Document:

Exhibit 10.1

JEFFERSON SMURFIT
CORPORATION

SUPPLEMENTAL INCOME PENSION PLAN II

ARTICLE I

ESTABLISHMENT AND PURPORSE

1.1                                 Establishment.  Smurfit-Stone Container Enterprises, Inc.,
the successor by merger and name change to Jefferson Smurfit Corporation (U.S.)
(the “Company”) established the Jefferson Smurfit Corporation Supplemental
Income Pension Plan effective as of July 28, 1988, and the Jefferson Smurfit
Corporation Supplemental Income Pension Plan II effective as of January 1,
1993.  Effective April 1, 1996, the
Jefferson Smurfit Corporation Supplemental Income Pension Plan was merged into
the Jefferson Smurfit Corporation Supplemental Income Pension Plan II (the “Supplemental
Plan”) and the Supplemental Plan was amended in its entirety.  Effective October 1, 2006 (the “Effective
Date”), the Supplemental Plan is amended and restated in its entirety, with
respect to eligible individuals who are in the employ of an Employer adopting
the Supplemental Plan from and after the Effective Date, in the form set forth
herein.

1.2                                 Purpose.  The Supplemental Plan is intended to provide
certain unfunded deferred compensation benefits to individuals who are selected
to become Participants in the Supplemental Plan by the Board of Directors.

ARTICLE II

DEFINITIONS

2.1                                 (a)           “Accrued Benefit” means, as of a
specified date, a monthly benefit commencing at Normal Retirement which equals
1/12th of the sum of (1) and (2):

1)             For
service earned prior to January 1, 2007: 
the sum of X plus Y, where X equals 2.5% of a Participant’s Final
Average Earnings multiplied by the Participant’s Years of Service up to a
maximum of 20 and Y equals 1% of a Participant’s Final Average Earnings
multiplied by the Participant’s Years of Service in excess of 20. This amount
shall be reduced by the same portion of such Participant’s estimated primary
social security benefit as was calculated for purposes of offsetting such
Participant’s accrued benefit under the Pension Plan.

2)     For service earned after December 31, 2006: Benefit determined
under (1) based on service after December 31, 2006 and then prorated by the
ratio of the benefit under the Universal Plan Document formula to the benefit
under the Pension Plan had the formula not been changed to the Universal Plan
Document formula. All benefits in this calculation are based solely on service
earned after December 31, 2006.

 

The amount determined
above shall be reduced by any benefit payable to the Participant under the
terms of the Pension Plan and the Universal Plan Document computed as of the
Participant’s Normal Retirement Date, or if later as of the date the individual
retires, determined under the Normal Form.

(b)           “Actuarial
Equivalent” means a benefit or benefits which are of equal value at the date of
determination to the benefits for which they are to be substituted.  For purposes of the Supplemental Plan,
Actuarial Equivalence shall be based on the same factors used in connection
with the Pension Plan.  For purposes of
determining the Five Annual Payments Option, mortality and interest shall be
based on the mortality and interest assumptions used for determining an
Actuarial Equivalent single sum cash settlement in the Pension Plan.

(c)           “Affiliate”
means a Smurfit Group Company as defined in the Pension Plan as in effect from
time to time.  A business entity is an
Affiliate only while a member of such group.

(d)           “Annual
Earnings” means a Participant’s basic annual salary, any compensation which the
Participant elects to defer as a contribution under any program qualified under
Sections 401(k) or 125 of the Code, and any award under the Smurfit-Stone
Container Corporation Management Incentive Plan for any year, excluding “Premium
Amounts” under any such plan.  Such award
shall be included in Annual Earnings for the year in which the service is performed.

Annual Earnings shall not include deferred and
acquisition bonuses when earned or paid; income from stock options and stock
appreciation rights; payments or reimbursements of expenses; and incentive
payments under (i) any long term incentive programs, or (ii) an employment
contract.

Annual Earnings for 1988 shall be adjusted by
subtracting therefrom any eligible compensation paid on January 1, 1988.

A Participant’s Annual Earnings during any period of
disability (as defined in the Pension Plan or Universal Plan Document as
applicable) shall be deemed to be his Annual Earnings during the calendar year
next preceding the date he ceased active employment with the Employer or the
average for the five years preceding the date of his disability, whichever is
greater.

(e)           “Board”
or “Board of Directors” means the Board of Directors of Smurfit-Stone Container
Enterprises, Inc.

(f)            “Code”
means the Internal Revenue Code of 1986. 
Reference to a section of the Code shall include that section and any
comparable section or sections of any future legislation that amends,
supplements or supersedes such section.

(g)           “Employer”
means the Company and any Affiliate which has adopted the Supplemental Plan
with the approval of the Board of Directors.

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(h)          
“Final Average Earnings” shall mean the average of a Participant’s
highest five consecutive completed calendar years’ Annual Earnings (including
the calendar year during which the Participant retires or terminates) received
while accruing Years of Service during the ten completed calendar years counted
in Years of Service prior to the first day on which a benefit becomes payable
to the Participant under the Pension Plan, or the date on which he terminates
employment with all Employers and Affiliates, if earlier.

(i)           
“Normal Retirement Date” shall have the meaning ascribed to that phrase
in the Pension Plan and Universal Plan Document as applicable as in effect from
time to time.  In the event of
termination of the Pension Plan, Normal Retirement Date shall mean the same as
was defined in the Pension Plan on the date of termination of such plan.

(j)           
“Participant” means a Participant in the Supplemental Plan on the
Effective Date, and any individual who, on or after the Effective Date, is
designated to participate in the Supplemental Plan by the Board.  An individual so designated will become a
Participant on the day the Board approves that individual’s participation.  Notwithstanding the foregoing, an individual
who is covered solely under the Universal Plan Document shall not be eligible
to participate in the Supplemental Plan. 
Exhibit A attached hereto sets forth a list of those individuals who are
Participants, together with the date of Board approval.  The Board may terminate the participation of
any Participant in the Supplemental Plan for any reason, or for no reason.  In addition, a Participant who terminates
employment with all Employers and Affiliates terminates participation in the
Supplemental Plan.  If a termination of
participation occurs, other than by reason of the termination of the
Supplemental Plan in accordance with Article VIII, the Participant’s Accrued
Benefit calculated as of the date of termination shall be frozen, and will
become payable in accordance with the provisions of Article III.

(k)          
“Plan Year” means the 12-month period beginning each January 1 and
ending on December 31 of that year.

(l)           
“Pension Plan” shall mean the Smurfit-Stone Container Corporation
Pension Plan for Salaried Employees Jefferson Smurfit Corporation Pension Plan
for Salaried Employees document, as amended from time to time.

(m)          “Universal
Plan Document” means the Smurfit-Stone Container Corporation Pension Plan for
Salaried Employees Smurfit-Stone Container Corporation Universal Salaried
Retirement Plan Document, as amended from time to time.

(n)          
“Years of Service” means the greater of the continuous service used for
benefit calculation purposes under the Pension Plan and Universal Plan Document
as applicable, or the period of elapsed years and fractions thereof counted
from the Participant’s date of hire up through and including the Participant’s
date of termination of employment with all Employers and Affiliates.

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ARTICLE III

BENEFITS

3.1                                 Normal
Retirement Benefit.  The amount of
Normal Retirement Benefit payable on the Participant’s Normal Retirement Date
shall equal the Participant’s Accrued Benefit on that date and shall be payable
in accordance with Section 3.4.

3.2                                 Late
Retirement Benefit.  In the case of a
Participant who works beyond his Normal Retirement Date, payment of benefits
shall not commence until such Participant terminates employment with all
Employers and Affiliates.  A Participant’s
Late Retirement Date shall be the first of the month coincident with or next
following the date the Participant terminates employment with all Employers and
Affiliates following his Normal Retirement Date.  The amount of the Late Retirement Benefit
payable on such Late Retirement Date shall equal the Participant’s Accrued
Benefit on that date, and shall be payable in accordance with Section 3.4.

3.3                                 Early
Retirement Benefit. A Participant who has attained age 55 and completed at
least five Years of Service, or who has completed at least 25 Years of Service,
and who terminates employment with all Employers and Affiliates before his
Normal Retirement Date, shall receive benefits under the Supplemental Plan
commencing on his Early Retirement Date. The amount of the Participant’s Early
Retirement Benefit shall be equal to the sum of (a) and (b):

(a)                                   For
service earned prior to January 1, 2007: the portion of the Participant’s
Accrued Benefit determined under Section 2.1(a)(1), calculated as of his Normal
Retirement Date, reduced by 5/12% (5% annually) for each full or partial month
during which the Participant will receive payments from the Supplemental Plan
which precedes: (1) the date on which he reaches his Normal Retirement Date, if
he has less than 10 Years of Service; or (2) the date on which the Participant
reaches age 62, if he has at least 10 Years of Service.

(b)           For service earned after December 31,
2006: Benefit determined under (a) based on service after December 31,
2006 and then prorated by the ratio of the early retirement benefit under the
Universal Plan Document formula to the early retirement benefit under the
Pension Plan had the formula not been changed to the Universal Plan Document
formula.

The amount determined above shall be reduced by any
benefit payable to the Participant under the terms of the Pension Plan and
Universal Plan Document computed as of the Participant’s Early Retirement Date
rather than the Participant’s Normal Retirement Date.

A Participant’s Early
Retirement Date shall be the first day of the first month coincident with or
next following the date on which the Participant terminates employment with all

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Employers and Affiliates,
provided the Participant has either completed at least 25 Years of Service or
attained age 55 and completed at least five Years of Service.

The Early Retirement Date
of a Participant who terminates employment with all Employers and Affiliates
before age 55 and after completing at least 5 Years of Service but less than 25
Years of Service shall be the first day of the first month coincident with or
next following the date on which the Participant attains age 55.

3.4                                 Time
and Form of Payment.  Subject to the
provisions of Section 3.5, the benefits payable under Sections 3.1, 3.2 and 3.3
of the Supplemental Plan shall, at the election of the Participant, be paid in
any one of the following forms:

(a)           Life Only Option.  A Participant electing the Life Only Option
shall receive equal monthly installments commencing on the first day of the
first month following the Participant’s retirement, which payments shall
terminate with the monthly payment coincident with or immediately preceding the
death of the Participant.

(b)           Designated Survivor Option.  A Participant electing the Designated
Survivor Option shall receive a reduced retirement benefit which will be paid
in equal monthly installments commencing on the first day of the first month
following the Participant’s retirement and continuing in the same amount up
through and including the monthly payment which immediately precedes, or is
coincident with, the Participant’s death. 
If a designated beneficiary survives the Participant, payments will be
further continued, with monthly installments paid to the surviving beneficiary
in an amount equal to 50%, 66 2/3% or 100% of the amount of the monthly
installment payable to the Participant during his lifetime, as elected by the Participant
in accordance with the provisions of Section 3.5.  Equal monthly installments based on the
percentage elected by the Participant shall continue to be paid to the
designated beneficiary, and shall terminate with the monthly payment coincident
with, or immediately preceding, the death of the designated beneficiary.  For this purpose, the designated beneficiary
shall be the individual specified in writing by the Participant in accordance
with Section 9.7.

(c)           Ten-Year Certain Option.  A Participant electing the Ten Year Certain
Option shall receive a reduced retirement benefit which will be paid in equal
monthly installments commencing on the first day of the first month following
the Participant’s retirement and terminating with the monthly payment coincident
with or immediately preceding the death of the Participant; provided, however,
that if such death occurs within ten years of the date payments from the
Supplemental Plan commenced, monthly installments will be continued until a
total of the 120 monthly installments have been paid to the Participant and the
beneficiary designated in accordance with the provisions of Section 9.7.  If the beneficiary so designated does not
survive to receive all such installments, the Actuarial Equivalent lump sum value
of the unpaid installments will be paid to the estate of the last to die of the
Participant and such beneficiary.

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(d)           Lump Sum Option.  A Participant electing the Lump Sum Option
shall receive a single payment equal to the present value Actuarial Equivalent
of the Participant’s Accrued Benefit.  Following
payment of the Lump Sum Option, no further benefits shall be payable under the
terms of the Plan.

(e)           Five Annual Payments Option.  A Participant electing the Five Annual
Payments Option shall receive a single annual payment during each of five consecutive
years.  Each annual payment shall be
equal to the Actuarial Equivalent of the Participant’s benefit determined under
Article III payable in 5 equal payments. 
Following payment of the fifth such annual payment, no further benefits
shall be payable under the terms of the Plan. 
If the Participant’s death occurs prior to payment of five annual
payments, the remainder of the annual payments shall be paid to the Participant’s
beneficiary designated in accordance with Section 9.7.  If the beneficiary so designated does not
survive to receive all such payments, the Actuarial Equivalent lump sum value
of the remaining payments will be paid to the estate of the last to die of the
Participant and such beneficiary.

3.5                                 Election
of Payment Form.  Prior to each
Participant’s retirement date, the Plan Administrator will provide an election
form on which such individual shall indicate the form in which payment of his
benefit should be made from the Supplement Plan.  The form of payment selected by the Participant
may, but need not, be the same form of payment in which the Participant has
elected to receive payment of his benefits from the Pension Plan and Universal
Plan Document.  Regardless of the form of
payment actually elected by the Participant, the Participant’s Accrued Benefit
will be determined on the basis of the payment option described in Section
3.4(a), with the Actuarial Equivalent of such amount determined on the basis of
the form of payment actually selected by the Participant.

Any election made by a Participant may be changed by
filing a new election form with the Plan Administrator, but only if such
election is received before the date on which payments to the Participant from
the Supplemental Plan commence.  If the
individual designated as the beneficiary by a Participant in accordance with
Section 9.7 of the Supplemental Plan dies before payments from the Supplemental
Plan commence, any election made in accordance with this Section 3.5 shall be
automatically revoked.

If a Participant fails to make the election required
by this Section 3.5, or if the beneficiary properly designated dies before
payments from the Supplemental Plan commence, and no new beneficiary
designation is made by the Participant, the Participant shall be deemed to have
elected payment of his retirement benefit from the Supplemental Plan in the
Life Only Option, as described in Section 3.4 (a), if he is not married on the
date payments from the Supplemental Plan commence, and in the 50% Designated
Survivor Option with 

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his spouse as the beneficiary, as described in Section
3.4(b), if he is married on the date payments from the Supplemental Plan
commence.

The preceding paragraphs of this Section 3.5 shall
apply only to Participants who left the employ of all Employers and Affiliates
prior to October 1, 2006.

The following paragraphs of this Section 3.5 shall
apply only to Participants who are in the employ of an Employer or Affiliate on
October 1, 2006.

A Participant who will have a benefit commencement
date in 2007 must complete an election form no later than December 31, 2006
indicating the form in which payment of his benefit will be made from the
Supplemental Plan.  A Participant who
will have a benefit commencement date after 2007 must complete an election form
no later than December 31, 2007 indicating the form in which payment of his
benefit will be made from the Supplemental Plan.

Regardless of the form of payment actually elected by
the Participant, the Participant’s Accrued Benefit will be determined on the
basis of the payment option described in Section 3.4(a), with the Actuarial
Equivalent of such amount determined on the basis of the form of payment
actually selected by the Participant.

Any election made by a
Participant may be changed by filing a new election form with the Plan
Administrator, but only if such election is received before the due dates
specified above for completion of the form. 
When the due dates specified above have passed, the most-recently
submitted election shall become irrevocable.

If a Participant fails to
submit a valid election form on or before the applicable due date specified
above, payment of his benefit from the Supplemental Plan shall be made in the
form of a Lump Sum as described in Section 3.4(d).

3.6                                 Pre-Retirement
Death Benefit.  If the Participant
dies before retiring from the employ of all Employers and Affiliates, has at
least five Years of Service or has attained age 65, the Participant’s
beneficiary designated in accordance with Section 9.7 shall receive a Death
Benefit equal to the benefit such beneficiary would have received if the
Participant elected to receive payment of his benefit in accordance with
Section 3.4(b) in the 50% form.  If a
married Participant has not designated a beneficiary as provided under Section
9.7, his beneficiary for purposes of this Section 3.6 shall be understood to be
his current lawful spouse.  If the
Participant dies after reaching his Normal Retirement Date, the amount of the
Death Benefit payable in accordance with this Section 3.6 will be determined as
if he had retired and begun receiving payments on the day prior to his
death.  If the Participant dies before
reaching his Normal Retirement Date, the amount of the Death Benefits will be
determined as if his employment with all Employers and Affiliates terminated on
the date of his death, the Participant survived until his Normal Retirement
Date, and died immediately.  However, the
Participant’s beneficiary may elect to receive an actuarially reduced benefit
prior to the Participant’s Normal 

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Retirement Date, provided that if the Participant did
not have 25 Years of Service, such benefit may not commence earlier than the
date on which the Participant would have attained age 55.

In any event, Death Benefits payable in accordance
with this Section 3.6 shall be paid in equal monthly installments commencing as
determined in the preceding paragraph and ending with the monthly payment
coinciding with or next preceding the death of such beneficiary.

Any elections with regard to commencement of payments
by a beneficiary shall be made in writing on a form satisfactory to the Plan
Administrator and returned to the Plan Administrator.

Notwithstanding the
foregoing, 

(a)           In
the case of a Participant whose employment with all Employers and Affiliates
terminates after December 31, 2004 and before October 1, 2006, payment of the
Death Benefit described above to such Participant’s beneficiary shall begin on
the first day of the first month coincident with or next following the date on
which the Participant died; provided that, in the case of a Participant who did
not have 25 Years of Service, such benefit may not commence earlier than the
first day of the month coincident or next following the date on which the
Participant would have attained age 55. Payment shall be actuarially reduced
for commencement prior to age 65 or age 62, as applicable.

(b)           In
the case of a Participant who is in the employ of an Employer or Affiliate on
October 1, 2006,

(i)            If the Participant is eligible for
Early Retirement under Section 3.3 on the date of his death, the Death Benefit
payable to such Participant’s beneficiary shall be a single lump sum payment
that is the Actuarial Equivalent of the monthly payment that the beneficiary
would have received if the Participant had commenced payment of his
Supplemental Plan benefit in the 50% Form on the day before his death. Payment
to the beneficiary shall be made as of the first day of the first month
coincident with or next following the date on which the Participant died.

(ii)           If
the Participant is not eligible for Early Retirement under Section 3.3
on the date of his death, the Death Benefit payable to such Participant’s
beneficiary shall be a single lump sum payment that is the Actuarial Equivalent
of the monthly payment that the beneficiary would have received if the
Participant had survived to his Normal Retirement Date, commenced payment of
his Supplemental Plan benefit in the 50% Form on his Normal Retirement Date and
died immediately. Payment to the beneficiary shall be made as of the first day
of the first month coincident with or next following the date on which the
Participant died.

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3.7                                 Payment
Commencement Date for Specified Employee. 
Notwithstanding any provision of the Supplemental Plan to the contrary,
in the case of payment made to a Participant who is a “specified employee” as
defined in Code Section 409A and the regulations and other official guidance
issued thereunder, and as determined in accordance with procedures established
by the Plan Administrator, on account of such Participant’s termination of
employment for reasons other than death shall begin on the later of (a) the
first day of the month coincident with or next following the date that is six
months after the date of such Participant’s termination of employment with the
Employer and all Affiliates and (b) the commencement date otherwise specified
in this Plan.

ARTICLE IV

VESTING

4.1                                 Vesting.  A Participant’s right to receive benefits
under the Supplemental Plan shall become nonforfeitable, subject to the
provisions of Article V, upon the Participant’s completion of five Years of
Service, or upon the Participant’s attainment of age 65.  If one of the conditions described in the
previous sentence has not been satisfied at the time the individual’s
employment with all Employers and Affiliates is terminated, then such
Participant shall forfeit the right to receive any benefit under the
Supplemental Plan.  Notwithstanding the
foregoing provisions of this Section 4.1, but subject to the acceleration
permitted in Section 4.2, a Participant listed on Exhibit B attached hereto
will be vested in one-third of his Accrued Benefit for each of the first three
years of participation in the Supplemental Plan, provided he has at least five
Years of Service.

4.2                                 Acceleration.  Notwithstanding anything herein contained to
the contrary, the Plan Administrator may, at its discretion, at any time
accelerate the vesting of any Participant in his benefits under the
Supplemental Plan, in whole or in part.

ARTICLE V

SOURCES OF PAYMENTS

Benefits payable
under the Supplemental Plan shall be paid by the respective Employer of each
Participant out of its general assets. 
Obligations to pay benefits due Participants under the Supplemental Plan
shall be the obligation of the respective Employers and not the obligation of
the Company or any other entity that is a shareholder of an Employer.  A Participant shall not have any rights with
respect to benefits under the Supplemental Plan other than the unsecured right
to receive payments from his Employer as provided herein.  An Employer shall not be obligated to set
aside, earmark or escrow any funds or other assets to satisfy its obligation
hereunder.  Any benefit payable in
accordance with the terms of this Supplemental Plan shall not be represented by
a note or any evidence of indebtedness other than the promises contained in the
Supplemental Plan.

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If any Participant
is entitled to receive a benefit from this Supplemental Plan as the result of
employment with more than one of the Employers, then each such Employer shall
pay that portion of the benefit payable from the Supplemental Plan that bears
the same ratio to the total benefit payable from the Supplemental Plan as the
Pension Plan and Universal Plan Document benefit accrued by such Participant
while in the employment of such Employer bears to the total benefits accrued
under the Pension Plan and Universal Plan Document; provided, however, that the
portion of a Participant’s benefit payable under the Supplemental Plan
attributable to service with an Employer (or Employers) which is no longer a
member of the controlled group that includes Smurfit-Stone Container
Enterprises, Inc. as defined in Section 414(b), (c) and (m) of the Code, or by
an Affiliate which is not an Employer, at the time such individual terminates
employment with all members of such group, shall be paid by the Company.

ARTICLE VI

PLAN ADMINISTRATOR

The Supplemental
Plan shall be administered by the same Committee appointed by the Company to be
Plan Administrator of the Pension Plan. 
The Plan Administrator so appointed shall have all of the authority,
rights and duties to administer the Supplemental Plan as is assigned to the
Committee to administer the Pension Plan; provided, however, that such
Committee may adopt such rules as it may deem necessary, desirable and
appropriate to administer the Supplemental Plan.  The decisions of the Committee, including but
not limited to interpretations and determinations of amounts due under the
Supplemental Plan, shall be final and binding on all parties.

ARTICLE VII

NONALIENATION OF BENEFITS

The interest of
Participants and their beneficiaries under the Supplemental Plan are not
subject to the claims of their creditors and may not be voluntarily or
involuntarily sold, transferred, alienated, assigned, pledged, anticipated, or
encumbered.  Any attempt by a
Participant, his beneficiary, or any other person to sell, transfer, alienate,
assign, pledge, anticipate, encumber, charge or otherwise dispose of any right
to benefits payable hereunder shall be void. 
An Employer may cancel and refuse to pay any portion of a benefit which
is sold, transferred, alienated, assigned, pledged, anticipated or
encumbered.  Additionally, the benefits
which a Participant may accrue under this Supplemental Plan are not subject to
the terms of any domestic relations order (as that term is defined in Section
414(q) of the Code) with respect to any Participant, nor shall the Plan
Administrator, the Company, or any Employer be required to comply with the
terms of such order in connection with this Supplemental Plan.

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ARTICLE VIII

AMENDMENT AND TERMINATION

The Company
reserves the right to amend, alter or discontinue this Supplemental Plan at any
time.  Such action may be taken by any
officer of the Company who has been duly authorized by the Board of Directors
to perform acts of such kind.  A
Participant’s Accrued Benefit earned as of the time of any change shall not be
reduced; a reduction in the Pension Plan formula shall be reflected
proportionately on a prospective basis in the Supplemental Plan.  Regardless of the termination of this
Supplemental Plan, those Participants who have earned a right to an Accrued
Benefit in accordance with Section 4.1 or whose payment of benefits hereunder
has already commenced in accordance with Article III, and only those
individuals (or their beneficiary), shall be entitled to benefits hereunder,
until the total amount due them as determined under the Supplemental Plan has
been paid in full.

ARTICLE IX

GENERAL PROVISIONS

9.1                                 Facility
of Payment.  When a person entitled
to a distribution under the Supplemental Plan is under a legal disability, or,
in the opinion of the Plan Administrator, is in any way incapacitated so as to
be unable to manage his financial affairs, the Plan Administrator may direct
that the distribution to which such person otherwise would be entitled shall be
made to such person’s legal representative(s) or to a relative or friend of
such person for such person’s benefit, or the Plan Administrator may direct the
application of such distribution for the benefit of such person in such manner
as the Plan Administrator considers advisable. 
Any payment made in good faith in accordance with provisions of this
Section 9.1 shall be a complete discharge of any liability for the making of such
payment under the provisions of the Supplemental Plan.

9.2                                 Plan
Not a Contract of Employment.  The
Supplemental Plan does not constitute a contract of employment, and
participation in the Supplemental Plan will not give any Participant the right
to be retained in the employment of any of the Employers.

9.3                                 Construction
of Terms.  Words of gender shall
include persons and entities of any gender, the plural shall include the
singular, and the singular shall include the plural.  Section headings exist for reference purposes
only, and shall not be construed as part of the Supplemental Plan.

9.4                                 Successors.  The provisions of the Supplemental Plan shall
be finding upon the Employers and their successors and assigns and upon every
Participant and his heirs, beneficiaries, estates and legal representatives.

9.5                                 Required
Notification to Plan Administrator. 
Each Participant entitled to benefits hereunder shall file with the Plan
Administrator from time to time in writing his post 

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office address and each
change of post office address, and any check representing payment hereunder and
any communication addressed to a Participant or a former Participant hereunder
at his last address filed with the Plan Administrator, or if no such address
has been filed, then at his last address as indicated on the records of the
Company shall be binding on such person for all purposes of the Supplemental
Plan, and neither the Plan Administrator nor the Company nor any Employer or
other payor shall be obliged to search for or ascertain the location of any
such person.  If the Plan Administrator
for any reason is in doubt as to the address of any Participant entitled to
benefits hereunder or as to whether benefit payments are being received by the
person entitled thereto, it shall, by registered mail addressed to the person
concerned at his address last known to the Plan Administrator, notify such
person that:

(i)            All unmailed and future retirement
income payments shall be henceforth withheld until he provides the Plan
Administrator with evidence of his continued life and his proper mailing
address; and

(ii)           His right to any retirement income
whatsoever shall, at the option of the Plan Administrator, be canceled forever,
if, at the expiration of five years from the date of such mailing, he shall not
have provided the Plan Administrator with evidence of his continued life and
his proper mailing address.

9.6                                 Required
Information to Plan Administrator. 
Each person entitled to benefits hereunder shall furnish to the Plan
Administrator such information as the Plan Administrator may reasonably require
for purposes of administering the Supplemental Plan, and the provisions of the
Supplemental Plan respecting any payments hereunder are conditional upon such
person furnishing promptly such true, full and complete information as the Plan
Administrator may require.  Each person
entitled to benefits hereunder will submit proof of his age to the Plan
Administrator at such time as required by the Plan Administrator.  The Plan Administrator will, if such proof of
age is not submitted as required, use as conclusive evidence thereof such
information as is deemed by it to be reliable, regardless of the lack of proof,
or  the misstatement of the age of person
entitled to benefits hereunder, by the Participant or otherwise.  Any notice or information which, according to
the terms of the Plan or the rules of the Plan Administrator, must be filed
with the Plan Administrator, shall be deemed so filed if addressed and either
delivered in person or mailed to and received by the Plan Administrator, in care
of the Company at

Smurfit-Stone
Container Corporation

8182 Maryland

St. Louis, Missouri  63105

9.7                                 Designation
of a Beneficiary.  Each Participant
shall specifically designate, by name, on forms provided by the Administrator,
the beneficiary who shall receive any benefits which might be payable after his
death.  Such designation may be made at
any time satisfactory to the Administrator. 
A designation of a beneficiary may be changed or revoked without the
consent of the beneficiary at any time or from time to time in such 

 12
 

manner as may be provided by the Company, and
the Company shall have no duty to notify any person designated as a beneficiary
of any change in any such designation which might affect such person’s present
or future rights hereunder.  If no
designated beneficiary survives the Participant, the Participant’s beneficiary
shall be his estate.

9.8                                 Claims
Procedure.

(a)           Each
person eligible for a benefit under the Plan will make a claim for his or her
benefit by submitting an appropriate form to the Plan Administrator.  Each such person will also furnish the Plan
Administrator with such documents, evidence, data, or information in support of
his or her claim as the Plan Administrator considers necessary or desirable.

(b)           If
the Plan Administrator determines that a claim for benefits should be denied in
whole or in part, the Plan Administrator will, in writing, notify the claimant
within 90 days (180 days if special circumstances require) of receipt of such
claim that his or her claim has been denied. 
The notice of denial will be written in a manner calculated to be
understood by the claimant and will include the following information: (i) the
specific reason or reasons for the denial; (ii) reference to the specific Plan
provisions on which denial is based; (iii) a description of any additional
material or information necessary to perfect the claim and an explanation of
why the material or information is necessary; and (iv) a description of the
Plan’s review procedures, the time limits applicable to those procedures,
including a statement of the claimant’s right to bring a civil action under
Section 502(a) of ERISA following the denial of his or her claim on review.

(c)           If
a claim for benefits is denied, the claimant, or his or her authorized representative,
may request a review by the Plan Administrator of the decision denying the
claim by filing a written notice with the Plan Administrator within 60 days
after receipt of the notice from the Plan Administrator denying such claim.  The claimant may submit written comments,
documents, records and other information relating to his or her claim, whether
or not those comments, documents, records or other information were submitted
in connection with the initial claim. 
The claimant may also request that the Plan provide, free of charge,
copies of all documents, records or other information relevant to his or her
claim.  If the claimant fails to request
such a review within such 60 day period, it will be conclusively determined for
all purposes of this Plan that the denial of such claim by the Plan
Administrator is correct.  After such
review, the Plan Administrator will determine whether the denial of the claim
was correct and will notify the claimant in writing of its determination within
60 days of receipt of the claimant’s request for review (120 days if special
circumstances require).  In the case of a
claim denied on review, the notice will be written in a manner calculated to be
understood by the claimant and will include the following information: (A) the
specific reason or reasons for the denial; (B) reference to the specific Plan
provisions on which denial is based; (C) a statement that the claimant is
entitled to receive, upon written request and free of charge, reasonable access
to and copies of all documents, records and other information relevant to his
or her claim for benefits; and (D) a statement of any voluntary 

 13
 

appeal procedures offered by the Plan and the claimant’s
right to obtain information about the procedures and to bring a civil action
under Section 502(a) of ERISA.

9.9                                 Official
Actions.  Any action required to be
taken by the Board of Directors pursuant to the Supplemental Plan may be
performed by any person or persons, including a committee, to which the Board
of Directors has delegated the authority to take actions of that kind.  Whenever under the terms of this Supplemental
Plan any other corporation is permitted or required to take some action, such
action may be taken by an officer of the corporation who has been duly
authorized by the board of directors of such corporation to take actions of
that kind.

9.10                           Controlling
State Law.  To the extent not
superseded by the laws of the United States, the laws of the State of Missouri
shall be controlling in all matters relating to the Supplemental Plan.

9.11                           Severability.  In case any provision of the Supplemental
Plan shall be held illegal or invalid for any reason, such illegality or
invalidity shall not affect the remaining provisions of the Supplemental Plan,
and the Supplemental Plan shall be construed and enforced as if such illegal
and invalid provisions had never been set forth.

 14
 

IN WITNESS
WHEREOF, SMURFIT-STONE CONTAINER ENTERPRISES, INC. has adopted the foregoing
instrument this 2nd day of October, 2006.

	
  

  	
   

  	
  SMURFIT-STONE CONTAINER ENTERPIRSES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Charles A. Hinrichs

  	
   

  
	
   

  	
   

  	
  By: Charles A. Hinrichs

  
	
  ATTEST:

  	
   

  	
   

  
	
  /s/ Craig A.
  Hunt

  	
   

  	
   

  
	
  Craig A. Hunt

  	
   

  	
   

  

 

 15Exhibit 4.12

 

	
  

  	
  LIMITED LIABILITY PARTNERSHIP

  

 

CONCORDIA BUS
AB (PUBL)

(THE “COMPANY”)

 

AND

 

DEUTSCHE BANK
TRUST COMPANY AMERICAS

(THE “TRUSTEE”)

 

AMENDMENT TO
INDENTURE

dated February
7, 2000 between Concordia Bus AB (publ) and 

Deutsche Bank Trust Company Americas, as Trustee

 

4 October 2005

 

 

SUPPLEMENTAL
INDENTURE (this “Supplemental Indenture”),
dated October 4, 2005, between Concorda Bus AB (publ), a public limited
liability company organized under the laws of Sweden (the “Company”), having its principal executive
office at Solna Strandväg, SE-171 54 Stockholm, Sweden, and Deutsche Bank Trust
Company Americas (the “Trustee”),
a banking corporation organized under the laws of the State of New York, having
its principal office at 60 Wall Street, New York, NY 10005.

 

WITNESSETH:

 

WHEREAS, the
Company has heretofore executed and delivered to the Trustee an Indenture (the “Indenture”), dated February 7, 2000,
providing for the issuance by the Company of €160,000,000 11% Senior
Subordinated Notes due February 15, 2010 (the “Notes”);

 

WHEREAS,
pursuant to Section 902 of the Indenture, the Company and the Trustee may amend
or supplement certain terms and covenants contained in the Indenture with the
written consent of the holders of Notes representing at least a majority in
principal amount of the outstanding Notes, subject to certain exceptions
specified in Section 902 of the Indenture;

 

WHEREAS, the
Board of Directors of the Company has passed a resolution authorizing the
execution of this Supplemental Indenture;

 

WHEREAS, the
Company and certain beneficial holders of Notes have signed the restructuring
agreement among, inter alia, GS Capital Partners
III, L.P., GS Capital Partners III Offshore L.P., Goldman, Sachs & Co.
Verwaltungs GmbH, Schoyen Gruppen AS, Bus, Concordia Bus AB, Concordia Bus BV
and Concordia Bus Holding AB, dated July 22, 2005 (the “Restructuring Agreement”) and pursuant to
which those holders agreed to make the amendments set out in Section 3 hereof;

 

WHEREAS, as of
the date hereof, holders of Notes representing a majority in principal amount
of the outstanding Notes and eligible to consent in accordance with the terms
of the Indenture have consented to the adoption of the amendments provided for
herein to the Indenture (the “Consents”)
and have not revoked such consents; and

 

WHEREAS, the
Company has delivered to the Trustee the Officers’ Certificate and Opinion of
Counsel contemplated by Sections 903 and 102 of the Indenture.

 

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

 

1.                                 CAPITALIZED TERMS.

Capitalized
terms used herein without definition shall have the meanings assigned to them
in the Indenture.

 

1

 

2.                                 REPRESENTATIONS AND
WARRANTIES; CONDITIONS PRECEDENT

 

2.1                           The Company represents and warrants
that (i) all beneficial holders of Notes were treated equally and given the
opportunity to participate in the restructuring provided for in the
Restructuring Agreement, (ii) any consideration offered to be paid and paid to
any holder of Notes for or as an inducement to give the Consents was offered to
be paid to all holders of the Notes and was paid to all holders of the Notes
who gave their Consents, and (iii) each of the conditions precedent to the
amendment and supplement of the Indenture pursuant to this Supplemental
Indenture (including such conditions pursuant to Section 902 of the Indenture)
have been satisfied in all respects.

 

3.                                 AMENDMENTS TO THE
INDENTURE.

Pursuant to
Section 902 of the Indenture, the Company and the Trustee hereby agree to amend
the Indenture as follows:

 

The
Supplemental Indenture is hereby amended as follows:

 

(a)                                      Section 1004 of the Indenture, titled “Existence”, is hereby deleted in its entirety and replaced
with the words “Intentionally omitted.” All textual references in the Indenture
and the Notes exclusively relating to Section
1004 are hereby deleted.

 

(b)                                     Section 1005 of the Indenture, titled “Maintenance of Properties”, is hereby deleted in its
entirety and replaced with the words “Intentionally omitted.” All textual
references in the Indenture and the Notes exclusively relating to Section 1005 are hereby deleted.

 

(c)                                      Section 1006 of the Indenture, titled “Payment of Taxes and Other Claims”, is hereby deleted in its
entirety and replaced with the words “Intentionally omitted.” All textual
references in the Indenture and the Notes exclusively relating to Section 1006 are hereby deleted.

 

(d)                                     Section 1007 of the Indenture, titled “Maintenance of Insurance”, is hereby deleted in its entirety
and replaced with the words “Intentionally omitted.” All textual references in
the Indenture and the Notes exclusively relating to Section 1007 are hereby
deleted.

 

(e)                                      Section 1008 of the Indenture, titled “Limitation of Indebtedness and Issuance of Disqualified Share Capital
and Preferred Shares”, is hereby deleted in its entirety and
replaced with the words “Intentionally omitted.” All textual references in the
Indenture and the Notes exclusively relating to Section 1008 are hereby
deleted.

 

(f)                                        Section 1009 of the Indenture, titled “Limitation on Restricted Payments”, is hereby deleted in its
entirety and replaced with the words “Intentionally omitted.” All textual
references in the Indenture and the Notes exclusively relating to Section 1009 are hereby deleted.

 

(g)                                     Section 1010 of the Indenture, titled “Limitations on Dividends and Other Payment Restrictions Affecting
Subsidiaries”, is hereby deleted in its entirety 

 

2

 

and replaced with the words “Intentionally omitted.”
All textual references in the Indenture and the Notes exclusively relating to Section 1010 are hereby deleted.

 

(h)                                     Section 1011 of the Indenture, titled “Limitation on Liens”, is hereby deleted in its entirety and
replaced with the words “Intentionally omitted.” All textual references in the
Indenture and the Notes exclusively relating to Section 1011 are hereby
deleted.

 

(i)                                         Section 1012 of the Indenture, titled “Limitation on Sale and Leaseback Transactions”, is hereby deleted
in its entirety and replaced with the words “Intentionally omitted.” All
textual references in the Indenture and the Notes exclusively relating to Section 1012 are hereby deleted.

 

(j)                                         Section
1013 of the Indenture, titled “Limitation on
Transactions with Affiliates and Related Persons”, is hereby deleted in its entirety and
replaced with the words “Intentionally omitted.” All textual references in the
Indenture and the Notes exclusively relating to Section 1013 are hereby
deleted.

 

(k)                                      Section
1016 of the Indenture, titled “Limitation on
Sales and Issuance of Equity Interests in Restricted Subsidiaries”, is hereby deleted in its entirety and
replaced with the words “Intentionally omitted.” All textual references in the
Indenture and the Notes exclusively relating to Section 1016 are hereby
deleted.

 

(l)                                         Section
1017 of the Indenture, titled “Limitation on
Issuances of Guarantees of Indebtedness”, is hereby deleted in its entirety and replaced with the words “Intentionally
omitted.” All textual references in the Indenture and the Notes exclusively
relating to Section 1017 are hereby deleted.

 

(m)                                   Section
1019 of the Indenture, titled “Provision of
Financial Information”, is
hereby deleted in its entirety and replaced with the words “Intentionally
omitted.” All textual references in the Indenture and the Notes exclusively
relating to Section 1019 are hereby deleted.

 

(n)                                     Section
1020 of the Indenture, titled “Statement by
Officers as to Default; Compliance Certificates”, is hereby deleted in its entirety and
replaced with the words “Intentionally omitted.” All textual references in the
Indenture and the Notes exclusively relating to Section 1020 are hereby
deleted.

 

(o)                                     Subsection (3) of Clause 501 is hereby deleted and replaced with the
following: “failure by the Company or any of its Restricted Subsidiaries to
comply with the provisions of Article Eight or Sections 1008, 1009, 1012 or
1016 or otherwise take any action which is not permitted by or omit to take any
action which is required by such Article or any such Section whether or not
required or compelled to do so by or upon the direction of the holders of the
Company’s Share Capital or otherwise”.

 

(p)                                     Section
501(9) of the Indenture, is hereby deleted
in its entirety and replaced with the words “Intentionally omitted.” All
textual references in the Indenture and the Notes exclusively relating to Section 501(9) are hereby deleted.

 

3

 

(q)                                     Section
501(10) of the Indenture, is hereby deleted
in its entirety and replaced with the words “Intentionally omitted.” All
textual references in the Indenture and the Notes exclusively relating to Section 501(10) are hereby deleted.

 

(r)                                        Section
515 of the Indenture, is hereby deleted
in its entirety and replaced with the words “Intentionally omitted.” All
textual references in the Indenture and the Notes exclusively relating to Section 515 are hereby deleted.

 

(s)                                      Section
801(1)(b) of the Indenture, is hereby deleted
in its entirety and replaced with the words “Intentionally omitted.” All
textual references in the Indenture and the Notes exclusively relating to Section 801(1)(b) are hereby deleted.

 

(t)                                        Section
801(1)(d) of the Indenture, is hereby deleted
in its entirety and replaced with the words “Intentionally omitted.” All
textual references in the Indenture and the Notes exclusively relating to Section 801(1)(d) are hereby deleted.

 

(u)                                     Section
802 of the Indenture, is hereby deleted
in its entirety and replaced with the words “Intentionally omitted.” All textual
references in the Indenture and the Notes exclusively relating to Section 802 are hereby deleted.

 

(v)                                     Section
1304(2)(a) of the Indenture, is hereby
deleted in its entirety and replaced with the words “Intentionally
omitted.” All textual references in the Indenture and the Notes exclusively
relating to Section 1304(2)(a) are hereby deleted.

 

4.                                 RATIFICATION OF
INDENTURE; SUPPLEMENTAL INDENTURE PART OF INDENTURE.

 

Except as
expressly amended hereby, the Indenture is in all respects ratified and
confirmed and all the terms, conditions and provisions thereof shall remain in
full force and effect. The parties acknowledge that, pursuant to Section 904 of
the Indenture, this Supplemental Indenture shall form a part of the Indenture
for all purposes, and every holder of Notes previously or hereafter
authenticated and delivered under the Indenture shall be bound hereby. All
agreements of the Company in this Supplemental Indenture shall bind its
successors. All agreements of the Trustee in this Supplemental Indenture shall
bind its successors.

 

5.                                 GOVERNING LAW.

 

THIS
SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE
PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE LAWS OF ANOTHER
JURISDICTION WOULD BE REQUIRED THEREBY.

 

6.                                 AUTHORITY OF
TRUSTEE; INDEMNITY

 

6.1                           Authority of Trustee

 

The Trustee is
entering into this Supplemental Indenture in reliance on the accuracy of the
statements made in the foregoing recitals and of the representations and
warranties of 

 

4

 

the Company
contained in Section 2 hereof. The Company acknowledges and agrees that the
Trustee has based such reliance solely on an assumption that the foregoing
matters are true and that the Trustee has not independently verified the
validity of such assumption.

 

6.2                           No Representation by Trustee;
Trustee’s Disclaimer

 

The recitals
contained herein, and the representations and warranties of the Company in Section
2 hereof, shall be taken solely as the statements of the Company, and the
Trustee assumes no responsibility for their correctness. The Trustee shall not
be responsible for and makes no representation as to the validity or adequacy
of this Supplemental Indenture or of the Indenture or the Notes, in each case
as amended and supplemented by this Supplemental Indenture.

 

6.3                           Indemnity

 

The Company
hereby agrees to indemnify the Trustee against any and all loss, liability and
expense incurred by the Trustee in connection with actions taken by it in
furtherance of the implementation of the Restructuring, including without
limitation in respect of its execution and delivery of this Supplemental
Indenture, in accordance with the provisions of Section 607 of the Indenture,
which provisions shall apply mutatis
mutandis as if set out in full herein.

 

7.                                 AGENT FOR
SERVICE;  SUBMISSION TO JURISDICTION.

 

By the
execution and delivery of this Supplemental Indenture, the Company (i)
acknowledges that it has, by separate written instrument, irrevocably
designated and appointed CT Corporation System as its authorized agent upon
which process may be served in any suit or proceeding arising out of or
relating to this Supplemental Indenture that may be instituted in any Federal
or State court in the Borough of Manhattan, The City of New York or brought
under Federal or State securities laws or brought by the Trustee in its
capacity as a trustee hereunder, and acknowledges that CT Corporation System
has accepted such designation, (ii) submits to the jurisdiction of any such
court in any such suit or proceeding and waives, to the extent possible, any
objection which it may now or hereafter have to the laying of venue of any such
proceeding or any claim of inconvenient forum, and (iii) agrees that service of
process upon CT Corporation System shall be deemed in every respect effective
service of process upon it in any such suit or proceeding. The Company further
agrees to take any and all action, including the execution and filing of any
and all such documents and instruments, as may be necessary to continue such
designation and appointment of CT Corporation System in full force and effect
so long as this Supplemental Indenture shall be in full force and effect.

 

8.                                 MULTIPLE ORIGINALS.

 

8.1                           The parties may sign any number of
copies of this Supplemental Indenture. Each signed copy shall be an original,
but all of them together represent the same agreement. One signed copy is
enough to prove this Supplemental Indenture.

 

5

 

8.2                           This Supplemental Indenture may be
executed in one or more counterparts and when a counterpart has been executed
by each party, all such counterparts taken together shall constitute one and
the same agreement.

 

9.                                 EFFECT OF HEADINGS.

 

The Section
headings herein are for convenience only and shall not effect the construction
thereof.

 

10.                           CONFLICTS.

 

To the extent
of any inconsistency between the terms of the Indenture or the Notes and this
Supplemental Indenture, the terms of this Supplemental Indenture will control.

 

11.                           ENTIRE AGREEMENT.

 

This
Supplemental Indenture constitutes the entire agreement of the parties hereto
with respect to the amendments to the Indenture set forth herein. A copy of
this Supplemental Indenture shall be attached by the Trustee to the Indenture
and by the Company on its duplicate thereof.

 

12.                           ENFORCEABILITY

 

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

 

6

 

IN WITNESS
WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed on their respective behalf, by their respective representative
thereunto duly authorized, on the date first above written.

 

 

	
   

  	
  CONCORDIA
  BUS AB (PUBL)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Per Skärgård

  	
   

  
	
   

  	
  Name: Per Skärgård

  
	
   

  	
  Title: Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CONCORDIA
  BUS AB (PUBL)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Eric
  Linnarsson

  	
   

  
	
   

  	
   

  
	
   

  	
  Name: Eric
  Linnarsson

  
	
   

  	
  Title:
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DEUTSCHE
  BANK TRUST COMPANY AMERICAS,

  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Rodney
  Gaughan

  	
   

  
	
   

  	
  Name: Rodney Gaughan

  
	
   

  	
  Title: Assistant Vice President

  
					

 

7

 

(Signature page to Supplemental Indenture.)

 

8

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