Document:

Exhibit 4.9

 

AMENDED AND RESTATED

MANAGEMENT
EQUITY AGREEMENT

 

THIS AMENDED AND RESTATED MANAGEMENT EQUITY
AGREEMENT (this “Agreement”) is made as of December 1, 2005 (the “Effective
Date”), among JSG Packaging Limited, a private limited company organized under
the laws of Ireland (the “Company”), and each of the executives that
become party hereto from time to time pursuant to the Management Equity Plan
(as hereinafter defined) by executing a signature page to be attached
hereto or is otherwise party to this Agreement by way of signature to the Prior
Agreement (each, an “Executive”).

 

Each of the Executives party hereto has
previously acquired Class A Convertible Shares, Class B Convertible
Shares, Class C Convertible Shares and Ordinary Shares, which had the
rights and privileges set forth in the Company’s Articles of Association and
that certain Management Equity Agreement, dated as of February 6, 2004 (as
amended from time, the “Prior Agreement”).

 

The Company is party to that certain Share
Purchase Agreement, dated as of November 23, 2005, by and among the
Company, JSG Acquisitions, Smurfit Kappa Feeder G.P. Limited (in its capacity
as general partner of Smurfit Kappa Feeder Limited) (the “Kappa Investor”)
and certain other Persons party thereto, pursuant to which, subject to
satisfaction or waiver of the conditions specified therein, a Subsidiary of the
Company has agreed to acquire all of the issued share capital of Kappa Holding
B.V. (as amended from time to time, the “Kappa Purchase Agreement”). The
date that the purchase and sale of the issued share of Kappa Holding B.V. is
completed is referred to herein as the “Kappa Completion Date.”

 

In connection with the transactions
contemplated by the Kappa Purchase Agreement, (i) each Ordinary Share
issued to Executives prior to the date of this Agreement is being reclassified
as one Class A Ordinary Share, (ii) the Company is offering the
Executives the opportunity to convert, on a one-for-one basis, each Class A
Convertible Share, Class B Convertible Share and Class C Convertible
Share into, respectively, one Class E Convertible Share, Class F
Convertible Share and Class G Convertible Share, and (iii) the
Company is offering to certain Electing Executives (as hereinafter defined) the
opportunity to acquire Class H Convertible Shares which, upon vesting,
will convert into Class I Convertible Shares in accordance with this
Agreement and which shall Class I Convertible Shares will be convertible
into Class B Ordinary Shares upon payment of the Class I Conversion Price.

 

The Convertible Shares and Ordinary Shares
owned by an Executive, together with the Convertible Shares to be acquired by
an Executive hereunder, are being issued pursuant to and subject to the JSG
Packaging Limited Amended and Restated 2004 Management Equity Plan, a copy of
which is attached as Annex A hereto (as amended from time to time in
accordance with its terms, the “Management Equity Plan”). Capitalized
terms not otherwise defined herein have the meanings set forth in paragraph
10 of this Agreement.

 

1

 

The parties hereto agree as follows:

 

1.                                       Conversion
and Purchase of Convertible Shares by Electing Executives.

 

(a)                                  Exchange. Each
Electing Executive, by his or her signature hereto, agrees that on the last day
of the Election Period, automatically and without further action on the part of
any such Electing Executive, (i) each Class A Convertible Share of
the Company owned by such Electing Executive shall convert into one Class E
Convertible Share of the Company, such that after giving effect to such
conversion, such Electing Executive shall own an identical number of Class E
Convertible Shares of the Company as the number of Class A Convertible
Shares of the Company owned by such Electing Executive immediately prior to
such conversion, (ii) each Class B Convertible Share of the Company
owned by such Electing Executive shall convert into one Class F
Convertible Share of the Company, such that after giving effect to such
conversion, such Electing Executive shall own an identical number of Class F
Convertible Shares of the Company as the number of Class B Convertible
Shares of the Company owned by such Electing Executive immediately prior to
such conversion, and (iii) each Class C Convertible Share of the
Company owned by such Electing Executive shall convert into one Class G
Convertible Share of the Company, such that after giving effect to such
conversion, such Electing Executive shall own an identical number of Class G
Convertible Shares of the Company as the number of Class C Convertible
Shares of the Company owned by such Electing Executive immediately prior to
such conversion. For the avoidance of doubt, upon completion of the conversion
referred to in this paragraph 1(a), no Electing Executive shall have any
further right, title or interest in Class A Convertible Shares, Class B
Convertible Shares or Class C Convertible Shares and each Electing
Executive agrees to deliver to the Company, for cancellation, all certificates
representing the Class A Convertible Shares, Class B Convertible
Shares and Class C Convertible Shares held by such holder.

 

(b)                                 Purchase of Class H
Convertible Shares. At the Closing, each Electing Executive that, in
accordance with the signature pages hereto, has been offered by the
Company the opportunity to, and has elected to, acquire Class H
Convertible Shares, shall subscribe in cash by electronic transfer in
immediately available funds or by check to the Company for, and the Company
shall issue to each such Electing Executive, the number of Class H
Convertible Shares set forth on such Electing Executive’s signature page attached
hereto, at a price of €0.001 per share (“Class H Convertible
Subscription Price”). At the Closing, the Company shall deliver to each
Electing Executive a copy of, and a receipt for, the certificate representing
such Class H Convertible Shares purchased by such Electing Executive,
against payment of the aggregate Class H Convertible Subscription Price
for all the Class H Convertible Shares subscribed by such Electing
Executive. By its execution hereof, each Electing Executive agrees that in the
event that the Kappa Completion Date does not occur on or prior to March 31,
2006, each Class H Convertible Share shall be worth the Class H
Convertible Subscription Price and such Electing Executive shall, at the
request of the Company made at any time and from time to time, Transfer such
number of Electing Executive’s Class H Convertible Shares to such Person
(which may include the Company) as may be designated by the Company
for a price per share equal to the Class H Convertible Subscription Price.

 

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(c)                                  The Closing. The
closing of the transactions contemplated by paragraph 1(b) foregoing (the “Closing”)
shall take place at the offices of the Company at 10:00 a.m. on the
Effective Date. At the Closing, the Company shall enter such Electing Executive’s
name or, if applicable, the name of his nominee or custodian, on the Company’s
register of members as the holder of the number of Class H Convertible
Shares set forth on such Electing Executive’s signature page attached
hereto.

 

(d)                                 Family Member. In
event that any Ordinary Shares or Convertible Shares of the Company are held by
any Family Member (including as a result of transfer after the date hereof),
the rights, obligations, restrictions and conditions applicable to Executive
Stock pursuant to this Agreement will be applicable to shares of such Executive
Stock issued to or held by any Family Member as if held by such Executive and
the issue or transfer to such Family Member shall be conditional upon such
Family Member having agreed in writing to be bound by the provisions of this
Agreement.

 

2.                                       Conversion Rules Regarding
Convertible Shares.

 

(a)                                  Convertibility of Class A
Convertible Shares, Class B Convertible Shares, Class C Convertible
Shares, Class E Convertible Shares, Class F Convertible Shares, Class G
Convertible Shares and Class H Convertible Shares. Each Class A
Convertible Share, Class B Convertible Share, Class C Convertible
Share, Class E Convertible Share, Class F Convertible Share and Class G
Convertible Share will automatically convert into one Class D Convertible
Share in accordance with this Agreement once it has fully vested. Each Class H
Convertible Share will automatically convert into one Class I Convertible
Share in accordance with this Agreement once it has fully vested.

 

(b)                                 Vesting. Subject
to paragraph 2(c):

 

(i)                                     Each Executive’s Class A
Convertible Shares shall become vested in accordance with the following
schedule, if, but only if, as of each such date such Executive is and has
continued to be employed by or to serve as an officer or director for the
Company and its Subsidiaries:

 

	
  Vesting Date

  	
   

  	
  Cumulative Percentage of

  Class A Convertible

  Shares Vested

  	
   

  
	
  December 31,
  2005

  	
   

  	
  33.3

  	
  %

  
	
  December 31,
  2006

  	
   

  	
  66.7

  	
  %

  
	
  December 31,
  2007

  	
   

  	
  100

  	
  %

  

 

None of an Executive’s Class A
Convertible Shares shall become vested if such Executive ceases to be employed
by, or to serve as an officer or director for, the Company or its 

 

3

 

Subsidiaries prior to December 31, 2005.
If any Executive ceases to be employed by, or to serve as an officer or
director for, the Company or its Subsidiaries on any date other than any Vesting
Date set forth in this paragraph 2(b)(i) after December 31,
2005, but prior to December 31, 2007, the cumulative percentage of such
Executive’s Class A Cumulative Shares to become vested shall be determined
on a pro rata basis according to the number of days elapsed since the
immediately preceding Vesting Date. Notwithstanding the foregoing, upon the
occurrence of a Sale of the Company or a Listing, all of an Executive’s Class A
Convertible Shares which have not previously vested shall become vested and shall
convert to an equal number of Class D Convertible Shares upon the
occurrence of such event; provided that no Class A Convertible
Shares shall vest for any Executive (or Executive’s transferees) upon the
occurrence of a Sale of the Company or a Listing if the Executive holding such Class A
Convertible Shares or from whom the Class A Convertible Shares were
transferred is no longer employed by, or no longer serves as an officer or
director for, the Company and its Subsidiaries as of the date of the occurrence
of the Sale of the Company or a Listing.

 

(ii)                                  33.3% of the
aggregate number of each Executive’s Class B Convertible Shares will
become vested on each Applicable Class B Valuation Date if, but only if,
the MDCP Co-Investor IRR as of such Applicable Class B Valuation Date
equals or exceeds 25%; provided that if the MDCP Co-Investor IRR as of
such Applicable Class B Valuation Date is greater than 15%, but less than
25%, the percentage of the aggregate Class B Convertible Shares which will
become vested as of such Applicable Class B Valuation Date shall be the
percentage determined by multiplying 3.33 by the number by which (A) the
MDCP Co-Investor IRR as of the Applicable Class B Valuation Date exceeds (B) 15%.
In the event that an Accelerated Valuation Date occurs prior to any Applicable Class B
Valuation Date, 100% of the Class B Convertible Shares not previously
vested pursuant to this paragraph 2(b)(ii) will become vested as of
such Accelerated Valuation Date if, but only if, the MDCP Co-Investor IRR as of
such Accelerated Valuation Date equals or exceeds 25%; provided that if
the MDCP Co-Investor IRR as of the Accelerated Valuation Date is greater than
15%, but less than 25%, the percentage of Eligible Class B Convertible
Shares which shall vest as of such Accelerated Valuation Date shall be the
percentage determined by multiplying 10 by the number by which (A) the
MDCP Co-Investor IRR as of the Accelerated Valuation Date exceeds (B) 15%.
Vesting with respect to the Class B Convertible Shares shall be cumulative
such that if the MDCP Co-Investor IRR as of an Accelerated Valuation Date or
any subsequent Applicable Class B Valuation Date is greater than any
preceding Applicable Class B Valuation Date, the percentage of each
Executive’s entire holding of Class B Convertible Shares vested shall be
recalculated to be equal to the percentage vested for such Accelerated
Valuation Date or subsequent Applicable Class B Valuation Date (i.e., if
the MDCP Co-Investor IRR as of a preceding Applicable Class B Valuation
Date was 15% and the MDCP Co-Investor IRR as of a subsequent Applicable Class B
Valuation Date is 20%, the aggregate percentage of Class B Convertible
Shares vested (inclusive of Class B Convertible Shares already vested as
of such preceding Applicable Class B Valuation Date) with respect to both
Applicable Class B Valuation Dates shall be, effective as of the
subsequent Applicable Class B Valuation Date, 50%). For the 

 

4

 

avoidance of doubt, in the event that an
Accelerated Valuation Date arises prior to any Applicable Class B
Valuation Date, the determination of vesting with respect to all unvested Class B
Convertible Shares otherwise eligible for vesting on any subsequent Applicable Class B
Valuation Date shall be made solely as of such Accelerated Valuation Date and
shall not be re-eligible for vesting as of such subsequent Applicable Class B
Valuation Date. Notwithstanding anything else to the contrary set forth in this
paragraph 2(b)(ii), no Class B Convertible Shares shall vest for
any Executive (or Executive’s transferees) as of any Applicable Class B
Valuation Date or Accelerated Valuation Date if the Executive holding such Class B
Convertible Shares or from whom the Class B Convertible Shares were transferred
is no longer employed by, or no longer serves as an officer, or director for,
the Company and its Subsidiaries as of such Applicable Class B Valuation
Date or Accelerated Valuation Date.

 

(iii)                               100% of each Executive’s
Class C Convertible Shares will become vested on the Class C
Valuation Date if, but only if, the MDCP Co-Investor IRR as of the Class C
Valuation Date is equal to or greater than 30%. In the event that an
Accelerated Valuation Date occurs prior to the Class C Valuation Date,
100% of the Class C Convertible Shares will become vested as of such
Accelerated Valuation Date if, but only if, the MDCP Co-Investor IRR as of such
Accelerated Valuation Date is equal to or greater than 30%. For the avoidance
of doubt, in the event that an Accelerated Valuation Date arises prior to the Class C
Valuation Date, the determination of vesting with respect to all unvested Class C
Convertible Shares otherwise eligible for vesting on the subsequent Class C
Valuation Date shall be made solely as of such Accelerated Valuation Date and
shall not be re-eligible for vesting as of such subsequent Class C
Valuation Date. Notwithstanding anything else to the contrary set forth in this
paragraph 2(b)(iii), no Class C Convertible Shares shall vest for
any Executive (or Executive’s transferees) as of the Class C Valuation
Date or Accelerated Valuation Date if the Executive holding such Class C
Convertible Shares or from whom the Class C Convertible Shares were
transferred is no longer employed by, or no longer serves as an officer or
director for, the Company and its Subsidiaries as of such Class C
Valuation Date or Accelerated Valuation Date.

 

(iv)                              Each Executive’s Class E
Convertible Shares shall become vested in accordance with the following
schedule, if, but only if, as of each such date such Executive is and has
continued to be employed by or to serve as an officer or director for the
Company and its Subsidiaries:

 

	
  Vesting Date

  	
   

  	
  Cumulative Percentage of

  Class E Convertible

  Shares Vested

  	
   

  
	
  December 31,
  2008

  	
   

  	
  33.3

  	
  %

  
	
  December 31,
  2009

  	
   

  	
  66.7

  	
  %

  
	
  December 31,
  2010

  	
   

  	
  100

  	
  %

  

 

5

 

None of an Executive’s Class E
Convertible Shares shall become vested if such Executive ceases to be employed
by, or to serve as an officer or director for, the Company or its Subsidiaries
prior to December 31, 2008. If any Executive ceases to be employed by, or
to serve as an officer or director for, the Company or its Subsidiaries on any
date other than any Vesting Date set forth in this paragraph 2(b)(iv) after
December 31, 2008, but prior to December 31, 2010, the cumulative
percentage of such Executive’s Class E Cumulative Shares to become vested
shall be determined on a pro rata basis according to the number of days elapsed
since the immediately preceding Vesting Date. Notwithstanding the foregoing,
upon the occurrence of a Sale of the Company or a Listing, all of an Executive’s
Class E Convertible Shares which have not previously vested shall become
vested and shall convert to an equal number of Class D Convertible Shares
upon the occurrence of such event; provided that no Class E
Convertible Shares shall vest for any Executive (or Executive’s transferees)
upon the occurrence of a Sale of the Company or a Listing if the Executive
holding such Class E Convertible Shares or from whom the Class E
Convertible Shares were transferred is no longer employed by, or no longer
serves as an officer or director for, the Company and its Subsidiaries as of
the date of the occurrence of the Sale of the Company or a Listing.

 

(v)                                 33.3% of the aggregate
number of each Executive’s Class F Convertible Shares will become vested
on each Applicable Class F Valuation Date if, but only if, the MDCP
Co-Investor IRR as of such Applicable Class F Valuation Date equals or
exceeds 20%; provided that if the MDCP Co-Investor IRR as of such
Applicable Class F Valuation Date is greater than 15%, but less than 20%,
the percentage of the aggregate Class F Convertible Shares which will
become vested as of such Applicable Class F Valuation Date shall be the
percentage determined by multiplying 6.66 by the number by which (A) the
MDCP Co-Investor IRR as of the Applicable Class F Valuation Date exceeds (B) 15%.
In the event that an Accelerated Valuation Date occurs prior to any Applicable Class F
Valuation Date, 100% of the Class F Convertible Shares not previously
vested pursuant to this paragraph 2(b)(v) will become vested as of
such Accelerated Valuation Date if, but only if, the MDCP Co-Investor IRR as of
such Accelerated Valuation Date equals or exceeds 20%; provided that if
the MDCP Co-Investor IRR as of the Accelerated Valuation Date is greater than
15%, but less than 20%, the percentage of Eligible Class F Convertible
Shares which shall vest as of such Accelerated Valuation Date shall be the
percentage determined by multiplying 20 by the number by which (A) the
MDCP Co-Investor IRR as of the Accelerated Valuation Date exceeds (B) 15%.
Vesting with respect to the Class F Convertible Shares shall be cumulative
such that if the MDCP Co-Investor IRR as of an Accelerated Valuation Date or
any subsequent Applicable Class F Valuation Date is greater than any
preceding Applicable Class F Valuation Date, the percentage of each
Executive’s entire holding of Class F Convertible Shares vested shall be
recalculated to be equal to the percentage vested for such Accelerated
Valuation Date or subsequent Applicable Class F Valuation Date (i.e., if
the MDCP Co-Investor IRR as of a preceding Applicable Class F Valuation 

 

6

 

Date was 15% and the MDCP Co-Investor IRR as
of a subsequent Applicable Class F Valuation Date is 17.5%, the aggregate
percentage of Class F Convertible Shares vested (inclusive of Class F
Convertible Shares already vested as of such preceding Applicable Class F
Valuation Date) with respect to both Applicable Class F Valuation Dates
shall be, effective as of the subsequent Applicable Class F Valuation
Date, 50%). For the avoidance of doubt, in the event that an Accelerated
Valuation Date arises prior to any Applicable Class F Valuation Date, the
determination of vesting with respect to all unvested Class F Convertible
Shares otherwise eligible for vesting on any subsequent Applicable Class F
Valuation Date shall be made solely as of such Accelerated Valuation Date and
shall not be re-eligible for vesting as of such subsequent Applicable Class F
Valuation Date. Notwithstanding anything else to the contrary set forth in this
paragraph 2(a)(v), no Class F Convertible Shares shall vest for any
Executive (or Executive’s transferees) as of any Applicable Class F
Valuation Date or Accelerated Valuation Date if the Executive holding such Class F
Convertible Shares or from whom the Class F Convertible Shares were
transferred is no longer employed by, or no longer serves as an officer, or
director for, the Company and its Subsidiaries as of such Applicable Class F
Valuation Date or Accelerated Valuation Date.

 

(vi)                              100% of each Executive’s Class G
Convertible Shares will become vested on the Class G Valuation Date if,
but only if, the MDCP Co-Investor IRR as of the Class G Valuation Date is
equal to or greater than 25%. In the event that an Accelerated Valuation Date
occurs prior to the Class G Valuation Date, 100% of the Class G
Convertible Shares will become vested as of such Accelerated Valuation Date if,
but only if, the MDCP Co-Investor IRR as of such Accelerated Valuation Date is
equal to or greater than 25%. For the avoidance of doubt, in the event that an
Accelerated Valuation Date arises prior to the Class G Valuation Date, the
determination of vesting with respect to all unvested Class G Convertible
Shares otherwise eligible for vesting on the subsequent Class G Valuation
Date shall be made solely as of such Accelerated Valuation Date and shall not
be re-eligible for vesting as of such subsequent Class G Valuation Date. Notwithstanding
anything else to the contrary set forth in this paragraph 2(b)(vi), no Class G
Convertible Shares shall vest for any Executive (or Executive’s transferees) as
of the Class G Valuation Date or Accelerated Valuation Date if the
Executive holding such Class G Convertible Shares or from whom the Class G
Convertible Shares were transferred is no longer employed by, or no longer
serves as an officer or director for, the Company and its Subsidiaries as of
such Class G Valuation Date or Accelerated Valuation Date.

 

(vii)                           33.3% of the aggregate
number of each Executive’s Class H Convertible Shares will become vested
on each Applicable Class H Valuation Date if, but only if, the MDCP
Co-Investor IRR as of such Applicable Class H Valuation Date equals or
exceeds 20%; provided that if the MDCP Co-Investor IRR as of such
Applicable Class H Valuation Date is greater than 15%, but less than 20%,
the percentage of the aggregate Class H Convertible Shares which will
become vested as of such Applicable Class H Valuation Date shall be the
percentage determined by multiplying 6.66 by the number by which (A) the
MDCP Co-Investor IRR as of the Applicable Class H Valuation Date exceeds (B) 15%.
In the event that an Accelerated Valuation Date occurs prior to any 

 

7

 

Applicable Class H Valuation Date, 100%
of the Class H Convertible Shares not previously vested pursuant to this paragraph
2(b)(vii) will become vested as of such Accelerated Valuation Date if,
but only if, the MDCP Co-Investor IRR as of such Accelerated Valuation Date
equals or exceeds 20%; provided that if the MDCP Co-Investor IRR as of
the Accelerated Valuation Date is greater than 15%, but less than 20%, the
percentage of Eligible Class H Convertible Shares which shall vest as of
such Accelerated Valuation Date shall be the percentage determined by
multiplying 20 by the number by which (A) the MDCP Co-Investor IRR as of
the Accelerated Valuation Date exceeds (B) 15%. Vesting with respect to
the Class H Convertible Shares shall be cumulative such that if the MDCP
Co-Investor IRR as of an Accelerated Valuation Date or any subsequent
Applicable Class H Valuation Date is greater than any preceding Applicable
Class H Valuation Date, the percentage of each Executive’s entire holding
of Class H Convertible Shares vested shall be recalculated to be equal to
the percentage vested for such Accelerated Valuation Date or subsequent
Applicable Class H Valuation Date (i.e., if the MDCP Co-Investor IRR as of
a preceding Applicable Class H Valuation Date was 15% and the MDCP
Co-Investor IRR as of a subsequent Applicable Class H Valuation Date is
17.5%, the aggregate percentage of Class H Convertible Shares vested
(inclusive of Class H Convertible Shares already vested as of such
preceding Applicable Class H Valuation Date) with respect to both
Applicable Class H Valuation Dates shall be, effective as of the
subsequent Applicable Class H Valuation Date, 50%). For the avoidance of
doubt, in the event that an Accelerated Valuation Date arises prior to any
Applicable Class H Valuation Date, the determination of vesting with
respect to all unvested Class H Convertible Shares otherwise eligible for
vesting on any subsequent Applicable Class H Valuation Date shall be made
solely as of such Accelerated Valuation Date and shall not be re-eligible for
vesting as of such subsequent Applicable Class H Valuation Date. Notwithstanding
anything else to the contrary set forth in this paragraph 2(a)(vii), no Class H
Convertible Shares shall vest for any Executive (or Executive’s transferees) as
of any Applicable Class H Valuation Date or Accelerated Valuation Date if
the Executive holding such Class H Convertible Shares or from whom the Class H
Convertible Shares were transferred is no longer employed by, or no longer
serves as an officer, or director for, the Company and its Subsidiaries as of
such Applicable Class H Valuation Date or Accelerated Valuation Date.

 

(viii)                        Notwithstanding the provisions
of paragraphs (i) - (vii) foregoing, as a condition to accelerated
vesting of such Executive’s Convertible Shares in connection with a Sale of the
Company, such Executive shall, if requested by the purchaser of the Company and
for no additional consideration therefor, agree to continued employment for up
to 12 months following such Sale of the Company so long as such Executive’s
compensation package and job description immediately following such Sale of the
Company is substantially similar with respect to remuneration (other than with
respect to equity participation), scope of duties, responsibility and job
location to such Executive’s compensation package and job description
immediately prior to such event.

 

(ix)                                The MDCP Co-Investor
IRR on any Applicable Valuation Date shall be determined with reference to the
Total Value of the Company and its Subsidiaries as of such Applicable Valuation
Date, which Total Value (including the components thereof) 

 

8

 

shall be determined, to the extent possible,
on the basis of the audited annual financial statements for the Company and its
Subsidiaries for the period ended on such Applicable Valuation Date and
otherwise in good faith by the Company. The MDCP Co-Investor IRR as of such
Applicable Valuation Date shall be calculated (A) assuming that on such
Applicable Valuation Date, the MDCP Co-Investors are receiving MDCP Co-Investor
Cash Inflows for any Preferred Equity Securities equal to the stated value
thereof plus accrued but unpaid dividends thereon, are receiving MDCP
Co-Investor Cash Inflows in an aggregate amount equal to the dividend or sale
preference (if any) on the Class A Ordinary Shares owned by the MDCP
Co-Investors, and with respect to their Ordinary Shares are receiving MDCP
Co-Investor Cash Inflows equal to the Total Value multiplied by the percentage
of fully-diluted Ordinary Shares of the Company held by the MDCP Co-Investors
as of such Applicable Valuation Date and (B) with regard to all sales of
equity securities prior to such Applicable Valuation Date by calculating all
MDCP Co-Investor Cash Inflows received or receivable with respect to such
equity securities sold prior to such Applicable Valuation Date. The MDCP
Co-Investor IRR on an Accelerated Valuation Date that arises as a result of a
Sale of the Company shall be determined on the basis of the aggregate MDCP
Co-Investor Cash Inflows received or receivable by the MDCP Co-Investors in
respect of all sales of equity securities of the Company by the MDCP
Co-Investors through and including such Accelerated Valuation Date (and in the
event that the MDCP Co-Investors have not sold all of their equity securities
as of such Accelerated Valuation Date, assuming that the MDCP Co-Investors
would sell their remaining Preferred Equity Securities at an amount equal to
the stated value thereof plus accrued and unpaid dividends thereon and its
remaining Ordinary Shares at the average price per share received or receivable
by the MDCP Co-Investors in respect of their Ordinary Shares through such
Accelerated Valuation Date and would receive the aggregate dividend or sale
preference (if any) on their remaining Ordinary Shares). The MDCP Co-Investor
IRR on an Accelerated Valuation Date that arises as a result of a Listing shall
be determined assuming that the MDCP Co-Investors will receive MDCP Co-Investor
Cash Inflows on such Accelerated Valuation Date with respect to all of their
then-outstanding Ordinary Shares at the gross per share offering price for
Ordinary Shares on the date that the Listing becomes effective (the “Offering
Price”), will receive MDCP Co-Investor Cash Inflows in respect of all of
their then-outstanding Preferred Equity Securities in an amount equal to the
stated value thereof plus accrued and unpaid dividends and will receive MDCP
Co-Investor Cash Inflows in respect of any sale or dividend preference then
existing on the Class A Ordinary Shares, determined after giving effect to
payment or conversion of such preference in connection with such Listing (with
it being understood that all MDCP Co-Investor Cash Outflows and MDCP
Co-Investor Cash Inflows for the MDCP Co-Investors with respect to Ordinary
Shares sold prior to the date of such Listing shall be disregarded in calculating
MDCP Co-Investor IRR on an Accelerated Valuation Date that arises as a result
of a Listing).

 

(x)                                   In determining MDCP
Co-Investor IRR for purposes of calculating vesting with respect to Class B
Convertible Shares, Class F Convertible Shares and Class H
Convertible Shares, as of any date of determination, all Class A
Convertible Shares and all Class E Convertible Shares shall be assumed to
have vested and been converted into 

 

9

 

Class D Convertible Shares, a number of Class B
Convertible Shares, Class F Convertible Shares and Class H
Convertible Shares that would be vested and convertible as a result of the MDCP
Co-Investor IRR calculation as of the date of determination shall be assumed to
have vested and been converted into Class D Convertible Shares and Class I
Convertible Shares, as applicable, no Class C Convertible Shares or Class G
Convertible Shares shall be assumed to have vested and been converted into Class D
Convertible Shares, and all Class D Convertible Shares and Class I
Convertible Shares (including, in each case, as assumed issued as a result of
this sentence) shall be assumed to have been converted into Ordinary Shares. In
determining MDCP Co-Investor IRR for purposes of calculating vesting with
respect to the Class C Convertible Shares and Class G Convertible
Shares, as of any date of determination, all Class A Convertible Shares, Class B
Convertible Shares, Class C Convertible Shares, Class E Convertible
Shares, Class F Convertible Shares, Class G Convertible Shares and Class H
Convertible Shares shall be assumed to have vested and been converted into Class D
Convertible Shares and Class I Convertible Shares, as applicable, and all Class D
Convertible Shares and Class I Convertible Shares (including, in each
case, as assumed issued as a result of this sentence) shall be assumed to have
been converted into Ordinary Shares.

 

(xi)                                In addition to the
vesting otherwise herein described, all or any portion of the Class A
Convertible Shares, Class B Convertible Shares, Class C Convertible
Shares, Class E Convertible Shares, Class F Convertible Shares, Class G
Convertible Shares and Class H Convertible Shares may be vested in
the discretion of the Board exercised at any time; provided that,
notwithstanding the foregoing, in no event shall the Board provide for
accelerated vesting of the Class H Convertible Shares unless it
contemporaneously provides for accelerated vesting, on a ratable basis, of the Class B
Convertible Shares and Class F Convertible Shares.

 

(c)                                  Effect of
Termination on Vesting. If at any time for any reason an Executive is no
longer an employee of the Company or any of its Subsidiaries and also is no
longer a director of the Company or any of its Subsidiaries, such Executive’s
Convertible Shares shall be vested and fully convertible with respect to that
portion of such Executive’s Convertible Shares that were vested and convertible
on the date of such termination (such Executive’s “Termination Date”),
and, unless otherwise determined by the Board, any portion of such Executive’s
Convertible Shares that were not vested and convertible as of such Executive’s
Termination Date shall not vest from and after the Termination Date and shall
not be convertible into Class D Convertible Shares or Class I
Convertible Shares, as applicable, from and after the Termination Date.

 

(d)                                 Conversion
Procedures for Class D Convertible Shares and Class I Convertible
Shares. An Executive may, upon payment in full in cash of the Class D
Conversion Price per share, convert all or any portion of his or her
outstanding Class D Convertible Shares into Class A Ordinary Shares
at any time and from time to time and may, upon payment in full in cash of the Class I
Conversion Price per share, convert all or any portion of his or her
outstanding Class I Convertible Shares into Class B Ordinary Shares
at any time and from time to time. As a condition to any conversion of any Class D
Convertible Shares and/or Class I Convertible Shares, such Executive shall
provide the Company with such evidence, representations, 

 

10

 

agreements or assurances as required by the Management Equity Plan. An
Executive shall effect conversion of his Class D Convertible Shares into Class A
Ordinary Shares and/or Class I Convertible Shares into Class B
Ordinary Shares by delivering (i) written notice of such conversion to the
Company (to the attention of the Company’s Chief Executive Officer or
Secretary), together with such Executive’s written acknowledgment that he or
she has read and has been afforded an opportunity to ask questions to the
management of the Company regarding all financial and other information
provided to or requested by such Executive regarding the Company and (ii) payment
(x) in the case of conversion of Class D Convertible Shares, of an amount
equal to the product of (A) the Class D Conversion Price per share
multiplied by (B) the number of Ordinary Shares to be acquired upon such
conversion and (y) in the case of conversion of Class I Convertible
Shares, of an amount equal to the product of (A) the Class I
Conversion Price per share multiplied by (B) the number of Ordinary Shares
to be acquired upon such conversion. Payment of the conversion price for Class D
Convertible Shares and Class I Convertible Shares shall be made in cash
(including check, bank draft or money order) or, in the sole discretion of the
Board, by delivery of a promissory note (if in accordance with policies
approved by the Board). No Convertible Share issued hereunder or upon
conversion of any other class of Convertible Shares, shall be convertible
after the seventh anniversary of the Underlying Date of Issuance. When used
herein, the “Underlying Date of Issuance” means (i) with respect to any Class A
Convertible Share, Class B Convertible Share or Class C Convertible
Share, the date of issuance for such Convertible Share (or in the event that
such Convertible Share was issued in exchange for a Convertible Share of
Jefferson Smurfit Group Limited, the date of issuance of such Convertible Share
of Jefferson Smurfit Group Limited), (ii) with respect to any Class E
Convertible Share, Class F Convertible Share, or Class G Convertible
Share issued upon conversion of a Class A Convertible Share, Class B
Convertible Share or Class C Convertible Share, respectively, the Kappa
Completion Date, (iii) with respect to any Class E Convertible Share,
Class F Convertible Share or Class G Convertible Share otherwise
issued by the Company, the date of issuance of such Class E Convertible
Share, Class F Convertible Share or Class G Convertible Share, (iv) with
respect to any Class H Convertible Share issued on or prior to the Kappa
Completion Date, the Kappa Completion Date, (v) with respect to any Class H
Convertible Share issued after the Kappa Completion Date, the date of issuance
of such Class H Convertible Share, and (vi) with respect to any Class D
Convertible Share or Class I Convertible Share, the date of issuance for
the Class A Convertible Share, the Class B Convertible Share, the Class C
Convertible Share, the Class E Convertible Share, the Class F
Convertible Share, the Class G Convertible Share or the Class H
Convertible Share from which such Class D Convertible Share or Class I
Convertible Share has been converted.

 

3.                                       Representations
and Warranties: Acknowledgments.

 

(a)                                  In connection with
the purchase and sale of Executive Stock, each Executive represents and
warrants as follows:

 

(i)                                     Executive Stock
previously acquired by, or being acquired by such Executive pursuant to this
Agreement, shall not be disposed of in contravention of applicable securities
laws.

 

11

 

(ii)                                  Such Executive is
sophisticated in financial matters and is able to evaluate the risks and
benefits of the investment in the Executive Stock.

 

(iii)                               Such Executive is able
to bear the economic risk of such Executive’s investment in Executive Stock
acquired hereunder for an indefinite period of time and acknowledges that the
Executive Stock may not be sold in contravention of applicable securities
laws.

 

(iv)                              This Agreement
constitutes the legal, valid and binding obligation of such Executive,
enforceable in accordance with its terms, and the execution, delivery and
performance of this Agreement by such Executive do not and will not conflict
with, violate or cause a breach of any agreement, contract or instrument to
which such Executive is a party or any judgment, order or decree to which such
Executive is subject.

 

(v)                                 Any such Electing
Executive (or a Family Member of such Electing Executive) is the beneficial
owner of all of the Class A Convertible Shares, Class B Convertible
Shares and Class C Convertible Shares of the Company being converted
hereunder free and clear of all liens, encumbrances, charges, security interests,
or restrictions on transfer and, as applicable, such Electing Executive has
received for the benefit of the Company an agreement of such Family Member to
the conversion of such Class A Convertible Shares, Class B
Convertible Shares and Class C Convertible Shares as herein provided and
the agreement of such Family Member to be bound by this Agreement.

 

(b)                                 As an inducement to
the Company to issue Executive Stock hereunder to each Electing Executive and
to each Executive to enter into this Agreement, and as a condition thereto,
each such Executive acknowledges and agrees that:

 

(i)                                     neither the
issuance of the Executive Stock hereunder to such Executive nor any provision
contained herein shall entitle such Executive to remain in the employment of,
or to serve as an officer or director to, the Group Companies or affect the
right of the Company to terminate such Executive’s employment or service as an
officer, or director at any time;

 

(ii)                                  this Agreement and
the Management Equity Plan shall not form part of any contract of
employment or contract for services between the Company or any Subsidiary and
each Executive;

 

(iii)                               the benefit to each
Executive of participation in this Agreement and the Management Equity Plan
shall not form any part of his remuneration or count as his
remuneration for any purpose and shall not be pensionable;

 

(iv)                              if an Executive ceases to
be employed by the Company or any Subsidiary, he shall not be entitled to
compensation for the loss of any right or benefit or prospective right or
benefit under this Agreement and the Management Equity Plan 

 

12

 

whether by way of damages for unfair
dismissal, wrongful dismissal, breach of contract or otherwise;

 

(v)                                 the Company shall have
no duty or obligation to disclose to such Executive, and such Executive shall
have no right to be advised of, any material information regarding the Company
and its Subsidiaries at any time prior to, upon or in connection with the
repurchase of Executive Stock upon the termination of such Executive’s
employment with the Company and its Subsidiaries, the transfer of Executive
Stock pursuant to paragraphs 4, 5, or 8 hereto, the
conversion of a Convertible Share granted hereunder or as otherwise provided
hereunder;

 

(vi)                              in the case of an
Executive that is a Non-Electing Executive, the value of the Class E
Convertible Shares, Class F Convertible Shares and Class G
Convertible Shares, respectively, may be greater, either now or at any
time in the future, than the value of the Class A Convertible Shares, Class B
Convertible Shares and Class C Convertible Shares owned by such
Non-Electing Executive, such Non-Electing Executive has conducted his or her
own independent evaluation and made his or her own analysis as such Non-Electing
Executive has deemed necessary, prudent or advisable in order for such
Non-Electing Executive to elect not to complete the exchange referred to in
paragraph 1 hereof, such Non-Electing Executive is entering into this Agreement
without reliance upon any oral or written representations and warranties of any
kind or nature by the Company or any of its Subsidiaries or Affiliates or any
of their respective officers, directors, partners or employees, and that such
Non-Electing Executive has not relied upon any statement of the Company or any
of its Subsidiaries or Affiliates or any of their respective officers,
directors, partners or employees regarding the value of the various classes of
Convertible Shares and that no representation or warranty has been or is being
made by the Company or any of its Subsidiaries or Affiliates or any of their
respective officers, directors, partners and employees regarding the value of
the various classes of Convertible Shares; and

 

(vii)                           in the case of an Executive
that is an Electing Executive, the value of the Class E Convertible
Shares, Class F Convertible Shares and Class G Convertible Shares,
respectively, may be less, either now or at any time in the future, than
the value of the Class A Convertible Shares, Class B Convertible
Shares and Class C Convertible Shares owned by such Electing Executive
prior to the exchange completed pursuant to paragraph 1 hereof, that such
Electing Executive has conducted his or her own independent evaluation and made
his or her own analysis as such Electing Executive has deemed necessary,
prudent or advisable in order for such Electing Executive to elect to complete
the exchange referred to in paragraph 1 hereof, that such Electing Executive is
entering into this Agreement without reliance upon any oral or written
representations and warranties of any kind or nature by the Company or any of
its Subsidiaries or Affiliates or any of their respective officers, directors,
partners or employees, and that such Electing Executive has not relied upon any
statement of the Company or any of its Subsidiaries or Affiliates or any of
their respective officers, directors, partners or employees regarding the value
of the various classes of Convertible Shares and that no representation or
warranty has been or is being made by the Company or any of its Subsidiaries or

 

13

 

Affiliates or any of their respective
officers, directors, partners and employees regarding the value of the various
classes of Convertible Shares.

 

4.                                       Redemption
Option.

 

(a)                                  In the event (i) any
Executive ceases to be employed by, or to serve as an officer, or director for,
the Company or its Subsidiaries for any reason or, (ii) a Corporate Family
Member of an Executive ceases for any reason to be a Corporate Family Member of
such Executive and thereafter fails to comply with the requirements of
paragraph 4(h) hereof, or (iii) any Corporate Family Member of an
Executive shall fail to comply with any requirement made pursuant to paragraph
4(i) hereof (any such event being in respect of such Executive or
Corporate Family Member, his or its “Termination”), all of the
Redeemable Stock held by such Executive or, as the case may be, such
Corporate Family Member (whether held by such Executive or Corporate Family
Member or one or more of such Executive’s transferees) may be redeemed or
purchased by the Company, the MDCP Co-Investors (in the case of redemptions or
purchases of Redeemable Stock that are Class A Convertible Shares, Class B
Convertible Shares, Class C Convertible Shares, Class D Convertible
Shares, Class E Convertible Shares, Class F Convertible Shares, Class G
Convertible Shares and Class A Ordinary Shares (the “MDCP Redeemable
Stock”)) or the Kappa Investor (in the case of redemptions or purchases of
Redeemable Stock that are Class H Convertible Shares, Class I
Convertible Shares or Class B Ordinary Shares (the “Kappa Investor
Redeemable Stock”)) pursuant to the terms and conditions set forth in this
paragraph 4 (the “Redemption Option”). For the avoidance of doubt (but
without prejudice to rights to redeem or purchase Ordinary Shares issued or
issuable upon conversion of Convertible Shares), Ordinary Shares purchased
directly from the Company (excluding for this purpose Ordinary Shares issued or
issuable upon conversion of Convertible Shares) are not subject to redemption
or purchase pursuant to this paragraph 4 or otherwise.

 

(b)                                 In the case of any
Termination other than a termination of an Executive’s employment for Cause,
the purchase price for each Class A Convertible Share, Class B
Convertible Share, Class C Convertible Share, Class E Convertible
Share, Class F Convertible Share, Class G Convertible Share and Class H
Convertible Share shall be such Executive’s Original Cost for such share, and
the purchase price for each Class D Convertible Share, Class I
Convertible Share and Ordinary Share shall be the Fair Market Value for such
share. In the event of an Executive’s termination for Cause, the purchase price
for each Convertible Share and each Ordinary Share shall be the lower of (i) the
Fair Market Value of such share and (ii) the Original Cost for such share.

 

(c)                                  The Company may elect
to redeem or purchase all or any portion of an Executive’s Redeemable Stock by
delivering written notice (the “Redemption Notice”) to the holder or
holders of such Executive’s Redeemable Stock within 90 days after such
Executive’s Termination (180 days in the case of such Executive’s Termination
upon death or disability). The Redemption Notice shall set forth the number of
shares of Redeemable Stock to be acquired from each holder of such Executive’s
Redeemable Stock, the aggregate consideration to be paid for such shares and
the time and place for the closing of the transaction. The number of shares to be
redeemed or purchased by the Company shall first be satisfied to the extent
possible from the shares of Redeemable Stock held by such Executive at the time
of delivery of the Redemption 

 

14

 

Notice. If the number of shares of Redeemable Stock then held by such
Executive is less than the total number of shares of Redeemable Stock the
Company has elected to redeem or purchase, the Company shall purchase the
remaining shares elected to be redeemed or purchased from the other holder(s)
of such Executive’s Redeemable Stock under this Agreement, pro rata according
to the number of shares of such Executive’s Redeemable Stock held by such other
holder(s) at the time of delivery of such Redemption Notice (determined as
close as practicable to the nearest whole shares). The number of shares of
Redeemable Stock to be purchased hereunder shall be allocated among such
Executive and the other holders of such Executive’s Redeemable Stock (if any)
pro rata according to the number of shares of such Executive’s Redeemable Stock
to be purchased from such persons.

 

(d)                                 If for any reason
following an Executive’s Termination, the Company does not elect to purchase
all of such Executive’s Redeemable Stock pursuant to the Redemption Option, the
MDCP Co-Investors shall be entitled to exercise the Redemption Option for the
shares of MDCP Redeemable Stock the Company has not elected to purchase in
accordance with paragraph 4(c) (the “MDCP Available Shares”)
and the Kappa Investor shall be entitled to exercise the Redemption Option for
the shares of Kappa Redeemable Stock the Company has not elected to purchase in
accordance with paragraph 4(c) (the “Kappa Investor Available
Shares”). As soon as practicable after the Company has determined that
there will be MDCP Available Shares or Kappa Investor Available Shares, but in
any event within 45 days after such Executive’s Termination, the Company shall
give written notice (the “Redemption Option Notice”) to the MDCP
Co-Investors and/or the Kappa Investor, as applicable, setting forth the number
of MDCP Available Shares and/or Kappa Investor Available Shares and the
aggregate purchase price therefor. The MDCP Co-Investors may elect to
purchase any or all of the MDCP Available Shares by giving written notice to
the Company within 30 days after the Redemption Option Notice has been given by
the Company and the Kappa Investor may elect to purchase any or all of the
Kappa Investor Available Shares by giving written notice to the Company within
30 days after the Redemption Option Notice has been given by the Company. As
soon as practicable, and in any event within ten days after the expiration of
the 30-day period set forth above, the Company shall notify each holder of
Redeemable Stock as to the number of shares being purchased from such holder
hereunder by the MDCP Co-Investors and/or the Kappa Investor (the “Supplemental
Redemption Notice”). At the time the Company delivers the Supplemental
Redemption Notice to the holder(s) of Redeemable Stock, the Company shall also
deliver written notice to the MDCP Co-Investors and the Kappa Investor setting
forth the number of shares the MDCP Co-Investors and the Kappa Investor are
entitled to purchase, the aggregate purchase price and the time and place of the
closing of the transaction.

 

(e)                                  The closing of the
purchase and sale of the Redeemable Stock pursuant to the Repurchase Option
shall take place on the date designated by the Company in the Redemption Notice
or Supplemental Redemption Notice (as the case may be), which date shall
not be more than 60 days nor less than five days after the delivery of the
later of either such notice to be delivered. The Company and/or the Investors
shall pay for the Redeemable Stock to be purchased pursuant to the Redemption Option
by delivery of a check or wire transfer of funds in the aggregate amount of the
purchase price for such shares. The purchasers of Redeemable Stock hereunder
shall be entitled to receive customary representations and warranties from the
sellers regarding the sellers’ good title to such shares free and clear of any
liens or encumbrances).

 

15

 

(f)                                    In the event that
the Company, the MDCP Co-Investors or the Kappa Investor elect to exercise
rights to redeem or purchase Redeemable Stock pursuant to this paragraph 4,
the Company, MDCP Co-Investors and the Kappa Investor shall make all Redeemable
Stock acquired pursuant to this paragraph 4 available for sale to any
member of the Company’s management approved in accordance with the Management
Equity Plan as promptly as practicable after a transferee has been identified
in accordance with the Management Equity Plan; provided that the
obligations of the Company, the MDCP Co-Investors and the Kappa Investor
pursuant to this paragraph 4(f) shall be subject to the management
member so identified purchasing the Convertible Shares or Ordinary Shares at
the same price, in the same manner and on the same terms on which the Company,
the MDCP Co-Investors and the Kappa Investor acquired the Redeemable Stock.

 

(g)                                 The right of the
Company, the MDCP Co-Investors and the Kappa Investor to repurchase Class D
Convertible Shares, Class H Convertible Shares and Ordinary Shares
pursuant to this paragraph 4 shall terminate upon the earlier of a Sale
of the Company or a Listing.

 

(h)                                 If any Corporate
Family Member shall cease to be a Corporate Family Member of an Executive, it
shall be required forthwith to notify the Company of the fact and the manner of
such cessation and within 30 days thereafter to transfer all Executive Stock
held by it to such Executive and/or his Family Members.

 

(i)                                     The Company shall
be entitled at any time to require any Corporate Family Member to procure the
certification to the Company of the persons owning the voting shares of such
Corporate Family Member and of the manner in which appointments of its
directors are controlled, and of the beneficial ownership of all shares of such
Corporate Family Member entitled to all of the capital, dividend and other economic
interests therein, and to require that such certification shall be supported by
appropriate opinions and/or declarations of counsel and directors of such
Corporate Family Member.

 

(j)                                     If any Corporate
Family Member shall fail to comply with a requirement of the Company made
hereunder to the reasonable satisfaction of the Company and within a period
reasonably specified by the Company for compliance, the Company shall be
entitled by 30 days notice in writing to such Corporate Family Member to
declare that unless it shall have complied with such requirement to the Company’s
reasonable satisfaction within the period of such notice, it shall thereupon
cease to be a Corporate Family Member and sub-paragraph (h) of this paragraph
4 shall thereupon have effect.

 

5.                                       Restrictions
on Transfer.

 

(a)                                  Transfer of
Executive Stock. No Executive shall sell, transfer, assign, pledge or
otherwise dispose of (whether with or without consideration and whether
voluntarily or involuntarily or by operation of law) (a “Transfer”) any
interest in any shares of Executive Stock, except pursuant to the provisions of
paragraph 4 hereof, this paragraph 5 or in connection with a Sale
of the Company, unless otherwise agreed to by the Company.

 

16

 

(b)                                 Certain Permitted
Transfers. The restrictions contained in this paragraph 5 shall not
apply with respect to transfers of shares of Executive Stock (i) pursuant
to applicable laws of descent and distribution, (ii) to an Executive’s
Family Member, or (iii) to Corporate Family Members of such Executive;
provided that such restrictions shall continue to be applicable to shares of
such Executive Stock after any such transfer and the transferees of such
Executive Stock shall have agreed in writing to be bound by the provisions of
this Agreement.

 

(c)                                  Tag-Along Rights.
At least 30 days prior to any sale by any MDCP Co-Investor or the Kappa
Investor (as applicable, the “Transferring Shareholder”) of Ordinary
Shares (excluding any Transfer or series of related Transfers (w) of up to
an aggregate of 5% of the aggregate Ordinary Shares held by such Transferring
Shareholder as of the Effective Date (in the case of the MDCP Co-Investors) or
Kappa Completion Date (in the case of the Kappa Investor) (aggregating all
Transfers made on or after the Effective Date or the Kappa Completion Date, as
applicable), (x) in a Public Sale, (y) to any of its members or Affiliates or
their members, partners, shareholders or Affiliates, or (z) to a member of
management of the Company and its Subsidiaries (the “Excluded Transfers”)),
such Transferring Shareholder shall deliver written notice (the “Sale Notice”)
to each Executive specifying in reasonable detail the identity of the
prospective transferee(s), the number of shares to be sold and the terms and
conditions of the proposed Transfer. Each Executive may elect to include
any Ordinary Shares, Class D Convertible Shares and Class I
Convertible Shares in the contemplated Transfer at the same price per share and
on the same terms by delivering written notice to the Transferring Shareholder
within 30 days after delivery of the Sale Notice; provided that in the
event that an Executive elects to transfer Class D Convertible Shares
and/or Class I Convertible Shares pursuant to this paragraph 5(c),
the price per share paid to an Executive in respect of each Class D
Convertible Share and/or Class I Convertible Share shall be reduced by the
Class D Conversion Price per share for such Class D Convertible Share
and the Class I Conversion Price per share for such Class I
Convertible Share and upon such Transfer and the payment of the per share
price, each such Class D Convertible Share shall be convertible into one Class A
Ordinary Share upon payment of the Class D Conversion Price per share to
the Company and each such Class I Convertible Share shall be convertible
into one Class B Ordinary Share upon payment of the Class I
Conversion Price per share to the Company. If any Executive has elected to
participate in such Transfer, each of the Transferring Shareholders and each
such Executive shall be entitled to sell in the contemplated Transfer, at the
same price and on the same terms (in each case, subject to the proviso to the
immediately foregoing sentence), a number of Ordinary Shares, Class D
Convertible Shares and Class I Convertible Shares equal to the product of (i) the
quotient determined by dividing (A) the percentage of Ordinary Shares, Class D
Convertible Shares and Class I Convertible Shares owned by such Person by (B) the
aggregate percentage of Ordinary Shares, Class D Convertible Shares and Class I
Convertible Shares collectively owned by all persons participating in such
Transfer and (ii) the aggregate number of Ordinary Shares to be sold in
the contemplated Transfer. For purposes of clause (i) and clause (ii) of
the foregoing sentence, (x) in determining the number of Class B Ordinary
Shares owned by the Kappa Investor, such Kappa Investor shall be deemed to own
an additional number of Ordinary Shares determined by multiplying the number of
all issued Class D Convertible Shares by the Relevant Proportion and (y)
in determining the number of Class A Ordinary Shares owned by the MDCP
Co-Investors and the Additional Investors, each MDCP Co-Investor and each
Additional Investor 

 

17

 

shall be deemed to own an additional number of Ordinary Shares
determined by multiplying the number of all issued Class I Convertible
Shares by the Applicable Portion of such MDCP Co-Investor or Additional Investor,
as the case may be.

 

For example, if the
Sale Notice contemplated a sale of 100 Ordinary Shares, and if the MDCP
Co-Investors participating in such Transfer at such time own 40% of all
Ordinary Shares and if an Executive elects to participate and such Executive
owns 2% of all Ordinary Shares and if other persons owning an aggregate of 10%
of all Ordinary Shares elect to participate in the contemplated sale, the MDCP
Co-Investors would be entitled to sell 76.9 shares (40% ÷ 52% x 100 shares),
such Executive would be entitled to sell 3.9 shares (2% ÷ 52% x 100 shares) and
the other persons would be entitled to sell 19.2 shares in the aggregate (10% ÷
52% x 100 shares).

 

Each person transferring Ordinary Shares, Class D
Convertible Shares and/or Class I Convertible Shares pursuant to this paragraph
5(c) shall pay his, her or its pro rata share (determined on the basis
of consideration received or receivable by such person in such transaction
relative to the aggregate consideration received or receivable by all persons
participating in such transaction in their capacity as selling stockholders) of
the reasonable expenses incurred by the persons transferring shares in
connection with such Transfer and shall be obligated to join in any
indemnification or other obligations that the Transferring Shareholder agrees
to provide in connection with such Transfer (other than any such obligations
that relate specifically to another person such as indemnification with respect
to representations and warranties given by such other person regarding such
other person’s title to and ownership of Ordinary Shares, Class D
Convertible Shares and/or Class I Convertible Shares). Notwithstanding the
foregoing, other than with respect to representations and warranties given by
such person regarding such person’s title to and ownership of Ordinary Shares, Class D
Convertible Shares and Class I Convertible Shares and covenants regarding
such person, (x) the aggregate indemnification obligations or other obligations
for which such person shall be liable shall not exceed such person’s pro rata
portion (determined on the basis of consideration received or receivable by
such person in such transaction relative to the aggregate consideration
received or receivable by all persons participating in such transaction in
their capacity as selling stockholders) of such indemnification obligation or
other obligation and (y) in no event shall any holder of Executive Stock be
required to assume any indemnification or other obligation in excess of the greater
of (A) 50% of the after-tax proceeds received or receivable by such person
as a result of such transaction and (B) the aggregate Acquisition Cost for
the equity securities sold by such holder in such transaction.

 

(d)                                 Termination of
Restrictions.

 

(i)                                     The restrictions
on Transfer and holding of shares of Executive Stock set forth in this paragraph
5 shall continue with respect to each share of Executive Stock following
any Transfer thereof.

 

18

 

(ii)                                  Notwithstanding any
provision in this Agreement to the contrary, following the consummation of the
Company’s initial Listing, the restrictions on Transfer of Ordinary Shares, Class D
Convertible Shares and Class I Convertible Shares set forth in this paragraph
5 shall terminate (A) with respect to Ordinary Shares purchased
directly by an Executive (as opposed to issued upon conversion of Class D
Convertible Shares and/or Class I Convertible Shares), as of the date of
the Company’s initial Listing, (B) with respect to all other Ordinary
Shares and Class D Convertible Shares held by a Non-Electing Executive in
equal tranches on each of December 31, 2005, December 31, 2006 and December 31,
2007, and (C) with respect to all other Ordinary Shares, Class D
Convertible Shares and Class I Convertible Shares held by an Electing
Executive in equal tranches on December 31, 2008, December 31, 2009
and December 31, 2010.

 

(iii)                               The restrictions on
Transfer and holding set forth in this paragraph 5 shall not terminate
with respect to any Class A Convertible Shares, Class B Convertible
Shares, Class C Convertible Shares, Class E Convertible Shares, Class F
Convertible Shares, Class G Convertible Shares and Class H
Convertible Shares.

 

6.                                       Participation
Rights.

 

(a)                                  If the Company
proposes to issue any newly issued additional Ordinary Shares (the “New
Shares”) to the MDCP Co-Investors, the Kappa Investor or any of their
respective Affiliates after the date hereof and the MDCP Co-Investors, the
Kappa Investor or such Affiliates participate in such issuance of New Shares,
each Executive shall have the right to purchase on the same terms and
conditions a pro rata portion of the New Shares equal to the product of (i) the
total number of New Shares to be issued, multiplied by (ii) a fraction,
(A) the numerator of which is the number of Class D Convertible
Shares and Ordinary Shares held by such Executive as of the date hereof and (B) the
denominator of which is the total number of Class D Convertible Shares and
Ordinary Shares which are held by all shareholders immediately prior to the
proposed issuance; provided that, for purposes of clause (ii) foregoing,
the Kappa Investor shall be deemed to own an additional number of Ordinary
Shares determined by multiplying the number of all issued Class D
Convertible Shares as of immediately prior to the proposed issuance by the
Relevant Proportion.

 

(b)                                 The Company shall give
each Executive written notice of any proposed issuance of New Shares (the “Option
Issuance Notice”) describing the price and terms upon which the Company
proposes to issue and sell such New Shares. During the 10-day period following
the date of delivery of the Option Issuance Notice (the “Election Period”)
each Executive may exercise his, her or its right to purchase New Shares
in accordance with this paragraph 6, for the price and upon the terms
and conditions specified in the Option Issuance Notice by giving written notice
to the Company and stating therein the quantity of New Shares to be purchased.

 

(c)                                  In the event that any
Executive fails to exercise his right to subscribe for any New Shares which it
is entitled to subscribe for under this paragraph 6, the Company shall
have 180 days following the Election Period to issue or enter into an agreement
to issue and sell the New Shares proposed to be sold at a price and upon terms
not substantially more favorable to the 

 

19

 

MDCP Co-Investors, the Kappa Investor, their respective Affiliates and
other prospective subscribers therefor than those specified in the Option
Issuance Notice. In the event the Company has not issued the New Shares or
entered into an agreement to issue the New Shares within the said 180-day
period, the Company shall not thereafter issue or otherwise transfer such New
Shares without first offering such New Shares to the Executives in the manner
provided in this paragraph 6.

 

(d)                                 If an Executive elects
to subscribe for any New Shares pursuant to this paragraph 6, the
closing of such subscription shall occur at such time and at such location
selected by the Company.

 

(e)                                  Notwithstanding
anything else to the contrary set forth herein, the provisions of this paragraph
6 shall not apply to any Excluded Issuances.

 

7.                                       Additional
Restrictions on Transfer. Each holder of Executive Stock agrees not to
effect any public sale or distribution of any Executive Stock or other equity
securities of the Company, or any securities convertible into or exchangeable
or exercisable for any of the Company’s equity securities, during the seven
days prior to and the 180 days after the effectiveness of any Listing, except
as part of such Listing or if otherwise permitted by the Company.

 

8.                                       Sale of the
Company.

 

(a)                                  If the Board and the
holders of a majority of the Ordinary Shares approve a Sale of the Company (the
“Approved Sale”), all holders of Executive Stock shall consent to and
raise no objections against the Approved Sale, and if the Approved Sale is
structured as a sale of stock, the holders of Executive Stock shall agree to
sell their shares of Executive Stock on the terms and conditions approved by
the Board and the holders of a majority of Ordinary Shares. The holders of
Executive Stock shall take all necessary and desirable actions in connection
with the consummation of the Approved Sale.

 

(b)                                 The obligations of the
holders of Executive Stock with respect to the Approved Sale are subject to the
satisfaction of the following conditions: (i) upon the consummation of the
Approved Sale, all of the holders of a particular class, type or series of
Ordinary Shares shall receive the same form and amount of consideration
per Ordinary Share of such class, type or series, or if any holders of the
Ordinary Shares are given an option as to the form and amount of
consideration to be received, all holders shall be given the same option; (ii) no
holder of Executive Stock shall be required to join in any indemnification
obligations or other obligations (other than with respect to representations
and warranties given by such person regarding such person’s title to and
ownership of Executive Stock or covenants with respect to such holder) (A) in
excess of such person’s pro rata portion (determined on the basis of
consideration received or receivable by such holder of Executive Stock in such
transaction relative to the aggregate consideration received or receivable by
all holders of the Company’s equity securities in their capacity as such) of
such indemnification obligations or other obligations or (B) in excess of
the greater of (I) 50% of the after-tax proceeds received or receivable by such
person as a result of such transaction and (II) the aggregate Acquisition Cost 

 

20

 

for the equity securities sold by such holder in such transaction and (iii) all
holders of Class D Convertible Shares and Class I Convertible Shares
shall be given an opportunity to either (A) exercise their rights to
convert to Ordinary Shares prior to the consummation of the Approved Sale and
participate in such sale as holders of Ordinary Shares, or (B) upon the
consummation of the Approved Sale, (I) receive in exchange for such Class D
Convertible Shares consideration equal to the amount determined by multiplying (1) the
same amount of consideration per Ordinary Share received by the holders of Class A
Ordinary Shares in connection with the Approved Sale less the Class D
Conversion Price per Class D Convertible Share, by (2) the number of Class A
Ordinary Shares issuable upon conversion of such Class D Convertible
Shares, and (II) receive in exchange for such Class I Convertible Shares
consideration equal to the amount determined by multiplying (1) the same
amount of consideration per Class B Ordinary Share received by the holders
of Class B Ordinary Shares in connection with the Approved Sale less the Class I
Conversion Price per Class I Convertible Share, by (2) the number of Class B
Ordinary Shares issuable upon conversion of such Class I Convertible
Shares, as applicable.

 

(c)                                  Each holder of
Executive Stock shall bear his or her pro rata share (determined on the basis
of consideration received or receivable by such holder of Executive Stock in
such transaction relative to the aggregate consideration received or receivable
by all holders of the Company’s equity securities in their capacity as such) of
the costs of any sale of Executive Stock pursuant to an Approved Sale to the
extent such costs are incurred for the benefit of all holders of Ordinary
Shares and are not otherwise paid by the Company or the acquiring party. Costs
incurred by each such holder of Executive Stock on his or her own behalf shall
not be considered costs of the transaction hereunder.

 

(d)                                 Notwithstanding
anything else to the contrary set forth herein or the Company’s Articles of
Association, in the event of a Sale of the Company (whether or not such Sale of
the Company is an Approved Sale), each holder of Executive Stock acknowledges
that (i) the consideration to be received in exchange for each Convertible
Share that is unvested as of the closing date of the Sale of the Company (after
giving effect to any acceleration under paragraph 2(c) hereof) shall equal
the lesser  of (x) the amount per share paid to holders of
Ordinary Shares in such transaction triggering a Sale of the Company and (y)
the Original Cost for such Convertible Share, (ii) the consideration to be
received or receivable in exchange for each Class D Convertible Share
shall equal the amount determined by multiplying (x) the same amount of
consideration per Class A Ordinary Share received or receivable by the
holders of Class A Ordinary Shares in connection with the Sale of the
Company less the Class D Conversion Price per Class D Convertible
Share by (y) the number of Ordinary Shares issuable upon conversion of such Class D
Convertible Shares, and (iii) the consideration to be received or
receivable in exchange for each Class I Convertible Share shall equal the
amount determined by multiplying (x) the same amount of consideration per Class B
Ordinary Share received or receivable by the holders of Class B Ordinary
Shares in connection with the Sale of the Company less the Class I
Conversion Price per Class I Convertible Share by (y) the number of
Ordinary Shares issuable upon conversion of such Class I Convertible
Shares. In furtherance of the acknowledgments in this paragraph 8(d),
each holder of Executive Stock agrees that (A) all unvested Convertible
Shares which are not vested in connection with a Sale of the Company shall
automatically be deemed transferred to a buyer of the Company and cancelled, without
further action on the part

 

21

 

of such buyer, the Company or any Executive,
in connection with the consummation of such Sale of the Company upon payment by
the buyer or its designee of an amount in cash (or other form of
consideration payable in connection with such Sale of the Company) equal to the
lesser  of the number of unvested Convertible Shares held by an
Executive multiplied by the amount per share paid to holders of Class A
Ordinary Shares (in the case of all unvested Convertible Shares, other than Class H
Convertible Shares) or Class B Ordinary Shares (in the case of all Class H
Convertible Shares) in such transaction triggering a Sale of the Company and
the Original Cost for all such unvested Convertible Shares and (B) all Class D
Convertible Shares and Class I Convertible Shares which are not converted
to Ordinary Shares in connection with such Sale of the Company shall
automatically be deemed transferred to a buyer of the Company and cancelled,
without further action on the part of such buyer, the Company or an
Executive, in connection with consummation of such Sale of the Company upon
payment by the buyer or its designee of an amount in cash (or other form of
consideration payable in connection with such Sale of the Company) equal to (x)
in the case of Class D Convertible Shares, the amount determined by
multiplying (1) the same amount of consideration per Class A Ordinary
Share received or receivable by the holders of Class A Ordinary Shares in
connection with the Approved Sale less the Class D Conversion Price per Class D
Convertible Share by (2) the number of Ordinary Shares issuable upon
conversion of such Class D Convertible Shares and (y) in the case of Class I
Convertible Shares, the amount determined by multiplying (1) the same
amount of consideration per Class B Ordinary Share received or receivable
by the holders of Class B Ordinary Shares in connection with the Approved
Sale less the Class I Conversion Price per Class I Convertible Share
by (2) the number of Ordinary Shares issuable upon conversion of such Class I
Convertible Shares.

 

9.                                       [Intentionally
Omitted].

 

10.                                 Definitions.

 

(a)                                  “Accelerated
Valuation Date” means the first date on which either a Sale of the Company
or an initial Listing occurs (i.e., the date upon which the Sale of the Company
is consummated or an initial Listing becomes effective).

 

(b)                                 “Acquisition Cost”
means, with respect to any equity securities, the aggregate subscription price
or purchase price for such securities together with any other amounts
contributed to or invested in the Company allocable to such equity securities
(with any such investment or contribution that is being used to subscribe for
or purchase securities being allocated to the shares so purchased or subscribed
for and with any such investment or contribution that is not being used to
subscribe for or purchase securities being allocated ratably among the Ordinary
Shares comprising such equity securities).

 

(c)                                  “Additional
Investor” means each Person party to that certain Shareholders and
Corporate Governance Agreement, dated as of the Effective Date and as amended
from time to time, in the capacity of an “Additional Investor”.

 

(d)                                 “Adjusted EBITDA”
means, for any annual period, the consolidated net income of the Company
(excluding net income related to or derived from exceptional items)

 

22

 

plus, in each case only to the extent deducted
in determining such net income, (i) the amount of the provision for income
taxes for the Company for such period, (ii) the amount of net interest
expense of the Company during such period for Indebtedness for Borrowed Money, (iii) the
amount of dividends actually paid by the Company to, or accrued by the Company
with respect to, holders of Preferred Equity Securities (other than the Company
or one of its Subsidiaries) during such period, and (iv) depreciation and
amortization charges of the Company for such period, all determined on a
consolidated basis in accordance with Irish generally accepted accounting
principles. Adjusted EBITDA shall be determined on the basis of the audited
consolidated annual financial statements of the Company.

 

(e)                                  “Affiliate” of
any Person, means a Person controlling, controlled by or under common control
with such Person.

 

(f)                                    “Aggregate
Equity Price” means the aggregate Acquisition Cost in respect of all
Ordinary Shares issued (whether to the MDCP Co-Investors pursuant to the
Management Equity Plan or other investors) in connection with the settlement of
consideration pursuant to the Take-Over Offer and the refinancing of
indebtedness and payment of fees and expenses in connection therewith.

 

(g)                                 “Applicable Class B
Valuation Date” means each of December 31, 2005, December 31,
2006 and December 31, 2007.

 

(h)                                 “Applicable Class F
Valuation Date” means each of December 31, 2008, December 31,
2009 and December 31, 2010.

 

(i)                                     “Applicable Class H
Valuation Date” means each of December 31, 2008, December 31,
2009 and December 31, 2010.

 

(j)                                     “Applicable
Portion” means for each MDCP Co-Investor or Additional Investor, as the
case may be, the Reciprocal Relevant Proportion multiplied by a fraction,
the numerator of which is the number of Ordinary Shares owned by such MDCP
Co-Investor or Additional Investor and the denominator of which is the number
of Ordinary Shares owned by the MDCP Co-Investors and Additional Investors.

 

(k)                                  “Applicable
Valuation Date” means any Applicable Class B Valuation Date, the Class C
Valuation Date, any Applicable Class F Valuation Date, the Class G
Valuation Date or any Applicable Class H Valuation Date.

 

(l)                                     “Appraiser”
means a Person appointed by the president of the Institute of Chartered
Accountants — England.

 

(m)                               “Associated Company”
means any company having an Equity Share Capital of which not less than 20% in
nominal value is beneficially owned by any Group Company.

 

(n)                                 “Cash Equivalents”
means, as of any date of determination, cash plus cash equivalents of the
Company, determined on a consolidated basis in accordance with Irish generally
accepted accounting principles.

 

23

 

(o)                                 “Cause” shall
mean, with respect to any Executive, (i) the commission of actual or
attempted fraud, embezzlement, theft, misappropriation, serious misconduct or
gross default by such Executive against or in respect of a Group Company or
such Executive’s duties for a Group Company, which relates to a material amount
or which results in a criminal conviction or settlement with criminal penalties
or future restrictions or in material loss or damage to that Group Company or
other Group Companies; (ii) the refusal or failure by such Executive to
carry out his duties to a Group Company to a material degree, following a
written warning that dismissal may result; (iii) conviction of a
crime in relation to the business or assets of a Group Company, which has, in
the reasonable opinion of the Board acting in accordance with the
recommendation of the Company’s chief executive officer (or chief operating
officer where such Executive is the chief executive officer), a material
adverse effect upon a Group Company or its shareholders, other than (A) violation
of the Road Traffic Acts and (B) a criminal matter in respect of which
such Executive has been indemnified by a Group Company and is entitled to
indemnification, (iv) knowing violation of the Foreign Corrupt Practices
Act, or (v) material breach of a material, formal agreement in writing
(other than an employment agreement) between such Executive and the Company or
the Group Company by which such Executive is or was employed or serves as an
officer or director; provided that for the avoidance of doubt, the
termination of an Executive’s employment, or service as an officer or director,
by a Group Company shall not be for Cause if it results wholly or mainly from (v) such
Executive’s death or disability, (w) such Executive’s retirement on grounds of
age or pursuant to an early retirement plan of the Group Company that employs
the Executive or for which you serve as an officer or director, (x) such
Executive’s voluntary resignation (unless such Executive is subject to internal
or external proceedings likely to lead to a termination for Cause at the time
of such resignation), (y) such Executive’s redundancy, or (z) the Group Company
that employs such Executive, or for which Executive serves as an officer, or
director, ceasing for any reason to be a Group Company.

 

(p)                                 “Class A
Convertible Shares” has the meaning given to such term in the Company’s
Articles of Association.

 

(q)                                 “Class A
Ordinary Shares” has the meaning given to such term in the Company’s
Articles of Association.

 

(r)                                    “Class B
Convertible Shares” has the meaning given to such term in the Company’s
Articles of Association.

 

(s)                                  “Class B
Ordinary Shares” has the meaning given to such term in the Company’s
Articles of Association.

 

(t)                                    “Class C
Convertible Shares” has the meaning given to such term in the Company’s
Articles of Association.

 

(u)                                 “Class D
Conversion Price” means, (i) with respect to any Class D
Convertible Share, the fair market value of a Class A Ordinary Share as of
the date of issue of any Class A Convertible Share, Class B
Convertible, Class C Convertible Share, Class E Convertible Share, Class F
Convertible Share or Class G Convertible Share which had converted into
such Class D Convertible Share less the amount paid for the Class A
Convertible Share, 

 

24

 

Class B Convertible Share, Class C Convertible Share, Class E
Convertible Share, Class F Convertible Share or Class G Convertible
Share which had converted into such Class D Convertible Share; provided
that, with respect to each Convertible Share (other than Class H
Convertible Share or Class I Convertible Share) issued on or prior to February 6,
2005 (which shall include Class E Convertible Shares, Class F
Convertible Shares and Class G Convertible Shares issued after February 6,
2005 to the extent such shares were issued upon conversion of Class A
Convertible Shares, Class B Convertible Shares and Class C
Convertible Shares issued prior to February 6, 2005), the “Class D
Conversion Price” for the Class D Convertible Share issued upon conversion
of such Convertible Share (a “Relevant Class D Convertible Share”)
shall be €9.999 less an amount per Relevant Class D Convertible Share calculated
according to the following formula:

 

	
  €R

  	
  =

  	
  RA + I + C

  	
   

  
	
   

  	
   

  	
  N + W

  	
   

  

 

Where:

 

	
  R

  	
  =

  	
  the amount of the reduction in Class D
  Conversion Price per Relevant Class D Convertible Share.

  
	
   

  	
   

  	
   

  
	
  RA

  	
  =

  	
  being the “Reduction Amount”, or the amount paid to shareholders in
  the Reduction (the US Dollar portion of which shall be converted to
  Euro at the exchange rate prevailing on the date of conversion).

  
	
   

  	
   

  	
   

  
	
  I

  	
  =

  	
  the aggregate amount of interest accrued or
  paid (including interest paid by capitalisation pursuant to the agreement
  relative thereto) to the date upon which R is to be determined by the Company’s
  subsidiary, JSG Holdings plc, with respect to the indebtedness incurred by it
  on or prior to the date of the Reduction, for the purposes of on-lending to
  the Company to fund the Reduction Amount and of meeting related costs (the “HYD
  Offering”).

  
	
   

  	
   

  	
   

  
	
  C

  	
  =

  	
  the aggregate costs and fees incurred by
  the Company and JSG Holdings plc to underwriters, financial advisers and
  legal counsel in connection with the HYD Offering.

  
	
   

  	
   

  	
   

  
	
  N

  	
  =

  	
  the number of Ordinary Shares in issue at
  the date of the Reduction.

  
	
   

  	
   

  	
   

  
	
  W

  	
  =

  	
  the number of Ordinary Shares issuable upon
  exercise of all Warrants of the Company outstanding at the date of the
  Reduction.

  

 

In no event shall the Class D
Conversion Price be reduced to less than €0.

 

(v)                                 “Class D
Convertible Shares” has the meaning given to such term in the Company’s
Articles of Association.

 

(w)                               “Class E
Convertible Shares” has the meaning given to such term in the Company’s
Articles of Association.

 

25

 

(x)                                   “Class F
Convertible Shares” has the meaning given to such term in the Company’s
Articles of Association.

 

(y)                                 “Class G
Convertible Shares” has the meaning given to such term in the Company’s
Articles of Association.

 

(z)                                   “Class G
Valuation Date” means December 31, 2010.

 

(aa)                            “Class H Valuation
Date” means December 31, 2010.

 

(bb)                          “Class H Convertible
Shares” has the meaning given to such term in the Company’s Articles of
Association.

 

(cc)                            “Class I Conversion
Price” means with respect to any Class I Convertible Share, the fair
market value of a Class B Ordinary Share as of the date of issue of any Class H
Convertible Share which had converted into such Class I Convertible Share
less the amount paid for the Class H Convertible Share which had converted
into such Class I Convertible Share; provided that, with respect to
each Class H Convertible Share issued on the Effective Date, the “Class I
Conversion Price” for the Class I Convertible Share issued upon conversion
of such Class H Convertible Share shall be €5.6924.

 

(dd)                          “Class I Convertible
Shares” has the meaning given to such term in the Company’s Articles of
Association.

 

(ee)                            “Convertible Shares”
means each of the Class A Convertible Shares, Class B Convertible
Shares, Class C Convertible Shares, Class D Convertible Shares, Class E
Convertible Shares, Class F Convertible Shares, Class G Convertible
Shares, Class H Convertible Shares, and Class I Convertible Shares.

 

(ff)                                “Corporate Family
Member” in respect of each Executive, any corporate entity in respect of
which (i) all of its issued voting shares; (ii) the right or power of
appointment of all of its directors; and (iii) at least 85% of the entire
economic interest therein (comprising shares entitling their owners to capital
and dividends in and from such corporate entity) are respectively owned and
held (either directly or through other Corporate Family Members) by such
Executive and/or those Family Members of such Executive as are described in
clause (i) of the definition of Family Member.

 

(gg)                          “Electing Executive”
means each Executive that, in accordance with the signature pages attached
hereto, has elected to exchange his or her Class A Convertible Shares, Class B
Convertible Shares and Class C Convertible Shares for, respectively, Class E
Convertible Shares, Class F Convertible Shares and Class G
Convertible Shares.

 

(hh)                          “Election Period”
means the period during which an Executive is entitled to elect to convert his
or her Class A Convertible Shares, Class B Convertible Shares and Class C
Convertible Shares for, respectively, Class E Convertible Shares, Class F
Convertible Shares and Class G Convertible Shares, as set forth by the
Company in the information materials regarding 

 

26

 

such conversion opportunity circulated by the Company to holders of Class A
Convertible Shares, Class B Convertible Shares and Class C
Convertible Shares.

 

(ii)                                  “Eligible Class B
Convertible Shares” means Class B Convertible Shares that are (but for
the penultimate sentence of paragraph 2(b)(ii)) scheduled to be eligible
for vesting on an Applicable Class B Valuation Date that is after the
Accelerated Valuation Date (i.e., shares not eligible for vesting prior to such
Accelerated Valuation Date).

 

(jj)                                  “Eligible Class F
Convertible Shares” means Class F Convertible Shares that are (but for
the penultimate sentence of paragraph 2(b)(v)) scheduled to be eligible
for vesting on an Applicable Class F Valuation Date that is after the
Accelerated Valuation Date (i.e., shares not eligible for vesting prior to such
Accelerated Valuation Date).

 

(kk)                            “Eligible Class H
Convertible Shares” means Class H Convertible Shares that are (but for
the penultimate sentence of paragraph 2(b)(vii)) scheduled to be
eligible for vesting on an Applicable Class H Valuation Date that is after
the Accelerated Valuation Date (i.e., shares not eligible for vesting prior to
such Accelerated Valuation Date).

 

(ll)                                  “Equity Share
Capital” shall have the meaning assigned in Section 155 of the
Companies Act, 1963.

 

(mm)                      “Excluded Issuances” means
the issuance of (i) any Ordinary Shares after the date hereof for
management incentive and/or compensation purposes, (ii) any Ordinary
Shares (other than issuances to the MDCP Co-Investors, its Affiliates and the
Co-Investors in their capacity as equity holders of the Company) issued as
consideration for an acquisition or joint venture transaction, (iii) any
Ordinary Shares issued as an “equity kicker” in respect of indebtedness for
borrowed money or in respect of Preferred Equity Securities, (iv) any
Ordinary Shares issued upon conversion of any of the Convertible Shares, (v) any
Ordinary Shares issued pursuant to the Kappa Purchase Agreement and/or
conversion of the PIK, (vi) any Ordinary Shares issued upon conversion of
the dividend or sale preference on Class A Ordinary Shares, (vii) any
options, warrants or rights to acquire, or shares convertible into, Ordinary
Shares listed in clauses (i) through (vi), and (viii) Ordinary Shares
issued in connection with or pursuant to a Public Sale.

 

(nn)                          “Executive Stock”
shall mean all Ordinary Shares issued or issuable hereunder or acquired
hereinafter by any Executive (including any Ordinary Shares issued or issuable
(either directly or indirectly) upon conversion of any Executive’s Convertible
Shares). Executive Stock shall continue to be Executive Stock in the hands of
any holder other than an Executive (except for the Company and the Co-Investors
and except for transferees in a Public Sale), and except as otherwise provided
herein, each such other holder of Executive Stock shall succeed to all rights
and be subject to all and obligations attributable to an Executive as a holder
of Executive Stock hereunder. Executive Stock shall also include shares of the
Company’s capital stock and other securities issued with respect to Executive
Stock by way of a stock split, stock dividend or other recapitalization.

 

27

 

(oo)                          “Fair Market Value” of
each share of Executive Stock means the average of the closing prices of the
sales of Ordinary Shares on all securities exchanges on which the Ordinary
Shares may at the time be listed on the day immediately prior to Executive’s
termination. If at any time the Ordinary Shares are not listed on any
securities exchange, the Fair Market Value shall be the fair value of the
Ordinary Shares determined in good faith by the Board (acting as experts and
not arbitrators and without taking into account the effect of any
contemporaneous repurchase of Class E Convertible Shares, Class F
Convertible Shares, Class G Convertible Shares and Class H
Convertible Shares under paragraph 4 hereof). If a terminated Executive
reasonably disagrees with such determination, the Board and such Executive will
negotiate in good faith to agree on such Fair Market Value. If such agreement
is not reached within 30 days after the delivery of the Redemption Notice or
the Supplemental Redemption Notice, Fair Market Value shall be determined by
the Appraiser, who shall be instructed to submit to the Board and the Executive
a report within 30 days of its engagement setting forth such determination. The
expenses of the Appraiser shall be borne by the terminated Executive unless the
Appraiser’s valuation is not less than 7.5% greater than the amount determined
by the Board, in which case, the costs of the Appraiser shall be borne by the
Company. The determination of such Appraiser shall (absent manifest error) be
final and binding upon all parties. Notwithstanding the foregoing, the “Fair
Market Value” of any Executive Stock that is a Class A Convertible Share, Class B
Convertible Share, Class C Convertible Share, Class E Convertible
Share, Class F Convertible Share, Class G Convertible Share or Class H
Convertible Share shall be the Original Cost for such Convertible Share and the
“Fair Market Value” of any Executive Stock that is a Class D Convertible
Share or Class I Convertible Share means the Fair Market Value of an
Ordinary Share determined in accordance with this definition minus the
Conversion Price for such Class D Convertible Share or Class I
Convertible Share, respectively.

 

(pp)                          “Family Member” in
respect of each Executive, (i) such Executive’s spouse, descendants
(whether natural or adopted), siblings, siblings’ descendants and siblings’
spouses and any trust solely for the benefit of such Executive and/or such
Executive’s spouse, descendants, siblings, siblings’ descendants and/or
siblings’ spouses and (ii) Corporate Family Members of such Executive; provided
that in respect of Dr. MW J. Smurfit, Mrs. Anne Smurfit (the widow of
his deceased brother Jefferson Smurfit Junior) shall be deemed to be a sibling
for all purposes of this Agreement; provided further that in respect of Mr. Frank
Doyle, Ms. Catriona Moore shall be deemed to be his spouse for all
purposes of this Agreement.

 

(qq)                          “5% Owner” means any
Person that owns 5% or more of the Company’s Ordinary Shares on a fully-diluted
basis.

 

(rr)                                “Group Companies”
means the Company, JSG and their respective Subsidiaries and Associated
Companies and “Group Company” means any of the Group Companies.

 

(ss)                            “Indebtedness for
Borrowed Money” means, with respect to the Company and its Subsidiaries at
any date, without duplication: (i) all obligations of the Company and its
Subsidiaries for borrowed money or in respect of loans or advances; (ii) all
obligations of the Company and its Subsidiaries evidenced by bonds, debentures,
notes or other similar instruments; (iii) all obligations in respect of
letters of credit, whether or not drawn, and bankers’ 

 

28

 

acceptances issued for the account of the Company and its Subsidiaries;
(iv) all capitalized lease liabilities of the Company and its
Subsidiaries; (v) all interest rate protection agreements of the Company
and its Subsidiaries (valued on a market quotation basis); (vi) all
obligations of the Company and its Subsidiaries secured by a contractual lien; (vii) all
guarantees of obligations of Persons other than Company and its Subsidiaries in
connection with any of the foregoing; and (viii) any accrued interest,
prepayment premiums or penalties related to any of the foregoing, in each case
calculated as though the payment is made on an Accelerated Valuation Date or
Applicable Valuation Date; provided that Indebtedness for Borrowed Money
shall not include any obligations of any of the Company or any of its
Subsidiaries, on the one hand, to the Company or any other of its Subsidiaries,
on the other hand.

 

(tt)                                “Independent Third
Party” means any Person who, immediately prior to the contemplated
transaction, is not a 5% Owner, is not controlling, controlled by or under
common control with any 5% Owner and is not the spouse or descendent (by birth
or adoption) of any 5% Owner.

 

(uu)                          “JSG” means Jefferson
Smurfit Group Limited, an Irish private limited company.

 

(vv)                          “Kappa Acquisition”
means the acquisition of Kappa contemplated by the Kappa Purchase Agreement.

 

(ww)                      “Kappa Investor” means
Smurfit Kappa Feeder G.P. Limited, acting in its capacity as general partner
of, and on behalf of, Smurfit Kappa Feeder L.P., a limited partnership
organized under the laws of Jersey.

 

(xx)                              “Listing” means
the admission of all or any part of any Ordinary Shares to the Official
List of The Irish Stock Exchange Limited or the Official List of the FSA, and
to trading on the market for listed securities of the London Stock Exchange or
to trading on the Alternative Investment Market or the taking effect of any
granting of permission to deal in the same on any recognized investment
exchange (as that term is used in the Financial Services Act 1986) or the
registration of all or any of any Common Equity Securities (or equivalent
securities of any Subsidiary or American Depository Receipts with respect to
any of the forgoing) on Form F-1, F-2 or F-3 (or any similar long-form or
short-form registrations) pursuant to the United States Securities Act of
1933 (as amended) or any similar US federal law, or any similar listing or
registration by the Company of any Ordinary Shares or other Common Equity
Securities on the public stock exchange or securities market in any other
jurisdiction.

 

(yy)                          “Majority Holders”
means holders of a majority of Convertible Shares (and Ordinary Shares issued
upon conversion of Convertible Shares) then outstanding.

 

(zz)                              “MDCP Co-Investor Cash
Inflows” shall be calculated (i) in accordance with paragraph 2(b)(ix) with
respect to (x) equity securities remaining on an Applicable Class B
Valuation Date, Class C Valuation Date, Applicable Class F Valuation
Date, Class G Valuation Date, or an Applicable Class H Valuation
Date, (y) equity securities sold through the date of a Sale of the Company and
(z) equity securities remaining on the date of a Listing and (ii) for all 

 

29

 

other purposes by calculating cash payments actually received or
receivable by the MDCP Co-Investors on or prior to the Valuation Date in
exchange for their equity securities, whether such payments are received or
receivable from the Company or a third party; provided that in the event
any consideration to be received by the MDCP Co-Investors in connection with
any sale of equity securities is deferred consideration, contingent
consideration or non-cash consideration, the Cash Inflows to be received by the
MDCP Co-Investors with respect to such deferred consideration, contingent
consideration and/or non-cash consideration shall, solely for purposes of
calculating MDCP Co-Investor Cash Inflows as of such Accelerated Valuation
Date, be determined with reference to the fair market value thereof as of such
Accelerated Valuation Date by the Appraiser, whose services shall for this
purpose be paid for by the Company and whose determination shall (absent
manifest error) be binding and conclusive; provided further that for
purposes of calculating Cash Inflows, no management, closing or other fees paid
to the MDCP Co-Investors or their Affiliates by or on behalf of the Company
and/or its Subsidiaries shall be included (other than an amount equal to
€38,000,000 multiplied by a fraction, (x) the numerator of which is the
aggregate Acquisition Cost of Ordinary Shares of Jefferson Smurfit Group
Limited owned by the MDCP Co-Investors on or prior to September 17, 2002
less the Acquisition Cost of Ordinary Shares of Jefferson Smurfit Group Limited
transferred by the MDCP Co-Investors to their co-investors and Affiliates on or
prior to September 17, 2003 or acquired pursuant to the Management Equity
Plan on or prior to January 17, 2003 and (y) the denominator of which is (A) the
Aggregate Equity Price minus (B) the Acquisition Cost of Ordinary Shares
of Jefferson Smurfit Group Limited acquired pursuant to the Management Equity
Plan. Notwithstanding the foregoing, for purposes of calculating “MDCP
Co-Investor IRR” hereunder, “MDCP Co-Investor Cash Inflows” shall include
amounts received by the MDCP Co-Investors in the Reduction and shall include
any dividend or sale preference created in accordance with the Kappa Purchase
Agreement and received by the MDCP Co-Investors in respect of their Class A
Ordinary Shares, in each case to the extent not otherwise accounted for in the
calculation of MDCP Co-Investor Cash Inflows.

 

(aaa)                      “MDCP Co-Investor Cash
Outflows” as used herein shall include the sum of the aggregate Acquisition
Cost paid by the MDCP Co-Investors in and to the Company or its Subsidiaries
(including, for the avoidance of doubt, Jefferson Smurfit Group Limited).

 

(bbb)                   “MDCP Co-Investor IRR” means,
as of the Applicable Valuation Date, the annual interest rate (compounded
quarterly and expressed as a percentage) which, when used to calculate the net
present value as of September 17, 2002 of all MDCP Co-Investor Cash
Inflows and all MDCP Co-Investor Cash Outflows, causes the difference between
MDCP Co-Investor Cash Inflows and MDCP Co-Investor Cash Outflows to equal zero.
The IRR will be calculated in good faith by the Board, which determination
shall be conclusive and binding unless the Majority Holders reasonably disagree
with such calculation and give written notice of such disagreement within 30
days after the Board has made its determination of MDCP Co-Investor IRR (a “Dispute
Notice”). If a Dispute Notice is delivered, the Board and a representative
designated by the Majority Holders (the “Representative”) will negotiate
in good faith to agree on the calculation of MDCP Co-Investor IRR. If such
agreement is not reached within 30 days after the delivery of the Dispute
Notice, MDCP Co-Investor IRR shall be calculated by the Appraiser, which shall
be instructed to submit to the Board and such Executive a report within 30 days
of its engagement setting forth such calculation (with it being understood that
the Appraiser shall be 

 

30

 

engaged in reference to the calculation of MDCP Co-Investor IRR (but
not with respect to an audit or re-audit of the Company’s books and records or
the calculation of Total Value and the components thereof)). The expenses of
the Appraiser shall be borne by the Majority Holders unless the Appraiser’s
MDCP Co-Investor IRR calculation is greater than the amount determined by the
Board, in which case, the costs of the Appraiser shall be borne by the Company.
The determination of such Appraiser shall (absent manifest error) be final and
binding upon all parties.

 

(ccc)                      “MDCP Co-Investor Majority”
means the holders of a majority of the Ordinary Shares held by all MDCP
Co-Investors.

 

(ddd)                   “MDCP Co-Investors” means,
collectively, MDCP IV Global Investments LP, MDCP III Global Investments LP,
MDSE III Global Investments LP and any Affiliate of the foregoing that owns or
holds Ordinary Shares as of the date of determination and “MDCP Co-Investor”
means any of the MDCP Co-Investors.

 

(eee)                      “Non-Electing Executives”
means the Executives, other than the Electing Executives.

 

(fff)                            “Ordinary Shares”
means Class A Ordinary Shares and Class B Ordinary Shares and any
other class of Ordinary Shares of the Company created after the date of
this Agreement in accordance with the Articles of Association.

 

(ggg)                   “Original Cost” of each
Ordinary Share issued to an Executive on or prior to the date of this Agreement
shall be equal to €5.6924 and of each Convertible Share issued to an Executive
on or prior to the date of this Agreement (including pursuant to paragraph 1
hereof) shall be equal to €0.001, and for any Ordinary Share or Convertible
Share issued by the Company after the date hereof shall be the purchase price
per share paid therefor as set forth on the signature page or joinder
agreement executed by Executive and accepted by the Company, in each case as
proportionately adjusted for all subsequent stock splits, stock dividends and
other recapitalizations.

 

(hhh)                   “Permitted Transferee” means
any holder of Executive Stock who acquired such stock pursuant to a transfer
permitted by paragraph 5(b).

 

(iii)                               “Person” means an
individual, a partnership, a limited liability company an unlimited liability
company, a company limited by guarantee, a corporation, an association, a joint
stock company, a trust, a joint venture, an unincorporated organization and a
governmental entity or any department, agency or political subdivision thereof.

 

(jjj)                               “PIK” shall have
the meaning given to such term in the Kappa Purchase Agreement.

 

(kkk)                      “Preferred Equity Securities”
means any equity securities of the Company or any of its Subsidiaries which are
limited to a fixed sum or percentage of stated value in respect 

 

31

 

to the rights of the holders thereof to participate in dividends or in
the distribution of assets upon any liquidation, dissolution or winding up of
the Company or any such Subsidiary.

 

(lll)                               “Public Sale”
means (x) any sale after a Listing in any European Union member state or (y) in
the case of a Listing in the United States, any sale pursuant to a registered
public offering under the Securities Act or any sale to the public pursuant to Rule 144
promulgated under the Securities Act effected through a broker, dealer or
market maker.

 

(mmm)             “Reciprocal Relevant Proportion”
has the meaning given to such term in the Kappa Purchase Agreement.

 

(nnn)                   “Redeemable Stock” means
Executive Stock, other than Ordinary Shares purchased by Executive; provided
that “Redeemable Stock” shall include Ordinary Shares issued upon conversion of
Class D Convertible Shares and/or Class I Convertible Shares.

 

(ooo)                   “Reduction” means the share
capital reduction completed by the Company in January 2005 pursuant to
S.72, Companies Act 1963.

 

(ppp)                   “Relevant Proportion” has the
meaning given to such term in the Kappa Purchase Agreement.

 

(qqq)                   “Sale of the Company” means
the sale of the Company to an Independent Third Party or affiliated group of
Independent Third Parties pursuant to which such party or parties acquire (i) capital
stock of the Company possessing the voting power to elect a majority of the
Company’s board of directors (whether by merger, consolidation or sale or
transfer of the Company’s capital stock) or (ii) all or substantially all
of the Company’s assets determined on a consolidated basis; provided
that in no event shall a Sale of the Company be deemed to arise, in whole or in
part, from completion of the Kappa Acquisition and completion of the
transactions contemplated by the Kappa Purchase Agreement.

 

(rrr)                            “Securities Act”
means the Securities Act of 1933, as amended.

 

(sss)                      “Subsidiary” means, with
respect to any Person, any corporation, limited liability company, partnership,
association or other business entity of which (i) if a corporation, not
less than 50% of the total voting power of stock entitled (without regard to
the occurrence of any contingency) to vote in the election of directors, managers
or trustees thereof is at the time owned or controlled, directly or indirectly,
by that Person or one or more of the other Subsidiaries of that Person or a
combination thereof, or (ii) if a limited liability company, partnership,
association or other business entity, a majority of the partnership or other
similar ownership interest thereof is at the time owned or controlled, directly
or indirectly, by any Person or one or more Subsidiaries of that person or a
combination thereof. For purposes hereof, a Person or Persons shall be deemed
to have a majority ownership interest in a limited liability company,
partnership, association or other business entity if such Person or Persons
shall be allocated a majority of limited liability company, partnership,
association or other business entity gains or losses or shall be or control the
managing general partner of such limited liability company, partnership,
association or other business entity.

 

32

 

(uuu)                   “Take-Over Offer” means an
offer for the entire issued and to be issued share capital of JSG made by the
Company or one of its Subsidiaries.

 

(vvv)                   “Total Value” means, as of
any date of determination, the result equal to (i) six (6) multiplied
by Adjusted EBITDA, plus (ii) Cash Equivalents in excess of
€40,000,000 minus (iii) Indebtedness for Borrowed Money (including
as may be owed in respect of the PIK), minus (iv) the
aggregate stated value of, plus accrued but unpaid dividends with respect to,
any Preferred Equity Securities, minus (v) the aggregate unpaid
dividend or sale preference (if any) on the Class A Ordinary Shares.

 

(www)             “Valuation Date” means an
Accelerated Valuation Date or an Applicable Valuation Date.

 

11.                                 Notices. Any
notice provided for in this Agreement must be in writing and must be either
personally delivered, mailed by first class mail (postage prepaid and
return receipt requested), sent by reputable overnight courier service (charges
prepaid) or sent by facsimile (hard copy to follow) to the recipient at the
address or facsimile number indicated below:

 

	
  To the Company:

  	
   

  
	
   

  	
   

  
	
  c/o Jefferson Smurfit Group Limited

  	
   

  
	
  Headquarters

  	
   

  
	
  Beech Hill

  	
   

  
	
  Clonskeagh

  	
   

  
	
  Dublin 4

  	
   

  
	
  Facsimile:       353-1-283-7113

  	
   

  
	
   

  	
   

  
	
  With copies to:

  	
   

  
	
   

  	
   

  
	
  Kirkland & Ellis LLP

  	
   

  
	
  200 East Randolph Drive

  	
   

  
	
  Chicago, IL 60601

  	
   

  
	
  Telephone:    (312)
  861-2000

  	
   

  
	
  Fax:    (312) 861-2200

  	
   

  
	
  Attn:    Dennis M.
  Myers, P.C.

  	
   

  
	
   

  	
   

  
	
  To Executive:

  	
   

  
	
   

  	
   

  
	
  At the address listed below Executive’s
  signature on the signature page attached hereto.

  
	
   

  
	
  To the MDCP Co-Investors:

  	
   

  
	
   

  	
   

  
	
  c/o Madison Dearborn Partners LLC

  	
   

  
	
  Three First National Plaza

  	
   

  
	
  Suite 3800

  	
   

  
	
  70 W. Madison

  	
   

  

 

33

 

	
  Chicago, IL 60602

  	
   

  
	
  Telephone:    (312)
  895-1000

  	
   

  
	
  Fax:    (312) 895-1056

  	
   

  
	
  Attn:    Samuel M.
  Mencoff

  	
   

  
	
   

  	
   

  
	
  With copies to:

  	
   

  
	
   

  	
   

  
	
  c/o Madison Dearborn Partners, LLC

  	
   

  
	
  Three First National Plaza

  	
   

  
	
  Suite 3800

  	
   

  
	
  Chicago, IL
  60602

  	
   

  
	
  Telephone:    (312)
  895-1000

  	
   

  
	
  Fax:    (312) 895-1056

  	
   

  
	
  Attn:    Samuel M.
  Mencoff

  	
   

  
	
   

  	
   

  
	
  and

  	
   

  
	
   

  	
   

  
	
  Kirkland & Ellis LLP

  	
   

  
	
  200 East Randolph Drive

  	
   

  
	
  Chicago, IL 60601

  	
   

  
	
  Telephone:    (312)
  861-2000

  	
   

  
	
  Fax:    (312) 861-2200

  	
   

  
	
  Attn:    Dennis M.
  Myers, P.C.

  	
   

  
	
   

  	
   

  
	
  If to the Kappa Investor:

  	
   

  
	
   

  	
   

  
	
  c/o Cinven
  Limited

  	
   

  
	
  Warwick Court

  	
   

  
	
  Paternoster Square

  	
   

  
	
  London

  	
   

  
	
  EC4M 7AG

  	
   

  
	
  Attention: Marcus Wood

  	
   

  
	
  Facsimile: (020) 7661 3888

  	
   

  
	
   

  	
   

  
	
  And

  	
   

  
	
   

  	
   

  
	
  c/o CVC Capital Partners Limited

  	
   

  
	
  111 StrandLondon

  	
   

  
	
  WC2R 0AG

  	
   

  
	
  UK

  	
   

  
	
  Attention: David Milne

  	
   

  
	
  Facsimile: (020) 7420 4231

  	
   

  

 

34

 

	
  with a copy to:

  	
   

  
	
   

  	
   

  
	
  Freshfields Bruckhaus Deringer

  	
   

  
	
  65 Fleet Street

  	
   

  
	
  London EC4Y 1HS

  	
   

  
	
  UK

  	
   

  
	
  Attention:     Edward
  Braham / David Higgins

  	
   

  
	
  Facsimile:     (020)
  7832 7001

  	
   

  

 

or such other address or facsimile number or to the attention of such
other person as the recipient party shall have specified by prior written
notice to the sending part. Any notice under this Agreement shall be deemed to
have been given when so delivered or sent or, if mailed, five days after
deposit in the mail, two days after being sent by reputable overnight courier
service (charges prepaid) or on the same day if received by facsimile during
business hours on a business day (hard copy to follow).

 

12.                                 General Provisions.

 

(a)                                  Transfers in
Violation of Agreement. Any Transfer or attempted Transfer of any Executive
Stock in violation of any provision of this Agreement shall be void, and the
Company shall not record such Transfer on its books or treat any purported
transferee of such Executive Stock as the owner of such stock for any purpose.

 

(b)                                 Severability. Whenever
possible, each provision of this Agreement shall be interpreted in such manner
as to be effective and valid under applicable law, but if any provision of this
Agreement is held to be invalid, illegal or unenforceable in any respect under
any applicable law or rule in any jurisdiction, such invalidity,
illegality or unenforceability shall not affect any other provision or any
other jurisdiction, but this Agreement shall be reformed, construed and
enforced in such jurisdiction as if such invalid, illegal or unenforceable
provision had never been contained herein.

 

(c)                                  Complete Agreement.
This Agreement, those documents expressly referred to herein, the Company’s
Articles of Association, the Registration Rights Agreement, the Corporate Governance
Agreement and, with respect to any employee party to such an employment letter,
any employment letter between the Company or one of its Subsidiaries and an
Executive embody the complete agreement and understanding among the parties and
supersede and preempt any prior understandings, agreements or representations
by or among the parties, written or oral, which may have related to the
subject matter hereof in any way (including, without limitation, the Prior
Agreement). Notwithstanding the foregoing, (i) nothing herein shall be
deemed to amend, supersede or preempt any agreement of an Executive made in any
Acceptance Form included with that certain Exchange Offer information
memorandum dated on or about January 19, 2004, including, without
limitation, the power of attorney executed in connection therewith and (ii) with
respect to any individual party to the Prior Agreement that does not execute a
counterpart to this Agreement to become party hereto as an Executive, if
the amendments affected by this Agreement are not binding on such individual,
such individual shall remain party to, and subject to the rights, benefits and
obligations of, the Prior Agreement.

 

35

 

(d)                                 Counterparts. This
Agreement may be executed in separate counterparts (including by facsimile
or electronic transmission), each of which is deemed to be an original and all
of which taken together constitute one and the same agreement.

 

(e)                                  Successors and
Assigns. Except as otherwise provided herein, this Agreement shall bind and
inure to the benefit of and be enforceable by each Executive, the Company, the
Investors and their respective successors and assigns (including subsequent
holders of Executive Stock); provided that the rights and obligations of
Executive under this Agreement shall not be assignable except in connection
with a permitted transfer of Executive Stock hereunder.

 

(f)                                    Choice of Law.
This Agreement shall be governed by the internal law of Ireland. Any suit or
action brought against any Executive hereunder should be brought exclusively in
the courts of Ireland (it being understood that, except as set forth in this
sentence, nothing contained in this subparagraph (f) shall limit
any party’s rights to bring any suit against any party (other than any
Executive) or with respect to the subject matter hereof in any other
jurisdiction); provided that in the case more than one Executive is bringing a
claim against the Company on a set of related facts, all such claims shall be
joined in a single proceeding in Ireland.

 

(g)                                 Remedies. Each
of the parties to this Agreement (including the Investors) shall be entitled to
enforce its rights under this Agreement specifically, to recover damages and
costs (including reasonable attorneys fees) caused by any breach of any
provision of this Agreement and to exercise all other rights existing in its
favor. The parties hereto agree and acknowledge that money damages may not
be an adequate remedy for any breach of the provisions of this Agreement and that
any party may in its sole discretion apply to an court of law or equity of
competent jurisdiction (without posting any bond or deposit) for specific
performance and/or other injunctive relief in order to enforce or prevent any
violations of the provisions of this Agreement.

 

(h)                                 Amendment and
Waiver. The provisions of this Agreement may be amended and waived
with respect to any Executive only with the prior written consent of the
Company and the Majority Holders; provided that any such amendment or waiver
that adversely discriminates against an Executive in a manner that is adversely
disproportionate to such Executive relative to the Majority Holders shall be
effective against such Executive only with the prior written consent of such
Executive; provided further that this Agreement may be amended and waived
with respect to the MDCP Co-Investors’ rights or the Kappa Investor’s rights
under this Agreement only with the prior written consent of the MDCP
Co-Investor Majority and the Kappa Investor, respectively.

 

(i)                                     Third-Party
Beneficiaries. Certain provisions of this Agreement are entered into for
the benefit of and shall be enforceable by the MDCP Co-Investors as provided
herein.

 

(j)                                     Business Days.
If any time period for giving notice or taking action hereunder expires on a
day which is a Saturday, Sunday or legal holiday in the state in which the
Company’s chief executive office is located, the time period shall be
automatically extended to the business day immediately following such Saturday,
Sunday or holiday.

 

36

 

(k)                                  Rights of the
Company. Nothing in this Agreement shall interfere with or limit in any way
the right of the Company to terminate an Executive’s employment, or service as
an officer or director at any time (with or without cause), nor confer upon any
Executive any right to continue in the employ of, or to serve as an officer or
director for, the Company for any period of time or to continue his or her
present (or any other) rate of compensation, and in the event of his or her
termination of employment or termination of his service as an officer, or
director (including, but not limited to, termination by the Company without
cause) any portion of such Executive’s Convertible Shares that were not previously
vested and convertible shall be forfeited. Nothing in this Agreement shall
confer upon any Executive any right to be selected again as a Management Equity
Plan participant.

 

(l)                                     Adjustments.
In the event of a reorganization, recapitalization, stock dividend or stock
split, or combination or other change in the Ordinary Shares, the Board may, in
order to prevent the dilution or enlargement of rights granted hereunder, make
such adjustments in the number and type of shares authorized by the Management
Equity Plan, the number and type of shares in respect of which the Convertible
Shares granted hereunder are convertible and the Conversion Price specified
herein as may be determined to be appropriate and equitable. Any such
adjustment shall be subject to confirmation by the Company’s auditors.

 

(m)                               Effectiveness. This
Agreement shall become effective, with respect to each Executive, upon
execution and delivery of this Agreement by the Company and each such
Executive.

 

(n)                                 Taxes. The
Company shall be entitled, if necessary or desirable, to withhold (or secure or
require payment from an Executive in lieu of withholding) the amount of any
withholding or other tax due with respect to any amount payable and/or shares
issuable under this Agreement or the Management Equity Plan, and the Company may defer
any payment or issuance unless indemnified to its satisfaction with regard to
any tax matter for the amounts payable or shares issuable. Each Executive
hereby indemnifies the Company for any tax, liability, loss, expense or penalty
that the Company incurs as a result of an Executive not paying the aggregate
taxes which an Executive is required to pay in respect of the Convertible
Shares issued hereunder or the Ordinary Shares issued in respect thereof
(including, in each case, upon sale or disposition thereof). Prior to
withholding any amount or requiring any indemnification from any Executive, the
Company shall consult with the Executive and his tax advisors regarding the
withholding and the indemnification requested.

 

(p)                                 Tax Advice. Each
Executive will consult with his or her own tax advisor regarding the tax
treatment of the Ordinary Shares and the Convertible Shares (it being
understood that the Company is not giving an opinion with respect to nor
guaranteeing, and shall not be deemed to be giving an opinion with respect to
nor guaranteeing, any tax results or consequences). Without limiting the
generality of the foregoing, nothing herein shall prohibit the Company from
making any filings or reports it reasonably believes may be required to be
made with local governmental authorities in respect of the Convertible Shares
or the Ordinary Shares issued or issuable hereunder (including upon sale or
disposition thereof).

 

37

 

13.                                 Listing. In the
event that the Board and the holders of a majority of the Ordinary Shares
(voting as a single class) then outstanding approve a Listing, each Executive
shall take all necessary or desirable actions in connection with the consummation
of the Listing as requested by the Company. In the event that such Listing is
an underwritten offering and the managing underwriters advise the Company in
writing that in their opinion the capital stock structure would adversely
affect the marketability of the offering, each Executive shall consent to and
vote for a recapitalization, reorganization and/or exchange of Ordinary Shares
into securities that the managing underwriters, the Board and the holders of a
majority of the Ordinary Shares then outstanding (voting as a single class)
find acceptable, and each Executive shall take all necessary or desirable
actions in connection with the consummation of the recapitalization,
reorganization and/or exchange as requested by the Company: provided that the resulting
securities reflect and are consistent with the rights and preferences set forth
in the Company’s Articles of Association as in effect immediately prior to such
Listing.

 

14.                                 Certificates. In
the event that any Executive requests or demands that the Company issue one or
more certificates representing the shares of Executive Stock purchased
hereunder, the Company may require that the certificate be registered in
the name of a nominee or custodian designated by the Company (the “Nominee”),
and that, as a condition to such issuance, the Nominee will enter into an
agreement with the Company and the MDCP Co-Investor Majority which shall
include, among other things, a provision that the Nominee will not Transfer
such Executive Stock except in strict accordance with the terms of this
Agreement (in which case the Nominee shall give prior written notice of such
Transfer to the Company and the MDCP Co-Investor Majority) without the prior
written consent of the Company and MDCP Co-Investor Majority. In the event that
the Nominee does not agree to enter into an agreement with the Company, each
holder of Executive Stock irrevocably agrees that the Company shall be entitled
to retain the certificates representing such Executive Stock in furtherance of
such holder’s obligations hereunder.

 

* * * * *

 

38

 

IN WITNESS WHEREOF, this Management Equity
Agreement has been executed as of the date first written above.

 

 

	
   

  	
  JSG PACKAGING LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
    /s/
  Michael O’Riordan

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
  Secretary

  	
   

  

 

39

 

Acknowledged and agreed as of the date first above written:

 

	
  MDCP IV GLOBAL INVESTMENTS LP

  
	
   

  
	
  By: MDP IV Global GP, LP

  
	
  Its: General Partner

  
	
   

  
	
  By: MDP Global Investors Limited

  
	
  Its: General Partner

  
	
   

  
	
    /s/
  Samuel M. Mencoff

  	
   

  
	
  By:

  	
  Samuel M. Mencoff

  	
   

  
	
  Its:

  	
  Managing Director

  	
   

  
	
   

  	
   

  
	
  MDCP III GLOBAL INVESTMENTS LP

  
	
   

  
	
  By: MDP III Global GP, LP

  
	
  Its: General Partner

  
	
   

  
	
  By: MDP Global Investors Limited

  
	
  Its: General Partner

  
	
   

  
	
    /s/
  Samuel M. Mencoff

  	
   

  
	
  By:

  	
  Samuel M. Mencoff

  	
   

  
	
  Its:

  	
  Managing Director

  	
   

  
	
   

  	
   

  
	
  MDSE III GLOBAL INVESTMENTS LP

  
	
   

  
	
  By: MDP III Global GP, LP

  
	
  Its: General Partner

  
	
   

  
	
  By: MDP Global Investors Limited

  
	
  Its: General Partner

  
	
   

  
	
    /s/
  Samuel M. Mencoff

  	
   

  
	
  By:

  	
  Samuel M. Mencoff

  	
   

  
	
  Its:

  	
  Managing Director

  	
   

  

 

40

 

	
  Acknowledged and agreed as of the date
  first above written:

  
	
   

  
	
   

  
	
    /s/
  Michael W.J. Smurfut

  	
   

  
	
  Dr. Michael W.J. Smurfit

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
    /s/
  Gary McGann

  	
   

  
	
  Gary McGann

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
    /s/
  Anthony P.J. Smurfit

  	
   

  
	
  Anthony P.J. Smurfit

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
    /s/
  Ian J. Curley

  	
   

  
	
  Ian J. Curley

  	
   

  

 

41

 

	
  Acknowledged and agreed as of the date
  first above written:

  
	
   

  
	
   

  
	
  Smurfit Kappa Feeder G.P. Limited acting in
  its capacity as general partner of, and on behalf of, Smurfit Kappa Feeder
  L.P.

  
	
   

  
	
   

  
	
  By:

  	
    /s/
  [Illegible]

  	
   

  
	
   

  	
   

  	
   

  
	
  Its:

  	
  Director

  	
   

  

 

42

 

	
  Acknowledged and agreed as of the date
  first above written:

  
	
   

  
	
   

  
	
  BACCHANTES TWO LIMITED

  
	
   

  
	
   

  
	
  By:

  	
    /s/
  J. M. Killip

  	
   

  
	
   

  	
   

  
	
  Its:

  	
  J. M. Killip Director

  	
   

  

 

43

 

	
   

  	
  For signature by individuals

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  (please print)

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  For signature by partnerships, corporations
  

  or other entities

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  (please print)

  
						

 

44Exhibit 4.10

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT (this
“Agreement”) is made as of December 1, 2005, among JSG Packaging
Limited, a private limited company registered under the laws of the Republic of
Ireland (the “Company”), each of the MDCP Co-Investors, Smurfit Kappa
Feeder G.P. Limited, acting in its capacity as general partner of, and on
behalf of, the Kappa Limited Partnership (the “Kappa Investor”), and
each of the Persons listed on the Schedule of Minority Investors attached
hereto (each a “Minority Investor” and collectively, the “Minority
Investors”). The MDCP Co-Investors, the Kappa Investor, and the Minority
Investors are collectively referred to herein as the “Investors” and
individually as an “Investor”. Capitalized terms used but not otherwise
defined herein have the meanings set forth in Section 7 hereof.

 

WHEREAS, the Company, the MDCP Co-Investors and the Minority Investors
are parties to that certain Registration Rights Agreement, dated as of February 6,
2004 (the “Existing Agreement”) and hold certain Ordinary Shares — Class A,
nominal value €0.001 per share (the “Class A Ordinary Shares”); and

 

WHEREAS, on or about the date hereof, in connection with the
transactions contemplated by that certain Share Purchase Agreement, dated as of
November 23, 2005, by and among the Company, JSG Acquisitions, and the
Kappa Investor (as amended, modified, supplemented or waived from time to time,
the “Purchase Agreement”), the Kappa Investor is receiving, inter alia, Ordinary Shares — Class B
of the Company, nominal value €0.001 per share (the “Class B Ordinary
Shares”);

 

WHEREAS, the parties desire that the Investors be granted the
registration rights set forth herein.

 

NOW, THEREFORE, in consideration of the mutual promises made herein and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto, intending to be legally bound, agree
as follows:

 

1.                                       Demand
Registrations.

 

(a)                                  Requests
for Registration.

 

(i)                                     At
any time after the Company’s Initial Public Offering, the holders of a majority
of the MDCP Co-Investor Registrable Securities may request three
registrations under the Securities Act of all or any portion of their
Registrable Securities on Form S-1 or any similar long-form registration
(a “Long-Form Registration”) and, if available, an unlimited number
of registrations under the Securities Act of all or any portion of their
Registrable Securities on Form S-2 or Form S-3 or any similar short-form registration
(“Short-Form Registrations”). Notwithstanding the foregoing, but
(for the avoidance of doubt) without otherwise increasing the number of Long-Form Registrations
that may be requested pursuant to this Section 1(a)(i), from 

 

 

and after the
date that holders of MDCP Co-Investor Registrable Securities cease to own in
the aggregate at least 10% of the issued and outstanding Common Equity
Securities of the Company, the holders of MDCP Co-Investor Registrable
Securities shall be entitled to request only one Long-Form Registration
not previously requested pursuant to this Section 1(a)(i).

 

(ii)  At any time after the Company’s Initial Public Offering, the
Kappa Investor may request three Long-Form Registration and, if
available, an unlimited number of Short-Form Registrations. Notwithstanding
the foregoing, but (for the avoidance of doubt) without otherwise increasing
the number of Long-Form Registrations that may be requested pursuant
to this Section 1(a)(ii), from and after the date that holders of
Kappa Investor Registrable Securities cease to own in the aggregate at least
10% of the issued and outstanding Common Equity Securities of the Company, the
holders of Kappa Investor Registrable Securities shall be entitled to request
only one Long-Form Registration not previously requested pursuant to this Section 1(a)(ii).

 

Each such
request for registration under this Section 1(a) is referred
to herein as a “Demand Registration.” 
All requests for Demand Registrations shall be made by giving written
notice to the Company (the “Demand Notice”). The aggregate offering
value of the Registrable Securities requested to be registered in any Demand
Registration must equal at least $100 million in any Long-Form Registration,
and at least $50 million in any
Short-Form Registration (giving effect to the applicable foreign exchange
rate, as announced in the Wall Street
Journal, on the day prior to such request). Each Demand Notice shall
specify the approximate number of Registrable Securities requested to be
registered and the anticipated per share price range for such offering. Within
ten days after receipt of any Demand Notice, the Company shall give written
notice of such requested registration to all other holders of Registrable
Securities and, subject to the provisions of Section 1(e) below,
shall include in such registration all Registrable Securities with respect to
which the Company has received written requests for inclusion therein within 20
days after the receipt by such holders of the Company’s notice.

 

(b)                                 Expense.
The Company shall pay all Registration Expenses of all holders of Registrable
Securities in all Demand Registrations.

 

(c)                                  Long-Form Registrations.
A registration shall not count as one of the permitted Long-Form Registrations
until it has become effective or if the holders of Registrable Securities
initially requesting such registration, together with Persons exercising
piggyback registration rights in connection therewith, are not able to register
and sell at least ninety percent (90%) of the Registrable Securities requested to
be included in such registration; provided that the Company shall in any
event pay all Registration Expenses in connection with any registration
initiated as a Demand Registration whether or not it has become effective and
whether or not such registration has counted as one of the permitted Long-Form Registrations.
All Long-Form Registrations shall be underwritten registrations unless
otherwise requested by the holders of a majority of the Registrable Securities
included in such registration.

 

(d)                                 Short-Form Registrations.
Demand Registrations shall be Short-Form Registrations whenever the
Company is permitted to use any applicable short form. After the Company has
become subject to the reporting requirements of the Exchange Act, the Company 

 

2

 

shall use its
reasonable best efforts to make Short-Form Registrations on Form S-2
or Form S-3 (or any successor form) available for the sale of Registrable
Securities.

 

(e)                                  Priority
on Demand Registrations. The Company shall not include in any Demand
Registration any securities which are not Registrable Securities without the
prior written consent of the holders of a majority of the Registrable
Securities included in such registration. If a Demand Registration is an
underwritten offering and the managing underwriters advise the Company in
writing that in their opinion the number of Registrable Securities and, if
permitted hereunder, other securities requested to be included in such offering
exceeds the number of Registrable Securities and other securities, if any,
which can be sold in an orderly manner in such offering within a price range
acceptable to the holders of a majority of the Registrable Securities initially
requesting registration, the Company shall include in such registration the
number which can be so sold in the following order of priorities: (i) first,
among the Registrable Securities, if any, requested to be included in such
registration, pro rata among the holders of such Registrable Securities on the
basis of the number of Registrable Securities owned by each such holder (but in
no event greater than the amount requested to be included by such holder) and (ii) second,
other securities requested to be included in such registration.

 

(f)                                    Restrictions
on Long-Form Registrations. The Company shall not be obligated to
effect any Demand Registration which is a Long-Form Registration within
180 days after the effective date of a previous Demand Registration which was a
Long-Form Registration or a previous registration in which the holders of
Registrable Securities were given piggyback rights pursuant to Section 2
and in which there was no reduction in the number of Registrable Securities
requested to be included therein. The Company may postpone for up to 180
days the filing or the effectiveness of a registration statement for a Demand
Registration if the Board determines in its reasonable good faith judgment that
such Demand Registration would reasonably be expected to have a material
adverse effect on any proposal or plan by the Company or any of its
Subsidiaries to engage in any material acquisition of assets (other than in the
ordinary course of business) or any material merger, consolidation, tender
offer, reorganization or similar transaction; provided that in such
event, the holders of Registrable Securities initially requesting such Demand
Registration shall be entitled to withdraw such request and, if such request is
withdrawn, such Demand Registration shall not count as one of the permitted
Demand Registrations hereunder and the Company shall pay all Registration
Expenses in connection with such withdrawn registration. The Company may delay
a Demand Registration hereunder only once in any twelve-month period.

 

(g)                                 Selection
of Underwriters. The Board shall select the investment banker(s) and
manager(s) to administer any underwritten offering pursuant to this Section 1.

 

(h)                                 Other
Registration Rights. The Company represents and warrants that it is not a
party to, or otherwise subject to, any other agreement granting registration
rights to any other Person with respect to any securities of the Company. Except
as provided in this Agreement (including Section 8(d)), the Company
shall not grant to any Person the right to request the Company to register any
equity securities of the Company, or any securities convertible or exchangeable
into or exercisable for such securities, without the prior written consent of the holders of a majority of the
Registrable Securities then outstanding; provided that the Company 

 

3

 

may grant
rights to other Persons to participate in Piggyback Registrations so long as
such rights are subordinate to the rights of the holders of Registrable
Securities with respect to such Piggyback Registrations; and provided further
that no such grant will treat holders of a different class of Registrable
Securities in an adversely different manner without the consent of the holders
of a majority of such class of Registrable Securities. Each holder of MDCP
Co-Investor Registrable Securities, Kappa Investor Registrable Securities, and
Other Registrable Securities irrevocably agrees that a grant of demand
registration rights or piggyback registration rights to any Person does not
treat holders of such class of Registrable Securities in an adversely
different manner from holders of MDCP Co-Investor Registrable Securities, Kappa
Investor Registrable Securities, and/or Other Registrable Securities as long as
upon any underwriters cut-back in connection with any such registration,
holders of Registrable Securities are cut back ratably vis-à-vis each other
based on the number of Registrable Securities requested to be included by such
holders in such registration.

 

2.                                       Piggyback
Registrations.

 

(a)                                  Right
to Piggyback. Whenever the Company proposes to register any of its
securities under the Securities Act (whether pursuant to a Demand Registration
or otherwise), other than pursuant to a registration statement on Form S-4
or Form S-8 or any successor form (a “Piggyback Registration”),
the Company shall give prompt written notice (in any event within five business
days after its receipt of notice of any exercise of demand registration rights)
to all holders of Registrable Securities and all holders of Class D
Convertible Shares party to this Agreement of its intention to effect such a
registration (including, to the extent known, a reasonable description of the
terms thereof) and shall, subject to the provisions of Sections 2(c) and
2(d) below, include in such registration all Registrable Securities
with respect to which the Company has received written requests for inclusion
therein within 20 days after the receipt by such holders of the Company’s
notice.

 

(b)                                 Piggyback
Expenses. The Registration Expenses of the holders of Registrable
Securities shall be paid by the Company in all Piggyback Registrations.

 

(c)                                  Priority
on Primary Registrations. If a Piggyback Registration is an underwritten
primary registration on behalf of the Company, and the managing underwriters advise
the Company in writing that in their opinion the number of securities requested
to be included in such registration exceeds the number which can be sold in an
orderly manner in such offering within a price range acceptable to the Company, the Company shall include in such
registration: (i) first, the securities the Company proposes to sell; (ii) second,
among the Registrable Securities, if any, requested to be included in such
registration, pro rata among the holders of such Registrable Securities on the
basis of the number of Registrable Securities owned by each such holder (but in
no event greater than the amount requested to be included by such holder); and (iii) third,
other securities requested to be included in such registration. Notwithstanding
anything herein to the contrary, the Company may elect not to offer
piggyback registration in connection with the Company’s Initial Public Offering
that is an underwritten primary registration on behalf of the company.

 

4

 

(d)                                 Priority
on Secondary Registrations. If a Piggyback Registration is an underwritten
secondary registration on behalf of holders of the Company’s securities, and
the managing underwriters advise the Company in writing that in their opinion
the number of securities requested to be included in such registration exceeds
the number which can be sold in an orderly manner in such offering within a
price range acceptable to the holders of a majority of such securities
initially requesting such registration, the
Company shall include in such registration: (i) first, among the
Registrable Securities, if any, requested to be included in such registration,
pro rata among the holders of such Registrable Securities on the basis of the
number of Registrable Securities owned by each such holder (but in no event
greater than the amount requested to be included by such holder); and (ii) second,
other securities requested to be included in such registration.

 

(e)                                  Withdrawal.
If as a result of any pro-ration pursuant to paragraphs (c) or (d) of
this Section 2, any holder of Registrable Securities shall not be
permitted to include in a registration all of the Registrable Securities that
such holder had requested to be included, such holder may elect to either
withdraw its request for inclusion or reduce the number of Registrable
Securities to be included in such registration, provided such election is made,
in writing and irrevocably, reasonably in advance of the execution of any
underwriting agreement or custody agreement relating to such registration.

 

(f)                                    Selection
of Underwriters. The Board shall select the investment banker(s) and
manager(s) to administer any underwritten offering pursuant to this Section 2.

 

(g)                                 Other
Registrations. If the Company has previously filed a registration statement
with respect to Registrable Securities pursuant to Section 1 or
pursuant to this Section 2, and if such previous registration has
not been withdrawn or abandoned, the Company shall not file or cause to be
effected any other registration of any of its equity securities or securities
convertible or exchangeable into or exercisable for its equity securities under
the Securities Act (except on Form S-8 or any successor form), whether on
its own behalf or at the request of any holder or holders of such securities,
until a period of at least 180 days has elapsed from the effective date of such
previous registration.

 

3.                                       Registration
Procedures. Whenever the holders of Registrable Securities have requested
that any Registrable Securities be registered pursuant to this Agreement, the
Company shall use its best efforts to effect the registration and the sale of
such Registrable Securities in accordance with the intended method of
disposition thereof, and pursuant thereto the Company shall as expeditiously as
possible:

 

(a)                                  prepare
and file with the SEC a registration statement with respect to such Registrable
Securities and use its best efforts to cause such registration statement to
become effective (provided that before filing a registration statement or
prospectus or any amendments or supplements thereto, the Company shall furnish
to the counsel selected by the holders of a majority of the Registrable
Securities covered by such registration statement copies of all such documents
proposed to be filed, which documents shall be subject to the review and
comment of such counsel);

 

5

 

(b)                                 notify
each holder of Registrable Securities of the effectiveness of each registration
statement filed hereunder and 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 for a period of not less than 180 days and otherwise comply with the provisions
of the Securities Act with respect to the disposition of all securities covered
by such registration statement during such period in accordance with the
intended methods of disposition by the sellers thereof set forth in such
registration statement;

 

(c)                                  furnish
to each seller of Registrable Securities such number of copies of such
registration statement, each amendment and supplement thereto, the prospectus
included in such registration statement (including each preliminary prospectus)
and such other documents as such seller may reasonably request in order to
facilitate the disposition of the Registrable Securities owned by such seller;

 

(d)                                 use
its best efforts to register or qualify such Registrable Securities under such
other securities or blue sky laws of such jurisdictions as any seller
reasonably requests and do any and all other acts and things which may be
reasonably necessary or advisable to enable such seller to consummate the
disposition in such jurisdictions of the Registrable Securities owned by such
seller (provided that the Company shall not be required to (i) qualify
generally to do business in any jurisdiction where it would not otherwise be
required to qualify but for this subsection, (ii) subject itself to
taxation in any such jurisdiction or (iii) consent to general service of
process in any such jurisdiction);

 

(e)                                  notify
each seller of such Registrable Securities, at any time when a prospectus
relating thereto is required to be delivered under the Securities Act, of the
happening of any event as a result of which the prospectus included in such
registration statement contains an untrue statement of a material fact or omits
any fact necessary to make the statements therein not misleading, and, at the
request of any such seller, the Company shall prepare a supplement or amendment
to such prospectus so that, as thereafter delivered to the purchasers of such
Registrable Securities, such prospectus shall not contain an untrue statement
of a material fact or omit to state any fact necessary to make the statements
therein not misleading;

 

(f)                                    cause
all such Registrable Securities to be listed on each securities exchange on
which similar securities issued by the Company are then listed and, if not so
listed, to be listed on the Nasdaq and, if listed on the Nasdaq, use its best
efforts to secure designation of all such Registrable Securities covered by
such registration statement as a Nasdaq “national market system security”
within the meaning of Rule 11Aa2-1 of the SEC or, failing that, to secure
Nasdaq authorization for such Registrable Securities and, without limiting the
generality of the foregoing, to arrange for at least two market makers to
register as such with respect to such Registrable Securities with the National
Association of Securities Dealers;

 

(g)                                 provide
a transfer agent and registrar for all such Registrable Securities not later
than the effective date of such registration statement;

 

6

 

(h)                                 enter
into such customary agreements (including underwriting agreements in customary
form) and take all such other actions as the holders of a majority of the
Registrable Securities being sold or the underwriters, if any, reasonably
request in order to expedite or facilitate the disposition of such Registrable
Securities (including effecting a share split, a combination of shares or other
recapitalization);

 

(i)                                     make
available for inspection by any seller of Registrable Securities, any
underwriter participating in any disposition pursuant to such registration
statement and any attorney, accountant or other agent retained by any such
seller or underwriter, all financial and other records, pertinent corporate
documents and properties of the Company, and cause the Company’s officers,
directors, employees and independent accountants to supply all information
reasonably requested by any such seller, underwriter, attorney, accountant or
agent in connection with such registration statement;

 

(j)                                     otherwise
use its best efforts to comply with all applicable rules and regulations
of the SEC, and make available to its security holders, as soon as reasonably
practicable, an earnings statement covering the period of at least twelve
months beginning with the first day of the Company’s first full calendar
quarter after the effective date of the registration statement, which earnings
statement shall satisfy the provisions of Section 11(a) of the
Securities Act and Rule 158 thereunder;

 

(k)                                  permit
any holder of Registrable Securities which holder, in its sole and exclusive
judgment, might be deemed to be an underwriter or a controlling person of the
Company, to participate in the preparation of such registration or comparable
statement and to require the insertion therein of material, furnished to the
Company in writing, which in the reasonable judgment of such holder and its
counsel should be included;

 

(l)                                     in
the event of the issuance of any stop order suspending the effectiveness of a
registration statement, or of any order suspending or preventing the use of any
related prospectus or suspending the qualification of any securities included
in such registration statement for sale in any jurisdiction, the Company shall
use its best efforts promptly to obtain the withdrawal of such order;

 

(m)                               obtain
a cold comfort letter from the Company’s independent public accountants and an
opinion from the Company’s outside counsel, each in customary form and
covering such matters of the type customarily covered by cold comfort letters
and legal opinions, respectively, as the holders of a majority of the
Registrable Securities being sold reasonably request;

 

(n)                                 use
its best efforts to cause such Registrable Securities covered by such
registration statement to be registered with or approved by such other
governmental agencies or authorities as may be necessary to enable the
sellers thereof to consummate the disposition of the Registrable Securities;
and

 

(o)                                 take
such other actions – including causing such officers of the Company and its
Subsidiaries as are requested by the managing underwriters to participate in “road
shows” or 

 

7

 

similar
marketing efforts conducted by such underwriters in connection with any
underwritten offering pursuant hereto – as the holders of a majority of the
Registrable Securities being sold reasonably request.

 

4.                                       Registration
Expenses.

 

(a)                                  Expenses.
All expenses incident to the Company’s performance of or compliance with this
Agreement, including all registration and filing fees, fees and expenses of
compliance with securities or blue sky laws, printing expenses, messenger and
delivery expenses, fees and disbursements of custodians, and fees and
disbursements of counsel for the Company and all independent certified public
accountants, underwriters (excluding discounts, commissions and transfer taxes)
and other Persons retained by the Company (all such expenses being herein
called “Registration Expenses”), shall be borne as provided in this
Agreement, except that the Company shall, in any event, pay its internal
expenses (including all salaries and expenses of its officers and employees
performing legal or accounting duties), the expense of any annual audit or
quarterly review, the expense of any liability insurance and the expenses and
fees for listing the securities to be registered on each securities exchange on
which similar securities issued by the Company are then listed or on the
Nasdaq.

 

(b)                                 Reimbursement
of Counsel. In connection with each Demand Registration and each Piggyback
Registration, the Company shall reimburse the holders of Registrable Securities
included in such registration for (i) the reasonable fees and
disbursements of one counsel chosen by the holders of a majority of the
Registrable Securities included in such registration and (ii) the
reasonable fees and disbursements of each additional counsel retained by any
holder of Registrable Securities solely for the purpose of rendering a legal
opinion to underwriters on behalf of such holder in connection with any
underwritten Demand Registration or Piggyback Registration.

 

(c)                                  Payment
of Certain Expenses by Holders of Registrable Securities. Underwriting
discounts and commissions and transfer taxes relating to the Registrable
Securities included in any registration hereunder, and all fees and expenses of
counsel for any holder of Registrable Securities (other than fees and expenses
to be reimbursed by the Company as set forth in Section 4(b) above)
shall be borne and paid by the holders of such Registrable Securities.

 

5.                                       Indemnification.

 

(a)                                  Indemnification
Obligations of the Company. The Company agrees to indemnify, to the extent
permitted by law, each holder of Registrable Securities participating in an
offering pursuant to this Agreement, its officers, directors, partners,
employees, advisors and agents and each Person that controls such holder
(within the meaning of the Securities Act) against all losses, claims, damages,
liabilities and expenses caused by any untrue or alleged untrue statement of
material fact contained in any registration statement, prospectus or
preliminary prospectus or any amendment or supplement thereto relating to such
offering or any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein not misleading,
except insofar as the same are caused by or contained in any information
furnished in writing to the Company by such holder expressly for use therein or

 

8

 

by such holder’s
failure to deliver a copy of the prospectus or any amendments or supplements
thereto after the Company has furnished such holder with a sufficient number of
copies of the same. In connection with an underwritten offering, the Company
shall indemnify such underwriters, their officers, directors, partners,
employees, advisors and agents and each Person who controls such underwriters
(within the meaning of the Securities Act) to the same extent as provided above
with respect to the indemnification of the holders of Registrable Securities.

 

(b)                                 Indemnification
Obligations of Holders of Registrable Securities. In connection with any
registration statement in which a holder of Registrable Securities is
participating, each such holder shall furnish to the Company in writing such
information and affidavits as the Company reasonably requests for use in
connection with any such registration statement, related prospectus or
preliminary prospectus or any amendment or supplement thereto and, to the
extent permitted by law, shall indemnify the Company, its directors, officers,
partners, employees, advisors and agents and each Person who controls the
Company (within the meaning of the Securities Act) against any losses, claims,
damages, liabilities and expenses resulting from any untrue or alleged untrue
statement of material fact contained in such registration statement,
prospectus, preliminary prospectus, amendment or supplement or any omission or
alleged omission of a material fact required to be stated therein or necessary
to make the statements therein not misleading, but only to the extent that such
untrue statement or omission is contained in any information or affidavit so
furnished in writing expressly for use therein by such holder; provided
that the obligation to indemnify shall be individual, not joint and several,
for each holder and shall be limited to the net amount of proceeds received by
such holder from the sale of Registrable Securities pursuant to such
registration statement.

 

(c)                                  Indemnification
Procedures. Any Person entitled to indemnification hereunder shall (i) give
prompt written notice to the indemnifying party of any claim with respect to
which it seeks indemnification (provided that the failure to give prompt notice
shall not impair any Person’s right to indemnification hereunder to the extent
such failure has not prejudiced the indemnifying party) and (ii) unless in
such indemnified party’s reasonable judgment a conflict of interest between
such indemnified and indemnifying parties may exist with respect to such
claim, permit such indemnifying party to assume the defense of such claim with
counsel reasonably satisfactory to the indemnified party. If such defense is
assumed, the indemnifying party shall not be subject to any liability for any
settlement or compromise made by the indemnified party without its consent (but
such consent shall not be unreasonably withheld). An indemnifying party who is
not entitled to, or elects not to, assume the defense of a claim shall not be
obligated to pay the fees and expenses of more than one counsel for all parties
indemnified by such indemnifying party with respect to such claim, unless in
the reasonable judgment of any indemnified party a conflict of interest may exist
between such indemnified party and any other of such indemnified parties with
respect to such claim.

 

(d)                                 Other
Indemnification Provisions; Contribution. The indemnification provided for
under this Agreement shall remain in full force and effect regardless of any
investigation made by or on behalf of the indemnified party or any officer,
director, partner, employee, advisor, agent or controlling Person of such
indemnified party and shall survive the transfer of securities. The Company
also agrees to make such provisions, as are reasonably requested by any
indemnified party, for contribution to such party in the event the Company’s 

 

9

 

indemnification
is unavailable for any reason such that such provisions provide the same
obligations and benefits to the indemnified party as those which would have
been applicable had the indemnification provisions in Sections 5(a) and
5(b) been available taking into account all of the limitations set
forth in Sections 5(a) and 5(b).

 

6.                                       Participation;
Holdback.

 

(a)                                  No
Person may participate in any registration which is underwritten unless
such Person (i) agrees to sell such Person’s securities on the basis
provided in any underwriting arrangements approved by the Person or Persons
entitled hereunder to approve such arrangements and (ii) completes and
executes such questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents as are customary and reasonably required under
the terms of such underwriting arrangements; provided that no holder of
Registrable Securities included in any underwritten registration shall be
required to make any representations or warranties to the Company or the
underwriters (other than customary representations and warranties regarding
such holder and 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 5(b) hereof, or to the
underwriters with respect thereto.

 

(b)                                 Without
limiting the generality of Section 5(a), no holder of Registrable
Securities shall effect any public sale or distribution of any Registrable
Securities or of any other capital stock or equity securities of the Company,
or any securities convertible into or exchangeable or exercisable for such
stock or securities, during the seven days prior to and the 180-day period
beginning on the effective date of the Company’s Initial Public Offering and
during the seven days prior to and the 90-day period beginning on the effective
date of any underwritten Demand Registration or any underwritten Piggyback
Registration, unless in either case the underwriters managing the registration
otherwise agree; provided that (without limiting the provisions of any
other lock-up to which a holder of Registrable Securities may be subject)
in the event that the underwriters managing the registration agree to release
any holder of Registrable Securities from the provisions of this Section 6(b) with
respect to all or any portion of such holder’s Registrable Securities, such
release shall be effective only if each holder is ratably (based on the number
of Registrable Securities held by each such holder) released from the
provisions of this Section 6(b). The restrictions on the transfer
of Registrable Securities set forth in this Section 6(b) shall
continue with respect to each Registrable Security until the date on which such
Registrable Security has been transferred in a Public Sale.

 

7.                                       Definitions.

 

“Affiliate” means, with respect to any Person, any other Person controlling,
controlled by or under common control with such Person.

 

10

 

“Board” means the Company’s board of directors.

 

“Class D Convertible Shares” shall have the meaning given
to such term in the Company’s Articles of Association.

 

“Class I
Convertible Shares” means Class I Convertible Shares of the Company,
nominal value €0.001 per share.

 

“Common Equity Securities” means, for any Person as of any date
of determination, ordinary shares, shares of common stock or other similar
equity securities not limited to a fixed stated return on liquidation,
dissolution or winding up of such Person, together with the ordinary shares,
shares of common stock or other similar equity securities of such Person
issuable upon exercise of then-exercisable rights, options, warrants or similar
securities of such Person or issuable upon conversion of then-convertible
equity or debt securities of such Person. For the avoidance of doubt, in
determining Common Equity Securities of the Company, (i) the Ordinary
Shares issuable upon conversion of the issued Class D Convertible Shares, (ii) the
Ordinary Shares issuable upon conversion of the issued Class I Convertible
Shares, and (iii) the Ordinary Shares issuable to the Kappa Investor pursuant
to the Purchase Agreement as a result of a then-exercisable subscription right
shall be deemed Common Equity Securities, but (x) the Ordinary Shares issuable
upon conversion of the issued Class A Convertible Shares, Class B
Convertible Shares, Class C Convertible Shares, Class E Convertible
Shares, Class F Convertible Shares, Class G Convertible Shares and Class H
Convertible Shares of the Company and (y) the Ordinary Shares issuable upon
conversion of the PIK or the Preference shall not be deemed Common Equity
Securities.

 

“Convertible Shares” shall have the meaning given to such term
in the Company’s Articles of Association.

 

“Exchange Act” mans the United States Securities Exchange Act of
1934, as amended from time to time.

 

“Family Group” means any Minority Investor’s spouse, descendants
(whether natural or adopted), siblings and siblings’ descendants and any trust
solely for the benefit of a Minority Investor and/or such Minority Investor’s
spouse, descendants, siblings and/or siblings’ descendants.

 

“Initial Public Offering” means the initial sale of ordinary
shares, shares of common stock or other similar equity securities not limited
to a fixed stated return on liquidation, dissolution or winding up of such
Person, to the public registered under the Securities Act on Form S-1 or
any similar form.

 

“Kappa Investor Registrable Securities” means all Registrable
Securities held by the Kappa Investor and, to the extent agreed to in writing
by the Majority Holders, any of their transferees, successors or assigns.

 

“Kappa Limited Partnership” means Smurfit Kappa Feeder L.P., a
limited partnership organized under the laws of Jersey.

 

11

 

“Majority Holders” means, as of any date of determination,
holders of a majority of the aggregate number of Ordinary Shares then
outstanding that are held by Persons party hereto.

 

“MDCP Co-Investor Registrable Securities” means all Registrable
Securities held by the MDCP Co-Investors and their respective Affiliates and,
to the extent agreed to in writing by the Majority Holders, any of their
transferees, successors or assigns.

 

“MDCP Co-Investors” means, collectively, MDCP IV Global
Investments LP, MDCP III Global Investments LP, MDSE III Global Investments LP
and any Affiliate of the foregoing that owns or holds Ordinary Shares as of the
date of determination and “MDCP Co-Investor” means any of the MDCP
Co-Investors.

 

“Ordinary Shares” means Class A Ordinary Shares, Class B
Ordinary Shares and each other class or series of ordinary shares of
the Company (or any ordinary shares of the Company created without reference to
class or series) created after the date hereof that is issued in respect
of such other Ordinary Shares in connection with any share dividend or share
split or in connection with a combination of shares, recapitalization, merger,
consolidation or other reorganization or otherwise.

 

““Other Registrable Securities” means, collectively, all
Registrable Securities other than the MDCP Co-Investor Registrable Securities
and the Kappa Investor Registrable Securities; provided that, without
the prior written consent of the Majority Holders, Other Registrable Securities
shall not include any Ordinary Shares held by any Person other than a Minority
Investor or any of its Affiliates or Family Group.

 

“Person” means an individual, a partnership, a corporation, a
limited liability company, an association, a joint stock company, a trust, a
joint venture, an unincorporated organization and a governmental entity or any
department, agency or political subdivision thereof.

 

“PIK” shall have the meaning given to such term in the Purchase
Agreement.

 

“Public Sale” means any sale of Registrable Securities to the
public pursuant to an offering registered under the Securities Act or to the
public through a broker, dealer or market maker pursuant to the provisions of Rule 144
adopted under the Securities Act.

 

“Registrable Securities” means (i) any Ordinary Shares held
by any party hereto (or issued upon conversion of any Class D Convertible
Shares or Class I Convertible Shares of the Company held by any party
hereto), and (ii) any other equity securities issued or issuable with
respect to the securities referred to in clause (i) by way of a share
dividend or share split or in connection with a combination of shares,
recapitalization, merger, consolidation or other reorganization or otherwise; provided
that with respect to any Registrable Securities, such securities shall cease to
be Registrable Securities (x) when they have been distributed to the public
pursuant to an offering registered under the Securities Act or sold to the
public through a broker, dealer or market maker in compliance with Rule 144
under the Securities Act (or any 

 

12

 

similar rule promulgated
by the SEC then in force) and (y) unless otherwise consented to by the Majority
Holders, when such Registrable Securities are held by any Person other than a
MDCP Co-Investor, the Kappa Investor, a Minority Investor or any of their respective
Affiliates or Family Group.

 

“Sale of the Company” shall have the meaning given to such term
in the Shareholders Agreement.

 

“SEC” means the United States Securities and Exchange
Commission.

 

“Securities Act” means the United States Securities Act of 1933,
as amended from time to time.

 

“Shareholders Agreement” means that certain Shareholders and
Corporate Governance Agreement, dated as of December 1, 2005, by and among
the Company, the MDCP Co-Investors, the Kappa Investor, and certain other Investors
and certain other Persons party thereto from time to time, as the same may be
amended, modified, supplemented or waived from time to time.

 

“Subsidiary” means, with respect to any Person, any corporation,
limited liability company, partnership, association or other business entity of
which (i) if a corporation, a majority of the total voting power of stock
entitled (without regard to the occurrence of any contingency) to vote in the
election of directors, managers or trustees thereof is at the time owned or
controlled, directly or indirectly, by that Person or one or more of the other
Subsidiaries of that Person or a combination thereof, or (ii) if a limited
liability company, partnership, association or other business entity, a
majority of the partnership or other similar ownership interest thereof is at
the time owned or controlled, directly or indirectly, by any Person or one or
more Subsidiaries of that person or a combination thereof. For purposes hereof,
a Person or Persons shall be deemed to have a majority ownership interest in a
limited liability company, partnership, association or other business entity if
such Person or Persons shall be allocated a majority of limited liability
company, partnership, association or other business entity gains or losses or
shall be or control the managing general partner of such limited liability
company, partnership, association or other business entity. Reference to any “Subsidiary”
of the Company shall be given effect only at such times as the Company has one or
more Subsidiaries.

 

8.                                       Miscellaneous.

 

(a)                                  No
Inconsistent Agreements. The Company shall not hereafter enter into any
agreement with respect to its securities which is inconsistent with or violates
the rights granted to the holders of Registrable Securities in this Agreement.

 

(b)                                 Adjustments
Affecting Registrable Securities. The Company shall not take any action, or
permit any change to occur, with respect to its securities which would
materially and adversely affect the ability of the holders of Registrable
Securities to include such Registrable Securities in a registration undertaken
pursuant to this Agreement or which would 

 

13

 

materially and
adversely affect the marketability of such Registrable Securities in any such
registration (including effecting a share split or a combination of shares).

 

(c)                                  Remedies.
Any Person having rights under any provision of this Agreement shall be
entitled to enforce such rights specifically, to recover damages caused by
reason of any breach of any provision of this Agreement and to exercise all
other rights granted by law. The parties hereto agree and acknowledge that
money damages may not be an adequate remedy for any breach of the
provisions of this Agreement and that any party may in its sole discretion
apply to any court of law or equity of competent jurisdiction (without posting
any bond or other security) for specific performance and for other injunctive
relief in order to enforce or prevent violation of the provisions of this
Agreement.

 

(d)                                 Amendments
and Waivers. Except as otherwise provided herein, the provisions of this
Agreement may be amended or waived only upon the prior written consent of
the Company and the Majority Holders; provided that if any such amendment
or waiver would adversely affect the holders of any class of Registrable
Securities relative to the holders of Registrable Securities voting in favor of
such amendment or waiver (including the holders of Other Registrable Securities
relative to the holders of MDCP Co-Investor Registrable Securities, or the
Kappa Investor Registrable Securities), such amendment or waiver shall also
require the approval of the holders of a majority of the class of
Registrable Securities (treating the MDCP Co-Investor Registrable Securities,
the Kappa Investor Registrable Securities, and the Other Registrable Securities
as a separate class for this purpose) held by all holders so adversely
affected. Each party hereto agrees that each Person issued Ordinary Shares or
Convertible Shares by the Company pursuant to the Company’s Amended and
Restated 2004 Management Equity Plan (as amended, restated, supplemented or
waived from time to time) shall, without the consent of any other Investor
party hereto, be entitled to registration rights as a Minority Investor
hereunder by execution of a counterpart to this Agreement and, upon such
joinder, each Person party hereto shall be a Minority Investor for all purposes
of this Agreement (and the Schedule of Investors shall be updated
accordingly).

 

(e)                                  Successors
and Assigns. All covenants and agreements in this Agreement by or on behalf
of any of the parties hereto shall bind and inure to the benefit of the
respective successors and assigns of the parties hereto whether so expressed or
not.

 

(f)                                    Severability.
Whenever possible, each provision of this Agreement shall be interpreted in
such manner as to be effective and valid under applicable law, but if any
provision of this Agreement is held to be prohibited by or invalid under
applicable law, such provision shall be ineffective only to the extent of such
prohibition or invalidity, without invalidating the remainder of this
Agreement.

 

(g)                                 Counterparts.
This Agreement may be executed simultaneously in two or more counterparts,
any one of which need not contain the signatures of more than one party, but
all such counterparts taken together shall constitute one and the same
Agreement. Any Person may at any time after the date hereof, with the
prior written consent of the Majority Holders and the Company, become a party
to this Agreement by executing a counterpart to this Agreement 

 

14

 

agreeing to be
bound by the provisions hereof as if such Person were an original signatory
hereto (which joinder shall not constitute a modification, amendment, or waiver
hereof).

 

(h)                                 Descriptive
Headings; Interpretation; No Strict Construction. The descriptive headings
of this Agreement are inserted for convenience only and do not constitute a
substantive part of this Agreement. Whenever required by the context, any
pronoun used in this Agreement shall include the corresponding masculine,
feminine or neuter forms, and the singular forms of nouns, pronouns, and verbs
shall include the plural and vice versa. Reference to any agreement, document,
or instrument means such agreement, document, or instrument as amended or
otherwise modified from time to time in accordance with the terms thereof, and
if applicable hereof. The use of the words “include” or “including” in this
Agreement shall be by way of example rather than by limitation. The use of the
words “or,” “either” or “any” shall not be exclusive. The parties hereto have
participated jointly in the negotiation and drafting of this Agreement. In the
event an ambiguity or question of intent or interpretation arises, this
Agreement shall be construed as if drafted jointly by the parties hereto, and
no presumption or burden of proof shall arise favoring or disfavoring any party
by virtue of the authorship of any of the provisions of this Agreement.

 

(i)                                     Governing
Law. The Agreement and the exhibits and schedules hereto shall be governed
by and construed in accordance with the laws of the State of New York.

 

(j)                                     Notices.
All notices, demands or other communications to be given or delivered under or
by reason of the provisions of this Agreement shall be in writing and shall be
deemed to have been given when delivered personally to the recipient, one day
after being sent to the recipient by reputable express courier service by
overnight mail (charges prepaid) or by facsimile (receipt confirmed). Such
notices, demands and other communications shall be sent to the Investors and to
the Company at the address indicated below:

 

	
  If to the
  Company:

  	
   

  
	
   

  	
   

  
	
   

  	
  c/o Jefferson Smurfit Group Limited

  	
   

  
	
   

  	
  Headquarters

  	
   

  
	
   

  	
  Beech Hill

  	
   

  
	
   

  	
  Clonskeagh

  	
   

  
	
   

  	
  Dublin 4

  	
   

  
	
   

  	
  Facsimile:    +353-1-283-7113

  	
   

  

 

15

 

	
  with copies
  to:

  	
   

  
	
   

  	
   

  
	
   

  	
  the MDCP Co-Investors (at the address
  indicated below)

  	
   

  
	
   

  	
   

  
	
  and:

  	
   

  
	
   

  	
   

  
	
   

  	
  Kirkland & Ellis LLP

  	
   

  
	
   

  	
  200 East Randolph Drive

  	
   

  
	
   

  	
  Chicago, IL 60601

  	
   

  
	
   

  	
  USA

  	
   

  
	
   

  	
  Attention: Dennis M. Myers, P.C.

  	
   

  
	
   

  	
  Facsimile: (312) 861-2200

  	
   

  
	
   

  	
   

  
	
  If to the
  MDCP Co-Investors:

  	
   

  
	
   

  	
   

  
	
   

  	
  c/o Madison Dearborn Partners, LLC

  	
   

  
	
   

  	
  Three First National Plaza, Suite 3800

  	
   

  
	
   

  	
  70 W. Madison

  	
   

  
	
   

  	
  Chicago, Illinois 60602

  	
   

  
	
   

  	
  USA

  	
   

  
	
   

  	
  Attention: Samuel M. Mencoff

  	
   

  
	
   

  	
  Facsimile: (312) 895-1001

  	
   

  
	
   

  	
   

  
	
  with a copy
  to:

  	
   

  
	
   

  	
   

  
	
   

  	
  Kirkland & Ellis LLP

  	
   

  
	
   

  	
  200 East Randolph Drive

  	
   

  
	
   

  	
  Chicago, IL 60601

  	
   

  
	
   

  	
  USA

  	
   

  
	
   

  	
  Attention: Dennis M. Myers, P.C.

  	
   

  
	
   

  	
  Facsimile: (312) 861-2200

  	
   

  
	
   

  	
   

  
	
  If to the Kappa Investor:

  	
   

  
	
   

  	
   

  
	
   

  	
  c/o Cinven Limited

  	
   

  
	
   

  	
  Warwick Court

  	
   

  
	
   

  	
  Paternoster Square

  	
   

  
	
   

  	
  London

  	
   

  
	
   

  	
  EC4M 7AG

  	
   

  
	
   

  	
  Attention: Marcus Wood

  	
   

  
	
   

  	
  Facsimile: (020) 7661 3888

  	
   

  

 

16

 

	
  and

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  c/o CVC Capital Partners Limited

  	
   

  
	
   

  	
  111 Strand

  	
   

  
	
   

  	
  London

  	
   

  
	
   

  	
  WC2R 0AG

  	
   

  
	
   

  	
  UK

  	
   

  
	
   

  	
  Attention: David Milne

  	
   

  
	
   

  	
  Facsimile: (020) 7420 4231

  	
   

  
	
   

  	
   

  
	
  with a copy
  to:

  	
   

  
	
   

  	
   

  
	
   

  	
  Freshfields Bruckhaus Deringer

  	
   

  
	
   

  	
  65 Fleet Street

  	
   

  
	
   

  	
  London EC4Y 1HS

  	
   

  
	
   

  	
  UK

  	
   

  
	
   

  	
  Attention:    Edward
  Braham / David Higgins

  	
   

  
	
   

  	
  Facsimile:    (020)
  7832 7001

  	
   

  
	
   

  	
   

  
	
  If to any
  Minority Investor:

  	
   

  
	
   

  	
   

  
	
   

  	
  To the address set forth on the Schedule of
  Minority Investors attached hereto

  
	
   

  	
   

  
	
  with a copy
  to:

  	
   

  
	
   

  	
   

  
	
   

  	
  c/o William Fry Solicitors

  	
   

  
	
   

  	
  Fitzwilton House

  	
   

  
	
   

  	
  Wilton Place

  	
   

  
	
   

  	
  Dublin 2

  	
   

  
	
   

  	
  Ireland

  	
   

  
	
   

  	
  Attention:  Owen O’Connell

  	
   

  
	
   

  	
  Facsimile:  +353-1-639-5333

  	
   

  

 

or to such
other address or to the attention of such other person as the recipient party
has specified by prior written notice to the sending party.

 

(k)                                  Business
Days. If any time period for giving notice or taking action hereunder
expires on a day which is a Saturday, Sunday or legal holiday in the United
States, the time period shall automatically be extended to the business day
immediately following such Saturday, Sunday or legal holiday.

 

(l)                                     Delivery
by Facsimile or Electronic Transmission. This Agreement, the agreements
referred to herein, and each other agreement or instrument entered into in
connection herewith or therewith or contemplated hereby or thereby, and any
amendments hereto or thereto, to the extent signed and delivered by means of a
facsimile machine or electronic transmission, shall be treated in all manner
and respects as an original agreement or instrument and shall be considered to
have the same binding legal effect as if it were the original signed version
thereof delivered in person. At the request of any party hereto or to any such
agreement or instrument, 

 

17

 

each other
party hereto or thereto shall reexecute original forms thereof and deliver them
to all other parties. No party hereto or to any such agreement or instrument
shall raise the use of a facsimile machine or electronic transmission to
deliver a signature or the fact that any signature or agreement or instrument
was transmitted or communicated through the use of a facsimile machine or
electronic transmission as a defense to the formation or enforceability of a
contract and each such party forever waives any such defense.

 

(m)                               Entire
Agreement. This Agreement embodies the complete agreement and understanding
among the parties hereto with respect to the subject matter hereof and
supersedes and preempts any prior understandings, agreements or representations
by or among the parties, written or oral, which may have related to the
subject matter hereof in any way (including, without limitation, the Existing
Agreement).

 

(n)                                 Effectiveness.
This Agreement shall become effective and binding upon each party upon
execution and delivery of this Agreement by each of the Company and such party.

 

(o)                                 Termination.
Unless otherwise agreed in writing by the Company and Majority Holders, the
rights and obligations of the parties hereto shall terminate upon a Sale of the
Company.

 

*        
*         *         *       
*

 

18

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on
the date first written above.

 

JSG PACKAGING
LIMITED

 

	
  By:

  	
    /s/ Michael O’Riordan

  	
   

  
	
  Its:

  	
  Secretary

  	
   

  

 

 

Acknowledged
and agreed as of the date first above written:

 

MDCP IV GLOBAL
INVESTMENTS LP

 

	
  By:

  	
  MDP IV
  Global GP, LP

  
	
  Its:

  	
  General
  Partner

  
	
   

  	
   

  
	
  By:

  	
  MDP Global
  Investors Limited

  
	
  Its: 

  	
  General
  Partner

  

 

 

	
    /s/ Samuel M. Mencoff

  	
   

  
	
  By:

  	
  Samuel M.
  Mencoff

  	
   

  
	
  Its:

  	
  Managing Director

  	
   

  

 

 

MDCP III
GLOBAL INVESTMENTS LP

 

	
  By:

  	
  MDP III
  Global GP, LP

  
	
  Its:

  	
  General
  Partner

  
	
   

  	
   

  
	
  By:

  	
  MDP Global
  Investors Limited

  
	
  Its:

  	
  General
  Partner

  

 

 

	
    /s/ Samuel M. Mencoff

  	
   

  
	
  By:

  	
  Samuel M.
  Mencoff

  	
   

  
	
  Its:

  	
  Managing
  Director

  	
   

  

 

 

MDSE III
GLOBAL INVESTMENTS LP

 

	
  By:

  	
  MDP III
  Global GP, LP

  
	
  Its:

  	
  General
  Partner

  
	
   

  	
   

  
	
  By:

  	
  MDP Global
  Investors Limited

  
	
  Its:

  	
  General
  Partner

  

 

 

	
    /s/ Samuel M. Mencoff

  	
   

  
	
  By:

  	
  Samuel M.
  Mencoff

  	
   

  
	
  Its:

  	
  Managing
  Director

  	
   

  

 

20

 

Acknowledged
and agreed as of the date first above written:

 

 

	
    /s/ Dr. Michael W. J. Smurfit

  	
   

  
	
  Dr. Michael
  W.J. Smurfit

  

 

 

	
    /s/ Gary McGann

  	
   

  
	
  Gary McGann

  

 

 

	
    /s/ Anthony P.J. Smurfit

  	
   

  
	
  Anthony P.J.
  Smurfit

  

 

 

	
    /s/ Ian J. Curley

  	
   

  
	
  Ian J.
  Curley

  

 

21

 

Acknowledged
and agreed as of the date first above written:

 

 

BACCHANTES TWO
LIMITED

 

 

	
  By:

  	
    /s/ J. M. Killip

  	
   

  
	
   

  	
   

  	
   

  
	
  Its:

  	
  J. M.
  Killip    Director

  	
   

  

 

22

 

Acknowledged
and agreed as of the date first above written:

 

 

Smurfit Kappa
Feeder G.P. Limited acting in its capacity as general partner of, and on behalf
of, the Kappa Limited Partnership

 

 

	
  By:

  	
    /s/ [Illegible]

  	
   

  
	
   

  	
   

  	
   

  
	
  Its:

  	
  Director

  	
   

  

 

23

 

Acknowledged
and agreed as of the date first above written:

 

MIDOCEAN
EUROPE GP (JERSEY) LIMITED

 

	
  By:

  	
    /s/ Diarmuid Cummins

  	
   

  
	
   

  	
  Name:

  	
  Diarmuid
  Cummins

  
	
   

  	
  Title:

  	
  Director

  
				

 

24

 

Acknowledged
and agreed as of the date first above written:

 

ARTHUR STREET
PORTFOLIO, L.P.

 

	
  By:

  	
  MLIM DivPEP
  I, LLC,

  
	
  Its:

  	
  General
  Partner

  
	
   

  	
   

  
	
  By:

  	
  MLIM Private
  Equity, L.P.,

  
	
  Its:

  	
  Managing
  Member

  
	
   

  	
   

  
	
  By:

  	
  Portfolio
  Administration & Management Ltd.,

  
	
  Its:

  	
  General
  Partner

  

 

	
  By:

  	
    /s/ Stephen J. Kelly

  	
   

  
	
   

  	
  Name:

  	
  Stephen J.
  Kelly

  
	
   

  	
  Title:

  	
  Vice
  President

  
				

 

 

ARTHUR STREET
FUND, L.P.

 

	
  By:

  	
  MLIM DivPEP
  I, LLC,

  
	
  Its:

  	
  General
  Partner

  
	
   

  	
   

  
	
  By:

  	
  MLIM Private
  Equity, L.P.,

  
	
  Its:

  	
  Managing
  Member

  
	
   

  	
   

  
	
  By:

  	
  Portfolio
  Administration & Management Ltd.,

  
	
  By:

  	
  General
  Partner

  

 

	
  By:

  	
    /s/ Stephen J. Kelly

  	
   

  
	
   

  	
  Name:

  	
  Stephen J.
  Kelly

  
	
   

  	
  Title:

  	
  Vice
  President

  
				

 

 

Acknowledged
and agreed as of the date first above written:

 

VESEY STREET
PORTFOLIO, L.P.

 

	
  By:

  	
  MLIM DivPEP
  I, LLC,

  	
   

  
	
  Its:

  	
  General
  Partner

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  MLIM Private
  Equity, L.P.,

  	
   

  
	
  Its:

  	
  Managing
  Member

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  Portfolio
  Administration & Management Ltd.,

  	
   

  
	
  Its:

  	
  General
  Partner

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
    /s/ Stephen J. Kelly

  	
   

  
	
   

  	
  Name:

  	
  Stephen J.
  Kelly

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  VESEY STREET
  FUND, L.P.

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  MLIM DivPEP
  I, LLC

  	
   

  
	
  Its:

  	
  General
  Partner

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  MLIM Private
  Equity, L.P.,

  	
   

  
	
  Its:

  	
  Managing
  Member

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  Portfolio
  Administration & Management Ltd.,

  	
   

  
	
  Its:

  	
  General
  Partner

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
    /s/ Stephen J. Kelly

  	
   

  
	
   

  	
  Name:

  	
  Stephen J.
  Kelly

  
	
   

  	
  Title:

  	
  Vice President

  
							

 

 

	
  Acknowledged
  and agreed as of the date first above written:

  
	
   

  	
   

  	
   

  
	
  PASSAGE
  PORTFOLIO, L.P.

  
	
   

  	
   

  	
   

  
	
  By:

  	
  MLIM DivPEP
  I, LLC,

  	
   

  
	
   

  	
  its general
  partner

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  MLIM Private
  Equity, L.P.,

  	
   

  
	
   

  	
  its managing
  member

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  Portfolio
  Administration & Management Ltd.,

  	
   

  
	
   

  	
  its general
  partner

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
    /s/ Stephen J. Kelly

  	
   

  
	
   

  	
  Name:

  	
  Stephen J.
  Kelly

  
	
   

  	
  Title:

  	
  Vice
  President

  
					

 

 

	
  Acknowledged
  and agreed as of the date first above written:

  
	
   

  	
   

  	
   

  
	
  J.P. MORGAN
  PARTNERS (BHCA), L.P.

  
	
   

  
	
  By: 

  	
  JPMP MASTER
  FUND MANAGER, L.P.

  	
   

  
	
   

  	
  Its general
  partner

  	
   

  
	
   

  
	
  By:

  	
  JPMP CAPITAL
  CORP.

  	
   

  
	
   

  	
  Its general
  partner

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
    /s/ Richard D. Waters, Jr.

  	
   

  
	
   

  	
  Richard D.
  Waters, Jr.

  	
   

  
	
   

  	
  Managing
  Director

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  J.P. MORGAN
  PARTNERS GLOBAL INVESTORS, L.P.

  
	
   

  	
   

  	
   

  
	
  By:

  	
  JPMP GLOBAL
  INVESTORS, L.P.

  	
   

  
	
   

  	
  Its general
  partner

  	
   

  
	
   

  	
   

  	
   

  
	
  By: 

  	
  JPMP CAPITAL
  CORP.

  	
   

  
	
   

  	
  Its general
  partner

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
    /s/ Richard D. Waters, Jr.

  	
   

  
	
   

  	
  Richard D.
  Waters, Jr.

  	
   

  
	
   

  	
  Managing
  Director

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  J.P. MORGAN
  PARTNERS GLOBAL INVESTORS (CAYMAN), L.P.

  	
   

  
	
   

  	
   

  	
   

  
	
  By: 

  	
  JPMP GLOBAL
  INVESTORS, L.P.

  	
   

  
	
   

  	
  Its general
  partner

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  JPMP CAPITAL
  CORP.

  	
   

  
	
   

  	
  Its general
  partner

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
    /s/ Richard D. Waters, Jr.

  	
   

  
	
   

  	
  Richard D.
  Waters, Jr.

  	
   

  
	
   

  	
  Managing
  Director

  	
   

  
					

 

 

	
  Acknowledged
  and agreed as of the date first above written:

  
	
   

  	
   

  	
   

  
	
  J.P. MORGAN
  PARTNERS GLOBAL INVESTORS A, L.P.

  
	
   

  	
   

  	
   

  
	
  By:

  	
  JPMP GLOBAL
  INVESTORS, L.P.

  	
   

  
	
   

  	
  Its general
  partner

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  JPMP CAPITAL
  CORP.

  	
   

  
	
   

  	
  Its general
  partner

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
    /s/ Richard D. Waters, Jr.

  	
   

  
	
   

  	
  Richard D.
  Waters, Jr.

  	
   

  
	
   

  	
  Managing
  Director

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  J.P. MORGAN
  PARTNERS GLOBAL INVESTORS (CAYMAN) II, L.P.

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  JPMP GLOBAL
  INVESTORS, L.P.

  	
   

  
	
   

  	
  Its general
  partner

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  JPMP CAPITAL
  CORP.

  	
   

  
	
   

  	
  Its general
  partner

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
    /s/ Richard D. Waters, Jr.

  	
   

  
	
   

  	
  Richard D.
  Waters, Jr.

  	
   

  
	
   

  	
  Managing
  Director

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  J.P. MORGAN
  PARTNERS GLOBAL INVESTORS (SELLDOWN), L.P.

  	
   

  
	
   

  	
   

  	
   

  
	
  By: 

  	
  JPMP GLOBAL
  INVESTORS, L.P.

  	
   

  
	
   

  	
  Its general
  partner

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  JPMP CAPITAL
  CORP.

  	
   

  
	
   

  	
  Its general
  partner

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
    /s/ Richard D. Waters, Jr.

  	
   

  
	
   

  	
  Richard D.
  Waters, Jr.

  	
   

  
	
   

  	
  Managing
  Director

  	
   

  
						

 

29

 

	
  Acknowledged
  and agreed as of the date first above written:

  	
   

  
	
   

  	
   

  	
   

  
	
  TEACHERS
  INSURANCE AND ANNUITY

  	
   

  
	
  ASSOCIATION
  OF AMERICA

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
    /s/ Holly Holtz

  	
   

  
	
   

  	
  Name:

  	
  Holly Holtz

  
	
   

  	
  Title:

  	
  Director

  
					

 

 

	
  Acknowledged
  and agreed as of the date first above written:

  	
   

  
	
   

  	
   

  	
   

  
	
  TECHLINE
  INVESTMENT PTE LTD.

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
    /s/ Alvin A. Fong

  	
   

  
	
   

  	
  Name:

  	
  Alvin A.
  Fong

  
	
   

  	
  Title:

  	
  Authorized
  Signatory

  
					

 

 

	
  Acknowledged
  and agreed as of the date first above written:

  	
   

  
	
   

  	
   

  	
   

  
	
  TCW/CRESCENT
  MEZZANINE PARTNERS III, L.P.

  	
   

  
	
  TCW/CRESCENT
  MEZZANINE TRUST III

  	
   

  
	
  TCW/CRESCENT
  PARTNERS III NETHERLANDS, L.P.

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  TCW/Crescent
  Mezzanine Management III, L.L.C.

  	
   

  
	
  Its:

  	
  Investment
  Manager

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  TCW Asset
  Management Company

  	
   

  
	
  Its:

  	
  Sub-Advisor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
    /s/ Timothy P. Costello

  	
   

  
	
   

  	
  Name:

  	
  Timothy P.
  Costello

  
	
   

  	
  Title:

  	
  Managing
  Director

  
					

 

 

	
  Acknowledged
  and agreed as of the date first above written:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
    /s/ Stanley S. Shuman

  	
   

  
	
  Stanley S.
  Shuman

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Macxe, LLC

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
    /s/ Stanley S. Shuman

  	
   

  
	
   

  	
   

  	
   

  
	
  Its:

  	
  Member

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
    /s/ Eran Ashany

  	
   

  
	
  Eran Ashany

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
    /s/ Walter O’Hara, Jr.

  	
   

  
	
  Walter O’Hara, Jr.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
    /s/ Robert Dean

  	
   

  
	
  Robert Dean

  	
   

  
						

 

 

	
  Acknowledged
  and agreed as of the date first above written:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BVCF IV,
  L.P.

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  Adams Street
  Partners, LLC, its General Partner

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
    /s/ David S. Timson

  	
   

  
	
   

  	
  David S.
  Timson

  	
   

  
	
   

  	
  Partner

  	
   

  
				

 

 

	
  Acknowledged
  and agreed as of the date first above written:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  NORTHWESTERN
  UNIVERSITY

  	
   

  
	
   

  	
   

  	
   

  
	
    /s/ William H. McLean

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  William H.
  McLean

  	
   

  
	
   

  	
   

  	
   

  
	
  Its:

  	
  Vice
  President and Chief Investment Officer

  	
   

  
					

 

 

	
  Acknowledged
  and agreed as of the date first written above:

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHWERIN
  COMPANY, L.L.C.

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
    /s/ Michael Schwerin

  	
   

  
	
   

  	
   

  	
   

  
	
  Its:

  	
  Managing
  Member

  	
   

  
				

 

 

	
  Acknowledged
  and agreed as of the date first written above:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
    /s/ Paul Magnell

  	
   

  
	
  Paul Magnell

  	
   

  
				

 

 

	
  Acknowledged
  and agreed as of the date first written above:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SPECIAL
  CO-INVEST I

  	
   

  
	
   

  	
   

  	
   

  
	
    /s/
  Samuel M. Mencoff

  	
   

  
	
   

  	
   

  
	
  By:

  	
  Samuel M.
  Mencoff

  	
   

  
	
   

  	
   

  	
   

  
	
  Its:

  	
  Managing
  Director

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  RANDOLPH
  STREET PARTNERS V

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
    /s/ Jack S. Levin

  	
   

  
	
   

  	
  Jack S.
  Levin

  	
   

  
	
   

  	
  A Managing
  Partner

  	
   

  
						

 

 

	
  SCHEDULE OF MINORITY INVESTORS

  
	
   

  
	
  Bacchantes
  Two Limited

  
	
  15-19 Athol
  Street

  
	
  Douglas,
  Isle of Man

  
	
   

  
	
  Gary McGann

  
	
  Cherryfield

  
	
  Stonehouse

  
	
  Donnybrook

  
	
  Dublin 4

  
	
   

  
	
  Anthony P.J.
  Smurfit

  
	
  Fournaughts

  
	
  Johnstown

  
	
  Naas

  
	
  Co Kildare

  
	
   

  
	
  Ian J.
  Curley

  
	
  1 Mount
  Salus

  
	
  Knocknacree
  Road

  
	
  Dalkey

  
	
  Co Dublin

  
	
   

  
	
  Mid-Ocean
  Europe GP (Jersey) Limited

  
	
  Mid-Ocean
  Partners

  
	
  3rd
  Floor

  
	
  1 Chester
  Street

  
	
  London SW1X
  7HP

  
	
  Attention:
  Diarmuid Cummins

  
	
   

  
	
  J.P. Morgan
  Partners Global Investors, L.P.

  
	
  J.P. Morgan
  Partners

  
	
  1221 Avenue
  of the Americas, 39th Floor

  
	
  New York, NY
  10020

  
	
  Attention:
  Robert Ruggiero

  
	
   

  
	
  J.P. Morgan
  Partners Investors (Cayman), L.P.

  
	
  J.P. Morgan
  Partners

  
	
  1221 Avenue
  of the Americas, 39th Floor

  
	
  New York, NY
  10020

  
	
  Attention:
  Robert Ruggiero

  

 

 

	
  J.P. Morgan
  Partners Global Investors A, L.P.

  
	
  J.P. Morgan
  Partners

  
	
  1221 Avenue
  of the Americas, 39th Floor

  
	
  New York, NY
  10020

  
	
  Attention:
  Robert Ruggiero

  
	
   

  
	
  J.P. Morgan
  Partners Global Investors (Cayman) II, L.P.

  
	
  J.P. Morgan
  Partners

  
	
  1221 Avenue
  of the Americas, 39th Floor

  
	
  New York, NY
  10020

  
	
  Attention:
  Robert Ruggiero

  
	
   

  
	
  J.P. Morgan
  Partners (BHCA), L.P.

  
	
  J.P. Morgan
  Partners

  
	
  1221 Avenue
  of the Americas, 39th Floor

  
	
  New York, NY
  10020

  
	
  Attention:
  Robert Ruggiero

  
	
   

  
	
  J.P. Morgan
  Partners Global Investors (Selldown), L.P.

  
	
  J.P. Morgan
  Partners

  
	
  1221 Avenue
  of the Americas, 39th Floor

  
	
  New York, NY
  10020

  
	
  Attention:
  Robert Ruggiero

  
	
   

  
	
  Arthur
  Street Portfolio, L.P.

  
	
  Merrill
  Lynch Private Equity Partners

  
	
  800 Scudders
  Mill Road

  
	
  Plainsboro,
  NJ 08536

  
	
  Attention:
  Mike Cerminaro

  
	
   

  
	
  Arthur
  Street Fund, L.P.

  
	
  Merrill
  Lynch Private Equity Partners

  
	
  800 Scudders
  Mill Road

  
	
  Plainsboro,
  NJ 08536

  
	
  Attention:
  Mike Cerminaro

  
	
   

  
	
  Vesey Street
  Portfolio, L.P.

  
	
  Merrill
  Lynch Private Equity Partners

  
	
  800 Scudders
  Mill Road

  
	
  Plainsboro,
  NJ 08536

  
	
  Attention:
  Mike Cerminaro

  

 

 

	
  Vesey Street
  Fund, L.P.

  
	
  Merrill
  Lynch Private Equity Partners

  
	
  800 Scudders
  Mill Road

  
	
  Plainsboro,
  NJ 08536

  
	
  Attention:
  Mike Cerminaro

  
	
   

  
	
  Passage
  Portfolio, L.P.

  
	
  Merrill
  Lynch Private Equity Partners

  
	
  800 Scudders
  Mill Road

  
	
  Plainsboro,
  NJ 08536

  
	
  Attention:
  Mike Cerminaro

  
	
   

  
	
  Northwestern
  University

  
	
  Investment
  Office

  
	
  633 Clark
  Street, Crown 1-209

  
	
  Evanston, IL
  60208

  
	
  Attention:
  Du H. Chai

  
	
   

  
	
  Techline
  Investment Ltd.

  
	
  GIC Special
  Investments Pte Ltd

  
	
  156 West 56th
  Street

  
	
  Suite 190

  
	
  New York, NY
  10019

  
	
  Attention:
  David L. Chiang

  
	
   

  
	
  Teachers
  Insurance and Annuity Association of America

  
	
  TIAA-CREF

  
	
  730 Third
  Avenue

  
	
  New York, NY
  10017

  
	
  Attention:
  Holly D. Holtz

  
	
   

  
	
  BVCF IV,
  L.P.

  
	
  Adams Street
  Partners

  
	
  One North
  Wacker

  
	
  Suite 2200

  
	
  Chicago, IL
  60606-2807

  
	
  Attention:
  David S. Timson

  
	
   

  
	
  TCW/Crescent
  Mezzanine Trust

  
	
  TCW/Crescent
  Mezzanine, LLC

  
	
  200 Crescent
  Court

  
	
  Suite 1600

  
	
  Dallas, TX
  75201

  
	
  Attention:
  Tim Costello

  

 

 

	
  TCW/Crescent
  Mezzanine Partners III, L.P.

  
	
  TCW/Crescent
  Mezzanine, LLC

  
	
  200 Crescent
  Court

  
	
  Suite 1600

  
	
  Dallas, TX
  75201

  
	
  Attention:
  Tim Costello

  
	
   

  
	
  TCW Crescent
  Mezzanine Partners III Netherlands, L.P

  
	
  TCW/Crescent
  Mezzanine, LLC

  
	
  200 Crescent
  Court

  
	
  Suite 1600

  
	
  Dallas, TX
  75201

  
	
  Attention:
  Tim Costello

  
	
   

  
	
  Randolph
  Street Partners V

  
	
  c/o Kirkland &
  Ellis LLP

  
	
  200 East
  Randolph Drive

  
	
  Chicago, IL
  60601

  
	
  Attention:
  Dennis M. Myers, P.C.

  
	
   

  
	
  Stanley
  Shuman

  
	
  Allen &
  Company

  
	
  711 5th
  Avenue

  
	
  New York, NY
  10022

  
	
   

  
	
  Macxe LLC

  
	
  Allen &
  Company

  
	
  711 5th
  Avenue

  
	
  New York, NY
  10022

  
	
   

  
	
  Eran Ashany

  
	
  Allen &
  Company

  
	
  711 5th
  Avenue

  
	
  New York, NY
  10022

  
	
   

  
	
  Walter O’Hara, Jr.

  
	
  Allen &
  Company

  
	
  711 5th
  Avenue

  
	
  New York, NY
  10022

  
	
   

  
	
  Robert Dean

  
	
  Allen &
  Company

  
	
  711 5th
  Avenue

  
	
  New York, NY
  10022

  

 

 

	
  Schwerin
  Company, L.L.C.

  
	
  Michael
  Schwerin

  
	
  President

  
	
  One Bayview
  Avenue

  
	
  Oyster Bay,
  New York 11771

  
	
   

  
	
  Paul Magnell

  
	
  Plymouth
  Packaging

  
	
  4075 West
  Columbia Ave.

  
	
  Battle
  Creek, MI 49015

  
	
   

  
	
  Special
  Co-Invest I

  
	
  Madison
  Dearborn Partners, LLC

  
	
  Three First
  National Plaza

  
	
  Suite 3800

  
	
  Chicago,
  Illinois 60602

  
	
  Attention:
  David Mosher

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}]]