Document:

FORM OF SENIOR DEBT SECURITY -MTN RETURN ENHANCED NOTES

 Exhibit 4.01 
 LEHMAN BROTHERS HOLDINGS INC. 
 Return Enhanced Notes Linked to the Financial Select Sector SPDR® Fund Due February 1, 2011 
  

			
	Number R-1	  	$2,000,000
	ISIN US5252M0CR66	  	CUSIP 5252M0CR6

 See Reverse for Certain Definitions 
 THIS SECURITY (THIS “SECURITY”) IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN
THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A
NOMINEE OF THE DEPOSITORY TO SUCH DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TO LEHMAN BROTHERS HOLDINGS INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL IN AS MUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 LEHMAN BROTHERS
HOLDINGS INC., a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), for value received, hereby promises to pay to CEDE & CO. or registered assigns, at the
office or agency of the Company in the Borough of Manhattan, The City of New York, on the Maturity Date, in such coin or currency of the United States of America at the time of payment shall be legal tender for the payment of public and private
debts, for each $1,000 principal amount of the Securities represented hereby, an amount equal to the Payment at Maturity. THE SECURITIES REPRESENTED HEREBY SHALL NOT BEAR ANY INTEREST. 
 Any amount payable hereon on the Maturity Date will be paid only upon presentation and surrender of this Security. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE REVERSE HEREOF WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE
THE SAME EFFECT AS IF SET FORTH AT THIS PLACE. 

 “Standard & Poor’s®”, “S&P®”, and “S&P 500®” are trademarks of The McGraw-Hill
Companies, Inc. and have been licensed for use by Lehman Brothers Holdings Inc. Lehman Brothers Holdings Inc. is expected to enter into a non-exclusive license agreement with Standard & Poor’s, a division of The McGraw Hill Companies,
Inc. (“S&P”) for use of “Standard & Poor’s Depositary Receipts®”, “SPDR®”,
“Select Sector SPDR”, “Select Sector SPDRs” and “Select Sector Standard & Poor’s Depositary Receipts”, which are also trademarks of The McGraw-Hill Companies, Inc. The stocks included in each Select Sector
Index (upon which Select Sector SPDRs are based) are selected by Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch” and also referred to as the “Index Compilation Agent”) in consultation with
Standard & Poor’s (“S&P”) from the universe of companies represented by the Standard & Poor’s 500 Composite Stock Index (“S&P 500®
Index”). The composition and weighting of the stocks included in each Select Sector Index can be expected to differ from the composition and weighting of stocks included in any similar S&P 500® sector index that is published and disseminated by S&P. The notes, which are linked to the performance of the Financial Select Sector SPDR® Fund, are
not sponsored, endorsed, sold or promoted by S&P’s, and S&P’s makes no representation regarding the advisability of investing in the notes. S&P has no obligation or liability in connection with the operation, marketing, trading
or sale of the notes. 
  

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 IN WITNESS WHEREOF, Lehman Brothers Holdings Inc. has caused this instrument to be signed by its
Chairman of the Board, its President, its Vice Chairman, its Chief Financial Officer, one of its Vice Presidents or its Treasurer, by manual or facsimile signature under its corporate seal, attested by its Secretary or one of its Assistant
Secretaries by manual or facsimile signature. 
  

							
	 Dated: February 1, 2008
	 	LEHMAN BROTHERS HOLDINGS INC.	 	
				
	 [SEAL]
	 	By:	 	  
	 	
		 		 	Vice President	 	
				
		 	Attest:	 	  
	 	
		 		 	Assistant Secretary	 	

  
 TRUSTEE’S CERTIFICATE OF
AUTHENTICATION 
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
  

			
	CITIBANK, N.A.
	as Trustee
		
	By:	 	  

		 	    Authorized Officer

  

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 Reverse of Security 
 This Security is one of a duly authorized series of Securities of the Company designated as Return Enhanced Notes Linked to the Financial Select Sector SPDR®
Fund Due February 1, 2011 (herein called the “Securities”). The Company may, without the consent of the holders of the Securities, create and issue additional securities ranking equally with the Securities and otherwise similar
in all respects so that such additional securities shall be consolidated and form a single series with the Securities; provided, however, that no additional securities can be issued if an Event of Default has occurred with respect to the Securities.
This series of Securities is one of an indefinite number of series of debt securities of the Company, issued and to be issued under an indenture, dated as of September 1, 1987, as amended (herein called the “Indenture”), duly
executed and delivered by the Company and Citibank, N.A., as trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference
is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities. 
 The Payment at Maturity, at the request of the Trustee, shall be determined by the Calculation Agent pursuant to the Calculation Agency Agreement. The
Trustee shall fully rely on the determination by the Calculation Agent of the Payment at Maturity and shall have no duty to make any such determination. The Calculation Agent will provide written notice to the Trustee at its New York office, on
which notice the Trustee may conclusively rely, of the Payment at Maturity on or prior to 11:00 a.m. on the Business Day preceding the Maturity Date. 
 All calculations with respect to the Initial Share Price, any Closing Price of one share of the Index Fund, the Share Adjustment Factor, the Final Share Price and the Share Return will be rounded to the nearest one
hundred-thousandth, with five one-millionths rounded upward (e.g., .876545 would be rounded to .87655); all dollar amounts related to determination of the payment per $1,000 principal amount Security on the Maturity Date, if any, will be
rounded to the nearest ten-thousandth, with five one hundred-thousandths rounded upward (e.g., .76545 would be rounded up to .7655); and all dollar amounts paid on the aggregate principal amount of Securities per Holder will be rounded to the
nearest cent, with one-half cent rounded upward. 
 This Security is not subject to any sinking fund. 
 If an Event of Default with respect to the Securities shall occur and be continuing, the amounts payable on all of the Securities may be declared due
and payable in the manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture will be equal to the Payment at Maturity calculated as though the date of
acceleration were the Maturity Date and the third Business Day immediately preceding the date of acceleration were the Final Valuation Date. If the maturity of the Securities is accelerated because of an Event of Default, the Company shall, or shall
cause the Calculation Agent to, provide written notice to the Trustee at its New York office, on which notice the Trustee may conclusively rely, and to The Depository Trust Company of the cash amount due with respect to the Securities as promptly as
possible and in no event later than two Business Days after the date of acceleration. 
  

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 The Indenture contains provisions permitting the Company and the Trustee, with the consent of the
holders of not less than 66 2/3% in aggregate principal amount of each series of Securities at the time Outstanding to be
affected (each series voting as a class), evidenced as provided in the Indenture, to execute supplemental indentures adding any provisions to, or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental
indenture or modifying in any manner the rights of the holders of the Securities of all such series; provided, however, that no such supplemental indenture shall, among other things, (i) change the fixed maturity of any Security,
or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, if any, or reduce any premium payable on redemption, or make the principal thereof, or premium, if any, or interest thereon, if any,
payable in any coin or currency other than that hereinabove provided, without the consent of the holder of each Security so affected, or (ii) change the place of payment on any Security, or impair the right to institute suit for payment on any
Security, or reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such supplemental indenture, without the consent of the holders of each Security so affected. It is also provided in the Indenture that,
prior to any declaration accelerating the maturity of any series of Securities, the holders of a majority in aggregate principal amount of the Outstanding Securities of such series may on behalf of the holders of all the Securities of such series
waive any past default or Event of Default under the Indenture with respect to such series and its consequences, except a default in the payment of interest, if any, or the principal of, or premium, if any, on any of the Securities of such series,
or in the payment of any sinking fund installment or analogous obligation with respect to Securities of such series. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future
holders and owners of this Security and any Securities which may be issued in exchange or substitution hereof, irrespective of whether or not any notation thereof is made upon this Security or such other Securities. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the Payment at Maturity with respect to this Security. 
 The Securities are issuable in denominations of
$1,000 and any whole multiples of $1,000. 
 The Company, the Trustee, and any agent of the Company or of the Trustee may deem and treat the
registered holder (the “Holder”) hereof as the absolute owner of this Security (whether or not this Security shall be overdue and notwithstanding any notation of ownership or other writing hereon), for the purpose of receiving
payment hereof, or on account hereof, and for all other purposes and neither the Company nor the Trustee nor any agent of the Company or of the Trustee shall be affected by any notice to the contrary. All such payments made to or upon the order of
such registered holder shall, to the extent of the sum or sums paid, effectually satisfy and discharge liability for moneys payable on this Security. 
 No recourse for the payment of the principal of, premium, if any, or interest on this Security, or for any claim based hereon or otherwise in respect hereof, and no recourse under or upon any obligation, covenant or
agreement of the Company in the Indenture or any indenture supplemental thereto or in any Security, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, officer or director, as

  

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such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor corporation, whether
by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and
released. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable
in the Security Register, upon surrender of this Security for registration of transfer at the Corporate Trust Office or agency in a Place of Payment for this Security, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Securities of this series or of like tenor and of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Company
intends to treat, and by purchasing this Security, the Holder agrees to treat, for all tax purposes, this Security as a cash-settled financial contract, rather than as a debt instrument. 
 THE INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 Definitions 
 Set forth below are definitions of the
terms used in this Security. 
 “Business Day”, notwithstanding any provision in the Indenture, shall mean any day that is
not a Saturday or Sunday and that is not a day on which banking institutions in the City of New York are authorized or obligated by law to close. 
 “Calculation Agency Agreement” shall mean the Calculation Agency Agreement, dated as of December 21, 2006 between the Company and the Calculation Agent, as amended from time to time, or any successor calculation agency
agreement. 
 “Calculation Agent” shall mean the person that has entered into an agreement with the Company providing for,
among other things, the determination of the Payment at Maturity, which term shall, unless the context otherwise requires, include its successors and assigns. The initial Calculation Agent shall be Lehman Brothers Inc. 
 “Closing Price” of one share of the Index Fund (or any Successor Index Fund) or one unit of any other security for which a Closing
Price must be determined on any Trading Day means: 
  

	 	•	 	 if the Index Fund (or any such Successor Index Fund or such other security) is listed or admitted to trading on a national securities exchange, the last reported
sale price, regular way, of the principal trading session on such day on the principal United States securities exchange registered under the 

  

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Securities Exchange Act of 1934, as amended (the “Exchange Act”), on which the Index Fund (or any such Successor Index Fund or such other security)
is listed or admitted to trading; 

  

	 	•	 	 if the Index Fund (or any such Successor Index Fund or such other security) is listed or admitted to trading on any national securities exchange but the last
reported sale price is not available pursuant to the preceding bullet point, the last reported sale price of the principal trading session on the over-the-counter market as reported on the OTC Bulletin Board Service (the “OTC Bulletin
Board”) operated by Financial Industry Regulatory Authority, Inc. on such day; 

  

	 	•	 	 if the Index Fund (or any such Successor Index Fund or such other security) is not listed or admitted to trading on any national securities exchange but is included
in the OTC Bulletin Board, the last reported sale price of the principal trading session on the OTC Bulletin Board on such day; 

  

	 	•	 	 if the Index Fund (or any such Successor Index Fund) is de-listed, liquidated or otherwise terminated, the Closing Price calculated pursuant to the alternative
methods of calculation of the Closing Price described below under “Alternative Calculation of Closing Price”; or 

  

	 	•	 	 if, because of a Market Disruption Event or otherwise, the last reported sale price for the Index Fund (or any such Successor Index Fund or such other security) is
not available pursuant to the preceding bullet points, the mean, as determined by the Calculation Agent, of the bid prices for the shares of the Index Fund (or any such Successor Index Fund or such other security) obtained from as many recognized
dealers in such security, but not exceeding three, as will make such bid prices available to the Calculation Agent. Bids of any of our affiliates may be included in the calculation of such mean, but only to the extent that any such bid is not the
highest or the lowest of the bids obtained, 

 in each case subject to the provisions of “Alternative Calculation of Closing
Price” below. The term OTC Bulletin Board will include any successor service thereto. 
 “Company” shall have the
meaning set forth on the face of this Security. 
 “Final Share Price” shall equal the Closing Price of one share of the
Index Fund on the Final Valuation Date, times the Share Adjustment Factor. 
 “Final Valuation Date” shall mean
January 27, 2011, provided, however, that if the scheduled Final Valuation Date is not a Trading Day or if there is a Market Disruption Event on such day, the applicable Final Valuation Date will be postponed to the first succeeding
Trading Day during which no Market Disruption Event shall have occurred or is continuing; provided, however, that the Final Share Price will not be determined on a date later than the eighth scheduled Trading Day after the scheduled Final
Valuation Date; and if such day is not a 

  

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Trading Day, or there is a Market Disruption Event on such date, the Final Share Price shall be deemed to be the Closing Price per share of the Index Fund
last in effect prior to the commencement of the Market Disruption Event (or prior to the non-Trading Day). 
 “Holder”
shall have the meaning set forth on the reverse of this Security. 
 “Indenture” shall have the meaning set forth on the
reverse of this Security. 
 “Index Fund” shall mean the Financial Select Sector SPDR® Fund, as calculated, published and disseminated by S&P. 
 “Index Fund Sponsor” with
respect to the Index Fund shall be Standard & Poor’s (“S&P”) a division of The McGraw-Hill Companies, Inc. The Calculation Agent, it is sole discretion, may select a new Index Sponsor as described under “Alternative
Calculation of Closing Price.” 
 “Initial Share Price” shall equal $28.456, the Closing Price of one share of the
Index Fund on the Pricing Date. 
 “Market Disruption Event”, with respect to the Index Fund (or any Successor Index Fund
or other security for which a Closing Price must be determined) shall mean any of the following events has occurred on any day as determined by the Calculation Agent: 
 (1)(A) a suspension, absence or material limitation of trading of the shares of the Index Fund (or such Successor Index Fund or such other security) on the primary market for such shares (or such Successor Index Fund
or such other security) at any time during the one hour period preceding the close of the principal trading session in such market; or 
 (B)     a breakdown or failure in the price and trade reporting systems of the primary market for the shares of the Index Fund (or such Successor Index Fund or such other security) as a result of which the reported
trading prices for such shares (or such Successor Index Fund or such other security) during the last one hour preceding the close of the principal trading session in such market are materially inaccurate; or 
 (C)     a suspension, absence or material limitation of trading on the primary market for trading in futures or options contracts
related to the shares of the Index Fund (or such Successor Index Fund or such other security), if available, during the last one hour period preceding the close of the principal trading session in the applicable market; or 
 (2)(A) a suspension, absence or material limitation of trading of stocks then constituting 20% or more of the level of the Underlying Index (or the
underlying index related to the Successor Index Fund) on the Relevant Exchanges for such stocks at any time during the one hour period preceding the close of the principal trading session on such Relevant Exchange; or 
 (B)     a breakdown or failure in the price and trade reporting systems of the primary market of any Relevant Exchange as a result
of which the reported trading prices for stocks then constituting 20% or more of the level of the Underlying Index (or the underlying 

  

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index related to the Successor Index Fund) at any time during the one hour period preceding the close of the principal trading session on such Relevant
Exchange are materially inaccurate; or 
 (3)    a suspension, absence or material limitation of trading on any major
securities exchange for trading in futures or options contracts related to the Underlying Index (or the underlying index related to the Successor Index Fund) or shares of the Index Fund (or such Successor Index Fund or such other security) at any
time during the one hour period preceding the close of the principal trading session on such exchange; or 
 (4)    a
decision to permanently discontinue trading in the relevant futures or options contracts; 
 in each case, as determined by the Calculation Agent in its sole
discretion. 
 For the purpose of determining whether a Market Disruption Event exists at any time, if trading in a security included in the
Underlying Index (or the underlying index related to the Successor Index Fund) is materially suspended or materially limited at that time, then the relevant percentage contribution of that security to the level of the Underlying Index (or the
underlying index related to the Successor Index Fund) shall be based on a comparison of: 
  

	 	•	 	 the portion of the level of the Underlying Index (or the underlying index related to the Successor Index Fund) attributable to that security relative to

  

	 	•	 	 the overall level of the Underlying Index (or the underlying index related to the Successor Index Fund), 

 in each case immediately before that suspension or limitation. 
 For purposes of determining whether a Market Disruption Event has occurred: 
 (1)    a limitation on the hours
or number of days of trading will not constitute a Market Disruption Event if it results from an announced change in the regular business hours of the Relevant Exchange or market; 
 (2)    limitations pursuant to the rules of any Relevant Exchange similar to NYSE Rule 80B (or any applicable rule or regulation
enacted or promulgated by any other self-regulatory organization or any government agency of scope similar to NYSE Rule 80B as determined by the Calculation Agent in its sole discretion) on trading during significant market fluctuations will
constitute a suspension, absence or material limitation of trading; 
 (3)    a suspension of trading in futures or
options contracts on the Underlying Index (or the underlying index related to the Successor Index Fund) or shares of the Index Fund (or such Successor Index Fund or such other security) by the primary securities market trading in such contracts by
reason of: 
  

	 	•	 	 a price change exceeding limits set by such exchange or market, 

  

	 	•	 	 an imbalance of orders relating to such contracts, or 

  

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	 	•	 	 a disparity in bid and ask quotes relating to such contracts 

 will, in each such case, constitute a suspension, absence or material limitation of trading in futures or options contracts related to the Underlying Index (or the underlying index related to the Successor Index Fund) or the shares of the
Index Fund (or such Successor Index Fund or such other security); and 
 (4)    a “suspension, absence or material
limitation of trading” on any Relevant Exchange or on the primary market on which futures or options contracts related to the Underlying Index (or the underlying index related to the Successor Index Fund) or the shares of the Index Fund (or
such Successor Index Fund or such other security) are traded will not include any time when such market is itself closed for trading under ordinary circumstances. 
 “Maturity Date” shall mean February 1, 2011, unless that day is not a Business Day, in which case the amount equal to the Payment at Maturity will be made on the next succeeding Business Day
following February 1, 2011; provided, however, that if due to a non-Trading Day or a Market Disruption Event, the Final Valuation Date is postponed so that it falls less than three Business Days prior to the scheduled Maturity Date, the
Maturity Date will be the third Business Day following the Final Valuation Date, as postponed. 
 “NYSE” shall mean The New
York Stock Exchange, Inc. 
 “Payment at Maturity”, as calculated by the Calculation Agent, for each $1,000 principal
amount Security shall equal: 
  

	 	•	 	 If the Share Return is equal to or greater than zero, $1,000 + ($1,000 × Share Return × Participation Rate). 

  

	 	•	 	 If the Share Return is less than zero, $1,000 + ($1,000 × Share Return). 

 “Place of Payment” shall mean the place or places where the Payment at Maturity on the Securities is payable. 
 in each case subject to the provisions of “Alternative Calculation of Closing Price” below. The term OTC Bulletin Board will include any successor service
thereto. 
 “Pricing Date” shall mean January 30, 2008. 
 “OTC Bulletin Board” means the OTC Bulletin Board Service operated by Financial Industry Regulatory Authority. 
 “Participation Rate” equals 137.50%. 
 “Relevant Exchange” shall mean the primary exchange, quotation system (which includes bulletin board services) or other market of trading for the shares of the Index Fund (or any Successor Index Fund)
or any security (or any combination thereof) then included in the Underlying Index (or any underlying index related to the Successor Index Fund). 
  

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 “Securities” shall have the meaning set forth on the reverse of this Security.

 “Share Adjustment Factor” shall initially equal 1.0, subject to adjustment as described under “Anti-Dilution
Adjustments” below. 
 “Share Return”, as calculated by the Calculation Agent, is calculated as follows: 

 

	
	 Final Share Price – Initial Share Price

	 Initial Share Price

 “Successor Index Fund” shall have the meaning specified under “Alternative
Calculation of Closing Price.” 
 “Trading Day” shall mean a day, as determined by the Calculation Agent, on which
trading is generally conducted on the NYSE, the American Stock Exchange, the Nasdaq Global Select Market, the Nasdaq Global Market, the Chicago Mercantile Inc., the Chicago Board Options Exchange, Incorporated and in the over-the-counter market for
equity securities in the United States. 
 “Trustee” shall have the meaning set forth on the reverse of this Security.

 “Underlying Index” shall mean the Financial Select Sector Index. 
 All terms used but not defined in this Security are used herein as defined in the Calculation Agency Agreement or the Indenture. 
 Calculation Agent 
 The Calculation Agent will
determine, among other things, the Initial Share Price, the Final Share Price, the Share Return and the Payment at Maturity, if any, the Closing Price, as applicable, of one share of the Index Fund with respect to each Trading Day for the purposes
of determining the Share Adjustment Factor and anti-dilution adjustments, if any. The Calculation Agent will also be responsible for determining, among other things, whether a Market Disruption Event has occurred, which exchange traded fund will be
substituted for the Index Fund (or Successor Index Fund, if applicable) if the Index Fund (or Successor Index Fund, if applicable) is de-listed, liquidated or otherwise terminated, whether the Underlying Index (or the underlying index related to a
Successor Index Fund) has been changed in a material respect, and whether the Index Fund (or Successor Index Fund, if applicable) has been modified so that the Index Fund (or Successor Index Fund, if applicable) does not, in the opinion of the
Calculation Agent, fairly represent the price of the Index Fund (or Successor Index Fund, if applicable) had those modifications not been made. All calculations, determinations and adjustments made by the Calculation Agent will be at the sole
discretion of the Calculation Agent and will, in the absence of manifest error, be conclusive for all purposes and binding on Holders and on the Company. The Company may appoint a different Calculation Agent from time to time after the date of the
original issue of the Securities without the Holders’ consent and without notifying Holders. 
  

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 Anti-Dilution Adjustments 
 Share Splits and Reverse Share Splits 
 If the shares of the Index Fund are subject to a share split
or reverse share split, then once such split has become effective, the Share Adjustment Factor will be adjusted so that the new Share Adjustment Factor shall equal the product of: 
  

	 	•	 	 the prior Share Adjustment Factor, and 

  

	 	•	 	 the number of shares which a holder of one share of the Index Fund before the effective date of the share split or reverse share split would have owned or been
entitled to receive immediate following the applicable effective date. 

 Share Dividends or Distributions

 If the Index Fund is subject to a (i) share dividend, i.e., an issuance of additional shares of the Index Fund that is given
ratably to all or substantially all holders of shares of the Index Fund or (ii) distribution of shares of the Index Fund as a result of the triggering of any provision of the corporate charter of the Index Fund, then, once the dividend or
distribution has become effective and the shares of the Index Fund are trading ex-dividend, the Share Adjustment Factor will be adjusted so that the new Share Adjustment Factor shall equal the prior Share Adjustment Factor plus the product of:

  

	 	•	 	 the prior Share Adjustment Factor, and 

  

	 	•	 	 the number of additional shares issued in the share dividend or distribution with respect to one share of the Index Fund. 

 Non-cash Distributions 
 If the
Index Fund distributes shares of capital stock, evidences of indebtedness or other assets or property of the Index Fund to all or substantially all holders of shares of the Index Fund (other than (i) share dividends or distributions referred to
under “—Share Dividends or Distributions” above and (ii) cash dividends referred under “—Cash Dividends or Distributions” below), then, once the distribution has become effective and the shares of the Index Fund
are trading ex-dividend, the Share Adjustment Factor will be adjusted so that the new Share Adjustment Factor shall equal the product of: 
  

	 	•	 	 the prior Share Adjustment Factor, and 

  

	 	•	 	 a fraction, the numerator of which is the Current Market Price of one share of the Index Fund and the denominator of which is the amount by which such Current
Market Price exceeds the Fair Market Value of such distribution. 

 The “Current Market Price” of the Index Fund
means the arithmetic average of the Closing Prices of one share of the Index Fund for the ten Trading Days prior to the Trading 

  

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Day immediately preceding the ex-dividend date of the distribution requiring an adjustment to the Share Adjustment Factor. 
 The “ex-dividend date” shall mean the first Trading Day on which transactions in the shares of the Index Fund trade on the Relevant Exchange
without the right to receive that dividend or distribution. 
 The “Fair Market Value” of any such distribution means the value of
such distribution on the ex-dividend date for such distribution, as determined by the Calculation Agent. If such distribution consists of property traded on the ex-dividend date on a U.S. national securities exchange, the Fair Market Value will
equal the closing price of such distributed property on such ex-dividend date. 
 Cash Dividends or Distributions 
 If the issuer of any shares of the Index Fund pays dividends or makes other distributions consisting exclusively of cash to all or substantially all
holders of shares of the Index Fund during any fiscal quarter during the term of the Securities, in an aggregate amount that, together with other such dividends or distributions made during such quarterly fiscal period, exceeds the Dividend
Threshold, then, once the dividend or distribution has become effective and the shares of the Index Fund are trading ex-dividend, the Share Adjustment Factor will be adjusted so that the new Share Adjustment Factor shall equal the product of:

  

	 	•	 	 the prior Share Adjustment Factor, and 

  

	 	•	 	 a fraction, the numerator of which is the Current Market Price of one share of the Index Fund and the denominator of which is the amount by which such Current
Market Price exceeds the amount in cash per share the Index Fund distributes to holders of shares of the Index Fund in excess of the Dividend Threshold. 

 “Dividend Threshold” shall mean the amount of any cash dividend or cash distribution distributed per share of the Index Fund that exceeds the
immediately preceding cash dividend or other cash distribution, if any, per share of the Index Fund by more than 10% of the Closing Price of the Index Fund on the Trading Day immediately preceding the ex-dividend date. 
 The Calculation Agent will provide information as to any adjustments to the Share Adjustment Factor upon written request by any Holder. 
 Alternative Calculation of Closing Price 
 If the
Index Fund (or a Successor Index Fund (as defined herein) is de-listed from the NYSE (or any other Relevant Exchange), liquidated or otherwise terminated, the Calculation Agent will substitute an exchange traded fund that the Calculation Agent
determines, in its sole discretion, is comparable to the discontinued Index Fund (or such successor index fund) (such index fund being referred to herein as a “Successor Index Fund”). If the Index Fund (or a Successor Index Fund) is
de-listed, liquidated or otherwise terminated and the Calculation Agent determines that no Successor Index Fund is available, then the Calculation Agent will, in its sole 

  

 10 

 
discretion, calculate the appropriate Closing Price of the shares of the Index Fund (or a Successor Index Fund) by a computation methodology that the
Calculation Agent determines will as closely as reasonably possible replicate the Index Fund (or a Successor Index Fund). If a Successor Index Fund is selected or the Calculation Agent calculates a Closing Price by a computation methodology that the
Calculation Agent determines will as closely as reasonably possible replicate the Index Fund (or a Successor Index Fund), that Successor Index Fund or Closing Price, as applicable, will be substituted for the Index Fund (or such Successor Index
Fund) for all purposes of the Securities. 
 If at any time: 
  

	 	•	 	 the Underlying Index (or the underlying index related to a Successor Index Fund) is changed in a material respect, or 

  

	 	•	 	 the Index Fund (or a Successor Index Fund) in any other way is modified so that it does not, in the opinion of the Calculation Agent, fairly represent the Closing
Price of the shares of the Index Fund (or such Successor Index Fund) had those changes or modifications not been made, 

 then, from and
after that time, the Calculation Agent will make those calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a Closing Price of an exchange traded fund comparable to the Index
Fund (or such Successor Index Fund) as if those changes or modifications had not been made, and calculate the Closing Price with reference to the shares of the Index Fund (or such Successor Index Fund), as adjusted. The Calculation Agent also may
determine that no adjustment is required by the modification of the method of calculation. 
 The Calculation Agent will provide information
as to the method of calculating the Closing Price of the shares of the Index Fund (or such Successor Index Fund) upon written request by any Holder. 
  

 11 

 The following abbreviations, when used in the inscription on the face of the within Security, shall be
construed as though they were written out in full according to applicable laws or regulations: 
  

					
	TEN COM -	  	as tenants in common	  	UNIF GIFT MIN ACT -                      Custodian
                    
		  		  	                                       
         (Cust)                          (Minor)
	TEN ENT -	  	as tenants by the entireties	  	under Uniform Gifts to Minors
	JT TEN -	  	as joint tenants with right of	  	Act
                                        
                                        
        
		  	 Survivorship and not as tenants
 in
common
	  	                                       
             (State)

 Additional abbreviations may also be used though not in the above list. 
 ______________________________ 
 FOR VALUE
RECEIVED, the undersigned hereby sells, assigns and transfers unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER 
 IDENTIFYING NUMBER OF ASSIGNEE 
  

			
	 	  	
	 	  	
	 	  	

  
  
  

	
	(Name and Address of Assignee, including zip code, must be printed or typewritten.)

  
  

	
	the within Security, and all rights thereunder, hereby irrevocably constituting and appointing

  
  

	
	to transfer the said Security on the books of the Company, with full power of substitution in the premises.

 Dated: 
 ________________________________________ 
 NOTICE: The signature to this assignment
must correspond with the name as it appears upon the face of the within Security in every particular, without alteration or enlargement or any change whatever. 
 Signature(s) Guaranteed: 
 ____________________________ 
 THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED MEDALLION SIGNATURE GUARANTEE PROGRAM), PURSUANT TO S.E.C. RULE
17Ad-15. 
  

 12Form of Amended and Restated Option Agreement

 Exhibit 10.1 
 1998 GRAHAM PACKAGING HOLDINGS COMPANY 
 MANAGEMENT OPTION PLAN 
 AMENDED AND RESTATED OPTION UNIT AGREEMENT 
 This AMENDED AND RESTATED OPTION UNIT AGREEMENT (this “Option Agreement”), dated as of
                    , 2008, is made by and between Graham Packaging Holdings Company, a Pennsylvania limited partnership
(the “Company”), and                      (the “Grantee”). 
 Pursuant to the 1998 Graham Packaging Holdings Company Management Option Plan (the “Plan”) (a copy of which is attached hereto and the
terms of which are hereby incorporated by reference), the Company intends to provide incentives to Eligible Individuals by providing them with opportunities for limited partnership interests in the Company. 
 Pursuant to that certain Option Unit Agreement (the “Old Agreement”), dated February 2, 1998, the Grantee was granted an option to purchase
Units of the Company and the term of such option shall expire on February 2, 2008. 
 The Committee has determined that it is in the best
interests of the Company and its equity holders to extend the term of such option for an additional ten (10) years. 
 The Grantee
understands and acknowledges that this Option Agreement amends and restates the Old Agreement in its entirety and that the Old Agreement is null and void. 
 In consideration of the mutual covenants herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS

 Whenever capitalized terms are used in the Option Agreement as defined terms they shall have the meaning set forth in the Plan or as
set forth below, unless the context clearly indicates to the contrary. 
 “Affiliate” shall mean, with respect to any
Person, (i) any other Person that directly or indirectly Controls, is Controlled by or is under common Control with, such Person, or (ii) any director, officer, partner or employee of such Person or any Person specified in clause
(i) above; provided, that officers, directors or employees of the Company (or one of its Subsidiaries) shall be deemed not to be Affiliates of Blackstone for purposes hereof solely by reason of being officers, directors or employees of
the Company (or one of its Subsidiaries). 

 “Blackstone” shall mean collectively, Blackstone Capital Partners III Merchant Banking
Fund L.P., Blackstone Offshore Capital Partners III L.P. and their Affiliates (other than the Company and its Subsidiaries). 
 “Cause” shall mean: 
  

	 	(i)	Grantee’s continuing refusal to perform his duties or to follow a lawful direction of the Company; 

  

	 	(ii)	Grantee’s intentional act or acts of dishonesty which Grantee intended to result in his personal, more-than-immaterial enrichment; 

  

	 	(iii)	Grantee’s documented willful malfeasance or willful misconduct in connection with his employment or Grantee’s willful and deliberate insubordination; or

  

	 	(iv)	Grantee is convicted of a felony. 

 “Change in
Control” shall have the same meaning as in the Credit Agreement as of the date hereof. 
 “Cost” shall mean with
respect to each Option Unit, the Exercise Price paid with respect to such Unit. 
 “Credit Agreement” shall mean the Credit
Agreement dated as of October 7, 2004 among the Company, Graham Packaging Company, L.P., GPC Capital Corp. I, the Lenders Named Therein, Deutsche Bank AG Cayman Islands Branch, Citigroup Global Markets Inc., Goldman Sachs Credit
Partners, L.P., General Electric Capital Corporation and Lehman Commercial Paper Inc., and any extensions, renewals, refinancings or refundings thereof in whole or in part. 
 “Exercise Price” shall mean the amount that the Grantee must pay to exercise an Option with respect to one Unit subject to such Option,
as determined in Section 2.2. 
 “Financing Default” shall mean an event which would constitute (or with notice or
lapse of time or both would constitute) an event of default (which event of default has not been cured or waived) under any of the following as they may be amended from time to time: (i) the Credit Agreement; (ii) the Indentures and any
extensions, renewals, refinancings or refundings thereof in whole or in part; and (iii) any other agreement under which an amount of indebtedness of the Company or any of its Subsidiaries is outstanding as of the time of the aforementioned
event, and any extensions, renewals, refinancings or refundings thereof in whole or in part, (iv) any amendment of, supplement to or other modification of any of the instruments referred to in clauses (i) through (iii) above; and
(v) any of the securities issued pursuant to or whose terms are governed by the terms of any of the agreements set forth in clauses (i) through (iii) above, and any extensions, renewals, refinancings or refundings thereof in whole or
in part. 
  

 - 2 - 

 “Good Reason” shall mean: 
  

	 	(i)	Grantee’s position is materially and adversely changed (without his consent) from his position as of the date hereof; 

  

	 	(ii)	Grantee is assigned duties and responsibilities (without his consent) that are inconsistent in a material respect with the scope of duties and responsibilities associated with his
position as of the date hereof; 

  

	 	(iii)	Grantee is directly requested by the person to whom the Grantee directly reports to commit an unethical, dishonest, or illegal act of a material nature knowing that such act is
unethical, dishonest, or illegal (provided that whether the act cited by Grantee is in fact unethical or dishonest shall be determined by the chief Executive Officer of Graham in his sole discretion); 

  

	 	(iv)	Grantee’s annual salary rate as in effect on the date hereof is reduced; or 

  

	 	(v)	The Company requires Grantee to be based at an office which is more than 50 miles from Grantee’s assigned office on the date hereof (other than travel reasonably required in
the performance of Grantee’s responsibilities). 

 “Indentures” shall mean the indentures dated as of
October 7, 2004 among Graham Packaging Company, L.P., GPC Capital Corp. I, the Company, and The Bank of New York. 
 ARTICLE II 
 GRANT OF OPTIONS 
 2.1 Grant of Option. The Company hereby grants to the Grantee an Option representing the right to acquire              Units.

 2.2 Exercise Price. The Exercise Price of the Option granted hereunder shall be $25,789.00 per Unit. 
 ARTICLE III 
 EXERCISABILITY OF
OPTIONS 
 3.1 Exercisability. Subject to Section 3.2 below, the Option is fully vested and exercisable as of the date of
this Agreement. 
 3.2 Timing of Exercise. The Option may only be exercised upon the earlier of (i) a termination of the
Grantee’s service with the Company, (ii) the occurrence of a Change of Control or a Sale of the Business (collectively, a “Permissible Exercise Event”), (iii) the Grantee’s Disability, or (iv) the Grantee’s
death; provided, however, that the Grantee is an employee or consultant on the date of such Change of Control or Sale of the Business. 
  

 - 3 - 

 ARTICLE IV 
 EXERCISE OF THE OPTION 
 4.1 Right to Exercise. The Option granted hereunder may only be
exercised by the Grantee (except that, in the event of his Disability, the Option may be exercised by his or her legal guardian or legal representative) during the Grantee’s lifetime and, in the event of the Grantee’s death, the Option
shall be exercisable (subject to the limitations specified in the Plan) solely by the executor or administrator of the deceased Grantee’s estate or the Person(s) to whom the deceased Grantee’s rights under the Option shall pass by will or
the laws of descent and distribution, to the extent that the Option is exercisable pursuant to this Agreement. 
 4.2 Procedure for
Exercise. 
 (a) The Option may be exercised in whole or in part with respect to any portion that is exercisable. To exercise any portion
of the Option granted hereunder, the Grantee (or such other Person who shall be permitted to exercise the Option as set forth in Section 4.1) must complete, sign and deliver to the Company (to the attention of the Company’s Secretary) a
notice of exercise substantially in the form attached hereto as Exhibit A (or in such other form as the Committee may from time to time adopt and provide to the Grantee) (the “Exercise Notice”), together with (i) payment
in full of the Exercise Price multiplied by the number of Units with respect to which the Option is exercised, (ii) any required agreements described in the Plan, and (iii) the Option to which the Option Units relate. The Grantee’s
right to exercise the Option shall be subject to the satisfaction of all conditions set forth in the Exercise Notice. Payment of the Exercise Price shall be made in cash (including check, bank draft or money order) or, if subsequent to an Initial
Public Offering, to the extent permitted by the Committee, (i) through the delivery of irrevocable instructions to a broker to sell shares of common stock of the successor corporation obtained upon the exercise of the Option and to deliver
promptly to the Company an amount out of the proceeds of such Sale equal to the aggregate Exercise Price for the shares being purchased, or (ii) in shares of common stock of the successor corporation that have been held for such period of time
as may be required by the Committee in order to avoid adverse accounting treatment to the Company, the successor corporation, or their affiliates. The Fair Market Value of shares of common stock of the successor corporation delivered on exercise of
the Option shall be determined as of the date of exercise. Any fractional shares will be paid in cash. 
 (b) The obligation of the Company
to deliver Units upon exercise of the Option shall be subject to all applicable laws, rules, and regulations and such approvals by governmental agencies as may be deemed appropriate by the Board or the Board, including such actions as Company
counsel shall deem necessary or appropriate to comply with relevant securities laws and regulations. The Company may require that the Grantee (or other person exercising the Option after the Grantee’s death) represent that the Grantee is
purchasing Units for the Grantee’s own account and not with a view to or for sale in connection with any distribution of the Shares, or such other representation as the Board deems appropriate. 
  

 - 4 - 

 4.3 Required Agreements. Prior to an Initial Public Offering, no election to exercise any portion
of the Option granted hereunder shall become effective unless and until the Grantee executes a counterpart of the Company’s Agreement of Limited Partnership in order to become bound thereby. 
 4.4 Conditional Exercise in Contemplation of an Acceleration Event. In contemplation of an Acceleration Event, the Grantee may conditionally
exercise, at least 15 days prior to such event, the portion of his or her Option that is exercisable. Such conditional exercise shall become null and void if the anticipated Acceleration Event does not occur within 6 months following the date of
such conditional exercise. A conditional exercise shall become binding upon the Grantee (and such Grantee shall become obligated to pay the Exercise Price therefore) upon the occurrence of the Acceleration Event. 
 4.5 Withholding of Taxes. All obligations of the Company under this Agreement shall be subject to the rights of the Company, as set forth in the
Plan, to withhold amounts required to be withheld for any applicable taxes with respect to any Option Units issuable under the Plan, and the Company may defer such issuance unless indemnified to its satisfaction. Subject to Board approval, the
Grantee may elect to satisfy any tax withholding obligation of the Company with respect to the Option by having Shares withheld up to an amount that does not exceed the minimum applicable withholding tax rate for federal (including FICA), state and
local tax liabilities. 
 4.6 Repurchase Right. The provisions of this
Section 4.6 shall cease to apply subsequent to the later of (i) 100 days following an Initial Public Offering, or (ii) the 5th anniversary of the date of this Agreement. 
 (a) On or after the date the Grantee exercises all or a portion of the Option granted hereunder, the Company shall have the right and
option to purchase for a period of 90 days from the date of the Grantee’s termination of service for any reason (or, if later, for a period of 300 days from the last date the Grantee exercised the Option), and if the Company exercises such
right, each Grantee shall be required to sell to the Company, any or all of his Option Units at a price per Unit equal to the Fair Market Value (as of the date the Company exercises such right); provided, however, that in the event of a
Grantee’s termination of employment (other than as a result of death or Disability) (i) by the Company for Cause, or (ii) by the Grantee without Good Reason, then the purchase price per Unit shall be the lesser of (A) Cost or
(B) Fair Market Value. 
 (b) The Company shall, after a Grantee’s employment has terminated for any reason, have
the right and option to purchase and if the Company exercises such right each Grantee shall be required to sell to the Company, any or all of his or her then outstanding Options at a price per Unit equal to the product of the (i) the excess of
Fair Market Value over the Exercise Price, and (ii) the number of Units for which such Option was exercisable; provided, however, that in the event of a Grantee’s termination of employment (other than as a result of death or Disability)
(A) by the Company for Cause, or (B) by the Grantee without Good Reason, then the Option shall immediately terminate upon the termination of employment (as provided in Section 5.2 below). 
  

 - 5 - 

 (c) If the Company desires to
exercise its right to purchase any Options or Option Units pursuant to this Section 4.6, the Company shall, not later than 60 days after the date of the Grantee’s termination of employment (or, with respect to Section 4.6(a), if
later, 300 days from the last date an Option, or a portion of an Option, was exercised), send written notice of its intention to purchase such Units. The closing of the purchase shall take place at the principal office of the Company on the
30th day after the giving of notice by the Company of its exercise of its option to purchase. 
 (d) The Company
shall have the right to assign any or all of its rights to purchase the Option Units pursuant to this Section 4.6; provided, however, that the assignee of such rights may purchase the Option Units only by delivery of a cashier’s check or a
certified check. 
 4.7 Payment for Units. If at any time the Company elects to purchase any Option Units pursuant to Section 4.6
hereof, the Company shall pay the purchase price for such Option Units, by the Company’s delivery of a bank cashier’s check or certified check; provided that if a Financing Default exists or, after giving effect to such payment (including
any distribution or loan from an affiliate of the Company to the Company in connection therewith) would exist, which prohibits such cash payment, the portion of the cash payment so prohibited (which may not exceed 55% of the excess of the purchase
price over the Exercise Price (such excess being the “Spread”)) shall be made, to the extent such payment is not prohibited by a Financing Default or would not result (after giving effect to any distributions or loans from an
affiliate of the Company to the Company in connection therewith) in a Financing Default, by the Company’s delivery of a junior subordinated promissory note (which shall be subordinated and subject in right of payment to the prior payment of all
indebtedness of the Company) of the Company (a “Junior Subordinated Note”) in a principal amount equal to the amount of the purchase price which cannot be paid in cash (which may not exceed 55% of the Spread), payable in up to five
equal annual installments commencing on the first anniversary of the issuance thereof and bearing interest payable annually at the prime rate listed in the Wall Street Journal (“WSJ”) on the date of issuance. If the Company will pay any
portion of the purchase price for Option Units with a Junior Subordinated Note, the Company shall give the Grantee notice of the amount of such note (which may not exceed 55% of the Spread) at least 20 days prior to such purchase. 
 ARTICLE V 
 EXPIRATION OF OPTIONS

 5.1 Expiration Date. The Option shall expire at 5:00 p.m. Eastern Standard Time on the day prior to the tenth anniversary
of the date of this Agreement (the “Expiration Date”), subject to Section 5.2 below. 
 5.2 Earlier Expiration
Date. Notwithstanding Section 5.1, the Option shall expire prior to the Expiration Date as follows: 
 (a)
immediately after the Grantee’s termination of employment by the Company for Cause; 
  

 - 6 - 

 (b) 90 days after the Grantee’s termination by the Company without Cause or by the
Grantee for any reason (other than as a result of death or Disability); 
 (c) on the first anniversary of the Grantee’s
termination on account of death or Disability; 
 (d) the purchase by the Company from the Grantee of the Grantee’s
outstanding Options under the circumstances set forth in Section 4.6 above; and 
 (e) if the Committee so determines
pursuant to Article VIII of the Plan. 
 ARTICLE VI 
 MISCELLANEOUS 
 6.1 Assignment and Transfers. Except as the Board may otherwise permit
pursuant to the Plan, the rights and interests of the Grantee under this Agreement may not be sold, assigned, encumbered or otherwise transferred except, in the event of the death of the Grantee, by will or by the laws of descent and distribution.
In the event of any attempt by the Grantee to alienate, assign, pledge, hypothecate, or otherwise dispose of the Option or any right hereunder, except as provided for in this Agreement, or in the event of the levy or any attachment, execution or
similar process upon the rights or interests hereby conferred, the Company may terminate the Option by notice to the Grantee, and the Option and all rights hereunder shall thereupon become null and void. The rights and protections of the Company
hereunder shall extend to any successors or assigns of the Company and to the Company’s parents, Subsidiaries, and affiliates. This Agreement may be assigned by the Company without the Grantee’s consent. 
 6.2 Amendment. The Plan provisions applicable to the amendment and termination of option agreements apply to this Option Agreement. 
 6.3 No Employment or Other Rights. The grant of the Option shall not confer upon the Grantee any right to be retained by or in the employ or
service of the Company or a Subsidiary and shall not interfere in any way with the right of the Company to terminate the Grantee’s employment or service at any time. The right of the Company or a Subsidiary to terminate at will the
Grantee’s employment or service at any time for any reason is specifically reserved. 
 6.4 Restrictions on Exercise. Except as
the Company may otherwise permit pursuant to the Plan, only the Grantee may exercise the Option during the Grantee’s lifetime (except that, in the event of a Grantee’s disability, Options may be exercised by his or her legal guardian or
legal representative) and, after the Grantee’s 

  

 - 7 - 

 
death, the Option shall be exercisable (subject to the limitations specified in the Plan) solely by the legal representatives of the Grantee, or by the
Person who acquires the right to exercise the Option by will or by the laws of descent and distribution, to the extent that the Option is exercisable pursuant to this Agreement. 
 6.5 Grant Subject to Plan Provisions. This grant is made pursuant to the Plan, the terms of which are incorporated herein by reference, and in all
respects shall be interpreted in accordance with the Plan. The grant and exercise of the Option are subject to interpretations, regulations and determinations concerning the Plan established from time to time by the Board in accordance with the
provisions of the Plan. The Board shall have the authority to interpret and construe the Option pursuant to the terms of the Plan, and its decisions shall be conclusive as to any questions arising hereunder. 
 6.6 No Interest holder Rights. Neither the Grantee, nor any Person entitled to exercise the Grantee’s rights in the event of the
Grantee’s death, shall have any of the rights and privileges of an interest holder of the Company with respect to the Units subject to the Option, until evidence of ownership for the Units have been issued upon the exercise of the Option.

 6.7 Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the Commonwealth
of Pennsylvania, without giving effect to the conflict of laws provisions thereof. 
 6.8 Notices. All notices, requests and demands
to or upon the parties hereto to be effective shall be in writing (including by telecopy), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered by hand, or three days after being deposited
in the mail, postage prepaid, or, in the case of telecopy notice, when received, addressed as follows to the Company and the Grantee, or to such other address as may be hereafter notified by the parties hereto: 
 If to the Company, to it at the following address: 
 Graham
Packaging Holdings Company 
 2401 Pleasant Valley Road 
 York, PA 17402 
 Attn: Paul Wannemacher 
 Telephone: (717) 849-8500 
 Telecopy:
(717) 771-3245 
 with a copy to Blackstone, at the address set forth below: 
 If to Blackstone, to it at the following address: 
 Blackstone Capital Partners III Merchant Banking
Fund L.P. 
 345 Park Avenue 
 New York, NY 10154 
 Telecopy: (212) 583-5913 
  

 - 8 - 

 If to the Grantee, to him or her at his or her address as shown on the signature page hereto, or at such other address or
telecopy number as either party shall have specified by notice in writing to the other. 
 6.9 Headings. Section headings are provided
for reference only and are not to serve as a basis for interpretation or construction of this Option Agreement. In the event of a conflict between a Heading and the content of a Section, the content of the Section shall control. 
 [Signature page follows] 
  

 - 9 - 

 IN WITNESS WHEREOF, this Option Agreement has been executed and delivered by the parties hereto.

  

			
	GRAHAM PACKAGING HOLDINGS COMPANY
		
	By:	 	  

	Name:	 	
	Title:	 	

 I acknowledge that by signing below and accepting this Option, this Option Agreement amends and restates
the Old Agreement in its entirety and that the Old Agreement is null and void. 
 GRANTEE 
  

					
	  

	Signature of Grantee
	
	  

	Print Grantee’s Name
	
	Grantee’s Residence Address:
	
	  

	Street
	  

	City	 	State	 	Zip Code

  

 - 10 -

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