Document:

exv10w10

Exhibit 10.10

EMPLOYMENT AGREEMENT

     This EMPLOYMENT AGREEMENT is entered into as of this
19th
day of
October, 2009 by and among
Graphic Packaging International, Inc., a Delaware corporation (“Employer”), Graphic Packaging
Holding Company, a Delaware corporation (“GPHC”) and Joseph P. Yost (“Executive”).

W I T N E S S E T H :

     WHEREAS, Employer desires to employ Executive on the terms and conditions set forth herein;

     WHEREAS, Executive desires to accept such employment on the terms and conditions set forth
herein;

     WHEREAS, each of Employer, GPHC and Executive agrees that Executive will have a prominent role
in the management of the business, and the development of the goodwill, of Employer and its
Affiliates (as defined below) and will establish and develop relations and contacts with the
principal customers and suppliers of Employer and its Affiliates in the United States and the rest
of the world, all of which constitute valuable goodwill of, and could be used by Executive to
compete unfairly with, Employer and its Affiliates;

     WHEREAS, (i) in the course of his/her employment with Employer, Executive will obtain
confidential and proprietary information and trade secrets concerning the business and operations
of Employer and its Affiliates in the United States and the rest of the world that could be used to
compete unfairly with Employer and its Affiliates; (ii) the covenants and restrictions
contained in Sections 8 through 13, inclusive, are intended to protect the legitimate interests of
Employer and its Affiliates in their respective goodwill, trade secrets and other confidential and
proprietary information; and (iii) Executive desires to be bound by such covenants and
restrictions;

     NOW, THEREFORE, in consideration of the premises and the mutual covenants and promises
contained herein and for other good and valuable consideration, Employer, GPHC and Executive hereby
agree as follows:

     1. Agreement to Employ. Upon the terms and subject to the conditions of this
Agreement, Employer hereby employs Executive, and Executive hereby accepts employment by Employer.

     2. Term; Position and Responsibilities.

     (a) Term of Employment. Unless Executive’s employment shall sooner terminate
pursuant to Section 7, Employer shall employ Executive for a one year term commencing on the date
hereof (the “Initial Term”). Effective upon the expiration of the Initial Term and of each
Additional Term (as defined below), Executive’s employment hereunder shall be deemed to be
automatically extended, upon the same terms and conditions, for an additional period of one year
(each, an “Additional Term”), in each such case, commencing upon the expiration of the Initial Term
or the then current Additional Term, as the case may be. The period during which

 

 

Executive is employed pursuant to this Agreement, including any extension thereof in
accordance with the preceding sentence, shall be referred to as the “Employment Period”.

     (b) Position and Responsibilities. During the Employment Period, Executive shall
serve as Senior Vice President, Supply Chain of Employer and have such duties and responsibilities
as are customarily assigned to individuals serving in such position and such other duties
consistent with Executive’s title and position as the Board of Directors of Employer (“Employer’s
Board”) specifies from time to time. Executive shall devote all of his/her skill, knowledge and
working time to the conscientious performance of the duties and responsibilities of such position,
except for (i) vacation time as set forth in Section 6(c) and absence for sickness or
similar disability and (ii) to the extent that it does not interfere with the performance
of Executive’s duties hereunder, (A) such reasonable time as may be devoted to service on
boards of directors of other corporations and entities, subject to the provisions of Section 9, and
the fulfillment of civic responsibilities and (B) such reasonable time as may be necessary
from time to time for personal matters. If so elected or designated by the respective shareholders
thereof, Executive shall serve as a member of the Boards of Directors of GPHC, Employer and their
respective Affiliates during the Employment Period without additional compensation.

     3. Base Salary. As compensation for the services to be performed by Executive during
the Employment Period, Employer shall pay Executive a base salary at an annualized rate of
$260,000, which will increase to $280,000 effective January 1, 2010, payable in installments on
Employer’s regular payroll dates. Effective January 1, 2010, this annual salary reflects an
increase in lieu of the perquisite allowance previously provided to Executives of Employer.
Employer’s Board shall review Executive’s base salary annually during the Employment Period and, in
its sole discretion, Employer’s Board may increase (but may not decrease except as provided in
Section 7(d)) such base salary from time to time based upon the performance of Executive, the
financial condition of Employer, prevailing industry salary levels and such other factors as
Employer’s Board shall consider relevant. (The annual base salary payable to Executive under this
Section 3, as the same may be increased from time to time and without regard to any reduction
therefrom in accordance with the next sentence, shall hereinafter be referred to as the “Base
Salary”.) The Base Salary payable under this Section 3 shall be reduced to the extent that
Executive elects to defer such Base Salary under the terms of any deferred compensation, savings
plan or other voluntary deferral arrangement that may be maintained or established by Employer.

     4. Incentive Compensation Arrangements. During the Employment Period, Executive
shall participate in Employer’s incentive compensation programs for its senior executives existing
from time to time, at a level commensurate with his/her position and duties with Employer and based
on such performance targets as may be established from time to time by Employer’s Board or a
committee thereof. For calendar year 2010, Executive’s aggregate annual target bonus opportunity
shall be 60% of Base Salary.

     5. Employee Benefits. During the Employment Period, employee benefits, including
life, medical, dental, accidental death and dismemberment, business travel accident, prescription
drug and disability insurance, shall be provided to Executive in accordance with the programs of
Employer then available to its senior executives, as the same may be amended and in effect from
time to time. During the Employment Period, Executive shall also be entitled to participate in all
of Employer’s profit-sharing, pension, retirement, deferred compensation, and savings plans, as

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the same may be amended and in effect from time to time, applicable to senior executives of
Employer. The benefits referred to in this Section 5 shall be provided to Executive on a basis
that is commensurate with Executive’s position and duties with Employer hereunder and that is no
less favorable than that of similarly situated employees of Employer.

     6. Expenses and Vacation.

     (a) Business Travel, Lodging, etc. Employer shall reimburse Executive for reasonable
travel, lodging, meal and other reasonable expenses incurred by him/her in connection with his/her
performance of services hereunder upon submission of evidence, satisfactory to Employer, of the
incurrence and purpose of each such expense and otherwise in accordance with Employer’s business
travel reimbursement policy applicable to its senior executives as in effect from time to time.

     (b) Vacation. During the Employment Period, Executive shall be entitled to five
weeks of paid vacation on an annualized basis, without carryover accumulation.

     (c) Relocation. Employer shall reimburse Executive for reasonable and customary
relocation expenses incurred by him/her in connection with his/her move to the Atlanta, Georgia
area upon submission of evidence, satisfactory to the Employer, of the incurrence and purpose of
such expenses and otherwise in accordance with Employer’s relocation policy applicable to its
senior executives as in effect from time to time.

     7. Termination of Employment.

     (a) Termination Due to Death or Disability. In the event that Executive’s employment
hereunder terminates due to death or is terminated by Employer due to Executive’s Disability (as
defined below), no termination benefits shall be payable to or in respect of Executive except as
provided in Section 7(g). For purposes of this Agreement, “Disability” shall mean a physical or
mental disability that prevents or would prevent the performance by Executive of his/her duties
hereunder for a continuous period of six months or longer. The determination of Executive’s
Disability shall (i) be made by an independent physician who is reasonably acceptable to
Employer and Executive (or his/her representative), (ii) be final and binding on the
parties hereto and (iii) be based on such competent medical evidence as shall be presented
to such independent physician by Executive and/or Employer or by any physician or group of
physicians or other competent medical experts employed by Executive and/or Employer to advise such
independent physician.

     (b) Termination by Employer for Cause. Executive may be terminated for cause by
Employer for (i) the willful failure of Executive substantially to perform his/her duties
hereunder (other than any such failure due to Executive’s physical or mental illness) or other
willful and material breach by Executive of any of his/her obligations hereunder, after a written
demand for substantial performance has been delivered, and a reasonable opportunity to cure has
been given, to Executive by Employer’s Board, which demand identifies in reasonable detail the
manner in which Employer’s Board believes that Executive has not substantially performed his/her
duties or has breached his/her obligations, (ii) Executive’s engaging in willful and
serious misconduct that has caused or is reasonably expected to result in material injury to
Employer or any of its Affiliates, (iii) Executive’s conviction of, or entering a plea of
guilty or nolo contendere to,

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a crime that constitutes a felony, or (iv) Executive’s material violation of the
requirements of federal or state securities law, rule or regulation, in cases involving fraud or
deceit, or violation of Employer’s insider trading policy. Any item of conduct in the previous
sentence shall constitute “Cause.” Executive’s conduct need not result in monetary or financial
loss to constitute Cause. Executive shall be permitted to attend a meeting of Employer’s Board
within 30 days after delivery to him/her of a Notice of Termination (as defined below) pursuant to
this Section 7(b) to explain why he/she should not be terminated for Cause and, if following any
such explanation by Executive, Employer’s Board determines that Employer does not have Cause to
terminate Executive’s employment, any such prior Notice of Termination delivered to Executive shall
thereupon be withdrawn and of no further force or effect.

     (c) Termination Without Cause. A termination “Without Cause” shall mean a termination
of employment by Employer other than pursuant to Section 7(a) or Section 7(b).

     (d) Termination by Executive. Executive may terminate his/her employment for any
reason. A termination of employment by Executive for “Good Reason” shall mean a termination by
Executive of his/her employment with Employer within 30 days following the occurrence, without
Executive’s consent, of any of the following events: (i) the assignment to Executive of
duties that represent a substantial diminution of the duties that he/she is to assume on the date
hereof, (ii) a reduction in the rate of Executive’s Base Salary, unless the reduction does
not exceed ten percent (10%) and is applied uniformly percentage-wise to all similarly situated
executives, (iii) a material breach by Employer of any of its obligations hereunder,
including the failure of Employer to obtain the assumption of this Agreement by any Successor (as
defined below) to Employer as contemplated by Section 14 or (iv) except in cases where
Employer is promoting Executive, the relocation of Executive’s primary office to a location more
than 50 miles from the location of Executive’s primary office on the date hereof. A termination by
Executive shall not constitute termination for Good Reason unless (x) Executive shall first have
delivered to Employer written notice setting forth with specificity the occurrence deemed to give
rise to a right to terminate for Good Reason (which notice must be given no later than 30 days
after the initial occurrence of such event), (y) there shall have passed a reasonable time (not
less than 30 days) within which Employer may take action to correct, rescind or otherwise
substantially reverse the occurrence supporting termination for Good Reason as identified by
Executive, and (z) Executive’s Separation from Service (as defined below) occurs not later than two
years following the initial existence of one or more of the conditions giving rise to Good Reason.
Good Reason shall not include Executive’s death or Disability.

     (e) Notice of Termination. Any termination by Employer pursuant to Section 7(a),
7(b) or 7(c), or by Executive pursuant to Section 7(d), shall be communicated by a written Notice
of Termination addressed to the other parties to this Agreement. A “Notice of Termination” shall
mean a notice stating that Executive’s employment with Employer has been or will be terminated.

     (f) Payments and Benefits Upon Separation from Service by Employer Without Cause or by
Executive for Good Reason.

          (i) Subject to Section 7(f)(iii), in the event of a termination of Executive’s employment by
Employer Without Cause or a termination by Executive of his/her employment for Good Reason during
the Employment Period, Employer shall pay to Executive:

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	 	(A)	 	one year’s Base Salary, and
	 
	 	(B)	 	the product of (1) the amount of incentive compensation that
would have been payable to Executive for the calendar year in which the Date
of Termination (as defined below) occurs if Executive had remained employed
for the entire calendar year and assuming that all applicable performance
targets had been achieved, multiplied by (2) a fraction, the numerator
of which is equal to the number of days in such calendar year that precede the
Date of Termination and the denominator of which is equal to 365 (such
product, the “Pro Rata Bonus”).

          (ii) Subject to Section 7(f)(iii),upon a Separation from Service of the Participant Without
Cause or for Good Reason within one (1) year of a Change in Control (as defined below), in
addition to the benefits outlined in Section 7(f)(i) above, an eligible Participant will also
receive:

	 	(A)	 	an additional 1/2 year’s Base Salary; and

	 	(B)	 	a Target Bonus equal to the product of (1) the amount of
incentive compensation based on the Participant’s annual target bonus
opportunity that would have been payable to the Participant for the calendar
year in which the date of Separation from Service occurs if the Participant had
remained employed for the entire calendar year and assuming that all applicable
performance targets had been achieved multiplied by (2) 1.5 (the “Target
Bonus”).

          (iii) Notwithstanding anything in this Agreement to the contrary, no amounts or benefits shall
be paid or distributed pursuant to this Section 7(f) unless and until Executive has incurred a
Separation from Service (as defined below) from Employer. This provision does not prohibit
Executive’s entitlement to any amount due to a termination of Executive’s employment, as provided
in this Section 7(f); it simply delays the payment or distribution date until such occurrence. As
used herein, the term “Separation from Service” means a separation from service as defined under
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and applicable
regulations (without giving effect to any elective provisions that may be available under such
definition). After Executive’s Separation from Service, Executive shall have up to 45 days to
execute and not revoke a general release in a form reasonably satisfactory to Employer. If
Executive fails to sign a general release or revokes a general release, any payments or other
benefits under Section 7(f) otherwise due are forfeited.

          (iv) Payments pursuant to this Section 7(f) shall be made as follows: on Employer’s first
normal payroll date occurring during the seventh month following the Date of Separation from
Service, one-half of the amounts due under Section 7(f)(i)(A) and the full amount due under Section
7(f)(ii)(A) above, shall be paid to Executive. One-twenty-fourth (1/24) of the amounts due
Executive under Section 7(f)(i)(A) shall be payable on each of Employer’s subsequent regular
payroll dates, until the amounts due are paid in full. The amounts due Executive under Section
7(f)(i)(B) and 7(f)(ii)(B) above shall be paid in full upon the later of (a) Employer’s first
normal payroll date occurring during the seventh month following the date of Executive’s Separation
from Service, or (b) the date that the incentive compensation for the relevant calendar year is
paid to Employer’s senior executives.

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          (v) If Executive is entitled to payments pursuant to Section 7(f)(i), then for the period
beginning on the Date of Separation from Service and ending on the first anniversary of the date of
Executive’s Separation from Service (the “Severance Period”), Employer shall (x) continue
to provide to Executive the life, medical, dental, and prescription drug benefits referred to in
Section 5 (the “Continued Benefits”) and (y) reimburse Executive for expenses incurred by
him/her for outplacement and career counseling services provided to Executive for an aggregate
amount not in excess of $25,000. To be eligible for continuation of medical, dental and
prescription drug benefits, the Executive must elect continuation of group benefits under the
Consolidated Omnibus Budget Reconciliation Act (COBRA) by completing the application and returning
it to the COBRA Administrator by the deadline specified in the application. The Employer will
subsidize the Executive’s COBRA premiums during the Severance Period. The Employer subsidy will
end upon the earlier of the last day of the Severance Period or the day COBRA coverage ends for any
reason, including loss of plan eligibility under plan terms or applicable law; or qualification for
benefits with another employer. During the Severance Period, the Executive will make the same
contributions as required of active employees, with said contributions being paid directly to the
Employer’s COBRA Administrator on an after-tax basis. The Severance Period will count against the
Executive’s total COBRA continuation period.

          (vi) Executive shall not have a duty to mitigate the costs to Employer under this Section
7(f), except that Continued Benefits shall be reduced or canceled to the extent of any comparable
benefit coverage earned by (whether or not paid currently) or offered to Executive during the
Severance Period by a subsequent employer or other Person (as defined below) for which Executive
performs services, including but not limited to consulting services.

          (vii) The benefits provided Executive pursuant to this Section 7(f) are made in lieu of any
payments or benefits, and Executive shall not be entitled to receive any payments or benefits,
pursuant to any plan, policy, program or practice providing any bonus, annual incentive or
severance compensation.

     (g) Payments and Benefits Upon Executive’s Death or Disability, Separation from
Service by Employer With Cause, or Separation from Service by Executive Without Good Reason. If
Executive’s employment shall terminate upon his death or Disability or if Employer shall terminate
Executive’s employment for Cause or Executive shall terminate his employment without Good Reason
during the Employment Period, Employer shall pay Executive his full Base Salary through the Date of
Termination; plus, in the case of termination upon Executive’s death or Disability, a Pro Rata
Bonus within 60 days following such termination, calculated assuming target performance under
applicable financial metrics; plus, in the case of termination upon Executive’s death, his full
Base Salary for the remainder of the pay period in which death occurs and for one month thereafter.
The benefits provided Executive pursuant to this Section 7(g) are made in lieu of any payments or
benefits, and Executive shall not be entitled to receive any payments or benefits, pursuant to any
plan, policy, program or practice providing any bonus or annual incentive compensation.

     (h) Date of Termination. As used in this Agreement, the term “Date of Termination”
shall mean (x) if Executive’s employment is terminated by his/her death, the date of
his/her death, (y) if Executive’s employment is terminated by Employer for Cause, the date
on which Notice of Termination is given as contemplated by Section 7(e) or, if later, the date of

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termination specified in such Notice, or (z) if Executive’s employment is terminated
by Employer Without Cause, due to Executive’s Disability or by Executive for any reason, the date
that is 30 days after the date on which Notice of Termination is given as contemplated by Section
7(e) or, if no such Notice is given, 30 days after the date of termination of employment.

     (i) Resignation upon Termination. Unless otherwise mutually agreed by the parties,
effective as of any Date of Termination under this Section 7 or otherwise as of the date of
Executive’s termination of employment with Employer, Executive shall resign, in writing, from all
Board memberships and other positions then held by him/her with GPHC, Employer and their respective
Affiliates.

     (j) Nondisparagement. Executive agrees not to disparage Employer, GPHC, or the
subsidiaries thereof, or the officers, directors or employees of any of them, during the Employment
Period or thereafter.

     8. Unauthorized Disclosure. During the period of Executive’s employment with Employer
and the three-year period following any termination of such employment, without Employer’s prior
written consent, except to the extent required by an order of a court having jurisdiction or under
subpoena from an appropriate government agency, in which event, Executive shall use his/her best
efforts to consult with Employer prior to responding to any such order or subpoena, and except as
required in the performance of his/her duties hereunder, Executive shall not disclose any
confidential or proprietary trade secrets, customer lists, drawings, designs, information regarding
product development, marketing plans, sales plans, manufacturing plans, management organization
information (including but not limited to data and other information relating to members of the
Board of Directors of GPHC, Employer or any of their respective Affiliates or to management of
GPHC, Employer or any of their respective Affiliates), operating policies or manuals, business
plans, financial records, packaging design or other financial, commercial, business or technical
information (a) relating to GPHC, Employer or any of their respective Affiliates or
(b) that GPHC, Employer or any of their respective Affiliates may receive belonging to
suppliers, customers or others who do business with GPHC, Employer or any of their respective
Affiliates (collectively, “Confidential Information”) to any third person unless such Confidential
Information has been previously disclosed to the public or is in the public domain (other than by
reason of Executive’s breach of this Section 8). The obligations in this paragraph are in addition
to, and in no way restrict or operate as a waiver of, statutory or common law protection of trade
secrets, as defined by law.

     9. Non-Competition. The Executive acknowledges and agrees that he or she is engaged
in business with the Employer in a global market. Therefore, during the period of Executive’s
employment with Employer and for one year following the date of Executive’s Separation from
Service, Executive shall not, directly or indirectly, become employed in a management capacity,
including as a consultant providing services in a management capacity, for Caraustar Industries,
Inc., Cascades Inc., International Paper Company, MeadWestvaco Corporation, OYSTAR Jones & Company,
Inc., Packaging Corporation of America, Rock-Tenn Company, or any of their current subsidiaries or
successors in the United States.

     10. Non-Solicitation of Employees. For one year following the date of Executive’s
Separation from Service, Executive shall not, directly or indirectly, for his/her own account or
for the account of any other Person, solicit for employment, employ or otherwise interfere with

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the relationship of GPHC, Employer or any of their respective subsidiaries with, any person
who is employed by GPHC, Employer or any of their current subsidiaries.

     11. Non-Solicitation of Customers. The Executive acknowledges and agrees that he or
she is engaged in business with the Employer in a global customer market. For one year following
the date of Executive’s Separation from Service, Executive shall not, directly or indirectly, for
his/her own account or for the account of any other Person anywhere in the United States, the
European Union, Canada or Mexico, solicit or otherwise attempt to establish any business
relationship for purposes of engaging in the manufacture, sales or converting of paperboard and
paperboard packaging with any Person who is or was a Customer, client or distributor of GPHC or
Employer or any of their Affiliates at any time during which Executive was employed by Employer.

     12. Return of Documents. In the event of the termination of Executive’s employment
for any reason, Executive shall deliver to Employer all of (a) the property of each of
GPHC, Employer and their respective Affiliates and (b) the non-personal documents and data
of any nature and in whatever medium of each of GPHC, Employer and their respective Affiliates, and
he/she shall not take with him/her any such property, documents or data or any reproduction
thereof, or any documents containing or pertaining to any Confidential Information. Whether
documents or data are “personal” or “non-personal” shall be determined as follows: Executive shall
present any documents or data that he/she wishes to take with him/her to the chief legal officer of
Employer for his/her review. The chief legal officer shall make an initial determination whether
any such documents or data are personal or non-personal, and with respect to such documents or data
that he/she determines to be non-personal, shall notify Executive either that such documents or
data must be retained by Employer or that Employer must make and retain a copy thereof before
Executive may take such documents or data with him/her.

     13. Injunctive Relief with Respect to Covenants; Forum, Venue and Jurisdiction.
Executive acknowledges and agrees that the covenants, obligations and agreements of Executive
contained in Sections 8, 9, 10, 11, 12, and 13 relate to special, unique and extraordinary matters
and that a violation of any of the terms of such covenants, obligations or agreements will cause
Employer irreparable injury for which adequate remedies are not available at law. Therefore,
Executive agrees that Employer shall be entitled to an injunction, restraining order or such other
equitable relief (without the requirement to post bond) as a court of competent jurisdiction may
deem necessary or appropriate to restrain Executive from committing any violation of such
covenants, obligations or agreements. These injunctive remedies are cumulative and in addition to
any other rights and remedies Employer may have. Executive hereby irrevocably submits to the
jurisdiction of the superior courts of Cobb County, Georgia and the federal courts of the Northern
District of Georgia, in respect of the injunctive remedies set forth in this Section 13 and the
interpretation and enforcement of Sections 8, 9, 10, 11, 12, and 13 insofar as such interpretation
and enforcement relate to any request or application for injunctive relief or damages connected
therewith in accordance with the provisions of this Section 13, and the parties hereto hereby
irrevocably waive any and all objections and defenses based on forum, venue or personal or subject
matter jurisdiction as they may relate to an application for such injunctive relief or damages
connected therewith in a suit or proceeding brought before such a court in accordance with the
provisions of this Section 13. All disputes not relating to any

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request or application for injunctive relief or damages connected therewith in accordance with
this Section 13 shall be resolved by arbitration in accordance with Section 17(b).

     14. Assumption of Agreement. Employer shall require any Successor thereto, by
agreement in form and substance reasonably satisfactory to Executive, to expressly assume and agree
to perform this Agreement in the same manner and to the same extent that Employer would be required
to perform it if no such succession had taken place. Failure of Employer to obtain such agreement
prior to the effectiveness of any such succession shall be a breach of this Agreement and shall
entitle Executive to compensation from Employer in the same amount and on the same terms as
Executive would be entitled hereunder if Employer had terminated Executive’s employment Without
Cause as described in Section 7, except that for purposes of implementing the foregoing, the date
on which any such succession becomes effective shall be deemed the Date of Termination.

     15. Entire Agreement. This Agreement constitutes the entire agreement among the
parties hereto with respect to the subject matter hereof. All prior correspondence and proposals
(including but not limited to summaries of proposed terms) and all prior promises, representations,
understandings, arrangements and agreements relating to such subject matter (including but not
limited to those made to or with Executive by any other Person and those contained in any prior
employment, consulting or similar agreement entered into by Executive and Employer or any
predecessor thereto or Affiliate thereof) are merged herein and superseded hereby. This Agreement
explicitly supersedes and replaces that certain employment agreement between Executive and Graphic
Packaging Corporation, dated August 17, 2006.

     16. Indemnification. Employer hereby agrees that it shall indemnify and hold harmless
Executive to the fullest extent permitted by Delaware law from and against any and all liabilities,
costs, claims and expenses, including all costs and expenses incurred in defense of litigation
(including attorneys’ fees), arising out of the employment of Executive hereunder, except to the
extent arising out of or based upon the gross negligence or willful misconduct of Executive. Costs
and expenses incurred by Executive in defense of such litigation (including attorneys’ fees) shall
be paid by Employer in advance of the final disposition of such litigation upon receipt by Employer
of (a) a written request for payment, (b) appropriate documentation evidencing the
incurrence, amount and nature of the costs and expenses for which payment is being sought, and
(c) an undertaking adequate under Delaware law made by or on behalf of Executive to repay
the amounts so paid if it shall ultimately be determined that Executive is not entitled to be
indemnified by Employer under this Agreement, including but not limited to as a result of such
exception.

     17. Section 409A.

     (a) General. This Agreement shall be interpreted and administered in a manner so that
any amount or benefit payable hereunder shall be paid or provided in a manner that is either exempt
from or compliant with the requirements Section 409A of the Code and applicable Internal Revenue
Service guidance and Treasury Regulations issued thereunder (and any applicable transition relief
under Section 409A of the Code). Nevertheless, the tax treatment of the benefits provided under the
Agreement is not warranted or guaranteed. Neither Employer nor its directors, officers, employees
or advisers shall be held liable for any taxes, interest,

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penalties or other monetary amounts owed by Executive as a result of the application of
Section 409A of the Code.

     (b) Six-Month Delay in Certain Circumstances. Notwithstanding anything in this
Agreement to the contrary, if any amount or benefit that would constitute non-exempt “deferred
compensation” for purposes of Section 409A of the Code would otherwise be payable or distributable
under this Agreement by reason of Executive’s Separation from Service during a period in which he
is a Specified Employee (as defined below), then, subject to any permissible acceleration of
payment by Employer under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order),
(j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes):

          (i) the amount of such non-exempt deferred compensation that would otherwise be payable during
the six-month period immediately following Executive’s Separation from Service will be accumulated
through and paid or provided on the first normal payroll date in the seventh month following
Executive’s Separation from Service (or, if Executive dies during such period, within 30 days after
Executive’s death) (in either case, the “Required Delay Period”); and

          (ii) the normal payment or distribution schedule for any remaining payments or distributions
will resume at the end of the Required Delay Period.

For purposes of this Agreement, the term “Specified Employee” has the meaning given such term in
Code Section 409A and the final regulations thereunder: provided, however, that Employer’s
Specified Employees and its application of the six-month delay rule of Code Section
409A(a)(2)(B)(i) shall be determined in accordance with rules adopted by the Board or a committee
thereof, which shall be applied consistently with respect to all nonqualified deferred compensation
arrangements of Employer, including this Agreement.

     (c) Treatment of Installment Payments. Each payment of termination benefits under
Section 7(f) of this Agreement, including, without limitation, each installment payment and each
provision of, or payment or reimbursement of premiums for, the Continued Benefits under Section
7(f)(iv), shall be considered a separate payment, as described in Treas. Reg. Section
1.409A-2(b)(2), for purposes of Section 409A of the Code.

     (d) Timing of Reimbursements and In-kind Benefits. If Executive is entitled to be
paid or reimbursed for any taxable expenses under Sections 6(b), 7(d), 7(f)(iv), or 18(b) and such
payments or reimbursements are includible in Executive’s federal gross taxable income, the amount
of such expenses reimbursable in any one calendar year shall not affect the amount reimbursable in
any other calendar year (other than the outplacement benefits under Section 7(f)(iv)(y), and the
reimbursement of an eligible expense must be made no later than December 31 of the year after the
year in which the expense was incurred. Executive’s rights to payment or reimbursement of expenses
pursuant to Section 18(b) shall expire at the end of the 20 years after the Date of Termination.
No right of Executive to reimbursement of expenses under Sections 6(b), 7(d), 7(f)(iv), or 18(b)
shall be subject to liquidation or exchange for another benefit.

10

 

     18. Miscellaneous.

     (a) Binding Effect; Assignment. This Agreement shall be binding on and inure to the
benefit of Employer, GPHC and their respective successors and permitted assigns. This Agreement
shall also be binding on and inure to the benefit of Executive and his/her heirs, executors,
administrators and legal representatives. This Agreement shall not be assignable by any party
hereto without the prior written consent of the other parties hereto, except as provided pursuant
to this Section 17(a). Each of GPHC and Employer may effect such an assignment without prior
written approval of Executive upon the transfer of all or substantially all of its business and/or
assets (by whatever means), provided that the Successor to Employer shall expressly assume
and agree to perform this Agreement in accordance with the provisions of Section 14.

     (b) Arbitration. Any dispute or controversy arising under or in connection with this
Agreement (except in connection with any request or application for injunctive relief or damages
connected therewith in accordance with Section 13) shall be resolved by binding arbitration. The
arbitration shall be held in the city of Atlanta, Georgia and except to the extent inconsistent
with this Agreement, shall be conducted in accordance with the Commercial Arbitration Rules of the
American Arbitration Association then in effect at the time of the arbitration, and otherwise in
accordance with principles which would be applied by a court of law or equity. The arbitrator
shall be acceptable to both Employer and Executive. If the parties cannot agree on an acceptable
arbitrator, the dispute shall be heard by a panel of three arbitrators, one appointed by Employer,
one appointed by Executive, and the third appointed by the other two arbitrators. All expenses of
arbitration shall be borne by the party who incurs the expense, or, in the case of joint expenses,
by both parties in equal portions, except that, in the event Executive prevails on the principal
issues of such dispute or controversy, all such expenses shall be borne by Employer.

     (c) Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware without reference to principles of conflicts of laws.

     (d) Taxes. Employer may withhold from any payments made under this Agreement all
applicable taxes, including but not limited to income, employment and social insurance taxes, as
shall be required by law.

     (e) Amendments. No provision of this Agreement may be modified, waived or discharged
unless such modification, waiver or discharge is approved by Employer’s Board or a Person
authorized thereby and is agreed to in writing by Executive and, in the case of any such
modification, waiver or discharge affecting the rights or obligations of GPHC, is approved by the
Board of Directors of GPHC or a Person authorized thereby. No waiver by any party hereto at any
time of any breach by any other party hereto of, or compliance with, any condition or provision of
this Agreement to be performed by such other party shall be deemed a waiver of similar or
dissimilar provisions or conditions at the same or at any prior or subsequent time. No waiver of
any provision of this Agreement shall be implied from any course of dealing between or among the
parties hereto or from any failure by any party hereto to assert its rights hereunder on any
occasion or series of occasions.

11

 

     (f) Severability. In the event that any one or more of the provisions of this
Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein shall not be affected
thereby.

     (g) Notices. Any notice or other communication required or permitted to be delivered
under this Agreement shall be (i) in writing, (ii) delivered personally, by courier
service or by certified or registered mail, first-class postage prepaid and return receipt
requested, (iii) deemed to have been received on the date of delivery or, if so mailed, on
the third business day after the mailing thereof, and (iv) addressed as follows (or to such
other address as the party entitled to notice shall hereafter designate in accordance with the
terms hereof):

	 	(A)	 	If to Employer or GPHC, to it at:

814 Livingston Court, S.E.

Marietta, GA 30067

Attention: General Counsel

	 	(B)	 	if to Executive, to him/her at his/her residential address as currently
on file with Employer.

     (h) Voluntary Agreement; No Conflicts. Executive, Employer and GPHC each represent
that they are entering into this Agreement voluntarily and that Executive’s employment hereunder
and each party’s compliance with the terms and conditions of this Agreement will not conflict with
or result in the breach by such party of any agreement to which he/she or it is a party or by which
he/she or it or his/her or its properties or assets may be bound.

     (i) Counterparts. This Agreement may be executed in counterparts, each of which shall
be deemed an original and all of which together shall constitute one and the same instrument.

     (j) Headings. The section and other headings contained in this Agreement are for the
convenience of the parties only and are not intended to be a part hereof or to affect the meaning
or interpretation hereof.

     (k) Certain Definitions.

     “Affiliate”: with respect to any Person, means any other Person that, directly or
indirectly through one or more intermediaries, Controls, is Controlled by, or is under common
Control with the first Person, including but not limited to a Subsidiary of the first Person, a
Person of which the first Person is a Subsidiary, or another Subsidiary of a Person of which the
first Person is also a Subsidiary.

     “Change in Control” shall mean any of the following events:

	 	(1)	 	The acquisition by any Person of Beneficial Ownership (as
defined in Rule 13d-3 of the General Rules and Regulations under the Exchange
Act) of thirty percent (30%) or more of the combined voting power of the then
outstanding voting securities of GPHC entitled to vote generally in the
election of Employer’s Board (the “Outstanding GPHC Voting Securities”);
provided, however, that for purposes of this section, the following
acquisitions shall not

12

 

	 	 	 	constitute a Change of Control: (i) any acquisition by a Person who on the
Effective Date is the Beneficial Owner of thirty percent (30%) or more of the
Outstanding GPHC Voting Securities, (ii) any acquisition by GPHC or any of its
Subsidiaries, (iii) any acquisition by any employee benefit plan (or related
trust) sponsored or maintained by GPHC or any of its Subsidiaries, (iv) any
acquisition by a shareholder who is a party to the Stockholders Agreement, dated
July 7, 2007, or (v) any acquisition by any corporation pursuant to a
transaction which complies with subparagraphs (x), (y), and (z) of Section (3)
below;
	 
	 	(2)	 	Individuals who constitute the Employer’s Board as of the
Effective Date hereof (the “Incumbent Board”) cease for any reason to
constitute at least a majority of the Employer’s Board, provided that any
individual becoming a Director subsequent to the Effective Date whose election,
or nomination for election by GPHC’s shareholders, was approved by a vote of at
least a majority of the Directors then comprising the Incumbent Board shall be
considered as though such individual were a member of the Incumbent Board, but
excluding, for this purpose, any such individual whose initial assumption of
office is in connection with an actual or threatened election contest relating
to the election or removal of the Directors of GPHC or other actual or
threatened solicitation of proxies of consents by or on behalf of a Person
other than the Employer’s Board;
	 
	 	(3)	 	Consummation of a reorganization, merger, or consolidation to
which GPHC is a party (a “Business Combination”), in each case unless,
following such Business Combination: (x) all or substantially all of the
individuals and entities who were the Beneficial Owners of Outstanding GPHC
Voting Securities immediately prior to such Business Combination beneficially
own, directly or indirectly, more than fifty percent (50%) of the combined
voting power of the outstanding voting securities entitled to vote generally in
the election of Directors of the corporation resulting from the Business
Combination (including, without limitation, a corporation which as a result of
such transaction owns GPHC either directly or through one or more subsidiaries)
(the “Successor Entity”) in substantially the same proportions as their
ownership immediately prior to such Business Combination of the Outstanding
GPHC Voting Securities; and (y) no Person (excluding any Successor Entity or
any employee benefit plan, or related trust, of the Company or such Successor
Entity) beneficially owns, directly or indirectly, thirty percent (30%) or more
of the combined voting power of the then outstanding voting securities of the
Successor Entity, except to the extent that such ownership existed prior to the
Business Combination; and (z) at least a majority of the members of the board
of directors of the Successor Entity were members of the Incumbent Board
(including persons deemed to be members of the Incumbent Board by reason of the
proviso to paragraph (2) of this section) at the time of the execution of the
initial agreement or of the action of the Employer’s Board providing for such
Business Combination;

13

 

	 	(4)	 	The sale, transfer or other disposition of all or substantially
all of the assets of GPHC; or
	 
	 	(5)	 	Approval by the shareholders of GPHC of a complete liquidation
or dissolution of GPHC.

     “Control”: with respect to any Person, means the possession, directly or indirectly,
severally or jointly, of the power to direct or cause the direction of the management policies of
such Person, whether through the ownership of voting securities, by contract or credit arrangement,
as trustee or executor, or otherwise.

     “Person”: any natural person, firm, partnership, limited liability company,
association, corporation, company, trust, business trust, governmental authority or other entity.

     “Subsidiary”: with respect to any Person, each corporation or other Person in which
the first Person owns or Controls, directly or indirectly, capital stock or other ownership
interests representing 50% or more of the combined voting power of the outstanding voting stock or
other ownership interests of such corporation or other Person.

     “Successor”: of a Person means a Person that succeeds to the first Person’s assets
and liabilities by merger, liquidation, dissolution or otherwise by operation of law, or a Person
to which all or substantially all the assets and/or business of the first Person is transferred.

     IN WITNESS WHEREOF, Employer and GPHC have duly executed this Agreement by their authorized
representatives, and Executive has hereunto set his/her hand, in each case effective as of the date
first above written.

	 	 	 	 	 	 	 
	 	 	GRAPHIC PACKAGING HOLDING COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Cynthia A. Baerman
 

Cynthia A. Baerman
	 	 
	 

	 	 	 	Senior Vice President, Human Resources	 	 
	 
	 	 	 	 	 	 
	 	 	GRAPHIC PACKAGING INTERNATIONAL, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Cynthia A. Baerman
 

Cynthia A. Baerman
	 	 
	 

	 	 	 	Senior Vice President, Human Resources	 	 

	 	 	 	 	 
	 

	 	Executive:	 	 
	 
	 	 	 	 
	 

	 	/s/ Joseph P. Yost 

Joseph P. Yost
	 	 

14Exhibit 10.1

                        SUBSIDIARY ACQUISITION AGREEMENT

Subsidiary  Acquisition  Purchase  Agreement  dated as of January 21, 2010 (this
"Agreement")  by and between  United  Aircraft  Development  Partners,  Inc.,  a
Wyoming corporation and (the "Company"),  and Utilicraft  Aerospace  Industries,
Inc, a Nevada corporation ("Purchaser").

           WHEREAS,  Purchaser and the Company desire to have Purchaser  acquire
from  the  Company  and  its  Shareholders  100%  of the  Company's  issued  and
outstanding common stock shares (the "Common Stock");

           NOW,  THEREFORE,  in  consideration  of the  premises  and the mutual
covenants  contained herein, the parties hereto,  intending to be legally bound,
hereby agree as follows:

                         I. ACQUISITION OF COMMON STOCK

           A. Transaction.  Purchaser hereby agrees to issue 103,250,000  shares
of its restricted  common stock to the  Shareholders  of the Company in exchange
for 13,750,000  shares of the Company's Common Stock owned by its  Shareholders,
representing  100% of the  Company's  issued and  outstanding  Common Stock in a
transaction exempt from the registration and prospectus delivery requirements of
the Securities and Exchange Act of 1933, as amended (the "Securities  Act"), the
Common Stock.

           B. Purchaser Board Seats.  Purchaser  agrees that upon the Closing of
this  Transaction,  it will  appoint  one  individual  nominated  by the present
Company Board to serve on the Purchaser's Board of Directors.

           C. Stock Options and Warrants. The Company agrees that it will secure
consents to cancel all stock  options and  warrants  outstanding  as the date of
closing.

           D. Company agrees to contribute its  Memorandum of  Understanding  to
merge with an  aerospace  operating  company  and its Letter of Intent for major
funding from a company with associations with Humanitarian Relief  Organizations
as part of this transaction.

                II. PURCHASER'S REPRESENTATIONS AND WARRANTIES

           Purchaser  represents  and warrants to and  covenants and agrees with
the Company as follows:

          A. Purchaser is purchasing  the Common Stock for its own account,  for
investment  purposes only and not with a view towards or in connection  with the
public sale or distribution thereof in violation of the Securities Exchange Act.

          B.  Purchaser is (i) an  "accredited  investor"  within the meaning of
Rule 501 of Regulation D under the Securities  Exchange Act, (ii)  experience in
making investments of the kind contemplated by this Agreement, (iii) capable, by
reason of its business and  financial  experience,  of  evaluating  the relative
merits and risks of an investment  in the Common Stock Shares,  and (iv) able to
afford the loss of its investment in the Common Stock Shares.

          C. This Agreement has been duly and validly  authorized,  executed and
delivered  by  Purchaser  and is a valid  and  binding  agreement  of  Purchaser
enforceable  against  it in  accordance  with its terms,  subject to  applicable
bankruptcy,  insolvency, fraudulent conveyance,  reorganization,  moratorium and
similar laws affecting  creditors'  rights and remedies  generally and except as
rights  to  indemnity  and  contribution  may be  limited  by  federal  or state
securities laws or the public policy underlying such laws.

          D. Purchaser represents that it has satisfactory  information and data
to move forward with the transaction.

          E. The Purchaser (i) has duly and validly  authorized and reserved for
issuance  shares  of its  common  stock,  which is a number  sufficient  for the
issuance  of the  common  stock  contemplated  by  this  Subsidiary  Acquisition
Agreement.  The Purchaser  understands and acknowledges the potentially dilutive
effect on the issuance of the common stock shares.

           F. The Purchaser has the requisite  corporate  power and authority to
enter into this Agreement (as such term is  hereinafter  defined) and to perform
all of its obligations  hereunder and thereunder  (including the issuance,  sale
and delivery to Company and its  Shareholders  of the Common Stock Shares).  The
execution,  delivery and  performance  by the Purchaser of the Documents and the
consummation  by the  Purchaser  of the  transactions  contemplated  hereby  and
thereby have been duly and validly authorized by all necessary corporate actions
on the part of the Purchaser and no further filing, consent, or authorization is
required  by the  Purchaser.  Each of the  Documents  has been duly and  validly
executed and delivered by the  Purchaser  and each Document  constitutes a valid

<PAGE>

and binding  obligation  of the Purchaser  enforceable  against it in accordance
with  its  terms,  subject  to  applicable  bankruptcy,  insolvency,  fraudulent
conveyance,  reorganization,  moratorium and similar laws  affecting  creditors'
rights and remedies generally and except as rights to indemnity and contribution
may be  limited  by  federal  or  state  securities  laws or the  public  policy
underlying  such  laws.  The  Common  Stock  Shares  have been duly and  validly
authorized for issuance by the Purchaser.  For purposes of this  Agreement,  the
term "Documents" means (i) this Agreement.

           G. Validity of Issuance of the Common Stock Shares.  The Common Stock
Shares upon their  issuance will be validly issued and  outstanding,  fully paid
and nonassessable, and not subject to any preemptive rights.

                       III. THE COMPANY'S REPRESENTATIONS

The Company represents and warrants as of the date hereof to the Purchaser that,
except as set forth in this Agreement,  the statements contained in this Section
3 are complete and  accurate as of the date of this  Agreement.  As used in this
Section 3, the term  "Knowledge"  shall mean the knowledge of the members of the
board of  directors  of the  Company  and/or the  officers or  employees  of the
Company after reasonable investigation.

           A. Capitalization.

                    1. The authorized  capital stock of the Company  consists of
500,000,000  shares of Common  Stock of which  13,750,000  shares are issued and
outstanding  as of the date  hereof and are fully paid and non  assessable.  The
Common  Shares are to be exchanged for  Utilicraft  Aerospace  Industries,  Inc.
shares as set forth in Section I A. above.

                    2. Except as disclosed  herein by the Company,  there are no
preemptive, subscription, "call," right of first refusal or other similar rights
to acquire any capital  stock of the Company that have been issued or granted to
any person and no other  obligations of the Company to issue,  grant,  extend or
enter into any security, option, warrant, "call," right, commitment,  agreement,
arrangement  or  undertaking  with  respect to any of their  respective  capital
stock.

           B. Organization; Company Status.

                    1. The  Company is a  corporation  duly  organized,  validly
existing and in good  standing  under the laws of the state or  jurisdiction  in
which it is incorporated  and is duly qualified as a foreign  corporation in all
jurisdictions in which the failure so to qualify would reasonably be expected to
have a material adverse effect on the business, properties, prospects, condition
(financial  or  otherwise)  or results of  operations  of the  Company or on the
consummation  of any of the  transactions  contemplated  by  this  Agreement  (a
"Material Adverse Effect").

           C. Full Disclosure. There is no fact known to the Company (other than
general economic or industry  conditions known to the public generally) that has
not been fully disclosed in this Agreement that (i) reasonably could be expected
to have a  Material  Adverse  Effect or (ii)  reasonably  could be  expected  to
materially  and  adversely  affect  the  ability of the  Company to perform  its
obligations pursuant to the Documents.

           D. Absence of Events of Default. No "Event of Default" (as defined in
any agreement or instrument to which the Company is a party) and no event which,
with notice,  lapse of time or both, would constitute an Event of Default (as so
defined), has occurred and is continuing.

           E.  Registration  Rights.  The  shareholders of the Company as of the
Closing (as such term is hereinafter defined), shall have "piggy-back" rights in
any future registration statements filed by the Company under the Securities and
Exchange Act relating to any of its Common Stock Shares.

           F. No Misrepresentation. No representation or warranty of the Company
contained in this Agreement or any of the other Documents,  any schedule,  annex
or  exhibit  hereto or  thereto  or any  agreement,  instrument  or  certificate
furnished by the Company to Purchaser  pursuant to this  Agreement  contains any
untrue  statement of a material  fact or omits to state a material fact required
to be stated therein or necessary to make the statements therein not misleading.

           G. Finder's Fee.  There is no finder's fee,  brokerage  commission or
like payment in connection with the transactions  contemplated by this Agreement
for which Purchaser is liable or responsible.

           H.  Subsidiaries.  The  Company  does not  presently  own or control,
directly or indirectly, any interest in any other corporation,  association,  or
other  business  entity.  The Company is not a participant in any joint venture,
partnership, or similar arrangement, except as disclosed to Purchaser.

<PAGE>

           I.  Litigation.  Other than as  disclosed  in this  Agreement  and to
Purchaser,  there is no action, suit, proceeding or investigation pending or, to
the Company's knowledge, currently threatened against the Company that questions
the validity of this  Agreement,  the Documents,  or the right of the Company to
enter into such  agreements,  or to  consummate  the  transactions  contemplated
hereby  or  thereby,  or  that  might  result,  either  individually  or in  the
aggregate, in any material adverse changes in the business,  assets or condition
of the Company, taken as a whole, financially or otherwise, or any change in the
current equity  ownership of the Company.  The Company is not a party or subject
to the  provisions  of any order,  writ,  injunction,  judgment or decree of any
court  or  government  agency  or  instrumentality.  There is no  action,  suit,
proceeding or  investigation  by the Company pending or that the Company intends
to initiate.

           J. Agreements.  Except for agreements explicitly contemplated hereby,
there are no agreements,  understandings  or proposed  transactions  between the
Company  and  any of  its  officers,  directors,  Affiliates,  or any  affiliate
thereof.

           K. Tax Returns.  The Company has made and filed all federal and state
income and all other tax  returns,  reports  and  declarations  required  by any
jurisdiction  to which it is subject and (unless and only to the extent that the
Company  has set  aside on its  books  provisions  reasonably  adequate  for the
payment  of all  unpaid  and  unreported  taxes)  has paid all  taxes  and other
governmental  assessments  and charges  that are  material  in amount,  shown or
determined to be due on such  returns,  reports and  declarations,  except those
being  contested  in good  faith  and  has  set  aside  on its  books  provision
reasonably  adequate for the payment of all taxes for periods  subsequent to the
periods  to which such  returns,  reports or  declarations  apply.  There are no
unpaid taxes in any material amount claimed to be due by the taxing authority of
any jurisdiction,  and the officers of the Company know of no basis for any such
claim.

                    IV. CERTAIN COVENANTS AND ACKNOWLEDGMENTS

            A. Stockholder  Listing.  The Company will provide  Purchaser with a
current stockholder listing upon the signing of this Agreement.

                           V. ISSUANCE OF COMMON STOCK

           A. The Purchaser undertakes and agrees that no instruction other than
the  instructions  referred to in this  Article V shall be given to its transfer
agent for the Common Stock Shares and that they shall be freely  transferable on
the books and  records of the  Purchaser  as and to the extent  provided in this
Agreement  and  applicable  law.  Nothing  contained in this Section V.A.  shall
affect in any way the  Company's  Shareholders'  obligations  and  agreement  to
comply with all applicable Securities laws upon resale of such common stock.

           B.  The  Purchaser  shall,  at its own  cost  and  expense,  take all
necessary action to assure that the Purchaser's transfer agent shall issue stock
certificates in the name of the Company's  Stockholders  representing the number
of shares of common stock issuable by this Agreement.

                                VI. CLOSING DATE

           The  "Closing"  shall upon the  execution  of this  Agreement  by the
Parties  thereto and the delivery of the shares  specified in this  Agreement by
both  Parties,  and the date on which the  Closing  occurs  shall be referred to
herein as the "Closing Date".

                  VII. CONDITIONS TO THE COMPANY'S OBLIGATIONS

           Purchaser understands that the Company's shareholders'  obligation to
deliver  their  certificates  representing  13,750,000  shares of the  Company's
Common Stock at Closing to Purchaser  pursuant to this  Agreement is conditioned
upon:

           A.  Delivery by Purchaser of a copy of its letter of  instruction  to
its Signature  Stock Transfer Agent,  for the issuance of 103,250,000  shares of
Purchaser's common stock to the Company's Shareholders in the individual amounts
corresponding to the amounts on their Company certificates;

           B.  The  accuracy  on the  Closing  Date of the  representations  and
warranties  of Purchaser  contained in this  Agreement as if made on the Closing
Date (except for  representations  and warranties which, by their express terms,
speak as of and relate to a specified date, in which case such accuracy shall be
measured as of such  specified  date) and the  performance  by  Purchaser in all
material  respects on or before the Closing Date of all covenants and agreements
of Purchaser  required to be  performed  by it pursuant to this  Agreement on or
before the Closing Date; and

           C. There shall not be in effect any law or order, ruling, judgment or
writ of any court or public or governmental authority restraining,  enjoining or
otherwise prohibiting any of the transactions contemplated by this Agreement.

<PAGE>

                   VIII. CONDITIONS TO PURCHASER'S OBLIGATIONS

           The Company  understands that Purchaser's  obligation to purchase the
Company  Shareholders'  Common Stock Shares on the Closing Date pursuant to this
Agreement is conditioned upon:

           A. Delivery by the Company's  Shareholders of the Common Stock Shares
to Purchaser to be exchanged for corresponding  number of Purchaser Common Stock
Shares;

           B.  The  accuracy  on the  Closing  Date of the  representations  and
warranties of the Company  contained in this Agreement as if made on the Closing
Date (except for  representations  and warranties which, by their express terms,
speak as of and relate to a specified date, in which case such accuracy shall be
measured as of such  specified  date) and the  performance by the Company in all
respects on or before the Closing Date of all  covenants  and  agreements of the
Company  required to be performed by it pursuant to this  Agreement on or before
the Closing  Date,  all of which shall be  confirmed to Purchaser by delivery of
the certificate of the chief executive officer of the Company to that effect;

           C. The  Company  shall  have  delivered  to the  Purchaser  unanimous
resolutions  of the  Company's  Board of  Directors  executed  by the  Company's
Directors  authorizing  and  approving  the  execution of the  Documents and the
transactions contemplated by this Agreement;

           D.  There not having  occurred  any event or  development,  and there
being in existence no  condition,  having or which  reasonably  and  foreseeably
could have a Material Adverse Effect;

           E. There shall not be in effect any law, order,  ruling,  judgment or
writ of any court or public or governmental authority restraining,  enjoining or
otherwise prohibiting any of the transactions contemplated by this Agreement;

           F. The Company shall have obtained all consents, approvals or waivers
from  governmental  authorities  and third persons  necessary for the execution,
delivery and  performance  of the  Documents and the  transactions  contemplated
thereby, all without material cost to the Company;

           G.  Purchaser   shall  have  received  such   additional   documents,
certificates,  payment, assignments, transfers and other deliveries as it or its
legal counsel may reasonably request and as are customary to effect a closing of
the matters herein contemplated;

            H. The Company shall have received a consent of its  Shareholders as
to their  agreement for the Common Stock Share  Exchange  with  Purchaser on the
basis as set forth in I.A. above.

                          IX. SURVIVAL; INDEMNIFICATION

           A. The representations,  warranties and covenants made by each of the
Company and  Purchaser in this  Agreement,  the annexes,  schedules and exhibits
hereto  and in each  instrument,  agreement  and  certificate  entered  into and
delivered by them pursuant to this  Agreement  shall survive the Closing and the
consummation of the transactions  contemplated  hereby. In the event of a breach
or violation of any of such representations,  warranties or covenants, the party
to whom such representations,  warranties or covenants have been made shall have
all rights and remedies  for such breach or violation  available to it under the
provisions  of  this  Agreement  or  otherwise,  whether  at law  or in  equity,
irrespective of any investigation made by or on behalf of such party on or prior
to the Closing Date.

           B.  The  Company   hereby  agrees  to  indemnify  and  hold  harmless
Purchaser, its affiliates and their respective officers,  directors,  employees,
consultants,  partners,  members and  attorneys  (collectively,  the " Purchaser
Indemnitees ") from and against any and all losses, claims, damages,  judgments,
penalties, liabilities and deficiencies (collectively, " Losses ") and agrees to
reimburse  Purchaser  Indemnitees  for  all  reasonable  out-of-pocket  expenses
(including  the  reasonable  fees and expenses of legal  counsel),  in each case
promptly as incurred by Purchaser  Indemnitees  and to the extent arising out of
or in connection with:

           1. any  misrepresentation,  omission  of fact or breach of any of the
Company's representations or warranties contained in this Agreement or the other
Documents,  or the  annexes,  schedules  or  exhibits  hereto or  thereto or any
instrument,  agreement or  certificate  entered into or delivered by the Company
pursuant to this Agreement or the other Documents;

           2. any  failure  by the  Company  to  perform  any of its  covenants,
agreements, undertakings or obligations set forth in this Agreement or the other
Documents or any instrument,  certificate or agreement entered into or delivered
by the Company pursuant to this Agreement or the other Documents; or

<PAGE>

           C. Promptly after receipt by a party seeking indemnification pursuant
to this  Article  VIII  (an  "Indemnified  Party  ") of  written  notice  of any
investigation,   claim,   proceeding   or  other  action  in  respect  of  which
indemnification  is being  sought  (each,  a " Claim "), the  Indemnified  Party
promptly shall notify the Company against whom indemnification  pursuant to this
Article VIII is being sought (the "  Indemnifying  Party ") of the  commencement
thereof,  but the omission so to notify the Indemnifying Party shall not relieve
it from any liability that it otherwise may have to the Indemnified Party except
to the extent that the Indemnifying Party is materially  prejudiced and forfeits
substantive rights or defenses by reason of such failure. In connection with any
Claim as to which  both the  Indemnifying  Party and the  Indemnified  Party are
parties, the Indemnifying Party shall be entitled to assume the defense thereof.
Notwithstanding  the assumption of the defense of any Claim by the  Indemnifying
Party,  the  Indemnified  Party  shall have the right to employ  separate  legal
counsel and to  participate in the defense of such Claim,  and the  Indemnifying
Party shall bear the reasonable fees,  out-of-pocket  costs and expenses of such
separate  legal  counsel  to the  Indemnified  Party if (and only  if):  (x) the
Indemnifying Party shall have agreed to pay such fees,  out-of-pocket  costs and
expenses,  (y) the Indemnified Party and the Indemnifying Party reasonably shall
have concluded that representation of the Indemnified Party and the Indemnifying
Party by the same legal  counsel would not be  appropriate  due to actual or, as
reasonably  determined by legal counsel to the  Indemnified  Party,  potentially
differing  interests  between such parties in the conduct of the defense of such
Claim, or if there may be legal defenses available to the Indemnified Party that
are in addition to or disparate from those available to the  Indemnifying  Party
or (z) the  Indemnifying  Party  shall  have  failed  to  employ  legal  counsel
reasonably  satisfactory to the Indemnified  Party within a reasonable period of
time after notice of the  commencement of such Claim.  If the Indemnified  Party
employs  separate  legal  counsel in  circumstances  other than as  described in
clauses  (x),  (y) or (z)  above,  the fees,  costs and  expenses  of such legal
counsel shall be borne exclusively by the Indemnified Party.  Except as provided
above,  the  Indemnifying  Party shall not, in connection  with any Claim in the
same jurisdiction,  be liable for the fees and expenses of more than one firm of
legal  counsel  for the  Indemnified  Party  (together  with  appropriate  local
counsel). The Indemnifying Party shall not, without the prior written consent of
the Indemnified Party (which consent shall not unreasonably be withheld), settle
or  compromise  any Claim or consent to the entry of any judgment  that does not
include an unconditional  release of the Indemnified  Party from all liabilities
with respect to such Claim or judgment.

           D.  In  the  event  one  party  hereunder  should  have a  claim  for
indemnification  that does not  involve a claim or demand  being  asserted  by a
third party,  the Indemnified  Party promptly shall deliver notice of such claim
to the  Indemnifying  Party. If the Indemnified  Party disputes the claim,  such
dispute shall be resolved by mutual  agreement of the Indemnified  Party and the
Indemnifying  Party or by binding  arbitration  conducted in accordance with the
procedures and rules of the American Arbitration Association.  Judgment upon any
award rendered by any arbitrators  may be entered in any court having  competent
jurisdiction thereof.

                                X. GOVERNING LAW

           This  Agreement  shall be governed by and  interpreted  in accordance
with the laws of the State of Nevada,  without  regard to the  conflicts  of law
principles of such state.

                         XI. SUBMISSION TO JURISDICTION

           Each of the parties hereto consents to the exclusive  jurisdiction of
the federal  courts whose  districts  encompass  any part of Clark County or the
state  courts  of the  State  of  Nevada  sitting  in the  City of Las  Vegas in
connection  with  any  dispute  arising  under  this  Agreement  and  the  other
Documents.  Each party hereto hereby irrevocably and unconditionally  waives, to
the fullest  extent it may  effectively  do so, any  defense of an  inconvenient
forum or improper  venue to the  maintenance of such action or proceeding in any
such court and any right of jurisdiction on account of its place of residence or
domicile.  Each party hereto  irrevocably  and  unconditionally  consents to the
service of any and all process in any such action or  proceeding  in such courts
by the mailing of copies of such process by registered or certified mail (return
receipt  requested),  postage prepaid, at its address specified in Article XVII.
Each party hereto agrees that a final  judgment in any such action or proceeding
shall be conclusive  and may be enforced in other  jurisdictions  by suit on the
judgment or in any other manner provided by law.

                            XII. WAIVER OF JURY TRIAL

           TO THE FULLEST  EXTENT  PERMITTED BY LAW, EACH OF THE PARTIES  HERETO
HEREBY KNOWINGLY,  VOLUNTARILY AND INTENTIONALLY WAIVES ITS RESPECTIVE RIGHTS TO
A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION  BASED UPON OR ARISING  OUT OF THIS
AGREEMENT  OR ANY OTHER  DOCUMENT OR ANY DEALINGS  BETWEEN THEM  RELATING TO THE
SUBJECT  MATTER OF THIS  AGREEMENT  AND OTHER  DOCUMENTS.  EACH PARTY HERETO (i)
CERTIFIES THAT NEITHER OF THEIR RESPECTIVE REPRESENTATIVES,  AGENTS OR ATTORNEYS
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH PARTY WOULD NOT, IN THE EVENT
OF LITIGATION,  SEEK TO ENFORCE THE FOREGOING WAIVERS AND (ii) ACKNOWLEDGES THAT
IT HAS BEEN INDUCED TO ENTER INTO THIS  AGREEMENT  BY, AMONG OTHER  THINGS,  THE
MUTUAL WAIVERS AND CERTIFICATIONS HEREIN.

<PAGE>

                          XIII. COUNTERPARTS; EXECUTION

           This Agreement may be executed in counterparts, each of which when so
executed  and  delivered  shall be an original,  but both of which  counterparts
shall together constitute one and the same instrument.  A facsimile transmission
of this signed Agreement shall be legal and binding on both parties hereto.

                                  XIV. HEADINGS

           The headings of this  Agreement are for  convenience of reference and
shall not form part of, or affect the interpretation of, this Agreement.

                                XV. SEVERABILITY

           In the  event  any one or more of the  provisions  contained  in this
Agreement  or in  the  other  Documents  should  be  held  invalid,  illegal  or
unenforceable in any respect,  the validity,  legality and enforceability of the
remaining  provisions  contained  herein  or  therein  shall  not in any  way be
affected  or  impaired  thereby.   The  parties  shall  endeavor  in  good-faith
negotiations to replace the invalid,  illegal or  unenforceable  provisions with
valid  provisions,  the  economic  effect of which comes as close as possible to
that of the invalid, illegal or unenforceable provisions.

             XVI. ENTIRE AGREEMENT; REMEDIES, AMENDMENTS AND WAIVERS

           This  Agreement and the  Documents  constitute  the entire  agreement
between the parties hereto pertaining to the subject matter hereof and supersede
all prior agreements, understandings, negotiations and discussions, whether oral
or written,  of such  parties.  No  supplement,  modification  or waiver of this
Agreement shall be binding unless executed in writing by both parties. No waiver
of any of the provisions of this Agreement shall be deemed or shall constitute a
waiver of any other provision  hereof  (whether or not similar),  nor shall such
waiver constitute a continuing waiver unless otherwise expressly provided.

                                  XVII. NOTICES

           Except  as may be  otherwise  provided  herein,  any  notice or other
communication  or delivery  required or permitted  hereunder shall be in writing
and  shall  be  delivered  personally,  or sent by  telecopier  machine  or by a
nationally  recognized overnight courier service, and shall be deemed given when
so delivered  personally,  or by telecopier machine or overnight courier service
as follows:

           A. If to the Company, to:
              United Aircraft Development Partners, Inc.
              1821 Logan Ave.
              Cheyenne, Wyoming  82001

           B. If to Purchaser, to:
              Utilicraft Aerospace Industries, Inc.
              Double Eagle Airport
              Albuquerque, New Mexico  87121

The  Company  or  Purchaser  may change the  foregoing  address by notice  given
pursuant to this Article XVII.

                             XVIII. CONFIDENTIALITY

           Each of the Company and Purchaser agrees to keep confidential and not
to  disclose  to or use for the  benefit  of any  third  party the terms of this
Agreement  or any other  information  which at any time is  communicated  by the
other  party as being  confidential  without the prior  written  approval of the
other  party;  provide,   however,  that  this  provision  shall  not  apply  to
information  which,  at the time of  disclosure,  is already  part of the public
domain (except by breach of this Agreement) and information which is required to
be disclosed by law (including, without limitation,  pursuant to Item 601(b)(10)
of Regulation S-K under the Common Stock Shares Act and the Exchange Act).

<PAGE>

                                 XIX. ASSIGNMENT

This Agreement  shall not be assignable by the Company or Purchaser  without the
prior written consent of the Other Party.

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

United Aircraft                                   Utilicraft Aerospace
Development Partners, Inc.                        Industries, Inc.

By: /s/  Garrett Robinson                         By: /s/ John J. Dupont
    ----------------------------                  ------------------------------
Name: Garrett Robinson, Director                  Name: John J. Dupont, Chairman

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