Document:

Separation Benefit Agreement between our Company and Bob Arvanites

 Exhibit 10.11 
 SEPARATION BENEFIT AGREEMENT 
 THIS SEPARATION BENEFIT AGREEMENT (this
“Agreement”), is entered into as of December 12 2005, by and among Exopack, LLC, a Delaware corporation (the “Company”), CPG Finance, Inc., a Delaware corporation and ultimate parent of the Company
(“Parent”), and Bob Arvanites (the “Employee”). 
 WHEREAS, the Company and the Employee are hereby
terminating the Key Employee Severance Agreement, dated as of [May 10], 2005, between the Company and the Employee (the “Company Severance Agreement”); and 
 WHEREAS, simultaneously herewith, Parent and the Employee are entering into a Grant Agreement, dated as of the date hereof, under the 2005 Stock
Option Plan of CPG Finance, Inc. (the “Grant Agreement”); and 
 WHEREAS, following termination of the Company
Severance Agreement and in consideration of the Employee’s performance of the covenants and agreements of the Employee contained in the Grant Agreement, the Company and Parent wish to provide the Employee with a continuing right to receive a
separation benefit from Parent in the circumstances, upon the terms, and subject to the conditions set forth herein; 
 NOW,
THEREFORE, in consideration of the premises and mutual covenants set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 1. Termination of Company Severance Agreement. The Company and the Employee hereby acknowledge and agree that the Company Severance Agreement is hereby
terminated and of no further force or effect, and that the Company has no further obligation or responsibility whatsoever to the Employee under the Company Severance Agreement. The Employee acknowledges and agrees that the Employee shall have no
right to any separation or other benefit or payment upon termination of employment with Parent, the Company or any of their respective subsidiaries or affiliates except as specifically set forth in this Agreement. 
 2. Separation Benefit. 
 (a) Parent agrees to
pay the Employee an amount equal to one (1) year of his then-existing base salary (minus applicable withholdings and payroll taxes), payable in equal installments over a one-year period in accordance with Parent’s normal payroll practices,
in the event that: 
 (i) the Employee’s employment with Parent or any of its subsidiaries (including the Company) is terminated by
Parent or any such subsidiary (including the Company) without Cause (as hereinafter defined); or 
 (ii) at any time during the period
commencing thirty (30) days prior to a Change of Control (as hereinafter defined) of Parent and ending one-hundred-eighty (180) days after a Change of Control of Parent, Parent or any of its subsidiaries (including the Company) fails to
retain the Employee in the same or similar position to that which he occupies immediately prior to such Change of Control and at the same or similar base compensation to that which he enjoys immediate prior to such Change of Control. 

 (b) If the Employee’s employment with Parent or any of its subsidiaries is terminated as
contemplated by Section 2(a) of this Agreement, then Parent agrees to pay the Employee an amount equal to the bonus that would have been earned by the Employee for the year in which the Employee’s employment with Parent or any of
its subsidiaries is so terminated, prorated for the portion of such year during which the Employee remained employed with Parent or such subsidiary to and including the earlier of (i) the date of termination of the Employee’s employment
with Parent or such subsidiary (in the case of a termination contemplated by Section 2(a)(i) of this Agreement) or (ii) the date on which the Employee is provided with notice or otherwise becomes aware of Parent or such
subsidiary’s failure so to retain the Employee (in the case of a termination contemplated by Section 2(a)(ii) of this Agreement, such bonus payment to be made at substantially the same time and in substantially the same manner (and
minus applicable withholdings and payroll taxes) as Parent’s normal payroll practices in respect of the payment of similar bonuses. For purposes of this Section 2(b), the prorated amount of any bonus shall be determined to be a
fraction, the numerator of which is the number of days in the fiscal year ending on the day specified in Section 2(b)(i) or (ii) (as applicable), and the denominator of which is 365. 
 (c) For the purposes of this Agreement: 
 (i)
“Cause” means (A) conviction of the Employee of any felony, or the conviction of the Employee of a misdemeanor which involves moral turpitude, or the entry by the Employee of a plea of guilty or nolo contendere with
respect to any of the foregoing, (B) the commission of any act or failure to act by the Employee that involves moral turpitude, dishonesty, theft, destruction of property, fraud, embezzlement or unethical business conduct, or that is otherwise
injurious to Parent, the Company or any of their respective subsidiaries or affiliates, whether financially or otherwise, (C) any violation by the Employee of any rule or policy of Parent, the Company or any of their respective subsidiaries or
affiliates, (D) any violation by the Employee of the requirements of any other contract or agreement between Parent, the Company or any of their respective subsidiaries or affiliates, on the one hand, and the Employee, on the other hand, and
the failure of the Employee to cure such violation under this subsection (D) within ten (10) days after receipt of written notice from Parent, the Company, or any of such subsidiaries or affiliates, or (E) any failure by the Employee
to abide by any directive of the Board of Directors of Parent or the Company or an officer of Parent or the Company to whom the Employee reports; in each case, with respect to subsections (A) through (E), as determined in good faith by the
Board of Directors of Parent or the Company in the exercise of its reasonable business judgment; and 
 (ii) “Change of
Control” means (A) any consolidation, merger or other transaction in which Parent is not the surviving entity or which results in the acquisition of all or substantially all of Parent’s outstanding shares of common stock by a
single person or entity or by a group of persons or entities acting in concert or (B) any sale or transfer of all or substantially all of Parent’s assets, in either of clauses (A) or (B) in a transaction primarily for cash;
provided, however, that the term “Change of Control” shall not include transactions either (x) with affiliates of Parent or any of its subsidiaries (including the Company) or of Sun Capital Partners, Inc. (“Sun”) (as
determined by the Board of Directors of Parent in its sole discretion) or (y) pursuant to which more than fifty percent (50%) of the shares of voting stock of the surviving or acquiring entity is owned and/or controlled (by agreement or
otherwise), directly or indirectly, by Sun or its affiliates. 
 3. Extension of Grant Agreement Covenants. As provided in paragraphs 3 and 4
of Annex A to the Grant Agreement, the term of each of the covenants of the Employee set forth in such paragraphs 3 and 4 shall be modified and amended to be extended so that each such term ends on the later of (a) the date set forth in such
paragraph 3 or 4, as applicable, and (b) the date of payment of the final installment of separation benefit pursuant to Section 2 of this Agreement. 
  

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 4. Notices. For the purpose of this Agreement, any notice or demand hereunder to or upon any party hereto
required or permitted to be given or made shall be deemed to have been duly given or made for all purposes if (a) in writing and sent by (i) messenger or an overnight courier service against receipt, or (ii) certified or registered
mail, postage paid, return receipt requested, or (b) sent by telefax, telex or similar electronic means, provided, that a written copy thereof is sent on the same day by postage paid first-class, certified or registered mail, to
such party at the following address: 
  

					
	In the case of the Employee, to him at:
			
		 	  
	  	
			
		 	  
	  	
			
		 	  
	  	
		 	Telecopy:     .    .    
		
		 	or at the last known address of the Employee contained in the personnel records
		 	of Parent or the Company.
	
	In the case of Parent, to it at:
		
		 	CPG Finance, Inc.
		 	c/o Exopack, LLC
		 	3070 Southport Road
		 	Spartanburg, SC 29302
		 	Attention:        Jack Knott
		 	Telecopy:        864.596.7175
		
		 	with a copy to:
		
		 	Morgan, Lewis & Bockius LLP
		 	One Oxford Centre
		 	Thirty-Second Floor
		 	Pittsburgh, PA 15219
		 	Attention:        David A. Gerson, Esq.
		 	Telecopy:        412.560.7001
	
	In the case of the Company, to it at:
		
		 	Exopack, LLC
		 	3070 Southport Road
		 	Spartanburg, SC 29302
		 	Attention:        President and CEO
		 	Telecopy:        864.596.7175
		
		 	with a copy to:
		
		 	Morgan, Lewis & Bockius LLP
		 	One Oxford Centre
		 	Thirty-Second Floor
		 	Pittsburgh, PA 15219
		 	Attention:        David A. Gerson, Esq.
		 	Telecopy:        412.560.7001

  

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 5. Severability; Assignment. 
 (a) If any portion of this Agreement is held invalid or unenforceable by a court of competent jurisdiction, such portion shall be deemed deleted as though it had never been included herein, but the remainder of this
Agreement shall remain in full force and effect. 
 (b) This Agreement shall not be assignable by the Employee without the consent of both
Parent and the Company; provided, however, that either Parent or the Company may assign its rights and obligations under this Agreement without consent of the Employee in the event that either Parent or the Company shall effect a
reorganization or consolidate or merge with, sell all or substantially all of its equity or assets to, or enter into any other transaction with, any other entity. 
 6. Waiver of Trial By Jury. EACH OF THE PARTIES TO THIS AGREEMENT IRREVOCABLY AND UNCONDITIONALLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF, CONNECTED WITH OR RELATING TO THIS
AGREEMENT, THE MATTERS CONTEMPLATED HEREBY, OR THE ACTIONS OF THE PARTIES IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT OF THIS AGREEMENT. 
 7. No Waiver. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver of such party’s rights or deprive such party of the right thereafter to
insist upon strict adherence to that term or any other term of this Agreement. 
 8. Successors; Binding Agreement. This Agreement shall inure
to the benefit of and be binding upon Parent and the Company and their respective successors and permitted assigns. This Agreement shall also inure to the benefit of and be binding upon the Employee, his executors, administrators and heirs.

 9. Governing Law. This Agreement shall be governed by and construed in accordance with, the laws of the State of Delaware, without regard to
any of the conflicts of laws or choice of law provisions thereof that would compel the application of the substantive laws of another jurisdiction. 
 10.
No Third Party Beneficiaries. Nothing contained in this Agreement, whether express or implied, is intended, or shall be deemed, to create or confer any right, interest or remedy for the benefit of any person (other than, in the case of
Parent and the Company, their respective subsidiaries and affiliates) or as otherwise provided in this Agreement. 
 11. Entire Agreement. This
Agreement supersedes all prior employment or other agreements, negotiations or understandings of any kind with respect to the subject matter hereof, including the Company Severance Agreement, but other than the Grant Agreement (except to the extent
amended and modified hereby) and contains the entire understanding between the parties hereto with respect to the subject matter hereof. 
 12.
Headings. The headings contained in this Agreement are included for convenience and reference purposes only and shall be given no effect in the construction or interpretation of this Agreement. 
 13. Amendments. No modification, termination or waiver of any provision of this Agreement shall be valid unless it is in writing and signed by the party
against whom the same is sought to be enforced. 
  

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 14. Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with
the same effect as if the signatures thereto and hereto were upon the same instrument. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

  

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the
date first above written. 
  

			
	EMPLOYEE
	
	 /s/ BOB ARVANITES

	[Name] BOB ARVANITES
	
	EXOPACK, LLC
		
	By:	 	 /s/ GERARD J. FERGUSON
  

	Name:	 	GERARD J. FERGUSON
	Title:	 	VP, HUMAN RESOURCES
	
	CPG FINANCE, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Separation Benefit Agreement]Stock Option Grant Agreement between CPG Finance, Inc. and Bob Arvanites

 Exhibit 10.12 
 CPG Finance, Inc. Stock Option 
 Grant Agreement 
 This Grant Agreement, dated as of December 12, 2005 (the “Effective Date”), evidences the grant of an option pursuant to the provisions of the 2005 Stock
Option Plan (the “Plan”) of CPG Finance, Inc. (the “Company”) to the individual whose name appears below (the “Optionee”), covering the specific number of shares of Non-Voting Common Stock (the “Shares”) set
forth below and on the following terms and conditions: 
  

	1.	Name of the Optionee: Bob Arvanites 

  

	2.	Number of Shares subject to this option: 4,000 

  

	3.	Exercise price per Share subject to this option: $72.00 

  

	4.	Date of grant of this option: December 12, 2005 

  

	5.	Type of option: Non-qualified Option 

  

	6.	Vesting: 

  

	 	a.	Except as otherwise expressly provided in Section 6 b. hereof, 20% of the total number of Shares subject to this option shall vest as of October 13 of each year
(commencing on the first such date occurring after the Effective Date and ending on the fifth such date occurring after the Effective Date). 

  

	 	b.	Notwithstanding anything to the contrary contained in Section 6 a. hereof, 100% of the total number of Shares subject to this option shall vest immediately prior to the
consummation of a Change in Control (as defined in Section 6 d. below) in connection with which the consideration paid to the Company or to its stockholders, as the case may be, consists primarily of cash (as determined by the Board of
Directors in its sole discretion). 

  

	 	c.	Notwithstanding anything to the contrary contained herein, (i) this option shall not be exercisable, and shall be void and of no further force and effect, (x) after the
expiration of the option term, (y) on and after the start of the date on which the Optionee’s employment terminates for Cause (as defined in the Plan), and (z) on and after the start of the date on which the Optionee breaches or
violates any of the terms or provisions hereof, including without limitation any provision of Annex A hereto, (ii) except as provided in Section 7 below, this option shall be exercisable only if the Optionee is, at the time of exercise, an
employee of the Company, (iii) this option shall in no event be exercisable for more than the total number of Shares provided for in Section 2 hereof and (iv) vesting shall cease immediately upon termination of employment for any
reason, and any portion of this option that has not vested on or prior to the date of such termination is forfeited on such date. Once vesting has occurred, the vested portion can be exercised at the time or times specified in Section 7 below.

  

	 	d.	 For purposes of this Section 6, “Change in Control” shall mean (i) any consolidation, merger or other transaction in which the Company is not
the surviving entity or which results in the acquisition of all or substantially all of the Company’s outstanding shares of Common Stock by 

	 	 
a single person or entity or by a group of persons or entities acting in concert or (ii) any sale or transfer of all or substantially all of the
Company’s assets (excluding, however, for this purpose any real estate “sale-lease back” transaction); provided, however, that the term “Change in Control” shall not include transactions either (x) with
affiliates of the Company or Sun Capital Partners, Inc. (“Sun”) (as determined by the Board of Directors in its sole discretion) or (y) pursuant to which more than fifty percent (50%) of the shares of voting stock of the
surviving or acquiring entity is owned and/or controlled (by agreement or otherwise), directly or indirectly, by Sun or its affiliates; provided, further, that a transaction shall not constitute a Change in Control unless the
transaction also constitutes a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the Company’s assets, within the meaning of Section 409A(a)(2)(A)(v) of the Code and the
regulations or other published guidance (including Internal Revenue Service Notice 2005-1) promulgated thereunder. 

  

	7.	The vested portion of this option can be exercised only on the earliest of the following dates: 

  

	 	a.	October 13, 2015; 

  

	 	b.	the date of the consummation of a Change in Control; or 

  

	 	c.	the date on which the Optionee’s employment terminates provided that if the Optionee’s termination of employment is not voluntary or is due to death or Disability (as
defined in the Plan) any portion of the option exercisable pursuant to this Section 7(c) may be exercised on any date within 30 days following the date on which the Optionee’s employment terminates. 

  

	8.	The permitted exercise events specified in Section 7 are intended to comply with the provisions of Section 409A(a)(2) of the Internal Revenue Code of 1986, as amended (the
“Code”). The Company may reduce or expand the period of time following an event in which the vested portion of the option may be exercised if Internal Revenue Service guidance specifies that such a reduction is required or that such an
expansion is permitted under the provisions of Code Section 409A(a)(2). In addition, the Company may make any other changes to this Grant Agreement it determines are necessary to comply with the provisions of Code Section 409A(a)(2).

  

	9.	The Optionee agrees to abide by the covenants and agreements set forth in Annex A hereto and incorporated by reference herein, and acknowledges that the option being granted
herein constitutes adequate and sufficient consideration in support of such covenants and agreements. 

  

	10.	The Optionee hereby acknowledges, understands, and agrees that by signing this Grant Agreement, the Optionee voluntarily and irrevocably forfeits any and all rights, title, and
interests the Optionee has or may have had in, to and under (a) any option agreement, option letter, or other similar document pursuant to which the Company (or any Subsidiary or affiliate thereof) may have previously granted, or offered to
grant, options in the Company (or any Subsidiary or affiliate thereof) to the Optionee and (b) any oral or written commitment or promise regarding options that the Company (or any Subsidiary or affiliate thereof) may have made to the Optionee,
except as to any options that have been previously exercised and paid for by the Optionee. 

  

	11.	 If the Optionee is entitled to exercise the vested portion of this option, and wishes to do so, in whole or in part, the Optionee shall submit to the Company a
notice of exercise, in the form 

	 	 
attached as Annex B hereto or such other form as may hereinafter be designated by the Company (in its sole discretion), specifying the exercise date and the
number of Shares to be purchased pursuant to such exercise, and shall remit to the Company in a form satisfactory to the Company (in its sole discretion) the exercise price, plus an amount sufficient to satisfy any withholding tax obligations of the
Company that arise in connection with such exercise (as determined by the Company). 

  

	12.	The Optionee hereby acknowledges receipt of a copy of the Plan attached hereto as Annex C as presently in effect. All of the terms and conditions of the Plan are incorporated herein
by reference (including, without limitation, the repurchase provisions of Paragraph 20 of the Plan) and this option is subject to such terms and conditions in all respects. Capitalized terms that are used but not otherwise defined herein shall have
the meanings given to such terms in the Plan. This Grant Agreement and the Plan constitute the entire agreement of the parties with respect to the subject matter hereof, and supersede any prior written or oral agreements. 

 

	13.	The Optionee hereby acknowledges, agrees and confirms that, upon his or her exercise of this option, the Optionee will be deemed to be a party to the Stockholders’ Agreement
attached hereto as Annex D and shall have all of the rights and obligations of the “Minority Stockholders” thereunder as if the Optionee had executed the Stockholders’ Agreement. The Optionee 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. 

 Nothing in the
Plan or this Grant Agreement shall confer upon the Optionee any right to continue in the employ of the Company or any of its Subsidiaries or affiliates, or interfere in any way with any right of the Company or any of its Subsidiaries or affiliates
to terminate such employment at any time for any reason whatsoever (whether for cause or without cause) without liability to the Company or any of its Subsidiaries or affiliates. 
  

											
	Accepted and Agreed:	 		 		 		  		 	
					
		 		 		 		  	CPG Finance, Inc.
						
	 /s/ Bob Arvanites
	 		 		 		  	By:	 	 /s/ G. WOELCKE

	Signature of Optionee	 		 		 		  	Name:	 	G. WOELCKE
		 		 		 		  	Title:	 	VICE PRESIDENT

  

			
	Attachments:	 	Annex A (Covenants and Agreements of Optionee)
		 	Annex B (Form of Exercise Notice)
		 	Annex C (The Plan)
		 	Annex D (Stockholders’ Agreement)

 ANNEX A 
 COVENANTS AND AGREEMENTS OF OPTIONEE 
 1. Optionee acknowledges the time and expense incurred by the Company in
connection with developing proprietary and confidential information in connection with the Company’s business and operations. Optionee agrees that Optionee will not, whether during Optionee’s service as an employee of Sun Capital Partners,
Inc. or its affiliates (“Sun Capital”) or the Company or its Subsidiaries or at any time thereafter, divulge, communicate, or use to the detriment of Sun Capital or the Company and their respective affiliates (the “Group”) or any
other person, firm or entity, confidential information or trade secrets relating to any member of the Group, including, without limitation, business strategies, operating plans, acquisition strategies (including the identities of (and any other
information concerning) possible acquisition candidates), financial information, market analyses, acquisition terms and conditions, personnel information, know-how, customer lists and relationships, supplier lists and relationships, or other
non-public proprietary and confidential information relating to any member of the Group. The foregoing confidentiality agreement shall not apply if Optionee can show that the communication (i) is required in the course of performing
Optionee’s duties as an employee of Sun Capital or the Company or its Subsidiaries, (ii) is made with the Board of Directors’ written consent, (iii) relates to information that is or becomes generally known by the public other
than as a result of a breach hereof, or (iv) is required by law or judicial or administrative process. 
 2. During Optionee’s service as an
employee of the Company or its Subsidiaries and for the two-year period thereafter, Optionee shall not, to the detriment of any of the Company or its Subsidiaries, directly or indirectly, for Optionee or on behalf of any other person, firm or
entity, employ, engage, retain, solicit, recruit or enter into a business affiliation with any person who at any time during the preceding 12-month period was an employee of any of the Company or its Subsidiaries, or attempt to persuade any
such person to terminate such person’s employment with any of the Company or its Subsidiaries, whether or not such person is a full-time employee or whether or not such employment is pursuant to a written agreement or at-will. If the Optionee
is or becomes an employee of Sun Capital, then the covenants in this paragraph 2 shall apply to the Group, in each instance to the same extent as applicable to the Company and/or its Subsidiaries. 
 3. During Optionee’s service as an employee of the Company or its Subsidiaries and for the one-year period thereafter (or such longer period as may be provided in
an severance or separation benefit agreement between the Company or its Subsidiaries and the Optionee), Optionee shall not, to the detriment of the Company or its Subsidiaries, directly or indirectly, for Optionee or on behalf of any other person,
firm or entity, solicit or otherwise attempt to take away any supplier, vendor, or customer of any member of the Group who Optionee solicited or did business with on behalf of the Company or its Subsidiaries. 
 4. During Optionee’s service as an employee of the Company or its Subsidiaries and for the one-year period thereafter (or such longer period as may be provided in
an severance or separation benefit agreement between the Company or its Subsidiaries and the Optionee), Optionee shall not, directly or indirectly, engage in, or serve as a principal, partner, joint venturer, member, manager, trustee, agent,
stockholder, director, officer or employee of, or advisor to, or in any other capacity, or in any manner, own, control, manage, operate, or otherwise participate, invest, or have any interest in, or be connected with, any person, firm or entity that
engages in any activity which competes directly or indirectly with any business of the Company or its subsidiary or parent companies (collectively, the “Company Business”) anywhere in the United States of America or any other country in
which the Company Business was conducted or related sales were effected during the preceding two years. THIS PARAGRAPH 4 WILL NOT APPLY AND WILL NOT BE ENFORCED BY THE COMPANY WITH RESPECT TO POST-TERMINATION ACTIVITY BY OPTIONEE THAT OCCURS IN
CALIFORNIA OR IN ANY OTHER STATE IN WHICH THIS PROHIBITION IS NOT ENFORCEABLE UNDER APPLICABLE LAW. 

 5. Whether during or after the term of Optionee’s employment or service, Optionee shall not disparage, defame or
discredit any member of the Group or engage in any activity which would have the effect of disparaging, defaming or discrediting any member of the Group, nor shall Optionee interfere with or disrupt the business activities of any member of the
Group, or engage in any activity which would have the effect of interfering with or disrupting the business activities of any member of the Group; provided, however, that nothing in this Paragraph 5 or elsewhere in this Annex shall
prevent Optionee from engaging in “whistle-blowing” or other activities expressly protected by applicable law, to the extent so protected. 
 6.
Optionee acknowledges that Optionee’s service as an employee of Sun Capital or the Company or its Subsidiaries, as the case may be, and the agreements herein are reasonable and necessary for the protection of Sun Capital and the Company and its
Subsidiaries and are an essential inducement to the Company’s grant of the Option. Accordingly, Optionee shall be bound by the provisions hereof to the maximum extent permitted by law, it being the intent and spirit of the parties that the
foregoing shall be fully enforceable. However, the parties further agree that, if any of the provisions hereof shall for any reason be held to be excessively broad as to duration, geographical scope, property or subject matter, such provision shall
be construed by limiting and reducing it so as to be enforceable to the extent compatible with the applicable law as it shall herein pertain. 
 7. Optionee
acknowledges that the services to be rendered by Optionee to the Company or its Subsidiaries are of a unique nature and that it would be difficult or impossible to replace such services and that by reason thereof Optionee agrees and consents that if
Optionee violates the provisions of this Annex, Sun Capital and the Company, in addition to any other rights and remedies available under this Contract or otherwise, shall be entitled to an injunction to be issued or specific performance to be
required restricting Optionee from committing or continuing any such violation. 

 ANNEX B 
 2005 Stock Option Plan of CPG Finance, Inc. 
 Notice of Exercise of Stock Option 
 1. Exercise of Option. Pursuant to the 2005 Stock Option Plan of CPG Finance, Inc. (the “Plan”) and my agreement with CPG Finance, Inc.
(the “Company”) dated December 12, 2005 (the “Grant Agreement”), I hereby elect to exercise my nonqualified stock option (the “Option”) to the extent of
                         shares of Non-Voting Common Stock of the Company (the “Shares”). 
 2. Delivery of Payment. I hereby deliver to the Company a cashier’s check in the amount of
$                         in full payment of the purchase price of the Shares [determined by multiplying (a) the
exercise price per Share as set forth in my Grant Agreement, by (b) the number of Shares as to which I am exercising the Option] and in satisfaction of my obligation to remit to the Company an amount sufficient to satisfy any withholding tax
obligations of the Company that arise in connection with this exercise, or through such other payment method agreed to by the Company and permitted under the terms of the Plan. 
 3. Representations. In connection with my exercise of the Option, I hereby represent to the Company as follows: 
 (a) I am acquiring the Shares solely for investment purposes, with no present intention of distributing or reselling any of the Shares or any interest
therein. I acknowledge that the Shares have not been registered under the Securities Act of 1933, as amended (the “Securities Act”). 
 (b) I am aware of the Company’s business affairs and financial condition and have acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Shares. 
 (c) I understand that the Shares are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to these
laws, I must hold the Shares indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or unless an exemption from such registration and qualification requirements is available. I
acknowledge that the Company has no obligation to register or qualify the Shares for resale. I further acknowledge that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not
limited to, the time and manner of sale, the holding period for the Shares, and requirements relating to the Company which are outside of my control, and which the Company is under no obligation to and may not be able to satisfy. 
 (d) I understand that there is no public market for the Shares, that no market may ever develop for them, and that the Shares have not been approved or
disapproved by the Securities and Exchange Commission or any other federal, state or other governmental agency. 
 (e) I understand that the
Shares are subject to certain restrictions on transfer set forth in the Plan. Both the Plan and the Grant Agreement are incorporated herein by reference. 
 (f) I understand that any Shares purchased hereunder shall be subject to the Stockholders’ Agreement of the Company dated as of December 8, 2005, as it may be amended from time to time
(“Stockholders’ Agreement”), a copy of which has been provided to me, and that it is a condition to the exercise of my Option that I execute the attached signature page of the Stockholders’ Agreement, agreeing to be bound
thereby. I have had a full and fair opportunity to review the Stockholders’ Agreement prior to exercising the Option. 

 (g) I understand that the certificate representing the Shares will be imprinted with the following
legends: 
 THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE
SECURITIES LAW AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES OR THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THE SECURITIES,
REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT AND APPLICABLE STATE SECURITIES LAWS. 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A RIGHT OF FIRST REFUSAL AND A REPURCHASE RIGHT IN FAVOR OF THE COMPANY OR ITS ASSIGNEE AS
SET FORTH IN THE COMPANY’S STOCK OPTION PLAN. SUCH RIGHT OF FIRST REFUSAL AND REPURCHASE RIGHT ARE BINDING ON TRANSFEREES OF THE SHARES REPRESENTED BY THIS CERTIFICATE. 
 THIS CERTIFICATE AND THE SECURITIES REPRESENTED HEREBY ARE HELD SUBJECT TO THE TERMS, COVENANTS AND CONDITIONS OF A STOCKHOLDERS’ AGREEMENT DATED AS
OF DECEMBER 8, 2005, AS SUCH AGREEMENT MAY BE AMENDED, BY AND AMONG THE STOCKHOLDERS OF CPG FINANCE, INC., AND MAY NOT BE TRANSFERRED OR DISPOSED OF EXCEPT IN ACCORDANCE WITH THE TERMS AND PROVISIONS THEREOF. A COPY OF SAID AGREEMENT AND ALL
AMENDMENTS THERETO IS ON FILE AND MAY BE INSPECTED AT THE PRINCIPAL EXECUTIVE OFFICES OF THE COMPANY. 
 (h) I have consulted my own tax
advisors in connection with my exercise of this Option and I am not relying upon the Company for any tax advice. 
 (i) I am presently an
employee of the Company, or my employment has been terminated involuntarily or due to death or Disability (as defined in the Plan) within the past 30 days. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

															
		 		 		 		 		 	Submitted by the Optionholder:	  	
					
	Date:                    	 		 		 		 	By:
                                        
                        
						
		 		 		 		 		 	Print Name:
                                        
          
						
		 		 		 		 		 	Address:
                                        
              
								
		 		 		 		 		 		 	____________________________	  	
						
		 		 		 		 		 	Social Security No.
                                     
 
						
		 		 		 		 		 	Received and Accepted by the Company:
							
		 		 		 		 		 	CPG Finance, Inc.	  	
						
		 		 		 		 		 	By:
                                        
                        
						
		 		 		 		 		 	Print Name:
                                        
          
						
		 		 		 		 		 	Title:
                                        
                      

 Note: If options are being exercised on behalf of a deceased Plan participant, then this Notice must be
signed by such participant’s personal representative and must be accompanied by a certificate issued by an appropriate authority evidencing that the individual signing this Notice has been duly appointed and is currently serving as the
participant’s personal representative under applicable local law governing decedents’ estates.

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