Document:

exv4w1

      

PREGIS CORPORATION,

as Issuer,

and

THE GUARANTORS PARTIES HERETO

as Guarantors

SENIOR SECURED FLOATING RATE NOTES DUE 2013

 

First Supplemental Indenture

Dated as of October 5, 2009

to

Indenture

Dated as of October 12, 2005

 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

as Trustee and Collateral Agent,

THE BANK OF NEW YORK MELLON,

as Paying Agent,

THE BANK OF NEW YORK MELLON (LUXEMBOURG) S.A.,

as Registrar

and

GRANT THORNTON,

as Irish Paying Agent

 

      

 

 

     FIRST SUPPLEMENTAL INDENTURE, dated as of October 5, 2009 (the “Supplemental Indenture”),
among Pregis Corporation, a Delaware corporation, the
Guarantors, The Bank of New York Mellon Trust Company, N.A., as Trustee and Collateral Agent, The
Bank of New York Mellon (Luxembourg) S.A. (successor to The Bank of New York) as Registrar, The
Bank of New York Mellon as Paying Agent, and Grant Thornton, as Irish Paying Agent, under an
Indenture dated as of October 12, 2005 (the “Indenture”).

W I T N E S S E T H:

     WHEREAS, Section 9.01 of the Indenture provides, among other things, that the Company, the
Guarantors and the Trustee may amend or supplement the Indenture without the consent of any
Holder of a Note to provide for the issuance of Additional Notes in accordance with the
Indenture; and

     WHEREAS, the Company desires to supplement the Indenture to provide for the issuance of
€125,000,000 in aggregate principal amount of Additional Notes that will not be registered under
the Securities Act at the time of issuance, but which may be registered under the Securities Act
at a later date; and

     WHEREAS, all things necessary to make this Supplemental Indenture a valid supplement to the
Indenture in accordance with its terms have been done;

     NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Company, the Guarantors hereto
and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of
the Notes as follows:

     Section 1. Terms Defined. Capitalized terms used in this Supplemental Indenture and
not otherwise defined herein shall have the respective meanings set forth in the Indenture.

     Section 2. Additional Notes. On or after the date hereof, the Company shall issue
€125,000,000 in aggregate principal amount of Additional Notes which shall be considered Notes
for all purposes under the Indenture. The Additional Notes and the Trustee’s certificate of
authentication shall be substantially in the form of Exhibit A hereto.

     Section 3. Ratification. Except as expressly amended by this Supplemental
Indenture, each provision of the Indenture shall remain in full force and effect, and the
Indenture is in all respects agreed to, ratified and confirmed by each of the Company, the
Guarantors, the Trustee, Collateral Agent, Registrar and Paying Agent and the Irish Paying Agent.

     Section 4. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

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     Section 5. Counterpart Originals. The parties may sign any number of copies of this
Supplemental Indenture. Each signed copy shall be an original, but all of them together
represent the same agreement.

     Section 6. Effect of Headings. The Section headings herein are for convenience only
and shall not affect the construction hereof.

     Section 7. Severability. In case any provision in this Supplemental Indenture shall
be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

     Section 8. Submission To Jurisdiction; Waiver of Trial By Jury. THE PARTIES TO THE
INDENTURE, AS THE SAME MAY BE MODIFIED OR SUPPLEMENTED FROM TIME TO TIME, AGREE THAT ALL ACTIONS
AND PROCEEDINGS ARISING OUT OF THE INDENTURE, AS THE SAME MAY BE MODIFIED OR SUPPLEMENTED FROM TIME
TO TIME, OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE BROUGHT IN A NEW YORK STATE COURT
OR THE UNITED STATES DISTRICT COURT, IN EACH CASE, IN THE COUNTY AND STATE OF NEW YORK AND, IN
CONNECTION WITH ANY SUCH ACTION OR PROCEEDING SUBMIT TO THE EXCLUSIVE JURISDICTION OF, AND VENUE
IN, SUCH COURT. TO THE EXTENT PERMITTED BY LAW, EACH OF THE PARTIES HERETO ALSO IRREVOCABLY WAIVES
ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF THE
INDENTURE, AS THE SAME MAY BE MODIFIED OR SUPPLEMENTED FROM TIME TO TIME, THE NOTES OR THE
TRANSACTIONS CONTEMPLATED HEREBY.

     Section 9. Trustee’s Acceptance. The Trustee accepts the modifications of the
Indenture effected by this Supplemental Indenture, but only upon the terms and conditions set forth
in the Indenture. Without limiting the generality of the foregoing, the Trustee does not assume
any responsibility for the correctness of the recitals herein contained, which shall be taken as
the statements of the Company and the Guarantors. The Trustee does not make any representation and
shall not have any responsibility as to the validity and sufficiency of this Supplemental
Indenture.

     Section 10. TIA Incorporation. If and to the extent that any provision of this
Supplemental Indenture limits, qualifies or conflicts with another provision included in this
Supplemental Indenture or in the Indenture, in either case that is required to be included or
deemed to be included in this Supplemental Indenture or in the Indenture by any of the provisions
of Sections 310 to 317, inclusive, of the TIA, such required or deemed provision shall control.

     Section 11. Notices. Section 13.02 Notices of the Indenture shall be modified with
respect to the Trustee, Paying Agent and Registrar as follows:

	If to the Trustee and Collateral Agent:

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	 	The Bank of New York Mellon Trust Company, N.A.
	 

	 	2 North LaSalle Street, Suite 1020
	 

	 	Chicago, Illinois 60602
	 

	 	Attention: Global Corporate Trust
	 

	 	Facsimile: (312) 827-8542
	 
	 	 
	If to the Paying Agent:

	 	The Bank of New York Mellon
	 

	 	One Canada Square
	 

	 	London E14 5AL
	 

	 	Attention: Corporate Trust Administration
	 

	 	Telephone: +44 20 7964 7031/5683/4288
	 

	 	Facsimile: +44 20 7964 2536
	 
	 	 
	If to the Registrar:

	 	The Bank of New York Mellon (Luxembourg) S.A.
	 

	 	Aerogolf Center, 1A, Hoehenhof,
	 

	 	L-1736 Senningerberg,
	 

	 	Luxembourg
	 

	 	Attention: Corporate Trust Administration
	 

	 	Telephone: +(352) 34 20 90 56 30/56 38/56 39
	 

	 	Facsimile: +(352) 34 20 90 60 35

     Section 12. Additional Definitions. The following additional definitions apply to
the Indenture and this Supplemental Indenture:

“Authorised Person” means any person who is designated in writing by the Company from time to time
to give instructions to the Registrar and Paying Agent under the terms of the Indenture, as the
same may be amended or supplemented from time to time.

“Instructions” means any written notices, directions or instructions received by the Registrar and
Paying Agent from an Authorised Person or from a person reasonably believed by the Registrar and
Paying Agent to be an Authorised Person.

“Losses” means any and all claims, losses, liabilities, damages, costs, expenses and judgements
(including legal fees and expenses) sustained by either party.

     Section 13. Communications. In no event shall the Trustee, Registrar and Paying
Agent be liable for any Losses arising to the Trustee, Registrar and Paying Agent receiving or
transmitting any data from the Company, any Authorised Person or any party to the transaction via
any non-secure method of transmission or communication, such as, but without limitation, by
facsimile or email. The Company hereto accepts that some methods of communication are not secure
and the Trustee, Registrar and Paying Agent shall incur no liability for receiving instructions via
any such non-secure method. The Trustee, Registrar and Paying Agent are authorised to comply with
and rely upon any such notice, instructions or other communications believed by it to have been
sent or given by an Authorised Person or an appropriate party to the transaction (or authorised
representative thereof). The Company or authorised officer of the Company shall use all reasonable
endeavours to ensure that instructions transmitted to the

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Trustee, Registrar and Paying Agent pursuant to the Indenture, as the same may be modified or
supplemented from time to time, are complete and correct. Any instructions shall be conclusively
deemed to be valid instructions from the Company or authorised officer of the Company to the
Trustee, Registrar and Paying Agent for the purposes of the Indenture, as the same may be modified
or supplemented from time to time.

     Section 14. Consequential Loss or Damage Carve Out.  Consequential Loss or Damage:
Notwithstanding any provision of the Indenture, as the same may be modified or supplemented from
time to time, to the contrary, the Trustee, Registrar and Paying Agent shall not in any event be
liable for indirect, punitive or consequential loss or damage of any kind whatsoever (including but
not limited to lost profits), whether or not foreseeable, even if the Trustee, Registrar and Paying
Agent have been advised of the likelihood of such loss or damage and regardless of whether the
claim for loss or damage is made in negligence or otherwise.

     Section 15. Force Majeure. The Trustee, Registrar and Paying Agent shall not be
responsible or liable for any failure or delay in the performance of its obligations under this
Indenture, as the same may be modified or supplemented from time to time, arising out of or
caused, directly or indirectly, by circumstances beyond its control, including, without
limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military
disturbances; sabotage; epidemics; riots; interruptions; loss or malfunctions of utilities,
computer (hardware or software) or communication services; accidents; labor disputes; acts of
civil or military authority and governmental action.

* * *

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     IN WITNESS WHEREOF, parties have executed this Supplemental Indenture as of October 5, 2009.

	 	 	 	 	 
	 	PREGIS CORPORATION

 	 
	 	By:  	/s/ Michael T. McDonnell	 
	 	 	Name:  Michael T. McDonnell	 	 
	 	 	Title:  Chief Executive Officer and President	 	 
	 
	 	 	 	 	 
	 	PREGIS HOLDING II CORPORATION

 	 
	 	By:  	/s/ Michael T. McDonnell	 
	 	 	Name:  Michael T. McDonnell	 	 
	 	 	Title:  Chief Executive Officer and President	 	 
	 
	 	 	 	 	 
	 	PREGIS MANAGEMENT CORPORATION

 	 
	 	By:  	/s/ Michael T. McDonnell	 
	 	 	Name:  Michael T. McDonnell	 	 
	 	 	Title:  Chairman, Chief Executive Officer and President	 	 
	 
	 	 	 	 	 
	 	PREGIS INNOVATIVE PACKAGING INC.

 	 
	 	By:  	/s/ Michael T. McDonnell	 
	 	 	Name:  Michael T. McDonnell	 	 
	 	 	Title:  Chairman and Chief Executive Officer	 	 
	 
	 	 	 	 	 
	 	HEXACOMB CORPORATION

 	 
	 	By:  	/s/ Michael T. McDonnell	 
	 	 	Name:  Michael T. McDonnell	 	 
	 	 	Title:  Chairman, Chief Executive Officer and President	 	 

 

 

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON
TRUST
 COMPANY, N.A.,

as Trustee and Collateral Agent

 	 
	 	By:  	/s/
R. Tarnas	 
	 	 	Name:  R. Tarnas	 	 
	 	 	Title:  Vice President	 	 
	 
	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON

as Paying Agent

 	 
	 	By:  	/s/
Melissa Laidley	 
	 	 	Name:  Melissa Laidley	 	 
	 	 	Title:  Senior Associate	 	 
	 
	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON 
(LUXEMBOURG) S.A.,

as Registrar

 	 
	 	By:  	/s/
Melissa Laidley	 
	 	 	Name:  Melissa Laidley	 	 
	 	 	Title:  Senior Associate	 	 
	 
	 	 	 	 	 
	 	GRANT THORNTON,

as Irish Paying Agent

 	 
	 	By:  	/s/ Grant Thornton	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

EXHIBIT A

[Face of Note]

THIS GLOBAL NOTE IS HELD BY THE COMMON DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE)
OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE
TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE COMMON DEPOSITARY MAY MAKE SUCH NOTATIONS
HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.07 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.07(a) OF THE INDENTURE, (III) THIS GLOBAL
NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE AND
(IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR COMMON DEPOSITARY WITH THE PRIOR WRITTEN
CONSENT OF THE COMPANY.

THIS NOTE (OR ITS PREDECESSOR) HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT
AS SET FORTH IN THE NEXT SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN,
THE HOLDER: (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT) (A “QIB”), (B) IT HAS ACQUIRED THIS NOTE IN AN OFFSHORE TRANSACTION
IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT OR (C) IT IS AN INSTITUTIONAL “ACCREDITED
INVESTOR” (AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT
(AN “IAI”), (2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO PREGIS
CORPORATION OR ANY OF ITS SUBSIDIARIES, (B) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A
QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A, (C) IN AN OFFSHORE TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR
904 OF THE SECURITIES ACT, (D) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE
SECURITIES ACT, (E) TO AN IAI THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER
CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE TRANSFER OF THIS NOTE (THE FORM
OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE
PRINCIPAL AMOUNT OF NOTES LESS THAN $250,000 (EURO EQUIVALENT), AN OPINION OF COUNSEL ACCEPTABLE TO
PREGIS CORPORATION THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, (F) IN ACCORDANCE
WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN
OPINION OF COUNSEL ACCEPTABLE TO PREGIS CORPORATION) OR (G) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH THE APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (3) AGREES THAT IT WILL DELIVER TO EACH
PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN

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IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. AS USED HEREIN, THE TERMS
“OFFSHORE TRANSACTION” AND “UNITED STATES” HAVE THE MEANINGS GIVEN TO THEM BY RULE 902 OF
REGULATION S UNDER THE SECURITIES ACT. THE INDENTURE CONTAINS A PROVISION REQUIRING THE TRUSTEE TO
REFUSE TO REGISTER ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING.

THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE
INTERNAL REVENUE CODE. A HOLDER MAY OBTAIN THE ORIGINAL ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE
DISCOUNT, CLOSING DATE AND YIELD TO MATURITY FOR SUCH NOTE BY SUBMITTING A REQUEST FOR SUCH
INFORMATION TO THE ISSUER AT THE FOLLOWING ADDRESS: PREGIS CORPORATION, 1650 LAKE COOK ROAD, SUITE
400, DEERFIELD, ILLINOIS 60015, ATTENTION: SECRETARY.

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Common Code______

ISIN ______

€ ______

PREGIS CORPORATION

SENIOR SECURED FLOATING RATE NOTES DUE 2013

Issue Date: ____, 2009

     Pregis Corporation, a Delaware corporation (the “Company,” which term includes any successor
under the Indenture hereinafter referred to), for value received, promises to pay to THE BANK OF
NEW YORK DEPOSITORY (NOMINEES) LIMITED AS NOMINEE FOR THE BANK OF NEW YORK MELLON TRUST COMPANY,
N.A., LONDON BRANCH AS COMMON DEPOSITORY FOR EUROCLEAR BANK S.A./N.V. AND CLEARSTREAM BANKING
SOCIÉTÉ ANONYME, or its registered assigns, the principal amount of €___on ___, 20___.

     Reference is hereby made to the further provisions of this Note set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

[SIGNATURE PAGE FOLLOWS]

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     IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile by
its duly authorized officer.

	 	 	 	 	 
	 	PREGIS CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

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(Trustee’s Certificate of Authentication)

This is one of the Senior Secured Floating Rate Notes due 2013 described in the within mentioned
Indenture.

Dated: ____, 20__

	 	 	 	 	 
	THE BANK OF NEW YORK MELLON

   TRUST COMPANY, N.A.,

   as Trustee

 	 	 
	By:  	 	 	 
	 	Authorized Signatory 	 	 	 
	 	 	 	 

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[Reverse Side of Note]

PREGIS CORPORATION

Senior Secured Floating Rate Notes due 2013

          Capitalized terms used herein shall have the meanings assigned to them in the Indenture
referred to below unless otherwise indicated.

          1. Interest. Interest on the Notes will be payable quarterly in arrears on January 15, April
15, July 15 and October 15, commencing on October 15, 2009. The interest rate for each quarterly
interest period will be determined on the second Business Day prior to the first day of the
interest period (the “Interest Determination Date”). The interest rate for such quarterly period
will be equal to the EURIBOR rate, as determined at 11:00 a.m. London time, on the Interest
Determination Date, for deposits maturing at or around the end of such quarterly interest period,
plus 5.00% per year (as reported by the Calculation Agent). The Company will make each interest
payment to the Holders of record on the immediately preceding January 1, April 1, July 1 and
October 1. Any Additional Interest due will be paid on the same dates as interest on the Notes.
Interest on the Notes will accrue from the date of original issuance or, if interest has already
been paid, from the date it was most recently paid. Interest will be computed on the basis of a
360-day year comprising twelve 30-day months.

          “EURIBOR” means the applicable percentage rate for EURIBOR per annum as determined by the
Banking Federation of the European Union for the relevant period as displayed on the appropriate
page of the Telerate screen; or, if no screen rate is available for the applicable interest period,
the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the
Trustee at its request quoted by the reference banks under the Credit Agreement to leading banks in
the European interbank market, in each case as of 11:00 a.m., London time, on the rate
determination date, for the offering of deposits in euro for a period comparable to the quarterly
interest period for which the rate is being set.

          2. Method of Payment. The Company shall pay interest on the Notes (except defaulted interest)
to the Persons who are registered Holders of Notes at the close of business on the January 1, April
1, July 1 and October 1 next preceding the interest payment date, even if such Notes are canceled
after such record date and on or before such interest payment date, except as provided in Section
2.13 of the Indenture with respect to defaulted interest. The Notes shall be payable as to
principal, interest and premium and Additional Interest, if any, at the offices or agencies of one
or more Paying Agents and Registrars maintained for such purpose in The City of New York, New York
and Dublin, Ireland, or, at the option of the Company, payment of interest, may be made by check
mailed to the Holders at their addresses set forth in the register of Holders, and provided that
payment by wire transfer of immediately available funds shall be required with respect to the
principal of, and premium, if any, interest and Additional Interest, if any, on, all Global Notes
and all other Notes the Holders of which shall have provided wire transfer instructions to the
Company or the Paying Agent. Such payment shall be in euro.

          3. Paying Agent and Registrar. The Trustee under the Indenture shall initially act as Paying
Agent and Registrar and Grant Thornton shall initially act as Paying Agent in Ireland. The Company
may change any Paying Agent or Registrar without prior notice to the

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Holders, and the Company or any of its Subsidiaries or other Affiliates may act as Paying
Agent or Registrar.

          4. Indenture. The Company issued the Notes under an Indenture, dated as of October 12, 2005,
as supplemented (the “Indenture”), among the Company, the Guarantors parties thereto, the Trustee,
the Collateral Agent and Grant Thornton (as Irish Paying Agent). The terms of the Notes include
those stated in the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939, as amended. The Notes are subject to all such terms, and Holders are
referred to the Indenture and such Act for a statement of such terms. To the extent any provision
of this Note conflicts with the express provisions of the Indenture, the provisions of the
Indenture shall govern and be controlling. The Indenture pursuant to which this Note is issued
provides that an unlimited principal amount of Additional Notes may be issued thereunder.

          5. Optional Redemption. The Company may redeem (at any time) all or (from time to time) a
portion of the Notes upon not less than 30 nor more than 60 days’ notice, at 100.00% of the
principal amount plus accrued and unpaid interest and Additional Interest, if any, thereon, to the
applicable redemption date.

          6. Selection and Notice of Redemption. If less than all of the Notes are to be redeemed at
any time, the Trustee shall select Notes for redemption as follows: (i) if the Notes are listed on
any national securities exchange or automated quotation system, in compliance with the requirements
of such national securities exchange or automated quotation system; or (ii) if the Notes are not so
listed, on a pro rata basis, by lot or by such method as the Trustee deems fair and appropriate.
No Notes of €1,000 or less shall be redeemed in part; provided that no Notes will be redeemed in
part if the resulting Note would have a minimum denomination that is less than €50,000. Notices of
redemption shall be mailed by first class mail at least 30 but not more than 60 days before the
redemption date to each Holder of Notes to be redeemed at its registered address. Notices of
redemption may not be conditional. If any Note is to be redeemed in part only, the notice of
redemption that relates to that Note shall state the portion of the principal amount thereof to be
redeemed. A new Note in principal amount equal to the unredeemed portion of the original Note
shall be issued in the name of the Holder thereof upon cancellation of the original Note. Notes
called for redemption become due on the date fixed for redemption. On and after the redemption
date, unless the Company defaults in the payment of the redemption price, Notes or portions thereof
called for redemption shall cease to accrue interest.

          7. Repurchase at Option of Holder. (a) Upon the occurrence of a Change of Control, each
Holder of Notes shall have the right to require the Company to repurchase all or any part (equal to
€50,000 principal amount or an integral multiple of €1,000 in excess thereof) of that Holder’s
Notes pursuant to an offer described below (the “Change of Control Offer”) at an offer price in
cash equal to 101% of the aggregate principal amount of the Notes repurchased plus accrued and
unpaid interest and Additional Interest, if any, thereon, to the date of repurchase (the “Change of
Control Payment Date”), which date shall be no earlier than the date of such Change of Control. No
later than 30 days following any Change of Control (or, at the Company’s option, prior to such
Change of Control but after it is publicly announced if a definitive agreement is in effect for
such Change of Control at the time of such announcement), the Company shall mail a notice to each
Holder describing the transaction or transactions that constitute the Change of Control and
offering to repurchase Notes on the Change of Control Payment Date specified in such

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notice, which date shall be no earlier than 30 days and no later than 60 days from the date
such notice is mailed, pursuant to the procedures required by the Indenture and described in such
notice.

          (b) If the aggregate amount of Excess Proceeds equals or exceeds $20.0 million, the Company
shall make an offer to purchase (“Asset Sale Offer”), pursuant to Section 4.10 of the Indenture, to
all Holders of Notes and all holders of Pari Passu Debt containing provisions similar to those set
forth in the Indenture with respect to offers to purchase with the proceeds of sales of assets to
purchase the maximum principal amount of Notes and Pari Passu Debt that may be purchased out of the
Excess Proceeds. The offer price in any Asset Sale Offer shall be equal to 100% of the aggregate
principal amount of the Notes and Pari Passu Debt, plus accrued and unpaid interest and Additional
Interest, if any, to the date of purchase, and shall be payable in cash. If any Excess Proceeds
remain after consummation of an Asset Sale Offer, the Company may use such Excess Proceeds for any
purpose not otherwise prohibited by the Indenture. If the aggregate principal amount of Notes and
Pari Passu Debt tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the
Notes and Pari Passu Debt shall be purchased on a pro rata basis based on the aggregate principal
amount of Notes and such Pari Passu Debt tendered. Upon completion of each Asset Sale Offer, the
Excess Proceeds subject to such Asset Sale shall no longer be deemed to be Excess Proceeds.

          8. Denominations, Transfer, Exchange. The Notes are in registered form without coupons in
denominations of €50,000 principal amount and integral multiples of €1,000 in excess thereof. The
transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The
Registrar and the Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees
required by law or permitted by the Indenture. The Company is not required to transfer or exchange
any Note selected for redemption. Also, the Company is not required to transfer or exchange any
Note for a period of 15 days before a selection of Notes to be redeemed.

          9. Persons Deemed Owners. The registered Holder of a Note shall be treated as the owner of it
for all purposes.

          10. Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture, the Note
Guarantees, the Notes or the Security Documents may be amended or supplemented with the consent of
the Holders of at least a majority in principal amount of the Notes then outstanding (including,
without limitation, consents obtained in connection with a purchase of, or tender offer or exchange
offer for, Notes), and any existing default or compliance with any provision of the Indenture, the
Notes or the Security Documents may be waived with the consent of the Holders of a majority in
principal amount of the then outstanding Notes (including, without limitation, consents obtained in
connection with a purchase of, or tender offer or exchange offer for, Notes). Without the consent
of any Holder of Notes, the Company, the Guarantors and the Trustee may amend or supplement the
Indenture, the Notes, the Note Guarantees or the Security Documents, to, among other things, cure
any ambiguity, defect or inconsistency, or make any change that does not materially adversely
affect the legal rights under the Indenture of any such Holder.

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          11. Defaults and Remedies. In the case of an Event of Default under Sections 6.01(h) and (i)
of the Indenture, all unpaid principal of, and premium, if any, and accrued and unpaid interest and
Additional Interest, if any, on, all outstanding Notes shall become due and payable immediately
without further action or notice. If any other Event of Default occurs and is continuing, the
Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may
declare all the Notes to be due and payable immediately by notice in writing to the Company
specifying the Event of Default.

          Holders of the Notes may not enforce the Indenture, the Notes or the Security Documents except
as provided in the Indenture and the Security Documents. Subject to certain limitations, Holders
of a majority in principal amount of the then outstanding Notes may direct the Trustee in its
exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any
Default or Event of Default (except a Default or Event of Default relating to the payment of
principal, premium or interest or Additional Interest, if any) if it determines that withholding
notice is in their interest.

          In the case of any Event of Default occurring by reason of any willful action or inaction
taken or not taken by or on behalf of the Company with the intention of avoiding payment of the
premium that the Company would have had to pay if the Company then had elected to redeem the Notes
pursuant to Section 3.07 of the Indenture, an equivalent premium shall also become and be
immediately due and payable to the extent permitted by law upon the acceleration of the Notes.

          12. Collateral. The obligations of the Company under the Notes and the Guarantors under their
respective Note Guarantees are secured by a second priority security interest on all property and
assets of the Company and the Guarantors constituting Collateral.

          13. Trustee Dealings with Company. The Trustee in its individual or any other capacity may
become the owner or pledgee of Notes and may become a creditor of, or otherwise deal with the
Company or any of its Affiliates, with the same rights it would have if it were not Trustee.

          14. No Recourse Against Others. No director, officer, employee, incorporator, stockholder,
member, manager or partner of the Company, the Parent or any of their respective Affiliates, as
such, shall have any liability for any obligations of the Company or the Guarantors under the
Notes, the Indenture or the Note Guarantees or the Security Documents for any claim based on, in
respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting
a Note waives and releases all such liability. This waiver and release are part of the
consideration for issuance of the Notes. This waiver may not be effective to waive liabilities
under the federal securities laws.

          15. Authentication. This Note shall not be valid until authenticated by the manual signature
of the Trustee or an authenticating agent.

          16. CUSIP Numbers, ISIN Numbers and Common Codes. The Company has caused CUSIP numbers, ISIN
numbers and/or Common Codes to be printed on the Notes and the Trustee may use CUSIP numbers, ISIN
numbers or Common Codes in notices of redemption as a

A-9

 

convenience to Holders. No representation is made as to the accuracy of such numbers or codes
either as printed on the Notes or as contained in any notice of redemption and reliance may be
placed only on the other identification numbers placed thereon.

          17. Guarantee. The Company’s obligations under the Notes are fully and unconditionally
guaranteed, jointly and severally, by the Guarantors.

          18. Copies of Documents. The Company shall furnish to any Holder upon written request and
without charge a copy of the Indenture. Requests may be made to:

Pregis Corporation

1650 Lake Cook Road, Suite 400

Deerfield, IL 60015

Attention: Chief Financial Officer

A-10

 

Assignment Form

          To assign this Note, fill in the form below:

	 	 	 
	(I) or (we) assign and transfer this Note to:	 	 
	 
	 	 
	 
	 	(Insert assignee’s legal name)

	 	 	 
	 
	 	 
	 
	 
	 	 
	(Insert assignee’s soc. sec. or tax I.D. no.)
	 
	 	 
	 
	 	 
	 
	 
	 	 
	 
	 	 
	 
	 
	 	 
	 
	 	 
	 
	 
	 	 
	 
	 	 
	 
	 
	 	 
	(Print or type assignee’s name, address and zip code)
	 
	 	 
	and irrevocably appoint  

	 	 
	 	 
	to transfer this Note on the books of the Company. The agent may substitute another to act for
him.

Date: _______________

	 	 	 	 	 
	 

	 	Your Signature: 	 	 
	 

	 	 	 
	 

	 	 	(Sign exactly as your name appears on the face of this Note)

	 	 	 
	Signature Guarantee*:
	 	 
	 

	 	 

 

			
	*	 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee).

A-11

 

OPTION OF HOLDER TO ELECT PURCHASE

          If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or
4.14 of the Indenture, check the appropriate box below:

	 	 	 
	o Section 4.10
                  o
Section 4.14

          If you want to elect to have only part of the Note purchased by the Company pursuant to
Section 4.10 or Section 4.14 of the Indenture, state the amount you elect to have purchased:

$_______________

Date: _______________

	 	 	 	 	 
	 

	 	Your Signature: 	 	 
	 

	 	 	 
	 

	 	 	(Sign exactly as your name appears on the face of this Note)

	 	 	 	 	 
	 

	 	Tax Identification No.:  	 	 
	 

	 	 	 	 

 
	 	 	 
	Signature Guarantee*:  
	 	 
	 

	 	 

 

			
	*	 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee).

A-12

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

          The following exchanges of a part of this Global Note for an interest in another Global Note
or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an
interest in this Global Note, have been made:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Principal Amount	 	Signature of
	 	 	 	 	Amount of Decrease	 	Amount of Increase	 	of this Global Note	 	Authorized Signatory 
	 	 	 	 	in Principal Amount	 	in Principal Amount	 	Following such	 	of
	Date of Exchange	 	of this Global Note	 	of this Global Note	 	Decrease (or Increase)	 	Common Depositary

A-13

 

FORM OF NOTATION OF GUARANTEE

     For value received, each Guarantor (which term includes any successor Person under the
Indenture (as defined below)) jointly and severally, unconditionally guarantees, to the extent set
forth in the Indenture, dated as of October 12, 2005, as supplemented (the “Indenture”), among
Pregis Corporation (the “Company”), the Guarantors named therein and The Bank of New York Mellon
Trust Company, N.A. (as successor to The Bank of New York), as trustee (the “Trustee”), collateral
agent, registrar and paying agent, and Grant Thornton (as successor to RSM Robson Rhodes LLP), as
Irish paying agent, with respect to the Company’s Senior Secured Floating Rate Notes due 2013 (the
“Notes”), (a) the due and punctual payment of the principal of, premium and Additional Interest, if
any, and interest on the Notes, whether at maturity, by acceleration, redemption or otherwise, the
due and punctual payment of interest on overdue principal and premium, and, to the extent permitted
by law, interest and Additional Interest, and the due and punctual performance of all other
obligations of the Company to the Holders or the Trustee all in accordance with the terms of the
Indenture and (b) in case of any extension of time of payment or renewal of any Notes or any of
such other obligations, that the same shall be promptly paid in full when due or performed in
accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration
or otherwise. The obligations of the Guarantors to the Holders of Notes and to the Trustee
pursuant to the Note Guarantee and the Indenture are expressly set forth in Article Ten of the
Indenture and reference is hereby made to the Indenture for the precise terms of the Note
Guarantee. Each Holder of a Note, by accepting the same, (a) agrees to and shall be bound by such
provisions and (b) appoints the Trustee attorney-in-fact of such Holder for such purpose.
Capitalized terms used but not defined herein shall have the meanings ascribed to them in the
Indenture.

A-14

 

     IN WITNESS HEREOF, the Guarantors have caused this Notation of Guarantee to be executed by a
duly authorized officer.

	 	 	 	 	 
	 	PREGIS HOLDING II CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	PREGIS MANAGEMENT CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	PREGIS INNOVATIVE PACKAGING INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	HEXACOMB CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

A-15exv4w2

EXECUTION COPY

PREGIS CORPORATION

€125,000,000 Second Priority Senior Secured Floating Rate Notes due 2013

REGISTRATION RIGHTS AGREEMENT

October 5, 2009

CREDIT SUISSE SECURITIES (EUROPE) LIMITED

BARCLAYS BANK PLC

GOLDMAN SACHS INTERNATIONAL

c/o Credit Suisse Securities (Europe) Limited,

One Cabot Square

London E14 4QJ

United Kingdom

Dear Sirs:

     Pregis Corporation, a Delaware corporation (the “Issuer”), proposes to issue and sell, upon
the terms set forth in a purchase agreement dated September 24, 2009 (the “Purchase Agreement”), to
Credit Suisse Securities (Europe) Limited, Barclays Bank PLC and Goldman Sachs International
(collectively, the “Initial Purchasers”) €125,000,000 aggregate principal amount of its Second
Priority Senior Secured Floating Rate Notes due 2013 (the “Initial Securities”), to be
unconditionally guaranteed (the “Guarantees”) by Pregis Holding II Corporation and the subsidiaries
of the Issuer named in Schedule B to the Purchase Agreement (the “Guarantors” and, together with
the Issuer, the “Company”). The Initial Securities will be issued pursuant to an Indenture, dated
as of October 12, 2005 (the “Base Indenture”), among the Issuer, the guarantors named therein, The
Bank of New York Trust Company, N.A., as successor registrar and paying agent to The Bank of New
York (the “Trustee”), and Grant Thornton (as successor to RSM Robson Rhodes LLP) as Irish Paying
Agent, as supplemented by a supplemental indenture, dated as of October 5, 2009 (the “Supplemental
Indenture”, and, together with the Base Indenture, the “Indenture”). As an inducement to the
Initial Purchasers, the Company agrees with the Initial Purchasers, for the benefit of the holders
of the Initial Securities (including, without limitation, the Initial Purchasers), the Exchange
Securities (as defined below) and the Private Exchange Securities (as defined below) (collectively,
the “Holders”), as follows:

     1. Registered Exchange Offer. The Company shall, at its own cost, prepare and file with the
Securities and Exchange Commission (the “Commission”) one or more registration statements (the
“Exchange Offer Registration Statement”) on an appropriate form under the Securities Act of 1933,
as amended (the “Securities Act”) with respect to a proposed offer (the “Registered Exchange
Offer”) to the Holders of Transfer Restricted Securities (as defined in Section 6(d) hereof), who
are not prohibited by any law or policy of the Commission from participating in the Registered
Exchange Offer, to issue and deliver to such Holders, in exchange for the Initial Securities, a
like aggregate principal amount of debt securities (the “Exchange Securities”) of the Company
issued under the Indenture and identical in all material respects to the Initial Securities (except
for the transfer restrictions relating to the Initial

 

 

Securities and the provisions relating to the matters described in Section 6 hereof) that
would be registered under the Securities Act. The Company shall use commercially reasonable
efforts to cause such Exchange Offer Registration Statement to become effective under the
Securities Act as promptly as possible.

     Following the declaration of the effectiveness of the Exchange Offer Registration Statement,
the Company shall promptly commence the Registered Exchange Offer, it being the objective of the
Registered Exchange Offer to enable each Holder of Transfer Restricted Securities electing to
exchange the Initial Securities for Exchange Securities (assuming that such Holder is not an
affiliate of the Company within the meaning of the Securities Act, acquires the Exchange Securities
in the ordinary course of such Holder’s business and has no arrangements with any person to
participate in the distribution of the Exchange Securities and is not prohibited by any law or
policy of the Commission from participating in the Registered Exchange Offer) to trade such
Exchange Securities from and after their receipt without any limitations or restrictions under the
Securities Act and without material restrictions under the securities laws of the several states of
the United States.

     The Company acknowledges that, pursuant to current interpretations by the Commission’s staff
of Section 5 of the Securities Act, in the absence of an applicable exemption therefrom, (i) each
Holder which is a broker-dealer electing to exchange Securities, acquired for its own account as a
result of market making activities or other trading activities, for Exchange Securities (an
“Exchanging Dealer”), is required to deliver a prospectus containing the information set forth in
(a) Annex A hereto on the cover, (b) Annex B hereto in the “Exchange Offer Procedures” section and
the “Purpose of the Exchange Offer” section, and (c) Annex C hereto in the “Plan of Distribution”
section of such prospectus in connection with a sale of any such Exchange Securities received by
such Exchanging Dealer pursuant to the Registered Exchange Offer and (ii) an Initial Purchaser that
elects to sell Exchange Securities acquired in exchange for Securities constituting any portion of
an unsold allotment is required to deliver a prospectus containing the information required by
Items 507 or 508 of Regulation S-K under the Securities Act, as applicable, in connection with such
sale.

     The Company shall use its reasonable best efforts to keep the Exchange Offer Registration
Statement effective and to amend and supplement the prospectus contained therein, in order to
permit such prospectus to be lawfully delivered by all persons subject to the prospectus delivery
requirements of the Securities Act for such period of time as such persons must comply with such
requirements in order to resell the Exchange Securities; provided, however, that in the case where
such prospectus and any amendment or supplement thereto must be delivered by an Exchanging Dealer
or an Initial Purchaser, such period shall be the lesser of 180 days and the date on which all
Exchanging Dealers and the Initial Purchasers have sold all Exchange Securities held by them
(unless such period is extended pursuant to Section 3(j) below).

     If, upon consummation of any Registered Exchange Offer, any Initial Purchaser holds Initial
Securities acquired by it as part of its initial distribution, the Company, simultaneously with the
delivery of the Exchange Securities pursuant to such Registered Exchange Offer, shall issue and
deliver to such Initial Purchaser upon the written request of such Initial Purchaser, in exchange
(the “Private Exchange”) for the Initial Securities held by such Initial Purchaser, a like
principal amount of debt securities of the Company issued under the Indenture and identical in all
material respects (including the existence of restrictions on transfer under the Securities Act and
the securities laws of the several states of the United States, but excluding provisions relating
to the matters described in Section 6 hereof) to the Initial Securities (the “Private Exchange
Securities”). The Initial Securities, the Exchange Securities and the Private Exchange Securities
are herein collectively called the “Securities”.

     In connection with any Registered Exchange Offer, the Company shall:

2

 

     (a) mail or deliver to each registered Holder a copy of the prospectus forming part of
the Exchange Offer Registration Statement, together with an appropriate letter of
transmittal and related documents;

     (b) with respect to the Registered Exchange Offer, utilize the services of The Bank of
New York Depository (Nominees) Limited as Nominee for The Bank of New York Trust Company,
N.A., London Branch for the Registered Exchange Offer, which may be the Trustee or an
affiliate of the Trustee;

     (c) permit Holders to withdraw tendered Securities at any time prior to the close of
business, New York time, on the last business day on which the Registered Exchange Offer
shall remain open; and

     (d) otherwise comply with all applicable laws.

     As soon as reasonably practicable after the close of each Registered Exchange Offer or the
related Private Exchange, as the case may be, the Company shall:

     (x) accept for exchange all the Securities validly tendered and not withdrawn pursuant
to such Registered Exchange Offer and the Private Exchange;

     (y) deliver to the Trustee for cancellation all the relevant Initial Securities so
accepted for exchange; and

     (z) cause the Trustee to authenticate and deliver promptly to each Holder of the
relevant Initial Securities, the relevant Exchange Securities or Private Exchange
Securities, as the case may be, equal in principal amount to the Initial Securities of such
Holder so accepted for exchange.

     The Indenture provides that the relevant Exchange Securities will not be subject to the
transfer restrictions set forth in such Indenture and that all the relevant Securities will vote
and consent together on all matters as one class and that none of the relevant Securities will have
the right to vote or consent as a class separate from one another on any matter.

     Interest on each Exchange Security and Private Exchange Security issued pursuant to the
Registered Exchange Offer and in the Private Exchange will accrue from the last interest payment
date on which interest was paid on the Initial Securities surrendered in exchange therefor or, if
no interest has been paid on the Initial Securities, from the date of original issue of the Initial
Securities.

     Each Holder participating in a Registered Exchange Offer shall be required to represent to the
Company that at the time of the consummation of such Registered Exchange Offer (i) any Exchange
Securities received by such Holder pursuant to such Registered Exchange Offer will be acquired in
the ordinary course of business, (ii) such Holder will have no arrangements or understanding with
any person to participate in the distribution of the relevant Securities or such Exchange
Securities within the meaning of the Securities Act, (iii) such Holder is not an “affiliate,” as
defined in Rule 405 of the Securities Act, of the Company or if it is an affiliate, such Holder
will comply with the registration and prospectus delivery requirements of the Securities Act to the
extent applicable, (iv) if such Holder is not a broker-dealer, such Holder is not engaged in, and
does not intend to engage in, the distribution of the Exchange Securities and (v) if such Holder is
a broker-dealer, such Holder will receive such Exchange Securities for its own account in exchange
for the relevant Initial Securities that were acquired as a result of market-making

3

 

activities or other trading activities and will be required to acknowledge that it will
deliver a prospectus in connection with any resale of such Exchange Securities.

     Notwithstanding any other provisions hereof, the Company will ensure that (i) any Exchange
Offer Registration Statement and any amendment thereto and any prospectus forming part thereof and
any supplement thereto complies in all material respects with the Securities Act and the rules and
regulations thereunder, (ii) any Exchange Offer Registration Statement and any amendment thereto
does not, when it becomes effective, contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not
misleading and (iii) any prospectus forming part of any Exchange Offer Registration Statement, and
any supplement to such prospectus, does not include an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading.

     2. Shelf Registration. If (i) the Company is not permitted to consummate a Registered
Exchange Offer with respect to a series of Initial Securities because such Registered Exchange
Offer is not permitted by applicable law or Commission policy or (ii) any Holder notifies the
Company that (x) it is prohibited by law or Commission policy from participating in a Registered
Exchange Offer, (y) it may not resell the Exchange Securities acquired by it in a Registered
Exchange Offer to the public without delivering a prospectus and the prospectus contained in the
Exchange Offer Registration Statement is not appropriate or available for such resales, or (z) it
is a broker-dealer and owns Securities acquired directly from the Company or one of its affiliates,
the Company shall take the following actions:

     (a) The Company shall, at its cost, as promptly as practicable (but in no event more
than 30 days after so required or requested pursuant to this Section 2) file with the
Commission and thereafter shall use commercially reasonable efforts to cause to be declared
effective as promptly as possible (and in no case later than 120 days after so required or
requested pursuant to this Section 2) a registration statement (the “Shelf Registration
Statement” and, together with the Exchange Offer Registration Statement, a “Registration
Statement”) with respect to such Initial Securities on an appropriate form under the
Securities Act relating to the offer and sale of the Transfer Restricted Securities (as
defined in Section 6 hereof) by the Holders thereof from time to time in accordance with the
methods of distribution set forth in the Shelf Registration Statement and Rule 415 under the
Securities Act (hereinafter, the “Shelf Registration”); provided, however, that no Holder
(other than an Initial Purchaser) shall be entitled to have the Securities held by it
covered by such Shelf Registration Statement unless such Holder agrees in writing to be
bound by all the provisions of this Agreement applicable to such Holder.

     (b) The Company shall use its reasonable best efforts to keep the Shelf Registration
Statement continuously effective in order to permit the prospectus included therein to be
lawfully delivered by the Holders of the relevant Securities, for a period (the “Shelf
Registration Period”) of two years (or for such longer period if extended pursuant to
Section 3(j) below) from the Issue Date or such shorter period that will terminate when all
the Securities covered by the Shelf Registration Statement (i) have been sold pursuant
thereto or (ii) are no longer restricted securities (as defined in Rule 144 under the
Securities Act, or any successor rule thereof). Notwithstanding the foregoing, the Company
may suspend the use of the Shelf Registration Statement for a period not to exceed 30 days
in any six-month period or an aggregate of 60 days in any twelve-month period for valid
business reasons (not including avoidance of its obligations hereunder) to avoid premature
public disclosure of a pending corporate transaction, including pending acquisitions or
divestitures of assets, mergers and combinations and similar events; provided that (i) the
period during which the Registration Statement is required to be effective and usable shall
be extended by the number of days during which such Registration Statement

4

 

was not effective or usable pursuant to the foregoing provisions and (ii) the
Additional Interest (as defined below) shall accrue on the Securities as provided in Section
6 hereof.

     (c) Notwithstanding any other provisions of this Agreement to the contrary, the Company
shall cause the Shelf Registration Statement and the related prospectus and any amendment or
supplement thereto, as of the effective date of the Shelf Registration Statement, amendment
or supplement, (i) to comply in all material respects with the applicable requirements of
the Securities Act and the rules and regulations of the Commission and (ii) not to contain
any untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading.

     3. Registration Procedures. In connection with any Shelf Registration contemplated by Section
2 hereof and, to the extent applicable, any Registered Exchange Offer contemplated by Section 1
hereof, the following provisions shall apply:

     (a) The Company shall (i) include the information set forth in Annex A hereto on the
cover, in Annex B hereto in the “Exchange Offer Procedures” section and the “Purpose of the
Exchange Offer” section and in Annex C hereto in the “Plan of Distribution” section of the
prospectus forming a part of the Exchange Offer Registration Statement and include the
information set forth in Annex D hereto in the Letter of Transmittal delivered pursuant to
the Registered Exchange Offer; (ii) if requested by an Initial Purchaser, include the
information required by Items 507 or 508 of Regulation S-K under the Securities Act, as
applicable, in the prospectus forming a part of the Exchange Offer Registration Statement;
and (iii) in the case of a Shelf Registration Statement, include in the prospectus included
in the Shelf Registration Statement (or if permitted by Commission Rule 430B(b), in a
prospectus supplement that becomes part thereof pursuant to Commission Rule 430B(f) that is
delivered to any Holder pursuant to Section 3(d) and (f)) the names of the Holders, who
propose to sell Securities pursuant to the Shelf Registration Statement, as selling
securityholders.

     (b) The Company shall give written notice to the Initial Purchasers, the Holders of the
Securities and any Participating Broker-Dealer from whom the Company has received prior
written notice that it will be a Participating Broker-Dealer in the Registered Exchange
Offer (which notice pursuant to clauses (ii)-(v) of this clause (b) shall be accompanied by
an instruction to suspend the use of the prospectus until the requisite changes have been
made):

     (i) when the Registration Statement or any amendment thereto has been filed
with the Commission and when the Registration Statement or any post-effective
amendment thereto has become effective;

     (ii) of any request by the Commission for amendments or supplements to the
Registration Statement or the prospectus included therein or for additional
information;

     (iii) of the issuance by the Commission of any stop order suspending the
effectiveness of the Registration Statement or the initiation of any proceedings for
that purpose, or the issuance by the Commission of a notification of objection to
the use of the form on which the Registration Statement has been filed and of the
happening of any event that causes the Company to become an “ineligible issuer” as
defined in Commission Rule 405;

5

 

     (iv) of the receipt by the Company or its legal counsel of any notification
with respect to the suspension of the qualification of the Securities for sale in
any jurisdiction or the initiation or threatening of any proceeding for such
purpose; and

     (v) of the happening of any event that requires the Company to make changes in
the Registration Statement or the prospectus in order that the Registration
Statement or the prospectus do not contain an untrue statement of a material fact
nor omit to state a material fact required to be stated therein or necessary to make
the statements therein (in the case of the prospectus, in light of the circumstances
under which they were made) not misleading.

     (c) The Company shall make every reasonable effort to obtain the withdrawal, at the
earliest possible time, of any order suspending the effectiveness of the Registration
Statement.

     (d) In the case of any Shelf Registration Statement, the Company shall furnish to each
Holder of Securities included within the coverage of the Shelf Registration, without charge,
at least one copy of the Shelf Registration Statement and any post-effective amendment or
supplement thereto, including financial statements and schedules, and, if the Holder so
requests in writing, all exhibits thereto (including those, if any, incorporated by
reference). If the Initial Purchasers are Holders of Securities registered on the Shelf
Registration Statement, the Company shall not, without the prior written consent of the
Initial Purchasers make any offer relating to the Securities that would constitute a “free
writing prospectus” as defined in Commission Rule 405.

     (e) The Company shall deliver to each Exchanging Dealer and each Initial Purchaser, and
to any other Holder who so requests, without charge, to the extent not available on the
Commission’s Electronic Data Gathering Analysis and Retrieval (“EDGAR”) or any equivalent
thereof, at least one copy of the Exchange Offer Registration Statement and any
post-effective amendment thereto, including financial statements and schedules, and, if any
Initial Purchaser or any such Holder requests, all exhibits thereto (including those
incorporated by reference).

     (f) In the case of any Shelf Registration Statement, the Company shall, during the
Shelf Registration Period, deliver to each Holder of Securities included within the coverage
of the Shelf Registration, without charge, as many copies of the prospectus (including each
preliminary prospectus) included in the Shelf Registration Statement and any amendment or
supplement thereto as such person may reasonably request. The Company consents, subject to
the provisions of this Agreement, to the use of the prospectus or any amendment or
supplement thereto by each of the selling Holders of the Securities in connection with the
offering and sale of the Securities covered by the prospectus, or any amendment or
supplement thereto, included in the Shelf Registration Statement.

     (g) The Company shall deliver to each Initial Purchaser, any Exchanging Dealer, any
Participating Broker-Dealer and such other persons required to deliver a prospectus
following the Registered Exchange Offer, without charge, as many copies of the final
prospectus included in the Exchange Offer Registration Statement and any amendment or
supplement thereto as such persons may reasonably request. The Company consents, subject to
the provisions of this Agreement, to the use of the prospectus or any amendment or
supplement thereto by any Initial Purchaser, if necessary, any Participating Broker-Dealer
and such other persons required to deliver a prospectus following the Registered Exchange
Offer in connection with the offering and sale of the Exchange Securities covered by the
prospectus, or any amendment or supplement thereto, included in such Exchange Offer
Registration Statement.

6

 

     (h) Prior to any public offering of the Securities, pursuant to any Registration
Statement, the Company shall register or qualify or cooperate with the Holders of the
Securities included therein and their respective counsel in connection with the registration
or qualification of the Securities for offer and sale under the securities or “blue sky”
laws of such states of the United States as any Holder of the Securities reasonably requests
in writing and do any and all other acts or things necessary or advisable to enable the
offer and sale in such jurisdictions of the Securities covered by such Registration
Statement; provided, however, that the Company shall not be required to (i) qualify
generally to do business in any jurisdiction where it is not then so qualified or (ii) take
any action which would subject it to general service of process or to taxation in any
jurisdiction where it is not then so subject.

     (i) The Company shall cooperate with the Holders of the Securities to facilitate the
timely preparation and delivery of certificates representing the Securities to be sold
pursuant to any Registration Statement free of any restrictive legends and in such
denominations and registered in such names as the Holders may request a reasonable period of
time prior to sales of the Securities pursuant to such Registration Statement.

     (j) Upon the occurrence of any event contemplated by paragraphs (ii) through (v) of
Section 3(b) above during the period for which the Company is required to maintain an
effective Registration Statement, the Company shall promptly prepare and file a
post-effective amendment to the Registration Statement or a supplement to the related
prospectus and any other required document so that, as thereafter delivered to Holders of
the Securities or purchasers of Securities, the prospectus will not contain an untrue
statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading. If the Company notifies the Initial Purchasers, the
Holders of the Securities and any known Participating Broker-Dealer in accordance with
paragraphs (ii) through (v) of Section 3(b) above to suspend the use of the prospectus until
the requisite changes to the prospectus have been made, then the Initial Purchasers, the
Holders of the Securities and any such Participating Broker-Dealers shall suspend use of
such prospectus, and the period of effectiveness of the Shelf Registration Statement
provided for in Section 2(b) above and the Exchange Offer Registration Statement provided
for in Section 1 above shall each be extended by the number of days from and including the
date of the giving of such notice to and including the date when the Initial Purchasers, the
Holders of the Securities and any known Participating Broker-Dealer shall have received such
amended or supplemented prospectus pursuant to this Section 3(j).

     (k) Not later than the effective date of the applicable Registration Statement, the
Company will provide, as appropriate, a Common Code number and an ISIN number for the
Exchange Securities or the related Private Exchange Securities, as the case may be. The
Company shall provide the applicable trustee (or other custodian) with printed certificates
for the Exchange Securities or the Private Exchange Securities, as the case may be, in a
form eligible for deposit with the Euroclear Bank S.A./N.V. and Clearstream Banking S.A.

     (l) The Company shall cause the Indenture to be qualified under the Trust Indenture Act
of 1939, as amended, in a timely manner and containing such changes, if any, as shall be
necessary for such qualification. In the event that such qualification would require the
appointment of a new trustee under the Indenture, the Company shall appoint a new trustee
thereunder pursuant to the applicable provisions of the Indenture.

     (m) The Company may require each Holder of Securities to be sold pursuant to the Shelf
Registration Statement to furnish to the Company such information regarding the Holder and
the

7

 

distribution of the Securities as the Company may from time to time reasonably require
for inclusion in the Shelf Registration Statement, and the Company may exclude from such
registration the Securities of any Holder that unreasonably fails to furnish such
information within a reasonable time after receiving such request.

     (n) The Company shall enter into such customary agreements (including, if requested, an
underwriting agreement in customary form) and take all such other action, if any, as a
majority of the Holders of the Securities to be included in any Shelf Registration (the
“Majority Holders”) shall reasonably request in order to facilitate the disposition of the
Securities pursuant to any Shelf Registration.

     (o) In the case of any underwritten offering pursuant to a Shelf Registration, subject
to appropriate confidentiality agreements being executed by all parties to review
information, the Company shall (i) make available for inspection at reasonable times and in
a reasonable manner by a representative of the Majority Holders (the “Inspector”), any
underwriter participating in any disposition pursuant to the Shelf Registration Statement
and any attorney or accountant retained by the Inspector all relevant financial and other
records, pertinent corporate documents and properties of the Company and (ii) cause the
Company’s officers, directors, employees, accountants and auditors to supply all relevant
information reasonably requested by the Inspector or any such underwriter, attorney or
accountant in connection with the Shelf Registration Statement, in each case, as shall be
reasonably necessary to enable such persons, to conduct a reasonable investigation within
the meaning of Section 11 of the Securities Act; provided that only one counsel and only one
accounting firm so retained by the Inspector shall be granted such access during the life of
the Shelf Registration Statement.

     (p) In the case of any underwritten offering pursuant to a Shelf Registration, the
Company, if requested by the Majority Holders, shall cause (i) its counsel to deliver an
opinion and updates thereof relating to the Securities in customary form addressed to such
Holders and the managing underwriters, if any, thereof and dated the effective date of such
Shelf Registration Statement covering the matters customarily covered in opinions requested
in underwritten offerings of secured notes; (ii) its officers to execute and deliver all
customary documents and certificates and updates thereof requested by any underwriters of
the applicable Securities and (iii) its independent public accountants and the independent
public accountants with respect to any other entity for which financial information is
provided in the Shelf Registration Statement to provide to the selling Holders of the
applicable Securities and any underwriter therefor a comfort letter in customary form and
covering matters of the type customarily covered in comfort letters in connection with
primary underwritten offerings, subject to receipt of appropriate documentation as
contemplated, and only if permitted, by Statement of Auditing Standards No. 72.

     (q) If a Registered Exchange Offer or a Private Exchange is to be consummated, upon
delivery of the Initial Securities by Holders to the Company (or to such other Person as
directed by the Company) in exchange for the Exchange Securities or the Private Exchange
Securities, as the case may be, the Company shall mark, or caused to be marked, on the
Initial Securities so exchanged that such Initial Securities are being canceled in exchange
for the Exchange Securities or the Private Exchange Securities, as the case may be; in no
event shall the Initial Securities be marked as paid or otherwise satisfied.

     (r) The Company will use its best efforts to, if the Initial Securities of a series
have been rated prior to the initial sale of such Initial Securities, confirm such ratings
will apply to the relevant Securities covered by a Registration Statement.

8

 

     (s) In the event that any broker-dealer registered under the Exchange Act shall
underwrite any Securities or “participate in a public offering” (within the meaning of the
Conduct Rules (the “Rules”) of the Financial Industry Regulatory Authority, Inc.) thereof,
whether as a Holder of such Securities or as an underwriter, a placement or sales agent or a
broker or dealer in respect thereof, or otherwise, the Company will use its reasonable best
efforts to assist such broker-dealer in complying with the requirements of such Rules,
including, without limitation, by (i) if such Rules, including Rule 2720, shall so require,
engaging a “qualified independent underwriter” (as defined in Rule 2720) to participate in
the preparation of the Registration Statement relating to such Securities, to exercise usual
standards of due diligence in respect thereto and, if any portion of the offering
contemplated by such Registration Statement is an underwritten offering or is made through a
placement or sales agent, to recommend the yield of such Securities, (ii) indemnifying any
such qualified independent underwriter to the extent of the indemnification of underwriters
provided in Section 5 hereof and (iii) providing such information to such broker-dealer as
may be required in order for such broker-dealer to comply with the requirements of the
Rules.

     (t) The Company shall use its best efforts to take all other steps reasonably necessary
to effect the registration of the Securities covered by a Registration Statement
contemplated hereby.

     4. Registration Expenses. The Company shall bear all fees and expenses incurred in connection
with the performance of its obligations under Sections 1 through 3 hereof, whether or not the
Registered Exchange Offer or a Shelf Registration is filed or becomes effective, and, in the event
of an underwritten offering pursuant to a Shelf Registration, shall bear or reimburse the Holders
of the Securities covered thereby for the reasonable fees and disbursements (up to an aggregate
amount not to exceed $50,000) of one firm of counsel designated by the Majority Holders to act as
counsel for the Holders of the Initial Securities in connection therewith.

     5. Indemnification. (a) The Company agrees to indemnify and hold harmless each Holder of the
Securities, any Participating Broker-Dealer and each person, if any, who controls such Holder or
such Participating Broker-Dealer within the meaning of the Securities Act or the Exchange Act (each
Holder, any Participating Broker-Dealer and such controlling persons are referred to collectively
as the “Indemnified Parties”) from and against any losses, claims, damages or liabilities, joint or
several, or any actions in respect thereof to which each Indemnified Party may become subject under
the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages,
liabilities or actions arise out of or are based upon any untrue statement or alleged untrue
statement of a material fact contained in a Registration Statement or prospectus or in any
amendment or supplement thereto or in any preliminary prospectus or “issuer free writing
prospectus” as defined in Commission Rule 433 (“Issuer FWP”) relating to a Shelf Registration, or
arise out of, or are based upon, the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not misleading, and shall
reimburse, as incurred, the Indemnified Parties for any legal or other expenses reasonably incurred
by them in connection with investigating or defending any such loss, claim, damage, liability or
action in respect thereof; provided, however, that (i) the Company shall not be liable in any such
case to the extent that such loss, claim, damage or liability arises out of or is based upon any
untrue statement or alleged untrue statement or omission or alleged omission made in a Registration
Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus
or Issuer FWP relating to a Shelf Registration in reliance upon and in conformity with written
information pertaining to such Holder and furnished to the Company by or on behalf of such Holder
specifically for inclusion therein and (ii) with respect to any untrue statement or omission or
alleged untrue statement or omission made in any preliminary prospectus relating to a Shelf
Registration Statement, the indemnity agreement contained in this subsection (a) shall not inure to
the benefit of any Holder or Participating Broker-Dealer from whom the person asserting any such
losses, claims, damages or liabilities purchased the Securities

9

 

concerned, to the extent that a prospectus relating to such Securities was required to be
delivered (including through the satisfaction of the conditions of Commission Rule 172) by such
Holder or Participating Broker-Dealer under the Securities Act in connection with such purchase and
any such loss, claim, damage or liability of such Holder or Participating Broker-Dealer results
from the fact that there was not conveyed to such person, at or prior to the written confirmation
of the sale of such Securities to such person, an amended or supplemented prospectus or, if
permitted by Section 3(d), an Issuer FWP, correcting such untrue statement or omission if the
Company had previously furnished copies thereof to such Holder or Participating Broker-Dealer;
provided further, however, that this indemnity agreement will be in addition to any liability which
the Company may otherwise have to such Indemnified Party. The Company shall also indemnify
underwriters, their officers and directors and each person who controls such underwriters within
the meaning of the Securities Act or the Exchange Act to the same extent as provided above with
respect to the indemnification of the Holders of the Securities if requested by such Holders.

     (b) Each Holder of the Securities, severally and not jointly, will indemnify and hold harmless
the Company and each person, if any, who controls the Company within the meaning of the Securities
Act or the Exchange Act from and against any losses, claims, damages or liabilities or any actions
in respect thereof, to which the Company or any such controlling person may become subject under
the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages,
liabilities or actions arise out of or are based upon any untrue statement or alleged untrue
statement of a material fact contained in a Registration Statement or prospectus or in any
amendment or supplement thereto or in any preliminary prospectus or Issuer FWP relating to a Shelf
Registration, or arise out of or are based upon the omission or alleged omission to state therein a
material fact necessary to make the statements therein not misleading, but in each case only to the
extent that the untrue statement or omission or alleged untrue statement or omission was made in
reliance upon and in conformity with written information pertaining to such Holder and furnished to
the Company by or on behalf of such Holder specifically for inclusion therein; and, subject to the
limitation set forth immediately preceding this clause, shall reimburse, as incurred, the Company
for any legal or other expenses reasonably incurred by the Company or any such controlling person
in connection with investigating or defending any loss, claim, damage, liability or action in
respect thereof. This indemnity agreement will be in addition to any liability which such Holder
may otherwise have to the Company or any of its controlling persons.

     (c) Promptly after receipt by an indemnified party under this Section 5 of notice of the
commencement of any action or proceeding (including a governmental investigation), such indemnified
party will, if a claim in respect thereof is to be made against the indemnifying party under this
Section 5, notify the indemnifying party of the commencement thereof; provided, however, that the
failure to notify the indemnifying party shall not relieve the indemnifying party from any
liability that it may have under subsection (a) or (b) above except to the extent that it has been
materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure;
and provided further that the failure to notify the indemnifying party shall not relieve it from
any liability that it may have to an indemnified party otherwise than under subsection (a) or (b)
above. In case any such action is brought against any indemnified party, and it notifies the
indemnifying party of the commencement thereof, the indemnifying party will be entitled to
participate therein and, to the extent that it may wish, jointly with any other indemnifying party
similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such
indemnified party (who shall not, except with the consent of the indemnified party, be counsel to
the indemnifying party), and after notice from the indemnifying party to such indemnified party of
its election so to assume the defense thereof the indemnifying party will not be liable to such
indemnified party under this Section 5 for any legal or other expenses, other than reasonable costs
of investigation, subsequently incurred by such indemnified party in connection with the defense
thereof. No indemnifying party shall, without the prior written consent of the indemnified party,
effect any settlement of any pending or threatened action in respect of which any indemnified party
is or could have been a

10

 

party and indemnity could have been sought hereunder by such indemnified party unless such
settlement (i) includes an unconditional release of such indemnified party from all liability on
any claims that are the subject matter of such action, and (ii) does not include a statement as to
or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.

     (d) If the indemnification provided for in this Section 5 is unavailable or insufficient to
hold harmless an indemnified party under subsections (a) or (b) above, then each indemnifying party
shall contribute to the amount paid or payable by such indemnified party as a result of the losses,
claims, damages or liabilities (or actions in respect thereof) referred to in subsection (a) or (b)
above (i) in such proportion as is appropriate to reflect the relative benefits received by the
indemnifying party or parties on the one hand and the indemnified party on the other from the
exchange of the Securities, pursuant to the Registered Exchange Offer, or (ii) if the allocation
provided by the foregoing clause (i) is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause (i) above but also the
relative fault of the indemnifying party or parties on the one hand and the indemnified party on
the other in connection with the statements or omissions that resulted in such losses, claims,
damages or liabilities (or actions in respect thereof) as well as any other relevant equitable
considerations. The relative fault of the parties shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the Company on the one
hand or such Holder or such other indemnified party, as the case may be, on the other, and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. The amount paid by an indemnified party as a result of the losses,
claims, damages or liabilities referred to in the first sentence of this subsection (d) shall be
deemed to include any legal or other expenses reasonably incurred by such indemnified party in
connection with investigating or defending any action or claim which is the subject of this
subsection (d). Notwithstanding any other provision of this Section 5(d), the Holders of the
Securities shall not be required to contribute any amount in excess of the amount by which the net
proceeds received by such Holders from the sale of the Securities pursuant to a Registration
Statement exceeds the amount of damages which such Holders have otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged omission. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. For purposes of this paragraph (d), each person, if any, who controls such
indemnified party within the meaning of the Securities Act or the Exchange Act shall have the same
rights to contribution as such indemnified party and each person, if any, who controls the Company
within the meaning of the Securities Act or the Exchange Act shall have the same rights to
contribution as the Company.

     (e) The agreements contained in this Section 5 shall survive the sale of the Securities
pursuant to a Registration Statement and shall remain in full force and effect, regardless of any
termination or cancellation of this Agreement or any investigation made by or on behalf of any
indemnified party.

     6. Additional Interest Under Certain Circumstances. (a) Additional interest (the “Additional
Interest”) with respect to the Initial Securities of a series shall be assessed as follows if any
of the following events occurs (each such event in clauses (i) through (iv) below a “Registration
Default”):

     (i) after the obligation to file a Shelf Registration Statement shall have arisen, the
Company fails to file such Registration Statement on or before the date specified for such
filing in Section 2(a) hereof;

     (ii) after the obligation to file a Shelf Registration Statement shall have arisen and
following the timely filing of such Registration Statement, such Registration Statement is
not

11

 

declared effective by the Commission on or prior to 120 days after the date on which
such obligation to file shall have arisen;

     (iii) the Company fails to consummate a Registered Exchange Offer with respect to such
Securities within 270 days of the date of original issuance of such Securities; or

     (iv) the Shelf Registration Statement or the Exchange Offer Registration Statement
shall have been declared effective but thereafter ceases to be effective or usable in
connection with resales or exchanges of Transfer Restricted Securities for more than 30
days.

Additional Interest shall accrue on the Initial Securities over and above the interest set forth in
the title of the Securities from and including the date on which any such Registration Default
shall occur to but excluding the date on which all such Registration Defaults have been cured, at a
rate of 0.25% per annum for the first 90-day period immediately following the occurrence of the
first Registration Default. The amount of Additional Interest will increase by an additional 0.25%
per annum with respect to each subsequent 90-day period (until all Registration Defaults have been
cured), up to a maximum amount of Additional Interest for all Registration Defaults of 1.0% per
annum. There can only exist one Registration Default at any one time with respect to the Initial
Securities of a series. For purposes of clarification, if Additional Interest accrues on the
Initial Securities, it will only accrue on the €125,000,000 of Securities issued on October 5, 2009
and not on the Company’s outstanding second priority senior secured floating rate notes due 2013
issued on October 12, 2005.

     (b) A Registration Default referred to in Section 6(a)(iv) hereof shall be deemed not to have
occurred and be continuing in relation to a Shelf Registration Statement or the related prospectus
if (i) such Registration Default has occurred solely as a result of (x) the filing of a
post-effective amendment to such Shelf Registration Statement to incorporate annual audited
financial information with respect to the Company where such post-effective amendment is not yet
effective and needs to be declared effective to permit Holders to use the related prospectus or (y)
other material events, with respect to the Company that would need to be described in such Shelf
Registration Statement or the related prospectus and (ii) in the case of clause (y), the Company is
proceeding promptly and in good faith to amend or supplement such Shelf Registration Statement and
related prospectus to describe such events; provided, however, that in any case if such
Registration Default occurs for a continuous period in excess of 30 days, Additional Interest shall
be payable in accordance with the above paragraph from the day such Registration Default occurs
until such Registration Default is cured.

     (c) Any amounts of Additional Interest due pursuant to clause (i), (ii), (iii) or (iv) of
Section 6(a) above will be payable in cash on the regular interest payment dates with respect to
the Initial Securities. The amount of Additional Interest with respect to the Initial Securities
of a series will be determined by multiplying the applicable Additional Interest rate for such
Securities by the principal amount of such Initial Securities, multiplied by a fraction, the
numerator of which is the number of days such Additional Interest rate was applicable during such
period (determined on the basis of a 360-day year comprised of twelve 30-day months), and the
denominator of which is 360.

     (d) “Transfer Restricted Securities” means each Initial Security until (i) the date on which
such Transfer Restricted Security has been exchanged by a person other than a broker-dealer for a
freely transferable Exchange Security in the Registered Exchange Offer, (ii) following the exchange
by a broker-dealer in the Registered Exchange Offer of an Initial Security for an Exchange
Security, the date on which such Exchange Security is sold to a purchaser, (iii) the date on which
such Initial Security has been effectively registered under the Securities Act and disposed of in
accordance with the Shelf Registration Statement or (iv) the date on which such Initial Securities
is distributed to the public pursuant to Rule 144 under the Securities Act or is (a) freely
transferable in accordance with Rule 144 by

12

 

a person that is not an “affiliate” (as defined in Rule 144) of the Company where no
conditions under Rule 144 are then applicable (other than the holding period requirement of
paragraph (d) of Rule 144 so long as such holding period requirement is satisfied at such time of
determination), (b) does not bear any restrictive legends relating to the Securities Act and (c)
does not bear a restrictive Common Code number.

     7. Rules 144 and 144A. The Company shall use its best efforts to file the reports required to
be filed by it under the Securities Act and the Exchange Act in a timely manner and, if at any time
the Company is not required to file such reports, it will, upon the request of any Holder of
Initial Securities, make publicly available other information so long as necessary to permit sales
of their securities pursuant to Rules 144 and 144A. The Company will provide a copy of this
Agreement to prospective purchasers of Initial Securities identified to the Company by the Initial
Purchasers upon request. Notwithstanding the foregoing, nothing in this Section 7 shall be deemed
to require the Company to register any of its securities pursuant to the Exchange Act.

     8. Underwritten Registrations. If any of the Transfer Restricted Securities covered by any
Shelf Registration are to be sold in an underwritten offering, the investment banker or investment
bankers and manager or managers that will administer the offering (“Managing Underwriters”) will be
selected by the Majority Holders, subject to the Company’s consent (which consent shall not be
unreasonably withheld).

     No person may participate in any underwritten registration hereunder unless such person (i)
agrees to sell such person’s Transfer Restricted Securities on the basis reasonably provided in any
underwriting arrangements approved by the persons entitled hereunder to approve such arrangements
and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents reasonably required under the terms of such underwriting
arrangements.

     9. Miscellaneous.

     (a) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof may not be given,
except by the Company and the written consent of the Holders of a majority in principal amount of
the Securities affected by such amendment, modification, supplement, waiver or consents.

     (b) Notices. All notices and other communications provided for or permitted hereunder shall
be made in writing by hand delivery, first-class mail, facsimile transmission, or air courier which
guarantees overnight delivery:

     (i) if to a Holder of the Securities, at the most current address given by such Holder
to the Company;

     (ii) if to the Initial Purchasers:

c/o Credit Suisse Securities (USA) LLC

Eleven Madison Avenue

New York, NY 10010-3629

Fax No.: (212) 325-4296

Attention: Transactions Advisory Group

     with a copy to:

13

 

David Beveridge, Esq.

Shearman & Sterling LLP

599 Lexington Avenue

New York, NY 10022

Fax No.: (646) 848-7711

     (iii) if to the Company, at its address as follows:

1650 Lake Cook Road, Suite 400

Deerfield, IL 60015

Attention: Michael T. McDonnell

     with copies to:

AEA Investors LLC

65 East 55th Street

New York, NY 10022

Attention: General Counsel’s Office

and

Michael Levitt, Esq.

Fried, Frank, Harris, Shriver & Jacobson LLP

One New York Plaza

New York, NY 10004

Fax No: (212) 859-8589

     All such notices and communications shall be deemed to have been duly given: at the time
delivered by hand, if personally delivered; three business days after being deposited in the mail,
postage prepaid, if mailed; when receipt is acknowledged by recipient’s facsimile machine operator,
if sent by facsimile transmission; and on the day delivered, if sent by overnight air courier
guaranteeing next day delivery.

     (c) No Inconsistent Agreements. The Company has not, as of the date hereof, entered into, nor
shall it, on or after the date hereof, enter into, any agreement with respect to its securities
that is inconsistent with the rights granted to the Holders herein or otherwise conflicts with the
provisions hereof.

     (d) Successors and Assigns. This Agreement shall be binding upon the Company and its
successors and assigns.

     (e) Counterparts. This Agreement may be executed in any number of counterparts and by the
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute one and the same agreement.

     (f) Headings. The headings in this Agreement are for convenience of reference only and shall
not limit or otherwise affect the meaning hereof.

     (g) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK.

14

 

     (h) Severability. If any one or more of the provisions contained herein, or the application
thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and
enforceability of any such provision in every other respect and of the remaining provisions
contained herein shall not be affected or impaired thereby.

     (i) Securities Held by the Company. Whenever the consent or approval of Holders of a
specified percentage of principal amount of Securities is required hereunder, Securities held by
the Company or its affiliates (other than subsequent Holders of Securities if such subsequent
Holders are deemed to be affiliates solely by reason of their holdings of such Securities) shall
not be counted in determining whether such consent or approval was given by the Holders of such
required percentage.

[SIGNATURE PAGE FOLLOWS]

15

 

If the foregoing is in accordance with your understanding of our agreement, please sign and return
to the Company a counterpart hereof, whereupon this instrument, along with all counterparts, will
become a binding agreement among the several Initial Purchasers, the Issuer and the Guarantors in
accordance with its terms.

	 	 	 	 	 
	 	Very truly yours,

PREGIS CORPORATION

 	 
	 	By:  	/s/
D. Keith LaVanway	 
	 	 	Name:  D. Keith LaVanway	 	 
	 	 	Title:  Vice President, Chief
Financial Officer
           Treasurer and Secretary	 	 
	 
	 	PREGIS HOLDING II CORPORATION

 	 
	 	By:  	/s/
D. Keith LaVanway	 
	 	 	Name:  D. Keith LaVanway	 	 
	 	 	Title:  Vice President, Chief
Financial Officer
           Treasurer and Secretary	 	 
	 
	 	PREGIS MANAGEMENT CORPORATION

 	 
	 	By:  	/s/
D. Keith LaVanway	 
	 	 	Name:  D. Keith LaVanway	 	 
	 	 	Title:  Vice President, Chief
Financial Officer
           Treasurer and Secretary	 	 
	 
	 	

PREGIS INNOVATIVE PACKAGING INC.

 	 
	 	By:  	/s/
D. Keith LaVanway	 
	 	 	Name:  D. Keith LaVanway	 	 
	 	 	Title:  Vice President, Chief
Financial Officer
           Treasurer and Secretary	 	 
	 
	 	HEXACOMB CORPORATION

 	 
	 	By:  	/s/
D. Keith LaVanway	 
	 	 	Name:  D. Keith LaVanway	 	 
	 	 	Title:  Vice President, Chief
Financial Officer
           Treasurer and Secretary	 	 

 

 

	 	 	 	 	 

The foregoing Registration
Rights Agreement is hereby confirmed
and accepted as of the date first
above written.

CREDIT SUISSE SECURITIES (EUROPE) LIMITED

BARCLAYS BANK PLC

GOLDMAN SACHS INTERNATIONAL

by: Credit Suisse Securities (Europe) Limited

	 	 	 	 	 
	By:  	/s/
Mathew Cestar	 
	 	Name:  Mathew Cestar	 	 
	 	Title:  MD	 	 

 

 

	 	 	 	 	 

ANNEX A

          Each broker-dealer that receives Exchange Securities for its own account pursuant to a
Registered Exchange Offer must acknowledge that it will deliver a prospectus in connection with
any resale of such Exchange Securities. The Letter of Transmittal states that by so acknowledging
and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an
“underwriter” within the meaning of the Securities Act. This Prospectus, as it may be amended or
supplemented from time to time, may be used by a broker-dealer in connection with resales of
Exchange Securities received in exchange for Initial Securities where such Initial Securities were
acquired by such broker-dealer as a result of market-making activities or other trading activities.
The Company has agreed that, for a period of 180 days after the Expiration Date (as defined
herein), it will make this Prospectus available to any broker-dealer for use in connection with any
such resale. See “Plan of Distribution.”

 

 

ANNEX B

     Each broker-dealer that receives Exchange Securities for its own account in exchange for
Initial Securities, where such Initial Securities were acquired by such broker-dealer as a result
of market-making activities or other trading activities, must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Securities. See “Plan of Distribution.”

 

 

ANNEX C

PLAN OF DISTRIBUTION

     Each broker-dealer that receives Exchange Securities for its own account pursuant to a
Registered Exchange Offer must acknowledge that it will deliver a prospectus in connection with any
resale of such Exchange Securities. This Prospectus, as it may be amended or supplemented from
time to time, may be used by a broker-dealer in connection with resales of Exchange Securities
received in exchange for Initial Securities where such Initial Securities were acquired as a result
of market-making activities or other trading activities. The Company has agreed that, for a period
of 180 days after the Expiration Date, it will make this prospectus, as amended or supplemented,
available to any broker-dealer for use in connection with any such resale. In addition, until [•],
200[•], all dealers effecting transactions in the Exchange Securities may be required to deliver a
prospectus.(1)

     The Company will not receive any proceeds from any sale of Exchange Securities by
broker-dealers. Exchange Securities received by broker-dealers for their own account pursuant to
the Exchange Offer may be sold from time to time in one or more transactions in the
over-the-counter market, in negotiated transactions, through the writing of options on the Exchange
Securities or a combination of such methods of resale, at market prices prevailing at the time of
resale, at prices related to such prevailing market prices or negotiated prices. Any such resale
may be made directly to purchasers or to or through brokers or dealers who may receive compensation
in the form of commissions or concessions from any such broker-dealer or the purchasers of any such
Exchange Securities. Any broker-dealer that resells Exchange Securities that were received by it
for its own account pursuant to the Exchange Offer and any broker or dealer that participates in a
distribution of such Exchange Securities may be deemed to be an “underwriter” within the meaning of
the Securities Act and any profit on any such resale of Exchange Securities and any commission or
concessions received by any such persons may be deemed to be underwriting compensation under the
Securities Act. The Letter of Transmittal states that, by acknowledging that it will deliver and
by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter”
within the meaning of the Securities Act.

     For a period of 180 days after the Expiration Date the Company will promptly send additional
copies of this Prospectus and any amendment or supplement to this Prospectus to any broker-dealer
that requests such documents in the Letter of Transmittal. The Company has agreed to pay all
expenses incident to the Exchange Offer (including the expenses of one counsel for the Holders of
the Securities) other than commissions or concessions of any brokers or dealers and will indemnify
the Holders of the Securities (including any broker-dealers) against certain liabilities, including
liabilities under the Securities Act.

 

			
	(1)	 	In addition, the legend required by Item 502(e) of
Regulation S-K will appear on the back cover page of the Exchange Offer
prospectus.

 

 

ANNEX D

o       CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS
AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO.

	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Address:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	 

	 	 

If the undersigned is not a broker-dealer, the undersigned represents that it is not engaged in,
and does not intend to engage in, a distribution of Exchange Securities. If the undersigned is a
broker-dealer that will receive Exchange Securities for its own account in exchange for Initial
Securities that were acquired as a result of market-making activities or other trading activities,
it acknowledges that it will deliver a prospectus in connection with any resale of such Exchange
Securities; however, by so acknowledging and by delivering a prospectus, the undersigned will not
be deemed to admit that it is an “underwriter” within the meaning of the Securities Act.

D-1

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