Document:

Document

EXECUTION VERSION
[***] Indicates information that has been excluded from this Exhibit 10.1 because such information is both (i) not material, and (ii) would be competitively harmful if publicly disclosed.

Commitment Agreement
Arconic Corporation

April 21, 2021 (the “Commitment Agreement Date”)

Massachusetts Mutual Life Insurance Company (“Insurer”), Arconic Corporation (“Company”), acting solely in its capacity as the sponsor of the Plan (defined below), and State Street Global Advisors Trust Company (“Independent Fiduciary”), acting solely in its capacity as the independent fiduciary of the Plan, hereby agree that Insurer shall provide a nonparticipating single premium group annuity contract (the “Contract”) supported by its general account in connection with the settlement of liabilities associated with certain benefits arising under the Arconic Corp. Pension Plan A and the Arconic Corp. Pension Plan B (collectively, the “Plan”), subject to the terms and conditions of this Commitment Agreement (this “Commitment Agreement”).  Capitalized terms not defined in paragraphs 1-11 of this Commitment Agreement are defined in paragraph 12. 

1.Closing.  The delivery of the Closing Date Transfers described in paragraph 3 to Insurer (the “Closing”) will take place on April 28, 2021, if on such date all of the conditions set forth in paragraph 10 have been satisfied or waived (the “Closing Date”).  

2.Contract Issuance.    

a.Timing.  After the Commitment Agreement Date, Insurer, Company and Independent Fiduciary shall each use commercially reasonable efforts to finalize the Contract by revising the specimen group annuity contract attached hereto as Schedule 1 (the “Specimen Contract”) to reflect such revisions that were mutually agreed to by the parties prior to the Commitment Agreement Date but not yet included in the terms set forth in the Specimen Contract , if any, and will use commercially reasonable efforts to negotiate any additional revisions to the Specimen Contract and the terms of the related forms of annuity certificates in accordance with paragraph 2.c., below.  Insurer shall submit the Contract and related forms of annuity certificates for approval by the applicable state’s insurance commission no later than fourteen (14) days after the Insurer, Company and Independent Fiduciary have agreed to the final terms of the Contract and certificates, respectively.  In the event that any such approval, to the extent required by applicable law, is not granted, or if the Contract or a form of certificate is disapproved by the applicable state’s insurance commission, Insurer, Independent Fiduciary and Company will cooperate in good faith to mutually agree on modifications to the Contract or certificate, as applicable, to address the requests of the applicable state’s insurance commission, if any, and, to the extent possible, to preserve the provisions included in the Specimen Contract or certificate as revised in accordance with this paragraph 2.  

b.Within five (5) Business Days after the later of (i) approval by the applicable state insurance commission, and (ii) the completion of  the data and premium adjustments 

process described in paragraph 3.i. and updating of the final annuity exhibits, which will be attached to and become part of the Contract, to reflect any agreed-upon changes, Insurer and Company shall each execute the Contract.  Subject to Insurer’s receipt of the Premium Amount in accordance with paragraph 3, Insurer irrevocably commits to make payments to annuitants commencing on the Insurer Financial Payment Date in accordance with the Specifications (as defined in paragraph 2.c.) and, once issued, the Contract. Insurer will make such payments even if the Contract has not been issued by Insurer as of the Insurer Financial Payment Date.  

c.Terms.  The terms of the Contract and related forms of annuity certificates shall be consistent with the Project Glacier Retiree Annuity Purchase Request for Proposal dated April 7, 2021, (including the “Data,” as defined therein), (together, the “Specifications”), the terms set forth in the Specimen Contract with such modifications agreed on in accordance with paragraph 2.a., above, and the Insurer final proposal dated April 21, 2021. For the avoidance of doubt, if there is a conflict between the Proposal and the Specifications, the Proposal will control.

3.Closing Premium.

a.Premium Payment:  So long as the conditions to Closing set forth in paragraph 10 have been satisfied, the Independent Fiduciary will direct the Plan Trustee to pay Insurer $[***] (the “Premium Amount”) on the Closing Date by:

i.assigning, transferring, and delivering through re-registration to Insurer, by the Cut-Off Time, all rights, title and interests in and to each Eligible Asset, and

ii.paying to Insurer an amount in Cash, per instructions in Schedule 7, equal to the excess, if any, of the Premium Amount over the Transferred Asset Valuation. 

In addition, so long as the conditions to Closing set forth in paragraph 10 have been satisfied, on the Closing Date, Independent Fiduciary will direct the Plan Trustee to pay or cause to be paid to Insurer the Interim Asset Cash Flows (such payment, together with the payment of the Premium Amount, the “Closing Date Transfers”).  Insurer will deposit the Closing Date Transfers into its general account that supports the Contract.  If, on or following the Closing Date, the Plan Trust, the Plan, or Company receives any payments with respect to any Transferred Asset, then to the extent any such payment (i) was not reflected in the Transferred Asset Valuation used to determine the Premium Amount or (ii) in the case of accrued interest on such Transferred Asset, was not made with respect to an accrual period that occurred after the Commitment Agreement Date such payments will be retained by the Plan Trust or, if the Plan Trust is no longer in existence at the time of such payment, Company; otherwise, Independent Fiduciary will direct the Plan Trustee to promptly pay to Insurer an amount in Cash equal to such payment.  In all cases, Company, Independent Fiduciary and Insurer will work in good faith to cause any misdirected payments to be made to the correct party. 
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b.Schedule 2 Updates. On the second Business Day after the Commitment Agreement Date, Insurer will deliver to Company an updated Schedule 2 that reflects the Transferred Asset Market Value of each Schedule 2 Asset by providing the Mid Price, flat market value and accrued interest with respect to each Schedule 2 Asset.  If Company, Insurer and Independent Fiduciary, despite using good faith efforts, cannot resolve any dispute with respect to any such information on or prior to the Closing Date, then Insurer’s determination will control for purposes of the Closing Date Transfers, but Company or Independent Fiduciary may immediately commence an arbitration dispute pursuant to Schedule 8 with respect to any such information, and Insurer’s determination shall be subject to retroactive adjustment based on the determination of such arbitration. On the Closing Date, Insurer will, if needed, update Schedule 2 to reflect the removal of any asset that is not received by Insurer prior to the Cut-Off Time. Insurer will, if needed, further update Schedule 2 to reflect the removal of any asset that is determined to be an Ineligible Asset pursuant to paragraph 3.c. and is returned to the Plan Trust in accordance therewith.
c.Asset Portfolio Activity. On and as of the Business Day prior to the Closing Date, Insurer will provide to Company asset portfolio activity information in the form of Schedule 4 with respect to each Schedule 2 Asset and reflecting all Interim Asset Cash Flows.  Prior to the Closing Date, Company will confirm to Insurer in writing that such information is accurate and complete or will provide any additions, deletions, or corrections to such information.  If Company and Insurer have a dispute with respect to any such information and, despite using commercially good faith efforts, cannot resolve such dispute on or prior to the Business Day prior to the Closing Date, then Insurer’s asset portfolio activity information will control for purposes of the Closing Date Transfers, but Company or Independent Fiduciary may immediately commence an arbitration dispute pursuant to Schedule 8 with respect to any such information, and Insurer’s asset portfolio activity information shall be subject to retroactive adjustment based on the determination of such arbitration. 
d.Ineligible Assets.  By written notice to the other party on or before the fifth Business Day following the Closing Date, Company or Insurer may identify as an Ineligible Asset any asset that was transferred to Insurer as part of the Closing Date Transfers, and the parties will work in good faith for seven (7) Business Days following the receipt of such notice to agree on which, if any, assets constituting part of the Closing Date Transfers are Ineligible Assets. If the parties agree that an asset is an Ineligible Asset within such seven (7) Business Days following the receipt of such notice, then, on or before the date that is three (3) Business Days following such agreement, Independent Fiduciary will direct the Plan Trustee to promptly pay or cause to be paid to Insurer an amount, in Cash, per instructions in Schedule 7, equal to the Transferred Asset Market Value of each such asset, and, simultaneously with receipt of such payment, Insurer will return each such asset to the Plan Trust together with any Interim Asset Cash Flows associated with such asset.    
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e.Interest Payments.  Any payment made pursuant to paragraph 3.d. or 3.i. will also include an amount, in Cash, equal to the interest on such payment calculated at an annual rate equal to [***]% from the Closing Date through but excluding the date of such payment.
f.Additional Actions with Respect to Eligible Assets.  Independent Fiduciary will direct the Plan Trustee to promptly give or cause to be given all notices that are required, under applicable law and the terms of each Eligible Asset, in connection with the sale, assignment, transfer, and delivery of the Eligible Assets on the Closing Date.  The Independent Fiduciary will direct the Plan Trustee to and Insurer will promptly execute, deliver, record, file, or cause to be executed, delivered, recorded, or filed any and all releases, affidavits, waivers, notices, or other documents that Company or Insurer may reasonably request in order to implement the transfer of the Eligible Assets to Insurer.
g.Risk of Loss on Transferred Assets; Gains on Transferred Assets. Insurer acknowledges and agrees that, if the Closing Date Transfers occur, then, from and after the Commitment Agreement Date, Insurer bears any and all risks associated with each Transferred Asset.
h.Available Assets.  Company will cause the Plan Trust to have sufficient Cash or other assets (whether by means of a Cash contribution or otherwise) to enable the Plan Trustee to pay all amounts that it is directed to pay to Insurer by Independent Fiduciary pursuant to this Commitment Agreement.
i.Premium Adjustments.  After the Commitment Agreement Date and prior to October 25, 2021, Company and the Insurer will cooperate in good faith to identify any data errors (“Data Changes”), including new lives, deaths prior to the Closing Date, deleted lives not related to death and changes in or adjustments to existing annuitant data including, but not limited to the following: date of birth, monthly benefit amount, gender, form of annuity, description of annuity, state of residence and qualified domestic relations orders (including the type of qualified domestic relations order).  To the extent that the Data Changes occurring prior to October 25, 2021 fall within a [***]% pricing corridor (meaning that the resulting adjustment to the premium, whether positive or negative, does not exceed an amount equal to [***]% of the Premium Amount), Insurer will calculate the adjustment to the premium for each Data Change on a life-by-life basis, consistent with pricing assumptions and methodologies that are the same as the pricing assumptions and methodologies used by Insurer to calculate the Premium Amount (the “Original Pricing Assumptions”).  Any adjustment in excess of such [***]% corridor will be priced by updating the Original Pricing Assumptions based on then-current changes in capital market conditions and other relevant factors.  All premium adjustments will be paid as follows:

i.If the premium adjustment is a positive number, then Independent Fiduciary will direct the Plan Trustee to (or, if the Plan is not in existence as of such date, Company will) pay to Insurer an amount, in Cash, equal to such premium 
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adjustment, plus interest calculated in accordance with paragraph 3.e. from the Closing Date through the date of payment, and Insurer will deposit the Cash into the its general account that supports the Contract; or

ii.If the premium adjustment is a negative number, then Insurer will pay to the Plan Trust (or if the Plan Trust is not in existence as of such date, Company) an amount, in Cash, equal to the absolute value of such premium adjustment plus interest calculated in accordance with paragraph 3.e. from the Closing Date through the date of payment.

Insurer will provide the premium adjustment on a life-by-life basis for Company and Independent Fiduciary’s review by December 3, 2021, or such later date as mutually agreed upon by the parties.  Company will respond to Insurer with any questions on the premium adjustment calculation by December 10, 2021, or such later date as mutually agreed upon by the parties.  Insurer and Company will cooperate in good faith to resolve any discrepancies on or prior to December 13, 2021 or such later date as mutually agreed upon by the parties, and Insurer will reflect in the annuity exhibit to the Contract any changes that have been agreed to on or prior to such date.

4.Public Announcements and Other Communications.
  
a.Press Releases.  Insurer and Company (and if referenced in the release, Independent Fiduciary) shall cooperate in good faith to agree on any press release by Insurer, Company, or Independent Fiduciary regarding the annuity purchase and the transactions contemplated by this Commitment Agreement; provided, however, that no party shall issue a press release or otherwise publicly disclose the transactions described in this letter unless and until each other party, in its discretion, approves such disclosure in writing prior to such disclosure, such approval not to be unreasonably withheld.    

b.SEC Filings.  If either the Insurer or Company concludes that disclosure of this Commitment Agreement is required by the rules of the Securities and Exchange Commission (“SEC”), (1) Company and Insurer will cooperate in good faith to make an application by Company and/or the Insurer, as applicable, with the SEC for confidential treatment of information relating to the pricing of the Contract and such other information as Company and Insurer mutually conclude is competitively sensitive from the perspective of Company or Insurer or otherwise merits confidential treatment, (2) Company and/or Insurer, as applicable, will include the other party in any material correspondence (written or oral) with the SEC regarding such application for confidential treatment, and (3) Company and Insurer will otherwise reasonably cooperate in connection with such application.

c.No Insurer Communications.  From the Commitment Agreement Date until the issuance of an annuity certificate by Insurer to an annuitant, other than as provided for in this Commitment Agreement, without Company’s prior written consent, (1) Insurer will cause its employees not to initiate any contact or communication with any participant 
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or beneficiary of the Plan in connection with any transactions other than those transactions contemplated by this Commitment Agreement, and (2) Insurer will not, and will cause all of its affiliates not to, provide any of their respective insurance agents, wholesalers, retailers, or other representatives with any contact information of such participants and beneficiaries of the Plan obtained from Company or any of its representatives in connection with the transactions contemplated by this Commitment Agreement, except for those representatives of Insurer or any of their respective affiliates who need to know such information for purposes of the transactions contemplated by this Commitment Agreement and agree to comply with the requirements of this Commitment Agreement.  However, this paragraph 4.c. will not restrict employees of Insurer from contacting any participant or beneficiary of the Plan in connection with, or to facilitate, Insurer’s performance of its obligations under the Contract, the annuity certificates or this Commitment Agreement.  Until the issuance of an annuity certificate by Insurer to an annuitant, other than as provided for in this Commitment Agreement, if any participant or beneficiary of the Plan contacts an employee of Insurer, Insurer and Company will cooperate to coordinate on a response to such participant or beneficiary.

5.Welcome Kit and Annuity Certificates.  

a.Cooperation.  Insurer, Company and Independent Fiduciary will cooperate in good faith to agree on communications to be provided to annuitants, including the Welcome Kit and the annuity certificates, subject to paragraphs 5.b. and 5.c.

b.Welcome Kit.  On or before August 17, 2021, Insurer will mail a welcome kit to annuitants (the “Welcome Kit”).  Insurer will send a preliminary draft of the Welcome Kit to Company and Independent Fiduciary as soon as practicable, and Insurer will consider in good faith any comments made by Company or Independent Fiduciary on or before ten (10) business days after they receive the preliminary draft of the Welcome Kit from Insurer.

c.Annuity Certificates.  Insurer will use commercially reasonable efforts to obtain all regulatory approvals that are necessary for the issuance of any annuity certificate.  Insurer will mail an annuity certificate to each annuitant no later than the later of (i) sixty (60) days following the Contract execution date and (ii) sixty (60) days after all required regulatory approvals of the annuity certificates have been obtained.    Each annuity certificate will include statements informing an annuitant of (A) his or her right to obtain a copy of the Contract, (B) how to obtain such copy of the Contract (redacted to exclude information concerning other annuitants), and (C) his or her right to enforce all provisions of the Contract, including, without limitation, provisions with respect to such annuitant’s annuity payments under the Contract, solely against Insurer and against no other person including the Plan, Company, or any affiliate thereof.  The rights of an annuitant are not conditioned on the issuance of the annuity certificates, and any delay in issuing a certificate will not have any effect on the date as of which the annuitant has enforceable rights against Insurer.
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6.Administration and Transfer.  

a.Administrative Transition.  Company and Insurer will use commercially reasonable efforts to take or cause to be taken all actions and do or cause to be done all things necessary to coordinate the takeover by Insurer of all administration responsibilities necessary to effectively make the payments due under the Contract and carry out all related administration commencing on the Insurer Financial Payment Date. 

b.Call Center and Company Contact.  From the date the Welcome Kit is mailed, Insurer will maintain, at its cost and expense, a toll-free phone number and website (the “Call Center”) which will be available for annuitants (or any other payee designated in the Contract) to contact Insurer with questions related to the Contract and the annuity certificates, including administration questions and data updates. Representatives of Insurer at its customer service center will, from the Closing Date until Insurer’s Call Center becomes available, respond to inquiries from annuitants (or any other caller) by providing a general description of the transfer of benefits and referring or transferring the caller to the current Plan administration customer line. Company will maintain for a period of one year following the Closing Date, at its cost and expense, a point of contact (the “Company Contact”) to which Insurer may refer annuitants who pose questions related to their previous Plan benefits. In the event that an annuitant contacts Company with questions related to the Contract and annuity certificates, Company may refer the caller to the Call Center. In the event that an annuitant contacts Insurer with questions related to the annuitant’s Plan benefits that are not within the responsibilities of Insurer, Insurer may refer the caller to the Company Contact.  

7.Insurer Representations and Warranties.  Insurer hereby represents and warrants to Company and Independent Fiduciary as of the Commitment Agreement Date and as of the Closing Date that:

a.Due Organization, Good Standing and Corporate Power.  Insurer is a life insurance company, duly organized, validly existing and in good standing under the laws of the Commonwealth of Massachusetts.  Insurer is duly qualified or licensed to do business and is in good standing in each jurisdiction in which its performance of its obligations in the Commitment Agreement, the transactions contemplated hereunder and the Contract makes such qualification or licensing necessary, except in such jurisdictions where the failure to be in good standing or so qualified or licensed would not be material.  Insurer has all requisite corporate power and legal authority to enter into and carry out its obligations under this Commitment Agreement and the Contract and to consummate the transactions contemplated to be undertaken by Insurer in this Commitment Agreement and the Contract.

b.Compliance with Laws.  The business of insurance conducted by Insurer has been and is being conducted in material compliance with applicable laws, and none of the licenses, permits or governmental approvals required for the continued conduct of the business 
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of Insurer as such business is currently being conducted will lapse, terminate, expire or otherwise be impaired as a result of the consummation of the transactions contemplated to be undertaken by Insurer in this Commitment Agreement, except as, in either case, would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on the ability of Insurer to perform its obligations under this Commitment Agreement. 

c.Relationship to the Plan.  Insurer is not (1) a trustee of the Plan (other than a non-discretionary trustee who does not render investment advice with respect to any assets of the Plan), (2) a plan administrator (within the meaning of ERISA § 3(16)(A) and Code § 414(g)) or (3) an employer any of whose employees are covered by the Plan.  Neither Insurer nor any of Insurer’s affiliates is a fiduciary of the Plan who either (1) has or exercises any discretionary authority or control with respect to the investment of Plan assets that are or will be involved in the transactions contemplated by the Commitment Agreement or the Contract or (2) renders investment advice (within the meaning of ERISA § 3(21)(A)(ii) or Code § 4975(e)(3)(B)) with respect to such assets.  Schedule 5 sets forth a true and complete list of (I) Insurer and Insurer’s affiliates that are investment managers within the meaning of ERISA § 3(38)(B) and (II) without duplication of clause (I), Insurer and Insurer’s affiliates that are registered as investment advisers under the Investment Advisers Act of 1940; provided, however, that solely with respect to the representation and warranty as to Schedule 5 to be made by Insurer on and as of the Closing Date, Insurer may update Schedule 5 through the Closing Date by providing a written update to Company so that the information included therein is current on and as of the Closing Date.  NISA Investment Advisors, LLC is not an affiliate of Insurer.

d.No Post-Closing Liability.  Following the Closing, the Plan, Company and Independent Fiduciary and their respective affiliates and representatives will not have any liability to pay any annuity payment under the Contract.

e.RBC Ratio.  As of the Commitment Agreement Date, Insurer’s most recent Projected RBC Ratio is at least [***]% and to Insurer’s knowledge no event (including a change to financial market metrics) has occurred between the date of Insurer’s most recent Projected RBC Ratio and the Commitment Agreement Date that would be expected to cause Insurer’s most recent Projected RBC Ratio to fall below [***]%.

f.No Commissions.  No commissions are or will be owed by Insurer to any individual or entity in connection with the transactions contemplated in this Commitment Agreement and the Contract for which any other party, or its respective affiliates or representatives, could be liable.

g.Enforceability; No Conflict.  Insurer has received all necessary corporate approvals and no other action on the part of Insurer is necessary to authorize the execution, delivery and performance of this Commitment Agreement and the Contract, and the consummation of the transactions contemplated to be undertaken by Insurer in this Commitment Agreement and the Contract.  This Commitment Agreement has been duly 
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executed and delivered by Insurer, and is a valid and binding obligation of Insurer and enforceable against Insurer in accordance with its terms, subject to the applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (“Enforceability Exceptions”).  The execution, delivery, and performance of this Commitment Agreement and the Contract by Insurer, and the consummation by Insurer of the transactions contemplated to be undertaken by Insurer in this Commitment Agreement, do not (1) violate or conflict with any provision of its certificates or articles of incorporation, bylaws, code of regulations, or comparable governing documents, (2) except for the filings and approvals of state insurance governmental authorities in the states listed on Schedule 6, violate or conflict with any law or order of any governmental authority applicable to Insurer, (3) require any governmental or governmental agency approval other than any filing made or approval received as of the Commitment Agreement Date and filings with and approvals of state insurance governmental authorities in the states listed on Schedule 6 or (4) require any consent of or other action by any person under, constitute a default or an event that, with or without notice or lapse of time or both, would constitute a default under, or cause or permit termination, cancellation, acceleration or other change of any right or obligation or the loss of any benefit under, any provision of any contract to which Insurer is a party, except where the occurrence of any of the foregoing would not have a material adverse effect on Insurer’s ability to consummate the transactions and perform its obligations contemplated by this Commitment Agreement.  No filing or approval is required to issue the annuity certificates in accordance with the Contract, other than any filing made or approval received as of the Commitment Agreement Date and filings with and approvals of state insurance governmental authorities in the states listed on Schedule 6.  

h.The Contract.  The Contract, when executed, will be duly executed and delivered by Insurer and will be a valid and binding irrevocable obligation of Insurer and enforceable against Insurer by the contractholder, and each annuitant, contingent annuitant, and beneficiary in accordance with its terms, subject to the Enforceability Exceptions.  No governmental approval is required for Insurer to issue the Contract, other than any filing made or approval received as of the Commitment Agreement Date and filings with and approvals of state insurance governmental authorities in the states listed on Schedule 6.  At all times, the right to a benefit and all other provisions under the Contract, in accordance with the Contract’s terms, will be enforceable by the sole choice of the annuitant, contingent annuitant, or beneficiary to whom the benefit is owed under the Contract, subject to the Enforceability Exceptions.  Even if Company, as the contractholder, ceases to exist, notifies Insurer that it will cease to perform its obligations under the Contract, or no longer has obligations under the Contract, the Contract will remain a valid and binding obligation of Insurer, irrevocable and in full force and effect, and enforceable against Insurer by each annuitant, contingent annuitant, or beneficiary in accordance with its terms, subject to the Enforceability Exceptions.

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i.Accuracy of Information.  To Insurer’s knowledge (i) all information provided by Insurer to Company or Independent Fiduciary (other than any component incorporated into the calculation of the Premium Amount or the premium adjustment under paragraph 3.i. not calculated, determined or provided by Insurer, including the Data as defined in the Specifications, and any information provided by Insurer based on any such component) in connection with the transactions contemplated by this Commitment Agreement was, as of the date indicated on such information, true and correct in all material respects and (ii) no change has occurred since the date indicated on such information that Insurer has not publicly disclosed or disclosed to the recipient of such information that would cause such information, taken as a whole, to be false or misleading.

j.Litigation.  There is no action pending or, to Insurer’s knowledge, threatened against Insurer that in any manner challenges or seeks to prevent, enjoin or materially alter or delay the transactions contemplated by this Commitment Agreement or that could reasonably be expected to materially impair or restrict Insurer’s ability to consummate the transactions contemplated by this Commitment Agreement and to perform its obligations hereunder.

k.Sophisticated Investor. Insurer is a sophisticated investor with experience in the purchase of the assets of the type to be included in the Transferred Assets. Insurer has had access to such information as it deems necessary in order to make its decision to acquire the Transferred Assets from the Plan. Insurer acknowledges and agrees that neither Company, Independent Fiduciary, nor the Plan has given any investment advice or rendered any opinion to Insurer as to whether the acquisition of the Transferred Assets is prudent.

8.Company Representations and Warranties.  Company hereby represents and warrants to Insurer and Independent Fiduciary as of the Commitment Agreement Date and as of the Closing Date that:

a.Due Organization, Good Standing and Corporate Power.  Company is a corporation duly organized, validly existing and in good standing under the laws of Delaware.  Company is duly qualified or licensed to do business and is in good standing in each jurisdiction in which its performance of its obligations in the Commitment Agreement and the Contract makes such qualification or licensing necessary, except in such jurisdictions where the failure to be in good standing or so qualified or licensed would not be material.  Company has all requisite corporate power and legal authority to enter into and carry out its obligations under this Commitment Agreement and the Contract and to consummate the transactions contemplated to be undertaken by Company in this Commitment Agreement and the Contract. 

b.Accuracy of Information. To Company’s knowledge, (1) the mortality experience data file labeled “Glacier MED sent 20210323.xlsx” provided on March 23, 2021, by or on behalf of Company to Insurer did not contain any misstatements or omissions that were, in the aggregate, material, and (2) the data in respect of benefit amounts, forms of annuities, 
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and census data for date of birth, date of death, state of residence, or gender, in each case, with respect to the annuitants or survivor annuitants that is furnished on behalf of Company to Insurer was not generated using any materially incorrect systematic assumptions and did not contain any material omissions.

c.Compliance with ERISA.  The Plan and Plan Trust are maintained under and are subject to ERISA and, to Company’s knowledge, are in compliance with ERISA in all material respects. To Company’s knowledge, no event has occurred that is reasonably likely to result in the Plan losing its status as qualified by the Code for preferential tax treatment under Code §§ 401(a) and 501(a). All amendments to the Plan necessary to effect the transactions contemplated by this Commitment Agreement and the Contract have been duly executed and, to the extent that they require authorization by Company, have been or will be by the Closing Date, duly authorized and made by Company.

d.Plan Investments.  Neither Insurer nor any of Insurer’s affiliates is a fiduciary of the Plan who either (A) has or exercises any discretionary authority or control with respect to the investment of Plan Assets that are or will be involved in the transactions contemplated by the Commitment Agreement or the Contract or (B) renders investment advice (within the meaning of ERISA § 3(21)(A)(ii) or Code § 4975(e)(3)(B)) with respect to such assets.  There are no commingled investment vehicles that hold Plan Assets, the units of which are or will be Plan assets involved in the transactions contemplated by this Commitment Agreement or the Contract.  No assets of the Plan that are or will be involved in the transactions contemplated by this Commitment Agreement or the Contract are or will be managed by any investment manager listed on Schedule 5, and no investment advisor listed on Schedule 5 renders or will render investment advice (within the meaning of ERISA § 3(21)(A)(ii)) with respect to those assets.  The Plan assets that are or will be involved in the transactions contemplated by this Commitment Agreement or the Contract will, immediately prior to the Commitment Agreement Date, be exclusively managed by NISA Investment Advisors, LLC.  NISA Investment Advisors, LLC has not engaged and will not engage any sub-managers or advisors with respect to its management of the Plan assets that are or will be involved in the transactions contemplated by this Commitment Agreement or the Contract.  Investment advice (within the meaning of ERISA § 3(21)(A)(ii)) with respect to the Plan assets that are or will be involved in the transactions contemplated by this Commitment Agreement or the Contract is and will be exclusively rendered by NISA Investment Advisors, LLC. 

e.Independent Fiduciary.  Independent Fiduciary has been duly appointed as independent fiduciary of the Plan with respect to the purchase of one or more group annuity contracts to be the designated fiduciary responsible for (1) selecting one or more insurers to provide annuities in accordance and compliance with the ERISA Requirements, (2) determining whether the transactions contemplated by this Commitment Agreement and the Contract satisfy the ERISA Requirements, (3) representing the interests of the Plan and all its participants and beneficiaries in connection with the negotiation of a commitment agreement and, to the extent set forth in the engagement letter dated February 5, 2021 by and between Independent 
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Fiduciary and the fiduciary of the Plan with authority to hire Independent Fiduciary (the “IF Engagement Letter”), the terms of any agreements with Insurer, including the Contract and the annuity certificates, (4) directing the Plan Trustee on behalf of the Plan to transfer the Closing Date Transfers in connection with the consummation of the transactions contemplated by this Commitment Agreement and any amounts required pursuant to paragraph 3 and (5) taking all other actions on behalf of the Plan necessary to effectuate the foregoing to the extent set forth in the IF Engagement Letter.

f.Plan Trustee is Directed Trustee.  The Plan Trustee has been duly appointed as the directed trustee of the trust formed under the Plan and is obligated to follow Independent Fiduciary’s directions to effectuate and consummate the transactions contemplated by this Commitment Agreement and the IF Engagement Letter.

g.No Commissions.  No commissions are or will be owed by Company to any individual or entity in connection with the transactions contemplated in this Commitment Agreement and the Contract for which any other party, or its respective affiliates or representatives, could be liable.

h.Enforceability; No Conflict.  Company has received all necessary corporate approvals and no other action on the part of Company is necessary to authorize the execution, delivery and performance of this Commitment Agreement and the Contract, and the consummation of the transactions contemplated to be undertaken by Company in this Commitment Agreement and the Contract.  This Commitment Agreement and the Contract have been or will be duly executed and delivered by Company, and is (or when executed will be) a valid and binding obligation of Company and enforceable against Company in accordance with its terms, subject to the Enforceability Exceptions. The execution, delivery and performance of this Commitment Agreement and the Contract by Company, and the consummation by Company of the transactions contemplated to be undertaken by Company in this Commitment Agreement do not (1) violate or conflict with any provision of the Plan and any documents and instruments governing the Plan as contemplated under ERISA § 404(a)(1)(D) (the “Plan Governing Documents”), the certificates or articles of incorporation, bylaws, code of regulations, or the comparable governing documents of Company, (2) violate or conflict with any law or order of any governmental authority applicable to Company or the Plan Governing Documents, (3) require any governmental or governmental agency approval or (4) require any consent of or other action by any person under, constitute a default or an event that, with or without notice or lapse of time or both, would constitute a default under, or cause or permit termination, cancellation, acceleration or other change of any right or obligation or the loss of any benefit under, any provision of any contract to which Company is a party, except where the occurrence of any of the foregoing would not have a material adverse effect on Company’s ability to consummate the transactions contemplated by this Commitment Agreement.

i.Litigation.  There is no action pending or, to Company’s knowledge, threatened against Company or the Plan that in any manner challenges or seeks to prevent, enjoin or 
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materially alter or delay the transactions contemplated by this Commitment Agreement or that could reasonably be expected to materially impair or restrict such party’s ability to consummate the transactions contemplated by this Commitment Agreement and to perform its obligations hereunder.

9.Independent Fiduciary Representations and Warranties.  Independent Fiduciary hereby represents and warrants to the Insurer and Company as of the Commitment Agreement Date and as of the Closing Date that:
a.Due Organization, Good Standing, and Corporate Power.  Independent Fiduciary is a trust company duly organized, validly existing and in good standing under the laws of the Commonwealth of Massachusetts.  Independent Fiduciary is duly qualified or licensed to do business and is in good standing in each jurisdiction in which its performance of its obligations in the Commitment Agreement and the transactions contemplated hereunder makes such qualification or licensing necessary, except in such jurisdictions where the failure to be in good standing or so qualified or licensed would not be material.  Independent Fiduciary has all requisite corporate power and legal authority to enter into and carry out its obligations under this Commitment Agreement and to consummate the transactions contemplated to be undertaken by Independent Fiduciary in this Commitment Agreement.  

b.Independent Fiduciary Compliance with ERISA.  

i.Independent Fiduciary meets the requirements of, and in the transactions contemplated by this Commitment Agreement is acting as, an “investment manager” under ERISA § 3(38), and further constitutes a “qualified professional asset manager” under the U.S. Department of Labor Prohibited Transaction Class Exemption 84-14 solely with respect to the transfer of assets to Insurer in connection with the transactions contemplated by this Commitment Agreement and the Contract (but not the selection of such assets or the management of such assets prior to the transfer).

ii.Independent Fiduciary has accepted, and has not rescinded or terminated, its designation as the designated fiduciary of the Plan with authority to select one or more insurers to issue one or more group annuity contracts in the IF Engagement Letter, and the Independent Fiduciary reaffirms its fiduciary status with respect to the Plan as set forth in the IF Engagement Letter.

iii.The Independent Fiduciary is fully qualified and has the requisite expertise together with its reliance on its consultant, River & Mercantile, to serve as an independent fiduciary in connection with the transactions contemplated by this Commitment Agreement.

c.ERISA Determinations.  

13

i.Independent Fiduciary has selected Insurer to issue the Contract as set forth in this Commitment Agreement. If an Independent Fiduciary MAC has not occurred between the Commitment Agreement Date and the Closing Date or, if an Independent Fiduciary MAC has occurred but is not continuing on the Closing Date, such selection, the transactions contemplated by this Commitment Agreement, the Plan’s use of assets for the purchase of the Contract as contemplated by this Commitment Agreement, and the Contract (including its terms) all satisfy the ERISA Requirements.  Independent Fiduciary has delivered a certification confirming the foregoing, executed by a duly authorized officer of Independent Fiduciary, to the Plan’s fiduciary that retained the Independent Fiduciary.

ii.The transactions contemplated by this Commitment Agreement and the purchase of the Contract do not result in a Non-Exempt Prohibited Transaction, provided that the representations in paragraph 7.c. and 8.d. are true and correct in all material respects as of the Closing Date.

iii.The Plan Trust (1) will receive no less than “adequate consideration” for the Transferred Assets and (2) will pay no more than “adequate consideration” for the Contract, in each case within the meaning of “adequate consideration” under ERISA § 408(b)(17)(B) and Code § 4975(f)(10).

d.No Commissions.  No commissions are or will be owed by Independent Fiduciary to any individual or entity in connection with the transactions contemplated by this Commitment Agreement and the Contract for which any other party, or its respective affiliates or representatives, could be liable.

e.Enforceability; No Conflict.  This Commitment Agreement is duly executed and delivered by Independent Fiduciary, and is a valid and binding obligation of Independent Fiduciary and enforceable against Independent Fiduciary in accordance with its terms, subject to the Enforceability Exceptions.  The execution, delivery, and performance of this Commitment Agreement by Independent Fiduciary, and the consummation by Independent Fiduciary of the transactions contemplated to be undertaken by Independent Fiduciary in this Commitment Agreement, do not (1) violate or conflict with the certificates or articles of incorporation, bylaws, code of regulations, or comparable governing documents of Independent Fiduciary, (2) violate or conflict with any law or order of any governmental authority applicable to Independent Fiduciary, (3) require any governmental approval, (4) violate or conflict with any law or order of any governmental authority applicable to any provision of the Plan Governing Documents or (5) require any consent of or other action by any person under, constitute a default or an event that, with or without notice or lapse of time or both, would constitute a default under, or cause or permit termination, cancellation, acceleration or other change of any right or obligation or the loss of any benefit under, any provision of any contract to which the Independent Fiduciary is a party, except where the occurrence of any of the foregoing would not have a material adverse effect on the Independent Fiduciary’s 
14

ability to consummate the transactions and perform its obligations contemplated by this Commitment Agreement.

f.Litigation.  There is no action pending or, to Independent Fiduciary’s knowledge, threatened against Independent Fiduciary that in any manner challenges or seeks to prevent, enjoin or materially alter or delay the transactions contemplated by this Commitment Agreement or that could reasonably be expected to materially impair or restrict Independent Fiduciary’s ability to consummate the transactions contemplated by this Commitment Agreement and to perform its obligations hereunder.

10.Conditions to Closing.  The parties’ obligations to consummate the transactions contemplated by this Commitment Agreement in connection with the Closing, including Independent Fiduciary’s obligation to direct the Plan Trustee to consummate the transactions contemplated by this Commitment Agreement, are subject to the conditions that:  

a.Independent Fiduciary will have confirmed that the transactions contemplated by this Commitment Agreement continue to satisfy the ERISA Requirements because an Independent Fiduciary MAC has not occurred or, if an Independent Fiduciary MAC has occurred, it is not continuing on the Closing Date; provided that, on the Closing Date, Independent Fiduciary will either (i) provide Insurer with written confirmation of the satisfaction of the condition set forth in this paragraph 10.a. or (ii) notify Insurer that such condition has not been satisfied; provided further that, if the Closing Date Transfers are delivered to Insurer pursuant to paragraph 3 and no such confirmation or notification is provided by Independent Fiduciary by the close of business on the Closing Date, the direction Independent Fiduciary sends to the Plan Trustee to pay the Closing Date Transfers in accordance with paragraph 3 shall be considered confirmation of the satisfaction of the condition set forth in this paragraph 10.a.  

b.No court or government agency has taken any action after the Commitment Agreement Date that would cause the consummation of the transactions contemplated by this Commitment Agreement to violate the law or cause the Plan to fail to remain qualified under Code § 401(a).

c.Each of the representations and warranties of the other parties set forth in paragraphs 7, 8 and 9 shall be materially true and correct as of the Commitment Agreement Date and as of the Closing Date.

To the extent not satisfied as of the Closing Date, all conditions set forth in this paragraph 10 shall be deemed to have been waived following the delivery of the Closing Date Transfers; provided, however, the requirements of paragraph 10.a. shall never be waived. Notwithstanding the foregoing, (1) each of the representations and warranties set forth in paragraphs 7, 8 and 9 shall survive the Closing and remain in effect until the expiration of the applicable statute of limitations and (ii) each of the covenants or other agreements in this Commitment Agreement that by their terms (x) do not contemplate performance after 
15

the Closing, shall not survive the Closing (except for pre‐Closing breach thereof) and (y) contemplate performance after the Closing shall survive the Closing consistent with the terms of the relevant covenant or agreement.

11.Miscellaneous.  

a.The parties each hereby acknowledge that they jointly and equally participated in the drafting of this Commitment Agreement and all other agreements it contemplates, and no presumption will be made that any provision of this Commitment Agreement will be construed against any party by reason of such role in the drafting of this Commitment Agreement or any other agreement contemplated hereby.  The Schedules to this Commitment Agreement are incorporated by reference and made a part of this Commitment Agreement as if set forth fully in this Commitment Agreement.

b.This Commitment Agreement will be governed by, construed and interpreted in accordance with the laws of the State of Delaware, excluding those provisions relating to conflicts of laws.  Each party hereby irrevocably submits to the non-exclusive jurisdiction of the Courts of the State of Delaware in respect of all matters arising out of or in connection with this Commitment Agreement.  The parties agree that irreparable damage may occur if any of the provisions of this Commitment Agreement were not performed in accordance with their specific terms or were otherwise breached.  Accordingly, each party will be entitled to seek an injunction or injunctions to prevent breaches of this Commitment Agreement by the breaching party and to enforce specifically the terms and provisions of this Commitment Agreement, in addition to any other remedy to which such party is entitled by law or in equity.  To the fullest extent permitted by law, none of the parties will be liable to any other party for any punitive or exemplary damages of any nature in respect of matters arising out of this Commitment Agreement.

c.The Mutual Non-Disclosure Agreement, dated as of February 17, 2021, between Company and Insurer shall continue in full force and effect.

d.Insurer will comply, and will ensure that all of its affiliates, agents and subcontractors comply, with all applicable laws and regulations governing the confidential information of all annuitants, contingent annuitants and beneficiaries, including those laws relating to privacy, data security and protection and the safeguarding of such information, and its maintenance, disclosure and use.  Insurer will maintain administrative, technical and physical safeguards to protect the privacy and security of the confidential information related to annuitants, contingent annuitants and beneficiaries. Insurer will comply in all material respects with any internal written policies relating to the confidential information of any annuitant, contingent annuitant or beneficiary as in effect from time to time.  Insurer acknowledges that it is solely responsible from and after the Commitment Agreement Date for any Data Breach.  For purposes of this paragraph 11.d., “Data Breach” means any act or omission by Insurer or its agents, subcontractors or service providers (“Authorized Persons”) that compromises either the security, confidentiality or integrity of any data related to annuitants, contingent annuitants or beneficiaries in its custody or under its 
16

control or the physical, technical, administrative or organizational safeguards put in place by Insurer (or any Authorized Persons) that relate to the protection of the security, confidentiality or integrity of any personally identifying information of any annuitant, contingent annuitant or beneficiary that is in its custody or under its control.

e.[***]

f.No party will assign or transfer this Commitment Agreement or any of its rights or obligations hereunder without the prior written consent of the other parties.  Any assignment or transfer by Insurer in violation of this paragraph 11.f. will be null and void from the outset, without any effect whatsoever.

g.This Commitment Agreement may be executed in any number of counterparts, including by DocuSign or other commonly accepted electronic means, each of which will be deemed an original but all of which together will constitute one and the same instrument.

12.Definitions.  For purposes of this Commitment Agreement, the following defined terms will have the following meanings:

a.“Business Day” means any day other than a Saturday, a Sunday or a day on which banks located in New York, New York are authorized or required by law to close.
b.“Cash” means a wire transfer, through the Federal Reserve System, of currency of the United States of America.
c.“Code” means the Internal Revenue Code of 1986 and the applicable Treasury Regulations and other official guidance issued thereunder.
d.“Cut-Off Time” means 4:00 p.m. eastern time on the Closing Date.
e.“Eligible Asset” means a Schedule 2 Asset that meets the Asset Eligibility Criteria as laid out in Schedule 3 as of the Commitment Agreement Date and to which Company or Plan Trust has valid title, free and clear of all Liens, other than Permitted Liens on the Closing Date at the time of transfer.
f.“ERISA” means Employee Retirement Income Security Act of 1974, as amended, and any federal agency regulations and other official guidance promulgated thereunder that are currently in effect and applicable.
g.“ERISA Requirements” mean all of the applicable requirements of ERISA and applicable guidance promulgated thereunder, including Interpretive Bulletin 95-1.
h.“Fair Market Value” means the fair market value as of the applicable date for a Schedule 2 Asset as in an amount equal to the fair market value as of such date for such Schedule 2 Asset as indicated (1) by the primary pricing source set forth in the table set forth in Schedule 9 that corresponds to the applicable asset class of such Schedule 2 Asset, (2) if 
17

such primary pricing source is not available or no fair market value is indicated by such primary pricing source for such Schedule 2 Asset, by the secondary pricing source set forth in Schedule 9 below that corresponds to the applicable asset class of such Schedule 2 Asset, or (3) if neither such primary nor secondary pricing source is available or no fair market value is indicated by either such source for such Schedule 2 Asset, Company, Independent Fiduciary, and Insurer will discuss the appropriate pricing source for such Schedule 2 Asset. For any applicable pricing source, the Mid Price will be used.  
i.“Ineligible Asset” means a Schedule 2 Asset that does not meet the Asset Eligibility Criteria set forth on Schedule 3.
j.“Independent Fiduciary MAC” means (i) the occurrence of a material adverse change, as determined in Independent Fiduciary’s sole discretion, in or directly affecting Insurer after the Commitment Agreement Date that would cause the selection of Insurer and the purchase of the Contract to fail to satisfy the ERISA Requirements, or (ii) the occurrence of a change in ERISA Requirements after the Commitment Agreement Date that would cause the selection of Insurer and the Plan’s purchase of the Contract to fail to satisfy ERISA Requirements.
k.“Insurer Financial Payment Date” means August 31, 2021.
l.“Interim Asset Cash Flows” means, with respect to the Transferred Assets, the aggregate amount paid by the issuer of each asset to the record owner as of any day during the period from and including the Commitment Agreement Date and to but excluding the date that the Closing Date Transfers occur, (i) with respect to any coupon, plus (ii) with respect to cash flows received on such assets, including but not limited to principal payments, principal redemptions and tender offers but not including coupons described in clause (i).  Interim Asset Cash Flows will not include any payments made with respect to any Transferred Asset that were due prior to the Commitment Agreement Date and any other cash flows not principal- or interest-related (such as class action payment receipt and litigation payment) relevant to events occurring prior to the Commitment Agreement Date.  For purposes of paragraph 3.c., which relates to “Schedule 2 Assets” instead of “Transferred Assets,” the reference in this definition to “Transferred Assets” shall instead refer to “Schedule 2 Assets.”  For purposes of paragraph 3.d, which relates to “Ineligible Assets” instead of “Transferred Assets,” the reference in this definition to “Transferred Assets” shall instead refer to “Ineligible Assets.”
m.“Mid Price” means, for any applicable pricing source set forth in the definition of Fair Market Value, the mid price as provided by the pricing source.
n.“Non-Exempt Prohibited Transaction” means a transaction prohibited by ERISA § 406 or Code § 4975, for which no statutory exemption or U.S. Department of Labor class exemption is available.
o.“Permitted Liens” means:
18

i.any Liens created by operation of law in respect of restrictions on transfer of securities (other than restrictions relating to the transfer of a Transferred Asset on the Closing Date in violation of applicable law); or
ii.with respect to any Transferred Asset, any transfer restrictions or other limitations on assignment, transfer or the alienability of rights under any indenture, debenture or other similar governing agreement to which such assets are subject (other than restrictions relating to the transfer of such an asset on the Closing Date in violation of any such restriction).
p.“Plan Trust” means the Arconic Corp. Pension Plans Master Trust.
q.“Plan Trustee” means The Bank of New York Mellon.
r.“Projected RBC Ratio” means, as of the day of determination, the projection of the RBC Ratio as of December 31, 2021.
s.“RBC Ratio” means the company action level risk-based capital ratio of Insurer, which will be calculated in the manner set forth in Schedule 10.
t.“Schedule 2 Asset” means each asset listed from time to time on Schedule 2 that is not an Ineligible Asset.
u. “Transferred Asset” means each Eligible Asset transferred to and received by Insurer by the Cut-Off Time on the Closing Date. Until valid title to an Eligible Asset has transferred to Insurer, such asset is not a Transferred Asset.
v.“Transferred Asset Market Value” means (i) the close-of-market Fair Market Value of a Transferred Asset as of the close of business on the Business Day prior to the Commitment Agreement Date, plus (ii) accrued interest on such Transferred Asset as of the close of business on the Business Day prior to the Commitment Agreement Date.  For purposes of paragraph 3.d., which relates to “Ineligible Assets” instead of “Transferred Assets,” the reference in this definition to “Transferred Asset” will instead refer to “Ineligible Asset.” 
w.“Transferred Asset Valuation” means the sum of the Transferred Asset Market Value for each Transferred Asset.

[signature page follows]
19

IN WITNESS WHEREOF, Company, Insurer, and Independent Fiduciary have executed this Commitment Agreement as of the date first written above.

						
	ARCONIC CORPORATION	MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
	By: /s/ Erick Asmussen
	By: /s/ Neil Drzewiecki

	Print Name: Erick Asmussen
	Print Name: Neil Drzewiecki

	Title: CFO
	Title: Head of PRT & Institutional Actuarial

						
	STATE STREET GLOBAL ADVISORS TRUST COMPANY, acting solely in its capacity as Independent Fiduciary of the Plan	
	By: /s/ Denise Sisk
	
	Print Name: Denise Sisk  
	
	Title: Managing Director
	

Schedule 1
 to
 Commitment Agreement

SPECIMEN CONTRACT

See attached “Glacier Commitment Agreement Schedule 1 -- MassMutual GAC.pdf”

Schedule 2
 to
 Commitment Agreement

See attached “Project Glacier Final AIK Portfolio 20210420.xlsx”

Schedule 3
to
Commitment Agreement
ASSET ELIGIBILITY CRITERIA
In order for a Schedule 2 Asset to be eligible for transfer to Insurer as a Transferred Asset, each such asset must meet all of the following criteria (“Asset Eligibility Criteria”):
1.The asset is not a security issued by the Company or an affiliate thereof; and the asset is not a security issued by the Insurer or an affiliate thereof.
2.The Insurer has not notified the Company that the Insurer is prohibited by law from holding or beneficially owning the asset.  The Insurer will be deemed to have notified the Company that the Insurer is prohibited by law from holding or beneficially owning any security issued by any entity that is listed from time to time on the:
a.California Department of Insurance’s “List of Companies Doing Business with the Iranian Petroleum/Natural Gas, Nuclear, and Military Sectors”, 
b.California Department of General Services’ “Entities Prohibited from Contracting with Public Entities in California per the Iranian Contracting Act, 2010”,
c.New York State Department of Financial Services’ “Entities determined to be non-responsive bidders/offerors pursuant to The New York State Iran Divestment Act of 2012”, or
d.Treasury Department’s Office of Foreign Asset Control list of sanctioned countries.
3.A Fair Market Value for the asset is available on the Business Day prior to the Commitment Agreement Date.
4.The asset is not in default and is performing with respect to principal and interest payments on and as of the Commitment Agreement Date.
5.The asset is denominated in U.S. dollars.
6.The asset is in round lots of minimum trade size or greater, based on the applicable standards for such asset as applied by any applicable clearing service.
7.The asset is not a Sukuk security.

Schedule 4
to
Commitment Agreement
INTERIM ASSET CASH FLOWS
															
	CUSIP	Position	Coupon	Coupons
Received
	Principal Redemption
Received

	(9 Digit)     Description	Amount	(Rate)	Amount     Date	Amount     Date

Schedule 5
 to
 Commitment Agreement

INVESTMENT MANAGERS AND INVESTMENT ADVISERS 

See attached “Glacier Commitment Agreement Schedule 5 -- MassMutual Affiliates.pdf”

EXECUTION VERSION

Schedule 6
 to
 Commitment Agreement

STATE INSURANCE GOVERNMENTAL AUTHORITIES

Insurer will secure the approval of the GAC and annuity certificates from the Pennsylvania Department of Insurance, if approval is needed.
Insurer will secure the approval of the annuity certificates from the applicable insurance regulatory authorities in the following jurisdictions, if approval is needed:
[***]

Schedule 7
 to
 Commitment Agreement

INSURER WIRE INSTRUCTIONS

Payment of Premium Amount by the Closing Date:  

[***]

2

Schedule 8
 to
 Commitment Agreement

ARBITRATION DISPUTE RESOLUTION

1.Rules and Procedures.  Any dispute between the parties referenced herein shall be resolved by arbitration conducted by one arbitrator, in accordance with Commercial Arbitration Rules and Expedited Procedures for Large, Complex Commercial Disputes of the American Arbitration Association (“AAA”), as such rules and procedures are in effect at the time of the arbitration, except as they may be modified herein or by mutual agreement of the Company and Insurer.  
2.Location.  The seat of the arbitration shall be New York City, New York, at a mutually agreed upon location, or in the absence of agreement at the New York City offices of the AAA.  
3.Arbitrator.  The Company and Insurer shall jointly engage a mutually agreed upon arbitrator (such firm, the “Approved Arbitrator”), within five Business Days after a dispute notice is delivered by either party to the other party to resolve any arbitration dispute.  If the Company and Insurer are unable to engage an Approved Arbitrator within such time period on such terms, then the AAA shall appoint an arbitrator within three Business Days thereafter.  
4.Damages.  As applicable, the arbitrator shall resolve any arbitration dispute within the range of difference between (a) any amounts or values as calculated or determined by Insurer and (b) any amounts or values as calculated or determined by the Company.  The arbitrator will have no authority to award any other damages other than as provided for herein.  
5.Judgment.  Any arbitration award shall be final and binding on the Company and Insurer.  The Company and Insurer shall undertake to carry out any award without delay.  Judgment upon the award may be entered by any court having jurisdiction thereof or having jurisdiction over the Company or Insurer, as applicable, or their respective assets.  
6.Costs.  The Company and Insurer shall share the fees and disbursements of the arbitrator equally (i.e., on a 50%/50% basis).  The Company and Insurer shall each bear their own costs and expenses incurred in connection with prosecuting and/or defending any arbitration dispute.  
7.Amended Schedules.  If applicable, the Company and Insurer will promptly amend the schedules hereto to reflect any arbitration decision.

3

Schedule 9
 to
 Commitment Agreement

PRICING SOURCES

•To determine the fair market value of the securities, the primary pricing source for the valuations will be [***] mid- price.
•If [***] pricing is not available for any security, then the secondary pricing source will be [***] mid-price.
•If neither the primary nor secondary pricing source is available for any particular security, the IC and Arconic will negotiate in good faith to determine an alternative fair market value of such security.
•The fair market value will include accrued interest for each security. Accrued interest means the aggregate amount of interest that has been earned, but not paid, as of the close of business on the valuation date.
◦
4

Schedule 10
 to
 Commitment Agreement

RBC RATIO CALCULATION
[***]

5Document

Exhibit 10.1

Graphic Packaging HOLDING COMPANY 
DIRECTORS’ Non-Qualified Deferred Compensation Plan

Effective January 1, 2021

LEGAL02/39903537v2

Exhibit 10.1

Graphic Packaging HOLDING COMPANY
DIRECTORS’ NON-QUALIFIED DEFERRED COMPENSATION PLAN

Effective as of the 1st day of January, 2021, the Board of Directors of Graphic Packaging Holding Company (the “Company”) hereby adopts the Graphic Packaging Holding Company Directors’ Non-Qualified Deferred Compensation Plan (the “Plan”).
BACKGROUND AND PURPOSE
A.    Goal.  The Board of Directors desires to provide its Non-Employee Directors with an opportunity to defer the receipt and income taxation of (i) all or a portion of their annual cash retainers, fees and any other cash compensation, and (ii) all or a portion of their annual stock compensation.
B.    Purpose.  The purpose of the Plan document is to set forth the terms and conditions pursuant to which these deferrals may be made and to describe the nature and extent of the Non-Employee Directors’ rights to such amounts.
C.    Type of Plan.  The Plan constitutes an unfunded, nonqualified deferred compensation plan for the benefit of Non-Employee Directors.  The Plan is intended to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended.
STATEMENT OF AGREEMENT
To adopt the Plan with the purposes and goals as hereinabove described, the Board of Directors hereby sets forth the terms and provisions of the Plan as follows:

LEGAL02/39903537v2

Exhibit 10.1

Table of Contents
Page
						
	ARTICLE I DEFINITIONS	1

	1.1    Account
	1

	1.2    Beneficiary
	1

	1.3    Board
	1

	1.4    Business Day
	1

	1.5    Cash Compensation
	1

	1.6    Cash Deferral Contributions
	1

	1.7    Change in Control
	1

	1.8    Code
	2

	1.9    Common Stock
	2

	1.10    Company
	2

	1.11    Deferral Election
	2

	1.12    Directed Investment Account
	2

	1.13    Effective Date
	2

	1.14    Election Deadline
	2

	1.15    Fair Market Value
	3

	1.16    Financial Hardship
	3

	1.17    Investment Election
	3

	1.18    Investment Funds
	3

	1.19    Non-Employee Director
	3

	1.20    Participant
	3

	1.21    Plan
	3

	1.22    Plan Administrator
	4

	1.23    Plan Year
	4

	1.24    Recordkeeper
	4

	1.25    Separate from Service or Separation from Service
	4

	1.26    Stock Compensation
	4

	1.27    Stock Deferral Contributions
	4

	1.28    Stock Unit
	4

	1.29    Stock Unit Account
	4

	1.30    Surviving Spouse
	4

	1.31    Trust or Trust Agreement
	4

	1.32    Trustee
	4

	1.33    Trust Fund
	4

	1.34    Valuation Date
	4

	ARTICLE II ELIGIBILITY AND PARTICIPATION	5

	2.1    Annual Participation
	5

	2.2    Interim Plan Year Participation
	5

1
LEGAL02/39903537v2

Exhibit 10.1

						
	2.3    Procedure for Admission
	5

	2.4    Cessation of Eligibility
	5

	ARTICLE III PARTICIPANTS’ ACCOUNTS; DEFERRALS AND CREDITING	6

	3.1    Participants’ Accounts
	6

	3.2    Deferral Elections
	6

	3.3    Crediting of Deferred Compensation
	7

	3.4    Debiting of Distributions
	8

	3.5    Crediting of Earning on Directed Investment Accounts
	8

	3.6    Dividend Credits on Stock Units
	8

	3.7    Equitable Adjustments to Stock Unit Accounts
	8

	3.8    Vesting
	9

	3.9    Good Faith Valuation Binding
	9

	3.10    Errors and Omissions in Accounts
	9

	ARTICLE IV INVESTMENT FUNDS FOR DIRECTED INVESTMENT ACCOUNTS	10

	4.1    Available Investment Funds
	10

	4.2    Participant Direction of Deemed Investments
	10

	ARTICLE V PAYMENT OF BENEFITS	12

	5.1    Amount of Distribution
	12

	5.2    Methods of Distribution
	12

	5.3    Timing of Distribution
	12

	5.4    Form of Distribution
	12

	5.5    Changing Time and/or Form of Distribution
	13

	5.6    Death
	13

	5.7    Cash-Out
	13

	5.8    Hardship Distributions
	13

	5.9    Permissible Acceleration or Delay of Payments
	14

	5.10    Change in Control
	14

	ARTICLE VI CLAIMS	16

	6.1    Participant Rights
	16

	6.2    Initial Claim
	16

	6.3    Appeal
	16

	6.4    Satisfaction of Claims
	16

	ARTICLE VII SOURCE OF FUNDS; TRUST	18

	7.1    Source of Funds
	18

	7.2    Trust
	18

	7.3    Funding Prohibition under Certain Circumstances
	18

	ARTICLE VIII PLAN ADMINISTRATION	19

	8.1    Rights and Duties of the Plan Administrator
	19

	8.2    Compensation, Indemnity and Liability
	19

	ARTICLE IX AMENDMENT AND TERMINATION	20

	9.1    Amendments
	20

2
LEGAL02/39903537v2

Exhibit 10.1

						
	9.2    Plan Freeze or Termination
	20

	ARTICLE X MISCELLANEOUS	21

	10.1    Beneficiary Designation
	21

	10.2    Distribution pursuant to a Domestic Relations Order
	21

	10.3    Headings
	22

	10.4    Gender and Number
	22

	10.5    Assignment of Benefits
	22

	10.6    Legally Incompetent
	22

	10.7    Governing Law
	22

	10.8    Tax Effects
	22

3
LEGAL02/39903537v2

Exhibit 10.1

ARTICLE I.
DEFINITIONS
For purposes of the Plan, the following terms, when used with an initial capital letter, will have the meaning set forth below unless a different meaning plainly is required by the context.
i.Account
 means one or more of a Participant’s Directed Investment Account(s) or Stock Unit Account(s), as the context requires.
ii.Beneficiary
 means, with respect to a Participant, the person(s) designated or identified in accordance with Section 10.1 to receive any death benefits that may be payable under the Plan upon the death of the Participant.
iii.Board
 means the Board of Directors of the Company.
iv.Business Day
 means each day on which the New York Stock Exchange operates and is open to the public for trading.
v.Cash Compensation
 means the total of a Non-Employee Director’s annual retainers, committee retainers and any other fees (but not reimbursement of expenses) that would be payable to a Non-Employee Director in cash during a Plan Year absent a Deferral Election under this Plan.
vi.Cash Deferral Contributions
 means, for each Plan Year, that portion of a Participant’s Cash Compensation deferred under the Plan pursuant to Section 3.2(a).
vii.Change in Control
 means any of the events specified in subsections (a), (b), or (c) below, subject to the rules described in subsection (d) below:
(1)Change in the Ownership of the Company
 means a situation where any one person, or more than one person acting as a group (as described in Treasury Regulations), acquires ownership of stock of the Company that, together with stock held by such person or group constitutes more than 50 percent of the total fair market value or total voting power of the stock of the Company.  However, if any one person, or more than one person acting as a group, is considered to own more than 50 percent of the total 
1
LEGAL02/39903537v2

Exhibit 10.1

fair market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons is not considered to cause a Change in Control.  An increase in the percentage of stock owned by any one person, or persons acting as a group, as a result of a transaction in which the Company acquires its stock in exchange for property will be treated as an acquisition of stock for purposes of this subsection.  This subsection applies only when there is a transfer of stock of the Company (or issuance of stock of the Company) and stock of the Company remains outstanding after the transaction.
(2)Change in the Effective Control of the Company
 means that a majority of members of the Board of the Company is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of such Board  before the date of the appointment or election.
(3)Change in the Ownership of a Substantial Portion of the Company’s Assets
 means any one person or more than one person acting as a group, that is not affiliated with the Company, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 80 percent of the consolidated total gross fair market value of all of the assets of the Company immediately before such acquisition or acquisitions.  For this purpose, gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.  There is no Change in Control under this subsection (c) when there is a transfer to an entity that is controlled by the shareholders of the Company immediately after the transfer, as provided in Treasury Regulations.  For purposes of this subsection (c) and except as otherwise provided in Treasury Regulations, a person’s status is determined immediately after the transfer of the assets.  For example, a transfer to a company in which the Company has no ownership interest before the transaction, but that is a majority-owned subsidiary of the Company after the transaction, is not treated as a Change in Control.
(4)Compliance with Section 409A
.  The definition of “Change in Control” as described in this Section is intended to satisfy all requirements under Treasury Regulations Section 1.409A-3(i)(5), and shall be construed accordingly.  In no event will any payment of “nonqualified deferred compensation” (as such term is defined for purposes of Code Section 409A) be triggered hereunder upon a Change in Control unless the Change in Control event satisfies all applicable requirements of such regulation.
viii.Code
 means the Internal Revenue Code of 1986, as amended.
ix.Common Stock
 means the common stock, par value $0.01 per share, of the Company.
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x.Company
 means Graphic Packaging Holding Company.
xi.Deferral Election
 means a written or electronic election form provided by the Plan Administrator on which a Participant may elect to defer under the Plan all or a portion of such individual’s Cash Compensation and/or Stock Compensation for a Plan Year.
xii.Directed Investment Account
 means a bookkeeping account established and maintained on behalf of a Participant pursuant to Article III of the Plan.
xiii.Effective Date
 means January 1, 2021, the date that the Plan will be effective.
xiv.Election Deadline
 means, with respect to a Plan Year:
(1)For a Non-Employee Director who is then a member of the Board, the December 20 (or if December 20 is not a Business Day, the last Business Day immediately preceding December 20) immediately preceding the first day of such Plan Year.
(2)For a Non-Employee Director who is first elected by shareholders to be a member of the Board after (or within thirty (30) days before) the Election Deadline described in Section 1.14(a) above with respect to a Plan Year, the date which is thirty (30) days after the date the Director first becomes eligible to participate in the Plan.
xv.Fair Market Value
 means, on any date, the closing sales price of the Common Stock on any national securities exchange on which the Common Stock may from time to time be listed or traded or, in the absence of reported sales on such date, the closing sales price on the immediately preceding date on which sales were reported.
xvi.Financial Hardship
 means a severe financial hardship to the Participant resulting from a sudden and unexpected illness or accident of the Participant, the Participant’s spouse, the Participant’s Beneficiary, or the Participant’s dependent (as defined in Code Section 152, without regard to subsections (b)(1), (b)(2), and (d) (1)(B) thereof), loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant.  Financial Hardship will be determined by the Plan Administrator on the basis of the facts of each case, including information supplied by the Participant in accordance with uniform guidelines prescribed from time to time by the Plan Administrator; provided, the 
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Participant will be deemed not to have a Financial Hardship to the extent that such hardship is or may be relieved:
(1)Through reimbursement or compensation by insurance or otherwise;
(2)By liquidation of the Participant’s assets, to the extent the liquidation of assets would not itself cause severe financial hardship; or
(3)By cessation of deferrals under the Plan.
Examples of what are not considered to be unforeseeable emergencies include the need to send a Participant’s child to college or the desire to purchase a home.
xvii.Investment Election
 means an election, made in such form as the Plan Administrator may direct, pursuant to which a Participant may elect to have amounts in such Participant’s Directed Investment Account(s) deemed invested to the extent permitted under the terms of the Plan.
xviii.Investment Funds
 means the investment funds selected from time to time by the Plan Administrator for purposes of determining the rate of return on amounts deemed invested with respect to Participants’ Directed Investment Account(s).
xix.Non-Employee Director
 means a member of the Board who is not an employee of the Company.
xx.Participant
 means any person who has been admitted to, and has not been removed from, participation in the Plan pursuant to the provisions of Article II.
xxi.Plan
 means the Graphic Packaging Holding Company Directors’ Non-Qualified Deferred Compensation Plan, as contained herein and all amendments hereto.
xxii.Plan Administrator
 means the Nominating and Corporate Governance Committee of the Board and any individual or committee the Board designates to act on the Nominating and Corporate Governance Committee’s behalf with respect to any or all of the Nominating and Corporate Governance Committee’s responsibilities hereunder.
xxiii.Plan Year
 means the 12-consecutive-month period ending on December 31 of each year.
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xxiv.Recordkeeper
 means the third-party company or organization appointed by the Board to carry out certain administrative responsibilities under the Plan.  To the extent that a company is not appointed as the Recordkeeper, the Board or such individual employee or employees of the Company as the Board may appoint will serve as Recordkeeper.
xxv.Separate from Service or Separation from Service
 means, with respect to a Participant, that such Participant has separated from service, as defined under Code Section 409A and the guidance issued thereunder.  Generally, a Participant separates from service if the Participant retires or otherwise has a termination of service from the Board (other than due to his death).
xxvi.Stock Compensation
 means the total of a Non-Employee Director’s annual compensation that would be payable to a Non-Employee Director in shares of Common Stock during a Plan Year absent a Deferral Election under this Plan.
xxvii.Stock Deferral Contributions
 means, for each Plan Year, that portion of a Participant’s Stock Compensation deferred under the Plan pursuant to Section 3.2(b).
xxviii.Stock Unit
 means a unit credited to a Participant’s Stock Unit Account representing the right to receive a share of Common Stock pursuant to the terms of the Plan.
xxix.Stock Unit Account
 means a bookkeeping account established and maintained on behalf of a Participant which is denominated in Stock Units pursuant to Article III of the Plan.
xxx.Surviving Spouse
 means, with respect to a Participant, the person who is treated as legally married to such Participant under the laws of the state in which the Participant resides.  The determination of a Participant’s Surviving Spouse will be made as of the date of such Participant’s death.
xxxi.Trust or Trust Agreement
 means the separate agreement or agreements between the Company and the Trustee governing the Trust Fund, and all amendments thereto.
xxxii.Trustee
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 means the party or parties so designated from time to time pursuant to the terms of the Trust Agreement.
xxxiii.Trust Fund
 means the total amount of cash and other property held by the Trustee (or any nominee thereof) at any time under the Trust Agreement.
xxxiv.Valuation Date
 means each business day of the Plan Year that the New York Stock Exchange is open.
ARTICLE II.
ELIGIBILITY AND PARTICIPATION
i.Annual Participation
.  Each individual who is a Non-Employee Director as of the first day of a Plan Year and is a member of the Board before the beginning of such Plan Year shall be eligible to defer all or a portion of such individual’s Cash Compensation and/or Stock Compensation and thereby to actively participate in the Plan for such Plan Year. Such individual’s participation shall become effective as of the first day of such Plan Year, assuming such individual properly and timely completes the election procedures described below.
ii.Interim Plan Year Participation
.  Each individual who becomes a Non-Employee Director during a Plan Year (and who has not been eligible to participate in the Plan during the immediately preceding 24 months) shall be immediately eligible to make a Deferral Election and thereby to participate actively in the Plan for the remainder of such Plan Year.
iii.Procedure for Admission
.  Each Non-Employee Director shall elect to defer all or a portion of such individual’s Cash Compensation and/or Stock Compensation and thereby become an active Participant for a Plan Year by delivering a completed Deferral Election by the Election Deadline. The Plan Administrator also may require the Director to complete other forms and provide other data, as a condition of participation in the Plan.  Such forms and data may include, without limitation, the Eligible Director’s acceptance of the terms and conditions of the Plan, an Investment Election, and the designation of a Beneficiary to receive any death benefits payable hereunder. 
iv.Cessation of Eligibility
.
(1)Cessation of Eligible Status
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.  An individual’s active participation in the Plan shall terminate, and such individual shall not be eligible to make any additional Cash Deferral Contributions or Stock Deferral Contributions (i) for any portion of a Plan Year following the date such individual’s service as a Non-Employee Director with the Company ceases, and (ii) for any subsequent Plan Year for which the individual does not complete the election procedures.
(2)Inactive Participant Status
.  An individual whose active participation in the Plan ends will remain an inactive Participant in the Plan until the earlier of (i) the date the full amount of his Account(s) (if any) is distributed from the Plan, or (ii) the date he again becomes a Non-Employee Director and recommences active participation in the Plan.  During the period of time that a Participant is an inactive Participant in the Plan, his Directed Investment Account(s) will continue to be credited with earnings and/or losses as provided for in Section 3.5.

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ARTICLE III.
PARTICIPANTS’ ACCOUNTS; DEFERRALS AND CREDITING
i.Participants’ Accounts
.  
(1)Establishment of Accounts
.  The Recordkeeper will establish and maintain (i) a Directed Investment Account and/or a Stock Unit Account on behalf of each Participant for each year for which the Participant makes Cash Deferral Contributions, and (ii) a Stock Unit Account on behalf of each Participant for each year for which the Participant makes Stock Deferral Contributions.  The Recordkeeper shall credit each Participant’s Account(s) with the Participant’s Cash Deferral Contributions and/or Stock Deferral Contributions for such Plan Year (and any earnings attributable thereto, in the case of a Directed Investment Account) and will be debit the Participant’s Account(s) by the amount of any distributions.  Each Account of a Participant will be maintained until the value thereof has been distributed to or on behalf of such Participant or his Beneficiary.  Accounts may be subdivided into separate subaccounts for each Plan Year.
(2)No Transfers Between Directed Investment Accounts and Stock Unit Accounts
.  A Participant may not transfer any amount from a Directed Investment Account to a Stock Unit Account or from a Stock Unit Account to a Directed Investment Account.
(3)Nature of Contributions and Accounts
.  The amounts credited to a Participant’s Account(s) will be represented solely by bookkeeping entries.  Except as provided in Article VII, no monies, shares or other assets will actually be set aside for such Participant, and all payments to a Participant or Beneficiary under the Plan will be made from the general assets of the Company.
(4)General Creditors
.  Any assets which may be acquired by the Company in anticipation of its obligations under the Plan will be part of the general assets of the Company.  The Company’s obligation to pay benefits under the Plan constitutes a mere promise of the Company to pay such benefits, and a Participant or Beneficiary will be and remain no more than an unsecured, general creditor of the Company.
ii.Deferral Elections
.  Each Non-Employee Director may irrevocably elect to have Cash Deferral Contributions and/or Stock Deferral Contributions made for a Plan Year by completing in a timely manner a Deferral Election (and an Investment Election, if applicable) and following other election procedures as provided in Section 2.3. Subject to any modifications, additions or 
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Exhibit 10.1

exceptions that the Plan Administrator, in its sole discretion, deems necessary, appropriate or helpful, the following terms shall apply to such Deferral Elections:
(1)Cash Compensation
.  A Participant may irrevocably elect to have Cash Deferral Contributions made for a Plan Year, and may direct that such Cash Deferral Contributions be credited to either the Participant’s Directed Investment Account or to the Participant’s Stock Unit Account.  A Participant’s Deferral Election shall specify the percentage of Cash Compensation for the Plan Year to be deferred, and the percentage so elected shall be withheld from each payment of Cash Compensation otherwise payable to the Participant during the Plan Year.
(2)Stock Compensation
.  A Participant may irrevocably elect to have Stock Deferral Contributions made for a Plan Year, and such Stock Deferral Contributions shall be credited to the Participant’s Stock Unit Account.  A Participant’s Deferral Election shall specify the percentage of Stock Compensation for the Plan Year to be deferred, and the percentage so elected shall be withheld from each payment of Stock Compensation otherwise payable to the Participant during the Plan Year.  If a Participant elects to have Stock Deferral Contributions made for a Plan Year, the number of Stock Units to be credited to the Participant’s Stock Unit Account shall be equal to the number of shares of Common Stock that would otherwise be payable to the Participant.
(3)Effective Date of Deferral Elections
.  A Participant’s Deferral Election for all or a portion of a Plan Year shall be effective beginning with the first Cash Compensation or Stock Compensation, as applicable, (i) in such Plan Year with respect to a Participant participating for the entire Plan Year, and (ii) with respect to compensation paid for services performed after the Deferral Election is made with respect to a Participant participating for a portion of a Plan Year. To be effective, a Participant’s Deferral Election must be made by the Election Deadline. Any Participant who fails to deliver a Deferral Election, or to complete any of the other requisite election procedures, in a timely manner, shall be deemed to have elected not to participate in the Plan for that Plan Year.
(4)Term
.  Each Participant’s Deferral Election for a Plan Year shall remain in effect with respect to all Cash Compensation and/or Stock Compensation, as applicable, paid or payable during such Plan Year, but shall not apply to any subsequent Plan Year.
(5)Irrevocability of Deferral Elections
.  Once made for a Plan Year, a Participant may not revoke a Deferral Election for such Plan Year.  Notwithstanding the foregoing, the Plan Administrator shall cancel a Participant’s Deferral Elections for the remainder of the Plan Year upon a withdrawal due to Financial Hardship under Section 5.8.
iii.Crediting of Deferred Compensation
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Exhibit 10.1

.
(1)Cash Compensation Deferred into Directed Investment Account
.  The Recordkeeper shall credit to a Participant’s Directed Investment Account for a Plan Year the amount of Cash Deferral Contributions designated on the Participant’s Deferral Election that the Participant has elected to defer into his or her Directed Investment Account at approximately the same time the Cash Compensation would have been paid to the Participant if not subject to the Participant’s Deferral Election.
(2)Cash Compensation Deferred into Stock Unit Account
.  The Recordkeeper shall credit to a Participant’s Stock Unit Account for a Plan Year a number of Stock Units having a value equal to the amount of Cash Deferral Contributions designated on the Participant’s Deferral Election that the Participant has elected to defer into his or her Stock Unit Account at approximately the same time the Cash Compensation would have been paid to the Participant if not subject to the Participant’s Deferral Election.  The number of Stock Units to be credited to the Participant’s Stock Unit Account shall be determined by dividing the dollar value of the Cash Deferral Contributions by the Fair Market Value of one share of Common Stock at approximately the same time the Cash Compensation would have been paid to the Participant if not subject to the Participant’s Deferral Election (and rounding up or down to the nearest whole share in the discretion of the Plan Administrator).
(3)Stock Compensation Deferred into Stock Unit Account
.  The Recordkeeper shall credit to a Participant’s Stock Unit Account for a Plan Year a number of Stock Units reflecting the amount of Stock Deferral Contributions designated on the Participant’s Deferral Election at approximately the same time the Stock Compensation would have been paid to the Participant if not subject to the Participant’s Deferral Election.  The number of Stock Units to be credited to the Participant’s Stock Unit Account shall be equal to the number of shares of Common Stock that would have been paid to the Participant if not subject to the Participant’s Deferral Election.
iv.Debiting of Distributions
.  As of each Valuation Date, the Recordkeeper will debit each Participant’s Account for any amount distributed from such Account since the immediately preceding Valuation Date.
v.Crediting of Earning on Directed Investment Accounts
.  As of each Valuation Date, the Recordkeeper will credit or debit each Participant’s Directed Investment Account with the amount of earnings and/or losses applicable thereto for the period since the immediately preceding Valuation Date.  Such crediting or debiting of earnings and/or losses will be effected as of each Valuation Date, as follows:
(1)Rate of Return
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.  The Recordkeeper first will determine a rate of return for the period since the immediately preceding Valuation Date for each of the Investment Funds;
(2)Amount Invested
.  The Recordkeeper next will determine the amount of (i) each Participant’s Account that was deemed invested in each Investment Fund as of the immediately preceding Valuation Date; minus (ii) the amount of any distributions debited from the amount determined in clause (i) since the immediately preceding Valuation Date; and
(3)Determination of Amount
.  The Recordkeeper will then apply the rate of return for each Investment Fund for such Valuation Date (as determined in subsection (a) hereof) to the amount of the Participant’s Account deemed invested in such Investment Fund for such Valuation Date (as determined in subsection (b) hereof), and the total amount of earnings and/or losses resulting therefrom will be credited to such Participant’s Account as of the applicable Valuation Date.
vi.Dividend Credits on Stock Units
.  In the event dividends or other distributions are paid with respect to the Common Stock, the Recordkeeper will credit each Participant’s Directed Investment Account with an amount equal to the dollar amount or fair market value that the Participant would have received had he or she been the owner on the record date for the payment of such dividends or distributions of a number of shares of Common Stock equal to the number of Stock Units then credited to the Participant’s Stock Unit Account, and such amount will be deemed invested in and among the Investment Funds pursuant to the Participant’s Investment Election.  
vii.Equitable Adjustments to Stock Unit Accounts
.  In the event of (i) a corporate event or transaction involving the Company that results in a change in the Common Stock, or an exchange of Common Stock for cash, securities other than Common Stock, or other property (including, without limitation, any merger, reorganization, recapitalization, combination or exchange of shares), or (ii) any transaction between the Company and the holders of Common Stock that causes the per-share value of the Common Stock to change (including, without limitation, any conversion of shares, share dividend, share split, spin-off, rights offering, or large non-ordinary cash dividend), the Board shall make such equitable adjustments to the Deferred Stock Units as it deems necessary, in its sole discretion, to prevent dilution or enlargement of rights immediately resulting from such transaction.  Notwithstanding the preceding sentence and in any event, any adjustment shall comply with the requirements of Section 409A of the Code.
viii.Vesting
.  A Participant will at all times be fully vested in his or her Accounts.
ix.Good Faith Valuation Binding
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Exhibit 10.1

.  In determining the value of the Accounts, the Recordkeeper will exercise its best judgment, and all such determinations of value (in the absence of bad faith) will be binding upon all Participants and their Beneficiaries.
x.Errors and Omissions in Accounts
.  If an error or omission is discovered in the Account of a Participant or in the amount of a Participant’s deferrals, the Plan Administrator, in its sole discretion, will cause the Recordkeeper to make appropriate, equitable adjustments as soon as administratively practicable following the discovery of such error or omission.

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ARTICLE IV.
INVESTMENT FUNDS FOR DIRECTED INVESTMENT ACCOUNTS
i.Available Investment Funds
.  Unless otherwise determined by the Plan Administrator, the Investment Funds used for purposes of determining the rate of return on amounts in Directed Investment Accounts deemed invested in accordance with the terms of the Plan shall be those investment funds then offered under the [GPI Savings Plan], excluding any employer stock fund and substituting commercially available funds for any common or collective trust fund.  The Plan Administrator may change, add or remove Investment Funds on a prospective basis at any time(s) and in any manner it deems appropriate.
ii.Participant Direction of Deemed Investments
.  Each Participant generally may direct the manner in which his Directed Investment Account(s) will be deemed invested in and among the Investment Funds; provided, such investment directions will be made in accordance with the following terms:
(1)Nature of Participant Direction
.  The selection of Investment Funds by a Participant will be for the sole purpose of determining the rate of return to be credited to his Directed Investment Account(s), and will not be treated or interpreted in any manner whatsoever as a requirement or direction to actually invest assets in any Investment Fund or any other investment media.  The Plan, as an unfunded, nonqualified deferred compensation plan, at no time will have any actual investment of assets relative to the benefits or Accounts hereunder.
(2)Investment of Contributions
.  Each Participant may make an Investment Election prescribing the percentage of the future contributions that will be deemed invested in each Investment Fund.  An initial Investment Election of a Participant will be made as of the date the Participant commences participation in the Plan and will apply to all contributions credited to such Participant’s Directed Investment Account(s) after such date.  Such Participant may make subsequent Investment Elections as of any Valuation Date, and each such election will apply to all such specified contributions credited to such Participant’s Directed Investment Account(s) after the Recordkeeper has a reasonable opportunity to process such election pursuant to such procedures as the Plan Administrator and the Recordkeeper may determine from time to time.  Any Investment Election made pursuant to this subsection (b) with respect to future contributions will remain effective until changed by the Participant.
(3)Investment of Existing Account Balances
.  Each Participant may make an Investment Election prescribing the percentage of his existing Directed Investment Account(s) balance that will be deemed invested in each Investment Fund.  Such Participant may make such Investment Elections as of any Valuation Date, and each such election will be effective after the Recordkeeper has a reasonable 
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Exhibit 10.1

opportunity to process such election.  Each such election will remain in effect until changed by such Participant.
(4)Plan Administrator Discretion
.  The Plan Administrator will have complete discretion to adopt and revise procedures to be followed in making such Investment Elections.  Such procedures may include, but are not limited to, the process of making elections, the permitted frequency of making elections, the incremental size of elections, the deadline for making elections, the effective date of such elections and whether and the extent to which to charge any Participant’s Directed Investment Account(s) an administrative fee for making such Investment Elections.  Any procedures adopted by the Plan Administrator that are inconsistent with the deadlines or procedures specified in this Section will supersede such provisions of this Section without the necessity of a Plan amendment.
(5)Failure to Make Investment Fund Selection
.  To the extent that a Participant fails to make a proper, complete or timely Investment Fund selection, he will be deemed to have selected the money market fund option or such other default Investment Fund that the Plan Administrator may select from time to time.

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Exhibit 10.1

ARTICLE V.
PAYMENT OF BENEFITS
i.Amount of Distribution
.  Except as otherwise provided in this Article V, each Participant (or his Beneficiary, if he dies before distribution of his Account) will be entitled to receive at the time set forth in Section 5.3 and in the form set forth in Section 5.4 a distribution of his vested Account, as adjusted as set forth in Sections 3.3, 3.4, 3.5, 3.6 and 3.7, determined as of the Valuation Date on which such distribution is processed.  For purposes of this Section, the “Valuation Date on which such distribution is processed” refers to the Valuation Date established for such purpose by administrative practice, even if actual payment is made or commenced at a later date due to delays in valuation, administration or any other procedure.  Neither the Company nor any other person will be liable to a Participant or Beneficiary for interest or investment losses due to an administrative delay in the processing of any payment under the Plan.
ii.Methods of Distribution
.  The benefit payable to a Participant under Section 5.1 with respect to a Directed Investment Account shall be distributed solely in the form of cash.  The benefit payable to a Participant under Section 5.1 with respect to a Stock Unit Account shall be distributed solely in the form of shares of Common Stock issuable pursuant to the Graphic Packaging Holding Company 2014 Omnibus Stock and Incentive Compensation Plan or any successor equity compensation plan.
iii.Timing of Distribution
.
(1)Default Timing
.  Except as provided in subsection (b) hereof, and subject to the other terms of this Article V, the benefit payable to a Participant under Section 5.1 will be distributed within 60 days of the date of such Participant’s Separation from Service.
(2)Election of Distribution Timing
.  A Participant may elect, as described in this subsection (b), to have Plan benefits paid upon the earliest of the default payment timing provided in subsection (a) and one or more the following events:
(a)Specified Date.  A Participant may elect, at the time he makes each Deferral Election, to have his benefit payable with respect to that election paid in any month and year specified in such election that is at least 3 years after the first day of the Plan Year with respect to which to the Deferral Election relates.
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Exhibit 10.1

(b)Change in Control.  A Participant may elect, at the time he makes each Deferral Election, to have his benefit payable with respect to that election paid as of the date that a Change in Control occurs.
iv.Form of Distribution
.
(1)Single-Sum Payment
.  Except as provided in Section 5.5 or 5.6 or subsection (b) hereof, the benefit payable to a Participant under Section 5.1 will be distributed in the form of a single-sum payment in cash.
(2)Annual Installments
.  At the time he makes an election under Section 5.3(b)(1) or 5.3(b)(2), a Participant may make an election in writing (or in any other format permitted by the Plan Administrator) to have his benefit payable with respect to that election paid in the form of 2 to 10 annual installment payments.  Each annual installment shall be equal to the value of the Participant’s Directed Investment Account(s) and/or a number of shares of Common Stock equal to the number of Stock Units held in the Participant’s Stock Unit Account(s), in each case multiplied by a fraction, the numerator of which is one (1) and the denominator of which is the number of installments remaining to be paid.  For purposes of Section 409A of the Code, annual installment payments under this subsection shall be treated as a single payment and not as a series of separate payments.
v.Changing Time and/or Form of Distribution
.  With respect to any scheduled payment under Section 5.3 or in accordance with this Section, a Participant may make an election to delay the payment from the originally scheduled payment date (the “Original Payment Date”) to a later date (the “New Payment Date”); provided, any such election to delay payment will be effective only if (i) the Participant makes the election to delay payment at least 12 months before the Original Payment Date, and (ii) the Participant’s New Payment Date is at least 5 years after the Original Payment Date.  A Participant who makes an election to delay a payment pursuant to the preceding sentence may, at the time such election is made, also elect to have the benefit paid on the New Payment Date in a single-sum payment or 2 to 10 annual installment payments, without regard to the form in which the benefit was scheduled to be paid on the Original Payment Date.  Subject to the requirements of this Section 5.4 and Code Section 409A, a Participant may make an election to delay a single payment date no more than twice.
vi.Death
.
(1)Before Scheduled Payment Date
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.  Notwithstanding Sections 5.3, 5.4 and 5.5, if, with respect to any benefit payable to a Participant under Section 5.1, a Participant dies prior to date on which such payment is scheduled to be made or commence, such benefit will be paid to the Participant’s Beneficiary in a single-sum payment in cash at any time through the last day of the year following the year in which the Participant’s death occurs.
(2)While Receiving Installment Payments
.  Notwithstanding Sections 5.3, 5.4 and 5.5, if a Participant has begun receiving annual installment payments and dies before all scheduled annual installment payments have been made, any remaining installment payments will be paid to the Participant’s Beneficiary in a single-sum payment in cash at any time through the last day of the year following the year in which the Participant’s death occurs.
vii.Cash-Out
.  Notwithstanding anything in this Article V or a Participant’s election to the contrary, if a Participant’s total vested Account balance is less than $10,000 on the date of the Participant’s Separation from Service, such Participant’s Account will be distributed in a single lump-sum payment upon the date of Separation from Service.
viii.Hardship Distributions
.  Upon receipt of an application for a hardship distribution and the Plan Administrator’s decision, made in its sole discretion, that a Participant has suffered a Financial Hardship, such Participant will be entitled to receive a hardship distribution.  Such distribution will be paid in a single-sum payment (provided that such Financial Hardship continues to exist on the date of the Plan Administrator’s determination).  The amount of such single-sum payment will be limited to the amount of the Participant’s Account that the Plan Administrator determines is reasonably necessary to meet the Participant’s requirements resulting from the Financial Hardship (which may include amounts necessary to pay any Federal, state, local, or foreign income taxes or penalties reasonably anticipated to result from the payment) taking into account any additional compensation that is available to the Participant pursuant to a cancellation of his existing Deferral Elections pursuant to Section 3.5.
ix.Permissible Acceleration or Delay of Payments
.
(1)Acceleration of Payments
.  Except as otherwise provided in this Section, no payment scheduled to be made under this Article V may be accelerated.  Notwithstanding the foregoing, the Plan Administrator, in its sole discretion, may accelerate any payment scheduled to be made under this Article V in accordance with Code Section 409A (for example, upon certain terminations of the Plan (including, but not limited to, a termination of the Plan in connection with a Change in Control pursuant to Section 5.10), limited cash outs or to avoid certain conflicts of interest); provided, a Participant may not elect whether his scheduled payment will be accelerated pursuant to this 
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sentence.  All payments scheduled to be made under this Article V shall be made no later than the date required under Code Section 409A.
(2)Delay of Payments
.  Except as otherwise provided in this Section, no payment scheduled to be made under this Article V may be delayed.  Notwithstanding the foregoing, the Plan Administrator, in its sole discretion, may delay any payment scheduled to be made under this Article V in accordance with Code Section 409A in any of the following circumstances as long as the Plan Administrator treats all payments to similarly situated Participants on a reasonably consistent basis.
(a)The Plan Administrator may delay payment if it reasonably anticipates that the making of the payment will violate federal securities laws or other applicable laws provided payment is made at the earliest date on which the Plan Administrator reasonably anticipates that the making of the payment will not cause such violation.
(b)The Compensation and Benefits Committee reserves the right to amend the Plan to provide for a delay in payment upon such other events and conditions as the Secretary of the Treasury may prescribe in generally applicable guidance published in the Internal Revenue Bulletin.
x.Change in Control
.
(1)Discretionary Termination and Liquidation upon a Change in Control
.  The Compensation and Benefits Committee, in its sole discretion, may terminate and liquidate the Plan within the 30 days preceding or the 12 months following a Change in Control such that all Participants and Beneficiaries affected by the Change in Control shall receive all amounts deferred under the Plan within 12 months of the date of such termination; provided, such acceleration of payments will be made only if all agreements, methods, programs, and other arrangements sponsored by the Company immediately after the Change in Control with respect to which deferrals of compensation are treated as having been deferred under a single plan with the Plan under Treasury Regulation Section 1.409A-1(c)(2) are terminated and liquidated with respect to each participant that experienced the Change in Control, so that under the terms of the termination and liquidation all such participants are required to receive all amounts of compensation deferred under the terminated agreements, methods, programs, and other arrangements within 12 months of the date all necessary action to terminate and liquidate the agreements, methods, programs, and other arrangements are taken.
(2)Other Accelerations Upon a Change in Control
.  Except as otherwise provided under a Participant’s election under Section 5.3(b)(2) or upon the termination and liquidation of the Plan in the Compensation and Benefits Committee’s sole discretion pursuant to subsection (a) hereof, distributions from a Participant’s Account will not be made upon a Change in Control.
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LEGAL02/39903537v2

Exhibit 10.1

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LEGAL02/39903537v2

Exhibit 10.1

ARTICLE VI.
CLAIMS
i.Participant Rights
.  If a Participant has any grievance, complaint or claim concerning any aspect of the operation or administration of the Plan, including but not limited to claims for benefits, (referred to herein as “claim” or “claims”) the Participant will submit the claim in accordance with the procedures set forth in this Article VI.  All such claims must be submitted within the “applicable limitations period.”  The “applicable limitations period” will be 1 year, beginning on (i) in the case of any payment, the date on which the payment was made, or (ii) for all other claims, the date on which the action complained of occurred.  Additionally, upon denial of an appeal pursuant to Section 6.3 hereof, a Participant will have 1 year within which to bring suit for any grievance complaint or claim related to such denied appeal; any such suit initiated after such 1-year period will be precluded.
ii.Initial Claim
.  Claims for benefits under the Plan may be filed with the Plan Administrator on forms or in such other written documents, as the Plan Administrator may prescribe.  The Plan Administrator will furnish to the claimant written notice of the disposition of a claim within 90 days after the application therefor is filed; provided, if special circumstances require an extension of time for processing the claim, the Plan Administrator will furnish written notice of the extension to the claimant prior to the end of the initial 90-day period, and such extension will not exceed one additional, consecutive 90-day period, provided, if matters beyond the control of the Plan Administrator require an additional extension of time for processing the claim, the Plan Administrator will furnish written notice of the second extension to the claimant prior to the end of the initial 30-day extension period, and such extension will not exceed an additional, consecutive 30-day period).  In the event the claim is denied, the notice of the disposition of the claim will provide the specific reasons for the denial, citations of the pertinent provisions of the Plan, and, where appropriate, an explanation as to how the claimant can perfect the claim and/or submit the claim for review.
iii.Appeal
.  Any Participant or Beneficiary who has been denied a benefit will be entitled, upon request to the Plan Administrator, to appeal the denial of his claim.  The claimant (or his duly authorized representative) may review pertinent documents related to the Plan in the Plan Administrator’s possession in order to prepare the appeal.  The request for review, together with a written statement of the claimant’s position, must be filed with the Plan Administrator no later than 60 days after receipt of the written notification of denial of a claim provided for in Section 6.2.  The Plan Administrator’s decision will be made within 60 days following the filing of the request for review and will be communicated in writing to the claimant; provided, if special circumstances require an extension of time for processing the appeal, the Plan Administrator will furnish written notice to the claimant prior to the end of the initial 60-day period, and such an extension will not exceed one additional 60-day period. If unfavorable, the notice of the decision 
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Exhibit 10.1

will explain the reasons for denial and indicate the provisions of the Plan or other documents used to arrive at the decision.
iv.Satisfaction of Claims
.  Any payment to a Participant or Beneficiary will to the extent thereof be in full satisfaction of all claims hereunder against the Plan Administrator, the Compensation and Benefits Committee, and the Company, any of whom may require such Participant or Beneficiary, as a condition to such payment, to execute a receipt and release therefor in such form as determined by the Plan Administrator, Compensation and Benefits Committee, or the Company.  If receipt and release is required but the Participant or Beneficiary (as applicable) does not provide such receipt and release in a timely enough manner to permit a timely distribution in accordance with the general timing of distribution provisions in the Plan, such payment will be forfeited.

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LEGAL02/39903537v2

Exhibit 10.1

ARTICLE VII.
SOURCE OF FUNDS; TRUST
i.Source of Funds
.  Except as provided in this Section and Section 7.2 (relating to the Trust), the Company will provide the benefits described in the Plan from its general assets.  However, to the extent that funds in such Trust allocable to the benefits payable under the Plan are sufficient, the Trust assets may be used to pay benefits under the Plan.  If such Trust assets are not sufficient to pay all benefits due under the Plan, then the Company will have the obligation, and the Participant or Beneficiary, who is due such benefits, will look to the Company to provide such benefits. 
ii.Trust
.
(1)Establishment
.  To the extent determined by the Company, the Company will transfer to the Trustee the funds necessary to fund benefits accrued hereunder to the Trustee to be held and administered by the Trustee pursuant to the terms of the Trust Agreement.  Except as otherwise provided in the Trust Agreement, each transfer into the Trust Fund will be irrevocable as long as the Company has any liability or obligations under the Plan to pay benefits, such that the Trust property is in no way subject to use by the Company; provided, it is the intent of the Company that the assets held by the Trust are and will remain at all times subject to the claims of the general creditors of the Company. 
(2)Distributions
.  Pursuant to the Trust Agreement, the Trustee will make payments to Plan Participants and Beneficiaries in accordance with a payment schedule provided by the Company.  The Company will make provisions for the reporting and withholding of any federal, state or local taxes that may be required to be withheld with respect to the payment of benefits pursuant to the terms of the Plan and will pay amounts withheld to the appropriate taxing authorities or determine that such amounts have been reported, withheld and paid by the Company.
(3)Status of the Trust
.  No Participant or Beneficiary will have any interest in the assets held by the Trust or in the general assets of the Company other than as a general, unsecured creditor.  Accordingly, the Company will not grant a security interest in the assets held by the Trust in favor of the Participants, Beneficiaries or any creditor.
iii.Funding Prohibition under Certain Circumstances
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Exhibit 10.1

.  Notwithstanding anything in this Article VII to the contrary, no assets will be set aside to fund benefits under the Plan if such setting aside would be treated as a transfer of property under Code Section 83 pursuant to Code Section 409A(b).

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Exhibit 10.1

ARTICLE VIII.
PLAN ADMINISTRATION
i.Rights and Duties of the Plan Administrator
.  The Plan Administrator will administer the Plan and will have all powers necessary to enable it to properly to carry out its duties as set forth in the Plan, including (but not limited to) the following:
(1)To construe, interpret and administer the Plan;
(2)To the extent not delegated to the Recordkeeper, to make determinations required by the Plan, including, but not limited to, determinations of whether an individual is in a class of persons designated (either by the terms of the Plan or by the Compensation and Benefits Committee) as eligible to participate in the Plan, and to maintain records regarding Participants’ and Beneficiaries’ benefits hereunder;
(3)To the extent not delegated to the Recordkeeper, to compute and certify to the Company the amount and kinds of benefits payable to Participants and Beneficiaries, and to determine the time and manner in which such benefits are to be paid;
(4)To authorize all disbursements by the Company pursuant to the Plan or the Trust Agreement;
(5)To the extent not delegated to the Recordkeeper, to maintain all the necessary records of the administration of the Plan;
(6)To make and publish such rules for the regulation of the Plan as are not inconsistent with the terms hereof;
(7)To delegate to other individuals or entities, including, but not limited to, the Recordkeeper, from time to time the performance of any of its duties or responsibilities hereunder; and
(8)To hire agents, accountants, actuaries, consultants and legal counsel to assist in operating and administering the Plan.
The Plan Administrator will have the exclusive right to construe and interpret the Plan, to decide all questions of eligibility for benefits and to determine the amount of such benefits, and its decisions on such matters will be final and conclusive on all parties.
ii.Compensation, Indemnity and Liability
.  The Plan Administrator and its members will serve as such without bond and without compensation for services hereunder.  All expenses of the Plan Administrator will be paid by the Company.  No member of the Plan Administrator will be liable for any act or omission of any other member of the Plan Administrator, or for any act or omission on his own part, excepting his own willful misconduct.  The Company will indemnify and hold harmless the 
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Exhibit 10.1

Plan Administrator and each member thereof against any and all expenses and liabilities, including reasonable legal fees and expenses, arising out of his membership on the committee, excepting only expenses and liabilities arising out of his own willful misconduct.
ARTICLE IX.
AMENDMENT AND TERMINATION
i.Amendments
.  The provisions of the Plan may be amended at any time and from time to time by the Compensation and Benefits Committee or its authorized delegate (including, to the extent provided in the Charter, the Plan Administrator).  An amendment to the Plan may modify its terms in any respect whatsoever; provided, no such action may reduce the amount already credited to a Participant’s Account without the affected Participant’s written consent.  All Participants and Beneficiaries will be bound by such amendment.
ii.Plan Freeze or Termination
.
(1)Freezing Plan Benefits
.  The Compensation and Benefits Committee will have the right, in its sole discretion, to impose a permanent or temporary freezing of the Plan as of the end of any Plan Year, such that the Plan will remain in effect with respect to existing Account balances without permitting any new contributions in subsequent Plan Years.
(2)Plan Termination
.  The Compensation and Benefits Committee expects to continue the Plan but reserves the right to discontinue and terminate the Plan at any time, for any reason, subject to the restrictions provided under Code Section 409A.  Any action to terminate the Plan will be taken by the Compensation and Benefits Committee or its authorized delegate in the form of a written Plan amendment executed by a duly authorized officer of the Company.  If the Plan is terminated, each Participant’s Account will be distributed in a single-sum payment in cash as soon as practicable after the date the Plan is terminated.  The amount of any such distribution will be determined as of the Valuation Date such termination distribution is to be processed.  Such termination will be binding on all Participants and Beneficiaries.  Notwithstanding the foregoing, the cancellations of Participants’ Deferral Elections and distributions of Accounts will be made upon termination of the Plan (including any partial termination relating to a specified group of Participants) only to the extent permitted under Code Section 409A.

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Exhibit 10.1

ARTICLE X.
MISCELLANEOUS
i.Beneficiary Designation
.
(1)General
.  Participants will designate and from time to time may re-designate their Beneficiaries in such form and manner as the Plan Administrator may determine.
(2)No Designation or Designee Dead or Missing
.  In the event that:
(a)a Participant dies without designating a Beneficiary;
(b)the Beneficiary designated by a Participant is not surviving when a payment is to be made to such person under the Plan, and no contingent Beneficiary has been designated; or
(c)the Beneficiary designated by a Participant cannot be located by the Plan Administrator within a reasonable time before the latest date for payment to such Beneficiary pursuant to Article V;
then, in any of such events, the Beneficiary of such Participant with respect to any benefits that remain payable under the Plan will be the Participant’s Surviving Spouse, if any, and if not, the estate of the Participant.
(3)Forfeiture of Benefits by Certain Individuals
.  Notwithstanding anything to the contrary in the Plan, no payment of benefits will be made under any provision of the Plan to any individual with respect to whom such amount would otherwise be payable if, by virtue of such individual’s involvement in the death of the Participant or Beneficiary, such individual’s entitlement to any interest in assets of the deceased could be denied (whether or not there is in fact any such entitlement) under any applicable law, state or federal, including without limitation laws governing intestate succession, wills, jointly-owned property, bonds, and life insurance.  For purposes of the Plan, any such individual will be deemed to have predeceased the Participant or Beneficiary, as applicable.  To the extent consistent with Code Section 409A and the guidance issued thereunder, the Plan Administrator may withhold distribution of benefits otherwise payable under the Plan for such period of time as is necessary or appropriate under the circumstances to make a determination with regard to the application of this Section.
ii.Distribution pursuant to a Domestic Relations Order
.
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LEGAL02/39903537v2

Exhibit 10.1

(1)Distribution Due to Domestic Relations Order
.  Upon receipt of a valid domestic relations order requiring the distribution of all or a portion of a Participant’s Account to an alternate payee, the Plan Administrator will cause the Company to pay a distribution to such alternate payee.  The distribution will be completed as soon as administratively practicable after the Plan Administrator determines that the order meets the elements of a valid domestic relations order, as set forth in subsection (b) hereof, or if later, when the terms of the order have been modified to meet such elements.  No distribution will be completed unless and until the order constitutes a valid domestic relations order.
(2)Requirements of a Domestic Relations Order
.  For purposes of this Section, a court order will be considered a valid domestic relations order if it relates to the provision of child support, alimony payments or marital property rights to a spouse, former spouse, child or other dependent of a Participant, and is made pursuant to the domestic relations law of a state.  The order should clearly identify the name of the Participant and the alternate payee, the Plan, and the amount or percentage of the Participant’s Account to be paid to the alternate payee, or the manner in which such amount or percentage is to be determined.  The order may not require payment of a type or form of benefit other than as provided in subsection (a) hereof, payment of increased benefits or benefits to which the Participant does not have a vested right, or payment of benefits required to be paid to another alternate payee under another order previously determined to be a valid domestic relations order.
(3)Domestic Relations Order Review Authority
.  The Plan Administrator will have authority to review and determine whether a court order meets the conditions of this Section, and to issue and adopt procedures that may be helpful in administering this Section.
iii.Headings
.  The headings of the various articles and sections in the Plan are solely for convenience and will not be relied upon in construing any provisions hereof.  Any reference to a section refers to a section of the Plan unless specified otherwise.
iv.Gender and Number
.  Use of any gender in the Plan will be deemed to include all genders when appropriate, and use of the singular number will be deemed to include the plural when appropriate, and vice versa in each instance.
v.Assignment of Benefits
.  Except as provided in Section 10.2, the right of a Participant or his Beneficiary to receive payments under the Plan may not be anticipated, alienated, sold, assigned, transferred, pledged, encumbered, attached or garnished by creditors of such Participant or Beneficiary, 
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Exhibit 10.1

except by will or by the laws of descent and distribution and then only to the extent permitted under the terms of the Plan.
vi.Legally Incompetent
.  The Plan Administrator, in its sole discretion, may direct that payment to be made directly to an incompetent or disabled person, whether incompetent or disabled because of minority or mental or physical disability, or to the guardian of such person or to the person having legal custody of such person or to such other person as the Plan Administrator may otherwise determine, without further liability with respect to or in the amount of such payment either on the part of the Company or the Plan Administrator.
vii.Governing Law
.  The Plan will be construed, administered and governed in all respects in accordance with applicable federal law (including the Employee Retirement Income Security Act of 1974, as amended) and, to the extent not preempted by federal law, in accordance with the laws of the State of Delaware.  If any provisions of this instrument are held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof will continue to be fully effective.
viii.Tax Effects
.  The Plan is intended to comply with Code Section 409A and the regulations and other guidance issued thereunder such that no Participant shall be subject to early taxation or penalties thereunder.  The Plan will be interpreted consistent with this intent.  However, notwithstanding anything in the Plan or any summary or information regarding the Plan to the contrary, each Participant shall be solely responsible for all taxes due with respect to his benefits under the Plan, including, but not limited to, any federal, state or local income tax, any employment tax and any tax penalties, specifically including, but not limited to, tax penalties imposed under Code Section 409A.  The Company retains the full discretion to apply the tax laws as it deems appropriate from time to time and makes no representation or guaranty that benefits under the Plan will have any specific tax effect or receive any specific tax treatment.
The foregoing is hereby acknowledged as being the Graphic Packaging Holding Company Directors’ Non-Qualified Deferred Compensation Plan, as adopted by the Board of Directors on ________, 2020, to be effective as of January 1, 2021.

GRAPHIC PACKAGING HOLDING COMPANY 
By:                            
Name:                        
Title:                        

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LEGAL02/39903537v2

Exhibit 10.1

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LEGAL02/39903537v2

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