Document:

Exhibit

EXHIBIT 21
	WESTROCK COMPANY
SIGNIFICANT SUBSIDIARIES OF WESTROCK COMPANY 
as of September 30, 2015

		
	 
	 

	Name
	State or Jurisdiction of Incorporation

	MeadWestvaco Holdings B.V. 
	The Netherlands

	MeadWestvaco Virginia Corporation
	Delaware

	MWV International Holdings S.a.r.l.
	Luxembourg

	MWV Luxembourg, S.a.r.l.
	Luxembourg

	Stone Global Inc.
	Delaware

	WestRock - Solvay, LLC
	Delaware

	WestRock - Southern Container, LLC
	Delaware

	WestRock California lnc.
	California

	WestRock Canada Holdings Inc.
	Georgia

	WestRock Company of Canada Holdings Corp.
	Nova Scotia, Canada

	WestRock Company of Canada Inc.
	Quebec, Canada

	WestRock Converting Company
	Georgia

	WestRock CP, LLC
	Delaware

	WestRock MWV, LLC
	Delaware

	WestRock RKT Company
	Georgia

	WestRock Shared Services, LLC
	GeorgiaExhibit

EXHIBIT 23 

Consent of Independent Registered Public Accounting Firm 

We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-205564) pertaining to the MeadWestvaco Corporation Savings and Employee Stock Ownership Plan for Bargained Hourly Employees, MeadWestvaco Corporation 2005 Performance Incentive Plan, as Amended and Restated, MeadWestvaco Corporation Compensation Plan for Non-Employee Directors, MeadWestvaco Corporation Deferred Income Plan, MeadWestvaco Corporation 1996 Stock Option Plan, RockTenn Amended and Restated 2004 Incentive Stock Plan, RockTenn 2004 Incentive Stock Plan, RockTenn (SSCC) Equity Incentive Plan  and RockTenn Supplemental Retirement Savings Plan of our reports dated November 25, 2015, with respect to the consolidated financial statements of WestRock Company, and the effectiveness of internal control over financial reporting of WestRock Company, included in this Annual Report (Form 10-K) for the year ended September 30, 2015.
    

/s/ Ernst & Young LLP    
Atlanta, Georgia 
November 25, 2015Exhibit

Exhibit 10.25

June 30, 2015
	
		
	ROCK-TENN COMPANY
504 Thrasher Street
Norcross, Georgia

	MEADWESTVACO CORPORATION
501 South 5th Street
Richmond, Virginia 23219-0501

John A. Luke, Jr. 
501 South 5th Street 
Richmond, Virginia 23219-0501
Dear Mr. Luke:
Reference is made to (i) the Second Amended and Restated Business Combination Agreement (“BCA”), dated as of April 17, 2015, by and among Rome-Milan Holdings, Inc., MeadWestvaco Corporation (“MWV”), Rock-Tenn Company (“RKT”), Milan Merger Sub, LLC and Rome Merger Sub, Inc., as amended from time to time, (ii) the Amended and Restated Employment Agreement, by and between MWV and you, dated as of January 1, 2008 (the “CIC Agreement”), and (iii) your Waiver Agreement, dated March 3, 2015.  
Coincident with the Closing Date (as defined in the BCA), currently assumed to be July 1, 2015, your employment with MWV will terminate without “Cause” (as defined in the CIC Agreement) (the date of such employment termination, the “Termination Date”).  Commencing on the Termination Date, you will serve as Non-Executive Chairman of the Board of Directors of WestRock Company. 
MWV and RKT acknowledge and agree that, as previously agreed, effective as of the Termination Date, your unvested stock options and performance-based restricted stock units shall vest as set forth on Annex 1 hereto.  Your stock options will remain exercisable until the expiration of their full term.  Your performance-based restricted stock units will be settled on the earlier of (i) the six-month anniversary of the Termination Date, (ii) the date on which settlement would have otherwise been made had no change in control occurred and (iii) within 90 days of your death.
You are entitled to all other rights and benefits due to you upon your termination of employment including, without limitation, your rights under MWV’s qualified and non-qualified retirement and deferred compensation plans, payable, in each case, in accordance with the terms of such plans.  You will be solely responsible for all taxes with respect to any payments or benefits made or provided to you. 
 Following the Closing Date, in order to facilitate the performance of your duties on behalf of WestRock Company, MWV will provide you with an office at its current headquarters, as well as full administrative support, as you may deem to be necessary and appropriate.
MEADWESTVACO CORPORATION 
By:  _      /s/ Wendell L. Willkie, II     
Name:  Wendell L. Willkie, II
Title:     Senior Vice President, General Counsel and Secretary    

    

ROCK-TENN COMPANY
By:  ____         /s/ Robert B. McIntosh     
Name:           Robert B. McIntosh
Title:             General Counsel and Secretary

Agreed and Acknowledged

/s/ John A. Luke Jr.             
John A. Luke, Jr.

	
																					
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	Annex 1:  Equity Statement
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	Statement Date: June 1, 2015
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	Termination Date:  July 1, 2015
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	John A. Luke, Jr.
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	Grant ID
	 
	Grant Date
	Grant Type
	Granted
	 
	Grant
Price
	Vested
	 
	Unvested
	 
	Outstanding
	Treatment Upon Termination

	 
	PERFORMANCE-BASED RESTRICTED STOCK UNITS
	 
	 
	 
	 
	 
	 

	 
	Upon closing of the merger transaction outstanding awards will convert to WestRock awards (1 MWV = 0.78 WRK)

	 
	2813354
	2/23/2015
	 
	PSU
	 
	70,310
	 
	N/A
	 
	0
	 
	70,651.5760
	 
	70,651.5760
	 
	Upon closing of the merger transaction, outstanding units will be deemed satisfied at the performance level of achievement determined by the MWV Compensation Committee.  Unvested PSUs will accelerate upon termination.  Outstanding units are payable as described in your letter agreement.

	 
	2632128
	2/24/2014
	 
	PSU
	 
	93,620
	 
	N/A
	 
	0
	 
	96,156.3776
	 
	96,156.3776
	 
	Upon closing of the merger transaction, outstanding units will be deemed satisfied at target level achievement. Unvested PSUs will accelerate upon termination.  Outstanding units are payable as described in your letter agreement.

	 
	2447254
	2/25/2013
	 
	PSU
	 
	106,000
	 
	N/A
	 
	0
	 
	115,071.2028
	 
	115,071.2028
	 
	Upon closing of the merger transaction, outstanding units will be deemed satisfied at target level achievement. Unvested PSUs will accelerate upon termination.  Outstanding units are payable as described in your letter agreement.

	 
	 
	 
	 
	 
	 
	 
	269,930
	 
	 
	 
	0
	 
	281,879.1564
	 
	281,879.1564
	 
	 

    

	
																
	 
	Grant ID
	Grant Date
	Grant Type
	 
	Granted
	 
	Grant Price
	 
	Vested
	 
	Unvested
	 
	Outstanding
	 
	Treatment Upon Termination

	 
	NON-QUALIFIED STOCK OPTIONS
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	All outstanding stock options will be converted to WestRock options upon closing of the merger transaction with an adjustment to both the number of options (1 MWV = 0.78 WRK) and the grant price (divided by 0.78) which preserves the intrinsic value of the award.

	 
	2813313
	2/23/2015
	NQ
	 
	99,700
	 
	$54.76
	 
	0
	 
	99,700
	 
	99,700
	 
	Unvested stock options accelerate and vest upon retirement/termination.  The right to exercise vested options expires February 23, 2025.

	 
	2632079
	2/24/2014
	NQ
	 
	146,340
	 
	$35.89
	 
	48,780
	 
	97,560
	 
	146,340
	 
	Unvested stock options accelerate and vest upon retirement/termination.  The right to exercise vested options expires February 24, 2024.

	 
	ADJ0002445888
	2/25/2013
	NQ
	 
	164,866
	 
	$33.57
	 
	109,911
	 
	54,955
	 
	164,866
	 
	Unvested stock options accelerate and vest upon retirement/termination.  The right to exercise vested options expires February 25, 2023.

	 
	ADJ0002287784
	6/25/2012
	NQ
	 
	299,033
	 
	$27.33
	 
	199,355
	 
	99,678
	 
	299,033
	 
	Prior to the merger, unvested stock options will vest on June 25, 2015.  The right to exercise vested options expires June 25, 2022.

	 
	ADJ21246
	2/28/2011
	NQ
	 
	216,013
	 
	$25.44
	 
	216,013
	 
	0
	 
	216,013
	 
	The right to exercise vested options expires February 28, 2021.

	 
	ADJ020938
	2/22/2010
	NQ
	 
	17,315
	 
	$20.65
	 
	17,315
	 
	0
	 
	17,315
	 
	The right to exercise vested options expires February 22, 2020.

	 
	ADJ020937
	2/22/2010
	NQ
	 
	303,791
	 
	$20.65
	 
	303,791
	 
	0
	 
	303,791
	 
	The right to exercise vested options expires February 22, 2020.

	 
	ADJ018878
	2/23/2009
	NQ
	 
	885,538
	 
	$7.87
	 
	885,538
	 
	0
	 
	885,538
	 
	The right to exercise vested options expires February 23, 2019.

	 
	ADJ015000
	2/25/2008
	NQ
	 
	273,973
	 
	$23.57
	 
	273,973
	 
	0
	 
	273,973
	 
	The right to exercise vested options expires February 25, 2018.

	 
	ADJ017952
	2/26/2007
	NQ
	 
	215,378
	 
	$27.83
	 
	215,378
	 
	0
	 
	215,378
	 
	The right to exercise vested options expires February 26, 2017.

	 
	ADJ013302
	2/27/2006
	NQ
	 
	221,981
	 
	$24.41
	 
	221,981
	 
	0
	 
	221,981
	 
	The right to exercise vested options expires February 27, 2016.

	 
	 
	 
	 
	 
	2,843,928
	 
	 
	 
	2,492,035
	 
	351,893
	 
	2,843,928
	 
	 

RELEASE
In consideration of the severance benefits offered to me by MeadWestvaco Corporation (the “Company”) under the Employment Agreement dated as of January 1, 2008 (the “Agreement”) and other consideration, I on behalf of myself, and on behalf of my heirs, administrators, representatives, successors, and assigns (the “Releasors”), hereby release acquit and forever discharge the Company, all of its past, present and future subsidiaries and affiliates and all of their respective directors, officers, employees, agents, trustees, partners, shareholders, consultants, independent contractors and representatives, all of their respective heirs, successors, and assigns and all persons acting by, through, under or in concert with them (the “Releasees”) from any and all claims, charges, complaints, obligations, promises, agreements, controversies, damages, remedies, demands, actions, causes of action, suits, rights, costs, debts, expenses and liabilities that the Releasors might otherwise have asserted arising out of my employment with the Company and its subsidiaries and affiliates, including the termination of that employment.
However, the Releasors are not releasing any rights under (i) any qualified employee retirement plan, (ii) any claim for compensation and benefits to be provided to me under the Agreement, (iii) any claim for vested benefits or benefits that I am otherwise entitled to receive under any plan, policy, practice or program of or any contract or agreement with the Company or any of the Affiliated Companies at or subsequent to the Date of Termination, (iv) any claim related to my indemnification as an officer, director and employee of the Affiliated Companies under the Company’s Certificate of Incorporation or By-Laws, or (v) any rights or claims that may arise after the date on which I sign this release (the “Release”).  Those rights shall survive unaffected by this Release.
I understand that, as a consequence of my signing this Release, I am giving up, any and all rights I might otherwise have with respect to my employment and the termination of that employment including but not limited to rights under (1) the Age Discrimination in Employment Act of 1967, as amended; (2) any and all other federal, state, or municipal laws prohibiting discrimination in employment on the basis of sex, race, national origin, religion, age, handicap, or other invidious factor, or retaliation; and (3) any and all theories of contract or tort law related to my employment or termination thereof, whether based on common law or otherwise.
I acknowledge and agree that:
A.    The benefits I am receiving under the Agreement constitute consideration over and above any benefits that I might be entitled to receive without executing this Release.
B.    The Company advised me in writing to consult with an attorney prior to signing this Release.
C.    I was given a period of at least forty-five (45) days within which to consider this Release; and 
D.    The Company has advised me of my statutory right to revoke my agreement to this Release at anytime within seven (7) days of my signing this Release.

    

I warrant and represent that my decision to sign this Release was (1) entirely voluntary on my part; (2) not made in reliance on any inducement, promise, or representation, whether express or implied, other than the inducements, representations, and promises expressly set forth herein and in the Agreement and (3) did not result from any threats or other coercive activities to induce my agreement to this Release.
If I exercise my right to revoke this Release within seven (7) days of my execution of this Release, I warrant and represent that I will: (1) notify the Company in writing, in accordance with the attached Agreement, of my revocation of this Release, and (2) simultaneously return in full any consideration received from the Company or any employee benefit plan sponsored by the Company.
The parties agree that this release shall not affect the rights and responsibilities of the US Equal Employment Opportunity Commission (hereinafter “EEOC”) to enforce the Age Discrimination in Employment Act of 1967, as amended and other laws.  In addition, the parties agree that this release shall not be used to justify interfering with my protected right to file a charge or participate in an investigation or proceeding conducted by the EEOC.  The parties further agree that the Releasors knowingly and voluntarily waive all rights or claims that arose prior to the date hereof that the Releasors may have against the Releasees to receive any benefit or remedial relief (including, but not limited to, reinstatement, back pay, front pay, damages, attorneys’ fees, experts’ fees) as a consequence of any investigation or proceeding conducted by the EEOC.
The provisions of this Release are severable, and if any part of it is found to be unenforceable, the other paragraphs shall remain fully valid and enforceable.  This Release shall be construed in accordance with its fair meaning and in accordance with the laws of the State of Delaware, without regard to conflicts of laws principles.  Capitalized terms used but not defined herein shall have the meanings set forth in the Employment Agreement.
I further warrant and represent that I fully understand and appreciate the consequences of my signing this Release.
Name:           John A. Luke, Jr.            
(Please Print)
Signature:      /s/ John A. Luke Jr.            
Date:           6/29/2015

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