Document:

exv10w72

Exhibit 10.72

SEPARATION AGREEMENT

AND GENERAL RELEASE

     This Separation Agreement and General Release (this “Agreement”), dated October 20,
2010, is entered into by and between Burger King Corporation (the “Company”), and Peter C.
Smith (“you”).

          1. Separation from Employment. You acknowledge and agree that, pursuant to
Section 3(a) of the employment agreement dated as of December 8, 2008 between the Company and you,
as amended by that certain Amendment No. 1, dated as of September 1, 2010 (as amended, the
“Employment Agreement”), your employment with the Company is hereby terminated, effective as of the
close of business on October 19, 2010 (the “Separation Date”) and that effective as of the
Separation Date, such termination has resulted in your “Separation from Service” (within the
meaning given to such term in Section 1.409A-1(h) of the regulations (as amended) promulgated under
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). You further
acknowledge and agree that the Employment Agreement is also terminated as of the Separation Date.

          2. Separation Benefits. Without admission of any liability and in exchange for the
releases and covenants contained in this Agreement, subject to your satisfaction of all of your
covenants and agreements contained herein, the Company agrees to provide you with the payments and
benefits described in Section 9(f)(i)(A), Section 9(f)(i)(C) and Section 9(f)(i)(D) of the
Employment Agreement, all of which Sections of the Employment Agreement survive termination thereof
and are incorporated herein by this reference (the “Separation Benefits”).

          3. Other Payments & Benefits.

          (a) Vacation Pay. You will receive a lump sum payment in the gross amount of $42,028
as compensation for all of your eligible but unused vacation days for the 2011 fiscal year. This
lump sum payment, representing 25 unused vacation days, shall be paid to you no later than the
15th day of the third calendar month following the end of the year in which the
Separation Date occurs.

          (b) Benefit Continuation. Following the period during which you are entitled to
receive continued coverage under Section 9(f)(i)(C) of the Employment Agreement, and subject to the
COBRA rules, you may be entitled to continue your medical, dental and vision coverage for up to
eighteen (18) months through COBRA, in accordance with the COBRA rules. Details of such coverage
and rules will be mailed to you under separate cover.

          (c) 401(k). Your contributions to, and the Company’s matching contributions on your
behalf to, the Company’s Savings Plan (“401(k)”) will cease as of your Separation Date. Detailed
information regarding the treatment or continuation of your 401(k) account can be obtained by
calling Merrill Lynch at 888-637-4252.

          (d) Executive Retirement Program. You will retain your rights to any vested amounts
under the Executive Retirement Program (“Retirement Program”) as of the Separation Date, if any, in
accordance with the terms of the Retirement Program, but additional accruals shall cease
immediately as of the Separation Date. Any such vested amounts will be distributed to you in
accordance with the Retirement Program rules and will be subject to any

6

 

applicable requirements of Section 409A of the Internal Revenue Code of 1986, as amended from
time to time (the “Code”). The Company shall use reasonable efforts to comply with Section 409A of
the Code as to the timing, form and amount of any distribution to you under the Retirement Program,
including the imposition of a six (6) month delay or suspension (if applicable) of any distribution
under the Retirement Program.

          (e) Equity Plan Benefits. You shall have the rights described in Section 3.04 of the
Merger Agreement (as such term is defined in the Employment Agreement) with respect to your
outstanding equity awards.

          Except as specifically set out herein, all other benefits shall cease as of the Separation
Date.

          4. Payments and Accord and Satisfaction.

          (a) All payments and benefits under this Agreement shall be subject to applicable tax and
employment withholdings. You acknowledge and agree that, other than as specifically set forth in
this Agreement, you are not due any compensation or benefits, including without limitation
compensation for unpaid salary, unpaid bonus, commissions, severance, or accrued or unused vacation
time or vacation pay, arising from or relating to your employment with the Company or the
termination of your employment.

          (b) Similarly, the Separation Benefits (and any other payments contemplated hereunder) will
be made by the Company using such method of payment as it may determine in its discretion,
including without limitation, by direct deposit to your bank account unless you specifically advise
the Company in writing that you do not want payments made via direct deposit. Unless you advise
the Company’s Payroll Department in writing of any changes to your banking information, any
payments by direct deposit shall be into such bank account as is currently on file with the Payroll
Department.

          5. General Release of
All Claims. In consideration of the agreements set forth
herein and other good and valuable consideration, you, on your own behalf and on behalf of your
successors, heirs, beneficiaries, agents, assigns, and representatives (collectively, the
“Releasors”) voluntarily, knowingly, and willingly covenant not to sue or bring any action
or other proceeding of any nature against, and fully release, the Company, and its parents,
subsidiaries, predecessors, affiliated entities, successors and assigns, together with each of
those entities’ respective owners, officers, directors, partners, shareholders, employees, agents,
representatives, fiduciaries, franchisees and administrators (collectively, the
“Releasees”), from any and all known and unknown claims, complaints, causes of action,
demands or rights of any nature whatsoever which any Releasor now has or in the future may have
against any Releasee (“Actions”) of whatever kind or nature arising out of any actions,
inactions, conduct, decisions, behavior, or events occurring on or prior to the date of this
Agreement, whether known or unknown, including without limiting the generality of the foregoing,
any and all claims of discrimination, harassment, whistle blowing or retaliation in employment
(whether based on federal, state or local law, statutory or decisional), including without
limitation, all claims under The Age Discrimination in Employment Act of 1967, as amended, Title
VII of the Civil Rights Act of 1964, as amended, the Americans with Disabilities Act, the Civil
Rights Act of 1991, the Reconstruction Era Civil Rights Act of 1866, 42 USC §§ 1981-86, as
amended, the Rehabilitation Act of 1973, the Equal Pay Act, the Family and Medical Leave Act, the
Employee Retirement Income Security Act (“ERISA”), the Florida Civil Rights Act of 1992
f/k/a Human Rights Act of 1977, the Florida Private Whistle-Blower Act (Fla.

7

 

Stat. § 448.101 et seq), the Florida Public Whistle-Blower Act (Fla. Stat. § 112.3187 et
seq.), the Florida Equal Pay Act, unpaid wages under Fla. Stat. § 448.08, retaliation claims
under the Workers’ Compensation Law (Fla. Stat. § 440.205), and waivable rights under the Florida
Constitution, any other federal, state, or local law, regulation or ordinance; and any theory of
libel, slander, breach of contract, wrongful discharge, detrimental reliance, intentional
infliction of emotional distress, tort, or any other theory under the common law or in equity; and
any Actions for uncompensated expenses, severance pay, incentive pay, or any other form of
compensation or benefits.

          6. No Admission of Wrongdoing. By entering into this Agreement, you agree that the
Releasees do not admit any wrongdoing or violation of any law. The existence and execution of this
Agreement shall not be considered, and shall not be admissible in any proceeding, as an admission
by the Releasees of any liability, error, violation, or omission.

          7. No Other Claims. You affirm that you are not a party to, and have not filed or
caused to be filed, any claim, complaint, or action against any Releasee in any forum. You also
affirm that you have been paid and/or have received all leave (paid or unpaid), compensation,
wages, bonuses, severance or termination pay, commissions, notice period, and/or benefits under any
benefit plan, program or policy of the Company or its affiliates to which you may be entitled, that
you have not worked any uncompensated time (regular or overtime), and that no other remuneration or
benefits are due to you, except as provided in this Agreement. You furthermore affirm that you
have no known workplace injuries or occupational diseases and have been provided any and all leave
requested under the Family and Medical Leave Act. You affirm that you have not complained of, and
are not aware of, any fraudulent activity or any act(s) which would form the basis of a claim of
fraudulent or illegal activity by the Company and that you have disclosed to the Company any
information you have concerning any conduct involving the Company, any of its affiliates or any of
their respective employees that you have any reason to believe may be unlawful. You hereby waive
any right that you may have to reinstatement with Releasees, and further agree not to seek
employment with Releasees in the future.

          8. Taxes. You agree that you are responsible for all applicable taxes and
contributions relating to the payments and benefits under this Agreement. You understand and agree
that the Company is providing you with no representations regarding tax obligations or consequences
that may arise from this Agreement.

          9. Restrictive Covenants. You acknowledge that, in the course of your association
with the Company, you had a prominent role in the management of the business and you have
established and developed relations and contacts with the principal, franchisees, customers and/or
suppliers of the Company and its affiliates throughout the world, all of which constitute valuable
goodwill of, and could be used by you to compete unfairly with, the Company and its affiliates.
You also recognize that you had access to and became familiar with or exposed to Confidential
Information (as defined below), in particular, trade secrets, proprietary information, customer
lists, and other valuable business information of the Company pertaining or related to the quick
service restaurant business. You acknowledge that the Company has an interest in protecting its
investment in its valuable, special, unique and extraordinary contacts, goodwill, knowledge, and
Confidential Information. You agree that you could cause grave harm to the Company if you, among
other things, work for the Company’s competitors, solicit the Company’s employees away from the
Company, solicit the Company’s franchisees, make disparaging remarks about the Company, or
misappropriate or divulge the Company’s

8

 

Confidential Information and that, consequently, the Company has legitimate business interests
in protecting its good will and Confidential Information. As such, you agree to the following:

          (a) Survival of Restrictive Covenants. You agree that Paragraph 10(a), including
subparagraphs 10(a)(i) and 10(a)(ii), and Paragraphs 10(b) and 10(c) of the Employment Agreement
remain in full force and effect and will survive termination of the Employment Agreement.

          (b) Non-Disparagement. You agree not to directly or indirectly take any actions or
make any statements that criticize, ridicule, disparage or are otherwise derogatory to the Company
or any of the Releasees or any of their respective products or services, advertising or marketing
programs, financial status or businesses, or that damage or is intended to damage the Company or
any of the Releasees in any of their respective business relationships, or encourage the making of
such statement or the taking of such actions by someone else.

          (c) Confidential and Proprietary Information. You agree that the terms of this
Agreement are confidential and that you shall not disclose any information contained in this
Agreement to any person other than (A) to your lawyer, financial advisor or immediate family
members, (B) to enforce this Agreement or (C) to respond to a valid subpoena or other legal
process. If you do tell your lawyer, financial advisor or immediate family members about this
Agreement or its contents, you must immediately tell each such individual that he or she must keep
it confidential as well. Notwithstanding the foregoing, you also shall be permitted to disclose
the covenants contained in this Paragraph 9 to any prospective employers. Upon inquiry regarding
the subject matter contained in this Agreement or regarding the Agreement, you shall either not
respond or state only that the matter has been resolved.

          (d) Return of the Company Property; Work Product.

               (i) As of the Separation Date, and before the Company is obligated to provide you with any
portion of the Separation Benefits, you shall return to the Company all of the property of the
Company and its affiliates, including without limitation all materials or documents containing or
pertaining to Confidential Information, and including without limitation, all computers (including
laptops), cell phones, keys, PDAs, credit cards, facsimile machines, televisions, card access to
any Company building, customer lists, computer disks, reports, files, e-mails, work papers, Work
Product (as defined below), documents, memoranda, records and software, computer access codes or
disks and instructional manuals, internal policies, and other similar materials or documents which
you used, received or prepared, helped prepare or supervised the preparation of in connection with
your employment with the Company; provided that you shall be permitted to retain your
Company Blackberry as long as it is scrubbed clean by the Company’s IT department of all
Confidential Information (it being understood that you may retain your contact information).
You agree not to retain any copies, duplicates, reproductions or excerpts of such material or
documents.

               (ii) You agree that all of your work product (whether created solely or jointly with others,
and including any intellectual property or moral rights therein), given, disclosed, created,
developed or prepared in connection with your employment with the Company (“Work Product”)
shall constitute “work made for hire” (as that term is defined under Section 101 of the U.S.
Copyright Act, 17 U.S.C. § 101), and shall be the sole and exclusive property of the Company. In
the event that any such Work Product is deemed not to be a “work made for hire,” or does not vest
by operation of law as the sole and exclusive property of the

9

 

Company, you hereby irrevocably assign, transfer and convey to the Company, exclusively and
perpetually, all right, title and interest which you may have or acquire in and to such Work
Product throughout the world. The Company and its affiliates or their designees shall have the
exclusive right to make full and complete use of, and make changes to all Work Product without
restrictions or liabilities of any kind, and you shall not have the right to use any such
materials, other than within the legitimate scope and purpose of your employment with the Company.
You shall promptly disclose to the Company the creation or existence of any Work Product and shall
take whatever additional lawful action may be necessary, and sign whatever documents the Company
may require, in order to secure and vest in the Company or its designee all right, title and
interest in and to any Work Product and any industrial or intellectual property rights therein
(including full cooperation in support of any Company applications for patents and copyright or
trademark registrations).

          (e) Breach of This Agreement and Equitable Relief.

          (i) You acknowledge and agree that a breach by you of Paragraphs 10(a), 10(b) and/or 10(c) of
the Employment Agreement and/or this Paragraph 9 of this Agreement shall be deemed a material
breach of this Agreement and that remedies at law will be inadequate to protect the Company and its
affiliates in the event of such breach, and, without prejudice to any other rights and remedies
otherwise available to the Company, you agree to the granting of injunctive relief in the Company’s
favor in connection with any such breach or violation without proof of irreparable harm, plus
attorneys’ fees and costs to enforce these provisions. You expressly waive any security that might
otherwise be required in connection with such relief.

          (ii) You further acknowledge and agree that the Company’s obligation to pay you any amount or
provide you with any benefit or right pursuant to this Agreement is subject to your compliance with
your obligations under Paragraphs 10(a), 10(b) and/or 10(c) of the Employment Agreement and/or this
Paragraph 9, and that in the event of a breach by you of any provision of Paragraphs 10(a), 10(b)
and/or 10(c) of the Employment Agreement and/or this Paragraph 9, you shall be deemed to have been
terminated for cause. Similarly, if, at any time subsequent to the execution of this Agreement, it
is determined by the Company in good faith that your employment could have been terminated for
cause under section 9(b) of the Employment Agreement, then, in accordance with Section 9(b) of the
Employment Agreement, at the Company’s discretion, you shall be deemed to have been terminated for
cause. Upon your breach of any provision of Paragraphs 10(a), 10(b) and/or 10(c) of the Employment
Agreement and/or this Paragraph 9 or any other deemed termination for cause in accordance with this
Paragraph 9(e), (a) you shall be obligated to immediately repay to the Company all amounts and
benefits theretofore paid to or received by you pursuant to this Agreement; and (b) you shall
forfeit any further payments or benefits under this Agreement. You further agree that the
foregoing is appropriate for any such breach inasmuch as actual damages cannot be readily
calculated, the amount is fair and reasonable under the circumstances, and the Company would suffer
irreparable harm if any provision of Paragraphs 10(a), 10(b) and/or 10(c) of the Employment
Agreement and/or this Paragraph 9 were breached.

          (f) Scope of Agreement. The parties hereby agree that the period, scope and
geographical areas of restriction imposed upon you by the provisions of Paragraphs 10(a), 10(b) and
10(c) of the Employment Agreement and this Paragraph 9 are fair and reasonable and are reasonably
required for the protection of the Company. In the event that the provisions of Paragraphs 10(a),
10(b) and 10(c) of the Employment Agreement and/or this Paragraph 9 relating to the area of
restriction, the period of restriction, or the scope of restriction, shall be deemed to exceed the
maximum area, period of time or scope which a court

10

 

of competent jurisdiction would deem enforceable, said area, period of time and scope shall,
for purposes of this Agreement, be deemed to be the maximum area or period of time or scope which a
court of competent jurisdiction would deem valid and enforceable.

          (g) Toll Provision. In the event you shall violate any provision of this Paragraph 9
as to which there is a specific time period during which you are prohibited from taking certain
actions or from engaging in certain activities, as set forth in such provision, then, such
violation shall toll the running of such time period from the date of such violation until such
violation shall cease.

          (h) Confidentiality. In the event the Company applies to seal any papers produced or
filed in any judicial proceedings to preserve confidentiality, you hereby specifically agree not to
oppose such application and to use your best efforts to join such application.

          (i) Cooperation. You agree to cooperate with the Company in its defense in any
investigation, litigation or administrative proceeding, including any charges or claims filed
against it by current or former employees regarding matters occurring during your employment. The
Company shall fully reimburse you for reasonable out-of-pocket expenses incident to such
cooperation provided they are properly documented.

          (j) Resignation upon Termination. This Agreement represents your resignation from all
board and board committee memberships and other positions which you hold with the Company, Holdings
and all of their subsidiaries and affiliates, effective as of [the Separation Date]. You agree to
execute and return to the Company, within two (2) business days following the execution of this
Agreement, a letter in the form attached as Schedule 1, which separately confirms your resignation
from such positions.

          10. Company’s Right of Set-Off. If you have any outstanding debt, obligation, or other
liability representing an amount owing to the Company or any of its Affiliates at any time that you
are entitled to payment of Separation Benefits under this Agreement, then the Company or its
Affiliates, to the extent permitted by applicable law (including, without limitation, Section 409A
of the Code), may offset such amount so owing against the unpaid balance of the Separation Benefits
otherwise payable.

          11. Assignment; Severability.

          (a) You expressly agree that this Agreement shall be assignable by the Company to a successor
to any of the businesses of the Company and you hereby expressly consent to such assignment.

          (b) In the event that any one or more of the provisions of this Agreement shall be or become
invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein shall not be affected thereby. In the event that one or more
terms or provisions of this Agreement are deemed invalid or unenforceable by the laws of Florida or
any other state or jurisdiction in which it is to be enforced, by reason of being vague or
unreasonable as to duration or geographic scope of activities restricted, or for any other reason,
the provision in question shall be immediately amended or reformed to the extent necessary to make
it valid and enforceable by the court of such jurisdiction charged with interpreting and/or
enforcing such provision. You agree and acknowledge that the provision in question, as so amended
or reformed, shall be valid and enforceable as though the invalid or unenforceable portion had
never been included herein.

11

 

          12. Other Claims. The existence of any claim or cause of action by you against the
Company, whether predicated upon this Agreement or otherwise, shall not constitute a defense to the
enforcement by the Company of the restrictive covenants set forth in this Agreement but shall be
claimed and litigated separately.

          13. Entire Agreement and Waiver. Effective as of the Separation Date, this Agreement
(including all attachments and schedules hereto) constitutes the entire agreement between you and
the Company with respect to your termination of employment, and supersedes all other
correspondence, offers, proposals, promises, agreements or arrangements relating to the subject
matter contained herein, including without limitation, the Employment Agreement. The failure of
any party to at any time enforce any of the provisions of this Agreement shall not be deemed or
construed to be a waiver of any such provisions, nor in any way affect the validity of this
Agreement or any provision hereof or the right of either of the parties to thereafter enforce each
and every provision of this Agreement. You acknowledge that you have not relied on any
representation, promises, or agreements of any kind made in connection with the decision to sign
this Agreement, except for those set forth in this Agreement.

          14. No Modification. This Agreement may not be changed unless the changes are in
writing and signed by you and a proper representative of the Company.

          15. Governing Law. The terms of this Agreement shall for all purposes be enforced,
governed by, and construed in accordance with the laws of the State of Florida without regard to
Florida’s conflict of laws principles, except to the extent governed by the Employee Retirement
Income Security Act of 1974 (ERISA).

          16. Dispute Resolution. In the case of any claim or dispute arising under or in
connection with this Agreement, you agree to attempt in good faith to resolve such claim or dispute
informally through discussions with appropriate Company personnel. If you believe your efforts are
unsuccessful, you shall submit your claim in writing to the Vice President, Total Rewards, U.S.
Restaurant Support Center, who will respond to you within twenty-one (21) days from receiving your
claim. If after completing the above procedures, you disagree with the Vice President, Total
Rewards’ determination, the Company and you agree that the dispute or claim shall be resolved by
final and binding arbitration before the American Arbitration Association (“AAA”). The
arbitration shall be held in Miami, Florida, and conducted in accordance with AAA’s National Rules
for the Resolution of Employment Disputes then in effect at the time of the arbitration, with the
additional proviso that all steps necessary to ensure the confidentiality of the proceedings and
the arbitrator’s award will be added to the basic rule requirements, except that (a) in the process
of selecting an arbitrator, the parties may strike names from AAA’s list of arbitrators only for
good cause and (b) depositions, if permitted by the arbitrator, shall be limited to a maximum of
one (1) per party and to a maximum of four (4) hours in duration. The arbitration shall not impair
either party’s right to request injunctive or other equitable relief in accordance with Paragraph 9
of this Agreement. Both parties expressly agree to waive their right to have a circuit court
determine the issue of attorneys’ fees pursuant to § 682.11, Fla. Stat. Judgment upon the award
rendered by the arbitrator may be entered in any court having jurisdiction thereof. Both parties
agree that no other forum other than a mutually agreed upon one or the American Arbitration
Association will be utilized to resolve any dispute and the resort to any other forum is a breach
of this Agreement.

          17. Revocation Period. You may revoke this Agreement within the seven (7) day period
following its execution by you. Any revocation must be submitted, in writing, to

12

 

Burger King Corporation, Attn: Anne Chwat, at 5505 Blue Lagoon Drive, Miami, Florida 33126 and
must state, “I hereby revoke my acceptance of my Agreement.” If the last day of the revocation
period is a Saturday, Sunday or legal holiday recognized by the State of Florida, then such
revocation period shall not expire until the next following day which is not a Saturday, Sunday or
legal holiday. Payment of the Separation Benefits will commence in accordance with Paragraph 2 as
soon as practicable following the expiry of the seven (7) day revocation period hereunder
(collectively, the “Revocation Period”).

     18. Waiver. By signing this Agreement, you acknowledge that:

     (a) You have carefully read and understand this Agreement;

     (b) The Company advised you to consult with an attorney and/or any other advisors of
your choice before signing this Agreement;

     (c) You understand that this Agreement is LEGALLY BINDING and by signing it you give up
certain rights;

     (d) You have voluntarily chosen to enter into this Agreement and have not been forced
or pressured in any way to sign it;

     (e) As set forth in Paragraph 5 herein, you KNOWINGLY AND VOLUNTARILY RELEASE the
Releasees from any and all claims you may have, known or unknown, in exchange for the
benefits you have obtained by signing this Agreement, and that these benefits are in
addition to any benefit you would have otherwise received if you did not sign this
Agreement;

     (f) You have been given at least twenty-one (21) days to review and consider your
rights and obligations under this Agreement (although you may voluntarily choose to sign
this Agreement earlier) and to consult with an attorney;

     (g) You may revoke this Agreement within the seven (7) day period following your
execution of this Agreement; and

     (h) The General Release in this Agreement includes a WAIVER OF ALL RIGHTS AND CLAIMS
you may have under the Age Discrimination in Employment Act of 1967 (29 U.S.C. §621 et
seq.), as amended by the Older Workers’ Benefit Protection Act.

          19. Counterparts and Facsimile. This Agreement may be executed in counterparts
(including by facsimile), each of which shall be deemed an original and all of which together shall
constitute one and the same instrument.

          20. Binding Effect. This Agreement is binding upon, and shall inure to the benefit
of, the parties and their respective heirs, executors, administrators, successors and assigns.

          21. Interpretation. The parties agree that all provisions of this Agreement shall be
construed according to their fair meaning and not strictly against either party, it being agreed
that all parties have participated in the preparation of all provisions of this Agreement. Nothing
in this Agreement shall be construed to prevent either party from responding truthfully

13

 

to a valid subpoena, from filing a charge with, or participating in, any investigation
conducted by a governmental agency and/or responding as otherwise required by law. You agree that
you will not seek or accept any award or settlement from any source or proceeding (including but
not limited to any proceeding brought by any other person or by any government agency) with respect
to any claim or right waived herein. You agree that you shall pay the attorneys’ fees incurred by
the Company (if it is the prevailing party), in the event the Company is required to invoke this
Agreement in defense to any claim or action brought by you and/or in the event it is necessary for
the Company to bring an action or file a counterclaim to enforce this Agreement. Any claim or
counterclaim by the Company to enforce this Agreement shall not be deemed retaliatory.

          22. EVIDENCE. THE PARTIES AGREE THAT THIS AGREEMENT MAY BE USED AS EVIDENCE ONLY
IN A SUBSEQUENT PROCEEDING IN WHICH ANY OF THE PARTIES ALLEGE A BREACH OF THIS AGREEMENT.

          23. Section 409A of the Code.

               The intent of the Company is that payments and benefits under this Agreement comply with
Section 409A of the Code and the regulations and guidance promulgated thereunder (except to the
extent exempt as short-term deferrals or otherwise) and, accordingly, to the maximum extent
permitted, this Agreement shall be interpreted to be in compliance therewith.

               It is intended that each installment, if any, of the payments and benefits, if any,
provided to you pursuant to the terms and conditions of this Agreement shall be treated as a
separate “payment” for purposes of Section 409A of the Code. The Company shall not have the right
to accelerate or defer the delivery of any such payments or benefits except to the extent
specifically permitted or required by Section 409 of the Code.

               All reimbursements and in-kind benefits provided to you under this Agreement shall be made or
provided in accordance with the requirements of Section 409A of the Code to the extent that such
reimbursements or in-kind benefits are subject to Section 409A of the Code. All expenses or other
reimbursements paid pursuant hereto that are taxable income to you shall in no event be paid later
than the end of the calendar year next following the calendar year in which you incur such expense
or pays such related tax. With regard to any provision herein that provides for reimbursement of
costs and expenses or in-kind benefits, except as permitted by Section 409A of the Code, (i) the
right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for
another benefit and (ii) the amount of expenses eligible for reimbursement, or in-kind benefits
provided, during any taxable year shall not affect the expenses eligible for reimbursement, or
in-kind benefits to be provided, in any other taxable year.

14

 

               IN WITNESS WHEREOF, you and the Company hereto knowingly and voluntarily executed this
Agreement as of the date first written above:

	 	 	 	 	 	 	 

	PETER C. SMITH	 	BURGER KING CORPORATION
	 
	 	 	 	 	 	 
	By:

	 	/s/ Peter C. Smith	 	By:	 	/s/ Anne Chwat
	 

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	Date:

	 	October 20, 2010	 	Date:	 	October 25, 2010
	 

	 	 
	 	 	 	 

15exv4w8

Exhibit 4.8

 

SONOCO PRODUCTS COMPANY

to

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

as Trustee

 

SECOND SUPPLEMENTAL INDENTURE

Dated as of [•], 2010

Supplemental to the Indenture

dated as of June 15, 1991

Establishing a series of Securities

designated 5.75% Notes Due 2040

      

 

 

     SECOND SUPPLEMENTAL INDENTURE, dated as of [•], 2010 (herein called the “Second Supplemental
Indenture”), between Sonoco Products Company, a corporation duly organized and existing under the
laws of the State of South Carolina (hereinafter called the “Company”), and The Bank of New York
Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A. and as
successor to The Bank of New York), which was successor in interest to Wachovia Bank of North
Carolina, National Association, as Trustee under the Original Indenture referred to below (hereinafter called the
“Trustee”).

WITNESSETH:

     WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture dated
as of June 15, 1991 (hereinafter called the “Original Indenture”), to provide for the issuance from
time to time in one or more series of its unsecured debentures, notes, bonds or other evidences of
indebtedness (herein called the “Securities”), the form and terms of which are to be established as
set forth in Sections 201 and 301 of the Original Indenture;

     WHEREAS, Section 901(7) of the Original Indenture provides, among other things, that the
Company and the Trustee may enter into indentures supplemental to the Original Indenture to, among
other things, establish the form and terms of the Securities of any series as permitted in Sections
201 and 301 of the Original Indenture;

     WHEREAS, the Company desires to create a series of the Securities in an aggregate principal
amount of $350,000,000 to be designated the “5.75% Notes Due 2040”, and all action on the part of
the Company necessary to authorize the issuance of the Notes (as hereinafter defined) under the
Original Indenture and this Second Supplemental Indenture has been duly taken; and

     WHEREAS, all acts and things necessary to make the Notes, when executed by the Company and
completed, authenticated and delivered by the Trustee as provided in the Original Indenture and
this Second Supplemental Indenture, the valid and binding obligations of the Company and to
constitute these presents a valid and binding supplemental indenture and agreement according to its
terms, have been done and performed;

     NOW, THEREFORE, THIS SECOND SUPPLEMENTAL INDENTURE WITNESSETH:

     That in consideration of the premises and of the acceptance and purchase of the Notes by the
holders thereof and of the acceptance of this trust by the Trustee, the Company covenants and
agrees with the Trustee, for the equal benefit of holders of the Notes (as hereinafter defined), as
follows:

ARTICLE ONE

DEFINITIONS

     Except to the extent such terms are otherwise defined in this Second Supplemental Indenture or
the context clearly requires otherwise, all terms used in this Second Supplemental

1

 

Indenture which are defined in the Original Indenture or the form of Note, attached hereto as
Exhibit A, have the meanings assigned to them therein.

     In addition, as used in this Second Supplemental Indenture, the following terms have the
following meanings:

     “Change of Control” means the occurrence of any one of the following:

     (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than
by way of merger or consolidation), in one or a series of related transactions, of all or
substantially all of the assets of the Company and its Subsidiaries taken as a whole to any
“person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than to the Company
or one of its Subsidiaries;

     (2) the consummation of any transaction (including without limitation, any merger or
consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3)
of the Exchange Act) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the
Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of the
Company, measured by voting power rather than number of shares;

     (3) the Company consolidates with, or merges with or into, any Person, or any Person
consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction
in which any of the outstanding Voting Stock of the Company or such other Person is converted into
or exchanged for cash, securities or other property, other than any such transaction where the
shares of the Voting Stock of the Company outstanding immediately prior to such transaction
constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving
Person immediately after giving effect to such transaction, measured by voting power rather than
number of shares;

     (4) the first day on which the majority of the members of the Board of Directors of the
Company cease to be Continuing Directors; or

     (5) the adoption of a plan relating to the liquidation or dissolution of the Company.

     “Change of Control Repurchase Event” means the Notes cease to be rated Investment Grade by at
least two of the three Rating Agencies on any date during the period (the “Repurchase Period”)
commencing 60 days prior to the first public announcement of any Change of Control (or pending
Change of Control) and ending 60 days following consummation of such Change of Control (which
Repurchase Period will be extended following consummation of a Change of Control for so long as any
of the Rating Agencies has publicly announced that it is considering a possible ratings change).
Unless at least two of the three Rating Agencies are providing a rating for the Notes at the
commencement of any Repurchase Period, the Notes will be deemed to have ceased to be rated
Investment Grade by at least two of the three Rating Agencies during that Repurchase Period.
Notwithstanding the foregoing, no Change of Control Repurchase Event will be deemed to have
occurred in connection with any particular Change of Control unless and until such Change of
Control has actually been consummated.

2

 

     “Commission” means the U.S. Securities and Exchange Commission.

     “Continuing Director” means, as of any date of determination, any member of the Board of
Directors of the Company (i) who was a member of such Board of Directors on October 1, 2010; or
(ii) was nominated for election or elected to such Board of Directors with the approval of a
majority of the Continuing Directors who were members of such Board of Directors at the time of
such nomination or election.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     “Fitch” means Fitch Inc., a subsidiary of Fimalac, S.A., and its successors.

     “Global Note” means a single permanent fully-registered global note in book-entry form,
without coupons, substantially in the form of Exhibit A attached hereto.

     “Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any
successor rating category of Moody’s); a rating of BBB- or better by S&P (or its equivalent under
any successor rating category of S&P); and a rating of BBB- or better by Fitch (or its equivalent
under any successor rating category of Fitch).

     “Issue Date” means the date on which the Notes are originally issued.

     “Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its
successors.

     “Notes” means the 5.75% Notes Due 2040 originally issued on the Issue date and any other 5.75%
Notes Due 2040 issued after the Issue Date in accordance with clause (ii) of Section 2.3 hereof
treated as a single series of securities for all purposes, as amended or supplemented from time to
time in accordance with the terms of this Second Supplemental Indenture and the Original Indenture,
that are issued pursuant to this Second Supplemental Indenture.

     “Rating Agency” means each of Moody’s, S&P and Fitch; provided, that if any of Moody’s, S&P
and Fitch ceases to provide rating services to issuers or investors, the Company may appoint a
replacement for such Rating Agency that is reasonably acceptable to the Trustee under the
Indenture.

     “Repurchase Period” means the period commencing 60 days prior to the first public
announcement by the Company of any Change of Control (or pending Change of Control) and ending 60
days following consummation of such Change of Control (which Repurchase Period will be extended
following consummation of a Change of Control for so long as any of the Rating Agencies has
publicly announced that it is considering a possible ratings change).

     “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.,
and its successors.

3

 

     “Voting Stock” of any specified Person as of any date means the capital stock of such Person
that is at the time entitled to vote generally in the election of the Board of Directors of such
Person.

ARTICLE TWO

TERMS AND ISSUANCE OF THE 5.75% NOTES DUE 2040

     Section 2.1. Issue of Notes. A series of Securities which shall be designated the
“5.75% Notes Due 2040” shall be executed, authenticated and delivered in accordance with the
provisions of, and shall in all respects be subject to, the terms, conditions and covenants of, the
Original Indenture, as amended, and this Second Supplemental Indenture (including the form of Notes
set forth hereto as Exhibit A). The aggregate principal amount of the Notes which may be
authenticated and delivered under this Second Supplemental Indenture shall not, except as permitted
by the provisions of the Original Indenture, initially exceed $350,000,000; provided that the
Company may from time to time or at any time, without the consent of the Holders of the Notes,
issue additional Notes, which additional Notes shall increase the aggregate principal amount of,
and shall be consolidated and form a single series with, the Notes.

     Section 2.2. Form of Notes; Incorporation of Terms. The Notes shall be issued
initially in the form of a permanent Global Note, substantially in the form of Exhibit A attached
hereto. The Notes may have such notations, legends or endorsements approved as to form by the
Company and required, as applicable, by law, stock exchange or depository rule, agreements to which
the Company is subject and/or usage. The terms of the Notes set forth in Exhibit A are herein
incorporated by reference and are part of the terms of this Second Supplemental Indenture.

     Section 2.3. Execution and Authentication. The Trustee, upon a Company Order and
pursuant to the terms of the Original Indenture and this Second Supplemental Indenture, shall
authenticate and deliver (i) the Notes for original issue in an initial aggregate principal amount
of $350,000,000 and (ii) any additional Notes for original issue after the Issue Date in the
amounts specified by the Company. Such Company Order shall specify the amount of the Notes to be
authenticated, the date on which the original issue of Notes is to be authenticated, whether the
Notes are to be Notes for original issue or Notes issued pursuant to clause (ii) above, and the
aggregate principal amount of Notes outstanding on the date of authentication. All of the Notes
issued under the Original Indenture and this Second Supplemental Indenture shall be treated as a
single series for all purposes under the Original Indenture and this Second Supplemental Indenture,
including, without limitation, waivers, amendments, and offers to purchase.

     Notwithstanding Sections 202 and 303 of the Original Indenture, the Notes do not require a
corporate seal to be reproduced thereon.

     Section 2.4. Depositary for Global Securities. The Depositary for the Securities of
the series of which the Notes are a part shall be The Depository Trust Company in the City of New
York.

     Section 2.5. Place of Payment. The Place of Payment in respect of the Notes will be
at the principal office or agency of the Company in the City of New York, State of New York or at

4

 

the office or place of business of the Trustee or its successor in trust under the Original
Indenture, which, at the date hereof, is located at 2 North LaSalle Street, Suite 1020, Chicago, Illinois 60602.

     Section 2.6. Optional Redemption by the Company. The Notes may be redeemed at the
option of the Company on the terms and conditions set forth in the form of Note set forth hereto as
Exhibit A.

     Section 2.7. Change of Control Repurchase Event. Upon the occurrence of a Change of
Control Repurchase Event, unless the Company has exercised its right to redeem the Notes as
described in Section 2.6 hereof, each Holder of the Notes will have the right to require the
Company to purchase all or a portion of such Holder’s Notes pursuant to the offer described below
(the “Change of Control Offer”), at a purchase price equal to 101% of the principal amount thereof
plus accrued and unpaid interest, if any, to the date of purchase, subject to the rights of Holders
of Notes on the relevant Regular Record Date to receive interest due on the relevant Interest
Payment Date.

     Within 30 days following the date upon which the Change of Control Repurchase Event occurred,
or at the Company’s option, prior to any Change of Control but after the public announcement of the
pending Change of Control, the Company will be required to send, by first class mail, a notice to
each Holder of Notes, with a copy to the Trustee, which notice will govern the terms of the Change
of Control Offer. Such notice will state, among other things, the purchase date, which must be no
earlier than 30 days nor later than 60 days from the date such notice is mailed, other than as may
be required by law (the “Change of Control Payment Date”). The notice, if mailed prior to the date
of consummation of the Change of Control, will state that the Change of Control Offer is
conditioned on the Change of Control being consummated on or prior to the Change of Control Payment
Date. Holders of Notes electing to have Notes purchased pursuant to a Change of Control Offer will
be required to surrender their Notes, with the form entitled “Option of Holder to Elect Purchase”
on the reverse of the Note completed, to the Paying Agent at the address specified in the notice,
or transfer their Notes to the paying agent by book-entry transfer pursuant to the applicable
procedures of the Paying Agent, prior to the close of business on the third Business Day prior to
the Change of Control Payment Date.

     The Company will not be required to make a Change of Control Offer if a third party makes such
an offer in the manner, at the times and otherwise in compliance with the requirements for such an
offer made by the Company and such third party purchases all Notes properly tendered and not
withdrawn under its offer.

ARTICLE THREE

MISCELLANEOUS

     Section 3.1. Execution as Supplemental Indenture. This Second Supplemental Indenture
is executed and shall be construed as an indenture supplemental to the Original Indenture and, as
provided in the Original Indenture, this Second Supplemental Indenture forms a part thereof.

5

 

     Section 3.2. Conflict with Trust Indenture Act. If any provision hereof limits,
qualifies or conflicts with another provision hereof, or with a provision of the Original
Indenture, which is required to be included in this Second Supplemental Indenture, or in the
Original Indenture, respectively, by any of the provisions of the Trust Indenture Act, such
required provision shall control.

     Section 3.3. Effect of Headings. The Article and Section headings herein are for
convenience only and shall not affect the construction hereof.

     Section 3.4. Successors and Assigns. All covenants and agreements by the Company in
this Second Supplemental Indenture shall bind its successors and assigns, whether so expressed or
not.

     Section 3.5. Separability Clause. In case any provision in this Second Supplemental
Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

     Section 3.6. Benefits of Second Supplemental Indenture. Nothing in this Second
Supplemental Indenture or in the Notes, express or implied, shall give to any Person, other than
the parties hereto and their successors hereunder and the Holders, any benefit or any legal or
equitable right, remedy or claim under this Second Supplemental Indenture.

     Section 3.7. Execution and Counterparts. This Second Supplemental Indenture may be
executed in any number of counterparts, each of which shall be deemed to be an original, but all
such counterparts shall together constitute but one and the same instrument.

     Section 3.8. Governing Law. This Second Supplemental Indenture and the Notes shall be
governed by and construed in accordance with the laws of the State of New York, without regard to
conflicts of laws principles thereof.

6

 

     IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be
duly executed, all as of the day and year first above written.

	 	 	 	 	 	 	 

	 
	 	 	 	 	SONOCO PRODUCTS COMPANY
	 
	 	 	 	 	By 	 
	 	 	 	 	 	Name: 	 
	 	 	 	 	 	Title:	 
		 	 	 	 	 
	 
		 	 	 	 	 
	 		 	 	 	 	 
	 		 	 	 	 	 
	 	 	 	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
	 
	 	 	 	 	By: 	 
	 	 	 	 	 	Name: 	 
	 	 	 	 	 	Title:	 
		 	 	 	 	 
	 
		 	 	 	 	 
	 		 	 	 	 	 
	 		 	 	 	 	 

7

 

EXHIBIT A

[FORM OF FACE OF NOTES]

     [IF THE SECURITY IS TO BE A GLOBAL SECURITY, INSERT — UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO
THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.

     THIS SECURITY IS A GLOBAL SECURITY AS REFERRED TO IN THE INDENTURE HEREINAFTER REFERENCED AND
IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. UNLESS AND UNTIL IT IS
EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY IN DEFINITIVE FORM,
THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY
OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY.]

SONOCO PRODUCTS COMPANY

5.75% NOTES DUE 2040

	 	 	 	 	 

	 

	 	$	350,000,000	 
	 

	 	 

	NO. 1

	 	CUSIP 835495 AJ 1

     SONOCO PRODUCTS COMPANY, a corporation duly organized and existing under the laws of the State
of South Carolina (herein called the “Company”, which term includes any successor Person under the
Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of THREE HUNDRED FIFTY MILLION DOLLARS ($350,000,000) on
November 1, 2040, and to pay interest thereon from November 1, 2010, or from the most recent
Interest Payment Date to which interest has been paid or duly provided for, semi-annually on May 1
and November 1 in each year, commencing May 1, 2011, at the rate of 5.75% per annum, until the
principal hereof is paid or made available for payment (assuming a 360-day year consisting of
twelve 30-day months). The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest, which shall be the April 15 or October 15 (whether or not a
Business Day), as the case

A-1

 

may be, next preceding such Interest Payment Date. Any such interest not so punctually paid
or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date
and may either be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
Securities of this series not less than 10 days prior to such Special Record Date, or be paid at
any time in any other lawful manner not inconsistent with the requirements of any securities
exchange on which the Securities of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture.

     Payment of the principal of (and premium, if any) and interest on this Security will be made
at the office or agency of the Company maintained for that purpose in New York, New York, in such
coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts; provided, however, that at the option of the Company payment
of interest may be made by check mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register, or by wire transfer to the Person entitled thereto.

     Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

     Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.

A-2

 

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed and
attested.

Dated: [•], 2010

	 	 	 	 	 	 	 	 	 

	 	 	 	 	SONOCO PRODUCTS COMPANY	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	Attest:

	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	Secretary
	 	 	 	Title:	 	 

A-3

 

CERTIFICATE OF AUTHENTICATION

     This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.

	 	 	 	 	 
	 	The Bank of New York Mellon Trust Company,
 N.A., As
Trustee

 	 
	 	By: 	 	 
	Date: [•], 2010 	 	 Authorized Officer 	 
	 	 	 	 

A-4

 

[FORM OF REVERSE OF NOTES]

SONOCO PRODUCTS COMPANY

5.75% Notes due 2040

     This Security is one of a duly authorized issue of securities of the Company (herein called
the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of
June 15, 1991, as supplemented by a Second Supplemental Indenture, dated as of [•], 2010 (as so
supplemented, herein called the “Indenture”), between the Company and The Bank of New York Mellon
Trust Company, N.A. (formerly known as The Bank of New York Trust
Company, N.A. and as successor to The Bank of
New York), as successor Trustee (herein called the “Trustee”, which term includes any successor
trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the
terms upon which the Securities are, and are to be, authenticated and delivered. This Security is
one of the series designated on the face hereof, which series is initially limited in aggregate
principal amount to $350,000,000; provided that the Company may from time to time or at any time,
without the consent of Holders of the Securities of this series, issue additional Notes. Such
additional Notes shall increase the aggregate principal amount of, and shall be consolidated and
form a single series with, the Notes.

     At any time prior to the date that is six months prior to the maturity date of the Securities,
the Securities will be redeemable in whole at any time or in part from time to time, at the
Company’s option, at a redemption price equal to the greater of (i) 100% of the principal amount of
the Securities, or (ii) as determined by the Quotation Agent (as defined below), the sum of the
present values of the remaining scheduled payments of principal and interest on the Securities (not
including any portion of those payments of interest accrued as of the redemption date) discounted
to the redemption date on a semi-annual basis assuming a 360-day year consisting of twelve 30-day
months at the Treasury Rate (as defined below) plus 30 basis points plus, in each case, accrued and
unpaid interest on the Securities to, but not including,  the redemption date.

     At any time on or after the date that is six months prior to the maturity date of the
Securities, the Securities will be redeemable at any time or from time to time, in whole or in
part, at the Company’s option, at a redemption price equal to 100% of the principal amount of the
Securities to be redeemed plus accrued and unpaid interest on the Securities, calculated assuming a
360-day year consisting of twelve 30-day months, to, but not including, the redemption date.

     “Comparable Treasury Issue” means the United States Treasury security selected by the
Quotation Agent as having a maturity comparable to the remaining term of the Securities to be
redeemed that would be utilized, at the time of a selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to
the remaining term of the Securities.

     “Comparable Treasury Price” means, with respect to any redemption date, (i) the average of the
Reference Treasury Dealer Quotations for that redemption date, after excluding the highest and
lowest Reference Treasury Dealer Quotation, or (ii) if the Trustee obtains fewer than three
Reference Treasury Dealer Quotations, the average of the quotations.

A-5

 

     “Reference Treasury Dealer” means (i) Banc of America Securities LLC and its successors and a
Primary Treasury Dealer (defined herein) selected by Wells Fargo Securities, LLC and its
successors; however, if any of the foregoing shall cease to be a primary U.S. Government securities
dealer in New York City (a “Primary Treasury Dealer”), the Company will substitute another Primary
Treasury Dealer; and (ii) any two other Primary Treasury Dealers selected by the Company.

     “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any redemption date, the average, as determined by the Company, of the bid and asked prices for
the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Trustee by the Reference Treasury Dealer at 5:00 p.m., New York City time,
on the third business day preceding the redemption date.

     “Quotation Agent” means the Reference Treasury Dealer appointed by the Company.

     “Treasury Rate” means, with respect to any redemption date, the annual rate equal to the
semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price of
the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for that redemption date.

     In the case of a partial redemption, selection of the Securities for redemption will be made
pro rata, by lot or such other method as the Trustee in its sole discretion deems appropriate and
fair; however, any redemption relating to a public equity offering of equity securities will be
made on a pro rata basis or on as nearly a pro rata basis as practicable (subject to the
Depositary’s procedures). No Securities of a principal amount of $1,000 or less will be redeemed in
part. Notice of any redemption will be mailed by first class mail at least 30 days but not more
than 60 days before the redemption date to each holder of the Securities to be redeemed at its
registered address. If any Securities are to be redeemed in part only, the notice of redemption
that relates to the Securities will state the portion of the Securities to be redeemed. New
Securities in principal amounts of $1,000 equal to the unredeemed portion of the Securities will be
issued in the name of the holder of the Securities upon surrender for cancellation of the original
Securities. Unless the Company defaults in payment of the redemption price, on and after the
redemption date, interest will cease to accrue on the Securities or the portions of the Securities
called for redemption.

     Upon the occurrence of a Change of Control
Repurchase Event (as defined in the Indenture) each Holder of the Securities will have the right to require the Company to redeem the Securities on the terms and conditions set forth in the
Indenture.

     If an Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of the Securities of this series may be declared due and payable in the
manner and with the effect provided in the Indenture.

     The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness on
this Security and (b) certain restrictive covenants upon compliance by the

A-6

 

Company with certain conditions, set forth therein, which provisions apply to the Securities
of this series.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities of each series to be affected under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of 66 2/3% in principal amount of the Securities at the
time Outstanding of each series to be affected. The Indenture also contains provisions permitting
the Holders of specified percentages in principal amount of the Securities of each series at the
time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by
the Company with certain provisions of the Indenture and certain past defaults under the Indenture
and their consequences. Any such consent or waiver by the Holder of this Security shall be
conclusive and binding upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security.

     No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of and any premium and interest on this Security at the times, place and rate, and in
the coin or currency, herein prescribed.

     As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registerable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in any place where the
principal of and any premium and interest on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.

     The Securities of this series are issuable only in registered form without coupons in
denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the
Indenture and subject to certain limitations therein set forth, Securities of this series are
exchangeable for a like aggregate principal amount of Securities of this series and of like tenor
of a different authorized denomination, as requested by the Holder surrendering the same.

     No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

     Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

A-7

 

     All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.

     The Securities of this series are not subject to any sinking fund.

     The Securities of this series shall be governed by and construed in accordance with the laws
of the State of New York.

     All capitalized terms used but not defined in this Security shall have the meanings assigned
to them in the Indenture.

[BALANCE OF PAGE INTENTIONALLY LEFT BLANK]

A-8

 

OPTION OF HOLDER TO ELECT PURCHASE

     If you want to elect to have this Security purchased by Sonoco Products Company pursuant to
Section 2.7 (Change of Control Repurchase Event) of the Indenture, check the box below:

[     ] Section 2.7

     If you want to elect to have only part of the Security purchased by Sonoco Products Company
pursuant to Section 2.7 of the Indenture, state the amount you elect to have purchased:

$                    

	 	 	 	 	 	 	 	 	 

	Date:

	 	 	 	Your Signature:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 
	 	 	 	 	(Sign exactly as your name appears on the Security)

Tax Identification Number:                     

Signature guarantee:                     

(Signature must be guaranteed by a participant in a recognized signature guarantee medallion
program)

A-9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00179-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00179-of-00352.parquet"}]]