Document:

EX-10.26

 Exhibit 10.26 

REGISTRATION RIGHTS AGREEMENT 

 TABLE OF CONTENTS 

 
  

 

					
	 	  	PAGE	 
	ARTICLE 1	 
	DEFINITIONS	 
		
	 Section 1.01. Defined Terms
	  	 	1	 
	 Section 1.02. General Interpretive Principles
	  	 	3	 
	
	ARTICLE 2	 
	REGISTRATION RIGHTS	 
		
	 Section 2.01. Registration
	  	 	4	 
	 Section 2.02. Piggyback Registrations
	  	 	6	 
	 Section 2.03. Selection of Underwriter(s), etc.
	  	 	7	 
	 Section 2.04. Registration Procedures
	  	 	7	 
	 Section 2.05. Holdback Agreements
	  	 	11	 
	 Section 2.06. Underwriting Agreement in Underwritten Offerings
	  	 	11	 
	 Section 2.07. Registration Expenses Paid By Company
	  	 	12	 
	 Section 2.08. Indemnification
	  	 	12	 
	 Section 2.09. Reporting Requirements; Rule 144
	  	 	14	 
	
	ARTICLE 3	 
	MISCELLANEOUS	 
		
	 Section 3.01. Term
	  	 	14	 
	 Section 3.02. Notices
	  	 	14	 
	 Section 3.03. Successors, Assigns and Transferees
	  	 	15	 
	 Section 3.04. Governing Law; No Jury Trial
	  	 	15	 
	 Section 3.05. Specific Performance
	  	 	16	 
	 Section 3.06. Headings
	  	 	16	 
	 Section 3.07. Severability
	  	 	16	 
	 Section 3.08. Amendment; Waiver
	  	 	16	 
	 Section 3.09. Further Assurances
	  	 	16	 
	 Section 3.10. Counterparts
	  	 	16	 

 REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT, dated as of [•] (this “Agreement”), is by and between Pactiv Evergreen 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 (“IPO”) of its Common Stock (as
defined below); and 
 WHEREAS, the Company desires to grant registration rights to PFL on the terms and conditions set out in this
Agreement; 
 NOW, THEREFORE, in consideration of the covenants and agreements contained herein, the parties hereto agree as follows: 

ARTICLE 1 
 DEFINITIONS 

Section 1.01. Defined Terms. As used in this Agreement, the following terms shall have the following meanings: 

“Action” means any demand, action, suit, countersuit, arbitration, inquiry, proceeding or investigation by or before any
Governmental Authority or any federal, state, local, foreign or international arbitration or mediation tribunal. 

“Affiliate” in respect of a Person, means any other Person that, directly or indirectly, through one or more intermediaries,
controls, is controlled by, or is under common control with, such Person, and (i) in the case of a natural person, shall include, without limitation, such person’s spouse, parents, children, siblings, mother-in-law and father-in-law and brothers and
sisters-in-law, whether by blood, marriage or adoption or anyone residing in such person’s home, a trust for the benefit of any of the foregoing, a company,
partnership or any natural person or entity wholly or jointly owned by any of the foregoing, and (ii) in the case of an entity, shall include a partnership, a corporation or any natural person or entity which directly, or indirectly through one
or more intermediaries, controls, is controlled by, or is under common control with, such entity. As used herein, “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of such entity, whether through ownership of voting securities or other interests, by contract or otherwise. 

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

“Business Day” means any day other than a Saturday, Sunday or a day on which banking institutions are authorized or obligated
by law to be closed in New York, New York. 
 “Common Stock” means the common shares, par value $0.001 per share, of the
Company and any shares into which such common stock may be converted. 
 “Company Notice” has the meaning set forth in
Section 2.01(a). 
 “Company Takedown Notice” has the meaning set forth in Section 2.01(f). 

“Demand Registration” has the meaning set forth in Section 2.01(a). 

“Eligible Holders” has the meaning set forth in Section 2.01(a). 

 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“FINRA” means the Financial Industry Regulatory Authority. 

“Governmental Authority” means any nation or government, any state, municipality or other political subdivision thereof, and
any entity, body, agency, commission, department, board, bureau, court, tribunal or other instrumentality, whether federal, state, local, domestic, foreign or multinational, exercising executive, legislative, judicial, regulatory, administrative or
other similar functions of, or pertaining to, government and any executive official thereof. 
 “Holder” shall mean PFL or
any of its Affiliates, so long as such Person holds any Registrable Securities, and any Person owning Registrable Securities who is a permitted transferee of rights under Section 3.03. 

“Initiating Holder” has the meaning set forth in Section 2.01(a). 

“IPO” has the meaning set forth in the recitals to this Agreement. 

“Loss” or “Losses” has the meaning set forth in Section 2.08(a). 

“Person” means an individual, a general or limited partnership, a corporation, a trust, a joint venture, an unincorporated
organization, a limited liability entity, any other entity and any Governmental Authority. 
 “Piggyback Registration” has
the meaning set forth in Section 2.02(a). 
 “Prospectus” means the prospectus included in any Registration Statement,
all amendments and supplements to such prospectus, including post-effective amendments, and all other material incorporated by reference in such prospectus. 

“Registrable Securities” means any Shares and any securities issued or issuable directly or indirectly with respect to, in
exchange for, upon the conversion of or in replacement of the Shares, whether by way of a dividend or distribution or stock split or in connection with a combination of shares, recapitalization, merger, consolidation, exchange or other
reorganization; provided that any such Shares shall cease to be Registrable Securities if (i) they have been registered and sold pursuant to an effective Registration Statement, (ii) they have been transferred by a Holder in a
transaction in which the Holder’s rights under this Agreement are not, or cannot be, assigned, (iii) they may be sold pursuant to Rule 144 under the Securities Act without limitation thereunder on volume or manner of sale and the Holder of
such securities does not then beneficially own more than 2% of outstanding Common Stock, or (iv) they have ceased to be outstanding. 

“Registration” means a registration with the SEC of the offer and sale to the public of Common Stock under a Registration
Statement. The terms “Register,” “Registered” and “Registering” shall have a correlative meaning. 

“Registration Expenses” shall mean all expenses incident to the Company’s performance of or compliance with this
Agreement, including all (i) registration, qualification and filing fees; (ii) expenses incurred in connection with the preparation, printing and filing under the Securities Act of the Registration Statement, any Prospectus and any issuer
free writing prospectus and the distribution thereof; (iii) the fees and expenses of the Company’s counsel and independent accountants; (iv) the fees and expenses incurred in connection with the registration or qualification and
determination of eligibility for investment of the Shares under the state or foreign securities or blue sky laws and the preparation, printing and distribution of a blue sky or legal investment memorandum (including the related fees and expenses of
counsel); (v) the costs and charges of any transfer agent and any registrar; (vii) all expenses and application fees incurred in connection with any filing with, and clearance of an offering by, FINRA; (vii) expenses incurred in connection
with any “road show” presentation to potential investors; (viii) printing expenses, messenger, telephone and delivery expenses; (ix) internal expenses of the Company (including all salaries and expenses of employees of the
Company performing legal or accounting duties); and (x) fees and expenses of listing any Registrable Securities on any securities exchange on which Common Stock are then listed; but excluding any Selling Expenses. 

  
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 “Registration Period” has the meaning set forth in Section 2.01(c).

 “Registration Rights” shall mean the rights of the Holders to cause the Company to Register Registrable Securities
pursuant to this Agreement. 
 “Registration Statement” means any registration statement of the Company filed with, or to
be filed with, the SEC under the rules and regulations promulgated under the Securities Act, including the related Prospectus, amendments and supplements to such registration statement, including post-effective amendments, and all exhibits and all
material incorporated by reference in such registration statement. 
 “PFL” has the meaning set forth in the recitals to
this Agreement and shall include its successors by merger, acquisition, reorganization or otherwise. 
 “SEC” means the
U.S. Securities and Exchange Commission. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Selling Expenses” means all underwriting discounts, selling commissions and transfer taxes applicable to the sale of
Registrable Securities hereunder. 
 “Shares” means all shares of Common Stock that are beneficially owned by PFL or, any
of its Affiliates or any permitted transferee of rights under Section 3.03 from time to time, whether or not held immediately following the IPO. 

“Shelf Registration” means a Registration Statement of the Company for an offering to be made on a delayed or continuous
basis of Common Stock pursuant to Rule 415 under the Securities Act (or similar provisions then in effect). 
 “Subsidiary”
means, when used with respect to any Person, (a) a corporation in which such Person or one or more Subsidiaries of such Person, directly or indirectly, owns capital stock having a majority of the total voting power in the election of directors
of all outstanding shares of all classes and series of capital stock of such corporation entitled generally to vote in such election; and (b) any other Person (other than a corporation) in which such Person or one or more Subsidiaries of such
Person, directly or indirectly, has (i) a majority ownership interest or (ii) the power to elect or direct the election of a majority of the members of the governing body of such first-named Person. 

“Takedown Notice” has the meaning set forth in Section 2.01(f). 

“Third Party Holder” has the meaning set forth in Section 3.03. 

“Underwritten Offering” means a Registration in which securities of the Company are sold to an underwriter or underwriters on
a firm commitment basis for reoffering to the public. 
 Section 1.02. General Interpretive Principles. Whenever used in this
Agreement, except as otherwise expressly provided or unless the context otherwise requires, any noun or pronoun shall be deemed to include the plural as well as the singular and to cover all genders. Whenever the words “include,”
“includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” Unless otherwise specified, the terms “hereof,”
“herein,” “hereunder” and similar terms refer to this Agreement as a whole (including the exhibits hereto), and references herein to Articles and Sections refer to Articles and Sections of this Agreement. Except as
otherwise indicated, all periods of 

  
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time referred to herein shall include all Saturdays, Sundays and holidays; provided, however, that if the date to perform the act or give any notice with respect to this Agreement
shall fall on a day other than a Business Day, such act or notice may be performed or given timely if performed or given on the next succeeding Business Day. References to a Person are also to its permitted successors and assigns. The parties have
participated jointly in the negotiation and drafting of this Agreement and, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the parties, and no presumption or burden
of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement. 
 ARTICLE 2 

REGISTRATION RIGHTS 

Section 2.01. Registration. 

(a) Request. Each of (1) PFL and any permitted transferee of rights pursuant to clauses (i), (iii) and (iv) of
Section 3.03 and (2) Third Party Holders of at least 5% of outstanding Common Stock, shall have the right to request that the Company file a Registration Statement with the SEC on the appropriate registration form for all or part of the
Registrable Securities held by such Holder once such Holder is no longer subject to the lock-up applicable to it entered into in connection with the IPO (which may be due to the expiration or waiver of such lock-up with respect to such Registrable Securities) by delivering a written request to the Company specifying the kind and number of shares of Registrable Securities such Holder wishes to Register and the intended
method of distribution thereof (a “Demand Registration” and the Holder submitting such Demand Registration, the “Initiating Holder”). The Company shall (i) within 10 days of the receipt of such request, give
written notice of such Demand Registration (the “Company Notice”) to all Holders other than the relevant Initiating Holder (the “Eligible Holders”), (ii) use its reasonable best efforts to file a Registration
Statement in respect of such Demand Registration within 45 days of receipt of the request, and (iii) use its reasonable best efforts to cause such Registration Statement to become effective as soon as reasonably practicable thereafter. The
Company shall include in such Registration all Registrable Securities that the Eligible Holders request to be included within the 10 Business Days following their receipt of the Company Notice. 

(b) Limitations of Demand Registrations. There shall be no limitation on the number of Demand Registrations pursuant to
Section 2.01(a); provided, however, that Third Party Holders shall not require the Company to effect more than three Demand Registrations collectively in a 12-month period. The Registrable
Securities requested to be Registered pursuant to Section 2.01(a) (including, for the avoidance of doubt, the Registrable Securities of Eligible Holders requested to be registered) must represent (i) an aggregate offering price of
Registrable Securities that is reasonably expected to equal at least $50,000,000 or (ii) all of the remaining Registrable Securities owned by the Initiating Holder and its Affiliates. 

(c) Effective Registration. The Company shall be deemed to have effected a Registration for purposes of Section 2.01(b) if the
Registration Statement is declared effective by the SEC or becomes effective upon filing with the SEC, and remains effective until the earlier of (i) the date when all Registrable Securities thereunder have been sold and (ii) 60 days from the
effective date of the Registration Statement (the “Registration Period”). No Registration shall be deemed to have been effective if (i) the conditions to closing specified in the underwriting agreement, if any, entered into in
connection with such Registration are not satisfied by reason of the Company or (ii) the number of Registrable Securities included in any such Registration Statement is reduced in accordance with Section 2.01(e) such that less than 25% of
the aggregate number of Registrable Securities requested to be Registered pursuant to Section 2.01(a) are included. If, during the Registration Period, such Registration is interfered with by any stop order, injunction or other order or
requirement of the SEC or other Governmental Authority, the Registration Period shall be extended on a day-for-day basis for any period the Holder is unable to complete
an offering as a result of such stop order, injunction or other order or requirement of the SEC or other Governmental Authority. 

  
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 (d) Underwritten Offering. If the Initiating Holder so indicates at the time of its
request pursuant to Section 2.01(a), such offering of Registrable Securities shall be in the form of an Underwritten Offering and the Company shall include such information in the Company Notice. In the event that the Initiating Holder intends
to distribute the Registrable Securities by means of an Underwritten Offering, no Holder may include Registrable Securities in such Registration unless such Holder, subject to the limitations set forth in Section 2.06, (i) agrees to sell its
Registrable Securities on the basis provided in the applicable underwriting arrangements; (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the
terms of such underwriting arrangements and (iii) cooperates with the Company’s reasonable requests in connection with such Registration (it being understood that the Company’s failure to perform its obligations hereunder, which
failure is caused by such Holder’s failure to cooperate, will not constitute a breach by the Company of this Agreement). 
 (e)
Priority of Securities in an Underwritten Offering. If the Company, after consultation with the managing underwriter or underwriters of a proposed Underwritten Offering, including an Underwritten Offering from a Shelf Registration, pursuant
to this Section 2.01, determines in its sole discretion that the number of securities requested to be included in such Underwritten Offering exceeds the number that can be sold in such Underwritten Offering without being likely to have a
significant adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, then the number of securities to be included in such Underwritten Offering shall be reduced in the following order of
priority: first, there shall be excluded from the Underwritten Offering any securities to be sold for the account of any selling securityholder other than the Initiating Holder and the Eligible Holders; second, there shall be excluded
from the Underwritten Offering any securities to be sold for the account of the Company; third, there shall be excluded from the Underwritten Offering any securities to be sold for the account of the Eligible Holders and their Affiliates that
have been requested to be included therein, pro rata based on the number of Registrable Securities owned by each such Eligible Holder; and finally, there shall be excluded from the Underwritten Offering any securities to be sold for
the account of the Initiating Holder and its Affiliates that have been requested to be included therein, in each case to the extent necessary to reduce the total number of securities to be included in such offering to the number determined by the
Company after consultation with the managing underwriter or underwriters. 
 (f) Shelf Registration. At any time after the date hereof
when the Company is eligible to Register the applicable Registrable Securities on Form S-3 (or a successor form) and an Initiating Holder is entitled to request Demand Registrations, such Initiating Holder may
request the Company to effect a Demand Registration as a Shelf Registration. For the avoidance of doubt, the requirement that (i) the Company deliver a Company Notice in connection with a Demand Registration and (ii) the right of Eligible
Holders to request that their Registrable Securities be included in a Registration Statement filed in connection with a Demand Registration, each as set forth in Section 2.01(a), shall apply to a Demand Registration that is effected as Shelf
Registration. There shall be no limitations on the number of Underwritten Offerings pursuant to a Shelf Registration; provided, however, that Third Party Holders may not require the Company to effect more than three Underwritten
Offerings collectively in a 12-month period. If any Initiating Holder holds Registrable Securities included on a Shelf Registration, it shall have the right to request that the Company cooperate in a shelf
takedown at any time, including an Underwritten Offering, by delivering a written request thereof to the Company specifying the kind and number of shares of Registrable Securities such Initiating Holder wishes to include in the shelf takedown
(“Takedown Notice”). The Company shall (i) within five days of the receipt of a Takedown Notice, give written notice of such Takedown Notice to all Holders of Registrable Securities included on such Shelf Registration (the
“Company Takedown Notice”), and (ii) shall take all actions reasonably requested by the Initiating Holder who submitted the Takedown Notice, including the filing of a Prospectus supplement and the other actions described in
Section 2.04, in accordance with the intended method of distribution set forth in the Takedown Notice as expeditiously as practicable. If the takedown is an Underwritten Offering, the Company shall include in such Underwritten Offering all
Registrable Securities that the Holders of Registrable Securities included in the Registration Statement for such Shelf Registration, request be included within the five Business Days following such Holders’ receipt of the Company Takedown
Notice. If the takedown is an Underwritten Offering, the Registrable Securities requested to be included in a shelf takedown must represent (i) an aggregate offering price of Registrable Securities that is reasonably expected to equal at least
$50,000,000 or (ii) all of the remaining Registrable Securities owned by the requesting Initiating Holder and its Affiliates. 

  
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 (g) SEC Form. Except as set forth in the next sentence, the Company shall use its
reasonable best efforts to cause Demand Registrations to be Registered on Form S-3 (or any successor form), and if the Company is not then eligible under the Securities Act to use Form S-3, Demand Registrations shall be Registered on Form S-1 (or any successor form). The Company shall use its reasonable best efforts to become eligible to use Form S-3 and, after becoming eligible to use Form S-3, shall use its reasonable best efforts to remain so eligible. All Demand Registrations shall comply with applicable
requirements of the Securities Act and, together with each Prospectus included, filed or otherwise furnished by the Company in connection therewith, shall not contain any untrue statement of material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein not misleading. 
 (h) Postponement. Upon notice to, in the case of a
Demand Registration, the Initiating Holder for such Demand Registration and any other Eligible Holders or, in the case of a shelf takedown, the Initiating Holder or Holders requesting such shelf takedown and any other Holders to which a Company
Takedown Notice has been delivered with respect to such shelf takedown, the Company may postpone effecting a Registration or shelf takedown, as applicable, pursuant to this Section 2.01 on two occasions during any period of twelve consecutive
months for a reasonable time specified in the notice but not exceeding 120 days (which period may not be extended or renewed), if (i) the Company reasonably believes that effecting the Registration or shelf takedown, as applicable, would
materially and adversely affect a proposal or plan by the Company to engage in (directly or indirectly through any of its Subsidiaries): (x) a material acquisition or divestiture of assets; (y) a merger, consolidation, tender offer,
reorganization, primary offering of the Company’s securities or similar material transaction; or (z) a material financing or any other material business transaction with a third party or (ii) the Company is in possession of material non-public information the disclosure of which during the period specified in such notice the Company reasonably believes would not be in the best interests of the Company. 

(i) Right to Withdraw. Unless otherwise agreed, each Holder shall have the right to withdraw such Holder’s request for inclusion of
its Registrable Securities in any Underwritten Offering pursuant to this Section 2.01 at any time prior to the execution of an underwriting agreement with respect thereto by giving written notice to the Company of such Holder’s request to
withdrawn and, subject to the preceding clause, each Holder shall be permitted to withdraw all or part of such Holder’s Registrable Securities from a Demand Registration at any time prior to the effective date thereof. 

Section 2.02. Piggyback Registrations. 

(a) Participation. If the Company proposes to file a Registration Statement under the Securities Act with respect to any offering of
Common Stock for its own account and/or for the account of any other Persons (other than a Registration (i) under Section 2.01 hereof, (ii) pursuant to a Registration Statement on Form S-8 (or
other registration solely relating to an offering or sale to employees or directors of the Company pursuant to any employee stock plan or other employee benefit arrangement) or Form S-4 or similar form that
relates to a transaction subject to Rule 145 under the Securities Act, (iii) in connection with any dividend reinvestment or similar plan or (iv) for the sole purpose of offering securities to another entity or its security holders in
connection with the acquisition of assets or securities of such entity or any similar transaction), then, as soon as practicable (but in no event less than 5 days prior to the proposed date of filing such Registration Statement), the Company shall
give written notice of such proposed filing to each Holder, and such notice shall offer such Holders the opportunity to Register under such Registration Statement such number of Registrable Securities as each such Holder may request in writing (a
“Piggyback Registration”). Subject to Section 2.02(a) and Section 2.02(c), the Company shall include in such Registration Statement all such Registrable Securities that are requested to be included therein within seven
Business Days after the receipt of any such notice; provided, however, that if, at any time after giving written notice of its intention to Register any securities pursuant to this Section 2.02(a) and prior to the effective date
of the Registration Statement filed in connection with such Registration, the Company shall determine for any reason not to Register or to delay Registration of such securities, the Company may, at its election, give written notice of such
determination to each such Holder and, thereupon, (i) in the case of 

  
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a determination not to Register, shall be relieved of its obligation to Register any Registrable Securities in connection with such Registration and shall have no liability to any Holder in
connection with such termination, and (ii) in the case of a determination to delay Registration, shall be permitted to delay Registering any Registrable Securities for the same period as the delay in Registering such other shares of Common
Stock, in each case without prejudice, however, to the rights of any Holder to request that such Registration be effected as a Demand Registration under Section 2.01. For the avoidance of doubt. no Registration effected under this
Section 2.02 shall relieve the Company of its obligation to effect any Demand Registration under Section 2.01. If the offering pursuant to a Registration Statement pursuant to this Section 2.02 is to be an Underwritten Offering, then
each Holder making a request for a Piggyback Registration pursuant to this Section 2.02(a) shall, and the Company shall use reasonable best efforts to coordinate arrangements with the underwriters so that each such Holder may, participate in
such Underwritten Offering. If the offering pursuant to such Registration Statement is to be on any other basis, then each Holder making a request for a Piggyback Registration pursuant to this Section 2.02(a) shall, and the Company shall use
reasonable best efforts to coordinate arrangements so that each such Holder may, participate in such offering on such basis. If the Company files a Shelf Registration for its own account and/or for the account of any other Persons, the Company
agrees that it shall use its reasonable best efforts to include in such Registration Statement such disclosures as may be required by Rule 430B under the Securities Act in order to ensure that the Holders may be added to such Shelf Registration at a
later time through the filing of a Prospectus supplement rather than a post-effective amendment. 
 (b) Right to Withdraw. Unless
otherwise agreed, each Holder shall have the right to withdraw such Holder’s request for inclusion of its Registrable Securities in any Underwritten Offering pursuant to this Section 2.02 at any time prior to the execution of an
underwriting agreement with respect thereto by giving written notice to the Company of such Holder’s request to withdraw and, subject to the preceding clause, each Holder shall be permitted to withdraw all or part of such Holder’s
Registrable Securities from a Piggyback Registration at any time prior to the effective date thereof. 
 (c) Priority of Piggyback
Registration. If the managing underwriter or underwriters of any proposed Underwritten Offering of a class of Registrable Securities included in a Piggyback Registration informs the Company and the Holders in writing that, in its or their
opinion, the number of securities of such class which such Holder and any other Persons intend to include in such Underwritten Offering exceeds the number which can be sold in such Underwritten Offering without being likely to have a significant
adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, then the securities to be included in such Underwritten Offering shall be reduced in the following order of priority:
first, there shall be excluded from the Underwritten Offering any securities to be sold for the account of any selling securityholder other than the Holders; and second, there shall be excluded from the Underwritten Offering any
securities to be sold for the account of Holders and their Affiliates that have been requested to be included therein, pro rata based on the number of Registrable Securities owned by each such Holder, in each case to the extent necessary to
reduce the total number of securities to be included in such offering to the number recommended by the managing underwriter or underwriters. 

Section 2.03. Selection of Underwriter(s) etc.. In any Underwritten Offering pursuant to Section 2.01, the Company shall
select the underwriter(s), financial printer and/or solicitation and/or exchange agent (if any). The Company may consult with the Initiating Holder in its selection, provided that the Company shall be under no obligation to the Initiating Holder as
a result of or in connection with such consultation 
 Section 2.04. Registration Procedures. 

(a) In connection with the Registration and/or sale of Registrable Securities pursuant to this Agreement, through an Underwritten Offering or
otherwise, the Company shall use reasonable best efforts to effect or cause the Registration and the sale of such Registrable Securities in accordance with the intended methods of disposition thereof and: 

  
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 (i) prepare and file the required Registration Statement, including all
exhibits and financial statements required under the Securities Act to be filed therewith, and before filing with the SEC a Registration Statement or Prospectus, or any amendments or supplements thereto, (A) furnish to the underwriters, if any,
and to the Holders participating in such Registration, copies of all documents prepared to be filed, which documents will be subject to the review of such underwriters and such participating Holders and their respective counsel, and
(B) consider in good faith any comments of the underwriters and Holders and their respective counsel on such documents; 

(ii) prepare and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in
connection therewith as may be necessary to keep such Registration Statement effective in accordance with the terms of this Agreement and to comply with the provisions of the Securities Act with respect to the disposition of all of the Shares
Registered thereon; 
 (iii) in the case of a Shelf Registration, prepare and file with the SEC such amendments and
supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective and to comply with the provisions of the Securities Act with respect to the disposition of
all Shares subject thereto for a period ending on the 3rd anniversary after the effective date of such Registration Statement; 

(iv) notify the participating Holders and the managing underwriter or underwriters, if any, and (if requested) confirm such
advice in writing and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by the Company (A) when the applicable Registration Statement or any amendment thereto has been filed or becomes
effective, or when the applicable Prospectus or any amendment or supplement to such Prospectus has been filed, (B) of any written comments by the SEC or any request by the SEC or any other Governmental Authority for amendments or supplements to
such Registration Statement or such Prospectus or for additional information, (C) of the issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or any order preventing or suspending the use of any
preliminary or final Prospectus or the initiation or threatening of any proceedings for such purposes, (D) if, at any time, the representations and warranties of the Company in any applicable underwriting agreement cease to be true and correct
in all material respects, and (E) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities for offering or sale in any jurisdiction or the initiation or threatening of
any proceeding for such purpose; 
 (v) promptly notify each selling Holder and the managing underwriter or underwriters, if
any, when the Company becomes aware of the occurrence of any event as a result of which the applicable Registration Statement or the Prospectus included in such Registration Statement (as then in effect) contains any untrue statement of a material
fact or omits to state a material fact necessary to make the statements therein (in the case of such Prospectus and any preliminary Prospectus, in light of the circumstances under which they were made) not misleading or, if for any other reason it
shall be necessary during such time period to amend or supplement such Registration Statement or Prospectus in order to comply with the Securities Act and, in either case as promptly as reasonably practicable thereafter, prepare and file with the
SEC, and furnish without charge to the selling Holder and the managing underwriter or underwriters, if any, an amendment or supplement to such Registration Statement or Prospectus which will correct such statement or omission or effect such
compliance; 
 (vi) use its reasonable best efforts to prevent or obtain the withdrawal of any stop order or other order
suspending the use of any preliminary or final Prospectus; 
 (vii) promptly incorporate in a Prospectus supplement or
post-effective amendment such information as the managing underwriters, if any, and the Holders may reasonably request to be included therein in order to permit the intended method of distribution of the Registrable Securities; and make all required
filings of such Prospectus supplement or post-effective amendment as soon as reasonably practicable after being notified of the matters to be incorporated in such Prospectus supplement or post-effective amendment; 

  
 8 

 (viii) furnish to each selling Holder and each underwriter, if any, without
charge, as many conformed copies as such Holder or underwriter may reasonably request of the applicable Registration Statement and any amendment or post-effective amendment thereto, including financial statements and schedules, all documents
incorporated therein by reference and all exhibits (including those incorporated by reference); 
 (ix) deliver to each
selling Holder and each underwriter, if any, without charge, as many copies of the applicable Prospectus (including each preliminary Prospectus) and any amendment or supplement thereto as such Holder or underwriter may reasonably request (it being
understood that the Company consents to the use of such Prospectus or any amendment or supplement thereto by each selling Holder and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such
Prospectus or any amendment or supplement thereto) and such other documents as such selling Holder or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities by such Holder or underwriter; 

(x) on or prior to the date on which the applicable Registration Statement is declared effective or becomes effective, use its
reasonable best efforts to register or qualify, and cooperate with each selling Holder, the managing underwriter or underwriters, if any, and their respective counsel, in connection with the registration or qualification of such Registrable
Securities for offer and sale under the securities or “blue sky” laws of each state and other jurisdiction of the United States as any selling Holder or managing underwriter or underwriters, if any, or their respective counsel reasonably
request in writing and do any and all other acts or things reasonably necessary or advisable to keep such registration or qualification in effect for so long as such Registration Statement remains in effect and so as to permit the continuance of
sales and dealings in such jurisdictions of the United States for so long as may be necessary to complete the distribution of the Registrable Securities covered by the Registration Statement; provided that the Company will not be required to
qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to taxation or general service of process in any such jurisdiction where it is not then so subject; 

(xi) in connection with any sale of Registrable Securities that will result in such securities no longer being Registrable
Securities, cooperate with each selling Holder and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive
Securities Act legends; and to register such Registrable Securities in such denominations and such names as such selling Holder or the underwriter(s), if any, may request at least two Business Days prior to such sale of Registrable Securities;
provided that the Company may satisfy its obligations hereunder without issuing physical stock certificates through the use of The Depository Trust Company’s Direct Registration System; 

(xii) cooperate and assist in any filings required to be made with the FINRA and each securities exchange, if any, on which any
of the Company’s securities are then listed or quoted and on each inter-dealer quotation system on which any of the Company’s securities are then quoted, and in the performance of any due diligence investigation by any underwriter
(including any “qualified independent underwriter”) that is required to be retained in accordance with the rules and regulations of each such exchange, and use its reasonable best efforts to cause the Registrable Securities covered by the
applicable Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the
disposition of such Registrable Securities; 
 (xiii) not later than the effective date of the applicable Registration
Statement, provide a CUSIP number for all Registrable Securities and provide the applicable transfer agent with printed certificates for the Registrable Securities which are in a form eligible for deposit with The Depository Trust Company;
provided that the Company may satisfy its obligations hereunder without issuing physical stock certificates through the use of The Depository Trust Company’s Direct Registration System; 

(xiv) in the case of an Underwritten Offering, obtain for delivery to and addressed to the selling Holders and the underwriter
or underwriters, an opinion from the Company’s outside counsel in customary form and content for the type of Underwritten Offering, dated the date of the closing under the underwriting agreement; 

  
 9 

 (xv) in the case of an Underwritten Offering, obtain for delivery to and
addressed to the underwriter or underwriters and, to the extent agreed by the Company’s independent certified public accountants, each selling Holder, a comfort letter from the Company’s independent certified public accountants (and the
independent certified public accountants with respect to any acquired company financial statements) in customary form and content for the type of Underwritten Offering, including with comfort letters customarily delivered in connection with
quarterly period financial statements if applicable, dated the date of execution of the underwriting agreement and brought down to the closing under the underwriting agreement; 

(xvi) use its reasonable best efforts to comply with all applicable rules and regulations of the SEC and make generally
available to its security holders, as soon as reasonably practicable, but no later than 90 days after the end of the 12-month period beginning with the first day of the Company’s first quarter commencing
after the effective date of the applicable Registration Statement, an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and the rules and regulations promulgated thereunder and covering the period of at least
12 months, but not more than 18 months, beginning with the first month after the effective date of the Registration Statement; 

(xvii) provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by the
applicable Registration Statement from and after a date not later than the effective date of such Registration Statement; 

(xviii) cause all Registrable Securities covered by the applicable Registration Statement to be listed on each securities
exchange on which any of the Company’s Common Stock are then listed or quoted and on each inter-dealer quotation system on which any of the Company’s Common Stock are then quoted, including the filing of any required supplemental listing
application; 
 (xix) provide (A) each Holder participating in the Registration, (B) the underwriters (which term,
for purposes of this Agreement, shall include a Person deemed to be an underwriter within the meaning of Section 2(11) of the Securities Act), if any, of the Registrable Securities to be Registered, (C) the sale or placement agent
therefor, if any, (D) counsel for such underwriters or agent, and (E) any attorney, accountant or other agent or representative retained by such Holder or any such underwriter, as selected by such Holder, the opportunity to participate in
the preparation of such Registration Statement, each Prospectus included therein or filed with the SEC, and each amendment or supplement thereto, and to require the insertion therein of material, furnished to the Company in writing, which in the
reasonable judgment of such Holder(s) and their counsel should be included; and for a reasonable period prior to the filing of such Registration Statement, make available upon reasonable notice at reasonable times and for reasonable periods for
inspection by the parties referred to in (A) through (E) above, all pertinent financial and other records, pertinent corporate documents and properties of the Company that are available to the Company, and cause the Company’s officers,
employees and the independent public accountants who have certified its financial statements to make themselves available at reasonable times and for reasonable periods, to discuss the business of the Company and to supply all information available
to the Company reasonably requested by any such Person in connection with such Registration Statement as shall be necessary to enable them to exercise their due diligence responsibility, subject to the foregoing, provided that any such Person
gaining access to information or personnel pursuant to this Section 2.04(a)(xix) shall agree to use reasonable efforts to protect the confidentiality of any information regarding the Company which the Company determines in good faith to be
confidential, and of which determination such Person is notified, unless (x) the release of such information is required by law or regulation or is requested or required by deposition, interrogatory, requests for information or documents by a
governmental entity, subpoena or similar process, (y) such information is or becomes publicly known without a breach of this Agreement, (F) such information is or becomes available to such Person on a
non-confidential basis from a source other than the Company or (z) such information is independently developed by such Person; 

  
 10 

 (xx) to cause the executive officers of the Company to participate in the
customary “road show” presentations that may be reasonably requested by the managing underwriter or underwriters in any Underwritten Offering and otherwise to facilitate, cooperate with, and participate in each proposed offering
contemplated herein and customary selling efforts related thereto; and 
 (xxi) take all other customary steps reasonably
necessary to effect the Registration, offering and sale of the Registrable Securities. 
 (b) As a condition precedent to any Registration
hereunder, the Company may require each Holder as to which any Registration is being effected to furnish to the Company such information regarding the distribution of such securities and such other information relating to such Holder, its ownership
of Registrable Securities and other matters as the Company may from time to time reasonably request in writing. Each such Holder agrees to furnish such information to the Company and to cooperate with the Company as reasonably necessary to enable
the Company to comply with the provisions of this Agreement. 
 (c) Each Holder agrees, that, upon receipt of any written notice from the
Company of the occurrence of any event of the kind described in Section 2.04(a)(v), such Holder will forthwith discontinue disposition of Registrable Securities pursuant to such Registration Statement until such Holder’s receipt of the
copies of the supplemented or amended Prospectus contemplated by Section 2.04(a)(v), or until such Holder is advised in writing by the Company that the use of the Prospectus may be resumed, and if so directed by the Company, such Holder will
deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Registrable Securities current at the time of receipt of such notice. In the
event the Company shall give any such notice, the period during which the applicable Registration Statement for a Demand Registration is required to be maintained effective shall be extended by the number of days during the period from and including
the date of the giving of such notice to and including the date when each seller of Registrable Securities covered by such Registration Statement either receives the copies of the supplemented or amended Prospectus contemplated by
Section 2.04(a)(v) or is advised in writing by the Company that the use of the Prospectus may be resumed. 
 Section 2.05.
Holdback Agreements. Each of the Company and the Holders agrees, upon notice from the managing underwriter or underwriters in connection with any Registration for an Underwritten Offering of the Company’s securities (other than pursuant
to a registration statement on Form S-4 or any similar or successor form or pursuant to a registration solely relating to an offering and sale to employees or directors of the Company pursuant to any employee
stock plan or other employee benefit plan arrangement), not to effect (other than pursuant to such Registration) any public sale or distribution of Registrable Securities, including, but not limited to, any sale pursuant to Rule 144, or make any
short sale of, loan, grant any option for the purchase of, or otherwise dispose of, any Registrable Securities, any other equity securities of the Company or any securities convertible into or exchangeable or exercisable for any equity securities of
the Company without the prior written consent of the managing underwriters during such period as reasonably requested by the managing underwriters (but in no event longer than the seven days before and the 180 days after the pricing of such
Underwritten Offering); and subject to reasonable and customary exceptions to be agreed with such managing underwriter or underwriters. Notwithstanding the foregoing, no holdback agreements of the type contemplated by this Section 2.05 shall be
required of Holders unless each of the Company’s directors and executive officers agrees to be bound by a substantially identical holdback agreement for at least the same period of time. 

Section 2.06. Underwriting Agreement in Underwritten Offerings. If requested by the managing underwriters for any Underwritten
Offering, the Company and the participating Holders shall enter into an underwriting agreement in customary form with such underwriters for such offering; provided, however, that no Holder shall be required to make any representations
or warranties to the Company or the underwriters (other than representations and warranties regarding (i) such Holder’s ownership of Registrable Securities to be transferred free and clear of all liens, claims and encumbrances created by
such Holder, (ii) such Holder’s power and authority to effect such transfer, (iii) such matters pertaining to such Holder’s compliance with securities laws as reasonably may be requested and (iv) such Holder’s intended
method of distribution) or to undertake any indemnification obligations to the Company with respect thereto, except as otherwise provided in Section 2.08 hereof. 

  
 11 

 Section 2.07. Registration Expenses Paid By Company. In the case of any
Registration of Registrable Securities required pursuant to this Agreement (including any Registration that is delayed or withdrawn) or proposed Underwritten Offering pursuant to this Agreement, the Company shall pay all Registration Expenses
regardless of whether the Registration Statement becomes effective or the Underwritten Offering is completed. The Company shall have no obligation to pay any Selling Expenses for Registrable Securities offered by any Holders. 

Section 2.08. Indemnification. 

(a) Indemnification by the Company. The Company agrees to indemnify and hold harmless, to the fullest extent permitted by law, each
Holder and such Holder’s officers, directors, employees, advisors, Affiliates and agents and each Person who controls (within the meaning of the Securities Act or the Exchange Act) such Holder from and against any and all losses, claims,
damages, liabilities (or actions in respect thereof, whether or not such indemnified party is a party thereto) and expenses, joint or several (including reasonable costs of investigation and legal expenses) (each, a “Loss” and
collectively “Losses”) arising out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which the sale of such Registrable Securities was Registered under
the Securities Act (including any final or preliminary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein), or any such statement made in any free writing prospectus (as
defined in Rule 405 under the Securities Act) that the Company has filed or is required to file pursuant to Rule 433(d) of the Securities Act, or (ii) any omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein (in the case of a Prospectus, preliminary Prospectus or free writing prospectus, in light of the circumstances under which they were made) not misleading; provided, however, that the
Company shall not be liable to any particular indemnified party in any such case to the extent that any such Loss arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in any such
Registration Statement in reliance upon and in conformity with written information furnished to the Company by such indemnified party expressly for use in the preparation thereof. This indemnity shall be in addition to any liability the Company may
otherwise have. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder or any indemnified party and shall survive the transfer of such securities by such Holder. 

(b) Indemnification by the Selling Holder. Each selling Holder agrees (severally and not jointly) to indemnify and hold harmless, to the
full extent permitted by law, the Company and the Company’s directors, officers, employees, advisors, Affiliates and agents and each Person who controls the Company (within the meaning of the Securities Act and the Exchange Act) from and
against any Losses arising out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which the sale of such Registrable Securities was Registered under the Securities Act
(including any final or preliminary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein), or any such statement made in any free writing prospectus that the Company has filed
or is required to file pursuant to Rule 433(d) of the Securities Act, or (ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a
Prospectus, preliminary Prospectus or free writing prospectus, in light of the circumstances under which they were made) not misleading but only to the extent, in each of cases (i) or (ii), that such untrue statement or omission is contained in
any information furnished in writing by such selling Holder to the Company expressly for inclusion in such Registration Statement, Prospectus, preliminary Prospectus or free writing prospectus. In no event shall the liability of any selling Holder
hereunder be greater in amount than the dollar amount of the net proceeds received by such Holder under the sale of the Registrable Securities giving rise to such indemnification obligation. This indemnity shall be in addition to any liability the
selling Holder may otherwise have. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Company or any indemnified party. 

  
 12 

 (c) Conduct of Indemnification Proceedings. Any Person entitled to indemnification
hereunder will (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that any delay or failure to so notify the indemnifying party shall relieve the indemnifying
party of its obligations hereunder to the extent that it is materially prejudiced by reason of such delay or failure) and (ii) permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the
indemnified party; provided, however, that any Person entitled to indemnification hereunder shall have the right to select and employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such
counsel shall be at the expense of such Person unless (a) the indemnifying party has agreed in writing to pay such fees or expenses, (b) the indemnifying party shall have failed to assume the defense of such claim within a reasonable time
after receipt of notice of such claim from the Person entitled to indemnification hereunder, (c) the named parties to any proceeding include both such indemnified and the indemnifying party and the indemnified party has reasonably concluded
(based on written advice of counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, or (d) in the reasonable judgment of any
such Person, based upon written advice of its counsel, a conflict of interest may exist between such Person and the indemnifying party with respect to such claims (in which case, if the Person notifies the indemnifying party in writing that such
Person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such Person). If such defense is not assumed by the indemnifying
party, the indemnifying party will not be subject to any liability for any settlement made without its consent, but such consent may not be unreasonably withheld, conditioned or delayed. If the indemnifying party assumes the defense, the
indemnifying party shall not have the right to settle such action without the consent of the indemnified party, which consent may not be unreasonably withheld, conditioned or delayed. No indemnifying party shall consent to entry of any judgment or
enter into any settlement without the consent of the indemnified party which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of an unconditional release from all liability in
respect to such claim or litigation. It is understood that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction, arising out of the same general allegations or circumstances,
be liable for the fees and expenses of more than one separate firm (in addition to any appropriate local counsel) at any one time from all such indemnified party or parties unless (x) the employment of more than one counsel has been authorized
in writing by the indemnifying party or parties, (y) an indemnified party has reasonably concluded (based on written advice of counsel) that there may be legal defenses available to it that are different from or in addition to those available
to the other indemnified parties or (z) a conflict or potential conflict exists or in the reasonable judgment of such indemnified party may exist (based on advice of counsel to an indemnified party) between such indemnified party or parties and
the other indemnified parties, in each of which cases the indemnifying party shall be obligated to pay the reasonable fees and expenses of such additional counsel. 

(d) Contribution. If for any reason the indemnification provided for in Section 2.08(a) or Section 2.08(b) is unavailable to
an indemnified party or insufficient to hold it harmless as contemplated by Section 2.08(a) or Section 2.08(b), then the indemnifying party shall, to the fullest extent permitted by law, in lieu of indemnifying such indemnified party
thereunder, contribute to the amount paid or payable by the indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified party on the
other hand in connection with the statements or omissions which resulted in such Loss as well as any other relevant equitable considerations. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or the indemnified party and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such untrue statement or omission. Notwithstanding anything in this Section 2.08(d) to the contrary, no indemnifying party (other than the Company) shall be required pursuant to this
Section 2.08(d) to contribute any amount in excess of the amount by which the net proceeds received by such indemnifying party from the sale of Registrable Securities in the offering to which the Losses of the indemnified parties relate (before
deducting expenses, if any) exceeds the amount of any damages which such indemnifying party has otherwise been required to pay by reason of such untrue statement or omission. The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 2.08(d) were determined by pro rata allocation or by any 

  
 13 

 
other method of allocation that does not take account of the equitable considerations referred to in this Section 2.08(d). No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The amount paid or payable by an indemnified party hereunder shall be deemed to include,
for purposes of this Section 2.08(d), any legal or other expenses reasonably incurred by such indemnified party in connection with investigating, preparing to defend or defending against or appearing as a third party witness in respect of, or
otherwise incurred in connection with, any such loss, claim, damage, expense, liability, action, investigation or proceeding. If indemnification is available under this Section 2.08, the indemnifying parties shall indemnify each indemnified
party to the full extent provided in Section 2.08(a) and Section 2.08(b) hereof without regard to the relative fault of said indemnifying parties or indemnified party. 

Section 2.09. Reporting Requirements; Rule 144. Following the IPO, the Company shall use its reasonable best efforts to be and
remain in compliance with the periodic filing requirements imposed under the SEC’s rules and regulations, including the Exchange Act, and thereafter shall timely file such information, documents and reports as the SEC may require or prescribe
under Section 13 or 15(d) (whichever is applicable) of the Exchange Act. If the Company is not required to file such reports during such period, it will, upon the request of any Holder, make publicly available such necessary information for so
long as necessary to permit sales pursuant to Rule 144 or Regulation S under the Securities Act, and it will take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell
Registrable Securities without Registration under the Securities Act within the limitation of the exemptions provided by (a) Rule 144 or Regulation S under the Securities Act, as such Rules may be amended from time to time, or (b) any rule
or regulation hereafter adopted by the SEC. From and after the date hereof through the date upon which no Holder owns any Registrable Securities, the Company shall forthwith upon request furnish any Holder (i) a written statement by the Company
as to whether it has complied with such requirements and, if not, the specifics thereof, (ii) a copy of the most recent annual or quarterly report of the Company, and (iii) such other reports and documents filed by the Company with the SEC
as such Holder may reasonably request in availing itself of an exemption for the sale of Registrable Securities without registration under the Securities Act. 

Section 2.10. Limitations on Subsequent Registration Rights. The Company agrees that it shall not enter into any agreement with
any holder or prospective holder of any securities of the Company (i) that would allow such holder or prospective holder to include such securities in any Demand Registration or Piggyback Registration unless, under the terms of such agreement,
such holder or prospective holder may include such securities in any such registration only to the extent that their inclusion would not reduce the amount of the Registrable Securities of the Holders included therein or (ii) on terms otherwise
more favorable than this Agreement. 
 ARTICLE 3 

MISCELLANEOUS 
 Section 3.01.
Term. This Agreement shall terminate at such time as there are no Registrable Securities, except for the provisions of Section 2.07 and Section 2.08 and all of this Article 3, which shall survive any such termination. 

Section 3.02. Notices. All notices or other communications under this Agreement shall be in writing and shall be deemed to be duly
given when (a) delivered in person or (b) deposited in the United States mail or private express mail, postage prepaid, addressed as follows: 

If to PFL, to its address as set forth below: 

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 

  
 14 

 If to the Company to: 

1900 W. Field Court 
 Lake Forest,
Illinois 60045 
 Attention: Steven Karl 

Email: SKarl@pactiv.com 
 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 
 Any party
may, by notice to the other party, change the address to which such notices are to be given. 
 Section 3.03. Successors,
Assigns and Transferees. This Agreement and all provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. The Company may assign this Agreement at any time in
connection with a sale or acquisition of the Company, whether by merger, consolidation, sale of all or substantially all of the Company’s assets, or similar transaction, without the consent of the Holders; provided that the successor or
acquiring Person agrees in writing to assume all of the Company’s rights and obligations under this Agreement. PFL may assign its rights and obligations under this Agreement to any transferee that (i) is an Affiliate; (ii) acquires
from PFL in a private placement a number of shares of Common Stock equal to at least 5% of the aggregate number of outstanding shares of Common Stock (“Third Party Holders”); (iii) 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 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 executes an agreement to be bound hereby in the form attached hereto as Exhibit A, an executed
counterpart of which shall be furnished to the Company. Notwithstanding the foregoing, in each case, if such transfer is subject to covenants, agreements or other undertakings restricting transferability thereof, the Registration Rights shall not be
transferred in connection with such transfer unless such transferee complies with all such covenants, agreements and other undertakings. Except as set forth in this Section 3.03, the Holders may not assign their rights and obligations
hereunder. 
 Section 3.04. GOVERNING LAW; NO JURY TRIAL. 

(a) This Agreement shall be governed by and construed and interpreted in accordance with the laws of the State of New York, without regard to
the conflict of laws principles thereof that would result in the application of any law other than the laws of the State of New York. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY WITH RESPECT TO ANY COURT PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF AND PERMITTED UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH OF THE PARTIES HEREBY (A) CERTIFIES THAT
NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO
ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE. 

  
 15 

 (b) With respect to any Action relating to or arising out of this Agreement, each party to
this Agreement irrevocably (i) consents and submits to the exclusive jurisdiction of the courts of the State of New York and any court of the United States located in the Borough of Manhattan in New York City; (ii) waives any objection
which such party may have at any time to the laying of venue of any Action brought in any such court, waives any claim that such Action has been brought in an inconvenient forum and further waives the right to object, with respect to such Action,
that such court does not have jurisdiction over such party; and (iii) consents to the service of process at the address set forth for notices in Section 3.02 herein; provided, however, that such manner of service of process
shall not preclude the service of process in any other manner permitted under applicable law. 
 Section 3.05. Specific
Performance. In the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the party or parties who are or are to be thereby aggrieved shall have the right to seek specific
performance and injunctive or other equitable relief of its rights under this Agreement, in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. 

Section 3.06. Headings. The article, section and paragraph headings contained in this Agreement are for reference purposes only
and shall not affect in any way the meaning or interpretation of this Agreement. 
 Section 3.07. Severability. If any provision
of this Agreement or the application thereof to any Person or circumstance is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof or the application of such provision to Persons or
circumstances or in jurisdictions other than those as to which it has been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner adverse to any party. Upon such determination, the parties shall negotiate in good faith in an effort to agree upon such a suitable and equitable provision to effect the
original intent of the parties. 
 Section 3.08. Amendment; Waiver. 

(a) This Agreement may not be amended or modified and waivers and consents to departures from the provisions hereof may not be given, except by
an instrument or instruments in writing making specific reference to this Agreement and signed by the Company and Holders of a majority of the Registrable Securities as of such time; provided, however, that any amendment, modification
or waiver that results in a non-pro rata material adverse effect on the rights of a Holder under this Agreement will require the written consent of such Holder. 

(b) Waiver by any party of any default by the other party of any provision of this Agreement shall not be deemed a waiver by the waiving party
of any subsequent or other default, nor shall it prejudice the rights of the other party. 
 Section 3.09. Further Assurances.
Each of the parties hereto shall execute and deliver all additional documents, agreements and instruments and shall do any and all acts and things reasonably requested by the other party hereto in connection with the performance of its obligations
undertaken in this Agreement. 
 Section 3.10. Counterparts. This Agreement may be executed in one or more counterparts, all of
which shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other party. Execution of this Agreement or any other documents pursuant to
this Agreement by facsimile or other electronic copy of a signature shall be deemed to be, and shall have the same effect as, executed by an original signature. 

[The remainder of page intentionally left blank. Signature page follows.] 

  
 16 

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

			
	PACTIV EVERGREEN INC.
		
	By:	 	  

		 	Name: [•]
		 	Title: [•]
	
	PACKAGING FINANCE LIMITED
		
	By:	 	  

		 	Name: Helen Golding
		 	Title: Director

 [Signature page to the Registration Rights Agreement] 

 EXHIBIT A 

THIS INSTRUMENT forms part of the Registration Rights Agreement (the “Agreement”), dated as of ________, 20__, by and among
Pactiv Evergreen Inc., a Delaware corporation, and Packaging Finance Limited, a company incorporated pursuant to the laws of New Zealand (“PFL”). The undersigned hereby acknowledges having received a copy of the Agreement and having
read the Agreement in its entirety, and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, hereby agrees that the terms and conditions of the Agreement binding upon
and inuring to the benefit of PFL shall be binding upon and inure to the benefit of the undersigned and its successors and permitted assigns as if it were an original party to the Agreement. 

IN WITNESS WHEREOF, the undersigned has executed this instrument on this day of ___________, 20__. 

 

			
	By:	 	  

		 	Name:
		 	Title:EX-10.27

 Exhibit 10.27 

STOCKHOLDERS AGREEMENT 

dated as of 
 [•], 2020 

among 
 PACTIV EVERGREEN 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
	  	 	7	 
	
	ARTICLE 3	 
	CERTAIN COVENANTS AND AGREEMENTS	 
		
	 Section 3.01. Access; Information
	  	 	7	 
	 Section 3.02. Consultation
	  	 	7	 
	 Section 3.03. Confidentiality
	  	 	8	 
	 Section 3.04. Conflicting Agreements
	  	 	9	 
	 Section 3.05. Corporate Opportunities
	  	 	10	 
	 Section 3.06. Matters requiring approval
	  	 	10	 
	 Section 3.07. Intended Tax-Free
Treatment
	  	 	11	 
	 Section 3.08. Right to provide investment oversight for certain pension plans
	  	 	13	 
	
	ARTICLE 4	 
	MISCELLANEOUS	 
		
	 Section 4.01. Binding Effect; Assignability; Benefit
	  	 	13	 
	 Section 4.02. Notices
	  	 	14	 
	 Section 4.03. Term; Waiver; Amendment
	  	 	14	 
	 Section 4.04. Fees and Expenses
	  	 	15	 
	 Section 4.05. Governing Law
	  	 	15	 
	 Section 4.06. Jurisdiction
	  	 	15	 
	 Section 4.07. WAIVER OF JURY TRIAL
	  	 	15	 
	 Section 4.08. Specific Enforcement
	  	 	15	 
	 Section 4.09. Counterparts; Effectiveness
	  	 	15	 
	 Section 4.10. Entire Agreement
	  	 	16	 
	 Section 4.11. Severability
	  	 	16	 
		
	 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 [•], 2020, by and among Pactiv Evergreen Inc., a Delaware corporation (the “Company” or “PTVE”), 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. 

“Equity Interests” means any Common Stock, Common Equivalents 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 Common Stock or to be paid an amount determined by reference to the value of Common
Stock. 
 “Exchange” means 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. 

“Intended Tax-Free Treatment” means (i) the qualification of certain
distributions of the interests of Reynolds Consumer Products Inc. to PFL (the “RCPI Distributions”) as tax-free to the Company, PFL, and Reynolds Group Holdings Inc. (“RGHI”)
under Sections 368(a)(1)(D) and 355 of the Internal Revenue Code of 1986, as amended (the “Code”) and (ii) the qualification of certain distributions of the interests of Graham Packaging Company Inc. to PFL (the “GPC
Distributions”) as tax-free to the Company, PFL and RGHI under Section 355 of the Code. 

“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 

  
 2 

 
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. 
 “Pension Plans” means any defined
benefit pension plans of the Company or its Subsidiaries providing retirement benefits for employees or their beneficiaries or dependents, including (i) the plan known as the “Reynolds Group Pension Plan”; (ii) the Pension Plan for
Certain Unionized Employees of Pactiv Canada Inc.; and (iii) any associated trusts, annuity contracts or other funding arrangements of such plans. 

“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 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. 

  
 3 

 “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
	  	3.03(b)
	 Representatives
	  	3.03(b)

 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 John McGrath, Allen Hugli, Michael King, Jonathan Rich, Rolf Stangl,
Felicia Thornton and LeighAnne Baker. The Chairman of the Board shall initially be Jonathan Rich.  

  
 4 

 (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 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.

  
 5 

 (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. 
 (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. 

  
 6 

 Section 2.05. Board Committees. As of the IPO Date, the Board has designated
each of the following committees: a Compensation Committee, a 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. 

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: 

(a) 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; 
 (b) furnish the Stockholder with such available financial and operating data and other
information with respect to the business and properties of the Company and its Subsidiaries as the Stockholder may reasonably request, including without limitation the information set out in Schedule 1 and presented in the format and within such
time periods as the Stockholder shall request. The Company shall permit the representatives of the Stockholder (each such representative, a “Representative”) to discuss the affairs, finances and accounts of the Companies and its
Subsidiaries with, and to make proposals and furnish advice to, the CEO, CFO and Presidents (“Senior Management”); 
 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. Consultation. 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 Stockholder shall be entitled to routinely consult with and
advise Senior Management with respect to the Company’s business and financial matters, including management’s proposed annual operating plans, and, upon request, members of Senior Management will meet regularly (on a quarterly basis)
during each year with the Representatives at the Company’s and/or its Subsidiaries’ head office facility (or such other locations as the Company may designate) at mutually agreeable times for such consultation and advice, including to
review progress in achieving said plans. The Company agrees to give due consideration to the advice given and any proposals made by the Stockholder. 

  
 7 

 Section 3.03. 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; 

(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; 

  
 8 

 (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. 
 Section 3.04. 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. 

  
 9 

 Section 3.05. 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 3.05 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 3.05 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. 

Section 3.06. Matters requiring approval. (a) For so long as the Stockholder’s Aggregate Ownership of Shares (as
determined on a Common Equivalents basis) continues to be at least 40 % of Shares (as determined on a Common Equivalents basis), the Company shall not, and shall (to the extent applicable) cause each of its Subsidiaries not to, without the
Stockholder’s prior written consent (which consent may be withheld or conditioned as the Stockholder may determine in its absolute discretion) take any of the following significant actions: 

(i) a change in size of the board of directors of the Company; 

(ii) the incurrence of indebtedness for borrowed money, in a single transaction or a series of related transactions,
aggregating to more than $50 million, except for (x) debt under a revolving credit facility that has previously been approved or is in existence on the date of this Agreement (with no increase in maximum availability) or
(y) intercompany indebtedness; 
 (iii) the issuance of additional shares of any class of the Company’s capital
stock or equity securities, exceeding $50 million in any single issuance or an aggregate amount of $100 million during a calendar year (other than any award under any stockholder approved equity compensation plan or intracompany issuance
among the Company and its wholly-owned subsidiaries); 

  
 10 

 (iv) other than in the ordinary course of business with vendors, customers
and suppliers, acquisition of equity interests or assets of any other entity, or any business, properties, assets or entities, exceeding $50 million in any single transaction or $100 million in the aggregate in any series of transactions
during a calendar year; 
 (v) other than in the ordinary course of business with vendors, customers and suppliers,
disposition of any of the Company’s or its subsidiaries’ assets or equity interests, exceeding $50 million in any single transaction or $100 million in the aggregate in any series of transactions during a calendar year; 

(vi) hiring or terminating the Company’s Chief Executive Officer or its Chief Financial Officer or designating any new
Chief Executive Officer or Chief Financial Officer; or 
 (vii) make a single or series of related capital expenditures in
excess of $25 million in any calendar year. 
 (b) To the fullest extent permitted by applicable law, the Company shall not publish,
send to holders of Common Stock or file or furnish to the SEC, any Exchange or any governmental authority, any press releases concerning the business, results of operations or financial condition of the Company (including earnings releases),
reports, notices, proxy or information statements, registration statements or prospectuses (collectively, “Company Public Documents”) or any other information prepared by the Company or any of its Subsidiaries for release to financial
analysts or investors without the prior written consent of the Stockholder. The Company shall consult with the Stockholder on the preparation of any such Company Public Document or other information and provide the Stockholder with a reasonable
opportunity to review and comment on any such Company Public Documents or other information. 
 Section 3.07. Intended Tax-Free Treatment. The Company agrees not to take any of the following actions without the prior written consent of the Stockholder: 

(a) The Company shall not, and shall not permit any of its Subsidiaries to, take or fail to take any action (i) that is inconsistent with
the information and representations furnished by the Company (or its predecessor, Reynolds Group Holdings Limited) to Davis Polk & Wardwell LLP (“Tax Counsel”) in connection with the opinions delivered as to certain aspects
of the Intended Tax-Free Treatment (the “Tax Opinions”), or (ii) which prevents or could reasonably be expected to result in tax treatment that is inconsistent with the Intended Tax-Free Treatment. 
 (b) For the one-year period following each
of the RCPI Distributions and the GPC Distributions, the Company shall not, and shall not permit (i) any of its Subsidiaries, (ii) any officer or director of the Company or its Subsidiaries, or (iii) any Person with the implicit or
explicit permission of the Company 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 Equity Interests of the
Company. 

  
 11 

 (c) During the two-year period following each of the
RCPI Distributions and the GPC Distributions: 
 (i) The Company shall (I) continue, independently and with its separate
employees, the active conduct of its 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 its 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); 

(ii) The Company shall not repurchase its Common Stock 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 the Company to Tax Counsel in connection with the Tax Opinions; 
 (iii) The Company 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 the Company is the surviving entity and in connection with which no Equity Interest is issued by any
Person); 
 (iv) The Company shall not, and shall not permit any of its Subsidiaries to, or agree to, sell or otherwise issue
to any Person any Equity Interests of the Company or its Subsidiaries (other than sales or issuances of Equity Interests of a Subsidiary to another Subsidiary); provided, however, that (I) the Company may issue its Common Stock in one or more
primary public offerings not to exceed, in the aggregate, 45% of the then-outstanding Common Stock, (II) the Company 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) the Company 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 Common Stock then outstanding; 

(v) The Company shall not, and shall not permit any of its Subsidiaries to (I) solicit any Person to make a tender offer
for, or otherwise acquire or sell, Equity Interests of the Company, (II) participate in or support any unsolicited tender offer for, or other acquisition, issuance or disposition of, Equity Interests of the Company, or (III) approve or
otherwise permit any proposed business combination or any acquisition of the Company; 
 (vi) The Company shall not, and
shall not permit any of its Subsidiaries 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 Equity Interests of
the Company (including, without limitation, through the conversion of one class of Equity Interests into another class of equity interests of the Company). 

  
 12 

 Section 3.08. Right to provide investment oversight for certain pension plans.
For so long as the Stockholder’s Aggregate Ownership of Shares (as determined on a Common Equivalents basis) continues to be at least 40% of Shares (as determined on a Common Equivalents basis): 

(a) the Stockholder shall be entitled to: (i) provide investment oversight of the assets of the Pension Plans (including asset management,
selection of appropriate asset types and asset allocation and selection of investment managers) in accordance with the terms of the Company’s Pension Plan Investment Committee Charter, as adopted by the Company with effect from IPO Date; and
(ii) nominate or remove, all members of the Company’s Pension Plan Investment Committee from time to time, by notice in writing to the Company. 

(b) The Company (i) shall appoint all persons nominated by the Stockholder to be members of the Company’s Pension Plan Investment
Committee from time to time, and no other person; (ii) remove any person from the Company’s Pension Plan Investment Committee, as directed by the Stockholder in writing from time to time; and (ii) shall not amend, vary or terminate
the Pension Plan Investment Committee Charter, without the prior written consent of the Stockholder (which consent may be withheld or conditioned as the Stockholder may determine in its absolute discretion). 

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 3.03, 4.02, 4.05, 4.06, 4.07, 4.08, 4.10 and 4.11). 

(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. 

  
 13 

 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: Steve Karl, General Counsel 

Email: SKarl@pactiv.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.

 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 3.03, 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. 

  
 14 

 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. 

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). 

  
 15 

 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. 

  
 16 

 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:
	
	PACTIV EVERGREEN INC.
		
	By:	 	     

		 	Name: John McGrath
		 	Title:   Chief Executive Officer

 
			
	THE STOCKHOLDER:
	
	PACKAGING FINANCE LIMITED
		
	By:	 	     

		 	Name: Helen Golding
		 	Title:   Director

  
 2 

 Schedule 1 – Information 

 

							
	 	  	 Information
	  	 Format
	  	 Timing

				
	1.	  	Monthly actuals uploaded to Rank Group Limited’s instance of Hyperion	  	n/a	  	At level 5 in Hyperion by Business Day 8 of the month following the applicable month
				
	2.	  	Monthly flash report for Revenue and EBITDA adjusted, by business and in aggregate	  	Substantially similar to historic reports prepared for the Company	  	Business Day 5 of the month following the applicable month with an update Business Day 7 as necessary
				
	3.	  	Monthly working capital flash report	  	Substantially similar to historic reports prepared for the Company	  	Business Day 5 of the month following the applicable month with an update Business Day 7 as necessary
				
	4.	  	Monthly business review presentations	  	Substantially similar to historic reports prepared for the Company	  	Business Day 11 of the month following the applicable month
				
	5.	  	Monthly Treasury report	  	In a format to be agreed	  	Business Day 9 of the month following the applicable month
				
	6.	  	Monthly CAPEX report	  	Substantially similar to historic reports prepared for the Company	  	Business Day 11 of the month following the applicable month
				
	7.	  	18 month rolling forecast profit and loss, balance sheet and cash-flow uploaded to Rank Group Limited’s instance of Hyperion	  	n/a	  	Business Day 9 of the month following the applicable month
				
	8.	  	13 week cash forecast and reconciliation to the 18 month cash-flow forecast as per item 7 above	  	Substantially similar to historic reports prepared for the Company	  	Thursday of the week following
				
	9.	  	Monthly internal audit report submission, including a summary of all EthicsPoint cases, and fraud and theft reports	  	Standard PTVE group monthly internal audit reporting and detailed proven fraud reporting templates.	  	Business Day 5 of the month following the applicable month

							
	10.	  	Quarterly Enterprise Risk Management (“ERM”) submission	  	As specified in the PTVE group’s ERM framework document	  	Business Day 10 following the end of each quarter
				
	11.	  	Internal audit reports as published by the Company’s internal audit function	  	Standard PTVE group internal audit report format	  	Within 5 days of report finalised
				
	12.	  	 Quarterly and annual financial reporting

-   Copies of all consolidated financial statements

-   Copy of all Accounting Papers

-   Copy of the CFO paper
	  	Standard PTVE group format	  	At the same time as delivered to the external auditors
				
	13.	  	Copies of major CAPEX in excess of $2 million and post CAPEX audits in respect of such CAPEX	  	Standard PTVE group format	  	Upon PTVE group CEO approval

  
 4 

 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:
	
	PACTIV EVERGREEN INC.
		
	By:	 	     

		 	Name:
		 	Title:

  
 5

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