Document:

EX-10.2

 Exhibit 10.2 

STOCKHOLDERS AGREEMENT 

dated as of 
 February 4, 2020

 among 
 REYNOLDS CONSUMER
PRODUCTS INC. 
 and 

PACKAGING FINANCE LIMITED 
  

 TABLE OF CONTENTS 

 
  

					
	 	  	PAGE	 
		
	ARTICLE 1	  			
	DEFINITIONS	  			
		
	 Section 1.01. Definitions
	  	 	1	 
	 Section 1.02. Other Definitional and Interpretative Provisions
	  	 	4	 
		
	ARTICLE 2	  			
	CORPORATE GOVERNANCE	  			
		
	 Section 2.01. Composition of the Board
	  	 	4	 
	 Section 2.02. Removal
	  	 	6	 
	 Section 2.03. Vacancies
	  	 	6	 
	 Section 2.04. Board Expenses
	  	 	6	 
	 Section 2.05. Board Committees
	  	 	6	 
		
	ARTICLE 3	  			
	CERTAIN COVENANTS AND AGREEMENTS	  			
		
	 Section 3.01. Access; Information
	  	 	7	 
	 Section 3.02. Confidentiality
	  	 	7	 
	 Section 3.03. Conflicting Agreements
	  	 	9	 
	 Section 3.04. Corporate Opportunities
	  	 	9	 
		
	ARTICLE 4	  			
	MISCELLANEOUS	  			
		
	 Section 4.01. Binding Effect; Assignability; Benefit
	  	 	9	 
	 Section 4.02. Notices
	  	 	10	 
	 Section 4.03. Term; Waiver; Amendment
	  	 	11	 
	 Section 4.04. Fees and Expenses
	  	 	11	 
	 Section 4.05. Governing Law
	  	 	11	 
	 Section 4.06. Jurisdiction
	  	 	11	 
	 Section 4.07. Waiver of Jury Trial
	  	 	12	 
	 Section 4.08. Specific Enforcement
	  	 	12	 
	 Section 4.09. Counterparts; Effectiveness
	  	 	12	 
	 Section 4.10. Entire Agreement
	  	 	12	 
	 Section 4.11. Severability
	  	 	12	 

  

			
	Exhibit A	  	Joinder Agreement

	 	

 STOCKHOLDERS AGREEMENT 

This STOCKHOLDERS AGREEMENT (as the same may be amended from time to time in accordance with its terms, the “Agreement”) is
entered into as of February 4, 2020, by and among Reynolds Consumer Products Inc., a Delaware corporation (the “Company”), and Packaging Finance Limited, a company incorporated pursuant to the laws of New Zealand
(“PFL”). 
 W I T N E S S E T H: 

WHEREAS, the Company is currently contemplating an underwritten initial public offering (the “IPO”) of shares of its Common
Stock; 
 WHEREAS, in connection with, and effective upon, the completion of the IPO (such date of completion, the “IPO
Date”) of the Company, the Company and the Stockholder (as defined in Section 1.01 hereof) wish to set forth certain understandings between such parties, including with respect to certain governance matters; and 

NOW, THEREFORE, in consideration of the covenants and agreements contained herein, the parties hereto agree as follows: 

ARTICLE 1 

DEFINITIONS 

Section 1.01. Definitions. (a) As used in this Agreement, the following terms have the following meanings: 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under
common control with such Person; provided that no security holder of the Company shall be deemed an Affiliate of the Company or any other security holder of the Company solely by reason of any investment in the Company or the existence or
exercise of any rights or obligations under this Agreement or the Company Securities held by such security holder. For the purpose of this definition, the term “control” (including, with correlative meanings, the terms
“controlling”, “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of
the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 

“Aggregate Ownership” means, with respect to any Stockholder or group of Stockholders, the total number of Shares (as
determined on a Common Equivalents basis) Beneficially Owned (as defined below) (without duplication) by such Stockholder or group of Stockholders as of the date of such calculation. 

“Beneficially Own” has the meaning set forth in Rule 13d-3 promulgated under the
Exchange Act. 
 “Board” means the board of directors of the Company. 

 “Business Day” means any day except a Saturday, Sunday or other day on
which commercial banks in New York City are authorized by law to close. 
 “Charter” means the Amended and Restated
Certificate of Incorporation of the Company, as the same may be amended from time to time. 
 “Common Equivalents” means
(i) with respect to Common Stock, the number of Shares, (ii) with respect to any Company Securities that are convertible into or exchangeable for Common Stock, the number of Shares issuable in respect of the conversion or exchange of such
securities into Common Stock. 
 “Common Stock” means the common stock, par value $0.001 per share, of the Company and any
other security into which such Common Stock may hereafter be converted or changed. 
 “Company Securities” means
(i) the Common Stock and (ii) securities that entitle the holder to vote in the election of directors to the Board that are convertible into or exchangeable for Common Stock. 

“Director” means any director of the Company from time to time. 

“Exchange” means the Nasdaq Global Select Market or such other stock exchange or securities market on which the Shares are
listed. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Governing Documents” means the Charter, as amended or modified from time to time, and the amended and restated by-laws of the Company, as amended or modified from time to time. 
 “Independent
Director” means an “independent director” as such term is used in the listing requirements of the Exchange. 

“Necessary Action” means, with respect to a specified result, all actions (to the extent such actions are permitted by law
and by the Governing Documents) necessary to cause such result, including (i) voting or providing a written consent or proxy with respect to the Company Securities, (ii) causing the adoption of shareholders’ resolutions and amendments
to the Governing Documents, (iii) causing Directors (to the extent such Directors were nominated or designated by the Person obligated to undertake the Necessary Action, and subject to any fiduciary duties that such Directors may have as
Directors) to act in a certain manner or causing them to be removed in the event they do not act in such a manner, (iv) executing agreements and instruments, and (v) making, or causing to be made, with governmental, administrative or
regulatory authorities, all filings, registrations or similar actions that are required to achieve such result. 
 “Permitted
Assigns” means with respect to the Stockholder, (i) its Affiliates; (ii) any entity that is Beneficially Owned by Mr. Graeme Richard Hart (or his estate, heirs, executor, administrator or other personal representative, or any
of his immediate family members or any trust, fund or other entity which is controlled by his estate, heirs 

  
 2 

 
or any of his immediate family members); (iii) any Affiliate of Mr. Graeme Richard Hart or any entity that is Beneficially Owned by Mr. Graeme Richard Hart (or his estate, heirs,
executor, administrator or other personal representative, or any of his immediate family members or any trust, fund or other entity which is controlled by his estate, heirs or any of his immediate family members) and (iv) any other Transferee
of all of the Shares held at any time by the Stockholder, in each case that is a Transferee of Shares which are Transferred other than pursuant to a widely distributed public sale that agrees in writing to become party to, and be bound to the same
extent as its Transferor by the terms of, this Agreement, in the form of Exhibit A hereto; provided, that upon such Transfer, such Permitted Assign shall be deemed to be a “Stockholder” hereto for all purposes herein. 

“Person” means an individual, corporation, limited liability company, partnership, association, trust or other entity or
organization, including a government or political subdivision or an agency or instrumentality thereof. 
 “PFL” has the
meaning set forth in the recitals to this Agreement and shall include its successors by merger, acquisition, reorganization or otherwise. 

“Shares” means the outstanding shares of Common Stock. 

“Stockholder” means PFL and its Permitted Assigns who shall then be a party to or bound by this Agreement, so long as such
Person shall Beneficially Own any Company Securities. 
 “Subsidiary” means, with respect to any Person, any entity of
which securities or other ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by such Person. 

“Total Number of Directors” means the total number of directors comprising the Board from time to time. 

“Transfer” (including its correlative meanings, “Transferor”, Transferee” and “Transferred”) means,
with respect to any security, directly or indirectly, to sell, contract to sell, give, assign, hypothecate, pledge, charge, encumber, grant a security interest in, offer, sell any option or contract to purchase, purchase any option or contract to
sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of any economic, voting or other rights in or to such security. When used as a noun, “Transfer” shall have such correlative meaning as the context
may require. 
 (b) Each of the following terms is defined in the Section set forth opposite such term: 

 

			
	 Term
	  	 Section

	Stockholder Designee	  	2.01
	Company	  	Preamble
	Confidential Information	  	3.02(b)
	Representatives	  	3.02(b)

  
 3 

 Section 1.02. Other Definitional and Interpretative Provisions. The words
“hereof”, “herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for
convenience of reference only and shall be ignored in the construction or interpretation hereof. References to Articles, Sections and Exhibits are to Articles, Sections and Exhibits of this Agreement unless otherwise specified. All Exhibits annexed
hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule, but not otherwise defined therein, shall have the meaning as defined in
this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall
be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import. “Writing”, “written” and comparable terms refer to printing, typing and other
means of reproducing words (including electronic media) in a visible form. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof and
thereof. References to any law include all rules and regulations promulgated thereunder. References to any Person include the successors and Permitted Assigns of that Person. References from or through any date mean, unless otherwise specified, from
and including or through and including, respectively. 
 ARTICLE 2 

CORPORATE GOVERNANCE 

Section 2.01. Composition of the Board. (a) The members of the Board shall be nominated and elected in accordance with the
Governing Documents and the provisions of this Agreement. Effective as of the IPO Date, the Board shall be comprised of seven Directors, which Directors shall initially be Lance Mitchell, Gregory Cole, Thomas Degnan, Helen Golding, Marla Gottschalk,
Richard Noll, and one vacancy, with such vacancy to be filled with the nominee of the Stockholder pursuant to this Agreement. The Chairman of the Board shall initially be Richard Noll. 

(b) From and after the date hereof, the Stockholder shall have the right, but not the obligation, to nominate a number of designees to the
Board, equal to: (i) the Total Number of Directors so long as the Stockholder’s Aggregate Ownership of Shares (as determined on a Common Equivalents basis) continues to be at least 50% of all Shares (as determined on a Common Equivalents
basis); (ii) the highest whole number that is greater than 50% of the Total Number of Directors so long as the Stockholder’s Aggregate Ownership of Shares (as determined on a Common Equivalents basis) continues to be at least 40% (but less than
50%) of all Shares (as determined on a Common Equivalents basis); (iii) the highest whole number that is greater than 40% of the Total Number of Directors so long as the Stockholder’s Aggregate Ownership of all Shares (as determined on a Common
Equivalents basis) continues to be at least 30% (but less than 40%) of all Shares (as determined on a Common Equivalents basis); (iv) the highest whole number that is greater than 25% of the Total Number of Directors so long as the
Stockholder’s Aggregate Ownership of Shares (as determined on a Common 

  
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Equivalents basis) continues to be at least 20% (but less than 30%) of all Shares (as determined on a Common Equivalents basis); and (v) the highest whole number (such number always being
equal to or greater than one) that is greater than 10% of the Total Number of Directors so long as the Stockholder’s Aggregate Ownership of Shares (as determined on a Common Equivalents basis) continues to be at least 10% (but less than 20%) of
all Shares (as determined on a Common Equivalents basis). In the event that the Stockholder has nominated less than the total number of designees the Stockholder is entitled to nominate pursuant to this Section 2.01(b), the Stockholder shall
have the right, at any time, to nominate such additional designees to which it is entitled, in which case the Stockholder and the Company shall take, or cause to be taken, all Necessary Action to (A) increase the size of the Board as required
to enable the Stockholder to so nominate such additional designees and (B) appoint such additional designees nominated by the Stockholder to such newly created directorships. Each such individual whom the Stockholder shall designate pursuant to
this Section 2.01(b) and who is thereafter elected and qualifies to serve as a Director shall be referred to herein as a “Stockholder Designee.” 

(c) The parties hereto agree that so long as the Stockholder Designees meet the requirements for Independent Directors in accordance with the
rules of the Exchange, then the Stockholder Designees shall be considered “independent directors” with respect to the requirements of the Exchange, as well as the Governing Documents. 

(d) For so long as the Directors on the Board are divided into three classes, such Stockholder Designees shall be apportioned among such
classes so as to maintain the number of Stockholder Designees in each class as nearly equal as possible. The Stockholder is hereby authorized to assign the Stockholder Designees in office to such classes in connection with the nomination pursuant to
Section 2.01(b). 
 (e) The Company agrees, to the fullest extent permitted by applicable law (including with respect to any applicable
fiduciary duties under Delaware law), to take all Necessary Action to effectuate the above by; (A) including the persons designated pursuant to this Section 2.01 in the slate of nominees recommended by the Board for election at any
meeting of stockholders called for the purpose of electing Directors, (B) nominating and recommending each such individual to be elected as a Director as provided herein, (C) soliciting proxies or consents in favor thereof, and
(D) without limiting the foregoing, otherwise using its reasonable best efforts to cause such nominees to be elected to the Board, including providing at least as high a level of support for the election of such nominees as it provides to any
other individual standing for election as a Director.
 (f) At any time the number of Directors that the Stockholder is entitled to designate
pursuant to this Section 2.01 is less than the number of Stockholder Designees on the Board, the Stockholder shall cause the required number of Directors to resign from the Board or not stand for reelection on or prior to the Company’s
next general meeting of shareholders at which Directors of the Company are to be elected, and any vacancies resulting from such resignation shall be filled by the Board in accordance with the Governing Documents, the rules of the U.S. Securities
Exchange Commission (the “SEC”) and the rules of the Exchange then in effect. 

  
 5 

 (g) For the avoidance of doubt, the rights granted to the Stockholder to designate members
of the Board are additive to, and not intended to limit in any way, the rights that the Stockholder or any of its Affiliates may have to nominate, elect or remove directors under the Governing Documents or the Delaware General Corporation Law. 

Section 2.02. Removal. So long as a Stockholder is entitled to designate one or more nominees pursuant to Section 2.01 such
Stockholder shall have the right to remove any such director (with or without cause), from time to time and at any time, from the Board, exercisable upon written notice to the Company, and the Company shall take all Necessary Action to cause such
removal. 
 Section 2.03. Vacancies. In the event that a vacancy is created on the Board at any time by the death, disability,
resignation or removal (whether by the Stockholder or otherwise in accordance with the Governing Documents, as either may be amended or restated from time to time) of a Stockholder Designee, the Stockholder entitled to appoint such Stockholder
Designee shall be entitled to designate an individual to fill the vacancy so long as the total number of persons that will serve on the Board as designees of such Stockholders immediately following the filling of such vacancy will not exceed the
total number of persons such Stockholder is entitled to designate pursuant to Section 2.01 on the date of such replacement designation. The Company and the Stockholder shall take all Necessary Action to cause such replacement
designee to become a member of the Board. 
 Subject to the provisions of this Section 2.03, the Board may nominate additional
Directors to the Board, or fill any vacancy on the Board, pursuant to the terms of the Governing Documents. 
 Section 2.04. Board
Expenses. The Company shall pay all reasonable out-of-pocket expenses incurred by each Director in connection with attending regular and special meetings of the
Board and any committee thereof, and any such meetings of the board of directors of any Subsidiary of the Company and any committee thereof. 

Section 2.05. Board Committees. As of the IPO Date, the Board has designated each of the following committees: a Compensation,
Nominating and Corporate Governance Committee and an Audit Committee. For so long as the Stockholder has the right to designate one (1) Stockholder Designee pursuant to Section 2.01, the Stockholder shall have the right, but not the
obligation, to designate the members of each committee of the Board pursuant to the formula outlined in Section 2.01(b) hereof; provided that the right of any Stockholder Designee to serve on a committee shall be subject to applicable Law and
the Company’s obligation to comply with any applicable independence requirements of the Exchange. 

  
 6 

 ARTICLE 3 

CERTAIN COVENANTS AND AGREEMENTS 

Section 3.01. Access; Information. For so long as the Stockholder’s Aggregate Ownership of Shares (as determined on a Common
Equivalents Basis) continues to be at least 5% of Shares (as determined on a Common Equivalents Basis), the Company shall, and shall cause its Subsidiaries to, permit the Stockholder, and its designated representatives, at reasonable times and upon
reasonable prior notice to the Company, to review the books and records of the Company or any of such Subsidiaries and to discuss (including providing advice and direction in accordance with past practice) the affairs, finances and condition of the
Company or any of such Subsidiaries with the officers of the Company or any such Subsidiary; provided, however, that the Company shall not be required to disclose any privileged information of the Company so long as the Company has
used its best efforts to provide such information to the Stockholder, as applicable, without the loss of any such privilege, and notified the Stockholder that such information has not been provided. 

Section 3.02. Confidentiality. (a) The Stockholder agrees that Confidential Information furnished and to be furnished to it
has been and may in the future be made available in connection with the Stockholder’s investment in the Company. The Stockholder agrees that it shall use, and that it shall cause any Person to whom Confidential Information is disclosed pursuant
to clause (i) below to use, the Confidential Information only in connection with its investment in the Company and not for any other purpose (including to disadvantage competitively the Company, any of its Affiliates or any other Stockholder).
The Stockholder further acknowledges and agrees that it shall not disclose any Confidential Information to any Person, except that Confidential Information may be disclosed: 

(i) to such Stockholder’s Representatives in the normal course of the performance of their duties or to any financial
institution providing credit to such Stockholder; 
 (ii) such information becomes known to the public through no fault of
such Stockholder; 
 (iii) to any Person to whom such Stockholder is contemplating a Transfer of its Company Securities;
provided, that such Transfer would not be in violation of the provisions of this Agreement and such potential Transferee is advised of the confidential nature of such information and agrees to be bound by a confidentiality agreement consistent with
the provisions hereof; 
 (iv) to the extent required by applicable law, rule or regulation (including complying with any
oral or written questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process to which a Stockholder is subject; provided that such Stockholder agrees to give the Company prompt
notice of such request(s), to the extent practicable, so that the Company may seek an appropriate protective order or similar relief (and the Stockholder shall cooperate with such efforts by the Company, and shall in any event make only the minimum
disclosure required by such law, rule or regulation)); 
 (v) such information was available or becomes available to such
Stockholder before, on or after the date hereof, without restriction, from a source (other than the Company) without any breach of duty to the Company; 

  
 7 

 (vi) to any regulatory authority to which the Stockholder or any of its
Affiliates is subject; provided that such authority is advised of the confidential nature of such information; 

(vii) to the extent related to the tax treatment and tax structure of the transactions contemplated by this Agreement and in
connection with the IPO (including all materials of any kind, such as opinions or other tax analyses that the Company, its Affiliates or its Representatives have provided to such Stockholder relating to such tax treatment and tax structure);
provided that the foregoing does not constitute an authorization to disclose the identity of any existing or future party to the transactions contemplated by this Agreement and in connection with the IPO or their Affiliates or
Representatives, or, except to the extent relating to such tax structure or tax treatment, any specific pricing terms or commercial or financial information; 

(viii) to the extent required for the Stockholder to comply with tax or financial reporting requirements or audit of financial
statements; 
 (ix) to the extent required in connection with the Stockholder’s insurance policies; or 

(x) if the prior written consent of the Board shall have been obtained. 

Nothing contained herein shall prevent the use (subject, to the extent possible, to a protective order) of Confidential Information in connection with the
assertion or defense of any claim by or against the Company or any Stockholder. 
 (b) “Confidential Information” means any
information concerning the Company or any Persons that are or become its Subsidiaries (including trade secrets, pricing data, employee information, customer information, cost information, supplier information, financial and tax matters, third-party
contract terms, inventions, know-how, processes, methods, models, technical information, schedules, code, ideas, concepts, data, software and business plans (regardless of whether such information is
identified as confidential)) or the financial condition, business, operations or prospects of the Company or any such Persons in the possession of or furnished to any Stockholder (including by virtue of its present or former right to designate a
director of the Company); provided that the term “Confidential Information” does not include information that (i) is or becomes generally available to the public other than as a result of a disclosure by a Stockholder or its
directors, officers, employees, stockholders, members, partners, agents, counsel, investment advisers or other representatives (all such persons being collectively referred to as “Representatives”) in violation of this Agreement,
(ii) was available to such Stockholder on a non-confidential basis prior to its disclosure to such Stockholder or its Representatives by the Company, (iii) becomes available to such Stockholder on a non-confidential basis from a source other than the Company after the disclosure of such information to such Stockholder or its Representatives by the Company, which source is (at the time of receipt of the relevant
information) not, to the best of such Stockholder’s knowledge, bound by a confidentiality agreement with (or other confidentiality obligation to) the Company or another Person or (iv) is independently developed by such Stockholder without
violating any confidentiality agreement with, or other obligation of secrecy to, the Company. 

  
 8 

 Section 3.03. Conflicting Agreements. The Company and the Stockholder represents
and agrees that it shall not grant any proxy or enter into or agree to be bound by any voting trust or agreement with respect to the Company Securities, or enter into any agreement or arrangement of any kind with any Person with respect to any
Company Securities, in each case that is inconsistent with the provisions of this Agreement or for the purpose or with the effect of denying or reducing the rights of any other Stockholder under this Agreement. 

Section 3.04. Corporate Opportunities. To the fullest extent permitted by applicable law, the Company, on behalf of itself and its
Subsidiaries, waives and renounces any right, interest or expectancy of the Company and/or its Subsidiaries in, or in being offered an opportunity to participate in, business opportunities that are from time to time presented to or business
opportunities of which the Stockholder or any of its officers, directors, agents, shareholders, members, partners, Affiliates and Subsidiaries (other than the Company and its Subsidiaries) (each, a “Specified Party”) gain knowledge,
even if the opportunity is competitive with the business of the Company or its Subsidiaries or one that the Company or its Subsidiaries might reasonably be deemed to have pursued or had the ability or desire to pursue if granted the opportunity to
do so and each such Specified Party shall have no duty (statutory, fiduciary, contractual or otherwise) to communicate or offer such business opportunity to the Company and, to the fullest extent permitted by applicable law, shall not be liable to
the Company or any of its Subsidiaries for breach of any statutory, fiduciary, contractual or other duty, as a director or otherwise, by reason of the fact that such Specified Party pursues or acquires such business opportunity, directs such
business opportunity to another person or fails to present or communicate such business opportunity, or information regarding such business opportunity, to the Company or its Subsidiaries. Notwithstanding anything in this Section 3.04 to the
contrary, a Specified Party who is a director of the Company and who is offered a business opportunity for the Company or its Subsidiaries in his or her capacity solely as a director of the Company (a “Directed Opportunity”) shall
be obligated to communicate such Directed Opportunity to the Company; provided, however, that all of the protections of this Section 3.04 shall otherwise apply to the Specified Parties with respect to such Directed Opportunity,
including the ability of the Specified Parties to pursue or acquire such Directed Opportunity, directly or indirectly, or to direct such Directed Opportunity to another person. 

ARTICLE 4 

MISCELLANEOUS 

Section 4.01. Binding Effect; Assignability; Benefit. (a) Except as otherwise provided herein, this Agreement shall inure to
the benefit of and be binding upon the parties hereto and with respect to the Stockholder, those of its Permitted Assigns to whom the Stockholder has assigned or transferred all or part of this Agreement. Any Stockholder that ceases to Beneficially
Own any Company Securities shall cease to be bound by the terms hereof (other than Sections 3.02, 4.02, 4.05, 4.06, 4.07, 4.08, 4.10 and 4.11). 

  
 9 

 (b) Neither the Company nor the Stockholder shall assign or transfer all or any part of this
Agreement without the prior written consent of the other parties hereto; provided, however, that the Stockholder shall be entitled to assign, in whole or in part, to any of its Permitted Assigns without such prior written consent. Any such Permitted
Assignee that shall become a party to this Agreement shall (unless already bound hereby) execute and deliver to the Company an agreement to be bound by this Agreement in the form of Exhibit A hereto and shall thenceforth be a
“Stockholder.” 
 (c) Nothing in this Agreement, expressed or implied, is intended to confer on any Person other than the parties
hereto, and in the case of the Stockholder, any of its Permitted Assigns, and, in the case of the Company, any of its permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement. 

Section 4.02. Notices. All notices, requests and other communications to any party shall be in writing and shall be delivered in
person, mailed by certified or registered mail, return receipt requested, or sent by email transmission so long as receipt of such email is requested and received: 

if to the Company to: 
 1900 W.
Field Court 
 Lake Forest, Illinois 60045 

Attention: David Watson, General Counsel 

Email: David.Watson@ReynoldsBrands.com 

if to the Stockholder, to: 
 c/o
Rank Group Limited 
 Floor 9, 148 Quay Street 

Auckland, 1010 New Zealand 

Attention: Helen Golding, Group Legal Counsel 

Email: Helen.Golding@rankgroup.co.nz 

with a copy to: 
 Davis
Polk & Wardwell LLP 
 450 Lexington Avenue 

New York, NY 10017 
 Attention:
Byron B. Rooney 
 Fax: (212) 701-5800 

Email: Byron.Rooney@davispolk.com 

All notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to
5:00 p.m. in the place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt.

  
 10 

 Any Permitted Assignee that becomes a Stockholder shall provide its address, fax number and
email address to the Company. 
 Section 4.03. Term; Waiver; Amendment. (a) This Agreement shall terminate as it relates to
a Stockholder on the earlier to occur of: (i) such Stockholder ceases to Beneficially Own any Company Securities, and (ii) upon the delivery of a written notice by such Stockholder to the Company requesting that this Agreement terminate as
it relates to such Stockholder (in each case, other than Sections 3.02, 4.02, 4.05, 4.06, 4.07, 4.08, 4.10 and 4.11) 
 (b) this Agreement
may be amended, waived or otherwise modified only by a written instrument executed by the parties hereto. In addition, any party may waive any provision of this Agreement with respect to itself by an instrument in writing executed by the party
against whom the waiver is to be effective. Except as provided in the preceding sentences, no action taken pursuant to this Agreement, including any investigation by or on behalf of any party, will be deemed to constitute a waiver by the party
taking such action of compliance with any covenants or agreements contained herein. The waiver by any party hereto of a breach of any provision of this Agreement will not operate or be construed as a waiver of any subsequent breach. 

Section 4.04. Fees and Expenses. All costs and expenses incurred in connection with the preparation of this Agreement, or any
amendment or waiver hereof, and the transactions contemplated hereby shall be paid by the party incurring such costs or expenses. 

Section 4.05. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New
York, without regard to the conflicts of laws rules of such state. 
 Section 4.06. Jurisdiction. The parties hereto agree that
any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in the United States District Court for the
Southern District of New York or any New York State court sitting in New York City, so long as one of such courts shall have subject matter jurisdiction over such suit, action or proceeding, and that any case of action arising out of this Agreement
shall be deemed to have arisen from a transaction of business in the State of New York, and each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit,
action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or
proceeding which is brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court.
Without limiting the foregoing, each party agrees that service of process on such party as provided in Section 4.02 shall be deemed effective service of process on such party. 

  
 11 

 Section 4.07. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 4.08. Specific Enforcement. Each party hereto acknowledges that the remedies at law of the other parties for a breach or
threatened breach of this Agreement would be inadequate and, in recognition of this fact, any party to this Agreement, without posting any bond, and in addition to all other remedies that may be available, shall be entitled to obtain equitable
relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy that may then be available. 

Section 4.09. Counterparts; Effectiveness. This Agreement may be executed in any number of counterparts, each of which shall be
deemed to be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective upon completion of the IPO on the IPO Date; provided, that this Agreement shall be of
no force and effect prior to the completion of the IPO. Until and unless each party has received a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no party shall have any right or obligation hereunder
(whether by virtue of any other oral or written agreement or other communication). 
 Section 4.10. Entire Agreement. This
Agreement sets forth the entire understanding of the parties hereto with respect to the subject matter hereof. There are no agreements, representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those
expressly set forth herein. This Agreement supersedes all other prior agreements and understandings between the parties with respect to such subject matter; provided, however, nothing in this Agreement shall supersede any other agreement or
understanding entered into in connection with the IPO. 
 Section 4.11. Severability. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and
effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner so that the transactions contemplated hereby be consummated as originally contemplated to the
fullest extent possible. 

  
 12 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first above written. 
  

			
	THE COMPANY:
	
	REYNOLDS CONSUMER PRODUCTS INC.
		
	By:	 	 /s/ Lance Mitchell

		 	Name: Lance Mitchell
		 	Title:   Chief Executive Officer
	
	THE STOCKHOLDER:
	
	PACKAGING FINANCE LIMITED
		
	By:	 	 /s/ Helen Golding

		 	Name: Helen Golding 
		 	Title:   Director

 EXHIBIT A 

JOINDER TO STOCKHOLDERS AGREEMENT 

This Joinder Agreement (this “Joinder Agreement”) is made as of the date written below by the undersigned (the
“Joining Party”) in accordance with the Stockholders Agreement dated as of [                    ] (as amended, amended and restated
or otherwise modified from time to time, the “Stockholders Agreement”), as the same may be amended from time to time. Capitalized terms used, but not defined, herein shall have the meaning ascribed to such terms in the Stockholders
Agreement. 
 The Joining Party hereby acknowledges, agrees and confirms that, by its execution of this Joinder Agreement, the Joining Party
shall be deemed to be a party to the Stockholders Agreement as of the date hereof and shall have all of the rights and obligations of a “Stockholder” thereunder as if it had executed the Stockholders Agreement. The Joining Party hereby
ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Stockholders Agreement. 

IN WITNESS WHEREOF, the undersigned has executed this Joinder Agreement as of the date written below. 

Date:                
        ,              
  

			
	[NAME OF JOINING PARTY]
		
	By:	 	  

		 	Name:
		 	Title:
	
	Address for Notices:

  

			
	Acknowledged by:
	
	REYNOLDS CONSUMER PRODUCTS INC.
		
	By:	 	  

		 	Name:
		 	Title:EX-10.3

 Exhibit 10.3 

TAX MATTERS AGREEMENT 
 by
and among 
 REYNOLDS GROUP HOLDINGS LIMITED, 

REYNOLDS GROUP HOLDINGS INC. 
 and

 REYNOLDS CONSUMER PRODUCTS INC. 

Dated as of February 4, 2020 

 TABLE OF CONTENTS 

 
  

							
	 	 	 	  	PAGE	 
	 Section 1.
	 	Definitions	  	 	1	 
	 Section 2.
	 	Sole Tax Sharing Agreement	  	 	7	 
	 Section 3.
	 	Allocation of Taxes	  	 	7	 
	 Section 4.
	 	Preparation and Filing of Tax Returns	  	 	8	 
	 Section 5.
	 	Apportionment of Earnings and Profits and Tax Attributes	  	 	10	 
	 Section 6.
	 	Utilization of Tax Attributes	  	 	10	 
	 Section 7.
	 	Tax Benefits	  	 	11	 
	 Section 8.
	 	Certain Representations and Covenants	  	 	12	 
	 Section 9.
	 	Indemnities	  	 	15	 
	 Section 10.
	 	Payments	  	 	17	 
	 Section 11.
	 	Actions by the Group	  	 	18	 
	 Section 12.
	 	Communication and Cooperation	  	 	18	 
	 Section 13.
	 	Audits and Contest	  	 	19	 
	 Section 14.
	 	Costs and Expenses	  	 	20	 
	 Section 15.
	 	Effectiveness; Termination and Survival	  	 	20	 
	 Section 16.
	 	Dispute Resolution	  	 	21	 
	 Section 17.
	 	Authorization, Etc.	  	 	21	 
	 Section 18.
	 	Change in Tax Law	  	 	21	 
	 Section 19.
	 	Principles	  	 	21	 
	 Section 20.
	 	Governing Law	  	 	21	 

  
 i 

 TAX MATTERS AGREEMENT 

This TAX MATTERS AGREEMENT (the “Agreement”) is entered into as of February 4, 2020 by and among Reynolds Group Holdings
Limited, a New Zealand limited company (“RGHL”), Reynolds Group Holdings Inc., a Delaware corporation (“RGHI”) and Reynolds Consumer Products Inc., a Delaware corporation (“RCPI”). 

WITNESSETH: 
 WHEREAS, pursuant
to the Tax laws of various jurisdictions, certain members of the RCPI Group presently file certain Tax Returns on an affiliated, consolidated, combined, unitary, fiscal unity or other group basis (including as permitted by Section 1501 of the
Code) with certain members of the RGHL Group; 
 WHEREAS, RGHL, RGHI and RCPI have entered into a Transaction Implementation Agreement,
dated as of the date hereof, as amended, modified or supplemented from time to time (the “Transaction Implementation Agreement”), pursuant to which the parties will effect certain transactions prior to the initial public offering of
common stock of RCPI (the “RCPI IPO”), including the Pre-Distribution Transactions, the Contribution, the First Distribution, and the Second Distribution; 

WHEREAS, RGHL, RGHI and RCPI desire to set forth their agreement on the rights and obligations of RGHL, RGHI, RCPI and the members of the RGHL
Group, the RGHI Group and the RCPI Group respectively, with respect to certain tax matters; and 
 NOW, THEREFORE, in consideration of the
mutual covenants and agreements hereinafter set forth, the parties agree as follows: 
 Section 1. Definitions. 

(a) For the purposes of this Agreement the following terms shall have the following meanings:
 
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled
by, or under common control with such specified Person. For purposes of determining whether a Person is an Affiliate, the term “control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of
the management and policies of a Person, whether through ownership of securities, contract or otherwise, provided, however that, from and after the consummation of the RCPI IPO on the Distribution Date, no member of the RGHL Group shall be deemed to
be an Affiliate of any member of the RCPI Group, and no member of the RCPI Group shall be deemed to be an Affiliate of any member of the RGHL Group. 

“Agreement” has the meaning set forth in the preamble. 

  
 1 

 “Applicable Law” means, with respect to any Person, any federal, state,
county, municipal, local, multinational or foreign statute, treaty, law, common law, ordinance, rule, regulation, order, writ, injunction, judicial decision, decree, permit or other legally binding requirement of any Governmental Authority
applicable to such Person or any of its respective properties, assets, officers, directors, employees, consultants or agents (in connection with such officer’s, director’s, employee’s, consultant’s or agent’s activities on
behalf of such Person). 
 “Business Day” shall mean a day, other than a Saturday, Sunday or other day on which commercial
banks in New York, New York are authorized or required by law to close. 
 “Code” means the Internal Revenue Code of 1986,
as amended. 
 “Combined Group” means any group that filed or was required to file (or will file or be required to file) a
Tax Return on an affiliated, consolidated, combined, unitary, fiscal unity or other group basis (including as permitted by Section 1501 of the Code) that includes at least one member of the RGHL Group and at least one member of the RCPI Group.

 “Combined Tax Return” means a Tax Return filed (or to be filed) for a Combined Group. 

“Combined Tax Return (RGHI)” means any Combined Tax Return that does not include any member of the RGHL Group that is not
also a member of the RGHI Group. 
 “Combined Tax Return (RGHL)” means any Combined Tax Return that is not a Combined Tax
Return (RGHI). 
 “Company” means RGHL, RGHI or RCPI (or the appropriate member of each of their respective Groups), as
appropriate. 
 “Consumer Business” means the consumer business operated by the RCPI Group, including the Reynolds
Cooking & Baking segment, the Hefty Waste & Storage segment, the Hefty Tableware segment and the Presto Products segment described in the Form S-1 Registration Statement filed by RCPI. 

“Continuing Arrangements” means the agreements listed on Schedule A. 

“Contribution” means (i) the contribution by RGHI to RCPI of (A) 100% of the interests in Reynolds Europe Services LLC
and (B) a portion of the intercompany receivable owed by RCPI to RGHI and (ii) and any assumption of liabilities by RCPI from RGHI in connection with such contributions. 

“Distribution Date” means the date on which the First Distribution and Second Distribution are consummated. 

“Distribution Taxes” means any Taxes incurred as a result of the failure of the Intended
Tax-Free Treatment of the Pre-Distribution Transactions, the Contribution, the First Distribution or the Second Distribution. 

  
 2 

 “Distributions” means the First Distribution and the Second Distribution.

 “Due Date” has the meaning set forth in Section 10(a). 

“Equity Interests” means any stock or other securities treated as equity for Tax purposes, options, warrants, rights,
convertible debt, or any other instrument or security that affords any Person the right, whether conditional or otherwise, to acquire stock or to be paid an amount determined by reference to the value of stock. 

“Escheat Payment” means any payment required to be made to a Governmental Authority pursuant to an abandoned property,
escheat or similar law. 
 “Final Determination” means (i) a decision, judgment, decree, or other order by any court
of competent jurisdiction, which has become final, (ii) any final determination of liability in respect of a Tax that, under Applicable Law, is not subject to further appeal, review or modification through proceedings or otherwise, or
(iii) the payment of any Tax by any member of the RGHL Group or any member of the RCPI Group, whichever is responsible for payment of such Tax under Applicable Law, with respect to any item disallowed or adjusted by a Taxing Authority;
provided, that the provisions of Section 13 hereof have been complied with, or, if such section is inapplicable, that the Company responsible under this Agreement for such Tax is notified by the Company paying such Tax that it has
determined that no action should be taken to recoup such disallowed item, and the other Company agrees with such determination. 

“First Distribution” means the distribution by RGHI of all of the common stock of RCPI to its shareholder. 

“First Distribution Effective Time” means the time when the First Distribution occurs. 

“Governmental Authority” means any multinational, foreign, domestic, federal, territorial, state or local governmental
authority, quasi-governmental authority, instrumentality, court, government or self-regulatory organization, commission, tribunal or organization or any regulatory, administrative or other agency, or any political or other subdivision, department or
branch of any of the foregoing. 
 “Group” (i) with respect to RGHI, RGHI and its subsidiaries (other than RCPI and its
subsidiaries), (ii) with respect to RGHL, RGHL and its subsidiaries (other than RCPI and its subsidiaries) and (iii) with respect to RCPI, RCPI and its subsidiaries. 

“Indemnifying Party” means the party from which another party is entitled to seek indemnification pursuant to the provisions
of Section 9. 
 “Indemnitee” means the party which is entitled to seek indemnification from another party pursuant to
the provisions of Section 9. 
 “Intended Tax-Free Treatment” means the
qualification of (i) the Contribution and the First Distribution, taken together (a) as a reorganization described in 368(a)(1)(D) of the Code by reason of Section 355, (b) as a transaction in which the stock distributed thereby is
“qualified property” for purposes of Sections 355(c) and 361(c) of the Code and (c) as a transaction in 

  
 3 

 
which RGHI, RCPI and the holder of RGHI Common Stock recognize no income or gain for U.S. federal income tax purposes pursuant to Sections 355, 361 and 1032 of the Code, other than, in the case
of RGHI and RCPI, any intercompany items or excess loss accounts taken into account pursuant to the Treasury Regulations promulgated pursuant to Section 1502 of the Code, (ii) the Second Distribution (a) as a distribution described in
Section 355(a) of the Code, (b) as a transaction in which the stock distributed thereby is “qualified property” for purposes of Section 355(c) of the Code and (c) as a transaction in which RGHL, RCPI and the holder of
RGHL Common Stock recognize no income or gain for U.S. federal income tax purposes pursuant to Sections 355 of the Code and (iii) the transactions described on Schedule B as being free from Tax to the extent set forth therein. 

“IRS” means the United States Internal Revenue Service. 

“Past Practices” has the meaning set forth in Section 4(c)(i). 

“Person” has the meaning set forth in Section 7701(a)(1) of the Code. 

“PFL” means Packaging Finance Limited, a New Zealand limited company. 

“Post-Distribution Period” means any Taxable period (or portion thereof) beginning after the Distribution Date. 

“Pre-Distribution Period” means any Taxable period (or portion thereof) ending on or
before the Distribution Date. 
 “Pre-Distribution Transactions” means the
transactions (other than the Contribution) undertaken prior to the First Distribution but in connection with the Contribution and the Distributions and described in the Step Plans. 

“RCPI Carried Item” means any Tax Attribute of the RCPI Group that may or must be carried from one Taxable period to another
prior Taxable period, or carried from one Taxable period to another subsequent Taxable period, under the Code or other Applicable Law. 

“RCPI Common Stock” means the common stock, par value $0.001 per share, of RCPI. 

“RCPI Disqualifying Action” means: 

(a) any action (or the failure to take any action) by any member of the RCPI Group after the First Distribution Effective Time (including
entering into any agreement, understanding or arrangement or any negotiations with respect to any transaction or series of transactions), 

(b) any event (or series of events) after the First Distribution Effective Time involving the capital stock of RCPI or any assets of any member
of the RCPI Group, and 
 (c) any breach by any member of the RCPI Group after the First Distribution Effective Time of any representation,
warranty or covenant made by RCPI in this Agreement, 

  
 4 

 in each case, that would affect the Intended Tax-Free
Treatment; provided, however, that the term “RCPI Disqualifying Action” shall not include (i) any action required to be taken pursuant to any Transaction Document (including the Registration Rights Agreement but
excluding this Agreement) or that is undertaken pursuant to the Pre-Distribution Transactions, the Contribution, the First Distribution or the Second Distribution or (ii) an event described in clause
(a) or (b) to the extent that no member of the RCPI Group takes any action to cause, facilitate or otherwise participate in such event and does not fail to take an available action that could have prevented such event. 

“RCPI” has the meaning set forth in the preamble. 

“RCPI Separate Tax Return” means any Tax Return (other than a Combined Tax Return) that is required to be filed by, or with
respect to, any member of the RCPI Group. 
 “RGHI” has the meaning set forth in the preamble. 

“RGHI Separate Tax Return” means any Tax Return (other than a Combined Tax Return) that is required to be filed by, or with
respect to, solely members of the RGHI Group. 
 “RGHL” has the meaning set forth in the preamble. 

“RGHL Separate Tax Return” means any Tax Return (other than a Combined Tax Return or an RGHI Separate Tax Return) that is
required to be filed by, or with respect to, a member of the RGHL Group. 
 “Second Distribution” means the distribution by
RGHL of all of the common stock of RCPI to its shareholder. 
 “Section 482 Adjustment” means any
adjustment to taxable income under Section 482 of the Code and U.S. Treasury regulations thereunder. 
 “Separate Tax
Return” means any (i) RGHI Separate Tax Return, (ii) RGHL Separate Tax Return or (iii) RCPI Separate Tax Return. 

“Tax” (and the correlative meaning, “Taxes,” “Taxing” and “Taxable”) means
(i) any tax, including any net income, gross income, gross receipts, recapture, alternative or add-on minimum, sales, use, business and occupation, value-added, trade, goods and services, ad valorem,
franchise, profits, net wealth, license, business royalty, withholding, payroll, employment, capital, excise, transfer, recording, severance, stamp, occupation, premium, property, asset, real estate acquisition, environmental, custom duty, impost,
obligation, assessment, levy, tariff or other tax, governmental fee or other like assessment or charge of any kind whatsoever (including, but not limited to, any Escheat Payment), together with any interest and any penalty, addition to tax or
additional amount imposed by a Taxing Authority; or (ii) any liability of any member of the RGHL Group or the RCPI Group for the payment of any amounts described in clause (i) as a result of any express or implied obligation to indemnify
any other Person. 
 “Tax Arbiter” has the meaning set forth in Section 16. 

  
 5 

 “Tax Attribute” means a net operating loss, net capital loss, unused
investment credit, unused foreign tax credit, excess charitable contribution, unused general business credit, alternative minimum tax credit or any other Tax Item that could reduce a Tax liability. 

“Tax Benefit” means any refund, credit, offset or other reduction in
otherwise required Tax payments. 
 “Tax Benefit Recipient” has the meaning set forth in Section 7(c). 

“Tax Counsel” means Davis Polk & Wardwell LLP. 

“Tax Item” means any item of income, gain, loss, deduction, credit, recapture of credit or any other item that can increase
or decrease Taxes paid or payable. 
 “Tax Opinion” means an opinion of Tax Counsel as to certain aspect of the Intended
Tax Treatment. 
 “Tax Proceeding” means any Tax audit, dispute, examination, contest, litigation, arbitration, action,
suits, claim, cause of action, review, inquiry, assessment, hearing, complaint, demand, investigation or proceeding (whether administrative, judicial or contractual). 

“Tax Representation Letters” means the representations provided by each of (i) RGHL (on behalf of itself and the RGHL
Group), (ii) RCPI (on behalf of itself and the RCPI Group) and (iii) Mr. Graeme Hart (on behalf of himself, PFL and any Affiliate of Mr. Graeme Hart or PFL) to Tax Counsel in connection with the rendering by Tax Counsel of the Tax
Opinion. 
 “Tax Return” means any Tax return, statement, report, form, election, bill, certificate, claim or surrender
(including estimated Tax returns and reports, extension requests and forms, and information returns and reports), or statement or other document or written information filed or required to be filed with any Taxing Authority, including any amendment
thereof, appendix, schedule or attachment thereto. 
 “Taxing Authority” means any Governmental Authority (domestic or
foreign), including, without limitation, any state, municipality, political subdivision or governmental agency, responsible for the imposition, assessment, administration, collection, enforcement or determination of any Tax. 

“Transaction Implementation Agreement” has the meaning set forth in the recitals. 

“Transaction Documents” means this Agreement, the Transaction Implementation Agreement (and documents referred to therein),
Registration Rights Agreement, Stockholders Agreement and the Continuing Arrangements. 
 (b) Any term used in this Agreement which is not
defined in this Agreement shall, to the extent the context requires, have the meaning assigned to it in the Code or the applicable Treasury Regulations thereunder (as interpreted in administrative pronouncements and judicial decisions) or in
comparable provisions of Applicable Law. 

  
 6 

 Section 2. Sole Tax Sharing Agreement. Any and all existing Tax sharing
agreements or arrangements, written or unwritten, between any member of the RGHL Group, on the one hand, and any member of the RCPI Group, on the other hand, if not previously terminated, shall be terminated as of the Distribution Date without any
further action by the parties thereto. Following the Distribution Date, no member of the RCPI Group or the RGHL Group shall have any further rights or liabilities thereunder, this Agreement shall be the sole Tax sharing agreement between the members
of the RCPI Group on the one hand, and the members of the RGHL Group, on the other hand; provided, however, that this Section 2 shall not apply to agreements entered into in the ordinary course of business the primary subject matter of which is
not related to Taxes. 
 Section 3. Allocation of Taxes. 

(a) General Allocation Principles. This Section 3 shall govern the allocation of taxes for purposes of Sections 4, 7 and 9 of this
Agreement. Except as provided in Section 3(b) all Taxes shall be allocated as follows: 
 (i) Allocation of Taxes Reflected on
Combined Tax Returns.  
 (A) Pre-Distribution Combined Taxes. RGHI shall
be allocated all Taxes required to be reported on any Combined Tax Return (RGHI) for any Pre-Distribution Period. RGHL shall be allocated all Taxes required to be reported on any Combined Tax Return (RGHL) for
any Pre-Distribution Period. 
 (B) Post-Distribution Combined Taxes. 

(1) RGHI shall be allocated all Taxes reported, or required to be reported, on any Combined Tax Return (RGHI) for any
Post-Distribution Period and RGHL shall be allocated all Taxes reported, or required to be reported, on any Combined Tax Return (RGHL) for any Post-Distribution Period, in each case other than those Taxes described in Section 3(a)(i)(B)(2)
below. 
 (2) RCPI shall be allocated all Taxes reported, or required to be reported, on any Combined Tax Return that are
attributable to the RCPI Group or the Consumer Business, as reasonably determined by RGHL on a pro forma RCPI Group consolidated return prepared (A) including only Tax Items of members of the RCPI Group that were included in the relevant
Combined Tax Return, (B) except as provided in (D) hereof, using all elections, accounting methods and conventions used on the relevant Combined Tax Return for such period, (C) applying the highest statutory marginal corporate income
Tax rate in effect for such period and (D) assuming that the RCPI Group elects not to carry back any net operating losses. 

  
 7 

 (ii) Allocation of Taxes Reflected on Separate Tax Returns. 

(A) RGHI Separate Tax Returns. RGHI shall be allocated all Taxes reported, or required to be reported, on an RGHI
Separate Tax Return. 
 (B) RGHL Separate Tax Returns. RGHL shall be allocated all Taxes reported, or required to be
reported, on an RGHL Separate Tax Return. 
 (C) RCPI Separate Tax Returns. RGHI shall be allocated all Taxes
reported, or required to be reported, on an RCPI Separate Tax Return for a Pre-Distribution Period. RCPI shall be allocated all Taxes reported, or required to be reported, on an RCPI Separate Tax Return for a
Post-Distribution Period. 
 (iii) Taxes Not Reported on Tax Returns. 

(A) RGHI Taxes. RGHI shall be allocated any Tax attributable to any member of the RGHI Group that is not required to be
reported on a Tax Return. 
 (B) RGHL Taxes. RGHL shall be allocated any Tax attributable to any member of the RGHL
Group (other than a member of the RGHI Group) that is not required to be reported on a Tax Return. 
 (C) RCPI Taxes.
RCPI shall be allocated all Taxes for a Post-Distribution Period attributable to any member of the RCPI Group that is not required to be reported on a Tax Return. RGHI shall be allocated all Taxes for a
Pre-Distribution Period attributable to any member of the RCPI Group that is not required to be reported on a Tax Return. 

(b) Distribution Taxes. Notwithstanding any other provision in this Section 3, any Taxes for which RCPI is required to
indemnify a member of the RGHL Group under Section 9(a)(iii) or (iv) shall be allocated to RCPI. 
 Section 4. Preparation
and Filing of Tax Returns. 
 (a) Responsibility for Preparing Returns. 

(i) RGHL Prepared Returns. The RGHL Group shall prepare, or cause to be prepared, all (i) Combined Tax Returns,
(ii) RGHL Separate Tax Returns, (iii) RGHI Separate Tax Returns and (iv) RCPI Separate Tax Returns for Pre-Distribution Periods. 

(ii) RCPI Prepared Returns. RCPI shall prepare, or cause to be prepared, all RCPI Separate Tax Returns for
Post-Distribution Periods. 
 (b) Cooperation. 

(i) Determination of Responsible Party. RGHL, in consultation with RCPI, shall determine (A) whether a Combined Tax
Return is required to be filed under Applicable Law and (B) the Person required to file any Combined Tax Return or Separate Tax Return under Applicable Law. To the extent permitted by law, such determination shall be consistent with past
practice. 

  
 8 

 (ii) Provision of Information. RCPI shall maintain (or cause
to be maintained) all information relating to the RCPI Group necessary for RGHL to prepare (or cause to be prepared) any Tax Return that RGHL is responsible for preparing under Section 4(a)(i) and shall provide to RGHL all such information.
RGHL shall maintain (or cause to be maintained) all information relating to the RGHL Group that is necessary for RCPI to prepare any Tax Return that RCPI is responsible for preparing under Section 4(a)(ii) and shall provide to RCPI all such
information. 
 (iii) Right to Review Certain Combined Tax Returns. If a member of the RCPI Group is required under
Applicable Law to file any Combined Tax Return, RGHL shall submit a draft of such Tax Return to RCPI reasonably in advance of the applicable filing deadline. RCPI shall have the right to review such Tax Return, and to submit to RGHL any reasonable
changes to the portions of such Tax Return that relate to the RCPI Group or the Consumer Business promptly, and in no event later than five (5) days prior to the due date for the filing of such Tax Return. RGHL shall modify such portion of such
Tax Return to include any reasonable comments, provided that RGHL shall consider RCPI’s comments in good faith but shall not be required to accept any comments with respect to Combined Tax Returns that relate to a
Pre-Distribution Period. 
 (c) Special Rules Relating to the Preparation of Tax Returns. 

(i) General Rule. Except as provided in this Section 4(c)(i), any Combined Tax Return related to a Pre-Distribution Period shall be prepared (A) in accordance with past practices, accounting methods, elections or conventions (“Past Practices”) with respect to such Tax Return, and
(B) to the extent any items, methods or positions are not covered by Past Practices, in accordance with reasonable Tax accounting practices selected by RGHL. 

(ii) Consistency with Intended Tax-Free Treatment. All Tax Returns that include
any member of the RGHL Group or any member of the RCPI Group shall be prepared in a manner that is consistent with the Intended Tax-Free Treatment. 

(iii) RCPI Separate Tax Returns. With respect to any RCPI Separate Tax Return for which RCPI is responsible pursuant to
this Agreement, RCPI and the other members of the RCPI Group shall include such Tax Items in such RCPI Separate Tax Return in a manner that is consistent with the inclusion of such Tax Items in any related Tax Return for which RGHL is responsible to
the extent such Tax Items are allocated in accordance with this Agreement. 
 (iv) Election to File Combined Tax
Returns. RGHL shall have the sole discretion to cause any Combined Tax Return to be filed if the filing of such Tax Return is elective under Applicable Law. Each member of the relevant Combined Group shall execute and file all applicable
consents, elections and other documents as may be required, appropriate or otherwise requested by RGHL in connection with the filing of such Combined Tax Returns. 

  
 9 

 (d) Payment of Taxes. Each of RGHL, RGHI and RCPI shall pay (or cause to be paid) to
the proper Taxing Authority the Tax shown as due on any Tax Return which a member of its respective Group is required to file under Applicable Law. If any member of the RGHL Group or the RGHI Group is required to make a payment to a Taxing Authority
for Taxes allocated to RCPI under Section 3, RCPI shall pay the amount of such Taxes to such member of the relevant Group in accordance with Section 9 and Section 10. If any member of the RCPI Group is required to make a payment to a
Taxing Authority for Taxes allocated to RGHL or RGHI under Section 3, RGHL or RGHI (as the case may be) shall pay the amount of such Taxes to RCPI in accordance with Section 9 and Section 10. 

Section 5. Apportionment of Earnings and Profits and Tax Attributes.  

(a) Tax Attributes arising in a Pre-Distribution Period will be allocated to (and the benefits and
burdens of such Tax Attributes will inure to) the members of the RGHL Group and the members of the RCPI Group in accordance with RGHI’s (and, where applicable, RGHL’s) historical practice (including historical methodologies for making
corporate allocations), the Code, Treasury Regulations, and any applicable state, local and foreign law, as determined by RGHL in its sole discretion. 

(b) RGHL shall in good faith advise RCPI as soon as reasonably practicable after the close of the relevant Taxable period in which the First
Distribution occurs in writing of the portion, if any, of any earnings and profits, Tax Attributes, tax basis, overall foreign loss or other consolidated, combined or unitary attribute which RGHL determines shall be allocated or apportioned to the
members of the RCPI Group under Applicable Law. All members of the RCPI Group shall prepare all Tax Returns in accordance with such written notice. In the event of an adjustment to the earnings and profits, any Tax Attributes, tax basis, overall
foreign loss or other consolidated, combined or unitary attribute determined by RGHL, RGHL shall promptly notify RCPI in writing of such adjustment. For the avoidance of doubt, RGHL shall not be liable to any member of the RCPI Group for any failure
of any determination under this Section 5(b) to be accurate under Applicable Law, provided such determination was made in good faith. 

(c) Except as otherwise provided herein, to the extent that the amount of any earnings and profits, Tax Attributes, tax basis, overall foreign
loss or other consolidated, combined or unitary attribute allocated to members of the RGHL Group or the RCPI Group pursuant to Section 5(b) is later reduced or increased by a Taxing Authority or as a result of a Tax Proceeding, such reduction
or increase shall be allocated to the Company to which such earnings and profits, Tax Attributes, tax basis, overall foreign loss or other consolidated, combined or unitary attribute was allocated pursuant to this
Section 5, as determined by RGHL in good faith. 
 Section 6. Utilization of Tax Attributes. 

(a) Amended Returns. Any amended Tax Return or claim for a refund with respect to any member of the RCPI Group may be made (i) by
RCPI if for a Post-Distribution Period and (ii) by RGHL if for a Pre-Distribution Period. 

  
 10 

 (b) RGHL Discretion. RGHL shall be entitled to determine in its sole discretion
whether to (x) file or to cause to be filed any claim for a refund or adjustment of Taxes with respect to any Combined Tax Return in order to claim in any Pre-Distribution Period any RCPI Carried Item,
(y) make or cause to be made any available elections to waive the right to claim in any Pre-Distribution Period, with respect to any Combined Tax Return, any RCPI Carried Item, and (z) make or cause
to be made any affirmative election to claim in any Pre-Distribution Period any RCPI Carried Item. Subject to Section 6(c), RCPI shall submit a written request to RGHL in order to seek RGHL’s consent with
respect to any of the actions described in this Section 6(b).
 (c) RCPI Carrybacks to Combined Tax Returns.  

(i) Each member of the RCPI Group shall elect, to the extent permitted by Applicable Law, to forgo the right to carry back any
RCPI Carried Item from a Post-Distribution Period to any Combined Tax Return in respect of a Pre-Distribution Period, except to the extent that (i) a member of the RCPI Group determines that it is
required by Applicable Law to carry back an RCPI Carried Item to a Tax Return in respect of a Pre-Distribution Period, in which case it shall notify RGHL in writing of such determination at least 90 days prior
to filing the Tax Return on which such carryback will be reflected or (ii) RGHL consents to such carryback. If RGHL disagrees with any determination made by a member of the RCPI Group in respect of clause (i) of the preceding sentence, the
parties shall resolve their disagreement pursuant to the procedures set forth in Section 16. RGHL shall consider in good faith any request by RCPI to carry back an RCPI Carried Item; provided, that RGHL shall have no obligation to
consent to any carryback that would reasonably be expected to result in a Tax refund to the RCPI Group that does not exceed $500,000. If the RGHL Group (or any member thereof) receives (or realizes) a refund as a result of such a carryback, the
applicable member of the RGHL Group shall remit the amount of such refund to RCPI in accordance with Section 7. 
 (d) Carryforwards
to Separate Tax Returns. If a portion or all of any Tax Attribute is allocated to a member of a Combined Group pursuant to Section 5, and is carried forward or back to an RCPI Separate Tax Return, any Tax Benefits arising from such
carryforward shall be retained by the RCPI Group. If a portion or all of any Tax Attribute is allocated to a member of a Combined Group pursuant to Section 5, and is carried forward or back to an RGHL Separate Tax Return, any Tax Benefits
arising from such carryforward or carryback shall be retained by the RGHL Group. 
 Section 7. Tax Benefits. 

(a) RGHL Group Tax Benefits. The RGHL Group shall be entitled to any Tax Benefits (including, in the case of any refund received, any
interest thereon actually received) received by any member of the RGHL Group or any member of the RCPI Group, other than any Tax Benefits (or any amounts in respect of Tax Benefits) to which RCPI is entitled pursuant to Section 7(b).
RCPI shall not be entitled to any Tax Benefits received by any member of the RGHL Group or the RCPI Group, except as set forth in Section 7(b). 

  
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 (b) RCPI Tax Benefits. RCPI shall be entitled to any Tax Benefits (including, in the
case of any refund received, any interest thereon actually received) received by any member of the RGHL Group or any member of the RCPI Group after the Distribution Date with respect to any Tax allocated to a member of the RCPI Group under this
Agreement (including, for the avoidance of doubt, any amounts allocated to RCPI pursuant to Section 3(b)). 
 (c) A Company receiving
(or realizing) a Tax Benefit to which another Company is entitled hereunder (a “Tax Benefit Recipient”) shall pay over the amount of such Tax Benefit (including interest received from the relevant Taxing Authority, but net of any
Taxes imposed with respect to such Tax Benefit and any other reasonable costs) within thirty (30) days of receipt thereof (or from the due date for payment of any Tax reduced thereby); provided, however, that the other Company, upon the
request of such Tax Benefit Recipient, shall repay the amount paid to the other Company (plus any penalties, interest or other charges imposed by the relevant Taxing Authority) in the event that, as a result of a subsequent Final Determination, a
Tax Benefit that gave rise to such payment is subsequently disallowed. 
 Section 8. Certain Representations and
Covenants. 
 (a) Representations. 

(i) RCPI represents to RGHI and RGHL that as of the Distribution Date, there is no plan or intention for RCPI or any member of
the RCPI Group: 
 (A) to liquidate, merge or otherwise terminate RCPI or to merge or consolidate any member of the RCPI
Group with any other Person subsequent to the Distributions, except for any transaction that is solely among members of the RCPI Group; 

(B) to sell, transfer, convey or otherwise dispose of any material asset of any member of the RCPI Group, except in the
ordinary course of business; 
 (C) to take or fail to take any action in a manner that is inconsistent with the written
information and representations furnished by RCPI to Tax Counsel in connection with the Tax Representation Letters or Tax Opinion; 

(D) to repurchase stock of RCPI; 

(E) to take or fail to take any action in a manner that management of RCPI knows, or should know, is reasonably likely to
contravene any agreement with a Taxing Authority entered into prior to the Distribution Date to which any member of the RCPI Group is a party; or 

(F) to enter into any negotiations, agreements, or arrangements with respect to transactions or events (including stock
issuances, pursuant to the exercise of options or otherwise, option grants, the adoption of, or authorization of shares under, a stock option plan, capital contributions, or acquisitions, but not including the Distributions) that could reasonably be
expected to cause either of the Distributions to be treated as part of a plan (within the meaning of Section 355(e) of the Code) pursuant to which one or more Persons acquire directly or indirectly RCPI stock representing a 50% or greater
interest within the meaning of Section 355(d)(4) of the Code. 

  
 12 

 (b) Covenants. 

(i) RCPI shall not, and shall not permit any other member of the RCPI Group to, take or fail to take any action that
constitutes an RCPI Disqualifying Action. 
 (ii) RCPI shall not, and shall not permit any other member of the RCPI Group to,
take or fail to take any action that is inconsistent with the information and representations furnished by RCPI to Tax Counsel in connection with the Tax Representation Letters or Tax Opinion; 

(iii) RCPI shall not, and shall not permit any other member of the RCPI Group to, take or fail to take any action that
management of RCPI knows, or should know, is reasonably likely to contravene any agreement with a Taxing Authority entered into prior to the Distribution Date to which any member of the RCPI Group or the RGHL Group is a party;

(iv) For the one-year period following the Distribution Date, RCPI shall not, and shall
not permit (I) any other member of the RCPI Group, (II) any officer or director of a member of the RCPI Group, or (III) any person with the implicit or explicit permission of RCPI or any person described in clauses (I) or (II),
to enter into any discussions or other communications with any underwriter or investment bank relating to any secondary offering of shares of RCPI. 

(v) During the two-year period following the Distribution Date: 

(A) RCPI shall (I) continue, independently and with its separate employees, the active conduct of the Consumer Business
for purposes of Section 355(b)(2) of the Code and (II) not engage in any transaction that would result in it ceasing to be a company engaged in the Consumer Business for purposes of Section 355(b)(2) of the Code, taking into account
Section 355(b)(3) of the Code for purposes of each of clauses (I) and (II); 
 (B) RCPI shall not repurchase stock
of RCPI in a manner contrary to the requirements of Section 4.05(1)(b) of IRS Revenue Procedure 96-30 (as in effect prior to the amendment of such Revenue Procedure by IRS Revenue Procedure 2003-48) or inconsistent with any representations made by RCPI to Tax Counsel in connection with the Tax Representation Letters; 

(C) RCPI shall not, and shall not agree to, merge, consolidate, amalgamate or otherwise participate in an acquisition
transaction with any other Person (other than a merger in which RCPI is the surviving entity and in connection with which no Equity Interest is issued by any Person);  

  
 13 

 (D) RCPI shall not, and shall not permit any other member of the RCPI Group
to, or to agree to, sell or otherwise issue to any Person any Equity Interests of RCPI or of any other member of the RCPI Group (other than sales or issuances of Equity Interests of a member of the RCPI Group (other than RCPI) to another member of
the RCPI Group); provided, however, that (I) RCPI may issue its common stock in a public offering as described under Section 8(c)(i) below and (II) RCPI may issue Equity Interests to the extent such issuances satisfy
Safe Harbor VIII (relating to acquisitions in connection with a person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury Regulations
Section 1.355-7(d) and (III) RCPI may issue Equity Interests not otherwise described in clauses (I) or (II) hereof to the extent such issuances do not exceed, in the aggregate, 1% of the RCPI stock then
outstanding; 
 (E) RCPI shall not, and shall not permit any other member of the RCPI Group to (I) solicit any Person to
make a tender offer for, or otherwise acquire or sell, the Equity Interests of RCPI, (II) participate in or support any unsolicited tender offer for, or other acquisition, issuance or disposition of, the Equity Interests of RCPI, or
(III) approve or otherwise permit any proposed business combination or any acquisition of RCPI; 
 (F) RCPI shall not,
and shall not permit any other member of the RCPI Group to, amend its certificate of incorporation (or other organizational documents), or take any other action, whether through a stockholder vote or otherwise, affecting the voting rights of the
Equity Interests of RCPI (including, without limitation, through the conversion of one class of Equity Interests of RCPI into another class of Equity Interests of RCPI). 

(vi) RCPI shall not take or fail to take, or permit any other member of the RCPI Group to take or fail to take, any action
which prevents or could reasonably be expected to result in Tax treatment that is inconsistent with the Intended Tax-Free Treatment. 

(c) RCPI Covenants Exceptions. Notwithstanding the provisions of Section 8(b), RCPI and the other members of the RCPI Group may:

 (i) effect an issuance of shares of RCPI common stock by RCPI in one or more primary public offerings not to exceed, in
the aggregate, 45% of the then-outstanding stock of RCPI; 
 (ii) pay cash to acquire assets in arm’s length
transactions, engage in transactions that are disregarded for U.S. federal tax purposes, and make mandatory or optional repayments or prepayments of indebtedness; 

(iii) take any action required under the Transaction Documents; and 

  
 14 

 (iv) in the case of any other action that would reasonably be expected to be
inconsistent with the covenants contained in Section 8(b), if either: 
 (A) RCPI notifies RGHL of its proposal to take
such action and RCPI and RGHL obtain a ruling from the IRS to the effect that such action will not affect the Intended Tax-Free Treatment; provided, that RCPI agrees in writing to bear any expenses associated
with obtaining such a ruling and; provided, further, that the RCPI Group shall not be relieved of any liability under Section 9(a) of this Agreement by reason of seeking or having obtained such a ruling; or 

(B) RCPI notifies RGHL of its proposal to take such action and obtains an opinion of counsel (A) from a Tax advisor
recognized as an expert in federal income Tax matters and acceptable to RGHL in its sole discretion, (B) on which RGHL may rely and (C) to the effect that such action “should” not affect the Intended Tax-Free Treatment, unless RCPI obtains the prior written consent of RGHL waiving the requirement that RCPI obtain such tax opinion, such waiver to be provided in RGHL’s sole and absolute discretion; provided,
that the RCPI Group shall not be relieved of any liability under Section 9(a) of this Agreement by reason of having obtained such an opinion or receiving such RGHL consent. 

Section 9. Indemnities. 

(a) RCPI Indemnity to RGHL Group. RCPI will indemnify each member of the RGHL Group against, and hold them harmless, without
duplication, from: 
 (i) any Taxes allocated to the RCPI Group pursuant to Section 3; 

(ii) any Taxes imposed on a member of the RGHL Group as a result of the deemed income inclusion from a Section 482
Adjustment relating to the payment terms of the Continuing Arrangements; 
 (iii) any Taxes (including Distribution Taxes)
attributable to a breach, after the Distribution Effective Time, by RCPI or any other member of the RCPI Group of any representation or covenant contained in this Agreement; 

(iv) any Taxes (including Distribution Taxes) attributable to an RCPI Disqualifying Action (including Distribution Taxes)
resulting from any action for which the conditions set forth in Section 8(c)(iv) are satisfied; and 
 (v) all
liabilities, costs, expenses (including, without limitation, reasonable expenses of investigation and attorneys’ fees and expenses), losses, damages, assessments, settlements or judgments arising out of or incident to the imposition, assessment
or assertion of any Tax liability or damage described in (i), (ii), (iii), or (iv) including those incurred in the contest in good faith in appropriate proceedings relating to the imposition, assessment or assertion of any such Tax, liability
or damage. 

  
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 (b) RGHL and RGHI Indemnities to RCPI Group. 

(i) Except in the case of any liabilities described in Section 9(a) or Section 9(b)(ii), RGHL will indemnify each
member of the RCPI Group against, and hold them harmless, without duplication, from: 
 (A) any Taxes allocated to the RGHL
Group pursuant to Section 3; and 
 (B) all liabilities, costs, expenses (including, without limitation, reasonable
expenses of investigation and attorneys’ fees and expenses), losses, damages, assessments, settlements or judgments arising out of or incident to the imposition, assessment or assertion of any Tax liability or damage described in (A), including
those incurred in the contest in good faith in appropriate proceedings relating to the imposition, assessment or assertion of any such Tax, liability or damage; 

(ii) Except in the case of any liabilities described in Section 9(a), RGHI will indemnify each member of the RCPI Group
against, and hold them harmless, without duplication, from: 
 (A) any Taxes allocated to the RGHI Group pursuant to
Section 3; and 
 (B) any Taxes imposed on a member of the RCPI Group as a result of the deemed income inclusion from a
Section 482 Adjustment relating to the payment terms of the Continuing Arrangements; 
 (C) all liabilities, costs,
expenses (including, without limitation, reasonable expenses of investigation and attorneys’ fees and expenses), losses, damages, assessments, settlements or judgments arising out of or incident to the imposition, assessment or assertion of any
Tax liability or damage described in (A) or (B), including those incurred in the contest in good faith in appropriate proceedings relating to the imposition, assessment or assertion of any such Tax, liability or damage. 

(c) Discharge of Indemnity. RCPI, RGHL, RGHI and the members of their respective Groups shall discharge their obligations under
Section 9(a) or Section 9(b) hereof, respectively, by paying the relevant amount in accordance with Section 10, within five Business Days of demand therefor or, to the extent such amount is required to be paid to a Taxing Authority
prior to the expiration of such five Business Days, at least two Business Days prior to the date by which the demanding party is required to pay the related Tax liability. Any such demand shall include a statement showing the amount due under
Section 9(a) or Section 9(b), as the case may be. Notwithstanding the foregoing, if any member of the RCPI Group or any member of the RGHL Group disputes in good faith the fact or the amount of its obligation under Section 9(a) or
Section 9(b), then no payment of the amount in dispute shall be required until any such good faith dispute is resolved in accordance with Section 16 hereof; provided, however, that any amount not paid within five Business
Days of demand therefor shall bear interest as provided in Section 10. 

  
 16 

 (d) Tax Benefits. If an indemnification obligation of any Indemnifying Party under
this Section 9 arises in respect of an adjustment that makes allowable to an Indemnitee any Tax Benefit which would not, but for such adjustment, be allowable, then any such indemnification obligation shall be an amount equal to (i) the
amount otherwise due but for this Section 9(d), minus (ii) the reduction in actual cash Taxes payable by the Indemnitee in the taxable year such indemnification obligation arises, determined on a “with and without” basis. 

Section 10. Payments. 

(a) Timing. All payments to be made under this Agreement (excluding, for the avoidance of doubt, any payments to a Taxing Authority
described herein) shall be made in immediately available funds. Except as otherwise provided, all such payments will be due five Business Days after the receipt of notice of such payment or, where no notice is required, five Business Days after the
fixing of liability or the resolution of a dispute (the “Due Date”). Payments shall be deemed made when received. Any payment that is not made on or before the Due Date shall bear interest at the rate equal to the “prime”
rate as published on such Due Date in the Wall Street Journal, Eastern Edition, for the period from and including the date immediately following the Due Date through and including the date of payment. 

(b) Payors and Payees. With respect to any payment required to be made under this Agreement, (i) if such payment is required to be
made by a member of the RCPI Group, such payment shall be made to RGHI (or a member of the RGHI Group designated, by written notice to RCPI, by RGHI) and (ii) if such payment is required to be made by a member of the RGHL Group, RGHL shall have
the right to designate, by written notice to RCPI, which member of the RGHL Group will make such payment. 
 (c) Treatment of
Payments. To the extent permitted by Applicable Law, 
 (i) any payment made by RCPI or any member of the RCPI Group to
RGHI or any member of the RGHI Group pursuant to this Agreement (other than in respect of Taxes allocated to RGHI in respect of a Post-Distribution Period) shall be treated by the parties hereto for all Tax purposes as a distribution by RCPI to
RGHI, immediately prior to the First Distribution; 
 (ii) any payment made by RGHI or any member of the RGHI Group to RCPI
or any member of the RCPI Group pursuant to this Agreement (other than in respect of Taxes allocated to RGHI in respect of a Post-Distribution Period) or the Transaction Implementation Agreement shall be treated by the parties hereto for all Tax
purposes as a capital contribution from RGHI to RCPI, immediately prior to the First Distribution; 
 (iii) any payment made
by RGHL or any member of the RGHL Group (other than any member of the RGHI Group) to RCPI or any member of the RCPI Group pursuant to this Agreement (other than in respect of Taxes allocated to RGHL in respect of a Post-Distribution Period) shall be
treated by the parties hereto for all Tax purposes as a contribution by RGHL to RCPI immediately prior to the Second Distribution; and 

  
 17 

 (iv) in the event that a Taxing Authority asserts that a party’s
treatment of a payment described in this Section 10(c) should be other than as required herein, such party shall use its reasonable best efforts to contest such assertion in a manner consistent with Section 13 of this Agreement. 

(d) No Duplicative Payment. It is intended that the provisions of this Agreement shall not result in a duplicative payment of any amount
required to be paid under the Transaction Implementation Agreement or any other Transaction Document, and this Agreement shall be construed accordingly. 

Section 11. Actions by the Group. RGHL or RCPI, as the case may be, shall cause each member of the RGHL Group or the RCPI Group,
respectively, to perform the obligations required under this Agreement. 
 Section 12. Communication and Cooperation. 

(a) Consult and Cooperate. RGHL and RCPI shall consult and cooperate (and shall cause each other member of their respective Groups to
consult and cooperate) fully at such time and to the extent reasonably requested by the other party in connection with all matters subject to this Agreement. Such cooperation shall include, without limitation: 

(i) the retention, and provision on reasonable request, of any and all information including all books, records, documentation
or other information pertaining to Tax matters relating to the RCPI Group (or, in the case of any Tax Return of the RGHL Group, the portion of such return that relates to Taxes for which the RCPI Group may be liable pursuant to this Agreement), any
necessary explanations of information, and access to personnel, until one year after the expiration of the applicable statute of limitation (giving effect to any extension, waiver or mitigation thereof); 

(ii) the execution of any document that may be necessary (including to give effect to Section 13) or helpful in connection
with any required Tax Return or in connection with any audit, proceeding, suit or action; and 
 (iii) the use of the
parties’ commercially reasonable efforts to obtain any documentation from a Governmental Authority or a third party that may be necessary or helpful in connection with the foregoing. 

(b) Provide Information. Except as set forth in Section 13, RGHL and RCPI shall keep each other reasonably informed with respect to
any material development relating to the matters subject to this Agreement. 

  
 18 

 (c) Tax Attribute Matters. RGHL and RCPI shall promptly advise each other with
respect to any proposed Tax adjustments that are the subject of an audit or investigation, or are the subject of any proceeding or litigation, and that may affect any Tax liability or any Tax Attribute (including, but not limited to, basis in an
asset or the amount of earnings and profits) of any member of the RCPI Group or any member of the RGHL Group, respectively. 
 (d)
Confidentiality and Privileged Information. Any information or documents provided under this Agreement shall be kept confidential by the party receiving the information or documents, except as may otherwise be necessary in connection with the
filing of required Tax Returns or in connection with any audit, proceeding, suit or action. Without limiting the foregoing (and notwithstanding any other provision of this Agreement or any other agreement), (i) no member of the RGHL Group or RCPI
Group, respectively, shall be required to provide any member of the RCPI Group or RGHL Group, respectively, or any other Person access to or copies of any information or procedures other than information or procedures that relate solely to RCPI, the
business or assets of any member of the RCPI Group, or matters for which RCPI or RGHL Group, respectively, has an obligation to indemnify under this Agreement, and (ii) in no event shall any member of the RGHL Group or the RCPI Group,
respectively, be required to provide any member of the RCPI Group or RGHL Group, respectively, or any other Person access to or copies of any information if such action could reasonably be expected to result in the waiver of any privilege.
Notwithstanding the foregoing, in the event that RGHL or RCPI, respectively, determines that the provision of any information to any member of the RCPI Group or RGHL Group, respectively, could be commercially detrimental or violate any law or
agreement to which RGHL or RCPI, respectively, is bound, RGHL or RCPI, respectively, shall not be required to comply with the foregoing terms of this Section 12(d) except to the extent that it is able, using commercially reasonable efforts, to
do so while avoiding such harm or consequence (and shall promptly provide notice to RGHL or RCPI, to the extent such access to or copies of any information is provided to a Person other than a member of the RGHL Group or RCPI Group (as applicable)).

 Section 13. Audits and Contest. 

(a) Notice. Each of RGHL or RCPI shall promptly notify the other in writing upon the receipt of any notice of Tax Proceeding from the
relevant Taxing Authority that may affect the liability of any member of the RCPI Group or the RGHL Group, respectively, for Taxes under Applicable Law or this Agreement; provided, that a party’s right to indemnification under this
Agreement shall not be limited in any way by a failure to so notify, except to the extent that the indemnifying party is prejudiced by such failure 

(b) Control. In the case of any Tax Proceeding with respect to a Tax Return other than a Combined Tax Return, the Party having the
liability for the Tax pursuant to Section 3 hereof shall have the sole responsibility and right to control the prosecution of such Tax Proceeding, including the exclusive right to communicate with agents of the applicable Taxing Authority and
to control, resolve, settle, or agree to any deficiency, claim, or adjustment proposed, asserted, or assessed in connection with or as a result of such Tax Proceeding. Notwithstanding anything in this Agreement to the contrary but subject to
Section 13(d), RGHL shall have the right to control all matters relating to any Tax Return, or any Tax Proceeding, with respect to any Tax matters of a Combined Group or any member of a Combined Group (as such). RGHL shall have absolute

  
 19 

 
discretion with respect to any decisions to be made, or the nature of any action to be taken, with respect to any Tax matter described in the preceding sentence; provided, however, that to
the extent that any Tax Proceeding relating to such a Tax matter is reasonably likely to give rise to an indemnity obligation of RCPI under Section 9 hereof, (i) RGHL shall keep RCPI informed of all material developments and events
relating to any such Tax Proceeding described in this proviso and (ii) at its own cost and expense, RCPI shall have the right to participate in (but not to control) the defense of any such Tax Proceeding. 

(c) RCPI Assumption of Control; Non-Distribution Taxes. If RGHL determines that the resolution
of any matter pursuant to a Tax Proceeding (other than a Tax Proceeding relating to Distribution Taxes) is reasonably likely to have an adverse effect on the RCPI Group with respect to any Post-Distribution Period, RGHL, in its sole discretion, may
permit RCPI to elect to assume control over the disposition of such matter at RCPI’s sole cost and expense; provided, however, that if RCPI so elects, it will (i) be responsible for the payment of any liability arising from the
disposition of such matter notwithstanding any other provision of this Agreement to the contrary and (ii) indemnify each member of the RGHL Group for any increase in a liability and any reduction of a Tax asset of such member of the RGHL Group
arising from such matter. 
 (d) RCPI Participation; Distribution Taxes. RGHL shall have the right to control any Tax Proceeding
relating to Distribution Taxes; provided, that RGHL shall keep RCPI fully informed of all material developments and shall permit RCPI (at its own cost and expense) a reasonable opportunity to participate in (but not to control) the defense of
the matter. 
 Section 14. Costs and Expenses. Except as expressly set forth in this Agreement, each party shall bear its
own costs and expenses incurred pursuant to this Agreement. For purposes of this Agreement, costs and expenses shall include, but not be limited to, reasonable attorneys’ fees, accountants’ fees and other related professional fees and
disbursements. For the avoidance of doubt, unless otherwise specifically provided in the Transaction Documents, all liabilities, costs and expenses incurred in connection with this Agreement by or on behalf of RCPI or any member of the RCPI Group in
any Pre-Distribution Period shall be the responsibility of RGHI and shall be assumed in full by RGHI. 

Section 15. Effectiveness; Termination and Survival. Except as expressly set forth in this Agreement, as between RGHI and RCPI,
this Agreement shall become effective upon the consummation of the First Distribution, and as between RGHL and RCPI, this Agreement shall become effective upon the consummation of the Second Distribution. All rights and obligations arising hereunder
shall survive until they are fully effectuated or performed; provided that, notwithstanding anything in this Agreement to the contrary, this Agreement shall remain in effect and its provisions shall survive for one year after the full period
of all applicable statutes of limitation (giving effect to any extension, waiver or mitigation thereof) and, with respect to any claim hereunder initiated prior to the end of such period, until such claim has been satisfied or otherwise resolved.

  
 20 

 Section 16. Dispute Resolution. In the event of any dispute relating to this
Agreement, the parties shall work together in good faith to resolve such dispute within 30 days. In the event that such dispute is not resolved, upon written notice by a party after such 30-day period, the
matter shall be referred to a U.S. Tax counsel or other Tax advisor of recognized national standing (the “Tax Arbiter”) that will be jointly chosen by the disputing parties; provided, however, that, if such parties do not
agree on the selection of the Tax Arbiter after five (5) days of good faith negotiation, the Tax Arbiter shall consist of a panel of three U.S. Tax counsel or other Tax advisor of recognized national standing with one member chosen by RGHL, one
member chosen by RCPI, and a third member chosen by mutual agreement of the other members within the following ten (10)-day period. Each decision of a panel Tax Arbiter shall be made by majority vote of the
members. The Tax Arbiter may, in its discretion, obtain the services of any third party necessary to assist it in resolving the dispute. The Tax Arbiter shall furnish written notice to the parties to the dispute of its resolution of the dispute as
soon as practicable, but in any event no later than ninety (90) days after acceptance of the matter for resolution. Any such resolution by the Tax Arbiter shall be binding on the parties, and the parties shall take, or cause to be taken, any
action necessary to implement such resolution. All fees and expenses of the Tax Arbiter shall be shared equally by the parties to the dispute. 

Section 17. Authorization, Etc. Each of the parties hereto hereby represents and warrants that it has the power and authority to
execute, deliver and perform this Agreement, that this Agreement has been duly authorized by all necessary corporate action on the part of such party, that this Agreement constitutes a legal, valid and binding obligation of each such party, and that
the execution, delivery and performance of this Agreement by such party does not contravene or conflict with any provision or law or of its charter or bylaws or any agreement, instrument or order binding on such party. 

Section 18. Change in Tax Law. Any reference to a provision of the Code, Treasury Regulations or any other Applicable Law shall
include a reference to any applicable successor provision of the Code, Treasury Regulations or other Applicable Law. 
 Section 19.
Principles. This Agreement is intended to calculate and allocate certain Tax liabilities of the members of the RCPI Group and the members of the RGHL Group to RCPI and RGHL (and their respective Groups), and any situation or circumstance
concerning such calculation and allocation that is not specifically contemplated by this Agreement shall be dealt with in a manner consistent with the underlying principles of calculation and allocation in this Agreement. 

Section 20. Governing Law. This Agreement, and any claim, suit, action or proceeding in any way arising out of or relating to this
Agreement, the negotiation, execution or performance of this Agreement, or the transactions contemplated hereby (whether in law or in equity, and whether in contract or in tort or otherwise), shall be governed by and enforced pursuant to the laws of
the State of Delaware. 
 [SIGNATURE PAGE FOLLOWS] 

  
 21 

 IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the day and
year first written above. 
  

			
	REYNOLDS GROUP HOLDINGS LIMITED

 
			
		
	By:	 	/s/ Thomas Degnan
	Name: Thomas Degnan
	Title: Director

  

			
	REYNOLDS GROUP HOLDINGS INC.

 
			
		
	By:	 	/s/ Joseph Doyle
	Name: Joseph Doyle
	Title: Director

  

			
	REYNOLDS CONSUMER PRODUCTS INC.

 
			
		
	By:	 	/s/ Helen Golding
	Name: Helen Golding 
	Title: Director

 [SIGNATURE PAGE TO TAX MATTERS AGREEMENT] 

 SCHEDULE A 

	 	•	 	 Master Supply Agreement, dated November 1, 2019 between Reynolds Consumer Products LLC, as Seller, and Pactiv
LLC, as Buyer 

  

	 	•	 	 Master Supply Agreement, dated November 1, 2019 between Pactiv LLC, as Seller, and Reynolds Consumer Products
LLC, as Buyer 

  

	 	•	 	 Warehousing and Freight Services Agreement, dated November 1, 2019 between Pactiv LLC and Reynolds Consumer
Products LLC 

  

	 	•	 	 Transition Services Agreement, dated November 1, 2019 between Pactiv LLC and Reynolds Consumer Products LLC

  

	 	•	 	 Transition Services Agreement, dated February 4, 2020 between Reynolds Group Holdings Inc. and Reynolds Consumer
Products Inc. 

  

	 	•	 	 Amended and Restated Lease Agreement (Lake Forest, IL), dated January 1, 2020 between Pactiv LLC and Reynolds
Consumer Products LLC 

  

	 	•	 	 Lease Agreement (Canandaigua, NY) dated January 1, 2020 between Pactiv LLC and Reynolds Consumer Products LLC

  

	 	•	 	 Trademark License Agreement dated November 1, 2019 between Reynolds Consumer Products LLC and Pactiv LLC

  

	 	•	 	 Assignment of Claims, dated November 13, 2019, between Reynolds Consumer Products LLC and Reynolds Group Holdings
Inc. 

  

	 	•	 	 Reciprocal Easement and Facilities Agreements, respectively dated January 27, 2020 and January 1, 2020, between
Reynolds Consumer Products LLC and Pactiv LLC 

 SCHEDULE B 
  

	 	•	 	 BPH V Limited Conversion. The conversion of Beverage Packaging Holdings V Limited, a New Zealand limited
company treated as a corporation for U.S. federal income tax purposes, from a New Zealand limited company to a New Zealand unlimited company treated as an entity disregarded as separate from its owner, Beverage Packaging Holdings I Limited, a New
Zealand limited company treated as a corporation for U.S. federal income tax purposes (“BPH I Limited”), is a transaction intended to qualify as a liquidation pursuant to Section 332. 

 

	 	•	 	 BPH I Conversion. The conversion of BPH I Limited from a New Zealand limited company to a New Zealand
unlimited company treated as an entity disregarded as separate from its owner, RGHL, for U.S. federal income tax purposes is a transaction intended to qualify as a liquidation pursuant to Section 332.

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