Document:

EX-10.1

 Exhibit 10.1 

 
  

 
 AMENDED AND RESTATED 

MANAGEMENT AGREEMENT 
 by and between 
 Capital Trust, Inc. 

and 

BREDS/CT Advisors L.L.C. 
  

 
  

 AMENDED AND RESTATED MANAGEMENT AGREEMENT, dated as of March 26, 2013, by and between
Capital Trust, Inc., a Maryland corporation, and BREDS/CT Advisors L.L.C., a Delaware limited liability company (the “Manager”). 
 W I T N E S S E T H: 
 WHEREAS, the Company was formed as a corporation which has elected to be treated as a real estate investment trust for U.S. federal income tax purposes pursuant to Sections 856 through 860 of the Internal
Revenue Code of 1986, as amended (the “Code”); 
 WHEREAS, the Company was previously internally managed by CT
Investment Management Co., LLC (“CTIMCO”), formerly a wholly-owned subsidiary of the Company; 
 WHEREAS,
pursuant to the Purchase and Sale Agreement, dated as of September 27, 2012 (as the same may be amended from time to time, the “Omnibus Purchase Agreement”), by and between the Company and Huskies Acquisition LLC, a Delaware
limited liability company, acquired CTIMCO’s investment management business and certain related interests on the terms and conditions set forth therein; 
 WHEREAS, pursuant to the Omnibus Purchase Agreement, the Company and the Manager entered into the Management Agreement, dated as of December 19, 2012 (the “Original Management
Agreement”), pursuant to which the Manager serves as investment manager of the Company and provides various investment management and other services with respect to the Company in the manner and on the terms set forth therein; and

 WHEREAS, the Company and the Manager have agreed to amend and restate the Original Management Agreement on the terms set
forth herein. 
 NOW THEREFORE, in consideration of the premises and agreements hereinafter set forth, the parties hereto hereby
agree as follows: 
 Section 1. Definitions. 

(a) The following terms shall have the meanings set forth in this Section 1(a): 

“Affiliate” means with respect to a Person (i) any Person directly or indirectly controlling,
controlled by, or under common control with such other Person, (ii) any executive officer, employee or general partner of such Person, (iii) any member of the board of directors or board of managers (or bodies performing similar functions)
of such Person, and (iv) any legal entity for which such Person acts as an executive officer or general partner; provided, that, for greater certainty, it is acknowledged and agreed that portfolio entities of any Other Blackstone Funds
shall not be deemed Affiliates of the Manager. 
 “Agreement” means this Amended and Restated
Management Agreement, as amended, restated, supplemented or otherwise modified from time to time. 

 “Allocation Policy” means the investment allocation policy
and procedures of the Manager and/or its Affiliates with respect to the allocation of investment opportunities among the Company and one or more Other Blackstone Funds (as the same may be amended, updated or revised from time to time). 

“Automatic Renewal Term” has the meaning set forth in Section 10(a) hereof. 

“Blackstone” means, collectively, The Blackstone Group L.P., a Delaware limited partnership, and any
Affiliate thereof. 
 “Board” means the board of directors of the Company. 

“Business Day” means any day except a Saturday, a Sunday or a day on which banking institutions in New
York, New York are not required to be open. 
 “Cause Event” means (i) a final judgment by
any court or governmental body of competent jurisdiction not stayed or vacated within thirty (30) days that the Manager, its agents or its assignees has committed a felony or a material violation of applicable securities laws that has a
material adverse effect on the business of the Company or the ability of the Manager to perform its duties under the terms of this Agreement, (ii) an order for relief in an involuntary bankruptcy case relating to the Manager or the Manager
authorizing or filing a voluntary bankruptcy petition, (iii) the dissolution of the Manager, or (iv) a determination that the Manager has committed fraud against the Company, misappropriates or embezzles funds of the Company, or has acted,
or failed to act, in a manner constituting bad faith, willful misconduct, gross negligence or reckless disregard in the performance of its duties under this Agreement; provided, however, that if any of the actions or omissions described in this
clause (iv) are caused by an employee and/or officer of the Manager or one of its Affiliates and the Manager takes all necessary action against such person and cures the damage caused by such actions or omissions within thirty (30) days of
such determination, then such event shall not constitute a Cause Event. 
 “CEA” means the U.S.
Commodities Exchange Act, as amended. 
 “Claim” has the meaning set forth in Section 8(c)
hereof. 
 “Closing Date” means December 19, 2012. 

“Code” has the meaning set forth in the Recitals. 

“Common Stock” means the common stock, par value $0.01, of the Company. 

“Company” means Capital Trust, Inc., a Maryland corporation, and, where the context requires, its
Subsidiaries and Affiliates. 
 “Company Indemnified Party” has meaning set forth in
Section 8(b) hereof. 
 “Conduct Policies” has the meaning set forth in Section 2(n)
hereof. 

  
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 “Confidential Information” has the meaning set forth in
Section 5 hereof. 
 “Core Earnings” means the net income (loss) attributable to the
stockholders of the Company, computed in accordance with GAAP, including realized losses not otherwise included in GAAP net income (loss) and excluding (i) non-cash equity compensation expense, (ii) the Incentive Compensation,
(iii) depreciation and amortization, (iv) any unrealized gains or losses or other similar non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other
comprehensive income or loss, or in net income, (v) one-time events pursuant to changes in GAAP and certain material non-cash income or expense items, in each case after discussions between the Manager and the Independent Directors and approved
by a majority of the Independent Directors, and (vi) net income (loss) related to the CT Legacy Interests. 

For the avoidance of doubt, the exclusion of depreciation and amortization from the calculation of Core Earnings shall
only apply to debt investments related to real estate to the extent that the Company forecloses upon the property or properties underlying such debt investments. 

“CT Legacy CDOs” means Capital Trust RE CDO 2004-1 Ltd., a Cayman Islands company, Capital Trust RE CDO
2005-1 Ltd, a Cayman Islands company, and CT CDO IV Ltd., a Cayman Islands exempted company. 
 “CT
Legacy REIT” means CT Legacy REIT Mezz Borrower, Inc., a Maryland corporation, and its successors and assigns. 
 “CT Legacy REIT Award Agreements” means those certain award agreements granted under the Company’s 2007 Long-Term Incentive Plan related to distributions made by CT Legacy REIT.

 “CT Legacy Interests” means the Company’s interests in (i) CT Legacy REIT, net of
the Unit Secured Notes and payments made by the Company pursuant to the CT Legacy REIT Award Agreements, (ii) the CTOPI Interest, net of the payments made by the Company pursuant to the CTOPI Award Agreements and (iii) the CT Legacy CDOs.

 “CTIMCO” has the meaning set forth in the Recitals. 

“CTOPI” means CT Opportunity Partners I, L.P., a Delaware limited partnership. 

“CTOPI Award Agreements” means those certain award agreements related to carried interest distributions
made by CTOPI. 
 “CTOPI Interest” means the Company’s interest in CT OPI GP, LLC, a
Delaware limited liability company and general partner of CTOPI. 
 “Effective Termination
Date” has the meaning set forth in Section 10(b) hereof. 

  
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 “Equity” means (a) the sum of (1) the net
proceeds received by the Company from all issuances of the Company’s Common Stock from and after the Closing Date, plus (2) the Company’s cumulative Core Earnings from and after the Closing Date to the end of the most recently
completed calendar quarter, plus (3) cash retained on the Company’s balance sheet as of the Closing Date and cash retained upon realization of the CT Legacy Interests, (b) less (1) any distributions to the Company’s
stockholders, (2) any amount that the Company or any of its Subsidiaries has paid to repurchase the Company’s Common Stock since the Closing Date and (3) any Incentive Compensation paid following the Closing Date. With respect to that
portion of the period from and after the Closing Date that is used in any calculation of Incentive Compensation or the Management Fee, all items in the foregoing sentence (other than clause (a)(2)) shall be calculated on a daily weighted average
basis. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“GAAP” means generally accepted accounting principles in effect in the United States on the date such
principles are applied. 
 “Governing Agreements” means, with regard to any entity, the articles
of incorporation or certificate of incorporation and bylaws in the case of a corporation, the certificate of limited partnership (if applicable) and the partnership agreement in the case of a general or limited partnership, the certificate of
formation and limited liability company agreement in the case of a limited liability company, the trust instrument in the case of a trust, or similar governing documents in each case as amended. 

“Incentive Compensation” means the incentive fee calculated and payable with respect to each calendar
quarter following the Closing Date (or part thereof that this Agreement is in effect) in arrears in an amount, not less than zero, equal to: 
 (i) for the first full calendar quarter following the Closing Date, the product of (a) 20% and (b) the difference between (i) Core Earnings of the Company for such calendar quarter,
and (ii) the product of (A) the Company’s Equity as of the end of such calendar quarter, and (B) 7% per annum; 
 (ii) for each of the second, third and fourth full calendar quarters following the Closing Date, the difference between (1) the product of (a) 20% and (b) the difference between
(i) Core Earnings of the Company for the calendar quarter(s) following the Closing Date, and (ii) the product of (A) the Company’s Equity in the calendar quarter(s) following the Closing Date, and (B) 7% per annum, and
(2) the sum of any Incentive Compensation paid to the Manager with respect to the prior calendar quarter(s) following the Closing Date (other than the most recent calendar quarter); and 

(iii) for each calendar quarter thereafter, the difference between (1) the product of (a) 20% and
(b) the difference between (i) Core Earnings of the Company for the previous 12-month period, and (ii) the product of (A) the Company’s Equity in the previous 12-month period, and (B) 7% per annum, and (2) the
sum of any Incentive Compensation paid to the Manager with respect to the first three calendar quarters of such previous 12-month period; 

  
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 provided, however, that no Incentive Compensation shall be payable with respect to any
calendar quarter unless Core Earnings for the 12 most recently completed calendar quarters (or such lesser number of completed calendar quarters from the date of the first offering of Common Stock following the Closing Date) is greater than zero.

 Incentive Compensation shall be pro rated for partial periods, to the extent necessary, based on the
number of days elapsed or remaining in such period, as the case may be (including any calendar quarter during which the Closing Date occurs and any calendar quarter during which any Effective Termination Date occurs). 

“Indemnified Party” has the meaning set forth in Section 8(b) hereof. 

“Independent Director” means a member of the Board who is “independent” in accordance with the
Company’s Governing Agreements and the rules of the NYSE or such other securities exchange on which the shares of Common Stock are listed. 
 “Initial Term” has the meaning set forth in Section 10(a) hereof. 
 “Investment Company Act” means the U.S. Investment Company Act of 1940, as amended. 
 “Investment Guidelines” means the investment guidelines of the Company approved by the Board, as may be amended, restated, modified, supplemented or waived pursuant to the approval of a
majority of the Board (which must include a majority of the Independent Directors) from time to time. As of the date hereof, such investment guidelines are listed on Exhibit A. 

“Losses” has the meaning set forth in Section 8(a) hereof. 

“Management Fee” means the management fee, without duplication, payable quarterly in arrears with respect
to each calendar quarter commencing with the quarter in which the Original Management Agreement was executed, in an amount equal to the greater of: 
 (i) $250,000 per annum ($62,500 per quarter); and 
 (ii)
1.50% per annum (0.375% per quarter) of the Company’s Equity. 
 The Management Fee shall be pro
rated for partial periods, to the extent necessary, as described more fully elsewhere herein. 

“Manager” has the meaning set forth in the Recitals. 

“Manager Expenses” has the meaning set forth in Section 7(a) hereof. 

  
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 “Manager Indemnified Party” has the meaning set forth in
Section 8(a) hereof. 
 “Manager Permitted Disclosure Parties” has the meaning set forth in
Section 5(a) hereof. 
 “Notice of Proposal to Negotiate” has the meaning set forth in
Section 10(c) hereof. 
 “NYSE” means the New York Stock Exchange, Inc. 

“Omnibus Purchase Agreement” has the meaning set forth in the Recitals. 

“Original Management Agreement” has the meaning set forth in the Recitals. 

“Other Blackstone Funds” means, collectively, any other investment funds, vehicles, accounts, products
and/or other similar arrangements sponsored, advised and/or managed by Blackstone, whether currently in existence or subsequently established, in each case, including any related successor funds, alternative vehicles, supplemental capital vehicles,
co-investment vehicles and other entities formed in connection with Blackstone’s side-by-side or additional general partner investments with respect thereto. 

“Person” means any natural person, corporation, partnership, association, limited liability company,
estate, trust, joint venture, any federal, state, county or municipal government or any bureau, department or agency thereof or any other legal entity and any fiduciary acting in such capacity on behalf of the foregoing. 

“Regulation FD” means Regulation FD as promulgated by the SEC. 

“REIT” means a “real estate investment trust” as defined under the Code. 

“SEC” means the United States Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Subsidiary” means a corporation, limited liability company, partnership, joint venture or other entity
or organization of which: (a) the Company or any other subsidiary of the Company is a general partner or managing member, or (b) voting power to elect a majority of the board of directors, trustees or other Persons performing similar
functions with respect to such entity or organization is held by the Company or by any one or more of the Company’s subsidiaries. 
 “Termination Fee” means a termination fee equal to three (3) times the sum of (i) the average annual Management Fee, and (ii) average annual Incentive Compensation, in each
case earned by the Manager during the 24-month period immediately preceding the most recently completed calendar quarter prior to the Effective Termination Date. 

“Termination Notice” has the meaning set forth in Section 10(b) hereof. 

  
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 “Termination Without Cause” has the meaning set forth in
Section 10(b) hereof. 
 “Treasury Regulations” means the Procedures and Administration
Regulation promulgated by the U.S. Department of Treasury under the Code, as amended. 
 “Unit Secured
Notes” means, collectively, the Series 1 Unit Secured Notes issued by CT Legacy Series 1 Note Issuer, LLC, a Delaware limited liability company, and the Series 2 Unit Secured Notes issued by CT Legacy Series 2 Note Issuer, LLC, a Delaware
limited liability company, issued prior to the date hereof. 
 (b) As used herein, accounting terms relating to the Company and
its Subsidiaries, if any, not defined in Section 1(a) and accounting terms partly defined in Section 1(a), to the extent not defined, shall have the respective meanings given to them under GAAP. As used herein, “calendar
quarters” shall mean the period from January 1 to March 31, April 1 to June 30, July 1 to September 30 and October 1 to December 31 of the applicable year. 

(c) The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section references are to this Agreement unless otherwise specified. 
 (d) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. The words include, includes and including shall be deemed to be followed by
the phrase “without limitation.” 
 Section 2. Appointment and Duties of the Manager. 

(a) The Company hereby appoints the Manager, as agent, to manage the investments and day-to-day business and affairs of the Company and
its Subsidiaries, subject at all times to the further terms and conditions set forth in this Agreement and to the supervision of the Board. Except as otherwise provided in this Agreement, the Manager hereby agrees to use its commercially reasonable
efforts to perform each of the duties set forth herein, provided that the Company reimburses the Manager for costs and expenses in accordance with Section 7 hereof. The appointment of the Manager shall be exclusive to the Manager, except to the
extent that the Manager elects, in its sole and absolute discretion, subject to the terms of this Agreement, to cause the duties of the Manager as set forth herein to be provided by third parties and/or its Affiliates. 

(b) The Manager, in its capacity as manager of the investments and the operations of the Company, at all times will be subject to the
supervision and direction of the Board and will have only such functions and authority as the Board may delegate to it, including, without limitation, managing the Company’s investment activities and other business affairs in conformity with
the Investment Guidelines and other policies that are approved and monitored by the Board. The Company and the Manager hereby acknowledge the recommendation by the Manager and the approval by the Board of the Investment Guidelines. 

  
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 (c) Subject to the oversight of the Board and the terms and conditions of this Agreement
(including the Investment Guidelines), the Manager will have plenary authority with respect to the management of the business and affairs of the Company and will be responsible for the day-to-day management of the Company. The Manager will perform
(or cause to be performed through one or more of its Affiliates or Subsidiaries) such services and activities relating to the investments and business and affairs of the Company as may be appropriate or otherwise mutually agreed from time to time,
which may include, without limitation: 
 (i) serving as an advisor to the Company with respect to the
establishment and periodic review of the Investment Guidelines for the Company’s investments, financing activities and operations, any modifications to which will be approved by a majority of the Board (which must include a majority of the
Independent Directors); 
 (ii) identifying, investigating, analyzing, and selecting possible investment
opportunities and originating, negotiating, acquiring, consummating, monitoring, financing, retaining, selling, negotiating for prepayment, restructuring, refinancing, hypothecating, pledging or otherwise disposing of investments consistent in all
material respects with the Investment Guidelines; 
 (iii) with respect to prospective purchases, sales,
exchanges or other dispositions of investments, conducting negotiations on the Company’s behalf with sellers, purchasers, and other counterparties and, if applicable, their respective agents, advisors and representatives; 

(iv) negotiating and entering into, on the Company’s behalf, repurchase agreements, interest rate or currency swap
agreements, hedging arrangements, financing arrangements (including one or more credit facilities), foreign exchange transactions, derivative transactions, and other agreements and instruments required or appropriate in connection with the
Company’s activities; 
 (v) engaging and supervising, on the Company’s behalf and at the
Company’s expense, independent contractors, advisors, consultants, attorneys, accountants, auditors, and other service providers (which may include Affiliates of the Manager) that provide various services with respect to the Company, including,
without limitation, investment banking, securities brokerage, mortgage brokerage, credit analysis, risk management services, asset management services, loan servicing, other financial, legal or accounting services, due diligence services,
underwriting review services, and all other services (including transfer agent and registrar services) as may be required relating to the Company’s activities or investments (or potential investments); 

(vi) coordinating and managing operations of any joint venture or co-investment interests held by the Company and
conducting all matters with the joint venture or co-investment partners; 
 (vii) providing executive and
administrative personnel, office space and office services required in rendering services to the Company; 

(viii) administering the day-to-day operations and performing and supervising the performance of such other administrative
functions necessary to the Company’s management as may be agreed upon by the Manager and the Board, including, without limitation, the collection of revenues and the payment of the Company’s debts and obligations and maintenance of
appropriate computer services to perform such administrative functions; 

  
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 (ix) communicating on the Company’s behalf with the holders of any of
the Company’s equity or debt securities as required to satisfy the reporting and other requirements of any governmental bodies or agencies or trading markets and to maintain effective relations with such holders; 

(x) advising the Company in connection with policy decisions to be made by the Board; 

(xi) engaging one or more subadvisors with respect to the management of the Company, including, where appropriate,
Affiliates of the Manager; 
 (xii) evaluating and recommending to the Board hedging strategies and engaging in
hedging activities on the Company’s behalf, consistent with the Company’s qualification as a REIT and with the Investment Guidelines; 
 (xiii) advising the Company regarding the maintenance of the Company’s qualification as a REIT and monitoring compliance with the various REIT qualification tests and other rules set out in the Code
and Treasury Regulations thereunder and using commercially reasonable efforts to cause the Company to qualify for taxation as a REIT; 
 (xiv) advising the Company regarding the maintenance of the Company’s exemption from regulation as an investment company under the Investment Company Act, monitoring compliance with the requirements
for maintaining such exemption and using commercially reasonable efforts to cause the Company to maintain such exemption from regulation as an investment company under the Investment Company Act; 

(xv) furnishing reports to the Company regarding the Company’s activities and services performed for the Company by
the Manager and its Affiliates; 
 (xvi) monitoring the operating performance of the Company’s investments
and providing periodic reports with respect thereto to the Board, including comparative information with respect to such operating performance and budgeted or projected operating results; 

(xvii) investing and reinvesting any moneys and securities of the Company (including investing in short-term investments
pending investment in other investments, payment of fees, costs and expenses, or payments of dividends or distributions to the Company’s stockholders and partners) and advising the Company as to the Company’s capital structure and capital
raising; 
 (xviii) causing the Company to retain a qualified independent public accounting firm and legal
counsel, as applicable, to assist in developing appropriate accounting procedures and systems, internal controls and other compliance procedures and systems with respect to financial reporting obligations and compliance with the provisions of the
Code applicable to REITs and to conduct periodic compliance reviews with respect thereto; 

  
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 (xix) assisting the Company in qualifying to do business in all applicable
jurisdictions and to obtain and maintain all appropriate licenses; 
 (xx) assisting the Company in complying
with all regulatory requirements applicable to the Company in respect of the Company’s business activities, including (1) preparing or causing to be prepared all financial statements required under applicable regulations and contractual
undertakings and all reports and documents, if any, required under the Exchange Act or the Securities Act, or by the NYSE, and facilitating compliance with the Sarbanes-Oxley Act of 2002, the listing rules of the NYSE, and the Dodd-Frank Wall Street
Reform and Consumer Protection Act of 2010 and (2) in the event that the Company is a commodity pool under the CEA, acting as the Company’s commodity pool operator for the period and on the terms and conditions set forth in this Agreement,
including, for the avoidance of doubt, the authority to make any filings, submissions or registrations (including for exemptive or “no action” relief) to the extent required or desirable under the CEA (and the Company hereby appoints the
Manager to act in such capacity and the Manager accepts such appointment and agrees to be responsible for such services); 
 (xxi) assisting the Company in taking all necessary actions to enable the Company to make required tax filings and reports, including soliciting stockholders for all information required to the extent
provided by the provisions of the Code and Treasury Regulations applicable to REITs; 
 (xxii) placing, or
arranging for the placement of, all orders pursuant to the Manager’s investment determinations for the Company either directly with the issuer or with a broker or dealer (including any affiliated broker or dealer); 

(xxiii) handling and resolving all claims, disputes or controversies (including all litigation, arbitration, settlement or
other proceedings or negotiations) in which the Company may be involved or to which the Company may be subject arising out of the Company’s day-to-day activities (other than with the Manager or its Affiliates), subject to such reasonable
limitations or parameters as may be imposed from time to time by the Board; 
 (xxiv) using commercially
reasonable efforts to cause expenses incurred by the Company or on the Company’s behalf to be commercially reasonable or commercially customary and within any budgeted parameters or expense guidelines set by the Board from time to time;

 (xxv) advising the Company with respect to and structuring long-term financing vehicles for the Company’s
portfolio of assets, and offering and selling securities publicly or privately in connection with any such structured financing; 

  
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 (xxvi) serving as the Company’s advisor with respect to decisions
regarding any of the Company’s financings, hedging activities or borrowings undertaken by the Company, including (1) assisting the Company in developing criteria for debt and equity financing that is specifically tailored to the
Company’s investment objectives, and (2) advising the Company with respect to obtaining appropriate financing for the Company’s investments (which, in accordance with applicable law and the terms and conditions of this Agreement and
the Company’s Governing Agreements may include financing by the Manager or its Affiliates); 
 (xxvii)
providing the Company with portfolio management and other related services; 
 (xxviii) arranging marketing
materials and other related documentation, advertising, industry group activities (such as conference participations and industry organization memberships) and other promotional efforts designed to promote the Company’s business; and

 (xxix) performing such other services from time to time in connection with the management of the business and
affairs of the Company and its investment activities as the Board shall reasonably request and/or the Manager shall deem appropriate under the particular circumstances. 
 (d) For the period and on the terms and conditions set forth in this Agreement, the Company and each of its Subsidiaries hereby constitutes, appoints and authorizes the Manager, and any officer of the
Manager acting on its behalf from time to time, as the Company’s true and lawful agent and attorney-in-fact, in its name, place and stead, to negotiate, execute, deliver and enter into any certificates, instruments, agreements, authorizations
and other documentation in the name and on behalf of the Company as the Manager, in its sole discretion, deems necessary or appropriate in connection with the performance of its services hereunder. This power of attorney is deemed to be coupled with
an interest. In performing such services, as an agent of the Company, the Manager shall have the right to exercise all powers and authority which are reasonably necessary and customary to perform its obligations under this Agreement, including, the
following powers, subject in each case to the terms and conditions of this Agreement, including, without limitation, the Investment Guidelines: 
 (i) to purchase, exchange or otherwise acquire and to sell, exchange or otherwise dispose of, any investment at public or private sale; 

(ii) to borrow and, for the purpose of securing the repayment thereof, to pledge, mortgage or otherwise encumber
investments and enter into agreements in connection therewith, including, without limitation, repurchase agreements, master repurchase agreements, International Swap Dealer Association swap, caps and other agreements and annexes thereto and
other futures and forward agreements; 
 (iii) to purchase, take and hold investments subject to
mortgages or other liens; 
 (iv) to extend the time of payment of any liens or encumbrances which may at any
time be encumbrances upon any investment, irrespective of by whom the same were made; 

  
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 (v) to foreclose, to reduce the rate of interest on, and to consent to the
modification and extension of the maturity or other terms of any investments, or to accept a deed in lieu of foreclosure; 
 (vi) to join in a voluntary partition of any investment; 
 (vii) to
cause to be demolished any structures on any real estate investment; 
 (viii) to cause renovations and capital
improvements to be made to any real estate investment; 
 (ix) to abandon any real estate investment deemed to be
worthless; 
 (x) to enter into joint ventures or otherwise participate in investment vehicles investing in
investments; 
 (xi) to cause any real estate investment to be leased, operated, developed, constructed or
exploited; 
 (xii) to obtain and maintain insurance in such amounts and against such risks as are prudent in
accordance with customary and sound business practices in the appropriate geographic area; 
 (xiii) to cause any
property to be maintained in good state of repair and upkeep; and to pay the taxes, upkeep, repairs, carrying charges, maintenance and premiums for insurance; 
 (xiv) to use the personnel and resources of its Affiliates in performing the services specified in this Agreement; 
 (xv) to designate and engage all professionals, consultants and other service providers subject to and in accordance with, as applicable, Section 2(e), to perform services (directly or indirectly) on
behalf of the Company and its Subsidiaries, including, without limitation, accountants, legal counsel and engineers; and 
 (xvi) to take any and all other actions as are necessary or appropriate in connection with the Company’s investments. 
 The Manager shall be authorized to represent to third parties that it has the power to perform the actions which it is authorized to perform under this Agreement. 

(e) The Manager may retain, for and on behalf, and at the sole cost and expense, of the Company, such services of the persons and firms
referred to in Section 7(b) hereof as the Manager deems necessary or advisable in connection with the management and operations of the Company, which may include Affiliates of the Manager; provided, that any such services may only be
provided by Affiliates to the extent (i) such services are on arm’s length terms and competitive market rates in relation to terms that are then customary for agreements regarding the provision of such services to companies that have
assets similar in 

  
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type, quality and value to the assets of the Company and its Subsidiaries, or (ii) such services are approved by a majority of the Independent Directors. In performing its duties under this
Section 2, the Manager shall be entitled to rely reasonably on qualified experts and professionals (including, without limitation, accountants, legal counsel and other professional service providers) hired by the Manager at the Company’s
sole cost and expense. The Manager shall keep the Board reasonably informed on a periodic basis as to any services provided by Affiliates of the Manager not approved by a majority of the Independent Directors. 

(f) The Manager shall refrain from any action that, in its sole judgment made in good faith, (i) is not in compliance with the
Investment Guidelines, (ii) would adversely and materially affect the qualification of the Company as a REIT under the Code or the Company’s and its Subsidiaries’ status as entities excluded from investment company status under the
Investment Company Act, or (iii) would materially violate the Conduct Policies, any law, rule or regulation of any governmental body or agency having jurisdiction over the Company and its Subsidiaries or of any exchange on which the securities
of the Company may be listed or that would otherwise not be permitted by the applicable Governing Agreements. If the Manager is ordered to take any action by the Board, the Manager shall seek to promptly notify the Board if it is the Manager’s
reasonable judgment that such action would adversely and materially affect such status or violate any such law, rule or regulation or Governing Agreements. Notwithstanding the foregoing, neither the Manager nor any of its Affiliates shall be liable
to the Company, the Board, or the Company’s stockholders for any act or omission by the Manager or any of its Affiliates, except as provided in Section 8 of this Agreement. 

(g) The Company (including the Board) agrees to take all actions reasonably required to permit and enable the Manager to carry out its
duties and obligations under this Agreement, including, without limitation, all steps reasonably necessary to allow the Manager to make any filing required to be made under the Securities Act, Exchange Act, the NYSE’s Listed Company Manual,
Code or other applicable law, rule or regulation on behalf of the Company in a timely manner. The Company further agrees to use commercially reasonable efforts to make available to the Manager all resources, information and materials reasonably
requested by the Manager to enable the Manager to satisfy its obligations hereunder, including its obligations to deliver financial statements and any other information or reports with respect to the Company. 

(h) As frequently as the Manager may deem reasonably necessary or advisable, or at the direction of the Board, the Manager shall prepare,
or, at the sole cost and expense of the Company, cause to be prepared, (i) reports and other information on the Company’s operations and (ii) other information relating to any proposed or consummated investment as may be reasonably
requested by the Company. 
 (i) The Manager shall prepare, or, at the sole cost and expense of the Company, cause to be
prepared, all periodic reports and financial statements with respect to the Company reasonably required by the Board in order for the Company to comply with its Governing Agreements, or any other materials required to be filed with any governmental
body or agency, including but not limited to the SEC, and shall prepare, or, at the sole cost and expense of the Company, cause to be prepared, all materials and data necessary to complete such reports and other materials, including, without
limitation, an annual audit of the Company’s books of account by a nationally recognized independent accounting firm. 

  
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 (j) The Manager shall prepare, or, at the sole cost and expense to the Company, cause to be
prepared, regular reports for the Board to enable the Board to review the Company’s acquisitions, portfolio composition and characteristics, credit quality, performance, asset performance and compliance with the Investment Guidelines, and
policies approved by the Board. 
 (k) Officers, employees and agents of the Manager and its Affiliates may serve as directors,
officers, employees, agents, nominees or signatories for the Company or any of its Subsidiaries, to the extent permitted by their Governing Agreements, by any resolutions duly adopted by the Board. When executing documents or otherwise acting in
such capacities for the Company or any of its Subsidiaries, such Persons shall indicate in what capacity they are executing on behalf of the Company or any of its Subsidiaries. Without limiting the foregoing, while this Agreement is in effect, the
Manager will provide the Company with a management team, including a Chief Executive Officer and President, Chief Financial Officer or similar positions, along with appropriate support personnel, to provide the management services to be provided by
the Manager to the Company hereunder, who shall devote such of their time to the management of the Company as necessary and appropriate, commensurate with the level of activity of the Company from time to time. 

(l) At all times during the term of this Agreement, the Manager, at its sole cost and expense, shall maintain “errors and
omissions” insurance coverage and other insurance coverage that is customarily carried by asset and investment managers performing functions similar to those of the Manager under this Agreement with respect to assets similar to the assets of
the Company and the Subsidiaries. 
 (m) The Manager, at its sole cost and expense, shall provide or otherwise cause to be
provided, such internal audit, compliance and control services as may be required for the Company to comply with applicable law (including the Securities Act and Exchange Act), regulation (including SEC regulations) and the rules and requirements of
the NYSE and as otherwise reasonably requested by the Company or its Board from time to time. 
 (n) The Manager agrees to be
bound by the Company’s Code of Business Conduct and Ethics, Corporate Governance Guidelines and Policy on Insider Trading and other compliance and governance policies and procedures required under the Exchange Act, the Securities Act, or by the
NYSE or other securities exchange, if any (collectively, the “Conduct Policies”), and to take, or cause to be taken, all actions reasonably required to cause its officers, directors, members, managers and employees, and any
principals, officers or employees of its Affiliates (including Blackstone) who are involved in the business and affairs of the Company, to be bound by the Conduct Policies to the extent applicable to such Persons. 

Section 3. Additional Activities of the Manager; Allocation of Investment Opportunities; Non-Solicitation; Restrictions.

 (a) Nothing in this Agreement shall (i) prevent the Manager or any of its Affiliates, officers, directors or employees,
from engaging in other businesses or from rendering services of any kind to any other Person or entity, whether or not the investment objectives or policies of any such other Person or entity are similar to those of the Company, including,

  
 15 

 
without limitation, the sponsoring, closing and/or managing of any Other Blackstone Funds that employ investment objectives or strategies that overlap, in whole or in part, with the Investment
Guidelines of the Company, (ii) in any way bind or restrict the Manager or any of its Affiliates, officers, directors or employees from buying, selling or trading any securities or commodities for their own accounts or for the account of others
for whom the Manager or any of its Affiliates, officers, directors or employees may be acting, or (iii) prevent the Manager or any of its Affiliates from receiving fees or other compensation or profits from such activities described in this
Section 3(a) which shall be for the Manager’s (and/or its Affiliates’) sole benefit. While information and recommendations supplied to the Company shall, in the Manager’s reasonable and good faith judgment, be appropriate under
the circumstances and in light of the investment objectives and policies of the Company, they may be different in certain material respects from the information and recommendations supplied by the Manager or any Affiliate of the Manager to others
(including, for greater certainty, the Other Blackstone Funds and their investors, as described more fully in Section 3(b)). The Manager and the Company acknowledge and agree that, notwithstanding anything to the contrary contained herein,
(i) Affiliates of the Manager sponsor, advise and/or manage one or more Other Blackstone Funds and may in the future sponsor, advise and/or manage additional Other Blackstone Funds, and (ii) the Manager will allocate investment
opportunities that overlap with the Investment Guidelines of the Company and such Other Blackstone Funds in accordance with the Allocation Policy. 
 (b) In connection with the services of the Manager hereunder, the Company and the Board acknowledge and/or agree that (i) as part of Blackstone’s regular businesses, personnel of the Manager and
its Affiliates may from time-to-time work on other projects and matters (including with respect to one or more Other Blackstone Funds), and that conflicts may arise with respect to the allocation of personnel between the Company and one or more
Other Blackstone Funds and/or the Manager and such other Affiliates, (ii) there may be circumstances where investments that are consistent with the Company’s Investment Guidelines may be shared with or allocated to one or more Other
Blackstone Funds (in lieu of the Company) in accordance with the Allocation Policy, (iii) Other Blackstone Funds may invest, from time-to-time, in investments in which the Company may also invest (including at a different level of an
issuer’s capital structure (e.g., an investment by an Other Blackstone Fund in an equity or mezzanine interest with respect to the same portfolio entity in which the Company owns a debt interest or vice versa) or in a different
tranche of fundraising with respect to an issuer in which the Company has an interest) and while Blackstone will seek to resolve any such conflicts in a fair and equitable manner in accordance with the Allocation Policy and its prevailing policies
and procedures with respect to conflicts resolution among the Other Blackstone Funds generally, such transactions shall not be required to be presented to the Board for approval, and there can be no assurance that any such conflicts will be resolved
in favor of the Company, (iv) the Manager and its Affiliates may from time-to-time receive fees from portfolio entities or other issuers for the arranging, underwriting, syndication or refinancing of investments or other additional fees,
including acquisition fees, loan servicing fees, special servicing fees and administrative fees and fees or advisory or asset management fees, including with respect to Other Blackstone Funds and related portfolio entities, and while such fees may
give rise to conflicts of interest the Company will not receive the benefit of any such fees, and (v) the terms and conditions of the governing agreements of such Other Blackstone Funds (including with respect to the economic, reporting, and
other rights afforded to investors in such Other Blackstone Funds) are materially different from the terms and conditions applicable to the Company and its stockholders, and neither the 

  
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Company nor any such stockholders (in such capacity) shall have the right to receive the benefit of any such different terms applicable to investors in such Other Blackstone Funds as a result of
an investment in the Company or otherwise. The Manager shall keep the Board reasonably informed on a periodic basis in connection with the foregoing, including with respect to any transactions that present conflicts contemplated by clause
(iii) of this Section 3(b) and shall provide the Board quarterly updates in respect of such matters. 
 (c) Subject to
Section 3(b), the Board will periodically review the Investment Guidelines and the Company’s investment portfolio when and as determined in its discretion, but will not review each proposed investment; provided, that the Manager
shall not consummate on behalf of the Company any transaction that involves (i) the sale of any investment to or (ii) the acquisition of any investment from, Blackstone, any Other Blackstone Fund or any of their Affiliates unless such
transaction (A) is on terms no less favorable to the Company than could have been obtained on an arm’s length basis from an unrelated third party and (B) has been approved in advance by a majority of the Independent Directors. In
connection with the foregoing, it is understood and/or agreed for greater certainty that while conflicts of interests may arise from time-to-time in connection with the investment activities of the Company, Blackstone and the Other Blackstone Funds
(including as more fully described in Section 3(b) above) and that the Manager will seek to resolve any such conflicts of interest in a fair and equitable manner in accordance with the Allocation Policy and its prevailing policies and
procedures with respect to conflicts resolution among Other Blackstone Funds generally, only those transactions set forth above shall be required to be presented for approval to the Independent Directors; provided, that the foregoing shall
not limit the ability of the Manager, in its discretion, to present additional matters involving the Company to the Independent Directors from time-to-time for review, advice and/or approval to the extent the Manager reasonably determines that doing
so is appropriate under the circumstances (including, without limitation, as a result of a determination that such matters give rise to material conflicts of interest that are appropriate to be reviewed and/or approved by the Independent Directors).

 (d) In the event of a Termination Without Cause of this Agreement by the Company pursuant to Section 10(b) hereof, for
two (2) years after such termination of this Agreement, the Company shall not, without the consent of the Manager, employ or otherwise retain any employee of the Manager or any of its Affiliates or any person who has been employed by the
Manager or any of its Affiliates at any time within the two (2) year period immediately preceding the date on which such person commences employment with or is otherwise retained by the Company. The Company acknowledges and agrees that, in
addition to any damages, the Manager may be entitled to equitable relief for any violation of this Section 3(d) by the Company, including, without limitation, injunctive relief. 

(e) At the reasonable request of the Board, the Manager shall review the Allocation Policy with the Board and respond to reasonable
questions regarding the Allocation Policy as it relates to services under the Agreement. The Manager shall promptly provide the Board with a description of any material amendments, updates and revisions to the Allocation Policy. 

  
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 Section 4. Bank Accounts. At the direction of the Board, the Manager may
establish and maintain, as agent on behalf of the Company, one or more bank accounts in the name of the Company or any Subsidiary, and may collect and deposit into any such account or accounts, and disburse funds from any such account or accounts,
under such terms and conditions as the Board may approve; and the Manager shall from time to time render appropriate accountings of such collections and payments to the Board and, upon request, to the auditors of the Company or any Subsidiary.

 Section 5. Records; Confidentiality. 

The Manager shall maintain appropriate books of account, records and files relating to services performed hereunder, and such books of
account, records and files shall be accessible for inspection by representatives of the Company or any Subsidiary at any time during normal business hours upon advance written notice. The Manager shall have full responsibility for the maintenance,
care and safekeeping of all such books of account, records and files (it being understood that services may be provided with respect to the Company by service providers (e.g., administrators, prime brokers and custodians) and so long as such
service providers are monitored by the Manager with due care, the Manager shall be in compliance with the foregoing). The Manager shall keep confidential any and all non-public information, written or oral, obtained by it in connection with the
services rendered hereunder (“Confidential Information”) and shall not use Confidential Information except in furtherance of its duties under this Agreement or disclose Confidential Information, in whole or in part, to any Person
other than (i) to officers, directors, employees, agents, representatives, advisors of the Manager or its Affiliates who need to know such Confidential Information for the purpose of rendering services hereunder, (ii) to appraisers,
lenders or other financing sources, co-originators, custodians, administrators, brokers, commercial counterparties or any similar entity and others in the ordinary course of the Company’s business ((i) and (ii) collectively,
“Manager Permitted Disclosure Parties”), (iii) in connection with any governmental or regulatory filings of the Company (including, if required by law, any filings made by Blackstone as a result of its status as a public
company) or disclosure or presentations to Company investors (subject to compliance with Regulation FD), (iv) to governmental officials having jurisdiction over the Company, (v) as requested by law or legal process to which the Manager or
any Person to whom disclosure is permitted hereunder is a party, (vi) to existing or prospective investors in Other Blackstone Funds and their advisors to the extent such persons reasonably request such information, subject to an undertaking of
confidentiality, non-disclosure and nonuse, or (vii) otherwise with the consent of the Company. The Manager agrees to inform each of its Manager Permitted Disclosure Parties of the non-public nature of the Confidential Information. Nothing
herein shall prevent the Manager from disclosing Confidential Information (i) upon the order of any court or administrative agency, (ii) upon the request or demand of, or pursuant to any law or regulation to, any regulatory agency or
authority, (iii) to the extent reasonably required in connection with the exercise of any remedy hereunder, or (iv) to its legal counsel or independent auditors; provided, however that with respect to clauses (i) and
(ii), it is agreed that, so long as not legally prohibited, the Manager will provide the Company with written notice within a reasonable period of time of such order, request or demand so that the Company may seek, at its sole expense, an
appropriate protective order and/or waive the Manager’s compliance with the provisions of this Agreement. If, failing the entry of a protective order or the receipt of a waiver hereunder, the Manager is required to disclose Confidential
Information, the Manager may disclose only that portion of such information that is legally required without liability hereunder; provided, that the Manager agrees to exercise its reasonable best efforts to obtain reliable assurance that

  
 18 

 
confidential treatment will be accorded such information. Notwithstanding anything herein to the contrary, each of the following shall be deemed to be excluded from provisions hereof: any
Confidential Information that (A) is available to the public from a source other than the Manager, (B) is released by the Company to the public (except to the extent exempt under Regulation FD) or to persons who are not under similar
obligation of confidentiality to the Company, or (C) is obtained by the Manager from a third-party which, to the best of the Manager’s knowledge, does not constitute a breach by such third-party of an obligation of confidence with respect
to the Confidential Information disclosed. The provisions of this Section 5 shall survive the expiration or earlier termination of this Agreement for a period of one year. 

Section 6. Compensation. 
 (a) For the services rendered under this Agreement, the Company shall pay the Management Fee and the Incentive Compensation to the Manager. The Manager will not receive any compensation for the period
prior to the Closing Date. 
 (b) The parties acknowledge that the Management Fee is intended in part to compensate the Manager
and its Affiliates for the costs and expenses they will incur hereunder and pursuant to any subadvisory agreement, as well as certain expenses not otherwise reimbursable under Section 7 below, in order for the Manager to provide the Company the
investment advisory services and certain general management services rendered under this Agreement. The fee paid by the Manager under a subadvisory agreement (if any) shall not constitute an expense reimbursable by the Company under this Agreement
or otherwise. 
 (c) The Management Fee shall be payable in arrears in cash, in quarterly installments commencing with the
quarter in which the Original Management Agreement was executed. If applicable, the initial and final installments of the Management Fee shall be pro-rated based on the number of days during the initial and final quarter, respectively, that this
Agreement is in effect. The Manager shall calculate each quarterly installment of the Management Fee, and deliver such calculation to the Company, within thirty (30) days following the last day of each calendar quarter. The Company shall pay
the Manager each installment of the Management Fee within five (5) Business Days after the date of delivery to the Company of such computations. 
 (d) The Incentive Compensation shall be payable in arrears in cash, in quarterly installments commencing with the quarter in which the Original Management Agreement was executed. The Manager shall compute
each quarterly installment of the Incentive Compensation within forty-five (45) days after the end of the calendar quarter with respect to which such installment is payable. A copy of the computations made by the Manager to calculate such
installment shall thereafter promptly be delivered to the Board and, upon such delivery, payment of such installment of the Incentive Compensation shown therein shall be due and payable no later than the date which is five (5) Business Days
after the date of delivery to the Board of such computations. 

  
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 Section 7. Expenses of the Company. 

(a) Subject to Section 7(b), the Manager shall be responsible for the expenses related to any and all personnel of the Manager and
its Affiliates who provide services to the Company pursuant to this Agreement or otherwise (including, without limitation, each of the officers of the Company and any directors of the Company who are also directors, officers or employees of the
Manager or any of its Affiliates), including, without limitation, salaries, bonus and other wages, payroll taxes and the cost of employee benefit plans of such personnel, and costs of insurance with respect to such personnel (“Manager
Expenses”). 
 (b) The Company shall pay all of its costs and expenses and shall reimburse the Manager or its
Affiliates for documented costs and expenses of the Manager and its Affiliates incurred on behalf of the Company, other than Manager Expenses. Without limiting the generality of the foregoing, it is specifically agreed that the following costs and
expenses of the Company or any Subsidiary shall be paid by the Company and shall not be paid by the Manager or Affiliates of the Manager: 
 (i) fees, costs and expenses in connection with the issuance and transaction costs incident to the acquisition, negotiation, structuring, trading, settling, disposition and financing of the investments of
the Company and its Subsidiaries (whether or not consummated), including brokerage commissions, hedging costs, prime brokerage fees, custodial expenses, clearing and settlement charges, forfeited deposits, and other investment costs fees and
expenses actually incurred in connection with the pursuit, making, holding, settling, monitoring or disposing of actual or potential investments; 
 (ii) fees costs, and expenses of legal, tax, accounting, consulting, auditing, finance, administrative, investment banking, capital market and other similar services rendered to the Company (including,
where the context requires, through one or more third parties and/or Affiliates of the Manager) or, if provided by the Manager’s personnel, in accordance with Section 2(e) hereof; 

(iii) the compensation and expenses of the Company’s directors (excluding those directors who are officers of the
Manager) and the cost of liability insurance to indemnify the Company’s directors and officers; 
 (iv)
interest and fees and expenses arising out of borrowings made by the Company, including, but not limited to, costs associated with the establishment and maintenance of any of the Company’s credit facilities, other financing arrangements, or
other indebtedness of the Company (including commitment fees, accounting fees, legal fees, closing and other similar costs) or any of the Company’s securities offerings; 

(v) expenses connected with communications to holders of the Company’s securities or securities of the Subsidiaries
and other bookkeeping and clerical work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies, including, without limitation, all
costs of preparing and filing required reports with the SEC, the costs payable by the Company to any transfer agent and registrar in connection with the listing and/or trading of the Company’s securities on any exchange, the fees payable by the
Company to any such exchange in connection with its listing, costs of preparing, printing and mailing the Company’s annual report to the Company’s stockholders and proxy materials with respect to any meeting of the Company’s
stockholders and any other reports or related statements; 

  
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 (vi) the Company’s allocable share of costs associated with
technology-related expenses, including without limitation, any computer software or hardware, electronic equipment or purchased information technology services from third-party vendors or Affiliates of the Manager that is used solely for the
Company, technology service providers and related software/hardware utilized in connection with the Company’s investment and operational activities; 
 (vii) the Company’s allocable share of expenses incurred by managers, officers, personnel and agents of the Manager for travel on the Company’s behalf and other out-of-pocket expenses incurred
by them in connection with the purchase, financing, refinancing, sale or other disposition of an investment or the establishment and maintenance of any of the Company’s securitizations or any of the Company’s securities offerings;

 (viii) the Company’s allocable share of costs and expenses incurred with respect to market information
systems and publications, research publications and materials, including, without limitation, news research and quotation equipment and services; 
 (ix) the costs and expenses relating to ongoing regulatory compliance matters and regulatory reporting obligations relating to the Company’s activities; 

(x) the costs of any litigation involving the Company or its assets and the amount of any judgments or settlements paid in
connection therewith, directors and officers, liability or other insurance and indemnification or extraordinary expense or liability relating to the affairs of the Company; 

(xi) all taxes and license fees; 
 (xii) all insurance costs incurred in connection with the operation of the Company’s business except for the costs attributable to the insurance that the Manager elects to carry for itself and its
personnel; 
 (xiii) the Company’s allocable share of costs and expenses incurred in contracting with third
parties, in whole or in part, on the Company’s behalf; 
 (xiv) all other costs and expenses relating to the
Company’s business and investment operations, including, without limitation, the costs and expenses of acquiring, owning, protecting, maintaining, developing and disposing of investments, including appraisal, reporting, audit and legal fees;

 (xv) expenses relating to any office(s) or office facilities, including, but not limited to, disaster backup
recovery sites and facilities, maintained for the Company or the investments of the Company and its Subsidiaries separate from the office or offices of the Manager; 

  
 21 

 (xvi) expenses connected with the payments of interest, dividends or
distributions in cash or any other form authorized or caused to be made by the Board to or on account of holders of the Company’s securities or of the Subsidiaries, including, without limitation, in connection with any dividend reinvestment
plan; 
 (xvii) any judgment or settlement of pending or threatened proceedings (whether civil, criminal or
otherwise) against the Company or any Subsidiary, or against any trustee, director, partner, member or officer of the Company or of any Subsidiary in his capacity as such for which the Company or any Subsidiary is required to indemnify such trustee,
director, partner, member or officer by any court or governmental agency; and 
 (xviii) all other expenses
actually incurred by the Manager (except as otherwise specifically excluded herein) which are reasonably necessary for the performance by the Manager of its duties and functions under this Agreement. 

(c) The Manager may, at its option, elect not to seek reimbursement for certain expenses during a given quarterly period, which
determination shall not be deemed to construe a waiver of reimbursement for similar expenses in future periods. 
 (d) The
Manager shall prepare a written expense statement in reasonable detail documenting the costs and expenses of the Company incurred during each fiscal quarter to be reimbursed by the Company, and shall use commercially reasonable efforts to deliver
the same to the Company within forty-five (45) days following the end of the applicable fiscal quarter (subject to reasonable delays resulting from delays in the receipt of information). The amounts payable for such cost and expense
reimbursement shall be paid by the Company within ten (10) days following delivery of the expense statement by the Manager; provided, that such payments may be offset by the Manager against amounts due to the Company from the Manager.
Cost and expense reimbursement to the Manager shall be subject to adjustment at the end of each calendar year in connection with the annual audit of the Company. 
 (e) The provisions of this Section 7 shall survive the expiration or earlier termination of this Agreement to the extent such expenses have previously been incurred or are incurred in connection with
such expiration or termination. 
 Section 8. Limits of the Manager’s Responsibility; Indemnification.

 (a) The Manager assumes no responsibility under this Agreement other than to render the services called for hereunder in
good faith and shall not be responsible for any action of the Board in following or declining to follow any advice or recommendations of the Manager, including as set forth in the Investment Guidelines. To the fullest extent permitted by law, the
Manager and its Affiliates, and the directors, officers, employees and stockholders of the Manager and its Affiliates, will not be liable to the Company, any Subsidiary, the Board, the Company’s stockholders or any Subsidiary’s
stockholders or partners for any acts or omissions by the Manager or its officers, employees or Affiliates performed in accordance with and pursuant to this Agreement, except by reason of acts or omission constituting bad faith, willful 

  
 22 

 misconduct, gross negligence or reckless disregard of their respective duties under this Agreement. The
Company shall, to the full extent lawful, reimburse, indemnify and hold harmless the Manager, its Affiliates, and the directors, officers, employees and stockholders of the Manager and its Affiliates (each, a “Manager Indemnified
Party”), of and from any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including reasonable attorneys’ fees) (collectively “Losses”) in respect of or arising from
any acts or omissions of such Manager Indemnified Party performed in good faith under this Agreement and not constituting bad faith, willful misconduct, gross negligence or reckless disregard of duties of such Manager Indemnified Party under this
Agreement. In addition, the Manager will not be liable for trade errors that may result from ordinary negligence, including, without limitation, errors in the investment decision making process and/or in the trade process. 

(b) The Manager shall, to the full extent lawful, reimburse, indemnify and hold harmless the Company, its Subsidiaries and the directors,
officers, employees and stockholders of the Company and its Subsidiaries and each Person, if any, controlling the Company (each, a “Company Indemnified Party”; a Manager Indemnified Party and a Company Indemnified Party are each
sometimes hereinafter referred to as an “Indemnified Party”) of and from any and all Losses in respect of or arising from (i) any acts or omissions of the Manager constituting bad faith, willful misconduct, gross negligence or
reckless disregard of duties of the Manager under this Agreement or (ii) any claims by the Manager’s employees relating to the terms and conditions of their employment by the Manager. 

(c) In case any such claim, suit, action or proceeding (a “Claim”) is brought against any Indemnified Party in respect
of which indemnification may be sought by such Indemnified Party pursuant hereto, the Indemnified Party shall give prompt written notice thereof to the indemnifying party, which notice shall include all documents and information in the possession of
or under the control of such Indemnified Party reasonably necessary for the evaluation and/or defense of such Claim and shall specifically state that indemnification for such Claim is being sought under this Section; provided, however,
that the failure of the Indemnified Party to so notify the indemnifying party shall not limit or affect such Indemnified Party’s rights other than pursuant to this Section unless the failure to provide such notice results in material prejudice
to the indemnifying party. Subject to any applicable insurance policy’s terms and conditions, upon receipt of such notice of Claim (together with such documents and information from such Indemnified Party), the indemnifying party shall, at its
sole cost and expense, in good faith defend any such Claim with counsel reasonably satisfactory to such Indemnified Party, which counsel may, without limiting the rights of such Indemnified Party pursuant to the next succeeding sentence of this
Section, also represent the indemnifying party in such investigation, action or proceeding. In the alternative, such Indemnified Party may elect to conduct the defense of the Claim, if (i) such Indemnified Party reasonably determines that the
conduct of its defense by the indemnifying party could be materially prejudicial to its interests, (ii) the indemnifying party refuses to assume such defense (or fails to give written notice to the Indemnified Party within ten (10) days of
receipt of a notice of Claim that the indemnifying party assumes such defense), or (iii) the indemnifying party shall have failed, in such Indemnified Party’s reasonable judgment, to defend the Claim in good faith. The indemnifying party
may settle any Claim against such Indemnified Party, provided (i) such settlement is without any Losses whatsoever to such Indemnified Party, (ii) the settlement does not include or require any admission of liability or culpability by such
Indemnified Party and (iii) the indemnifying party obtains an effective 

  
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 written release of liability for such Indemnified Party from the party to the Claim with whom such
settlement is being made, which release must be reasonably acceptable to such Indemnified Party, and a dismissal with prejudice with respect to all claims made by the party against such Indemnified Party in connection with such Claim. The applicable
Indemnified Party shall reasonably cooperate with the indemnifying party, at the indemnifying party’s sole cost and expense, in connection with the defense or settlement of any Claim in accordance with the terms hereof. If such Indemnified
Party is entitled pursuant to this Section 8 to elect to defend such Claim by counsel of its own choosing and so elects, then the indemnifying party shall be responsible for any good faith settlement of such Claim entered into by such
Indemnified Party. Except as provided in the immediately preceding sentence, no Indemnified Party may pay or settle any Claim and seek reimbursement therefor under this Section. 

(d) Any Indemnified Party entitled to indemnification hereunder shall first seek recovery from any other indemnity then available with
respect to portfolio entities and/or any applicable insurance policies by which such Indemnified Party is indemnified or covered prior to seeking recovery hereunder and shall obtain the written consent of the Company or Manager (as applicable) prior
to entering into any compromise or settlement which would result in an obligation of the Company or Manager (as applicable) to indemnify such Indemnified Party. If such Indemnified Party shall actually recover any amounts under any applicable
insurance policies or other indemnity then available, it shall offset the net proceeds so received against any amounts owed by the Company or Manager (as applicable) by reason of the indemnity provided hereunder or, if all such amounts shall have
been paid by the Company or Manager (as applicable) in full prior to the actual receipt of such net insurance proceeds, it shall pay over such proceeds (up to the amount of indemnification paid by the Company or Manager (as applicable) to such
Indemnified Party) to the Company or Manager (as applicable). If the amounts in respect of which indemnification is sought arise out of the conduct of the business and affairs of the Company or Manager and also of any other Person or entity for
which the Indemnified Party hereunder was then acting in a similar capacity, the amount of the indemnification to be provided by the Company or Manager (as applicable) may be limited to the Company’s or Manager’s (as applicable) allocable
share thereof if so determined by the Company or Manager (as applicable) in good faith. Notwithstanding anything to the contrary in this Section 8 and for greater certainty it is understood and/or agreed that, to the extent that an Indemnified
Party is also entitled to be indemnified by one or more portfolio entities, it is intended that (i) such portfolio entities shall be the indemnitors of first resort, (ii) the Company’s or Manager’s (as applicable) obligation, if
any, to indemnify any Indemnified Party shall be reduced by any amount that such Indemnified Party shall collect as indemnification from such entity and from any then available insurance policies, which the Indemnified Party shall have an obligation
to seek payment from prior to seeking payment from the Company or Manager in respect of such Claims, and (iii) if the Company or Manager pays or causes to be paid any amounts that should have been paid by such portfolio entity or under such
insurance policies, then (x) the Company or Manager (as applicable) shall be fully subrogated to all rights of the relevant Indemnified Party with respect to such payment, and (y) each relevant Indemnified Party shall assign to the Company
or Manager (as applicable) all of the Indemnified Party’s rights to indemnification from or with respect to such entity’s indemnification. 
 (e) The provisions of this Section 8 shall survive the expiration or earlier termination of this Agreement. 

  
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 Section 9. No Joint Venture. The Company and the Manager are not partners
or joint venturers with each other and nothing herein shall be construed to make them such partners or joint venturers or impose any liability as such on either of them. 
 Section 10. Term; Renewal; Termination Without Cause. 
 (a) This
Agreement became effective on the Closing Date and shall continue in operation, unless terminated in accordance with the terms hereof, until the third anniversary of the Closing Date (the “Initial Term”). After the Initial Term,
this Agreement shall be deemed renewed automatically each year for an additional one-year period (an “Automatic Renewal Term”) unless the Company or the Manager elects not to renew this Agreement in accordance with
Section 10(b) or Section 10(d), respectively. 
 (b) Notwithstanding any other provision of this Agreement to the
contrary, upon the expiration of the Initial Term or any Automatic Renewal Term and upon one hundred eighty (180) days’ prior written notice to the Manager (the “Termination Notice”), the Company may, without cause, in
connection with the expiration of the Initial Term or the then current Automatic Renewal Term, decline to renew this Agreement (any such nonrenewal, a “Termination Without Cause”) upon the affirmative vote of at least two-thirds
(2/3) of the Independent Directors that (1) there has been unsatisfactory performance by the Manager that is materially detrimental to the Company and its Subsidiaries taken as a whole or (2) the Management Fee and Incentive
Compensation payable to the Manager are not fair, subject to Section 10(c) below. In the event of a Termination Without Cause, the Company shall pay the Manager the Termination Fee before or on the last day of the Initial Term or such Automatic
Renewal Term, as the case may be (the “Effective Termination Date”). The Company may terminate this Agreement for cause pursuant to Section 12 hereof even after a Termination Notice and, in such case, no Termination Fee shall
be payable. 
 (c) Notwithstanding the provisions of subsection (b) above, if the reason for nonrenewal specified in the
Company’s Termination Notice is that two-thirds (2/3) of the Independent Directors have determined that the Management Fee or the Incentive Compensation payable to the Manager is unfair, the Company shall not have the foregoing nonrenewal
right in the event the Manager agrees that it will continue to perform its duties hereunder during the Automatic Renewal Term that would commence upon the expiration of the Initial Term or then current Automatic Renewal Term at a fee that at least
two thirds of the Independent Directors determine to be fair; provided, however, the Manager shall have the right to renegotiate the Management Fee and/or the Incentive Compensation, by delivering to the Company, not less than 120 days
prior to the pending Effective Termination Date, written notice (a “Notice of Proposal to Negotiate”) of its intention to renegotiate the Management Fee and/or the Incentive Compensation. Thereupon, the Company and the Manager shall
endeavor to negotiate the Management Fee and/or the Incentive Compensation in good faith. Provided that the Company and the Manager agree to a revised Management Fee, Incentive Compensation or other compensation structure within sixty (60) days
following the Company’s receipt of the Notice of Proposal to Negotiate, the Termination Notice from the Company shall be deemed of no force and effect, and this Agreement shall continue in full force and effect on the terms stated herein,
except that the Management Fee, the Incentive Compensation or other compensation structure shall be the revised Management Fee, Incentive Compensation or other compensation structure 

  
 25 

 as then agreed upon by the Company and the Manager. The Company and the Manager agree to execute and deliver
an amendment to this Agreement setting forth such revised Management Fee, Incentive Compensation, or other compensation structure promptly upon reaching an agreement regarding same. In the event that the Company and the Manager are unable to agree
to a revised Management Fee, Incentive Compensation, or other compensation structure during such sixty (60) day period, this Agreement shall terminate on the Effective Termination Date and the Company shall be obligated to pay the Manager the
Termination Fee upon the Effective Termination Date. 
 (d) No later than one hundred eighty (180) days prior to the
expiration of the Initial Term or the then current Automatic Renewal Term, the Manager may deliver written notice to the Company informing it of the Manager’s intention to decline to renew this Agreement, whereupon this Agreement shall not be
renewed and extended and this Agreement shall terminate effective on the anniversary date of this Agreement next following the delivery of such notice. The Company is not required to pay to the Manager the Termination Fee if the Manager terminates
this Agreement pursuant to this Section 10(d). 
 (e) Except as set forth in this Section 10, a nonrenewal of this
Agreement pursuant to this Section 10 shall be without any further liability or obligation of either party to the other, except as provided in Section 3(b), Section 5, Section 7, Section 8 and Section 14 of this
Agreement. 
 (f) The Manager shall cooperate, at the Company’s expense, with the Company in executing an orderly
transition of the management of the Company’s consolidated assets to a new manager. 
 Section 11. Assignments.

 (a) Assignments by the Manager. This Agreement shall terminate automatically without payment of the Termination Fee
in the event of its assignment, in whole or in part, by the Manager, unless such assignment is consented to in writing by the Company with the consent of a majority of the Independent Directors. Any such permitted assignment shall bind the assignee
under this Agreement in the same manner as the Manager is bound, and the Manager shall be liable to the Company for all acts or omissions of the assignee under any such assignment. In addition, the assignee shall execute and deliver to the Company a
counterpart of this Agreement naming such assignee as the Manager. Notwithstanding the foregoing, the Manager may, without the approval of the Company’s Independent Directors, (i) assign this Agreement to one or more Affiliates of the
Manager and (ii) delegate to one or more of its Affiliates, including subadvisors where applicable, the performance of any of its responsibilities hereunder so long as it remains liable for any such Affiliate’s performance, in each case so
long as assignment or delegation does not require the Company’s approval under the Investment Company Act (but if such approval is required, the Company shall not unreasonably withhold, condition or delay its consent). Nothing contained in this
Agreement shall preclude any pledge, hypothecation or other transfer of any amounts payable to the Manager under this Agreement. 

  
 26 

 (b) Assignments by the Company. This Agreement shall not be assigned by the Company
without the prior written consent of the Manager, except in the case of assignment by the Company to another REIT or other organization which is a successor (by merger, consolidation, purchase of assets, or other transaction) to the Company, in
which case such successor organization shall be bound under this Agreement and by the terms of such assignment in the same manner as the Company is bound under this Agreement. 
 Section 12. Termination for Cause. 
 (a) The Company may terminate this
Agreement effective upon thirty (30) days’ prior written notice of termination from the Company to the Manager, without payment of any Termination Fee, upon the occurrence of a Cause Event. 

(b) The Manager may terminate this Agreement effective upon sixty (60) days’ prior written notice of termination to the Company
in the event that the Company shall default in the performance or observance of any material term, condition or covenant contained in this Agreement and such default shall continue for a period of thirty (30) days after written notice thereof
specifying such default and requesting that the same be remedied in such 30-day period. The Company is required to pay to the Manager the Termination Fee if the termination of this Agreement is made pursuant to this Section 12(b). 

(c) The Manager may terminate this Agreement if the Company becomes required to register as an investment company under the Investment
Company Act, with such termination deemed to occur immediately before such event, in which case the Company shall not be required to pay the Termination Fee. 
 Section 13. Action Upon Termination. From and after the effective date of termination of this Agreement pursuant to Sections 10, 11, or 12 of this Agreement, the Manager shall not be entitled
to compensation for further services hereunder, but shall be paid all compensation accruing to the date of termination and, if terminated pursuant to Section 12(b) hereof or not renewed pursuant to Section 10(b) hereof (subject to
Section 10(c) hereof), the Termination Fee. Upon any such termination, the Manager shall forthwith: 
 (a) after deducting
any accrued compensation and reimbursement for its expenses to which it is then entitled, pay over to the Company or a Subsidiary all money collected and held for the account of the Company or a Subsidiary pursuant to this Agreement; 

(b) deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held
by it, covering the period following the date of the last accounting furnished to the Board with respect to the Company and any Subsidiaries; and 
 (c) deliver to the Board all property and documents of the Company and any Subsidiaries then in the custody of the Manager, provided that the Manager shall be permitted to retain copies of such
documents for its records, and if so retained, the Manager shall continue to be bound by the confidentiality obligations and other obligations set forth in Section 5 hereof with respect to the retained documents. 

  
 27 

 Section 14. Release of Money or Other Property Upon Written Request. 

The Manager agrees that any money or other property of the Company (which such term, for the purposes of this Section, shall be deemed to
include any and all of its Subsidiaries, if any) held by the Manager shall be held by the Manager as custodian for the Company, and the Manager’s records shall be appropriately and clearly marked to reflect the ownership of such money or other
property by the Company. Upon the receipt by the Manager of a written request signed by a duly authorized officer of the Company requesting the Manager to release to the Company any money or other property then held by the Manager for the account of
the Company under this Agreement, the Manager shall release such money or other property to the Company within a reasonable period of time, but in no event later than thirty (30) days following such request. Upon delivery of such money or other
property to the Company, the Manager shall not be liable to the Company, the Board, or the Company’s stockholders or partners for any acts or omissions by the Company in connection with the money or other property released to the Company in
accordance with this Section. The Company shall indemnify the Manager, its directors, officers, stockholders, employees and agents against any and all Losses which arise in connection with the Manager’s proper release of such money or other
property to the Company in accordance with the terms of this Section 14. Indemnification pursuant to this provision shall be in addition to any right of the Manager to indemnification under Section 8 of this Agreement. 

Section 15. Representations and Warranties. 
 (a) The Company hereby represents and warrants to the Manager as follows: 
 (i) The Company is duly organized, validly existing and in good standing under the laws of the State of Maryland, has the corporate power and authority and the legal right to own and operate its assets,
to lease any property it may operate as lessee and to conduct the business in which it is now engaged and is duly qualified as a foreign corporation and in good standing under the laws of each jurisdiction where its ownership or lease of property or
the conduct of its business requires such qualification, except for failures to be so qualified, authorized or licensed that could not in the aggregate have a material adverse effect on the business operations, assets or financial condition of the
Company and its Subsidiaries, if any, taken as a whole. 
 (ii) The Company has the corporate power and authority
and the legal right to make, deliver and perform this Agreement and all obligations required hereunder and has taken all necessary corporate action to authorize this Agreement on the terms and conditions hereof and the execution, delivery and
performance of this Agreement and all obligations required hereunder. No consent of any other Person that has not already been obtained, including stockholders and creditors of the Company, and no license, permit, approval or authorization of,
exemption by, notice or report to, or registration, filing or declaration with, any governmental authority is required by the Company in connection with this Agreement or the execution, delivery, performance, validity or enforceability of this
Agreement and all obligations required hereunder. This Agreement has been, and each instrument or document required hereunder will be, executed and delivered by a duly authorized officer of the Company, and this Agreement constitutes, and each
instrument or document required hereunder when executed and delivered hereunder will constitute, the legally valid and binding obligation of the Company enforceable against the Company in accordance with its terms. 

  
 28 

 (iii) The execution, delivery and performance of this Agreement and the
documents or instruments required hereunder will not violate any provision of any existing law or regulation binding on the Company, or any order, judgment, award or decree of any court, arbitrator or governmental authority binding on the Company,
or the Governing Agreements of, or any securities issued by the Company or of any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which the Company is a party or by which the Company or any of its assets may be
bound, the violation of which would have a material adverse effect on the business operations, assets or financial condition of the Company and its Subsidiaries, if any, taken as a whole, and will not result in, or require, the creation or
imposition of any lien or any of its property, assets or revenues pursuant to the provisions of any such mortgage, indenture, lease, contract or other agreement, instrument or undertaking. 

(b) The Manager hereby represents and warrants to the Company as follows: 

(i) The Manager is duly organized, validly existing and in good standing under the laws of the State of Delaware, has the
limited liability company power and authority and the legal right to conduct the business in which it is now engaged and is duly qualified as a foreign corporation and in good standing under the laws of each jurisdiction where its ownership or lease
of property or the conduct of its business requires such qualification, except for failures to be so qualified, authorized or licensed that could not in the aggregate have a material adverse effect on the business operations, assets or financial
condition of the Manager. 
 (ii) The Manager has the limited liability company power and authority and the legal
right to make, deliver and perform this Agreement and all obligations required hereunder and has taken all necessary corporate action to authorize this Agreement on the terms and conditions hereof and the execution, delivery and performance of this
Agreement and all obligations required hereunder. No consent of any other Person, including members and creditors of the Manager, and no license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing or
declaration with, any governmental authority is required by the Manager in connection with this Agreement or the execution, delivery, performance, validity or enforceability of this Agreement and all obligations required hereunder. This Agreement
has been, and each instrument or document required hereunder will be, executed and delivered by a duly authorized officer of the Manager, and this Agreement constitutes, and each instrument or document required hereunder when executed and delivered
hereunder will constitute, the legally valid and binding obligation of the Manager enforceable against the Manager in accordance with its terms. 

  
 29 

 (iii) The execution, delivery and performance of this Agreement and the
documents or instruments required hereunder will not violate any provision of any existing law or regulation binding on the Manager, or any order, judgment, award or decree of any court, arbitrator or governmental authority binding on the Manager,
or the Governing Agreements of, or any securities issued by the Manager or of any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which the Manager is a party or by which the Manager or any of its assets may be
bound, the violation of which would have a material adverse effect on the business operations, assets or financial condition of the Manager, and will not result in, or require, the creation or imposition of any lien or any of its property, assets or
revenues pursuant to the provisions of any such mortgage, indenture, lease, contract or other agreement, instrument or undertaking. 
 Section 16. Miscellaneous. 
 (a) Notices. Any notices that may
or are required to be given hereunder by any party to another shall be deemed to have been duly given if (i) personally delivered or delivered by facsimile, when received, (ii) sent by U.S. Express Mail or recognized overnight courier, on
the second following Business Day (or third following Business Day if mailed outside the United States), (iii) delivered by electronic mail, when received or (iv) posted on a password protected website maintained by the Manager and for
which the Company has received access instructions by electronic mail, when posted: 
  

			
	 The Company:
	  	Capital Trust, Inc.
		  	345 Park Avenue
		  	New York, New York 10154
		  	Attention: Chief Financial Officer
		  	Fax: (212) 655-0044
		  	Email: gjervis@capitaltrust.com
		
	 with a copy to:
	  	Simpson Thacher & Bartlett LLP
		  	425 Lexington Avenue
		  	New York, New York 10017
		  	Attention: Andrew R. Keller, Esq.
		  	Fax: (212) 455-2502
		  	Email: akeller@stblaw.com
		
	 The Manager:
	  	BREDS/CT Advisors L.L.C.
		  	c/o The Blackstone Group L.P.
		  	345 Park Avenue
		  	New York, New York 10154
		  	Attention: Michael Nash; Randall Rothschild
		  	Email: nash@blackstone.com; Rothschild@blackstone.com
		
	 with a required copy to:
	  	
		
		  	Simpson Thacher & Bartlett LLP
		  	425 Lexington Avenue
		  	New York, New York 10017
		  	Attention: Michael Wolitzer, Esq.
		  	Email: mwolitzer@stblaw.com

  
 30 

 (b) Binding Nature of Agreement; Successors and Assigns. This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors and permitted assigns as provided herein. 
 (c) Integration. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous
agreements (including, without limitation, any prior agreements between the Company and CTIMCO), understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The
express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. 
 (d) Amendments. Neither this Agreement, nor any terms hereof, may be amended, supplemented or modified except in an instrument in writing executed by the parties hereto. 

(e) GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT
COURT FOR ANY DISTRICT WITHIN SUCH STATE FOR THE PURPOSE OF ANY ACTION OR JUDGMENT RELATING TO OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY AND TO THE LAYING OF VENUE IN SUCH COURT. 

(f) WAIVER OF JURY TRIAL. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS
LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY
ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 
 (g) Survival of Representations and Warranties. All representations and warranties made hereunder, and in any document, certificate or statement delivered pursuant hereto or in connection herewith,
shall survive the execution and delivery of this Agreement. 
 (h) No Waiver; Cumulative Remedies. No failure to exercise
and no delay in exercising, on the part of a party hereto, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any
other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by
law. 

  
 31 

 (i) Costs and Expenses. Each party hereto shall bear its own costs and expenses
(including the fees and disbursements of counsel and accountants) incurred in connection with the negotiations and preparation of and the closing under this Agreement, and all matters incident thereto. 

(j) Section Headings. The section and subsection headings in this Agreement are for convenience in reference only and shall not be
deemed to alter or affect the interpretation of any provisions hereof. 
 (k) Counterparts. This Agreement may be
executed by the parties to this Agreement on any number of separate counterparts (including by facsimile), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 

(l) Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 32 

 IN WITNESS WHEREOF, each of the parties hereto has executed this Amended and Restated
Management Agreement as of the date first written above. 
  

			
	Capital Trust, Inc.
		
	By:	 	/s/ Geoffrey G. Jervis
		 	Name: Geoffrey G. Jervis
		 	Title: Chief Financial Officer
	
	BREDS/CT Advisors L.L.C.
		
	By:	 	/s/ Randall S. Rothschild
		 	Name: Randall S. Rothschild
		 	Title: Authorized Signatory

 Exhibit A 
 Investment Guidelines 
 1. No investment shall be made that would cause the
Company to fail to qualify as a REIT under the Code. 
 2. No investment shall be made that would cause the Company or any of
its Subsidiaries to be regulated as an investment company under the Investment Company Act. 
 3. The Manager shall seek to
invest the capital of the Company in a broad range of investments in or relating to public and/or private debt, non-controlling equity, loans and/or other interests (including “mezzanine” interests and/or options or derivatives related
thereto) relating to real estate assets (including pools thereof), real estate companies and/or real estate-related holdings. 

4. Prior to the deployment of capital into investments, the Manager may cause the capital of the Company to be invested in any short-term
investments in money market funds, bank accounts, overnight repurchase agreements with primary federal reserve bank dealers collateralized by direct U.S. government obligations and other instruments or investments reasonably determined by the
Manager to be of high quality. 
 5. Not more than 25% of Equity will be invested in any individual investment without the
approval of a majority of the investment risk management committee of the Board (it being understood, however, that for purposes of the foregoing concentration limit, in the case of any investment that is comprised (whether through a structured
investment vehicle or other arrangement) of securities, instruments or assets of multiple portfolio issuers, such investment for purposes of the foregoing limitation shall be deemed to be multiple investments in such underlying securities,
instruments and assets and not such particular vehicle, product or other arrangement in which they are aggregated). 
 6. Any
investment in excess of $150 million shall require the approval of a majority of the investment risk management committee of the Board. 
 These Investment Guidelines may be amended, restated, modified, supplemented or waived by the Board (which must include a majority of the Independent Directors) without the approval of the Company’s
stockholders.EX-10.3

 Exhibit 10.3 
 STOCK PURCHASE AGREEMENT 
 BY AND AMONG 

BWAY CORPORATION, 

LINPAC FINANCE LIMITED 
 AND 
 LINPAC GROUP LIMITED 

DATED AS OF NOVEMBER 30, 2012 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
	ARTICLE I. DEFINITIONS; CONSTRUCTION	  	 	1	  
		 		  			
			
	 1.1
	 	Definitions	  	 	1	  
	 1.2
	 	Construction	  	 	1	  
		
	ARTICLE II PURCHASE AND SALE OF SHARES	  	 	2	  
			
	 2.1
	 	Purchase and Sale	  	 	2	  
	 2.2
	 	Purchase Price	  	 	2	  
	 2.3
	 	Closing Date Statement.	  	 	3	  
	 2.4
	 	Payments at Closing; Satisfaction of Related Party Payables	  	 	4	  
	 2.5
	 	Post-Closing Purchase Price Adjustment.	  	 	4	  
	 2.6
	 	Method of Payment	  	 	7	  
	 2.7
	 	Withholding	  	 	7	  
		
	ARTICLE III. CLOSING	  	 	7	  
			
	 3.1
	 	Closing; Closing Date	  	 	7	  
	 3.2
	 	Deliveries by Seller	  	 	8	  
	 3.3
	 	Deliveries by Buyer	  	 	8	  
		
	ARTICLE IV. REPRESENTATIONS AND WARRANTIES OF SELLER	  	 	9	  
			
	 4.1
	 	Organization; Authority; Execution and Delivery; Enforceability	  	 	9	  
	 4.2
	 	Capitalization	  	 	10	  
	 4.3
	 	Consents and Approvals	  	 	11	  
	 4.4
	 	Financial Statements; Undisclosed Liabilities	  	 	11	  
	 4.5
	 	Real Property	  	 	12	  
	 4.6
	 	Personal Property	  	 	13	  
	 4.7
	 	Intellectual Property	  	 	13	  
	 4.8
	 	Litigation	  	 	14	  
	 4.9
	 	Employee Benefit Plans	  	 	15	  
	 4.10
	 	Licenses and Pem1its	  	 	16	  
	 4.11
	 	Labor and Employment Matters	  	 	17	  
	 4.12
	 	Environmental Matters	  	 	18	  
	 4.13
	 	Insurance	  	 	19	  
	 4.14
	 	Contracts and Commitments	  	 	19	  
	 4.15
	 	Compliance with Law	  	 	21	  
	 4.16
	 	Absence of Certain Changes	  	 	21	  
	 4.17
	 	Tax Matters	  	 	22	  
	 4.18
	 	Related Party Arrangements	  	 	24	  
	 4.19
	 	Brokers, Finders and Investment Bankers	  	 	24	  
	 4.20
	 	Customers and Suppliers	  	 	24	  

  
 I 

 (continued) 

 

							
	ARTICLE V. REPRESENTATIONS AND WARRANTIES OF BUYER	  	 	25	  
			
	 5.1
	 	Organization; Authority; Execution and Delivery; Enforceability	  	 	25	  
	 5.2
	 	Consents and Approvals	  	 	25	  
	 5.3
	 	Litigation	  	 	25	  
	 5.4
	 	Purchase for Investment.	  	 	26	  
	 5.5
	 	Financial Ability	  	 	26	  
	 5.6
	 	Solvency	  	 	26	  
	 5.7
	 	Brokers, Finders and Investment Bankers	  	 	26	  
	 5.8
	 	Independent Investigation; No Reliance	  	 	26	  
		
	ARTICLE VI. COVENANTS	  	 	27	  
			
	 6.1
	 	Conduct of the Business	  	 	27	  
	 6.2
	 	Best Efforts	  	 	30	  
	 6.3
	 	Governmental Filings	  	 	30	  
	 6.4
	 	Fees and Expenses	  	 	31	  
	 6.5
	 	No Solicitation	  	 	31	  
	 6.6
	 	Access to Infonnation	  	 	31	  
	 6.7
	 	Restructuring	  	 	32	  
	 6.8
	 	Financing	  	 	32	  
	 6.9
	 	Confidentiality	  	 	32	  
	 6.10
	 	Public Announcements	  	 	33	  
	 6.11
	 	Access to Books and Records	  	 	33	  
	 6.12
	 	TaxMatters	  	 	34	  
	 6.13
	 	Employee Matters	  	 	40	  
	 6.14
	 	Non-Competition and Non-Solicitation	  	 	40	  
	 6.15
	 	Cooperation with Financing	  	 	41	  
	 6.16
	 	Release	  	 	43	  
	 6.17
	 	Intercompany Arrangements; Guarantees	  	 	43	  
	 6.18
	 	Notice of Certain Matters	  	 	44	  
	 6.19
	 	[Intentionally Omitted]	  	 	44	  
	 6.20
	 	Letter of Credit.	  	 	44	  
	 6.21
	 	Holdings Consent.	  	 	44	  
	 6.22
	 	Auditor Cooperation	  	 	45	  
	 6.23
	 	Website Transfer	  	 	45	  
	 6.24
	 	Assignment of Patents	  	 	46	  
	 6.25
	 	Cooperation Regarding Preparation of Financial Statements	  	 	46	  
		
	ARTICLE VII. CONDITIONS TO CLOSING	  	 	46	  
			
	 7.1
	 	Conditions to Each Party’s Obligations	  	 	46	  
	 7.2
	 	Condition to Obligations of Buyer.	  	 	48	  
	 7.3
	 	Conditions to Obligations of Seller	  	 	48	  

  
 II 

 (continued) 

 

							
	 	 	 	  	Page	 
	ARTICLE VIII. TERMINATION	  	 	48	  
	 8.1
	 	Termination	  	 	48	  
	 8.2
	 	Effect of Termination	  	 	49	  
	 8.3
	 	Termination Fee; Liquidated Damages	  	 	49	  
	 8.4
	 	Consent Failure Fee	  	 	51	  
	 8.5
	 	Antitrnst Termination Fee	  	 	51	  
		
	ARTICLE IX. INDEMNIFICATION	  	 	51	  
			
	 9.1
	 	Indemnification Obligations of Seller.	  	 	51	  
	 9.2
	 	Indemnification Obligations of Buyer	  	 	52	  
	 9.3
	 	Escrow; Recourse	  	 	52	  
	 9.4
	 	Limitations on Indemnification	  	 	53	  
	 9.5
	 	Indemnification Claim Procedures	  	 	56	  
	 9.6
	 	Survival; Time to Assert Claims	  	 	58	  
	 9.7
	 	Exclusive Remedy	  	 	59	  
		
	ARTICLE X. MISCELLANEOUS	  	 	60	  
			
	 10.1
	 	Entire Agreement	  	 	60	  
	 10.2
	 	Amendment and Waiver	  	 	60	  
	 10.3
	 	Headings	  	 	60	  
	 10.4
	 	Notices	  	 	61	  
	 10.5
	 	Governing Law	  	 	62	  
	 10.6
	 	Jurisdiction and Venue	  	 	62	  
	 10.7
	 	Waiver of Jury Trial	  	 	62	  
	 10.8
	 	Prevailing Party	  	 	62	  
	 10.9
	 	Assignment	  	 	63	  
	 10.10
	 	No Third-Party Beneficiaries	  	 	63	  
	 10.11
	 	Specific Performance	  	 	63	  
	 10.12
	 	Counterparts	  	 	63	  
	 10.13
	 	Time of Essence	  	 	64	  
	 10.14
	 	Severability	  	 	64	  

  
 -1-

 LIST OF SCHEDULES AND EXHIBITS 

 

			
	 EXHIBITS
	  	
		
	 Exhibit 1.l(a)
	  	Restructuring
	 Exhibit 1.l(a)(6)
	  	Amendment to Articles of Ropak Canada Inc.
	 Exhibit 1.l(c)
	  	Escrow Agreement
	 Exhibit 2.3
	  	Closing Date Statement
	 Exhibit 2.4(c)
	  	Payoff Letter
	 Exhibit 3.2(c)
	  	Intellectual Property License Agreement
		
	 SCHEDULES
	  	
		
	 Schedule 1.l
	  	Definitions
	 Schedule 1.l(a)
	  	Exceptions to UK GAAP
	 Schedule 1.l(b)
	  	Deposits Corporate
	 Schedule 1.l(c)
	  	Example Calculation of Net Working Capital
	 Schedule 1.l(d)
	  	Title Insurance Policies
	 Schedule 1.l(e)
	  	Additional Permitted Liens
	 Schedule 1.l(f)
	  	Management Incentive Payments
	 Schedule 1.1(g)
	  	Tax Refunds Included in Net Working Capital
	 Schedule 3.2(e)
	  	Liens to be Released at or Prior to Closing
	 Schedule 4.2(a)
	  	Capitalization -Ropak Holdings
	 Schedule 4.2(b)
	  	Capitalization - Operating Companies
	 Schedule 4.3
	  	Consents and Approvals
	 Schedule 4.4(a)(i)
	  	Financial Statements; Undisclosed Liabilities
	 Schedule 4.4(a)(ii)
	  	Exceptions to Audited Financial Statements
	 Schedule 4.5(a)
	  	Real Property
	 Schedule 4.6
	  	Personal Property
	 Schedule 4.7(a)
	  	Registered Intellectual Property Rights
	 Schedule 4.7(b)
	  	Abandoned and Expired Intellectual Property Rights
	 Schedule 4.7(c)
	  	Ownership of Intellectual Property Rights
	 Schedule 4.7(e)
	  	Actions Respecting Ownership of Intellectual Property Rights
	 Schedule 4.7(f)
	  	Misappropriations, Violations or Infringement of Intellectual
		  	Property Rights
	 Schedule 4.7(h)
	  	Degradation of Infom1ation Technology and Manufacturing Systems
	 Schedule 4.8
	  	Litigation
	 Schedule 4.9(a)
	  	Employee Benefit Plans
	 Schedule 4.9(d)
	  	Actions or Claims
	 Schedule 4.9(f)
	  	Payment Triggers
	 Section 4.9(h)
	  	409A Compliance
	 Schedule 4.1l(a)
	  	Labor and Employment Matters - Employees
	 Schedule 4.1l(b)
	  	Employment Agreements
	 Schedule 4.1l(d)
	  	Labor Investigations
	 Schedule 4.12
	  	Environmental Matters
	 Schedule 4.13
	  	Insurance Policies

  
 IV 

			
	 Schedule 4.14(a)
	  	Contracts
	 Schedule 4.15
	  	Compliance with Law
	 Schedule 4.16
	  	Absence of Certain Changes
	 Schedule 4.17
	  	Tax Matters
	 Schedule 4.18(a)
	  	Related Party Arrangements
	 Schedule 4.18(b)
	  	Related Party Payables and Receivables
	 Schedule 4.18(c)
	  	Related Party Payables and Receivables at Closing
	 Schedule 4.20
	  	Customers and Suppliers
	 Schedule 5.2
	  	Buyer Consents and Approvals
	 Schedule 6.1
	  	Conduct of Business
	 Schedule 6.l(b)(ix)
	  	Capital Expenditures
	 Schedule 6.12(e)
	  	Tax Refunds
	 Schedule 6.13(h)
	  	Seller Employee Benefit Plans
	 Schedule 6.17(a)
	  	Contracts Surviving Closing
	 Schedule 6.17(b)
	  	Third Person Guarantees
	 Schedule 6.24
	  	Assignment of Patents
	 Schedule 9.1
	  	Schedule 9.1 Matter

  
 V 

 STOCK PURCHASE AGREEMENT 

THIS STOCK PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of November 30, 2012, by and among
BWAY CORPORATION, a Delaware corporation (“Buyer”), LINPAC FINANCE LIMITED, a private limited company organized under the laws of England and Wales (“Seller”), and LINPAC GROUP LIMITED, a private limited company
organized under the laws of England and Wales (“Seller Parent”). Each of Buyer and Seller is referred to herein as a “Party” and together as the “Parties”. 

RECITALS: 

WHEREAS, Seller owns all of the issued and outstanding shares of capital stock of LINPAC USA Holdings Inc., a Delaware corporation
(“LUHI”), and LUHI, directly or indirectly, owns all of the issued and outstanding Equity Interests of Ropak Corporation, a Delaware corporation (“Ropak”), Ropak Canada Inc., a corporation formed under the laws of
British Columbia, Canada (“Ropak Canada”), Ropak Central Inc., an Illinois corporation (“Ropak Central”), and Ropak Southwest Division L.P., a Texas limited partnership (“Ropak Southwest” and
collectively with Ropak, Ropak Canada and Ropak Central, the “Operating Companies”); 
 WHEREAS, Seller owns all of
the issued and outstanding shares of capital stock (the “Shares”) of Ropak Holdings Inc., a Delaware corporation (“Ropak Holdings” and collectively with the Operating Companies, the “Companies” and each, a
“Company”); 
 WHEREAS, prior to the Closing Date, Seller shall effect the restructuring set forth on Exhibit
1.l(a) (the “Restructuring”) and, as a result of the restructuring, as of the Closing, Ropak Holdings shall own, directly or indirectly, all of the issued and outstanding Equity Interests of the Operating Companies; and 

WHEREAS, Buyer desires to purchase from Seller, and Seller desires to sell to Buyer, all of the Shares, upon the terms and subject to the
conditions set forth in this Agreement. 
 NOW, THEREFORE, for and in consideration of the foregoing premises and of the mutual
covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, do hereby covenant, agree, represent and stipulate as
follows: 
 ARTICLE I. 
 DEFINITIONS; CONSTRUCTION 
 1.1 Definitions. For purposes of this
Agreement, capitalized terms and variations thereof have the meanings specified in this Agreement or on Schedule 1.1. 

1.2 Construction. 
 (a) Unless the context of this Agreement otherwise clearly requires, (i) references to the plural include the singular, and references to the singular include the plural; (ii) references to any gender
include the other gender; (iii) the words “include,” “includes” and 

  
 1 

 
“including” do not limit the preceding terms or words and shall be deemed to be followed by the words “without limitation”; (iv) the terms “hereof,”
“herein,” “hereunder,” “hereto” and similar terms in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement; (v) the terms “day” and “days” mean
and refer to calendar day(s); and (vi) the terms “year” and “years” mean and refer to calendar year(s). 
 (b) Unless otherwise set forth herein, references in this Agreement to (i) any document, instrument or agreement (including this Agreement) include and incorporate all exhibits, schedules and other
attachments thereto and (ii) any Law defined or referred to herein means such Law as from time to time amended, modified or supplemented, unless otherwise specifically indicated. All Article, Section, Exhibit and Schedule references herein are
to Articles, Sections, Exhibits and Schedules of this Agreement, unless otherwise specified. All dollar amounts in this Agreement, including the symbol “$”, refer to U.S. dollars, unless otherwise specified. 

(c) The language used in this Agreement shall be deemed to be the language chosen by the Parties to express their mutual intent, and no
rule of strict construction shall be applied against any Party. The specification of any dollar amount or the inclusion of any item in the representations and warranties contained in this Agreement or the Schedules or Exhibits attached to this
Agreement is not intended to imply that the amounts, or higher or lower amounts, or the items so included, or other items, are or are not required to be disclosed (including whether such amounts or items are required to be disclosed as material or
threatened) or are within or outside of the ordinary course of business, and no Party shall use the fact of the setting of the amounts or the fact of the inclusion of any item in this Agreement or the Schedules or Exhibits in any dispute or
controversy between the Parties as to whether any obligation, item or matter not described or included in this Agreement or in any Schedule or Exhibit is or is not required to be disclosed (including whether the amount or items are required to be
disclosed as material or threatened) or is within or outside of the ordinary of business for purposes of this Agreement. The information contained in this Agreement and in the Schedules and Exhibits is disclosed solely for purposes of this
Agreement, and no information contained herein or therein shall be deemed to be an admission by any Party to any third party of any matter whatsoever (including any violation of Law or breach of contract). 

ARTICLE II. 

PURCHASE AND SALE OF SHARES 
 2.1 Purchase and Sale. Upon the terms and subject to the conditions of this Agreement, Buyer shall purchase from Seller, and Seller shall sell, assign, transfer and deliver to Buyer, at the
Closing, the Shares, free and clear of all Liens. 
 2.2 Purchase Price. Subject to any adjustment in accordance with
Section 2.5 (as adjusted, the “Purchase Price”), the aggregate purchase price for the Shares shall be an amount equal to the sum (the “Estimated Purchase Price”) of the following: 

(a) $265,000,000 (the “Base Purchase Price”); 

  
 2 

 (b) plus the amount, if any, by which the Estimated Net Working Capital exceeds the
Target Net Working Capital (the “Estimated Working Capital Surplus”); 
 (c) plus the Estimated Closing
Date Cash; 
 (d) plus the Estimated Related Party Receivables Amount; 

(e) minus the amount, if any, by which the Target Net Working Capital exceeds the Estimated Net Working Capital (the
“Estimated Working Capital Deficit”); 
 (f) minus the Estimated Closing Date Indebtedness; 

(g) minus the Estimated Related Party Payable Amount; and 

(h) minus the Estimated Transaction Expenses. 
 2.3 Closing Date Statement. Not less than three (3) Business Days prior to the Closing Date, Seller shall in good faith prepare (in consultation and cooperation with Buyer) and deliver to
Buyer a closing statement, substantially in the form of Exhibit 2.3 and duly executed by the chief financial officer of the Companies (the “Closing Date Statement”), setting forth in reasonable detail Seller’s best
estimates prepared in accordance with the Closing Date Principles (including reasonable supporting documentation showing the calculation of such estimates reflected in the Closing Date Statement and, upon request, all work sheets, account
reconciliations and roll-forward schedules used in the preparation of the estimates and other reasonable supporting documentation showing the calculation of such estimates) of (a) Closing Date Net Working Capital (such estimate, subject to the
proviso in this sentence, the “Estimated Net Working Capital”); (b) the Closing Date Cash (such estimate, subject to the proviso in this sentence, the “Estimated Closing Date Cash”); (c) the Related Party
Payables Amount (such estimate, subject to the proviso in this sentence, the “Estimated Related Party Payables Amount”), together with wire transfer instructions for each lender or other party for payment of the applicable amount of
the Related Party Payables; (d) the Closing Date Indebtedness (such estimate, subject to the proviso in this sentence, the “Estimated Closing Date Indebtedness”); (e) the Related Party Receivables Amount (such estimate,
subject to the proviso in this sentence, the “Estimated Related Party Receivables Amount”); (f) the Transaction Expenses (such estimate, subject to the proviso in this sentence, the “Estimated Transaction
Expenses”), together with wire transfer instructions for each payee of Transaction Expenses and the amount of Transaction Expenses payable to each such payee; and (g) on the basis of the foregoing estimates, a calculation of the
Estimated Purchase Price; provided, however, that in the event that Buyer notifies Seller prior to the Closing that it disputes Seller’s calculation of the Estimated Purchase Price or any component thereof, then Buyer and Seller shall cooperate
in good faith to resolve any such dispute as promptly as practicable, and modify the Estimated Purchase Price and its component calculations as appropriate to reflect any agreed adjustments thereto, and the terms defined in this sentence shall be
deemed to reflect any such agreed modification; provided, further, that, in the event that Buyer and Seller are unable to resolve any such disputes, Seller’s calculation of the Estimated Purchase Price shall not be modified. 

  
 3 

 2.4 Payments at Closing; Satisfaction of Related Party Payables. 

(a) Buyer shall: 
 (i) promptly after the Closing (and, in any event, on the Closing Date), on behalf of the Companies, pay the excess, if any, of the Estimated Related Party Payables Amount over the Estimated Related Party
Receivables Amount, to such account designated on the Closing Date Statement; 
 (ii) at the Closing, on behalf
of the Companies, pay the Estimated Transaction Expenses to such account or accounts designated on the Closing Date Statement; provided, however, in the case of such amounts payable to employees of the Companies, Buyer shall pay such amounts
to the Companies, to such account or accounts designated on the Closing Date Statement, and the Companies shall promptly thereafter pay such amounts to the applicable employees (subject to applicable Tax withholding and customary payroll
procedures); 
 (iii) at the Closing, pay to Seller, to such account designated in writing by Seller, an amount
equal to the Estimated Purchase Price, minus the Escrow Amount; 
 (iv) at the Closing, deposit with the
Escrow Agent an amount equal to the Escrow Amount, by wire transfer of immediately available federal funds to an account designated by the Escrow Agent in writing at least three (3) Business Days prior to the Closing. 

(b) At the Closing, Seller shall pay to Buyer, for the benefit of the Companies, the excess, if any, of the Estimated Related Party
Receivables Amount over the Estimated Related Party Payables Amount. 
 (c) The Parties agree that the payment described in
Section 2.4(a)(i) or Section 2.4(b) shall be in full satisfaction of all Related Party Payables and Related Party Receivables. Seller shall provide payoff letters substantially in the form of Exhibit 2.4(c) for each instrument or other
amount constituting a Related Party Payable (collectively, the “Related Party Pay-Off Letters”). 
 2.5
Post-Closing Purchase Price Adjustment. 
 (a) Proposed Closing Statement. No later than sixty (60) days after
the Closing Date, Buyer shall deliver to Seller a closing statement substantially in the form of Exhibit 2.3 (the “Proposed Closing Statement”) setting forth (i) Buyer’s calculation (prepared in a manner consistent with
the applicable defined terms for the Proposed Price Components and the Closing Date Principles) of the Closing Date Net Working Capital, Closing Date Cash, Related Party Payables Amount, Closing Date Indebtedness, Related Party Receivables Amount
and Transaction Expenses (such calculations, the “Proposed Price Components”), and (ii) using such amounts, Buyer’s calculation of the Purchase Price, and the deviation of such amount from the Estimated Purchase Price. The
Parties acknowledge and agree that to the extent the calculation of the Net Working Capital requires the conversion of any amounts from a non-U.S. currency to U.S. dollars, the actual foreign exchange rates in effect as of the Closing Date shall

  
 4 

 
be used for such conversion. Seller shall provide promptly to Buyer all information and reasonable access to employees, accountants and information as Buyer reasonably requests in connection with
its preparation of the Proposed Closing Statement, and shall otherwise cooperate in good faith with Buyer in connection therewith. 
 (b) Examination of Proposed Closing Statement. 
 (i) Seller
shall have thirty (30) days after its receipt of the Proposed Closing Statement (the “Review Period”) to review the Proposed Closing Statement. During the Review Period, Buyer shall (A) provide Seller and Seller’s
accountants a reasonable opportunity, on advance notice and during nonnal business hours, to consult with Buyer and Buyer’s accountants and (B) provide Seller and Seller’s accountants with reasonable access, on advance notice and
during normal business hours, to all relevant books and records (subject to Seller’s execution of customary access and indemnification letters), including all work papers, trial balances and other related materials, in each case as reasonably
requested by Seller or Seller’s accountants in connection with its review of the Proposed Closing Statement. Seller and its accountants may make reasonable inquiries of Buyer, the Companies and their accountants regarding questions concerning
or disagreements with the Proposed Closing Statement arising in the course of its review thereof, and Buyer shall use reasonable efforts to cause any such accountants to cooperate reasonably with and respond to any such reasonable inquiries. If
Seller disputes any items in the Proposed Closing Statement, Seller shall deliver written notice thereof (the “Objection Notice”) to Buyer within the Review Period, which written notice must specify in reasonable detail the reason
for such disagreement and the items and amounts in dispute (or a good faith estimate thereof); provided, however, that any Objection Notice may only include objections based on (I) the failure of the Proposed Closing Statement to be
prepared in accordance with the Closing Date Principles and the applicable defined terms for the Proposed Price Components and/or (II) mathematical errors in the computation of the Purchase Price or any component thereof. To the extent Seller fails
to notify Buyer of any disputes in accordance with the aforementioned procedure prior to the expiration of the Review Period, then the Proposed Price Components set forth on the Proposed Closing Statement shall be final, binding, conclusive and
nonappealable for all purposes of this Agreement. During the thirty (30) day period following Buyer’s receipt of any Objection Notice delivered by Seller, the Parties shall attempt in good faith to reach an agreement as to any matters
properly identified in the Objection Notice as being in dispute. In furtherance of the foregoing, promptly upon the request of either Party, the Parties shall cooperate to arrange for a joint in-person conference during such thirty (30) day
period to facilitate a resolution regarding any matters properly identified in the Objection Notice. The Proposed Price Components set forth in the Proposed Closing Statement shall be adjusted in accordance with any written resolution by the
Parties, and such resolved matters shall be final, binding, conclusive and nonappealable for all purposes of this Agreement. 
 (ii) If the Parties are unable to resolve one or more of the disputed items properly set forth in the Objection Notice (or disagree in good faith as to whether one or more of the disputed items was
properly set forth in the Objection Notice) within thirty (30) days after Buyer’s receipt of the Objection Notice, then the Parties shall 

  
 5 

 
promptly (and in any event within ten (10) days after the expiration of such thirty (30) day period) retain an independent nationally or regionally recognized accounting firm as may be
jointly selected by Seller and Buyer (the “Accounting Referee”) to finally and conclusively determine those matters identified in the Objection Notice that remain in dispute; provided, that if Seller and Buyer cannot agree on an
Accounting Referee within thirty (30) days of delivery of the Objection Notice, then the Accounting Referee shall be chosen by the American Arbitration Association (the “AAA”), with the expenses of the AAA shared 50% by Buyer
and 50% by Seller. Buyer and Seller shall each submit to the Accounting Referee for review and resolution all matters (but only such matters) that are set forth in the Objection Notice that remain in dispute. Buyer and Seller shall each agree to
execute an engagement letter with reasonable terms and conditions with the Accounting Referee to review and resolve such disputed matters. Buyer and Seller shall instruct the Accounting Referee to select one of its partners experienced in purchase
price adjustment disputes to make a final determination of the disputed matters and, in resolving the items that remain in dispute, the Accounting Referee shall (A) use the Closing Date Principles and shall not assign to any item in dispute a
value that is (1) greater than the greatest value for such item assigned by Buyer, on the one hand, or Seller, on the other hand, or (2) less than the smallest value for such item assigned by Buyer, on the one hand, or Seller, on the other
hand (except to the extent necessary in the belief of the Accounting Referee to reflect the Accounting Referee’s determination in accordance with the Closing Date Principles with respect to any other disputed item); (B) make its
determination after reviewing all materials and submissions from the Parties; (C) render a final resolution in writing to Buyer and Seller not later than thirty (30) days following the Accounting Referee’s acceptance of its
engagement, which resolution shall be final, binding, conclusive and nonappealable for all purposes of this Agreement; and (D) provide a written report to Buyer and Seller, if requested by either of them, which sets forth in reasonable detail the
basis for the Accounting Referee’s final determination. The fees and expenses of the Accounting Referee shall be allocated between Buyer, on one hand, and Seller, on the other hand, based upon the percentage by which the portion of the
contested amount not awarded to each of Buyer and Seller bears to the amount actually contested by such Party at the time of submission to the Accounting Referee. 
 (c) Post-Closing Purchase Price Adjustment. The Proposed Price Components set forth in the Proposed Closing Statement shall be adjusted as necessary upon the final resolution of all disputed
matters in accordance with this Section 2.5 and such amounts as so adjusted shall be final, binding, conclusive and nonappealable for all purposes of this Agreement (as adjusted, the “Final Closing Statement”). The Purchase
Price shall be recalculated substituting the Final Net Working Capital for the Estimated Net Working Capital in Section 2.2(b) or Section 2.2(e), as applicable, the Final Cash Balance for the Estimated Closing Date Cash in
Section 2.2(c), the Final Related Party Receivables Amount for the Estimated Related Party Receivables Amount in Section 2.2(d), the Final Closing Date Indebtedness for the Estimated Closing Date Indebtedness in
Section 2.2(Q, the Final Related Party Payables Amount for the Estimated Related Party Payables Amount in Section 2.2(g), and the Final Transaction Expenses for the Estimated Transaction Expenses in Section 2.2(h) (such
recalculated Purchase Price, the “Final Purchase Price”). If the Final Purchase Price is greater than the Estimated Purchase Price, then the sum of such difference and Interest shall be paid by Buyer to Seller. Ifthe Estimated
Purchase Price is greater than the Final Purchase Price, then the 

  
 6 

 Escrow Agent shall pay out of the Escrow Funds to Buyer an amount in cash equal to the sum of (x) such
difference and (y) Interest accruing thereon; provided, however, that, if such sum exceeds $2 million, at the election of Buyer, Seller shall pay Buyer the amount of such excess. All payments pursuant to this Section 2.5(c) shall be
made within five (5) Business Days following the date that the Final Closing Statement becomes final, binding, conclusive and nonappealable for all purposes of this Agreement in accordance with this Section 2.5, and, to the
extent that such payment is to be made out of the Escrow Funds, Seller and Buyer shall, within two (2) Business Days of such date, execute joint written instructions to the Escrow Agent instructing the Escrow Agent to make such payment within
such five (5) Business Day period. For the purposes of this Section 2.5, “Interest” means interest from and including the Closing Date to but excluding the date of payment at a rate per annum equal to two percent,
which shall be payable at the same time as the payment to which it relates and shall be calculated on the basis of a year of 360 days and the actual number of days elapsed. 
 2.6 Method of Payment. All monetary payments from one Party to another Party under this Agreement shall be made by wire transfer of immediately available federal funds to an account designated in
writing at least three (3) Business Days in advance by the Party receiving such payment or otherwise designating the account to which such payment is to be made. 
 2.7 Withholding. Each of Buyer, the Companies and the Escrow Agent shall be entitled to deduct and withhold from the consideration otherwise payable in connection with this Agreement, the other
Transaction Documents and the transactions contemplated hereunder and thereunder as it is required to deduct and withhold under the Code or any other Tax Law; provided, that Buyer, the Companies or the Escrow Agent shall have notified Seller at
least three (3) Business Days in advance of the Closing Date enclosing the calculation of such withholding of any such deduction or withholding to be made at the Closing in respect of any payments to Seller, including a reasonable explanation
describing the basis for such deduction or withholding; provided, further, that in the event that Seller disputes any such proposed deduction or withholding, then the Parties shall confer regarding the necessity of such proposed deduction or
withholding and cooperate in good faith to resolve any such dispute as promptly as practicable. For the avoidance of doubt, if any such dispute has not been fully resolved at the time the requirement for such deduction or withholding applies, then
Buyer, the Companies and the Escrow Agent shall be entitled to make such deduction and withholding. To the extent amounts are so withheld and paid over to the applicable Taxing Authority, such withheld amounts shall be treated for all purposes as
having been paid to the Person in respect of whom such deduction and withholding was made. 
 ARTICLE III. 

CLOSING 
 3.1
Closing; Closing Date. Upon the terms and subject to the conditions of this Agreement, the closing of the transactions contemplated by this Agreement (the “Closing”) shall occur on the third (3rd) Business Day after the later
to occur of (i) the satisfaction or, to the extent permitted by applicable Law, waiver in writing of all of the conditions to the obligations of the Parties set forth in Article VU (other than those conditions that by their terms are to
be fulfilled by performance at the Closing, but subject to the satisfaction or waiver of such conditions) and (ii) the earlier of (x) the final day of the Marketing Period and (y) the date on

  
 7 

 which Buyer delivers written notice to Seller waiving this clause (ii), or such other date as the Parties
shall agree to in writing. The day on which the Closing takes place is referred to as the “Closing Date”, and the Closing shall be deemed effective as of 11:59 p.m. (Eastern time) on the Closing Date. The Closing shall take place in the
offices of Latham & Watkins LLP, 885 Third Avenue, New York, New York 10022 at 10:00 a.m. (Eastern time) or at such other place or time as the Parties shall agree to in writing. 

3.2 Deliveries by Seller. At the Closing, Seller shall deliver or cause to be delivered (unless previously delivered) to Buyer,
the following documents, in each case duly executed (or, if not applicable, otherwise in proper form): 
 (a) a stock
certificate or certificates representing all of the Shares, accompanied by stock powers in blank or stock transfer forms or instruments of transfer that validly transfer title to such Shares, free and clear of all Liens; 

(b) the Seller Closing Certificate; 
 (c)(i) an intellectual property license agreement in the form attached as Exhibit 3.2(c) (the “IP License Agreement”) and (ii) the Escrow Agreement, in each case, duly executed by
Seller and its Affiliates contemplated to be parties thereto; 
 (d) the Related Party Pay-Off Letters; 

(e) written evidence, in form and substance reasonably satisfactory to Buyer, confirming that the Liens listed on
Schedule 3.2(e), and any guarantees or obligations of the Companies with respect to Indebtedness (other than capital leases of the Companies), have been released and discharged (or will be released and discharged upon the Closing);

 (f) a certificate establishing that the Shares are not U.S. real property interests, dated as of the Closing Date, signed
under penalties of perjury and otherwise prepared in accordance with Treasury Regulation section 1.1445-2(c)(3), in form and substance reasonably acceptable to Buyer, together with a notice to the Internal Revenue Service prepared in accordance with
Treasury Regulation section 1.897-2(h)(2), signed under penalties of perjury by a responsible corporate officer of Ropak Holdings; 
 (g) final invoices or instructions reflecting amounts included in the Estimated Transaction Expenses; 
 (h) written resignations of all directors of the Companies; and 
 (i) evidence
satisfactory to Buyer that the Restructuring has been completed in accordance with Section 6.7. 
 3.3 Deliveries by
Buyer. At the Closing, Buyer shall deliver or cause to be delivered (unless previously delivered): 
 (a) the amounts set
forth in Section 2.4(a), delivered in accordance therewith; 

  
 8 

 (b) to Seller, the Buyer Closing Certificate; and 

(c) to Seller, the IP License Agreement and the Escrow Agreement. 

ARTICLE IV. 

REPRESENTATIONS AND WARRANTIES OF SELLER 
 Subject to the terms, conditions and limitations set forth in this Agreement, Seller Parent (solely as to the representations and warranties with respect to itself in Sections 4.l(a) and 4.3) and Seller,
severally and not jointly, represent and warrant to Buyer as of the date hereof and as of the Closing as follows: 
 4.1
Organization; Authority; Execution and Delivery; Enforceability. 
 (a) Seller is a private limited company duly organized
and validly existing under the laws of England and Wales and has all requisite power and authority to own the Shares and to own, operate, lease and encumber its other properties and to carry on its business as currently conducted. Seller Parent is a
private limited company duly organized and validly existing under the laws of England and Wales and has all requisite power and authority to own, operate, lease and encumber its other properties and to carry on its business as currently conducted.
Each of Seller and Seller Parent is licensed or qualified to do business, and is in good standing, in each other jurisdiction where the character of the properties owned, leased or operated by it or the nature of its business makes such licensing or
qualification necessary, except for any such failures that, individually or in the aggregate, have not had and would not reasonably be expected to have a Material Adverse Effect. Each of Seller and Seller Parent has the right, power, authority and
capacity to execute, deliver and perform this Agreement and the other Transaction Documents to which it is contemplated to be a party and to consummate the transactions contemplated hereby and thereby. The execution, delivery and performance of this
Agreement and such Transaction Documents, and the consummation of the transactions contemplated hereby and thereby, have been duly and validly authorized by all necessary action and no other action on the part of Seller, Seller Parent or their
respective shareholders is necessary to authorize the execution, delivery and performance of this Agreement and such Transaction Documents or the consummation of the transactions contemplated hereby and thereby. As of the date hereof, the directors
of LINPAC Holdings have approved this Agreement and the transactions contemplated hereby, which approval includes a recommendation to be provided to the lenders and shareholders that such lenders and shareholders provide the Holdings Consent. Each
of this Agreement and such Transaction Documents has been duly executed and delivered by Seller and Seller Parent, respectively, and (when duly authorized, executed and delivered by Buyer) constitutes (or, in the case of Transaction Documents to be
executed by Seller after the date hereof, when delivered, will be duly executed and delivered by Seller and will constitute) the legal, valid and binding obligation of Seller and Seller Parent, respectively, enforceable against each of them in
accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting the enforcement of creditors’ rights generally and general principles of equity that
restrict the availability of equitable remedies. 

  
 9 

 (b) Each Company is a corporation or limited partnership, as indicated in the Recitals
hereto, duly incorporated or organized, validly existing and in good standing under the Laws of the jurisdiction of its incorporation or organization and has all requisite corporate or partnership power and authority to own, operate, lease and
encumber its properties and to carry on its business as currently conducted. Each Company is licensed or qualified to do business and in good standing in each jurisdiction in which it owns or leases the Real Property, the character of the properties
owned or leased by it otherwise, or the nature of its business makes such licensing or qualification necessary, except where the failure to be so licensed, qualified or in good standing, individually or in the aggregate, would not reasonably be
expected to have a Material Adverse Effect. True, correct and complete copies of all Organizational Documents of each Company, in each case as amended to date, have been made available to Buyer, no amendments thereto are pending (other than the
amendment to the Ropak Canada Organizational Documents contemplated in Exhibit 1.l(a)), and no Company is in default under or in violation of any provision of such Organizational Documents. 

4.2 Capitalization. 
 (a) Schedule 4.2(a) sets forth for Ropak Holdings, in each case as of the date hereof and as of the Closing Date, the following: (i) the authorized capital stock of Ropak Holdings; and (ii) the
issued and outstanding capital stock of Ropak Holdings. As of the date hereof and as of the Closing Date, (A) all of the issued and outstanding shares of capital stock of Ropak Holdings are owned by Seller, beneficially and of record and free
and clear of any Liens, have been duly authorized and validly issued, and are fully paid and non-assessable; (B) none of the issued and outstanding capital· stock of Ropak Holdings was issued in violation of any preemptive rights or
Laws; (C) there are no options, warrants, convertible securities or other rights, agreements, arrangements or commitments of any character to acquire any additional Shares or any other Equity Interests of Ropak Holdings or securities
convertible into or exchangeable for, or which otherwise confer on the holder thereof any right to acquire, any Equity Interests of Ropak Holdings, or otherwise related to any Equity Interest of Ropak Holdings, or obligating Seller or Ropak Holdings
to issue, sell, transfer, grant, repurchase, redeem or otherwise acquire or retire any such Equity Interests, except as described on Exhibit 1.l(a); (D) there are no voting trusts, shareholder agreements, proxies or other
agreements or understandings in effect with respect to the voting or transfer of any Equity Interests of Ropak Holdings; and (E) there are no outstanding rights to payments or other benefits of any kind the value of which are or would be
determined by reference to the value of any Equity Interests of Ropak Holdings (including any “phantom equity” and similar arrangements). 
 (b) Schedule 4.2(b) sets forth for each Operating Company (i) the authorized Equity Interests, as applicable; (ii) the issued and outstanding capital stock or other Equity Interests, as
applicable; and (iii) the owner of such issued and outstanding capital stock or other Equity Interests. Except as set forth on Schedule 4.2{b), all of the issued and outstanding shares of capital stock or other Equity Interests of each
Operating Company are owned, beneficially and of record and free and clear of any Liens, by the Person set forth on Schedule 4.2(b), have been duly authorized and validly issued and are fully paid and non-assessable. None of the issued and
outstanding capital stock or other Equity Interests of any Operating Company was issued in violation of any preemptive rights or Laws. Except as set forth on Schedule 4.2(b), there are
no

  
 10 

 
(x) options, warrants, convertible secuntles or other rights, agreements, arrangements or commitments of any character to acquire any Equity Interests of any Operating Company or securities
convertible into or exchangeable for, or which otherwise confer on the holder thereof any right to acquire, any Equity Interests of any Operating Company, or otherwise related to the Equity Interests of any Operating Company, or obligating Ropak
Holdings or any Operating Company to issue, sell, transfer, grant, repurchase, redeem or otherwise acquire or retire any such Equity Interests; (y) voting trusts, shareholder agreements, proxies or other agreements or understandings in effect
with respect to the voting or transfer of any Equity Interests of any Operating Company; or (z) outstanding rights to payments or other benefits of any kind the value of which are or would be determined by reference to the value of any Equity
Interests of any Operating Company (including any “phantom equity” and similar arrangements). 
 (c) Neither Ropak
Holdings nor any Operating Company owns any Equity Interests in any Person other than an Operating Company. 
 4.3 Consents
and Approvals. Except as set forth on Schedule 4.3 and the applicable requirements of the HSR Act and the Investment Act, neither the execution, delivery or performance by Seller or Seller Parent of this Agreement and the Transaction
Documents to which they are a party nor the consummation of the transactions contemplated hereby or thereby will (with or without the giving of notice or the lapse of time, or both), directly or indirectly, (a) violate any provision of the articles
of incorporation, bylaws or other Organizational Documents of Seller or any Company; (b) require any filing with, or the obtaining of any Permit, authorization, Consent or approval of, any Governmental Authority; (c) result in a breach of
or a default under, require any Consent of any Person pursuant to, or give rise to any right of acceleration, modification, termination or cancellation under, any of the terms, conditions or provisions of any Material Contract, or result in the
creation of any Lien upon the Shares or any of the properties or assets of any Company; or (d) violate any Law or Order applicable to Seller or any Company or by which the Shares or any property or asset of Seller or any Company is bound or
subject, excluding from clauses (b), (c) and (d) such requirements, filings, permits, authorizations, consents, approvals, violations, breaches or defaults that would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. 
 4.4 Financial Statements; Undisclosed Liabilities. 

(a) True and complete copies of the Financial Statements are attached hereto on Schedule 4.4(a)(i). The Audited Financial Statements were
prepared in accordance with U.S. GAAP applied on a consistent basis throughout the periods indicated, except as otherwise noted therein. The Management Accounts and the SAF Packs were prepared in accordance with UK GAAP applied on a consistent
basis throughout the period indicated, and in accordance with the Operating Companies’ past practices, policies and procedures. Except (with respect to the Audited Financial Statements) as set forth on Schedule 4.4(a)(ii), the Financial
Statements fairly present, in all material respects, the financial position, results of operations, shareholders’ equity and cash flows of the Operating Companies as of the dates and for the periods indicated therein, except as otherwise noted
therein, and accurately reflect in all material respects the books and records of the Operating Companies and their Subsidiaries. 

  
 11 

 (b) There are no material liabilities or obligations of the Companies of any nature, whether
or not accrued, contingent or otherwise, that would be required to be reflected on a consolidated balance sheet of the Companies prepared in accordance with UK GAAP, other than those that (i) are reflected or reserved against in the most
recent balance sheet included in the Financial Statements; (ii) have been incurred in the ordinary course of the business consistent with past practice since October 31, 2012; or (iii) have been incurred pursuant to this Agreement.

 (c) No Company is a party to, or has any commitment to become a party to, any joint venture, off balance sheet partnership or
any similar Contract (including any Contract relating to any transaction or relationship between or among any Company, on the one hand, and any unconsolidated Affiliate, including any structured finance, special purpose or limited purpose entity or
Person, on the other hand, or any “off balance sheet arrangements” (as defined in Item 303(a) of Regulation S-K under the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder
(collectively, the “Exchange Act”))), where the result, purpose or intended effect of such Contract is to avoid disclosure of any material transaction involving, or material liabilities of, any Company in financial statements.

 4.5 Real Property. 
 (a) Schedule 4.5(a) identifies each parcel of real property and the general use of each parcel of real property (i) owned by any Company (individually, an “Owned Real Property” and
collectively, the “Owned Real Properties”) and (ii) leased or subleased by any Company whether as lessor or lessee (individually, a “Leased Real Property” and collectively, the “Leased Real
Properties”) pursuant to a lease or sublease (each, a “Lease” and collectively, the “Leases”) along with the name of landlord, the name of tenant, the date of Lease and all amendments or modifications.

 (b) A Company has marketable fee simple title to all Owned Real Property, free and clear of all Liens other than Permitted
Liens. In the case of Real Property located in the United States of America, Seller has delivered to Buyer copies of all deeds in the possession of Seller or any Company and the current owner or lender title insurance policies in the possession of
Seller or any Company that insure any Company or lender with respect to such Real Property. The Owned Real Property is not subject to any leases, rights of first refusal, rights of first offer, options to purchase or lease, rights of occupancy or
other contractual right to purchase, acquire, sell or dispose of same. There are no condemnation, expropriation or eminent domain proceedings affecting any of the Owned Real Properties, and neither Seller nor any Company has received written notice
of the intention of any Governmental Authority to take such action. A Company has adequate rights of ingress and egress into the Owned Real Property for the Companies’ operation of their business in the ordinary course. 

(c) Seller has made true, complete and correct copies of all Leases and all amendments and modifications thereto available to Buyer. Each
Lease is valid and in full force and effect, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting the enforcement of creditors’ rights generally and general principles
of equity that restrict the availability of equitable remedies, and is unmodified (except as provided in the amendments and modifications relating thereto), and represents the entire agreement between the applicable Company and the applicable
landlord. No Company 

  
 12 

 
that is a party to any Lease is in material default thereunder, and to Seller’s Knowledge, there does not exist under any Lease any event which, with the giving of notice or the lapse of
time, would constitute such a breach or default by a Company. To Seller’s Knowledge, no other party to any Lease is currently in material default thereunder and there does not exist under any Lease any event which, with the giving of notice or
the lapse of time, would constitute such a breach or default by any other party to any Lease. To Seller’s Knowledge, there are no condemnation, expropriation or eminent domain proceedings affecting any of the Leased Real Properties, and neither
Seller nor any Company has received written notice of the intention of any Governmental Authority to take such action. There are no shared facilities or services at the Real Property which are used in connection with any business or other operations
of the Seller or any of its Affiliates other than the business of the Operating Companies. 
 (d) To Seller’s Knowledge,
there are no proceedings, claims or disputes affecting any Real Property, pending or threatened, that are likely to materially interfere with the current use of such real property. No Person other than the applicable Company has any oral or written
right to lease, sublease or otherwise occupy any portion of the Real Property. The Owned Real Property is not, and to Seller’s Knowledge, the Leased Real Property is not, in material violation of any applicable building, zoning, anti-pollution,
health, occupational safety or other Laws or restrictive covenants or encroaches on any property owned by any other Person. Neither Seller nor any Company has received any written notice of a violation of any applicable Law with respect to the Real
Property that has not been cured or dismissed. 
 4.6 Personal Property. Each Company has good and valid title to the
equipment, fixtures and other tangible personal property that it purports to own, free and clear of all Liens other than Permitted Liens. All material improvements, machinery, equipment and other material tangible assets currently owned, licensed or
leased by the Companies and used in the ordinary course of the Companies’ business have been maintained in accordance with customary industry practice and, subject to ordinary wear and tear, are in good operating condition and repair in all
material respects. Except as set forth in Schedule 4.6, (i) the Companies have not engaged in any business of Seller or any of its current or former Affiliates (other than the Companies) other than the current businesses of the Operating
Companies and (ii) none of Seller or any of its Affiliates (other than the Companies) is engaged in the business of the Operating Companies. 
 4.7 Intellectual Property. 
 (a) Set forth on Schedule 4.7(a) is a true and
complete list of all Intellectual Property Rights of any Company which are registered with or issued by or are the subject of an application for registration or issuance with any Governmental Authority (“Registered Intellectual Property
Rights”). 
 (b) Except as set forth on Schedule 4.7(b), all of the Registered Intellectual Property Rights are
subsisting and, to Seller’s Knowledge, valid and enforceable. 
 (c) Except as set forth on Schedule 4.7(c), a
Company is the sole and exclusive owner of all Intellectual Property Rights that are material to the conduct of the businesses of the Companies, including all Registered Intellectual Property Rights. None of the 

  
 13 

 
Intellectual Property Rights owned by any Company is subject to any Lien other than Permitted Liens. Except as set forth on Schedule 4.7(c), to Seller’s Knowledge, no item of
Intellectual Property Rights is being misappropriated, violated or infringed on by a third party in any material respect. 
 (d)
Neither Seller nor any Company has received (i) written notice that any of them are misappropriating, violating or infringing any Intellectual Property Rights of any third party or (ii) any unsolicited offer or demand to license third
party Intellectual Property Rights. Neither Seller with respect to the business of the Companies nor any Company has misappropriated, violated or infringed any Intellectual Property Rights of any third party. 

(e) Except as set forth on Schedule 4.7(e), no Actions are pending or, to Seller’s Knowledge, threatened in writing against any
Company with respect to the ownership, use or validity of any Intellectual Property Rights owned by any Company. 
 (f) Except
as set forth on Schedule 4.7(0, neither Seller nor any Company is a party to any Action which involves a claim of misappropriation, violation or infringement of any Intellectual Property Rights and which has not been finally terminated prior
to the date hereof. 
 (g) Seller and the Companies have taken commercially reasonable efforts (as determined in the reasonable
judgment of Seller and the Companies) to protect the secrecy of any material confidential and proprietary information, device, source code or process used in the business of any Company which give them an opportunity to obtain an advantage over
competitors who do not know or use it. 
 (h) Except as set forth on Schedule 4.7(h), the information technology and
manufacturing systems owned, licensed, leased or otherwise held for use by the Companies, including all material computer hardware, software, firmware and telecommunications systems used in its business as currently conducted have performed without
material degradation since January 1, 2011. 
 4.8 Litigation. Except as set forth on Schedule 4.8: (a) there
are no, and since January 1, 2011, there have not been any, Actions pending or, to Seller’s Knowledge, threatened, against any Company or against the assets, rights or properties of any Company that if decided in a manner adverse to such
Company or any asset, right or property of any Company, individually or in the aggregate, have been, or would reasonably be expected to be, material; (b) to Seller’s Knowledge, there is no investigation or review pending or threatened by
any Governmental Authority with respect to any Company; and (c) there are no Orders with respect to any Company or the assets, rights or properties of any Company that, individually or in the aggregate, are, or would reasonably be expected to
be, material. There are no Actions pending or, to Seller’s Knowledge, threatened, against Seller or any of its Affiliates (including the Companies) which challenge the validity of this Agreement or which would reasonably be expected to
adversely affect or restrict Seller’s ability to consummate the transactions contemplated by this Agreement. 

  
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 4.9 Employee Benefit Plans. 

(a) Schedule 4.9(a) sets forth each pension, health, welfare, bonus, profit sharing, change in control, retirement, savings, deferred
compensation, equity, or severance plan, policy, program, agreement or arrangement, each “employee benefit plan,” as defined in Section 3(3) of ERISA, and any other plan, policy, program, agreement or arrangement providing
compensation or benefits to any present or former employee of any of the Companies, and all insurance policies, trust agreements and other funding vehicles therefor, that are currently sponsored, maintained or contributed to by any of the Companies
or with respect to which any of the Companies has any liability, contingent or otherwise (collectively, the “Employee Benefit Plans”); provided that compulsory plans established by Law need not be listed on Schedule 4.9(a). With
respect to each material Employee Benefit Plan, Seller has provided to Buyer a true and complete copy, as applicable, of (i) the plan document and amendments thereto or a written summary where such plan is not in writing, (ii) all current
summary plan descriptions or summaries of material modifications, (iii) the most recent determination or opinion letter with respect to any Employee Benefit Plan that is intended to be tax-qualified under applicable Law, (iv) the three
most recently prepared actuarial reports and financial statements, (v) the three most recently filed annual reports on Form 5500, (vi) a copy of each trust agreement or other funding arrangement therefor and (vii) all non-routine
filings made with any Governmental Authority. The description on Schedule 4.9(a) of the annuity contracts purchased to fund benefit payments under the Ropak Corporation Supplemental Employee Benefits Plan is true and accurate in all material
respects. 
 (b) Neither any of the Companies nor any member of their controlled group (within the meaning of Code
Section 414 or 4001(a)(3)) sponsors, maintains, contributes to or has any obligation, contingent or otherwise, in respect of any “multiemployer plan” or other plan subject to Title IV or BRISA, “multiple employer plan,” or
“multiple employer welfare arrangement,” in each case, within the meaning of BRISA and the Code. No Employee Benefit Plan provides welfare benefits, including life, death or health benefits, beyond termination of service or retirement of
any current or former employee of any Company, other than coverage mandated by Law (including where Company-paid pursuant to a separation or severance arrangement, a true and complete copy of which has been provided to Buyer). No Employee Benefit
Plan is a “registered pension plan” as such term is defined in the Income Tax Act (Canada). 
 (c) Each Employee
Benefit Plan is in compliance with applicable Laws in all material respects and has been established, administered and funded in accordance with its terms and all applicable Laws in all material respects. Each of the Companies has made all
contributions when due and performed all other obligations required to be performed by it under applicable Law or the terms of any Employee Benefit Plan, and, to Seller’s Knowledge, none of the Companies is in default under or in violation of
any such Employee Benefit Plan. The Financial Statements include appropriate accruals in accordance with UK GAAP (except for the Audited Financial Statements) and U.S. GAAP (in the case of the Audited Financial Statements) for all obligations
and liabilities under all Employee Benefit Plans. 
 (d) Except as set forth on Schedule 4.9(d): (i) there are no Actions,
suits or claims (other than routine claims for benefits in the ordinary course) pending, nor to Seller’s 

  
 15 

 
Knowledge threatened with respect to the Employee Benefit Plans; and (ii) there are no pending, nor to Seller’s Knowledge, threatened administrative investigations, audits, or other
administrative proceedings by the Department of Labor, the Pension Benefit Guaranty Corporation, the Internal Revenue Service or any other applicable Governmental Authority with respect to the Employee Benefit Plans. 

(e) Each Employee Benefit Plan that is intended to meet the requirements of a “qualified plan” under Section 40l(a) of the
Code has received a favorable determination letter from the Internal Revenue Service or is in the form of a prototype or volume submitter plan that has received a favorable opinion or advisory letter from the Internal Revenue Service. No such
determination letter has been revoked (nor, to Seller’s Knowledge has revocation been threatened), and, to Seller’s Knowledge, no event has occurred since the date of the most recent determination letter relating to any such Employee
Benefit Plan that would reasonably be expected to adversely affect the qualification of such Employee Benefit Plan. 
 (f)
Except as set forth on Schedule 4.9(Q, neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated by this Agreement could result in the payment, acceleration, funding or enhancement of any
compensation or benefit, increase the amount payable or trigger any other obligation under any Employee Benefit Plan. 
 (g)
[Intentionally Omitted]. 
 (h) Except as set forth on Schedule 4.9(h), each Employee Benefit Plan that is a
“non-qualified deferred compensation plan” within the meaning of Section 409A of the Code (i) has been operated in compliance with Section 409A of the Code and all applicable regulations and notices issued thereunder since
January 1, 2005, and (ii) since January 1, 2009, has been in documentary compliance with Section 409A of the Code. No Employee Benefit Plan provides for a gross-up, indemnification or other reimbursement of Taxes due under
Section 409A of the Code. 
 (i) With respect to Employee Benefit Plans that are subject to or governed by the Laws of any
jurisdiction other than the United States (the “Non-US Plans”), (i) there are no liabilities that, as of the Closing, will not be offset in full by insurance or reserved in accordance with UK GAAP on the Financial
Statements and (ii) each Non-US Plan required to be registered with a Governmental Authority has been registered and has been maintained in good standing with the appropriate Governmental Authority. 

4.10 . Licenses and Permits. The Companies (a) own or possess, and since January 1, 2010, have owned or possessed, all
Permits (including Environmental Permits) necessary to enable them to own, lease or operate their properties and other assets, to carry on their respective operations as presently conducted and to comply in all material respects with Enviromnental
Laws, except, in each case, where the failure to own or possess any such Permit would not reasonably be expected to be material, and (b) since January 1, 2010, have been in compliance with all such Permits in all material respects and have
had no material liability under any such Permits. All such Permits, including Enviromnental Permits, remain in full force and effect, and there are no Actions pending or, to Seller’s Knowledge, threatened that may reasonably be expected to
result in the termination, revocation, cancellation, suspension or modification of any such Permit. 

  
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 4.11 Labor and Employment Matters. 

(a) Schedule 4.U(a) sets forth for each employee or material individual consultant of the Companies as of November 16, 2012,
a true and complete list of (i) in the case of an employee, the employee’s position, base compensation, bonus opportunity, date of hire, employment status and job classification (exempt or non-exempt), and (ii) in the case of a
consultant, the consulting rate payable to such individual. 
 (b) Except as set forth on Schedule 4.U(b), none of the
Companies are party to any outstanding employment agreements or contract with its employees (an “Employment Agreement” and collectively, the “Employment Agreements”) that is not terminable at will, or with respect
to the employees of Ropak Canada, upon reasonable notice at common law, without cost or liability to any Company, or that provides for the payment of severance, or a right to participate in any traditional non-qualified deferred compensation plan,
or any bonus, commission, accelerated vesting or other payment that would be payable as a result of the consummation of the transactions contemplated by this Agreement. Seller has made available to Buyer copies of all Employment Agreements set forth
on Schedule 4.U(b). Except as set forth on Schedule 4.U(b), none of the Companies are party to any agreement or legally binding policy or practice that requires it to pay termination or severance pay to its employees as a result of the
consummation of the transactions contemplated by this Agreement. Each Employment Agreement is in full force and effect and, to Seller’s Knowledge, none of the Companies is in default under any of the Employment Agreements. 

(c) None of the Companies is, or since January 1, 2010, has been, party to any collective bargaining agreement or other labor union
contract applicable to its employees, or has agreed to recognize any union or other collective bargaining unit. To Seller’s Knowledge, no organizational effort is presently being made or threatened by or on behalf of any labor union or
collective bargaining unit with respect to any employees of the Companies. There is not currently, nor in the past three years has there been any, unfair labor practice charge or complaint against the Companies pending before the National Labor
Relations Board or any similar state or foreign authority. There is no labor strike, slowdown or work stoppage or lockout or other material labor dispute pending, or to Seller’s Knowledge, threatened with respect to any employees of any of the
Companies, nor has there been any such labor dispute during the past three years. 
 (d) The Companies are in compliance in all
material respects with all Laws respecting employment and employment practices, wages and hours, eligibility for and payment of overtime compensation, worker classification (including the proper classification of independent contractors and
consultants), Tax withholding, collective bargaining, unemployment insurance, workers’ compensation, immigration, employment discrimination, disability rights, equal opportunity, leaves of absence, affirmative action, plant closing and mass
layoff issues, occupational safety and health Law. Since January 1, 2010, except as set forth on
 Schedule 4.ll(d), none of the Companies has received written notice from any Governmental Authority relating to or concerning any
material investigation of any of the Companies regarding 

  
 17 

 any labor, employment, occupational health and safety or workplace safety and insurance/workers compensation
laws, and to Seller’s knowledge, no such investigation is in progress or anticipated. There have been no “plant closings” or “mass layoffs” (as those terms are defined in WARN or any comparable state, local or foreign law)
by the Companies without complying with the requirements of applicable Laws. 
 (e) To Seller’s Knowledge, each employee of
any of the Companies providing services in the United States is a United States citizen or has a current and valid work visa or otherwise has the lawful right to work in the United States. The Companies have in their files a Form I-9 that, to
Seller’s Knowledge, was completed in accordance with applicable Law for each employee of the Companies for whom such form is required under applicable Law. 
 4.12 Environmental Matters. Except as set forth on Schedule 4.12, since January 1, 2007: 
 (a) each Company is and has been in compliance in all material respects with, and has no material liability under, all applicable Laws relating to pollution or the regulation or protection of human
health, safety, natural resources or the environment, including Laws relating to the presence, use, production, labeling, testing, treatment, disposal, storage, management, handling, manufacture, generation, processing, recycling, distribution,
transport, control, discharge, Release or threatened Release or cleanup of or exposure to Hazardous Substances (collectively, “Environmental Laws”), which compliance has included obtaining and complying, in all material respects,
with all applicable Permits required pursuant to Environmental Laws (“Environmental Permits”); 
 (b) neither
Seller nor any Company has received written notice regarding any actual or alleged material violation of, or material liability or investigatory, remedial or corrective obligation under, Environmental Laws, in each case relating to any
Company’s business, the Leased Real Property or the Owned Real Property; 
 (c) no Company (i) has treated, stored,
disposed of, arranged for or permitted the disposal of, transported, handled, Released, or exposed any Person to, any Hazardous Substance, or (ii) has owned, leased, used or operated any current or former property or facility (including the
Owned Real Property and the Leased Real Property) which is or has been contaminated by Hazardous Substance as a result of any Company’s or third-party operations, in each case except in material compliance with all applicable Environmental Laws
or as would not result in a material investigatory, remedial or corrective obligation or other material liability under any Environmental Law; 
 (d) no Company has provided under any Contract any indemnification relating to liabilities arising under Environmental Laws to any Person in relation to any businesses or properties acquired or sold by
any of the Companies, and no Company is responsible by Contract or operation of Law for any pending liability of any other Person arising under Environmental Laws; 

  
 18 

 (e) Seller has made available to Buyer all material Environmental Permits required for the
lawful ownership, leasing, and operation of the Owned Real Property and the Leased Real Property; 
 (f) Seller has made
available to Buyer true, correct, and complete copies of all material environmental assessments and reports materially bearing on any Company’s environmental, health or safety liabilities and compliance, including those relating to Owned Real
Property and the Leased Real Property, in each case which are in Seller’s or any Company’s possession as of the date hereof. 
 4.13 Insurance. Schedule 4.13 sets forth a true, correct and complete list of, and Seller has made available to Buyer copies of, all policies of fire, liability, workers’ compensation,
property, casualty and other forms of insurance maintained by the Companies other than any Employee Benefit Plan (the “Insurance Policies”) that are currently in effect as of the date of this Agreement, and there are no policies of
insurance relating to the business or the assets of the Companies that are not maintained by the Companies. All insurance policies listed or required to be listed on Schedule 4.13 are in full force and effect, except as limited by applicable
bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting the enforcement of creditors’ rights generally and general principles of equity that restrict the availability of equitable remedies. Neither
Seller nor any Company has received written notice of cancellation or termination of any such insurance policy. Each Company is in compliance, in all material respects, with each such insurance policy, and all premiums currently due with respect to
such insurance policies have been paid. Except as set forth on Schedule 4.13, during the past two (2) years, no Company has made any claim under any Insurance Policies as to which coverage has been denied or disputed in writing by the
applicable insurers, and there is no existing default or event which (with the giving of notice or lapse of time or both) would constitute a default by any insured thereunder, except for such defaults that would not reasonably be expected,
individually or in the aggregate, to be material. No Company has any self-insurance or co-insurance programs other than in connection with an Employee Benefit Plan. 
 4.14 Contracts and Commitments. 
 (a) Schedule 4.14(a) sets forth a list as
of the date hereof of all Contracts of the following types, other than Employee Benefit Plans, to which any Company is a party or by which any assets of any Company are bound or subject (such Contracts set forth or required to be set forth on
Schedule 4.14(a), collectively, the “Material Contracts”): 
 (i) all Contracts that Seller
reasonably anticipates will involve payments to or by a Company in excess of $150,000 in any twelve (12)-month period or $500,000 in the aggregate; 
 (ii) all Contracts evidencing or otherwise relating to any Indebtedness or Related Party Payables; 
 (iii) all Contracts that contain a covenant not to compete obligation on any Company or that otherwise impair the ability of any Company to compete with any Person, engage in any line of business or with
any Person or otherwise conduct its respective business in any geographical area; 

  
 19 

 (iv) all Contracts that grant any exclusive rights, right of first refusal,
right of first offer or similar right to the counterparty thereto; 
 (v) all Contracts that require a Company to
purchase from a third party such Company’s, or require a third party to purchase from a Company such third party’s, total requirement of any product or service or that contain any “take or pay” or other minimum purchase
requirements or any “most favored nation” pricing provisions; 
 (vi) all leases or similar agreements
under which (a) any Company is lessee of, or holds or uses, any machinery, equipment, vehicle or other tangible personal property owned by a third party or (b) any Company is a lessor or sublessor of, or makes available for use by any
third party, any tangible personal property owned or leased by any Company, in each case which involve scheduled payments in excess of $75,000 in any twelve-month period or $300,000 in the aggregate; 

(vii) all Leases; 
 (viii) all Contracts with any of the customers or suppliers of the Companies identified in Schedule 4.20; 
 (ix) all Contracts which establish a partnership, limited liability company or joint venture or similar arrangement; 

(x) all Contracts that relate to an acquisition, divestiture, merger or similar transaction and contain representations,
covenants, indemnities or other obligations that are still in effect; 
 (xi) all powers of attorney granted by
any Company that are currently effective and outstanding; 
 (xii) all Contracts (other than any employment
agreement) to which both any Affiliate of Seller or any Company, or any officer, director, employee, stockholder, member or partner of Seller, any Company or any such Affiliate, or family members or Affiliates of any of the foregoing, is a party;

 (xiii) all Contracts of agency, representation, sales con11mss10n, brokerage or distribution, which
(a) cannot by their respective terms be canceled by the Company party thereto without payment or penalty upon notice of sixty (60) days or less or (b) involve payments in excess of $100,000 in any twelve-month period or $300,000 in
aggregate; 
 (xiv) all Contracts providing for indemnification by any Company, except for any such Contract that
is not material to the Companies and was entered into in the ordinary course of business consistent with past practice; 

  
 20 

 (xv) all Contracts involving capital expenditures in excess of $100,000 in
any twelve-month period or $500,000 in the aggregate; 
 (xvi) any Contracts relating to development, licensing
or transfer of Intellectual Property Rights, excluding licenses for unmodified commercially available off-the-shelf software licensed in object code form with total license fees less than $50,000 in any twelve-month period or $200,000 in aggregate;

 (xvii) all Contracts pursuant to which any Company is licensed to use Intellectual Property Rights that is
material to the conduct of the business of the Companies as currently conducted; and 
 (xviii) any employee
collective bargaining agreement or other Contract with any labor union or similar organization. 
 (b)(i) Each Material Contract
is in full force and effect and constitutes the legal, valid and binding obligation of, and is enforceable against, the Company that is party thereto and, to Seller’s Knowledge, each other party thereto, except as limited by applicable
bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting the enforcement of creditors’ rights generally and general principles of equity that restrict the availability of equitable remedies; (ii) no
Company is in material breach of any Material Contract or in default in the performance, observance or fulfillment of any obligation, covenant or condition contained therein in any material respect; and (iii) to Seller’s Knowledge, no
counterparty to any Material Contract is in breach of any such Material Contract or in default in the performance, observance or fulfillment of any obligation, covenant or condition contained therein in any material respect. Neither Seller nor any
Company has received written notice of any default or material breach under any Material Contract and, to Seller’s Knowledge, no event has occurred or circumstance exists that, individually or in the aggregate, would reasonably be expected to
result in any Company being in material breach or material default under any Material Contract or that would give any other party thereto the right to accelerate any Company’s material obligations under, or to terminate, any Material Contract.
True and complete copies of each Material Contract have been delivered or made available to Buyer. 
 4.15 Compliance with
Law. Except as set forth on Schedule 4.15, since January 1, 2010, (i) each Company has been in compliance, in all material respects, with all Laws and Orders that are applicable to the Companies or their properties, rights or
assets or their business or operations, (ii) no Company has received written notice from any Governmental Authority alleging any violation or failure to comply with any such Law or Order in any material respect, and (iii) neither Seller
nor any of its Affiliates (including any Company) has conducted any material internal investigation concerning any alleged violation of any applicable Law or Order by any Company or any employee, officer, director or agent of any Company (regardless
of the outcome of such investigation) in which the services of outside legal counsel or an accounting finn have been engaged. 

  
 21 

 4.16 Absence of Certain Changes. Except as set forth on Schedule 4.16, smce
December 31, 2011: 
 (a) each Company has operated in the ordinary course of business consistent with past practice;

 (b) no Company has taken any action that, if taken after the date hereof without Buyer’s consent, would constitute a
breach of Section 6.1 (other than clauses (ii), (ix) and (xv)(d) of Section 6.l(b)) and other than any increases in compensation payable to non­ management employees granted in the
ordinary course; and 
 (c) there has not been any event, change, circumstance, occurrence, effect or state of facts that,
individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect. 
 4.17 Tax
Matters. Except as set forth on Schedule 4.17: 
 (a) all income and other material Tax Returns of the Companies and
LUHI required to have been filed with any Taxing Authority in accordance with any applicable Law have been timely filed and are correct and complete in all material respects; 
 (b) all income and other material Taxes, deposits and other payments for which any of the Companies or LUHI has liability (whether or not shown on any Tax Return) have been paid in full; 

(c) there are no extensions of time in effect with respect to the dates on which any Tax Returns of the Companies or LUHI were or are due
to be filed; 
 (d) all deficiencies asserted as a result of any examination of any Tax Returns of the Companies or LUHI have
been paid in full, accrued on the Financial Statements (in accordance with U.S. GAAP (with respect to the Audited Financial Statements) or UK GAAP (other than with respect to the Audited Financial Statements), as applicable) or finally settled;

 (e) no claims have been asserted in writing for any material Taxes of the Companies or LUHI, and no proposals or deficiencies
for any material Taxes of the Companies or LUHI are being asserted, proposed or, to Seller’s Knowledge, threatened, and no audit or investigation of any Tax Return of the Companies or LUHI is currently underway, pending or, to Seller’s
Knowledge, threatened; 
 (f) neither LUHI nor any of the Companies have failed to withhold or pay to the applicable Taxing
Authority any material Taxes required to have been withheld and paid in connection with amounts paid to any Person; 
 (g) there
are no outstanding waivers or agreements by or on behalf of the Companies or LUHI for the extension of time for the assessment of any material Taxes or any deficiency thereof; 
 (h) there are no material Liens for Taxes against any asset of the Companies or LUHI (other than Liens for Taxes which are not yet due and payable); 

  
 22 

 (i) none of the Companies are party to any Tax sharing or similar agreement under which any
of the other Companies or LUHI will have any liability after the Closing (excluding commercial agreements entered into in the ordinary course of business the primary subject of which is not Taxes); 

(j) neither LUHI nor any of the Companies have (i) ever been a member of an affiliated group filing a consolidated U.S. federal
income Tax Return other than the affiliated group of which LUHI has been the common parent for taxable periods ending after January 1, 2008, or (ii) any liability for the Taxes of any Person pursuant to Section 1.1502-6 of the
Treasury Regulations (or any comparable provision of state, local or non-U.S. Law), or as a transferee or successor, by Law, by Contract or otherwise; 
 (k)(i) the unpaid Taxes of the Companies and of LUHI did not, as of the dates of each of the Audited Financial Statements, exceed the reserve for Tax liabilities (excluding any reserve for deferred Taxes
established to reflect timing differences between book and Tax income) set forth on the face of each applicable Audited Financial Statement, (ii) since December 31, 2011, neither LUHI nor any of the Companies or LUHI have incurred any
material liability for Taxes outside the ordinary course of business and (iii) as of the Closing Date, the unpaid Taxes of the Companies will not exceed the amount of such Taxes included as a current liability in the determination of Final Net
Working Capital; 
 (1) no claim has been made in a jurisdiction where the Companies or LUHI do not file a Tax Return that any
Company or LUHI is or may be subject to taxation by that jurisdiction in respect of Taxes that would be the subject of such Tax Return, and neither LUHI nor any of the Companies have engaged in a trade or business, had a permanent establishment or
otherwise become subject to Tax jurisdiction in a country other than the country of its formation; 
 (m) none of the Companies
will be required to include any material item of income in, or exclude any material item of deduction from, taxable income for any period (or portion thereof) ending after the Closing Date as a result of any: (i) change in accounting method
made prior to the Closing; (ii) installment sale prior to the Closing; (iii) agreement with any Tax authority made or entered into prior to the Closing; (iv) prepaid amount received prior to the Closing; (v) election pursuant to
Section 108(i) of the Code; (vi) application of section 17, section 78, section 79, or sections 80 to 80.04 of the Income Tax Act (Canada), or any equivalent provision under applicable provincial law; and (vii) Ropak Holdings’
excess loss account within the meaning of Section 1.1502-19 of the Treasury Regulations in the stock ofRopak; 
 (n) the
prices and terms for the provision of any property or services by or to each of the Companies and LUHI are arm’s length for purposes of the relevant transfer pricing Laws and the Income Tax Act (Canada), and all related
documentation required by such Laws has been timely prepared or obtained and, if necessary, retained; 
 (o) neither LUHI nor
any of the Companies or any of their respective predecessors have (i) within the past three (3) years, been party to a transaction intended to qualify under Section 355 of the Code or under so much of Section 356 of the Code as
relates to Section 355 of the Code; or (ii) been party to a transaction that is or is substantially similar to a “reportable transaction,” as such term is defined in Treasury Regulation§ 1.601l-4(b)(l), or any other
transaction requiring disclosure under analogous state, local or foreign Law; 

  
 23 

 (p) after giving effect to the Closing, none of the Companies will be party to any material
intercompany transaction within the meaning of Section 1.1502-13 of the Treasury Regulations which has not yet been recognized; 
 (q) the Shares are not “taxable Canadian property” for the purposes of the Income Tax Act (Canada); and 
 (r) no amount or benefit that could be, or has been, received (whether in cash or property or the vesting of property or the cancellation of indebtedness) by any current or former employee, director or
other service provider of any of the Companies who is a “disqualified individual” within the meaning of Section 2800 of the Code could be characterized as an “excess parachute payment” (as defined in Section 280G(b)( 1)
of the Code) as a result of the consummation of the transactions contemplated by this Agreement. No Employee Benefit Plan provides for a gross-up, indemnification or other reimbursement of Taxes due under Section 4999 of the Code. 

4.18 Related Party Arrangements. Except as set forth on Schedule 4.18(a) or in the case of any Employee Benefit Plan, no Related
Person of Seller or any Company owns or has any interest in any material property (whether real, personal or mixed and whether tangible or intangible) which is used or held for use in the business of the Companies, is a party to any Contract with
any Company or performs any services for, or on behalf of, any Company or its business. Schedule 4.18(b) sets forth a description of each Related Party Payable and each Related Party Receivable as of the date set forth on Schedule 4.18(b). Except as
set forth Schedule 4.18(b), there are no Related Party Payables or Related Party Receivables as of the date set forth on Schedule 4.18(b). Schedule 4.18{c) sets forth a description of each Related Party Payable and each Related Party
Receivable as of the Closing Date, after giving effect to the Restructuring. Except as set forth Schedule 4.18(c), there will be no Related Party .Payables or Related Party Receivables as of the Closing Date. 

4.19 Brokers, Finders and Investment Bankers. Except for Rothschild, Inc., the fees and expenses of which will be Transaction Expenses,
neither Seller nor any Company has engaged any broker, finder or investment banker or will be liable for any investment banking, brokerage or finders’ fees or similar compensation in connection with the transactions contemplated by this
Agreement. 
 4.20 Customers and Suppliers. Schedule 4.20 sets forth a complete and accurate list of the names of (i) the
twenty (20) largest customers (by revenue) of the Companies, taken as a whole, for the most recently completed fiscal year, and for the nine-month period ended September 30, 2012, showing the aggregate total sales to each such customer
during each such period and (ii) the ten (10) largest suppliers (by dollar-value of total purchases) of the Companies, taken as a whole, for the most recently completed fiscal year and for the nine-month period ended September 30,
2012 showing the aggregate total purchases from each such supplier during each such period. As of the date of this Agreement, except as disclosed on Schedule 4.20, neither Seller nor any Company has received any
written or, to Seller’s 

  
 24 

 
Knowledge, oral communication from any customer or supplier named, or required to be named, on Schedule 4.20 of any intention or threat to terminate or materially reduce purchases
from or supplies to, or change in any material adverse respect their relationship with any Company, nor to Seller’s Knowledge is any such action being considered. 
 ARTICLE V. 
 REPRESENTATIONS AND WARRANTIES OF BUYER 

Subject to the terms, conditions and limitations set forth in this Agreement, Buyer represents and warrants to Seller as of the date
hereof and as of the Closing as follows: 
 5.1 Organization; Authority; Execution and Delivery; Enforceability. Buyer is
a corporation duly incorporated, validly existing and in good standing under the laws of its jurisdiction of incorporation. Buyer is licensed or qualified to do business and in good standing in each jurisdiction in which the character of the
properties owned or leased by it, or the nature of its business, makes such licensing or qualification necessary, except where the failure to be so licensed, qualified or in good standing would not reasonably be expected to have a material adverse
effect on Buyer. Buyer has the right, power and capacity to execute, deliver and perfonn this Agreement and to consummate the transactions contemplated hereby. The execution, delivery and performance of this Agreement, and the consummation of the
transactions contemplated hereby, have been duly and validly authorized by all necessary action on the part of Buyer. This Agreement has been duly executed and delivered by Buyer and (when duly authorized, executed and delivered by Seller)
constitutes the legal, valid and binding obligation of Buyer, enforceable against Buyer in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting
the enforcement of creditors’ rights generally and general principles of equity that restrict the availability of equitable remedies. 
 5.2 Consents and Approvals. Except as set forth on Schedule 5.2 and the applicable requirements of the HSR Act and the Investment Act, neither the execution, delivery or performance by Buyer
of this Agreement nor the consummation of the transactions contemplated hereby will (with or without the giving of notice or the lapse of time, or both) (a) violate any provision of the articles of incorporation or bylaws of Buyer or any
comparable charter or organizational documents of Buyer; (b) require any filing with, or the obtaining of any permit, authorization, consent or approval of, any Governmental Authority; (c) result in a breach of or result in a default (or
give rise to any right of termination, cancellation) under any of the tenns, conditions or provisions of any Contract to which Buyer is a party; or (d) violate any Law or Order applicable to Buyer, excluding from clauses (b), (c) and
(d) such requirements, filings, permits, authorizations, consents, approvals, violations, breaches or defaults that would not materially and adversely impact Buyer’s ability to consummate the transactions contemplated by this Agreement.

 5.3 Litigation. There are no Actions pending or, to Buyer’s Knowledge, threatened, which challenge the validity
of this Agreement or which would be reasonably likely adversely to affect or restrict Buyer’s ability to consummate the transactions contemplated by this Agreement. 

  
 25 

 5.4 Purchase for Investment. Buyer is aware that the Shares are not registered under
the Securities Act of 1933, as amended (the “Securities Act”), or any other securities Laws. Buyer is purchasing the Shares solely for investment, with no present intention to distribute the Shares in violation of the Securities Act, and
Buyer will not sell or otherwise dispose of the Shares except in compliance with the registration requirements or exemption provisions under the Securities Act and the rules and regulations promulgated thereunder, and any other applicable securities
Laws. 
 5.5 Financial Ability. As of the date hereof, Buyer has received one or more executed debt commitment letters dated
November 30, 2012, (the “Commitment Letters”) from the Lenders (the debt financing committed pursuant to the Commitment Letters, the “Financing”), pursuant to which each Lender has committed, subject to the terms and
conditions set forth therein, to provide to Buyer the amount of financing set forth in the Commitment Letters. A true and complete copy of each Commitment Letter, other than the fee letters related to each Commitment Letter, has been previously
provided to Seller. As of the date hereof, each Commitment Letter is valid and in full force and effect. As of the date hereof, the obligations to fund the commitments under the Commitment Letters are not subject to any condition, other than the
conditions expressly set forth in the Commitment Letters. The aggregate proceeds contemplated by the Commitment Letters, together with available cash of Buyer, will be sufficient for Buyer to complete the transactions contemplated by this Agreement
to be entered into at the Closing. 
 5.6 Solvency. Assuming (i) the conditions set forth in Article VU have
been satisfied, (ii) the accuracy of the representations and warranties set forth in Article IV, (iii) the Companies and Seller have performed and complied with all covenants and agreements required to be performed by them hereunder, and
(iv) any estimates, projections or forecasts prepared by or on behalf of Seller or the Companies that have been provided to Buyer or its Representatives have been prepared in good faith based upon assumptions that were and continue to be
reasonable, (A) immediately after giving effect to the transactions contemplated by this Agreement, Buyer and each of its Subsidiaries shall be able to pay their respective debts as they become due and shall own property which has a fair
saleable value greater than the amounts required to pay their respective debts (including a reasonable estimate of the amount of all contingent liabilities) and (B) immediately after giving effect to the transactions contemplated by this
Agreement, Buyer and each of its Subsidiaries shall have adequate capital to carry on their respective businesses. No transfer of property is being made and no obligation is being incurred, in each case by Buyer, in connection with the transactions
contemplated by this Agreement with the intent to hinder, delay or defraud either present or future creditors of Buyer or its Subsidiaries. 
 5.7 Brokers, Finders and Investment Bankers. Neither Buyer nor any of its Affiliates has employed any broker, finder, or investment banker or will be liable for any investment banking, brokerage or
finders’ fees in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Buyer, other than any broker, finder, or investment banker the fees and expenses of which shall be paid by Buyer.

 5.8 Independent Investigation; No Reliance. Buyer has conducted its own independent review and analysis of the
Companies and their condition, cash flow and prospects, 

  
 26 

 
and acknowledges that it has been provided access to the properties, premises and records of the Companies for this purpose. Buyer understands, acknowledges and agrees that the representations
and warranties of Seller expressly and specifically set forth in Article IV (as qualified and modified by the Schedules) constitute the sole and exclusive representations and warranties to Buyer in connection with the transactions
contemplated hereby. Buyer understands, acknowledges and agrees that all other representations and warranties of any kind or nature, express or implied (including any relating to the future or historical financial condition, results of operations,
assets or liabilities of the Companies or any one of them, or the quality, quantity or condition of the assets of the Companies) are specifically disclaimed by Seller. Neither Seller nor any of the Companies nor any other Person makes or provides,
and Buyer hereby waives, any warranty or representation, express or implied, as to the quality, merchantability, fitness for a particular purpose or conformity to samples, except as expressly and specifically set forth in Article IV (as
qualified and modified by the Schedules). In connection with Buyer’s investigation of the Companies, Buyer has received certain projections, including projected statements of operating revenues and income from operations of the Companies and
certain business plan information. Buyer acknowledges that there are uncertainties inherent in attempting to make such estimates, projections and other forecasts and plans, that Buyer is familiar with such uncertainties and that Buyer is making its
own evaluation of the adequacy and accuracy of all estimates, projections and other forecasts and plans so furnished to it, including the reasonableness of the assumptions underlying such estimates, projections and forecasts. Accordingly, Buyer
hereby acknowledges that neither Seller nor any Company is making any representation or warranty with respect to such estimates, projections and other forecasts and plans, including the reasonableness of the assumptions underlying such estimates,
projections and forecasts, or any other matters except as expressly and specifically set forth in Article IV. Except as contemplated by this Agreement, neither Seller nor any Company shall have or be subject to any liability to Buyer or any
other Person resulting from the distribution to Buyer, or Buyer’s use or reliance on, any such estimates, projections and forecasts or any information, confidential information memoranda, documents or material made available to Buyer in any
data rooms, virtual data rooms, management presentations or in any other fonn in expectation of, or in connection with, the transactions contemplated hereby. Notwithstanding anything to the contrary in this Section 5.9 or elsewhere in this
Agreement, nothing in this Agreement, or any other document incorporated into or referenced in this Agreement, will operate to limit any claim by Buyer or any of its Affiliates (including, after the Closing, the Companies) for fraud. 

ARTICLE VI. 

COVENANTS 
 6.1
Conduct of the Business. During the period from the date of this Agreement to the Closing, except as otherwise expressly provided by this Agreement, or as consented to by Buyer in writing (which consent shall not be unreasonably withheld,
conditioned or delayed), Seller shall cause each of the Companies and LUHI, in each case substantially in accordance with past practice, (a) to use its respective reasonable best efforts to (i) conduct its respective business in the
ordinary course consistent with past practices, (ii) maintain, preserve intact and retain its current relationships with customers and suppliers and other Persons with which it has material business relationships, (iii) keep available the
service of its current officers and employees, (iv) comply with all applicable Laws and contractual obligations, (v) maintain and 

  
 27 

 
keep its properties and assets in the present condition, ordinary wear and tear excepted, and maintain available supplies and inventories in quantities consistent with past practice and
(vi) maintain in full force and effect all Insurance Policies in effect on the date hereof, other than renewals of such policies for, or the entry into replacement polices providing, substantially similar levels of coverage; and (b) except
as explicitly set forth in Schedule 6.1, not to: 
 (i) make any material change in its line
of business; 
 (ii)(A) other than in the ordinary course of business consistent with past practice, enter into any Contract
that would be included in the definition of Material Contracts if it had been entered into as of the date of this Agreement, or (B) amend or modify in any material respect, waive any material right under or terminate any Material Contract (or
Contract described in clause (A)); 
 (iii) amend any Organizational Document of any Company; effect or authorize any
restructuring, reorganization or complete or partial liquidation; reclassify, split, combine, redeem or subdivide, or issue, sell, deliver, pledge, dispose of or otherwise encumber, directly or indirectly, any of the Shares or any capital stock or
other Equity Interests of any Company; or allow any other Person to take any of the foregoing actions; 
 (iv) make, declare,
set aside, authorize or pay any dividend, or make any other distribution in respect of, any of Equity Interests of any Company other than (x) cash dividends paid in full prior to Closing and (y) cash dividends or distributions by one or
more Companies to another Company; 
 (v) acquire (whether by merging or consolidating with, or agreeing to merge or consolidate
with, or purchasing, or agreeing to purchase, Equity Interests in or substantially all, or a material portion, of the assets of, or otherwise acquire) any business or any corporation, limited liability company, partnership, association or other
Person or business organization or division thereof; 
 (vi)(A) create, assume, incur or become obligated with respect to any
Indebtedness, other than borrowings or draws on unsecured intercompany financing arrangements (all of which constitute Related Party Payables hereunder) in the ordinary course of business consistent with past practice, or (B) pay any amounts on
any Indebtedness, including any amount of principal or interest (including PIK interest) thereon, except for the payment of interest (including PIK interest) that is required to be paid in cash in accordance with the terms of such Indebtedness as of
the date hereof; 
 (vii) other than (A) the sale by LUHI of the $1 million Roper insurance policy to the Seller, and
(B) the sale by LUHI of the Buckhorn Legal Defense Costs Claims to Seller, in both cases, in connection with the Restructuring, sales of inventory and obsolete equipment in the ordinary course of business, sell, license, lease, sublease,
mortgage, pledge or otherwise encumber, suffer to exist any Lien on (other than Permitted Liens), or dispose of or otherwise transfer any of properties, assets or equipment owned by any Company; 

(viii) make any loans, investments, contributions or advances in or to any Person, except for loans or advances in the ordinary course of
business consistent with past practice to any employee of the Companies for expense incurred in connection with the operation of the business of the Companies; 

  
 28 

 (ix) fail to make capital expenditures in accordance with Schedule 6.1(b)(ix); 

(x) make any material change to its policies or practices regarding the extension of customer credit, sales of inventory, collection of
accounts receivable or payment of accounts payable; 
 (xi) waive, release, settle or compromise any pending or threatened
Action (A) having a value in excess of $250,000 individually or (I) $500,000 in the aggregate (provided, however, in the event that the Closing shall not have occun-ed within sixty (60) days of the date of this Agreement, such
amount shall be increased to $1,000,000 in the aggregate), (B) relating to the transactions contemplated by this Agreement or (C) involving any (I) admission of wrongdoing by any Company or (II) recourse against, or obligation of, any
Company other than the payment of monetary damages; 
 (xii) fail to renew any material Pennit that expires prior to the Closing
Date; 
 (xiii) make any material change in any method of accounting or accounting practice by the Companies, except for any
such change required by reason of a concun-ent change in UK GAAP, the Code or applicable Law; 
 (xiv) make or change any
Tax election; settle or compromise any claim, notice, audit or assessment in respect of Taxes; adopt or change any method of Tax accounting; file any amended Tax Return (except as otherwise provided in Section 6.12(e), provided that the filing
or amendment thereof could not reasonably be expected to adversely affect Buyer, the Companies or their respective Affiliates after the Closing); enter into any Tax allocation, indemnity, sharing, closing or similar Contract; surrender, settle or
compromise any right to claim a Tax refund (other than any Tax refund set forth on Schedule 6.12(e), provided that the settlement thereof could not reasonably be expected to adversely affect Buyer, the Companies or their respective Affiliates
after the Closing); or consent to any extension or waiver of the statute of limitations period applicable to any Tax claim or assessment; 
 (xv) except as required by Law or the existing terms of an Employee Benefit Plan, (a) increase, accelerate the vesting or payment of or accelerate the funding of, compensation payable to or other
benefits provided to, or grant any bonus to, its directors, officers, employees or consultants, other than the payment of bonuses to non-management employees in the ordinary course of business consistent with past practice, (b) grant any rights
to severance or termination pay or notice, or enter into or amend any employment agreement or severance agreement, (c) terminate, adopt, establish or amend any Employee Benefit Plan, or (d) hire, terminate (other than for cause), promote,
demote or otherwise materially change the employment status or title of any of its officers or employees, other than non-management employees in the ordinary course of business consistent with past practice; 

(xvi) effectuate any “plant closing” or a “mass layoff” (as defined in WARN or similar state law) affecting any
single site of employment or one or more facilities or operating units within any single site of employment of any Company; 

  
 29 

 (xvii) grant, or fail to renew, any material right or license m any material Intellectual
Property Right; or 
 (xviii) authorize, commit or agree to take any of the actions described in this Section
6.l(b). 
 6.2 Best Efforts. 
 (a) Upon the terms and subject to the conditions set forth in this Agreement (including the provisions of Section 6.3, which shall control with respect to actions required in connection with
obtaining approval under the HSR Act), Seller and Buyer shall use their commercially reasonable efforts to take, or cause to be taken, all actions, and to do, or cause to be done, all things necessary, proper or advisable to consummate and make
effective the transactions contemplated hereby; provided, however, that neither Buyer, Seller nor any Company shall be required to pay any fee, penalty or other consideration to obtain any license, permit, consent, approval, authorization,
qualification or waiver required under any Contract for the consummation of the transactions contemplated hereby (except that Seller agrees that it shall pay any fee or other consideration required in connection with the repayment of the
Indebtedness and the release of the related Liens). Without limiting the foregoing, prior to and at the Closing, Seller shall take all action necessary to cause its Affiliates (including, at or prior to the Closing, the Companies) to comply with its
obligations under this Agreement, and Seller shall not authorize, or otherwise permit, any Company to take any action (or omit to take any action) in violation of this Agreement. Notwithstanding anything to the contrary in this Agreement, Seller
shall cause each Company not to make any payments or otherwise pay any consideration to any third party, or agree to modify the terms of any Contract, waive any right or grant any concession in each case to obtain any consent or release, except for
the payment of cash amounts that will be paid in full prior to the Closing and fully reflected in the calculation of the Estimated Purchase Price and Final Purchase Price. At or after the Closing, Buyer and Seller shall use their commercially
reasonable efforts to execute and deliver such other documents, certificates, and agreements, and take such other actions, as may be necessary or desirable in order to consummate the transactions contemplated by this Agreement, or confirm, record or
evidence the authorization, execution, delivery or performance of this Agreement or consummation of the transactions contemplated by this Agreement. 
 (b) Seller Parent shall cause Seller to comply with each of Seller’s obligations, covenants and agreements hereunder. 
 6.3 Governmental Filings. Each Party shall promptly after execution of this Agreement, but in no event later than three (3) Business Days after the date hereof, make or cause to be made all
filings, submissions and notifications as are required under the HSR Act. Each Party shall promptly furnish to the other such necessary information and reasonable assistance as the other may reasonably request in connection with its preparation of
any filing or submission that is necessary under such Laws. Each Party shall promptly provide the other with copies of all written communications (and memoranda setting forth the substance of all oral communications) between each of them, any of
their Affiliates or any of its or their representatives, on the one hand, and any Governmental Authority, on the other hand, with respect to this Agreement or the transactions contemplated hereby, unless otherwise prohibited 

  
 30 

 
by applicable Laws, including competition laws; provided, however, that Buyer may, prior to providing any such copy to Seller, redact such copy to the extent the information therein
(i) does not relate to the assets or business of the Companies or (ii) otherwise reveals Buyer’s valuation or negotiating strategy with respect to the transactions contemplated hereby. Without limiting the generality of the foregoing,
each Party shall promptly notify the other of the receipt and content of any inquiries or requests for additional information made by any Governmental Authority in connection therewith and shall promptly (i) comply with any such inquiry or
request and (ii) provide the other with a description of the information provided to any Governmental Authority with respect to any such inquiry or request, in each case unless otherwise prohibited by applicable Laws, including competition
laws. In addition, each Party shall keep the other apprised on a prompt basis of the status of any such inquiry or request. Buyer and Seller shall each be responsible for 50% of any and all filing fees associated with any filings under the HSR Act.
Notwithstanding anything in this Agreement to the contrary, in no event shall Buyer or any of its Affiliates be required, and in no event shall Seller or any Company be permitted, to offer or agree to sell or otherwise dispose of, or hold separate,
agree to conduct, license or otherwise limit the use of any of the assets, categories of assets or businesses or other segments of the Companies or their respective business, or Buyer or any of its Affiliates, or to agree to any change in its
business or any other restriction or condition with respect thereto required or requested by a Governmental Authority. 
 6.4
Fees and Expenses. Except as otherwise expressly provided herein, all fees, costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the Party incurring such expenses, it being
understood that legal, accounting and other third party fees and expenses of the Companies incurred on or prior to the Closing in connection with the transactions contemplated hereby shall be the responsibility of Seller. 

6.5 No Solicitation. From the date hereof to the Closing Date, Seller shall not, and shall cause each of its Affiliates (including
the Companies) not to, and shall use reasonable best efforts to cause its and its Affiliates’ respective Representatives not to, directly or indirectly, encourage, solicit, initiate or engage in discussions or negotiations with, or provide any
information to, any Person (other than Buyer and its Affiliates and Representatives), concerning any merger, sale of substantial assets, sale of shares of capital stock, Equity Interests or similar transactions involving any Company or a substantial
portion of the assets of any Company, or enter into any agreement with respect thereto. 
 6.6 Access to Information.
From the date hereof to the Closing Date, Seller shall cause the Companies to afford to Buyer and its Representatives and prospective lenders reasonable access to the properties, accounts, Contracts, books and records of each Company, and
furnish Buyer and its Representatives and prospective lenders such financial, operating and other data and information as Buyer may reasonably request; provided, however, that any such access by Buyer and its Representatives and prospective
lenders shall be conducted pursuant to reasonable prior notice during normal business hours under the supervision of agent(s) designated by Seller, and shall not unreasonably interfere with the business operations of the Companies. 

  
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 6.7 Restructuring. Prior to the Closing Date, Seller shall effectuate the
Restructuring consistently in all respects (other than with any such changes that are not material and to which Buyer provides its prior written consent, such consent not to be unreasonably withheld, conditioned or delayed) with Exhibit 1.l(a)
and provide evidence reasonably satisfactory to Buyer of the same. Seller shall keep Buyer apprised of the status of the Restructuring and all steps taken in connection therewith. 

6.8 Financing. Buyer hereby covenants and agrees that, subject to Article VIU, its obligations under this Agreement
are not conditioned upon the availability of financing. Buyer shall use commercially reasonable efforts to take, or cause to be taken, all actions and do, or cause to be done, as promptly as possible, all things necessary, proper or advisable to
arrange the Financing on the terms and conditions described in the Commitment Letters, including using commercially reasonable efforts to, as promptly as possible, (a) satisfy on a timely basis (taking into account the Marketing Period) all
conditions applicable to Buyer obtaining the Financing set forth therein that are within Buyer’s control, (b) negotiate and enter into definitive agreements with respect thereto on the terms and conditions contemplated by the Commitment
Letters (including those terms in the fee letter associated with such Commitment Letter) or on such other terms acceptable to Buyer and Buyer’s financing sources that would not adversely impact, in any material respect, the ability or
likelihood of Buyer to consummate the transactions contemplated hereby, and (c) subject to the terms of this Agreement and the terms of the Commitment Letter, consummate the Financing at or prior to the Closing. Buyer may amend or modify the
tenns of the Commitment Letters or waive any provision or remedy thereunder (including with respect to the addition of lenders, lead arrangers, bookrunners, syndication agents or similar entities that have not executed the Commitment Letters as of
the date hereof) unless such amendment, modification or waiver would, or would reasonably be expected to, when taken together with all such amendments and modifications, (i) delay or prevent the Closing Date (taking into account the Marketing
Period), (ii) make the funding of the Financing (or satisfaction of the conditions to obtaining the Financing) less likely in any material respect to occur or (iii) adversely impact in any material respect the ability of Buyer to enforce
its rights against the other parties to the Commitment Letters or the definitive agreements with respect thereto, the ability of Buyer to consummate the transactions contemplated by this Agreement to be consummated at the Closing or the likelihood
of the consummation of such transactions to be consummated at the Closing. If all or any portion of the Financing becomes unavailable on the terms and conditions contemplated in the Commitment Letters, Buyer shall use its commercially reasonable
efforts to arrange and obtain alternative financing from alternative sources on terms and conditions that are no less favorable, in the aggregate, to Buyer than those set forth in the Commitment Letters. From the date hereof until the Closing Date,
Buyer shall promptly notify Seller upon becoming aware of any change or fact of which Buyer is aware that constih1tes a material breach by any party to, or any termination of, the Commitment Letters. 

6.9 Confidentiality. 
 (a) Notwithstanding any provision in this Agreement to the contrary, the letter agreement dated July 1, 2012 (the “Confidentiality Agreement”) by and between Seller and Platinum
Equity Advisors, LLC (as amended by that certain letter agreement dated October 12, 2012) shall, subject to the terms thereof, remain in full force and effect and survive the execution and delivery of this Agreement and the termination of this
Agreement for any reason. 

  
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 (b) Effective as of the Closing, (i) to the extent any right or interest of Seller or
any Affiliate of Seller under any Transaction Confidentiality Agreement is assignable without the consent of a third party, Seller hereby assigns to Ropak Holdings, and agrees to cause each of its applicable Affiliates to assign to Ropak Holdings,
all rights and interests of such Person under any Transaction Confidentiality Agreement to which such Person is a party to the extent of such Person’s rights thereunder related to information of the Companies, and (ii) to the extent any
right or interest of such Person under a Transaction Confidentiality Agreement is not assignable without the consent of a third party, Seller agrees to, and to cause each of its applicable Affiliates to, use its reasonable best efforts to enforce at
Buyer’s sole cost and expense its rights under any such Transaction Confidentiality Agreement for the benefit of Buyer and the Companies, as Buyer reasonably requests. 
 (c) From and after the Closing, Seller shall, and shall cause each of its Affiliates and its and their respective Representatives to, hold in confidence and not disclose, publish or make use of, without
the prior written consent of Buyer all knowledge and information of a proprietary or confidential nature with respect to the business, personnel, assets or liabilities of one or more Companies; provided, that the foregoing shall not apply to
information that was or becomes generally available to the public other than as a result of any action or inaction by Seller or any of its Affiliates or its and their respective Representatives that is (i) in violation of Section 6.9
or (ii) that occurred prior to Closing and would have been in violation of Section 6.9 if it had occurred prior to Closing. 
 6.10 Public Announcements. Except as otherwise required by Law, neither of the Parties shall, and each Party shall cause its respective Affiliates not to, make or issue any public announcement or
press release to the general public with respect to this Agreement or the transactions contemplated by this Agreement without the prior written consent of the other Party, which consent shall not be unreasonably withheld, delayed or conditioned;
provided, however, that (a) Buyer and its Affiliates shall be permitted to disclose information concerning this Agreement and the transactions contemplated hereby (i) to its employees, equity owners, partners, prospective partners,
investors, prospective investors, professional advisors, and lenders who (in the reasonable opinion of Buyer) have a need to know such information and who agree to keep such information confidential or are otherwise bound to confidentiality and
(ii) after the Closing, in connection with the customary fundraising, marketing, informational or reporting activities of Buyer or its Affiliates and (b) Buyer’s financing sources and other professional advisors may publish
“tombstones” or other customary announcements which do not contain pricing details that are not otherwise publicly available, in each case, without Seller’s consent. The parties agree that the initial press release to be issued with
respect to the transactions contemplated by this Agreement shall be in the form heretofore agreed to by the Parties. 
 6.11
Access to Books and Records. 
 (a) From and after the Closing, Buyer shall, and shall cause each of the Companies to,
provide Seller and its authorized representatives with reasonable access (for the purpose of examining and copying (at Seller’s expense)), upon reasonable advance notice and during normal business hours, to the books and records of the
Companies to enable Seller to prepare financial statements or Tax Returns or deal with Tax audits or any pending or threatened litigation, in each case, relating to periods or occurrences prior to or on the Closing Date;

  
 33 

 
provided that such access shall not unreasonably disrupt the normal operations of the Companies. Unless otherwise consented to in writing by Seller, Buyer shall not, and shall not permit any of
the Companies to, for a period of seven (7) years following the Closing Date, or for any longer periods as may be required by any Governmental Authority or ongoing litigation, destroy, alter or otherwise dispose of any of the books and records
of any of the Companies (relating to Taxes in respect of the Companies) for any period prior to the Closing Date. 
 (b) From
and after the Closing, Seller Parent and Seller shall, and shall cause each of their Affiliates to, provide Buyer and its authorized representatives with reasonable access (for the purpose of examining and copying), upon reasonable advance notice
and during normal business hours, to those books and records in the possession Seller Parent, Seller and their Affiliates that (i) contain information not in the possession, custody or control of the Companies and (ii) directly relate to
the operation of the Companies, their respective assets, liabilities or personnel, or are or were necessary for purposes of, or otherwise used in connection with, preparing the Financial Statements in a manner consistent with the Companies’
historical practice, in each case, relating to periods or occurrences prior to or on the Closing Date; provided that such access shall not unreasonably disrupt the normal operations of Seller Parent, Seller or their Affiliates. Unless otherwise
consented to in writing by Buyer, Seller Parent and Seller shall not, and shall not permit any of their Affiliates to, for a period of seven (7) years following the Closing Date, or for any longer periods as may be required by any Governmental
Authority or ongoing litigation, destroy, alter or otherwise dispose of any of such books and records; provided that the foregoing covenants shall not restrict Seller Parent, Seller or any of their Affiliates from liquidating and/or dissolving, and
the covenants in this Section 6.11(b) shall expire with respect to any Person upon such Person’s liquidation and/or dissolution; provided, further, however, that Seller and Seller Parent shall provide Buyer with no less than ninety
(90) days’ prior written notice of any such liquidation and/or dissolution. 
 6.12 Tax Matters. 

(a) Pre-Closing Tax Period Returns. The Companies and LUHI shall, and Seller shall cause the Companies and LUHI to, prepare and timely
file, at the Companies’ expense and in accordance with applicable Law, all Tax Returns required to be filed by the Companies and/or LUHI on or prior to the Closing Date, and pay all Taxes due in connection therewith (including, for the
avoidance of doubt, estimated Taxes). Buyer shall, at Seller’s expense, cause to be prepared and timely filed any Tax Returns required to be filed by any Company after the Closing Date (collectively, the “Seller Tax Returns”)
for any taxable period or periods ending on or before the Closing Date (in each case, a “Pre-Closing Tax Period”), but in the case of all Seller Tax Returns which are for non-income Taxes, Seller’s expense for the preparation
of such Seller Tax Returns (for the avoidance of doubt, excluding any amended Tax Returns filed pursuant to Section 6.12(e), the expenses of which shall be disregarded for purposes of this sentence) shall not exceed $40,000 in the
aggregate; provided further that Seller shall not be charged for any Tax Return preparation costs to the extent such costs have been included as a current liability in the Final Net Working Capital as reflected on the Final Closing Statement.
Seller shall have the obligation to pay the Taxes of the Companies due in respect of such Seller Tax Returns for all Pre-Closing Tax Periods no later than five (5) Business Days before Buyer is required to file such Seller Tax Returns with the
applicable Taxing Authority (including extensions), except to the extent the amount of the specific Taxes were included as a 

  
 34 

 
current liability in determining the Final Net Working Capital as reflected on the Final Closing Statement. All such Seller Tax Returns shall be prepared in accordance with applicable Law as of
the date such Seller Tax Return is filed. As long as Seller is liable for the Taxes due in respect of such Seller Tax Returns and there are Escrow Funds remaining sufficient to cover the Taxes shown as due on such Seller Tax Returns (disregarding
for this purpose any Escrow Funds subject to outstanding claims made in writing by a Taxing Authority or other third party), Buyer shall submit each of the draft Seller Tax Returns (and related work papers and supporting information) to Seller (or
its written designee) at least twenty-five (25) Business Days in the case of income Tax Returns, or ten (10) Business Days in the case of non-income Tax Returns, prior to the due date for filing such Seller Tax Returns (taking into account
any extensions filed by the applicable Party thereto) and Seller shall review (or cause to be reviewed) and comment on such Seller Tax Returns in good faith within fifteen (15) Business Days in the case of income Tax Returns, or eight
(8) Business Days in the case of non-income Tax Returns, after receipt thereof. If Seller (or its written designee) delivers comments in writing to Buyer within such period, subject to the remainder of this Section 6.12(a), Buyer shall
cause any such reasonable comments to be reflected on such Seller Tax Returns unless such comments: (i) could materially affect a taxable period (including the portion of a Straddle Period) beginning on or after the Closing Date; (ii) are
inconsistent with past practice; or (iii) are inconsistent with applicable Law as of the date the applicable Seller Tax Return is filed. In the event of a disagreement concerning any Seller Tax Return or any comments made by Seller thereto
pursuant to this Section 6.12(a), Seller and Buyer shall use their respective good faith efforts to resolve any disagreement in connection with such Seller comments. In the event Buyer and Seller are unable to agree on any such revisions within
ten (10) Business Days after Seller provides its comments, Buyer and Seller shall resolve the disagreement pursuant to the terms and conditions of Section 2.5(b)(ii), with such changes as are necessary to apply such dispute resolution
procedure to this disagreement. Upon the final determination of such disagreement pursuant to Section 2.5(b)(ii), Buyer shall file such Seller Tax Returns promptly but no later than five (5) Business Days after such final
determination. Notwithstanding anything to the contrary in this Section 6.12(a), Buyer shall be entitled to file such Seller Tax Returns without having incorporated the disagreed upon changes to avoid a late filing of such Seller Tax Returns.
In the event the Accounting Referee’s resolution of the disagreement pursuant to Section 2.5(b)(ii) necessitates that a Seller Tax Return filed in accordance with the previous sentence be amended, Buyer shall cause an amended Seller Tax Return
to be filed that reflects such resolution; provided further, that the cost of preparing such amended Seller Tax Return shall be apportioned between Seller and Buyer in the manner described in the last sentence of Section 2.5(b )(ii};
provided, however, that Seller shall continue to have the obligation to pay the Taxes due and payable as shown on such Seller Tax Return, except to the extent the amount of such specific Taxes were included as a current liability in determining
the Final Net Working Capital as reflected on the Final Closing Statement. The Parties agree that Ropak shall elect to comply with the safe harbor described in Revenue Procedure 2011-29, 2011-18 I.R.B. 746, in respect of success-based fees paid by
Ropak in connection with this Agreement and the transactions contemplated hereby. Buyer and Seller further agree that, to the extent currently deductible and unless otherwise required by Law, the Transaction Deductions and the PIK interest, if any,
paid by LUHI of approximately $7,600,000 on its Related Party Payable to Seller before the Closing Date, shall be reported on the applicable U.S. federal and state corporate income Tax Returns and if applicable, Canadian corporate income Tax
Returns, solely as income tax deductions of 

  
 35 

 
the Companies for the Pre-Closing Tax Period that ends on the Closing Date (whether or not any Tax Return must be filed for such Pre-Closing Tax Period) pursuant to Treasury Regulation
Section 1.1502-76(b)(l)(ii)(A)(l) which sets forth the “end of the day on the closing date” rule and any comparable or similar provision under state or local Law, and shall not be reflected on any Tax Return of Seller or its
Affiliates, and, except as permitted by Law, such Transaction Deductions shall not be treated or reported as income tax deductions for any taxable period beginning after the Closing Date (including under Treasury Regulation Section 1.l 502-
76(b)(1)(ii)(B) or any comparable or similar provision under state or local Law). 
 (b) Certain Post-Closing Tax Returns.
Buyer and Seller agree that the entire current Tax deduction for U.S. federal and state corporate and other applicable income Tax purposes with respect to the amount of the “repurchase premium” within the meaning of Treasury
Regulations Section 1.163-7(c), which will be triggered upon the repayment on the Closing Date of the remaining principal balance of the Related Party Payable owed by LUHVRopak Holdings to Seller pursuant to the LINPAC Group Senior Facilities
Agreement, dated as of June 20, 2003, as amended and restated on December 21, 2009, by and among LINPAC Group Holdings Limited, Deutsche Bank AG London and the other parties thereto (such Related Party Payable, the “Ropak Holdings
Related Party Payable”), shall be reported on the applicable U.S. federal and state corporate and other applicable income Tax Returns that include Ropak Holdings as an income tax deduction of Ropak Holdings allocable to the day following
the Closing Date pursuant to the “next day rule” under Treasury Regulations Section 1.1502-76(b)(1)(ii)(B) and any comparable or similar provision under state or local Law. 

(c) Straddle Periods. In the case of any taxable period or periods of the Companies or LUHI starting on or before the Closing Date
and ending after the Closing Date (in each case, a “Straddle Period”), with respect to Tax Returns required to be filed by any of the Companies or LUHI with respect to a Straddle Period (collectively, the “Straddle Period
Returns”), for purposes of determining the amount of Taxes that are payable for a Straddle Period, the portion of such Taxes which relate to the pre-Closing portion of the Straddle Period ending on the Closing Date shall: (i) in the
case of Taxes such as real and personal ad valorem taxes, sales taxes, employment taxes and other similar Taxes that in each case, are not measured by or based on income, be deemed to be the amount of such Taxes for the entire Straddle Period
multiplied by the fraction the numerator of which is the number of days in the Straddle Period ending on and including the Closing Date (at the end of such Closing Date), and the denominator of which is the number of days in the entire Straddle
Period; and (ii) in the case of all other Taxes, be deemed equal to the amount of Taxes which would be payable if the relevant Straddle Period ended on and included the Closing Date (at the end of such Closing Date). Seller shall have the
obligation to pay solely those Taxes shown as due and payable by the Companies or LUHI on the applicable Straddle Period Returns with respect to the pre-Closing portion of a Straddle Period allocated to the Companies. Seller shall pay to Buyer those
Taxes allocated to the Companies in the prior sentence no later than five (5) Business Days before Buyer is required to file such Straddle Period Reh1rns with the applicable Taxing Authority (including extensions), except to the extent the
amount of the specific Taxes for a Straddle Period were included as a current liability in determining the Final Net Working Capital as reflected on the Final Closing Statement. 

  
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 (d) Straddle Period Returns. Buyer shall, at its own expense, prepare all such
Straddle Period Returns in a manner consistent with applicable Law. As long as Seller is liable for the Taxes due in respect of such Straddle Period Returns that are allocable to the pre-Closing portion of the relevant Straddle Periods and there are
Escrow Funds remaining sufficient to cover such Taxes (disregarding for this purpose any Escrow Funds subject to outstanding claims made in writing by a Taxing Authority or other third party), Buyer shall provide Seller (or its written designee)
with a copy of each such draft Straddle Period Return (and related work papers and supporting information) for review and comment not later than ten (10) Business Days prior to its due date (including extensions). Seller (or its written
designee) shall review and comment on any such Straddle Period Returns eight (8) Business Days of receipt thereof. If Seller (or its written designee) delivers comments to Buyer within such period, Seller and Buyer shall use their respective
good faith efforts to resolve any disagreement in connection with such Seller comments. In the event Buyer and Seller are unable to agree on any such revisions within two (2) Business Days after Seller provides its comments, Buyer and Seller shall
resolve the disagreement under the terms and conditions of Section 2.5(b ), with such changes as are necessary to apply such dispute resolution procedure to this disagreement. Upon the final determination of such dispute, Buyer shall
file such Tax Returns promptly but no later than five (5) Business Days after such final determination. Notwithstanding anything to the contrary in this Section 6.12(d), Buyer shall be entitled to file the applicable Straddle Period Return
without having incorporated the disagreed upon changes to avoid a late filing of such Straddle Period Return. In the event the Accounting Referee’s resolution of the dispute under Section 2.5(b) necessitates that a Straddle Period
Return filed in accordance with the previous sentence be amended, Buyer shall cause an amended Straddle Period Return to be filed that reflects such resolution; provided, further, that the cost of preparing such amended Straddle Period Return
shall be apportioned between Seller and Buyer in the manner described in the last sentence of Section 2.5(b)(ii); provided, however, that Seller shall continue to have the obligation to pay the Taxes described in Section 6.12(c)
payable by the Companies as shown on such amended Straddle Period Return with respect to the pre-Closing portion of the Straddle Period allocated to them under Section 6.12(c), except to the extent the amount of such specific Taxes were
included as a current liability in determining the Final Net Working Capital as reflected on the Final Closing Statement. 
 (e)
Tax Refunds. Buyer shall pay to Seller any cash refunds of Taxes (together with any interest received with such refund) described on Schedule 6.12(e) received by any Company after the Closing Date within ten (10) Business Days after
receipt of such refund; provided, however, Buyer shall not be required to pay such refund to Seller to the extent such refund (or a claim for such refund) was included in Schedule 1.l(g), except to the extent of any Refund Shortfall (net of
any reimbursed expenses included therein) previously paid to Buyer in accordance with this Section 6.12(e) with respect to such refund. To the extent that the full amount of any refund listed in Schedule 1.l(g) is not received by any
Company within ten (10) months after the Closing Date, Seller shall indemnify and hold the Buyer Indemnified Parties (for the avoidance of doubt, including Ropak and Ropak Canada) harmless for the difference between (a) the amount with
respect to such refund included in Schedule 1.l(g) and (b) the amount (net of reasonable expenses (including Taxes, if any) incurred by the Buyer Indemnified Parties in connection therewith) actually received by the Companies with
respect to such refund (such difference, the “Refund Shortfall”). For the avoidance of doubt, Seller’s indemnification obligations pursuant to the immediately preceding sentence shall not be subject to the procedures

  
 37 

 
set forth in Section 9.5. The Refund Shortfall shall be paid to Buyer immediately out of the Escrow Funds, and the Parties shall instruct the Escrow Agent without any delay to
make such payment to Buyer. Further, for those Tax refunds set forth on Schedule 6.12(e) where an amended Tax Return of the Companies or LUHI must be filed for the Tax refund to be paid by the applicable Taxing Authority, then notwithstanding
Section 6.l(b)(xiv), such amended Tax Return can be filed prior to the Closing Date at the direction and control of Seller upon notice to Buyer so long as such filing could not reasonably be expected to adversely affect Buyer, the
Companies or their respective Affiliates after the Closing; provided, further, that if such amended Tax Return is not filed before the Closing Date, then Buyer shall prepare and file such amended Tax Return at Seller’s expense (such
expense to include any third-party fees and any Taxes generated in a taxable period or portion thereof beginning after the Closing Date that are solely attributable to such amendment) as soon as practicable after the Closing Date and such amended
Tax Return shall be treated for purposes of Section 6.12(a) (other than the second sentence thereof) as if it were a “Seller Tax Return” to the extent applicable, with an assumed due date for such amended Tax Returns of sixty
(60) days after the Closing Date, or as soon thereafter as reasonably practicable, for Section 6.12(a) purposes. For the avoidance of doubt, any other refunds of Taxes of the Companies not described on Schedule 6.12(e) shall be for the
account of Buyer and the Companies, and neither Buyer nor the Companies shall have any obligation to pay over any such other refunds to Seller. Buyer and Seller agree that, except as required by Law, the receipt by Seller of any Tax refund amounts
(inclusive of interest thereon) paid by Buyer to Seller pursuant to this Section 6.12(e), and the receipt by Buyer of any Refund Shortfall pursuant to this Section 6.12{e), shall be treated by them for Tax purposes as
adjustments to the Purchase Price. 
 (f) No Warranties of Tax Benefits to Buyer. Notwithstanding the provisions of this
Section 6.12 whereby Buyer (rather than the Companies or Seller) may claim certain Tax benefits attributable to the consummation of the transactions contemplated by this Agreement, Buyer and Seller agree that notwithstanding anything to
the contrary in this Agreement: (i) Seller is not warranting to Buyer under this Agreement the amount of Tax benefit that will be available to Buyer that is attributable to the repurchase premium pursuant to Treasury Regulation Section
l.163-7(c); the Transaction Expenses; or the Transaction Deductions; and (ii) Buyer shall not be entitled to make any indemnification claim as a result of the amount of the net operating losses reflected on Buyer’s consolidated federal
income Tax Returns that are attributable to the Transaction Expenses, Transaction Deductions or the repurchase premium pursuant to Treasury Regulation Section 1.163-7(c) ultimately allowed by any Taxing Authority being less than expected,
except, in the case of the repurchase premium, as a result of any breach of or noncompliance by Seller or any of its Affiliates (other than, after the Closing, the Companies) with respect to any covenant contained within this Agreement concerning
(A) the debt to which such repurchase premium relates, (B) the reporting of any tax items with respect to such debt or the payment thereof or (C) the Restructuring. 

(g) Amendment of Tax Returns by Buyer. Without the prior written consent of Seller, which consent shall not be unreasonably
withheld, conditioned, or delayed, except as required by Law, Buyer shall not: (i) file or amend any Tax Return with respect to a Pre-Closing Tax Period; (ii) amend any Straddle Returns that have been filed; or (iii) extend or waive
any statute of limitations or other period for the assessment of any Tax that relates to a Pre-Closing Tax Period. 

  
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 (h) Transfer Taxes. Buyer and Seller shall each be responsible for 50% of all
transfer, value-added, documentary, sales, excise, use, stamp, registration and other such Taxes, and all conveyance fees, recording charges and other fees and charges (including any penalties and interest) incurred in connection with the
consummation of the transactions contemplated by this Agreement (“Transfer Taxes”); provided, that notwithstanding the foregoing, Seller shall be responsible for, and shall pay, all Transfer Taxes arising in connection with the
Restructuring. Buyer shall file all necessary Tax Returns and other documentation with respect to all such Transfer Taxes and, if required by applicable Law or to the extent reasonably requested, each Party shall, and shall cause their respective
Affiliates to, cooperate in the preparation and filing and join in the execution of any such Tax Returns and other documentation. 
 (i) No Section 338 Election. Buyer shall not cause or permit an election under Section 338 of the Code to be made with respect to the transactions contemplated by this Agreement.

 (j) Preservation of Tax Records. As long as there are Escrow Funds remaining (disregarding for this purpose any Escrow
Funds subject to outstanding claims), Buyer agrees that it shall, and it shall cause the Companies to: (i) preserve and keep all Tax books and records of the Companies for a period of seven (7) years after the Closing, or for any longer
periods as may be required by any Governmental Authority or ongoing litigation; and (ii) make such Tax books and records available to Seller as may be reasonably required by Seller. 

(k) Tax Proceedings. Buyer and its Affiliates, on the one hand, and the Seller and its Affiliates, on the other hand, shall
promptly notify each other in writing upon receipt of notice of any inquiry, claim, assessment, audit or similar proceeding in respect of Taxes of the Companies (or of LUHI, to the extent the Companies could be liable for such Taxes) (a “Tax
Proceeding”) for any Pre-Closing Tax Period; provided, that the failure to provide such notice shall not relieve any Person of any liability with respect to such Tax Proceeding except to the extent such Person was actually prejudiced by such
failure. Seller shall control the prosecution of any Tax Proceeding relating (i) exclusively to Pre-Closing Tax Periods, and (ii) to the extent the relevant Tax Proceeding is severable, the portion of any Straddle Period allocated to
Seller for which Seller must pay the Taxes pursuant to Section 6.12(c) hereof, and Buyer shall control any other Tax Proceeding. Each of Seller and Buyer shall be entitled to participate at its own expense with separate counsel in all aspects
of any such Tax Proceeding controlled by the other Party pursuant to the immediately preceding sentence. The Party controlling such Tax Proceeding shall promptly deliver copies of any written communications in connection with such Tax Proceeding to
the other Party, and shall not settle or compromise any such Tax Proceeding without the other Party’s prior written consent, not to be unreasonably withheld, conditioned or delayed. For the avoidance of doubt, this Section 6.12(k) and not
Section 9.5 shall govern Tax Proceedings and shall apply only for so long as there are Escrow Funds remaining sufficient to cover the Taxes that are indemnifiable by Seller in connection with the relevant Tax Proceeding (disregarding for
this purpose any Escrow Funds subject to outstanding claims made in writing by a Taxing Authority or other third party). 
 (1)
Cooperation. Buyer and Seller agree to furnish or cause to be furnished to each other, upon request, as promptly as practicable, such information and assistance relating to Taxes, including, without limitation, access to books and records and
execution of all reasonably 

  
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requested powers of attorney and other documentation, as is reasonably necessary for the preparation, execution and filing of all Tax Returns by Buyer, Seller, the Companies and their respective
Affiliates and any dispute or proceeding in connection therewith. 
  

	 	6.13	Employee Matters. 

(a) From the date hereof to the Closing Date, Seller shall make available to Buyer for review records which are in Seller’s
possession and which provide information regarding employees’ names, dates of hire by the Companies, salary histories, performance ratings and evaluations and disciplinary warnings or actions for all employees of the Companies. Seller and the
Companies shall not be required to provide records the disclosure of which is prohibited by applicable Law. 
 (b) No employee
of the Companies participates in an “employee benefit plan” (within the meaning of Section 3(3) of BRISA) or other compensation program sponsored or maintained by Seller or its Affiliates (other than the Companies). 

(c) Notwithstanding anything in this Section 6.13 to the contrary, nothing contained herein, whether express or implied, shall
(i) be treated as an amendment or other modification of any Employee Benefit Plan, (ii) shall limit the right of Buyer to amend, terminate or otherwise modify any employee benefit plan maintained by Buyer or any of its Affiliates or retain
the employment of any employee following the Closing Date or (iii) confer upon any Person other than the Parties any legal or equity rights or remedies in respect of any Employee Benefit Plan. 

(d) In respect of personal information (“Personal Information”) of the Companies that is protected by any applicable Laws
governing privacy matters and the protection of personal information, Buyer shall, before the Closing, use commercially reasonable efforts to use any Personal Information that is disclosed to Buyer solely for purposes relating to the transactions
contemplated by this Agreement, and if this Agreement is terminated, Buyer shall use commercially reasonable efforts to destroy or return the Personal Information to Seller. 
 6.14 Non-Competition and Non-Solicitation. 
 (a) Non-Competition.
During the period beginning on the Closing Date and ending five (5) years after the Closing Date (the “Restricted Period”), in consideration for the agreements of Buyer herein, each of Seller and Seller Parent shall not, and shall
cause each of its Affiliates not to, directly or indirectly, for its own account or for the account of any other Person, (x) initiate, undertake, acquire, participate in or engage in any Competitive Business, or (y) operate, perform, control, manage
or have any ownership or debt interest or Equity Interest in, or otherwise provide any financial, operational or technical assistance to, any Person or business that engages in Competitive Business within the United States of America, Canada or
Mexico (the “Restricted Territory”). 
 (b) Non-Solicitation of Customers. During the Restricted Period,
each of Seller and Seller Parent shall not, and shall cause each of its Affiliates not to, directly or indirectly, on its own behalf or on behalf of any other Person, solicit or attempt to solicit, or

  
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establish or attempt to establish any business relationship with any customer of a Company in connection with or for the benefit of a Competitive Business. 

(c) Non-Solicitation of Employees. During the Restricted Period, each of Seller and Seller Parent shall not, and shall cause each
of its Affiliates not to, directly or indirectly, on its own behalf or on behalf of any other Person, solicit for employment or hire any employee of a Company; provided that Seller and its Affiliates shall be permitted to (i) issue
general solicitations for employment so long as such solicitations are not specifically directed at any one or more employees of a Company and hire individuals who respond to such solicitations and (ii) hire any person who has not been employed
by any Company for a period of six (6) months. 
 (d) Restrictive Covenants Not to Apply in Certain Circumstances.
Buyer acknowledges and agrees that Seller or any or all of its Affiliates may be sold to non-affiliated Persons or any such Person may sell all or a portion of its business to non-affiliated Persons after the date of this Agreement. Buyer
therefore acknowledges and agrees that the restrictive covenants set forth in this Section 6.14 shall not apply from and after the date a non-affiliated Person acquires Seller or any of its respective Affiliates or any or all of their
respective businesses solely with respect to the Persons and businesses so acquired. 
 (e) Enforceability of Restrictive
Covenants. Each of Seller and Seller Parent acknowledges and agrees that the covenants set forth in this Section 6.14 are necessary for the reasonable protection of Buyer and are a material inducement for Buyer to enter into this
Agreement. Each of Seller and Seller Parent acknowledges and agrees that Buyer may not have an adequate remedy at Law for any breach or threatened or attempted breach of the covenants and agreements set forth in this Section 6.14, and
Buyer shall, in addition to the other remedies that may be available to it under this Agreement or applicable Law, be entitled to equitable relief, including specific performance or injunctive relief for the enforcement of the covenants set forth in
this Section 6.14. Each of Seller and Seller Parent acknowledges and agrees that the time, scope and geographic area of the covenants set forth in this Section 6.14 are reasonable, and if any such covenant is held to be
unenforceable by reason of time, scope or geographic area, then such covenant shall be interpreted to extend to the maximum time, scope and geographic area for which it may be enforced as determined by a court of competent jurisdiction by final
determination, and such covenant shall only apply in its reduced form. In the event of a breach or violation of this Section 6.14, the Restricted Period shall be tolled with respect to the applicable covenant for the duration of such
breach or violation. 
 6.15 Cooperation with Financing. 

(a) During the period from the date of this Agreement to the earlier of the Closing and the termination of this Agreement in accordance
with its terms, Seller shall, and shall cause the Companies to, use commercially reasonable best efforts to provide Buyer with all cooperation as reasonably requested by Buyer in connection with Buyer’s arrangement of the Financing, including
using commercially reasonable best efforts to cause the officers, employees, advisors and other representatives of Seller and the Companies to provide such cooperation. Such cooperation shall include: (i) subject to the remaining provisions of
this Section 6.15(a), making appropriate officers available for participation in meetings, due diligence sessions, 

  
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presentations, drafting sessions, sessions with ratings agencies and prospective financings sources and road shows, assistance in the preparation of offering memoranda, confidential information
memoranda, private placement memoranda, prospectuses and similar documents and the execution and delivery of any definitive financing documents as may be reasonably requested by Buyer or any prospective lender to Buyer, (ii) furnishing Buyer
and its financing sources with the Required Information and such other financial and operating data and other information with respect to the Companies as is reasonably requested by Buyer or any prospective lender to Buyer and is customarily
required for completion of debt financings similar to the Financing, (iii) cooperation with the marketing efforts of Buyer and its financing sources for all or any portion of the Financing, (iv) providing and executing documents as may be
reasonably requested by Buyer, including (A) documents requested by Buyer or its financing sources relating to the repayment of the existing indebtedness of the Companies and the release of related Liens, including customary payoff letters and
(to the extent required) evidence that notice of such repayment has been timely delivered to the holders of such debt; (B) all documentation and other information required by bank regulatory authorities under applicable
“know-your-customer” and anti-money laundering rules and regulations, including the Patriot Act; (C) a certificate of the chief financial officer of the Companies with respect to solvency matters substantially in the form attached to
the Commitment Letters; and (D) agreements, documents or certificates that facilitate the post-Closing creation, perfection or enforcement of Liens securing the Financing (including original copies of all certificated securities (with transfer
powers executed in blank), control agreements, surveys, title insurance, landlord consent and access letters) as are requested by Buyer or its financing sources, (v) executing and delivering any pledge and security documents and otherwise
facilitating the pledging of collateral, in each case solely to the extent taking effect after the Closing, (vi) using commercially reasonable best efforts to satisfy the conditions precedent set forth in the Commitment Letters or any
definitive documentation relating to the Financing to the extent the satisfaction of such conditions requires the cooperation of and is within the control of Seller or any Company, (vii) using commercially reasonable best efforts to cooperate
with the financing sources’ due diligence investigation, to the extent customary and reasonable and not unreasonably interfering with the business of the Companies, and (viii) providing requested authorization letters to the financing
sources (including with respect to absence of material non-public information in the public-side version of documents distributed to prospective financing sources). Buyer agrees that the execution by any Company of any documents in connection with
the financing for the transactions contemplated by this Agreement shall be subject to the consummation of the transactions contemplated hereby at the Closing and such documents will not take effect until the Closing. Seller hereby consents on behalf
of the Companies (and shall cause each Company to consent) to the use of the Companies’ logos in connection with the Financing; provided, that such logos are used solely in a manner that is not intended to or reasonably likely to harm or
disparage the Companies or the reputation or goodwill of the Companies. 
 (b) Buyer shall promptly upon any request by Seller
reimburse Seller and/or the Companies for all reasonable and documented out-of-pocket costs and expenses incurred by Seller and/or the Companies or any of their respective representatives in connection with their compliance with Section 6.15(a)
and shall indemnify and hold harmless Seller, the Companies, and each of their respective representatives from and against all losses, damages, claims, costs or expenses suffered or incurred by any of them in connection with the arrangement of the
Financing and any information used in connection therewith, except with respect to any 

  
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historical information provided by Seller and/or the Companies for use in Financing offering materials, and except to the extent such losses, damages, claims, costs or expenses arise from the
gross negligence or willful misconduct of Seller, any of the Companies or any of their respective representatives. 
 6.16
Release. 
 (a) Subject to Section 6.16(b), Effective as of the Closing, Seller,
on behalf of itself and each of its Related Persons, hereby releases, and forever discharges, each Company and each of its past, present and future Affiliates, Subsidiaries, Representatives, successors and assigns, and their respective
Representatives (collectively, “Releasees”), from any and all claims, demands, proceedings, causes of action, court orders, obligations, contracts, agreements (express or implied), debts and liabilities under or relating to the
Shares, the Companies or their respective predecessors in interest or any of their respective businesses or assets, including any liability with respect to fiduciary or similar duties or arising under or pursuant to any shareholder agreement,
employment or consulting agreement or other compensation arrangement (other than agreements and arrangements entered into between the Companies and Seller after the Closing Date) whether known or unknown, suspected or unsuspected, both at Law and in
equity, which Seller or any of its Related Persons now has, has ever had or hereafter has against the respective Releasees as a result of any act, circumstance, occurrence, transaction, event or omission at or prior to the Closing. 

(b) The release set forth in Section 6.16(a) shall in no way acquit, remise, release or discharge any Claims or rights of Seller or
its Related Persons against Buyer, the Companies or their Affiliates relating to any obligation of Buyer pursuant to this Agreement. 
 6.17 Intercompany Arrangements; Guarantees. 
 (a) Except solely to the
extent set forth in Schedule 6.17, all Contracts between any Company, on the one hand, and Seller or any Affiliate of Seller (other than a Company), on the other hand, shall not survive the Closing and are hereby terminated and cancelled in
full as of the Closing, without any consideration or further liability to any party thereto (other than Related Party Receivables and Related Party Payables paid in accordance with Section 2.4) and without the need for any further
documentation; provided that Seller and the Companies shall (or shall cause their respective Affiliates to) execute and deliver any documents necessary to effect such termination or cancellation at Closing. 

(b) Seller shall, and shall cause each of its Affiliates (including the Companies) to, obtain, effective as of the Closing, the full and
unconditional release of each Company from all guarantees, performance bonds, surety bonds, letters of credit and other analogous forms of support benefiting Seller or any of its Affiliates (other than the Companies), including those items listed on
Schedule 6.17(b) (such items, whether or not listed on Schedule 6.17(b), the “Third Person Guarantees”); provided, however, that any such release must be effected pursuant to documentation reasonably satisfactory in form and
substance to Buyer. To the extent the Closing occurs despite the failure of Seller and its Affiliates to obtain such a release of any Third Person Guarantee, Seller shall, and shall cause each of its Affiliates to, continue to cooperate with Buyer
and use its commercially reasonable best efforts to obtain the release of such Third Party Guarantee as promptly as practicable. 

  
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 6.18 Notice of Certain Matters. Until the Closing, Seller shall, and shall
cause each Company to, give prompt written notice in reasonable detail to Buyer after becoming aware of (i) the discovery, occurrence or non-occurrence of any change, condition or event which would render any representation or warranty of Seller
contained in this Agreement untrue or inaccurate in any material respect, (ii) the discovery, occurrence or non-occurrence of any change, condition or event that has had or is reasonably likely to have a Material Adverse Effect, (iii) any
failure of Seller or any of the Companies to comply with or satisfy any covenant or agreement hereunder or any event or condition that would otherwise result in the nonfulfillment of any of the conditions to Buyer’s obligations hereunder, and
(iv) any Action pending or threatened in writing relating to this Agreement or the transactions contemplated hereby; provided, however, that no such notification shall affect or be deemed to modify any representations or warranties of
Seller set forth in this Agreement or the conditions to the obligations of Buyer to consummate the transactions contemplated by this Agreement or the remedies available to the parties hereunder. The failure to give any notice under this
Section 6.18 shall not give rise to a termination right pursuant to Section 8.l(b) or constitute the failure of a condition to Closing under Section 7.2(b) to be satisfied, in each case to the extent that the underlying facts
giving rise to such notice do not give rise to a termination right pursuant to Section 8.l(b) or constitute the failure of a condition to Closing under Section 7.2(b) to be satisfied. 

6.19 [Intentionally Omitted]. 
 6.20 Letter of Credit. Notwithstanding the provisions of Section 6.1, Seller, LUHI and/or the Companies may cause one or more letters of credit to be issued in the applicable amounts
and to the applicable parties, in each case, set forth on Schedule 1.l(b), for purposes of collateralizing Deposits Corporate (each such letter of credit, a “Seller L/C”). At the Closing, Buyer shall cause one or more new letters of
credit to be issued in replacement of the Seller L/Cs and will otherwise use its reasonable best efforts to assist in the cancellation and withdrawal of the Seller L/Cs. In the event that, as of 11:59 p.m. on the Closing Date, any cash amounts
continue to be held as Deposits Corporate and, as a result of Buyer arranging for the letters of credit contemplated by the immediately preceding sentence, such cash amounts are returned to any Company, Buyer shall cause the applicable Company to
pay promptly such cash amount (net of any costs or expenses actually incurred in connection with such recovery (excluding costs and expenses incurred by Buyer in arranging for the letters of credit contemplated by this Section 6.20)) to
Seller. 
 6.21 Holdings Consent. Seller and Seller Parent shall use commercially reasonable efforts to obtain, as
promptly as practicable (and in any event with fifteen ( 15) Business Days) after the date hereof, the consent of the lenders and shareholders of LINPAC Holdings to the sale of the Shares pursuant to the terms of this Agreement as required by the
LINPAC Credit Agreement and the LINPAC Shareholders’ Agreement (the “Holdings Consent”). Without limiting the foregoing, Seller and Seller Parent shall cause LINPAC Holdings to deliver to such lenders and shareholders, no less
than three (3) Business Days after the date hereof, a notice and information statement providing all requisite information as reasonably determined by LINPAC Holdings to solicit the Holdings Consent and, with respect to the lenders of LINPAC
Holdings 

  
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only, sufficient to commence any applicable waiting periods after which the Holdings Consent shall be deemed (in whole or in part) to have been obtained (such notice and statement, the
“Consent Notice”). A statement to the effect that the directors of LINPAC Holdings have approved this Agreement and the transactions contemplated hereby and have recommended to such lenders and shareholders that such lenders and
shareholders provide the Holdings Consent shall be included in the Consent Notice and any other request or notice issued to the lenders and shareholders of LINPAC Holdings pursuant to the terms of the LINPAC Credit Agreement and the LINPAC
Shareholders’ Agreement. Neither Seller nor Seller Parent may, and each of them shall cause Holdings and their other Affiliates (and the boards of directors or other applicable governing bodies) not to, (i) withdraw, amend, qualify or
modify in any manner adverse to Buyer, or propose (publicly or in any manner that would reasonably be expected to become known by any lender to, or shareholder of, Holdings) to withdraw, amend, qualify or so modify their approval and recommendation
of this Agreement and the transactions contemplated hereby or (ii) approve or recommend, or propose (publicly or in any manner that would reasonably be expected to become known by any lender to, or shareholder of, Holdings) to approve or
recommend, any transaction or agreement described in Section 6.5 (other than with Buyer or its Affiliates). 
 6.22
Auditor Cooperation. Seller hereby consents to Buyer or any of its Affiliates and their respective successors filing the Audited Financial Statements in statements and reports required by the U.S. Securities and Exchange Commission (the
“SEC”) pursuant to the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (collectively, the “Securities Act”) and the Exchange Act to be filed by Buyer or its Affiliates
and their respective successors from time to time (“SEC Filings”). Seller shall use reasonable best efforts, at Buyer’s cost and expense, to cause PWC to deliver to Buyer a duly executed letter in which PWC: (i) acknowledges that
it understands that Buyer or one or more of its Affiliates intend to file the Audited Financial Statements in SEC Filings, and (ii) subject to its usual procedures and professional standards and after being given reasonable opportunity to
review such SEC Filings and documents incorporated by reference therein, agrees that it shall consent to the references in such SEC Filings to PWC as experts and the inclusion of any of its audit reports on the Audited Financial Statements in any
SEC Filing, until such financial statements and consents are no longer required to be included in such SEC Filing by the Securities Act or the Exchange Act. Seller shall use reasonable commercial efforts, at Buyer’s cost and expense, to cause
PWC, including by providing customary representation letters covering the period prior to the Closing Date and other customary documents and instruments, to (A) consent to the inclusion of any of its audit reports on the Audited Financial
Statements in any SEC Filing, and (B) issue customary comfort letters (concerning matters which are the subject of the Audited Financial Statements that may be required in connection with any offering of debt or equity securities by Buyer or
any of its Affiliates or their respective successors (after being given reasonable opportunity to review such offering documents). 
 6.23 Website Transfer. Within one hundred twenty (120) days after the Closing Date, Seller shall cause any proprietary software including source code used in connection with the website,
http:www.linpac.com/en/Our-Companies/LINP AC-Ropak/ (the “Subdomain”), and all content therein related to the Companies and their respective business, to be transferred to an Internet domain name designated by Buyer (the “Buyer
Domain”), which Internet domain name shall be an Internet domain name either owned by one of the Companies or as mutually agreed 

  
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by Buyer and Seller; provided that, if such transfer has not occurred as of the Closing Date, Seller shall (or shall cause its Affiliates to) continue to host, maintain and support the
Subdomain in a manner consistent with past practice and in accordance with Buyer’s reasonable instructions (including making updates to the content of the Subdomain) at no cost to Buyer until the transfer has taken place. In addition, for a
period of six (6) months following the Closing, Seller shall maintain all links to the Subdomain as they presently exist at http:www.linpac.com and shall forward visitors to these links to the Buyer Domain. 

6.24 Assignment of Patents . Prior to the Closing Date, Seller shall take, as soon as reasonably practicable, all reasonable steps
necessary to ensure that Ropak Corporation is the assignee on record in the relevant government registry or patent office, as applicable, with respect to all patents and patent applications set forth on Schedule 6.24 that remain in force as
of the date hereof and shall correct all material defects in title affecting any such patents and patent applications in the relevant jurisdiction. 
 6.25 Cooperation Regarding Preparation of Financial Statements. 
 (a) Prior
to the Closing, the Seller shall, and shall cause the Companies to, use commercially reasonable efforts, at Buyer’s sole expense, to prepare financial statements with respect to the Companies as reasonably requested by Buyer in connection with
requirements of Buyer or any of its Affiliates to file such financial statements with the SEC. 
 (b) From and after Closing,
Buyer shall cause the Companies to prepare closing accounts of the Companies for the Applicable Periods in a form consistent with the SAF Packs. For the purposes of the preceding sentence, the “Applicable Periods” shall mean (i) if
the Closing Date is on or prior to December 31, 2012, the period from January 1, 2012 to the Closing Date, (ii) if the Closing Date is after December 31, 2012 and before March 1, 2013, both the 2012 calendar year and the
period from January 1, 2013 to the Closing Date, and (iii) if the Closing Date is after February 28, 2013, the period from January 1, 2013 to the Closing Date. To the extent reasonably necessary to permit PricewaterhouseCoopers
LLP to audit such closing accounts (under the procedures agreed between Seller and PricewaterhouseCoopers LLP consistent with past practice), and reasonably requested by PricewaterhouseCoopers LLP in connection therewith, Buyer shall cooperate with
such audit, including by (x) providing information in accordance with Section 6.ll(a) and (y) providing customary representation letters. The costs of the foregoing closing accounts and cooperation shall be paid by the Companies to
the extent of amounts accrued therefor as a current liability in determining the Final Net Working Capital as reflected on the Final Closing Statement and Seller shall pay any amounts in excess of such accruals promptly upon request by the
Companies. The Buyer and the Companies shall use their commercially reasonable efforts to cause the above-described closing accounts to be completed within sixty (60) days after the Closing Date. 

  
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 ARTICLE VU. 
 CONDITIONS TO CLOSING 
 7.1 Conditions to Each Party’s Obligations.
The respective obligation of each Party to consummate the transactions contemplated by this Agreement is subject to the satisfaction (or written waiver by such Party) as of the Closing of the following conditions: 

(a) No Injunction. There shall be no effective Law, injunction, writ or Order of any nature to the effect that the transactions
contemplated by this Agreement may not be consummated as provided in this Agreement, and no Action shall be pending or threatened or have been commenced by any Governmental Authority for the purpose of obtaining any such injunction, writ or Order or
which otherwise seeks to restrain, make illegal or prohibit the consummation of the transactions contemplated by this Agreement. 
 (b) HSR Act. The applicable waiting periods under the HSR Act shall have expired or been terminated. 
 7.2 Condition to Obligations of Buyer. The obligations of Buyer to consummate the transactions contemplated by this Agreement are further subject to the satisfaction, as of the Closing, of each of
the following conditions, any of which may be waived in writing by Buyer in its sole discretion: 
 (a)(i) Each of the
Fundamental Representations and the representations and warranties in Section 4.16(c) shall be true and correct in all respects as of the date of this Agreement and as of the Closing Date as if made as of the Closing Date (except to the extent
such representations and warranties expressly relate to an earlier date, in which case as of such earlier date), (ii) each of the representations and warranties in Sections 4.4, 4.12 and 4.17 shall be true and correct (without giving effect to
any limitation or qualification as to “materiality”, “Material Adverse Effect” or similar phrases) in all material respects as of the date of this Agreement and as of the Closing Date as if made as of the Closing Date (except to
the extent such representations and warranties expressly relate to an earlier date, in which case as of such earlier date), and (iii) each of the representations and warranties of Seller set forth in this Agreement shall be true and correct
(without giving effect to any limitation or qualification as to “materiality”, “Material Adverse Effect” or similar phrases, except as provided in Section 4.16) as of the date of this Agreement and as of the Closing Date as
if made as of the Closing Date (except to the extent such representations and warranties expressly related to any earlier date, in which case as of such earlier date), except where the failure or failures to be so true and correct, individually or
in the aggregate, would not reasonably be expected to have a Material Adverse Effect; 
 (b) Seller shall have performed, in all
material respects, all of its obligations under this Agreement that are required to be performed by it at or prior to the Closing; 
 (c) Since the date of this Agreement, there shall not have occurred any event, change, circumstance, occurrence, effect or state of facts that, individually or in the aggregate, has had or would
reasonably be expected to have a Material Adverse Effect; 
 (d) Seller shall have effectuated the Restructuring consistently in
all respects (other than with any such changes that are not material and to which Buyer provides its prior written consent, such consent not to be unreasonably withheld) with Exhibit 1.l(a) and provided evidence reasonably satisfactory to Buyer of
the same; 
 (e) Buyer shall have received the deliveries specified in Section 3.2; and 

  
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 (f) Seller and the Escrow Agent shall have executed and delivered to Buyer a copy of the
Escrow Agreement and the Escrow Agreement (subject to the execution and delivery thereof by Buyer) shall be in full force and effect. 
 7.3 Conditions to Obligations of Seller. The obligations of Seller to consummate the transactions contemplated by this Agreement are further subject to the satisfaction, as of the Closing,
of each of the following conditions, any of which may be waived in writing by Seller in its sole discretion: (a) the Holdings Consent shall have been obtained; (b) Buyer shall have performed, in all material respects, all of its
obligations under this Agreement that are required to be performed by it at or prior to the Closing; (c) each of the representations and warranties of Buyer set forth in this Agreement shall be trne and correct (without giving effect to any
limitation or qualification as to “materiality’’, “Material Adverse Effect” or similar phrases) as of the date of this Agreement and as of the Closing Date as if made as of the Closing Date (except to the extent such
representations and warranties expressly related to any earlier date, in which case as of such earlier date), except for any failures of such representations and warranties to be trne and correct that, individually and in the aggregate, would not
reasonably be expected to have a material adverse effect on the ability of Buyer to consummate the transactions contemplated hereby; and (d) Buyer and the Escrow Agent shall have executed and delivered to Seller a copy of the Escrow Agreement
and the Escrow Agreement (subject to the execution and delivery thereof by Seller) shall be in full force and effect. 
 ARTICLE
VIII. 
 TERMINATION 
 8.1 Termination. This Agreement may be terminated at any time pnor to the Closing: 
 (a) by mutual written consent of Buyer and Seller; 
 (b) by written notice from
Buyer, on the one hand, or Seller, on the other hand, to the other Party if the Closing shall not have occurred on or before the Drop Dead Date or if any of the conditions set forth in Section 7.1 shall have become incapable of
fulfillment by the Drop Dead Date; provided, however, that no Party shall have the right to terminate this Agreement pursuant to this paragraph if such Party’s breach of any of its covenants, agreements, representations or warranties set
forth in this Agreement is a material reason the Closing has not occurred (or the conditions set forth in Section 7.1 are incapable of fulfillment, as applicable) by such date; 

(c) by written notice from Buyer to Seller if Seller shall have breached or failed to perform any of its representations, warranties,
covenants or agreements set forth in this Agreement, which breach or failure to perform, either individually or in the aggregate, if occurring or continuing at the Closing, (A) would result in the failure of any of the conditions set forth in
Sections 7.1 or 7.2, and (B) cannot be cured by the Drop Dead Date or has not been cured within thirty (30) days after the giving of notice thereof by Buyer to Seller; provided that Buyer shall not have the right to terminate
this Agreement pursuant to this paragraph if Buyer is then in breach of any of its covenants, agreements or representations or warranties set forth in this Agreement, which breach or failure to perform, either individually or in the aggregate, if
occurring or continuing at the Closing, would result in the failure of any of the conditions set forth in Sections 7.1 or 7.3; 

  
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 (d) by written notice from Seller to Buyer if Buyer shall have breached or failed to perform
any of its representations, warranties, covenants or agreements set forth in this Agreement, which breach or failure to perform, either individually or in the aggregate, if occurring or continuing at the Closing, (A) would result in the failure
of any of the conditions set forth in Sections 7.1 or 7.3, and (B) cannot be cured by the Drop Dead Date or has not been cured within thirty (30) days after the giving of notice thereof by Seller to Buyer; provided,
that Seller shall not have the right to terminate this Agreement pursuant to this paragraph if Seller is then in breach of any of its covenants, agreements or representations or warranties set forth in this Agreement, which breach or failure to
perform, either individually or in the aggregate, if occurring or continuing at the Closing, would result in the failure of any of the conditions set forth in Sections 7.1 or 7.2; or 

(e) by written notice from Buyer to Seller if Seller shall not have delivered to Buyer within sixteen (16) Business Days after the
date hereof a certificate executed by a director or an executive officer of Seller (in form and substance reasonably satisfactory to Buyer) certifying that (i) the Holdings Consent has been obtained and (ii) the condition set forth in
Section 7.3(a) is waived. 
 8.2 Effect of Termination. If this Agreement is terminated pursuant to
Section 8.1, this Agreement shall immediately become void, and all obligations of the Parties shall terminate, except as set forth in this Section 8.2, Section 6.4 (Fees and Expenses), Section 6.9
(Confidentiality), Section 6.10 (Public Announcements), Section 8.3 (Termination Fee; Liquidated Damages), Section 8.4 (Consent Failure Fee), Section 8.5 (Antitrust Termination Fee), Article X
(Miscellaneous) and in the Confidentiality Agreement (collectively, the “Surviving Obligations”); provided that, subject to Section 8.3, nothing in this Agreement shall relieve a breaching Party of any liability for Losses
incurred by the non-breaching Party as a result of the breaching Party’s breach of this Agreement. Notwithstanding any provision in this Agreement to the contrary, until the Closing occurs (and including if this Agreement is terminated for any
reason), to the extent Seller has any liability or obligation to Buyer, Buyer’s sole recourse with respect to any such liability shall be to Seller, and no recourse hereunder or under any documents or instruments delivered in connection this
Agreement may be made against any director, officer, agent, employee or representative of Seller or any Company, any direct or indirect holder of any Equity Interests or securities of Seller or any Company, any Affiliate of any Seller or any
Company, or any direct or indirect director, officer, employee, partner, affiliate, member, controlling person or representative of any of the foregoing. 
 8.3 Termination Fee; Liquidated Damages. 
 (a) In the event that this
Agreement is validly terminated pursuant to Section 8.l(d), then Buyer shall pay or cause to be paid an amount in cash equal to $12,500,000 (the “Termination Fee”) to Seller promptly, and in any event within three
(3) Business Days following such termination, by wire transfer of same day funds to an account designated by Seller in writing at least two (2) Business Days prior to such date. The Parties acknowledge and hereby agree that in no event
shall the Buyer Parties or any of them be required to pay, or to cause to be paid, the Termination Fee on more than one occasion. 

  
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 (b) Seller’s receipt of the Termination Fee from Buyer pursuant to
Section 8.3(a), shall be the sole and exclusive remedy of Seller, the Companies and their respective Related Persons against Buyer and its Related Persons (including the Sponsor), and their financing sources (including under the
Financing Commitments and including the Debt Financing Source Parties), agents and representatives, and each of their respective former, current and future directors, officers, employees, agents, general and limited partners, managers, members,
shareholders, Affiliates and assignees and each former, current or future director, officer, employee, agent, shareholder, general or limited partner, manager, member, shareholder, Affiliate or assignee of any of the foregoing and their respective
representatives (collectively, the “Buyer Parties”) for any Loss suffered as a result of the failure of the Closing to occur or (as long as the Closing does not occur) any breach or failure to perform hereunder, or any inaccuracy of
any representation or warranty, and neither Buyer nor any Buyer Party shall have any other liability or obligation relating to or arising out of this Agreement or the transactions contemplated hereby (other than with respect to the Surviving
Obligations). Notwithstanding anything to the contrary in this Agreement, under no circumstances (as long as the Closing does not occur) will Seller, the Companies and their respective Affiliates, in the aggregate, be entitled to monetary or other
Losses in excess of (or other than) the amount of the Termination Fee (other than with respect to the Surviving Obligations). 

(c) The Parties acknowledge and agree that (i) the agreements contained in this Article YIU are an integral part of the
transactions contemplated by this Agreement, and that, without these agreements, the Parties would not enter into this Agreement, and (ii) the amount payable by Buyer pursuant to Section 8.3(a) is not a penalty, but is liquidated damages
in a reasonable amount that will compensate Seller and the Companies for the efforts and resources expended and the opportunities foregone while negotiating this Agreement and in reliance upon this Agreement and on the expectation of the
consummation of the transactions contemplated herein, and for the loss suffered by reason of the failure of such consummation, which amount would otherwise be uncertain and incapable of accurate determination. Each of Party covenants and agrees that
it will not take any position that is in any way inconsistent with the immediately preceding sentence. 
 (d) This Agreement may
only be enforced against, and any claims or causes of action that may be based upon or arise out of this Agreement may only be made against, the entities that are expressly identified as parties hereto. In furtherance and not in limitation of the
foregoing, Seller (on behalf of itself, the Companies and any of their respective stockholders, partners, members, Affiliates, directors, officers, employees, representatives or agents) hereby waives any rights or claims against (i) any actual
or potential source of Financing (including each party (other than Buyer) to one or more Financing Commitments or any definitive agreements relating thereto or any amendment, replacement or supplement to any such Financing Commitments or definitive
agreements) and (ii) any of the former, current or future stockholders, partners, members, Affiliates, directors, officers, employees, representatives or agents of a person described in clause (i) or any of its Affiliates (collectively,
the “Debt Financing Source Parties”), in connection with this Agreement, the Financing Commitments, the Financing or any of the transactions contemplated hereby or thereby, whether at law or equity, in contract, in tort

  
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or otherwise. In furtherance and not in limitation of the foregoing waiver, it is acknowledged and agreed that, so long as the Closing does not occur, no Debt Financing Source Party shall have
any liability for any claims or damages to Seller or the Companies (or any of their stockholders, partners, members, Affiliates, directors, officers, employees, representatives or agents) in connection with this Agreement, the Financing Commitments,
the Financing or any of the transactions contemplated hereby or thereby. 
 8.4 Consent Failure Fee. In the event that
this Agreement is validly terminated pursuant to Section 8.l(e), then Seller shall pay or cause to be paid an amount in cash equal to $1,325,000 to Buyer promptly, and in any event within three (3) Business Days following such
termination, by wire transfer of immediately available funds to an account designated by Buyer in writing at least two (2) Business Days prior to such date. In the event that this Agreement is validly terminated pursuant to
Section 8.l(e), and within nine (9) months after such termination, Seller, Seller Parent, any Company or any Affiliate of the foregoing shall have consummated, or (if such transaction is ultimately consummated) entered into a
definitive agreement providing for, any Alternative Transaction, then, in addition to the amount payable pursuant to the preceding sentence, Seller shall pay or cause to be paid an amount in cash equal to $11, 175,000 to Buyer promptly, and in any
event within three (3) Business Days following the consummation of such Alternative Transaction, by wire transfer of immediately available funds to an account designated by Buyer in writing at least two (2) Business Days prior to such
date. 
 8.5 Antitrust Termination Fee. In the event that (i) this Agreement is validly terminated pursuant to
Section 8.l(b), and (ii) as of the date of such termination, all of the conditions set forth in Article VU were satisfied or waived in writing by the applicable Party, other than (A) those conditions which (1) by their
terms or nature are to be satisfied by performance at the Closing and (2) would reasonably be expected to be satisfied if the Closing had occurred on the date of such termination, and (B) the condition set forth in Section 7.l(b) (and
the condition in Section 7.l(a), if such effective Law, injunction, writ, Order or Action relates solely to the HSR Act), Buyer shall pay or cause to be paid an amount in cash equal to $1,325,000 to Seller promptly, and in any event within
three (3) Business Days following such termination, by wire transfer of immediately available funds to an account designated by Seller in writing at least two (2) Business Days prior to such date. 

ARTICLE IX. 

INDEMNIFICATION 

9.1 Indemnification Obligations of Seller. Subject to the tenns and conditions of this Agreement, from and after the Closing,
Seller and Seller Parent shall, jointly and severally, indemnify, defend and hold harmless Buyer and its Affiliates (including, after the Closing, the Companies) and their respective Representatives, successors and assigns (each a “Buyer
Indemnified Party”), from and against any and all Losses incurred, sustained or suffered by any Buyer Indemnified Party as a result of, based upon or arising out of: 

(a) any inaccuracy or breach of any representation or warranty contained in Article IV of this Agreement or in the Seller Closing
Certificate; 

  
 51 

 (b) any breach of or noncompliance by Seller or Seller Parent with any covenant of Seller
contained in this Agreement (provided that any breach of Section 6.18 with respect to any failure of representations or warranties to be true and correct shall be indemnifiable under this clause (b) only to the extent that the Losses
arising therefrom are distinct from or additional to the Losses that would have arisen even if the required notice had been delivered in accordance with Section 6.18); 

(c) any fraud or willful misconduct by Seller or Seller Parent; 
 (d) any Transaction Expenses, Related Party Receivable or Closing Date Indebtedness to the extent not paid or satisfied by or on behalf of Seller or the Companies at or prior to the Closing or otherwise
on the Closing Date; 
 (e) any Taxes of the Companies in respect of any Pre-Closing Tax Period or the portion of any Straddle
Period ending on the Closing Date or any Taxes of LUHI in respect of any period; 
 (f) (i) any guarantee,
performance bond, surety bond, letter of credit or other form of support required to be terminated or released pursuant to Section 6.17; or (ii) any other liabilities or obligations to the extent arising out of or relating to the
operations, activities or assets of Seller and its Affiliates, other than the operations and activities of the Companies in connection with their current business; or 
 (g) the matter set forth on Schedule 9.1 (the “Schedule 9.1 Matter”). 
 9.2 Indemnification Obligations of Buver. Subject to the terms and conditions of this Agreement, from and after the Closing, Buyer shall indemnify and hold harmless Seller and its Affiliates and
their Representatives (each a “Seller Indemnified Party”) from and against any and all Losses incurred, sustained or suffered by a Seller Indemnified Party as a result of, based upon or arising out of: 

(a) any inaccuracy or breach of any representation or warranty contained in Article V of this Agreement or in the Buyer Closing
Certificate; 
 (b) any breach of or noncompliance by Buyer with any covenant of Buyer contained in this Agreement; or

 (c) any fraud or willful misconduct by Buyer. 
 9.3 Escrow; Recourse. 
 (a) Escrow. 

(i) Escrow Funds. In the event that any Buyer Indemnified Party is entitled to indemnification from Seller and
Seller Parent pursuant to Section 9.1 (subject to the other tenns and conditions of this Agreement), Buyer shall be entitled to payment from the Escrow Funds in the amount of the Losses with respect to which such Buyer Indemnified Party
is entitled to indemnification. In the event that any Buyer Indemnified 

  
 52 

 
Party is entitled to seek recourse against the Escrow Funds, Buyer and Seller Parent shall issue joint written instructions to the Escrow Agent authorizing distribution of the amount of such
Losses to such Buyer Indemnified Party. 
 (ii) Release of Escrow Fund. On the first Business Day after
the General Expiration Date, the Escrow Agent shall release to Seller the portion of the Escrow Funds, if any, in excess of the Retention Amount as of such date. On the first Business Day after the second (2nd) anniversary of the Closing Date,
the Escrow Agent shall release to Seller the portion of the Escrow Funds, if any, in excess of the Retention Amount as of such date. On the first Business Day after the third (3rd) anniversary of the Closing Date, the Escrow Agent shall release
to Seller the portion of the Escrow Funds, if any, in excess of the Retention Amount as of such date. From and after the General Expiration Date, as soon as reasonably practicable after the final resolution of any Unresolved Claim, the Escrow Agent
shall release to Seller the portion of the Escrow Funds, if any, in excess of the Retention Amount as of such date. Seller Parent and Buyer shall promptly deliver joint written instructions to the Escrow Agent required pursuant to the terms of the
Escrow Agreement in order to make the distributions required by this Section 9.3(a). 
 (iii) Tax
Distributions. The Escrow Agent shall make annual distributions to Seller in an amount sufficient to fully satisfy Seller’s Tax liability with respect to the income earned on the Escrow Funds allocated to Seller; provided, however,
that in no event shall the amount of such annual distribution exceed the product of (i) the amount of such income allocated to Seller for the relevant taxable year, multiplied by (ii) 40%. 

(b) Recourse. The sole recourse and remedy of the Buyer Indemnified Parties for indemnification pursuant to Section 9.l(a)
(except with respect to the breach of any Fundamental Representations) and Section 9.l(e) shall be made against, and to the extent of, the Escrow Funds; provided, however, that in no event, regardless of the amount of remaining Escrow Funds,
shall the Buyer Indemnified Parties be required to seek recourse for Losses from the Escrow Funds prior to recovery directly from Seller or Seller Parent (I) for any breach, inaccuracy or failure to be true of any Fundamental Representation,
(II) in the event of any act of fraud or willful misconduct by Seller or any of its Affiliates or any of their respective Representatives, or (III) for Losses for which indemnification is provided in Sections 9.l(b), 9.l(d), or
2Jfil. 
 9.4 Limitations on Indemnification. Notwithstanding any prov1s10n in this Agreement to the
contrary, the respective obligations of the Parties to indemnify and hold harmless the Buyer Indemnified Parties or the Seller Indemnified Parties, as applicable, shall be limited as follows: 

(a) The Buyer Indemnified Parties shall not be entitled to indemnification under Section 9.l(a) for Losses unless and until the
aggregate amount of such Losses under Section 9.l(a) exceeds $1,325,000 (the “Deductible”), in which event the Buyer Indemnified Parties shall be entitled to indemnification for all such Losses in excess of the Deductible, but
in no event in excess of the Cap. The Buyer Indemnified Parties shall not be entitled to 

  
 53 

 indemnification under Section 9.l(a) for any Losses in respect of any misrepresentation, breach
or inaccuracy unless and until the aggregate amount of such Losses relating to a single claim (or a group of claims relating to the same facts or circumstances, event or transaction) exceeds the Mini-Basket, at which point the Buyer Indemnified
Parties shall be entitled to the entire amount of such claims subject to the Deductible and the Cap. Notwithstanding the foregoing, neither the Deductible nor the Mini-Basket shall apply to any claims for indemnification by the Buyer Indemnified
Parties under Section 9.l(a) in connection with any inaccuracy or breach of the Fundamental Representations or any representation or warranty set forth in Section 4.17 (Tax Matters), or any claims under Section 9.l(b),
Section 9.l(c), Section 9.l(d), Section 9.l(e), Section 9.l(:Q or Section 9.l(g). The Seller Indemnified Parties shall not be entitled to indemnification under Section 9.2(a) for Losses (other than
with respect to any inaccuracy or breach of Section 5.1 or Section 5.7) unless and until the aggregate amount of such Losses exceeds the Deductible, in which event the Seller Indemnified Parties shall be entitled to
indemnification for all such Losses in excess of the Deductible, but in no event in excess of the Cap. The Seller Indemnified Parties shall not be entitled to indemnification under Section 9.2(a) for Losses (other than with respect to any
inaccuracy or breach of Section 5.1 or Section 5.7) for any Losses in respect of any misrepresentation, breach or inaccuracy unless and until the aggregate amount of such Losses relating to a single claim (or a group of
claims relating to the same facts or circumstances, event or transaction) exceeds the Mini-Basket, at which point the Seller Indemnified Parties shall be entitled to the entire amount of such claims subject to the Deductible and the Cap. 

(b) The Buyer Indemnified Parties shall not be entitled to indemnification under Section 9.l(a) (other than with respect to any
claims made in connection with any inaccuracy or breach of any Fundamental Representations) or under Section 9.l(e) for Losses in excess of an amount equal to (i) the Escrow Amount plus (ii) the aggregate amount of interest or other
income earned on the Escrow Funds (such amount, the “Cap”). The aggregate amount of the liability of Seller and Seller Parent for Losses incurred by the Buyer Indemnified Parties with respect to any claims made pursuant to
Section 9.l(a) in connection with any inaccuracy or breach of the Fundamental Representations shall not exceed the Base Purchase Price. The Seller Indemnified Parties shall not be entitled to indemnification under Section 9.2(a) for Losses
(other than with respect to any inaccuracy or breach of Section 5.1 or Section 5.7) in excess of the Cap. The aggregate amount of the liability of Buyer for Losses incurred by the Seller Indemnified Parties with respect to
any claims made pursuant to Section 9.2(b) shall not exceed the Base Purchase Price. 
 (c) The amount of any indemnifiable
Loss under this Agreement shall be net of (i) any third party insurance proceeds and any indemnity, contributions or other similar payment actually recovered from any third party with respect thereto, in each case, net of any deductible,
coinsurance or cost of recovery actually incurred and (ii) any net Tax benefit realized with respect to a Tax period beginning after the Closing Date by way of a reduction in cash Taxes or receipt of a refund of Taxes by such Indemnified Party
or any Affiliate thereof with ‘respect to the Losses or items giving rise to such claim for indemnification in the taxable year in which the relevant indemnity payment is received, computed by comparing Taxes that would have been payable
without such Losses or items and Taxes payable taking into account such Losses or items, based on Tax calculations provided by Buyer or the Companies to Seller. An Indemnified Party shall use commercially reasonable efforts (which shall not include
the 

  
 54 

 initiation of any litigation) to seek full recovery under all insurance policies maintained by such party
and covering any Losses to the same extent as it would if such Losses were not subject to indemnification hereunder. 
 (d) For
purposes of Seller’s and Seller Parent’s indemnification obligations under Section 9.l(a), the determination of the accuracy of Seller’s representations and warranties set forth in this Agreement or in the Seller
Closing Certificate and the amount of any Losses arising from any breach or inaccuracy thereof, shall be determined without regard to any qualification of exception therein relating to “material”, “material respects”,
“materiality”, “Material Adverse Effect” or words of similar import or effect (except that, for the purposes of determining accuracy, but not applicable Losses, such terms shall be given effect as used in Section 4.4(a),
Section 4.4{b), Section 4.16(b), Section 4.16(c), the last sentence of Section 4.20 and the defined term “Material Contract”). 
 (e) The amount of indemnity payable pursuant to Section 9.1 with respect to any Loss shall be reduced to the extent that Buyer has already been compensated for such Loss by reason of the
specific inclusion of such Loss on the Final Closing Statement resulting in a reduction of the Final Purchase Price relative to what the Final Purchase Price would have been absent such Loss. 

(f) No Indemnified Party shall be entitled to recover Losses or obtain any payment, reimbursement, restitution or indemnity under this
Article IX more than once with respect to the same loss. 
 (g) No Indemnifying Party shall have any liability under this
Article IX for any punitive or exemplary damages, excluding any such damages awarded to a third Person under a Third Party Claim. 
 (h) Notwithstanding anything to the contrary in this Agreement, from and after the Closing, no Buyer Indemnified Party shall have any liability to any Seller Indemnified Party in respect of, and no Seller
Indemnified Party shall have (and each Seller Indemnified Party hereby irrevocably and unconditionally waives and agrees not to assert) any right (whether at law or in equity, based in Contract, tort or otherwise) against, or recourse to, any Buyer
Indemnified Party in respect of any amounts paid by any Seller Indemnified Party to any Buyer Indemnified Party as a result of any indemnification claim made under this Agreement. 

(i) Nothing in this Article IX shall be deemed to override any obligations with respect to the mitigation of damages under
applicable Law. 
 (j) In any case where an Indemnified Party recovers from any third party insurer or indemnitor any amount in
respect of a Loss with respect to which such Indemnified Party has received a payment of indemnification pursuant to this Agreement, such Indemnified Party shall promptly pay over to the Indemnifying Party such amount (net of any costs or expenses
actually incurred in connection with such recovery) solely to the extent such amount (together with the excess of amounts which such Indemnified Party has been paid under this Article IX in respect of such Losses over amounts previously remitted to
the Indemnifying Party by such Indemnified Party under this Article IX) exceeds the Losses suffered by such 

  
 55 

 
Indemnified Party; provided, however, that in no event shall such Indemnified Party be required to pay to the Indemnifying Party an amount of proceeds that exceeds the aggregate amount
paid to such Buyer Indemnified Party pursuant to this Article IX with respect to such Losses to which such proceeds apply. 
 (k) Any indemnity payment under this Agreement shall be treated as an adjustment to the Purchase Price for income tax purposes unless otherwise required by Law. 

(1) Notwithstanding any provision in this Agreement to the contrary, no past, present or future director, officer, employee,
incorporator, member, partner, stockholder, subsidiary, affiliate, controlling party, entity under common control, ownership or management, vendor, service provider, agent, attorney or representative of any Company, Seller or any of their respective
Affiliates (other than Seller Parent) shall have any liability under this Agreement for (i) any obligations or liabilities of Seller under this Agreement or (ii) any claim against Seller under this Agreement based on, in respect of, or by
reason of, the transactions contemplated by this Agreement. 
 9.5 Indemnification Claim Procedures. 

(a) Direct Claims. Any claim by an Indemnified Party for indemnification under this Agreement shall be asserted by the Indemnified
Party by providing the Indemnifying Party with written notice (the “Indemnification Notice”) setting forth in reasonable detail the provisions of this Agreement that have given rise to a claim for indemnification, the facts that
support the claim for indemnification (if known), and a statement of the amount of indemnification sought (if known); provided, however, that any failure or delay to provide such notice shall not release the Indemnifying Party from any of its
obligations under this Article except to the extent that the Indemnifying Party is actually prejudiced by such failure or delay. Within thirty (30) days of the Indemnifying Party’s receipt of the Indemnification Notice, the Indemnifying
Party shall provide the Indemnified Party with a written response (the “Indemnification Response”) setting forth the Indemnifying Party’s position in reasonable detail with respect to the relief sought in the Indemnification
Notice and identifying the Indemnifying Party’s representatives who are authorized to negotiate a resolution of such dispute. Within ten (10) days of the Indemnified Party’s receipt of the Indemnification Response, the Indemnified Party
shall provide written notice to the Indemnifying Party (“Dispute Resolution Notice”) setting forth the identity of the Indemnified Party’s representatives who are authorized to negotiate a resolution of the dispute and the
dates upon which the Indemnified Party proposes to meet with the Indemnifying Party to discuss resolution of the dispute, which dates shall be within thirty (30) days of the Indemnifying Party’s receipt of the Dispute Resolution Notice.
If, after good faith efforts, the Indemnified Party and the Indemnifying Party are unable to reach a mutually agreeable resolution of the dispute, either Party shall have the right to seek relief in accordance with Section 10.6. 

(b) Third-Party Claims. If an Indemnified Party receives notice of the assertion or commencement of any claim or other Action made
or brought by any Person (a “Third-Party Claim”) against such Indemnified Party with respect to which the other Party is obligated to provide indemnification under this Agreement, the Indemnified Party shall give the Indemnifying
Party prompt written notice thereof; provided, however, that any failure or delay to 

  
 56 

 
provide such notice shall not release the Indemnifying Party from any of its obligations under this Article except to the extent that the Indemnifying Party’s ability to defend such
Third-Party Claim is materially prejudiced by such failure or delay. Such notice by the Indemnified Party shall describe the Third-Party Claim in reasonable detail, and shall indicate the estimated amount of the Losses that have been or may be
incurred by the Indemnified Party (if known). The Indemnifying Party shall have the right to participate in, or by giving written notice to the Indemnified Party within thirty (30) days of receipt of notice of such Third-Party Claim, to assume
the defense of any Third-Party Claim at the Indemnifying Party’s own cost and expense and by counsel selected by the Indemnifying Party and reasonably acceptable to the Indemnified Party, and the Indemnified Party shall reasonably cooperate in
good faith in such defense; provided, however, that, in order for the Indemnifying Party to assume the defense of such Third-Party Claims, (x) the Indemnifying Party must, in its notice assuming such defense, acknowledge that the
Indemnifying Party is obligated to indemnify the Indemnified Party for any Losses arising from or in connection with such Third-Party Claim and (y) if the Indemnified Party is a Buyer Indemnified Party, the amount of indemnification available
to the Indemnified Party under this Article IX (after taking into account the limitations in Section 9.4) with respect to such Third-Party Claim (net of the amount of any other pending claims against the Indemnifying Party) must
exceed 50% of the Losses reasonably likely to arise from such Third­ Party Claim. If the Indemnifying Party assumes the defense of such Third-Party Claim, the Indemnified Party shall have the right to employ separate counsel and to participate
in the defense thereof, but the fees and expenses of such counsel shall be at the expense of the Indemnified Party; provided, however, that, notwithstanding anything herein to the contrary, the Indemnifying Party shall bear the reasonable
fees, costs and expenses of separate counsel of the Indemnified Party (and shall pay such fees, costs and expenses at least quarterly) if (i) the Indemnified Party shall have reasonably concluded, taking into account the advice of legal
counsel, that (A) there may be a conflict of interest (including one or more legal defenses or counterclaims available to it which are different from or in addition to those available to the Indemnifying Party) that would make it inappropriate,
in the reasonable judgment of the Indemnified Party, taking into account the advice of legal counsel, for the same counsel to represent both the Indemnified Party and the Indemnifying Party, or (B) the Third-Party Claim seeks nonmonetary relief
which, if granted, could materially and adversely affect the Indemnified Party or its Affiliates (and in such case of this clause (B) the Indemnified Party may elect to assume such defense) or (ii) the Indemnifying Party shall not have
(A) employed counsel reasonably satisfactory to such Indemnified Party within a reasonable time after notice of such Third Party Claim is received by the Indemnifying Party and (B) continued to diligently conduct the defense of such Third
Party Claim. The Parties shall cooperate with each other in all reasonable respects in connection with the defense of any Third-Party Claim, including, upon reasonable notice during normal business hours, by making available records relating to such
Third-Party Claim and furnishing, without expense (other than reimbursement of actual out-of­ pocket expenses) to the defending party, management employees of the non-defending party as may be reasonably necessary for the preparation of the
defense of such Third-Party Claim. The Indemnified Party shall not enter into a settlement of any Third-Party Claim without the prior written consent of the Indemnifying Party (which consent shall not be unreasonably withheld, conditioned or
delayed); provided, however, that no such consent will be required if (x) the Indemnifying Party unreasonably withholds, conditions or delays its consent or (y) the Indemnified Party waives its right to indemnification with respect
to the Losses arising from 

  
 57 

 
such settlement. The Indemnifying Party shall not compromise, discharge or enter into any settlement of a Third-Party Claim without the prior written consent of the Indemnified Party (which
consent shall not be unreasonably withheld, conditioned or delayed); provided, however, that the consent of the Indemnified Party shall not be required if (i) there is no finding or admission of any violation of Law or any violation of
the rights of any party, (ii) the sole relief provided is monetary damages that are paid in full by the Indemnifying Party (including payment through release of Escrow Funds), and (iii) such compromise, settlement or discharge includes a
full, complete and irrevocable release of the Indemnified Party and its Related Persons from all Losses with respect to such Third-Party Claim. Notwithstanding anything herein to the contrary, if (x) the Indemnifying Party does not assume the
defense of any Third-Party Claim in accordance with this Section 9.5, (y) at any subsequent date the Indemnifying Party is not diligently conducting the defense of any Third-Party Claim with counsel that is reasonably satisfactory
to the Indemnified Party or (z) the Third-Party Claim seeks nonmonetary relief which, if granted, could materially and adversely affect the Indemnified Party, the Indemnified Party may defend such claim at the sole cost of the Indemnifying
Party and the Indemnifying Party may still participate in, but not control, the defense of such Third Party Claim at the Indemnifying Party’s sole cost and expense. 
 (c) Conduct of the Schedule 9.1 Matter. 
 (i) With respect
to the Schedule 9.1 Matter, the Parties acknowledge and agree (A) that such matter is a Third-Party Claim for purposes of the Agreement, (B) Seller and Seller Parent have an obligation to indemnify each Buyer Indemnified Person and hold it
harmless against and in respect of any and all Losses arising from or in connection with the Schedule 9.1 Matter, (C) that Seller and Seller Parent have properly exercised their right to assume the defense thereof in accordance with
Section 9.5(b) and (D) Buyer has provided Seller and Seller Parent adequate notice of such claim. In connection therewith, in conjunction and with the consent of the applicable liability insurer (Chartis Insurance Company of Canada), the
Companies have engaged the law firms of McKenna Long & Aldridge LLP and Davies Ward Phillips & Vineberg, S.E.N.C.R.L, s.r.l. I LLP to defend the Companies with respect to the Schedule 9.1 Matter, and Buyer acknowledges that
such firms are acceptable to Buyer. 
 (ii) Seller confirms that the Company has made a claim with respect to the
Schedule 9.1 Matter pursuant to (A) Policy No. GL 529 4606, issued by AIG Canada to Ropak, and (B) Policy No. BE 7440342, issued by National Union to Seller and its Affiliates, and the Parties acknowledge and agree that the tenns of
Section 9.4(c) shall apply with respect to any applicable insurance coverage thereunder. 
 9.6 Survival; Time to Assert
Claims. 
 (a) Survival. Except as provided below and subject to the limitations set forth in Section 9.6(b) with
respect to the time periods within which claims for indemnity must be asserted, the representations, warranties, covenants and agreements contained herein shall not be extinguished by the Closing but shall survive the Closing. The covenants and
agreements to be performed by the Parties prior to the Closing shall survive the Closing until the General Expiration Date; provided that the covenants and agreement in Section 6.2 (other than with

  
 58 

 
respect to the penultimate sentence of Section 6.2(a)), Section 6.3 (other than with respect to the penultimate sentence of Section 6.3), Section 6.6,
Section 6.8 and Section 6.15(a) to be performed by the Parties prior to the Closing shall expire at the Closing. Unless a specified period is set forth in this Agreement, all agreements and covenants contained in this Agreement will
survive the Closing and remain in effect until the fulfillment of such agreement or covenant. 
 (b) Time to Assert Claims.
The representations and warranties made in Article IV and Article V shall survive the Closing until the date that is twelve (12) months after the Closing Date (the “General Expiration Date”); provided, however, that
the representations and warranties set forth in Section 4.12 (Environmental Matters) shall survive the Closing until the date that is five (5) years after the Closing Date; provided, further, that the representations and
warranties set forth in Section 4.17 (Tax Matters) and Buyer’s right to indemnification pursuant to Section 9.l(e) shall survive the Closing until the earlier of (i) the date that is seven (7) years after the Closing Date
and (ii) the date that is sixty (60) days after the expiration of the applicable statute of limitations; provided, further, that the Fundamental Representations and the representations and warranties set forth in Section 5.1
(Organization; Authority; Execution and Delivery; Enforceability) and Section 5.7 (Brokers, Finders and Investment Bankers) shall survive the Closing indefinitely. Notwithstanding any provision herein to the contrary, if written
notice of any claim for indemnification hereunder has been delivered in accordance herewith prior to the expiration of the representation, warranty, covenant or agreement upon which such claim is based, the relevant representation, warranty,
covenant or agreement shall not expire with respect to such claim, and such claim may be pursued, until the final resolution of such claim in accordance with the provisions of this Article IX. 

9.7 Exclusive Remedy. From and after the Closing, the prov1s10ns of this Article IX, Section 6.12 and
Section 10.11 set forth the exclusive rights and remedies of the Parties to seek or obtain damages or any other remedy or relief whatsoever from any Party with respect to matters arising under or in connection with this Agreement and the
transactions contemplated hereby (other than fraud or willful misconduct). Without in any way limiting the provisions of Section 9.4, the Parties agree that, excluding any claim for injunctive or other equitable relief or for fraud or
willful misconduct, from and after the Closing, the provisions of Section 6.12 and this Article IX are intended to provide the sole and exclusive remedy as to all claims against Seller and its Affiliates, on the one hand, and Buyer and
its Affiliates, on the other hand, arising from or relating to this Agreement and the transactions contemplated hereby. In furtherance of the foregoing, each of the Parties hereby waives, to the fullest extent permitted by applicable Law, any and
all other rights, claims and causes of action (including rights of contributions, if any, but excluding any claim for injunctive or other equitable relief or for fraud or willful misconduct) known or unknown, foreseen or unforeseen, which exist or
may arise in the future, that it may have against Seller or its Affiliates or Buyer or its Affiliates, as the case may be, arising under or based upon any Law to the extent arising under this Agreement. Notwithstanding the foregoing, this
Section 9.7 shall not operate to interfere with or impede the operation of the provisions of Article II and Section 6.12 providing for (i) the resolution of certain disputes relating to the Purchase Price between
the Parties or by the Accounting Referee and (ii) limiting the rights of the Parties to seek equitable remedies (including specific performance or injunctive relief). The Parties hereby waive and release any and all tort claims and causes of
action (other than for fraud or willful misconduct) that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this 

  
 59 

 
Agreement (including any tort claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement or as an inducement to
enter into this Agreement). 
 ARTICLE X. 
 MISCELLANEOUS 
 10.1 Entire Agreement. This Agreement (including the
Exhibits and Schedules), the Confidentiality Agreement and the documents delivered pursuant to this Agreement constitute the entire agreement between the Parties with respect to the subject matter hereof and supersede all other prior agreements and
understandings, both written and oral, between the Parties with respect to the subject matter hereof; provided, however, that this provision is not intended to abrogate any other written agreement between the Parties executed with or after
this Agreement. 
 10.2 Amendment and Waiver. 
 (a) This Agreement may not be amended or waived except in a wntmg executed, in the case of an amendment, by the Parties, and in the case of a waiver, by the Party that is entitled to the benefits of the
provisions being waived. 
 (b) No course of dealing between or among any Persons having any interest in this Agreement shall be
deemed effective to modify or amend any pari of this Agreement or any rights or obligations of any Person under or by reason of this Agreement. 
 (c) No failure or delay by any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further
exercise thereof or the exercise of any other right, power or privilege. 
 10.3 Headings. The subject headings of the
paragraphs and subparagraphs of this Agreement are included for convenience only and shall not affect the construction or interpretation of any of its provisions. 

  
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 10.4 Notices. All notices, requests, claims, demands and other communications
hereunder shall be in writing signed by or on behalf of the Party making the same and shall be given (and shall be deemed to have been duly given and received) (a) on the date of delivery if delivered in person, (b) on the first Business
Day following the date of dispatch by overnight delivery service from a national carrier, (c) on the date of transmission if delivered by electronic mail (provided that receipt is confirmed by reply email) or (c) upon receipt, if delivered
by registered or certified mail (postage prepaid, return receipt requested) to the Parties as follows: 
  

							
		 	(a)	  	if to Buyer:	  	
			
		 		  	BWAY Corporation
		 		  	c/o Platinum Equity, LLC
		 		  	360 North Crescent Drive, South Building
		 		  	Beverly Hills, California 90210
		 		  	Attention:	  	Eva Kalawski
		 		  	Email:	  	EKalawski@platinumequity.com
				
		 		  	and	  	
			
		 		  	BWAY Corporation
		 		  	c/o Platinum Equity LLC
		 		  	52 Vanderbilt Avenue, 21st Floor
		 		  	New York, NY 10017
		 		  	Attention:	  	Louis Samson
		 		  	Email:	  	LSamson@platinumequity.com
			
		 		  	with a copy (which shall not constitute notice) to:
			
		 		  	Latham & Watkins LLP
		 		  	555 11th Street, N.W.
		 		  	Suite 1000	  	
		 		  	Washington, DC 20004
		 		  	Attention:	  	David I. Brown
		 		  	Email:	  	david.brown@lw.com
			
		 	(b)	  	if to Seller or Seller Parent:
			
		 		  	LINPAC Finance Limited
		 		  	3180 Park Square	  	
		 		  	Birmingham Business Park
		 		  	Birmingham B37 7YN
		 		  	United Kingdom	  	
		 		  	Attention:	  	Simon Joseph
		 		  		  	Group General Counsel & Company Secretary
		 		  	Email:	  	simon.joseph@linpac.com
			
		 		  	with a copy (which shall not constitute notice) to:
			
		 		  	McKenna Long & Aldridge LLP
		 		  	303 Peachtree Street, N.E., Suite 5300
		 		  	 Atlanta, Georgia 30308
 United States of America

		 		  	 Attention:
	  	Wayne N. Bradley
		 		  	Email:	  	wbradley@mckennalong.com

 or to such other address as the Party to whom notice is given may hereafter specify to the other Party for such purpose
in writing in the manner set forth above. 

  
 61 

 10.5 Governing Law. This Agreement shall be governed by
and construed in accordance with the laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule that would cause the application of the laws of any jurisdiction other than the State of New York.

 10.6 Jurisdiction and Venue. Except for matters subject to resolution as provided in Section 2.5(b) (including
matters described in Section 6.12), each Party hereby irrevocably and unconditionally consents to submit to the exclusive jurisdiction of the courts of the United States of America located in the Southern District of New York, unless such court
declines the exercise of jurisdiction, in which case the courts of the State of New York located in the County, City and State of New York (and, in each case, any appellate court therefrom), for any actions, suits or proceedings arising out of or
relating to this Agreement or the Financing (and the Parties agree not to commence any action, suit or proceeding relating thereto except in such comis), and further agrees that service of any process, summons, notice or document by national carrier
or U.S. registered or certified mail to such Party’s principal place of business shall be effective service of process for any action, suit or proceeding arising out of this Agreement in any such court. Each Party hereby irrevocably and
unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement, in the courts of the United States of America located in the Southern District of New York or the State of New York, as
applicable, and hereby further irrevocably and unconditionally waives its right and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum.
Notwithstanding the foregoing, the judgment against a party in any action or proceeding contemplated above may be enforced in any other jurisdiction within or outside the United States by suit on the judgment, a certified or exemplified copy of
which shall be conclusive evidence of the fact and amount of such judgment. 
 10.7 Waiver of Jury Trial. TO THE EXTENT
NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH OF THE PARTIES HEREBY WAIVES, AND AGREES TO CAUSE EACH OF ITS SUBSIDIARIES TO WAIVE, AND COVENANTS THAT NEITHER IT NOR ANY OF ITS SUBSIDIARIES SHALL ASSERT (WHETHER AS PLAINTIFF,
DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR
THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY (INCLUDING THE FINANCING), IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. ANY PARTY HERETO MAY FILE AN ORIGINAL
COUNTERPART OR A COPY OF THIS SECTION 10.7 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 
 10.8 Prevailing Party. Except for matters subject to resolution as provided in Section 2.5(b) (including matters described in Section 6.12), if any litigation or other court

  
 62 

 
action, arbitration or similar adjudicatory proceeding is commenced by either Party to enforce its rights under this Agreement against the other Party, all fees, costs and expenses, including
attorneys’ fees and court costs, incurred by the prevailing Party in such litigation, action, arbitration or proceeding shall be reimbursed by the losing Party. For purposes of the foregoing sentence, the determination of which Party is the
“prevailing Party” shall be made in accordance with U.S. federal Law. 
 10.9 Assignment. This Agreement and
all of the provisions hereof shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns, except that neither this Agreement nor any of the rights, interests or obligations hereunder may be
assigned, delegated or otherwise transferred by either Party without the prior written consent of the other Party; provided, however, that Buyer may (a) assign its rights and delegate any of its obligations under this Agreement to any of
its Affiliates and (b) assign its rights under this Agreement for collateral security purposes to any Person providing financing to Buyer, any of its Affiliates or, after the Closing, the Companies, or to any assignee or assignees of any such
Person, in the case of clauses (a) and (b), without such prior written consent; provided, that no such assignment shall relieve Buyer of its obligations hereunder. 
 10.10 No Third-Party Beneficiaries. With the exception of the Parties, the Buyer Indemnified Parties and Seller Indemnified Parties, there shall exist no right of any Person to claim a beneficial
interest in this Agreement or any rights occurring by virtue of this Agreement, and nothing in this Agreement, express or implied, is intended to confer upon any other Person any rights or remedies of any nature whatsoever under or by reason of this
Agreement, including any Employee Benefit Plan; provided, however, that the Buyer Parties and the Debt Financing Source Parties are intended beneficiaries of, and shall be entitled to enforce, Sections 8.3, 10.5, 10.6, 10.7,
10.9and10.13 and this Section 10.10. 
 10.11 Specific Performance. The Parties acknowledge and agree that
any breach of the terms of this Agreement by Seller would give rise to irreparable harm to Buyer for which money damages would not be an adequate remedy. Accordingly the Parties agree that, in addition to any other available remedies at Law or in
equity, Buyer shall be entitled to enforce the terms of this Agreement by a decree of specific performance without the necessity of proving the inadequacy of money damages as a remedy, and Seller hereby waives, in any action by Buyer for specific
performance or other equitable relief, (a) any defense in any such that a remedy at law would be adequate or that a grant of equitable relief would not be appropriate for any reason, and (b) any requirement under any Law to post a bond or other
security as a prerequisite to obtaining equitable relief. For the avoidance of doubt, Seller shall not be entitled to specific performance of Buyer’s obligations under this Agreement. 

10.12 Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original, but
all of which shall constitute one and the same agreement. The exchange of copies of this Agreement (and any certificate or other agreement contemplated hereby) and of signature pages by electronic transmission shall constitute effective execution
and delivery of this Agreement (and such certificates or other agreements) by the Parties. Signatures of the Parties transmitted by electronic transmission shall be deemed to be their original signatures for all purposes. 

  
 63 

 10.13 Time of Essence. With regard to all dates and time periods set forth in
this Agreement, time is of the essence. 
 10.14 Severabilitv. Whenever possible, each prov1s1on of this Agreement shall
be interpreted in such manner as to be effective and valid under applicable Law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable Law, such provision shall be ineffective only to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement so long as the economic or legal substance of the transactions contemplated hereby are not affected in any manner adverse
to any Party; provided, however, that the parties agree that the remedies and limitations thereon (including under Article IX and Sections 8.2, 8.3, 8.4 and shall be considered integral provisions of this Agreement and that such
remedies and limitations shall not be severable in any manner that increases a party’s liabilities or obligations, or (in the case of Article IX) reduces a party’s rights, under this Agreement. Upon such determination that any term
or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end
that the transactions contemplated by this Agreement are fulfilled to the extent possible. 
 (Signatures appear on next
page) 

  
 64 

 IN WITNESS WHEREOF, each of the Parties has caused this Stock Purchase Agreement to be duly
executed on its behalf as of the date first above written. 
  

			
	“BUYER”:
	
	BWAY CORPORATION
		
	By:	 	 /s/ Eva M. Kalawski

	Name:	 	    Eva M. Kalawski
	Title:	 	    Vice President and Secretary
	
	“SELLER”:
	
	LINPAC FINANCE LIMITED
		
	By:	 	 /s/ Simon Joseph

	Name:	 	    Simon Joseph
	Title:	 	    Director
	
	“SELLER PARENT”:
	
	LINPAC GROUP LIMITED
		
	By:	 	 /s/ Simon Joseph

	Name:	 	    Simon Joseph
	Title:	 	    Director

 [Signature Page to Stock Purchase Agreement] 

  

 SCHEDULE 1.1 
 DEFINITIONS 
 “AAA” is defined in Section 2.5(b).

 “Accounting Referee” is defined in Section 2.5(b)(ii). 

“Action” means any claim, action, suit, inquiry, proceeding, charge, complaint, audit or investigation by or before any
Governmental Authority, and any other arbitration, mediation or similar proceeding. 
 “Affiliate” means, with
respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with such Person, or any entity in which any such Person or Persons own, collectively, ten percent (10%) or more, and any
officer, director or executive employee of such Person, and in the case of a Person who is an individual, any lineal descendant, ancestor, spouse, or adopted child of such Person or any spouse of any of the foregoing. The term “control”
(including the terms “controlled by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract or otherwise. 
 “Agreement” is defined in the Preamble. 

“Alternative Transaction” means, other than (x) any transactions solely involving Seller Parent and its
Subsidiaries as of the date hereof and (y) the transactions contemplated by this Agreement, any (i) a merger, reorganization, sale of assets, share exchange, consolidation, business combination, recapitalization, dissolution, liquidation,
joint venture or similar transaction involving any of the Companies whose assets, individually or in the aggregate, constitute fifty percent (50%) or more of the consolidated assets of the Companies as determined on a book-value basis;
(ii) the acquisition (whether by merger, consolidation, equity investment or purchase, joint venture, asset purchase or otherwise) by any person of fifty percent (50%) or more of the assets of the Companies, taken as a whole as determined
on a book-value basis; (i) the acquisition in any manner, directly or indirectly, by any person of fifty percent (50%) or more of (A) the Shares or (B) the issued and outstanding Equity Interests in LUHI or any of the Companies whose
assets, individually or in the aggregate, constitute fifty percent (50%) or more of the consolidated assets of the Companies as determined on a book-value basis, (iv) any purchase, acquisition, tender offer or exchange offer that, if
consummated, would result in any person beneficially owning fifty percent (50%) or more of class of Equity Interests in any of the Companies whose assets, individually or in the aggregate, constitute fifty percent (50%) or more of the
consolidated assets of the Companies as determined on a book-value basis. 
 “Audited Balance Sheet” means the
audited consolidated balance sheet of LUHI and its subsidiaries as of December 31, 2011, as included in the Audited Financial Statements. 
 “Audited Financial Statements” means the audited consolidated balance sheets of LUHI and its Subsidiaries as of each of December 31, 2011 and December 31, 2010, and the related

  
 S-1

 
audited consolidated statements of operations, of shareholders’ deficit and of cash flows for the years ended December 31, 2011 and December 31, 2010. 

“Base Purchase Price” is defined in Section 2.2(a). 

“Buckhorn Legal Defense Costs Claims” means all fees, costs, reasonable attorneys’ fees, and other expenses attributable
with the litigation styled Buckhorn Inc. and Schaefer Arca Systems, Inc. v. Orbis Corporation and Orbis Corporation Material Handling, Inc., et al. in the United States District Court for the Southern District of Ohio (Case
No. 08-cv-0459) and the United States Court of Appeals for the Federal Circuit (Case No. 2012-1643). 

“Business Day” means any day, other than a Saturday, Sunday or other day on which commercial banks in New York City, New
York, are authorized or required by Law to be closed. 
 “Buyer” is defined in the Preamble. 

“Buyer Closing Certificate” means a certificate executed by Buyer as to satisfaction of the conditions set forth in
Sections 7.3(b) and.{£}. 
 “Buyer Domain” is defined in Section 6.23. 

“Buyer Indemnified Party” is defined in Section 9.1. 

“Buyer Parties” is defined in Section 8.3(b). 

“Buyer’s Knowledge” means the actual knowledge, after reasonable mqmry, of the officers and directors of Buyer.

 “Cap” is defined in Section 9.4(b). 
 “Carryback” is defined in Section 6.12(0. 

“Cash” means, as of a specified date, the aggregate amount of all cash and cash equivalents held by the Companies,
calculated on a consolidated basis in accordance with the Closing Date Principles, net of all declared and unpaid dividends or distributions, outstanding checks and wire transfers, excluding Deposits Corporate. 

“Claims” shall mean, with respect to Seller, all Actions, demands, causes of action of whatever rights, of every kind or
character (whether such actions are actions in law, equity, tort, contract, or otherwise and including actions seeking injunctive or other equitable relief), whether known or unknown relating to any matter arising or in existence at any time on or
prior to the Closing Date. 
 “Closing” is defined in Section 3.1. 

“Closing Date” is defined in Section 3.1. 
 “Closing Date Cash” means Cash, as of 11:59 p.m. (Eastern time) on the Closing Date. 

  
 S-2

 “Closing Date Indebtedness” means Indebtedness of the Companies, as of
11:59 p.m. (Eastern time) on the Closing Date, calculated on a consolidated basis in accordance with the Closing Date Principles. 
 “Closing Date Net Working Capital” means Net Working Capital of the Companies, as of 11:59 p.m. (Eastern time) on the Closing Date. 

“Closing Date Principles” means UK GAAP consistent with the accounting methodologies, principles and procedures (in
each case to the extent permitted by UK GAAP) applied in the preparation of the balance sheet as of September 30, 2012 included in the Management Accounts, subject to normal and recurring year-end adjustments in accordance with the
Companies’ past practice, except for such inconsistencies with UK GAAP as are indicated in Schedule 1.l(a); provided, however, that (i) neither the Closing Date Statement, the Proposed Closing Statement nor any component of the
Purchase Price shall take into account or give effect to (A) any change in the balance sheet (including any increase or decrease in Indebtedness or Cash) as a result of (1) any financing transactions entered into by Buyer and its
Affiliates in connection with the transactions contemplated hereby or (2) any other transfer of Cash by or on behalf of Buyer or any of its Affiliates to the Companies in connection with the transactions contemplated hereby, (B) any
purchase accounting adjustments, (C) any increase in any assets, or decrease in any liabilities, as a result of any Tax benefits relating to the transactions contemplated by this Agreement or any expenses related thereto or (D) any Tax
refunds or claims for Tax refunds (including claims for interest with respect to such refunds) other than those described in Schedule 1.l(g) and (ii) the Estimated Transaction Expenses, Transaction Expenses, Estimated Related Party
Payables Amount, Related Party Payables Amount, Estimated Closing Date Indebtedness, and Closing Date Indebtedness will be increased, if necessary, to fully reflect any applicable invoices or payoff letters delivered to Buyer at or prior to Closing;
provided, that Buyer may waive any such adjustments (and the impact of such adjustments on the Estimated Purchase Price) prior to Closing (which waivers will not impact the ultimate calculation of the Transaction Expenses, Related Party
Payables Amount, Closing Date Indebtedness or Purchase Price). 
 “Closing Date Statement” is defined in
Section 2.3. 
 “Code” means the United States Internal Revenue Code of 1986, as amended, and all rules
and regulations promulgated thereunder. 
 “Commitment Letters” is defined in Section 5.5.
“Companies” is defined in the Recitals. 
 “Competitive Business” means supplying,
manufacturing and/or selling products that have been (or that are substantially similar to those products that have been) supplied, manufactured and/or sold by the Companies in the Restricted Territory in the twelve (12) months preceding the
Closing Date. 
 “Confidentiality Agreement” is defined in Section 6.9. 

  
 S-3

 “Consents” means all consents, waivers, approvals, declarations,
authorizations, filings, registrations and notices required to be obtained from, made with or given to any Governmental Authority or any other Person in connection with this Agreement or the consummation of the transactions provided for herein.

 “Contracts” means all written or oral contracts, subcontracts, letters of intent, letters of understanding,
agreements, leases, subleases, licenses, sublicenses, commitments, notes, bonds, obligations, promises, deeds, mortgages, indentures, understandings, loan agreements or any other instruments, arrangements or agreements. 

“Debt Financing Source Parties” is defined in Section 8.3(d). “Deductible” is defined in
Section 9.4(a). 
 “Deposits Corporate” means the items set forth on Schedule 1.1(b), which are
contained in that certain “Deposits Corporate” general ledger account of the Companies as :farther described in the Closing Date Principles. 
 “Dispute Resolution Notice” is defined in Section 9.5(b). “Drop Dead Date” means May 31, 2013. 

“Employee Benefit Plans” is defined in Section 4.9(a). “Environmental Laws” is defined in
Section 4.12(a). “Environmental Permits” is defined in Section 4.12(a). 
 “Equity
Interests” means any and all shares, interests, part1c1pations, other equity interests of any kind or other equivalents (however designated) of capital stock of a corporation and any and all ownership or equity interests of any kind in a Person
(other than a corporation), including membership interests, partnership interests, joint venture interests, phantom stock, stock appreciation rights and beneficial interests, and any and all warrants, options, rights to vote or purchase or any other
rights or securities convertible into, exercisable for or related to any of the foregoing. 
 “ERISA” means the
Employee Retirement Income Security Act of 1974, as amended. 
 “Escrow Agent” means Wells Fargo Bank, National
Association, a national banking association. 
 “Escrow Agreement” means that certain escrow agreement in all
material respects in the form attached as Exhibit 1.1(c) to be entered into as of the Closing Date by and among Buyer, Seller and the Escrow Agent. 
 “Escrow Amount” means $15,000,000. 

  
 S-4

 “Escrow Funds” means, at any given time after Closing, the funds remaining
in the one or more accounts in which the Escrow Agent has deposited the Escrow Amount in accordance with the Escrow Agreement, including remaining amounts of interest or other income earned. 

“Estimated Closing Date Cash” is defined in Section 2.3(b). 

“Estimated Closing Date Indebtedness” is defined in Section 2.3(d). 

“Estimated Net Working Capital” is defined in Section 2.3(a). 

“Estimated Purchase Price” is defined in Section 2.2. 

“Estimated Related Party Payables Amount” is defined in Section 2.3(c). 

“Estimated Related Party Receivables Amount” is defined in Section 2.3(e). 

“Estimated Transaction Expenses” is defined in Section 2.3(Q. 

“Estimated Working Capital Deficit” is defined in Section 2.2(e). 

“Estimated Working Capital Surplus” is defined in Section 2.2(b). 

“Exchange Act” is defined in Section 4.4(c). 
 “Final Cash Balance” means the Closing Date Cash as finally detem1ined in accordance with Section 2.5. 
 “Final Closing Statement” is defined in Section 2.5(c). 

“Final Closing Date Indebtedness” means the Closing Date Indebtedness as finally determined in accordance with
Section 2.5. 
 “Final Net Working Capital” means the Closing Date Net Working Capital as finally
determined in accordance with Section 2.5. 
 “Final Purchase Price” is defined in Section 2.5(b).

 “Final Related Party Payables Amount” means the Related Party Payables Amount as finally determined in
accordance with Section 2.5. 
 “Final Related Party Receivables Amount” means the Related Party
Receivables Amount as finally determined in accordance with Section 2.5. 
 “Final Transaction Expenses” means
the Transaction Expenses as finally determined in accordance with Section 2.5. 
 “Financial Statements”
means, collectively, the Management Accounts, the SAF Packs and the Audited Financial Statements. 

  
 S-5

 “Financing” is defined in Section 5.5.

 “Fundamental Representations” means each of the representations and warranties of Seller set forth in
Section 4.1 (Organization; Authority; Execution and Delivery; Enforceability), Section 4.2 (Capitalization) and Section 4.19 (Brokers, Finders and Investment Bankers).

 “General Expiration Date” is defined in Section 9.6. 

“Governmental Authority” means any federal, state, national, provincial, county, municipal, local or other governmental,
administrative, legislative or regulatory department, commission, board, bureau, ministry, agency, body, authority, or instrumentality , or any court, arbitration panel or tribunal, or relating to government, in each case whether of the United
States of America or Canada, any of their respective possessions or territories, or of any other nation or public international organization. 
 “Hazardous Substances” means any wastes, chemicals, chemical fonnulations, ingredients, substances, products, pollutants or materials, whether solid, liquid or gaseous, that (i) is or
contains asbestos, polychlorinated biphenyls, radioactive materials, oil, petroleum or any fraction thereof, (ii) requires removal, remediation or reporting under any Environmental Law, or is defined, listed or identified. as a
“contaminant’’, “pollutant”, “toxic substance”, “toxic material”, “hazardous waste” or “hazardous substance” or words of similar meaning and regulatory effect thereunder or
(iii) is toxic, explosive, corrosive, flammable, infectious, radioactive, carcinogenic, mutagenic or otherwise hazardous and is regulated as such by any Governmental Authority under any Environmental Law. 

“Holdings Consent” is defined in Section 6.21. 

“HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. 

“Indebtedness” means, with respect to any Person and without duplication, (a) the principal, accrued and unpaid
interest, breakage costs, prepayment and redemption premiums and penalties, unpaid fees and other monetary obligations in respect of (i) outstanding indebtedness of such Person for borrowed money and (ii) outstanding indebtedness evidenced
by notes, debentures, bonds or other similar instruments the payment of which such Person is responsible; (b) all outstanding obligations of such Person for the deferred purchase price of property or services (but excluding current trade
accounts payable incurred in the ordinary course of business consistent with past practice); (c) all outstanding obligations of such Person under any interest rate or currency swap transaction, cap, collar or other hedging arrangements (whether
interest rate or otherwise) (valued at the termination cost thereof); (d) all outstanding obligations of such Person for the reimbursement of any obligor on any letter of credit (but, for purposes of calculating the Closing Date Indebtedness,
solely to the extent such letter of credit has been actually drawn); (e) all obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property which obligation
has been, or is required to be, classified and accounted for as a capital lease on a balance sheet prepared in accordance with UK GAAP; (f) all obligations created or arising under any conditional sale or other title retention agreement with
respect to property acquired by such 

  
 S-6

 
Person (even if the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), other than customary
reservations or retentions of title under agreements with suppliers entered into in the ordinary course of business and consistent with the Companies’ past practice; (g) all obligations secured by a purchase money mortgage or other Lien to
secure all or part of the purchase price of the property subject to such Lien; (h) any obligations with respect to any factoring programs; and (i) any indebtedness or other obligations of any other Person of the type specified in
any of the foregoing clauses, the payment or collection of which has been, directly or indirectly, guaranteed by such Person or which such Person has agreed (contingently or otherwise) to purchase or otherwise acquire or in respect of which it has
otherwise assured a creditor against loss; provided, that Indebtedness shall exclude (x) Transaction Expenses and (y) Related Party Payables. 
 “Indemnification Notice” is defined in Section 9.5(b). 

“Indemnification Response” is defined in Section 9.5(b). 

“Indemnified Party” means the Buyer Indemnified Parties or the Seller Indemnified Parties, as applicable. 

“Indemnifying Party” means the Person or Persons having the obligation to indemnify another Person pursuant to the
provisions of Section 9.1 or 9.2, as the case may be; provided, however, that for the purpose of receiving notice in connection with a claim for indemnification by a Buyer Indemnified Party and the other procedures described in
Section 9.5, the term “Indemnifying Party” shall refer to Seller Parent. 
 “Insurance
Policies” is defined in Section 4.13. 
 “Intellectual Property Rights” means all rights in and to the
following: (a) patents, patent applications, including all reissues, divisions, continuations, continuations-in-part, reexaminations and extensions thereof, and patent disclosures, (b) trademarks, service marks, trade names, trade dress,
logos, Internet domain names, and registrations and applications for registration thereof together with all of the goodwill associated therewith, (c) copyrights (registered or unregistered) and registrations and applications for registration
thereof, 
 (d) computer software, including source code and all documentation and program architecture 

associated therewith, and (e) trade secrets, inventions (whether patentable or unpatentable and whether or not reduced to practice),
confidential and proprietary information, processes, methods, molds, databases, designs (whether registered or unregistered), and know-how, and any other type of proprietary intellectual property right. 

“Interest” is defined in Section 2.5(c). 
 “Investment Act” means the Investment Canada Act (Canada), as amended. 
 “IP License Agreement” is defined in Section 3.2(c). 

“Law” means any federal, state, national, provincial, municipal, local or other law (including common law), statute,
act, regulation, ordinance, Order, constitution, convention, treaty or other requirement enacted, adopted, promulgated or applied by, or otherwise of, any Governmental Authority, including all judicial and administrative orders and determinations.

  
 S-7

 “Leased Real Property” or “Leased Real Properties” is defined in
Section 4.5(a). 
 “Lease” or “Leases” is defined in Section 4.5(a). 

“Lenders” means, collectively, Deutsche Bank Trust Company Americas, Deutsche Bank Securities Inc., Bank of America,
N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Goldman Sachs Bank USA. 
 “Liens” means any
mortgages, pledges, charges, title defects, security interests, easements, right-of-way, licenses, claims of any nature, options, restrictions on voting or title, rights to occupy, covenants, encroachments, or other encumbrances. 

“LINPAC Group” means LINPAC Senior Holdings Limited and each of its wholly­ owned subsidiaries from time to time
(including the Seller), but excluding the Companies. 
 “LINPAC Holdings” means LINPAC Senior Holdings Limited.

 “LINPAC Credit Agreement” means that certain Amended and Restated Senior Facilities Agreement dated as of
June 20, 2003, by and among LINPAC Holdings, Seller Parent, Deutsche Bank AG, London Branch, as senior facility agent and security agent, and the other borrowers, guarantors and lenders party from time to time thereto, as amended, modified,
supplemented or restated from time to time. 
 “LINPAC Shareholders’ Agreement” means that certain
Shareholders’ Agreement relating to LINPAC Holdings dated as of December 21, 2009, by and among LINPAC Holdings and the shareholders of LINPAC Holdings as listed therein, as amended, modified, supplemented or restated from time to time.

 “Losses” means any and all damages, liabilities, assessments, losses, charges, claims, obligations, awards,
judgments, Actions, assessed interest, penalties, Taxes, fees, costs and expenses (including reasonable out-of-pocket attorneys’ and other fees, costs and expenses), including all amounts paid in investigation, defense or settlement of any of
the foregoing, whether or not involving a Third Party Claim and whether incurred before, at or after the Closing. 

“LUHI” is defined in the Recitals. 
 “Management Accounts” means (a) the unaudited monthly management accounts for the Operating Companies for the year ended December 31, 201O; (b) the unaudited monthly
management accounts for the Operating Companies for the year ended December 31, 2011; and (c) the unaudited monthly management accounts for the Operating Companies for the nine-month period ended September 30, 2012. 

  
 S-8

 “Management Incentive Payments” means the payments payable to certain
senior management personnel of the Companies as a result of the Closing under the agreements set forth on Schedule 1.l(f). 
 “Marketing Period” means the first period of twenty (20) consecutive Business Days after the date of this Agreement throughout which (i) Buyer shall have the Required
Information and at all times during which twenty (20) consecutive Business Day period such information (A) does not contain any untrue statement of material fact or omit to state a material fact necessary in order to make such information,
in light of the circumstances under which it was made, not misleading and (B) shall remain compliant in all material respects at all times with the applicable provisions of Regulation S-X and Regulation S-K under the Securities Act, and
(ii) the conditions set forth in Sections 7.1 and 7.2 shall have been satisfied (except, in the case of Section 7.2, to the extent such conditions by their nature can only be satisfied by performance at the Closing)
and nothing shall have occurred and no condition shall exist that would cause, or would reasonably be expected to cause, any of the conditions set forth in Section 7.1 or 7.2 to fail to be satisfied assuming the Closing were to be scheduled for
any time during the twenty (20) consecutive Business Days of such period; provided, that (I) November 21, 2012, November 22, 2012 and November 23, 2012 shall not be considered Business Days for purposes of the Marketing Period,
and if the Marketing Period has not ended prior to December 21, 2012, the Marketing Period shall not be deemed to have commenced prior to January 2, 2013 for any purpose hereunder, (II) the Marketing Period shall not be deemed to have
commenced if, (x) prior to the completion of the Marketing Period, the Companies’ auditors shall have withdrawn any audit opinion with respect to any financial statements contained in the Required Information or (y) the financial
statements included in the Required Information that is available to Buyer on the first day of the Marketing Period would not be sufficiently current on any day during such period to satisfy the requirements of Rule 3-12 of Regulation S-X to permit
a registration statement using such financial statements to be declared effective by the SEC on the last day of such period, in which case the Marketing Period shall not be deemed to commence until receipt by Buyer of updated Required Information
that would be required under Rule 3-12 of Regulation S-X to permit a registration statement using such financial statements to be declared effective by the SEC on the last day of such new twenty (20) consecutive Business Day period, and (III)
the Marketing Period shall end on any earlier date that is the date on which the Financing otherwise is obtained. 

“Material Adverse Effect” means any state of facts, change, effect, event or occurrence that, individually or in the
aggregate, is or would reasonably be expected to be materially adverse to (x) the condition (financial or otherwise), results of operations, business, properties, assets or liabilities of the Companies, taken as a whole or (y) the ability
of a Party to timely perform its obligations under, or consummate the transactions contemplated by, this Agreement; provided, that a Material Adverse Effect (except as provided in the foregoing clause (y)) shall not include any state of facts,
changes, events, effects or occurrences occurring after the date hereof, to the extent resulting from, arising out of or attributable to (a) a downturn in general economic, business or regulatory conditions in the United States or elsewhere in
the world or in any specific jurisdiction or geographical area; (b) general changes in the industries and markets in which the Companies operate that do not affect the Companies in a significantly disproportionate manner relative to other
Persons engaged in business in the same industry; (c) changes in economic conditions in the United States of America, Canada or world economies, or securities or financial 

  
 S-9

 
markets; (d) any changes in UK GAAP or accounting standards or interpretations thereof; (e) weather or any weather-related event; (f) any act of God or other calamity,
national or international, political or social conditions (including the engagement by any country in hostilities, whether commenced before, on or after the date hereof, and whether or not pursuant to the declaration of a national emergency or war),
or the occurrence of any military or terrorist attack; (g) the execution or delivery of this Agreement or the transactions contemplated hereby or the public announcement thereof; (h) the failure of the Companies to meet any projections
(provided, that the exception in this clause shall not prevent or otherwise affect a determination that any event, change, circumstance, occurrence, effect or state of facts underlying such failure has resulted in, or contributed to a Material
Adverse Effect); or (i) changes in applicable Laws or accounting rules; provided, however, that (I) the exceptions described in clauses (a), (b), (c), (d), (e), (f) and (i) shall only apply if the changes described therein do not
have a disproportionate effect on the Companies relative to other Persons operating in one or more industries in which the Companies operate, and (II) the exceptions described in clause (g) of this definition shall not apply to the use of
“Material Adverse Effect” in connection with any provision of this Agreement addressing the execution, delivery or performance of this Agreement or the consummation of the transactions contemplated hereby. 

“Material Contracts” is defined in Section 4.14(a). 

“Mini-Basket” means $50,000; provided, however, that if the Closing shall not have occurred on or prior to the date that
is forty-five (45) days after the date hereof, the amount of the Mini-Basket with respect to any claim in respect of any misrepresentation, breach or inaccuracy of any representation or warranty shall equal $100,000 if the event, occurrence or
matter giving rise to such misrepresentation, breach or inaccuracy occurred after the date that is forty-five (45) days after the date hereof. 
 “Net Working Capital” means (a) the current assets of the Companies, including the Tax refunds described on Schedule 1.l(g), but excluding Cash, Deposits Corporate and Related
Paiiy Receivables, minus (b) the current liabilities of the Companies, excluding Related Party Payables, in each case in clauses (a) and (b) determined on a consolidated basis in accordance with the Closing Date Principles; provided
that no deferred Tax assets or deferred Tax liabilities (in each case, however determined, established to reflect timing differences between book and Tax income) shall be taken into account in making this Net Working Capital determination. An
illustrative example of a calculation of Net Working Capital is set forth on Schedule 1.l(c). 
 “Non-US Plans”
is defined in Section 4.9(i). 
 “Objection Notice” is defined in Section 2.5(b)(i). 

“Operating Companies” is defined in the Recitals. 

“Order” means any order, judgment, award, ruling, writ, stipulation, injunction or decree of or issued by a Governmental
Authority. 
 “Organizational Documents” means, with respect to any entity, (a) the certificate or
articles of incorporation and the bylaws, the certificate of formation and partnership agreement 

  
 S-10

 
or operating agreement (as applicable) and (b) any documents comparable to those described in clause (a) as may be applicable to such entity pursuant to any applicable Law. 

“Owned Real Property” or “Owned Real Properties” is defined in Section 4.5(a). “Party”
or “Parties” is defined in the Preamble. 
 “Permits” means all permits, licenses,
registrations, authorizations, certificates, qualifications, filings, Orders, exemptions, waivers, consents, approvals and similar documents and authorities under any Laws or issued or granted by, or filed with, any Governmental Authority.

 “Permitted Liens” means (a) Liens for Taxes, assessments and other governmental levies, fees or charges
that are not yet due and payable or that any Company is contesting in good faith in appropriate proceedings; (b) statutory Liens of landlords with respect to the Leased Real Property; (c) Liens of mechanics, carriers, warehousemen,
repairmen, agricultural or other like Liens arising or incurred in the ordinary course of business consistent with past practice for which amounts are not due and payable and for which adequate reserves have been established; (d) Liens securing the
Indebtedness of the Companies (which Liens shall be terminated on or prior to the Closing and are set forth on Schedule 3.2(e)); (e) with respect to real property, Liens reflected on the policies of title insurance policies set forth on
Schedule 1.l(d); (f) with respect to properties in Canada, all other reservations, exceptions, limitations, provisos and conditions in any original grants from the crown and statutory exceptions to title; (g) survey exceptions,
encroachments, encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes which do not, individually or in the aggregate, materially
impair the current use or occupancy of, or the value of, such Owned Real Property; (h) minor Liens that have arisen in the ordinary course of business consistent with past practice and that do not (in any case or in the aggregate) materially
detract from the value of the assets subject thereto or materially impair the use of such assets; and (j) and those Liens set forth on Schedule 1.l(e). 
 “Person” means any individual, corporation, partnership, limited liability company, association, trust, unincorporated entity or other legal entity. 

“Personal Information” is defined in Section 6.13(d). 

“Pre-Closing Tax Period” is defined in Section 6.12(a). 

“Proposed Closing Statement” is defined in Section 2.5(a). 

“Proposed Price Components” is defined in Section 2.5(a). 

“Purchase Price” is defined in Section 2.2. 

“Real Property” means collectively the Owned Real Properties and the Leased Real Properties. 

“Refund Shortfall” is defined in Section 6.12(e). 

  
 S-11

 “Related Party Payable” means each amount payable (whether or not due) and
including accrued interest by any Company to any member of the LINPAC Group. 
 “Related Party Payables Amount”
means the aggregate amount of all Related Party Payables, as of 11:59 p.m. (Eastern time) on the Closing Date, determined in accordance with the Closing Date Principles. 
 “Related Party Receivable” means each amount receivable (whether or not due) and including accrued interest by any Company from any member of the LINPAC Group. 

“Related Party Receivables Amount” means the aggregate amount of all Related Party Receivables, as of 11:59 p.m.
(Eastern time) on the Closing Date, determined in accordance with the Closing Date Principles. 
 “Related Person”
means, with respect to a particular Person, each past, present and future Affiliate, beneficiary and assign of such Person, any Representative of such Person or Affiliate, any family member of any of the foregoing, and any Affiliate of any of
the foregoing. 
 “Release” means any release, threatened release, spill, emission, leaking, pumping,
injection, deposit, disposal, discharge, dispersal, leaching, or migration at, into or onto the environment, including movement or migration through or in the environment, whether sudden or non-sudden and whether accidental or non-accidental, or any
release, emission or discharge as those terms are defined in any applicable Environmental Law. 
 “Releasees”
is defined in Section 6.16. 
 “Representatives” means, with respect to any Person, its Affiliates
and the officers, directors, principals, employees, agents, auditors, advisors, counsel, investment bankers and other representatives of such Person and its Affiliates. 
 “Required Information” means, as of any date, (i) such financial statements, financial data and other information regarding the Companies of the type required in Registration
Statements on Form S-1 by SEC Regulation S-X and SEC Regulation S-K under the Securities Act (including pro forma financial information, provided that it is understood that assumptions underlying the pro fonna adjustments to be made are the
responsibility of Buyer) for registered offerings of non-convertible debt securities, to the extent the same is of the type and form customarily included in private placements under Rule 144A under the Securities Act to consummate the offering of
secured or unsecured senior notes and/or senior subordinated notes (including, even if not required by SEC Regulation S-X or SEC Regulation S-K under the Securities Act, pro forma and other financial data for the pertinent last twelve
(12) month periods), made on any date during the relevant period, (ii) (A) such other information required by Annex II of the Commitment Letter, including such information and data as are otherwise necessary in order to receive
customary “comfort” letters with respect to the financial statements and data referred to in clause (i) of this definition (including “negative assurance” comfort) from the independent auditors of the Companies on any date
during the relevant period and (B) drafts of such “comfort” letters which such auditors are prepared to issue upon completion of customary procedures, each in form and substance customary for high yield debt securities offerings, and
(iii) all pertinent and customary (as compared to other transactions of this size and 

  
 S-12

 
nature) information regarding the Companies customarily included in information memoranda or other marketing documents used to syndicate credit facilities of the type to be included in the
Financing. 
 “Restricted Period” is defined in Section 6.14(a). 

“Restricted Territory” is defined in Section 6.14(a). 

“Restructuring” is defined in the Recitals. 
 “Retention Amount” means, as of any date, an amount equal to (i) in the event that the Schedule 9.1 Matter has not yet been finally resolved prior to such date, (A) subject to
clause (B), $4,000,000 and (B) if (1) one or more additional claims have been made against one or more Buyer Indemnified Parties with respect to the Schedule 9.1 Matter or the initial complaint with respect to the Schedule 9.1 Matter has
been amended in a manner that is materially adverse to one or more Buyer Indemnified Parties, but in either case solely to the extent the Losses with respect to the Schedule 9.1 Matter would reasonably be expected to exceed $4,000,000, and (2) Buyer
shall have notified Seller in accordance with the provisions of Article IX that the amount of Losses for the Schedule 9.1 Matter exceeds $4,000,000, then such greater amount, plus (ii) an amount equal to the aggregate of all
Unresolved Claims other than the Schedule 9.1 Matter, plus (iii) an amount equal to (A) at any time on or prior to the second (2nd) anniversary of the Closing Date, $2,000,000, (B) at any time after the second
(2nd) anniversary of the Closing Date and on or prior to the third (3rd) anniversary of the Closing Date, $1,000,000, and (C) at any time after the third (3rd) anniversary of the Closing Date, zero. 

“Review Period” is defined in Section 2.5(b)(i). 

“Ropak” is defined in the Recitals. 
 “Ropak Canada” is defined in the Recitals. 
 “Ropak
Central” is defined in the Recitals. 
 “Ropak Holdings” is defined in the Recitals. 

“Ropak Holdings Related Party Payable” is defined in Section 6.12{b). 

“Ropak Southwest” is defined in the Recitals. 
 “SAF Packs” means (a) the Standard Accounting Forms for the Operating Companies for the year ended December 31, 2010; and (b) the Standard Accounting Fonus for the
Operating Companies for the year ended December 31, 2011. 
 “Schedule 9.1 Matter” is defined in
Section 9.l(g). 
 “SEC” is defined in Section 6.22. 

“SEC Filings” is defined in Section 6.22. 

  
 S-13

 “Securities Act” is defined in Section 6.22.
 
 “Seller” is defined in the Preamble. 

“Seller Closing Certificate” means a certificate executed by a director or an executive officer of Seller certifying
that the conditions set forth in Sections 7.2(a), f!tl and illhave been satisfied. 
 “Seller Indemnified
Party” is defined in Section 9.2. 
 “Seller L/C” is defined in Section 6.20.

 “Seller Tax Returns” is defined in Section 6.12(a). 

“Seller’s Knowledge” means the actual knowledge, after reasonable inquiry, of B1ian Arnold, Simon Joseph, Jose
Ruiz, Chris Perry, Jeff Bojeski, John Coggan and Gregory Toft. 
 “Shares” is defined in the Recitals.

 “Sponsor” means Platinum Equity Partners III, L.P., a Delaware limited partnership. 

“Straddle Period” is defined in Section 6.12(b). 

“Straddle Period Returns” is defined in Section 6.12(b). 

“Subdomain” is defined in Section 6.23. 
 “Subsidiary” means, with respect to any Person, any other Person of which (i) at least 50% of the outstanding voting securities or other Equity Interests are owned or controlled,
directly or indirectly, by such first Person (either alone or through or together with any other subsidiary) or (ii) such Person or any other Subsidiary of such Person is a general partner or managing member. 

“Surviving Obligations” is defined in Section 8.2.  

“Target Net Working Capital” means $36,000,000. 

“Tax” means all federal, state, national, provincial, local or foreign income, profits, estimated, gross receipts,
windfall profits, severance, property, intangible property, abandoned and unclaimed property (or other property subject to escheatment laws of any jurisdiction), occupation, production, sales, use, license, excise, emergency excise, franchise,
capital gains, capital stock, employment, escheat, unclaimed property, withholding, transfer, stamp, payroll, goods and services, value added, alternative or add-on minimum tax, or any other tax, custom, duty or governmental fee, or other like
assessment or charge of any kind whatsoever, together with any interest, penalties, fines, related liabilities or additions to tax that may become payable in respect thereof imposed by any Taxing Authority and any liability of another Person for any
of the foregoing amounts imposed under Section 1.1502-6 of the Treasury Regulations (or any 

  
 S-14

 
similar federal, state, local or foreign Law), as a transferee or successor, by Contract, by Law or otherwise. 
 “Tax Proceeding” is defined in Section 6.12(Q. 

“Tax Returns” means any report, return, information return, or other information required to be supplied to a Taxing
Authority or any other Person in connection with Taxes, including any information, return claim or refund, amended Tax Return and declaration of estimated Tax. 
 “Taxing Authority” means any Governmental Authority responsible for the imposition of any Tax. 
 “Third-Party Claim” is defined in Section 9.5(c). 

“Third Person Guarantees” is defined in Section 6.17(b). 

“Transaction Confidentiality Agreement” means any right or interest of Seller or any Affiliate of Seller under any
confidentiality agreement with another potential purchaser of all or any part of the Business, its assets or any one or more of the Companies. 
 “Transaction Deductions” means the sum of all items ofloss or deduction for U.S. federal income Tax purposes resulting from or attributable to: (a) the repayment of the Related Party
Payables at Closing or as contemplated by this Agreement, including any prepayment penalties and deductions for unamortized debt issuance costs, but excluding both (i) the “repurchase premium” amount within the meaning of Treasury
Regulation Section 1.163-7(c) attributable to the repayment of the Ropak Holdings Related Party Payable, and (ii) the payment, if any, before the Closing Date of the $7,600,000 of PIK interest on the Related Paity Payable to which such
repurchase premium relates; (b) the payment of Transaction Expenses of the Companies (but not of Buyer) in connection with the transactions contemplated hereby; and (c) payments made at Closing in the nature of compensation for U.S.
federal income tax purposes, including the Management Incentive Payments. 
 “Transaction Documents” means this
Agreement, the IP License Agreement, the Escrow Agreement and all other Contracts that are attached as exhibits to this Agreement and any and all other Contracts or instruments executed and delivered by any of the parties hereto or any Affiliate
thereof in connection with the consummation of the transactions contemplated hereby. 
 “Transaction Expenses”
means the aggregate amount of (a) any and all fees, costs and expenses (including legal, accounting, financial advisory, broker, investment banking and other advisory, transaction or consulting fees, costs and expenses); and (b) the
Management Incentive Payments together with any employment and similar taxes payable by any of the Companies in connection with the Management Incentive Payments, in each case as incurred by LUHI or any Company on their own behalf or on behalf of
Seller in connection with this Agreement or transactions contemplated hereby, through the Closing Date (including any such fees, costs and expenses that become payable, at any time (including after the Closing), as a result of the occurrence of the
Closing), that have not, as of immediately prior to the Closing, been paid in full by or on behalf of LUHI or any Company. 

  
 S-15

 “Transfer Taxes” is defined in Section 6.12(e). 

“U.S. GAAP” means generally accepted accounting principles m the United State, consistently applied. 

“UK GAAP” means generally accepted accounting principles in the United Kingdom of Great Britain and Northern Ireland, as
consistently applied. 
 “Unresolved Claim” means, as of any date, any properly asserted claim for
indemnification of any Buyer Indemnified Party (including any request for payment of a Refund Shortfall under Section 6.12(e)) which has been properly asserted prior to such date and remains pending and unresolved on such date.

 “WARN” means the Worker Adjustment and Retraining Notification Act of 1988, 29 U.S.C. § 2101, et seq.,
as amended. 

  
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