Document:

Form of Convertible Note and Warrant Purchase Agreement

 Exhibit 10.19 
 CONVERTIBLE NOTE AND WARRANT PURCHASE AGREEMENT 
 This Convertible Note and Warrant Purchase
Agreement (the “Agreement”) is made as of ____________, by and between Helix BioMedix, Inc., a Delaware corporation (the “Company”), and the undersigned (the “Investor”). 
 1. Purchase and Sale; Closing. 
 1.1 Purchase of Note. Subject to the terms and conditions of this Agreement, the Company agrees to sell to the Investor, and the Investor agrees to purchase from the Company, a Convertible Promissory Note (the
“Note”) in substantially the form attached hereto as Exhibit A in the principal amount set forth on the signature page hereto. The Note will be convertible into equity securities of the Company upon the terms and
conditions contained in the form of Note attached hereto as Exhibit A. Shares of equity securities of the Company issued upon conversion of the Note are referred to herein as the “Note Shares.” 
 1.2 Purchase of Warrant. Subject to the terms and conditions of this Agreement, the Company agrees to sell to the Investor, and the
Investor agrees to purchase from the Company, a Warrant (the “Warrant”) in substantially the form attached hereto as Exhibit B. The Warrant will be exercisable for shares of the Company’s Common Stock upon the terms
and conditions contained in the form of Warrant attached hereto as Exhibit B. Shares of the Company’s Common Stock issued upon exercise of the Warrant are referred to herein as the “Warrant Shares.” The Note, the
Warrant, the Note Shares and the Warrant Shares are sometimes collectively referred to herein as the “Securities.” 
 1.3 Closing. The closing of the sale and issuance of the Note and Warrant shall be held at such time and place upon which the Company and the Investor shall agree (hereinafter referred to as the “Closing”). The date
of the Closing is referred to herein as the “Closing Date.” 
 2. Representations of the Company. 
 The Company represents and warrants to the Investor as follows: 
 2.1 Organization and Standing. The Company is a corporation duly organized and existing under, and by virtue of, the laws of the
State of Delaware and is in good standing under such laws. 
 2.2 Corporate Power. The Company will have at the Closing
all requisite legal and corporate power and authority to execute and deliver this Agreement, to sell and issue the Securities and to carry out and perform its obligations under the terms of this Agreement. 
 2.3 Authorization. All corporate action on the part of the Company necessary for the authorization, execution, delivery and
performance of this Agreement by the Company, the authorization, sale, issuance and delivery of the Note and the Warrant and the performance of all of the Company’s obligations hereunder and thereunder has been taken or will be taken prior to
the Closing. This Agreement, the Note and Warrant, when executed and delivered by the Company, shall constitute valid and binding obligations of the Company, enforceable in accordance with their respective terms, subject to laws of general
application relating to bankruptcy, insolvency and the relief of debtors and rules of law governing specific performance, injunctive relief or other equitable remedies. The Note Shares, when issued in compliance with the provisions of the Note, will
be validly issued, fully paid and nonassessable, and will be free of any liens or encumbrances, assuming that the Investor takes the Note Shares with no notice thereof, other than any liens or encumbrances created by or imposed upon the Investor;
provided, however, that the Note Shares will be 

 
subject to restrictions on transfer under state and/or federal securities laws. The Warrant Shares, when issued in compliance with the provisions of the
Warrant, will be validly issued, fully paid and nonassessable, and will be free of any liens or encumbrances, assuming that the Investor takes the Warrant Shares with no notice thereof, other than any liens or encumbrances created by or imposed upon
the Investor; provided, however, that the Warrant Shares will be subject to restrictions on transfer under state and/or federal securities laws. 
 2.4 No Finder’s Fees. No person is entitled, directly or indirectly, to compensation from the Company by reason of any contract or understanding or contact with the Company as a finder or broker in
connection with this sale and purchase of the Note and Warrant contemplated by this Agreement. The Company agrees to indemnify and hold the Investor harmless against and respect of any claim of brokerage or other commissions or similar fees relative
to this Agreement or the transactions contemplated hereby which arises as a result of a contract or understanding made by the Company with any such broker or finder in connection with this sale and purchase of the Note and Warrant contemplated by
this Agreement. 
 3. Representations of Investors. The Investor hereby represents and warrants to the Company with respect to its
purchase of the Note and Warrant as follows: 
 3.1 Investment. The Investor understands that the investment in the
Securities is a speculative investment and represents that it is aware of the business affairs and financial condition of the Company and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to
acquire the Note and Warrant, and that it is purchasing the Note and Warrant for investment for its own account only and not with a view to, or for resale in connection with, any “distribution” within the meaning of the Securities Act of
1933, as amended (the “Securities Act”) or applicable state securities laws. The Investor further represents that it understands that the Securities have not been registered under the Securities Act or applicable state
securities laws by reason of specific exemptions therefrom, which exemptions depend upon, among other things, the bona fide nature of the Investor’s investment intent as expressed herein. The Investor acknowledges and understands that the
Securities must be held indefinitely unless subsequently registered under the Securities Act and qualified under applicable state securities laws or unless exemptions from such registration and qualification requirements are available and that the
Company is under no obligation to register or qualify the Securities. 
 3.2 Accredited Investor. The Investor is an
accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities Act. 
 3.3 Access to
Data. The Investor acknowledges that it has received and reviewed this Agreement and exhibits hereto. The Investor has had an opportunity to discuss the Company’s business, management and financial affairs with its officers and directors.
The Investor understands that such discussions as well as any written information issued by the Company were intended to describe the aspects of the Company’s business and prospects which it believes to be material but were not necessarily a
thorough or exhaustive description. 
 3.4 No Finder’s Fees. No person is entitled, directly or indirectly, to
compensation from the Investor by reason of any contract or understanding or contact with the Investor as a finder or broker in connection with the sale and purchase of the Note and Warrant contemplated by this Agreement. Investor agrees to
indemnify and hold the Company harmless against and in respect of any claim for brokerage or other commissions or similar fees relative to this Agreement or the transactions contemplated hereby which arises as a result of a contract or understanding
made by the Investor with any such broker or finder in connection with the sale and purchase of the Note and Warrant contemplated by this Agreement. 
  

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 3.5 Legends. The Investor understands that the Securities, and any securities
issued in respect thereof or exchange therefor, may bear one or all of the following legends: 
 (a) “THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE
EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.” 
 (b) Any legend required by the blue sky laws of any state to the extent such laws are applicable to the Securities represented by the
certificate so legended. 
 4. Condition to Investor’s Obligations at Closing. The Investor’s obligation to purchase the
Note and Warrant at the Closing is subject to the fulfillment on or prior to the Closing Date of the following condition: 
 4.1 Representations and Warranties Correct. The representations and warranties made by the Company in Section 2 hereof shall be true and correct when made and shall be true and correct on the Closing Date. 
 5. Conditions to the Company’s Obligations at Closing. The Company’s obligation to sell and issue the Note and Warrant at the Closing is
subject to the fulfillment of the following conditions: 
 5.1 Representations and Warranties Correct. The
representations and warranties made by the Investor in Section 3 hereof shall be true and correct when made and shall be true and correct on the Closing Date. 
 5.2 Qualifications. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the
United States or of any state that are required in connection with the lawful issuance and sale of the Securities pursuant to this Agreement shall be obtained and effective as of the Closing. 
 5.3 Board Approval. The Company’s Board of Directors shall have authorized the sale and issuance of the Securities.

 6. Miscellaneous. 
 6.1 Governing Law; Venue. This Agreement, the Note and the Warrant shall in all respects be governed by and construed and enforced in accordance with the laws of the State of Washington, as such laws apply to
contracts entered into and wholly to be performed within such state. The parties expressly stipulate that any litigation under this Agreement shall be brought in the state courts of King County, Washington or in the United States District Court for
the Western District of Washington. The parties agree to submit to the exclusive jurisdiction and venue of those courts. 
 6.2 Successors and Assigns. Except as otherwise provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto, provided,
however, that the rights of the Investor to purchase the Note and Warrant shall not be assignable without the consent of the Company and provided further that the Company may not assign its rights hereunder. 
  

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 6.3 Entire Agreement; Amendment. This Agreement, the Note, the Warrant and the
other documents delivered pursuant hereto constitute the full and entire understanding and agreement between the parties with regard to the subject matter hereof and thereof, and no party shall be liable or bound to any other party in any manner by
any warranties, representations or covenants except as specifically set forth herein or therein. Except as expressly provided herein, neither this Agreement nor any term hereof may be amended, waived, discharged or terminated other than by a written
instrument signed by the party against whom enforcement of any such amendment, waiver, discharge or termination is sought. 
 6.4 Notices, etc. All notices and other communications under this Agreement shall be in writing and shall be delivered in person, via facsimile machine, sent by documented overnight delivery service, or mailed by registered or
certified mail, return receipt requested, postage prepaid, addressed (a) if to the Investor, at the address of the Investor set forth on the signature page of this Agreement, or (b) if to the Company, to the attention of its President at
its principal offices at 22118 20th Avenue SE, Suite 204, Bothell, WA 98021. Unless otherwise specified in this Agreement, all such notices and other written communications shall be effective (and considered delivered and received for the purposes
of this Agreement) (i) if delivered, upon delivery, (ii) if by facsimile machine during normal business hours upon transmission with confirmation of receipt by the receiving party’s facsimile terminal and if not sent during normal
business hours, then on the next day, (iii) if sent by documented overnight delivery service, on the date following the date on which such notice is delivered to such overnight delivery service for mailing, or (iv) if mailed via
first-class regular mail, three (3) day after depositing in the U.S. Mail. 
 6.5 Expenses; Attorneys Fees. Each
of the Company and the Investor shall each bear its own expenses incurred on its behalf with respect to this Agreement and the transactions contemplated hereby. Notwithstanding the foregoing, if any action at law or in equity (including arbitration)
is necessary to enforce or interpret the terms of this Agreement, the Note or the Warrant, the prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which such
party may be entitled. 
 6.6 Counterparts. This Agreement may be executed in any number of counterparts, each of which
shall be enforceable against the party or parties actually executing such counterparts, and all of which together shall constitute one instrument. 
 6.7 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not considered in construing or interpreting this Agreement. 
 [Remainder of Page Intentionally Left Blank] 
  

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 The foregoing Agreement is hereby executed as of the date first above written. 
  

			
	COMPANY:
	
	HELIX BIOMEDIX, INC.
		
	By:	 	 
		 	R. Stephen Beatty, President and
		 	Chief Executive Officer
	
	INVESTOR:
	
	 
	Print name
	
	Investment Amount: $ _______________________
		
	By:	 	 
		 	Signature
		
	Its:	 	 
		 	Title

			
		
	Address:	 	 
	
	
	 

			
		
	Facsimile:	 	 

			
	
	Soc. Sec. No. or Tax ID: _____________________

 [Signature Page to Convertible Note and Warrant Purchase Agreement] 
  

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 EXHIBIT A 
 THIS NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED,
HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR UNLESS (i) SOLD PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH
ACT AND APPLICABLE STATE SECURITIES LAWS AND (ii) AT THE OPTION OF THE COMPANY, AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED HAS BEEN DELIVERED TO THE COMPANY. 
 HELIX BIOMEDIX, INC. 
 CONVERTIBLE
PROMISSORY NOTE 
                         , 2008 
  

			
	$                             	  	Bothell, Washington

 FOR VALUE RECEIVED, Helix BioMedix, Inc., a Delaware corporation
(“Company”), promises to pay to                          (“Holder”), or his
registered assigns, the principal sum of                          Dollars ($
                        ), or such lesser amount as shall then equal the outstanding principal amount hereof, together
with interest from the date of this Note on the unpaid principal balance at a rate equal to eight percent (8%) per annum, computed on the basis of the actual number of days elapsed. All unpaid principal, together with any then unpaid and accrued
interest and other amounts payable hereunder, shall be due and payable on the earlier of (i) July 1, 2011 (the “Maturity Date”) or (ii) when such amounts are declared due and payable by the Holder or made automatically due and
payable, in each case upon or after the occurrence of an Event of Default (as defined below). This Note is issued pursuant to the Convertible Note Purchase Agreement of even date herewith (as amended, modified or supplemented, the “Purchase
Agreement”) between Company and the Investor (as defined in the Purchase Agreement) and is one of several convertible promissory notes issued on or about the date hereof (the “Notes”). 
 The following is a statement of the rights of Holder and the conditions to which this Note is subject, and to which the Holder hereof, by the acceptance
of this Note, agrees: 
 1. Definitions. As used in this Note, the following capitalized terms have the following
meanings: 
 (a) “Company” includes the corporation initially executing this Note and any Person which shall succeed to or
assume the obligations of Company under this Note. 
 (b) “Holder” shall mean the Person specified in the introductory
paragraph of this Note or any Person who shall at the time be the registered holder of this Note. 
 (c) “Person” shall mean
and include an individual, a partnership, a corporation (including a business trust), a joint stock company, a limited liability company, an unincorporated association, a joint venture or other entity or a governmental authority. 

 2. Interest. Accrued interest on this Note shall be payable at such time as the
outstanding principal amount hereof shall be paid in full. 
 3. Events of Default. The occurrence of any of the
following shall constitute an “Event of Default” under this Note: 
 (a) Failure to Pay. Company shall fail in any
material respect to pay any principal payment, any interest or other payment required under the terms of this Note on the date due and such payment shall not have been made within fifteen (15) days of Company’s receipt of Holder’s written
notice to Company of such failure to pay; or 
 (b) Breaches of Covenants. Company shall fail in any material respect to observe or
perform any covenant, obligation, condition or agreement contained in this Note (other than those covenants specified in Section 3(a) hereof) and such failure shall continue for thirty (30) days after Company’s receipt of Holder’s written
notice to Company thereof; or 
 (c) Representations and Warranties. Any representation or warranty made by Company to Holder in this
Note shall be untrue in any material respect when made; or 
 (d) Voluntary Bankruptcy or Insolvency Proceedings. Company shall (i)
apply for or consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property, (ii) admit in writing its inability to pay its debts generally as they mature, (iii) make a general
assignment for the benefit of its or any of its creditors, (iv) be dissolved or liquidated in full or in part, (v) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts
under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced against
it, or (vi) take any action for the purpose of effecting any of the foregoing; or 
 (e) Involuntary Bankruptcy or Insolvency
Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator or custodian of Company or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization or
other relief with respect to Company or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged
within sixty (60) days of commencement. 
 4. Rights of Holder upon Default. Upon the occurrence or existence of any
Event of Default (other than an Event of Default referred to in Sections 3(d) and 3(e) hereof) and at any time thereafter during the continuance of such Event of Default, Holder may, by written notice to Company, declare all outstanding obligations
payable by Company hereunder to be immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein to the contrary notwithstanding. Upon the
occurrence or existence of any Event of Default described in Sections 3(d) and 3(e) hereof, immediately and without notice, all outstanding obligations payable by Company hereunder shall automatically become immediately due and payable, without
presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein to the contrary notwithstanding. In addition to the foregoing remedies, upon the occurrence or existence of any Event
of Default, Holder may exercise any other right, power or remedy permitted to it by law, either by suit in equity or by action at law, or both. 
  

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 5. Conversion. 
 (a) Automatic Conversion upon Equity Financing. Upon the closing (or first in a series of closings) of the next equity financing in which Company
sells shares of its equity securities (the “Equity Securities”) for an aggregate consideration of at least $7,500,000 (including the aggregate principal and accrued interest due on this Note) (the “Equity
Financing”), the principal and accrued interest due on this Note shall automatically be converted into shares of the Equity Securities as set forth in Section 5(e) below. The conversion shall be deemed to have occurred as of the date of
such closing or the date of the first closing in a series of closings. As a condition precedent (which may be waived by the Company) to conversion of this Note as provided for in this Section 5(a), the Holder will be required to execute the
definitive Stock Purchase Agreement and such other agreements prepared in connection with the Equity Financing. The number of shares of Equity Securities into which this Note shall be automatically converted shall be determined by dividing the
principal and accrued interest due on this Note as of the date of conversion by an amount equal to the lesser of (i) the per share price of the Equity Securities issued and sold in the Equity Financing and (ii) $1.00. 
 (b) Automatic Conversion upon Corporate Transaction. Upon the closing of a sale of substantially all of the Company’s assets or a merger or
consolidation of the Company in which the Company’s stockholders will hold, in the aggregate, less than 50% of the voting power of the combined entity, the principal and accrued interest due on this Note shall automatically be converted into
shares of the Company’s Common Stock as set forth in Section 5(e) below. The conversion shall be deemed to have occurred as of the date of such closing. The number of shares of Common Stock into which this Note shall be automatically converted
shall be determined by dividing the principal and accrued interest due on this Note as of the date of conversion by an amount equal to the lesser of (i) the per share price attributed to the Company’s Common Stock in connection with such
transaction and (ii) $1.00. 
 (c) Automatic Conversion upon Debt Financing. Upon consummation by the Company of the sale and issuance
of Notes in an aggregate principal amount of $10.5 million, the principal and accrued interest due on this Note shall automatically be converted into equity securities of the Company on terms and conditions mutually agreed upon by the Company and
the holder(s) of a majority-in-interest of then-outstanding Notes and as set forth in Section 5(e) below. The conversion shall be deemed to have occurred as of the date of such closing. 
 (d) Voluntary Conversion at Maturity Date. At and as of the Maturity Date, to the extent this Note is still outstanding and has not otherwise been
converted or repaid in full, the Holder will have the option, in its sole discretion, to convert this Note into shares of the Company’s Common Stock. The number of shares of Common Stock into which this Note may be voluntarily converted shall
be determined by dividing the principal and accrued interest due on this Note as of the date of conversion by $1.00. 
 (e) Issuance of
Securities on Conversion. As soon as practicable after conversion of this Note, Company, at its expense, will cause to be issued in the name of and delivered to the Holder a certificate or certificates representing the number of fully paid and
nonassessable shares of the Equity Securities or Common Stock (as applicable) to which Holder shall be entitled upon such conversion. No fractional shares will be issued upon conversion of this Note. 
 (f) Termination of Rights. All rights with respect to this Note shall terminate upon conversion hereof in accordance with this Section 5, whether
or not this Note has been surrendered. Notwithstanding the foregoing, the Holder agrees to surrender this Note to Company for cancellation as soon as is practicable following conversion of this Note. 
  

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 6. Successors and Assigns. Subject to the restrictions on transfer described in
Section 8 below, the rights and obligations of Company and Holder shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees of the parties. 
 7. Waiver and Amendment. Any provision of this Note may be amended, waived or modified upon the written consent of Company and
Holder. 
 8. Transfer of this Note or Securities Issuable Upon Conversion Hereof. With respect to any
contemplated offer, sale or other disposition of this Note or securities into which such Note may be converted, the Holder will first give written notice to Company prior thereto, describing briefly the manner thereof, together with a written
opinion of the Holder’s counsel to the effect that such offer, sale or other disposition may be effected without registration or qualification under any federal or state law then in effect. Promptly upon receiving such written notice and
reasonably satisfactory opinion, if so requested, Company, as promptly as practicable, shall notify the Holder that the Holder may sell or otherwise dispose of this Note or such securities, all in accordance with the terms of the notice delivered to
Company. If a determination has been made pursuant to this Section 8 that the opinion of counsel for the Holder is not reasonably satisfactory to Company, then Company shall so notify the Holder promptly after such determination has been made. The
Note thus transferred and each certificate representing the securities thus transferred shall bear a legend as to the applicable restrictions on transferability in order to ensure compliance with the Securities Act of 1933, as amended (the
“Act”), unless in the opinion of counsel for Company such legend is not required in order to ensure compliance with the Act. Company may issue stop transfer instructions to its transfer agent in connection with such restrictions.

 9. Notices. All notices and other communications under this Note shall be in writing and shall be delivered in
person, via facsimile machine, sent by documented overnight delivery service, or mailed by registered or certified mail, return receipt requested, postage prepaid, addressed (a) if to the Holder, at the address of the Holder set forth in the
Purchase Agreement, or (b) if to the Company, to the attention of its President at its principal offices at 22118 20th Avenue SE, Suite 204, Bothell, WA 98021. Unless otherwise specified in this Note, all such notices and other written
communications shall be effective (and considered delivered and received for the purposes of this Note) (i) if delivered, upon delivery, (ii) if by facsimile machine during normal business hours upon transmission with confirmation of receipt by the
receiving party’s facsimile terminal and if not sent during normal business hours, then on the next day, (iii) if sent by documented overnight delivery service, on the date following the date on which such notice is delivered to such overnight
delivery service for mailing, or (iv) if mailed via first-class regular mail, three (3) day after depositing in the U.S. Mail. 
 10.
No Stockholder Rights. Nothing contained in this Note shall be construed as conferring upon the Holder or any other person the right to vote or to consent or to receive notice as a stockholder in respect of meetings of stockholder
for the election of directors of Company or any other matters or any rights whatsoever as a stockholder of Company; and no dividends or interest shall be payable or accrued in respect of this Note or the interest represented hereby or the equity
securities obtainable hereunder until, and only to the extent that, this Note shall have been converted. 
 11. Payment;
Prepayment. 
 (a) Payment shall be made in lawful tender of the United States. 
 (b) Company shall have the right to prepay at any time, without penalty, in whole or in part, the unpaid principal and interest due on this Note.

  

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 12. Governing Law; Venue. This Note and all actions arising out of or in connection
with this Note shall be governed by and construed in accordance with the laws of the State of Washington, without regard to the conflicts of law provisions of the State of Washington or of any other state. The parties expressly stipulate that any
litigation under this Agreement shall be brought in the state courts of King County, Washington or in the United States District Court for the Western District of Washington. The parties agree to submit to the exclusive jurisdiction and venue of
those courts. 
 [Remainder of Page Intentionally Left Blank] 
  

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 ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO FORBEAR FROM ENFORCING
REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON LAW. 
 IN WITNESS WHEREOF, Company has caused this Note to be issued as
of the date first written above. 
  

			
		 	 HELIX BIOMEDIX, INC.,
 a Delaware
corporation

		
	By:	 	  
		 	 R. Stephen Beatty, President and
 Chief Executive
Officer

 Acknowledged and Agreed: 
 HOLDER: 
  

			
		
	 	 	 
		 	Print name
		
	By:	 	 
		 	Signature
		
	Its:	 	 
		 	Title
		
	Address:	 	 
		
	 	 	 
		
	Facsimile:	 	 

 [Signature Page to Convertible Promissory Note] 

 EXHIBIT B 
 THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED,
HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR UNLESS (i) SOLD PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER
SUCH ACT AND APPLICABLE STATE SECURITIES LAWS AND (ii) AT THE OPTION OF THE COMPANY, AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED HAS BEEN DELIVERED TO THE COMPANY. 
  

			
	Holder(s):	 	Warrant Number:
		 	No. of Shares For Which this Warrant is Initially Exercisable:
	Issue Date:	 	Termination Date:

 WARRANT FOR THE 
 PURCHASE OF SHARES OF COMMON STOCK 
 OF 
 HELIX BIOMEDIX, INC. 
 THIS CERTIFIES THAT, for valuable consideration, the
undersigned, together with his successors and permitted assigns (the “Holder”) is entitled to purchase, subject to the terms set forth below, up to
                     shares of duly authorized, validly issued, fully paid and nonassessable shares of common stock, $0.001 par value
per share (the “Common Stock”), of Helix BioMedix, Inc., a Delaware corporation (the “Company”). 
 1. Exercise of
Warrant. The terms and conditions upon which this Warrant may be exercised, and the Common Stock covered hereby (the “Warrant Stock”) may be purchased, are as follows: 
 (a) Term. Subject to the terms hereof, the purchase right represented by this Warrant may be exercised in whole or in part, but not
as to a fractional share of Warrant Stock, at any time and from time to time until                     . 
 (b) Number of Shares. The number of shares of Common Stock for which this Warrant is initially exercisable is the amount set forth
above the Holder’s signature and on page one of this Warrant, which number is subject to adjustment pursuant to Section 2 of this Warrant. 
 (c) Purchase Price. The per share purchase price for the shares of Common Stock to be issued upon exercise of this Warrant shall be equal to $1.00 per share (the “Warrant Price”). 
 (d) Method of Exercise. The exercise of the purchase rights evidenced by this Warrant shall be effected by (a) the surrender
of the Warrant, together with a duly executed copy of the form of a subscription attached hereto, to the Company at its principal offices at 22118 20th Avenue SE, Suite 204, Bothell, WA 98021 (or such other office or agency of the Company as it may
designate by notice in writing to the Holder at the address of the Holder appearing on the books of the Company) and (b) the delivery of the purchase price in an amount equal to the number of shares for which the purchase rights hereunder are
being exercised multiplied by the Warrant Price, which amount may be paid by cashier’s check payable to the Company’s order or by wire transfer to the Company’s account. Each exercise of this Warrant shall be deemed to have been
effected immediately prior to the close of business on the day on which this Warrant shall have been surrendered to the Company together with the purchase price as provided herein or at such later date as may be specified in the executed form of
subscription, and at such time the person or persons in whose name or names any certificate or certificates for shares of Common Stock shall be issuable upon such exercise as provided herein shall be deemed to have become the holder or holders of
record thereof. 
  

 (e) Exercise by Exchange. In addition to and without limiting the rights of the
Holder under the terms hereof, at the Holder’s option, and if approved by the Company, this Warrant may be exercised during the term specified under Section 1(a) by being exchanged in whole or in part prior to its expiration for a number
of shares of Common Stock having an aggregate fair market value on the date of such exercise equal to the difference between (x) the fair market value of the number of shares of Common Stock subject to this Warrant designated by the Holder
hereof on the date of the exercise and (y) the aggregate Warrant Price for such shares in effect at such times. The following formula illustrates how many shares would then be issued upon exercise pursuant to this Section 1(e): 

 

									
	Let:	 	FMV	 	=	 	    Fair market value per share of Common Stock at date of exercise.
				
		 	WP	 	=	 	    Warrant Price at date of exercise.
				
		 	N	 	=	 	    Number of shares desired to be exercised.
				
		 	X	 	=	 	    Number of shares issued upon exercise.
				
	Therefore:	 	X	 	=	 	    (FMV)(N)-(WP)(N)
		 		 		 		 	       FMV

 Upon any such exercise, the number of shares of Common Stock purchasable upon
exercise of this Warrant shall be reduced by such designated number of shares of Common Stock and, if a balance of purchasable shares of Common Stock remains after such exercise, the Company shall execute and deliver to the Holder hereof a new
warrant for such balance of shares of Common Stock. 
 No payment to the Company of any cash or other consideration shall be
required from the Holder of this Warrant in connection with any exercise of this Warrant by exchange pursuant to this Section 1(e). Such exchange shall be effective upon the date of receipt by the Company of the original Warrant surrendered for
cancellation and a written request from the Holder hereof that the exchange pursuant to this section be made, or at such later date as may be specified in such request. 
 For the purposes of this Warrant, the “fair market value” of any number of shares of Common Stock shall mean: 
 (i) as long as the Common Stock is traded on the Over-The-Counter Bulletin Board or is traded on the American Stock Exchange (or
equivalent recognized source of quotations), an amount equal to the average of the high and low reported trading prices of one share of such securities for the three (3) trading days prior to the surrender of this Warrant for exchange in
accordance with the terms hereof; or 
 (ii) in all other cases, the fair value as determined in good faith by the Board of
Directors of the Company and reasonably agreed to by the Holder. 
  

 2 

 (f) Issuance of Shares. As soon as reasonably practicable after each exercise of
this Warrant, in whole or in part, the Company at its expense will cause to be issued in the name of and delivered to the Holder hereof or as such Holder (upon payment by such Holder of any applicable transfer taxes) may direct, 
 (i) a certificate or certificates for the number of duly authorized validly issued, fully paid and nonassessable shares of Common Stock to
which such Holder shall be entitled upon such exercise, and 
 (ii) in case such exercise is in part only, a new warrant or
warrants of like tenor, calling in the aggregate on the face or faces thereof for the number of shares of Common Stock (without giving effect to any adjustment thereof) to the number of such shares called for on the face of this Warrant minus the
number of such shares designated by the Holder upon such exercise as provided herein. 
 2. Certain Adjustments. 
 (a) Mergers, Consolidations or Sale of Assets. If at any time after the date hereof while this Warrant remains outstanding and
unexpired there shall be a capital reorganization (other than a combination or subdivision of Warrant Stock otherwise provided for herein), or a merger or consolidation of the Company with or into another corporation, or the sale of the
Company’s properties and assets as, or substantially as, an entirety to any other person, then, as a part of such reorganization, merger, consolidation or sale, lawful provision shall be made so that the Holder shall thereafter be entitled to
receive upon exercise of this Warrant, during the period specified in this Warrant and upon payment of the purchase price, the number of shares of stock or other securities, cash or property of the Company or the successor corporation resulting from
such reorganization, merger, consolidation or sale, to which a Holder of the Common Stock deliverable upon exercise of this Warrant would have been entitled under the provisions of the agreement in such reorganization, merger, consolidation or sale
if this Warrant had been exercised immediately before that reorganization, merger, consolidation or sale. In any such case, appropriate adjustment (as determined reasonably and in good faith by the Company’s Board of Directors) shall be made in
the application of the provisions of this Warrant with respect to the rights and interests of the Holder after the reorganization, merger, consolidation or sale to the end that the provisions of this Warrant (including adjustment of the Warrant
Price then in effect and the number of shares of Warrant Stock) shall be applicable after that event, as near as reasonably may be, in relation to any shares or other property deliverable after that event upon exercise of this Warrant. 

(b) Splits and Subdivisions; Dividends. In the event the Company should at any time or from time to time while this Warrant
remains outstanding and unexpired effect or fix a record date for the effectuation of a split or subdivision of the outstanding shares of its Common Stock or the determination of the holders of Common Stock entitled to receive a dividend or other
distribution payable in additional shares of Common Stock or other securities or warrants, options or other rights convertible into, or entitling the holder thereof to receive directly or indirectly, additional shares of Common Stock (hereinafter
referred to as the “Common Stock Equivalents”) without payment of any consideration by such holder for the additional shares of Common Stock or Common Stock Equivalents (including the additional shares of Common Stock issuable upon
conversion or exercise thereof), then, as of such record date (or the date of distribution, split or subdivision if no record date is fixed), the per share Warrant Price shall be appropriately increased in proportion to such increase (or potential
increase) of outstanding shares. 
  

 3 

 (c) Combination of Shares. If the number of shares of Common Stock outstanding at
any time after the date hereof is decreased by a combination of the outstanding shares of Common Stock, the per share purchase price shall be appropriately increased and the number of shares of Warrant Stock shall be appropriately decreased in
proportion to such decrease in outstanding shares. 
 (d) Certificate as to Adjustments. In the case of each adjustment
or readjustment of the Warrant Price pursuant to this Section 2, the Company at its expense will promptly compute such adjustment or readjustment in accordance with the terms hereof and cause a certificate, signed by the Company’s
principal financial officer, setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based to be delivered to the Holder of this Warrant. The Company will furnish or cause to be
furnished to such Holder a certificate setting forth: 
 (i) Such adjustments and readjustments; 
 (ii) The purchase price at the time in effect and how it was calculated; and 
 (iii) The number of shares of Warrant Stock and the amount, if any, of other property at the time receivable upon the exercise of the
Warrant. 
 (e) Notices of Record Date, etc. In the event of: 
 (i) Any taking by the Company of a record of the holders of any class of securities of the Company for the purpose of determining the
holders thereof who are entitled to receive any dividend (other than a cash dividend payable at the same rate as that of the last such cash dividend theretofore paid) or other distribution, or any right to subscribe for, purchase or otherwise
acquire any shares of stock of any class or any other securities or property, or to receive any other right; or 
 (ii) Any
capital reorganization of the Company, any reclassification or recapitalization of the capital stock of the Company or any transfer of all or substantially all of assets of the Company to any other person or any consolidation or merger involving the
Company; or 
 (iii) Any voluntary or involuntary dissolution, liquidation or winding-up of the Company; the Company will mail
to the Holder of this Warrant at least ten (10) business days prior to the earliest date specified therein, a notice specifying: 
 (1) The date on which any such record is to be taken for the purpose of such dividend, distribution or right, and the amount and character of such dividend, distribution or right; and 
 (2) The date on which any such reorganization, reclassification, transfer, consolidation, merger, dissolution, liquidation or winding-up
is expected to become effective and the record date for determining stockholders entitled to vote thereon and the time. 
 3. Fractional
Shares. No fractional shares shall be issued in connection with any exercise of this Warrant. In lieu of the issuance of such fractional share, the Company shall make a cash payment equal to the then fair market value of such fractional share as
determined in good faith by the Company’s Board of Directors. 
 4. No Privilege of Stock Ownership. Prior to the exercise of
this Warrant, the Holder shall not be entitled, by virtue of holding this Warrant, to any rights of a stockholder of the Company, including (without limitation) the right to vote, receive dividends or other distributions, exercise preemptive rights
or be notified of stockholder meetings, and such Holder shall not be entitled to any notice or other communication concerning the business or affairs of the Company. Nothing in this Section 4, however, shall limit the right of the Holder to be
provided the notices described in Section 2 hereof, or to participate in distributions described in Section 2 hereof if the Holder exercises this Warrant. 
  

 4 

 5. Limitation of Liability. Except as otherwise provided herein, in the absence of affirmative
action by the Holder hereof to purchase the Warrant Stock, no mere enumeration herein of the rights or privileges of the Holder hereof shall give rise to any obligation of such Holder to purchase any securities or any liability of such Holder for
the purchase price or as a stockholder of the Company, whether such obligation or liability is asserted by the Company or by creditors of the Company. 
 6. Representations and Warranties of the Holder. The Holder represents and warrants to the Company as follows: 
 (a) Purchase Entirely for Own Account. This Warrant is issued to the Holder in reliance upon such Holder’s representation to the Company, which by the Holder’s execution of this Warrant the Holder
hereby confirms, that the Warrant and Warrant Stock are being acquired for investment for the Holder’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of the federal or
state securities laws. 
 (b) Investment Experience. The Holder represents that it can bear the economic risk of its
investment and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Warrant and the Warrant Stock. If an entity, the Holder also represents it has not been
organized solely for the purpose of acquiring the Warrant or the Warrant Stock. 
 (c) Restricted Securities. The
Holder understands that the Warrant being issued hereunder and the Warrant Stock to be purchased hereunder are characterized as “restricted securities” under the federal securities laws inasmuch as they are being acquired from the Company
in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be resold without registration under the Securities Act of 1933, as amended (the “Securities Act”), only in certain
limited circumstances. In this connection, the Holder represents that it is familiar with Securities and Exchange Commission Rule 144, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act.

 (d) Legends. It is understood that the certificates evidencing the Warrant Stock may bear a legend substantially in
the following form: 
 “THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR
ANY STATE SECURITIES LAWS (COLLECTIVELY, THE “SECURITIES LAWS”). THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES
UNDER THE SECURITIES LAWS (i) UNLESS SOLD PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES LAWS AND (ii) THE COMPANY, IF IT SO REQUESTS, HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED.” 
 In addition, the certificates evidencing the Warrant Stock may bear any legend required by the
Company’s charter documents or the laws of the State of Washington and any other state in which the securities will be issued. 
  

 5 

 7. Transfers and Exchanges. 
 (a) The Holder may not sell, hypothecate, pledge or otherwise dispose of any interest in the Warrant or the Warrant Stock unless such
transfer would not violate any provision of this Section 7. 
 (b) Subject to the conditions of this Section 7, upon
delivery to the Company of a duly completed and executed Assignment in substantially the form attached hereto, a new warrant shall be issued to the transferee therein named. All new warrants issued in connection with transfers or exchanges shall not
require the signature of the new Holder hereof and shall be identical in form and provision to this Warrant except as to the number of shares. 
 (c) It shall be a condition to any transfer of this Warrant that the transferee shall be an accredited investor, within the meaning of the Securities Act, and that the Company shall have received, at the time of such
transfer or exercise (i) a representation letter, or at the option of the Company, a legal opinion, in form and substance reasonably satisfactory to the Company and its counsel, reciting the pertinent circumstances surrounding the proposed
transfer and stating that such transfer is exempt from the prospectus and registration requirements of the Securities Act and applicable state securities laws and (ii) a statement in writing from, and signed by, any proposed transferees
containing the same representations and warranties as set forth in Section 6 hereof and agreeing to be bound by the provisions of this Section 7, such statement to be in the form of Assignment attached hereto. Notwithstanding the
foregoing, as long as the transfer of this Warrant is in compliance with applicable securities laws and there are no significant issues of fact (such as whether or not the Holder is an “affiliate,” as such term is defined in Rule 144 of
the Securities Act) or unusual questions of law, the requirement of a representation letter or legal opinion shall not apply to (a) the transfer of this Warrant or any part thereof to a partnership of which the Holder is a partner or to the
beneficial owners or affiliates of such partnership, (b) the transfer of this Warrant or any part thereof to beneficial owners, employees or affiliates of the Holder, (c) bona fide gifts to a member of a Holder’s immediate family or
trustee for a member of a Holder’s immediate family, (d) transfers by will upon the death of a Holder, or (e) transfers pursuant to a divorce or dissolution of the marriage of a Holder. 
 (d) Ownership of Warrants. The Company may treat the person in whose name any Warrant is registered on the register kept by the
Company or its transfer agent as the owner and Holder thereof for all purposes, notwithstanding any notice to the contrary. A Warrant, if properly assigned, may be exercised by a new Holder without a new Warrant first having been issued. Nothing in
this Section 7(d) shall relieve the Holder of his obligations under Section 7(c) hereof. 
 8. Successors and Assigns. The
terms and provisions of this Warrant shall be binding upon the Company and the Holder and their respective successors and assigns, subject at all times to the restrictions set forth herein. 
 9. Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by the Company of evidence reasonably satisfactory to it and its counsel of the
loss, theft, destruction or mutilation of this Warrant, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to the Company, and upon reimbursement to the Company of all reasonable expenses incidental thereto,
and upon surrender and cancellation of this Warrant, if mutilated, the Company will make and deliver a new warrant of like tenor and dated as of such cancellation, in lieu of this Warrant. 
 10. Saturdays, Sundays, Holiday, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted
herein shall be a Saturday or Sunday or shall be a legal holiday in the State of Washington, then such action may be taken or such right may be exercised on the next succeeding day not a Saturday, Sunday or legal holiday. 
  

 6 

 11. Amendments and Waivers. Any term of this Warrant may be amended and the observance of any term
of this Warrant may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and the Holder. Any such amendment or waiver shall be binding on the parties.

 12. Governing Law; Venue. The terms and conditions of this Warrant shall be governed by and construed in accordance with the law of
the State of Washington, without regard to conflict of law provisions. The parties expressly stipulate that any litigation under this Warrant shall be brought in the state courts of King County, Washington or in the United States District Court for
the Western District of Washington. The parties agree to submit to the exclusive jurisdiction and venue of those courts. 
 13.
Notices. All notices and other communications under this Warrant shall be in writing and shall be delivered in person, via facsimile machine, sent by documented overnight delivery service, or mailed by registered or certified mail, return
receipt requested, postage prepaid, addressed (a) if to the Holder, at the registered address of such Holder as set forth in the register kept at the principal office of the Company, or (b) if to the Company, to the attention of its
President at its principal offices at 22118 20th Avenue SE, Suite 204, Bothell, WA 98021, provided that the exercise of any Warrant shall be effected in the manner provided in Section 1. Unless otherwise specified in this Warrant, all such
notices and other written communications shall be effective (and considered delivered and received for the purposes of this Agreement) (i) if delivered, upon delivery, (ii) if by facsimile machine during normal business hours upon
transmission with confirmation of receipt by the receiving party’s facsimile terminal and if not sent during normal business hours, then on the next day, (iii) if sent by documented overnight delivery service, on the date following the
date on which such notice is delivered to such overnight delivery service for mailing, or (iv) if mailed via first-class regular mail, three (3) day after depositing in the U.S. Mail. 
 [Remainder of Page Intentionally Left Blank] 
  

 7 

 IN WITNESS WHEREOF, the parties have executed this Warrant effective as of the date first written above.

  

			
	 THE COMPANY:
  
 HELIX BIOMEDIX, INC.,
 a Delaware corporation

		
	By:	 	 
	Name:	 	 R. Stephen Beatty,
 President and Chief Executive
Officer

			
		
	Address:	 	 22118 20th Avenue SE, Suite 204
 Bothell, WA 98021

		
	Telephone:	 	(425) 402-8400
		
	Facsimile:	 	(425) 806-2999

  
  

			
	 Number of shares for which this warrant is initially exercisable:
  
 HOLDER:

		
	 	 	 
		
	By:	 	 
		
	Its:	 	 

			
		
	Address:	 	 
	
	 

			
		
	Facsimile:	 	 

			
		
	Soc. Sec. No. or Tax ID:	 	 

  

 8 

 SUBSCRIPTION 
 Helix BioMedix, Inc. 
 22118 20th Avenue SE, Suite 204 
 Bothell, WA 98021 
 Ladies and Gentlemen: 
 The undersigned, ______________________________________, hereby elects to purchase, pursuant to the provisions of the Warrant dated _____________, held by the undersigned, _____________ shares of Common Stock of Helix BioMedix, Inc., a
Delaware corporation, and tenders herewith payment of the purchase price of such shares in full. 
 The undersigned hereby confirms and
acknowledges the investment representations and warranties made in Section 6 of the Warrant and accepts such shares subject to the restrictions of the Warrant, copies of which are available from the Secretary of the Company. 
  

									
					
	Date:	 	 	 		 	Print Name(s):	 	 
					
		 		 		 		 	 
					
		 		 		 	Signature:	 	 
					
		 		 		 	Title if applicable:	 	 
					
		 		 		 	Signature:	 	 
					
		 		 		 	Title if applicable:	 	 
					
		 		 		 	Address:	 	 
					
		 		 		 		 	 

 Warrant Subscription 

 FORM OF ASSIGNMENT 
 The undersigned hereby assigns this Warrant to 
 _______________________________________________________________________________________ 

_______________________________________________________________________________________ 
 _______________________________________________________________________________________ 
 (Print or type name, address and zip code of assignee) 
 Please insert Social Security or other identifying number of assignee: 
 _______________________ 
 and irrevocably appoints ___________________ as
agent to transfer this Warrant on the books of the Company. The agent may substitute another to act for him or it. 
 Date: _________________ 
 Signed: 
 _______________________________________________________________________________________ 
 (All owners must sign
exactly as name(s) appear(s) on the front of this Warrant) 
 The undersigned assignee hereby confirms and acknowledges the investment
representations and warranties made in Section 6 of the Warrant and agrees to be bound by the obligations set forth in the Warrant, copies of which are available from the Secretary of the Company. 
  

											
					
	Date:	 	 	 		 	By:	 	 
						
		 		 		 		 	Name:	 	 
						
		 		 		 		 	Title:	 	 

 Warrant Form of AssignmentEMPLOYMENT AGREEMENT

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT is made as of February 24, 2009
(the “Effective Date”), between BWAY Corporation, a Delaware corporation (the “Company”), and Kenneth M. Roessler (“Executive”). (The Company and Executive are referred to collectively herein as the
“Parties” and individually as a “Party.”) 
 W I T N E S S
E T H: 
 WHEREAS, Executive currently serves as Chief Executive Officer of the Company; 
 WHEREAS, the Company desires that Executive continue to serve as Chief Executive Officer, and Executive desires to continue to provide
such services to the Company, in each case, on the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration
of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows: 
 1.        Employment. The Company hereby employs Executive, and Executive accepts
employment with the Company, upon the terms and conditions set forth in this Agreement for the period beginning on the Effective Date and ending as provided in Section 4 (the “Employment Period”). 
 2.        Position and Duties. During the Employment Period, Executive shall be Chief
Executive Officer of the Company and shall render such services to the Company and its Subsidiaries as the Board of Directors of the Company (the “Board”) may from time to time direct as are consistent with his position as Chief
Executive Officer. Executive shall report directly to the Board and not to any other officer of the Company. During the Employment Period, the Board shall nominate, and use best efforts to cause the Company’s shareholders to re-elect, Executive
to serve as a member of the Board. While Executive serves as the Company’s Chief Executive Officer, Executive shall devote his best efforts and his full business time and attention (except for permitted vacation periods and reasonable periods
of illness or other incapacity and except for non-executive directorships held or to be held by Executive subject to approval by the Board in its sole and absolute discretion) to the business and affairs of the Company and its Subsidiaries.
Executive’s principal place of employment shall be at the Company’s offices in Chicago, Illinois. For purposes of this Agreement, a “Subsidiary” shall mean any corporation of which the securities having a majority of the
voting power in electing directors are, at the time of determination, owned by the Company, directly or through one of more Subsidiaries. 
 3.        Base Salary, Bonus and Benefits. 
    (a)        Base Salary. During the Employment Period, Executive’s base salary shall be $624,000 per annum or such higher rate as the Board designates from time to time
(the “Base Salary”). The Base Salary shall be payable in regular installments in accordance with the Company’s general payroll practices. The Board shall review Executive’s performance annually during the Employment
Period. Based on such review, the Board may, in its sole discretion, increase the Base Salary. 

    (b)        Bonus. For
each fiscal year during the Employment Period, the Executive shall be entitled to a bonus for such year based on the Company achieving performance objectives determined by the Board in its sole and absolute discretion (the “Bonus”). The
Board will provide the performance objectives (and the threshold, budget, over budget and maximum levels under the table below) for a fiscal year in writing to Executive no later than the 90th
 day of the fiscal year. The Executive’s Bonus, if any, shall depend on the degree of achievement of the performance objectives, which unless objectively quantifiable, shall be determined by the
Board in its sole and absolute discretion, in accordance with the following table: 
  

			
	 DEGREE OF ACHIEVEMENT
 OF PERFORMANCE
 OBJECTIVES
  
	  	 BONUS PAYABLE
  

		
	Minimum	  	0.5 x Bonus Percentage
		
	Under Budget	  	1.0 x Bonus Percentage
		
	At budget	  	1.5 x Bonus Percentage
		
	Over budget	  	2.0 x Bonus Percentage
		
	Maximum	  	2.5 x Bonus Percentage

 For purposes of the preceding table, “Bonus Percentage” means a percentage of Base
Salary determined by the Board in its sole and absolute discretion, but not less than seventy percent (70%). The Bonus, if any, for any fiscal year shall be earned and accrued and payable if Executive is employed by the Company on the last day of
such fiscal year. The Bonus, if any, shall be paid in the fiscal year following the fiscal year in which it is earned, as soon as practicable after the availability of financial results required to calculate the Bonus. Any action to be performed by
the Board pursuant to this Subsection may alternatively be performed by a committee of the Board. 
    (c)        Equity Incentives, Benefits, and Vacation. In addition to the Base Salary and any Bonus payable to Executive pursuant to Sections 3(a) and 3(b), during the
Employment Period, Executive shall be (i) eligible to receive options and other awards available for grant under the Company’s 2007 Omnibus Stock Incentive Plan or any successor plan, the terms of which shall be determined by the Board or
a committee thereof in its sole and absolute discretion, (ii) entitled to participate in all of the Company’s other employee benefit programs for which executive officers of the Company are generally eligible, and (iii) entitled to
four (4) weeks of paid vacation each year. 
    (d)        Business Expenses. The Company shall reimburse Executive for all reasonable expenses incurred by him in the course of performing his duties under this Agreement
which are consistent with the Company’s policies in effect from time to time with respect to travel, entertainment and other business expenses, subject to the Company’s requirements with respect to reporting and documentation of such
expenses. 

 4.        Employment Period and Severance.

    (a)        Employment Period. The Employment Period
shall begin on the Effective Date and continue until terminated by Executive due to resignation for Good Reason (as defined below) or without Good Reason, by the Company at any time for Cause (as defined below) or without Cause, by the
Executive’s death, or by either Party upon expiration of the Disability Period (as defined below). 
    (b)        Termination without Cause, for Good Reason, Disability. If the Employment Period is terminated by the Company without Cause, by Executive for Good Reason, or by
either Party upon expiration of the Disability Period, subject to Sections 4(d), 4(g), and 4(i) and the limitations set forth below, the Company shall: 
 (i)        pay Executive, within sixty (60) days following the date of termination of employment, a cash lump sum severance amount equal to three and
five one hundredths (3.05) times his Base Salary; 
 (ii)        pay Executive’s COBRA premium for himself, his spouse, and eligible dependents, respectively, under the Company’s group health plan and dental plan (if any) on a monthly basis
for the lesser of (A) the period during which each such individual is eligible to receive such continuation coverage, or (B) eighteen (18) months (subclause (A) or (B) the “COBRA Period”); 
 (iii)        upon expiration of the COBRA Period for each individual described
in clause (ii) above, if applicable, procure individual medical and dental insurance policies for such individual on substantially similar terms as the coverage provided by the Company on the date of expiration of such COBRA Period for such
individual until the second anniversary of the date of termination of employment of Executive; provided, however, that the Company’s obligation to provide such insurance policy shall cease upon such individual’s becoming eligible for
comparable coverage under any group insurance plan of a subsequent employer of the Executive; and 
 (iv)        pay Executive’s “Execucare” costs until the second anniversary of the date of such termination; 
 provided, however, that to the extent that any benefit under paragraph (ii) or (iv) is provided under a self-insured health plan that is subject to Section 105(h) of the Internal
Revenue Code, the Company shall instead pay Executive, on a monthly basis when the premiums are due, but subject to Section 4(g), a cash amount equal to the cost of coverage, plus an additional payment sufficient to put Executive in the same
net after-tax position as if such cash amount were not taxable. (Such benefits as set forth in the preceding paragraphs (i)-(iv) to be referred to as the “Separation Benefits”). 
    In the event the Employment Period is terminated as a result of the expiration of the Disability Period, the cash
amounts Executive receives under this Subsection shall be reduced first in time of payment by the cash amount that Executive receives under any Company disability policy before the second anniversary of termination of employment. Except as expressly
set forth in this paragraph or Section 4(b)(iii), the Separation Benefits and the Change in Control Benefits shall not be subject to mitigation by income the Executive receives from other employment. 

    (c)        Change in
Control. If termination of the Employment Period occurs for the reasons described in Section 4(b) and such termination occurs within thirty (30) days before or two (2) years after a Change in Control, subject to Sections 4(d),
4(g), and 4(i), the Separation Benefits shall include: 
 (i)        the Company’s provision of the following perquisites, provided Executive is entitled to such perquisites as of the date of termination of the Employment Period, until the later of six
(6) months following the date of termination of the Employment Period or the end of the calendar year in which the date Executive’s employment terminates: (a) automobile allowance and (b) country club dues; 
 (ii)        the Company’s payment, within sixty (60) days following
termination, of premiums for individual life insurance for Executive on substantially similar terms as the coverage provided to Executive by the Company as of the date of termination of the Employment Period for a period of one and one-half (1 1/2) years following the date Executive’s employment terminates; 
 (iii)        full vesting of all benefits to which Executive is entitled under
each nonqualified retirement plan and nonqualified deferred compensation plan maintained by the Company in which Executive is a participant as of the date Executive’s employment terminates (provided that this shall not apply to the benefits in
Section 11 and 12 hereof, or to any stock options granted to Executive by the Company ); and 
 (iv)        the Company’s payment of reasonable fees and expenses for outplacement services of an outplacement company approved by the Company for a period of twelve (12) months following
the date of Executive’s termination of employment. (Such benefits as set forth in the preceding paragraphs (i)-(iv) to be referred to as the “Change in Control Benefits”) 
    (d)        Separation and Release Agreement. The Separation Benefits,
and if applicable, Change in Control Benefits, shall constitute full satisfaction of the Company’s obligations under this Agreement; provided that, the Company’s obligation to provide the Separation Benefits, and if applicable, Change in
Control Benefits, to Executive shall be conditioned upon (i) Executive’s execution, and non-revocation, of the Company’s standard form Separation and Release Agreement, substantially similar to the form attached hereto as Exhibit A
(subject to such changes as may be required by the Company to make the agreement legally enforceable due to changes in the law), provided to Executive within seven (7) days following his termination of employment (such execution and
non-revocation to occur within 60 days after the Executive’s termination of employment occurs; otherwise no Separation Benefits, and if applicable, no Change in Control Benefits, shall be paid), and (ii) Executive’s compliance with
all post-termination obligations to which Executive is subject, including, but not limited to, the provisions of Sections 5, 6, and 7 hereof. The Company’s obligation to provide the Separation Benefits, and if applicable, the Change in Control
Benefits to Executive shall terminate immediately upon any material breach of any post-termination obligations to which Executive is subject, including, but not limited to, the provisions of Sections 5, 6, and 7 hereof. 

    (e)        Termination for
Cause, Voluntary Resignation. Except as provided in Sections 11 and 12 below (to the extent applicable), if (i) the Employment Period is terminated by the Company for Cause, (ii) the Employment Period is terminated as a result of
Executive’s death, or (iii) Executive resigns and such resignation does not constitute a resignation upon expiration of the Disability Period or for Good Reason (a “Voluntary Resignation”), then Executive (or, in the case
of Executive’s death, Executive’s estate) shall be entitled to receive his Base Salary through the date of termination. In addition, in the event the Employment Period is terminated as a result of Executive’s death or Voluntary
Resignation after reaching age 65, Executive shall be entitled to receive a pro rata bonus based on days employed during the fiscal year for the fiscal year which includes the date of Executive’s termination, based on the Company’s
performance, as determined by the Board in its sole and absolute discretion, for such fiscal year. 
    (f)        Accrued Obligations on any Termination. Except as provided in Sections 4(b), 4(c), 11 (to the extent due and payable by the Company pursuant to the terms hereof)
and 12 (to the extent due and payable by the Company pursuant to the terms hereof), the Company’s sole obligation to Executive under this Agreement after termination of the Employment Period shall be to provide Executive the Accrued
Obligations. The Company shall provide the Accrued Obligations to Executive upon any termination of employment, regardless of the reason. 
    (g)        Six Month Delay. Notwithstanding any other provision hereof, any payments under this Section which constitute deferred compensation which is
subject to Section 409A of the Code and which are not excepted therefrom under the regulations issued thereunder shall be delayed for six (6) months following Executive’s termination of employment if Executive is a “specified
employee” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended, as of the date of such termination, to the extent necessary to avoid a tax under Section 409A and, in such case, any such payments so
delayed shall be aggregated and paid in one lump sum upon expiration of such six (6) month period. 
    (h)        Definitions: 
 (i)        “Accrued Obligations” shall mean all Base Salary accrued and unpaid through the date of termination, any accrued and unpaid bonus for any completed fiscal year, any
benefits and rights that Executive may have under any agreement, plan, program, policy or arrangement of the Company, any expense reimbursements for expenses incurred through the date of termination but not yet reimbursed, and any rights to
indemnification that Executive may have from the Company. 
 (ii)        “Cause” shall mean 
       (A)        a material breach of this Agreement by Executive; 
       (B)        the conviction of the Executive by a court of competent jurisdiction of a felony or a crime involving moral
turpitude; 

       (C)        conduct which, if known to the general public, would likely bring the Company or any of its Subsidiaries into substantial public disgrace or disrepute;

       (D)        substantial and
repeated failure to perform duties as reasonably directed by the Board that are consistent with Executive’s duties and responsibilities under this Agreement; or 
       (E)        gross negligence or willful
misconduct with respect to the Company or any of its Subsidiaries. 
 (iii)        “Change in Control” shall mean the first occurrence of any of the following events after the Effective Date: 
       (A)        the acquisition by any person,
entity or “group” (as defined in Section 13(d) of the Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder), other than the Company, its Subsidiaries, any employee benefit plan of the Company or its
Subsidiaries or, collectively, Kelso Investment Associates VI, L.P. and KEP VI, LLC (the “ Kelso Entities “), of fifty percent (50%) or more of the combined voting power of the Company’s then outstanding voting securities;

       (B)        the persons who
were members of Board at the beginning of any twenty-four month period (the “Incumbent Directors”) shall cease to constitute at least a majority of the Board or the board of directors of any successor to the Company; provided,
however, that any director elected to the Board, or nominated for election, by a majority of the Incumbent Directors then still in office shall be deemed to be an Incumbent Director for purposes of this subparagraph (B); 
       (C)        the merger or consolidation of
the Company as a result of which persons who were owners of the voting securities of the Company, immediately prior to such merger or consolidation, do not, immediately thereafter, own, directly or indirectly, more than fifty percent (50%) of
the combined voting power entitled to vote generally in the election of directors of the merged or consolidated company; 
       (D)        the liquidation or dissolution of the Company other than a liquidation of the Company into any Subsidiary or a liquidation a
result of which persons who were stockholders of the Company immediately prior to such liquidation own, directly or indirectly, more than fifty percent (50%) of the combined voting power entitled to vote generally in the election of directors
of the entity that holds substantially all of the assets of the Company following such event; and 
       (E)        the sale, transfer or other disposition of eighty percent (80%) or more of the assets of the Company in a single transaction or a series of related
transactions in any consecutive twelve-month period to 

 
one or more persons or entities that are not, immediately prior to such sale, transfer or other disposition, affiliates of the Company or the Kelso Entities.

 Notwithstanding the foregoing, a Change in Control shall not be deemed to occur if the Company files for bankruptcy, liquidation or
reorganization under the United States Bankruptcy Code. 
 (iv)        “Disability” shall mean Executive’s inability to perform the essential functions of Executive’s job with or without reasonable accommodation as a result of
physical or mental illness, injury, or infirmity, as determined by the Board in its sole and absolute discretion. 
 (v)        “Disability Period” shall mean the period during which Executive is subject to a condition that constitutes a Disability that runs for at least six (6) months or until
the date as of which Executive begins receiving income replacement benefits under any long-term disability policy of the Company, whichever occurs first. 
 (vi)        “Good Reason” shall exist if: 
               (A)        any of the following occur without Executive’s written
consent: 
     (1)        Executive is no
longer Chief Executive Officer, or is asked to report other than directly to the Board; 
     (2)        a reduction by the Company of Executive’s Base Salary; 
     (3)        the assignment to Executive of duties and responsibilities which are significantly different from, and that result in a
substantial diminution of, the duties and responsibilities that he has on the Effective Date; 
     (4)        the taking of any action by the Company that would substantially diminish the aggregate value of the benefits provided Executive under the Company’s accident,
disability, life insurance and any other employee benefit plans in which Executive was participating on the date of execution of this Agreement, other than any such reduction which is (I) implemented in connection with a general concessionary
arrangement affecting all employees or affecting the group of employees of which Executive is a member proportionately, (II) required by law, or (III) generally applicable to all beneficiaries of such plans; 
     (5)        the Company commits any other material breach
of this Agreement; 

     (6)        the shareholders of the Company fail to elect (or remove) Executive as a member of the Board during the Employment Period, except if such failure to elect or removal
occurs due to the existence of Cause for termination of Executive’s employment or Board membership; or 
     (7)        the Company requiring Executive to be based anywhere other than within 25 miles of the city limits of Chicago, Illinois, except for travel reasonably required by the
Company. 
 (B)        except as to subsection (A)(1), Executive provides written
notice to the Company of such action and provides the Company with thirty (30) days to remedy such action (the “Cure Period”), 
 (C)        except as to subsection (A)(1), the Company fails to remedy such action within the Cure Period, and 
 (D)        Executive resigns within thirty (30) days of the expiration of the Cure Period,
or in the case of subsection (A)(1), within thirty (30) days of the date of the action. 
 (vii)        “Termination of Employment” and “termination of Employment Period” and similar terms shall mean a “separation from service” within the meaning
of Section 409A of the Internal Revenue Code of 1986, as amended, when used in connection with any payment in Section 4 or the payment of any compensation or benefits to be paid to Executive under this Agreement that would constitute
deferred compensation which is subject to Section 409A of the Code and which is not excepted therefrom under the regulations issued thereunder. 
    (i)        Separate Payments/Compliance with Section 4(d). Any right to a series of payments under this Agreement shall be treated as a right to a
series of separate payments for purposes of Code §409A. To the extent that the Company has an obligation to provide any payment or to pay a COBRA or other premium or costs or expenses under Paragraphs 4(b) and/or 4(c) herein, until the
Executive’s execution and non-revocation of a valid Separation and Release Agreement in accordance with Paragraph 4(d), no such payments shall be made and no such COBRA premiums shall be paid, and such amounts shall be aggregated and paid
directly to the Executive only after the Executive’s execution and non-revocation of a valid Separation and Release Agreement. 
 5.        Confidential Information. Executive acknowledges that the Trade Secrets and Confidential Information (as defined below) obtained by him while employed by the Company concerning the
business or affairs of the Company or any Subsidiary are the property of the Company or such Subsidiary. Therefore, Executive agrees that he shall not disclose to any unauthorized person or use for his own account any Trade Secrets or Confidential
Information without the prior written consent of the Board, unless and to the extent that the aforementioned matters become generally known to and available for use by the public other than as a result of Executive’s acts or omissions to act.
Nothing herein shall prevent Executive from making (i) any disclosure that is required by applicable law or the order of a court of competent jurisdiction, 

 
or (ii) any disclosure, in good faith, to properly fulfill Executive’s duties under this Agreement (including, but not limited to, in connection
with treasury and investor relations functions). Executive shall deliver to the Company at the termination of the Employment Period, or at any other time the Company may request, all memoranda, notes, plans, records, reports, computer tapes and
software and other documents and data (and copies thereof) relating to the Trade Secrets, Confidential Information, Work Product or the business of the Company or any Subsidiary which he may then possess or have under his control. 
 For purposes of this Agreement, Confidential Information means (a) information of the Company or any Subsidiary, to the extent not
considered a Trade Secret under applicable law, that (i) relates to the business of the Company or Subsidiary, (ii) possesses an element of value to the Company or Subsidiary, (iii) is not generally known to the Company’s or
Subsidiary’s competitors, and (iv) would damage the Company or Subsidiary if disclosed, and (b) information of any third party provided to the Company or Subsidiary which the Company or Subsidiary is obligated to treat as
confidential, including, but not limited to, information provided to the Company or Subsidiary by its licensors, suppliers, or customers. Confidential Information includes, but is not limited to, (i) future business plans, (ii) the
composition, description, schematic or design of products, future products or equipment of the Company, Subsidiary, or any third party, (iii) advertising or marketing plans, (iv) information regarding independent contractors, employees,
clients, licensors, suppliers, customers, or any third party, including, but not limited to, customer lists compiled by the Company or Subsidiary, and customer information compiled by the Company or Subsidiary, and (v) information concerning
the Company’s, Subsidiary’s, or a third party’s financial structure and methods and procedures of operation. Confidential Information shall not include any information that (i) is or becomes generally available to the public
other than as a result of an unauthorized disclosure, (ii) has been independently developed and disclosed by others without violating this Agreement or the legal rights of any party, or (iii) otherwise enters the public domain through
lawful means. 
 For purposes of this Agreement, Trade Secrets means information of the Company or any Subsidiary, and their
licensors, suppliers, clients and customers, without regard to form, including, but not limited to, technical or nontechnical data, a formula, a pattern, a compilation, a program, a device, a method, a technique, a drawing, a process, financial
data, financial plans, product plans, or a list of actual customers, clients, licensors, or suppliers, or a list of potential customers, clients, licensors, or suppliers which is not commonly known by or available to the public and which information
(i) derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use, and (ii) is the subject of
efforts that are reasonable under the circumstances to maintain its secrecy. 
 6.        Inventions and Patents. Executive agrees that all inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports, and all similar or related
information which relates to the Company’s or any of its Subsidiaries’ actual or anticipated business, research and development or existing or future products or services and which are conceived, developed or made by Executive while
employed by the Company (“Work Product”) belong to the Company or such Subsidiary. Executive shall promptly disclose such Work Product to the Board and perform all actions reasonably requested by the Board (whether during or after
the Employment Period) to establish and confirm such ownership (including, without limitation, assignments, consents, powers of attorney and other instruments). 

 7.        Non-Compete, Non-Solicitation.

    (a)        Executive acknowledges that in the course of his
employment with the Company he has and will become familiar with the Company’s and it’s Subsidiaries’ Trade Secrets and with other Confidential Information concerning the Company and the Subsidiaries and that his services will be of
special, unique and extraordinary value to the Company and the Subsidiaries. Executive further acknowledges that the Company engages in the business defined below throughout the continental United States, Puerto Rico, and Canada. Therefore,
Executive agrees that, during the Employment Period, and during the two (2) year period following termination of the Employment Period if Executive is entitled to Severance Benefits under Section 4(b) following termination of the
Employment Period or during the eighteen (18) month period after the termination of the Employment Period if Executive is not entitled to Severance Benefits under Section 4(b) following termination of the Employment Period) (the
“Noncompete Period”), he shall not directly or indirectly own, manage, control, participate in, consult with, render services for, or in any manner engage in any business that competes with the businesses of the Company or its
Subsidiaries with respect to the business of manufacturing plastic injection or blow molded containers, tinplate and steel packaging, such as aerosol cans, cold rolled and black plate steel pails, tinplate cans, plastic pails, and tighthead
containers, for consumer and industrial goods and material centers within the continental United States, Puerto Rico, and Canada. Nothing herein shall prohibit Executive from being a passive owner of stock of any class of a corporation, so long as
Executive has no active participation in the business of such corporation. 
    (b)        During the Noncompete Period, Executive shall not directly or indirectly: 
 (i)        induce or attempt to induce any management or professional level employee of the Company or any Subsidiary to leave the employ of the Company or
such Subsidiary, or in any way interfere with the relationship between the Company or any Subsidiary and any such employee thereof, 
 (ii)        hire any person who was such an employee of the Company or any Subsidiary as of the date of Executive’s termination of employment or within the last twelve
(12) months of Executive’s employment, or 
 (iii)        induce or attempt to induce any customer, supplier, licensee or other business relation of the Company or any Subsidiary to cease doing business with the Company or such Subsidiary, or in
any way interfere with the relationship between any such customer, supplier, licensee or business relation and the Company or any Subsidiary. 
 8.        Enforcement. If, at the time of enforcement of Section 5, 6 or 7, a court holds that the restrictions stated herein are unreasonable under circumstances
then existing, the Parties agree that the maximum period, scope or geographical area reasonable under such circumstances shall be substituted for the stated period, scope or area. Because Executive’s services are unique and because Executive
has access to Confidential Information and Work Product, the Parties 

 
agree that money damages would be an inadequate remedy for any breach of this Agreement. Therefore, in the event of a breach or threatened breach of this
Agreement, the Company or its legal successors or assigns may, in addition to other rights and remedies existing in their favor, apply to any court of competent jurisdiction for specific performance and/or injunctive or other relief in order to
enforce, or prevent any violation of, the provisions hereof (without posting a bond or other security). 
 9.        Executive Representations. Executive hereby represents and warrants to the Company that (i) the execution, delivery and performance of this Agreement by Executive does not and
will not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which Executive is a party or by which he is bound, (ii) Executive is not a party to or bound by any employment
agreement, noncompete agreement or confidentiality agreement with any other person or entity and (iii) upon the execution and delivery of this Agreement by the Company, this Agreement shall be the valid and binding obligation of Executive,
enforceable in accordance with its terms. 
 10.        Indemnification of
Executive. The Company shall indemnify and hold harmless Executive from all losses and claims incurred in connection with any actions taken by Executive in his capacity as an officer or director of the Company or any of its Subsidiaries (which
shall include advancement of expenses upon an undertaking by Executive to repay such amount if it shall ultimately be determined that Executive is not entitled to indemnification) in accordance with, and to the fullest extent permitted under,
Delaware General Corporation Law as in effect from time to time. 
 11.        Supplemental Retirement Benefit. 
     (a)        Eligibility. If (1) the Executive’s employment with the Company terminates for any reason other than for Cause and other than the death of the
Executive (the effective date of such termination hereinafter referred to as the Executive’s “Retirement Date”), (2) the Executive has completed fourteen (14) years of employment with the Company, and
(3) Executive fully complies with all post-termination obligations to the Company, including, but not limited to, Sections 7(a) and 7(b) hereof, Executive shall be entitled to receive a monthly supplemental retirement benefit for services
rendered to the Company, the amount of which shall be determined in accordance with this Section 11. 
     (b)        Amount. The amount of the monthly supplemental retirement benefit payable to the Executive shall be equal to 1/12th of Executive’s Base Salary in effect
as of the date of the Executive’s termination, multiplied by the percentage shown in the chart below which is dependent on the number of years the Executive was employed by the Company. 
  

			
	 Years Employed by the
 Company from Date of Hire
	 	 Percentage of
Base
 Salary

	14 years	 	20%
	19 years	 	25%
	24 years	 	30%
	29 years	 	35%

 Notwithstanding the foregoing, and subject to Executive’s full compliance with all post-termination
obligations to the Company, including, but not limited to, Sections 7(a) and 7(b) hereof, if the Company terminates Executive’s employment without Cause, Executive resigns for Good Reason, or either party terminates Executive’s employment
upon expiration of the Disability Period (i) in either case before fourteen (14) years of employment with the Company, Executive will be entitled to the benefit payable at fourteen (14) years of employment, calculated in accordance
with the preceding chart, or (ii) after fourteen (14) years of employment with the Company, Executive will be entitled to a prorated benefit amount determined in accordance with the above chart based on years and months employed, with each
whole month employed after 14 years equal to an additional 1/1200th of Base Salary. For example, if Executive is employed for 14 years and 6 months prior to the Company’s termination of Executive’s employment without Cause, Executive will
be eligible to receive a monthly benefit equal to 1/12 x (20.5% x Base Salary). 
 (c)        Commencement and Duration. Payment of the Executive’s monthly supplemental retirement benefit shall commence as of the first day of the calendar month that begins coincident
with or immediately after the later of (i) the date on which the Executive attains the age of 65, and (ii) the Retirement Date; provided, however that payments shall be delayed for six (6) months following Executive’s
“separation from service” if Executive is a “specified employee” within the meaning of such terms under Section 409A of the Internal Revenue Code of 1986, as amended, as of the date of Executive’s “separation from
service,” to the extent necessary to avoid a tax under Section 409A, and in such case, the payments that are so delayed will be aggregated and paid in one lump sum upon the expiration of such six (6) month period. Monthly payments
shall continue to be made to Executive as of the first day of each subsequent month, with the last payment to be made for the month during which Executive’s death occurs. Any right to a series of payments under this Section 11 shall be
treated as a right to a series of separate payments for purposes of Code §409A. 
 12.        Surviving Spouse Benefit. 
    (a)        Eligibility. If Executive dies while employed by the Company or after his Retirement Date, and, in either case, Executive is receiving, or has satisfied the
requirements of Section 11(b) to receive, retirement benefits pursuant to Section 11 as of the date of his death, and Executive fully complies with all post-termination obligations to the Company, including, but not limited to, Sections
7(a) and 7(b) hereof, and Executive’s current (as of the effective date of this Agreement) spouse survives the Executive (the “Surviving Spouse”), she shall be entitled to receive a monthly death benefit as described in this
Section 12. 
    (b)        Amount. The amount of the
monthly death benefit payable to the Surviving Spouse shall be equal to fifty percent (50%) of the monthly retirement payment that the Executive was receiving (if any) at the time of his death under Section 11 or had satisfied the
requirements to receive under Section 11(b) as of the date of his death. 
    (c)        Commencement and Duration. Payment of the Surviving Spouse’s monthly death benefit shall commence as of the first day of the calendar month that begins
immediately after the later of Executive’s date of death or the date Executive would have reached age 65 if he had survived. Monthly payments shall continue to be made to the Surviving Spouse as of the first day of each subsequent month, with
the last payment to be made for the 

 
month during which the Surviving Spouse’s death occurs. Any right to a series of payments under this Section 12 shall be treated as a right to a
series of separate payments for purposes of Code §409A. 
 13.        General
Provisions. 
    (a)        Claims Procedures. The
provisions of Sections 11 and 12 are subject to the provisions of Exhibit C to this Agreement. 
    (b)        Notices. All notices, requests, demands, claims, and other communications hereunder shall be in writing. Any notice, request, demand, claim or other communications
hereunder shall be deemed duly given when delivered personally to the recipient, telecopied to the intended recipient at the telecopy number set forth therefore below, or sent to the recipient by reputable express courier service (charges prepaid)
and addressed to the intended recipient as set forth below: 
 If to the Company: 
 BWAY Corporation 
 8607 Roberts Drive, Suite 250 
 Atlanta, Georgia 30350 
 Telephone: [    ] 
 Attention: Chief Administrative Officer 
 If to Executive: 
 Mr. Kenneth M. Roessler 
 875 N. Michigan Avenue, Suite 1418 
 Chicago, IL 60611 
 Telephone: [    ] 
 Any Party may send any notice, request, demand, claim or other communication hereunder to the intended recipient at the address set forth above using any other means, but no such notice, request, demand, claim or
other communication shall be deemed to have been duly given unless and until it actually is received by the intended recipient. Any Party may change the address to which notices, requests, demands, claims, and other communications hereunder are to
be delivered by giving the other Party notice in the manner herein set forth. 
    (c)        Legal and Accounting Fees. The Company shall pay all of Executive’s reasonable and actual legal and accounting fees and disbursements in connection with the
negotiation and preparation of this Agreement. 

    (d)        Severability. Whenever possible, each provisions 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. 
    (e)        Entire Agreement. This Agreement (including the documents
referred to herein) constitutes the entire agreement between the Parties and supersedes any prior understandings, agreements or representations by or between the Parties, written or oral, that my have related in any way to the subject matter hereof,
including without limitation the Change in Control Agreement dated June 9, 2007. 
    (f)        Counterparts. This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and
the same agreement. 
    (g)        Successors and Assigns.
Except as otherwise provide herein, this Agreement shall bind and inure to the benefit of and be enforceable by Executive, the Company and their respective legal successors, heirs, executors, administrators and assigns; provided that the rights and
obligations of the Company under this Agreement shall be assignable without the prior written consent of Executive only to a legal successor to the Company or a purchaser of all or substantially all of the assets of the Company, and the rights and
obligations of Executive under this Agreement shall not be assignable without the prior written consent of the Company. 
    (h)        Choice of Law. All questions concerning the construction, validity and interpretation of this Agreement shall be governed by and construed in accordance with the
domestic laws of the State of Illinois without giving effect to any choice or conflict of law provisions or rule (whether of the State of Illinois or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than
the State of Illinois. 
    (i)        Venue. Except as set
forth in Section 13(l) hereof, the state and federal courts in Chicago, Illinois shall have exclusive jurisdiction over any dispute relating to this Agreement, and the parties agree to submit to the jurisdiction of such courts. 
    (j)        Amendment and Waiver. The provisions of this Agreement may
be amended and waived only with the prior written consent of the Company and Executive. 
    (k)        Survival. Sections 4, 5, 6, 7, 8, 10, 11, 12 and 13 shall survive and continue in full force in accordance with their terms notwithstanding any termination of the
Employment Period. 
    (l)        Arbitration. Executive
shall execute the Company’s form arbitration agreement attached hereto as Exhibit B. 
 – Signature page follows –

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written
above. 
  

			
	 BWAY CORPORATION

		
	 By:
	 	 /s/ Michael B. Clauer

			
	 Name:
	 	 Michael B. Clauer

	 Title:
	 	 EVP CFO

  

	
	   /s/ Kenneth M. Roessler

	   KENNETH M. ROESSLER

 EXHIBIT A 
 [DATE] 
 Kenneth M. Roessler 
 875 N. Michigan Avenue, Suite 1418 
 Chicago, IL 60611 
  

	 	 Re:
	 Your separation from BWAY Corporation 

 Dear Mr. Roessler: 
 BWAY Corporation (the “Company”) has decided to terminate the employment relationship with you
effective [DATE] (the “Separation Date”). This letter agreement (the “Agreement”) sets forth the terms under which your employment with the Company is ending. In addition, this Agreement effectively terminates the Employment
Agreement between You and the Company dated February 24, 2009 (the “Employment Agreement”), except as set forth below. As we discussed, we desire to resolve any and all issues relating to your employment and the conclusion of your
employment with the Company amicably and on mutually satisfactory terms. Specifically, you (“You” or “Your”) and the Company (collectively, the “Parties”) agree: 
 1.        Separation Benefits. Provided that You satisfy the conditions of this Agreement, the Company shall: 
             a.[APPLICABLE SEPARATION BENEFIT]; 
             b.[APPLICABLE SEPARATION BENEFIT]; 
             c.[APPLICABLE SEPARATION BENEFIT]; and 
             d. APPLICABLE SEPARATION BENEFIT]. 
 All payments will be subject to applicable withholdings, including taxes and Social Security. Because You are no longer employed, Your rights to any
particular employee benefit will be governed by applicable law and the terms and provisions of the Company’s various employee benefit plans and arrangements. You acknowledge that Your Separation Date will be the date used in determining
benefits under all Company employee benefit plans. The Company’s obligations listed in sub-paragraphs (a) - (_) above shall terminate immediately upon any breach by You of this Agreement. 
 2.        Release. In exchange for the separation benefits stated above, You release and discharge the Company1 from any claim or liability, whether known or unknown, arising out of any event, act or omission occurring on or before the day You sign this Agreement,
including, but not limited to, claims arising out of Your employment or the cessation of Your employment, claims for breach of contract, tort, employment discrimination, retaliation, or harassment, claims arising under the Illinois Human Rights Act,
as well as any other statutory or common law claims, at law or in equity, recognized under any federal, state, or local law. You also release any claims for unpaid back pay, sick pay, vacation pay, expenses, bonuses, claims to stock options, claims
to the vesting of stock options, commissions, attorneys’ 
  
 1 For purposes of Sections 2, 3, 5, 6, and 9 of this Agreement, the “Company”
includes the Company, the Company’s parents, subsidiaries, affiliates and all related companies, as well as each of their respective officers, directors, shareholders, employees, agents and any other representatives, any employee benefits plan
of the Company, and any fiduciary of those plans. 

 
fees, or any other compensation. Notwithstanding the foregoing, the releases under this paragraph shall not apply to the “Accrued Obligations” as
defined in the Employment Agreement. You agree that You are not entitled to any additional payment or benefits from the Company, except as set forth in this Agreement or under the definition of Accrued Obligations. You further agree that You have
suffered no harassment, retaliation, employment discrimination, or work-related injury or illness. 
 You acknowledge and represent that You
(i) have received all leave required under the Family and Medical Leave Act of 1993 (FMLA), 28 U.S.C. §2601, et. seq., and (ii) do not claim that the Company violated or denied Your rights under the FMLA. You further acknowledge and
represent that You (i) have been fully paid (including, but not limited to, any overtime to which You are entitled, if any) for hours You worked for the Company and (ii) do not claim that the Company violated or denied Your rights under
the Fair Labor Standards Act. 
 3.        OWBPA/ADEA Waiver. By agreeing to this provision,
You release and waive any right or claim against the Company1 arising out of Your employment or the termination of Your employment with the Company
under the ADEA or the OWBPA (the “Waiver”). You understand and agree that: (a) this Agreement is written in a manner that You understand; (b) You do not release or waive rights or claims that may arise after You sign this
Agreement; (c) You waive rights and claims You may have had under the OWBPA and the ADEA, but only in exchange for payments and/or benefits in addition to anything of value to which You are already entitled; (d) You are advised to consult
with an attorney before signing this Agreement; (e) You have twenty one (21) calendar days (the “Offer Period”) from receipt of this Agreement to consider whether to sign it. If You sign before the end of the Offer Period, You
acknowledge that Your decision to do so was knowing, voluntary, and not induced by fraud, misrepresentation, or a threat to withdraw, alter, or provide different terms prior to the expiration of the Offer Period. You agree that changes or revisions
to this Agreement, whether material or immaterial, do not restart the running of the Offer Period; (f) You have seven (7) calendar days after signing this Agreement to revoke this Agreement (the “Revocation Period”). If you
revoke, the Agreement shall not be effective or enforceable and You shall not be entitled to the separation benefits stated above. To be effective, the revocation must be in writing and received by the Director of Human Resources, Joseph M.
Frabotta, at Bway Corporation, 8607 Roberts Drive, Suite 250, Atlanta, GA 30350, or his successor prior to expiration of the Revocation Period; and (g) this Waiver shall not become effective or enforceable until the Revocation Period has
expired. 
 4.        Return of Company Property. You will, on or before the Separation Date,
return to the Company all of the Company’s property, including, but not limited to, computers, computer equipment, office equipment, cell phone, keys, passcards, calling cards, credit cards, customer lists, rolodexes, tapes, software, computer
files, marketing and sales materials, and any other record, document or piece of equipment belonging to the Company. You will not retain any copies of the Company’s property, including any copies existing in electronic form, which are in Your
possession or control. You acknowledge that You have not and will not destroy, delete, or alter any Company property without the Company’s prior written consent. 
 5.        Non-Disparagement. You will not make any disparaging or defamatory statements, whether written or oral, regarding the Company1. 
 6.        Future
Employment. You agree that the Company1 has no obligation to consider You for employment should You apply in the future. 
 7.        Future Contact. You agree that, at any time after the Separation Date, You will not
(i) communicate with any of the Company’s employees concerning any matter relating to the Company’s business, or (ii) access the Company’s computer system. 

 8.        Confidentiality. You acknowledge and agree that
neither You nor anyone acting on Your behalf has made or shall make any disclosures concerning the existence or terms of this Agreement to any person or entity, including, but not limited to, any representative of the media, Internet web page
or “chat room,” judicial or administrative agency or body, business entity, or association, except: (i) Your spouse; (ii) Your attorneys, accountants, or financial advisors; or (iii) any court or government agency pursuant
to an official request by such government agency, court order, or legally enforceable subpoena. If You are contacted, served, or learn that You will be served with a subpoena to compel Your testimony or the production of documents concerning this
Agreement or Your employment with the Company, You agree to immediately notify the Company’s Director Human Resources by telephone and as soon as possible thereafter in writing. If You disclose the existence or terms of this Agreement pursuant
to sub-clauses (i) or (ii) of this paragraph, You shall inform such person or entity (a) of this confidentiality provision, and (b) to maintain the same level of confidentiality required by this provision. Any breach of this
provision by such person or entity will be considered a breach by You. You may not use this Agreement as evidence, except in a proceeding in which a breach of this Agreement is alleged. 
 9.        No Admission of Liability. This Agreement is not an admission of liability by the Company1. The Company denies any liability whatsoever. The Company enters into this Agreement to reach a mutual agreement concerning Your separation from the Company. 
 10.        Waiver. Any party’s failure to enforce any provision of this Agreement shall not act as a
waiver of that or any other provision. Any party’s waiver of any breach of this Agreement shall not act as a waiver of any other breach. 
 11.        Severability. The provisions of this Agreement are severable. If any provision of this Agreement is determined to be unenforceable, in whole or in part, then such provision shall be
modified so as to be enforceable to the maximum extent permitted by law. If such provision cannot be modified to be enforceable, the provision shall be severed from this Agreement to the extent unenforceable. The remaining provisions and any
partially enforceable provisions shall remain in full force and effect. 
 12.        Governing
Law. The laws of the State of Illinois shall govern this Agreement. If Illinois’ conflict of law rules would apply another state’s laws, the Parties agree that Illinois law shall still govern. 
 13.        Entire Agreement. This Agreement constitutes the entire agreement between the Parties;
provided, however, that any of Your post-termination obligations and any obligations regarding the Accrued Obligations contained in the Employment Agreement are incorporated by reference, shall remain in full force and effect, and shall survive
cessation of Your employment. You acknowledge that Your post-termination obligations contained in the Employment Agreement are valid, enforceable, and reasonably necessary to protect the interests of the Company, and You agree to abide by such
obligations. This Agreement supersedes any prior communications, agreements or understandings, whether oral or written, between the Parties arising out of or relating to Your employment and the termination of that employment; provided, however, that
the Parties acknowledge and agree that this Agreement does not supersede Your post-termination obligations or extinguish the Accrued Obligations contained in the Employment Agreement. Other than this Agreement, no other representation, promise or
agreement has been made with You to cause You to sign this Agreement. 
 14.        Amendments. This Agreement may not be amended or modified except in writing signed by both Parties. 
 15.        Successors and Assigns. This Agreement shall be assignable to, and shall inure to the benefit of, the Company’s successors and assigns, including, without
limitation, successors through merger, name change, consolidation, or sale of a majority of the Company’s stock or assets, and shall be binding upon You and Your heirs and assigns. 

 16.        Consent to Jurisdiction and Venue. The parties
agree that any claim arising out of or relating to this Agreement shall be governed by the Arbitration Agreement, which is attached as Exhibit B to the Employment Agreement and incorporated by reference. Except to the extent provided otherwise in
the Arbitration Agreement, any claim arising out of or relating to this Agreement shall be brought in a state or federal court of competent jurisdiction in Illinois. The parties consent to the jurisdiction of the state and/or federal courts located
in Illinois. The parties waive (i) any objection to jurisdiction or venue, or (ii) any defense claiming lack of jurisdiction or improper venue, in any action brought in such courts. 
 If the terms set forth in this Agreement are acceptable, please sign below and return the signed original to me on or before [DATE]. If the Company does not receive a signed original on or before
the above-stated date, then this offer shall be revoked and You shall not be entitled to any of the separation benefits stated above. 
  

	
	 Sincerely,

	
	 Joe Frabotta

	 Director Human Resources

 I acknowledge the validity of this
              (    ) page Agreement, including the attached Exhibit, and represent that I have the legal capacity to enter into this
Agreement. I acknowledge that I have had the opportunity to consult with an attorney before signing this Agreement. I have carefully read the Agreement, know and understand the terms and conditions, including its final and binding effect, and
sign it voluntarily. 
  

					
	  
	  		  	  

	 Kenneth M. Roessler
	  		  	 Date

 EXHIBIT B 
 ARBITRATION AGREEMENT 
 This Agreement, between Kenneth M. Roessler (“Individual”)
and BWAY Corporation, (the “Company”), is intended to provide the exclusive means of resolving all Disputes, as defined below, which may arise between them. In consideration for their mutual promises, both parties, by entering into this
Agreement, give up their right to trial by court or by jury. This Agreement is not a contract of employment but is a contract evidencing a transaction involving commerce which arises out of the Individual’s employment or prospective employment
by the Company. This Agreement is to be enforced under the Federal Arbitration Act (“FAA”). In the event that it is determined that the FAA does not apply, then this Agreement shall be enforced under the Illinois Uniform Arbitration Act. 
 1.        Disputes Subject to Arbitration. a) Disputes subject to arbitration are all Disputes between the
parties which may otherwise be brought in a court or before a governmental agency, arising out of or related to the Employment Agreement between the undersigned Individual and the Company dated February 24, 2009 (the “Employment
Agreement”) or the Separation and Release Agreement attached as Exhibit A to the Employment Agreement, and whether or not. arising before, during or after any employment relationship between the parties. Also subject to arbitration are disputes
involving any person or entity whose liability or right of recovery derives from a Dispute which is covered by this Agreement (e.g. partner, agent, subsidiary or parent corporation, affiliate, shareholder, successor or assign of a party).

 (b)  Notwithstanding any provision of this Agreement to the contrary, this Agreement shall not (i) prohibit either party
from pursuing a temporary restraining order or other preliminary injunctive relief in a court of competent jurisdiction pending resolution of the underlying dispute in arbitration, (ii) apply to any dispute arising out of or relating to
Sections 5, 6 and 7 of the Employment Agreement. In addition, any claim for unemployment or workers’ compensation benefits which is subject to the exclusive jurisdiction of a state agency and charges filed with the National Labor Relations
Board are not covered by this Agreement. Also not covered by this Agreement is any claim which is based upon an employee benefits plan that is underwritten by a commercial insurer which decides payment of claims and does not agree to arbitrate under
this Agreement or any other agreement, plan, program or arrangement that has its own dispute resolution provisions that are inconsistent with those in this Agreement . This Agreement does not preclude the filing of a charge with the Equal Employment
Opportunity Commission or other federal agencies, but the parties waive any right to any recovery of damages in such agency action and the dispute underlying such charge shall be arbitrated. A party need not file a charge or complaint with any
agency as a prerequisite to initiating arbitration under this Agreement. 
 2.        Authority of
the Arbitrator. Resolution of Disputes shall be based solely upon the law governing the claims and defenses asserted. The Arbitrator shall have the authority of a trial court judge sitting without a jury, but may not add to, modify, invalidate
or ignore any provision of this Agreement or the Arbitration Rules, nor may the Arbitrator invoke any basis (such as “just cause” or “seniority”) other than controlling law. The Arbitrator shall be a former federal judge or
magistrate judge or a former judge of a state court of general jurisdiction or state appellate court, selected as provided under the Arbitration Rules. 

 3.        Rules Governing Arbitration Proceedings. Rules
governing arbitration proceedings are contained in the Company’s Arbitration Rules which are incorporated by reference into this Agreement. 
 4.        Finality of Arbitrator’s Decision. The Award of the Arbitrator shall be final and binding. 
 5.        Savings Clause; Entire Agreement. If any provision of this Agreement, including the Arbitration Rules which are incorporated by reference, is found by a court
to be invalid or otherwise unenforceable, the court shall enforce the remainder of this Agreement and the Arbitration Rules. This Agreement constitutes the full agreement of the parties regarding the subject matter of this Agreement, and can be
changed only in writing signed by the Individual and an executive officer of the Company. 
 6.        Time Limits. All Disputes must be brought under this Agreement within the applicable limitations period for filing a lawsuit or agency claim beginning with the event or occurrence
giving rise to the Dispute; if no claim is timely brought, that Dispute is waived and barred forever, and no action or suit may be brought in any court or other forum. If any party attempts to bring an untimely Dispute, that party shall reimburse
the other party for all expenses, including attorneys’ fees, incurred in responding to such untimely Dispute. 
 Both parties
acknowledge that they: 
  

	 	 •
	 	 have carefully read this Agreement, 

	 	 •
	 	 were provided an opportunity to examine the Arbitration Rules, 

	 	 •
	 	 have had an opportunity to consult legal counsel before signing, and 

	 	 •
	 	 understand that by signing this Arbitration Agreement, both parties waive their right to trial by court or jury. 

  

											
	 BWAY Corporation
	  	 Kenneth M. Roessler
	 	
					
	 By:
	 	   /s/ Michael B.
Clauer                
	 		  	   /s/ Kenneth M. Roessler
	 	
						
	 Date:
	 	   02/26/09
	 		  	 Date:
	 	   02/26/09
	 	

 EXHIBIT C 
 CLAIMS & REVIEW PROCEDURES 
 (a)        Filing a Claim. All claims and requests for benefits under Sections 11 and 12 of this Agreement shall be directed to the attention of the Company in writing. The writing must be
reasonably calculated to bring the claim to the attention of the Company. No legal action with respect to a claim or request for benefits under Sections 11 and 12 may be brought, and no arbitration proceeding with respect to a claim or request for
benefits under Sections 11 and 12 may be commenced, until the claimant has filed a claim and has filed a request for a review of a denied claim, and has been denied in both instances, pursuant to this Exhibit B. 
 (b)        Notification of Denial. If the Company determines that any individual who has claimed a right
to receive benefits under the Agreement (the “claimant”) is not entitled to receive all or any part of the benefits claimed, the claimant shall be informed in writing of the specific reason or reasons for the denial, with specific
reference to pertinent Agreement provisions on which the denial is based, a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why said material or information is necessary and
a description of the review procedures set forth in subsection (d) below. 
 (c)        Timing of Notification. The claimant shall be so notified of the Company’s decision within 90 days after the receipt of the claim, unless special circumstances require an
extension of time for processing the claim. If such an extension of time for processing is required, the Company shall furnish the claimant written notice of the extension prior to the termination of the initial 90-day period. In no event shall said
extension exceed a period of 90 days from the end of said initial period. The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Company expects to render a final decision. If for any
reason, the claimant is not notified within the period described above, the claim shall be deemed denied and the claimant may then request review of said denial, subject to the provisions of subsection (d) below. 
 (d)        Review Procedures. The claimant or his duly authorized representative may, within 60 days after
notice of the Company’s decision, request a review of said decision, review pertinent documents and submit to the Board such further information as will, in the claimant’s opinion, establish his rights to such benefits. If upon receipt of
this further information, the Board determines that the claimant is not entitled to the benefits claimed, it shall afford the claimant or his representative reasonable opportunity to submit issues and comments in writing and to review pertinent
documents. If the claimant wishes, he may request in writing that the Board hold a hearing. The Board may, in its discretion, schedule an opportunity for a full and fair hearing on the issue as soon as is reasonably possible under the circumstances.
The Board shall render its final decision with the specific reasons therefor in writing and in a manner calculated to be understood by the claimant. 
 (e)        Timing of Final Decision. The Board’s final decision shall include specific references to the pertinent Agreement provisions on which the decision is
based, and shall be transmitted to the claimant by certified mail within 60 days of receipt of claimant’s request for such review, unless special circumstances require a further extension of time for processing, in which case a decision shall
be rendered as soon as possible, but not later than 120 days after receipt of a request for review. If such an extension of time for review is required because of special circumstances, written notice of the extension shall be furnished to the
claimant prior to the commencement of the extension. If the Board holds regularly scheduled meetings at least quarterly, in lieu of the time period described above, the Board’s decision on review shall be made by no later than the date of the
meeting of the Board which immediately follows its receipt of the request for review, unless said request is filed within 30 days preceding the date of said meeting in which case a decision shall be made no later than the date of the second meeting
following its receipt of said request for review. If special circumstances require a further extension of time for processing, a decision shall be rendered not later than the third meeting of the Board following its receipt of the request for
review. if a decision on review is not furnished within the time period described above, the claim shall be deemed denied on review.

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