Document:

Prepared by R.R. Donnelley Financial -- Amendment No.1 to Employment Agreement

  
 Exhibit 10.48 
  
 AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT 
  
 This Amendment No. 1 to the Employment Agreement by and between Bway Corporation (the “Company”) and Thomas Eagleson (“Executive”)(collectively, the “Parties”), is entered into and effective as of the
29th of June, 2002 (the “Effective Date”). 
  
 WHEREAS, Executive is currently employed as Executive
Vice President of Manufacturing & Engineering of the Company pursuant to an Employment Agreement between the Company and Executive effective July 1, 2000 (the “Employment Agreement”); 
  
 WHEREAS, the Company and Executive have agreed to modify certain terms and conditions of Executive’s employment as set forth in the
Employment Agreement; and 
  
 WHEREAS, the Company and Executive desire to modify the Employment Agreement, which
modification shall be contemporaneous with the effectiveness of this Amendment No. 1 to the Employment Agreement (the “Amendment”); 
  
 NOW, THEREFORE, the Parties agree: 
  
 1.  Section 3(a) of
the Employment Agreement shall be amended and restated to read as follows: 
  
 (a)  During
the Employment Period, Executive’s base salary shall be $242,000 per annum (the “Base Salary”). The Base Salary shall be payable in regular installments in accordance with the Company’s general payroll practices. Following
the end of each fiscal year during the Employment Period, the Board may award the Executive a bonus for such year based on Executive’s performance, the amount of which will be determined by the Board in its sole judgment. Executive’s
“target” under the Company’s Management Incentive Plan (“MIP”) shall be thirty-three percent (33.3%) of Base Salary. Executive is eligible to receive a special bonus up to one hundred percent (100%) of his Base Salary during
the term of this Agreement if the Company’s manufacturing performance is outstanding (as determined solely by the Chairman and approved by the Board). 
  
 2.  Section 3(b) of the Employment Agreement shall be amended and restated to read as follows: 
  
 (b)  In addition to the Base Salary and any bonuses payable to Executive pursuant to Section 3(a), during the Employment Period Executive shall be
entitled to (w) participate in the Company’s 1995 Fourth Amended and Restated Long-Term Incentive Plan (the “Plan”) and all of the Company’s other employee benefit programs for which senior executive employees of the Company are
generally eligible, (x) eight hundred thousand and no/100 dollars ($800,000) in term Life Insurance (through a combination of Supplemental Life Insurance under the Company’s plan and/or a separate policy with a Company-approved carrier), (y) an
annual executive physical examination conducted by a Company-approved provider, and (z) four (4) weeks of paid vacation each year. At the November 2002 Board of Director’s meeting, the Company shall grant Executive an option to purchase 30,000
shares of the Company’s Common Stock pursuant to the Plan and the option grant documents. The option price and vesting period shall be determined by the Board in accordance with the Plan. Management will recommend a two-year vesting period on
the new option grant. 
  
 3.  Section 4 of the Employment Agreement shall be amended and restated to read
as follows: 

  
 4.  Term. 
  
 (a)  The Employment Period shall end on December 31, 2002; provided that (i) the Employment Period shall
terminate prior to such date upon Executive’s resignation, death or permanent disability or incapacity (as determined by the Board in its good faith judgment) and (ii) the Employment Period may be terminated by the Company at any time before or
after such date for Cause (as defined below) or without Cause. The expiration of the Employment Period shall not constitute a termination by the Company without Cause. 
  
 (b)  If the Employment Period is terminated (or deemed terminated under Section 4(f) below) by the Company without Cause prior to December 31,
2002, subject to the limitations set forth below, the Company shall (i) pay Executive his Base Salary through December 31, 2002, (ii) reimburse Executive’s COBRA premium under the Company’s group health plan and dental plan (if any)
through December 31, 2003 (such benefits as set forth in the preceding sub-clauses (i) and (ii) to be referred to as the “Separation Benefits”); provided that Executive has not breached the provision of Sections 5, 6, and 7 hereof. The
amounts payable pursuant to this Section 4(b) shall be reduced by the amount of any compensation Executive receives with respect to any other employment during the period in which the Company is making such payments to Executive or, in the event the
Employment Period is terminated as a result of Executive’s permanent disability or incapacity, by the amount Executive receives with respect to any Company disability policy. Upon request from time to time, Executive shall furnish the Company
with a true and complete certificate specifying any such compensation due to or received by him. Executive has no obligation to seek employment during the period that he is receiving compensation pursuant to this Section 4(b). 

 
 The Separation Benefits shall constitute full satisfaction of the Company’s obligations under this
Agreement. The Company’s obligation to provide the Separation Benefits to Executive shall be conditioned upon (i) Executive’s execution of a Separation and Release Agreement in a form acceptable to the Company whereby Executive releases
the Company from any and all liability and claims of any kind, and (ii) Executive’s compliance in all material respects with the provisions of Sections 5, 6, and 7 hereof. The Company’s obligation to provide the Separation Benefits to
Executive shall terminate immediately upon any breach by Executive of any post-termination obligations to which he is subject. 
  
 (c)  If (i) the Employment Period is terminated by the Company for Cause, (ii) the Employment Period is terminated as a result of Executive’s death, or (iii) Executive resigns and such
resignation does not constitute a resignation under Section 4(f)(i) below, then Executive (or, in the case of Executive’s death, Executive’s estate) shall be entitled to receive his Base Salary through the date of termination.

  
 (d)  If Executive’s employment with the Company terminates as a result of the
expiration of the Employment Period, then the Company will reimburse Executive’s COBRA premium under the Company’s group health plan and dental plan (if any) on a monthly basis through December 31, 2003 (the “COBRA Benefits”).
The Company’s obligation to provide the COBRA Benefits to Executive shall be conditioned upon (i) Executive’s execution of a Separation and Release Agreement in a form acceptable to the Company whereby Executive releases the Company from
any and all liability and claims of any kind, and (ii) Executive’s compliance in all material respects with the provisions of Sections 5, 6, and 7 hereof. The Company’s obligation to provide the COBRA Benefits to Executive shall terminate
immediately upon any breach by Executive of any post-termination obligations to which he is subject. 
  
 (e)  If Executive’s employment with the Company terminates as a result of the expiration of the Employment Period, then the Company will pay the life insurance premium on the policy described in section 2. (b). The
life insurance premium will be paid as long as Executive provides services to the Company as either a part time employee or as an independent consultant. If the Executive ceases to be a part time employee or consultant, the payment of the life
insurance premiums will cease immediately. 
 

 -2- 

  
 (f)  Except as provided in Section 4(b) and/or 4(d)
above, all of Executive’s rights to fringe benefits and bonuses hereunder (if any) accruing after the termination of the Employment Period shall cease upon such termination, except for benefits required by United States law. 

 
 (g)  Notwithstanding anything in Section 4(c) to the contrary, the Company shall be deemed to have
terminated the Employment Period without Cause in the event that (i) Executive resigns as a result of a material breach of this Agreement by the Company which is not cured by the Company within 30 days after Executive delivers written notice of such
breach to the Chief Executive Offer and General Counsel, or (iii) the Company terminates the Employment Period as a result of the permanent disability or incapacity of Executive pursuant to 4(a) (i) above. The Company shall not be deemed to have
terminated the Employment Period without Cause if Executive resigns and such resignation does not constitute a resignation under sub-clause (i) of the preceding sentence. 
  
 (h)  “Cause” shall mean (i) a material breach of this Agreement by Executive, (ii) the conviction of the Executive by a court of
competent jurisdiction of a felony or a crime involving moral turpitude, (iii) conduct which, if known to the general public, would likely bring the Company or any of its Subsidiaries into substantial public disgrace or disrepute, (iv) failure to
perform duties as reasonably directed by the Board or the Chief Executive Officer which is not cured by the Executive within 30 days after Executive receives written notice of such failure to perform from the Board of Chief Executive Officer, or (v)
gross negligence or willful misconduct with respect to the Company or any of its Subsidiaries. 
  
 4.  Except as otherwise amended in this Amendment, Sections 3 and 4 and all other sections of the Employment Agreement shall remain in full force and effect as set forth in the Employment Agreement. 
  
 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the day and year first above written. 
  
 
	 BWAY CORPORATION
 
	 
	 By:
 	 	 /s/ Jean-Pierre Ergas
 
Jean-Pierre M. Ergas
 Chief Executive Officer
 
	  	 	  
	 Date:
 	 	 07-29-02
 
	  	 	  
	 Thomas Eagleson:
 
	  	 	  
	  	 	 /s/ Thomas Eagleson
 

	  	 	  
	 Date:
 	 	 8-1-02
 

 
 

 -3-Prepared by R.R. Donnelley Financial -- Lease Amendment dated June 20, 2002

  
 EXHIBIT 10.49 
  
 LEASE AMENDMENT 
  
 THIS LEASE
AMENDMENT (“Amendment”) is dated as of the 20 day of June, 2002 by and between CENTERPOINT PROPERTIES TRUST, a Maryland real estate investment trust (“Landlord”) and BWAY CORPORATION, a Delaware corporation
(“Tenant”). 
  
 RECITALS 
  
 A.    Curto Reynolds Oelerich Inc. (“Original Landlord”) and Armstrong Containers, Inc. (“Original Tenant”) entered into that
certain Lease dated February 11, 1991 (the “Lease”) with respect to those certain premises commonly known as 3400 N. Powell Avenue, Franklin Park, Illinois, (“Property”) as more particularly described in the Lease. 

 
 B.    Landlord is the successor to Original Landlord’s interest in the Lease. 
  
 C.    Tenant is the successor to Original Tenant’s interest in the Lease. 
  
 D.    The Term of the Lease expires on July 31, 2002, Tenant has requested an extension of the Term of the Lease, and
therefore, the Term of the Lease shall be extended for an additional sixty (60) month period on the terms and conditions contained therein. 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  
 1.    Recitals.  The Recitals are incorporated into this Amendment as if fully set forth in
this Section 1. 
  
 2.    Definitions.  All terms used herein, unless
otherwise specified, shall have the meaning ascribed to them in the Lease. 
  
 3.    Extension of Term.  The Term of the Lease is hereby extended for an additional sixty (60) month period commencing on August 1, 2002 and continuing through and including July 31, 2007
(“Extension Term”). All terms and conditions of the Lease, as amended hereby, shall remain in full force and effect through the Extension Term, except that fixed Rent for the Extension Term shall be set forth as follows: 

 
 
	 Period
 (by lease
month
 during Extension Term)
 
	 	 Annual
 fixed
Rent
 
	 	 Monthly
 fixed
Rent
 

	 01-12
 	 	 $392,100.00
 	 	 $32,675.00
 
	 13-24
 	 	 $396,021.00
 	 	 $33,001.75
 
	 25-36
 	 	 $401,961.32
 	 	 $33,496.78
 
	 37-48
 	 	 $407,990.73
 	 	 $33,999.23
 
	 49-60
 	 	 $414,110.60
 	 	 $34,509.22
 

 
  
 4.    Renewal
Option.  Tenant shall have the option (“Renewal Option”) to renew the Extended Term for all of the Premises as of the expiration date of the Extended Term, for one (1) additional period of five (5) years (“Renewal
Term”) upon the following terms and conditions: 
 

 (a)    Tenant gives Landlord written notice of its exercise of the Renewal Option at least six (6)
months prior to the expiration of the Extended Term. 
  
 (b)    Tenant is not in default under
the Lease either on the date Tenant delivers the notice required under Section 4(a) above or at any time thereafter prior to the commencement of the Renewal Term. 
  
 (c)    All of the terms and provisions of the Lease (except this Section 4) shall be applicable to the Renewal Term, except that fixed Rent for the
Renewal Term shall be determined as follows: fixed Rent for the First Renewal Term shall be equal to the greater of: (i) one hundred percent (100%) of the fixed Rent for the last year of the Initial Term, or (ii) Landlord’s determination of the
Fair Value (as hereinafter defined). For purposes of this Lease, “Fair Value” shall mean Landlord’s determination, utilizing its reasonable judgment, of an annual amount per rentable square foot for each year of the applicable renewal
term for which Fair Value is being determined beginning with the first (1st) day of the subject period that a willing, creditworthy, new non-equity tenant leasing comparable space to Tenant’s would pay and a willing, comparable landlord of a
building comparable to the Building in the Chicago metropolitan area (“Market”) would accept at arm’s length, giving appropriate consideration to annual rental rate per rentable square foot, rental escalations, length of lease term,
size and location of the premises being leased, and other generally applicable terms and conditions prevailing for comparable space in comparable buildings located in the Market. 
  
 5.    Real Estate Taxes.  The Parties hereto agree that Sections V.A. and V.B. of the Lease shall be deleted in their entirely
and the following shall be substituted in lieu thereof: 
  
 “Lessee further agrees to pay, as additional rent
for the Demised Premises, all real estate taxes (“Taxes”) which accrue during the Term of this Lease, and are levied, assessed or become a lien imposed upon the Demised Premises or any part thereof. Such additional rent shall be payable
notwithstanding the fact that the amount of such Taxes may not be ascertainable or due and payable until after the expiration of the Term of this Lease; provided, however, that the Taxes levied against the Demised Premises shall be prorated between
Lessor and Lessee as of the date of expiration of the Term of this Lease for the last year of said Term, all on the basis of the most recent ascertainable taxes as applied to the most recent assessed valuation of the Demised Premises. After the
expiration of the Term hereof, including any extensions thereof, Lessee hereby agrees to reprorate Taxes. In the event of any increase in Taxes from the Taxes reflected on the proration made upon the expiration of the Term of this Lease, Lessee
agrees to immediately pay Lessor such sums as reflected by such reproration.” 
  
 6.    No Other Modifications.  The Lease is only modified as set forth herein and in all other respects remains in full force and effect. 
  
 7.    No Default.  Tenant acknowledges that the Lease is in full force and effect and that
there are no defaults thereunder or any conditions which with only the passage of time or giving of notice or both would become a default thereunder. 
  
 8.    Successors and Assigns.  This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and
assigns. 
 

 2 

  
 9.    Modification.  This Amendment
may not be modified or amended except by written agreement executed by the parties hereto. 
  
 10.    Governing Law.  The validity, meaning and effect of this Amendment shall be determined in accordance with the laws of the State of Illinois. 
  
 11.    Counterparts.  This Amendment may be executed in two counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument. 
  
 12.    Severability.  The parties hereto intend and believe that each provision in this Amendment comports with all applicable local, state and federal laws and judicial decisions. However,
if any provision in this Amendment is found by a court of law to be in violation of any applicable ordinance, statute, law, administrative or judicial decision, or public policy, and if such court should declare such provision to be illegal, void or
unenforceable as written, then such provision shall be given force to the fullest possible extent that the same is legal, valid and enforceable and the remainder of this Amendment shall be construed as if such provision was not contained herein.

  
 13.    Construction.  The headings of this Amendment are for
convenience only and shall not define or limit the provisions hereof. Where the context so requires, words used in singular shall include the plural and vice versa, and words of one gender shall include all other genders. In the event of a conflict
between the terms and conditions of the Lease and the terms and conditions of this Amendment, the terms and conditions of this Amendment shall prevail. 
  
 14.    No Third Party Beneficiaries.  This Amendment shall inure to the sole benefit of the parties hereto. Nothing contained herein shall create, or be
construed to create, any right in any person not a party to this Amendment. 
  
 15.    Legal Review.  The parties hereto acknowledge that they have been advised by legal counsel of their choice in connection with the interpretation, negotiation, drafting and effect of
this Amendment and they are satisfied with such legal counsel and the advice which they have received. 
  
 16.    Facsimile Signatures.  The parties hereto agree that the use of facsimile signatures for the negotiation and execution of this Amendment shall be legal and binding and shall have the
same full force and effect as if originally signed. 
  
 17.    No
Commissions.    The parties hereto acknowledge and agree that no real estate brokerage commission or finder’s fee shall be payable by either party in connection with this Amendment. 
 

 3 

  
 WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
date set forth above. 
  
 
	 TENANT:
  
 BYWAY CORPORATION, a Delaware
 Corporation
 	 	  	 	 LANDLORD:
  
 CENTERPOINT PROPERTIES TRUST, a
 Maryland real estate investment trust
 
	 
	 By:
 	 	 /s/    KEVIN C.
KERN        
 
	 	  	 	 By:
 	 	 /s/    PAUL T.
AHERN        
 

	  	 	 Its: CFO
 Name: Kevin C.
Kern
 	 	  	 	  	 	 Its: CHIEF INVESTMENT OFFICER
 Name: PAUL T. AHERN
 

 
  
 
	 
	 By:
 	 	 /s/    BRIAN M. SHEEHAN
 

	  	 	 Its: Vice President Controller
 Name: Brian M. Sheehan
 

 
 

 4

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