Document:

Purchase and Sale Agreement by and among Cascades USA Inc.

 Exhibit 10.2 
 EXECUTION COPY 
 PURCHASE AND SALE AGREEMENT 

BY AND AMONG 
 CASCADES USA INC. 
 a Delaware corporation 

as Seller, 

REYNOLDS GROUP HOLDINGS LIMITED 
 a company organized under the laws of New Zealand, 
 as Purchaser,

 and 
 CASCADES INC. 
 a Québec corporation, 

as Guarantor 
 with respect to 
 THE SALE OF ALL OF THE ISSUED AND OUTSTANDING CAPITAL
STOCK OF 
 DOPACO, INC. AND DOPACO CANADA, INC. 

Dated 

As of March 3, 2011 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	3	  
			
	 1.1
	  	 Definitions
	  	 	3	  
		
	 ARTICLE II PURCHASE AND SALE
	  	 	16	  
			
	 2.1
	  	 Agreement to Purchase and Sell the Dopaco Stock
	  	 	16	  
			
	 2.2
	  	 Purchase Price
	  	 	16	  
			
	 2.3
	  	 Closing
	  	 	16	  
			
	 2.4
	  	 Purchase Price Adjustments
	  	 	16	  
			
	 2.5
	  	 Withholding
	  	 	18	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER
	  	 	19	  
			
	 3.1
	  	 Approval of Agreement and Transactions
	  	 	19	  
			
	 3.2
	  	 Seller’s Existence and Good Standing; Authority; Binding Obligation; No Conflicts or Restrictions
	  	 	19	  
			
	 3.3
	  	 The Companies’ Existence and Good Standing; Authority; Binding Obligation; No Conflicts or Restrictions
	  	 	20	  
			
	 3.4
	  	 No Material Interest
	  	 	21	  
			
	 3.5
	  	 Capital Structure; No Liens
	  	 	21	  
			
	 3.6
	  	 Subsidiaries and Investments
	  	 	22	  
			
	 3.7
	  	 Financial Statements
	  	 	22	  
			
	 3.8
	  	 Books and Records
	  	 	22	  
			
	 3.9
	  	 Properties; Encumbrances; Condition; Leases; Licenses
	  	 	22	  
			
	 3.10
	  	 Contracts
	  	 	24	  
			
	 3.11
	  	 No Governmental Authority Restrictions
	  	 	26	  
			
	 3.12
	  	 No Litigation
	  	 	26	  
			
	 3.13
	  	 Taxes
	  	 	27	  
			
	 3.14
	  	 Insurance
	  	 	28	  
			
	 3.15
	  	 Patents; Trademarks; Other Intellectual Property
	  	 	28	  
			
	 3.16
	  	 Compliance with Laws; Regulatory Matters
	  	 	29	  
			
	 3.17
	  	 Employees
	  	 	29	  
			
	 3.18
	  	 Employee Benefits
	  	 	30	  
			
	 3.19
	  	 Bank Accounts and Powers of Attorney; Lock Boxes
	  	 	32	  
			
	 3.20
	  	 No Changes Since the Balance Sheet Date
	  	 	33	  
			
	 3.21
	  	 No Investment Banker’s, Broker’s or Finder’s Fees
	  	 	35	  

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 3.22
	  	 Environmental Matters
	  	 	35	  
			
	 3.23
	  	 Transactions With Certain Persons
	  	 	36	  
			
	 3.24
	  	 No Foreign Person
	  	 	36	  
			
	 3.25
	  	 Taxable Canadian Properties
	  	 	36	  
			
	 3.26
	  	 Relations with Customers
	  	 	37	  
			
	 3.27
	  	 Entirety of Representations and Warranties; Disclaimer of Representations and Warranties
	  	 	37	  
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF PURCHASER
	  	 	38	  
			
	 4.1
	  	 Approval of Agreement and Transactions
	  	 	38	  
			
	 4.2
	  	 Purchaser’s Existence and Good Standing; Authority; Binding Obligation; No Conflicts or Restrictions
	  	 	38	  
			
	 4.3
	  	 No Governmental Authority Restrictions
	  	 	39	  
			
	 4.4
	  	 No Investment Banker’s, Broker’s or Finder’s Fees
	  	 	39	  
			
	 4.5
	  	 Investment
	  	 	39	  
			
	 4.6
	  	 Financial Ability to Perform
	  	 	40	  
			
	 4.7
	  	 Purchaser’s Due Diligence
	  	 	40	  
		
	 ARTICLE V COVENANTS
	  	 	40	  
			
	 5.1
	  	 Conduct of Business of the Companies
	  	 	40	  
			
	 5.2
	  	 Coordination
	  	 	40	  
			
	 5.3
	  	 Purchaser’s Access to the Companies
	  	 	41	  
			
	 5.4
	  	 Confidentiality; Announcements
	  	 	41	  
			
	 5.5
	  	 Hart-Scott-Rodino; Competition Act
	  	 	42	  
			
	 5.6
	  	 Insurance Cooperation
	  	 	42	  
			
	 5.7
	  	 Cash Distributions
	  	 	43	  
			
	 5.8
	  	 Affiliate Agreements; Intercompany Payables and Receivables
	  	 	43	  
			
	 5.9
	  	 Non-Competition
	  	 	43	  
			
	 5.10
	  	 Exclusivity
	  	 	44	  
			
	 5.11
	  	 Further Assurances
	  	 	45	  
			
	 5.12
	  	 Additional Due Diligence Materials
	  	 	45	  
			
	 5.13
	  	 Financial Statements
	  	 	46	  
			
	 5.14
	  	 Use of “Dopaco” Name
	  	 	47	  
			
	 5.15
	  	 Workers Compensation Claims
	  	 	47	  

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 5.16
	  	 Blended Contracts
	  	 	48	  
			
	 5.17
	  	 Release and Substitution
	  	 	48	  
			
	 5.18
	  	 Employee Benefits
	  	 	48	  
		
	 ARTICLE VI TAX MATTERS
	  	 	50	  
			
	 6.1
	  	 Post Closing Elections
	  	 	50	  
			
	 6.2
	  	 Post Closing Transactions
	  	 	50	  
			
	 6.3
	  	 Preparation and Filing of Tax Returns
	  	 	50	  
			
	 6.4
	  	 Transfer Taxes
	  	 	52	  
			
	 6.5
	  	 Tax Indemnity
	  	 	52	  
			
	 6.6
	  	 Apportionment
	  	 	52	  
			
	 6.7
	  	 Refunds
	  	 	52	  
			
	 6.8
	  	 Settlement of Deficiencies and Adjustments
	  	 	53	  
			
	 6.9
	  	 Cooperation and Exchange of Information
	  	 	53	  
			
	 6.10
	  	 Termination of Prior Tax Sharing Agreement; Powers of Attorney
	  	 	54	  
			
	 6.11
	  	 Tax Covenant
	  	 	54	  
			
	 6.12
	  	 Coordination; Survival Period
	  	 	54	  
			
	 6.13
	  	 Treatment of Tax Indemnity Payments
	  	 	55	  
		
	 ARTICLE VII INDEMNIFICATION; SURVIVAL OF REPRESENTATIONS AND WARRANTIES
	  	 	55	  
			
	 7.1
	  	 Indemnification of Purchaser
	  	 	55	  
			
	 7.2
	  	 Indemnification of Seller
	  	 	56	  
			
	 7.3
	  	 Indemnification Procedure
	  	 	56	  
			
	 7.4
	  	 Survival of Representations and Warranties
	  	 	58	  
			
	 7.5
	  	 Treatment of Indemnity Payments
	  	 	59	  
			
	 7.6
	  	 Sole and Exclusive Remedy
	  	 	59	  
		
	 ARTICLE VIII CLOSING CONDITIONS
	  	 	59	  
			
	 8.1
	  	 Conditions to Purchaser’s Obligations
	  	 	59	  
			
	 8.2
	  	 Conditions to Seller’s Obligations
	  	 	61	  
		
	 ARTICLE IX TERMINATION
	  	 	62	  
			
	 9.1
	  	 Termination
	  	 	62	  
		
	 ARTICLE X MISCELLANEOUS
	  	 	63	  

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 10.1
	  	 Notices
	  	 	63	  
			
	 10.2
	  	 Entire Agreement
	  	 	64	  
			
	 10.3
	  	 Amendments and Modifications
	  	 	65	  
			
	 10.4
	  	 Successors and Assigns
	  	 	65	  
			
	 10.5
	  	 No Third Party Beneficiaries; Binding Effect
	  	 	66	  
			
	 10.6
	  	 Governing Law; Jurisdiction
	  	 	66	  
			
	 10.7
	  	 Specific Performance
	  	 	66	  
			
	 10.8
	  	 Severability
	  	 	66	  
			
	 10.9
	  	 Titles and Subtitles
	  	 	67	  
			
	 10.10
	  	 Expenses
	  	 	67	  
			
	 10.11
	  	 Counterpart; Facsimile or PDF Signatures
	  	 	67	  
			
	 10.12
	  	 Guarantee
	  	 	67	  

  
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 PURCHASE AND SALE AGREEMENT 

This Purchase and Sale Agreement (this “Agreement”) is made and entered into as of March 3, 2011, by and among
Cascades USA Inc., a Delaware corporation (“Seller”), Reynolds Group Holdings Limited, a company organized under the laws of New Zealand (“Purchaser”), and Cascades Inc., a Québec corporation, solely with
respect to Section 10.12 (the “Guarantor”). 
 RECITALS 

WHEREAS, Dopaco, Inc., a Pennsylvania corporation (“Dopaco US”), and Dopaco Canada, Inc., a Canada corporation
(“Dopaco Canada”), together with their Affiliates (as defined herein), manufacture, market and sell cold and hot cups with lids, fry cartons, pizza and other clamshells, food trays, auto bottom boxes, handled barn boxes, and other
food containers, in each case (other than lids) manufactured from boxboard (collectively, the “Products”), and otherwise engage in business related to the foregoing (the “Business”); 

WHEREAS, the Products are manufactured at certain converting facilities owned or leased by (i) Dopaco US located in Downington, PA,
Kinston, NC, St. Charles, IL, and Stockton, CA, and (ii) Dopaco Canada located in London, Ontario and Brampton, Ontario (each, a “Converting Facility”, and, collectively, the “Converting Facilities”);

 WHEREAS, Dopaco US owns all of the right, title and interest in and to seventy-nine percent (79%) of the issued and
outstanding limited liability company interest (the “Majority Dopaco Pacific Interest”) of Dopaco Pacific LLC, a Delaware limited liability company (“Dopaco Pacific”), and Seller owns all of the right, title and
interest in and to twenty-one percent (21%) of the issued and outstanding limited liability company interest (the “Minority Dopaco Pacific Interest” and together with the Majority Dopaco Pacific Interest, the “Dopaco
Pacific Interest”); 
 WHEREAS, Dopaco US owns all of the right, title and interest in and to 49% of the limited
liability company interest (the “Union Packaging Interest”) of Union Packaging, LLC, a Delaware limited liability company (“Union Packaging”), and Providence Packaging Group, Inc., which owns all of the right, title
and interest in and to the remaining fifty-one percent (51%) of the limited liability company interest of Union Packaging, has exercised its right under the provisions of Section 7.7 of the Union Packaging LLC Agreement, and, pursuant
thereto, Dopaco US will sell to Providence Packaging Group, Inc., and Providence Packaging Group, Inc. will purchase from Dopaco US, the Union Packaging Interest (the “Union Packaging Sale”) for a purchase price anticipated to be
Two Million Four Hundred Thousand Dollars ($2,400,000) in cash (the “Union Packaging Sale Proceeds”); 

WHEREAS, Dopaco US owns all of the right, title and interest in and to all of the issued and outstanding limited partnership interest
(the “Dopaco Partnership LP Interest”) of Dopaco Limited Partnership, a Delaware limited partnership (“Dopaco LP”), and Dopaco Pacific owns all of the right, title and interest in and to all of the issued and
outstanding general partnership interest of Dopaco LP (the “Dopaco Partnership GP Interest”); 

  
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 WHEREAS, Dopaco Canada owns all of the right, title and interest in and to all of the issued
and outstanding capital stock (the “Garven Stock”) of Garven Incorporated, an Ontario corporation (“Garven”); 
 WHEREAS, Garven owns all of the right, title and interest in and to all of the issued and outstanding capital stock (the “Conference Cup Stock”) of Conference Cup Ltd., an Ontario
corporation (“Conference Cup”); 
 WHEREAS, Cascades Canada Inc., an Affiliate of Seller, (“Cascades
Canada”) through its division, Cascades Boxboard Group - Jonquière, owns and operates certain assets located in Jonquière, Québec used in connection with the manufacturing of boxboard which is supplied by Cascades
Canada to Dopaco US and Dopaco Canada in order to produce the Products; 
 WHEREAS, following the Closing (as hereinafter
defined), Cascades Canada will continue to supply boxboard to Dopaco US and Dopaco Canada pursuant to the terms of that certain Supply Agreement (the “Boxboard Supply Agreement”) in the form annexed hereto as Exhibit A;

 WHEREAS, following the Closing, Cascades Canada Inc., through its Norampac division, will continue to supply corrugated boxes
to Dopaco US and Dopaco Canada pursuant to the terms of that certain Supply Agreement (the “Corrugated Boxes Supply Agreement”) in the form annexed hereto as Exhibit B; 

WHEREAS, Seller owns all of the right, title and interest in and to all of the issued and outstanding capital stock of Dopaco US (the
“Dopaco US Stock”) and all of the issued and outstanding capital stock of Dopaco Canada (the “Dopaco Canada Stock” and together with the Dopaco US Stock, the “Dopaco Stock”); 

WHEREAS, prior to the Closing, Seller shall cause each of Dopaco Pacific and Dopaco LP to be dissolved or transferred to and held by an
entity other than a Company pursuant to documentation that will not impose any post-Closing obligation or liability on any Company with respect to such entities (the “Subsidiary Disposition”); 

WHEREAS, Guarantor, as the indirect sole stockholder of Seller, anticipates deriving material benefits from the Transactions contemplated
by this Agreement; and 
 WHEREAS, Seller desires to sell, transfer and otherwise convey to Purchaser and Purchaser desires to
purchase from Seller, all of the right, title and interest in and to the Dopaco Stock in each case subject to, and in accordance with, the terms and conditions hereof. 

  
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 NOW, THEREFORE, in consideration of the foregoing facts, the mutual representations,
warranties, covenants and agreements contained herein, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

ARTICLE I 

DEFINITIONS 
 1.1 Definitions. 
 Capitalized terms used in this Agreement shall have the
meaning indicated below. Unless the context otherwise requires: (a) ”or” is not exclusive; (b) ’’including” means “including without limitation”; (c) an accounting term not otherwise defined has the
meaning assigned to it in accordance with GAAP; (d) words in the singular include the plural and words in the plural include the singular; (e) words in the masculine include the feminine and words in the feminine include the masculine;
(f) any date specified for any action that is not a Business Day shall be deemed to mean the first Business Day after such date; (g) a reference to a Person includes its successors and assigns; (h) “dollars,” or
“$” means the currency of the United States of America that, as at the time of payment, is legal tender for the payment of public and private debts; and (i) C$ means the currency of Canada that, as at the time of payment, is legal tender
for the payment of public and private debts. Any calculation of $ hereunder requiring a conversion from C$ shall be calculated using the applicable US$ exchange rate published in The Wall Street Journal for the close of the Business Day
immediately preceding the date of such calculation, which exchange rate is quoted at 4:00PM Eastern Time by Reuters. 

“2011 Quarterly Statements” has the meaning set forth in Section 5.13(b). 

“Accountant Arbitrator” has the meaning set forth in Section 2.4(e). 

“Additional Due Diligence Materials” means (i) the numerical pricing detail which has been redacted from each
contract between any of the Companies and the customers thereof provided to Purchaser prior to the execution of this Agreement; (ii) the commission percentages which have been redacted from each contract between any of the Companies and the
brokers and other sales representatives thereof provided to Purchaser prior to the execution of this Agreement; (iii) a schedule of Top Customers of the Companies with the revenues and margins associated with each of the Top Customers for the
fiscal years 2009, 2010 and forecast 2011; and (iv) working papers and other information requested by PwC supporting the EBITDA bridge, to the extent already in existence, for the fiscal years 2009, 2010 and forecast 2011, but only to the
extent they reflect the information referred to in clause (iii) above. 
 “Adjustment Cap” has the meaning
set forth in Section 2.4(c). 
 “Affiliate” means any Person that directly, or indirectly through
one or more intermediaries, controls or is controlled by or is under common control with the Person specified. For purposes of this definition, control of a Person means the power, direct or indirect, to direct or cause the direction of the
management and policies of such Person whether by contract or otherwise and/or the ownership, directly or indirectly, of more than 10% of the voting or equity securities or other interests of any such Person. 

“Agreement” has the meaning set forth in the preamble. 

“Applicable Accounting Principles” means (i) the GAAP principles, procedures and elections used in the
preparation of the Financial Statements for the 2010 fiscal year, 

  
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consistently applied, and (ii) the principles, procedures and elections specified on Schedule 1.1 (which, for the avoidance of doubt, shall take priority over clause (i) in the
event of any inconsistency). 
 “Audited Financial Statements” has the meaning set forth in
Section 5.13(a). 
 “Balance Sheet” means the consolidated balance sheet of the Companies as of the
Balance Sheet Date included in the Financial Statements. 
 “Balance Sheet Date” means December 26, 2010.

 “Basket Amount” has the meaning set forth in Section 7.1.1. 

“Boxboard Supply Agreement” has the meaning set forth in the recitals. 

“Business” has the meaning set forth in the recitals. 

“Business Day” means any day other than (a) a Saturday or a Sunday, or (b) a day on which banking institutions
are authorized or required by Law to be closed in the State of New York or the Province of Québec. 
 “Canada
Benefit Plan” means each written or oral employee benefit plan, scheme, program, policy, arrangement and contract (including but not limited to, any Canada bonus, incentive compensation, deferred compensation, pension, profit sharing,
retirement, stock purchase, stock option, stock ownership, stock appreciation rights, phantom stock, or other equity-based arrangement, retention, change in control, leave of absence, layoff, vacation, day or dependent care, legal services, life,
health, accident, disability or other insurance, severance, or separation plan, program, policy, arrangement or contract, but does not include any statutory plan, including but not limited to the Canada Pension Plan, or any plan administered under
provincial health tax, workers compensation and safety insurance and employment insurance legislation). 
 “Canadian
Pension Plans” has the meaning set forth in Section 3.18.1. 
 “Cascades Canada” has the
meaning set forth in the recitals. 
 “Cascades Credit Agreement” has the meaning set forth in
Section 8.1.12. 
 “Cash and Cash Equivalents” means the cash and cash equivalent assets (including
marketable securities, short-term investments and cash held by trust(s) established in connection with the Dopaco, Inc. Supplemental Executive Retirement Plan, which trust, for the avoidance of doubt, does not apply to Mr. Cauffman) of the
Companies, provided that Cash and Cash Equivalents shall exclude (i) the actual amount of the Union Packaging Sale Proceeds in the event the Union Packaging Sale occurs prior to the Closing Date and (ii) any workers compensation or lease
deposits. Cash and Cash Equivalents shall include all “cut” but uncashed checks (i.e. outstanding checks) issued by the Companies that are outstanding as of the opening of business on the Closing Date. Notwithstanding the foregoing, the
calculation of Cash and Cash Equivalents shall be made without giving effect to any of the transactions contemplated by this Agreement. 

  
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 “Claim” has the meaning set forth in Section 7.3.1. 

“Claim Notice” has the meaning set forth in Section 7.3.1. 

“Closing” has the meaning set forth in Section 2.2. 

“Closing Adjustment Certificate” has the meaning set forth in Section 2.4(d). 

“Closing Balance Sheet” has the meaning set forth in Section 2.4(d). 

“Closing Date” has the meaning set forth in Section 2.3. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended, and the final and temporary regulations promulgated
thereunder, and any successor legislation. 
 “Companies” means, collectively, Dopaco US, Dopaco Canada, the
Dopaco US Subsidiaries and the Dopaco Canada Subsidiaries (and each of the foregoing hereinafter referred to as a “Company”). 
 “Company Consents” has the meaning set forth in Section 3.3.2. 
 “Company Plans” has the meaning set forth in Section 3.18.1. 
 “Company Title IV Plan” has the meaning set forth in Section 3.18.3. 
 “Competing Business Transaction” means (i) a sale, grant, authorization or issuance by any of the Companies of (or the sale, grant, authorization, issuance or announcement of any
right to purchase) any debt or equity securities (or securities convertible into or exchangeable for debt or equity securities of any class or series of capital stock) of any Company (ii) any sale, transfer, license, lease, pledge, mortgage, or
other disposition of a material portion of the assets of any Company (other than sales of inventory), or (iii) any plan or agreement of complete or partial liquidation, dissolution, restructuring, merger, consolidation, business combination,
joint venture, recapitalization, reorganization, financing, tender offer, share exchange, dissolution or other extraordinary transaction involving a Company, provided, however, that a “Competing Business Transaction” shall not include the
Subsidiary Disposition. 
 “Competition Act” means the Competition Act (Canada) and the rules and regulations
adopted pursuant thereto, as amended. 
 “Conference Cup” has the meaning set forth in the recitals.

 “Conference Cup Stock” has the meaning set forth in the recitals. 

“Consents” has the meaning set forth in Section 3.3.2. 

“Continuing Company Plans” has the meaning set forth in Section 5.18.2. 

  
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 “Converting Facilities” has the meaning set forth in the recitals.

 “Corrugated Boxes Supply Agreement” has the meaning set forth in the recitals. 

“Covered Taxes” means, without duplication, any and all: 

(a) Taxes of or payable by any Company for any Pre-Closing Tax Period, together with any interest, penalty or additions to Tax accruing
after the Closing Date on Taxes described in this clause (a), 
 (b) Taxes arising as a result of any inclusion under
Section 951(a) of the Code (or any similar or corresponding provision of state or local Tax Law) with respect to any Company attributable to (i) “subpart F income,” within the meaning of Section 952 of the Code (or any
similar or corresponding provision of state or local Tax Law), received or accrued on or prior to the Closing Date or (ii) the holding of “United States property,” within the meaning of Section 956 of the Code (or similar or
corresponding provision of state or local Tax Law), on or prior to the Closing Date, computed, in each case, based on the amount of such Taxes that would be payable with respect to any Company if the relevant Tax period ended on the Closing Date,
and 
 (c) (i) Taxes that arise under Treasury Regulation Section 1.1502-6 or any similar provision of state, local or
foreign Law by virtue of any Company having been a member of a consolidated, combined, affiliated, unitary or other similar tax group prior to the Closing, (ii) Taxes of or payable by any Company having liability for Taxes of another Person arising
under principles of transferee or successor liability or by contract as a result of activities or transactions taking place at or prior to the Closing, (iii) Taxes that arise from or are attributable to any inaccuracy in or breach of any
representation or warranty made in Section 3.13 (Taxes) 3.24 (No Foreign Person) or 3.25 (Taxable Canadian Properties), (iv) Taxes that arise from or are attributable to any breach of any Tax covenant by Seller under
this Agreement, (v) Taxes that are a withholding Tax on any payment by Purchaser, any Company or any of their respective Affiliates to Seller or any of its Affiliates pursuant to this Agreement, and (vi) any Taxes that are attributable to
the transactions contemplated by Section 5.8, 8.1.13 or 8.1.14. 
 “Current Assets” means the trade
accounts receivable and miscellaneous receivables (both net of an allowance for doubtful accounts and cash discount reserves), inventories (net of reserves), prepaid expenses, workers’ compensation of Dopaco US and lease deposits, and other
current assets of the Companies (excluding, however, any Cash and Cash Equivalents of the Companies, any Union Packaging Sale Proceeds, any Income Tax assets and prepaid business insurance), all as of the opening of business on the Closing Date and
as determined in accordance with the Applicable Accounting Principles. For the avoidance of doubt, all receivables incurred in the ordinary course of business between any Company, on the one hand, and Seller or its Affiliates (other than the
Companies), on the other hand to be settled post-Closing as contemplated by Section 5.8 shall be included in Current Assets and all intercompany receivables within the Companies shall be excluded from Current Assets. 

“Current Liabilities” means trade accounts payable, accrued liabilities and other current obligations and liabilities of
the Companies (including any obligations or reserves in 

  
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– 

 
respect of Permitted Liens) (excluding, however, any Income Tax liabilities, accrued auditing fees, accrued workers compensation liabilities of Dopaco US and any obligation or liability in
respect of Indebtedness that is discharged and paid in full (or as to which the Companies are fully released) as of the Closing), all as of the opening of Business on the Closing Date and as determined in accordance with the Applicable Accounting
Principles. For the avoidance of doubt, all payables incurred in the ordinary course between any Company, on the one hand, and Seller or its Affiliates (other than the Companies), on the other hand, to be settled post-Closing as contemplated by
Section 5.8 shall be included in Current Liabilities and all intercompany payables within the Companies shall be excluded from Current Liabilities. 
 “Customer Risk” means any change with respect to any of the customers of the Companies or the relationship between any of such customers and all or any of the Companies for any reason
including, without limitation, the announcement of the execution and delivery hereof, but excluding any changes arising from (i) any material failure of any Company to comply with the material terms of any applicable agreement with any of the
Top Customers or to supply any such Top Customers, in all material respects, with products or services in the same manner and of the same type as have been provided by the Companies during the twelve month period prior to the date hereof, and
(ii) any plans or intentions (including changes in specifications, anticipated purchasing levels, or contractual arrangements) communicated in writing by a Top Customer to any Company during the twelve month period prior to the date hereof, or
of which there otherwise is Seller’s Knowledge, other than such plans or intentions as may have already been reflected in the terms of a Top Customer Contract. 
 “Disputed Items” has the meaning set forth in Section 2.4(e). 
 “Dissatisfaction Notice” has the meaning set forth in Section 5.12. 
 “Dissatisfaction Reasons” has the meaning set forth in Section 5.12. 
 “Dopaco Canada” has the meaning set forth in the recitals. 

“Dopaco Canada Company Plans” has the meaning set forth in Section 3.18.1. 

“Dopaco Canada Stock” has the meaning set forth in the recitals. 

“Dopaco Canada Subsidiaries” means, collectively, Garven and Conference Cup (and each of the foregoing hereinafter
referred to as a “Dopaco Canada Subsidiary”). 
 “Dopaco Interests” means, collectively, the
Dopaco Stock, the Dopaco Pacific Interest, the Union Packaging Interest, the Dopaco LP Interest, the Garven Stock and the Conference Cup Stock. 
 “Dopaco LP” has the meaning set forth in the recitals. 

“Dopaco LP Interest” has the meaning set forth in the recitals. 

“Dopaco Pacific” has the meaning set forth in the recitals. 

  
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 “Dopaco Pacific Interest” has the meaning set forth in the recitals.

 “Dopaco Partnership GP Interest” has the meaning set forth in the recitals. 

“Dopaco Partnership LP Interest” has the meaning set forth in the recitals. 

“Dopaco Stock” has the meaning set forth in the recitals. 

“Dopaco US” has the meaning set forth in the recitals. 

“Dopaco US Company Plans” has the meaning set forth in Section 3.18.1. 

“Dopaco US Stock” has the meaning set forth in the recitals. 

“Dopaco US Subsidiaries” means, collectively, Dopaco Pacific, Union Packaging and Dopaco LP (and each of the foregoing
hereinafter referred to as a “Dopaco US Subsidiary”). 
 “Employees” has the meaning set forth
in Section 3.17.1. 
 “Environmental Requirement” has the meaning set forth in
Section 3.22.1(a). 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended. 
 “ERISA Affiliate” shall mean any trade or business, whether or not incorporated, other than the
Companies, which has employees who are or have been at any date of determination occurring within the preceding two years treated pursuant to Section 414(b), (c), (m) or (o) of the Code as employees of a single employer which includes
any of the Companies. 
 “Estimated Adjustment Certificate” has the meaning set forth in
Section 2.4(a). 
 “Estimated Net Debt Amount” means the estimated Net Debt Amount set forth in the
Estimated Adjustment Certificate. 
 “Estimated Working Capital” means the estimated Working Capital as
reflected in the Estimated Adjustment Certificate. 
 “Estimated Working Capital Adjustment” means the amount
by which Estimated Working Capital is less than, or more than, the Working Capital Target. 
 “Excess Adjustment
Amount” has the meaning set forth in Section 2.4(c). 
 “Final Adjustment Certificate” has
the meaning set forth in Section 2.4(e). 
 “Final Net Debt Amount” means the final Net Debt Amount
as reflected in the Final Adjustment Certificate. 
 “Final Working Capital” means the final Working Capital as
reflected in the Final Adjustment Certificate. 

  
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 “Financial Statements” has the meaning set forth in
Section 3.7. 
 “GAAP” means United States generally accepted accounting principles as in effect
from time to time. 
 “Garven” has the meaning set forth in the recitals. 

“Garven Stock” has the meaning set forth in the recitals. 

“General Indemnity Cap” has the meaning set forth in Section 7.1.1. 

“Governmental Authority” means any government, or any governmental department, commission, agency, authority,
instrumentality or subdivision, or any judicial or administrative body, whether domestic, foreign, federal, state, provincial or local, having competent jurisdiction over the matter or matters in question. 

“Guarantor” has the meaning set forth in the preamble. 

“Hazardous Material” has the meaning set forth in Section 3.22.1(b). 

[REDACTED] 

[REDACTED] 

[REDACTED] 

“HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and the rules and regulations adopted pursuant
thereto, as amended. 
 “Improvements” means all structures, fixtures, improvements and equipment which are
owned, used, leased or held by the Companies as of the date hereof and as of the Closing Date. 
 “Income Tax
Act” means the Income Tax Act (Canada) and the rules and regulations adopted pursuant thereto, as amended. 

“Income Taxes” means Taxes with respect to net or gross income. 

  
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– 

 “Income Tax Returns” mean Tax Returns with respect to Income Taxes.

 “Indebtedness” means, with respect to any Person, (I) all obligations of such Person respecting any of
the following: (a) for borrowed money, (b) evidenced by notes, bonds, debentures or similar instruments, (c) for the deferred purchase price of goods or services (other than trade payables or accruals incurred in the ordinary course
of business), (d) under capital leases, (e) in the nature of guarantees of the obligations described in clauses (a) through (d) above of any other Person, and all principal, interest, fees, prepayment penalties (including those
amounts that would be owed in connection with any repayment of debt on the Closing Date) or amounts due or owing with respect to the foregoing, or (f) the present value of the accrued benefit obligations of the Dopaco, Inc. Supplemental
Executive Retirement Plan (which, for the avoidance of doubt, does not apply to Mr. Cauffman) within the meaning of Statement of Financial Accounting Standards 132, as set forth in the most recent actuarial report provided to Dopaco US, and as
of the measurement date set forth therein, as adjusted for payments made to beneficiaries thereunder and the recording of periodic pension expenses, and (II) in the case of the Companies, to the extent any Union Packaging Sales Proceeds are received
prior to the Closing and are the subject of a dividend or other distribution prior to the Closing, the amount of such declared and paid dividend, provided that in each of the foregoing clauses, Indebtedness shall not include any liabilities included
within the definition of Current Liabilities hereof. 
 “Indemnified Party” has the meaning set forth in
Section 7.3.1. 
 “Indemnifying Party” has the meaning set forth in Section 7.3.1.

 “Intellectual Property” has the meaning set forth in Section 3.15. 

“Interim Reviewed Statements” has the meaning set forth in Section 5.13(b). 

“Investment Canada Act” means the Investment Canada Act (Canada), and the rules and regulations adopted pursuant
thereto, as amended. 
 “Law” means, (a) any statute, law, regulation, ordinance, code, rule, judgment,
order, decree, permit, concession, grant, franchise, license, agreement or other governmental restriction or any interpretation or administration of any of the foregoing by any Governmental Authority, and (b) any directive, guideline, policy,
requirement or any similar form of decision of or determination by any Governmental Authority, in each case, as currently, and on the Closing Date, in effect. 
 “Leased Real Property” has the meaning set forth in Section 3.9.1.1. 
 “Liabilities” means all Indebtedness, obligations, claims, causes of action, actions, covenants, mortgages, bonds, liabilities, damages, judgments and executions of whatever nature,
whether known or unknown, whether accrued or unaccrued, whatsoever in law or equity. 
 “Liens” means any lien,
pledge, security interest, charge, claim, mortgage, deed of trust, option, warrant, purchase right or option, right of first refusal or similar right, lease, easement or other encumbrance or restriction of any kind. 

  
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 “Losses” has the meaning set forth in Section 7.1. 

“Majority Dopaco Pacific Interest” has the meaning set forth in the recitals. 

“Management Reports” has the meaning set forth in Section 5.13(c). 

“Material Adverse Change” means any change, effect or circumstance that, individually or in the aggregate, has had, or
would reasonably be expected to result in a material adverse change in the businesses, operations, properties, assets or financial condition of all of the Companies collectively taken as a whole, and shall exclude any change resulting or arising
from: (a) any change in Law; (b) any change in interest rates or general economic conditions; (c) any change in GAAP; (d) any change that is generally applicable to the industries in which the Companies operate; (e) any national
or international political or social conditions, including, without limitation, the engagement by the United States or Canada in hostilities, whether or not pursuant to the declaration of a national emergency or war, or the occurrence of any
military or terrorist attack upon the United States or Canada, or any of their territories, possessions, or diplomatic or consular offices or upon any military installation, equipment or personnel of the United States or Canada; or (f) any
Customer Risk, provided that the exclusions in clauses (a) through (e) above shall only apply to the extent the items referred to in such clauses have not had or would not be reasonably expected to have a disproportionate impact on the
Companies in comparison to others operating in the same industry. 
 “Material Adverse Effect” means any
change, effect or circumstance that, individually or in the aggregate, has had, or would reasonably be expected to have a material adverse effect in the businesses, operations, properties, assets or financial condition of all of the Companies
collectively taken as a whole, and shall exclude any effect resulting or arising from: (a) any change in Law; (b) any change in interest rates or general economic conditions; (c) any change in GAAP; (d) any change that is generally
applicable to the industries in which the Companies operate; (e) any national or international political or social conditions, including, without limitation, the engagement by the United States or Canada in hostilities, whether or not pursuant
to the declaration of a national emergency or war, or the occurrence of any military or terrorist attack upon the United States or Canada, or any of their territories, possessions, or diplomatic or consular offices or upon any military installation,
equipment or personnel of the United States or Canada; or (f) any Customer Risk, provided that the exclusions in clauses (a) through (e) above shall only apply to the extent the items referred to in such clauses have not had or would
not be reasonably expected to have a disproportionate impact on the Companies in comparison to others operating in the same industry. 
 “Material Contracts” has the meaning set forth in Section 3.10.1. 
 “Minority Dopaco Pacific Interest” has the meaning set forth in the recitals. 
 “Multiemplover Plan” means a multiemployer plan within the meaning of Section 4001(a)(3) of ERISA, or a multi-employer pension plan as defined in Section 1(1) of the Pensions
Benefits Act (Ontario) or similar legislation of another Canadian jurisdiction. 
 “Net Debt Amount” means
an amount by which Cash and Cash Equivalents of the Companies exceeds Indebtedness of the Companies (or, in the event Indebtedness of the 

  
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Companies exceeds Cash and Cash Equivalents of the Companies, the amount of such excess expressed as a negative number), all as of the opening of business on the Closing Date and as determined in
accordance with the Applicable Accounting Principles, provided that for purposes of this definition, Cash and Cash Equivalents shall not exceed Ten Million Dollars ($10,000,000). 

“Non-Union Employees” has the meaning set forth in Section 5.18.1. 

“Notice Period” has the meaning set forth in Section 7.3.1. 

“Obligations” has the meaning set forth in Section 10.12. 

“Order” means any writ, judgment, decree, injunction or similar order of any Governmental Authority. 

“Outside Date” has the meaning set forth in Section 9.1(d). 

“Owned Real Property” has the meaning set forth in Section 3.9.1.1. 

“Parent Insurance” has the meaning set forth in Section 5.6(a). 

“Permits” means all agreements, issuances, orders, licenses, franchises, permits and authorizations that have been
issued by, or entered into with, any Governmental Authority, necessary to own and operate the Business as currently owned and operated. 
 “Permitted Liens” means with respect to any Person, any one or more of the following: (a) Liens for Taxes either not yet due and payable or which are being contested in good faith by
appropriate proceedings diligently prosecuted and as to which adequate reserves shall have been set aside in conformity with GAAP, (b) deposits or pledges to secure the payment of workers’ compensation, unemployment insurance, social
security benefits or obligations arising under similar legislation, or to secure the performance of public or statutory obligations, surety or appeal bonds, and other obligations of a like nature incurred in the ordinary course of business as to
which adequate reserves have been established, (c) materialmen’s, mechanics’, workmen’s, repairmen’s, employees’, landlords’, lessors’ or other like Liens arising in the ordinary course of business to secure
obligations not more than thirty (30) days past due or being contested in good faith and as to which adequate reserves shall have been set aside in conformity with GAAP, (d) any obligations or duties affecting any of the property of such
Person to any Governmental Authority with respect to any Permit which do not materially impair the use or value of such property for the purposes for which it is held, and (e) utility easements, rights of way, building restrictions and other
similar encumbrances or charges against real property (other than monetary Liens) which are of a nature generally existing with respect to properties of a similar character and which do not materially affect the marketability of the same, detract
from the value of the same, or interfere with the use thereof in the business of such Person, in each case as in existence on the date hereof. 
 “Person” means any natural person, corporation, limited liability company, general partnership, limited partnership, proprietorship, other business organization, trust, union, association
or Governmental Authority or any other entity. 

  
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 “Personal Property” means all machinery, equipment, spare parts, furniture,
computers, software, tools, supplies, inventories, consumable supplies, contracts, agreements, purchase orders, use licenses, reports, data, books, documents and records, including, without limitation, any and all of the foregoing located at the
Converting Facilities of the Companies, owned, leased or held for use by the Companies as of the date hereof and as of the Closing Date. 
 “Post-Closing Tax Period” means any Tax period beginning after the Closing Date and, with respect to a Straddle Period, the portion of such Straddle Period beginning after the Closing
Date. 
 “Pre-Closing Tax Period” means any Tax period ending on or before the Closing Date and, with respect
to a Straddle Period, the portion of such Straddle Period ending on the Closing Date. 
 “Products” has the
meaning set forth in the recitals. 
 “Prohibited Business” has the meaning set forth in
Section 5.9. 
 “Purchase Price” has the meaning set forth in Section 2.2. 

“Purchaser” has the meaning set forth in the preamble. 

“Purchaser Breach” has the meaning set forth in Section 10.7. 

“Purchaser Indemnified Parties” has the meaning set forth in Section 7.1. 

“Purchaser Plans” has the meaning set forth in Section 5.18.1. 

“Purchasing Entity” has the meaning set forth in Section 10.4. 

“PwC” means PricewaterhouseCoopers LLP. 
 “R. Cauffman Employment Agreement” means that certain Amended and Restated Employment Agreement by and between Dopaco US and Robert L. Cauffman, dated as of June 16, 2008, as amended
by that certain Amendment No. 1, effective December 5, 2008, and that certain Amendment No. 2, effective February 1, 2011, and by that certain letter from Mr. Cauffman to Dopaco US, dated September 23, 2009. 

“Real Property” has the meaning set forth in Section 3.9.1.1. 

“Real Property Leases” has the meaning set forth in Section 3.9.1.1. 

“Release” has the meaning set forth in Section 3.22.1(c). 

“Release and Substitution” has the meaning set forth in Section 5.17. 

“Satisfaction Notice” has the meaning set forth in Section 5.12. 

“Securities Act” has the meaning set forth in Section 4.5. 

  
 13 

 “Seller” has the meaning set forth in the preamble. 

“Seller Breach” has the meaning set forth in Section 10.7. 

“Seller Consents” has the meaning set forth in Section 3.2.2. 

“Seller Indemnified Parties” has the meaning set forth in Section 7.2. 

“Seller’s Knowledge” means, with respect to a Seller, the actual knowledge or awareness of each or any of the
persons listed with respect to such Seller on Exhibit D, provided that for purposes of the definition of Customer Risk as applied in Section 3.26, such Knowledge shall be measured after due inquiry of those individuals who serve
as the Companies’ sales representatives for the Top Customers. 
 “Specified Dispute” means the dispute
and any related proceedings disclosed as item (3) on Schedule 3.12.1. 
 “Specified Litigation”
means the proceeding identified as item (1) on Schedule 3.12.1. 
 “Straddle Period” means any
taxable period beginning on or before the Closing Date and ending after the Closing Date. 
 “Subsidiary
Disposition” has the meaning set forth in the recitals. 
 “Survival Expiration Date” has the meaning
set forth in Section 7.1.1. 
 “Tax Arbitrator” has the meaning set forth in
Section 6.3.3. 
 “Taxes” means any federal, state, provincial, local or foreign taxes,
assessments, interest, penalties, deficiencies, additions to tax, fees and other governmental charges or impositions (including all net or gross income tax, gross receipts, net proceeds, unemployment compensation, social security, payroll,
withholding, employment, sales and use, value added, privilege, property, alternative or add-on minimum and any other tax or similar governmental charge imposed by any Governmental Authority). 

“Taxing Authority” means any Governmental Authority having or purporting to exercise jurisdiction with respect to any
Tax. 
 “Tax Proceeding” shall mean any contest, assessment or other proposed adjustment with respect to Taxes.

 “Tax Returns” means any return (including any information return and any applicable elections), report,
statement, schedule, notice, form, or other document or information filed with or submitted to, or required to be filed with or submitted to, any Taxing Authority in connection with the determination, assessment, collection, or payment of any Tax or
in connection with the administration, implementation, or enforcement of or compliance with any Law relating to any Tax. 

  
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 “Termination Fee” has the meaning set forth in Section 5.12.

 “Top Customer Contracts” means the contracts with respect to any of the Top Customers and any of the
Companies. 
 “Top Customers” means the ten largest end user customers of the Companies by 2010 dollar volume.

 “Transactions” has the meaning set forth in Section 3.1. 

“Treasury Regulation” means a provision of the regulations of the Department of the Treasury promulgated under the Code,
as amended from time to time, or the corresponding provision or provisions of succeeding regulations. 
 “Union
Employees” has the meaning set forth in Section 5.18.3. 
 “Union Packaging” has the
meaning set forth in the recitals. 
 “Union Packaging Interest” has the meaning set forth in the recitals.

 “Union Packaging LLC Agreement” means that certain Limited Liability Company Agreement of Union Packaging,
dated as of December 21, 1999, by and between Providence Packaging Group, Inc. and Dopaco US. 
 “Union Packaging
Sale” has the meaning set forth in the recitals. 
 “Union Packaging Sale Proceeds” has the meaning
set forth in the recitals. 
 “US Benefit Plan” means each written or oral employee benefit plan, scheme,
program, policy, arrangement, and contract (including, but not limited to, any “employee benefit plan,” as defined in Section 3(3) of ERISA, whether or not subject to ERISA, and any bonus, incentive compensation, deferred
compensation, pension, profit sharing, retirement, stock purchase, stock option, stock ownership, stock appreciation rights, phantom stock, or other equity-based arrangement, and any employment, termination, retention, change in control, leave of
absence, layoff, vacation, day or dependent care, legal services, cafeteria, life, health, accident, disability, workers compensation or other insurance, severance, or separation plan, program, policy, arrangement or contract) 

“Working Capital” means an amount equal to the total Current Assets, less the total Current Liabilities. 

“Working Capital Adjustment” means an amount by which Working Capital exceeds the Working Capital Target or, if the
Working Capital Target exceeds Working Capital, the amount of such excess, expressed as a negative number. 
 “Working
Capital Target” means $65,829,176. 

  
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 ARTICLE II 
 PURCHASE AND SALE 
 2.1 Agreement to Purchase and Sell the Dopaco
Stock. 
 Subject to the terms and conditions hereof, at the Closing, Seller shall sell, assign, transfer and convey, free
and clear of all Liens, the Dopaco Stock, and Purchaser shall purchase and accept the sale, assignment, transfer and conveyance to it of the Dopaco Stock. 
 2.2 Purchase Price. 
 In consideration of the purchase and sale described
in Section 2.1, upon the closing thereof (the “Closing”), Purchaser shall pay to Seller in consideration of the sale of the Dopaco Stock an amount equal to Four Hundred Million Dollars ($400,000,000) (the
“Purchase Price”), which shall be subject to adjustment as set forth in Section 2.4, and which shall be paid at the Closing in cash, by wire transfer of immediately available funds to an account or accounts specified by
Seller to Purchaser in writing in advance of the Closing, which Purchase Price shall be allocated in accordance with Exhibit E hereto. Prior to the Closing, the parties shall adjust the allocation set forth on Exhibit E to reflect the
Estimated Working Capital Adjustment. Following the Closing, the parties shall further adjust the allocation set forth on Exhibit E to reflect the Final Adjustment Certificate. 

2.3 Closing. 
 Subject to the terms and conditions hereof, the Closing shall take place on May 2, 2011 or such later date that is five Business Days subsequent to the day on which the last of the conditions
precedent to Closing set forth in Article VIII shall have been either satisfied or waived by the party for whose benefit such conditions precedent exist (other than those conditions to be satisfied by certificate deliveries at the Closing,
but subject to the satisfaction of such delivery requirements), or at some other time as the parties may agree, (the “Closing Date”) at 10:00 a.m. Eastern Time at the offices of Debevoise & Plimpton LLP, 919 Third Avenue,
New York, New York 10022. 
 2.4 Purchase Price Adjustments. 

(a) On the date that is two Business Days prior to the Closing Date, Seller shall deliver to Purchaser a certificate of Dopaco US’s
Chief Financial Officer, prepared in good faith in accordance with defined terms herein and based on available information setting forth its estimate of the Net Debt Amount, the Working Capital and Working Capital Adjustment and including reasonable
supporting documentation for such calculations (the “Estimated Adjustment Certificate”). Without modifying the terms of this Agreement, the parties agree that Schedule 1.2 is instructive as to the manner of calculating
Working Capital and the Net Debt Amount hereunder, as it reflects the inclusion and exclusion of accounts that would have been used in the calculation of Working Capital and the Net Debt Amount applying the definitions referred to herein to the
extent that such calculation of Working Capital and the Net Debt Amount had been made as of the opening of business on December 26, 2010 rather than as of the opening of business on the Closing Date. 

  
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 (b) The Estimated Adjustment Certificate shall be used by the parties to make a preliminary
adjustment to the Purchase Price on the Closing Date pursuant to Section 2.4(c), subject to further adjustment in accordance with Section 2.4(e). 
 (c) In the event that the Estimated Working Capital Adjustment is a negative number, the Purchase Price shall be reduced in an amount equal to the Estimated Working Capital Adjustment. In the event that
the Estimated Working Capital Adjustment is a positive number, the Purchase Price shall be increased in an amount equal to the Estimated Working Capital Adjustment, but in no event in such case shall the Estimated Working Capital Adjustment exceed
Ten Million Dollars ($10,000,000) (the “Adjustment Cap”). In the event the amount of the Estimated Working Capital Adjustment would have exceeded the Adjustment Cap but for the existence of the Adjustment Cap pursuant to the
provisions of the immediately preceding sentence, the amount of such excess shall be defined as “Excess Adjustment Amount”. In the event the Net Debt Amount is a positive number, the Purchase Price shall be increased by such amount
and if the Net Debt Amount is a negative number, the Purchase Price shall be reduced by such amount. 
 (d) Within 60 days
after the Closing Date, Purchaser shall deliver to Seller a certificate setting forth, in reasonable detail, its calculation of the Net Debt Amount, Working Capital and Working Capital Adjustment as of the Closing Date (the “Closing
Adjustment Certificate”), together with a consolidated balance sheet of the Companies as of the Closing Date (the “Closing Balance Sheet”), which shall be prepared in accordance with the Applicable Accounting Principles.
Seller shall provide Purchaser with reasonable access to books, records and personnel of Seller and work papers of its accountants as reasonably necessary and within Seller’s control or possession to enable Purchaser to prepare the Closing
Balance Sheet. 
 (e) Seller shall have 30 days from the date on which the Closing Adjustment Certificate and the Closing
Balance Sheet have been delivered to it to raise any objection(s) to the calculations set forth in the Closing Adjustment Certificate, on the basis that they were not prepared accurately in accordance with Section 2.4(d), by delivery of written
notice to Purchaser setting forth such objection(s) in reasonable detail (the “Disputed Items”). In the event that Seller shall not deliver any such objection(s) with respect to the Closing Adjustment Certificate within such
thirty-day period, then the Closing Adjustment Certificate shall be deemed final for purposes of this Section 2.4 (such final Closing Adjustment Certificate, the “Final Adjustment Certificate”). In the event that any
such objection(s) are so delivered, the Closing Adjustment Certificate shall be deemed not final and Purchaser and Seller shall attempt, in good faith, to resolve the Disputed Items and, if they are unable to resolve all of the Disputed Items within
15 Business Days of delivery of such notice, shall, five Business Days thereafter (or such earlier date as mutually agreed) designate the New York office of Ernst & Young LLP to serve as the “Accountant Arbitrator” hereunder (the
“Accountant Arbitrator”). The Accountant Arbitrator shall resolve all remaining Disputed Items in accordance herewith within 20 Business Days from the date of its designation. In connection with the foregoing, the Accountant
Arbitrator shall be instructed to and must (i) limit its determination(s) only to the remaining Disputed Items, (ii) make its determination(s) as to each remaining Disputed Item based upon the application of this Section 2.4
and (iii) not assign a value to any remaining Disputed Item greater than the higher value for such Disputed Item claimed by either Purchaser or Seller or less than 

  
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the lower value for such Disputed Item claimed by Purchaser or Seller. All determinations by the Accountant Arbitrator shall be final and binding upon the parties for purposes of this
Section 2.4, absent fraud or manifest error. The fees and expenses of the Accountant Arbitrator shall be allocated between Purchaser and Seller in the same proportion to which the dollar amounts of their respective positions on Disputed
Items are accepted or rejected by the Accountant Arbitrator. Purchaser and Seller acknowledge and agree that any adjustment made under this Section 2.4 is and shall be treated as an adjustment to the Purchase Price. 

(f) At such time as the Closing Adjustment Certificate shall become the Final Adjustment Certificate in accordance with
Section 2.4(e), the Estimated Working Capital shall be compared to the Final Working Capital and the Estimated Net Debt Amount shall be compared to the Final Net Debt Amount. In the event that the Final Working Capital shall be a number
greater than the Estimated Working Capital, Purchaser shall pay to Seller an amount equal to such difference, plus, if there was an Excess Adjustment Amount, the amount of such Excess Adjustment Amount. In the event that the Final Working Capital
shall be a number less than the Estimated Working Capital, either (i) Seller shall pay Purchaser an amount equal to such difference to the extent that such difference is greater than the Excess Adjustment Amount; or (ii) if subtracting
such difference from the Excess Adjustment Amount results in a positive number, Purchaser shall pay an amount equal to such positive number to Seller. In any event, if there was an Excess Adjustment Amount, Purchaser shall pay Seller interest on the
Excess Adjustment Amount accruing at a rate of five percent (5%) per annum during the period commencing on the Closing Date and concluding upon the date that payment is to be made pursuant to this Section 2.4(f). If the Final Net
Debt Amount is a number greater than the Estimated Net Debt Amount, Purchaser shall pay to Seller an amount equal to such difference. If Final Net Debt Amount is a number less than the Estimated Net Debt Amount, Seller shall pay to Purchaser an
amount equal to such difference. For the avoidance of doubt, the payments in respect of Working Capital and Net Debt contemplated by this Section 2.4(f) may be aggregated and netted against one another, if applicable, for purposes of the
payments to be made between the parties. Any payment to be made pursuant to this Section 2.4(f) shall be made within five Business Days from the date that the Final Adjustment Certificate is finally determined pursuant to
Section 2.4(e), by wire transfer of immediately available funds (i) if due to Purchaser, to an account designated in writing by Purchaser and (ii) if due to Seller, to an account designated in writing by Seller. Any amount so
owing and not paid within such five Business Days shall begin accruing interest until paid at the rate of five percent (5%) per annum. 
 (g) Notwithstanding the existence of Disputed Items, if other aspects of the calculation of Working Capital or Net Debt are undisputed, payment shall be made between the parties with respect to such items
as soon as practicable and the payment mechanisms in Section 2.4(f) shall be adjusted to reflect such earlier payments. 
 2.5 Withholding. 
 Notwithstanding any other provision of this Agreement,
and for the avoidance of doubt, (a) each payment made pursuant to this Agreement shall be made net of any Taxes required by applicable Law to be deducted or withheld from such payment and (b) any amounts deducted or withheld from any such
payment shall be remitted to the applicable Taxing Authority and shall be treated for all purposes of this Agreement as having been paid. The party 

  
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making any such deduction or withholding shall furnish to the other party official receipts (or copies thereof) evidencing the payment of any such Taxes. If either Purchaser or Seller becomes
aware that any amount is required to be so deducted or withheld, it shall promptly provide notice to the other party. Notwithstanding the foregoing, if any amount is deducted or withheld from any payment made pursuant to this Agreement and Seller
receives less than five (5) days notice prior to the making of such deduction or withholding, then, to the extent permitted by Law, any such deduction or withholding shall not be remitted to the applicable Taxing Authority earlier than the date
that is five (5) days after Seller received notice of such deduction or withholding and Seller shall be entitled to raise any objection with respect to such deduction or withholding during such period. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF SELLER 
 As of the date hereof and as of the Closing Date, Seller represents and warrants to Purchaser as follows: 
 3.1 Approval of Agreement and Transactions. 
 This Agreement and the
transactions described herein (the “Transactions”) have been duly authorized, and this Agreement, and each other agreement, instrument or other document contemplated herein and to which Seller is a party, has been duly executed and
delivered by Seller, and all appropriate action has been properly taken with respect thereto, in accordance with the organizational and governing documents of Seller and applicable Law. 

3.2 Seller’s Existence and Good Standing; Authority; Binding Obligation; No Conflicts or Restrictions. 

3.2.1 Seller is a corporation duly organized, validly existing and in good standing under the Laws of the State of Delaware. Seller has
full legal right, power and authority to execute and deliver this Agreement and to perform its obligations hereunder, including the consummation of the Transactions, and each of the other agreements, instruments and other documents delivered
pursuant hereto or otherwise in connection herewith. Assuming valid execution and delivery by Purchaser, this Agreement and, when executed and delivered by Seller, each of the other agreements, instruments and other documents delivered pursuant
hereto or otherwise contemplated herein, constitute the legal, valid and binding obligations of Seller enforceable in accordance with its terms, except as the same may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
similar Laws in effect from time to time relating to or affecting the enforcement of creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). Seller has
provided to Purchaser a copy of a resolution adopted by the Board of Directors of Seller duly certified by an appropriate officer authorizing Seller to execute, deliver and perform its obligations under this Agreement, including the consummation of
the Transactions, and each other agreement, instrument or other document delivered herewith or otherwise pursuant hereto or otherwise contemplated herein. 

  
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 3.2.2 Except as set forth on Schedule 3.2.2 (collectively, the “Seller
Consents”), the execution, delivery and performance of this Agreement and each other agreement, instrument or other document contemplated herein and to which Seller is a party, do not (i) conflict with Seller’s organizational and
governing documents; or (ii) require the consent, notice or other action by any Person under, conflict with, result in a violation or breach of, constitute a default or an event that, with or without notice or lapse of time or both, would
constitute a default under, result in the acceleration of, loss of any right under or create in any party the right to accelerate, terminate, modify or cancel any agreement to which Seller is a party. 

3.3 The Companies’ Existence and Good Standing; Authority; Binding Obligation; No Conflicts or Restrictions. 

3.3.1 Dopaco US is a corporation validly existing and in good standing under the Laws of the Commonwealth of Pennsylvania. Dopaco
Pacific is a limited liability company, validly existing and in good standing under the Laws of the State of Delaware. Union Packaging is a limited liability company, validly existing and in good standing under the Laws of the State of Delaware.
Dopaco LP is a limited partnership, validly existing and in good standing under the Laws of the State of Delaware. Dopaco Canada is a corporation validly existing and in good standing under the Laws of Canada. Each of Garven and Conference Cup is a
corporation validly existing and in good standing under the Laws of Ontario. Each Company is qualified to do business in every jurisdiction where the character or location of the properties owned or leased by it, or the nature of the business
conducted by it, requires such qualification, except where the failure to be so qualified would not reasonably be expected to have a Material Adverse Effect. Seller has provided or made available to Purchaser or its representatives correct and
complete copies of the Articles of Incorporation, Certificates of Organization and Certificates of Formation, as applicable, and Bylaws, Limited Liability Company Agreements and Limited Partnership Agreements, as applicable, of each Company, and all
other organizational and governing documents of each Company, including all amendments to the foregoing in each case as listed on Schedule 3.3. No Company is in default of any of the terms or conditions of any of its respective governing
documents. 
 3.3.2 Except as set forth on Schedule 3.3.2 (collectively, “Company Consents”, and
together with the Seller Consents, the “Consents”), the execution, delivery and performance of each agreement, instrument or other document contemplated herein and to which a Company is a party, do not (i) conflict with such
Company’s organizational and governing documents; or (ii) require the consent, notice or other action by any Person under, conflict with, result in a violation or breach of, constitute a default or an event that, with or without notice or
lapse of time or both, would constitute a default under, result in the acceleration of, loss of any right under or create in any party the right to accelerate, terminate, modify or cancel any agreement to which such Company is a party, including any
Material Contract. 
 3.3.3 Investment Canada Act. 

The value of the assets of Dopaco Canada and the Dopaco Canada Subsidiaries, calculated in the manner prescribed by the Investment Canada
Act, does not equal or exceed Three Hundred Twelve Million Canadian Dollars (C$312,000,000). 

  
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 3.4 No Material Interest. 

Seller has no direct or indirect equity, partnership or other ownership interest in any creditor, competitor, supplier, lessor, customer
or lessee of the Companies, except as may be set forth in Schedule 3.4 hereto. 
 3.5 Capital Structure: No Liens.

 The issued and outstanding stock, limited liability company interests, and partnership interests, as applicable, of the
Companies are owned by the Persons and in the amounts set forth in Schedule 3.5. All shares, limited liability company interests and partnership interests, as applicable, of the Companies have been duly authorized and validly issued and are
fully paid and non-assessable. As of the date hereof and as of the Closing Date: 
 (a) Seller owns all of the issued and
outstanding capital stock of Dopaco US and Dopaco Canada; 
 (b) [REDACTED]; 

(c) [REDACTED]; 
 (d) [REDACTED]; 
 (e) Dopaco Canada owns all of the issued and outstanding
capital stock of Garven; 
 (f) Garven owns all of the issued and outstanding capital stock of Conference Cup; and 

(g) None of the foregoing capital stock, limited liability company interests or partnership interests was issued in violation of the
preemptive rights of any Person. Except for this Agreement and as set forth in Schedule 3.5, there are no outstanding equity interests and no options, warrants, rights, calls, subscriptions, commitments, conversion rights, rights of exchange,
rights of first refusal, plans or other agreements of any character providing for the purchase, issuance or sale by any Person of any shares of capital stock, limited liability company interests, partnership interests or other ownership interests,
as the case may be, of any Company. There are no shares of capital stock, limited liability company interests, partnership interests or other ownership interests, as the case may be, of any Company reserved for issuance for any purpose. All of the
equity interests described in this Section 3.5 are and shall be conveyed directly or indirectly, as the case may be, to Purchaser at Closing free and clear of all Liens [REDACTED] Dopaco Pacific and Dopaco LP are inactive entities that
do not participate in the conduct of the Business or hold assets used in the conduct of the Business. 

  
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 3.6 Subsidiaries and Investments. 

Except as set forth in Schedule 3.6 hereto, and as otherwise set forth in Schedule 3.5, none of the Companies directly or
indirectly owns or has any commitment or right to purchase any capital stock or other equity or ownership or proprietary interest in any Person, nor does any Company have any direct or indirect subsidiary. 

3.7 Financial Statements. 
 Attached hereto as Schedule 3.7(a) are: the unaudited balance sheets, statements of income and statements of cash flow of Dopaco US for the years ended December 28,
2008, December 27, 2009, and December 26, 2010, each of which consolidates the Companies (the “Financial Statements”). Except as disclosed on Schedule 3.7(b), the Financial Statements have been prepared from
the books and records of Dopaco US and Dopaco Canada and each of the Dopaco US Subsidiaries and the Dopaco Canada Subsidiaries and have been prepared in accordance with GAAP, consistently applied. Each Financial Statement fairly presents in all
material respects the financial condition of the Companies at the date thereof, and the related statements of income and changes in financial position fairly present in all material respects the results of the operations and changes in financial
position of the Companies to which it pertains for the period indicated, except as otherwise indicated on Schedule 3.7(b). 
 3.8 Books and Records. 
 All material logs and records pertaining to
operational matters of the Companies have been accurately maintained in all material respects, and there are no material inaccuracies or material discrepancies of any kind contained or reflected therein. The minute books of the Companies contain
materially accurate records of all meetings of, and corporate actions or written consents taken by, or with respect to, the Companies. 
 3.9 Properties: Encumbrances: Condition; Leases: Licenses. 
 3.9.1 Real
Property. 
 3.9.1.1 Schedule 3.9.1.1(a) contains a description of all tracts or parcels of, or other interests in,
real property owned by each of the Companies (together with all improvements and fixtures located thereon or attached thereto, and together with any fixtures or improvements owned by any of the Companies and located on or attached to, the Leased
Real Property (as defined below), the “Owned Real Property”) and sets forth the address, beneficial owner and registered title holder of each parcel of Owned Real Property; and Schedule 3.9.1.1(b) contains a description of
all tracts or parcels of, or other interests in, real property leased, subleased or used under a license or occupancy agreement by any of the Companies (the “Leased Real Property” and together with the Owned Real Property, the
“Real Property”), and a list of all leases for such Leased Real Property to which each Company is a party (the “Real Property Leases”) and sets forth the address, landlord and tenant for each Real Property Lease.

  
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 3.9.1.2 Each of the respective Companies has good, valid and marketable title, in fee
simple, to the Owned Real Property owned by it, and, as of the Closing Date, such Owned Real Property shall be free and clear of all Liens, other than Permitted Liens, and other than as set forth on Schedule 3.9.1.2, which liens shall be
released on or prior to the Closing Date. 
 3.9.1.3 Each of the respective Companies has good and valid rights under the Real
Property Leases to which it is a party, and, as of the Closing Date, such rights shall be free and clear of all Liens, other than Permitted Liens, and other than as set forth on Schedule 3.9.1.3. Each of the respective Companies has the right
to use the Leased Real Property in accordance with the terms of the applicable Real Property Lease to which it is a party, in each case for the conduct of its business as presently conducted. 

3.9.1.4 Each of the Real Property Leases is valid, binding and enforceable in accordance with its terms, except as the same may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws in effect from time to time relating to or affecting the enforcement of creditors’ rights generally and by general principles of equity (regardless of
whether enforcement is sought in a proceeding in equity or at law) and no renewal, extension or termination options have been granted to any party thereunder other than as expressly set forth therein. All rents, royalties and other payments due from
each respective Company as of the Closing Date on each of the Real Property Leases shall have been paid in full in all material respects as of the Closing Date. 
 3.9.1.5 Each of the respective Companies is in peaceable and undisturbed possession of the Real Property owned, leased or occupied by it, and none of the Companies is in default under any of its material
obligations under any of the Real Property Leases and no waiver of its obligations thereunder has been granted by any lessor, lessee, grantor or licensor, as the case may be. None of the Companies has sent a written notice to the other party to a
Real Property Lease stating that such other party is in default thereunder, which default remains uncured. 
 3.9.1.6 None of
the Companies or Seller has received any written notice from any Governmental Authority claiming that any Company is currently violating, or any of the Real Property or Improvements is in violation, in any material respect, of any building or zoning
Law with respect to the Real Property. The use and operation of the Real Property in the conduct of the Business do not violate in any material respect any covenant, condition, restriction, easement, license, permit or agreement. 

3.9.1.7 Except as set forth in Schedule 3.9.1.7, neither Seller nor any of the Companies has received written notice of any
condemnation proceedings pending against the Real Property or the Improvements and to Seller’s Knowledge, there is no threatened condemnation proceeding with respect thereto. 

3.9.1.8 Except as set forth on Schedule 3.9.1.8, none of the Companies or Seller is a lessor, sublessor or grantor under any
lease, sublease or other instrument granting to another Person any right to the possession, use, lease, occupancy or enjoyment of any of the Real Property. 

  
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 3.9.1.9 Except as set forth on Schedule 3.9.1.9, none of the Companies or Seller
owns, holds, has granted or is obligated under any option, right of first offer, right of first refusal or other contractual right to purchase, acquire, sell or dispose of the Real Property or any portion thereof or interest therein. 

3.9.2 Personal Property. 
 3.9.2.1 Schedule 3.9.2.1 sets forth an accurate and complete list of all Personal Property having a net book value, as of the date hereof, in excess of One Hundred Thousand Dollars ($100,000) which
is owned, leased, used or held for use by each of the respective Companies. 
 3.9.2.2 Schedule 3.9.2.2(a) lists all
leases of Personal Property under which each Company is a lessee, excluding, however, any lease requiring an annual aggregate payment by the lessee thereunder of less than One Hundred Thousand Dollars ($100,000). Except as set forth on Schedule
3.9.2.2(b) each Company has or will have as of the Closing Date good and valid title to, or leasehold interests pursuant to such leases in, all of the Personal Property used by it in the conduct of its business as presently conducted, including,
without limitation, (a) all the Personal Property reflected in the Balance Sheet and as described in this Agreement, and (b) all the Personal Property purchased by the Companies since the Balance Sheet Date, except for Personal Property
reflected in the Balance Sheet or acquired since the Balance Sheet Date which has been sold or otherwise disposed of in the ordinary course of business and in accordance with this Agreement. As of the Closing Date, all of the Personal Property shall
be free of all Liens, other than Permitted Liens and those set forth on Schedule 3.9.2.2(c). 
 3.9.3 Assets.

 The assets of the Companies constitute all of the assets and rights required to conduct the Business following the Closing in
substantially the same manner in which the Business is currently being conducted and in which the Business has been conducted since January 1, 2010. Except as set forth in Schedule 3.9.3, Seller and its Affiliates have conducted the
Business through the Companies and not through any other division or any other subsidiary or Affiliate of the Companies. The Companies do not hold any assets, rights or liabilities other than those used to conduct, or which are otherwise primarily
related to, the Business. 
 3.10 Contracts. 
 3.10.1 Except as set forth in Schedule 3.10.1 (such contracts required to be so disclosed, collectively, the “Material Contracts”), no Company is a party to, nor is it otherwise
bound by: 
 (a) any agreement providing any bonus, deferred compensation, pension, profit sharing, stock option, employee
stock purchase, retirement, sick pay, vacation pay, severance pay or other employee benefit requiring or providing for the payment of Two Hundred Thousand Dollars ($200,000) or greater in the aggregate in any period of 12 months; 

  
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 (b) any agreement containing restrictions with respect to payment of dividends or any other
distribution in respect of its capital stock, limited partnership interests or limited liability company interests, as applicable; 
 (c) any agreement relating to capital expenditures of Five Hundred Thousand Dollars ($500,000) or greater in the aggregate in any period of 12 months; 

(d) any loan or advance to, or investment in, any other Person in the amount of One Hundred Thousand Dollars ($100,000) or greater in
the aggregate in any period of 12 months, or the making of any such loan, advance or investment; 
 (e) any agreement in
respect of Indebtedness and any guarantee or other contingent liability in respect of any Indebtedness or obligation of any other Person; 
 (f) any management, service, employment, consulting or any other similar type of contract requiring the payment of Five Hundred Thousand Dollars ($500,000) or greater in the aggregate in any period of 12
months; 
 (g) any agreement which materially restricts the freedom of any of the Companies to engage in any line of business
or to compete with any other Person; 
 (h) any franchise agreement requiring the payment of Five Hundred Thousand Dollars
($500,000) or greater in the aggregate in any period of 12 months; 
 (i) any mortgage, pledge, conditional sale or title
retention, security, equipment obligation, guaranty, lease or lease purchase agreement requiring the payment of Five Hundred Thousand Dollars ($500,000) or greater in the aggregate in any period of 12 months; 

(j) any purchase and sale orders and commitments, except for those in the ordinary course of business; 

(k) any contracts or other commitments requiring any government, military, or other security clearances or similar approvals;

 (l) any military, defense or similar contracts or other commitments; 

(m) any lease where any Company is the lessor of any real or personal property requiring or providing for the payment of Five Hundred
Thousand Dollars ($500,000) or greater in the aggregate in any period of 12 months; 

  
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 (n) any indemnities or guarantees, whether contingent or otherwise requiring or providing
for the payment of Two Hundred Thousand Dollars ($200,000) or greater in the aggregate in any period of 12 months; 
 (o) any
agreement required to be disclosed on Schedule 3.23; 
 (p) any agreement setting forth rights or obligations with
respect to the Union Packaging Interest or Union Packaging; 
 (q) any agreement with any customer or supplier that was (based
on amounts received or paid) a Top Customer or supplier in 2010; 
 (r) any agreement providing for the licensing of
Intellectual Property material to the Business (other than “off the shelf’ shrink wrap licenses); and 
 (s) any
agreement pursuant to which any goods, services, rights or other assets are provided to both the Companies and Seller or any affiliate of Seller other than the Companies. 
 3.10.2 Copies of all of the Material Contracts (including all amendments thereto) have been delivered or made available to Purchaser or its representatives, except, as of the date hereof, with respect to
the Additional Due Diligence Materials. Each of the Material Contracts is valid, binding and enforceable in accordance with its terms, except as the same may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws
in effect from time to time relating to or affecting the enforcement of creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at Law) and none of the Companies
is, nor, to Seller’s Knowledge, is any other party thereto, in material default thereunder, and no event has occurred, or, as a result of the Transactions, will occur, which, with the giving of notice, the lapse of time, or both, would become a
default thereunder, except as otherwise may be noted in Schedule 3.10.2. 
 3.11 No Governmental Authority
Restrictions. 
 Except as required pursuant to the HSR Act, the Competition Act and as set forth on Schedule 3.11,
neither Seller nor any of the Companies is a party to, or otherwise subject to, any Order or Law which (a) would require authorization or approval of, or filing with any Governmental Authority in connection with the execution and delivery of
this Agreement or the Transactions; or (b) would prevent consummation of the Transactions contemplated in this Agreement or any other agreement, instrument or other document delivered herewith or pursuant hereto or otherwise contemplated
herein, and the compliance by Seller with the terms, conditions and provisions of this Agreement. 
 3.12 No Litigation.

 3.12.1 Except as set forth in Schedule 3.12.1, there is no action, suit or proceeding at law or in equity by any
Person, or grievance, any arbitration or any administrative 

  
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or other proceeding, or to Seller’s Knowledge, any investigation by, any Governmental Authority, pending or, to Seller’s Knowledge, threatened with respect to any Company, any of the
partners, shareholders, members, managers, officers or directors thereof (in their capacities as such), any of their respective properties or rights, or any of the Companies’ ownership interests or shares of capital stock, limited partnership
interests or limited liability company interests, as the case may be, nor is any Company subject to any Order entered in any lawsuit, arbitration or similar proceeding. 
 3.12.2 No voluntary proceeding or petition has been instituted by any of the Companies and no proceeding has been instituted or, to Seller’s Knowledge, threatened to be instituted against any of the
Companies under the bankruptcy Laws of the United States or any other country or any political subdivision thereof. None of the Companies has made any assignment of any assets or properties for the benefit of creditors, consented to the appointment
of a receiver or trustee for any assets or properties, been adjudicated bankrupt or made a bulk sale or taken any action which contemplates the making of a bulk sale. No court has entered any order appointing a receiver or trustee for any assets or
properties of any of the Companies or has assumed the custody of or sequestered any assets or properties of any of the Companies and no attachment has been made on any assets or properties of any of the Companies or any of the members, partners or
stockholders, as applicable, thereof. 
 3.13 Taxes. 

3.13.1 Each of the Companies has filed or caused to be filed (on a timely basis) all income and other material Tax Returns that are or
were required to be filed. All such Tax Returns were correct and complete in all material respects. All material Taxes due and owing by the Companies have been timely paid, except for such Taxes, if any, as are being contested in good faith and have
been accrued and provided for on the books and records of the Companies. Each of the Companies has withheld and paid all Taxes required to have been withheld and paid in connection with amounts paid or owing to any employee, independent contractor,
creditor, partner, or other third party, and all applicable Tax forms (including, without limitation, with respect to Dopaco US and Dopaco US Subsidiaries, all Internal Revenue Service Forms W-2 and 1099) required with respect to such Taxes have
been properly completed and timely filed. The Companies are not currently the beneficiary of any extension of time within which to file any Tax Return. 
 3.13.2 Except as provided on Schedule 3.13, there are no pending or threatened audits, examinations or other administrative or court proceedings for the assessment, adjustment or collection of
Taxes of any of the Companies. 
 3.13.3 Except as provided on Schedule 3.13, there are no outstanding written requests,
agreements, consents or waivers to extend the statutory period of limitations applicable to the assessment or collection of any Taxes or Tax deficiencies of any of the Companies. 

3.13.4 No claim has been made by a Taxing Authority in a jurisdiction where a Company does not file Tax Returns of a certain type that
such Company is or may be subject to taxation of such type by that jurisdiction. 

  
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 3.13.5 None of the Companies has participated in a “listed transaction” within
the meaning of Treasury Regulations Section 1.6011-4(c) or any transaction or arrangement reportable under any similar foreign Tax Law. 
 3.13.6 None of the Companies has been a “distributing corporation” or a “controlled corporation” within the meaning of Section 355 of the Code (x) in the two years prior to
the date of this Agreement or (y) in a distribution that could otherwise constitute a “plan” or “series of related transactions” in conjunction with the transaction contemplated by this Agreement. 

3.13.7 None of the Companies will be required to include any income or gain in any Post-Closing Tax Period (i) under
Section 453 of the Code (or any similar provision of state, local or foreign Law) in respect of any transaction occurring on or prior to the Closing Date, (ii) under Section 108(i) of the Code (or any similar provision of state, local
or foreign Law) in respect of any reacquisition occurring on or prior to the Closing Date, or (iii) as a result of any adjustment under Section 481 of the Code (or any similar provision of state, local or foreign Law) as a result of the
manner in which any item was reported by any of the Companies with respect to any Pre-Closing Tax Period. 
 3.13.8 Schedule
3.13 lists each entity classification election and change in entity classification that has been made under Treasury Regulation Section 301.7701-3 with respect to each Company for U.S. federal income Tax purposes. 

3.13.9 Seller is the parent of the U.S. consolidated tax group that includes Dopaco US. 

3.13.10 Except as provided on Schedule 3.13, none of the Companies is a party to a tax sharing, tax allocation or other similar
agreement. 
 3.14 Insurance. 
 Set forth in Schedule 3.14(a) hereto is a complete and accurate list of insurance policies which each Company currently maintains or which is maintained by any other Person with respect to any
Company or its property, and has maintained since January 1, 2008, including all deductibles, self insured levels and retained liabilities. Such policies are in full force and effect, and all premiums due on such policies have been timely paid.
Attached as Schedule 3.14(b) hereto is a summary of each Company’s claims experience under its insurance policies since January 1, 2008. 
 3.15 Patents; Trademarks; Other Intellectual Property. 
 Except as may be
set forth in Schedule 3.15 hereto: (a) none of the Companies has any material patents, patent rights, trademarks, trade names or service marks, copyrights, inventions, formulas, confidential proprietary technical information, trade
secrets, websites, domain names, artwork, graphics, know-how or other intellectual property, (individually, and collectively, the “Intellectual Property”) whether registered or unregistered, or applications with respect thereto,
nor, to Seller’s Knowledge, does any Company require any such rights, in connection with its business as presently and formerly conducted; (b) each Company is the 

  
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exclusive owner of its respective Intellectual Property, and the inventions covered thereby, listed in Schedule 3.15, if any, free and clear of all Liens as of the Closing Date except
Permitted Liens; (c) to Seller’s Knowledge, none of the Companies is infringing, or otherwise acting adversely to, any such rights of others in a manner reasonably expected to be material to the Business; (d) since January 1,
2010, no Company has received written notice regarding any alleged infringement or adverse action of the type described in clause (c) of this Section 3.15; (e) to Seller’s Knowledge, none of the Intellectual Property is being
infringed on by any other Person; (f) none of the Companies has received any written opinions of counsel relating to the infringement, invalidity or unenforceability of any Intellectual Property; (g) none of the Companies nor any employee
or consultant of any of the Companies has any agreements or arrangements with former employers or, in the case of consultants, former or current clients, which result in such employees, consultants or former or current clients of such consultants
having any rights in, or claims on any of the Intellectual Property; and (h) each Intellectual Property registration and filing listed on Schedule 3.15 is valid and in full force and effect. 

3.16 Compliance with Laws; Regulatory Matters. 
 Except as set forth in Schedule 3.16, (a) all Permits are in full force and effect; (b) the Companies are, and since January 1, 2009, have been in compliance with their respective Permits
and all applicable Laws, except where the failure to be in compliance would not reasonably be expected to be material to the Business; (c) there is no pending notice alleging, and there are no current material violations of, any Permit or Law,
nor any circumstances that, without redress in the normal course, will cause a material violation of a Permit or Law; and (d) there are no claims or proceedings, pending or, to Seller’s Knowledge, threatened, challenging the validity of or
seeking to discontinue or materially alter any Permit. 
 3.17 Employees. 

3.17.1 Annexed hereto as Schedule 3.17 is a true and complete list of the names, job functions, length of service and current
annual base compensation rates and terms of any bonus, including a history from January 1, 2008 with respect thereto, of all salaried and hourly employees of the Companies (the “Employees”). Except as will be in accordance with
the Companies’ policies respecting vacation and severance as set forth in Schedule 3.17 hereto, none of such Employees is now, or will by the passage of time hereafter become, entitled to receive any vacation time, vacation pay or
severance pay, or any other similar amounts, attributable to services rendered, or circumstances occurring, prior to the date hereof. 
 3.17.2 Except as may be set forth in Schedule 3.17 hereto: 
 (a) There is
no labor strike, dispute, slowdown or work stoppage occurring or, to Seller’s Knowledge, threatened against any of the Companies or involving any of the Employees. 
 (b) The Companies have not been approached by any individual or organization claiming or seeking to represent any of the Employees within the last one year, and no individual or organization is presently
seeking or claiming to represent the Employees. 

  
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 (c) No collective bargaining agreement is currently in effect or being negotiated with
respect to any of the Employees. 
 (d) There has been no labor strike, slowdown, picketing, concerted refusal to work overtime
by, lockout of, or work stoppage with respect to the Employees during the last three years. 
 3.18 Employee Benefits.

 3.18.1 Set forth on Schedule 3.18.1(a) is a list of all US Benefit Plans maintained or contributed to by Dopaco US
and the Dopaco US Subsidiaries or any their ERISA Affiliates, or with respect to which any of them could incur liability under the Code or ERISA or any similar non-U.S. law, in each case for the benefit of the Employees of Dopaco US and the Dopaco
US Subsidiaries (including a written description of any oral US Benefit Plans) (the “Dopaco US Company Plans”). Set forth on Schedule 3.18.1(b) is a list of all Canada Benefit Plans maintained or contributed to by Dopaco
Canada and the Dopaco Canada Subsidiaries or any of their Affiliates, in each case for the benefit of the Employees or any former officer, employee, or director of Dopaco Canada and the Dopaco Canada Subsidiaries, and their dependents or
beneficiaries, (including a written description of any oral Canada Benefit Plans) (the “Dopaco Canada Company Plans”, and together with the Dopaco US Company Plans, the “Company Plans”). Schedule 3.18.1(b)
identifies each Canada Benefit Plan that is a “registered pension plan” as that term is defined in Subsection 248(1) of the Income Tax Act (Canada) (the “Canadian Pension Plans”). 

3.18.2 With respect to each Company Plan, Seller has provided or made available to Purchaser complete, to the extent applicable,
up-to-date, current and correct copies of: (i) all related plan documents, trust agreements, insurance contracts, or other funding arrangements; (ii) the two most recent actuarial reports for both ERISA (or similar applicable Canadian
pensions standards legislation) funding and financial statement purposes; (iii) the two most recent Forms 5500 with all attachments required to have been filed with the Internal Revenue Service or the Department of Labor or any similar reports
filed with any comparable Governmental Authority in any non-U.S. jurisdiction having jurisdiction over any Company Plan, and all schedules thereto; (iv) the most recent IRS determination letter with respect to each Company Plan intended to be
qualified under Section 401(a) of the Code; (v) all current summary plan descriptions; (vi) all material communications received from or sent to the IRS, the Pension Benefit Guaranty Corporation, the Department of Labor, or any other
Governmental Authority (including a written description of any oral communication); (vii) the most recent actuarial study of any pension, disability, post-employment life, or medical benefits provided under any such Company Plan;
(viii) all current employee handbooks and manuals; (ix) statements or communications regarding withdrawal or other Multiemployer Plan liabilities (or similar liabilities pertaining to any non-U.S. employee benefit plan sponsored by the
Companies, if any); and (x) all amendments and modifications to any such Company Plan or related document. None of the Companies has communicated to any current or former employee any intention or commitment to amend or modify any Company Plan
or to establish or implement any other employee or retiree benefit or compensation plan or arrangement. 

  
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 3.18.3 Each Company Plan intended to be qualified under Section 401(a) of the Code,
and the trust (if any) forming a part thereof, is so qualified and has a received a favorable determination letter from the IRS, or is entitled to rely on a favorable opinion letter issued by the Internal Revenue Service, and, except as set forth on
Schedule 3.18.3, to the Seller’s Knowledge, there are no existing circumstances or events that would reasonably be expected to adversely affect the qualified status of any such Company Plan. Except as set forth on Schedule 3.18.3,
all amendments and actions required to bring each Company Plan into conformity with the applicable provisions of ERISA, the Code, and other applicable Law have been made or taken, except to the extent such amendments or actions are not required by
law to be made or taken until after the Closing Date. Each Company Plan has been operated in all material respects in accordance with the terms of such Company Plan and applicable Law. Except as set forth on Schedule 3.18.3, the Dopaco US
Company Plans and the Dopaco Canada Company Plans have complied, in all material respects, with the requirements of all Laws applicable thereto. None of the Companies or any of their respective ERISA Affiliates would be liable for any amount
pursuant to Section 4062, 4063, or 4064 of ERISA if any Company Plan that is subject to Title IV of ERISA (a “Company Title IV Plan”) were to terminate as of the date hereof. Schedule 3.18.3 sets forth, with respect to
each Company Title IV Plan, the fair market value of the assets of such Company Title IV Plan and the present value of the accrued benefit obligations and projected benefit obligations of such Company Title IV Plan (within the meaning of Statement
of Financial Accounting Standards 132), as set forth in the most recent actuarial report provided to the Companies with respect to such Company Title IV Plan (and as of the measurement date set forth therein). Each Company Plan that is subject to
the minimum funding standards of Section 412 of the Code or Part 3 of Title I of ERISA satisfies such standards and no waiver of such funding has been sought or obtained. In addition, no Company Plan subject to the Code or ERISA has incurred an
“accumulated funding deficiency” within the meaning of the predecessors to Section 412 or 302 of the Code and ERISA, respectively, whether or not waived. 
 3.18.4 None of the Companies or any of their ERISA Affiliates has been involved in any transaction that could cause the Companies, or following the Closing Date, the Purchaser or any of its respective
Affiliates, to be subject to liability under 4069 or 4212 of ERISA. Except as set forth on Schedule 3.18.4, none of the Companies or any of their ERISA Affiliates has incurred (either directly or indirectly, including as a result of an
indemnification obligation) any penalty, excise tax, prohibited transaction liability or liability for breach of fiduciary duty under or pursuant to Title I or IV of ERISA or the penalty, excise Tax, or joint and several liability provisions of the
Code relating to employee benefit plans, and no event, transaction, or condition has occurred or exists that could result in any such liability to the Companies, any of their ERISA Affiliates, or following the Closing Date, the Purchaser or any of
its Affiliates. Except as set forth on Schedule 3.18.4, all contributions and premiums required to have been paid by the Companies or any of their ERISA Affiliates to any Company Plan under the terms of any such plan or its related trust,
insurance contract, or other funding arrangement, or pursuant to any applicable Law (including ERISA and the Code) or collective bargaining agreement, have been paid within the time prescribed by any such plan, agreement, or applicable Law.

 3.18.5 Other than routine claims for benefits and as set forth on Schedule 3.18.5, there are no pending, or to the
Seller’s Knowledge, threatened or anticipated claims: (A) by or on behalf of any Company Plan or any employee or beneficiary with respect to any 

  
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Company Plan, or otherwise involving any Company Plan or its assets; or (B) by or on behalf of any current or former employees of the Companies relating to his or her employment, termination
of employment, compensation, or employee benefits. None of the Company Plans is presently under audit or examination by the IRS, the Department of Labor, or any other Governmental Authority, domestic or foreign. 

3.18.6 None of the Companies or any of their ERISA Affiliates contributes to or is obligated to contribute to, or within the three years
preceding this Agreement contributed to or was obligated to contribute to, a Multiemployer Plan or a “multiple employer plan” within the meaning of Section 4063 or 4064 of ERISA. 

3.18.7 Except as set forth on Schedule 3.18.7, none of the Companies has any liability in respect of post-retirement health,
medical, or life insurance benefits for retired, former, or current employees of the Companies except as required to avoid the excise tax under 4980B of the Code. 
 3.18.8 Except as set forth on Schedule 3.18.8, the execution, delivery, and performance of this Agreement by the Seller, and the consummation by the Seller of the transactions contemplated by this
Agreement, will not (alone or in combination with any other event): (i) entitle any current or former employee, consultant, officer, or director of the Companies to severance pay or any other payment; (ii) result in any payment becoming
due, accelerate the time of payment or vesting of benefits, or increase the amount of compensation due to any such employee, consultant, officer, or director; (iii) result in any forgiveness of indebtedness, trigger any funding obligation under
any Company Plan, or impose any restrictions or limitations on the Companies’ rights to administer, amend, or terminate any Company Plan; or (iv) result in any payment (whether in cash or property or the vesting of property) to any
“disqualified individual” (as such term is defined in Treasury Regulation Section 1.280G-1) that could reasonably be construed, individually or in combination with any other such payment, to constitute an “excess parachute
payment” (as defined in Section 280G(b)(1) of the Code). No person is entitled to receive any additional payment (including any tax gross-up or other payment) from any of the Companies as a result of the imposition of the excise taxes
required by Section 4999 of the Code or any taxes required by Section 409A of the Code. 
 3.18.9 Except as set forth
on Schedule 3.18.9, each of the Canadian Pension Plans is fully funded on a going concern, solvency and wind-up basis pursuant to the actuarial assumptions and methodology set out in the most recently filed actuarial valuation for such
Canadian Pension Plan. No event has occurred respecting a Canadian Pension Plan which would entitle any Person to cause the wind-up or termination of such Canadian Pension Plan in whole or in part. There have been no withdrawals, applications or
transfers of assets from any Canadian Pension Plan or the trusts or other funding media relating thereto except in accordance with the terms of such Canadian Pension Plans, applicable Law and all applicable agreements. 

3.19 Bank Accounts and Powers of Attorney; Lock Boxes. 
 Set forth in Schedule 3.19(a) hereto is an accurate and complete list of (a) each bank or other financial institution in which each Company has an account or safe deposit box and the
authorized signatories with respect thereto, and (b) the names of all persons, if any, holding 

  
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powers of attorney with respect thereto from each Company. Set forth in Schedule 3.19(b) is an accurate and cumulative list of each bank or other financial institution in which each
Company maintains a lock box for the receipt of accounts receivable and the terms and conditions of each of them. 
 3.20 No
Changes Since the Balance Sheet Date. 
 Except as may be set forth in Schedule 3.20 hereto, or as otherwise
contemplated herein, since the Balance Sheet Date, or, in the case of clauses (a), (b), (c), (d), (i), (k), (l), (m), (n), (o), (p), (q), (r), (s), (t) or, to the extent applicable to these aforementioned clauses, (u) since
September 30, 2010, none of the Companies has: 
 (a) incurred any liability or obligation of any nature whether accrued,
absolute, contingent or otherwise, except for current Taxes not yet due and payable, and except in the ordinary course of business; 
 (b) discharged or satisfied any Liens or Liabilities, whether absolute, accrued, contingent or otherwise, whether due or to become due, other than current liabilities shown on the Balance Sheet and
current liabilities of a similar type incurred since the Balance Sheet Date in the ordinary course of business; 
 (c)
permitted any of its assets to be subjected to any Lien except for Permitted Liens; 
 (d) sold, leased, transferred or
otherwise disposed of any assets except for sales of inventory in the ordinary course of business; 
 (e) made any individual
capital expenditure or commitment therefor of more than Five Hundred Thousand Dollars ($500,000) in any individual case, or One Million Dollars ($1,000,000) in the aggregate; 
 (f) declared or paid any dividend, except for any cash dividends declared and paid prior to the opening of business on the Closing Date (which shall not include any cash held in trust established in
connection with the Dopaco, Inc. Supplemental Executive Retirement Plan), or made any distribution on any of its limited liability company interests, limited partnership interests or shares of capital stock, or issued or redeemed, purchased or
otherwise acquired any of its limited liability company interests, limited partnership interests or shares of capital stock or any option, warrant or other right to purchase or acquire any such limited liability company interests, limited
partnership interests or shares of capital stock; 
 (g) increased its indebtedness for borrowed money, or made any loan to any
Person, except in the ordinary course of business; 
 (h) written down the value of any work in progress, or written off as
uncollectible any notes or accounts receivable, except in the ordinary course of business; 

  
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 (i) cancelled or waived any claims or rights of value, except in the ordinary course of
business; 
 (j) made any material change in any method of accounting or auditing practice (except as may be required by
changes in GAAP); 
 (k) conducted its business or entered into any transaction, except in the ordinary course of business;

 (l) received any notice of termination of any Material Contract, or other material lease or other material agreement or
suffered any material damage, destruction or loss, whether or not covered by insurance; 
 (m) received any notice of any new
labor union organizing activity, any actual or threatened employee strikes, work stoppages, slowdowns or lockouts, or any Material Adverse Change in its relations with any of the Employees, agents, partners or other co-owners in any venture,
suppliers, consultants, subcontractors or independent contractors; 
 (n) transferred or granted any rights under, or entered
into any settlement regarding, the breach or infringement of, or entered into any agreement or commitment relating to, any Intellectual Property, or modified any existing rights with respect thereto; 

(o) changed any of its banking, safe deposit, lock box, or power of attorney arrangements; 

(p) been subjected to, instituted, settled or agreed to settle, or suffered any adverse determination in, any litigation, action,
proceeding or arbitration before any court or governmental body or arbitration body relating to it or its properties or services; 
 (q) made or suffered any material change in or amendment to its organizational or governing documents; 
 (r) entered into or amended any contract or commitment of more than Five Hundred Thousand Dollars ($500,000) in any individual case, or One Million Dollars ($1,000,000) in the aggregate; 

(s) modified the terms of any agreement or other transaction with Seller or any Affiliate of Seller; 

(t) (i) except as otherwise required by Law, existing Company Plans or this Agreement, taken any action with respect to the grant
of any material severance or termination pay (other than pursuant to policies or agreements of any Company in effect on the date of this Agreement) which will become due and payable after the Closing Date; (ii) made any material change in the key
management structure of any Company, including the hiring of additional officers or the termination of existing officers, other than in the ordinary 

  
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course of business, consistent with past practice; (iii) amended any Company Plan, other than in a manner that does not materially enhance any benefits provided under, or materially increase
the cost of such Company Plan; or (iv) entered into any new material employment, consulting or similar agreement or amended any existing employment agreement; or 
 (u) made a commitment, whether or not in writing, to do any of the foregoing. 

3.21 No Investment Banker’s, Broker’s or Finder’s Fees. 

No investment banker, agent, broker, person or firm acting or purporting to act on behalf of Seller is, or will be, entitled to any
financial advisory, commission or broker’s or finder’s fee from any of the parties hereto, or any other Person respecting the Transactions other than Bank of America Merrill Lynch, who has been engaged by Seller and its Affiliates and
whose fee will be paid by Seller and its Affiliates (other than a Company). 
 3.22 Environmental Matters. 

3.22.1 For the purposes of this Agreement: 
 (a) “Environmental Requirement” means each and every applicable Law or Order regulating or otherwise relating in any way to the protection of human health or the environment or the
Release or threatened Release of Hazardous Material into the environment; 
 (b) “Hazardous Material” means
any “hazardous substance,” “hazardous waste,” “pollutant,” “contaminant,” or words of similar meaning or effect as defined in or regulated under applicable Environmental Requirements, including, without
limitation, polychlorinated biphenyls (PCBs), asbestos, petroleum, and urea- formaldehyde foam insulation (UFFI); and 
 (c)
“Release” means any releasing, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, migrating, dumping or disposing into the environment. 

3.22.2 Except as set forth in Schedule 3.22.2 hereto: 
 (a) The Companies are and have been in compliance in all material respects with all Environmental Requirements and are in possession of, and compliance with, all material Permits required under
Environmental Requirements. There is no uncured violation of any Environmental Requirement with respect to any of the Companies’ operations or the Real Property. 
 (b) There are no pending or, to Seller’s Knowledge, threatened proceedings, claims or liabilities against any of the Companies or with respect to the Real Property arising under or with respect to
any Environmental Requirement or any Permit required thereunder. 

  
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 (c) (i) there have been no Releases of Hazardous Materials resulting from the operations of
the Companies at, on, under or from any property currently or formerly owned, leased or operated by any Company, and (ii) the Companies have not Released, transported, arranged for the transportation of, or disposed of any Hazardous Materials
in a manner or to a location, that, in each instance set forth in clauses (i) and (ii), has resulted or would reasonably be expected to result in any material liability or claim. 

3.22.3 Schedule 3.22.3 identifies all environmental reports in the possession of any of the Companies or Seller with respect to
the Real Property or any of the Companies’ operations, in each case prepared on or after January 1, 2005, which reports have been made available to the Purchaser. 
 3.22.4 Except as set forth in Section 3.11, this Section 3.22 contains all the representations and warranties made by Seller with respect to matters arising under Environmental
Requirements. 
 3.23 Transactions With Certain Persons. 

Except as set forth on Schedule 3.23, since December 31, 2009: (a) no Company has, directly or indirectly, purchased,
leased or otherwise acquired any property or obtained any services from, or sold, leased to others or otherwise disposed of any property or furnished any services to, or otherwise dealt with, in the ordinary course of business or otherwise,
(i) Seller, or (ii) any Affiliate of the Companies or Seller; (b) no Company owes any amount to, nor do they have any contract with or commitment to, Seller or any of its Affiliates, shareholders, directors, officers, employees or
consultants, and none of such Persons owes any amount to any Company; and (c) no part of the property or assets of Seller is used by any Company. 
 3.24 No Foreign Person. 
 Seller is not a “foreign person” within
the meaning of Section 1445 of the Code and is a non resident of Canada within the meaning of Subsection 248(1) of the Income Tax Act. 
 3.25 Taxable Canadian Properties. 
 The shares of Dopaco Canada are not
taxable Canadian properties within the meaning of Subsection 248(1) of the Income Tax Act since at no time in the 60-month period that immediately preceding the Closing Date was the fair market value of the shares of Dopaco Canada derived
principally (more than 50%), directly or indirectly, from one or any combination of: 
  

	 	(i)	real or immovable property situated in Canada; 

  

	 	(ii)	Canadian resource properties; 

  

	 	(iii)	timber resource properties; or 

  

	 	(iv)	an option or interest in a property described in (i) to (iii) above. 

  
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 3.26 Relations with Customers. 

During the twelve-month period prior to the date of the execution and delivery hereof, and except to the extent already reflected in a
Top Customer Contract, (i) none of the Top Customers has notified any Company in writing, and there is not otherwise Seller’s Knowledge, that any such Top Customer intends to or is contemplating materially reducing its purchases from any
Company, or materially changing the terms (including price or pricing mechanism) pursuant to which it transacts business with any Company, and (ii) to Seller’s Knowledge, there is no fact or circumstance that could reasonably be expected
to cause any such Top Customer to materially reduce its purchases from any Company, or materially change the terms (including price or pricing mechanism) pursuant to which it transacts business with any Company. 

3.27 Entirety of Representations and Warranties; Disclaimer of Representations and Warranties. 

3.27.1 IT IS THE EXPLICIT INTENT OF EACH PARTY HERETO THAT SELLER AND ITS AFFILIATES ARE NOT MAKING ANY REPRESENTATION OR
WARRANTY WHATSOEVER, EXPRESS, IMPLIED, AT COMMON LAW, STATUTORY OR OTHERWISE, EXCEPT FOR THE EXPRESS REPRESENTATIONS OR WARRANTIES SET FORTH IN THIS ARTICLE III, AND IT IS UNDERSTOOD THAT PURCHASER, EXCEPT TO THE EXTENT OTHERWISE SET FORTH IN THIS
ARTICLE III, TAKES THE DOPACO STOCK, THE COMPANIES, AND ALL ASSETS OF THE COMPANIES, INCLUDING, WITHOUT LIMITATION, THE REAL PROPERTY, IMPROVEMENTS AND ALL PERSONAL PROPERTY, “AS IS,” “WHERE IS,” AND “WITH ALL FAULTS.”
WITHOUT LIMITING THE GENERALITY OF THE IMMEDIATELY PRECEDING SENTENCE, BUT WITHOUT LIMITING ANY REPRESENTATION OR WARRANTY IN ARTICLE III, OR ANY OTHER TERM OF THIS AGREEMENT, (I) SELLER HEREBY EXPRESSLY DISCLAIMS AND NEGATES ANY REPRESENTATION
OR WARRANTY, EXPRESS OR IMPLIED, AT COMMON LAW, STATUTORY, OR OTHERWISE, RELATING TO CUSTOMER RISK, AND EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT, TO THE CONDITION OF THE REAL PROPERTY, IMPROVEMENTS, THE PERSONAL PROPERTY AND THE OTHER ASSETS
OF THE COMPANIES (INCLUDING ANY IMPLIED OR EXPRESS WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OF CONFORMITY TO MODELS OR SAMPLES OF MATERIALS, OF WORKING CONDITION OR OF THE STATE OF REPAIR) AND (II) PURCHASER HAS AGREED NOT TO
RELY ON ANY REPRESENTATION OR WARRANTY MADE BY SELLER WITH RESPECT TO THE CONDITION, QUALITY, OR STATE OF THE REAL PROPERTY, IMPROVEMENTS, THE PERSONAL PROPERTY OR OTHER ASSETS OF THE COMPANIES EXCEPT FOR THOSE SET FORTH IN THIS ARTICLE III OF THIS
AGREEMENT, BUT RATHER, AS A SIGNIFICANT PORTION OF THE CONSIDERATION GIVEN TO SELLER FOR THIS PURCHASE AND SALE, HAS AGREED TO RELY SOLELY AND EXCLUSIVELY UPON ITS OWN EVALUATION OF THE COMPANIES, THE REAL PROPERTY, IMPROVEMENTS, THE PERSONAL
PROPERTY AND THE OTHER ASSETS OF THE COMPANIES, EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN. THE PROVISIONS CONTAINED IN THIS AGREEMENT ARE THE 

  
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RESULT OF EXTENSIVE NEGOTIATIONS BETWEEN PURCHASER AND SELLER AND NO OTHER ASSURANCES, REPRESENTATIONS OR WARRANTIES ABOUT THE QUALITY, CONDITION, OR STATE OF THE COMPANIES, THE REAL PROPERTY,
THE IMPROVEMENTS, THE PERSONAL PROPERTY OR OTHER ASSETS OF THE COMPANIES WERE MADE BY SELLER IN THE INDUCEMENT THEREOF, EXCEPT AS SET FORTH IN THIS AGREEMENT. 
 3.27.2 WITHOUT LIMITING THE GENERALITY OF SECTION 3.27.1, BUT WITHOUT LIMITING ANY REPRESENTATION OR WARRANTY IN THIS ARTICLE III OR ANY OTHER TERM OF THIS AGREEMENT, SELLER MAKES NO
REPRESENTATION OR WARRANTY, EXPRESS, IMPLIED, AT COMMON LAW, STATUTORY OR OTHERWISE, WITH RESPECT TO THE ACCURACY OR COMPLETENESS OF THE DUE DILIGENCE MATERIALS PROVIDED BY SELLER IN ITS DATAROOM, INCLUDING, WITHOUT LIMITATION, INFORMATION, RECORDS,
AND DATA NOW, HERETOFORE, OR HEREAFTER MADE AVAILABLE TO PURCHASER IN CONNECTION WITH THIS AGREEMENT (INCLUDING ANY DESCRIPTION OF THE COMPANIES, THE REAL PROPERTY, IMPROVEMENTS, THE PERSONAL PROPERTY AND OTHER ASSETS OF THE COMPANIES, REVENUE,
PRICE AND EXPENSE ASSUMPTIONS, OR ENVIRONMENTAL INFORMATION, OR ANY OTHER INFORMATION FURNISHED TO PURCHASER BY SELLER, ITS AFFILIATES OR ANY DIRECTOR, OFFICER, EMPLOYEE, COUNSEL, AGENT, OR ADVISOR THEREOF). 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF PURCHASER 
 As of the date hereof and as of the Closing Date, Purchaser represents and warrants to Seller as follows: 
 4.1 Approval of Agreement and Transactions. 
 This Agreement and the
Transactions have been duly authorized, and the Agreement, and each other agreement, instrument or other document contemplated herein and to which Purchaser is a party, has been duly executed and delivered by Purchaser and all appropriate action has
been properly taken with respect thereto, in accordance with the organizational and governing documents of Purchaser, and applicable Law. 
 4.2 Purchaser’s Existence and Good Standing; Authority; Binding Obligation; No Conflicts or Restrictions. 
 4.2.1 Purchaser is a company duly incorporated and is validly existing under the Laws of New Zealand. Purchaser has full legal right, power and authority to execute and deliver this Agreement and to
perform its obligations hereunder, including the consummation of the Transactions, and each of the other agreements, instruments and other documents delivered pursuant hereto or otherwise in connection herewith. Assuming valid execution and delivery
by Seller, this Agreement and, when executed and delivered by Purchaser, each of the other agreements, instruments and other documents delivered pursuant 

  
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hereto or otherwise contemplated herein, constitute the legal, valid and binding obligation of Purchaser enforceable in accordance with its terms except as the same may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar Laws in effect from time to time relating to or affecting the enforcement of creditors’ rights generally and by general principles of equity (regardless of whether enforcement is
sought in a proceeding in equity or at law). Purchaser has provided to Seller a copy of a resolution adopted by Purchaser’s Board of Directors, duly certified by an appropriate officer authorizing Purchaser to execute, deliver and perform its
obligations under this Agreement, including the consummation of the Transactions, and each other agreement, instrument or other document delivered herewith or otherwise pursuant hereto or otherwise contemplated herein to which Purchaser is a party.

 4.2.2 Except as set forth on Schedule 4.2.2, the execution, delivery and performance of this Agreement and each other
agreement, instrument or other document contemplated herein and to which Purchaser is a party, do not (i) conflict with Purchaser’s organizational and governing documents; or (ii) require the consent, notice or other action by any
Person under, conflict with, result in a violation or breach of, constitute a default or an event that, with or without notice or lapse of time or both, would constitute a default under, result in the acceleration of or create in any party the right
to accelerate, terminate, modify or cancel any agreement to which Purchaser is a party. 
 4.3 No Governmental Authority
Restrictions. 
 Except as required pursuant to the HSR Act, the Competition Act and as set forth on Schedule 4.3,
Purchaser is not subject to any Order or Law which (a) would require authorization or approval of, or filing with any Governmental Authority in connection with the execution and delivery of this Agreement or the Transactions; or (b) would
prevent consummation of the Transactions contemplated in this Agreement or any other agreement, instrument or other document delivered herewith or pursuant hereto or otherwise contemplated herein, and the compliance by Purchaser with the terms,
conditions and provisions of this Agreement. Purchaser is a “WTO investor” as that term is defined in the Investment Canada Act. 
 4.4 No Investment Banker’s, Broker’s or Finder’s Fees. 
 No
investment banker, agent, broker, person or firm acting or purporting to act on behalf of Purchaser is, or will be, entitled to any financial advisory commission or broker’s or finder’s fee from either of the parties hereto, or any other
person respecting the Transactions. 
 4.5 Investment. 

Purchaser is acquiring the Dopaco Interests for its own account for investment purposes and not with a view toward any resale or
distribution thereof. Purchaser acknowledges that the Dopaco Interests have not been registered under the Securities Act of 1933 or any equivalent legislation in Canada (the “Securities Act”), as amended and that it may not sell any
of the Dopaco Interests except in accordance with the Securities Act, or applicable exemptions therefrom. 

  
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 4.6 Financial Ability to Perform. 

Purchaser has available cash funds and/or access to existing credit facilities sufficient to consummate the Transactions contemplated by
this Agreement in accordance with the terms and conditions hereof. 
 4.7 Purchaser’s Due Diligence. 

Without limiting the representations or warranties of Seller or any other term of this Agreement, in deciding to enter into this
Agreement, and, subject to the terms of this Agreement, to consummate the Transactions, Purchaser has relied solely upon its own knowledge, investigation, and analysis (and that of its representatives) and not on any disclosure or representation
made by, or any duty to disclose on the part of, Seller, its Affiliates, or any of their representatives, other than the express representations and warranties of Seller set forth in Article III herein and the other terms of this Agreement,
which Purchaser is relying on. 
 ARTICLE V 
 COVENANTS 
 5.1 Conduct of Business of the Companies.

 During the period from the date of this Agreement to the Closing Date, Seller shall cause each Company to conduct its
business and operations only according to its ordinary and usual course of business as presently conducted and shall, without relieving Purchaser of Customer Risk as provided elsewhere herein, cause each Company to use commercially reasonable
efforts to attempt to maintain intact the Business and relations with customers, suppliers and others material to the ongoing conduct of the Business. Pending the Closing Date and except as may be first approved in writing by Purchaser or as is
otherwise permitted or required by this Agreement, Seller will not and Seller will not cause or allow any Company to take any action which if it had been taken after the Balance Sheet Date (or, as specified in
Section 3.20, September 30, 2010) and prior to the date hereof would have resulted in a misrepresentation or breach of warranty under Article III of this Agreement. Notwithstanding anything to the contrary contained
herein, it shall not be a breach of any representation or warranty or covenant herein if Seller or any of the Companies take any action otherwise prohibited by this Section 5.1 without Purchaser’s consent if such action is
reasonably determined by Seller to be necessary in the interest of health or safety in circumstances in which Seller could not reasonably obtain Purchaser’s prior approval, or if such action is set forth in Schedule 5.1. The parties
acknowledge and agree that the foregoing covenants are subject in each case to Section 5.7 hereof. 
 5.2
Coordination. 
 After the date hereof and prior to the Closing Date, Seller and Purchaser agree to use commercially
reasonable efforts to discuss, from time to time and as reasonably requested by Purchaser, the ongoing operations and business of the Companies, subject in each instance to compliance with applicable Law as advised by each party’s respective
legal counsel. Seller agrees to notify Purchaser promptly of any event after the date hereof which can reasonably be expected to result in a breach of any representation or warranty under Article III or a Material Adverse Change. 

  
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 5.3 Purchaser’s Access to the Companies. 

After the fifth Business Day following the date hereof and prior to the Closing Date, Seller shall, and shall cause the Companies to,
permit Purchaser and its representatives to have, upon reasonable notice, reasonable access during regular business hours to the premises of the Companies and the books and records of the Companies, and to cause the Companies to furnish Purchaser
with such financial and operating data and other information with respect to the business and properties of the Companies as Purchaser shall from time to time reasonably request, subject in each instance to compliance with applicable Law as advised
by each party’s respective legal counsel. 
 5.4 Confidentiality; Announcements. 

5.4.1 In replacement of that certain confidentiality agreement entered into between Cascades Inc. and Rank Group Limited, on behalf of
itself and its affiliates, including Purchaser, dated as of October 20, 2010, which confidentiality agreement shall terminate upon the execution and delivery hereof, without, however, affecting any rights or obligations of the parties accruing
prior to such termination, Purchaser agrees that it shall, and shall cause its employees, officers, directors and Affiliates to, keep confidential all information (whether written or otherwise) provided to it by Seller or Seller’s agents and
representatives, except that Purchaser may provide such information to its financial advisors, potential financing sources, legal counsel and other advisors and consultants assisting Purchaser, provided that such advisors, counsel and consultants
agree to become bound by the terms of this Section 5.4. In the event this Agreement is terminated prior to Closing, Purchaser shall return to Seller all information provided to it by or on behalf of Seller or shall provide Seller with
evidence reasonably satisfactory to Seller that Purchaser has destroyed such information. Purchaser’s obligations under this Section 5.4 shall not extend to information which (a) has been in the possession of or known by
Purchaser on a non-confidential basis prior to the receipt thereof from Seller or its agents or representatives, (b) has become generally available to the public other than as a result of disclosure by Purchaser or its agents or
representatives, (c) has become available to Purchaser on a non-confidential basis from a third party not prohibited from making such disclosure to Purchaser, or (d) is required to be disclosed to comply with any applicable Law, provided
that before Purchaser makes such disclosure Purchaser use commercially reasonable efforts to give Seller prompt notice of the requirement or request for disclosure and use commercially reasonable efforts to secure or cooperate with Seller in
securing a protective order or other arrangement to limit disclosure of such confidential information only to parties agreeing to be bound by the terms of the protective order or other arrangement. 

5.4.2 From and after the date hereof, Seller shall not (and shall cause the Companies and their other Affiliates not to) without the
prior written consent of Purchaser and Purchaser shall not (and shall cause its Affiliates not to) without the prior written consent of Seller issue or permit to be issued any media, newspaper, wire service, trade journal or any other public
statement, in each case concerning the Transactions, except as otherwise provided herein or as may be required by applicable Law, stock exchange rule or other applicable disclosure 

  
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obligations, in which case the issuing party shall provide the other party, in writing, no less than one Business Day prior to such proposed statement, the content of the proposed statement and
an opportunity to comment on the statement. 
 5.5 Hart-Scott-Rodino; Competition Act. 

Seller and Purchaser shall promptly make, or cause to make, such filings as are required under the HSR Act and Competition Act and shall
(and shall cause their respective Affiliates to) furnish the other party hereto such information and cooperation as may reasonably be requested by such party in connection with the preparation and submission of such filings under the foregoing.
Seller and Purchaser shall promptly keep each other informed of any developments with the Canadian Competition Bureau and provide the other and its legal counsel with an opportunity to provide comments on draft correspondence to the Canadian
Competition Bureau and on the proposed responses to any requests for information from the Canadian Competition Bureau. Seller and Purchaser shall each use their commercially reasonable efforts to resist any assertion that the Transactions constitute
a violation of federal, state or provincial antitrust Laws and shall seek early termination of any waiting periods under the HSR Act, and shall seek the appropriate orders or approvals in order to consummate the Transactions. 

5.6 Insurance Cooperation. 
 (a) Inasmuch as all insurance coverage with respect to the Business is maintained by the parent company of Seller and such coverage (the “Parent Insurance”) will not continue subsequent
to the Closing Date, Purchaser shall make arrangements to have similar coverage provided through its own insurance policies as of the Closing Date, and Seller shall provide reasonable cooperation to Purchaser in such regard. 

(b) Notwithstanding Section 5.6(a), Seller agrees that it or one of its Affiliates, shall, with respect to any incident from
which a liability of a Company arises or that relates to any damage, impairment or loss of an asset of a Company, that is potentially covered by a Parent Insurance policy in effect prior to the Closing Date, (i) report such incident to the
appropriate insurer as promptly as practicable and in accordance with the terms and conditions of the Parent Insurance policy after such incident is reported to Seller, (ii) include Purchaser on material correspondence and possible litigation
proceedings relating to such incident and (iii) instruct that such proceeds are paid directly to the injured party in settlement of any claims relating to such incident, rather than to Seller or one of its Affiliates, or, if such proceeds are
received by Seller or any of its Affiliates, pay such proceeds over to the Company subject to such claim; provided that Purchaser shall notify Seller promptly of any potential claim, shall cooperate in the investigation and pursuit of any
claim, shall have the right to effectively associate in the pursuit of any claim, including but not limited to the ability to withhold its consent to any proposed claim settlement (such consent not to be unreasonably conditioned, withheld or
delayed) and shall bear all reasonable out-of-pocket expenses incurred by Seller or its Affiliates in connection with the foregoing. From time to time (but for no longer than five years following the Closing), Seller will reasonably cooperate with
Purchaser upon reasonable notice and with any out-of-pocket costs borne by Purchaser to provide Purchaser with historical insurance claims information regarding the Business (including workers compensation experience) to the extent reasonably
necessary to enable Purchaser and its subsidiaries to establish loss experience in establishing new insurance arrangements with new carriers. 

  
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 5.7 Cash Distributions. 

Notwithstanding anything to the contrary herein, each of the parties hereto acknowledges and agrees that prior to the Closing Date, each
of Dopaco US, the Dopaco US Subsidiaries, Dopaco Canada and the Dopaco Canada Subsidiaries may, at any time or from time to time, prior to the opening of business on the Closing Date, distribute all cash held by it to Seller or its designee, other
than any cash held in trust established in connection with the Dopaco, Inc. Supplemental Executive Retirement Plan. 
 5.8
Affiliate Agreements; Intercompany Payables and Receivables. 
 Except to the extent otherwise provided in the next
succeeding sentence, prior to the Closing Date, Seller and its Affiliates will cause all contracts or other transactions between Seller and its Affiliates (other than the Companies), on the one hand, and the Companies, on the other, with respect to
which there could be further or continuing liability or obligation on the part of Purchaser or any of its Affiliates (including the Companies after the Closing) to be settled or terminated prior to the Closing Date without any further or continuing
Liability on the part of Purchaser or any of its Affiliates (including Liability arising from such termination) so that no such contract or transaction remains in effect. Prior to the Closing, and subject to the proviso at the end of this sentence,
Seller shall cause all intercompany receivables and payables outstanding between any Company, on the one hand, and Seller or its Affiliates (other than the Companies), on the other hand, to be satisfied and paid in full such that such intercompany
receivables and payables are no longer outstanding as of the opening of business on the Closing Date, provided that this shall not apply to any receivables or payables incurred in the ordinary course of business between any Company, on the one hand,
and Seller or its Affiliates (other than the Companies), on the other hand, on account of (and only on account of) (i) waste paper sales by any Company, and boxboard and corrugated box purchases by any Company, or (ii) payments by any
Company to Seller on account of workers compensation claims, all of which obligations contained in clauses (i) and (ii) shall survive the Closing and be paid in the ordinary course of business. For the avoidance of doubt, accrued auditing
fees shall be terminated prior to the opening of Business on the Closing Date. 
 5.9 Non-Competition. 

For a period of two (2) years after the Closing, neither Seller nor any of its Affiliates shall, directly or indirectly, engage in
any business in North America with respect to manufacturing or selling any products which are the same as any of the Products as in existence on the date hereof through and including the Closing Date in sales to customers in the Quick Service
Restaurant and Food Service Distribution businesses (a “Prohibited Business”); provided, however, nothing in this Section 5.9 shall prohibit or prevent Seller or any of its Affiliates from: 

(i) continuing to conduct any business it is currently conducting that is not part of the Business and which would
constitute a Prohibited Business, provided that revenues attributed to such business shall not in any twelve month period exceed Fifteen Million Dollars ($15,000,000); 

  
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 (ii) selling boxboard used to make the Products or used to make any other
items to any Person, including competitors of the Business; 
 (iii) owning or acquiring up to an aggregate of
10% of the ownership interest of any entity engaged in any Prohibited Business or making passive investments in the ordinary course of business in investment funds that make investments in entities engaged in any Prohibited Business, provided that,
in either case, none of such Persons is active in the management or governance of such entity; or 
 (iv) owning
or operating any Prohibited Business if such Prohibited Business was acquired as a result of a merger or other acquisition; provided, (x) the revenue generated by any Prohibited Business of such acquired entity or business for the
preceding fiscal year do not account for more than 25% of the total revenues of such entity or business for such period; and (y) no later than 12 months after such acquisition, the applicable acquiring Person shall have entered into an
agreement providing for a divestiture of any Prohibited Business so acquired, so that following the closing of such divestiture the activities of the entity or business so acquired will once again be in compliance with this Section 5.9.

 5.10 Exclusivity. 
 Seller agrees, on behalf of itself and its Affiliates, that from the date hereof until the earlier of the Closing Date and the date that this Agreement is terminated pursuant to Article IX, each
such Person shall not, and shall instruct its agents, representatives and Affiliates not to, directly or indirectly (a) make available any non-public information to any third party (including via access to any data room or other records), other
than Purchaser, or their agents, representatives and Affiliates with respect to the Business in connection with any Competing Business Transaction, (b) solicit, facilitate, initiate, respond to or encourage proposals, offers or inquiries from a
third party, other than Purchaser, with respect to any Competing Business Transaction, (c) solicit, facilitate, initiate, respond to or participate in any negotiations or discussions with any third party, other than Purchaser, or its agents,
representatives and Affiliates with respect to any Competing Business Transaction, or (d) enter into a letter of intent or other agreement or arrangement with a third party, other than Purchaser, with respect to any Competing Business
Transaction. Seller and its Affiliates shall immediately upon execution hereof terminate any and all discussions, negotiations or communications involving itself or any of their respective agents, representatives, subsidiaries and Affiliates
regarding any Competing Business Transaction and immediately subsequent to the receipt of a Satisfaction Notice pursuant to Section 5.12 shall request the return or destruction of any confidential or proprietary information regarding the
Business Seller or its subsidiaries previously made available to any third party in connection with discussions or the evaluation of any Competing Business Transaction. 

  
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 5.11 Further Assurances. 

Seller and Purchaser shall cooperate reasonably with each other and with their respective representatives in connection with any steps
required to be taken as part of their respective obligations under this Agreement, and shall (a) furnish upon request to each other such further information, (b) execute and deliver to each other such other documents (including, but not
limited to, documents to vest title of the Dopaco Stock in Purchaser and, documents reasonably required by a title company to issue a title insurance policy with the standard exceptions omitted, provided any exceptions for native land claims,
original crown patents and unpatented mining claims shall not be considered standard exceptions, and a non-imputation endorsement attached thereto, which title insurance policy shall be procured at Purchaser’s expense), and (c) do such
other acts and things, all as the other party may reasonably request for the purposes of carrying out the intent of this Agreement and the Transactions contemplated hereby, (including, but not limited to granting reasonable access to the Owned Real
Property to Purchaser and its consultants in connection with the procurement of surveys of the Owned Real Property, which surveys shall be procured at Purchaser’s expense). Seller shall use commercially reasonable efforts to obtain all Consents
prior to Closing. In the event Seller shall not have obtained one or more Company Consents on or prior to the Closing Date, Seller shall thereafter continue to use commercially reasonable efforts to obtain such Company Consents, and, to the extent
permitted by Law, shall act after the Closing Date as Purchaser’s agent in order to obtain for it the benefits of the agreements with respect to which the Company Consents are required but have not yet been obtained, and shall cooperate, to the
extent permitted by Law, with Purchaser in any other reasonable arrangement designed to provide such benefits to Purchaser. 

5.12 Additional Due Diligence Materials. 
 Upon the execution and delivery hereof, Seller shall provide to Purchaser a complete and correct copy of the Additional Due Diligence Materials and shall make available appropriate members of the
management team either in person or by phone in order to answer questions related to the Additional Due Diligence Materials. Within five Business Days thereafter, Purchaser shall notify Seller in writing either (i) that it is satisfied with the
results of its review of the Additional Due Diligence Materials (a “Satisfaction Notice”), or (ii) that it is not so satisfied with the Additional Due Diligence Materials, and reasons therefor (the “Dissatisfaction
Reasons”) which Dissatisfaction Reasons shall not include Customer Risk or relate to any due diligence materials provided to Purchaser other than the Additional Due Diligence Materials, and must be reasonable and material and set forth with
reasonable particularity (a “Dissatisfaction Notice”). In the event Purchaser delivers a timely Satisfaction Notice, or fails timely to deliver such a Notice or a Dissatisfaction Notice, the parties shall proceed to Closing pursuant
and subject to the terms of this Agreement, which terms shall not be limited by this Section 5.12. In the event Purchaser delivers a timely Dissatisfaction Notice, then so long as it contains Dissatisfaction Reasons meeting the foregoing
requirements, Purchaser shall be entitled to terminate this Agreement pursuant to Section 9.1(b)(4), provided, however, that as a condition to doing so Purchaser must first pay to Seller a termination fee equal to two and one-half
percent (2.5%) of the Purchase Price (the “Termination Fee”), provided further that, such Termination Fee shall not be payable if the Dissatisfaction Reason would otherwise provide Purchaser with the right to terminate the
Agreement pursuant to Article IX hereof. 

  
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 5.13 Financial Statements. 

(a) As soon as practicable following the date hereof, Seller shall use its commercially reasonable efforts to have prepared at
Purchaser’s expense and delivered to Purchaser audited combined financial statements of the Companies prepared in accordance with GAAP for the fiscal years ended December 31, 2008, December 31, 2009 and December 31, 2010,
which shall comply with Regulation S-X and Regulation S-K promulgated under the Securities Act, and which shall be accompanied by a report and opinion of PwC or another registered independent public accounting firm reasonably acceptable to
Purchaser, which report and opinion shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit (the “Audited Financial Statements”).
Seller shall instruct the accounting firm referred to in the immediately preceding sentence to undertake its audit to the standards required by the Public Company Accounting Oversight Board. 

(b) As soon as practicable following the date hereof, seller shall use its commercially reasonable efforts to have prepared at
Purchaser’s expense and delivered to Purchaser combined interim financial statements of the Companies prepared in accordance with GAAP for (i) each of the fiscal quarters ended March 28, 2010, June 27,
2010, September 26, 2010 (the “Interim Reviewed Statements”) and (ii) each fiscal quarter in 2011 ending after the date hereof and prior to the Closing Date (the “2011 Quarterly Statements”), it being
agreed that the 2011 Quarterly Statements for any given fiscal quarter shall be delivered to Purchaser no later than 45 days following the completion of such fiscal quarter. The Interim Reviewed Statements and the 2011 Quarterly Statements delivered
to Purchaser shall be accompanied by a report from PwC stating that such reports have been reviewed in accordance with the Statement on Auditing Standards number 100. 
 (c) As soon as practicable following March 27, 2011, Seller shall have delivered to Purchaser management financial reports for the Companies, as of and for the three month period ended March 27,
2011 prepared in the same manner and with the same level of detail as has was provided in such management financial reports of the Companies for 2010 (the “Management Reports”). 

(d) As soon as practicable, but in no event later than 60 days following the Closing, Seller shall use its commercially reasonable
efforts to cooperate in any way reasonably requested by Purchaser to assist with the preparation and delivery to Purchaser at Purchaser’s expense of audited financial statements of the Companies prepared in accordance with GAAP for the period
December 27, 2010 through and including the Closing Date, which financial statements shall comply with Regulation S-X and Regulation S-K promulgated under the Securities Act, and which shall be accompanied by a report and opinion of PwC, or an
other independent certified public accountant reasonably acceptable to Purchaser, which report and opinion shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of
such audit. 

  
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 (e) If requested by Purchaser at any time prior to the first anniversary of the Closing
Date, Seller shall use commercially reasonable efforts to furnish Purchaser and its financing sources as promptly as practicable (with any out of pocket third party expenses borne by Purchaser) with financial or other pertinent information regarding
the Companies as may be reasonably requested by Purchaser, including financial data, audit reports, management representation letters and other information regarding the Companies of the type that would be required (A) to enable Purchaser to
prepare any schedule describing the material qualitative and quantitative differences between the GAAP financial statements referred to in this Section 5.13 and financial statements as of the same dates and for the same periods prepared in
accordance with International Financial Reporting Standards or (B) by Regulation S-X or Regulation S-K promulgated under the Securities Act for a registered public offering of non-convertible debt securities, to the extent the same is of the
type and form customarily included in an offering memorandum for private placements of non-convertible high-yield bonds under Rule 144A promulgated under the Securities Act, or to receive from PwC (and any other accountant to the extent financial
statements audited or reviewed by such accountants are or would be included in such offering memorandum) customary “comfort” (including “negative assurance” comfort), together with drafts of customary comfort letters that such
independent accountants are prepared to deliver, with respect to the financial statements described in sections (a) and (b) above. 
 5.14 Use of “Dopaco” Name. 
 Seller covenants and agrees that
from and following the Closing Date it shall not, directly or indirectly, use or do business under or permit any of its respective Affiliates to use or do business under the name “Dopaco” or any name or trademark confusingly similar to
“Dopaco”, and, to the extent that either Dopaco LP or Dopaco Pacific is in existence following the Subsidiary Disposition, Seller shall cause the name of such entity to be changed in order to eliminate the word “Dopaco”
therefrom. 
 5.15 Workers Compensation Claims. 
 Notwithstanding anything to the contrary contained in Section 5.6 hereof: 
 5.15.1 Subsequent to the Closing Purchaser shall, and shall cause the Companies to, use commercially reasonable efforts in defending and otherwise dealing with any workers compensation obligations of any
of the Companies arising from a pre-Closing occurrence, using a standard of care consistent with the Companies’ past practices that a reasonable person would utilize in the absence of any indemnification by a third party with respect thereto,
and Seller shall have a right of consultation with respect to all of the foregoing; and 
 5.15.2 Subsequent to the Closing,
but subject to the next sentence, Purchaser shall, and shall cause the Companies to (i) with respect to all workers compensation clams arising out of occurrences prior to November 1, 2007, pay Zurich Insurance Company amounts billed by
such insurance company with respect thereto, and (ii) with respect to all workers compensation clams arising out of occurrences on or subsequent to November 1, 2007 and prior to the Closing Date, pay Seller amounts billed by Seller with
respect thereto, in each case contemplated in clauses (i) and (ii) in the ordinary course of business consistent with the 

  
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past practices of the Companies. Seller shall reimburse the Companies for all amounts paid by them as contemplated in clauses (i) and (ii) in excess of an aggregate amount of
$1,879,113.50, such reimbursement to be made within thirty days subsequent to the issuance to Seller by the Companies of a monthly invoice therefor, and, from and after such time as Seller is obligated to make such reimbursement payments, Seller
shall cease sending invoices referred in clause (ii) of the immediately preceding sentence and the Companies shall have no payment obligation under such clause (ii). At such time following the Closing as any of the Companies, on the one hand,
or Seller or one of its Affiliates, on the other, shall receive the return of any workers compensation deposit with respect to a workers compensation insurance policy in effect prior to the Closing, the receiving party (or its Affiliate) shall remit
to the other party hereunder one-half (1/2) of the amount of such deposit. 
 5.16 Blended Contracts. 

With respect to the contracts referred to in clause (s) of Section 3.10.1, unless otherwise agreed, each of the parties
hereto will use commercially reasonable efforts to (i) obtain prior to the Closing from the counterparty to each such contract (A) a new separate contract with one of the Companies for the portion of the goods or services purchased from or
supplied to the Business under such contract, and (B) a new separate contract with Seller or one of its Affiliates for the portion of the goods or services purchased from or supplied to the continuing business of Seller and its Affiliates
(other than the Companies), in each case upon terms and conditions substantially similar to the existing contracts or otherwise reasonably satisfactory to Purchaser and Seller, and (ii) terminate the existing contracts referred to in clause
(s) of Section 3.10.1. 
 5.17 Release and Substitution. 

Following the date hereof, each of Seller and Purchaser shall cooperate together and use commercially reasonable efforts to cause the
counterparties to each of the agreements listed on Schedule 5.17 to release Cascades Inc. as a party to such agreement (including with respect to all of its responsibilities and obligations thereunder) and to substitute Purchaser in lieu of
Cascades Inc. as a party thereto (the “Release and Substitution”). 
 5.18 Employee Benefits.

 5.18.1 Non-Union Employees. For a period of one (1) year following the Closing Date, except as may otherwise be
agreed with any particular employee with respect to such employee, Purchaser shall cause the Companies to provide to each employee of the Companies who is not represented by a union or labor organization (each, a “Non-Union
Employee”) compensation and employee benefits (but excluding any compensation triggered in whole or in part by the consummation of the Transactions) that are no less favorable in the aggregate to the compensation and employee benefits
provided to such Non-Union Employee immediately prior to the Closing Date. Subject to the foregoing, nothing herein shall prevent the Companies from amending or terminating any employee benefit plan, program or arrangement following the Closing Date
to the extent permitted under applicable Law. With respect to each benefit plan, program, practice, policy or arrangement maintained by the Companies following the Closing Date which is not a Company Plan and in which Non-Union Employees participate
(the “Purchaser Plans”), for purposes of determining eligibility to participate, vesting and 

  
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entitlement to benefits with respect to such Purchaser Plans service with the Companies (or predecessor employers to the extent the Companies provide past service credit) shall be treated as
service with the Companies; provided however, that such service shall not be recognized to the extent that such recognition would result in a duplication of benefits. Such service also shall apply for purposes of satisfying any waiting periods or
evidence of insurability requirements. Each of the Purchaser Plans shall waive pre-existing condition limitations to the extent waived or not applicable under the corresponding Company Plan. Non-Union Employees shall be given credit under the
applicable Purchaser Plans for amounts paid prior to the Closing Date during the year in which the Closing Date occurs under a corresponding Company Plan during the same period for purposes of applying deductibles, co-payments and out-of-pocket
maximums as though such amounts had been paid in accordance with the terms and conditions of the Purchaser Plan. 
 5.18.2
Continuing Company Plans. As of the Closing Date, Purchaser shall cause the Companies to honor in accordance with their terms the employment, employment termination, severance and other compensation agreements, plans and arrangements
(collectively, the “Continuing Company Plans”), in each case existing immediately prior to the execution of this Agreement; provided, however, that, subject to the limitations set forth in Section 5.18.1, nothing herein
shall prevent Purchaser from amending or terminating any Continuing Company Plan to the extent permitted under applicable Law. 

5.18.3 Union Employees. With respect to employees of the Companies who are represented by a union or labor organization (the
“Union Employees”). Purchaser agrees to cause the Companies to assume and honor all existing collective bargaining agreements between the Companies and a labor union or labor organization and provide such Union Employees with
compensation and benefits as set forth in such collective bargaining agreements. 
 5.18.4 Assumption of Certain
Post-Employment Health Insurance Benefit Liabilities. Notwithstanding anything in this Agreement to the contrary, Seller shall or shall cause one or more of its Affiliates to assume all Liabilities and, if any, Taxes, arising as a result of the
provisions contained in Paragraph 3 of the R. Cauffman Employment Agreement Amendment No. 2 entitled “Extension of Post-Employment Health Insurance Benefit”, it being understood that all other Liabilities and, if any, Taxes, under or
in respect of the R. Cauffman Employment Agreement, including with respect to Liabilities and, if any, Taxes, associated with health insurance benefits as in existence prior to such Amendment No. 2, are not being assumed hereunder, but shall in
all respects remain the responsibility of one or more of the Companies. The foregoing Post-Employment Health Insurance Benefit shall be provided by one or more of the Companies pursuant to such Amendment No. 2, and the Liabilities and, if any,
Taxes, assumed hereunder with respect thereto shall be invoiced to Seller by one or more of the Companies and Seller shall promptly pay each such invoice. 

  
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 ARTICLE VI 
 TAX MATTERS 
 6.1 Post Closing Elections. 

At Seller’s request, Purchaser shall cause any of Dopaco US, the Dopaco US Subsidiaries and Dopaco Canada to make and/or join with
Seller in making any Tax elections (including with regard to Dopaco Canada, an election relating to the covenant not to compete contained in Section 5.9) after the Closing Date that may relate to any taxable period ending on or before the
Closing Date if the making of such election does not have an adverse impact on Purchaser, any Company or any of their Affiliates for any taxable period ending after the Closing Date. Furthermore, Purchaser shall not make any election under
Section 338(g) of the Code with respect to the Companies without Seller’s prior written consent. At Purchaser’s request, Seller shall make (or cause its Affiliates to make) and/or join with Purchaser (or any of its Affiliates) in
making any Tax elections if the making of such election does not have an adverse impact on Seller (or any of its Affiliates, including any Company with respect to a Pre-Closing Tax Period). 

6.2 Post Closing Transactions. 
 Purchaser and Seller agree to report all transactions engaged in by Dopaco US or the Dopaco US Subsidiaries not in the ordinary course of business occurring on the Closing Date after the Closing on
Purchaser’s federal Income Tax Return to the extent permitted by Treasury Regulation Section 1.1502-76(b)(1)(ii)(B), and Purchaser agrees to provide written notice to Seller describing any such transactions within 30 days after the Closing
Date. Notwithstanding the foregoing, Purchaser agrees to indemnify Seller for any additional U.S. federal and applicable state Income Tax owed by Seller (including any additional U.S. federal and applicable state Income Tax imposed on Seller as a
result of any payment described in this Section 6.2) resulting from any transaction engaged in by Dopaco US or the Dopaco US Subsidiaries not in the ordinary course of business occurring on the Closing Date after the Closing (taking into
account any investment adjustment or similar item that results from such transaction or payment) other than any action contemplated by this Agreement. To the extent any amount for which Purchaser is responsible pursuant to this
Section 6.2 is required to be paid after the Closing (including estimated Taxes), Purchaser shall pay such amount to Seller upon the later of (i) two (2) days following notice by Seller that such amount is or will be due and
(ii) one (1) day before such amount is due to a Taxing Authority. 
 6.3 Preparation and Filing of Tax Returns.

 6.3.1 To the extent permitted by Law, Seller shall prepare and timely file, or cause to be prepared and timely filed, in a
manner consistent with the Companies’ past practices, all Tax Returns for taxable periods ending on or before the Closing Date. Except as otherwise provided under this Article VI, Seller and Purchaser agree to allocate all items accruing
through the Closing Date to Dopaco US’s and the Dopaco US Subsidiaries’ taxable period ending on the Closing Date pursuant to Treasury Regulation Section 1.1502- 76(b)(l)(ii)(A)(l) (and not pursuant to the “next day” rule
under Treasury Regulation Section 1.1502-76(b)(l)(ii)(B) or pursuant to the ratable allocation method under Treasury Regulation Section 1.1502-76(b)(2)(ii) or 1.1502-76(b)(2)(iii)). To the extent allowable under

  
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applicable Tax Law and except as otherwise provided under this Article VI, the parties will apply the same (or substantially the same) principles in allocating items of income and
deduction for any similar state or local “consolidated”, “unitary”, or “combined” Income Tax Returns for all taxable periods ending on or before the Closing Date. Seller shall make or cause to be made (and shall not
make and shall cause not to be made, as applicable) Tax elections (including on a protective basis) so that none of the Companies shall suffer any reduction in tax basis or other attributes pursuant to Treasury Regulations Section 1.1502-36.
Seller shall not make (and shall cause not to be made) any election under Section 108(i) of the Code (or any similar provision under state, local or foreign Law) that applies to any income or deduction realized by any the Companies prior to the
Closing. 
 6.3.2 Purchaser shall prepare and timely file, or cause to be prepared and timely filed, in a manner consistent
with the Companies’ past practices, all Tax Returns for any Straddle Period. 
 6.3.3 Each of Seller and Purchaser shall,
with respect to any Tax Return which such party is responsible hereunder for preparing and filing, or causing to be prepared and filed, make such Tax Return and related work papers available for review by the other party if the Tax Return is with
respect to Taxes for which the other party or one of its Affiliates may be liable hereunder or under applicable Law. The filing party shall use its reasonable efforts to make Tax Returns available for review as required under this
Section 6.3 at least thirty (30) days in advance of the due date for filing such Tax Returns to provide the non-filing party with a meaningful opportunity to analyze and comment on such Tax Returns and have such Tax Returns modified
before filing. Each of Seller and Purchaser shall, and shall cause its employees to, cooperate fully, as and to the extent reasonably requested by any other party, in connection with the filing of Tax Returns. The parties shall retain all such Tax
Returns, schedules and work papers and all material records and other documents relating thereto, until the expiration of the applicable statute of limitations, including any extension thereof, of the Tax period to which such Tax Returns and other
documents and information relate. Each party shall make its employees reasonably available on a mutually convenient basis at its cost to provide explanation of any documents or information so provided. If the non-filing party objects to any item on
any such Tax Return, it shall, within fifteen (15) days after delivery of such Tax Return, notify the party responsible for the preparation of such Tax Return in writing that it so objects, specifying with particularity any such item and
stating the specific factual or legal basis for any such objection. If a notice of objection is duly delivered, the parties shall negotiate in good faith and use their reasonable best efforts to resolve such items. In the event of any disagreement
that can not be resolved by the parties, such disagreement shall be resolved by an accounting firm of international reputation mutually agreeable to Seller and Purchaser (the “Tax Arbitrator”), and any such determination by the Tax
Arbitrator shall be final. The fees and expenses of the Tax Arbitrator shall be borne equally by Seller and Purchaser. If the Tax Arbitrator does not resolve any differences between Seller and Purchaser with respect to such Tax Return at least five
days prior to the due date therefor, such Tax Return shall be filed as prepared by the party preparing such Tax Return and amended to reflect the Tax Arbitrator’s resolution. 

  
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 6.4 Transfer Taxes. 

All sales, use, transfer, documentary, stamp, registration, value added and other similar Taxes incurred in connection with the transfer
of the Dopaco Stock to Purchaser shall be borne and paid by Purchaser when due. Purchaser shall, at its own expense, prepare and file, or cause to be prepared and filed, all Tax Returns and other documentation required to be filed with respect to
any such Taxes. 
 6.5 Tax Indemnity. 
 From and after the Closing, Seller shall indemnify Purchaser and its Affiliates (including the Companies) and hold them harmless from and against all Covered Taxes and related Losses (other than any
Covered Taxes actually included in Final Working Capital). Purchaser and Seller agree that the Companies shall be deemed, for the purpose of Seller’s obligations under this Section 6.5, not to have the benefit of any net operating
loss, net capital loss or other Tax attribute, credit or benefit that is attributable to, arises from or relates to any Post-Closing Tax Period. To the extent any amount for which Seller is responsible pursuant to this Section 6.5 is
required to be paid after Closing (including estimated Taxes), Seller shall pay such amount to Purchaser upon the later of (i) two (2) days following notice by Purchaser that such amount is or will be due and (ii) one (1) day
before such amount is due to a Taxing Authority. The indemnification made pursuant to this Section 6.5 shall not be subject to the limitations on indemnification contained in Section 7.1.1. 

6.6 Apportionment. 
 For purposes of this Agreement, in the case of any Taxes that are imposed on a periodic basis and payable for a Straddle Period, the portion of such Tax which relates to the Pre-Closing Tax Period shall
(i) in the case of any real and personal property Taxes, be deemed to be the amount of such Tax for the entire Straddle Period multiplied by a fraction the numerator of which is the number of days in the Straddle Period ending on the Closing
Date and the denominator of which is the number of days in the entire Straddle Period, and (ii) in the case of any other Tax, be deemed equal to the amount which would be payable if the relevant Straddle Period ended on the Closing Date.

 6.7 Refunds. 
 If Purchaser or any of the Companies receives a refund (or a credit of Taxes paid in lieu of a refund) of Covered Taxes (other than to the extent such refund or credit results from the carryback of a Tax
attribute relating to a Post-Closing Tax Period or the extent such refund was included in Final Working Capital), Purchaser will pay to Seller, within thirty (30) days following the receipt of such refund, an amount equal to such refund less
any reasonable out-of-pocket expenses incurred in connection with obtaining such refund and less any Taxes incurred by Purchaser, its Affiliates, or any of the Companies in connection with the receipt of such refund. If Seller or any of its
Affiliates receives a refund (or a credit of Taxes paid in lieu of a refund) (i) of or with respect to the any of the Companies other than in respect of Covered Taxes, (ii) attributable to the carryback of a Tax attribute relating to a
Post-Closing Tax Period, or (iii) that was actually included in Final Working Capital, Seller will pay to Purchaser, within thirty 

  
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(30) days following the receipt of such refund, an amount equal to such refund less its reasonable out-of-pocket expenses incurred in connection with obtaining such refund and less any Taxes
incurred by it or its Affiliates in connection with the receipt of such refund. 
 6.8 Settlement of Deficiencies and
Adjustments. 
 If any Taxing Authority issues to Purchaser, any Company or any of their Affiliates a notice of deficiency
or any other type of proposed adjustment of Taxes of a Company that could give rise to Covered Taxes, Purchaser shall notify Seller within thirty (30) Business Days of receipt of the notice of deficiency or other proposed adjustment, provided
that failure to give such notification shall not affect the indemnification provided pursuant to Section 6.5 except to the extent Seller shall have been actually prejudiced as a result of such failure. If any Taxing Authority issues to
Seller or any of its Affiliates a notice of deficiency or any other type of proposed adjustment that could give rise to any Taxes payable by any of the Companies or any payment required by Section 6.2 or 6.5, Seller shall notify
Purchaser within thirty (30) Business Days of receipt of the notice of deficiency or other proposed adjustment provided that failure to give such notification shall not affect the indemnification provided pursuant to Section 6.2
except to the extent Purchaser shall have actually been prejudiced as a result of such failure. Except as otherwise provided herein, (i) Seller (at its own expense) shall control any Tax Proceeding to the extent such Tax Proceeding relates to a
Tax Return described in Section 6.3.1 and (ii) Purchaser (at its own expense) shall control any Tax Proceeding that is not described in clause (i). In the case of any Tax Proceeding relating to a Tax Return described in
Section 6.3.1 or Section 6.3.2, the party controlling such Tax Proceeding shall (to the extent related to a Company) (i) notify the other party of significant developments with respect to such Tax Proceeding and keep the
other party reasonably informed and consult with the other party as to the resolution of any issue that would materially affect such other party, (ii) give to the other party a copy of any Tax adjustment proposed in writing with respect to such
Tax Proceeding and copies of any other written correspondence with the relevant Tax authority relating to such Tax Proceeding, (iii) not settle or compromise any issue without the consent of such other party, which consent shall not be
unreasonably withheld and (iv) otherwise permit the other party to participate in all aspects of such Tax Proceeding, at such other party’s own expense. 
 6.9 Cooperation and Exchange of Information. 
 Seller and Purchaser shall
provide each other with such cooperation and information as either of them reasonably may request of the other in filing any Tax Return, amended return or claim for refund, determining a liability for Taxes or a right to refund of Taxes or in
conducting any audit or other proceeding in respect of Taxes. Such cooperation and information shall include providing copies of all relevant Tax Returns, together with accompanying schedules and related workpapers, documents relating to rulings or
other determinations by taxing authorities and records concerning the ownership and tax basis of property, which either party may possess. Each party shall make its employees available on a mutually convenient basis to provide explanation of any
documents or information provided hereunder. Except as otherwise provided in this Agreement, the party requesting assistance hereunder shall reimburse the other for any reasonable out of pocket costs incurred in providing any return, document or
other written information, and shall compensate the other for any reasonable costs (excluding wages and salaries) of making employees available, upon receipt of 

  
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reasonable documentation of such costs. Any information obtained under this Section 6.9 shall be kept confidential, except as may be otherwise necessary in connection with the filing
of returns or claims for refund or in conducting any audit or other proceeding. Purchaser and Seller further agree, upon request and at the cost of the requesting party, to use their commercially reasonable efforts to obtain any certificate or other
document from any Governmental Authority or any other person as may be necessary to mitigate, reduce or eliminate any Tax that could be imposed (including with respect to the transactions contemplated hereby). 

6.10 Termination of Prior Tax Sharing Agreement; Powers of Attorney. 

Seller shall cause, effective as of the Closing, all tax sharing, tax allocation or other similar agreements, whether or not written, to
which Seller or any of its Affiliates, on the one hand, and any of the Companies, on the other hand, is a party to be terminated and the Companies to have no further rights or obligations thereunder. Except as provided on Schedule 6.10,
Seller shall cause any and all existing powers of attorney with respect to Taxes or Tax Returns to which any the Companies is a party to be terminated as of the Closing. 
 6.11 Tax Covenant. 
 Notwithstanding anything to the contrary contained
herein, during the period from the date of this Agreement until the Closing, Seller will not and will not permit any of the Companies to make or change any material Tax election, change any annual Tax accounting period, adopt or change any method of
Tax accounting, amend any material Tax Returns or file any claims for material Tax refunds, enter into any material closing agreement, settle any material Tax claim, audit or assessment or surrender any right to claim a material Tax refund, offset
or other reduction in Tax liability, in each case, with respect to any of the Companies, provided that, with respect to the audit of Seller’s U.S. consolidated tax group that is ongoing as of the date of this Agreement and to the extent that
such audit relates to any of the Companies, Seller may settle such audit with Purchaser’s prior written consent, which shall not be unreasonably withheld. 
 6.12 Coordination; Survival Period. 
 In the event of a conflict between a
provision in Article VI and a provision in Article VII, the provision in Article VI shall control. Furthermore, (i) Purchaser shall be entitled to make any claim for Covered Taxes or a breach of a representation or warranty
under Section 3.13 (Taxes), 3.24 (No Foreign Person) or 3.25 (Taxable Canadian Properties) exclusively in accordance with the provisions of this Article VI and not under Article VII, and
(ii) notwithstanding anything in this Agreement to the contrary and for the avoidance of doubt the representations and warranties set forth in Section 3.13 (Taxes), 3.24 (No Foreign Person) and 3.25 (Taxable Canadian
Properties) shall survive until the expiration of all applicable statutes of limitations for all Covered Taxes. Notwithstanding the preceding sentence, any breach of representation or warranty under Section 3.13, 3.24 or 3.25 in
respect of which indemnity may be sought under this Article VI shall survive the time at which it would otherwise terminate pursuant to the preceding sentence, if notice of the inaccuracy or breach thereof giving rise to such right of
indemnity shall have been given to the party against whom such indemnity may be sought prior to such time. 

  
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 6.13 Treatment of Tax Indemnity Payments. 

It is the intent of the parties that amounts paid under this Article VI shall represent an adjustment to the Purchase Price and
(to the extent permitted by Law) the parties will report such payments consistent with such intent. 
 ARTICLE VII

 INDEMNIFICATION; SURVIVAL OF REPRESENTATIONS AND WARRANTIES 

7.1 Indemnification of Purchaser. 
 Seller hereby agrees to defend, indemnify, and hold harmless Purchaser, its Affiliates, and each of their respective officers, directors, stockholders, members, managers, employees, representatives,
agents, successors and assigns (individually, and collectively, the “Purchaser Indemnified Parties”) against and in respect of any and all losses, liabilities, damages, actions, suits, proceedings, claims, demands, orders,
assessments, amounts paid in settlement, fines, costs or deficiencies, including, without limitation, interest, penalties and reasonable attorneys fees and costs, including the cost of seeking to enforce the indemnity provisions hereof, whether or
not arising from a third party claim, (collectively, “Losses”), caused by or resulting or arising from, or otherwise with respect to, (i) any inaccuracy in or any breach of any of Seller’s representations or warranties
contained in this Agreement or in any other instrument or other document delivered pursuant hereto, (ii) any breach of or any failure to perform or comply with any of Seller’s covenants contained in this Agreement, (iii) any liability
or obligation of any Company, whether asserted prior to or following the Closing, arising from any act or omission prior to the Closing that did not occur as part of, or in a manner reasonably related to, the conduct of the Business, (iv) any
liability or obligation arising in connection with the Specified Litigation or otherwise arising under Environmental Requirements in connection with properties or facilities formerly owned, leased or used in connection with the Business, and
(v) any liability or obligation arising in connection with the Specified Dispute; provided, however, that in each case Losses shall be calculated net of any indemnification recovered from third parties and insurance proceeds. 

7.1.1 Claim Threshold; Materiality; Time Within Which Claim Must be Asserted; Limitation on Amounts to be Paid. Notwithstanding
anything to the contrary contained herein, Seller shall not be liable to Purchaser Indemnified Parties with respect to a claim for indemnification under clause (i) of Section 7.1: (i) until such time as the aggregate of all
amounts otherwise indemnifiable exceeds an aggregate threshold amount hereunder of [REDACTED] (the “Basket Amount”), at which time all such amounts shall be indemnifiable hereunder, excluding the Basket Amount, up to an aggregate
maximum indemnity amount hereunder of [REDACTED] (the “General Indemnity Cap”), except that the foregoing limitations shall not apply (A) to claims respecting the representations and warranties set forth in Sections 3.1
(Approval of Agreement and Transaction), 3.2 (Seller’s Existence and Good Standing; Authority; Binding Obligation; No Conflicts or Restrictions), 3.3 (The Companies’ Existence and Good Standing; Authority; Binding Obligation;
No Conflicts or Restrictions), 3.5 (Capital Structure; No Liens), 3.11 (No Governmental Authority Restrictions); and 3.21 (No Investment Banker’s, Broker’s or Finder’s Fees) for which, however, in no event shall
Seller’s obligations for indemnification with respect to the representations and warranties 

  
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identified in this Section 7.1.1(i)(A) exceed the Purchase Price, or (B) to claims for fraud; and (ii) unless such claim is asserted in writing on or prior to the date on which
the survival of the representation or warranty at issue expires pursuant to Section 7.4 (the “Survival Expiration Date”). 
 7.2 Indemnification of Seller. 
 Purchaser hereby agrees to defend,
indemnify, and hold harmless Seller, its Affiliates, and each of their respective officers, directors, stockholders, members, managers, employees, representatives, agents, successors and assigns (individually, and collectively, the “Seller
Indemnified Parties”) against and in respect of any and all Losses caused by or resulting or arising from, or otherwise with respect to, (i) any inaccuracy in or any breach of any of Purchaser’s representations or warranties
contained in this Agreement or in any other instrument or other document delivered pursuant hereto, (ii) any breach of or any failure to perform or comply with any of Purchaser’s covenants contained in this Agreement, and (iii) any
Losses resulting from the inability to obtain any Release and Substitution. 
 7.2.1 Claim Threshold; Materiality; Time
Within Which Claim Must be Asserted; Limitation on Amounts to be Paid. Notwithstanding anything to the contrary contained herein, Purchaser shall not be liable to Seller Indemnified Parties with respect to a claim for indemnification hereunder
under clause (i) of Section 7.2 (i) until such time as the aggregate of all amounts otherwise indemnifiable hereunder exceeds the Basket Amount, at which time all such amounts shall be indemnifiable hereunder, excluding the
Basket Amount, up to the General Indemnity Cap, except that the foregoing limitations shall not apply (A) to claims respecting breaches of the representations and warranties set forth in Section 4.1 (Approval of Agreement and
Transaction), 4.2 (Purchaser’s Existence and Good Standing; Authority; Binding Obligation; No Conflicts or Restrictions), 4.3 (No Governmental Authority Restrictions) and 4.4 (No Investment Banker’s, Broker’s or
Finder’s Fees), for which, however, in no event shall Purchaser’s obligations for indemnification with respect to the representations and warranties identified in this Section 7.2.1(i)(A) exceed the Purchase Price, or
(B) to claims for fraud; and (ii) unless such claim is asserted in writing on or prior to the Survival Expiration Date. 

7.3 Indemnification Procedure. 
 All claims for indemnification under Sections 7.1 and 7.2 hereof shall be asserted and resolved as set forth in this Section 7.3: 

7.3.1 In the event that any claim for which a party (the “Indemnifying Party”) may be liable to the other party (the
“Indemnified Party”) hereunder (a “Claim”) is asserted against an Indemnified Party by a third party, the Indemnified Party shall with reasonable promptness (but subject to Section 7.3.3) notify the
Indemnifying Party of such Claim, specifying the nature of such Claim and the amount or the estimated amount thereof to the extent then feasible (which estimate shall not be conclusive of the final amount of such Claim) (the “Claim
Notice”). The Indemnifying Party shall have 30 days from the receipt of the Claim Notice (the “Notice Period”) to notify the Indemnified Party (i) whether or not the Indemnifying Party disputes the Indemnifying
Party’s liability to the Indemnified Party hereunder with respect to such Claim and (ii) whether or not the Indemnifying Party desires, at 

  
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the sole cost and expense of the Indemnifying Party, to defend against such Claim. In the event that the Indemnifying Party notifies the Indemnified Party within the Notice Period that the
Indemnifying Party desires to defend the Indemnified Party against such Claim, the Indemnifying Party shall have the right to defend by appropriate proceedings, which proceedings shall be promptly settled or defended by the Indemnifying Party to a
final conclusion. Notwithstanding the foregoing, an Indemnified Party shall have the right to assume the defense and employ separate counsel, reasonably acceptable to the Indemnifying Party, of any Claim in which the parties (including any impleaded
parties) include both the Indemnified Party and the Indemnifying Party, and such Indemnified Party shall have been advised by counsel that a conflict of interest is likely to exist if the same counsel were to represent such Indemnified Party and the
Indemnifying Party or that there may be legal defenses available to such Indemnified Party that are different from or in addition to those available to the Indemnifying Party, and the Indemnifying Party shall be liable, in such action or
substantially similar but related actions, for the fees and expenses of one separate firm of attorneys (in addition to any local counsel) for the Indemnified Party. The Indemnifying Party, in the circumstances contemplated in the immediately
preceding sentence, may not settle any Claim without the consent of the Indemnified Party, which consent may not be unreasonably withheld. If the Indemnified Party desires to participate in, but not control, any such defense or settlement the
Indemnified Party may do so at the Indemnified Party’s sole cost and expense. If the Indemnifying Party elects not to defend the Indemnified Party against such Claim, whether by not giving the Indemnified Party timely notice as provided above
or otherwise, then the Indemnified Party, without waiving any rights against the Indemnifying Party, may settle or defend against any such Claim in the Indemnified Party’s sole discretion and, if it is ultimately determined that the
Indemnifying Party is responsible therefor under this Article VII, then the Indemnified Party shall be entitled to recover from the Indemnifying Party the amount of any settlement or judgment and all indemnifiable costs and expenses of the
Indemnified Party with respect thereto. If the Indemnifying Party has defended or settled any such Claim and it is ultimately determined that the Indemnifying Party is not responsible therefor under this Article VII, the Indemnified Party
shall promptly pay to the Indemnifying Party the amount of the judgment or settlement paid by the Indemnifying Party and all defense costs, including reasonable attorneys fees. Except with the prior written consent of the Indemnified Party, which
consent shall not be unreasonably withheld or delayed, no Indemnifying Party, in the defense of any Claim, shall consent to entry of any judgment or order, interim or otherwise, or enter into any settlement that (i) would lead to liability or
create any financial or other obligation on the part of the Indemnified Party, (ii) does not contain, as an unconditional term thereof, the release of the Indemnified Party from all liability in respect of such Claim or such Claim is not
dismissed against the Indemnified Party with prejudice and without the imposition of any financial or other obligation on the Indemnified Party or (iii) admits the liability or fault of the Indemnified Party. 

7.3.2 In the event the Indemnified Party should have a Claim against the Indemnifying Party hereunder which does not involve a Claim
being asserted against or sought to be collected by a third party, the Indemnified Party shall with reasonable promptness (but subject to Section 7.3.3) send a Claim Notice with respect to such claim to the Indemnifying Party. The
Indemnifying Party shall notify the Indemnified Party in writing within the Notice Period that the Indemnifying Party accepts or disputes such Claim. If the Indemnifying Party disputes any such Claim and the parties thereto are unable to resolve the
dispute within twenty (20) days, the dispute shall be resolved pursuant to the resolution procedures set forth in Section 10.6 hereof. 

  
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 7.3.3 Nothing herein shall be deemed to prevent the Indemnified Party from making a Claim
hereunder for contingent Claims provided the Claim Notice sets forth the specific basis for any such contingent Claim to the extent then feasible and the Indemnified Party has reasonable grounds to believe that such a Claim may be made, and the
Indemnified Party sets forth with reasonable detail the basis for such belief, provided that if no such Claim is in fact made within one year after the contingent Claim relating thereto is made, such Claim shall not be qualified for indemnification
hereunder (it being agreed that this proviso shall not apply with respect to any Claim arising from a third party Claim that remains unresolved as of such one year anniversary date). The Indemnified Party’s failure to give reasonably prompt
notice under Section 7.3.1 or 7.3.2 to the Indemnifying Party of any actual, threatened or contingent Claim which may give rise to a right of indemnification hereunder shall not relieve the Indemnifying Party of any liability
which the Indemnifying Party may have to the Indemnified Party except to the extent the failure to give such notice materially and adversely prejudiced the Indemnifying Party. 

7.3.4 In connection with any Claim, the Indemnified Party shall give the Indemnifying Party reasonable access to the books, records and
assets of the Indemnified Party which relate to the act, omission or occurrence giving rise to such Claim and the right, upon prior notice during normal business hours, to interview any appropriate personnel of the Indemnified Party with respect
thereto and the Indemnified Party otherwise shall cooperate with the Indemnifying Party (and with its insurance company, if applicable) in defending a Claim, provided that the provisions of this Section 7.3.4 shall not govern in the
event of a Claim being asserted directly between an Indemnified Party and an Indemnifying Party. 
 7.4 Survival of
Representations and Warranties. 
 The representations and warranties of the parties contained herein shall survive for a
period of [REDACTED] months from and after the Closing Date and shall not survive beyond such period, provided that the representations and warranties set forth in (i) Section 3.22 (Environmental Matters) shall survive for a period
of [REDACTED] months after the Closing Date and shall not survive beyond such period, and (ii) Section 3.1 (Approval of Agreement and Transaction), 3.2 (Seller’s Existence and Good Standing; Authority; Binding
Obligation; No Conflicts or Restrictions), 3.3 (The Companies’ Existence and Good Standing; Authority; Binding Obligation; No Conflicts or Restrictions), 3.5 (Capital Structure; No Liens), 3.11 (No Governmental Authority
Restrictions), 3.18 (Employee Benefits) 3.21 (No Investment Banker’s, Broker’s or Finder’s Fees), 4.2 (Purchaser’s Existence and Good Standing; Authority; Binding Obligation; No Conflicts or Restrictions),
4.3 (No Governmental Authority Restrictions) and 4.4 (No Investment Banker’s, Broker’s or Finder’s Fees) shall survive until the expiration of any applicable statute of limitations and shall not survive beyond such
period. Notwithstanding anything to the contrary contained herein, the survival of the representations and warranties set forth in Sections 3.13 (Taxes), 3.24 (No Foreign Person) and 3.25 (Taxable Canadian Properties) shall be
governed by Section 6.12. 

  
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 7.5 Treatment of Indemnity Payments. 

It is the intent of the parties that amounts paid under this Article VII shall represent an adjustment to the Purchase Price and
(to the extent permitted by Law) the parties will report such payments consistent with such intent. 
 7.6 Sole and Exclusive
Remedy. 
 Purchaser and Seller acknowledge and agree (on behalf of themselves and their Affiliates) that from and after the
Closing, their sole and exclusive remedy with respect to any and all claims for monetary relief relating to or arising out of the subject matter of this Agreement shall be pursuant to the provisions of Article VI and this Article VII.

 ARTICLE VIII 
 CLOSING CONDITIONS 
 8.1 Conditions to Purchaser’s
Obligations. 
 The obligation of Purchaser to purchase the Dopaco Stock from Seller pursuant to this Agreement is subject
to the satisfaction prior to or on the Closing Date of the following conditions, any of which may be waived in whole or in part in writing by Purchaser: 
 8.1.1 The representations and warranties of Seller contained herein (except those representations and warranties which are no longer true and correct as a result of the Subsidiary Disposition and, if it
shall have occurred prior to the Closing, the Union Packaging Sale, and except as otherwise provided with respect to Section 3.7 in the final proviso in this Section 8.1.1) shall be true and correct, in all material respects,
as of the Closing Date with the same effect as though made on the Closing Date, (provided that by their terms the representations and warranties set forth in Section 3.26 shall continue to be true and correct, in all material respects,
as of the date of the execution and delivery hereof), and provided further that the representations and warranties of Seller contained in Section 3.7 need not be true and correct in all material respects, so long as such failure does not
constitute a Material Adverse Effect (but in no event shall this proviso affect the rights of any of the Purchaser Indemnified Parties with respect to Section 3.7 pursuant to the provisions of Section 7.1 (i)), and Seller
shall have delivered to Purchaser a certificate, dated the Closing Date, to such effect. 
 8.1.2 Seller shall have complied
with all agreements, obligations and covenants contained herein, in all material respects, and Seller shall have delivered to Purchaser a certificate, dated the Closing Date, to such effect. 

8.1.3 All applicable periods under the HSR Act shall have expired without any indication by the Department of Justice or the Federal
Trade Commission that either of them intends to challenge the Transactions, or early termination thereof, if requested, shall have been granted. Purchaser shall have received an advance ruling certificate under section 102 of the Competition Act in
respect of the Transactions or (i) the waiting period under section 123 of the Competition Act shall have expired or been terminated, or the obligations to submit a notification under Part IX of the Competition Act shall have been waived under
paragraph 113(c) 

  
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of Competition Act and (ii) Purchaser shall have received a written letter from the Commissioner of Competition, or any person duly authorized by the Commissioner of Competition for such
purposes, confirming that she does not, at that time, have grounds upon which to apply to the Competition Tribunal under section 92 of the Competition Act in respect of the Transactions. 

8.1.4 Purchaser shall have received the Boxboard Supply Agreement and the Corrugated Boxes Supply Agreement, each duly executed and
delivered by all of the parties thereto (other than Purchaser). 
 8.1.5 All approvals and consents and notices specified in
Schedules 3.2.2 and 3.11 shall have been obtained or made, which approvals, consents and notices shall be in effect on the Closing Date. 
 8.1.6 On the Closing Date, there shall be no suit, action or other proceeding, or Order of any nature issued by a Governmental Authority directing that the Transactions provided for herein not be
consummated as herein provided and no proceeding or lawsuit shall have been commenced or threatened by or before any Governmental Authority with respect to any of the Transactions. 

8.1.7 Seller shall have delivered to Purchaser or its representatives (a) copies of the Articles of Incorporation, Certificates of
Organization and Certificates of Formation, as applicable, of the Companies certified as of a recent date by the appropriate Secretary or Department of State or the appropriate Canadian Governmental Authority, and Bylaws, Limited Liability Company
Agreements and Limited Partnership Agreements (including all amendments thereto), as applicable, of each of the Companies certified by the Secretary or other appropriate officer of the respective Company, and (b) certificates from the Secretary
of State of Delaware, the Pennsylvania Department of State and the appropriate Canadian Governmental Authority as well as of all states and provinces in which each of the Companies is qualified to do business, as of a recent date, to the effect that
each such Company is in good standing in its jurisdiction of incorporation, organization or formation, as applicable, and in any state or province where it is qualified to do business. 

8.1.8 On the Closing Date, there shall have been no uncured Material Adverse Change since the date hereof, and Seller shall have
delivered to Purchaser a certificate, dated the Closing Date, to such effect. 
 8.1.9 Purchaser shall not have cause to
terminate this Agreement pursuant to the terms of Section 5.12. 
 8.1.10 Seller shall have delivered to Purchaser
written resignations of such directors of the Companies as may be designated by Purchaser no fewer than 10 days prior to the Closing. 
 8.1.11 Seller shall have delivered to Purchaser a statement, meeting the requirements of Section 1.1445-2(b) of the Treasury Regulations, to the effect that Seller is not a “foreign person
within the meaning of Section 1445 of the Code and the Treasury Regulations thereunder.” 

  
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 8.1.12 Seller shall have caused The Bank of Nova Scotia, as agent under that certain Credit
Agreement, dated as of December 29, 2006, by and among Cascades Inc., Seller, Cascades Europe SAS, Cascades Arnsberg Gmbh, The Bank of Nova Scotia, as administrative agent and collateral agent, National Bank of Canada, as co-administrative
agent, and the lenders from time to time a party thereto (the “Cascades Credit Agreement”), to (i) release any and all security interests, Liens, mortgages, deeds of trust, claims or other encumbrances of any kind on the Dopaco
Stock and the assets of any Company securing the indebtedness evidenced by the Cascades Credit Agreement and (ii) release each Company, as applicable, as a guarantor thereunder such that no Company shall have any further obligation in respect
of such Indebtedness. 
 8.1.13 Seller shall have caused the [REDACTED] to be repaid in full in cash and all obligations of the
Companies with respect thereto to be released in full pursuant to the HOC Termination Documents. 
 8.1.14 Seller shall have
effected the Subsidiary Disposition. 
 8.1.15 The Audited Financial Statements, the Interim Reviewed Statements and the
Management Reports shall have been delivered to Purchaser in accordance with Section 5.13. 
 8.2 Conditions to
Seller’s Obligations. 
 The obligation of Seller to sell the Dopaco Stock to Purchaser pursuant to this Agreement is
subject to the satisfaction prior to or on the Closing Date of the following conditions, any of which may be waived in writing in whole or in part by Seller: 
 8.2.1 The representations and warranties of Purchaser contained herein shall be true and correct, in all material respects, as of the Closing Date with the same effect as though made on the Closing Date,
and Purchaser shall have delivered to Seller a certificate, dated the Closing Date, to such effect. 
 8.2.2 Purchaser shall
have complied with all agreements, obligations and covenants contained herein, in all material respects, and Purchaser shall have delivered to Seller a certificate, dated the Closing Date, to such effect. 

8.2.3 All applicable periods under the HSR Act shall have expired without any indication by the Department of Justice or the Federal
Trade Commission that either of them intends to challenge the Transactions, or early termination thereof, if requested, shall have been granted. Purchaser shall have received an advance ruling certificate under section 102 of the Competition Act in
respect of the Transactions or (i) the waiting period under section 123 of the Competition Act shall have expired or been terminated, or the obligations to submit a notification under Part IX of the Competition Act shall have been waived under
paragraph 113(c) of Competition Act and (ii) Purchaser shall have received a written letter from the Commissioner of Competition, or any person duly authorized by the Commissioner of Competition for such purposes, confirming that she does not,
at that time, have grounds upon which to apply to the Competition Tribunal under section 92 of the Competition Act in respect of the Transactions. 

  
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 8.2.4 All approvals and consents specified in Schedules 4.2.2 and 4.3 shall
have been obtained, which consents and approvals shall be in effect on the Closing Date. 
 8.2.5 Seller shall have received
the Boxboard Supply Agreement and the Corrugated Boxes Supply Agreement, each duly executed and delivered by all of the parties thereto (other than Seller). 
 8.2.6 On the Closing Date, there shall be no suit, action or other proceeding, or Order of any nature issued by a Governmental Authority directing that the Transactions provided for herein not be
consummated as herein provided and no proceeding or lawsuit shall have been commenced or threatened by or before any Governmental Authority with respect to any of the Transactions. 

ARTICLE IX 

TERMINATION 
 9.1 Termination. 
 This Agreement and the Transactions may be terminated at
any time prior to the Closing Date: 
 (a) by mutual written consent of the parties hereto; 

(b) by Purchaser, if (1) Seller fails to comply in any material respect with any of its respective covenants or agreements
contained herein following demand therefor, (2) any of the representations and warranties of Seller set forth in Article III hereof is breached or is inaccurate in any material respect and is not cured within the lesser of 30 days after
demand therefor and the number of days remaining until the Outside Date, (3) there shall be on the Closing Date an uncured Material Adverse Change since the execution and delivery hereof; provided, however, that Purchaser may not terminate this
Agreement pursuant to this Section 9.1(b) if Purchaser has, prior to the notice of termination, breached in any material respect any of its representations, warranties or obligations under this Agreement, or (4) it shall be entitled
to do so pursuant to the provisions of Section 5.12; 
 (c) by Seller, if (1) Purchaser fails to comply in any
material respect with any of its respective covenants or agreements contained herein following demand therefor, or (2) any of the representations and warranties of Purchaser set forth in Article IV hereof is breached or is inaccurate in
any material respect and is not cured prior to the Outside Date after demand therefor; provided, however, that Seller may not terminate this Agreement pursuant to this Section 9.1(c) if Seller has, prior to the notice of termination,
breached in any material respect any of its representations, warranties or covenants under this Agreement; and 
 (d) by either
Purchaser or Seller (provided such party seeking to terminate is not at such time in material default of its obligations hereunder), at any time after June 30, 2011 (the “Outside Date”), if the Closing shall not have occurred
on or prior to such date; provided, however, that no party may terminate this Agreement pursuant to this Section 9.1(d) if the failure of the Closing to occur on such date is caused by any material breach of any of such party’s
representations, warranties or covenants under this Agreement. 

  
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 (e) In the event of termination of this Agreement pursuant to Section 9.1(b),
(c) or (d), the party entitled to terminate shall provide written notice to the other party and this Agreement shall terminate and the Transactions shall be abandoned without further action by any party. Each of the terminating
party or the other party may pursue all rights it may have at law or in equity against the other party hereto in the event of termination under Section 9.1(b), (c) or (d). 

ARTICLE X 

MISCELLANEOUS 
 10.1 Notices. 
 All notices, requests and other communications to any party
hereunder shall be in writing (including telecopier, electronic mail or similar writing) and shall be given to such party at its address, telecopier number or electronic mail address set forth below, or such other address, telecopier number or
electronic mail address as such party may hereinafter specify for the purpose to the party giving such notice. Each such notice, request or other communication shall be effective (a) if given by telecopy, when such telecopy is transmitted to
the telecopy number specified in this Section 10.1 and the appropriate electronic confirmation is received, or (b) if given by overnight mail, electronic mail or by any other means, when delivered at the address specified in this
Section 10.1. 
 If to Seller: 
 Cascades USA Inc. 
 404, rue Marie Victorin 

C.P. 30 
 Kingsey
Falls 
 Québec J0A1B0 
 Canada 
 Attn: Mr. Robert F. Hall 

Tel: 819-363-5116 

Telecopy: 819-363-5127 
 Email: rhall@cascades.com 
 with a copy (which shall not constitute notice) to:

 K&L Gates LLP 
 599 Lexington Avenue 
 New York, New York 10022 

Attn: Sandy K. Feldman, Esq. 
 Tel: 212-536-4089 
 Telecopy: 212-536-3901 

Email: sandy.feldman@klgates.com 

  
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 If to Guarantor: 
 Cascades Inc. 
 404, rue Marie Victorin 

C.P. 30 
 Kingsey
Falls 
 Québec J0A1B0 
 Canada 
 Attn: Mr. Robert F. Hall 

Tel: 819-363-5116 

Telecopy: 819-363-5127 
 Email: rhall@cascades.com 
 with a copy (which shall not constitute notice) to:

 K&L Gates LLP 
 599 Lexington Avenue 
 New York, New York 10022 

Attn: Sandy K. Feldman, Esq. 
 Tel: 212-536-4089 
 Telecopy: 212-536-3901 

Email: sandy.feldman@klgates.com 
 If to Purchaser: 
 Reynolds Group Holdings Limited 

1900 West Field Court 
 Lake Forest, Illinois 60045 
 Attn: Mr. Joseph E. Doyle, Esq., General
Counsel 
 Tel: 847-482-2409 
 Telecopy: 847-615-6417 
 Email: jdoyle@pactiv.com 

with a copy (which shall not constitute notice) to: 
 Debevoise & Plimpton 
 919 Third Avenue 

New York, New York 10022 
 Attn: Kevin M. Schmidt, Esq. 
 Tel: 212-909-6000 

Telecopy: 212-909-6836 
 Email: kmschmidt@debevoise.com 
 10.2 Entire Agreement. 

This Agreement together with each Schedule and Exhibit, and the other agreements and documents executed and delivered in connection
herewith and therewith, 

  
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– 

 
constitutes the entire agreement by and among the parties concerning the purchase of the Dopaco Stock by Purchaser and supersedes any prior understandings, agreements or representations by or
between the parties, written or oral, to the extent they have related in any way to the subject matter hereof. Information disclosed in a Schedule of Seller annexed hereto shall constitute a disclosure for the specific section referenced therein and
any other section hereof to the extent the applicability of such cross reference is reasonably apparent. Any and all duties and obligations which Seller may have to Purchaser or which Purchaser may have to Seller with respect to or in connection
with this Agreement, or the Transactions are limited to those set forth in or entered into in connection with this Agreement and the Transactions. Neither the duties nor obligations of any party, nor the rights of any party hereto, shall be expanded
beyond the terms of this Agreement or any other agreement entered into in connection therewith or otherwise in connection with the Transactions on the basis of any legal or equitable principle or on any other basis whatsoever. Neither any equitable
nor legal principle nor any implied obligation of good faith or fair dealing nor any other matter requires any party hereto to incur, suffer or perform any act, condition or obligation contrary, or in addition, to the terms of this Agreement,
whether or not existing and whether foreseeable or unforeseeable. 
 10.3 Amendments and Modifications. 

This Agreement may be amended or modified only by an instrument in writing duly executed by the parties hereto. This Agreement (or any
provision hereof) may not be waived except pursuant to a writing executed by the waiving party. The representations and warranties of the Seller on the one hand, and the Purchaser, on the other hand, that are contained in this Agreement (as brought
down on the applicable Closing Date) shall not be affected or deemed waived by reason of any investigation made by or on behalf of the Purchaser or the Seller, as the case may be (including but not limited to by any of their advisors, consultants or
representatives), or by reason of the fact that the Purchaser or the Seller, as the case may be, or any of their respective advisors, consultants or representatives knew or should have known that any such representation or warranty is or might be
inaccurate; provided that if Purchaser or Seller asserts a post-Closing claim for fraud as contemplated by Article VII, this sentence shall be disregarded for purposes of allowing Seller to defend such claim. 

10.4 Successors and Assigns. 
 All the terms and conditions of this Agreement shall be binding upon, inure to the benefit of and be enforceable by the respective successors and permitted assigns of the parties hereto. No party may
assign any of its rights, benefits, interests or obligations under this Agreement without the prior written consent of Seller, in the case of Purchaser, and Purchaser, in the case of Seller, provided that Purchaser may designate one or more of its
Affiliates to purchase the Dopaco Stock (any such designated person, a “Purchasing Entity”) or assign to them any other rights or obligations contained herein, provided further that Purchaser will remain liable for the obligations
so assigned. Each Purchasing Entity will be deemed Purchaser in respect of such Dopaco Stock and (subject to the other provisions of this Agreement) any such Dopaco Stock will be transferred by Seller directly to such Purchasing Entity and each
Purchasing Entity shall pay the portion of the Purchase Price to Seller that corresponds to the allocation to such Dopaco Stock contemplated under Section 2.2 (as adjusted by Section 2.4). Appropriate reconciliation payments
shall be made between the relevant Purchasing Entity and Seller to reflect the final adjusted Purchase Price. 

  
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– 

 10.5 No Third Party Beneficiaries; Binding Effect. 

Except as otherwise specifically provided herein (including, without limitation, Article VII), nothing in this Agreement, express
or implied, is intended to confer upon any party other than the parties hereto, their respective successors and assigns or any Purchasing Entity designated by Purchaser in accordance with Section 10.4, any rights, remedies, obligations,
or Liabilities under or by reason of this Agreement, provided that, to the extent reasonably permitted, Purchaser shall act as agent for any Purchasing Entity in connection with its enforcement of any rights hereunder. This Agreement shall inure to
the benefit of, and be binding upon, the parties and their respective heirs, legal representatives, successors, permitted assigns and any Purchasing Entity designated by Purchaser in accordance with Section 10.4. 

10.6 Governing Law; Jurisdiction. 
 This Agreement shall be governed by and construed in accordance with the Laws of the State of New York without regard to the Law of the conflicts of law of such State. The parties consent to the exclusive
jurisdiction of the United States District Court for the Southern District of New York in connection with any civil action concerning any controversy, dispute or claim arising out of or relating to this Agreement, or any other agreement contemplated
by, or otherwise with respect to, this Agreement or the breach hereof, unless such court would not have subject matter jurisdiction thereof, in which event the parties consent to the exclusive jurisdiction of the Supreme Court of the State of New
York, County of New York. 
 10.7 Specific Performance. 

Each of Purchaser and Seller acknowledges and agrees that: (a) Seller would be irreparably injured in the event of a breach by
Purchaser of its obligations to close the Transactions (or any other of its obligations) hereunder (a “Purchaser Breach”), and Purchaser would be irreparably injured in the event of a breach by Seller of its obligations to close the
Transactions (or any other of its obligations) hereunder (a “Seller Breach”); (b) monetary damages would not be an adequate remedy for Seller, in the event of a Purchaser Breach, or Purchaser, in the event of a Seller Breach;
and (c) Seller, in the event of a Purchaser Breach, and Purchaser, in the event of a Seller Breach, shall be entitled to seek injunctive relief with respect thereto (without posting of a bond), in addition to any other remedy that it may have
in equity or at law. 
 10.8 Severability. 
 If one or more provisions of this Agreement are held to be unenforceable under applicable Law, such provision or provisions shall be excluded from this Agreement and the balance of the Agreement shall be
interpreted as if such provision or provisions were so excluded and shall be enforceable in accordance with its terms. 

  
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– 

 10.9 Titles and Subtitles. 

The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting
this Agreement. 
 10.10 Expenses. 
 Except as the parties may otherwise agree in writing or as otherwise provided herein, Purchaser and Seller shall bear their own respective fees, costs and expenses (including attorneys’ and
accountants’ fees) in connection with this Agreement and the Transactions (whether consummated or not). For the avoidance of doubt, (i) none of such expenses or any other fees, costs or expenses incurred in connection with a contemplated
sale of the Companies shall be an obligation of any of the Companies at or subsequent to the Closing (other than any fees, costs or expenses of Purchaser that Purchaser may transfer to the Companies at or subsequent to the Closing) and Seller shall
retain and discharge all such amounts, and (ii) this Section 10.10 shall not apply to Transfer Taxes, which are governed under Section 6.4. 
 10.11 Counterpart; Facsimile or PDF Signatures. 
 This Agreement may be
executed in multiple counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement may be delivered by facsimile or PDF, and such facsimile and PDF signatures shall be
treated as original signatures for all applicable purposes. 
 10.12 Guarantee. 

Guarantor hereby irrevocably and unconditionally guarantees the due and punctual payment and the performance of all of Seller’s
obligations pursuant to this Agreement (the “Obligations”). The Obligations under this guaranty are absolute and unconditional, are not subject to any counterclaim, setoff, deduction, abatement or defense based upon any claim Seller
may have against Purchaser (other than those that would be available to Seller hereunder if a claim had been asserted against Seller rather than Guarantor), and shall remain in full force and effect without regard to (i) any agreement or
modification to any of the terms of this Agreement; (ii) any exercise, non-exercise or waiver by Purchaser of any right, power, privilege or remedy under or in respect of this Agreement; (iii) any insolvency, bankruptcy, dissolution,
liquidation, reorganization or the like of Seller or Guarantor at any time or (iv) absence of any notice to, or knowledge by, Guarantor of the existence or occurrence of any of the matters or events set forth in the foregoing subdivisions
(i) through (iii). Guarantor unconditionally waives (i) any and all notice of default, non-performance or non-payment by Seller, in each case, to the extent notice of same has been provided to Seller in accordance with this Agreement,
(ii) all notices which may be required by statute, rule of law or otherwise to preserve intact any rights of Purchaser against Guarantor, including, without limitation, any demand, presentment or protest, or proof of notice of non-payment under
this Agreement, and (iii) any right to the enforcement, assertion or exercise by Purchaser of any right, power, privilege or remedy conferred in this Agreement or otherwise. 

  
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– 

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

			
	SELLER:
	
	CASCADES USA INC.
		
	By:	 	 /s/ Louise Paul

	Name:	 	Louise Paul
	Title:	 	Assistant Secretary
	
	PURCHASER:
	
	REYNOLDS GROUP HOLDINGS LIMITED
		
	By:	 	 /s/ Helen Golding

	Name:	 	Helen Golding
	Title:	 	Authorized Signatory
	
	 GUARANTOR (solely with respect to Section 10.12):

	
	CASCADES INC.
		
	By:	 	 /s/ Alain Lemaire

	Name:	 	Alain Lemaire
	Title:	 	President, Chief Executive OfficerLimited Liability Company Agreement of Greenpac Holding LLC

 Exhibit 10.3 
 EXECUTION VERSION 
 LIMITED LIABILITY
COMPANY AGREEMENT 
 OF 

GREENPAC HOLDING LLC 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	  
			
	 SECTION 1.1
	  	 DEFINITIONS
	  	 	1	  
		
	 ARTICLE II THE COMPANY
	  	 	12	  
			
	 SECTION 2.1
	  	 FORMATION
	  	 	12	  
	 SECTION 2.2
	  	 NAME OF COMPANY
	  	 	13	  
	 SECTION 2.3
	  	 BUSINESS OF THE COMPANY
	  	 	13	  
	 SECTION 2.4
	  	 PRINCIPAL PLACE OF BUSINESS
	  	 	13	  
	 SECTION 2.5
	  	 REGISTERED OFFICE; REGISTERED AGENT
	  	 	13	  
	 SECTION 2.6
	  	 TERM
	  	 	13	  
	 SECTION 2.7
	  	 ENTITY DECLARATION
	  	 	13	  
	 SECTION 2.8
	  	 TAX CLASSIFICATION OF THE COMPANY
	  	 	13	  
	 SECTION 2.9
	  	 ADOPTION OF THIS AGREEMENT
	  	 	14	  
	 SECTION 2.10
	  	 TITLE TO COMPANY PROPERTY
	  	 	14	  
		
	 ARTICLE III REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	 	14	  
			
	 SECTION 3.1
	  	 IN GENERAL
	  	 	14	  
	 SECTION 3.2
	  	 CONFIDENTIALITY
	  	 	15	  
	 SECTION 3.3
	  	 FINANCIAL INFORMATION
	  	 	16	  
	 SECTION 3.4
	  	 TAXES
	  	 	16	  
	 SECTION 3.5
	  	 CONTINGENT CREDIT SUPPORT
	  	 	16	  
		
	 ARTICLE IV CONTRIBUTIONS
	  	 	17	  
			
	 SECTION 4.1
	  	 CAPITAL COMMITMENTS
	  	 	17	  
	 SECTION 4.2
	  	 INITIAL CAPITAL CONTRIBUTIONS, CAPITAL
CALLS
	  	 	17	  
	 SECTION 4.3
	  	 CAPITAL CALLS IN EXCESS OF CAPITAL
COMMITMENTS
	  	 	19	  
	 SECTION 4.4
	  	 ALTERNATIVE FUNDING IN EVENT OF AN
EXCESS FUNDING DEFAULT
	  	 	21	  
	 SECTION 4.5
	  	 CONSEQUENCES OF EXCESS FUNDING
DECLINATION
	  	 	21	  
	 SECTION 4.6
	  	 CONTRIBUTIONS PURSUANT TO CONTRIBUTION
AGREEMENT
	  	 	22	  
	 SECTION 4.7
	  	 RETURN OF CAPITAL
	  	 	22	  
	 SECTION 4.8
	  	 INTEREST ON CAPITAL CONTRIBUTIONS
	  	 	23	  
	 SECTION 4.9
	  	 FRACTIONAL UNITS
	  	 	23	  
		
	 ARTICLE V CAPITAL ACCOUNTS
	  	 	23	  
			
	 SECTION 5.1
	  	 MAINTENANCE OF CAPITAL ACCOUNTS
	  	 	23	  
	 SECTION 5.2
	  	 EFFECT OF TRANSFER ON CAPITAL
ACCOUNTS
	  	 	24	  
	 SECTION 5.3
	  	 COMPLIANCE WITH SECTION 704(B) OF
THE CODE
	  	 	24	  
	 SECTION 5.4
	  	 NO NEGATIVE CAPITAL ACCOUNT
RESTORATION
	  	 	24	  
		
	 ARTICLE VI ALLOCATIONS
	  	 	24	  
			
	 SECTION 6.1
	  	 ALLOCATIONS OF PROFIT AND LOSS
	  	 	24	  
	 SECTION 6.2
	  	 SPECIAL ALLOCATIONS
	  	 	25	  
	 SECTION 6.3
	  	 CURATIVE ALLOCATIONS
	  	 	26	  
	 SECTION 6.4
	  	 LOSS LIMITATION
	  	 	27	  

  
 i 

							
	 SECTION 6.5
	  	 OTHER ALLOCATION RULES
	  	 	27	  
	 SECTION 6.6
	  	 TAX ALLOCATIONS: CODE SECTION
704(C)
	  	 	27	  
		
	 ARTICLE VII DISTRIBUTIONS
	  	 	28	  
			
	 SECTION 7.1
	  	 DISTRIBUTIONS
	  	 	28	  
	 SECTION 7.2
	  	 LIMITATION ON DISTRIBUTIONS
	  	 	28	  
	 SECTION 7.3
	  	 TAX DISTRIBUTION
	  	 	29	  
	 SECTION 7.4
	  	 AMOUNTS WITHHELD
	  	 	29	  
	 SECTION 7.5
	  	 PRIORITY OF, AND LIMITATIONS ON,
DISTRIBUTIONS
	  	 	29	  
	 SECTION 7.6
	  	 OFFSET
	  	 	30	  
	 SECTION 7.7
	  	 SALE OF THE COMPANY OR ITS
ASSETS
	  	 	30	  
	 SECTION 7.8
	  	 REFINANCING OF INDEBTEDNESS
	  	 	30	  
		
	 ARTICLE VIII MANAGEMENT OF THE COMPANY; ROLE OF MEMBERS
	  	 	31	  
			
	 SECTION 8.1
	  	 MANAGEMENT
	  	 	31	  
	 SECTION 8.2
	  	 BOARD OF MANAGERS
	  	 	33	  
	 SECTION 8.3
	  	 POWERS OF INDIVIDUAL MEMBERS AND
MANAGERS
	  	 	33	  
	 SECTION 8.4
	  	 CONFLICTS OF INTEREST
	  	 	34	  
	 SECTION 8.5
	  	 DUTIES AND OBLIGATIONS OF THE
MANAGERS
	  	 	35	  
	 SECTION 8.6
	  	 INDEPENDENT MANAGER
	  	 	36	  
		
	 ARTICLE IX MEETINGS OF MANAGERS
	  	 	37	  
			
	 SECTION 9.1
	  	 MEETINGS OF THE BOARD OF
MANAGERS
	  	 	37	  
	 SECTION 9.2
	  	 NOTICE OF MEETINGS
	  	 	37	  
	 SECTION 9.3
	  	 QUORUM AND MANNER OF ACTING
	  	 	38	  
	 SECTION 9.4
	  	 ACTION WITHOUT A MEETING
	  	 	38	  
	 SECTION 9.5
	  	 PARTICIPATION IN BOARD OF MANAGERS
MEETINGS BY CONFERENCE TELEPHONE; PROXIES
	  	 	38	  
	 SECTION 9.6
	  	 AUTHORITY OF MANAGERS
	  	 	38	  
		
	 ARTICLE X OFFICERS OF THE COMPANY
	  	 	39	  
			
	 SECTION 10.1
	  	 OFFICERS ENUMERATED
	  	 	39	  
	 SECTION 10.2
	  	 ELECTION AND TERM OF OFFICE
	  	 	39	  
	 SECTION 10.3
	  	 THE CHIEF EXECUTIVE OFFICER
	  	 	39	  
	 SECTION 10.4
	  	 THE PRESIDENT
	  	 	39	  
	 SECTION 10.5
	  	 THE VICE PRESIDENTS
	  	 	39	  
	 SECTION 10.6
	  	 THE SECRETARY
	  	 	39	  
	 SECTION 10.7
	  	 CHIEF FINANCIAL OFFICER AND
TREASURER
	  	 	40	  
		
	 ARTICLE XI MEMBERS
	  	 	40	  
			
	 SECTION 11.1
	  	 NAMES AND ADDRESSES OF MEMBERS
	  	 	40	  
	 SECTION 11.2
	  	 ACTIONS REQUIRING MAJORITY APPROVAL OF
MEMBERS
	  	 	40	  
	 SECTION 11.3
	  	 ACTIONS REQUIRING SUPERMAJORITY APPROVAL OF
MEMBERS
	  	 	41	  
	 SECTION 11.4
	  	 ACTIONS REQUIRING UNANIMOUS APPROVAL OF
MEMBERS
	  	 	43	  
	 SECTION 11.5
	  	 NATURE OF OBLIGATIONS AMONG MEMBERS
	  	 	44	  
	 SECTION 11.6
	  	 UNITS
	  	 	44	  
	 SECTION 11.7
	  	 VOTING
	  	 	44	  

  
 ii 

							
		
	 ARTICLE XII MEETINGS OF MEMBERS
	  	 	45	  
			
	 SECTION 12.1
	  	 MEETINGS
	  	 	45	  
	 SECTION 12.2
	  	 NOTICE
	  	 	45	  
	 SECTION 12.3
	  	 QUORUM
	  	 	45	  
	 SECTION 12.4
	  	 MANNER OF ACTING
	  	 	45	  
	 SECTION 12.5
	  	 ACTION WITHOUT MEETING
	  	 	46	  
	 SECTION 12.6
	  	 TELEPHONIC MEETINGS
	  	 	46	  
	 SECTION 12.7
	  	 PROXIES
	  	 	46	  
		
	 ARTICLE XIII UNIT CERTIFICATES
	  	 	46	  
			
	 SECTION 13.1
	  	 UNIT CERTIFICATES
	  	 	46	  
	 SECTION 13.2
	  	 MUTILATED, LOST, STOLEN OR DESTROYED
UNIT CERTIFICATES
	  	 	47	  
	 SECTION 13.3
	  	 UNIT CERTIFICATE LEDGER
	  	 	47	  
	 SECTION 13.4
	  	 LEGENDS
	  	 	47	  
		
	 ARTICLE XIV TRANSFER OF UNITS
	  	 	48	  
			
	 SECTION 14.1
	  	 COMPANY’S RESTRICTION ON
TRANSFER
	  	 	48	  
	 SECTION 14.2
	  	 MEMBERS’ RESTRICTION ON TRANSFER
	  	 	48	  
	 SECTION 14.3
	  	 PLEDGE OF UNITS
	  	 	48	  
	 SECTION 14.4
	  	 CONDITIONS FOR TRANSFER
	  	 	49	  
		
	 ARTICLE XV INDEMNIFICATION
	  	 	50	  
			
	 SECTION 15.1
	  	 LIMITATION OF LIABILITY
	  	 	50	  
	 SECTION 15.2
	  	 INDEMNIFICATION OF THE MEMBERS AND
MANAGERS
	  	 	50	  
	 SECTION 15.3
	  	 ADVANCEMENT OF EXPENSES
	  	 	51	  
	 SECTION 15.4
	  	 CONTRACTUAL ARTICLE
	  	 	51	  
	 SECTION 15.5
	  	 NON-EXCLUSIVITY
	  	 	51	  
	 SECTION 15.6
	  	 INSURANCE
	  	 	51	  
	 SECTION 15.7
	  	 INDEMNIFICATION OF EMPLOYEES OR
AGENTS
	  	 	52	  
	 SECTION 15.8
	  	 MEMBER NOTIFICATION
	  	 	52	  
		
	 ARTICLE XVI DISSOLUTION, WITHDRAWAL AND WINDING UP
	  	 	52	  
			
	 SECTION 16.1
	  	 DISSOLUTION
	  	 	52	  
	 SECTION 16.2
	  	 WINDING UP THE COMPANY
	  	 	53	  
	 SECTION 16.3
	  	 TERMINATION
	  	 	53	  
	 SECTION 16.4
	  	 FINAL STATEMENT
	  	 	53	  
	 SECTION 16.5
	  	 ARTICLES OF DISSOLUTION
	  	 	53	  
	 SECTION 16.6
	  	 DEFICIT CAPITAL ACCOUNTS
	  	 	54	  
		
	 ARTICLE XVII ACCOUNTING, BOOKS, AND REPORTS
	  	 	54	  
			
	 SECTION 17.1
	  	 ACCOUNTING METHOD
	  	 	54	  
	 SECTION 17.2
	  	 BOOKS AND RECORDS; FINANCIAL
STATEMENTS
	  	 	54	  
	 SECTION 17.3
	  	 TAX MATTERS
	  	 	55	  
		
	 ARTICLE XVIII
	  	 	56	  
			
	 SECTION 18.1
	  	 SPECIAL PURPOSE PROVISIONS
	  	 	56	  

  
 iii

							
		
	 ARTICLE XIX MISCELLANEOUS PROVISIONS
	  	 	58	  
			
	 SECTION 19.1
	  	 AMENDMENT OF THIS AGREEMENT
	  	 	58	  
	 SECTION 19.2
	  	 NOTICES
	  	 	58	  
	 SECTION 19.3
	  	 PARTITION
	  	 	58	  
	 SECTION 19.4
	  	 MERGER OF PRIOR AGREEMENTS
	  	 	59	  
	 SECTION 19.5
	  	 GOVERNING LAW
	  	 	59	  
	 SECTION 19.6
	  	 SPECIFIC PERFORMANCE
	  	 	59	  
	 SECTION 19.7
	  	 NO WAIVER
	  	 	59	  
	 SECTION 19.8
	  	 SEVERABILITY
	  	 	59	  
	 SECTION 19.9
	  	 CAPTIONS
	  	 	59	  
	 SECTION 19.10
	  	 GENDER AND NUMBER; DAYS
	  	 	60	  
	 SECTION 19.11
	  	 FURTHER ACTIONS
	  	 	60	  
	 SECTION 19.12
	  	 BINDING AGREEMENT
	  	 	60	  
	 SECTION 19.13
	  	 NO RIGHTS CREATED IN THIRD
PERSONS
	  	 	60	  
	 SECTION 19.14
	  	 COUNTERPARTS EXECUTION
	  	 	60	  
	 SECTION 19.15
	  	 DELIVERY BY EMAIL OR FACSIMILE
	  	 	60	  

 [REDACTED] 

  
 iv 

 LIMITED LIABILITY COMPANY AGREEMENT 

This Limited Liability Company Agreement of Greenpac Holding LLC, a Delaware limited liability company (the “Company”),
is made effective as of June 24, 2011 by and among the undersigned (individually a “Member” and collectively the “Members”). 
 RECITALS 
 WHEREAS, the
Members have caused a Certificate of Formation for the Company to be filed with the Delaware Secretary of State in order to form the Company. 
 WHEREAS, the parties hereto desire to set forth the terms and provisions governing the rights and obligations of the Members and the administration of the Company.

 WHEREAS, the Members have agreed to contribute to the capital of the Company the money
required to be contributed under Article IV and listed on Schedule A to this Agreement and the Members will be issued the Common Units in the Company described on Schedule A to this Agreement. 

NOW, THEREFORE, for and in consideration of the mutual covenants and agreements
hereafter set forth and for all good and valuable consideration the receipt and sufficiency of which is acknowledged, each Member agrees as follows: 
 ARTICLE I 
 DEFINITIONS 

Section 1.1 Definitions. 
 In addition to other terms defined in this Agreement, the following terms shall have the following respective meanings for purposes of this Agreement: 

“Acceptable Credit Support” has the meaning set forth in the Project Debt Financing Documents. 

“Adjusted Capital Account Deficit” means with respect to any Member, the deficit balance, if any, in such Member’s
Capital Account as of the end of the relevant Tax Year, after giving effect to the following adjustments: 
 (a)
Credit to such Capital Account any amounts which such Member is obligated to restore pursuant to any provision of this Agreement or is deemed to be obligated to restore pursuant to the penultimate sentences of Sections 1.704-2(g)(1) and
1.704-2(i)(5) of the Treasury Regulations; and 
 (b) Debit to such Capital Account the items described in
Sections 1.704- 1(b)(2)(ii)(d)(4), 1.704-1 (b)(ii)(d)(5) and 1.704-1 (b)(2)(ii)(d)(6) of the Treasury Regulations. 

  
 1 

 The foregoing definition of Adjusted Capital Account Deficit is intended to comply with the provisions of
Section 1.704-1 (b)(2)(ii)(d) of the Treasury Regulations and shall be interpreted consistently therewith. 

“Affiliate” means, with respect to any Person, any other Person which controls, is controlled by or is under common
control with such Person. For purposes of this definition, the terms “controls”, “is controlled by” or “is under common control with” shall mean the possession, direct or indirect, of the power to direct or cause the
direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise, or the power to elect more than fifty percent (50%) of the directors, managers, general partners or Persons
exercising similar authority with respect to such Person. 
 “Agreement” means this Limited Liability Company
Agreement. 
 “Applicable Tax Rate” has the meaning set forth in Section 7.3. 

“Bankruptcy Law” means any Law concerning bankruptcy, insolvency, reorganization, liquidation, winding up or composition
for adjustment of debts, or other similar relief of debtors, including Title 11 of the United States Code, as amended. 

“Board of Managers” means the board of managers of the Company described in Section 8.1; provided,
however, that the Board of Managers shall not include the Independent Manager. 
 “Bridge Default Unit
Transfer” has the meaning set forth in Section 14.3. 
 “Bridge Loan Administrative Agent” means
Caisse de dépôt et placement du Québec or such other Person as may be designated from time to time as administrative agent for the lenders under the Bridge Loan Documents. 

“Bridge Loan Documents” means all loan or credit agreements, promissory notes, guaranties, security agreements, pledge
agreements, and other documents and instruments executed in connection with the Bridge Loan Financing, as such may be amended, restated or otherwise modified from time to time in accordance with their terms. 

“Bridge Loan Financing” means the credit facility provided to the Company by Caisse de depot et placement du Quebec or
an affiliate thereof and Cascades USA Inc. or an affiliate thereof in an original principal amount not to exceed $61,000,000 plus capitalized interest, for purposes of funding a portion of the Project. 

“Capital Account” means, with respect to any Member, the capital account maintained for such Member in accordance with
this Agreement. 
 “Capital Call” has the meaning set forth in Section 4.2(b). 

“Capital Commitment” means, with respect to any Member, the aggregate amount that such Member is obligated to contribute
to the capital of the Company as specified on Schedule A. 

  
 2 

 “Capital Commitment Default” has the meaning set forth in
Section 4.2(e). 
 “Capital Contribution” means any contribution by a Member to the capital of the Company
in cash or other property or a promissory note or other obligation to contribute cash or other property, whether hereunder, under the Contribution Agreement or otherwise. 
 “Cash Available for Distribution” has the meaning set forth in Section 7.1. 
 “Cause” means, with respect to the Independent Manager, (i) acts or omissions by such Independent Manager constituting fraud, dishonesty, negligence, misconduct or other deliberate
action which causes injury to the Company or an act by such Independent Manager involving moral turpitude or a serious crime or (ii) that the Independent Manager no longer meets the definition of “Independent Manager” set forth in
this Agreement. 
 “CDPQ” means CDPQ Investment GML Inc., a Delaware corporation. 

“CDPQ Preferred Convertible Note” has the meaning set forth in the Equityholders Agreement. 

“CDPQ Preferred Liquidation Amount” means an amount equal to (i) the Unpaid CDPQ Put Price, as defined in the
Equityholders Agreement, minus the full amount of any portion of the Unpaid CDPQ Put Price already paid by the Company pursuant to the provisions of this Agreement and the Equityholders Agreement, plus (ii) any accrued but unpaid CDPQ Preferred
Return. 
 “CDPQ Preferred Return” means “CDPQ Preferred Return”, as defined in the Equityholders
Agreement. 
 “CDPQ Preferred Units” means the class of Units with the rights and preferences specified by this
Agreement for such class. 
 “Certificate” means the certificate of formation of the Company filed with the
Secretary of State of the State of Delaware on November 15, 2010, as it may from time to time be amended. 

“Change in Ownership Event” means with respect to the Company, (i) the consummation of a merger or consolidation of
the Company with or into another entity or any other reorganization, if the Members immediately prior to such transaction cease to hold 50% or more of the combined voting power of the continuing or surviving entity’s securities outstanding
immediately after such merger, consolidation or other reorganization; (ii) the sale, lease, transfer or other disposition of all or substantially all of the Company’s assets; (iii) any transaction or series of related transactions as
a result of which any Person becomes the beneficial owner, directly or indirectly, of securities of the Company representing at least 50% of the total voting power represented by the Company’s then outstanding voting securities. 

“Code” means the Internal Revenue Code of 1986, as amended. 

  
 3 

 “Common Membership Interest” means the ownership interest of a Member with
respect to the Common Units of the Company expressed as a percentage equal to a Member’s Common Units divided by the total number of outstanding Common Units. For purposes of clarification, in determining the number of Common Units held by a
Member, and its corresponding Common Membership Interest, Common Units shall include all Common Units (including all Common Units that have been issued upon conversion of any Convertible Contribution Note) held or outstanding, as applicable, but
shall not include any Common Units that may be issuable under (but not yet issued upon conversion of) outstanding Convertible Contribution Notes. 
 “Common Units” means the class of Units with the rights and preferences specified by this Agreement for such class. 

“Company” has the meaning set forth in the Preamble. 

“Company Minimum Gain” has the meaning of “partnership minimum gain” set forth in Sections 1.704-2(b)(2) and
1.704-2(d) of the Treasury Regulations. 
 “Confidential Information” has the meaning set forth in
Section 3.2(a). 
 “Contingent Credit Support Requirement” has the meaning set forth in the Credit
Agreement; provided, however, that the aggregate amount of the Contingent Credit Support Requirement shall not, at any time, exceed $20,000,000. 
 “Contingency Funding Capital Call” has the meaning set forth in Section 4.3(d). 
 “Contingency Funding Contribution” means any Excess Capital Contribution or Excess Funding Contribution that a Member makes pursuant to Section 4.3 (or is deemed to have made
pursuant to Section 3.5), that is used to fund any portion of, or to otherwise reduce the required amount of, the Contingent Credit Support Requirement under the Project Debt Financing Documents. 

“Contract” means any contract, subcontract, agreement, lease, option, note, bond, mortgage, indenture, deed of trust,
guarantee, license, franchise, permit, purchase order, arrangement, transaction, commitment, undertaking and understanding of every kind, written or oral. 
 “Contribution Agreement” means the Contribution Agreement, dated as of June 24, 2011, among the Company and the Members, as amended, restated or otherwise modified from time to time
in accordance with its terms. 
 “Convertible Contribution Note” means each “Contribution Note” (as
defined in the Contribution Agreement) that may be issued from time to time by the Company to a Member pursuant to the Contribution Agreement, whether such Note is a Proportionate Note or an Additional Note (each as defined in the Contribution
Agreement). The term “Convertible Contribution Note” does not include any “PIK Interest Note” (as defined in the Contribution Agreement) that may be issued from time to time by the Company under the Contribution Agreement.

  
 4 

 “Credit Agreement” means the Credit Agreement, by and among Greenpac Mill,
General Electric Capital Corporation, as Agent, KfW IPEX - Bank GmbH, as ECA Agent, the Lenders, ECA Lenders and the other parties thereto, as amended, modified, replaced, restated or amended and restated from time to time. 

“Defaulting Member” has the meaning set forth in Section 4.2(e). 

“Depreciation” means, for each fiscal year or other period, an amount equal to the depreciation, amortization or other
cost recovery deduction allowable with respect to the Company’s assets for such year or other period for federal income tax purposes, except that if the Gross Asset Value of any asset differs from its adjusted basis for federal income tax
purposes at the beginning of such year or other period, Depreciation with respect to such asset will be an amount which bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or other cost
recovery deduction with respect to such asset for such year or other period bears to such beginning adjusted tax basis; provided, however, that if the federal income tax depreciation, amortization or other cost recovery deduction with
respect to such asset for such year is zero, Depreciation will be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the Board of Managers. 

“Designated Related Party Contracts” means, collectively, the Management Agreement, the Paper Supply Agreements, the
Bridge Loan Documents and the Contracts identified on Schedule D. 
 “Distribution” means any transfer
of money or other property to a Member, in such Member’s capacity as a Member, from the Company, including without limitation, distributions in connection with a Change in Ownership Event. For purposes of this Agreement, property is to be
valued at its fair market value on the date of transfer as determined by the Board of Managers in good faith. 

“Equityholders Agreement” means that certain Equityholders Agreement dated the date hereof, by and among the Company and
the Members, as amended, restated or otherwise modified from time to time in accordance with its terms. 
 “Excess
Capital Calls” has the meaning set forth in Section 4.3(a). 
 “Excess Capital Contributions” has
the meaning set forth in Section 4.3(a). 
 “Excess Funding Adjustment Date” has the meaning set forth in
Section 4.5(a). 
 “Excess Funding Amounts” has the meaning set forth in Section 4.4. 

“Excess Funding Contributing Member” has the meaning set forth in Section 4.4. 

“Excess Funding Contribution” has the meaning set forth in Section 4.4. 

“Excess Funding Declination” has the meaning set forth in Section 4.4. 

“Excess Funding Declining Member” has the meaning set forth in Section 4.4. 

  
 5 

 “Excess Funding Shortfall” has the meaning set forth in Section 4.4.

 “Facility” means the linerboard mill capable of manufacturing large volumes of recycled linerboard annually
to be constructed, owned and operated by Greenpac Mill and located on Royal Avenue in Niagara Falls, New York. 

“Greenpac Member” means Greenpac Member LLC, a Delaware limited liability company, which is a wholly-owned subsidiary of
the Company. 
 “Greenpac Member Cash Flow Distributions” means “Greenpac Member Cash Flow
Distributions” (as defined in the Greenpac Member LLC Agreement) that the Company receives from Greenpac Member pursuant to the provisions of the Greenpac Member LLC Agreement. 

“Greenpac Member LLC Agreement” means the Limited Liability Agreement, dated as of June 24, 2011, of Greenpac
Member, as amended, restated or otherwise modified from time to time in accordance with its terms. 
 “Greenpac
Mill” means Greenpac Mill, LLC, a Delaware limited liability company, which is a wholly-owned subsidiary of Greenpac Member. 
 “Greenpac Mill LLC Agreement” means the First Amended and Restated Limited Liability Agreement, dated as of June 24, 2011, of Greenpac Mill, as amended, restated or otherwise
modified from time to time in accordance with its terms. 
 “Gross Asset Value” means, with respect to any
asset, the asset’s adjusted basis for federal income tax purposes, except as follows: 
 (a) The initial Gross Asset Value
of any asset contributed by a Member to the Company shall be the gross fair market value of such asset (computed without taking Code Section 7701(g) into account) without reduction for liabilities, as reasonably determined in good faith by the
Board of Managers; 
 (b) The Gross Asset Values of all Company assets shall be adjusted to equal their respective gross fair
market values without reduction for liabilities, as reasonably determined in good faith by the Board of Managers taking Section 7701(g) of the Code into account, as of the following times: (i) the acquisition of an additional interest in
the Company by any new or existing Member in exchange for more than a de minimis Capital Contribution; (ii) the distribution by the Company to a Member of more than a de minimis amount of assets as consideration for an interest in
the Company; and (iii) the liquidation of the Company within the meaning of Regulations 1.704-1(b)(2)(ii)(g); provided, however, that the adjustments pursuant to clauses (i) and (ii) above shall be made only if the Board
of Managers reasonably determines that such adjustments are necessary or appropriate to reflect the relative economic interests of the Members in the Company; 
 (c) The Gross Asset Value of any Company asset distributed to any Member shall be the gross fair market value without reduction for liabilities of such asset on the date of distribution (computed without
taking Code Section 7701(g) into account) as reasonably determined in good faith by the Board of Managers; and 

  
 6 

 (d) The Gross Asset Values of Company assets shall be increased (or decreased) to reflect
any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Regulation
1.704-1(b)(2)(iv)(m) and Section 6.2(g); provided, however, that Gross Asset Values shall not be adjusted pursuant to this subsection (d) to the extent the Board of Managers determines that an adjustment pursuant to
subsection (b) is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this subsection (d). 
 (e) If the Gross Asset Value of an asset has been determined or adjusted pursuant to subsections (a), (b) or (d) hereof, such Gross Asset Value shall thereafter be adjusted by the Depreciation
taken into account with respect to such asset for purposes of computing Profits and Losses. 
 “Indemnified
Party” has the meaning set forth in Section 15.2. 
 “Independent Manager” means an individual
who has prior experience as an independent director, independent manager or independent member with at least three years of employment experience and who is provided by any of CT Corporation, Corporation Service Company, National Registered Agents,
Inc., Wilmington Trust Company, Stewart Management Company, Lord Securities Corporation or, if none of those companies is then providing professional independent manager services, another nationally recognized company, if required pursuant to the
Project Debt Financing Documents, reasonably approved by the Senior Lender, in each case that is not an Affiliate of either the Company or the Management Company and that provides professional independent manager and other corporate services in the
ordinary course of its business, and which individual is duly appointed as an Independent Manager and is not, and has never been, and will not while serving as Independent Manager be, any of the following: 

(i) a member, partner, equityholder, manager, director, officer or employee of the Company, the Member, or any of their respective
equityholders or Affiliates (other than as an Independent Manager of the Company or an Affiliate of the Company that is not in the direct chain of ownership of the Company and that is required by a creditor to be a single purpose bankruptcy remote
entity, provided that such Independent Manager is employed by a company that routinely provides professional independent manager services in the ordinary course of its business); 

(ii) a creditor, supplier or service provider (including the Management Company, its directors, officers and employees and any provider
of professional services) to the Company, or any of its equityholders or Affiliates (other than a nationally recognized company that routinely provides professional independent manager and other corporate services to the Company or any of its
equityholders or Affiliates in the ordinary course of its business); 
 (iii) a family member of any such member, partner,
equityholder, manager, director, officer, employee, creditor, supplier or service provider; or 

  
 7 

 (iv) a Person that controls (whether directly, indirectly or otherwise) any of (i),
(ii) or (iii) above. 
 A natural Person who otherwise satisfies the foregoing definition and satisfies subparagraph
(i) by reason of being the Independent Manager of a Special Purpose Entity affiliated with the Company shall be qualified to serve as an Independent Manager of the Company, provided that the fees that such Person earns from serving as
Independent Manager of Affiliates of the Company in any given year constitute in the aggregate less than five percent (5%) of such Person’s annual income for that year. 

“Insolvency Action” means 
 (i) commencing any case, proceeding or other action on behalf of the Company, Greenpac Member or Greenpac Mill under any existing or future Law of any jurisdiction relating to bankruptcy, insolvency,
reorganization or relief of debtors; 
 (ii) instituting proceedings to have the Company, Greenpac Member or
Greenpac Mill adjudicated as bankrupt or insolvent; 
 (iii) consenting to the institution of bankruptcy or
insolvency proceedings against the Company, Greenpac Member or Greenpac Mill; 
 (iv) filing a petition or
consent to a petition seeking reorganization, arrangement, adjustment, winding-up, dissolution, composition, liquidation or other relief on behalf of any of the Company, Greenpac Member or Greenpac Mill of its debts under any federal or state Law
relating to bankruptcy; 
 (v) seeking or consenting to the appointment of a receiver, liquidator, assignee,
trustee, sequestrator, custodian or any similar official for any of the Company, Greenpac Member or Greenpac Mill or a substantial portion of either such Person’s properties; or 

(vi) making any assignment for the benefit of Greenpac Member’s or Greenpac Mill’s creditors or the
Company’s creditors, except security interests granted pursuant to the Project Debt Financing Documents or the Bridge Loan Documents. 
 “[REDACTED] 
 “Law” means any federal, state, local, foreign
or other constitution, statute, treaty, ordinance, rule, regulation, regulatory or administrative guidance, principle of common law or equity, order, or other law, requirement or standard promulgated by any governmental authority. 

“LLC Act” means the Delaware Limited Liability Company Act. 

  
 8 

 “Management Agreement” means that certain Management Agreement by and among
Greenpac Mill, Greenpac Member, the Company and the Management Company dated as of June 24, 2011, as amended, restated or otherwise modified from time to time in accordance with its terms. 

“Management Company” means Norampac Industries, Inc. or such other manager as may be determined pursuant to the
Management Agreement. 
 “Manager” means a member of the Board of Managers. 

“Manager Votes” has the meaning set forth in Section 8.2(a). 

“Member” has the meaning set forth in the Preamble. 

“Member Nonrecourse Debt” has the meaning of “partner nonrecourse debt” set forth in
Section 1.704-2(b)(4) of the Treasury Regulations. 
 “Member Nonrecourse Debt Minimum Gain” means an
amount, with respect to each Member Nonrecourse Debt, equal to the Company Minimum Gain that would result if such Member Nonrecourse Debt were treated as a nonrecourse liability, determined in accordance with Section 1.704-2(i)(3) of the
Treasury Regulations. 
 “Membership Interest” means the ownership interest of a Member in the Company (and
specifically including the limited liability company interest (as defined in the LLC Act), economic rights, control rights and Member status associated with such ownership interest) expressed as a percentage equal to a Member’s Units divided by
the total number of outstanding Units. For purposes of clarification, in determining the number of Units held by a Member, and its corresponding Membership Interest, Units shall include all Common Units (including all Common Units that have been
issued upon conversion of any Convertible Contribution Note) and all CDPQ Preferred Units then held by such Member or then outstanding, as applicable, but shall not include any Common Units that may be issuable under (but not yet issued upon
conversion of) outstanding Convertible Contribution Notes. 
 “Nonrecourse Deductions” has the meaning set
forth in Section 1.704-2(b)(l) of the Treasury Regulations. 
 “Norampac” means 27102009 USA LLC, a
Delaware limited liability company. 
 “Officers” has the meaning set forth in Section 10.1. 

“Paper Supply Agreements” means, collectively, the respective Linerboard Supply Agreements between Greenpac Mill and
each of the Paper Purchaser Affiliates (as defined in the Equityholders Agreement), dated as of the date hereof, as amended, restated or otherwise modified from time to time in accordance with their respective terms. 

“Person” means any individual, corporation, association, partnership, limited liability company, joint venture, estate,
trust or unincorporated organization or any government or any agency or political subdivision thereof, and shall include, any partner, officer, director, member or employee of such Person. 

  
 9 

 “Profits and Losses” means, for each fiscal year or other period, an amount
equal to the Company’s taxable income or loss for such year or period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code
Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments: 
 (a) Any income of the
Company that is exempt from federal income tax and not otherwise taken into account in computing Profits or Losses pursuant to this definition shall be added to such taxable income or loss; 

(b) Any expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures
pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses pursuant to this definition shall be subtracted from such taxable income or loss; 

(c) In the event the Gross Asset Value of any Company asset is adjusted pursuant to subsections (b) or (d) of the definition of
Gross Asset Value hereof, the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Profits or Losses; 

(d) Gain or loss resulting from any disposition of Company assets with respect to which gain or loss is recognized for federal income tax
purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value; 

(e) In lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income or
loss, there shall be taken into account Depreciation for such fiscal year or other period; 
 (f) To the extent an adjustment to
the adjusted tax basis of any Company asset pursuant to Code Section 734(b) is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as a result of a distribution other
than in liquidation of a Member’s interest in the Company, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) from the
disposition of such asset and shall be taken into account for purposes of computing Profits or Losses; and 
 (g)
Notwithstanding any other provision of this definition, any items which are specially allocated pursuant to Section 6.2 hereof shall not be taken into account in computing Profits or Losses pursuant to this definition. 

  
 10 

 “Project” means the acquisition of real property in Niagara Falls, New York
and the demolition of certain improvements and remediation of certain environmental site conditions and the construction, installation and equipping thereon of the Facility. 
 “Project Debt Financing” means an amount not to exceed $228,500,000 (plus capitalized interest) in debt financing provided to Greenpac Mill to fund the cost of the Project and to provide
financing for the working capital and operational needs of Greenpac Mill through one or more senior secured credit facilities acceptable to Greenpac Mill, as the same may be refinanced or restructured from time to time. 

“Project Debt Financing Documents” means the Credit Agreement and the other documents entered into in connection with
the Credit Agreement evidencing the Project Debt Financing, as such documents may be amended, modified, replaced, restated or amended and restated from time to time. 
 “Project Debt Obligations” means the “Obligations” as defined in the Credit Agreement. 
 “Project Parameters” means the Project Schedule and the Project Budget attached hereto as Schedule B. 
 “Pro Rata Credit Support Requirement” means, with respect to each Member and at any applicable time, a pro rata share of the Contingent Credit Support Requirement, determined by
multiplying the then applicable Contingent Credit Support Requirement by such Member’s Membership Interest at such time; provided, however, that at all times the aggregate of all Members’ Pro Rata Credit Support Requirements shall be equal
to the Contingent Credit Support Requirement. 
 “Ramp-Up Completion” has the meaning set forth in the Credit
Agreement. 
 “Regulatory Allocation” has the meaning set forth in Section 6.3. 

“Related Party Transaction” has the meaning set forth in Section 8.4(b). 

“Restrictive Agreement” has the meaning set forth in Section 14.1. 

“RTC Allocable Share Contribution” has the meaning set forth in Section 4.6. 

“Senior Lender” means, collectively, General Electric Capital Corporation, as Agent (the “Agent”), KfW
IPEX - Bank GmbH, as ECA Agent, the Lenders and ECA Lenders, under (and as defined in) the Project Debt Financing Documents, or any other Persons acting on behalf of the Persons providing financing or refinancing pursuant to the Project Debt
Financing Documents, together with their successors and assigns. 
 “Special Purpose Entity” means an entity,
whose organizational documents contain restrictions on its purpose and activities and impose requirements intended to preserve its separateness that are substantially similar to the Special Purpose Provisions of this Agreement. 

  
 11 

 “Special Purpose Provisions” has the meaning set forth in
Section 18.1. 
 “Start-Up Date” means the date on which the Facility commences operations, which shall be
when the Facility completes production of five sets of sellable linerboard. 
 “Subscription Agreements” means,
collectively, the respective Subscription Agreements between the Company and each Member, dated as of the date hereof, as amended, restated or otherwise modified from time to time in accordance with their respective terms. 

“Tax Distribution” has the meaning set forth in Section 7.3. 

“Tax Year” means the tax year of the Company, which shall be the calendar year. 

“Transfer” means any direct or indirect transfer, donation, sale, assignment, pledge, hypothecation, grant of a security
interest in or other disposal or attempted disposal of all or any portion of a Member’s Membership Interest or Units or of any rights associated with or in respect of a Member’s Membership Interest or Units. “Transferred”
means the accomplishment of a Transfer, “Transferee” means the recipient of a Transfer and “Transferor” means the Person making the Transfer. 
 “Treasury Regulations” means all proposed, temporary and final regulations promulgated under the Code. 
 “UCC” shall mean the Uniform Commercial Code as in effect in the State of Delaware (6 Del C. § 8-101, et. seq.) 

“Unfunded Capital Commitment” of any Member as of any date means the Capital Commitment of such Member, reduced by the
aggregate amount of Capital Contributions (not including RTC Allocable Share Contributions) to the Company made by the Member through such date. 
 “Unit” means a measurement of the Membership Interest of each Member. The term “Units” shall refer to the Common Units (including, without limitation, Common Units that have
been issued upon conversion of any Convertible Contribution Note) and the CDPQ Preferred Units (including, without limitation, CDPQ Preferred Units that have been issued upon conversion of any CDPQ Preferred Convertible Note), collectively.

 “Unit Certificate” means the document, if any, issued by the Company that represents and evidences the
number of Units owned by a Member. 
 ARTICLE II 
 THE COMPANY 
 Section 2.1 Formation.

 The Company was organized as a Delaware limited liability company under the LLC Act by the filing of the Certificate with
the office of the Secretary of State of the State of Delaware on November 15, 2010. 

  
 12 

 Section 2.2 Name of Company. 

The name of the Company is Greenpac Holding LLC, and all Company business shall be conducted in that name or such other names as the
Members may select from time to time and which are in compliance with all applicable laws. 
 Section 2.3 Business of
the Company. 
 Subject to the provisions of Article XVIII, the sole purpose of the Company is to hold its membership
interest in Greenpac Member (which shall be the sole member of Greenpac Mill), and to manage the operation of the business of Greenpac Mill; and (a) Greenpac Member’s sole purpose shall be to hold its membership interest in Greenpac Mill;
and (b) Greenpac Mill’s sole purpose shall be to construct, own and operate the Facility, and all such purposes reasonably related thereto. The Company has the authority to do all things necessary or convenient to accomplish these
purposes. 
 Section 2.4 Principal Place of Business. 

The principal place of business of the Company is 4400 Royal Avenue, Niagara Falls, New York 14303, or at such other place as the Company
may designate. 
 Section 2.5 Registered Office; Registered Agent. 

The address of the registered office and the name and address of the registered agent of the Company in the State of Delaware is Paracorp
Incorporated, 40 E. Division St. #A, Dover, Delaware 19901, Kent County. 
 Section 2.6 Term. 

The Company began on the date of filing of the Certificate and shall continue until dissolved in accordance with the terms of this
Agreement or by operation of law. 
 Section 2.7 Entity Declaration. 

The Company is not a general partnership, a limited partnership, or a joint venture, and no Member shall be considered a partner or joint
venturer of or with any other Member, for any purposes other than for federal, state, and local income tax purposes. 

Section 2.8 Tax Classification of the Company. 
 The Members intend and agree that the Company will be classified as a partnership for federal, state, and local income tax purposes so that the Company shall not make an election to be taxed as a
corporation without the approval of all of the Members. The Members further agree to assist the Company in filing any and all elections required to ensure that the Company is classified as a partnership for federal, state, and local income tax
purposes and shall not take any position inconsistent therewith. 

  
 13 

 Section 2.9 Adoption of this Agreement. 

The parties to this Agreement hereby agree to adopt this Agreement as the limited liability company agreement of the Company pursuant to
the LLC Act. All Persons who acquire Membership Interests subsequent to the execution of this Agreement shall adopt this Agreement as a condition to becoming a Member. 
 Section 2.10 Title to Company Property. 
 All property of the Company,
whether real or personal, tangible or intangible, shall be deemed to be owned by the Company as an entity, and no Member, individually, shall have any direct ownership interest in such property. Each Member’s interest in the Company shall be
personal property for all purposes. 
 ARTICLE III 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 Section 3.1 In General. 
 As of the date of this Agreement (or, with
respect to a Person who becomes a Member after the date hereof, the date such Person signs a joinder hereto), each Member hereby severally, but not jointly, makes the following representations and warranties to the Company and to each other Member,
and such warranties and representations shall survive the execution of this Agreement: 
 (a) The Member is duly
formed, validly existing and in good standing under the laws of the jurisdiction of its formation. 
 (b) The
Member has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder, and all necessary actions by the managers, board of directors, shareholders, members or other entity owners of such Member necessary
for the due authorization, execution, delivery, and performance of its obligations under this Agreement have been duly taken. 
 (c) The Member has duly executed and delivered this Agreement, and this Agreement constitutes the legal, valid and binding obligations of the Member, enforceable against the Member in accordance with its
terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting or relating to creditors’ rights generally, and the availability of injunctive relief and other equitable
remedies. 
 (d) The Member’s authorization, execution, delivery, and performance of this Agreement does not
conflict with (i) any Law, rule or court order applicable to that Member, (ii) that Member’s certificate of formation, certificate of limited partnership, operating agreement, certificate of incorporation, bylaws, or other applicable
organizational documents, or (iii) any other material agreement or arrangement to which that Member is a party or by which that Member is bound. 

  
 14 

 Section 3.2 Confidentiality. 

(a) Except as contemplated hereby or required by a court of competent authority, each Member shall keep confidential and
shall not disclose to others and shall use its commercially reasonable efforts to prevent its Affiliates and any of its, or its Affiliates’, present or former employees, agents, and representatives from disclosing to others, without the prior
written approval of the Board of Managers given in accordance with Section 9.3, any Confidential Information; provided that any Member may disclose to its ultimate parent and its ultimate parents’ respective partners, members, employees,
agents, and representatives, or any other Member, any Confidential Information made available to such Member; and, provided further, that each such Person to whom disclosure is made shall be advised of the confidentiality of the disclosed
Confidential Information and the obligations of confidentiality set forth herein. No Member shall use, and each Member shall use its commercially reasonable efforts to prevent its Affiliates or any of its, or its Affiliates’, present or former
employees, agents, or representatives from using, any Confidential Information, except in connection with the transactions contemplated hereby. “Confidential Information” means information which is confidential, non- public, or
proprietary in nature, was provided to such Member or its representatives by the Company, any other Member, or such Persons’ agents, representatives, and employees, and relates either directly or indirectly to (i) the Company, Greenpac
Member or Greenpac Mill or the business of the Company, Greenpac Member or Greenpac Mill; or (ii) this Agreement, the Equityholders Agreement, the Contribution Agreement, the Management Agreement, the Paper Supply Agreements, the Bridge Loan
Documents, the Project Debt Financing Documents, any negotiations pertaining thereto, or any of the transactions contemplated hereby and thereby. “Confidential Information” shall not include information which (i) is available, or
becomes available, to the public through no breach of this Agreement or no fault or action by such Member, its agents, representatives, or employees, (ii) becomes available on a non-confidential basis from any source other than the Company, any
other Member, or such Persons’ agents, representatives, or employees and such source is not prohibited from disclosing such information, (iii) was previously known by such Member, its agents, representatives, or employees on a
non-confidential basis, which such Member can demonstrate by written evidence or (iv) was or is developed by such Member, its agents, representatives, or employees independently of and without any reference to any Confidential Information.

 (b) If a Member receiving Confidential Information or any Person to whom a Member provides Confidential
Information pursuant to this Agreement becomes legally compelled (by interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process) to disclose any such Confidential Information, such Member will
provide the Company or cause such other Person to provide the Company with written notice by facsimile and overnight delivery as soon as practicable prior to the scheduled or intended time of disclosure of the Confidential Information, so that the
Company may seek a protective order or other appropriate remedy to protect its rights or enforce this Agreement. The disclosing party or its representative will also cooperate with the Company in any attempt by the Company to obtain assurance that
confidential treatment will be accorded the Confidential Information if its disclosure is required. 

  
 15 

 Section 3.3 Financial Information. 

Each Member shall furnish or cause to be furnished to the Senior Lender, upon request, as promptly as is practicable, such information
and records relating to such Member as the Senior Lender may from time to time reasonably request. The Company hereby confirms to CDPQ that the Senior Lender has acknowledged and accepted that the publicly available financial information and annual
reports of Caisse de depot et placement du Quebec, the ultimate parent entity of CDPQ, represents adequate and sufficient information and records for the purposes of the Senior Lender. 

Section 3.4 Taxes. 
 Each Member agrees to furnish or cause to be furnished to each other, upon request, as promptly as is practicable, such information and assistance relating to such Member as is reasonably necessary for
the filing of all tax returns, the making of any election relating to taxes, the preparation for any audit by any taxing authority, and the prosecution or defense of any claim, suit or proceeding relating to any tax. 

Section 3.5 Contingent Credit Support. 
 In addition to any initial or other Capital Contributions required under Section 4.2 and any Excess Capital Contributions which may be requested under Section 4.3, each Member agrees to procure
and furnish or cause to be furnished to the Senior Lender, upon request by the Senior Lender and at the time required in the Project Debt Financing Documents, and to maintain at all times required pursuant to the Project Debt Financing Documents,
Acceptable Credit Support in an amount equal to its Pro Rata Credit Support Requirement; which Acceptable Credit Support shall be in the form of (a) in the case of each Member other than CDPQ, an irrevocable standby letter of credit in a form
acceptable to the Lender and meeting the requirements of the Project Debt Financing Documents, and (b) in the case of CDPQ, a third- party beneficiary letter, in a form acceptable to the Senior Lender, with respect to CDPQ’s commitment to
fund Excess Capital Contributions in accordance with Section 4.3(d). Notwithstanding the foregoing, if any Member makes any Excess Capital Contribution or Excess Funding Contribution under Section 4.3 that is a Contingency Funding
Contribution (made pursuant to a Contingency Funding Capital Call), then, subject to the terms of the Project Debt Financing Documents and subject to any adjustments to such Member’s Pro Rata Credit Support Requirement to reflect changes in
such Member’s Membership Interest, the amount of Acceptable Credit Support required to be maintained by such Member shall be reduced on a dollar-for-dollar basis by the amount of the Contingency Funding Contribution actually made or paid by
such Member. If at any time the Senior Lender draws upon any letter of credit that a Member provides as Acceptable Credit Support pursuant to this Section 3.5, the Member providing such letter of credit shall be deemed to have made an Excess
Capital Contribution to the Company, pursuant to a Contingency Funding Capital Call pursuant to Section 4.3, in an amount equal to the amount of such draw, which Excess Capital Contribution shall be a Contingency Funding Contribution for
purposes of this Agreement. The Company shall (i) 

  
 16 

 
contribute (or be deemed to contribute) to the capital of Greenpac Member, and (ii) cause Greenpac Member to contribute (or be deemed to contribute) to the capital of Greenpac Mill, all
Contingency Funding Contributions that the Company receives pursuant to Section 4.3 or that the Company is deemed to receive pursuant to this Section 3.5 as a result of the Senior Lender drawing upon a letter of credit that a Member
provides as Acceptable Credit Support. 
 ARTICLE IV 

CONTRIBUTIONS 
 Section 4.1 Capital Commitments. The Capital Commitments of each Member shall be the amounts specified on Schedule A; provided, however, that the amount of the
Capital Commitments does not include the RTC Allocable Share Contributions required under the Contribution Agreement, as described in Section 4.6 of this Agreement. Each Member has executed and delivered to the Company a Subscription Agreement,
whereby it has agreed to purchase from the Company the number of Common Units specified for such Member on Schedule A. in exchange for payment of its Capital Commitment. Subject to and in accordance with the terms of the applicable
Subscription Agreement, the Company will issue and deliver to each Member, at the time its initial Capital Contribution is made pursuant to Section 4.2, such Common Units. 

Section 4.2 Initial Capital Contributions, Capital Calls. 

(a) Each Member shall pay, as its initial Capital Contribution to the Company, the portion of its Capital Commitment
specified in a written notice delivered by the Management Company to such Member, such payment to be made within ten (10) days after the date of receipt of such written notice. Each Member, other than CDPQ, has caused one or more Affiliates of
such Member to deliver to the Company a Cash Equity Guaranty, whereby such Affiliate or Affiliates have guaranteed such Member’s payment, when due, of its Capital Commitment. 

(b) Each Member shall pay its Capital Commitment to the Company from time to time pursuant to Capital Contributions as
calls are made therefor (“Capital Calls”) by the Management Company pursuant to this Section 4.2 and in accordance with the Project Parameters. In this regard, the Management Company shall have sole discretion to determine the
amount of such Capital Calls, and the timing or frequency thereof, subject to the following provisions (and the other terms of this Agreement): 
 (i) except as required under Section 4.2(c) or Section 4.6, no Member shall be required to make any amount or portion of Capital Contributions at any time that exceed its Unfunded Capital
Commitment at such time; 
 (ii) all Capital Calls shall be made among the Members in proportion to their
respective Common Membership Interests; and 
 (iii) the Company shall use all funds received from Capital
Contributions solely for paying Project-related costs and expenses in accordance with the 

  
 17 

 
Project Parameters or to fund working capital requirements of the Company, Greenpac Member or Greenpac Mill, unless otherwise approved by the Members pursuant to Section 11.3. 

(c) If the Company is required under applicable Law to withhold taxes on behalf of a Member in respect of any allocations
of income and gain or Distributions to such Member then, notwithstanding any of the limitations or other provisions of this Agreement, such Member shall be obligated to contribute to the Company an amount equal to the portion of such required tax
withholdings which the Company is unable to satisfy out of Distributions which would otherwise be made to such Member pursuant to Section 7.3. Any Capital Contributions made pursuant to this Section 4.2 shall be treated as having been
immediately returned by the Company to such Member as a result of the Company’s payment of withholding taxes on behalf of such Member and, thus, will not reduce the Unfunded Capital Commitment of, or be treated as a Distribution or contribution
for purposes of applying and computing Distributions with respect to, the contributing Member. Such Member shall contribute any such deficiency to the Company within ten (10) days of notice from the Company. If such deficiency is not
contributed within such time, any non-contributed amounts shall be considered a demand loan from the Company to such Member, and shall bear interest at the rate of seven percent (7%) per annum, which interest shall be treated as an item of
Company income, until discharged by such Member by full repayment. Such demand loan shall be repaid, without prejudice to other remedies at law or in equity that the Company may have, out of distributions to which the debtor Member would otherwise
be subsequently entitled under this Agreement. 
 (d) The Management Company shall, with respect to each Capital
Call required by this Section 4.2, cause a written notice to be sent to each Member specifying (i) the amount of the Capital Call required of each Member and (ii) the depositary institution to receive such Capital Call. Within ten
(10) days of the date of receipt of such written notice, each Member shall be required to deposit the full amount of the Capital Call requested of it, in immediately available United States funds in the depositary institution specified in the
written notice. 
 (e) In the event that any Member shall fail to pay or cause to be paid in full any portion of
its Capital Commitment when due after a Capital Call (each such Member being referred to herein as a “Defaulting Member” and each such event described being referred to herein as a “Capital Commitment Default”),
then, in addition to any other rights or remedies which the Company and the Members (other than the Defaulting Member), may have at law or in equity, the Company and the other Members shall have the following remedies: 

(i) Each of the Company or the other Members acting together or alone, shall be entitled, if it so elects, to institute
and prosecute proceedings in any court of competent jurisdiction, either in law or in equity, against a Defaulting Member, as a result of any breach of this Agreement by the Defaulting Member. The existence of any claim or cause of action which any
Defaulting Member may have 

  
 18 

 
against the Company or any other Member will not constitute a defense or bar to the enforcement of this Agreement and the Members specifically waive the right to assert any offset or deduction of
any kind whatsoever against any portion of such Member’s Capital Commitment. 
 (ii) The Company may, in its
sole discretion, set off the amount of the unpaid Capital Commitment against, and in reduction of, any amounts owing to the Defaulting Member by the Company of whatever nature, including, without limitation, any Distributions to be paid to such
Member pursuant to this Agreement. 
 (iii) In the event the Company or any other Member commences any action
seeking to enforce the terms of this Agreement against any Defaulting Member, such Party shall be entitled, in addition to any other relief granted, to payment by the Defaulting Member of all actual out-of-pocket costs and expenses incurred by it in
connection with such action, including, without limitation, all reasonable and documented attorneys’ fees and expenses. 
 (iv) The Company may exercise all rights available to it under any Cash Equity Guaranty delivered by the Affiliate or Affiliates of the Defaulting Member pursuant to Section 4.2(a), subject to and in
accordance with the terms of each such Cash Equity Guaranty. 
 Section 4.3 Capital Calls in Excess of Capital
Commitments. 
 (a) In the event that the sum of all Capital Contributions, Bridge Loan Financing and all
Project Debt Financing is insufficient to fund the Ramp-Up Completion of the Project, each Member shall have the option, but not the obligation (except as otherwise provided in Section 4.3(d)), to contribute cash to the Company in an amount in
excess of such Member’s Capital Commitment (“Excess Capital Contributions”) from time to time as calls are made therefor (“Excess Capital Calls”) pursuant to the provisions of this Section 4.3. The Board
of Managers shall have sole discretion to determine the amount of such Excess Capital Calls, and the timing or frequency thereof, provided, however, that (i) the Management Company may make recommendations to the Board of Mangers
with respect to the necessity, amount and timing of such Excess Capital Calls; and (ii) all Excess Capital Calls shall be made among the Members in proportion to their respective Common Membership Interests as of the date of any such Excess
Capital Call. 
 (b) The Management Company shall, with respect to each Excess Capital Call approved by the Board
of Managers under Section 4.3(a) above, cause a written notice to be sent to each Member specifying (i) the amount of the Excess Capital Call requested from each Member and (ii) the depositary institution to receive such Excess
Capital Call. Within ten (10) days of the date of receipt of such written notice, each Member shall (i) deposit the full amount (or any portion) of the Excess Capital Call requested of it, in immediately available United States funds in
the depositary institution specified in the written notice and, if only a portion of the amount requested is deposited, advise the Management Company, in writing, that it will contribute only such portion; or (ii) advise 

  
 19 

 
the Management Company, in writing, that it will not contribute any of the amount of funds requested in such Excess Capital Call. If any Member (i) fails to timely respond to a written
notice contemplated by this Section 4.3(b), or (ii) elects not to deposit, or otherwise fails to timely deposit, the full requested amount of any Excess Capital Call, such failure or election shall be treated as an Excess Funding
Declination, which shall then become subject to the provisions of Section 4.4. 
 (c) Subject to adjustment
pursuant to Section 4.5, within thirty (30) days after the expiration of the ten (10) day period described in Section 4.3(b), the Company will issue to the Members who make Excess Capital Contributions pursuant to Excess Capital
Calls additional Common Units to reflect such Excess Capital Contributions, with the number of Common Units to be issued determined by dividing the amount of such Excess Capital Contribution by $100, the price per Common Unit used for purposes of
issuing Common Units pursuant to Section 4.1, as set forth in the Subscription Agreements. 
 (d) [REDACTED]

  
 20 

 Section 4.4 Alternative Funding in Event of an Excess Funding Default.

 In the event that any Member shall elect, in its sole discretion (except as otherwise provided in Section 4.3(d)),
not to fund in full the requested amount of any Excess Capital Call in the manner and within the time periods specified in Section 4.3(b), or this Section 4.4 (each such Member being referred to herein as an “Excess Funding
Declining Member” and each such event described being referred to herein as an “Excess Funding Declination”), then the Management Company shall, on behalf of the Company and in order to fund the amount of the capital
shortfall resulting from such Excess Funding Declination (the “Excess Funding Shortfall”), cause a subsequent written notice to be sent to the Members, specifying (a) the respective makeup amounts (as hereafter determined)
requested to be contributed (the “Excess Funding Amounts”) by the Members other than the Excess Funding Declining Member(s) (the “Excess Funding Contributing Members”), and (b) the depositary institution to
receive the Excess Funding Amounts. The Excess Funding Amounts shall be requested from the Excess Funding Contributing Members in proportion to their respective Common Membership Interests as of the date of the applicable Excess Capital Call.
Subject to the limitations set forth in Section 4.3(a), each such Excess Funding Contributing Member shall have the option, but not the obligation, to contribute its Excess Funding Amount (or any portion thereof). Within ten (10) days of
the date of receipt of such written notice, each Excess Funding Contributing Member shall (i) deposit the full amount (or any portion) of the Excess Funding Amount requested of it (each, as “Excess Funding Contribution”), in
immediately available United States funds in the depositary institution specified in the written notice, and, if only a portion of the amount requested is deposited, advise the Company, in writing, that it will contribute only such portion; or
(ii) advise the Company, in writing, that it will not contribute the full Excess Funding Amount. If any Excess Funding Contributing Member (A) fails to respond to a written notice contemplated by this Section 4.4, or (B) elects
not to deposit, or otherwise fails to timely deposit, its full requested Excess Funding Amount, such failure or election shall be treated as an Excess Funding Declination, which shall then become subject to the provisions of this Section 4.4.

 Section 4.5 Consequences of Excess Funding Declination. 

Notwithstanding any other provision of this Agreement to the contrary and in addition to (but not in lieu of) any other rights and
remedies of the Company and the Members under this Agreement, the following provisions shall apply on a cumulative basis in the case of any Excess Funding Declining Member who elects not to deposit in full its requested amount of an Excess Capital
Call or Excess Funding Amount in the manner, to the extent and within the time periods specified in Section 4.3(b) or Section 4.4: 
 (a) within thirty (30) days after the Excess Funding Declination (the “Excess Funding Adjustment Date”), the Company shall issue such number of additional Common Units to the Excess
Funding Contributing Members, without further notice or other action of any kind by any party, such that the adjusted Common Membership Interest of each Member shall be equal to the amount (expressed as a percentage rounded to the nearest one
hundredth of one percent) that equals the quotient of (1) the sum of all Capital Contributions, including RTC Allocable Share Contributions effected pursuant to the Contribution Agreement (and as described in Section 4.6), Excess Capital

  
 21 

 
Contributions and Excess Funding Contributions of such Member made as of the Excess Funding Adjustment Date divided by (2) the aggregate amount of all Capital Contributions, including RTC
Allocable Share Contributions effected pursuant to the Contribution Agreement (and as described in Section 4.6), Excess Capital Contributions and Excess Funding Contributions by all Members as of the Excess Funding Adjustment Date; and

 (b) except as hereafter provided and except as otherwise provided in Section 4.3(d), dilution of the
Common Membership Interest of an Excess Funding Declining Member shall be the sole consequence of an Excess Funding Declining Member electing not to deposit in full its requested amount of an Excess Capital Call or Excess Funding Amount, and the
Excess Funding Declining Member shall have no liability to any of the Company, Greenpac Member or Greenpac Mill or to any other Member for electing not to make an Excess Capital Contribution or Excess Funding Contribution; provided, however, that
nothing contained herein shall limit any liability or obligation of any Member under any Acceptable Credit Support provided by such Member, pursuant to Section 3.5, in connection with the Project Debt Financing. 

Section 4.6 Contributions Pursuant to Contribution Agreement. 

Each Member acknowledges and agrees that, in addition to its Capital Commitment, such Member is obligated to make additional Capital
Contributions, in an aggregate dollar amount equal to its RTC Allocable Share (as defined in the Contribution Agreement), to the Company pursuant to and in accordance with the terms and conditions of the Contribution Agreement and the Convertible
Contribution Notes issuable thereunder (collectively, “RTC Allocable Share Contributions”). Upon, but not before, conversion of the applicable Convertible Contribution Note that was issued in consideration for such RTC Allocable
Share Contribution, the Company shall issue to the Member making such RTC Allocable Share Contribution additional Common Units (based on a conversion price of $100 per Common Unit, as set forth in the Convertible Contribution Notes), at the time and
in the manner described in the Contribution Agreement and the applicable Convertible Contribution Note, which Common Units shall be held by such Member subject to and in accordance with the terms and conditions of this Agreement and the
Equityholders Agreement. If any Member fails to pay in full when due any portion of its RTC Allocable Share Contribution, then the Company and the other Members shall be entitled to exercise any rights and remedies set forth in this Agreement and
the Contribution Agreement and such other rights and remedies as they may have at law or in equity. 
 Section 4.7
Return of Capital. 
 No Member shall have the right to demand or receive the return of such Member’s Capital
Contributions to the Company, even in the event of withdrawal of any Member, whether or not such withdrawal is permitted hereunder or in breach hereof, except as may be contemplated or permitted by this Agreement or the Equityholders Agreement.

  
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 Section 4.8 Interest on Capital Contributions 

Except for interest accruing under and payable with respect to the Convertible Contribution Notes, no Member shall receive any interest
on such Member’s Capital Contributions or such Member’s Capital Account, notwithstanding any disproportion therein as between the Members. 
 Section 4.9 Fractional Units. 
 In no event shall the Company be
required to issue fractions of Units. If any fraction of a Unit would, but for this restriction, be issuable in accordance with this Article IV, in lieu of delivering such fractional Unit, the Company may pay to the Member entitled to receive such
fractional Unit, in cash, an amount equal to the same fraction multiplied by the price at which such fractional Unit is valued on the date of its issuance. 
 ARTICLE V 
 CAPITAL ACCOUNTS 

Section 5.1 Maintenance of Capital Accounts. 
 The Company shall establish and maintain a Capital Account for each Member according to Section 704 of the Code and applicable Treasury Regulations. Each Member’s Capital Account shall be
adjusted as set forth below: 
 (a) Increase in Capital Accounts. Each Member’s Capital Account shall
be increased by (1) the amount of any cash actually contributed by the Member to the capital of the Company; (2) the Gross Asset Value of any property which a Member contributes to the capital of the Company (net of liabilities assumed by
the Company or subject to which the Company takes such property within the meaning of Section 752 of the Code); (3) the Member’s share of Profits and of any separately allocated items of income or gain; and (4) the amount of any
liabilities of the Company that are assumed by such Member, other than assumed liabilities described in Section 5.1(b)(2). 
 (b) Decrease in Capital Accounts. Each Member’s Capital Account shall be decreased by (1) the amount of any cash distributed to the Member by the Company; (2) the Gross Asset Value
of any property distributed to the Member (net of liabilities of the Company assumed by the Member or subject to which the Member takes such property within the meaning of Section 752 of the Code) at the time of the distribution; (3) the
Member’s share of Losses and of any separately allocated items of deduction or loss (including any loss or deduction allocated to the Member to reflect the difference between the book value and tax basis of assets contributed by the Member);
and (4) the amount of any liabilities of such Member that are assumed by the Company, other than assumed liabilities described in Section 5.1(a)(2). 

  
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 Section 5.2 Effect of Transfer on Capital Accounts. 

Upon a permitted Transfer of Units of the Company under this Agreement (or the Equityholders Agreement), the Capital Account of the
Transferring Member shall become the Capital Account of the Person to whom such Units are sold or Transferred, to the extent the Capital Account relates to the portion of the Units Transferred, in accordance with Section 1.704-1(b)(2)(iv)(1) of the
Treasury Regulations. 
 Section 5.3 Compliance with Section 704(b) of the Code. 

The provisions of this Article V as they relate to the maintenance of Capital Accounts are intended, and shall be construed, and, if
necessary, modified to cause the allocations of profits, losses, income, gain, and credit pursuant to Article VI to have substantial economic effect under the Treasury Regulations promulgated under Section 704(b) of the Code, in light of the
distributions made pursuant to Article VII and the Capital Contributions made pursuant to Article IV. The Board of Managers shall also (i) make any adjustments that are necessary or appropriate to maintain equality between the Capital Accounts
of the Members and the amount of Company capital reflected on the Company’s balance sheet, as computed for book purposes in accordance with Section 1.704-1(b)(2)(iv)(q) of the Treasury Regulations, and (ii) make any appropriate
modifications in the event unanticipated events might otherwise cause this Agreement not to comply with Sections 1.704-1(b) and 1.704-2 of the Treasury Regulations. 
 Section 5.4 No Negative Capital Account Restoration. 
 Notwithstanding
anything to the contrary in this Agreement, no Member shall be obligated to contribute cash or property to restore a negative Capital Account during the existence or at the dissolution and termination of the Company. 

ARTICLE VI 

ALLOCATIONS 
 Section 6.1 Allocations of Profit and Loss. 
 (a)
General Rule. Except as otherwise required by this Article VI, for a given Tax Year, the Profits and Losses for such Tax Year shall be allocated among the Members in proportion to their respective Common Membership Interests. 

(b) [REDACTED] 

  
 24 

 Section 6.2 Special Allocations. 

The following special allocations shall be made in the following order: 

(a) Minimum Gain Chargeback. Except as otherwise provided in Section 1.704- 2(f) of the Treasury Regulations,
notwithstanding any other provision of this Article VI, if there is a net decrease in Company Minimum Gain during any Tax Year, each Member shall be specially allocated items of Company income and gain for such Tax Year (and, if necessary,
subsequent Tax Years) in an amount equal to such Member’s share of the net decrease in Company Minimum Gain, determined in accordance with Section 1.704-2(g) of the Treasury Regulations. Allocations pursuant to the previous sentence shall
be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined in accordance with Sections 1.704- 2(f)(6) and 1.704-2(j)(2) of the Treasury Regulations. This
paragraph (a) is intended to comply with the minimum gain chargeback requirement in Section 1.704-2(f) of the Treasury Regulations and shall be interpreted consistently therewith. 

(b) Member Minimum Gain Chargeback. Except as otherwise provided in Section 1.704-2(i)(4) of the Treasury
Regulations, notwithstanding any other provision of this Article VI, if there is a net decrease in Member Nonrecourse Debt Minimum Gain attributable to a Member Nonrecourse Debt during any Tax Year, each Member who has a share of the Member
Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Section 1.704-2(i)(5) of the Treasury Regulations, shall be specially allocated items of Company income and gain for such Tax Year (and,
if necessary, subsequent Tax Years) in an amount equal to such Member’s share of the net decrease in Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Section 1.704-2(i)(4) of
the Treasury Regulations. Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined in accordance
with Sections 1.704- 2(i)(4) and 1.704-2(j)(2) of the Treasury Regulations. This paragraph (b) is intended to comply with the minimum gain chargeback requirement in Section 1.704- 2(i)(4) of the Treasury Regulations and shall be
interpreted consistently therewith. 
 (c) Qualified Income Offset. In the event any Member unexpectedly
receives any adjustments, allocations or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) or 1.704-1 (b)(2)(ii)(d)(6) of the Treasury Regulations, items of Company income and gain shall be specially allocated to
each such Member in an amount and manner sufficient to eliminate, to the extent required by the Treasury Regulations, the Adjusted Capital Account Deficit of such Member as quickly as possible, provided that an allocation pursuant to this paragraph
(c) shall be made only if and to the extent that such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in Article VI of this Agreement have been tentatively made as if this paragraph (c) were
not in this Agreement. 
 (d) Gross Income Allocation. In the event any Member has a deficit Capital
Account at the end of any Tax Year which is in excess of the sum of (i) the amount such 

  
 25 

 
Member is obligated to restore pursuant to any provision of this Agreement, and (ii) the amount such Member is deemed to be obligated to restore pursuant to the penultimate sentences of
Sections 1.704-2(g)(l) and 1.704-2(i)(5) of the Treasury Regulations, each such Member shall be specially allocated items of Company income and gain in the amount of such excess as quickly as possible, provided that an allocation pursuant to this
paragraph (d) shall be made only if and to the extent that such Member would have a deficit Capital Account in excess of such sum after all other allocations provided for in Article VI of this Agreement have been made as if paragraphs
(c) and (d) of this Section 6.2 were not in this Agreement. 
 (e) Nonrecourse Deductions.
Nonrecourse Deductions for any Tax Year shall be specially allocated to the Members in proportion to their respective Membership Interests. 
 (f) Member Nonrecourse Deductions. Any Member Nonrecourse Deductions for any Tax Year shall be specially allocated to the Member who bears the economic risk of loss with respect to the Member
Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance with Section 1.704-2(i)(l) of the Treasury Regulations. 
 (g) Section 754 Adjustments. To the extent an adjustment to the adjusted tax basis of any Company property pursuant to Section 1.704-l(b)(2)(iv)(m)(2) or Section 1.704-
1(b)(2)(iv)(m)(4) of the Treasury Regulations, is to be taken into account in determining Capital Accounts as the result of a distribution to a Member in complete liquidation of his Membership Interest, the amount of such adjustment to Capital
Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such gain or loss shall be specially allocated to the Members in accordance with their respective
Membership Interests in the event that Section 1.704-1(b)(2)(iv)(m)(2) of the Treasury Regulations applies, or to the Members to whom such distribution was made in the event that Section 1.704-1(b)(2)(iv)(m)(4) of the Treasury Regulations
applies. 
 (h) Allocations Relating to Taxable Issuance of Membership Interests. Any income, gain, loss,
or deduction realized as a direct or indirect result of the issuance of Membership Interests shall be allocated among the Members so that, to the extent possible, the net amount of such items, together with all other allocations under this Agreement
to each Member, shall be equal to the net amount that would have been allocated to each such Member if the items had not been realized. 
 Section 6.3 Curative Allocations. 
 The allocations set forth in
paragraphs (a) through (g) of Section 6.2 of this Agreement (the “Regulatory Allocations”) are intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Members that, to the
extent possible, all Regulatory Allocations shall be offset either with other Regulatory Allocations or with special allocations of other items of Company income, gain, loss or deduction pursuant to this Section 6.3. Therefore, notwithstanding
any other provision of Article VI of this Agreement (other than the Regulatory 

  
 26 

 
Allocations), the Company shall make such offsetting special allocations of Company income, gain, loss or deduction in whatever manner the Board of Managers determines appropriate so that, after
such offsetting allocations are made, each Member’s Capital Account balance is, to the extent possible, equal to the Capital Account balance such Members would have had if the Regulatory Allocations were not part of the Agreement and all
Company items were allocated pursuant to Section 6.1 of this Agreement and paragraph (h) of Section 6.2 of this Agreement. 
 Section 6.4 Loss Limitation. 
 Losses allocated pursuant to
Section 6.1 hereof shall not exceed the maximum amount of losses that can be allocated without causing any Member to have an Adjusted Capital Account Deficit at the end of any taxable year. In the event some but not all of the Members would
have Adjusted Capital Account Deficits as a consequence of an allocation of losses pursuant to Section 6.1 hereof, the limitation set forth in this Section 6.1 shall be applied on a Member by Member basis, and losses not allocable to any
Member as a result of such limitation shall be allocated to the other Members in accordance with the positive balances of such Members’ Capital Accounts so as to allocate the maximum permissible losses to each Member under Section 1.704-1
(b)(2)(ii)(d) of the Treasury Regulations. 
 Section 6.5 Other Allocation Rules. 

(a) For purposes of determining the Profits, Losses, or any other items allocable to any period, Profits, Losses, and any
such other items shall be determined by the Board of Managers using any permissible method under Section 706 of the Code and the Treasury Regulations thereunder. 

(b) Except as otherwise provided in this Agreement, all items of Company income, gain, loss, deduction, and any other
allocations not otherwise provided for shall be divided among the Members in the same proportions as they share Profits or Losses pursuant to Section 6.1 for that tax year. 

(c) The Members are aware of the income tax consequences of the allocations made by this Article VI and hereby agree to be
bound by the provisions of this Article VI in reporting their share of Company income and loss for income tax purposes. 
 (d) Solely for purposes of determining a Member’s proportionate share of the “excess nonrecourse liabilities” of the Company within the meaning of Section 1.752- 3(a)(3) of the
Treasury Regulations, the Members’ interests in Company profits are in proportion to their respective Membership Interests. 
 Section 6.6 Tax Allocations: Code Section 704(c). 
 In accordance
with Section 704(c) of the Code and the Treasury Regulations thereunder, income, gain, loss, and deduction with respect to any property contributed to the capital of the Company shall, solely for tax purposes, be allocated among the Members so
as to take account of any variation between the adjusted basis of such property to the Company for federal income tax purposes and the Gross Asset Value of such property. In the event the Gross Asset Value of any

  
 27 

 
Company property is adjusted pursuant to this Agreement, subsequent allocations of income, gain, loss, and deduction with respect to such property shall take into account any variation between
the adjusted gross basis of such property for federal income tax purposes and its Gross Asset Value in the same manner as under Section 704(c) of the Code and the Treasury Regulations thereunder. Any elections or other decisions relating to
such allocations shall be made by the Board of Managers in any manner that reasonably reflects the purpose and intention of this Agreement. Allocations pursuant to this Section are solely for purposes of federal, state, and local income taxes and
shall not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of profits, losses, other items, or distributions pursuant to any provision of this Agreement. Unless the Members decide otherwise, the
“traditional method” as defined in Section 1.704-3 of the Treasury Regulations shall be used for any adjustments and calculations made under Section 704(c) of the Code. 

ARTICLE VII 

DISTRIBUTIONS 
 Section 7.1 Distributions. 
 Subject to the limitations on
Distributions imposed by the Project Debt Financing Documents, the Bridge Loan Documents, Section 7.2 and Section 7.5 of this Agreement and those set forth in the Equityholders Agreement, the Company will distribute to Members holding
Common Units, on an annual basis, all Cash Available for Distribution. As used in this Agreement, “Cash Available for Distribution” means all Greenpac Member Cash Flow Distributions that the Company receives from Greenpac Member
pursuant to the Greenpac Member LLC Agreement, except for any such amounts that the Company is required to use to repay any amounts owing with respect to the Bridge Loan Financing or to pay any other amounts required to be paid under or pursuant
thereto. The amount and timing of such Distributions shall be determined by the Board of Managers, subject to the terms of this Section 7.1 and the limitations set forth in Section 7.2. Distributions under this Section 7.1 shall be
made in the order of priority and be subject to the limitations and restrictions set forth in Section 7.5. 

Section 7.2 Limitation on Distributions. 
 No Distribution shall be made if, after giving effect to such Distribution, the total liabilities of the Company, other than liabilities to Members on account of their Membership Interests and liabilities
of the Company for which the recourse of creditors is limited to specific property, exceeds the fair market value of the assets of the Company as determined by the Board of Managers; the fair market value of property that is subject to a liability
for which the recourse of creditors is limited shall be included in the assets of the Company only to such extent that the fair market value of the property exceeds such liability. In addition, no Distribution shall be made if the Board of Managers
shall determine in its sole discretion that, after giving effect to such Distribution, (i) the Company would not have available sufficient capital to continue operations of the Company, Greenpac Member or Greenpac Mill, (ii) the Company,
Greenpac Member or Greenpac Mill would be in violation of, or could reasonably be expected to violate in the future, any financial or other covenants or agreements in any credit facility to which the Company, Greenpac Member or Greenpac Mill is a
party, or (iii) the Board of Managers has determined that the payment of such Distributions would be imprudent. 

  
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 Section 7.3 Tax Distribution. 

Subject to the limitations on Distributions imposed by the Project Debt Financing Documents, the Bridge Loan Documents, Section 7.2
of this Agreement and those set forth in the Equityholders Agreement, including limitations in connection with mandatory repurchases of CDPQ Preferred Units, on a quarterly basis the Company shall make a Distribution in cash to each Member of an
amount equal to all, or any portion, of the amount necessary for each Member to pay the income taxes on the Company’s net income (as determined in accordance with the methodology described on Schedule C) allocated to such Member for such
quarter (other than any allocation pursuant to Section 6.1(b)), based on the Applicable Tax Rate (each, a “Tax Distribution”). On or before January 31 of each Tax Year, the Board of Managers shall determine in good faith
the tax rate that will be used for such Tax Year to calculate the quarterly Tax Distributions for such Tax Year (the “Applicable Tax Rate”), which Applicable Tax Rate shall apply to all Members and shall be determined based on the
combined federal, state and local income and, as applicable, franchise, tax rate determined by the Board of Managers and shall be subject to adjustment upon the termination or expiration of any non-refundable tax credits pursuant to the New York
State Department of Environmental Conservation’s Brownfield Cleanup Program and the New York Tax Law. 

Section 7.4 Amounts Withheld. 
 The Company is authorized to withhold from payments and Distributions, or with respect to allocations to the Members, and to pay over to any federal, state, and local government or any foreign government,
any amounts required to be so withheld pursuant to the Code or any provisions of any other federal, state, or local Law or any foreign Law, and shall allocate any such amounts to the Members with respect to which such amount was withheld. All
amounts withheld pursuant to the Code or any provision of any state, local, or foreign tax Law with respect to any payment, Distribution, or allocation to the Company or the Members shall be treated as amounts paid or distributed, as the case may
be, to the Members with respect to which such amount was withheld pursuant to this Section 7.4 for all purposes under this Agreement. 
 Section 7.5 Priority of, and Limitations on, Distributions. 
 Tax
Distributions required to be made pursuant to Section 7.3 shall have priority over, and shall be paid before giving effect to, any other Distributions to be made pursuant to this Agreement including, without limitation, Distributions pursuant
to Section 7.1. Except as otherwise provided herein, Distributions pursuant to Section 7.1 shall be made to the holders of Common Units pro rata in accordance with such holders’ ownership of such Common Units, as
adjusted in accordance with Article IV. Notwithstanding the foregoing, if at any time CDPQ Preferred Units or the CDPQ Note (as defined in the Equityholders Agreement) are outstanding, (a) no amounts shall be Distributed to the holders of
Common Units pursuant to Section 7.1 until the CDPQ Put Price (as defined in the Equityholders Agreement) and other amounts due to CDPQ pursuant to Section 5.1 of the Equityholders Agreement have been paid in full, (b) all Cash
Available for Distribution that would otherwise be Distributed to the holders of Common Units pursuant to Section 7.1 shall instead be applied to the payment of the Annual Priority Payments (as defined in the Equityholders Agreement), that the
Company is required to pay to the holders of CDPQ Preferred Units or the holder of the CDPQ Note, as applicable, pursuant to, 

  
 29 

 
and subject to the terms and conditions of, the Equityholders Agreement, and (c) any Cash Available for Distribution that is not required to be applied to the payment of Annual Priority
Payments, and is not otherwise paid to the holders of CDPQ Preferred Units or the holders of the CDPQ Note, as applicable, shall be retained by the Company. 
 Section 7.6 Offset. 
 The Company may offset all amounts owing to the
Company by a Member against any Distribution to be made to such Member. 
 Section 7.7 Sale of the Company or its
Assets. 
 Notwithstanding Section 7.1 of this Agreement, in connection with any Change in Ownership Event, the
proceeds, if any, of such Change in Ownership Event received by the Company shall be distributed as follows: 

(a) First, the Company shall (i) pay or discharge any indebtedness or other obligations and liabilities of the
Company that are not assumed by the buyer (either directly or indirectly in the case of indebtedness or other obligations or liabilities of any subsidiary of the Company) in connection with such Change in Ownership Event and (ii) pay all fees,
costs, and expenses incurred by the Company in connection with the consummation of such Change in Ownership Event. 
 (b) [REDACTED] 
 (c) Third, the remaining proceeds, if any, of the
Change in Ownership Event shall be Distributed pro rata to the holders of Common Units in accordance with their respective Common Membership Interests, as adjusted in accordance with Article IV. 

Section 7.8 Refinancing of Indebtedness. 
 Notwithstanding Section 7.1 of this Agreement, if the Company Distributes to its Members any funds or other property or assets obtained as a result of any refinancing or restructuring of the Project Debt
Financing or the Bridge Loan Financing, such funds or other property or assets shall be Distributed as follows: 

(a) [REDACTED] 

  
 30 

 (b) Second, the remaining funds, if any, to be Distributed as a result of
such refinancing or restructuring shall be Distributed pro rata to the holders of Common Units in accordance with their respective Common Membership Interests, as adjusted in accordance with Article IV. 

ARTICLE VIII 
 MANAGEMENT OF THE COMPANY; ROLE OF MEMBERS 

Section 8.1 Management. 
 Subject to the provisions of Article XVIII and except to the extent otherwise specified in this Agreement, including without limitation this Section 8.1, Section 8.2(b), Section 8.6 and
Article XI, (i) the management of the Company shall be vested exclusively in its Board of Managers, and (ii) the Board of Managers shall have complete discretion, authority, power and control in the management of the business and affairs
of the Company and shall make all decisions affecting the business of the Company and shall manage and control the affairs of the Company to carry out the business and purpose of the Company. The Board of Managers shall possess all rights and powers
of a “manager” of a limited liability company as provided in the LLC Act and otherwise by Law. 
 (a)
Subject to the general supervisory authority of the Board of Managers, during the period beginning on the effective date of this Agreement and ending on the Start-Up Date insofar as the Management Agreement is not terminated in accordance with the
terms thereof, the Management Company will be responsible for general Project oversight, including site selection, selection of and negotiations with vendors and suppliers for the Project, including consultants, engineers, contractors, equipment
manufacturers and suppliers, lenders and federal, state and local governmental agencies with respect to any federal, state and local tax and economic incentives, all subject to and 

  
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in accordance with the Management Agreement and the Project Parameters. Any reasonable and documented costs incurred by the Management Company (or its Affiliates) in connection with such
oversight services will be Project costs to be repaid by Greenpac Mill out of Greenpac Mill’s available cash in accordance with the Management Agreement, subject to any restrictions pursuant to the Project Debt Financing Documents and/or the
Bridge Loan Documents; provided, however, that all such costs and expenses incurred prior to the execution of the Management Agreement shall be identified in an exhibit to the Management Agreement. 

(b) Notwithstanding anything to the contrary set forth in this Agreement, during the period beginning on and subsequent to
the Start-Up Date, the Management Company will be responsible for managing the day-to-day affairs of Greenpac Mill under the general supervision of the Board of Managers, subject and pursuant to the Management Agreement. If the Management Agreement
is terminated in accordance with its terms (and no other management company is retained to perform management services for or on behalf of Greenpac Mill), then the Board of Managers shall be responsible for managing the day-to-day affairs of
Greenpac Mill, subject to and in accordance with the terms of this Agreement. 
 (c) Subject to, and in
accordance with the terms of, this Agreement and the Greenpac Member LLC Agreement, the Company, as the sole member of Greenpac Member, shall have complete discretion, power and authority in the management and control of Greenpac Member, shall make
any decisions affecting the management and business of Greenpac Member and shall manage and control the affairs of Greenpac Member to carry out the business and purposes of Greenpac Member. To the extent that any approval of the Company, as the sole
member of Greeenpac Member, is required under the terms of the Greenpac Member LLC Agreement, the Company shall grant such approval only if such approval is authorized and granted in accordance with the terms and conditions of this Agreement,
including, without limitation, any specific requirements for such approval by the Members set forth in Article XI and any other applicable provision of this Agreement. 

(d) Subject to, and in accordance with the terms of, this Agreement and the Greenpac Member LLC Agreement and the Greenpac
Mill LLC Agreement, as applicable, Greenpac Member, as the sole member of Greenpac Mill, shall have complete discretion, power and authority in the management and control of the Greenpac Mill, shall make any decisions affecting the management and
business of Greenpac Mill and shall manage and control the affairs of Greenpac Mill to carry out the business and purposes of Greenpac Mill. To the extent that any approval of Greenpac Member, as the sole member of Greeenpac Mill, is required under
the terms of the Greenpac Mill LLC Agreement, the Company shall cause Greenpac Member to grant such approval only if such approval is authorized and granted in accordance with the terms and conditions of this Agreement, including, without
limitation, any specific requirements for such approval by the Members set forth in Article XI and any other applicable provision of this Agreement. 

  
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 (e) The Members shall cause the Company, and the Company shall cause
Greenpac Member and Greenpac Mill, as applicable, not to take any action that would violate this Agreement including, without limitation, taking any action described in Article XI without obtaining the approval of the Members required thereunder, to
the extent so required; provided, however, that in no event shall the Company cause Greenpac Member or Greenpac Mill, as applicable, to take any action (including, without limitation, any action described in Article XI) that would
violate the Project Debt Financing Documents. 
 Section 8.2 Board of Managers. 

(a) Voting. Each Manager shall have one vote for each Unit held by the Member or Members appointing such Manager
(collectively, “Manager Votes”). 
 (b) Compliance with Agreement and Laws. The
Managers shall cause the Company to conduct its business and affairs in accordance with this Agreement and applicable laws. 
 (c) Number and Designation of Managers. The number of members of the Board of Managers shall be equal to the number of Members, unless multiple Members appoint the same individual as a Manager, in
which case the number of Managers shall be equal to the number of individuals appointed as Managers. Each Member shall designate only one (1) Manager; provided, however, that the [REDACTED] collectively, shall have the right to
appoint only one (1) Manager. In the event that a single person is appointed as Manager by two or more Members, such Manager shall have such number of Manager Votes equal to the number of Units held by all the Members that appointed him or her.
For purposes of example only, the Manager appointed by the [REDACTED] shall have a number of Manager Votes equal to the number of Units held by both the [REDACTED]. 

(d) Term. Each Manager shall serve until his resignation, death, replacement, or removal. 

(e) Resignation and Removal. Any Manager may resign at any time by giving written notice to the Board of Managers
or to the Secretary. Such resignation shall take effect at the time specified therein or, if no time is specified, then on delivery and, unless otherwise specified therein, the acceptance of such resignation by the Board of Managers shall not be
needed to make it effective. A Manager may be removed at any time, with or without cause, by the Member (or Members) that designated such Manager. Any vacancy created by the resignation, death, or removal of a Manager shall be filled by the Member
that designated such Manager. A Manager is automatically removed as a Manager if the Member appointing such Manager no longer holds any Units. 
 Section 8.3 Powers of Individual Members and Managers. 
 No individual
Member or Manager shall have any authority to act on behalf of or bind the Company except as he may be authorized by the Board of Managers. No Manager shall take any 

  
 33 

 
action on behalf of or bind the Company in contravention of any decision of the Board of Managers. Unless otherwise approved by the Members, no Manager shall be entitled to receive any
compensation for serving as a Manager. 
 Section 8.4 Conflicts of Interest. 

(a) A Manager need not devote his full time to the Company’s business, but shall devote such time as is necessary to
manage the Company’s affairs in an effective manner. Subject to the other express provisions of this Agreement including, without limitation, Section 8.5(c), each Manager, Member or their respective Affiliates, employees, agents or
representatives, at any time and from time to time, may engage in and possess interests in other business ventures of any and every type and description, independently or with others, including ventures in competition with the Company, Greenpac
Member or Greenpac Mill, with no obligation to offer to the Company, Greenpac Member, Greenpac Mill or any other Manager or Member, the right to participate therein. 

(b) Except as otherwise provided in this Agreement and subject to the provisions of Section 8.5(c), the Company,
Greenpac Member and Greenpac Mill may transact business or enter into any Contract with any Manager, Member or their respective Affiliates, employees, agents or representatives (each, a “Related Party Transaction”), provided the
terms of such Related Party Transaction (i) are no less favorable than those that the Company, Greenpac Member or Greenpac Mill, as applicable, could ordinarily obtain from unrelated third parties, (ii) are no more favorable to the
Manager, Member or their respective Affiliates, employees, agents or representatives than those that would be entered into between parties dealing at arms’ length, (iii) such Related Party Transaction has been disclosed to the full Board
of Managers and all of the Members, and (iv) any Contract that the Company, Greenpac Member or Greenpac Mill enters into in connection with a Related Party Transaction (and any decision by the Company, Greenpac Member or Greenpac Mill to
exercise rights to amend or renew such Contract under the terms thereof) is approved by the Board of Managers and, to the extent required under Article XI, by the Members; provided, however, that, except as hereafter provided, on any
vote taken with respect to any such Related Party Transaction, any Member having an interest in such Related Party Transaction and any Manager who is appointed by a Member having an interest in such Related Party Transaction shall not be entitled to
vote, and shall abstain from any such vote of the Members or Board of Managers, as applicable, in determining whether to approve such Contract and the voting rights that would otherwise attach thereto shall be subtracted and not taken into
consideration in determining whether the requisite approvals have been attained. Notwithstanding the foregoing, except as provided in Section 8.5(c) or Section 11.7, no Manager or Member, even if deemed to have an interest in any Related Party
Transaction, shall be required to abstain from any such vote (and each Manager’s and Member’s vote, as applicable, shall be counted in such vote), with respect to any vote taken on the proposed approval of any Designated Related Party
Contract that the Company, Greenpac Member or Greenpac Mill proposes to enter into in connection with such Related Party Transaction (and any decision by the Company, Greenpac Member or Greenpac Mill to enter into, amend or terminate, or elect to
(or exercise any right to) renew or not renew such Designated Related Party Contract under the terms thereof). 

  
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 (c) All decisions relating to the exercise or enforcement of the
Company’s, Greenpac Member’s or Greenpac Mill’s rights, or the Company’s direct or indirect right to cause, Greenpac Member or Greenpac Mill to exercise, enforce or waive any rights, upon a default or alleged default by another
party under any Contract entered into in connection with a Related Party Transaction (including, without limitation, any Designated Related Party Contract) shall be within the discretion of the Board of Managers; provided, however,
that any Manager who is appointed by the Member which is a party to (or whose Affiliate is a party to) such Contract shall not be entitled to vote and shall abstain from any such vote by the Board of Managers in determining whether to exercise,
enforce or waive such rights and the voting rights that would otherwise attach thereto shall be subtracted and not taken into consideration in determining whether the requisite approval has been obtained. 

Section 8.5 Duties and Obligations of the Managers. 

(a) Subject to the provisions of this Agreement including, without limitation, Section 8.1, the Managers shall cause
the Company to conduct its business and operations separate and apart from that of any Member or Manager or any of its Affiliates, including, without limitation, (i) segregating Company assets and not allowing funds or other assets of the
Company to be commingled with the funds or other assets of, held by, or registered in the name of, any Member or Manager or any of its Affiliates, (ii) maintaining books and financial records of the Company separate from the books and financial
records of any Member or Manager and its Affiliates, and observing all Company procedures and formalities, including, without limitation, maintaining minutes of Company meetings and acting on behalf of the Company only in accordance with the terms
of this Agreement, (iii) causing the Company to pay its liabilities from assets of the Company, and (iv) causing the Company to conduct its dealings with third parties in its own name and as a separate and independent entity. 

(b) The Managers shall take all actions which may be necessary or appropriate (i) for the continuation of the
Company’s valid existence as a limited liability company under the laws of the State of Delaware and of each other jurisdiction in which such existence is necessary to protect the limited liability of the Members or to enable the Company to
conduct the business of the Company and (ii) for the accomplishment of the Company’s purposes in accordance with the provisions of this Agreement and applicable laws and regulations. 

(c) The Managers shall conduct the business and affairs of the Company, Greenpac Member and Greenpac Mill, as applicable:
(i) in accordance with this Agreement (including, without limitation, Section 8.1), and the Managers’ implied contractual obligation of good faith and fair dealing, and (ii) in a manner that does not constitute gross negligence
or fraud. In performing the Manager’s duties hereunder, each Manager may rely in good faith on the records of the Company, Greenpac Member and Greenpac Mill and on opinions, reports, statements and other information presented to the 

  
 35 

 
Company, Greenpac Member or Greenpac Mill by any Member, officer or employee of the Company, Greenpac Member or Greenpac Mill, or any other Person, as to matters the Manager reasonably believes
are within that other Person’s competence, including opinions, reports, statements or other information pertaining to the value and amount of the assets, liabilities, profits or losses of the Company, Greenpac Member or Greenpac Mill or any
other facts pertinent to the net worth of the Company, Greenpac Member or Greenpac Mill when deciding the amount and timing of Distributions that the Company, Greenpac Member or Greenpac Mill may properly make. Notwithstanding anything contained
herein to the contrary, the Managers shall owe the same fiduciary duties to the Company and any Member or other Person who is a party to this Agreement (or by operation of law may have certain benefits of a member) that a director of a Delaware
corporation owes to the stockholders of such corporation. 
 Section 8.6 Independent Manager. 

(a) For so long as any Project Debt Obligations remain outstanding, the Board of Managers shall cause the Company at all
times to have one Independent Manager who will be appointed by the Board of Managers. The Board of Managers has designated Jennifer A. Schwartz of CT Corporation Staffing, Inc. as the initial Independent Manager. The Board of Managers may remove the
Independent Manager only for Cause. To the fullest extent permitted by Law, including Section 18-1101(c) of the LLC Act, and notwithstanding any duty otherwise existing at law or in equity, the Independent Manager shall consider only the
interests of the Company, including its creditors, in acting or otherwise voting on Insolvency Actions in accordance with Section 8.6(b). Except for duties to the Company as set forth in the immediately preceding sentence (including duties to
the Members and the Company’s creditors solely to the extent of their respective economic interests in the Company, including, any Project Debt Obligations, but excluding (i) all other interests of the Members, (ii) the interests of
other Affiliates of the Company, and (iii) the interests of any group of Affiliates of which the Company is a part), the Independent Manager shall not have any fiduciary duties to the Members or any other Person bound by this Agreement;
provided, however, the foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing. To the fullest extent permitted by Law, including Section 18-1101(e) of the LLC Act, the Independent Manager
shall not be liable to the Company, any Member or any other Person bound by this Agreement for breach of contract or breach of duties (including fiduciary duties), unless the Independent Manager acted in bad faith or engaged in willful misconduct.
No resignation or removal of the Independent Manager, and no appointment of a successor Independent Manager, shall be effective until such successor shall have accepted his or her appointment as the Independent Manager by executing a counterpart to
this Agreement. For so long as any Project Debt Obligations remain outstanding, in the event of a vacancy in the position of Independent Manager, the Board of Managers shall, as soon as practicable, appoint a successor Independent Manager.
Notwithstanding anything to the contrary contained in this Agreement, no Independent Manager shall be removed or replaced unless the Company provides the Senior Lender with no less than five (5) business days’ prior written notice of
(a) any proposed removal of such Independent Manager (including the finding of Cause), and (b) the identity of the 

  
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proposed replacement Independent Manager, together with a certification that such replacement satisfies the requirements for a Independent Manager set forth in this Agreement. All right, power
and authority of the Independent Manager shall be limited to the extent necessary to exercise only those rights and perform only those duties specifically set forth in Section 8.6(b) of this Agreement and, at such time as there are no Project
Debt Obligations outstanding, the Independent Manager shall forthwith cease to serve in such capacity and all right, power and authority of the Independent Manager pursuant to this Agreement shall forthwith cease. Except as provided in the fourth
sentence of this Section 8.6(a), in exercising its rights and performing its duties under this Agreement, the Independent Manager shall have a fiduciary duty of loyalty and care similar to that of a director of a business corporation organized
under the General Corporation Law of the State of Delaware. No Independent Manager shall at any time serve as trustee in bankruptcy for any Affiliate of the Company. 

(b) Notwithstanding any other provision of this Agreement and any provision of Law that otherwise so empowers the Company,
the Members, the Board of Managers, any Officer or any other Person, as long as any Project Debt Obligations (other than unasserted, contingent indemnification obligations) remain outstanding, neither the Members nor the Board of Managers nor any
Officer nor any other Person shall be authorized or empowered, nor shall they permit the Company, Greenpac Member or Greenpac Mill, without the prior written consent of the Independent Manager, to take any Insolvency Action; provided,
however, that any such Insolvency Action shall also require the unanimous approval of the Members in accordance with Section 11.4. 
 ARTICLE IX 
 MEETINGS OF
MANAGERS 
 Section 9.1 Meetings of the Board of Managers. 

Meetings of the Board of Managers shall be held at least quarterly. Other regular meetings of the Board of Managers shall be held at such
times as may from time to time be fixed by resolution of the Board of Managers. Special meetings of the Board of Managers may be held at any time upon the call of one or more of the Managers appointed by the Members holding at least twenty-five
percent (25%) of the outstanding Units of the Company. Meetings of the Board of Managers shall be held at such place, as from time to time, may be fixed by resolution of the Board of Managers. If no place is so fixed, meetings of the Board of
Managers shall be held at the principal office of the Company. The Managers shall cause minutes of all regular and special meetings to be maintained. 
 Section 9.2 Notice of Meetings. 
 Notice of regular meetings (except
when notice of a regular meeting has been waived by the unanimous consent of the Board of Managers) and special meetings of the Board of Managers shall be mailed to each Manager, addressed to the address last given by each Manager to the Secretary
or, if none has been given, to the Manager’s residence or usual place of business, at least ten (10) days before the day on which the meeting is to be held, or shall be sent to the Manager by electronic mail, facsimile or similar means so
addressed or shall be delivered 

  
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personally or by telephone, at least five (5) days before the day on which the meeting is to be held. Each notice shall state the time and place of the meeting but need not state the
purposes thereof except as otherwise expressly provided by applicable Law. Notices of any such meeting need not be given to any Manager who submits a signed waiver of notice, whether before or after the meeting, or who attends the meeting without
protesting, prior thereto or at its commencement, the lack of notice. 
 Section 9.3 Quorum and Manner of Acting.

 At each meeting of the Board of Managers, the presence of a majority of the Board of Managers shall constitute a quorum
for the transaction of business, and, except as otherwise provided in this Agreement or required by the LLC Act, eighty percent (80%) of all Manager Votes outstanding, calculated in accordance with Section 8.4, if applicable, shall be
required to approve any action that may be taken by the Board of Managers. Except as specifically provided in Section 8.6, the vote or written consent of the Independent Manager shall not be required for any action by the Board of Managers or
Members to be valid and effective; and, for the avoidance of doubt, the Independent Manager’s authority is limited to the right to approve Insolvency Actions, subject to and in accordance with the terms of Section 8.6. 

Section 9.4 Action Without a Meeting. 
 Any action required or permitted to be taken by the Board of Managers may be taken without a meeting if all members of the Board of Managers consent in writing to the adoption of a resolution authorizing
the action. The resolution and the written consents thereto by the members of the Board of Managers shall be filed with the minutes of the proceedings of the Board of Managers. 

Section 9.5 Participation in Board of Managers Meetings by Conference Telephone; Proxies. 

Any one or more members of the Board of Managers may participate in a meeting of such Board of Managers by means of conference telephone
or similar communications equipment allowing all persons participating in the meeting to hear each other at the same time. Participation by such means shall constitute presence in person at a meeting. At all meetings of the Board of Managers, a
Manager may vote by proxy executed in writing by the Manager or by his duly authorized attorney-in-fact. In order to be effective, such proxy shall (i) be signed in the exact name of the Manager on record with the Company, and (ii) be
presented at the meeting of the Board of Managers and delivered to the acting secretary of such meeting. No proxy shall be valid after three months from the date of its execution, notwithstanding anything to the contrary provided in the proxy.

 Section 9.6 Authority of Managers. 
 No single Manager acting alone shall have any right or authority to act for or bind the Company without the prior written consent of the Board of Managers. Subject to the restrictions on the powers of
Managers set forth in this Agreement, any two or more Managers acting together may shall have the right, power and authority to transact business on behalf of the Company, to sign for the Company or on behalf of the Company or otherwise to bind the
Company. 

  
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 ARTICLE X 
 OFFICERS OF THE COMPANY 
 Section 10.1 Officers Enumerated. 
 The Board of Managers may elect
officers of the Company, which officers may be a Chief Executive Officer, a President, one or more Vice Presidents, a Secretary, an Assistant Secretary, a Chief Financial Officer and Treasurer, and such other officers as determined in the discretion
of the Board of Managers. Any two or more offices may be held by the same Person (the “Officers”). 

Section 10.2 Election and Term of Office. 
 All officers, if any, shall be initially selected and recommended by the Management Company and shall be submitted for approval by the Board of Managers in accordance with Section 9.3 and
Section 10.1, and each shall serve until his resignation, death, or removal. 
 Section 10.3 The Chief Executive
Officer. 
 The Chief Executive Officer, if any, subject to the approval of the Board of Managers, shall be the chief
executive officer of the Company and shall have general control and management of the business operations of the Company. 

Section 10.4 The President. 
 If there is no Chief Executive Officer, the President, shall have all the powers, duties and responsibilities designated in Section 10.3 belonging to the Chief Executive Officer. If there is a Chief
Executive Officer, the President shall be an executive officer of the Company, and subject to the approval of the Board of Managers and the Chief Executive Officer, shall have supervision of the business operations of the Company and its officers
and agents. 
 Section 10.5 The Vice Presidents. 

Each Vice President, if any, shall report to the Chief Executive Officer and the President and, in the absence or incapacity of the
President and in order of seniority as fixed by the Board of Managers, have the authority and perform the duties of the President, and each shall have such other authority and perform such other duties as the Board of Managers may prescribe.

 Section 10.6 The Secretary. 
 The Secretary shall (a) attend all meetings of the Board of Managers and all meetings of Members and record all votes and the minutes of all proceedings in a book to be kept for that purpose,
(b) give, or cause to be given, notice of all meetings of the Members and special meetings of the Board of Managers, and (c) have such other authority and perform such other duties as usually pertain to the office or as may be prescribed
by the Board of Managers, the Chief Executive Officer and the President. 

  
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 Section 10.7 Chief Financial Officer and Treasurer. 

The Chief Financial Officer and Treasurer shall (a) have the care and custody of all the moneys and securities of the Company,
(b) keep or cause to be kept complete and accurate books of account of all moneys received and paid on account of the Company, (c) sign such instruments as require the Treasurer’s signature, and (d) have such other authority and
perform such other duties as usually pertain to the office or as the Board of Managers, the Chief Executive Officer and the President may prescribe. 
 ARTICLE XI 
 MEMBERS 

Section 11.1 Names and Addresses of Members. 
 The names and addresses of the initial Members are as set forth on Schedule A hereof. 
 Section 11.2 Actions Requiring Majority Approval of Members. 

Notwithstanding anything to the contrary set forth in this Agreement, and subject to the provisions of Section 8.1(e) and
Section 8.4, without the approval of the Members holding at least sixty percent (60%) of the outstanding Units, the Company shall not, and shall not cause or allow Greenpac Member or Greenpac Mill to, directly or indirectly: 

(a) approve or amend any annual operating and capital expenditure budgets; 

(b) undertake any projects or acquire any assets (i) for which any single capital expenditure will be in excess of
$1,000,000, or for which aggregate capital expenditures in any calendar year will be in excess of $5,000,000, and (ii) which have not otherwise been provided for in a budget which has been approved by the Members; 

(c) commence any transaction outside the normal course of business, including litigation settlements, where the Company
will receive payment or acquire liabilities in excess of $1,000,000; 
 (d) make any loan or advances to any
other Person other than advances to employees in the ordinary course of business which do not exceed $200,000 in the aggregate outstanding at any one time for all employees; or 

(e) amend the general policies of the Company with respect to the hiring, evaluation and remuneration of employees.

  
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 Section 11.3 Actions Requiring Supermajority Approval of Members. 

Notwithstanding anything to the contrary set forth in this Agreement, and subject to the provisions of Section 8.1(e) and Section 8.4,
without the approval of the Members holding at least eighty percent (80%) of the outstanding Units, the Company shall not, and shall not cause or allow Greenpac Member or Greenpac Mill to, directly or indirectly: 

(a) select or change a controller upon the recommendation of the Management Company; 

(b) make any advances or loans to any Member or any Affiliate of a Member; 

(c) dispose of assets of the Company other than in the ordinary course of business, unless such assets represent all or
substantially all of the assets of the Company, in which case unanimous approval of the Members shall be required under Section 11.4; 
 (d) adopt, implement, amend or terminate any equity-based compensation arrangement or plan; 
 (e) approve or amend the Project Parameters; 
 (f) use any funds
received from Capital Contributions for purposes other than (i) to pay Project-related costs and expenses in accordance with the Project Parameters, (ii) to fund working capital requirements of the Company, Greenpac Member or Greenpac
Mill, or (iii) to pay or repay amounts due under the Bridge Loan Documents; 
 (g) make any Distribution of
cash on account of any Units except as set forth in Article VII or, with respect to the CDPQ Preferred Units, as set forth in the Equityholders Agreement; 
 (h) cause or permit Greenpac Member or Greenpac Mill to make any distribution of cash of other property, except as set forth in and expressly permitted by the Greenpac Member LLC Agreement or Greenpac
Mill Agreement, as applicable; 
 (i) make any Distribution of property (other than cash) to Members on account
of any Units; 
 (j) issue, redeem or repurchase any Units or any options or securities exercisable for or
convertible into Units, except as set forth in Article IV of this Agreement or as contemplated in the Equityholders Agreement (subject, however, to Section 11.6), the Subscription Agreement or the Contribution Agreement; provided,
however, that such action does not constitute a breach or violation of any of Article IV of this Agreement, the Equityholders Agreement, the Contribution Agreement, or any of the Convertible Contribution Notes issued thereunder; 

(k) directly or indirectly acquire any ownership interest, or make any investment, in any subsidiary or other business or
entity (other than Greenpac Mill), or enter into any partnership or joint venture; 
 (1) authorize or permit any
subsidiary to issue or sell any equity securities or securities convertible or exercisable or exchangeable for any equity securities; 

  
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 (m) vote the shares of capital stock or other equity interests of any
subsidiary of the Company with respect to any matter coming before the stockholders or equity holders of such subsidiary for a vote, it being understood that the governance provisions of this Agreement (and the voting of the shares of stock or other
equity interest of any subsidiary) would apply to any subsidiary as if the actions of such subsidiary were actions of the Company; 
 (n) incur, assume or guarantee any indebtedness, provide financial assistance or otherwise become directly or indirectly obligated with respect to liabilities and obligations, for borrowed money or grant
a security interest or mortgage with respect to any assets other than in connection with the Project Debt Financing, Bridge Loan Financing, trade debt or payment obligations under the Management Agreement, or enter into, amend or terminate any
agreement in respect thereof; 
 (o) except as set forth in the Project Debt Financing Documents or the Bridge
Loan Documents, grant or agree hereafter to any restriction or covenant in any loan, debt or credit agreement, instrument or document that could be reasonably viewed as affecting or imperiling the ability of the Company to redeem or make any
required payment on or in respect of the exercise of CDPQ’s put right under Section 5.1 of the Equityholders Agreement or the payment of Distributions on Units, or providing for other similar restrictions; 

(p) enter into, amend, terminate, or elect to (or exercise any right to) renew or not renew, any purchase agreement, lease
or exchange of assets or any Contract with any Member or any Affiliate of a Member or any party which any Member does not deal with at arm’s length (other than any Designated Related Party Contract, which shall be subject to the terms of
Section 11.4); 
 (q) select or change the Company’s (or Greenpac Mill’s) independent auditor;

 (r) authorize or implement any significant change in accounting policies; 

(s) approve or authorize any action or decision to be taken or made by the Company with respect to any Tax Credit Audit
(as defined in the Contribution Agreement); 
 (t) authorize or permit any subsidiary (including, without
limitation, Greenpac Mill) to take any action that has the same effect as any of the foregoing; or 
 (u) any
other action that under the LLC Act would require the vote of any Member if this Agreement did not provide otherwise. 

  
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 Section 11.4 Actions Requiring Unanimous Approval of Members. 

Notwithstanding anything to the contrary set forth in this Agreement, and subject to the provisions of Section 8.1(e),
Section 8.4 and Section 8.6, without the approval of all of the Members, the Company shall not, and shall not cause or allow Greenpac Member or Greenpac Mill to, directly or indirectly: 

(a) take any action that constitutes or results in: 

(i) the liquidation, dissolution or winding up of the Company, Greenpac Member or Greenpac Mill, whether voluntary or
involuntary; 
 (ii) the sale, lease, license (on an exclusive basis) or other disposition, in one or a series of
related transactions, of all or substantially all of the assets of the Company (including the sale, lease, license (on an exclusive basis) or other disposition of assets of any direct or indirect subsidiary (including Greenpac Member and Greenpac
Mill) that constitute all or substantially all of the assets of the Company and the sale or other disposition of ownership (by merger, consolidation, sale of securities or otherwise) of any direct or indirect subsidiary (including Greenpac Member
and Greenpac Mill) the assets of which constitute all or substantially all of the assets of the Company); or 

(iii) the consolidation or merger of the Company, Greenpac Member or Greenpac Mill with or into any other entity or
entities, or that would permit any other entity or entities to consolidate with or merge into the Company, Greenpac Member or Greenpac Mill, or any other capital reorganization; 

(b) permit or consent to the Transfer of any Units or of any Convertible Contribution Note either between Members or to
any other Person, except as effected in compliance with the provisions of the Equityholders Agreement or the default and remedy provisions of this Agreement and the Contribution Agreement; 

(c) increase or decrease the number of Managers of the Company, except as otherwise in accordance with the terms of this
Agreement; 
 (d) commence or take any Insolvency Action (with the prior written consent of the Independent
Manager, in accordance with Section 8.6, if such consent is required thereunder); 
 (e) change the nature
of the Company’s, Greenpac Member’s or Greenpac Mill’s business to something other than as described in and as limited by Section 2.3; 
 (f) convert the Company into a different form of entity as contemplated by Section 18-216 of the LLC Act; 
 (g) approve any adjustments to the Price (as defined in the Paper Supply Agreement) payable under any Paper Supply Agreement; provided, however, that each of the Members shall be deemed to
have approved each adjustment, if any, to the Price determined, pursuant to a Paper Supply Agreement, by an external auditor appointed in accordance with the terms of any Paper Supply Agreement and this Section 11.4; 

  
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 (h) select an external auditor, pursuant to the terms of any Paper Supply
Agreement, to audit the Price payable under such Paper Supply Agreement; 
 (i) authorize or agree to the
amendment, renewal or termination of the Management Agreement (including the giving of any notice of amendment, renewal or termination), but not including the first renewal of the term of the Management Agreement in 2021, which first renewal shall
be at the option of the Management Company and shall not require the approval of the Board of Managers or the Company; 
 (j) enter into, amend, terminate, or elect to (or exercise any right to) renew or not renew, any Designated Related Party Contract (other than a change in the Price payable under any Paper Supply
Agreement, which shall be subject to the provisions of Section 11. 3); or 
 (k) amend, waive or repeal any
provision of this Agreement, including without limitation any amendment that would alter the tax classification of the Company. 

Section 11.5 Nature of Obligations Among Members. 
 Except as otherwise provided in this Agreement or by written agreement among the Members, no Member shall have any authority to act for or assume any obligation or responsibility on behalf of any other
Member or the Company. 
 Section 11.6 Units. 

The Membership Interests of the Company shall be represented by Units. The Units of the Company are divided into two classes, Common
Units and CDPQ Preferred Units. Except as otherwise specifically provided in this Agreement and the Equityholders Agreement including, without limitation, with respect to the priority of Distributions, the Common Units and CDPQ Preferred Units are
identical in all respects (with the holders thereof entitled to all of the same rights and preferences). Members holding Common Units shall be entitled to one (1) vote per Common Unit held on all matters for which Member approval is required.
Members holding CDPQ Preferred Units shall be entitled to one vote for each CDPQ Preferred Unit held on all matters for which Member approval is required. 
 Section 11.7 Voting. 
 Except as otherwise set forth in this
Agreement, including Sections 11.2 through 11.4, the affirmative vote of the Members holding a majority of the outstanding Units of the Company, subject to adjustment in accordance with Article IV, shall be required to approve any matter coming
before the Members for a vote; provided, however, that in the event that the Company has the option of exercising any of its rights to acquire Units pursuant to the Equityholders Agreement, the exercise of such rights shall be approved
by the affirmative vote of the Members holding a majority of the outstanding Units, other than the Member holding the Units subject to the Company’s option. Notwithstanding anything in this Agreement to the contrary, at all times that they hold
Units hereunder, each of the [REDACTED] agrees to vote or cause to be voted (or to execute written consents in lieu of voting at a meeting with respect to) all Units 

  
 44 

 
owned by such [REDACTED], or over which such [REDACTED] has voting control, from time to time and at all times, in whatever manner as shall be necessary for the [REDACTED] to vote together, in
the same manner, on all matters coming before the Members for vote or written consent. The Company and the other Members shall be entitled to rely on any written notice or directive delivered by either [REDACTED] as being a written notice or
directive of both [REDACTED], which shall be binding on both [REDACTED] for all purposes. The [REDACTED] agree to execute such voting agreements, voting trust agreements, proxies and other documents as may be necessary or appropriate to give effect
to the provisions of this Section 11.7. 
 ARTICLE XII 

MEETINGS OF MEMBERS 

Section 12.1 Meetings. 
 Meetings of the Members shall be held at least annually and may be held more frequently upon the request of one or more Member(s) holding at least twenty-five percent (25%) of all outstanding Units
of the Company. Meetings of the Members shall be held at the principal office of the Company or such other place designated by the Members in the notice of the meeting. The Members shall cause minutes of all regular and special meetings to be
maintained. 
 Section 12.2 Notice. 
 Notice of any meeting of the Members shall be given no fewer than ten (10) days and no more than sixty (60) days prior to the date of the meeting. Notices shall be delivered in the manner set
forth in Section 19.2 of this Agreement and shall specify the purpose or purposes for which the meeting is called. The attendance of a Member at any meeting shall constitute a waiver of notice of such meeting, except where a Member attends a
meeting for the express purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened. 
 Section 12.3 Quorum. 
 Members holding a majority of all outstanding
Units present in person or represented by proxy shall constitute a quorum for transaction of business at any meeting of the Members, provided that if Members holding less than a majority of all outstanding Units are present at said meeting, such
Members may adjourn the meeting at any time without further notice. 
 Section 12.4 Manner of Acting. 

The act of the Members holding a majority of all outstanding Units present at a meeting at which a quorum is present shall be the act of
the Members, unless the act of a greater number is required by the LLC Act, this Agreement or the Certificate. 

  
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 Section 12.5 Action Without Meeting. 

Any action required to be taken at a meeting of the Members or any other action which may be taken at a meeting of the Members may be
taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by Members having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all of the
Members were present and voting. If the Members anticipate taking any action without a meeting by less than unanimous consent, the Members taking or proposing to take such action shall provide all Members with written notice of such action prior to
the taking thereof; provided, however, that without affecting any other rights and remedies of any Member who did not sign such consent, the failure to give such notice shall not affect the validity of the approval of any action taken
by written consent in accordance with this Section 12.5. 
 Section 12.6 Telephonic Meetings. 

The Members may participate in and act at any meeting of Members through the use of a conference telephone or other communications
equipment by means of which all persons participating in the meeting can hear each other. Participation in such meeting shall constitute attendance and presence in person at the meeting of the person or persons so participating. 

Section 12.7 Proxies. 
 Each Member entitled to vote at a meeting of Members or to express consent or dissent to action in writing without a meeting may authorize another Person or Persons to act for him by proxy. Such proxy
shall be delivered to the principal office of the Company or the meeting prior to the taking of any action based in whole or in part upon the authorization of such proxy, but no proxy shall be valid after three (3) months from the date of its
execution, unless otherwise provided in the proxy. 
 ARTICLE XIII 

UNIT CERTIFICATES 
 Section 13.1 Unit Certificates. 
 Each Member’s Units shall be
evidenced by Unit Certificates in such form as the Board of Managers may from time to time prescribe. The number and class of Units held by a Member shall be designated on that Member’s Unit Certificate. Unit Certificates shall be signed by an
Officer of the Company and registered in such manner, if any, as the Board of Managers may prescribe. Each Membership Interest in the Company, and the Units representing the Membership Interests, shall constitute and shall remain a
“security” within the meaning of Section 8-102(a)(15) of the UCC as in effect from time to time in the State of Delaware and of any other applicable jurisdiction that now or hereafter substantially includes the 1994 revisions to Article 8
thereof as adopted by the American Law Institute and the National Conference of Commissioners on Uniform State Laws and approved by the American Bar Association on February 14, 1995. Notwithstanding any provision of this Agreement to the contrary,
to the extent that any provision of this Agreement is inconsistent with any non-waivable provision of Article 8 of the UCC, such provision of Article 8 of the UCC shall be controlling. 

  
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 Section 13.2 Mutilated, Lost, Stolen or Destroyed Unit Certificates. 

A Member shall notify the Company of the mutilation, loss, theft, or destruction of any such Member’s Unit Certificate. The Company
shall cause one or more new Unit Certificates, for the same number and class of Units in the aggregate, to be issued to such holder upon surrender of the mutilated Unit Certificate or, in case of the loss, theft, or destruction of such Unit
Certificate, upon satisfactory proof of such loss, theft, or destruction and the deposit of indemnity by way of bond or otherwise, in such form and amount and with such surety or security as the Board of Managers may require to indemnify the Company
against loss or liability by reason of the issuance of such new Unit Certificate(s). 
 Section 13.3 Unit Certificate
Ledger. 
 The Company shall maintain a Unit Certificate ledger, which shall contain the name, address, and the number and
class of Units held by each Member, with the books and records of the Company. 
 Section 13.4 Legends. 

All Unit Certificates and Convertible Contribution Notes now or hereafter issued by the Company shall be marked with the following
legends, as applicable: 
 THE UNITS REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR
THE SECURITIES LAWS OF ANY STATE. SUCH UNITS MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED BY SAID ACT OR STATE LAWS. 

THE UNITS REPRESENTED BY THIS CERTIFICATE ARE HELD SUBJECT TO THE TERMS OF THE LIMITED LIABILITY COMPANY AGREEMENT OF GREENPAC HOLDING
LLC, AND AN EQUITYHOLDERS AGREEMENT, EACH DATED AS OF JUNE 24, 2011 (THE “AGREEMENTS”). AND ALL AMENDMENTS TO SUCH AGREEMENTS. SUCH UNITS MAY NOT BE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE TERMS AND PROVISIONS OF SUCH AGREEMENTS
AND ALL AMENDMENTS TO SUCH AGREEMENTS. 
 THIS SUBORDINATED CONVERTIBLE PROMISSORY NOTE AND ANY UNITS INTO WHICH IT IS
CONVERTIBLE HAVE NOT BEEN REGISTERED UNDER THE FEDERAL SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAW, AND MAY NOT BE TRANSFERRED UNLESS AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. 

  
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 THIS SUBORDINATED CONVERTIBLE PROMISSORY NOTE AND THE UNITS INTO WHICH IT IS CONVERTIBLE ARE
HELD SUBJECT TO THE TERMS OF THE LIMITED LIABILITY COMPANY AGREEMENT OF GREENPAC HOLDING LLC, AND AN EQUITYHOLDERS AGREEMENT, EACH DATED AS OF JUNE 24, 2011 (THE “AGREEMENTS”). AND ALL AMENDMENTS TO SUCH AGREEMENTS. SUCH
SUBORDINATED CONVERTIBLE PROMISSORY NOTE AND THE UNITS INTO WHICH IT IS CONVERTIBLE MAY NOT BE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE TERMS AND PROVISIONS OF SUCH AGREEMENTS AND ALL AMENDMENTS TO SUCH AGREEMENTS. 

ARTICLE XIV 

TRANSFER OF UNITS 

Section 14.1 Company’s Restriction on Transfer. 

The Company shall neither cause nor permit the Transfer of any Units to be made on the Company’s books unless the Transfer is
permitted by this Agreement, the Equityholders Agreement, the Bridge Loan Documents and the Contribution Agreement (collectively, the “Restrictive Agreements”) and has been made in accordance with the terms of the Restrictive
Agreements. 
 Section 14.2 Members’ Restriction on Transfer. 

The Members hereby acknowledge and agree that the Units held by the Members are subject to the terms, conditions, and restrictions
contained in the Restrictive Agreements, the terms, conditions and restrictions of which are hereby incorporated by reference with the same force and effect as if set forth herein, as applicable. No Member shall be permitted to (i) grant a
security interest in the Units held by such Member to any Person other than to the Bridge Loan Administrative Agent (for the benefit of the Bridge Loan Administrative Agent and the lenders under the Bridge Loan Documents) in accordance with the
terms of the Bridge Loan Documents or (ii) otherwise cause or permit the Transfer of any of the Units held by such Member unless the Transfer is permitted by the Restrictive Agreements. 

Section 14.3 Pledge of Units. 
 The Company and each of the Members acknowledge that each of the Members has granted to the Bridge Loan Administrative Agent (for the benefit of the Bridge Loan Administrative Agent and the lenders under
the Bridge Loan Documents) a security interest in the Units held by such Member in accordance with the terms of the Bridge Loan Documents (and the Company and each Member hereby consents to same). Upon any foreclosure, sale or other Transfer of the
Units pursuant to the Bridge Loan Documents (a “Bridge Default Unit Transfer”), the Person to which such Units have been Transferred shall, upon satisfaction of the conditions set forth in Section 14.4(c), automatically be
admitted as a Member of the Company, with all of the rights and obligations of a Member hereunder, upon obtaining Units as a result of such Bridge Default Unit Transfer, without consent from the Company, any of the other Members or any other Person.
Notwithstanding the foregoing or anything to the contrary 

  
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contained in the Restrictive Agreements, the Company and each of the Members agree that Bridge Default Unit Transfers shall be permitted by the Restrictive Agreements, provided that the Bridge
Default Unit Transfers are made in accordance with the Bridge Loan Documents. 
 Section 14.4 Conditions for Transfer.

 (a) If any Transfer is made or attempted contrary to the provisions of the Restrictive Agreements, as
applicable, such purported Transfer shall be void ab initio. In connection with any such purported Transfer made or attempted contrary to the provisions of the Restrictive Agreements, the Company and the Members shall have, in addition to any other
legal or equitable remedies which they may have, the right to enforce the provisions of this Agreement by actions for specific performance (to the extent permitted by Law); and the Company shall have the right to refuse to recognize any Transferee
as a Member for any purpose. 
 (b) A Transferee (other than a Transferee with respect to a Bridge Default Unit
Transfer, which shall be subject to the provisions of Section 14.4(c)) shall be admitted as a Member and have all of the rights of a Member, pursuant to this Agreement, only if: 

(i) the Transfer of Units to the Transferee is made in accordance with all of the terms of the Restrictive Agreements, as
applicable; 
 (ii) the Members of the Company approve the admission of the Transferee as a Member of the
Company, in accordance with the terms of this Agreement; provided, however, that the Members may not withhold consent if the Transfer to the Transferee was made in accordance with all of the terms and conditions of the Restrictive
Agreements; 
 (iii) the Transferee executes an instrument agreeing to be bound by the terms and conditions of
this Agreement; 
 (iv) the Transferee executes an instrument agreeing to be bound by the terms and conditions of
the Equityholders Agreement; 
 (v) the Transferee executes an instrument agreeing to be bound by the terms and
conditions of the Contribution Agreement; and 
 (vi) the Company receives a copy of the instrument effecting the
Transfer of the Units to the Transferee. 
 (c) A Transferee with respect to a Bridge Default Unit Transfer shall
be admitted as a Member and have all of the rights of a Member, pursuant to this Agreement, only if the Transfer of Units to the Transferee is made in accordance with the terms of the Bridge Loan Documents. 

  
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 ARTICLE XV 
 INDEMNIFICATION 
 Section 15.1 Limitation of
Liability. 
 To the fullest extent permitted by the LLC Act, no Member, Manager or Independent Manager of the Company
(including a Person having more than one such capacity) or any of its Affiliates, shareholders, partners, members, employees, agents, heirs, beneficiaries, and legal representatives is liable for any debts, obligations, or liabilities of the Company
or of each other, whether arising in tort, Contract, or otherwise, solely by reason of being such Member, Manager, Independent Manager or the Affiliate, shareholder, partner, member, employee, agent, heir, beneficiary, or legal representative of
such Member, Manager or Independent Manager or acting (or omitting to act) in such capacities or participating) in the conduct of the business of the Company. No Member shall be liable, responsible, or accountable in any way for damages or otherwise
to the Company or to any of the Members for any act or failure to act pursuant to this Agreement or otherwise unless (i) such Member acted in bad faith, (ii) the conduct of such Member constituted intentional misconduct, a knowing
violation of Law or a breach of this Agreement, (iii) such Member gained a financial benefit to which such Member was not legally entitled, or (iv) such Member received any Distribution in violation of Section 18-607(a) of the LLC
Act, and knew at the time of such Distribution that the Distribution violated Section 18- 607(a), in which case such Member shall be liable to the Company for the amount of such Distribution. 

Section 15.2 Indemnification of the Members and Managers. 

The Company shall indemnify, defend, and hold harmless each Member, Manager, Independent Manager and Officer, and the Affiliates,
shareholders, partners, members, employees, agents, heirs, beneficiaries, and legal representatives of each Member, Manager, Independent Manager and Officer (each, an “Indemnified Party”) to the maximum extent permitted by
applicable Law, as the same exists or may hereafter be amended (but in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than said Law permitted the Company to
provide prior to such amendment) from and against any and all actual or alleged losses, claims, damages, liabilities, costs and/or expenses of any nature whatsoever, including without limitation attorneys’ fees, arising out of or in connection
with any action taken or omitted by an Indemnified Party pursuant to authority granted by or otherwise in connection with this Agreement. Notwithstanding the foregoing, the provisions of this Section 15.2 shall not apply to (i) an
Indemnified Party’s (w) breach or violation of any provision of this Agreement, (x) gross negligence or fraud, (y) unlawful acts or omissions that the Indemnified Party knew or had reasonable cause to know at the time that they
occurred were clearly unlawful, or (z) willful misconduct (meaning those acts or omissions that the Indemnified Party knew or had reasonable cause to know at the time they occurred were clearly in conflict with the interests of the Company and
in violation of this Agreement); or (ii) transactions or other actions for which the Indemnified Party derived an improper personal benefit (which is not to include any benefit derived from any activity otherwise authorized under this
Agreement) in breach of such Indemnified Party’s duty of loyalty to the Company. The indemnification under this Section 15.2 shall continue as to an 

  
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Indemnified Party who has ceased to serve in the capacity which initially entitled such Indemnified Party to indemnification hereunder. Any indemnity under this Section 15.2 shall be paid
out of, and to the extent of, Company assets only, including insurance proceeds if available. 
 Section 15.3
Advancement of Expenses. 
 All expenses reasonably incurred by an Indemnified Party in connection with a threatened or
actual action or proceeding with respect to which such Person is or may be entitled to indemnification under this Article XV shall be advanced or promptly reimbursed by the Company to such Indemnified Party in advance of the final disposition of
such action or proceeding upon receipt of an undertaking by such Indemnified Party or on such Indemnified Party’s behalf to repay the amount of such advances, if any, as to which such Indemnified Party is ultimately found not to be entitled to
indemnification or, where indemnification is granted, to the extent such advances exceed the indemnification to which such Indemnified Party is entitled. 
 Section 15.4 Contractual Article. 
 The rights conferred by this
Article XV are contract rights that are expressly intended to create third-party beneficiary rights of each Indemnified Party and shall not be abrogated by any amendment or repeal of this Article XV with respect to events occurring prior to such
amendment or repeal. No amendment of the LLC Act, insofar as it may reduce the permissible extent of the right of indemnification of any Person under this Article XV, shall be effective as to such Person with respect to any event, act or omission
occurring or allegedly occurring prior to the effective date of such amendment, irrespective of the date of any claim or legal action in respect thereof. This Article XV shall be binding on any successor to the Company, including without limitation
any Person which acquires all or substantially all of the Company’s assets. 
 Section 15.5 Non-Exclusivity.

 The indemnification provided by this Article XV shall not be deemed exclusive of any other rights to which any Person
covered hereby may be entitled other than pursuant to this Article XV. The Company is authorized to enter into agreements with any such Person providing rights to indemnification or advancement of expenses in addition to the provisions therefor in
this Article XV to the fullest extent permitted by Law. 
 Section 15.6 Insurance. 

The Company may, but need not, maintain insurance insuring the Company or Persons entitled to indemnification under this Article XV for
liabilities against which they are entitled to indemnification under this Article XV or insuring such Persons for liabilities against which they are not entitled to indemnification under this Article XV. The Company shall acquire and maintain a
directors and officers insurance policy on terms and conditions acceptable to the Managers. 

  
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 Section 15.7 Indemnification of Employees or Agents. 

The Company, by the written resolution of the Board of Managers, may indemnify and advance expenses to an employee or agent of the
Company to the same extent and subject to the same conditions under which the Company may indemnify and advance expenses to a Member, Manager or Officer under this Article XV; and the Company may indemnify and advance expenses to Persons who are not
or were not employees or agents of the Company, but who are or were serving at the request of the Company as a manager, director, officer, partner, venturer, proprietor, trustee, employee, agent, or similar functionary of another foreign or domestic
limited liability company, corporation, partnership, joint venture, sole proprietorship, trust, employee benefit plan, or other enterprise against any liability asserted against him and incurred by him in such a capacity or arising out of such
Person’s status as such a Person to the same extent that the Company may indemnify and advance expenses to a Member, Manager or Officer under this Article XV. Notwithstanding the foregoing, the Company shall not be obligated or permitted to
indemnify the Management Company to the extent such indemnification would be contrary to the terms of, or would lessen or mitigate the Management Company’s liability under, the Management Agreement. 

Section 15.8 Member Notification. 
 To the extent required by Law, any indemnification of or advance of expenses to an Indemnified Party in accordance with this Article XV shall be reported in writing to the Members with or before the
notice or waiver of notice of the next Members’ meeting or with or before the next submission to Members of a consent to action without a meeting and, in any case, promptly following the date of the indemnification or advance; provided,
however, that the failure to provide such notice shall not release the Company from any of its obligations under this Article XV except and only to the extent that the Company is materially and adversely prejudiced by such failure 

ARTICLE XVI 

DISSOLUTION, WITHDRAWAL AND WINDING UP 

Section 16.1 Dissolution. 
 The Company shall be dissolved only upon the affirmative vote or written consent of the Members in accordance with Section 11.4, subject to, and in accordance with the terms of this Agreement and
specifically Article XVIII hereof. Notwithstanding any other provision of this Agreement, the bankruptcy of a Member or any additional member shall not cause such Member or additional member to cease to be a member of the Company and, upon the
occurrence of such an event, the Company shall continue in existence without dissolution. Notwithstanding any other provision of this Agreement, each of the Members and any additional member waives any right it might have to agree in writing to
dissolve the Company upon the bankruptcy of a Member or additional member, or the occurrence of an event that causes a Member or additional member to cease to be a member of the Company. 

  
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 Section 16.2 Winding up the Company. 

Upon the dissolution of the Company pursuant to Section 16.1 hereof, the Company shall immediately commence to wind up the
Company’s affairs and distribute the Company’s assets. The Members shall continue to share in Distributions, Profits or Losses during the period of liquidation in the same proportions as before the dissolution. The property and proceeds
from liquidation of Company assets shall be applied as follows: 
 (a) first, to the payment of creditors of the
Company, including Members who are creditors, to the extent permitted by Law; 
 (b) to pay the expenses of
winding up the Company; 
 (c) to establish any reasonable reserves deemed necessary by the Board of Managers for
the payment of any contingent or unforeseen liabilities or obligations of the Company and, at the expiration of such period as the Board of Managers reasonably deems advisable, the balance of such reserves will be applied and distributed pursuant to
Section 16.2(d) and Section 16.2(e) hereof; 
 (d) to the holders of CDPQ Preferred Units pro
rata in accordance with such holders’ ownership of CDPQ Preferred Units until the holders of CDPQ Preferred Units have received an aggregate amount pursuant to this Section 16.2(d) equal to the CDPQ Preferred Liquidation Amount, at
which time the CDPQ Preferred Units shall no longer be deemed outstanding; and then, 
 (e) to the holders of
Common Units pro rata in accordance with such holders’ ownership of Common Units, as adjusted in accordance with Article IV. 
 Section 16.3 Termination. 
 The dissolution of the Company under
Section 16.1 of this Agreement shall be effective on the date that the event causing such dissolution occurs, but the Company shall not terminate until all of the Company’s assets have been distributed in accordance with Section 16.2
of this Agreement. 
 Section 16.4 Final Statement. 

As soon as practicable after the dissolution of the Company under Section 16.1 of this Agreement, a final statement of the
Company’s assets and liabilities shall be prepared and furnished to all Members. 
 Section 16.5 Articles of
Dissolution. 
 On completion of the dissolution of the Company, the Board of Managers (or such other Person or Persons as
the LLC Act may require or permit) shall file Articles of Dissolution with the Delaware Secretary of State and take such other actions as may be necessary to terminate the Company. 

  
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 Section 16.6 Deficit Capital Accounts. 

Notwithstanding anything to the contrary contained in this Agreement, and notwithstanding any custom or rule of Law to the contrary, the
deficit, if any, in the Capital Account of any Member upon dissolution of the Company shall not be an asset of the Company and such Member shall not be obligated to contribute such amount to the Company to bring the balance of such Member’s
Capital Account to zero. 
 ARTICLE XVII 
 ACCOUNTING, BOOKS, AND REPORTS 
 Section 17.1 Accounting Method. 
 The accounting method for both book
and tax purposes shall be the accrual method, unless another permissible method is selected by the Board of Managers. 

Section 17.2 Books and Records; Financial Statements. 

(a) Maintenance of Books. The Board of Managers shall keep or cause to be kept books of account in which shall be
entered fully and accurately in all material respects the transactions of the Company. All books and records and this Agreement and all amendments thereto shall at all times be maintained at the principal office of the Company and in accordance with
the LLC Act, and each Member and its duly authorized representatives shall have access to them at such office and the right to inspect and copy them at reasonable times. 

(b) Annual Financial Statements. Within 120 days after the end of each Tax Year, the Board of Managers shall cause
to be prepared in accordance with GAAP and delivered to each Member, for both the Company and Greenpac Mill: a balance sheet and statements of income, cash flows, and owner’s equity (including each Member’s Capital Account balance and
changes therein) as of the close of the preceding Tax Year, (the “Annual Financial Statements”), all audited by the Company’s independent auditor and, if applicable, disclosing the effect on the financial position or results of
operation of any change in the application of accounting principles and practices during the year. The Annual Financial Statements shall be accompanied by management’s descriptive narrative of the results, including a comparison between the
actual, projected and comparable figures for the prior year. 
 (c) Monthly Financial Statements. By the
thirtieth (30th) day after the end of each calendar month, the Board of Managers shall cause to be prepared and delivered to each Member a copy of the Company’s internally prepared financial statements of the type provided in
Section 17.2(b) for that month. 
 (d) Quarterly Financial Statements. By the thirtieth
(30th) day after the end of each fiscal quarter, the Board of Managers shall cause to be prepared and delivered to each Member a copy of the Company’s internally prepared financial statements of the type provided in Section 17.2(b)
for that quarter, together with management’s descriptive narrative of the results, including a comparison between the actual, projected and comparable figures for the prior year. 

  
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 (e) Additional Notices. The Board of Managers shall cause to be
delivered to each Member, as soon as practicable after receipt or delivery thereof, a copy of (i) any written notice that the Company receives or sends with respect to any default or breach, or purported default or breach, by the Company,
Greenpac Member or Greenpac Mill, or any other Person, of any covenant or obligation under any material Contract to which the Company, Greenpac Member or Greenpac Mill is a party including, without limitation, the Project Debt Financing Documents,
the Bridge Loan Documents, the Contribution Agreement or any Paper Supply Agreement; (ii) any written notice that the Company receives or sends with respect to any violation or alleged violation of any Law by the Company, Greenpac Member or
Greenpac Mill; and (iii) any Adjustment Notice (as defined in the Paper Supply Agreements) sent or received by any Person under any Paper Supply Agreement and any related correspondence. 

Section 17.3 Tax Matters. 
 (a) Tax Elections. Subject to Section 2.8, the Board of Managers shall make any and all elections for federal, state, local, and foreign tax purposes including, without limitation, any
election, if permitted by applicable Law: (i) to adjust the basis of property pursuant to Sections 754, 734(b) and 743(b) of the Code, or comparable provisions of state, local, or foreign Law, in connection with Transfers of Units and
Distributions; (ii) with the consent of all of the Members, to extend the statute of limitations for assessment of tax deficiencies against the Members with respect to adjustments to the Company’s federal, state, local, or foreign tax
returns; and (iii) to the extent provided in Sections 6221 through 6231 of the Code and similar provisions of federal, state, local, or foreign Law, to represent the Company and the Members before taxing authorities or courts of competent
jurisdiction in tax matters affecting the Company or the Members in their capacities as Members, and to file any tax returns and execute any agreements or other documents relating to or affecting such tax matters, including agreements or other
documents that bind the Members with respect to such tax matters or otherwise affect the rights of the Company and the Members. Upon the request by any of the Members, the Board of Managers shall cause the Company to make an election pursuant to
Section 754 of the Code. 
 (b) Tax Information. Necessary tax information shall be delivered to each
Member as soon as practicable after the end of each Tax Year of the Company. 
 (c) Tax Returns. The Board
of Managers shall prepare and file, or cause to be prepared and filed, all U.S. federal, state and local and foreign partnership information and other returns. 
 (d) Tax and Other Information. The Board of Managers shall prepare and send, and shall use its reasonable commercial efforts to do so within one hundred twenty (120) days after the end of each
Tax Year, to each Member, a statement of such Member’s allocable share of income, gains, losses, deductions and expenses of the Company for 

  
 55 

 
such Tax Year. The Company shall also cause to be delivered to each Member, such other information as such Member may reasonably request for the purpose of enabling it to comply with any tax
reporting or tax filing requirements. 
 (e) Refundable Tax Credits. Notwithstanding anything else
contained in this Agreement, the Board of Managers shall not and shall not cause the Company to file any tax returns, make any elections or otherwise take any actions that would adversely affect the ability of any Member (or their respective
Affiliates, as applicable) to qualify for, or obtain the full benefit of the refundable tax credits pursuant to the New York State Department of Environmental Conservation’s Brownfield Cleanup Program and New York State Tax Law. 

(f) Tax Matters Partner. The Board of Managers shall designate a Member to be the Company’s tax matters
partner pursuant to Section 6231(a)(7) of the Code (the “Tax Matters Member”). The Tax Matters Member shall have all powers and responsibilities provided in Section 6221, et seq. of the Code. The Tax Matters Member
shall keep all Members informed of all notices from government taxing authorities which may come to the attention of the Tax Matters Member. The Company shall pay and be responsible for all reasonable third-party costs and expenses incurred by the
Tax Matters Member in performing those duties. The Tax Matters Member shall not compromise any dispute with the Internal Revenue Service without the approval of the Members. 
 ARTICLE XVIII 
 SPECIAL PURPOSE
PROVISIONS 
 Section 18.1 Special Purpose Provisions. Notwithstanding any other provision of
this Agreement, the following provisions of this Section 18.1 (collectively, the “Special Purpose Provisions”) shall apply for so long as any Project Debt Obligations are outstanding: 

(a) The Company shall: 
 (i) maintain its books and records separately from any other Person; 
 (ii) maintain its bank accounts separately from any other Person, except as required or permitted by the Project Debt Financing Documents; 

(iii) not commingle its assets with those of any other Person and shall hold all of its assets in its own name;

 (iv) conduct its business in its own name; 

(v) maintain separate financial statements, showing its assets and liabilities separate and apart from those of any other
Person and shall not have its assets listed on the financial statements of any other Person; 

  
 56 

 (vi) file its tax returns separately from those of any other Person, unless
otherwise required by law; 
 (vii) pay its own liabilities and expenses only out of its own funds; 

(viii) observe all limited liability company and other organizational formalities; 

(ix) employ or deal with its Members or any Affiliate of any Member, to the extent it chooses to employ or deal with such
Person at all, only on a fair and arms’-length basis and shall not enter into any transaction with its Members or any Affiliate of any of its Members other than on an arms’ length basis, reflecting terms and conditions no less favorable to
the Members than those negotiated between unrelated parties, except those contemplated by this Agreement, the Equityholders Agreement and the Contribution Agreement; 

(x) not enter into or be a party to any transaction with its Members or Affiliates thereof, or, where relevant, such
Member’s or Affiliate’s members, officers, directors, shareholders, or Affiliates, as the case may be, except on terms and conditions which are fair and are no less favorable to it than would generally be obtained in a comparable
arms’-length transaction with an unrelated third party; 
 (xi) pay the salaries of its own employees only
from its own funds; 
 (xii) maintain a sufficient number of employees in light of its contemplated business
operations; 
 (xiii) not assume, guarantee or become obligated for the debts of any other Person; 

(xiv) not hold out its credit as being available to satisfy the obligations of any other Person; 

(xv) not acquire the obligations of, or securities issued by, its Members or any Affiliate of its Members, except as
specifically contemplated by this Agreement or the Equityholders Agreement; 
 (xvi) not make any gifts, loans,
or fraudulent conveyances to any other Person or buy or hold evidence of indebtedness issued by any other Person (other than cash and investment-grade securities); 

(xvii) allocate fairly any overhead expenses for office space or business facilities or equipment that are shared with its
Members or an Affiliate of its Members, including paying for office space and services performed by any employee of its Members or an Affiliate of its Members; 
 (xviii) use separate stationery, invoices, and checks bearing its own name; 

  
 57 

 (xix) not pledge its assets for the benefit of any other Person, other than
as required by the Project Debt Financing Documents or the Bridge Loan Documents; 
 (xx) hold itself out as a
separate entity; 
 (xxi) correct any known misunderstanding regarding its separate identity; 

(xxii) act solely in its own name, through its own officials, agents or representatives where relevant; 

(xxiii) not hold itself out to the public, to any creditors, or to any governmental agency as a “division” or
“part” of any entity or entities, or more generally as part of a single integrated enterprise with any other entity; and 
 (xxiv) use its commercially reasonable efforts to maintain adequate capital in light of its contemplated business operations. 
 ARTICLE XIX 
 MISCELLANEOUS PROVISIONS

 Section 19.1 Amendment of this Agreement. 

This Agreement may be amended, restated or otherwise modified only by the unanimous affirmative vote or unanimous written consent of the
Members in accordance with Section 11.4 and otherwise in accordance with the Project Debt Financing Documents. Notwithstanding the foregoing, for so long as the Project Debt Obligations are outstanding, the provisions of Section 8.6 and
Section 18.1 may not be amended at any time without the written consent of the Agent, on behalf of the Senior Lender. 

Section 19.2 Notices. 
 Except as otherwise provided in this Agreement, any notices which may or are required to be given hereunder by any party to another shall be in writing, signed by an authorized Person, and sent by
certified or registered mail, postage prepaid, by recognized overnight courier, by telecopier, by email or by hand delivery to the most recent addresses on file with the Company. Notices shall be deemed to have been given on the fifth business day
after being so mailed, the next business day after delivery to such overnight courier, when sent by telecopier or email on the first business day after confirmed transmission or upon receipt when delivered by hand. Any Member may change such
Member’s address by giving written notice to the Company in a manner conforming to the notice provisions hereof. 

Section 19.3 Partition. 
 In consideration of the execution of this Agreement, each of the Members expressly waives its right to bring an action for the partition of the Company’s real property. 

  
 58 

 Section 19.4 Merger of Prior Agreements. 

This Agreement and the Equityholders Agreement contain the sole and entire agreement and understanding of the parties with respect to its
subject matter. Any and all prior or contemporaneous discussions, negotiations, commitments, and understandings relating thereto are hereby superseded by and merged into this Agreement. 

Section 19.5 Governing Law. 
 This Agreement and the obligations of the Members hereunder shall be interpreted, construed, and enforced in accordance with the Laws of the Delaware, without reference to the principles of conflicts of
Laws. 
 Section 19.6 Specific Performance. 

Each Member agrees with the other Members that the other Members and the Company would be irreparably damaged if any of the provisions of
this Agreement are not performed in accordance with their specific terms and that monetary damages would not provide an adequate remedy in such event. Accordingly, it is agreed that, in addition to any other remedy to which the non-breaching Members
or the Company may be entitled, at Law or in equity, the non-breaching Members and the Company shall be entitled to injunctive relief to prevent breaches of the provisions of this Agreement and specifically to enforce the terms and provisions hereof
in any action instituted in any court of the United States or any state thereof having subject matter jurisdiction thereof. 

Section 19.7 No Waiver. 
 No consent or waiver, express or implied, by any Member to, or of any breach or default by, another or the performance by another of its obligations under this Agreement shall be deemed or construed to be
a consent or waiver to or of any other breach or default in the performance by such other party of the same or any other obligation of such Member under this Agreement. No delay on the part of any Member in exercising any right, power or privilege
hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any Member of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder.

 Section 19.8 Severability. 
 If any provisions of this Agreement or the application of the provisions of this Agreement to any person or circumstance shall be invalid or unenforceable to any extent, the remainder of this Agreement
and the application of such provisions to other persons or circumstances shall not be affected thereby and shall be enforced to the extent permitted by Law. 
 Section 19.9 Captions. 
 The captions used in this Agreement are
inserted for convenience only and are not part of this Agreement. 

  
 59 

 Section 19.10 Gender and Number; Days. 

The masculine, feminine, or neuter pronouns used in this Agreement shall be deemed to include the masculine, feminine, or neuter genders,
as appropriate, and the singular shall be deemed to include the plural, and vice versa. All references in the Agreement to “days” shall mean calendar days, unless “business days” are otherwise specified. 

Section 19.11 Further Actions. 
 The Members shall execute and deliver all documents, provide all information and take or forebear from all such action as may be necessary or appropriate to achieve the purposes of the Company, to
evidence or effectuate the consummation of the transactions contemplated hereby and to otherwise carry out the intent of the parties hereunder. 
 Section 19.12 Binding Agreement. 
 This Agreement shall be binding
upon and inure to the benefit of the Members and their permitted successors and permitted assigns. 
 Section 19.13 No
Rights Created in Third Persons. 
 Subject to Section 4.3(d), Section 15.2, Section 15.4 and
Section 15.7, this Agreement is intended solely for the benefit of the parties hereto and does not create any rights in persons not parties to this Agreement. 
 Section 19.14 Counterparts Execution. 
 This Agreement may be executed
in one or more counterparts each of which, when executed and delivered, shall be an original but all of which together shall constitute one and the same agreement. 
 Section 19.15 Delivery by Email or Facsimile. 
 This Agreement and any
amendments hereto, to the extent signed and delivered by means of a facsimile machine or email, shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. No party hereto shall
raise the use of a facsimile machine to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or email as a defense to the formation or enforceability of
this Agreement and each such party forever waives any such defense. 
 [Signature page follows.] 

  
 60 

 IN WITNESS WHEREOF, the
Members have signed this Agreement as of the date first written above. 
  

					
		 	27102009 USA, LLC
			
		 	By:	 	 /s/ Marc-André Depin

		 	Name:	 	Marc-André Depin
		 	Title:	 	Authorized Person
		
		 	19J LLC
			
		 	By:	 	 /s/ Bruce G. Janowsky

		 	Name:	 	 Bruce G. Janowsky

		 	Title:	 	 Sole Member & President

		
		 	56P LLC
			
		 	By:	 	 /s/ Joseph R. Palmeri

		 	Name:	 	 Joseph R. Palmeri

		 	Title:	 	 Sole member & President

		
		 	CDPQ INVESTMENT GML INC.
			
		 	By:	 	 /s/ Alain Tremblay

		 	Name:	 	 Alain Tremblay

		 	Title:	 	 Manager

			
		 	By:	 	 /s/ Luc Houle

		 	Name:	 	 Luc Houle

		 	Title:	 	 Senior Vice-President

		 		 	[REDACTED]

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