Document:

EX-10.19

 Confidential Treatment Requested by Pactiv Evergreen Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 Exhibit 10.19 
  

 
 July 8, 2019 
 John
Rooney 
 CEO, Evergreen Packaging 
 Re: Retention Agreement
(Part 1) 
 Dear John, 
 We are pleased to offer you
(“you” or “Employee”) this retention bonus agreement (the “Agreement”) related to your continued service to Evergreen Packaging (the “Company”). 

The terms of this Agreement are as follows: 
 1. Retention
Bonus. Subject to the terms and conditions herein, the Company will provide you with a retention bonus in the gross amount of $1,600,000 (“Retention Bonus”). The Retention Bonus shall be payable in the following manner: 

The Retention bonus shall be paid in two installments with 1/3 ($533,333.33) payable in the next available payroll immediately following the
Company’s receipt of this Agreement signed by you; and, 2/3 ($1,066,666.67) payable at the end of the Retention Period. 
 The Retention Bonus is
subject to regular tax withholdings and other authorized deductions. This bonus will not be treated as compensation for any purpose under any benefit plans or programs, unless statutorily required. 

2. Period of this Agreement. In order to accept the offer set forth herein, you must promptly sign and return this Agreement to Steve Estes (Chief Human
Resources Officer, Rank Group) but in no event later than July 12, 2019. This Agreement will commence as of the date noted above and will end June 30, 2020 (the “Agreement Period”), provided, however, that Section 4
(Confidentiality) of this Agreement shall survive the expiration or termination of this Agreement. 
 3. Repayment on Resignation or Termination for
Cause. In the event that you resign or the Company terminates your employment for Cause during the Agreement Period, you agree to promptly repay Company for the Retention Bonus, but in no event later than thirty (30) days after your last
day of employment with the Company. You further agree that, in the event you resign or are terminated for Cause, the Company may deduct the amount of the Retention Bonus in whole or in part from any payments then due to you from the Company. 

For purposes of this Agreement, the Company may terminate the Employee’s employment for “Cause” upon the occurrence of any of
the following, as determined in the sole discretion of the Company: (i) your failure to use your reasonable best efforts to follow a legal written order of management and such failure is not remedied within 30 days after receipt of
notice; (ii) your gross or willful misconduct with regard to the Company; (iii) your conviction of a felony or crime involving material dishonesty; (iv) your fraud or personal dishonesty involving the
Company’s assets; or (v) your unlawful use or possession of illegal drugs on the Company’s premises or while performing your duties and responsibilities. 

 
 

 

  

 Confidential Treatment Requested by Pactiv Evergreen Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 4. Confidentiality. You agree to keep the existence of this Agreement and its terms confidential,
unless disclosure is required pursuant to an order by a court of competent jurisdiction. However, you may discuss the terms of this Agreement with your spouse, attorney(s) or tax advisor(s), provided any such person agrees to keep the existence and
terms of this Agreement strictly confidential. 
 5. Continuation of Employment. This Agreement does not change your status as an “at-will”
employee and does not guarantee your employment for any specific period of time. The Company reserves the right to terminate you at any time and for any or no reason. 

6. Governing Law/Captions/Severance/Attorney’s Fees. This Agreement shall be construed in accordance with, and pursuant to, the laws of the State
of Illinois. The captions of this Agreement shall not be part of the provisions hereof, and shall have no force or effect. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any
other provision of this Agreement. In the event that the Company must file a claim to seek enforcement of any provision of this Agreement, the Company shall be entitled to receive compensation for related costs, including but not limited to
attorney’s fees and interest. 
 7. Entire Agreement/Amendment. This instrument contains the entire agreement of the parties relating to the
subject matter hereof, and the parties have made no agreement, representations, or warranties relating to the subject matter of this Agreement that are not set forth herein. This Agreement may be amended at any time by written agreement of both
parties, but it shall not be amended by oral agreement. 
 We look forward to your continuing contributions to the Company. Please acknowledge by signing
below that you have read this Agreement and you understand and agree to its terms. 
  

	
	Sincerely,
	
	 /s/ Steve Estes

 Steve Estes, CHRO, Rank Group 

I, John Rooney, have read this Agreement, and I understand and agree to its terms. 

 

					
	 /s/ John Rooney
	  	    	  	 7/11/2019

	Employee (signature)	  		  	Date

  

	
	 John Rooney

	Employee (printed name)

  

 Confidential Treatment Requested by Pactiv Evergreen Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 

 
 July 8, 2019 
 John
Rooney 
 CEO, Evergreen Packaging 
 Re: Retention Agreement
(Part 2) 
 Dear John, 
 We are pleased to offer you
(“you” or “Employee”) this retention bonus agreement (the “Agreement”) related to your continued service to Evergreen Packaging (the “Company”). 

The terms of this Agreement are as follows: 
 1. Retention
Bonus. Subject to the terms and conditions herein, the Company will provide you with a retention bonus in the gross amount of $800,000 (“Retention Bonus”). The Retention Bonus shall be payable in the following manner: 

The Retention bonus shall be paid in two installments with
1⁄2 ($400,000) payable on January 1, 2021; and, 1⁄2 ($400,000) payable at
the end of the Retention Period. 
 The Retention Bonus is subject to regular tax withholdings and other authorized deductions. This bonus will not be
treated as compensation for any purpose under any benefit plans or programs, unless statutorily required. 
 2. Period of this Agreement. In order to
accept the offer set forth herein, you must promptly sign and return this Agreement to Steve Estes (Chief Human Resources Officer, Rank Group) but in no event later than July 12, 2019. This Agreement will commence as of July 1, 2020 above
and will end June 30, 2021 (the “Agreement Period”), provided, however, that Section 4 (Confidentiality) of this Agreement shall survive the expiration or termination of this Agreement. 

3. Repayment on Resignation or Termination for Cause. In the event that you resign or the Company terminates your employment for Cause during the
Agreement Period, you agree to promptly repay Company for the Retention Bonus, but in no event later than thirty (30) days after your last day of employment with the Company. You further agree that, in the event you resign or are terminated for
Cause, the Company may deduct the amount of the Retention Bonus in whole or in part from any payments then due to you from the Company. 

For purposes of this Agreement, the Company may terminate the Employee’s employment for “Cause” upon the occurrence of any of
the following, as determined in the sole discretion of the Company: (i) your failure to use your reasonable best efforts to follow a legal written order of management and such failure is not remedied within 30 days after receipt of
notice; (ii) your gross or willful misconduct with regard to the Company; (iii) your conviction of a felony or crime involving material dishonesty; (iv) your fraud or personal dishonesty involving the
Company’s assets; or (v) your unlawful use or possession of illegal drugs on the Company’s premises or while performing your duties and responsibilities. 

 
 

 

  

 Confidential Treatment Requested by Pactiv Evergreen Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 4. Confidentiality. You agree to keep the existence of this Agreement and its terms confidential,
unless disclosure is required pursuant to an order by a court of competent jurisdiction. However, you may discuss the terms of this Agreement with your spouse, attorney(s) or tax advisor(s), provided any such person agrees to keep the existence and
terms of this Agreement strictly confidential. 
 5. Continuation of Employment. This Agreement does not change your status as an “at-will”
employee and does not guarantee your employment for any specific period of time. The Company reserves the right to terminate you at any time and for any or no reason. 

6. Governing Law/Captions/Severance/Attorney’s Fees. This Agreement shall be construed in accordance with, and pursuant to, the laws of the State
of Illinois. The captions of this Agreement shall not be part of the provisions hereof, and shall have no force or effect. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any
other provision of this Agreement. In the event that the Company must file a claim to seek enforcement of any provision of this Agreement, the Company shall be entitled to receive compensation for related costs, including but not limited to
attorney’s fees and interest. 
 7. Accelerated Payment at Sale of Business. In the event of a Sale of Business (as defined below) prior to the
conclusion of the retention period (June 30, 2021), this payment shall be made within 30 days following the close of such sale of business. For purposes of this provision, a “Sale of Business” shall mean the sale or other disposition of
more than 50% of the shares or other equity interests of the Company or the Company’s direct or indirect parent to a non-affiliated party. 
 8.
Entire Agreement/Amendment. This instrument contains the entire agreement of the parties relating to the subject matter hereof, and the parties have made no agreement, representations, or warranties relating to the subject matter of this
Agreement that are not set forth herein. This Agreement may be amended at any time by written agreement of both parties, but it shall not be amended by oral agreement. 

We look forward to your continuing contributions to the Company. Please acknowledge by signing below that you have read this Agreement and you understand and
agree to its terms. 
  

	
	Sincerely,
	
	 /s/ Steve Estes

 Steve Estes 
 CHRO, Rank Group

  

 Confidential Treatment Requested by Pactiv Evergreen Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 I, John Rooney, have read this Agreement, and I understand and agree to its terms. 

 

					
	 /s/ John Rooney
	  	    	  	 7/11/19

	Employee (signature)	  		  	Date

  

	
	 John Rooney

	Employee (printed name)EX-10.20

 Confidential Treatment Requested by Pactiv Evergreen Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 Exhibit 10.20 
  

 
 July 8, 2019 
 John
Rooney 
 Chief Executive Officer 
 Dear John: 

As we have discussed, a critical component of our ongoing business strategy for Evergreen Packaging will be to explore opportunities for the business that
could lead to an Initial Public Offering (IPO) of the business or potentially a divestiture of the associated business entities. Your assistance is needed by Evergreen as we work through this process to help prepare the business for a successful
transaction. In light of this, we are offering you a special Transaction Success bonus (“Bonus”) that will become payable if a successful IPO is concluded or if there is a sale of the business by June 30, 2020. 

If an IPO transaction is completed, your potential bonus will be $2,000,000. Fifty percent (50%) of this bonus ($1,000,000) will be paid to you 30 days
after the effective date of an IPO, so long as you do not voluntarily leave your employment with the succeeding entity during that time. You will be paid the remaining fifty percent (50%) of this bonus six (6) months after the effective
date of an IPO, so long as you do not voluntarily leave your employment with the succeeding entity during that time. This bonus is a gross amount and is subject to all applicable tax withholding requirements. This bonus will not be treated as
compensation for any purpose under any benefit plans or programs, unless statutorily required. 
 If a sales transaction is completed, your potential bonus
will be $4,000,000. Fifty percent (50%) of this bonus ($2,000,000) will be paid to you 30 days after the effective closing date of a sale, so long as you do not voluntarily leave your employment with the succeeding entity during that time. You
will be paid the remaining fifty percent (50%) of this bonus six (6) months after the closing date, so long as you do not voluntarily leave your employment with the succeeding entity during that time. This bonus is a gross amount and is
subject to all applicable tax withholding requirements. This bonus will not be treated as compensation for any purpose under any benefit plans or programs, unless statutorily required. 

Because of the significance of this strategic effort, and given that you are one of a select group of employees to be offered this opportunity, it is of
utmost importance that you keep this offer and all its terms entirely confidential. 
 Thank you for your willingness to assist the team during this
endeavor and for your help in ensuring the success of this very important process for Reynolds Consumer Products. 
 Sincerely, 

 

	
	 /s/ Steve Estes

	Steve Estes
	Chief HR Officer
	Rank Group

  
 

 

  

 Confidential Treatment Requested by Pactiv Evergreen Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 

 
  

			
	TO:	    	John Rooney
		
	FROM:	    	Steve Estes, CHRO – Rank Group
		
	DATE:	    	June 1, 2020
		
	SUBJECT:	    	Transaction Success Bonus—Extension

  
 As a part of our
business strategy to explore opportunities for Pactiv and Evergreen that could lead to an Initial Public Offering (IPO) or potentially a divestiture of the business, you were included in a Transaction Success Bonus program. The terms and
conditions of the program are captured in a letter to you, dated July 8, 2019. This letter states that the program is contingent upon the transaction being completed by June 30, 2020. 

Due to the ongoing explorative process related to the Pactiv and Evergreen businesses, the decision has been made to extend the availability of this program.
By way of this notice, we are extending the program through December 31, 2020. The terms and conditions of the program remain the same as identified in your letter dated July 8, 2019. 

Thank you for your ongoing support and efforts as we continue to explore transaction opportunities for the business. 

/s/  Steve Estes

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