Document:

2008 Long-Term Equity Compensation Plan

 Exhibit 10.2 
 RETAIL PROPERTIES OF AMERICA, INC. 
 2008 LONG-TERM EQUITY COMPENSATION
PLAN 
 ESTABLISHED AS OF MAY 13, 20081 

ARTICLE 1. ESTABLISHMENT, OBJECTIVES AND DURATION 
 1.1 ESTABLISHMENT OF THE PLAN. Retail Properties of America, Inc., a Maryland corporation (hereinafter referred to as the “Company”), hereby establishes an incentive compensation plan to be
known as the “Retail Properties of America, Inc. 2008 Long-Term Equity Compensation Plan” (hereinafter referred to as the “Plan”), as set forth in this document. The Plan permits the grant of Nonqualified Stock Options, Incentive
Stock Options, Stock Appreciation Rights, Restricted Stock, Performance Shares and Performance Units. 
 Subject to approval by
the Company’s stockholders, the Plan shall become effective as of May 13, 2008 (the “Effective Date”) and shall remain in effect as provided in Section 1.3 hereof. 

1.2 OBJECTIVES OF THE PLAN. The objectives of the Plan are to optimize the profitability and growth of the Company through incentives
which are consistent with the Company’s goals and which link the personal interests of Participants to those of the Company’s stockholders; to provide Participants with an incentive for excellence in individual performance; and to promote
teamwork among Participants. 
 1.3 DURATION OF THE PLAN. The Plan shall commence on the Effective Date, as described in
Section 1.1 hereof, and shall remain in effect, subject to the right of the Board of Directors to amend or terminate the Plan at any time pursuant to Article 14 hereof, until all Shares subject to it shall have been purchased or acquired
according to the Plan’s provisions. However, in no event may an Award be granted under the Plan on or after May 13, 2018. 

ARTICLE 2. DEFINITIONS 

Whenever used in the Plan, the following terms shall have the meanings set forth below, and when the meaning is intended, the initial
letter of the word shall be capitalized: 
 2.1 “AFFILIATE” shall have the meaning ascribed to such term in Rule 12b-2
of the General Rules and Regulations of the Exchange Act. 
 2.2 “AWARD” means, individually or collectively, a grant
under this Plan of Nonqualified Stock Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Stock, Performance Shares or Performance Units. 
 2.3 “AWARD AGREEMENT” means an agreement entered into by the Company and each Participant setting forth the terms and provisions applicable to Awards granted under this Plan. 

2.4 “BENEFICIAL OWNER” or “BENEFICIAL OWNERSHIP” shall have the meaning ascribed to such term in Rule 13d-3 of the
General Rules and Regulations under the Exchange Act. 
 2.5 “BOARD” or “BOARD OF DIRECTORS” means the Board
of Directors of the Company. 
 2.6 “CODE” means the Internal Revenue Code of 1986, as amended from time to time.

 2.7 “COMMITTEE” means any committee appointed by the Board to administer the Plan, as specified in Article 3
herein. 
  
  

	1 	 As adjusted to reflect the change in the Company’s name on March 8, 2012, the redesignation of the Company’s common stock on
March 20, 2012, the reverse stock split on March 20, 2012 and the issuance of shares of Class B Common Stock as a stock dividend on March 21, 2012 

  
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 2.8 “COMPANY” means RETAIL PROPERTIES OF AMERICA, INC., a Maryland corporation,
including any and all Subsidiaries and Affiliates, and any successor thereto as provided in Article 19 herein. 
 2.9
“COVERED EMPLOYEE” means a Participant who, as of the date of vesting and/or payout of an Award, as applicable, is one of the group of “covered employees,” as defined in the regulations promulgated under Code Section 162(m),
or any successor statute. 
 2.10 “DIRECTOR” means any individual who is a member of the Board of Directors of the
Company or any Subsidiary or Affiliates. 
 2.11 “DISABILITY” shall have the meaning ascribed to such term in the
Participant’s governing long-term disability plan, or if no such plan exists, at the discretion of the Committee. Notwithstanding the preceding, with respect to any Award subject to Code Section 409A, a Participant shall be considered
Disabled if the Participant — 
  

	 	(i)	is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death
or can be expected to last for a continuous period of not less than twelve (12) months, or 

  

	 	(ii)	is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of
not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering Employees of the Company. 

2.12 “EFFECTIVE DATE” shall have the meaning ascribed to such term in Section 1.1 hereof. 

2.13 “EMPLOYEE” means any full-time, active employee of the Company or its Subsidiaries or Affiliates. Directors who are not
employed by the Company shall not be considered Employees under this Plan. 
 2.14 “EXCHANGE ACT” means the Securities
Exchange Act of 1934, as amended from time to time, or any successor act thereto. 
 2.15 “FAIR MARKET VALUE” shall be
determined on the basis of the closing sale price at which Shares have been sold regular way on the principal securities exchange on which the Shares are traded or, if there is no such sale on the relevant date, then on the last previous day on
which there was such a sale. If the Shares are not listed on any exchange, but bid and asked prices are quoted and published, the Fair Market Value shall be the mean between the quoted bid and asked prices on the applicable date, and if bid and
asked prices are not available on such day, on the next preceding day on which such prices were available. If the Shares are not regularly quoted, the Fair Market Value of a Share thereof on the applicable date shall be as established by the
Committee in good faith. 
 2.16 “FREESTANDING SAR” means an SAR that is granted independently of any Options, as
described in Article 7 herein. 
 2.17 “INCENTIVE STOCK OPTION” or “ISO” means an option to purchase Shares
granted under Article 6 herein and which is designated as an Incentive Stock Option and which is intended to meet the requirements of Code Section 422. 
 2.18 “INSIDER” shall mean an individual who is, on the relevant date, an officer, director or ten percent (10%) beneficial owner of any class of the Company’s equity securities that is
registered pursuant to Section 12 of the Exchange Act, all as defined under Section 16 of the Exchange Act. 
 2.19
“NON-EMPLOYEE DIRECTOR” shall mean a Director who is not also an Employee. 
 2.20 “NON-QUALIFIED STOCK
OPTION” or “NQSO” means an option to purchase Shares granted under Article 6 herein and which is not intended to meet the requirements of Code Section 422. 

  
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 2.21 “OPTION” means an Incentive Stock Option or a Nonqualified Stock Option, as
described in Article 6 herein. 
 2.22 “OPTION PRICE” means the price at which a Share may be purchased by a
Participant pursuant to an Option. 
 2.23 “PARTICIPANT” means an Employee who has been selected to receive an Award
or who has outstanding an Award granted under the Plan. 
 2.24 “PERFORMANCE-BASED EXCEPTION” means the
performance-based exception from the tax deductibility limitations of Code Section 162(m). 
 2.25 “PERFORMANCE
SHARE” means an Award granted to a Participant, as described in Article 9 herein. 
 2.26 “PERFORMANCE UNIT”
means an Award granted to a Participant, as described in Article 9 herein. 
 2.27 “PERIOD OF RESTRICTION” means the
period during which the transfer of Shares of Restricted Stock is limited in some way (based on the passage of time, the achievement of performance goals or upon the occurrence of other events as determined by the Committee, at its discretion), and
the Shares are subject to a substantial risk of forfeiture, as provided in Article 8 herein. 
 2.28 “PERSON” shall
have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) thereof. 

2.29 “RESTRICTED STOCK” means an Award granted to a Participant pursuant to Article 8 herein. 

2.30 “RETIREMENT” shall have the meaning ascribed to such term in the Company’s tax-qualified profit sharing plan or, if
none, separation from service on or after the attainment of age sixty-five (65). 
 2.31 “SHARES” means the
Company’s Class A Common Stock par value $0.001 per share (the “Class A Common Stock”), Class B-1 Common Stock, $0.001 par value per share (the “Class B-1 Common Stock”), Class B-2 Common Stock, $0.001 par value per
share (the “Class B-2 Common Stock”) and Class B-3 Common Stock, $0.001 par value per share (the “Class B-3 Common Stock” and, together with the Class B-1 Common Stock and Class B-2 Common Stock, the “Class B Common
Stock”). 
 2.32 “SPECIFIED EMPLOYEE” means, with respect to the Company or any of its Subsidiaries, and
determined as of the date of an individual’s separation from service from the Company (1) any officer during the prior twelve (12) month period with annual compensation in excess of $145,000 (as adjusted from time to time under the
Code), (2) a 5-percent owner of the Company’s outstanding equity stock during the prior twelve (12) month period or (3) a 1-percent owner of the Company’s outstanding equity stock during the prior (12) month period with
annual compensation in excess of $150,000 (as adjusted from time under Code), provided that the Company or any of its Subsidiaries is publicly-traded within the meaning of Section 409A of the Code on the date of determination. 

2.33 “STOCK APPRECIATION RIGHT” or “SAR” means an Award, granted alone or, in connection with a related Option,
designated as an SAR, pursuant to the terms of Article 7 herein. 
 2.34 “SUBSIDIARY” means any corporation,
partnership, joint venture or other entity in which the Company has a majority voting interest (including all divisions, affiliates and related entities). 
 2.35 “TANDEM SAR” means an SAR that is granted in connection with a related Option pursuant to Article 7 herein, the exercise of which shall require forfeiture of the right to purchase a Share
under the related Option (and when a Share is purchased under the Option, the Tandem SAR shall similarly be canceled). 

  
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 ARTICLE 3. ADMINISTRATION 
 3.1 THE COMMITTEE. The Plan shall be administered by the Executive Compensation Committee of the Board consisting of not less than two Directors who meet the “Non-Employee Director” requirements
of Rule 16b-3 promulgated by the Securities and Exchange Commission under the Exchange Act, the stock exchange on which the Company’s Shares are traded, if any. 
 3.2 AUTHORITY OF THE COMMITTEE. Except as limited by law or by the Articles of Incorporation or Bylaws of the Company, and subject to the provisions herein, the Committee shall have full power to select
Employees who shall participate in the Plan; determine the sizes and types of Awards; determine the terms and conditions of Awards in a manner consistent with the Plan; construe and interpret the Plan and any agreement or instrument entered into
under the Plan; establish, amend or waive rules and regulations for the Plan’s administration; and (subject to the provisions of Article 14 herein) amend the terms and conditions of any outstanding Award to the extent such terms and conditions
are within the discretion of the Committee as provided in the Plan. Further, the Committee shall make all other determinations which may be necessary or advisable for the administration of the Plan. As permitted by law, the Committee may delegate
its authority as identified herein. 
 3.3 DECISIONS BINDING. All determinations and decisions made by the Committee pursuant to
the provisions of the Plan and all related orders and resolutions of the Board shall be final, conclusive and binding on all persons, including the Company, its stockholders, Employees, Participants and their estates and beneficiaries. 

ARTICLE 4. SHARES SUBJECT TO THE PLAN AND MAXIMUM AWARDS 
 4.1 NUMBER OF SHARES AVAILABLE FOR GRANTS. Subject to Sections 4.2 and 4.3 herein, the maximum number of Shares with respect to which Awards may be granted to Participants under the Plan shall be Four
Million (4,000,000). Shares issued under the Plan may be either authorized but unissued Shares (subject to a maximum of Four Million (4,000,000 Shares), treasury Shares or any combination thereof. The Plan Maximum shall be equally divided among the
Class A Common Stock and each class of Class B Common Stock; provided that upon the conversion of each class of Class B Common Stock, the number of shares previously allocated to such class of Class B Common Stock will be reallocated to
Class A Common Stock. 
 Unless and until the Committee determines that an Award to a Covered Employee shall not be
designed to comply with the Performance-Based Exception, the following rules shall apply to grants of such Awards under the Plan, subject to Sections 4.2 and 4.3. 
  

	 	(a)	STOCK OPTIONS AND SARS: The maximum aggregate number of Shares that may be subject to Stock Options, with or without Tandem SARs, or Freestanding SARs, granted in any
one fiscal year to any one Participant shall be Forty Thousand (40,000). 

  

	 	(b)	RESTRICTED STOCK: The maximum aggregate grant with respect to Awards of Restricted Stock which are intended to qualify for the Performance-Based Exception, and which
are granted in any one fiscal year to any one Participant shall be Twenty Thousand (20,000) Shares. 

  

	 	(c)	PERFORMANCE SHARES/PERFORMANCE UNITS: The maximum aggregate payout (determined as of the end of the applicable performance period) with respect to Awards of Performance
Shares or Performance Units which are intended to comply with the Performance-Based Exception, and which are granted in any one fiscal year to any one Participant shall be equal to the Fair Market Value of Twenty Thousand (20,000) Shares.

 4.2 LAPSED AWARDS. If any Award granted under this Plan is canceled, terminates, expires or lapses for any
reason (with the exception of the termination of a Tandem SAR upon exercise of the related Option, or the termination of a related Option upon exercise of the corresponding Tandem SAR), any Shares subject to such Award again shall be available for
the grant of an Award under the Plan. 

  
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 4.3 ADJUSTMENTS. In the event of any change in corporate capitalization such as a stock
split or stock dividend, or a corporate transaction such as any merger, consolidation, separation, including a spin-off, or other distribution of stock or property of the Company, any reorganization (whether or not such reorganization comes within
the definition of such term in Code Section 368) or any partial or complete liquidation of the Company, such adjustment shall be made in the number and class of Shares which are reserved and may be delivered under Section 4.1, in the
number and class of and/or price of Shares subject to outstanding Awards granted under the Plan, and in the Award limits set forth in subsections 4.1(a), 4.l(b) and 4.l(c), as may be determined to be appropriate and equitable by the Committee, in
its sole discretion, to prevent dilution or enlargement of rights; provided, however, that the number of Shares subject to any Award shall always be a whole number. 
 ARTICLE 5. ELIGIBILITY AND PARTICIPATION 
 5.1 ELIGIBILITY. Persons eligible
to participate in this Plan include any Employees of the Company with potential to contribute to the success of the Company or its Subsidiaries, including Employees who are members of the Board. 

5.2 ACTUAL PARTICIPATION. Subject to the provisions of the Plan, the Committee may, from time to time, select from all eligible Employees
those to whom Awards shall be granted, and shall determine the nature and amount of each Award. 
 ARTICLE 6. STOCK OPTIONS 

6.1 GRANT OF OPTIONS. Subject to the terms and provisions of the Plan, Options may be granted to Participants in such number, and upon
such terms, and at any time and from time to time as shall be determined by the Committee. 
 6.2 AWARD AGREEMENT. Each Option
grant shall be evidenced by an Award Agreement that shall specify the Option Price, the duration of the Option, the number of Shares to which the Option pertains, and such other provisions as the Committee shall determine. The Award Agreement also
shall specify whether the Option is intended to be an ISO within the meaning of Code Section 422, or an NQSO, whose grant is intended not to fall under the provisions of Code Section 422. 

6.3 OPTION PRICE. The Option Price for each grant of an Option under this Plan shall be at least equal to one hundred percent
(100%) of the Fair Market Value of a Share on the date the Option is granted. Notwithstanding the foregoing, no ISO shall be granted to any person who, immediately prior to the grant, owns stock possessing more than ten percent (10%) of
the total combined voting power of all classes of stock of the Company, unless the Option Price is at least one hundred ten percent (110%) of the Fair Market Value of a Share on the date of grant of the Option. 

6.4 DURATION OF OPTIONS. Each Option granted to a Participant shall expire at such time as the Committee shall determine at the time of
grant; provided, however, that no Option shall be exercisable later than the tenth anniversary following the date of its grant and provided further that no Option shall be exercisable later than the fifth anniversary following the date of its grant
for an ISO granted to a Participant, who at the time of such grant owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company. 

6.5 EXERCISE OF OPTIONS. Options granted under this Article 6 shall be exercisable at such times and be subject to such restrictions and
conditions as the Committee shall in each instance approve, which need not be the same for each grant or for each Participant. 

6.6 PAYMENT. Options granted under this Article 6 shall be exercised by the delivery of a written notice of exercise to the Company,
setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment for the Shares. 
 The Option Price upon exercise of any Option shall be payable to the Company in full either: (a) in cash or its equivalent; or (b) by tendering previously acquired Shares having an aggregate
Fair Market Value at the time of exercise equal to the total Option Price (provided that the Shares which are tendered must have been held by the Participant for at least six months prior to their tender to satisfy the Option Price); or (c) by
a combination of (a) and (b). 

  
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 The Committee may also allow cashless exercise as permitted under Federal Reserve
Board’s Regulation T, subject to applicable securities law restrictions, or by any other means which the Committee determines to be consistent with the Plan’s purpose and applicable law. 

Subject to any governing rules or regulations, as soon as practicable after receipt of a written notification of exercise and full
payment, the Company shall deliver to the Participant, in the Participant’s name, Share certificates in an appropriate amount based upon the number of Shares purchased under the Option(s). 

6.7 RESTRICTIONS ON SHARE TRANSFERABILITY. The Committee may impose such restrictions on any Shares acquired pursuant to the exercise of
an Option granted under this Article 6 as it may deem advisable, including, without limitation, restrictions under applicable federal securities laws, under the requirements of any stock exchange or market upon which such Shares are then listed
and/or traded, and under any blue sky or state securities laws applicable to such Shares. 
 6.8 TERMINATION OF EMPLOYMENT. Each
Participant’s Option Award Agreement shall set forth the extent to which the Participant shall have the right to exercise the Option following termination of the Participant’s employment with the Company. Such provisions shall be
determined in the sole discretion of the Committee but shall conform to the limitations established in Section 6.4, shall be included in the Award Agreement entered into with each Participant, need not be uniform among all Options issued
pursuant to this Article 6, and may reflect distinctions based on the reasons for termination of employment. 
 6.9
NONTRANSFERABILITY OF OPTIONS. 
  

	 	(a)	INCENTIVE STOCK OPTIONS. No ISO granted under the Plan may be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, other than by will or by the
laws of descent and distribution. Further, all ISOs granted to a Participant under the Plan shall be exercisable during his or her lifetime only by such Participant or the Participant’s legal representative (to the extent permitted under Code
Section 422). 

  

	 	(b)	NONQUALIFIED STOCK OPTIONS. Except as otherwise provided in a Participant’s Award Agreement, no NQSO granted under this Article 6 may be sold, transferred,
pledged, assigned or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Further, except as otherwise provided in a Participant’s Award Agreement, all NQSOs granted to a Participant under this
Article 6 shall be exercisable during his or her lifetime only by such Participant or the Participant’s legal representative. 

 ARTICLE 7. STOCK APPRECIATION RIGHTS 
 7.1 GRANT OF SARS. Subject to the
terms and conditions of the Plan, SARs may be granted to Participants at any time and from time to time as shall be determined by the Committee. The Committee may grant Freestanding SARs, Tandem SARs or any combination of these forms of SAR.

 The Committee shall have complete discretion in determining the number of SARs granted to each Participant (subject to
Article 4 herein) and, consistent with the provisions of the Plan, in determining the terms and conditions pertaining to such SARs. 
 The grant price of a Freestanding SAR shall equal the Fair Market Value of a Share on the date of grant of the SAR. The grant price of Tandem SARs shall equal the Option Price of the related Option.

  
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 7.2 EXERCISE OF TANDEM SARS. Tandem SARs may be exercised for all or part of the Shares
subject to the related Option upon the surrender of the right to exercise the equivalent portion of the related Option. A Tandem SAR may be exercised only with respect to the Shares for which its related Option is then exercisable. 

Notwithstanding any other provision of this Plan to the contrary, with respect to a Tandem SAR granted in connection with an ISO:
(i) the Tandem SAR will expire no later than the expiration of the underlying ISO; (ii) the value of the payout with respect to the Tandem SAR may be for no more than 100% of the difference between the Option Price of the underlying ISO
and the Fair Market Value of the Shares subject to the underlying ISO at the time the Tandem SAR is exercised; and (iii) the Tandem SAR may be exercised only when the Fair Market Value of the Shares subject to the ISO exceeds the Option Price
of the ISO. 
 7.3 EXERCISE OF FREESTANDING SARS. Freestanding SARs may be exercised upon whatever terms and conditions the
Committee, in its sole discretion, imposes upon them. 
 7.4 SAR AGREEMENT. Each SAR grant shall be evidenced by an Award
Agreement that shall specify the grant price, the term of the SAR, and such other provisions as the Committee shall determine. 

7.5 TERM OF SARS. The term of an SAR granted under the Plan shall be determined by the Committee, in its sole discretion; provided,
however, that such term shall not exceed ten years. 
 7.6 PAYMENT OF SAR AMOUNT. Upon exercise of an SAR, a Participant shall
be entitled to receive payment from the Company in an amount determined by multiplying: 
  

	 	(a)	the difference between the Fair Market Value of a Share on the date of exercise over the grant price; by 

 

	 	(b)	the number of Shares with respect to which the SAR is exercised. 

 At the discretion of the Committee, the payment upon SAR exercise may be in cash, in Shares of equivalent value or in some combination thereof. The Committee’s determination regarding the form of SAR
payout shall be set forth in the Award Agreement pertaining to the grant of the SAR. 
 7.7 TERMINATION OF EMPLOYMENT. Each SAR
Award Agreement shall set forth the extent to which the Participant shall have the right to exercise the SAR following termination of the Participant’s employment with the Company and/or its Subsidiaries. Such provisions shall be determined in
the sole discretion of the Committee, shall be included in the Award Agreement entered into with Participants, need not be uniform among all SARs issued pursuant to the Plan and may reflect distinctions based on the reasons for termination of
employment. 
 7.8 NONTRANSFERABILITY OF SARS. Except as otherwise provided in a Participant’s Award Agreement, no SAR
granted under the Plan may be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Further, except as otherwise provided in a Participant’s Award Agreement,
all SARs granted to a Participant under the Plan shall be exercisable during his or her lifetime only by such Participant or the Participant’s legal representative. 
 ARTICLE 8. RESTRICTED STOCK 
 8.1 GRANT OF RESTRICTED STOCK. Subject to the
terms and provisions of the Plan, the Committee, at any time and from time to time, may grant Shares of Restricted Stock to Participants in such amounts as the Committee shall determine. 

8.2 RESTRICTED STOCK AGREEMENT. Each Restricted Stock grant shall be evidenced by a Restricted Stock Award Agreement that shall specify
the Period(s) of Restriction, the number of Shares of Restricted Stock granted and such other provisions as the Committee shall determine. 
 8.3 TRANSFERABILITY. Except as provided in this Article 8, the Shares of Restricted Stock granted under the Plan may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated
until 

  
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the end of the applicable Period of Restriction established by the Committee and specified in the Restricted Stock Award Agreement, or upon earlier satisfaction of any other conditions, as
specified by the Committee in its sole discretion and as set forth in the Restricted Stock Award Agreement. All rights with respect to the Restricted Stock granted to a Participant under the Plan shall be available during his or her lifetime only to
such Participant or the Participant’s legal representative. 
 8.4 OTHER RESTRICTIONS. Subject to Article 10 herein, the
Committee shall impose such other conditions and/or restrictions on any Shares of Restricted Stock granted pursuant to the Plan as it may deem advisable including, without limitation, a requirement that Participants pay a stipulated purchase price
for each Share of Restricted Stock, restrictions based upon the achievement of specific performance goals (Company-wide, divisional and/or individual), time-based restrictions on vesting following the attainment of the performance goals and/or
restrictions under applicable federal or state securities laws. 
 The Company may retain the certificates representing Shares
of Restricted Stock in the Company’s possession until such time as all conditions and/or restrictions applicable to such Shares have been satisfied. 
 Except as otherwise provided in this Article 8, Shares of Restricted Stock covered by each Restricted Stock grant made under the Plan shall become freely transferable by the Participant after the last day
of the applicable Period of Restriction. 
 8.5 VOTING RIGHTS. Participants holding Shares of Restricted Stock granted hereunder
may be granted the right to exercise full voting rights with respect to those Shares during the Period of Restriction. 
 8.6
DISTRIBUTIONS. During the Period of Restriction, Participants holding Shares of Restricted Stock granted hereunder may be credited with regular cash distributions paid with respect to the underlying Shares while they are so held. The Committee may
apply any restrictions to the distributions that the Committee deems appropriate. Without limiting the generality of the preceding sentence, if the grant or vesting of Restricted Shares granted to a Covered Employee is designed to comply with the
requirements of the Performance-Based Exception, the Committee may apply any restrictions it deems appropriate to the payment of distributions declared with respect to such Restricted Shares, such that the distributions and/or the Restricted Shares
maintain eligibility for the Performance-Based Exception. Notwithstanding the foregoing, for any Award that is governed by Code Section 409A regarding non-qualified deferred compensation, the Committee shall establish the schedule of any
payments of distributions in accordance with the requirements of Code Section 409A or any guidance promulgated thereunder. 

8.7 TERMINATION OF EMPLOYMENT. Each Restricted Stock Award Agreement shall set forth the extent to which the Participant shall have the
right to receive unvested Restricted Shares following termination of the Participant’s employment with the Company. Such provisions shall be determined in the sole discretion of the Committee, shall be included in the Award Agreement entered
into with each Participant, need not be uniform among all Shares of Restricted Stock issued pursuant to the Plan and may reflect distinctions based on the reasons for termination of employment; provided, however, that except in the cases of
terminations by reason of death or Disability, the vesting of Shares of Restricted Stock which qualify for the Performance-Based Exception and which are held by Covered Employees shall occur at the time they otherwise would have vested, but for the
employment termination. 
 ARTICLE 9. PERFORMANCE UNITS AND PERFORMANCE SHARES 

9.1 GRANT OF PERFORMANCE UNITS/SHARES. Subject to the terms of the Plan, Performance Units and/or Performance Shares may be granted to
Participants in such amounts and upon such terms, and at any time and from time to time, as shall be determined by the Committee. 
 9.2 VALUE OF PERFORMANCE UNITS/SHARES. Each Performance Unit shall have an initial value that is established by the Committee at the time of grant. Each Performance Share shall have an initial value equal
to the Fair Market Value of a Share on the date of grant. The Committee shall set performance goals in its discretion which, depending on the extent to which they are met, will determine the number and/or value of Performance Units/Shares that will
be paid out to the Participant. For purposes of this Article 9, the time period during which the performance goals must be met shall be called a “Performance Period.” 

  
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 9.3 EARNING OF PERFORMANCE UNITS/SHARES. Subject to the terms of this Plan, after the
applicable Performance Period has ended, the holder of Performance Units/Shares shall be entitled to receive payout on the number and value of Performance Units/Shares earned by the Participant over the Performance Period, to be determined as a
function of the extent to which the corresponding performance goals have been achieved. 
 9.4 FORM AND TIMING OF PAYMENT OF
PERFORMANCE UNITS/SHARES. Payment of earned Performance Units/Shares shall be made in a single lump sum following the close of the applicable Performance Period. Subject to the terms of this Plan, the Committee, in its sole discretion, may pay
earned Performance Units/Shares in the form of cash or in Shares (or in a combination thereof) which have an aggregate Fair Market Value equal to the value of the earned Performance Units/Shares at the close of the applicable Performance Period.
Such Shares may be granted subject to any restrictions deemed appropriate by the Committee. The determination of the Committee with respect to the form of payout of such Awards shall be set forth in the Award Agreement pertaining to the grant of the
Award. 
 At the discretion of the Committee, Participants may be entitled to receive any distributions declared with respect to
Shares which have been earned in connection with grants of Performance Units and/or Performance Shares, but not yet distributed to Participants (such distributions shall be subject to the same accrual, forfeiture and payout restrictions as apply to
distributions earned with respect to Shares of Restricted Stock, as set forth in Section 8.6 herein). In addition, Participants may, at the discretion of the Committee, be entitled to exercise their voting rights with respect to such Shares.

 9.5 TERMINATION OF EMPLOYMENT DUE TO DEATH OR DISABILITY. Unless determined otherwise by the Committee with respect to
Performance Units/Shares that are not intended to qualify for the Performance-Based Exception and as set forth in the Participant’s Award Agreement, in the event the employment of a Participant is terminated by reason of death or Disability
during a Performance Period, the Participant shall receive a payout of the Performance Units/Shares which is prorated, as specified by the Committee in its discretion. 
 Payment of earned Performance Units/Shares shall be made at a time specified by the Committee in its sole discretion and set forth in the Participant’s Award Agreement. 

9.6 TERMINATION OF EMPLOYMENT FOR OTHER REASONS. In the event that a Participant’s employment terminates for any reason other than
those reasons set forth in Section 9.5 herein, all Performance Units/Shares shall be forfeited by the Participant to the Company unless determined otherwise by the Committee with respect to Performance Units/Shares that are not intended to
qualify for the Performance-Based Exception, and as set forth in the Participant’s Award Agreement. 
 9.7
NONTRANSFERABILITY. Except as otherwise provided in a Participant’s Award Agreement, Performance Units/Shares may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, other than by will or by the laws of descent
and distribution. Further, except as otherwise provided in a Participant’s Award Agreement, a Participant’s rights under the Plan shall be exercisable during the Participant’s lifetime only by the Participant or the Participant’s
legal representative. 
 ARTICLE 10. PERFORMANCE MEASURES 
 Unless and until the Committee proposes for stockholder vote and the Company’s stockholders approve a change in the general performance measures set forth in this Article 10, the attainment of which
may determine the degree of payout and/or vesting with respect to Awards to Covered Employees which are designed to qualify for the Performance-Based Exception, the performance measure(s) to be used for purposes of such grants shall be chosen from
among funds from operations (FFO), net income either before or after taxes, market share, profits, share price, earnings per share, FFO per share, total stockholder return, return on assets, return on equity, operating income, return on capital or
investment, or economic value added (including, but not limited to, any or all of such measures in comparison to the Company’s competitors, the industry or some other comparable group). 

The Committee shall have the discretion to adjust the determinations of the degree of attainment of the preestablished performance goals;
provided, however, that Awards which are designed to qualify for the Performance-Based Exception, and which are held by Covered Employees, may not be adjusted upward (the Committee shall retain the discretion to adjust such Awards downward).

  
 9 

 In the event that applicable tax and/or securities laws change to permit Committee
discretion to alter the governing performance measures without obtaining stockholder approval of such changes, the Committee shall have sole discretion to make such changes without obtaining stockholder approval. In addition, in the event that the
Committee determines that it is advisable to grant Awards which shall not qualify for the Performance-Based Exception, the Committee may make such grants without satisfying the requirements of Code Section 162(m). 

ARTICLE 11. BENEFICIARY DESIGNATION 
 Each Participant under the Plan may, from time to time, name any beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under the Plan is to be paid in case of
his or her death before he or she receives any or all of such benefit. Each such designation shall revoke all prior designations by the same Participant, shall be in a form prescribed by the Company, and will be effective only when filed by the
Participant in writing with the Company during the Participant’s lifetime. In the absence of any such designation, the Participant’s beneficiary shall be paid to the Participant’s estate. 

ARTICLE 12. DEFERRALS 

The Committee may permit or require a Participant to defer such Participant’s receipt of the payment of cash or the delivery of
Shares that would otherwise be due to such Participant by virtue of the exercise of an Option or SAR, the lapse or waiver of restrictions with respect to Restricted Stock, or the satisfaction of any requirements or goals with respect to Performance
Units/Shares. If any such deferral election is required or permitted, the Committee shall, in its sole discretion, establish rules and procedures for such payment deferrals, provided, however, all deferrals shall be made in accordance with all
applicable requirements of Code Section 409A or any guidance promulgated thereunder. 
 ARTICLE 13. RIGHTS OF EMPLOYEES 

13.1 EMPLOYMENT. Nothing in the Plan shall interfere with or limit in any way the right of the Company to terminate any Participant’s
employment at any time, nor confer upon any Participant any right to continue in the employ of the Company. 
 13.2
PARTICIPATION. No Employee shall have the right to be selected to receive an Award under this Plan or, having been so selected, to be selected to receive a future Award. 
 ARTICLE 14. AMENDMENT, MODIFICATION, TERMINATION AND ADJUSTMENTS 
 14.1
AMENDMENT, MODIFICATION, AND TERMINATION. Subject to the terms of the Plan, the Board, upon recommendation of the Committee, may at any time and from time to time, alter, amend, suspend or terminate the Plan in whole or in part. 

14.2 ADJUSTMENT OF AWARDS UPON THE OCCURRENCE OF CERTAIN UNUSUAL OR NONRECURRING EVENTS. The Committee may make adjustments in the terms
and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events (including, without limitation, the events described in Section 4.3 hereof) affecting the Company or the financial statements of the
Company or of changes in applicable laws, regulations or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be
made available under the Plan; provided that unless the Committee determines otherwise, no such adjustment shall be authorized to the extent that such authority would be inconsistent with the Plan or Awards meeting the requirements of Code
Section 162(m), as from time to time amended. 
 14.3 AWARDS PREVIOUSLY GRANTED. Notwithstanding any other provision of the
Plan to the contrary (but subject to Section 14.2 hereof), no termination, amendment or modification of the Plan shall adversely affect in any material way any Award previously granted under the Plan without the written consent of the
Participant holding such Award. 

  
 10 

 14.4 COMPLIANCE WITH CODE SECTION 162(m). At all times when Code Section 162(m) is
applicable, all Awards granted under this Plan shall comply with the requirements of Code Section 162(m); provided, however, that in the event the Committee determines that such compliance is not desired with respect to any Award or Awards
available for grant under the Plan, then compliance with Code Section 162(m) will not be required. In addition, in the event that changes are made to Code Section 162(m) to permit greater flexibility with respect to any Award or Awards
available under the Plan, the Committee may, subject to this Article 14, make any adjustments it deems appropriate. 
 ARTICLE 15. PAYMENT OF
PLAN AWARDS AND CONDITIONS THEREON 
 15.1 EFFECT OF COMPETITIVE ACTIVITY. Anything contained in the Plan to the contrary
notwithstanding, if the employment of any Participant shall terminate, for any reason other than death, while any Award to such Participant is outstanding hereunder, and such Participant has not yet received the Shares covered by such Award or
otherwise received the full benefit of such Award, such Participant, if otherwise entitled thereto, shall receive such Shares or benefit only if, during the entire period from the date of such Participant’s termination to the date of such
receipt, such Participant shall have earned out such Award by: (i) making himself or herself available, upon request, at reasonable times and upon a reasonable basis, to consult with, supply information to, and otherwise cooperate with the
Company or any Subsidiary or Affiliate thereof with respect to any matter that shall have been handled by him or her or under his or her supervision while he or she was in the employ of the Company or of any Subsidiary or Affiliate thereof; and
(ii) refraining from engaging in any activity that is directly or indirectly in competition with any activity of the Company or any Subsidiary or Affiliate thereof. 
 15.2 NONFULFILLMENT OF COMPETITIVE ACTIVITY CONDITIONS; WAIVERS UNDER THE PLAN. In the event of a Participant’s nonfulfillment of any condition set forth in Section 15.1 hereof, such
Participant’s rights under any Award shall be forfeited and canceled forthwith; provided, however, that the nonfulfillment of such condition may at any time (whether before, at the time of, or subsequent to termination of employment) be waived
by the Committee upon its determination that in its sole judgment there shall not have been and will not be any substantial adverse effect upon the Company or any Subsidiary or Affiliate thereof by reason of the nonfulfillment of such condition.

 15.3 EFFECT OF INIMICAL CONDUCT. Anything contained in the Plan to the contrary notwithstanding, all rights of a Participant
under any Award shall cease on and as of the date on which it has been determined by the Committee that such Participant at any time (whether before or subsequent to termination of such Participant’s employment) acted in manner inimical to the
best interests of the Company or any Subsidiary or Affiliate thereof. 
 ARTICLE 16. CHANGE IN CONTROL 

16.1 DEFINITION. For purposes of this Plan, a “Change in Control” of the Company is deemed to have occurred as of the first day
that any one or more of the following conditions shall have been satisfied: 
  

	 	(a)	Change in Ownership: A change in ownership of the Company occurs on the date that any one person, or more than one person acting as a group, acquires ownership of stock
of the Company that, together with stock held by such person or group, constitutes more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company, excluding the acquisition of additional stock by
a person or more than one person acting as a group who is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company. 

 

	 	(b)	Change in Effective Control: A change in effective control of the Company occurs only on either of the following dates: 

  
 11 

	 	(1)	The date any one person, or more than one person acting as a group, acquires (or has acquired during the twelve (12) month period ending in the date of the most
recent acquisition by such person or persons) ownership of stock of the Company possessing 30% or more of the total voting power of the stock of the Company; or 

 

	 	(2)	The date a majority of the members of the Board is replaced during any (12) month period by directors whose appointment or election is not endorsed by a majority
of the members of the board of directors before the date of the appointment or election; provided that this paragraph (b) shall apply only to the company for which no other corporation is a majority shareholder. 

 

	 	(c)	Change in Ownership of Substantial Assets: A change in the ownership of a substantial portion of the Company’s assets occurs on the date that anyone person, or
more than one person acting as a group, acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the company that have a total gross fair market value
equal to or more than forty percent (40%) of the total gross fair market value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.

 It is the intent that this definition be construed consistent with the definition of “Change of
Control” as defined under Internal Revenue Code Section 409A and the applicable Treasury Regulations, as amended from time to time. 
 16.2 TREATMENT OF OUTSTANDING AWARDS. Subject to Section 16.3 herein, upon the occurrence of a Change in Control: 
  

	 	(a)	any and all Options and SARs granted hereunder shall become immediately exercisable and shall remain exercisable throughout their entire term; 

 

	 	(b)	any restriction periods and restrictions imposed on Restricted Stock which are not performance-based shall lapse; 

 

	 	(c)	the target payout opportunities attainable under all outstanding Awards of performance-based Restricted Stock, Performance Units and Performance Shares shall be deemed
to have been fully earned for the entire Performance Period(s) as of the effective date of the Change in Control. The vesting of all Awards denominated in Shares shall be accelerated as of the effective date of the Change in Control, and there shall
be paid out to Participants within 30 days following the effective date of the Change in Control a pro rata number of Shares (or their cash equivalents) based upon an assumed achievement of all relevant targeted performance goals and upon the length
of time within the Performance Period which has elapsed prior to the Change in Control. Awards denominated in cash shall be paid pro rata to participants in cash within 30 days following the effective date of the Change in Control, with the
proration determined as a function of the length of time within the Performance Period which has elapsed prior to the Change in Control, and based on an assumed achievement of all relevant targeted performance goals. 

16.3 TERMINATION, AMENDMENT AND MODIFICATIONS OF CHANGE-IN-CONTROL PROVISIONS. Notwithstanding any other provision of the Plan or any
Award Agreement provision, the provisions of this Article 16 may not be terminated, amended or modified on or after the date of an event which is likely to give rise to a Change in Control to affect adversely any Award theretofore granted under the
Plan without the prior written consent of the Participant with respect to said Participant’s outstanding Awards. 

  
 12 

 ARTICLE 17. TAX PROVISIONS 
 17.1 TAX WITHHOLDING. The Company shall have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state and local
taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Plan. 
 17.2 SHARE WITHHOLDING. With respect to withholding required upon the exercise of Options or SARs, upon the lapse of restrictions on Restricted Stock, or upon any other taxable event arising as a result
of Awards granted hereunder, Participants may elect, subject to the approval of the Committee, to satisfy the withholding requirement, in whole or in part, by having the Company withhold Shares having a Fair Market Value on the date the tax is to be
determined equal to the minimum statutory total tax which could be imposed on the transaction. All such elections shall be irrevocable, made in writing, and signed by the Participant, and shall be subject to any restrictions or limitations that the
Committee, in its sole discretion, deems appropriate. 
 17.3 REQUIREMENT OF NOTIFICATION OF CODE SECTION 83(b) ELECTION. If any
Participants shall make an election under Section 83(b) of the Code (to include in gross income in the year of transfer the amounts specified in Code Section 83(b)) or under a similar provisions of the laws of a jurisdiction outside the
United States, such Participant shall notify the Company of such election within ten (10) days of filing notice of the election with the Internal Revenue Service or other government authority, in addition to any filing and notification required
pursuant to regulations issued under Code Section 83(b) or other applicable provision. 
 17.4 REQUIREMENT OF NOTIFICATION
UPON DISQUALIFYING DISPOSITION UNDER CODE SECTION 421(b). If any Participant shall make any disposition of shares of stock delivered pursuant to the exercise of an Incentive Stock Option under the circumstances described in Code Section 421(b)
(relating to certain disqualifying dispositions), such Participant shall notify the Company of such disposition within ten (10) days thereof. 
 ARTICLE 18. INDEMNIFICATION 
 Each person who is or shall have been a member
of the Committee, or of the Board, shall be indemnified and held harmless by the Company against and from any loss, cost, liability or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any
claim, action, suit or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by him or her in settlement
thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such action, suit or proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and
defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the
Company’s Articles of Incorporation or Bylaws, as a matter of law or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 
 ARTICLE 19. SUCCESSORS 
 All obligations of the Company under the Plan with
respect to Awards granted hereunder shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation or otherwise, of all or substantially all of the
business or assets of the Company. 
 ARTICLE 20. LEGAL CONSTRUCTION 

20.1 GENDER AND NUMBER. Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine,
the plural shall include the singular, and the singular shall include the plural. 
 20.2 SEVERABILITY. In the event any
provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been
included. 

  
 13 

 20.3 REQUIREMENTS OF LAW. The granting of Awards and the issuance of Shares under the Plan
shall be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 
 20.4 SECURITIES LAW COMPLIANCE. With respect to Insiders, transactions under this Plan are intended to comply with all applicable conditions of Rule 16b-3 or its successors under the Exchange Act. To the
extent any provision of the Plan or action by the Committee fails to so comply, it shall be deemed null and void, to the extent permitted by law and deemed advisable by the Committee. 

20.5 SECTION 409A COMPLIANCE. Notwithstanding any other provision of this Plan to the contrary, all Awards under this Plan that are
subject to Code Section 409A shall be designed and administered in a manner that does not result in the imposition of tax or penalties under Section 409A of the Code. Accordingly, Awards under this Plan that are subject to Code
Section 409A shall comply with the following requirements, as applicable. 
  

	 	(a)	Distribution to Specified Employees Upon Separation from Service. To the extent that payment under an Award which is subject to Code Section 409A is due to a
Specified Employee on account of the Specified Employee’s separation from service from the Company or its Affiliate or Subsidiary, such payment shall be delayed until the first day of the seventh month following such separation from service (or
as soon as practicable thereafter). The Committee, in its discretion, may provide in the Award document for the payment of interest at a rate set by the Committee for such six-month period. 

 

	 	(b)	No Acceleration of Payment. To the extent that an Award is subject to Code Section 409A, payment under such Award shall not be accelerated from the date(s)
specified in the Award documents as of the date of grant. 

  

	 	(c)	Subsequent Delay in Payment. To the extent that an Award is subject to Code Section 409A, payment under such Award shall not be deferred beyond the dates specified
in the Award document as of the date of grant, unless the Committee makes the decision to delay payment at least one year prior to the scheduled payment date, and payment is delayed at least five years. 

20.6 GOVERNING LAW. To the extent not preempted by federal law, the Plan, and all agreements hereunder, shall be construed in accordance
with and governed by the laws of the State of Maryland. 

  
 14Amendment No. 1 to the Separation Agreement

 Exhibit 10.1 
 AMENDMENT NO. 1 
 TO THE 

SEPARATION AGREEMENT 
 This AMENDMENT NO. 1 (this “Amendment”), dated as of March 19, 2012, to the Separation Agreement, dated as of November 17, 2011 (the “Merger Agreement”), by and
between MeadWestvaco Corporation, a Delaware corporation (“MWV”) and Monaco SpinCo Inc., a Delaware corporation (“Spinco”). 
 WHEREAS, MWV and Spinco are parties to the Separation Agreement; 
 WHEREAS, MWV
and Spinco desire to amend the Separation Agreement as set forth herein, and Acquirer desires to consent to such amendments; and 
 WHEREAS, Section 6.6 of the Separation Agreement provides for the amendment of the Separation Agreement in accordance with the terms set forth therein. 

NOW, THEREFORE, in consideration of the representations, warranties, covenants and agreements contained in this Amendment, and subject to
the conditions set forth herein, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1 Definitions; References. Unless otherwise specifically defined herein, each term used herein, including the
Recitals hereto, shall have the meaning assigned to such term in the Separation Agreement as amended by this Amendment. Each reference in the Separation Agreement to “hereof,” “herein,” “hereunder,” “hereby”
and “this Agreement” shall, from and after the date hereof, refer to the Separation Agreement as amended by this Amendment except that references to “the date hereof” and to “the date of this Agreement” shall remain
references to the date of the original Separation Agreement. 
 ARTICLE II 

AMENDMENTS TO SEPARATION AGREEMENT 
 Section 2.1 Amendments to Separation Agreement. The Separation Agreement shall be amended as follows: 
  

	 	(a)	Recital 12 of the Separation Agreement is hereby amended and restated in its entirety as follows: 

The Distribution will be carried out for the corporate business purpose of tailoring Spinco’s corporate structure to facilitate the
Merger (which, together with the LLC Merger, for U.S. federal income tax purposes, is intended to qualify as a “reorganization” within the meaning of Section 368(a) of the Code); 

 

	 	(b)	Section 2.7(a) of the Separation Agreement is hereby amended and restated in its entirety as follows: 

 

	 	(a)	The “U.S. TTM Target Working Capital” is $90.911 million; the “Brazil TTM Target Working Capital” is $BRL127.089 million and
the “Canada TTM Target Working Capital” is $CAD16.973 million.; 

  

	 	(c)	Section 2.7(g) of the Separation Agreement is hereby amended by removing the words “minus the Target Working Capital Amount, minus the Hong Kong
Asset Price” after the definition of “Final Adjustment Payment” in the second sentence of Section 2.7(g). 

	 	(d)	Section 3.3(b) of the Separation Agreement is hereby amended and restated in its entirety as follows: 

 

	 	(b)	Parent has received an opinion from Wachtell, Lipton, Rosen & Katz, counsel to Parent, addressed to Parent and Spinco and dated as of the Distribution Date, to
the effect that 

 (i) the Distribution will be treated as satisfying the business purpose requirement
described in Treas. Reg. §1.355-2(b)(1); 
 (ii) the Distribution will not be treated as being used principally as
a device for the distribution of earnings and profits of the distributing corporation or the controlled corporation or both under Section 355(a)(1)(B); 
 (iii) the stock of Spinco distributed in the Distribution will not be treated as other than “qualified property” by reason of the application of Section 355(e)(1); and 

(iv) the Spinco Notes will constitute “securities” for purposes of the application of Section 361(a) (together with
clauses (i), (ii), and (iii), the “Distribution Tax Opinion”), 
 provided, however, that Wachtell, Lipton,
Rosen & Katz shall not be required to deliver the Distribution Tax Opinion if the Threshold Percentage (as defined in the Merger Agreement) is more than 49.5%; 

 

	 	(e)	Article VII of the Separation Agreement is hereby amended to include the following definition immediately preceding the definition of “Losses”:

 “LLC Merger” has the meaning set forth in the Merger Agreement. 

ARTICLE III 

MISCELLANEOUS 

Section 3.1 No Further Amendment. Except as expressly amended hereby, the Separation Agreement is in all respects ratified and
confirmed and all the terms, conditions, and provisions thereof shall remain in full force and effect. This Amendment is limited precisely as written and shall not be deemed to be an amendment to any other term or condition of the Separation
Agreement or any of the documents referred to therein. 
 Section 3.2 Effect of Amendment. This Amendment shall form a
part of the Separation Agreement for all purposes, and each party thereto and hereto shall be bound hereby. From and after the execution of this Amendment by the parties hereto, any reference to the Separation Agreement shall be deemed a reference
to the Separation Agreement as amended hereby. 
 Section 3.3 Governing Law. This Amendment (and any claims or disputes
arising out of or related hereto or to the transactions contemplated hereby or to the inducement of any Party to enter herein, whether for breach of contract, tortious conduct or otherwise and whether predicated on common law, statute or otherwise)
is governed by and construed and interpreted in accordance with the Laws of the State of Delaware irrespective of the choice of laws principles of the State of Delaware, including all matters of validity, construction, effect, enforceability,
performance and remedies. 
 Section 3.4 Miscellaneous. Sections 6.2, 6.4, 6.8, 6.9, 6.10, 6.11, 6.12, 6.14, and 6.15 of
the Separation Agreement shall apply to this Amendment mutatis mutandis.  
 [SIGNATURE PAGE FOLLOWS] 

  
 2 

 IN WITNESS WHEREOF, MWV and Spinco have caused this Amendment to be signed by their
respective officers hereunto duly authorized, all as of the date first written above 
  

			
	MEADWESTVACO CORPORATION
		
	 By:
	 	 /s/ E. Mark Rajkowski

		 	 Name: E. Mark Rajkowski

Title: Senior Vice President and Chief Financial           Officer

	
	MONACO SPINCO INC.
		
	 By:
	 	 /s/ E. Mark Rajkowski

		 	 Name: E. Mark Rajkowski

Title: President

 CONSENTED TO BY: 
  

					
	ACCO BRANDS CORPORATION
			
	 By:
	 	 /s/ Steven Rubin
	 	
		 	 Name: Steven Rubin
 Title: Senior Vice President, Secretary and General Counsel

  
 3

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