Document:

Exhibit 10.2

 

Confidential
Materials omitted and filed separately with the 

Securities and
Exchange Commission.  Asterisks denote
omissions.

 

July 23, 2009

 

Attn:
General Counsel

Genpact
International Inc,

1251
Avenue of the Americas, Suite 41,

New
York, NY 10020

 

Dear
Mohit Thukral:

 

THIS LETTER AGREEMENT (the “Letter”) sets forth
certain business terms we have agreed upon. This Letter is entered into and
made effective as of April 1, 2009 (the “Effective Date”) and amends, for a period of time beginning April 1,
2009 until March 31, 2010 (the “Term”), certain terms of the Master
Professional Services Agreement dated as of November 30, 2005 (as amended,
modified and supplemented from time to time, the “Agreement”) by and between
Macro*World Research Corporation,  a North
Carolina corporation having a principal place of business at
301 South College Street, Charlotte, NC 28288, a subsidiary of Wells
Fargo & Company, successor in interest by merger to Wachovia
Corporation (“Wells Fargo”) and Genpact International, Inc. (as successor
in business to Genpact
International, S.A.R.L., a
Luxembourg société à responsabilité limitée, existing and organized under the
laws of Luxembourg, acting through its Hungarian Branch, having its principal
place of business at Duna Plaza Offices, 4th Floor, H-1138, Budapest Váci út
178, Hungary, as well as certain terms of the Philippines Local Operating
Agreement (the “LOA”) dated as of December 21, 2007, by and between
Macro*World Research Corporation, a North Carolina corporation having a
principal place of business at 301 South College Street, Charlotte, North
Carolina 28288, a subsidiary of Wells Fargo & Company, successor in
interest by merger to Wachovia Corporation and Genpact International, Inc.
(as successor in business to Genpact
International, S.A.R.L.), a Delaware corporation with an office at 1251, Avenue of
Americas, 41st Floor, New
York, NY 10020 (“Genpact”).

 

Wachovia
Corporation merged into Wells Fargo & Company as of December 31,
2008 (“Merger”);

 

As
successor in interest by merger to Wachovia Corporation, Wells Fargo has
assumed all rights and obligations under the Agreement and LOA for its
subsidiary, Macro*World Research Corporation; and

 

We
have agreed to amend the Agreement and LOA for the Term of this Letter, during
which time the parties are conducting good faith negotiations to execute a
revised master professional services agreement.

 

IN
CONSIDERATION of the mutual promises and covenants contained in this Letter,
and of other good and valid consideration, the receipt and sufficiency of which
are hereby acknowledged, we have agreed to the following:

 

(A)                             TERMINATION FOR CONVENIENCE:

 

Notwithstanding
Section 25.3 of the Agreement or Section 17.12 of the LOA, the
following is hereby added to the end of Section 25.3:

 

“Provided
however, during the Term of this Letter, Wells Fargo may terminate all or any
portion of the Services under one or more Statements of Work listed in the
attached Appendix C, for convenience and without cause at any time and from
time to time by giving Genpact the minimum notice specified in 

 

 

Appendix
C for the applicable Statement of Work (if at the time of the notice, no more
than [**] Genpact Personnel are eliminated as a result of the termination)
designating the termination date.  The billing for these processes during the
agreed notice period will be done monthly for the entire notice period, as
applicable. The billing will be fixed for the notice period and will be
determined on the actual headcount as on the date of the termination notice for
a particular process.”

 

Notwithstanding
Section 25.3(b) of the Agreement, Termination Charges pursuant to
these termination notices will not apply to the first [**] FTEs (which may
include the [**] FTE’s specified above) terminated due to the calculation based
on the December 2008 FTE count of [**].

 

Notwithstanding
Section 27.3 of the Agreement, the following is hereby added to the end of
the Section:

 

“Any
notice, notification, request, demand or determination provided by Wells Fargo
in regards to the termination of one or more Statements of Work shall be in
writing and the first notification shall be via e-mail transmission to
establish and set forth the effective notice date of the Termination (“Official
Notice Date”.) The official notice of termination (“Termination Letter”) shall
reference the Official Notice Date. Wells Fargo shall provide a signed
Termination Letter to the onsite Relationship Manager, who will obtain the
required signatures from Genpact. The Relationship Manager shall send to Wells
Fargo Supply Chain Management an electronically scanned and fully executed copy
of the Termination Letter via e-mail transmission.

 

 

(B)                             STRANDED
COSTS CALCULATIONS:

 

Notwithstanding
Schedule I of the Agreement, for the Term of this Letter, the modified Stranded
Costs (which is only applicable to Statements of Work representing the initial
[**] FTE terminations) shall be calculated as follows:

 

India:

 

FTE Resources: Notwithstanding Schedule I
of the Agreement and irrespective of actual redeployment or ramp-down, for the
Term of this Letter, the Stranded Costs shall be based on actual headcount as
on the termination notice date and shall be for a fixed period of [**] days
following the expiration of the notice period. The charges shall be calculated using
the rate for FTE resources set forth in Exhibit D to Schedule O of the
Agreement. (Refer Appendix A)

 

Facilities: Notwithstanding Schedule I
of the Agreement, for the Term of this Letter, the Stranded Costs for
Facilities based on headcount as per the respective SOW and shall be for a
fixed period of [**] days following the expiration of the notice period. Any
Genpact Facility costs shall be at the Infrastructure Cost rate set forth in Exhibit D
to Schedule O of the Agreement for 2009. (Refer Appendix A)

 

Equipment: Notwithstanding Schedule I
of the Agreement, for the Term of this Letter, the Stranded Costs for Equipment
that is not redeployed for the headcount as per the respective SOW and shall be
at the written down value not to exceed $[**] per seat.

 

Support:

 

In addition to Schedule I of the Agreement, for the
Term of this Letter, the Stranded Costs for Support resources normally included
in SOW billing will not be included in Stranded 

 

2

 

Costs
for individual SOW but will be separately invoiced for a fixed period of [**]
days using the methodology below. For the purpose of clarification, the
Stranded Costs for support resources shall serve solely as a guide for this
Letter and shall not be applied as a standard for any existing or future
agreement between the parties.

 

For every [**] FTEs terminated, Genpact will bill
for fixed [**] days stranded cost for support resources based on the following
span ratio:

 

	
  Function

  	
   

  	
  Span

  	
   

  	
  Level

  	
   

  	
  Rate per Annum

  	
   

  	
  Support HC

  	
   

  
	
  HR

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  
	
  IT

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  
	
  Training

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  
	
  Quality

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  

 

Philippines:

 

FTE Resources: Notwithstanding Schedule I
of the Agreement and irrespective of actual redeployment or ramp-down, for the
Term of this Letter, the Stranded Costs for FTE resources as on the termination
notice date shall be for a fixed period of [**] days following the expiration
of the notice period. The charges shall be calculated using the FTE rate set forth
in Exhibit D to Schedule O of the LOA. 
(Refer Appendix B)

 

Facilities: Notwithstanding Schedule I
of the Agreement, for the Term of this Letter, the Stranded Costs for
Facilities shall not be invoiced for the facility portion of obligations
related to [**], and [**] seats associated with ramp-down of [**] (note: [**]
seat decrease related to [**] expected to result in new level of [**] seats —
Associates & TLs). Any ramp-downs / terminations over and above the
SOWs specified herein will be subject to the notice period and Stranded Cost
terms currently contained in the Agreement.

 

Equipment: Notwithstanding Schedule I
of the Agreement, for the Term of this Letter, the Stranded Costs for Equipment
that is not redeployed for the headcount as per the respective SOW shall be at
the written down value not to exceed $ [**] per seat.

 

Invoicing (for India and the Philippines):

 

The
Stranded Costs for FTE resources and Facilities will become billable at the end
of the applicable notice period and will be invoiced within [**] days of the
expiration of the applicable notice period. The Stranded Costs for Equipment
shall be invoiced within [**] days of the expiration of the notice period.

 

(C)                             FTE
RESOURCE POOL:

 

Notwithstanding
Section 8.4(f) of the Agreement, the sole discretion of the Operating
Council to determine the size of the resource pool will be expressly waived
during the Term of this Letter, after such date, the discretion by the
Operating Council regarding the resource pool size will resume pursuant to 

 

3

 

Section 8.4(f).
For the avoidance of doubt, during the Term of this Letter, the final decisions
regarding the size of the resource pool will be determined by Genpact, so long
as Genpact continues to meet or exceed the applicable service levels.

 

(D)                             WORKING
HOURS:

 

India:

 

The
total number of working hours per FTE per annum will be increased from [**] to [**]
hours and will be applied to all existing and future Statements of Work. For
existing Statements of Work, Genpact shall bear all costs and expenses
associated with the increased number of hours specified above.

 

Philippines:

 

In
consideration of future Statements of Work, the total number of working hours
per FTE per annum will be increased from [**] to [**] hours.

 

For
the avoidance of doubt, Wells Fargo will not be invoiced for any additional FTE
resources that are identified by Genpact which have not received prior approval
by the Wells Fargo Outsourcing Director or their designee.

 

Compliance
with Laws:

 

In
each jurisdiction in which any agreement, commitment, contract, letter
agreement or other arrangement is to be performed, Genpact shall ensure, in all
material respects, it is valid, enforceable and performed in compliance with
local, state and federal labor laws with regard to the FTE working hours for
both India and the Philippines. Further, Genpact will fully and promptly inform
Wells Fargo if it is notified by any governmental authority or generally
becomes aware of any changes to or non-compliance with labor laws in each
jurisdiction.

 

4

 

(E)                               DEDICATED
MANAGEMENT TEAM:

 

As
of July 1, 2009, and for the Term of this Letter, the Dedicated Management
Team shall be provided as follows:

 

(i)                                     India:

 

(a) Dedicated
Management Team

 

Dedicated Management Team

 

	
   

  	
   

  	
  [**]

  	
   

  
	
  Business Leader*

  	
   

  	
  [**]

  	
   

  
	
  HR Leader and Support

  	
   

  	
  [**]

  	
   

  
	
  Finance Manager***

  	
   

  	
  [**]

  	
   

  
	
  IT Manager***

  	
   

  	
  [**]

  	
   

  
	
  Training Manager

  	
   

  	
  [**]

  	
   

  
	
  Relationship Managers**

  	
   

  	
  [**]

  	
   

  
	
  Transition Manager

  	
   

  	
  [**]

  	
   

  
	
  LOB Leads

  	
   

  	
  [**]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Sub-total  Fixed Cost

  	
   

  	
  [**]

  	
   

  

 

*Any
and all costs and expenses associated with the Business Leader shall be the
responsibility of Genpact, unless otherwise mutually agreed upon in writing. It
is not an expectation of Wells Fargo that the Business Leader will devote his
or her full time and effort to managing the Services for the Wells Fargo
account. Genpact shall ensure that the Business Leader will provide leadership
and serve as the single point of accountability for the Services and have
overall responsibility for overseeing the provision of the Services, billing
and relationship management concerning the Wells Fargo account.

 

**Notwithstanding Section 2.5 of Schedule O of the Agreement, for
the Term of this Letter, the fees for the Relationship Managers will be
included in the total Management Fee and will be invoiced to Wells Fargo each
month.

 

***
The Finance and IT Managers will be [**] resources and will be shared across
other accounts within Genpact

 

(b)                                 Support Leaders

 

Support Leaders Management Fees

 

	
  IT (Level 6B)

  	
   

  	
  [**]

  	
   

  
	
  Quality (Level 6B)

  	
   

  	
  [**]

  	
   

  
	
  Sub-total

  	
   

  	
  [**]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  INDIA

  	
   

  	
  [**]

  	
   

  

 

5

 

The
Support Leaders will be billed as part of the Management Fees as per the rate
card of Schedule O of the Agreement as such are not included in the fixed
management fee structure for India.

 

Support
Fees:

 

Notwithstanding
Schedule O of the Agreement, for the Term of this Letter, the charges for HR,
IT, Training, and Quality Managers will no longer be invoiced on a span-base
but will be invoiced at a fixed annual rate of $[**] per FTE on a monthly
basis, in arrears, pro-rated as appropriate for the applicable month.  This shall apply to all existing and future
Statements of Work under the Agreement. For the purpose of clarification,
Transition Managers/Leaders will not be included in the Support Leader costs
but may be included in future Statements of Work as necessary.

 

(ii)                                  Philippines:

 

Dedicated Management Team

 

	
  Site Lead**

  	
   

  	
  [**]

  	
   

  
	
  Transition Leader

  	
   

  	
  [**]

  	
   

  
	
  HR Leader

  	
   

  	
  [**]

  	
   

  
	
  Training Leader+

  	
   

  	
  [**]

  	
   

  
	
  Facilities Manager

  	
   

  	
  [**]

  	
   

  
	
  Finance Leader

  	
   

  	
  [**]

  	
   

  
	
  Admin Support

  	
   

  	
  [**]

  	
   

  
	
  Executive Assistant

  	
   

  	
  [**]

  	
   

  
	
  Training – Admin Assistant***

  	
   

  	
  [**]

  	
   

  
	
  Training Coordinator***

  	
   

  	
  [**]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  PHILIPPINES*

  	
   

  	
  [**]

  	
   

  

 

*The
Philippines Dedicated Management Team will be invoiced to Wells Fargo at the
rate set forth in the applicable rate card in Schedule O of the LOA.

 

**
The Philippines Site Leader will be billed at a rate of $[**] per annum.

 

***
The parties agree that Genpact will present the Wells Fargo Outsourcing
Director with a plan by September 30, 2009, to redeploy these particular
resources on the Dedicated Management Team.

 

+
The Philippines Training Leader position will be a [**] resource and will be
shared across other accounts within Genpact.

 

6

 

Travel
Expenses:

 

Notwithstanding
Section 6 of Schedule O of the Agreement and Section 6 of Schedule O
of the LOA, for the Term of this Letter, all travel expenses must receive prior
approval by the Wells Fargo Outsourcing Director or their designee, and must be
invoiced within [**] days of completion of travel in order to be paid by Wells
Fargo.

 

(F)                               GLOBAL
OPERATIONS LEADER:

 

Section 8.2
of the Agreement and Section 2.1 of Schedule K of the LOA will no longer
have any force or effect since the position of Global Operations Leader has
been removed and is thereby inapplicable.

 

(G)                             TECHNOLOGY
REFRESH:

 

Notwithstanding
the Technology Refresh Planning and Implementation contained in Exhibit B
of Schedule D of the Agreement and Exhibit B of Schedule D of the LOA, for
the Term of this Letter, Genpact must obtain prior approval in writing from the
Wells Fargo Outsourcing Director or their designee before a technology refresh
can occur.

 

(H)                             PHILIPPINE
SPACE:

 

Wells
Fargo agrees to release [**] at the Philippines location effective on the date
that Wells Fargo receives written confirmation from Genpact stating that (i) there
are no Genpact Personnel performing services for Wells Fargo on [**]; (ii) all
related Wells Fargo Data and Materials, including Wachovia Owned Materials,
have been removed as specified in the applicable terms of the Agreement; and (iii) such
removal has received written approval by the Wells Fargo Outsourcing Director
or their designee. As part of this agreement to release [**], Wells Fargo shall
agree to a one-time payment of USD [**] ($[**]) that reimburses Genpact for
costs associated with furniture, fixtures, carrying costs such as rent, certain
space re-fitment, and the facility portion of obligations related to [**], and [**]
seats associated with ramp-down of [**]. In addition, as part of this Letter,
the obligation in Section 3 of Schedule O to the LOA for Wachovia to pay a
maximum of $[**] per year for idle seats is removed for the duration of the
LOA. Genpact shall invoice Wells Fargo as soon as terms (i) and (ii) above
have been met. Any ramp-downs / terminations over and above the SOWs specified
herein will be subject to the notice period and Stranded Cost terms currently
contained in the Agreement. In the event that additional terminations or ramp
downs create an opportunity to release an additional floor, those terms will be
separately negotiated when appropriate. It is agreed upon by the parties that the
movement of FTE resources between floors shall be included in the costs
pursuant to this Section and any additional costs associated with such
movement of FTE resources will be borne by Genpact.

 

(I)                                  FINAL
AGREEMENT:

 

If
a final agreement amending the Master Professional Services Agreement terms
agreed upon by the parties is not executed between the parties on or before March 31,
2010, the parties agree and acknowledge that the terms of this Letter will
stand revoked and the existing terms of the Agreement and LOA, as the case may
be, shall govern the future relationship between the parties. Notwithstanding
the foregoing sentence, the terms of Paragraph D (‘Working Hours’), Paragraph E
(‘Dedicated Management

 

7

 

Team’),
Paragraph F (‘Global Operations Leader’), Paragraph G (‘Technology Refresh’)
and Paragraph H (‘Philippine Space’) shall survive the expiration of this
Letter.

 

(J)                               GENERAL
PROVISIONS:

 

Capitalized
terms used herein and not otherwise defined have the meaning given in the
Agreement and/or LOA. The execution, delivery and performance of this Letter
has been duly authorized by all requisite corporate action on the part of Wells
Fargo and Genpact and upon execution by all parties, will constitute a legal,
binding obligation thereof. Except as specifically amended hereby, the
Agreement and LOA, and all terms contained therein, both remain in full force
and effect.  If any of the terms and
provisions in this Letter are inconsistent with the Agreement and/or LOA, the
terms and provisions contained in this Letter shall control. The Agreement and
LOA, as amended by this Letter, constitutes the entire understanding of the
Parties with respect to the subject matter hereof. Each reference herein to a
Party hereto shall be deemed to include its successors and assigns, all of whom
shall be bound by this Letter and in whose favor the provisions of this Letter
shall inure.  In case any one or more of
the provisions contained in this Letter shall be invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein shall not in any way be affected or
impaired thereby. The parties hereto agree to execute such other documents and
instruments and to do such other and further things as may be necessary or
desirable for the execution and implementation of this Letter and the
consummation of the transactions contemplated hereby and thereby. This Letter
shall be governed by and construed in accordance with the laws of the State of
New York. This Letter may be executed in counterparts, each of which shall
constitute an original, but all of which, when taken together, shall constitute
but one agreement.

 

8

 

Wells
Fargo appreciates the relationship and values the Services provided by Genpact
and look forward to our ongoing strategic partnership. Please sign below to
acknowledge and indicate your agreement to these terms as stated in this
Letter.

 

	
   

  	
   

  	
  Macro*World Research Corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Scott P. Biers

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Scott
  P. Biers

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Senior
  Vice President

  
	
  Acknowledged
  and Agreed to by:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Genpact International, Inc.,

  	
   

  	
   

  
	
  Hungarian Branch

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Mohit Thukral

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
  Mohit Thukral

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  Senior Vice President

  	
   

  	
   

  

 

9

 

Appendix A

 

Exhibit D to Schedule O

Annual Charges for Genpact FTE Resources,

Infrastructure/IT Costs and Relevant Disaster
Recovery

 

[**]

 

10

 

Appendix B

 

Exhibit D to Schedule O

 

Annual Charges for Genpact FTE Resources,
Infrastructure / IT Costs

 

	
  Level

  	
   

  	
  2008

  	
   

  	
  2009

  	
   

  	
  2010

  	
   

  	
  2011

  	
   

  	
  2012

  	
   

  	
  2013

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  
	
  2

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  
	
  3

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  
	
  4

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  
	
  5

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  
	
  6

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Infrastructure Cost

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  
	
  IT Cost

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  

 

Inflation
Rate — [**]% Starting in Year 2 (2009)

 

11

 

Appendix C

 

Termination Notices Received

 

	
  SOW No.

  	
   

  	
  Process name

  	
   

  	
  Location

  	
   

  	
  Notice Period (days)

  	
   

  
	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  	
  [**]

  	
   

  

 

A total of four pages have
been omitted pursuant to a request for confidential treatment.

[**]Exhibit
10(a)

 

 

	
   

  	
  July 5,
  2009

  

 

Bemis Company, Inc.

Senior Bridge Facility

Commitment Letter

 

Bemis
Company, Inc.

One
Neenah Center, 4th Floor

P.O. Box 669

Neenah, Wisconsin  54957-0669

Attention:  Scott Ullem

 

Ladies
and Gentlemen:

 

You (the “Borrower”) have requested that J.P.
Morgan Securities Inc. (“JPMorgan”), Wachovia Capital Markets, LLC (“Wachovia”),
BNP Paribas Securities Corp. (“BNPS”) and Banc of America Securities LLC
(“BAS” and, together with JPMorgan, Wachovia and BNPS, the “Lead
Arrangers”) agree to structure, arrange and syndicate a senior term loan credit
facility in an aggregate amount of $800,000,000 (the “Facility”), and
that JPMorgan Chase Bank, National Association (“JPMCB”), Wells Fargo
Bank, National Association (“Wells Fargo”), BNP Paribas (“BNP”)
and Bank of America, N.A. (“BofA” and, together with JPMCB, Wells Fargo
and BNP, the “Banks”, and, together with the Lead Arrangers, JPMCB, Wells
Fargo and BNP, the “Commitment Parties”), commit to provide the entire
principal amount of the Facility and that JPMCB serve as administrative agent
for the Facility.  You have requested the
Facility to finance in part the proposed acquisition (the “Acquisition”)
by you and/or one or more of your subsidiaries of the stock of certain
subsidiaries, and the assets of other subsidiaries, of Rio Tinto plc
(collectively, the “Seller”) comprising its food packaging business in
North and South America and New Zealand as well as certain related assets (the “Business”)
for an aggregate purchase price of approximately $1,213,000,000.  The anticipated sources and uses of funds for
the Acquisition are set forth on Annex I hereto.

 

Each of the Lead Arrangers is pleased to advise you
that it is willing to act as a joint lead arranger for the Facility.

 

Furthermore, each of the Banks is pleased to advise
you of its several commitment to provide $200,000,000 of the Facility, in each
case upon the terms and subject to the conditions set forth or referred to in
this commitment letter (this “Commitment Letter”), in the Joint Fee
Letter referred to below and in the July 2, 2009 (#2) draft of the credit
agreement for the Facility to be dated the date of the Acquisition (the “Draft
Agreement”).  The Banks will enter
into a credit agreement for the Facility in the form of the Draft Agreement (with
such changes thereto 

 

 

as may be mutually agreed
by you and us) on the date of the consummation of the Acquisition if the
conditions to funding set forth herein and in the Draft Agreement are satisfied
or waived by each of us.  The commitments
of the Banks shall be ratably reduced from time to time prior to the funding of
the Facility in the aggregate amounts and at the times (without giving effect
to the five Business Day grace period for such prepayments set forth in such
section of the Draft Agreement) when a mandatory prepayment would have been
required by Section 2.5.3 (without giving effect to Section 2.5.3(ii)(a)(z) thereof)
of the Draft Agreement had such agreement been in effect at the relevant time and
had term loans then been outstanding thereunder in the full amount of the
commitments hereunder.  The commitments
of the Banks shall also be ratably reduced by the amount by which your issuance
of any Specified Securities (as defined in the Draft Agreement) to Pechiney Plastic
Packaging, Inc. (“PPPI”),  Rio
Tinto International Holdings Limited (“RTIH”), any affiliates of either
PPPI or RTIH, or any transferee or assignee thereof in connection with the Acquisition reduces the cash
purchase price for the Business by more than $200,000,000.

 

It is agreed that JPMCB will act as the sole and
exclusive Administrative Agent, that Wells Fargo shall act as the sole and
exclusive Syndication Agent, that BNP and BofA will act as the sole and
exclusive Documentation Agents and that the Lead Arrangers will act as the sole
and exclusive Joint Lead Arrangers and Joint Bookrunners for the Facility.  You agree that no other agents, co-agents or
arrangers will be appointed, no other titles will be awarded and no
compensation (other than that expressly contemplated by the Draft Agreement and
the Fee Letters referred to below) will be paid in connection with the Facility
unless you and we shall so agree.

 

While the Commitment Parties do not presently intend
to syndicate the Facility, they reserve the right at any time after the date
hereof to syndicate the Facility to a group of financial institutions (together
with the Banks, the “Lenders”) identified by us in consultation with you
and reasonably acceptable to you.  In
such event you agree actively to use commercially reasonable efforts to assist the
Lead Arrangers in completing a syndication satisfactory to each of them until
the date the Banks complete a “Successful Syndication” (as defined in the Joint
Fee Letter).  Such assistance shall
include (a) use of commercially reasonable efforts to ensure that the
syndication efforts benefit materially from your existing lending
relationships, (b) direct contact between senior management and advisors of
the Borrower and prospective Lenders at mutually agreed times, (c) the
hosting, with the Lead Arrangers, of one or more meetings of prospective
Lenders (which may be by teleconference) and (d) as set forth in the next
paragraph, assistance in the preparation of materials to be used in connection
with the syndication (the “Information Materials”).

 

If requested, you will use commercially reasonable
efforts to assist us in preparing the Information Materials, including but not
limited to a Confidential Information Memorandum or lender slides, for
distribution to prospective Lenders.  If requested, you also will provide
reasonable assistance to us in preparing an additional version of the
Information Materials (the “Public-Side Version”) to be used by prospective Lenders’
public-side employees and representatives (“Public-Siders”) who do not
wish to receive material non-public information (within the meaning of
United States federal securities laws) with respect to the Borrower, its
affiliates and any of their respective securities (“MNPI”) and who may
be engaged in investment and other market-related activities with respect to
the Borrower’s or its affiliates’ securities or loans.  Before distribution of any Information
Materials, you agree to execute and deliver to us

 

1

 

(i) a
letter in which you authorize distribution of the Information Materials to a
prospective Lender’s employees willing to receive MNPI (“Private-Siders”)
and (ii) a separate letter in which you authorize distribution of the
Public-Side Version to Public-Siders and represent that no MNPI is contained
therein.

 

The Borrower agrees that in
the event the Lead Arrangers elect to syndicate the Facility, the following
documents may be distributed to both Private-Siders and Public-Siders, unless
the Borrower advises the Lead Arrangers in writing (including by email) within
a reasonable time prior to their intended distribution that such materials
should be distributed only to Private-Siders: (a) administrative materials
prepared by the Lead Arrangers for prospective Lenders (such as a lender
meeting invitation, bank allocation, if any, and funding and closing
memoranda), (b) notification of changes in the Facility’s terms and (c) other
customary materials intended for prospective Lenders after the initial distribution
of Information Materials.  If you advise
us that any of the foregoing should be distributed only to Private-Siders, then
Public-Siders will not receive such materials without further discussions with
you.

 

In the event the Lead
Arrangers elect to syndicate the Facility, the Borrower hereby authorizes the
Lead Arrangers to distribute drafts of definitive documentation with respect to
the Facility to Private-Siders and Public-Siders.

 

As the Joint Lead Arrangers
and Joint Bookrunners, the Lead Arrangers will manage all aspects of any
syndication in consultation with you, including but not limited to decisions as
to the selection of institutions (which are reasonably acceptable to you) to be
approached and when they will be approached, when their commitments will be accepted, which institutions
will participate, the allocations of the commitments among the Lenders and the
amount and distribution of fees among the Lenders.  In acting as the Joint Lead Arrangers and Joint
Bookrunners, none of the Lead Arrangers will have any responsibility other than
to arrange the syndication as set forth herein and shall in no event be subject
to any fiduciary or other implied duties. 
Additionally, the Borrower acknowledges and agrees that, as Joint Lead
Arrangers and Joint Bookrunners, the Lead Arrangers are not advising the
Borrower as to any legal, tax, investment, accounting or regulatory matters in
any jurisdiction.  The Borrower shall
consult with its own advisors concerning such matters and shall be responsible
for making its own independent investigation and appraisal of the transactions
contemplated hereby, and the Lead Arrangers shall have no responsibility or
liability to the Borrower with respect thereto. 
Any review by the Lead Arrangers of the Borrower or its affiliates, the
Acquisition, the Business or its affiliates, the transactions contemplated
hereby or other matters relating to such transactions will be performed solely
for the benefit of the Commitment Parties and shall not be on behalf of the
Borrower.  Without limiting your
obligations to assist with syndication efforts as set forth herein, each Bank
agrees that the commencement or completion of such syndication is not a
condition to its commitments hereunder.

 

To assist the Lead Arrangers in their syndication
efforts, if any, you agree promptly to prepare and provide to the Lead
Arrangers from time to time up to and following the funding of the Facility all
reasonably available information with respect to the Borrower or its affiliates
(excluding its shareholders), the Acquisition, the Business and the
transactions contemplated hereby, including all financial information and
projections (the “Projections”), as we may reasonably request in
connection with the arrangement and syndication of the Facility.  You hereby represent and covenant that (a) all
written information (other than the Projections, general market data,
estimates, forward looking financial statements or budgets) (the “Information”)

 

2

 

about the Borrower, its
subsidiaries and (to the best of your knowledge after due inquiry) the Business
that has been or will be made available to any Commitment Party by you or any
of your representatives is or will be, when furnished, complete and correct in
all material respects and does not or will not, when furnished (and taken as a
whole), contain any untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements contained therein not
materially misleading in light of the circumstances under which such statements
are made and (b) the Projections, estimates and forward looking financial
statements or budgets (collectively, the “Projection Materials”) that
have been or will be made available to the Commitment Parties by you or any of
your representatives have been or will be prepared in good faith based upon
assumptions believed by senior management of the Borrower to be reasonable at
the time made; it being understood that such Projection Materials are not to be
viewed as facts and are subject to significant uncertainties and contingencies,
many which are beyond your control, that no assurance can be given that any
particular Projection Materials will be realized, that actual results may
differ and that such differences may be material.  You understand that in arranging and
syndicating the Facility we may use and rely on the Information and Projections
without independent verification thereof.

 

As consideration for the commitments of the Banks
hereunder and the agreement of the Lead Arrangers to perform the services
described herein, you agree to pay to the Lenders the nonrefundable fees set
forth in the Draft Agreement and in the joint fee letter (the “Joint Fee
Letter”) and the administrative agent fee letter (the “Administrative
Agent Fee Letter” and, together with the Joint Fee Letter, the “Fee
Letters”), each dated the date hereof and delivered herewith.  The terms of the Fee Letters are an integral
part of the Commitment Parties’ commitments hereunder, and constitute part of
this Commitment Letter for all purposes hereof.

 

The commitments of the Banks  hereunder
and the agreement of the Lead Arrangers to perform the services described
herein are subject to (a) there not occurring or becoming known to us any material
adverse change since December 31, 2008 in the financial position or
business of the Borrower, its subsidiaries and the Business (taken as a whole
and giving pro forma effect to the Acquisition and related financing,), (b) there
not having occurred any “Material Adverse Change” (as defined in the
Sale and Purchase Agreement dated the date hereof between Alcan Corporation,
Alcan Holdings Switzerland AG and certain affiliates thereof and you relating
to the Acquisition), (c) our satisfaction that prior to and during the
syndication of the Facility, if any, until the obtaining of a “Successful
Syndication” (as defined in the Fee Letter) there shall be no competing
offering, placement or arrangement of any debt securities or bank financing by
or on behalf of the Borrower or any affiliate thereof (other than (i) any
of the foregoing the proceeds of which result in a reduction of the Commitments
hereunder or will be required, in accordance with the Draft Agreement, to be
used to prepay the Facility, (ii) other contemplated indebtedness
separately disclosed to us in writing and acknowledged by us to be permitted to
be offered, placed or arranged and (iii) Debt incurred under your existing
Long-Term Credit Agreement (without giving effect to any increase in commitments
beyond those accomplished by Amendment No. 1 thereto)) and (d) the
other conditions set forth in Section 4.01 of the Draft Agreement.  In addition, the commitments of the Banks and
the agreement of the Lead Arrangers to perform the services described herein
shall, in the event this Commitment Letter is accepted by you as provided in
the penultimate paragraph hereof, automatically terminate without further
action or notice at 5:00 p.m. (New York time) on March 31, 2010 if
definitive documentation for the Facility reasonably satisfactory to the
Lenders and their counsel shall not have been executed by such time.  Those matters that are not covered by the
provisions hereof and of the Draft

 

3

 

Agreement are subject to
the approval and agreement of the Commitment Parties and the Borrower.

 

You agree (a) to indemnify and hold harmless the
Commitment Parties and their respective affiliates and their respective
officers, directors, employees, advisors and agents (each, an “indemnified
person”) from and against any and all losses, claims, damages and
liabilities to which any such indemnified person may become subject arising out
of or in connection with this Commitment Letter, the Fee Letters, the
Acquisition, the Facility, the use of the proceeds thereof or any related
transaction or any claim, litigation, investigation or proceeding relating to
any of the foregoing, regardless of whether (i) any indemnified person is
a party thereto, (ii) the transactions contemplated hereunder, including
without limitation, the Acquisition have been consummated and (iii) the
applicable claim is brought by you or your affiliates, equity holders or
creditors, and to reimburse each indemnified person upon demand for any legal
or other expenses incurred in connection with investigating or defending any of
the foregoing (limited to the fees, charges and expenses of one legal counsel
with respect to any matter (unless in the good faith judgment of an indemnified
person such counsel has a conflict of interest in its representation of such
indemnified person, in which case additional counsel, as needed, may be
utilized at the Borrower’s expense), in addition to local counsel as reasonably
deemed necessary by the indemnified persons), provided that the
foregoing indemnity will not, as to any indemnified person, apply to losses,
claims, damages, liabilities or related expenses to the extent they are found
by a final, non-appealable judgment of a court to arise from (i) the
willful misconduct or gross negligence of such indemnified person or (ii) disputes
among indemnified persons not involving (A) an act or omission (or alleged
act or omission) of the Borrower or any of its affiliates or (B) acts or
omissions of an indemnified person in its capacity as Administrative Agent or
Lead Arranger and (b) to reimburse the Commitment Parties and their
affiliates within 30 days of written demand (including documentation reasonably
supporting such demand) for all reasonable out-of-pocket expenses (including
due diligence expenses, syndication expenses, consultant’s fees and expenses,
travel expenses, and reasonable fees, charges and disbursements of one legal
counsel (unless in the good faith judgment of a Commitment Party such counsel
has a conflict of interest in its representation of such Commitment Party, in
which case additional counsel, as needed, may be utilized at the Borrower’s
expense), in addition to local counsel as reasonably deemed necessary by the
Commitment Parties) incurred in connection with the Facility and any related
documentation (including without limitation this Commitment Letter, the Fee
Letters and the definitive financing documentation) or the administration, enforcement,
amendment, modification or waiver thereof. 
No indemnified person shall be liable for any damages arising from the
use by others of Information or other materials obtained through electronic,
telecommunications or other information transmission systems other than to the
extent they are found by a final, non-appealable judgment of a court to arise
from the willful misconduct or gross negligence of the indemnified person.  No indemnified party shall be liable for any
special, indirect, consequential or punitive damages in connection with the
Facility.

 

This Commitment Letter shall not be assignable by you
without the prior written consent of each Commitment Party (and any purported
assignment without such consent shall be null and void), is intended to be
solely for the benefit of the parties hereto and is not intended to confer any
benefits upon, or create any rights in favor of, any person other than the
parties hereto and the indemnified persons. 
This Commitment Letter may not be amended or waived except by an instrument
in writing signed by you and each Commitment Party.  This Commitment Letter may be executed in any
number of counterparts, each of which shall be an original, and all of which,

 

4

 

when taken together,
shall constitute one agreement.  Delivery
of an executed signature page of this Commitment Letter by facsimile
transmission or PDF electronic transmission shall be effective as delivery of a
manually executed counterpart hereof. 
This Commitment Letter and the Fee Letters are the only agreements that
have been entered into among us with respect to the Facility and set forth the
entire understanding of the parties with respect thereto.

 

This Commitment Letter shall be governed by, and
construed in accordance with, the laws of the State of New York (without giving
effect to conflicts of law principles other than Sections 5-1401
and 5-1402 of the New York General Obligations Law).  The Borrower
consents to the nonexclusive jurisdiction and venue of the state or federal
courts located in the City of New York with respect to matters referred to in
clause (a) of the following sentence. 
Each party hereto irrevocably waives, to the fullest extent permitted by
applicable law, (a) any right it may have to a trial by jury in any legal
proceeding arising out of or relating to this Commitment Letter, the Fee Letters,
the Acquisition or the other transactions contemplated hereby or thereby
(whether based on contract, tort or any other theory) and (b) any
objection that it may now or hereafter have to the laying of venue of any such
legal proceeding in the state or federal courts located in the City of New
York.

 

This Commitment Letter is delivered to you on the
understanding that none of this Commitment Letter, the Draft Agreement or the
Fee Letters nor any of their terms or substance shall be disclosed, directly or
indirectly, to any other person without our prior written approval except (a) to
your officers, directors, agents, employees, affiliates, attorneys,
accountants, and advisors who are directly involved in the consideration of
this matter and for whom you shall be responsible for any breach by any one of
them of this confidentiality undertaking, (b) in the case of the foregoing
other than the Fee Letters, the rating agencies, or (c) as may be
compelled in a judicial or administrative proceeding or as otherwise required
by law (in which case you agree to inform us promptly thereof to the extent
lawfully permitted to do so).  Notwithstanding the foregoing, following its
acceptance by the Borrower, the Commitment Letter and the Draft Agreement
(without the Fee Letters) may be disclosed to Rio Tinto plc and its officers,
directors, agents, employees, affiliates, attorneys, accountants, and advisors
who are directly involved in the Acquisition and have been instructed to
maintain the confidentiality thereof.

 

Each Commitment Party agrees until the second
anniversary of the date hereof to keep confidential, and not to publish,
disclose or otherwise divulge, information regarding you or the Business
obtained from or on behalf of you (including information provided by the Seller
at your direction) in connection with the transactions contemplated hereby,
except that the Commitment Parties shall be permitted to disclose such
confidential information (a) to their respective directors, officers,
agents, employees, attorneys, accountants and advisors, and to their respective
affiliates who are directly involved in the consideration of the transactions
contemplated hereby and are made aware of and instructed to comply with the
provisions of this paragraph, in each case on a confidential and need-to-know
basis; (b) on a confidential basis to any bona fide potential Lender that agrees
to keep such information confidential in accordance with the provisions of this
paragraph or other customary confidentiality undertakings reasonably acceptable
to you; (c) as required by applicable law, regulation or compulsory legal
process (in which case we agree to inform you promptly thereof to the extent
lawfully permitted to do so); (d) to the extent requested by any bank
regulatory authority; (e) to the extent such information:  (i) is or becomes publicly available
other than as a result of a breach of this paragraph or (ii) is or becomes
available to the Commitment Parties on a non-confidential basis from a source
other

 

5

 

than you or on your
behalf; (f) to the extent you shall have consented to such disclosure in
writing; or (g) in protecting and enforcing the Commitment Parties’ rights
with respect to this Commitment Letter or the transactions contemplated hereby.

 

You acknowledge that the Commitment Parties and their
affiliates may be providing debt financing, equity capital or other services
(including financial advisory services) to other companies in respect of which
you may have conflicting interests regarding the transactions described herein
and otherwise.  No Commitment Party will
use confidential information obtained from you by virtue of the transactions
contemplated by this letter or their other relationships with you in connection
with the performance by any Commitment Party of services for other companies,
and no Commitment Party will furnish any such information to other
companies.  You also acknowledge that the
Commitment Parties have no obligation to use in connection with the
transactions contemplated by this letter, or to furnish to you, confidential
information obtained from other companies.

 

The compensation, reimbursement, indemnification,
jurisdiction and confidentiality provisions contained herein and in the Fee
Letters shall remain in full force and effect regardless of whether definitive
financing documentation shall be executed and delivered and notwithstanding the
termination of this Commitment Letter or the commitments of the Banks hereunder;
provided, that such compensation, reimbursement, indemnification, jurisdiction
and confidentiality (as to matters other than the Fee Letters) provisions shall
automatically terminate and be superseded by the provisions of the definitive
documentation for the Facility upon the execution thereof, and you and we shall
automatically be released from all liability in connection therewith at such
time.  You may terminate the Lenders’
commitments hereunder at any time subject to the provisions of the preceding
sentence.  Each of the Commitment Parties
hereby notifies you that, pursuant to the requirements of the USA Patriot Act,
Title III of Pub. L. 107-56 (signed into law on October 26, 2001) (the “Patriot
Act”), it is required to obtain, verify and record information that
identifies the Borrower and each Subsidiary Guarantor (as defined in the Draft
Agreement), which information includes names and addresses and other
information that will allow such Commitment Party to identify the Borrower and
each Subsidiary Guarantor in accordance with the Patriot Act.

 

If the foregoing correctly sets forth our agreement,
please indicate your acceptance of the terms and conditions hereof and of the
Fee Letters by returning to us executed counterparts hereof and of the Fee
Letters not later than 5:00 p.m., New York City time, on July 6, 2009.  The commitments of the Banks and the
agreements of the Lead Arrangers herein will expire at such time in the event
the Banks have not received such executed counterparts in accordance with the
immediately preceding sentence.

 

The Commitment Parties are pleased to have been given
the opportunity to assist you in connection with this important financing.

 

[signature page follows]

 

6

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JPMORGAN CHASE BANK, N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  J.P. MORGAN SECURITIES INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WELLS FARGO BANK, NATIONAL ASSOCIATION

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WACHOVIA CAPITAL MARKETS, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BNP PARIBAS

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BNP PARIBAS SECURITIES CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Title:

  
											

 

[Signature page to
Bemis Company, Inc. Commitment Letter]

 

 

	
   

  	
  BANK
  OF AMERICA, N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BANC
  OF AMERICA SECURITIES LLC

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Title:

  
						

 

[Signature page to Bemis Company, Inc. Commitment
Letter]

 

 

Accepted
and agreed to as of

the
date first written above by:

 

BEMIS
COMPANY, INC.

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

[Signature page to Bemis Company, Inc. Commitment
Letter]

 

 

Annex I

 

SOURCES AND USES TABLE

 

	
  Sources:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Stock
  Consideration

  	
   

  	
  $

  	
  200,000,000

  	
   

  
	
   

  	
  Cash
  / Existing Revolving Credit Facility(1)

  	
   

  	
  $

  	
  257,500,000

  	
  (2)

  
	
   

  	
  Term
  Loan Bridge Facility(3)

  	
   

  	
  $

  	
  800,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Total
  Sources

  	
   

  	
  $

  	
  1,257,500,000

  	
   

  
	
  Uses:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Acquisition
  Payment

  	
   

  	
  $

  	
  1,213,000,000

  	
   

  
	
   

  	
  One-Time
  Financing, M&A, Other Fees

  	
   

  	
  $

  	
  36,000,000

  	
   

  
	
   

  	
  Amortized
  Financing Fees

  	
   

  	
  $

  	
  8,500,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Total
  Uses

  	
   

  	
  $

  	
  1,257,500,000

  	
   

  

 

(1)           Giving effect to $200,000,000
accordion increase.

 

(2)           Draws on the Borrower’s existing
revolving credit facility to be reduced by the amount of any reductions in the
cash purchase price of the Acquisition.

 

(3)           Subject to replacement by bonds or
other sources.

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