Document:

Separation and Consulting Agreement, dated November 30, 2005

 Exhibit 10.9 
  
 EXECUTION COPY 
  
 SEPARATION AND CONSULTING AGREEMENT 
  
 This Separation and Consulting Agreement (this “Agreement”) is entered into as of the 30th day of November, 2005 by James D. Morris (the “Employee”) and Pregis Holding I Corporation, a Delaware
corporation (“Pregis I”), and its wholly owned subsidiaries, Pregis Holding II Corporation, a Delaware corporation (“Pregis II”), Pregis Corporation, a Delaware corporation (“Pregis”), Pregis
Innovative Packaging Inc. (f/k/a Pactiv Protective Packaging Inc.), a Delaware corporation (“Pregis Packaging”), and Hexacomb Corporation, an Illinois corporation (“Hexacomb,” and together with Pregis I, Pregis II,
Pregis and Pregis Packaging, the “Companies”) (each of the Employee and the Companies, a “Party” and collectively, the “Parties”). The Parties acknowledge that the terms and conditions of this
Agreement have been voluntarily agreed to and are intended to be final and binding. 
  
 RECITALS 
  
 WHEREAS, the
Parties intend that the employment of the Employee with the Companies will terminate on December 31, 2005; and 
  
 WHEREAS, the Parties intend that the Employee will continue to serve as a director of the Companies and to assist the Companies in a non-employee capacity
on the terms and conditions as set forth in this Agreement. 
  
 NOW, THEREFORE, for and in consideration of the Consulting Fee (as defined below) and the grant of options pursuant to the Option Agreement (as defined below), and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Parties agree as follows: 
  
 1. Termination of Employment. It is hereby agreed that the Employee’s employment with the Companies will terminate on December 31, 2005 (the “Termination Date”). Effective as of the Termination Date, the
Employee hereby resigns from his positions as Chief Executive Officer of the Companies, as an employee of the Companies and, as applicable, as an employee and officer of each of the Companies’ subsidiaries and affiliates. The Employee
acknowledges and agrees that, from and after the Termination Date, he is no longer authorized to incur any expenses, obligations or liabilities on behalf of the Companies or any of its or their affiliates other than the incurrence of reasonable and
necessary expenses associated with performing duties required pursuant to and in accordance with Sections 4 and 5. 
  
 2. Payments to Employee. 
  
 (a) Provided this Agreement has not been revoked pursuant to Section 3(e), the Employee shall be entitled to (the “Payments and
Benefits”): 
  
 (i) the continuation of
his base salary, at the rate in effect as of the date hereof, for the period beginning on the date hereof and ending on the Termination Date, payable in accordance with the Companies’ normal payroll practices; 

 (ii) the continuation of his health care benefits until the expiration of the Consulting
Period (as defined below), with the Employee’s right to elect continuing health care under COBRA to commence at the end of the Consulting Period; 
  
 (iii) receive an amount in cash equal to approximately three (3) weeks of earned but unused vacation days, such amount to be paid no
later than January 31, 2006; and 
  
 (iv)
receive an annual performance bonus for 2005 on the same terms that it would have been paid had his employment not been terminated pursuant to this Agreement, payable at such time as bonuses are paid to members of senior management generally.

  
 (b) It is agreed that the Companies’ obligations to pay
the Payments and Benefits and the Consulting Fee shall be conditioned upon: (i) the Employee’s continued compliance with his obligations under this Agreement and the Noncompetition Agreement between the Companies and the Employee, dated as
of the date hereof (the “Noncompetition Agreement”); (ii) the Employee’s purchase of $150,000 shares of common stock of Pregis I at a price of $10,000 per share in connection with Pregis I’s Employee Stock Purchase
Plan, pursuant to the Subscription Agreement, substantially in the form attached hereto as Exhibit A, as modified in respect of directors and consultants (the “Subscription Agreement”); and (iii) the Employee’s execution
on the Termination Date, delivery on the Termination Date and non-revocation of a valid and enforceable general release of claims, effective as of the Termination Date, substantially in the form attached hereto as Exhibit B. 
  
 3. Release of Claims by the Employee. 
  
 (a) In consideration of the Companies agreeing to pay the Payments and
Benefits and the Consulting Fee, the sufficiency of which the Employee acknowledges, the Employee, with the intention of binding himself and his heirs, executors, administrators and assigns, does hereby release, remise, acquit and forever discharge
the Companies and each of its or their subsidiaries and affiliates (the “Company Affiliated Group”), their present and former officers, directors, executives, shareholders, agents, attorneys, employees and employee benefit plans
(and the fiduciaries thereof), and the successors, predecessors and assigns of each of the foregoing (collectively, the “Company Released Parties”), of and from any and all claims, actions, causes of action, complaints, charges,
demands, rights, damages, debts, sums of money, accounts, financial obligations, suits, expenses, attorneys’ fees and liabilities of whatever kind or nature in law, equity or otherwise, whether accrued, absolute, contingent, unliquidated or
otherwise and whether now known or unknown, suspected or unsuspected, which the Employee, individually or as a member of a class, now has, owns or holds, or has at any time heretofore had, owned or held, arising on or prior to the date hereof,
against any Company Released Party in any capacity, including, without limitation, any and all claims (i) arising out of or in any way connected with the Employee’s service to any member of the Company Affiliated Group (or the predecessors
thereof) in any capacity, or the termination of such service in any such capacity, (ii) for severance or vacation benefits, unpaid wages, salary or incentive payments, (iii) for breach of contract, wrongful discharge, impairment of
economic opportunity, defamation, intentional infliction of emotional harm or other tort, (iv) for any violation of applicable state and local labor and employment laws (including, without limitation, all laws concerning unlawful and unfair
labor and employment practices) and (v) for employment discrimination under any applicable 

  

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federal, state or local statute, provision, order or regulation, and including, without limitation, any claim under Title VII of the Civil Rights Act of 1964
(“Title VII”), the Civil Rights Act of 1988, the Fair Labor Standards Act, the Americans with Disabilities Act (“ADA”), the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), the
Age Discrimination in Employment Act (“ADEA”), the Illinois Human Rights Act, and any similar or analogous state statute, excepting only: 
  
 (i) rights of the Employee under this Agreement; 
  

(ii) the right of the Employee to receive COBRA continuation coverage in accordance with applicable law; 
  
 (iii) claims for accrued and unpaid benefits under any
health, disability, retirement, life insurance or other, similar employee benefit plan (within the meaning of Section 3(3) of ERISA) of the Company Affiliated Group; and 
  
 (iv) rights to indemnification the Employee has or may have under the by-laws or certificate of
incorporation of any member of the Company Affiliated Group or as an insured under any director’s and officer’s liability insurance policy now or previously in force. 
  
 (b) The Employee acknowledges and agrees that the release of claims set forth in this Section 3 is not to be construed
in any way as an admission of any liability whatsoever by any Company Released Party, any such liability being expressly denied. 
  
 (c) The release of claims set forth in this Section 3 applies to any relief no matter how called, including, without limitation, wages, back pay,
front pay, compensatory damages, liquidated damages, punitive damages, damages for pain or suffering, costs, and attorneys’ fees and expenses. 
  
 (d) The Employee specifically acknowledges that his acceptance of the terms of the release of claims set forth in this Section 3 is, among other
things, a specific waiver of his rights, claims and causes of action under Title VII, ADEA, ADA and any state or local law or regulation in respect of discrimination of any kind; provided, however, that nothing herein shall be deemed,
nor does anything contained herein purport, to be a waiver of any right or claim or cause of action which by law the Employee is not permitted to waive. 
  
 (e) As to rights, claims and causes of action arising under the ADEA, the Employee acknowledges that he has been given but not utilized a period of
twenty-one (21) days to consider whether to execute this Agreement. If the Employee accepts the terms hereof and executes this Agreement, he may thereafter, for a period of seven (7) days following (and not including) the date of
execution, revoke this Agreement as it relates to the release of claims arising under the ADEA. If no such revocation occurs, this Agreement shall become irrevocable in its entirety, and binding and enforceable against the Employee, on the day next
following the day on which the foregoing seven-day period has elapsed. If such a revocation occurs, this Agreement shall be null and void ab initio. 
  

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 (f) The Employee acknowledges and agrees that he has not, with respect to any transaction or state of
facts existing prior to the date hereof, filed any complaints, charges or lawsuits against any Company Released Party with any governmental agency, court or tribunal. 
  
 (g) The Employee acknowledges that he has been advised to seek, and has had the opportunity to seek, the advice and
assistance of an attorney with regard to the release of claims set forth in this Section 3, and has been given a sufficient period within which to consider the release of claims set forth in this Section 3. 
  
 (h) The Employee acknowledges that the release of claims set forth in this
Section 3 relates only to claims which exist as of the date of this Agreement. 
  
 (i) The Employee acknowledges that the Payments and Benefits and Consulting Fee he is receiving in connection with the release of claims set forth in this Section 3 and his obligations under this Agreement are in
addition to anything of value to which the Employee is entitled from the Companies. 
  
 4. Consulting Services. The Employee agrees that for the period commencing on the Termination Date and ending on June 30, 2006 (the “Consulting Period”), the Employee shall, in a
non-employee capacity, at such times and in such a manner as the Companies shall reasonably request, perform consulting services to the Companies and the senior management of the Companies, including (i) transitioning his duties and
responsibilities to one or more individuals identified by the boards of directors of the Companies, (ii) cooperating with the Companies and the senior management of the Companies in facilitating a smooth transition of leadership,
(iii) continuing to assist in managing the Companies’ key external relationships, and (iv) continuing to assist the Companies’ strategic planning, particularly with regard to opportunities in Asia; provided,
however, that the Employee shall not be required to work more than an average of ten (10) days per month pursuant to this Section 4. The Employee shall be paid at a rate of $100,000 for the entire Consulting Period, payable pro rata
in installments on the Companies’ regular payroll dates occurring during the Consulting Period (the ”Consulting Fee”). During the Consulting Period, the Employee will be entitled to prompt reimbursement of reasonable and
necessary business expenses incurred during the Consulting Period upon presentation of such expenses to the Companies, provided that the incurrence of such expenses was approved in advance by the Companies’ acting chief executive officer or his
designee. The Consulting Fee, Payments and Benefits and the option grant described in Section 5 shall constitute full payment for the Employee’s services to the Companies during the Consulting Period and the Employee shall not receive any
additional benefits or compensation for consulting services from the Companies and shall not be entitled to any additional payments, benefits, compensation, or bonuses from the Companies. The Consulting Fee is not intended to and shall not
constitute “wages” for purposes of federal, state or local withholding taxes, social security payments, insurance contributions, unemployment taxes or otherwise. 
  
 5. Service as Director. The Employee agrees to continue his service as a member of the boards of directors of the
Companies, subject to the terms and conditions contained in the Companies’ certificates of incorporation and by-laws. In consideration for such service, Pregis I shall grant to the Employee an option to acquire shares of its capital stock
pursuant to the Option Agreement attached hereto as Exhibit C (the “Option Agreement”). The 

  

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Employee hereby resigns from all other directorships he holds with the Companies or any of its or their affiliates. 
  
 6. Confidentiality of Agreement. The Employee shall keep the terms of
this Agreement confidential and shall not directly or indirectly disseminate any information (in any form) regarding this Agreement to any person or entity except his spouse, attorney or financial advisor or as may be agreed to in writing by the
Companies. Notwithstanding the foregoing, nothing stated by the Employee under compulsion of law (including subpoena) shall be deemed a violation of this Section 6; provided that in the event the Employee receives any subpoena or other request
for testimony in a matter involving either of the Companies or any of the other Company Released Parties, the Employee immediately shall notify the Companies so that either of the Companies or any of the other Company Released Parties may take such
action as it deems to be necessary or appropriate in relation to such subpoena or request. 
  
 7. Return of Company Property. The Employee shall return to the Companies all documents, files, and other property of any kind belonging to the Companies not later than the Termination Date. 
  
 8. Notices. Any notice required or desired to be delivered hereunder
shall be in writing and shall be delivered personally, by courier service, or by certified mail, return receipt requested, and shall be effective when actually delivered to the Party to whom such notice shall be directed, and shall be addressed as
follows (or to such other address as the Party entitled to notice shall hereafter designate in accordance with the terms hereof): 
  

			
	 If to the Companies:
 c/o AEA Investors LLC
 Park Avenue Tower
 65 East 55th Street
 New York, NY
10022
 Attn: Sanford Krieger
	  	 With a copy to:
 Fried, Frank, Harris, Shriver & Jacobson LLP
 One New York Plaza
 New York, NY 10004
 Attn: Christopher Ewan, Esq.

		
	 If to the Employee:
 James D. Morris
 263 W. Onwentsia Road
 Lake Forest, IL 60045
	  	 

  
 9. Withholding.
The Companies shall have the right to deduct from any amount payable under this Agreement any taxes or other amounts required by applicable law to be withheld. 
  

10. Complete Agreement. This Agreement, the Noncompetition Agreement, the Option Agreement and the Subscription Agreement shall constitute the
complete agreement of the Parties with respect to the subject matter hereof and shall supersede all agreements between the Parties to the extent they relate in any way to the employment, termination of employment, compensation and employee benefits
of the Employee. 
  

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 11. Severability. Each provision hereof is severable from this Agreement, and if one or more
provisions hereof are declared invalid, the remaining provisions shall nevertheless remain in full force and effect. If any provision of this Agreement is so broad, in scope, or duration or otherwise, as to be unenforceable, such provision shall be
interpreted to be only so broad as is enforceable. 
  
 12. No
Waiver. The failure to enforce at any time any of the provisions of this Agreement or to require at any time performance by another party of any of the provisions hereof shall in no way be construed to be a waiver of such provisions or to affect
the validity of this Agreement, or any part hereof, or the right of any party thereafter to enforce each and every such provision in accordance with the terms of this Agreement. 
  
 13. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an
original, but all of which together shall constitute one and the same instrument. 
  
 14. Successors. This Agreement shall be binding upon any and all successors and assigns of the Employee and the Companies. 
  
 15. Governing Law. Except for issues or matters as to which federal law is applicable, this Agreement shall be
governed by and construed and enforced in accordance with the laws of the State of New York without giving effect to the conflicts of law principles thereof. 
  
 [signature page follows] 
  

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 IN WITNESS WHEREOF, this Agreement has been signed by or on behalf of each of the Parties, all as of the
date first above written. 
  

			
		
	 	 	/s/ James D. Morris
	 	 	James D. Morris
	
	 Pregis Holding I Corporation

		
	 By:
	 	 /s/ Thomas J. Pryma

	 	 	 Name: Thomas J. Pryma

	 	 	 Title:    President

	
	 Pregis Holding II Corporation

		
	 By:
	 	 /s/ Thomas J. Pryma

	 	 	 Name: Thomas J. Pryma

	 	 	 Title:    President

	
	 Pregis Corporation

		
	 By:
	 	 /s/ Thomas J. Pryma

	 	 	 Name: Thomas J. Pryma

	 	 	 Title:    President

	
	 Pregis Innovative Packaging Inc.

		
	 By:
	 	 /s/ Thomas J. Pryma

	 	 	 Name: Thomas J. Pryma

	 	 	 Title:    Vice President

	
	 Hexacomb Corporation

		
	 By:
	 	 /s/ Thomas J. Pryma

	 	 	 Name: Thomas J. Pryma

	 	 	 Title:    Vice President

 Exhibit B 
  
 WAIVER AND RELEASE OF CLAIMS 
  
 1. In consideration of the payments and benefits to be made under the Separation and Consulting Agreement, dated as of November 30, 2005 (the
“Separation Agreement”), to which James D. Morris (the “Employee”) and Pregis Holding I Corporation, a Delaware corporation (“Pregis I”), and its wholly owned subsidiaries, Pregis Holding II
Corporation, a Delaware corporation (“Pregis II”), Pregis Corporation, a Delaware corporation (“Pregis”), Pregis Innovative Packaging Inc. (f/k/a Pactiv Protective Packaging Inc.), a Delaware corporation
(“Pregis Packaging”), and Hexacomb Corporation, an Illinois corporation (“Hexacomb,” and together with Pregis I, Pregis II, Pregis and Pregis Packaging, the “Companies”) (each of the Employee and
the Companies, a “Party” and collectively, the “Parties”) are parties, the sufficiency of which the Employee acknowledges, the Employee, with the intention of binding himself and his heirs, executors, administrators
and assigns, does hereby release, remise, acquit and forever discharge the Companies and each of its or their subsidiaries and affiliates (the “Company Affiliated Group”), their present and former officers, directors, executives,
shareholders, agents, attorneys, employees and employee benefit plans (and the fiduciaries thereof), and the successors, predecessors and assigns of each of the foregoing (collectively, the “Company Released Parties”), of and from
any and all claims, actions, causes of action, complaints, charges, demands, rights, damages, debts, sums of money, accounts, financial obligations, suits, expenses, attorneys’ fees and liabilities of whatever kind or nature in law, equity or
otherwise, whether accrued, absolute, contingent, unliquidated or otherwise and whether now known or unknown, suspected or unsuspected, which the Employee, individually or as a member of a class, now has, owns or holds, or has at any time heretofore
had, owned or held, arising on or prior to the date hereof, against any Company Released Party in any capacity, including, without limitation, any and all claims (i) arising out of or in any way connected with the Employee’s service to any
member of the Company Affiliated Group (or the predecessors thereof) in any capacity, or the termination of such service in any such capacity, (ii) for severance or vacation benefits, unpaid wages, salary or incentive payments, (iii) for
breach of contract, wrongful discharge, impairment of economic opportunity, defamation, intentional infliction of emotional harm or other tort, (iv) for any violation of applicable state and local labor and employment laws (including, without
limitation, all laws concerning unlawful and unfair labor and employment practices) and (v) for employment discrimination under any applicable federal, state or local statute, provision, order or regulation, and including, without limitation,
any claim under Title VII of the Civil Rights Act of 1964 (“Title VII”), the Civil Rights Act of 1988, the Fair Labor Standards Act, the Americans with Disabilities Act (“ADA”), the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”), the Age Discrimination in Employment Act (“ADEA”), the Illinois Human Rights Act, and any similar or analogous state statute, excepting only: 
  

	 	(A)	rights of the Employee under this Agreement and the Separation Agreement; 

  

	 	(B)	the right of the Employee to receive COBRA continuation coverage in accordance with applicable law; 

	 	(C)	claims for benefits under any health, disability, retirement, life insurance or other, similar employee benefit plan (within the meaning of Section 3(3) of ERISA) of the
Company Affiliated Group; and 

  

	 	(D)	rights to indemnification the Employee has or may have under the by-laws or certificate of incorporation of any member of the Company Affiliated Group or as an insured under any
director’s and officer’s liability insurance policy now or previously in force. 

  
 2. The Employee acknowledges and agrees that the release of claims set forth in this Agreement is not to be construed in any way as an admission of any
liability whatsoever by any Company Released Party, any such liability being expressly denied. 
  
 3. The release of claims set forth in this Agreement applies to any relief no matter how called, including, without limitation, wages, back pay, front pay, compensatory damages, liquidated damages, punitive damages,
damages for pain or suffering, costs, and attorneys’ fees and expenses. 
  
 4. The Employee specifically acknowledges that his acceptance of the terms of the release of claims set forth in this Agreement is, among other things, a specific waiver of his rights, claims and causes of action
under Title VII, ADEA, ADA and any state or local law or regulation in respect of discrimination of any kind; provided, however, that nothing herein shall be deemed, nor does anything contained herein purport, to be a waiver of any
right or claim or cause of action which by law the Employee is not permitted to waive. 
  
 5. As to rights, claims and causes of action arising under the ADEA, the Employee acknowledges that he has been given but not utilized a period of twenty-one (21) days to consider whether to execute this
Agreement. If the Employee accepts the terms hereof and executes this Agreement, he may thereafter, for a period of seven (7) days following (and not including) the date of execution, revoke this Agreement as it relates to the release of claims
arising under the ADEA. If no such revocation occurs, this Agreement shall become irrevocable in its entirety, and binding and enforceable against the Employee, on the day next following the day on which the foregoing seven-day period has elapsed.
If such a revocation occurs, the Employee shall irrevocably forfeit any right to payment of the Consulting Fee and Payments and Benefits (as such terms are defined in the Separation Agreement) and the right to serve on the boards of directors of any
of the Companies, but the remainder of the Separation Agreement shall continue in full force. 
  
 6. Other than as to rights, claims and causes of action arising under the ADEA, the release of claims set forth in this Agreement shall be immediately effective upon execution by the Employee. 
  
 7. The Employee acknowledges and agrees that he has not, with respect to any
transaction or state of facts existing prior to the date hereof, filed any complaints, charges or lawsuits against any Company Released Party with any governmental agency, court or tribunal. 
  
 8. The Employee acknowledges that he has been advised to seek, and has had
the opportunity to seek, the advice and assistance of an attorney with regard to the release of 

  

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claims set forth in this Agreement, and has been given a sufficient period within which to consider the release of claims set forth in this Agreement.

  
 9. The Employee acknowledges that the release of claims set
forth in this Agreement relates only to claims which exist as of the date of this Agreement. 
  
 10. The Employee acknowledges that the Payments and Benefits and Consulting Fee he is receiving in connection with the release of claims set forth in this Agreement and his obligations under this Agreement are in
addition to anything of value to which the Employee is entitled from the Companies. 
  
 11. Each provision hereof is severable from this Agreement, and if one or more provisions hereof are declared invalid, the remaining provisions shall nevertheless remain in full force and effect. If any provision of
this Agreement is so broad, in scope, or duration or otherwise, as to be unenforceable, such provision shall be interpreted to be only so broad as is enforceable. 
  
 12. This Agreement constitutes the complete agreement of the Parties in respect of the subject matter hereof and shall
supersede all agreements between the Parties in respect of the subject matter hereof. 
  
 13. The failure to enforce at any time any of the provisions of this Agreement or to require at any time performance by another party of any of the provisions hereof shall in no way be construed to be a waiver of such
provisions or to affect the validity of this Agreement, or any part hereof, or the right of any party thereafter to enforce each and every such provision in accordance with the terms of this Agreement. 
  
 14. This Agreement may be executed in several counterparts, each of which
shall be deemed to be an original, but all of which together shall constitute one and the same instrument. 
  
 15. This Agreement shall be binding upon any and all successors and assigns of the Employee and the Companies. 
  
 16. Except for issues or matters as to which federal law is applicable, this
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York without giving effect to the conflicts of law principles thereof. 
  
 [signature page follows] 
  

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 IN WITNESS WHEREOF, this Agreement has been signed by or on behalf of each of the Parties, all as of
December 31, 2005. 
  

			
		
	 	 	/s/ James D. Morris
	 	 	James D. Morris
	
	 Pregis Holding I Corporation

		
	 By:
	 	 /s/ Thomas J. Pryma

	 	 	 Name: Thomas J. Pryma

	 	 	 Title:   President

	
	 Pregis Holding II Corporation

		
	 By:
	 	 /s/ Thomas J. Pryma

	 	 	 Name: Thomas J. Pryma

	 	 	 Title:   President

	
	 Pregis Corporation

		
	 By:
	 	 /s/ Thomas J. Pryma

	 	 	 Name: Thomas J. Pryma

	 	 	 Title:   President

	
	 Pregis Innovative Packaging Inc.

		
	 By:
	 	 /s/ Thomas J. Pryma

	 	 	 Name: Thomas J. Pryma

	 	 	 Title:   Vice President

	
	 Hexacomb Corporation

		
	 By:
	 	 /s/ Thomas J. Pryma

	 	 	 Name: Thomas J. Pryma

	 	 	 Title:   Vice PresidentSeparation Agreement and Release, dated November 30, 2005

 Exhibit 10.10 
  
 SEPARATION AGREEMENT AND RELEASE 
  
 This Separation Agreement and Release (the “Agreement”), dated as of November 30, 2005, is entered into by
Kevin J. Corcoran (“Mr. Corcoran”) and Pregis Holding I Corporation, a Delaware corporation (“Holdings I”), its wholly owned subsidiaries, Pregis Holding II Corporation, a Delaware corporation (“Holdings II”), Pregis
Corporation, a Delaware Corporation (the “Company”), Pregis Innovative Packaging Inc. (f/k/a Pactiv Protective Packaging Inc.), a Delaware corporation (“Pregis Packaging”), Pregis Management Corporation, a Delaware corporation
(“Pregis Management”), and Hexacomb Corporation, an Illinois corporation (“Hexacomb” and together with Holdings I, Holdings II, the Company, Pregis Packaging, and Pregis Management, the “Companies”). 
  
 WHEREAS, Mr. Corcoran is or was employed by the Companies; and

  
 WHEREAS, as a condition precedent and a material inducement
for the Companies to provide to Mr. Corcoran the Separation Benefits and to pay the Retention Bonus (as such terms are defined herein), Mr. Corcoran has agreed to execute this Agreement and the Noncompetition Agreement, dated as of
November 30, 2005, between Holdings I and Mr. Corcoran (the “Noncompetition Agreement”), and be bound by the provisions herein and therein. 
  

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for the monetary and other consideration set forth below,
the parties agree as follows: 
  
 1. Mr. Corcoran’s
employment with the Companies will terminate upon the earlier to occur of (a) the Companies’ hiring and training Mr. Corcoran’s successor, as determined in good faith by the Companies, or (b) such date as the Companies and
Mr. Corcoran mutually agree (such date, the “Separation Date”). The parties agree that effective upon the Separation Date, Mr. Corcoran will resign from any position or office with or in the Companies. Mr. Corcoran
acknowledges that he will have no right to further employment with the Companies after the Separation Date. In consideration for acceptance of the terms contained in the Noncompetition Agreement and this Agreement, the Company shall (A) pay to
Mr. Corcoran an amount equal to his annual base salary as of the day immediately preceding the Separation Date, paid in substantially equal installments in accordance with the Companies’ normal payroll procedures over the twelve
(12) month period immediately following the effectiveness of the general release of claims (such twelve month period, the “Severance Payment Period”) substantially in the form attached hereto as Exhibit A (the “General
Release”), (B) pay to Mr. Corcoran an annual performance bonus for 2005 on the same terms that it would have been paid had his employment not been terminated pursuant to this Agreement, payable at such time as bonuses are paid to
members of senior management generally, (C) pay to Mr. Corcoran a pro rata bonus for 2006 in an amount equal to 50% of Mr. Corcoran’s annual base salary as of the day immediately preceding the Separation Date multiplied by a
fraction, the numerator of which is the number of days between January 1, 2006 and the Separation Date and the denominator of which is 365, payable as soon as practicable following the Separation Date, (D) reimburse Mr. Corcoran for
outplacement assistance expenses in an amount not to exceed $12,000 upon Mr. Corcoran’s presentation of documentation reasonably satisfactory to the Companies, (E) permit 

 
Mr. Corcoran to participate in the Companies’ medical, dental, prescription drug, life and disability insurance programs during the Severance
Payment Period at the same cost and on the same terms as employees of the Companies generally, and (F) commencing on January 1, 2006 and continuing until the Separation Date, pay to Mr. Corcoran on a monthly basis one-twelfth of his
annual perquisite allowance in accordance with past practice ((A) through (F), collectively, the “Separation Benefits”); provided however, that the Companies’ obligation to provide the Separation Benefits and pay the Retention
Bonus (as defined below) shall be conditioned upon: (x) Mr. Corcoran’s execution of the Noncompetition Agreement and his continued compliance with his obligations under this Agreement and the Noncompetition Agreement and
(y) Mr. Corcoran’s execution on the Separation Date, delivery on the Separation Date and non-revocation of the General Release. 
  
 2. In consideration of Mr. Corcoran’s agreeing to continue his employment with the Companies from the period beginning on the date hereof and
ending on the Separation Date, the Companies will continue to pay to Mr. Corcoran his current base salary through the Separation Date and make a one-time payment as soon as practicable following the Separation Date of an amount equal to the
product of (i) 50% of his monthly base salary as of the day immediately preceding the Separation Date and (ii) the number of months, commencing December 1, 2005, through the Separation Date, including a pro-rata amount for the month
in which the Separation Date occurs (the “Retention Bonus”), if, in the Company’s good faith judgment Mr. Corcoran has satisfactorily and in a professional manner performed his objectives marked under his name in Exhibit B
attached hereto. 
  
 3. The Separation Benefits and Retention
Bonus shall be subject to any and all applicable withholding taxes or other amounts required by law to be withheld. 
  
 4. In consideration of the Separation Benefits and Retention Bonus, Mr. Corcoran releases and forever discharges the Companies, its and their
stockholders, subsidiaries, directors, officers and employees, and any affiliates, agents, representatives, successors, and assigns of any of the foregoing, and directors and officers of the foregoing (collectively referred to as the
“Releasees”), from any and all obligations, liabilities, damages, costs, claims, complaints, charges, or causes of action in law or equity that Mr. Corcoran or his heirs, administrators, successors, or assigns may now have or may ever
have against any Releasee, whether accrued, absolute, contingent, unliquidated or otherwise, and whether known or unknown on the date hereof, which have or may have arisen out of any act or omission occurring, or state of facts existing, on or prior
to the date of execution of this Agreement (collectively “Claims”), including but not limited to (a) Claims in any way related to Mr. Corcoran’s employment with the Companies or the termination of that employment and
(b) Claims based on federal, state, or local law or regulation or the common law, including but not limited to Claims in any way related to Title VII of the Civil Rights Act of 1964, the Illinois Human Rights Act, the Equal Pay Act, the Fair
Labor Standards Act, the Americans with Disabilities Act, the Employee Retirement Income Security Act of 1974, as amended, the Age Discrimination in Employment Act, all applicable state and local labor and employment laws (including all laws
concerning discrimination, unlawful and unfair labor and employment practices), breach of contract, wrongful discharge, defamation or intentional infliction of emotional distress (the “Release”). 
  

 - 2 - 

 5. The Release is for any relief, no matter how denominated, including, but not limited to, injunctive
relief, wages, back pay, front pay, compensatory damages, or punitive damages. Mr. Corcoran further agrees that he will not file or permit to be filed on his behalf any such Claims. The Release shall not apply to the obligations set forth in
this Agreement, pursuant to qualified plans maintained by or contributed to by the Companies, or pursuant to the continuation coverage provisions of the Consolidated Omnibus Reconciliation Act of 1985, as amended (“COBRA”). If and to the
extent a court of competent jurisdiction shall determine any part or portion of the Release to be invalid or unenforceable, the same shall not affect the remainder of the Release which shall be given full effect without regard to the invalid part or
portion of the Release. Mr. Corcoran shall have a period of 21 days following the date hereof to consider whether to execute the Release, but Mr. Corcoran may execute and return it sooner. If Mr. Corcoran accepts the terms hereof and
executes this Agreement prior to the expiration of such 21-day period, he may thereafter, for a period of 7 days following (and not including) the date of execution, revoke the Release by a signed writing delivered to the Chief Executive Officer of
the Company at the Company’s headquarters. If no such revocation occurs, the Release shall become irrevocable in its entirety, and binding and enforceable against Mr. Corcoran, on the next day following the day on which the foregoing
seven-day period has elapsed. If Mr. Corcoran revokes the Release, this Agreement shall be null and void. Mr. Corcoran acknowledges that the Release relates only to claims which exist as of the date of this Agreement. 
  
 6. Mr. Corcoran represents that with respect to any act or omission
occurring, or state of facts existing, on or prior to the date of execution of this Agreement, he has not filed any complaints, charges or lawsuits against any Releasee with any government agency or any court. Mr. Corcoran acknowledges that the
Separation Benefits and Retention Bonus he is receiving in connection with the forgoing Release and his obligations under this Agreement are in addition to anything of value to which Mr. Corcoran is entitled from the Companies. 
  
 7. Nothing in this Agreement will adversely affect Mr. Corcoran’s
rights to benefits accrued and vested under the Company’s 401(k) Plan as of the Separation Date. 
  
 8. The Company will reimburse Mr. Corcoran for any reasonable and necessary expenses incurred by him in connection with his employment with the
Companies through the Separation Date in accordance with the policies of the Companies. 
  
 9. The Companies will reimburse Mr. Corcoran for any earned and unused vacation leave as soon as practicable following the Separation Date. 
  
 10. Mr. Corcoran agrees that he shall, in good faith, cooperate with the Companies in connection with the operation of
its business during the Severance Payment Period, including, but not limited to, answering questions and providing consultation. 
  
 11. Nothing in this Agreement shall be construed as an admission by any Releasee of any liability on its part under any federal, state, or local law or
regulation or the common law. Mr. Corcoran acknowledges that no representation or fact or opinion has been 

  

 - 3 - 

 
made by any Releasee, or anyone acting on any Releasee’s behalf, to induce him to execute this Agreement. Mr. Corcoran also acknowledges that he
has had the opportunity to consult with an attorney prior to signing this Agreement, and that he has read and understood all of the provisions of this Agreement. 
  
 12. Mr. Corcoran shall keep the terms of this Agreement confidential and shall not directly or indirectly disseminate
any information (in any form) regarding this Agreement to any person or entity except his spouse, attorney or financial advisor or as may be agreed to in writing by the Companies. The Company shall keep the terms of this Agreement confidential and
shall not directly or indirectly disseminate any information (in any form) regarding this Agreement to any person or entity except as may be agreed to in writing by Mr. Corcoran or as reasonably required in connection with the operation of the
Companies’ business. Notwithstanding the foregoing, nothing stated by Mr. Corcoran or the Companies under compulsion of law (including subpoena) shall be deemed a violation of this Section 9; provided that in the event
Mr. Corcoran receives any subpoena or other request for testimony in a matter involving any of the Companies or any of the other Releasees, Mr. Corcoran shall immediately notify the Companies so that the Companies may take such action as
it deems to be necessary or appropriate in relation to such subpoena or request. 
  
 13. Mr. Corcoran acknowledges and agrees that, notwithstanding any other provision of this Agreement, in the event Mr. Corcoran materially breaches any of his obligations under this Agreement or the
Noncompetition Agreement or in the event that Mr. Corcoran resigns prior to the Separation Date, Mr. Corcoran will forfeit his right to receive all payments provided for under Sections 1 and 2 of this Agreement that have not been paid to
him as of the date of such forfeiture and, if those payments were made as of the time of breach, Mr. Corcoran agrees that he will reimburse the Companies, immediately, for the amount of such payments. 
  
 14. Each provision hereof is severable from this Agreement, and if one or
more provisions hereof are declared invalid, the remaining provisions shall nevertheless remain in full force and effect. If any provision of this Agreement is so broad, in scope or duration or otherwise, as to be unenforceable, such provision shall
be interpreted to be only so broad as is enforceable. 
  
 15. The
failure to enforce at any time any of the provisions of this Agreement or to require at any time performance by the other party of any of the provisions hereof shall in no way be construed to be a waiver of such provisions or to affect the validity
of this Agreement, or any part hereof, or the right of either party thereafter to enforce each and every such provision in accordance with the terms of this Agreement. 
  
 16. This Agreement shall be binding upon any and all successors and assigns of Mr. Corcoran and the Companies.
Mr. Corcoran may not assign this Agreement. 
  
 17. Except
for issues or matters as to which federal law is applicable, this Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York without giving effect to the conflicts of law principles thereof.

  

 - 4 - 

 18. This Agreement constitutes the entire agreement between the parties hereto, and supersedes all prior
agreements, if any, understandings and arrangements, oral or written, between the parties hereto, with respect to the subject matter hereof. 
  

 - 5 - 

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

  

			
		
	 	 	/s/ Kevin J. Corcoran
	 	 	Kevin Corcoran
	
	 Pregis Holding I Corporation

		
	 By:
	 	 /s/ James D. Morris

	 	 	 Name: James D. Morris

	 	 	 Title:   Chief Executive Officer

	
	 Pregis Holding II Corporation

		
	 By:
	 	 /s/ James D. Morris

	 	 	 Name: James D. Morris

	 	 	 Title:   Chief Executive Officer

	
	 Pregis Corporation

		
	 By:
	 	 /s/ James D. Morris

	 	 	 Name: James D. Morris

	 	 	 Title:   Chief Executive Officer

	
	 Pregis Innovative Packaging Inc.

		
	 By:
	 	 /s/ James D. Morris

	 	 	 Name: James D. Morris

	 	 	 Title:   Chief Executive Officer

	
	 Pregis Management Corporation

		
	 By:
	 	 /s/ James D. Morris

	 	 	 Name: James D. Morris

	 	 	 Title:   Chief Executive Officer

	
	 Hexacomb Corporation

		
	 By:
	 	 /s/ James D. Morris

	 	 	 Name: James D. Morris

	 	 	 Title:   Chief Executive Officer

 Exhibit A 
  
 WAIVER AND RELEASE OF CLAIMS 
  
 1. In consideration of the payments and benefits to be made under the Separation Agreement and Release, dated as of November 30, 2005 (the
“Separation Agreement”), to which Kevin J. Corcoran (“Mr. Corcoran”) and Pregis Holding I Corporation, a Delaware corporation (“Holdings I”), its wholly owned subsidiaries, Pregis Holding II Corporation, a Delaware
corporation (“Holdings II”), Pregis Corporation, a Delaware Corporation (the “Company”), Pregis Innovative Packaging Inc. (f/k/a Pactiv Protective Packaging Inc.), a Delaware corporation (“Pregis Packaging”), Pregis
Management Corporation, a Delaware corporation (“Pregis Management”), and Hexacomb Corporation, an Illinois corporation (“Hexacomb” and together with Holdings I, Holdings II, the Company, Pregis Packaging, and Pregis Management,
the “Companies”) are parties, Mr. Corcoran releases and forever discharges the Companies, its and their stockholders, subsidiaries, directors, officers and employees, and any affiliates, agents, representatives, successors, and
assigns of any of the foregoing, and directors and officers of the foregoing (collectively referred to as the “Releasees”), from any and all obligations, liabilities, damages, costs, claims, complaints, charges, or causes of action in law
or equity that Mr. Corcoran or his heirs, administrators, successors, or assigns may now have or may ever have against any Releasee, whether accrued, absolute, contingent, unliquidated or otherwise, and whether known or unknown on the date
hereof, which have or may have arisen out of any act or omission occurring, or state of facts existing, on or prior to the date of execution of this Agreement (collectively “Claims”), including but not limited to (a) Claims in any way
related to Mr. Corcoran’s employment with the Companies or the termination of that employment and (b) Claims based on federal, state, or local law or regulation or the common law, including but not limited to Claims in any way related
to Title VII of the Civil Rights Act of 1964, the Illinois Human Rights Act, the Equal Pay Act, the Fair Labor Standards Act, the Americans with Disabilities Act, the Employee Retirement Income Security Act of 1974, as amended, the Age
Discrimination in Employment Act, all applicable state and local labor and employment laws (including all laws concerning discrimination, unlawful and unfair labor and employment practices), breach of contract, wrongful discharge, defamation or
intentional infliction of emotional distress (the “Release”). 
  
 2. The Release is for any relief, no matter how denominated, including, but not limited to, injunctive relief, wages, back pay, front pay, compensatory damages, or punitive damages. Mr. Corcoran further agrees that he will not file or
permit to be filed on his behalf any such Claims. The Release shall not apply to the obligations set forth in this Agreement or the Separation Agreement, pursuant to qualified plans maintained by or contributed to by the Companies, or pursuant to
the continuation coverage provisions of the Consolidated Omnibus Reconciliation Act of 1985, as amended (“COBRA”) . If and to the extent a court of competent jurisdiction shall determine any part or portion of the Release to be invalid or
unenforceable, the same shall not affect the remainder of the Release which shall be given full effect without regard to the invalid part or portion of the Release. Mr. Corcoran shall have a period of 21 days following the date hereof to
consider whether to execute the Release, but Mr. Corcoran may execute and return it sooner. If Mr. Corcoran accepts the terms hereof and executes this 

 
Agreement prior to the expiration of such 21-day period, he may thereafter, for a period of 7 days following (and not including) the date of execution,
revoke the Release by a signed writing delivered to the Chief Executive Officer of the Company at the Company’s headquarters. If no such revocation occurs, the Release shall become irrevocable in its entirety, and binding and enforceable
against Mr. Corcoran, on the next day following the day on which the foregoing seven-day period has elapsed. If Mr. Corcoran revokes the Release, this Agreement shall be null and void. Mr. Corcoran acknowledges that the Release
relates only to claims which exist as of the date of this Agreement. 
  
 3. Mr. Corcoran represents that with respect to any act or omission occurring, or state of facts existing, on or prior to the date of execution of this Agreement, he has not filed any complaints, charges or lawsuits against any
Releasee with any government agency or any court. Mr. Corcoran acknowledges that the Separation Benefits (as such term is defined in the Separation Agreement) he is receiving in connection with the forgoing Release and his obligations under
this Agreement are in addition to anything of value to which Mr. Corcoran is entitled from the Companies. 
  
 4. Mr. Corcoran acknowledges and agrees that, notwithstanding any other provision of this Agreement, in the event Mr. Corcoran materially
breaches any of his obligations under this Agreement, Mr. Corcoran will forfeit his right to receive all payments provided for under Sections 1 and 2 of the Separation Agreement that have not been paid to him as of the date of such forfeiture
and, if those payments were made as of the time of breach, Mr. Corcoran agrees that he will reimburse the Companies, immediately, for the amount of such payments. 
  
 5. Each provision hereof is severable from this Agreement, and if one or more provisions hereof are declared invalid, the
remaining provisions shall nevertheless remain in full force and effect. If any provision of this Agreement is so broad, in scope or duration or otherwise, as to be unenforceable, such provision shall be interpreted to be only so broad as is
enforceable. 
  
 6. The failure to enforce at any time any of the
provisions of this Agreement or to require at any time performance by the other party of any of the provisions hereof shall in no way be construed to be a waiver of such provisions or to affect the validity of this Agreement, or any part hereof, or
the right of either party thereafter to enforce each and every such provision in accordance with the terms of this Agreement. 
  
 7. The parties acknowledge and agree that this Agreement constitutes the complete agreement among them in respect of the subject matter thereof and that
no oral modification of this Agreement is permissible. 
  
 8. This
Agreement shall be binding upon any and all successors and assigns of Mr. Corcoran and the Companies. Mr. Corcoran may not assign this Agreement. 
  
 9. Except for issues or matters as to which federal law is applicable, this Agreement shall be governed by and construed and enforced in accordance with
the laws of the State of New York without giving effect to the conflicts of law principles thereof. 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the [    ]
day of [                    ], [            ]. 
  

			
		
	 	 	 
	 	 	Kevin Corcoran
	
	 Pregis Holding I Corporation

		
	 By:
	 	 /s/ James D. Morris

	 	 	 Name: James D. Morris

	 	 	 Title:

	
	 Pregis Holding II Corporation

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

	
	 Pregis Corporation

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

	
	 Pregis Innovative Packaging Inc.

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

	
	 Pregis Management Corporation

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

			
	 Hexacomb Corporation

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

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