or invalidated.  If a final judgment of a court of competent jurisdiction declares
that any term or provision of this Agreement is invalid or unenforceable, the parties hereto agree that the court making such determination
shall have the power to limit such term or provision, to delete specific words or phrases or to replace such term or provision
with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable
term or provision, and this Agreement shall be valid and enforceable as so modified.  In the event such court does not
exercise the power granted to it in the prior sentence, the parties hereto agree to replace such invalid or unenforceable term
or provision with a valid and enforceable term or provision that will achieve, to the extent possible, the economic, business and
other purposes of such invalid or unenforceable term or provision.

 

Section 5.09    Capacity.  Stockholder
is signing this Agreement solely in Stockholder’s capacity as a stockholder of the Company, and not in any other capacity
and this Agreement shall not limit or otherwise affect any actions taken, or required or permitted to be taken, by Stockholder
or any Affiliate, employee, designee or Representative of Stockholder or any of its Affiliates in

 

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any other capacity, including, if applicable,
as an officer or director of the Company or any of the Company Subsidiaries, including to disclose information acquired solely
in such Stockholder’s capacity as a director or officer of the Company, and any actions taken (whatsoever), or failure to
take any actions (whatsoever), by such Stockholder in such capacity as a director or officer of the Company shall not be deemed
to constitute a breach of this Agreement.

 

Section 5.10    Non-Recourse.  Each
party to this Agreement enters into this Agreement solely on its own behalf, the obligations each Stockholder under this Agreement
are several (with respect to itself) and not joint with the obligations of any other Stockholder and each such party shall be liable,
severally and not jointly, solely for any breaches of this Agreement by such party and in no event shall any party be liable for
breaches of this Agreement by any other party hereto. Nothing contained herein, and no action taken by any Stockholder pursuant
hereto, shall be deemed to constitute the parties as a partnership, an association, a joint venture or any other kind of entity,
or create a presumption that the parties are in any way acting in concert or as a group with respect to the obligations or the
transactions contemplated by this Agreement.

 

Section 5.11    No Agreement
Until Executed.  Irrespective of negotiations among
the parties of drafts of this Agreement, this Agreement shall not constitute or be deemed to be evidence of a Contract between
the parties hereto unless and until this Agreement and the Merger Agreement is executed by all parties hereto.

 

[The Remainder of this Page has been Intentionally
Left Blank]

 

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IN WITNESS WHEREOF, the
parties hereto have caused this Voting Agreement to be duly executed as of the day and year first above written.

 

	 	BERRY PLASTICS GROUP, INC.
	 	 	 	 
	 	 	By: 	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	[STOCKHOLDER]
	 	 	 	                            
	 	 	Name:	 

  

	Class of

Stock	 	Shares

Owned
	 	 	 
	Common	 	 
	 	 	 

 

[Voting
Agreement Signature Page]EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 

Third Amendment 
 to

 Amended and Restated Rights Agreement 

This Third Amendment to the Amended and Restated Rights Agreement, dated as of August 24, 2016 (this “Amendment”),
amends the Amended and Restated Rights Agreement, dated as of March 28, 2014, (as amended from time to time, the “Agreement”), by and between AEP Industries Inc., a Delaware corporation (the “Company”), and
American Stock Transfer & Trust Company, LLC, as Rights Agent (the “Rights Agent”). All capitalized terms used but not defined in this Amendment shall have the meanings ascribed to them in the Agreement. 

WHEREAS, Berry Plastics Group, Inc., a Delaware corporation (“Parent”), Berry Plastics Corporation, a Delaware corporation
and a direct, wholly owned subsidiary of Parent (“Holdings”), Berry Plastics Acquisition Corporation XVI, a Delaware corporation and a direct, wholly owned subsidiary of Holdings (“Merger Sub”), Berry Plastics
Acquisition Corporation XV, LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of Holdings (“Merger Sub LLC”), and the Company are, substantially concurrently herewith, entering into an Agreement and
Plan of Merger (the “Merger Agreement”), dated as of August 24, 2016, pursuant to which, among other things, (i) Merger Sub will, in accordance with the Delaware General Corporation Law (the “DGCL”), merge
with and into the Company (the “First-Step Merger”), with the Company continuing as the surviving corporation (hereafter sometimes referred to in such capacity as the “First-Step Surviving Company”), and each Share
(as defined in the Merger Agreement), except as otherwise provided in the Merger Agreement, will be converted in the First-Step Merger into the right to receive the Merger Consideration (as defined in the Merger Agreement) and (ii) immediately
thereafter, the First-Step Surviving Company will, in accordance with the DGCL and the Limited Liability Company Act of the State of Delaware (the “DLLCA”) merge with and into Merger Sub LLC (the “Second-Step
Merger” and, together with the First-Step Merger, the “Integrated Mergers”), with Merger Sub LLC surviving as the wholly owned entity of Parent, on the terms and subject to the conditions set forth in the Merger Agreement;

 WHEREAS, concurrently with the execution and delivery of the Merger Agreement, and as a condition and inducement to Parent’s,
Holdings’, Merger Sub’s and Merger Sub LLC’s willingness to enter into the Merger Agreement, certain stockholders of the Company are entering into voting agreements (the “Voting Agreements”) with Parent pursuant to
which such stockholders have agreed, among other things, to vote all securities in the Company beneficially owned by them in favor of the approval and adoption of the Merger Agreement and the Integrated Mergers; 

WHEREAS, pursuant to the resolutions adopted on August 24, 2016 (the “Board Resolutions”), the Board of Directors of the
Company (the “Board”) has approved the Merger Agreement and declared its advisability; 

 WHEREAS, Section 27 of the Agreement provides that prior to the Distribution Date, and
subject to the penultimate sentence of such Section 27 of the Agreement, the Company may, in its sole and absolute discretion, and the Rights Agent shall, if the Company so directs, supplement or amend any provision of the Agreement in any
respect without the approval of any holders of certificates representing Rights or shares of the Common Stock; 
 WHEREAS, as of the date
hereof, no Distribution Date has occurred and no person is an Acquiring Person; and 
 WHEREAS, pursuant to the Board Resolutions, the
Company desires to supplement and amend the Agreement as provided herein. 
 NOW, THEREFORE, in consideration of the premises and the mutual
agreements herein set forth, the parties hereby agree as follows: 
 1. Amendment of the Agreement. 

(a) The definition of “Acquiring Person” in Section 1(a) of the Agreement is hereby amended and supplemented by adding
the following sentence at the end thereof: 
 “Notwithstanding anything in this Agreement to the contrary, none of Berry Plastics Group,
Inc., a Delaware corporation (“Parent”), Berry Plastics Corporation, a Delaware corporation and a direct, wholly owned subsidiary of Parent (“Holdings”), Berry Plastics Acquisition Corporation XVI, a Delaware
corporation and a direct, wholly owned subsidiary of Holdings (“Merger Sub”), Berry Plastics Acquisition Corporation XV, LLC, a Delaware limited liability company and a direct, wholly owned Subsidiary of Holdings (“Merger
Sub LLC”), or their Affiliates or Associates shall be, or shall be deemed to be, an Acquiring Person or Related Person for purposes of this Agreement by virtue of one or more of (i) the execution, delivery, performance or approval of
the Agreement and Plan of Merger, dated as of August 24, 2016, by and among Parent, Holdings, Merger Sub, Merger Sub LLC and the Company (including any amendment or supplement thereto, the “Merger Agreement”), (ii) the
execution, delivery, performance or approval of the Voting Agreements (as defined in the Merger Agreement), (iii) the execution, delivery, performance or approval of any other contract or instrument contemplated by the Merger Agreement,
(iv) the announcement of the Merger Agreement or any of the transactions contemplated by the Merger Agreement or (v) the consummation (or announcements of the consummation) of the Integrated Mergers or any of the transactions contemplated
by the Merger Agreement (each of the events contemplated by clauses (i) – (v), an “Exempt Event”). “Effective Time,” “First-Step Merger” and “Integrated Mergers” have the
meanings set forth in the Merger Agreement. 

 (b) The definitions of “Beneficial Owner,” “Beneficial
Ownership” and “beneficially own” in Section 1(d) of the Agreement are hereby amended and supplemented by adding the following as the final sentence of such Section 1(d): 

“For the avoidance of doubt, the preceding sentence shall be applicable to the Merger Agreement and, accordingly, none of Parent,
Holdings, Merger Sub, Merger Sub LLC or their respective Affiliates or Associates shall be, or shall be deemed to be, the “Beneficial Owner” of, to have “Beneficial Ownership” of, or to “beneficially own,” any
securities, or shall be, or shall be deemed to be, under this paragraph (d) to have an agreement, arrangement or understanding with any Person with respect to acquiring, holding, voting or disposing of any securities of the Company, by virtue
of any Exempt Event.” 
 (c) The definition of “Stock Acquisition Date” in Section 1(t) of the Agreement is
hereby amended and supplemented by adding the following proviso immediately following the words “aware of the existence of an Acquiring Person”: 

“; provided that, notwithstanding anything in this Agreement to the contrary, a Stock Acquisition Date shall not occur or result
in, and shall not be deemed to have occurred as the result of, an Exempt Event.” 
 (d) The definition of “Trigger
Event” in Section 1(w) of the Agreement is hereby amended and supplemented by adding the following proviso immediately following the words “upon any Person becoming an Acquiring Person”: 

“; provided, however, that, notwithstanding anything in this Agreement to the contrary, in no event shall any Exempt Event
be, or be deemed to be, or result in, a Trigger Event” 
 (e) Section 3(a) of the Agreement is hereby amended and supplemented by
adding the following proviso immediately following the words “the earlier of such dates in clauses (i) and (ii) being herein referred to as the ‘Distribution Date’” in the sixth parenthetical of Section 3(a): 

“; provided, however, that notwithstanding anything in this Agreement to the contrary, a Distribution Date shall not occur
and shall not be deemed to have occurred as the result of an Exempt Event.” 
 (f) Section 3 of the Agreement is hereby amended
and supplemented to add the following Section 3(d): 
 “(d) Nothing in this Agreement shall be construed to give any holder of
Rights or any other Person any legal or equitable rights, remedies or claims under this Agreement by virtue of an Exempt Event.” 
 (g)
Section 7(a) of the Agreement is hereby amended and replaced in its entirety with the following: 

 “Exercise of Rights. Subject to Section 11(a)(ii) hereof and except as
otherwise provided herein, the Rights shall become exercisable on the Distribution Date, and thereafter the registered holder of any Right Certificate may exercise the Rights evidenced thereby in whole or in part at any time after the Distribution
Date upon surrender of the Right Certificate, with the form of election to purchase and certification on the reverse side thereof duly executed, to the Rights Agent at the office of the Rights Agent designated for such purpose, together with payment
of the aggregate Purchase Price for the total number of one one-thousandths of a share of Preferred Stock (or other securities, cash or assets, as the case may be) as to which the Rights are exercised, at any time which is both after the
Distribution Date and prior to the earlier of (i) the Close of Business on March 31, 2017, or such later date as may be established by the Board of Directors prior to the expiration of the Rights (such date, as it may be extended by the
Board of Directors, the “Final Expiration Date”), (ii) the time at which the Rights are redeemed or exchanged as provided in Sections 23 and 24 hereof and (iii) immediately prior to the Effective Time
(as defined in the Merger Agreement) of the First-Step Merger (but only if the Effective Time shall occur) (the earlier of (i), (ii) and (iii) being herein referred to as the “Expiration Date”).” Upon the Expiration
Date, the Rights shall terminate and the Company shall have no further obligation with respect thereto whatsoever, except as to the Rights Agent. 

(h) Section 11(a) of the Agreement is hereby amended and supplemented to add the following Section 11(a)(iv): 

“(iv) Notwithstanding anything in this Agreement to the contrary, in no event shall any Exempt Event be, or be deemed to be, or result in,
a Trigger Event, and this Section 11(a) shall not apply to any Exempt Event.” 
 (i) Section 13(a) of the Agreement is hereby
amended and supplemented by adding the following proviso immediately following the words “then, and in each such case”: 

“(other than in the case of an Exempt Event, which shall in no event be subject to this Section 13)” 

(j) Section 13 of the Agreement is hereby amended and supplemented to add the following Section 13(f): 

“(f) Notwithstanding anything in this Agreement to the contrary, in no event shall any Exempt Event be, or be deemed to be, subject to
this Section 13 or result in any of the terms set forth in this Section 13.” 
 (k) Section 29 of the Agreement is
hereby amended and supplemented to add the following sentence at the end thereof: 
 “Notwithstanding anything in this Agreement to the
contrary, in no event shall any Exempt Event be construed to give any holders of the Right Certificates (and, prior to the Distribution Date, the registered holders of shares of the Common Stock) or any other Person any legal or equitable rights,
remedies or claims under this Agreement.” 

 2. Governing Law. This Amendment, each Right and each Right Certificate issued under the
Agreement 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 made and to be performed entirely
within such State. 
 3. Conflicts with the Agreement. The terms and provisions explicitly set forth herein shall modify and
supersede all inconsistent provisions set forth in the Agreement, as amended. Except as expressly modified and superseded, the terms and provisions of the Agreement, as amended, are ratified and confirmed and shall continue in full force and effect
and shall continue to be legal, valid, binding and enforceable in accordance with its terms. Further, any references to the “entire agreement” or similar term in the Agreement shall be deemed to include this Amendment. 

4. Counterparts. This 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. 
 5. Effectiveness.
This Amendment shall be deemed effective as of immediately prior to the execution and delivery of the Merger Agreement. Except as amended hereby, the Agreement shall remain in full force and effect and shall be otherwise unaffected hereby. If for
any reason the Merger Agreement is terminated in accordance with its terms, then this Amendment shall become null and void and be of no further force and effect and the Agreement shall remain exactly the same as it existed immediately prior to the
execution of this Amendment. 
 6. Severability. If any term, provision, covenant or restriction of this Amendment or applicable to
this Amendment is held by a court of competent jurisdiction or other authority to be invalid, null and void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Amendment shall remain in full force and effect
and shall in no way be affected, impaired or invalidated; provided, however, that notwithstanding anything in this Amendment to the contrary, if any such term, provision, covenant or restriction is held by such court or authority to be
invalid, null and void or unenforceable and the Board of Directors determines in its good faith judgment that severing the invalid language from this Amendment would adversely affect the purpose or effect of this Amendment, the right of redemption
set forth in Section 23 of the Agreement shall be reinstated and shall not expire until the Close of Business on the tenth Business Day following the date of such determination by the Board of Directors. Without limiting the foregoing, if any
provision requiring a specific group of Directors of the Company to act is held to by any court of competent jurisdiction or other authority to be invalid, null and void or unenforceable, such determination shall then be made by the Board of
Directors in accordance with applicable law and the Company’s Restated Certificate of Incorporation and Bylaws, each as amended or restated. 

[signature page follows] 

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

							
		 	AEP INDUSTRIES INC.
			
		 	By:	 	 /s/ Paul M. Feeney

		 		 	Name:	 	Paul M. Feeney
		 		 	Title:	 	 Executive Vice President,
 Finance, and Chief
Financial Officer

		
		 	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
			
		 	By:	 	 /s/ Jennifer Donovan

		 		 	Name:	 	Jennifer Donovan
		 		 	Title:	 	Senior Vice President

 [Signature Page to Third Amendment to the Amended and Restated Rights Agreement]

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