Document:

EX-10.1 LOAN AGREEMENT DATED OCTOBER 16, 2007

 

EXHIBIT 10.1

Loan No. 337830

Georgia

RECORDING REQUESTED BY

WHEN RECORDED MAIL TO

The Northwestern Mutual Life Ins. Co.

720 East Wisconsin Avenue — Rm N16WC

Milwaukee, WI 53202

Attn: Sandra T. Clark

SPACE ABOVE THIS LINE FOR RECORDER’S USE

DEED TO SECURE A DEBT and SECURITY AGREEMENT

     THIS INDENTURE and SECURITY AGREEMENT is made as of the 11th day of October, 2007
between 3280 PEACHTREE I LLC, a Georgia limited liability company, whose mailing address is 191
Peachtree, NE, Suite 3600, Atlanta, Georgia 30303, Attn: Corporate Secretary, herein (whether one or more in number) called “Grantor”, DEVELOPMENT
AUTHORITY OF FULTON COUNTY, a public body corporate and politic, whose mailing address is 141 Pryor
Street, SW, Suite 5001, Atlanta, Georgia 30303,
Attn: Chairman, herein called the “Fee Owner” and THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY,
a Wisconsin corporation, whose mailing address is 720 E. Wisconsin Avenue, Milwaukee, Wisconsin 53202, herein called “Grantee”:

     WITNESSETH, That Grantor, in consideration of the indebtedness herein mentioned, does hereby
irrevocably bargain, sell, grant, transfer, assign and convey unto

1

 

Grantee with covenants of
general warranty, power of sale and right of entry and possession, the following property (herein
referred to as the “Property”):

	 	A.	 	All Grantor’s leasehold interest in the land in the City of
Atlanta, County of Fulton and State of Georgia, described in Exhibit
“A” attached hereto and incorporated herein (the “Land”), such
leasehold interest being established by and set forth in that certain
Lease Agreement from Fee Owner to Grantor, dated as of December 1, 2006
and recorded in Deed Book 44140, Page 178, Fulton County, Georgia
Records, as amended by that certain First Amendment of Lease Agreement dated
September 28, 2007;
	 
	 	B.	 	All Grantor’s rights in and to easements, appurtenances,
tenements and hereditaments belonging to or benefiting the Land,
including but not limited to all waters, water rights, water courses,
all ways, trees, rights, liberties and privileges;
	 
	 	C.	 	All improvements to the Land, including, but not limited to,
all buildings, structures and improvements now existing or hereafter
erected on the Land; all fixtures and equipment of every description
belonging to and owned by Grantor which are or may be placed or used
upon the Land or attached to the buildings, structures or improvements,
including, but not limited to, all engines, boilers, elevators and
machinery, all heating apparatus, electrical equipment,
air-conditioning and ventilating equipment, water and gas fixtures, and
all furniture and easily removable equipment (excluding, however, all
property owned by tenants at the Land); all of which, to the extent
permitted by applicable law, shall be deemed an accession to the
freehold and a part of the realty as between the parties hereto; and
	 
	 	D.	 	Grantor’s interest in all articles of personal property of
every kind and nature whatsoever, including, but not limited to all
easily removable equipment and fixtures, furniture, dehumidification
equipment, etc., now or hereafter located upon the Land or in or on the
buildings and improvements and now owned or leased or hereafter
acquired or leased by Grantor.

Grantor agrees not to sell, transfer, assign or remove anything described in B, C and D above now
or hereafter located on the Land without prior written consent from Grantee

2

 

unless (i) such action does not constitute a sale or removal of any buildings or structures or the sale or transfer of
waters or water rights and (ii) such action results in the substitution or replacement with similar
items of equal value.

     Without limiting the foregoing grants, Grantor hereby pledges to Grantee, and grants to
Grantee a security interest in, all of Grantor’s present and hereafter acquired right, title and
interest in and to the Property and any and all

	 	E.	 	cash and other funds now or at any time hereafter deposited by
or for Grantor on account of tax, special assessment,
replacement or other reserves required to be maintained pursuant to
the Loan Documents (as hereinafter defined) with Grantee or a third
party, or otherwise deposited with, or in the possession of, Grantee
pursuant to the Loan Documents; and
	 
	 	F.	 	surveys, soils reports, environmental reports, guaranties,
warranties, architect’s contracts, construction contracts, drawings and
specifications, applications, permits, surety bonds and other contracts
relating to the acquisition, design, development, construction and
operation of the Property; and
	 
	 	G.	 	accounts, chattel paper, deposit accounts, instruments,
equipment, inventory, documents, general intangibles, letter-of-credit
rights, investment property and all other personal property of Grantor,
(including, without limitation, any and all rights in the property name
“Terminus 100”): and, including, without limitation, all fees, charges,
accounts or other payments for parking in or on the Property, including
all products and proceeds thereof; and
	 
	 	H.	 	present and future rights to condemnation awards, insurance
proceeds or other proceeds at any time payable to or received by
Grantor on account of the Property or any of the foregoing personal
property.

All personal property hereinabove described is hereinafter referred to as the “Personal Property”.

     If any of the Property is of a nature that a security interest therein can be perfected under
the Uniform Commercial Code, this instrument shall constitute a security agreement. Grantor
authorizes Grantee to file a financing statement describing such Property and, at Grantee’s
request, agrees to join with Grantee in the execution of any financing statements and to execute
any other instruments that may be necessary or desirable, in Grantee’s

3

 

determination, for the perfection or renewal of such security interest under the Uniform Commercial Code.

     TO HAVE AND TO HOLD said Property, with all and singular the rights, members, hereditaments
and appurtenances thereof, to the same belonging or in anywise appertaining, to the proper use and
benefit of Grantee forever, in fee simple.

     This instrument is a deed passing legal title under the laws of the State of Georgia governing
loan or security deeds and is not a mortgage; and is made and intended (a) to constitute a security
agreement for purposes of the Uniform Commercial Code of Georgia
and (b) to secure the indebtedness evidenced by a promissory note of even date herewith executed by
Grantor (which promissory note, as such instrument may be amended, restated, renewed and extended,
is hereinafter referred to as the “Note”) and any other indebtedness owed Grantee under the Loan
Documents, however incurred (including, without limitation, advances by Grantee or any transferee
of Grantee for the purpose of paying taxes or premiums on insurance on the Property or to repair,
maintain or improve the Property, whether or not Grantor is at that time the owner of the
Property). “Loan Documents” means the Note, this instrument, that certain Loan Application dated
August 9, 2007 from Grantor to Grantee and that certain acceptance letter issued by Grantee dated
September 14, 2007 (together, the “Commitment”), that certain Absolute Assignment of Leases and
Rents of even date herewith between Grantor and Grantee (the “Absolute Assignment”), that certain
Certification of Borrower of even date herewith, that certain Limited Liability Company Supplement
dated contemporaneously herewith, and any other supplements and authorizations required by Grantee
and any other agreement given by or document executed by Grantor to Grantee in connection with the
indebtedness evidenced by the Note, except for that certain Environmental Indemnity Agreement of
even date herewith given by Cousins Properties Incorporated (the “Principal”) and Grantor to
Grantee (the “Environmental Indemnity Agreement”), as any of the foregoing may be amended from time
to time. The Note shall evidence the principal sum of ONE HUNDRED EIGHTY MILLION DOLLARS with
final maturity no later than October 1, 2012 and with interest as therein expressed, it being
recognized that the funds may not have been fully advanced as of the date hereof, but may be
advanced in the future in accordance with the terms of a written contract.

          GRANTOR COVENANTS AND AGREES:

Payment of Debt. Grantor agrees to pay the indebtedness hereby secured (the
“Indebtedness”) promptly and in full compliance with the terms of the Loan Documents.

Ownership. Grantor represents that it owns the Property and has good and lawful right to
convey the same and that the Property is free and clear from any and all encumbrances whatsoever,
except as appears in the title policy issued pursuant to the Chicago Title Insurance Company
Commitment No. 09739.07 (e) accepted by Grantee. Grantor does

4

 

hereby forever warrant and shall
forever defend the title and possession thereof against the claims of any and all persons
whomsoever subject to the title exceptions contained in Schedule B of the title insurance policy
issued pursuant to the Chicago Title Insurance Company Commitment No. 09739.07 (e).

Maintenance of Property and Compliance with Laws. Grantor agrees to keep the buildings and
other improvements now or hereafter erected on the Land in good condition and repair; not to commit
or suffer any waste; to comply with all laws, rules and regulations affecting the Property; and to
permit Grantee, subject to limitations on Grantor’s access rights set forth in leases of portions
of the Property, to enter at all reasonable times for the
purpose of inspection and of conducting in a reasonable and proper manner, such tests as Grantee
determines to be necessary in order to monitor Grantor’s compliance with applicable laws and
regulations regarding hazardous materials affecting the Property.

Tenants Using Chlorinated Solvents. Grantor agrees not to lease any of the Property,
without the prior written consent of Grantee, to (i) dry cleaning operations that perform dry
cleaning on site with chlorinated solvents or (ii) any other tenants that use chlorinated solvents
in the operation of their businesses.

Business Restriction Representation and Warranty. Grantor represents and warrants that
each of Grantor, Principal and all persons and entities executing any separate indemnity agreement
in favor of Grantee in connection with the Indebtedness: (i) is not, and shall not become, a person
or entity with whom Grantee is restricted from doing business with under regulations of the Office
of Foreign Assets Control (“OFAC”) of the Department of the Treasury (including, but not limited
to, those named on OFAC’s Specially Designated Nationals and Blocked Persons list) or under any
statute, executive order (including, but not limited to, the September 24, 2001 Executive Order
Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or
Support Terrorism), or other governmental action; (ii) is not, and shall not become, a person or
entity with whom Grantee is restricted from doing business with under the International Money
Laundering Abatement and Financial Anti-Terrorism Act of 2001 or the regulations or orders
thereunder; and (iii) is not knowingly engaged in, and shall not knowingly engage in, any dealings
or transaction or be otherwise associated with such persons or entities described in (i) and (ii)
above.

Insurance. Grantor agrees to keep the Property insured for the protection of Grantee and
Grantee’s wholly owned subsidiaries and agents in such manner, in such amounts and in such
companies as Grantee may from time to time approve, and to keep the policies therefor or copies
thereof, properly endorsed, on deposit with Grantee, or, at Grantee’s option, to keep certificates
of insurance (Acord 28 or 27 for all property insurance and Acord 25 for all liability insurance)
evidencing all insurance coverages required hereunder, which certificates shall provide at least
thirty (30) days’ notice of cancellation to Grantee and shall list Grantee as the certificate
holder; if Grantor requests Grantee to

5

 

accept a different form of certificate of insurance, Grantee
shall not unreasonably withhold its consent, provided, a copy of a standard mortgagee endorsement
in favor of Grantee stating that the insurer shall provide at least thirty (30) days notice of
cancellation to Grantee accompanies such certificate; that insurance loss proceeds from all
property insurance policies, whether or not required by Grantee (less expenses of collection)
shall, at Grantee’s option, be applied on the Indebtedness, whether due or not, or to the
restoration of the Property, or be released to Grantor, but such application or release shall not
cure or waive any default under any of the Loan Documents. If Grantee elects to apply the
insurance loss proceeds on the Indebtedness, no prepayment fee shall be due thereon and Grantor
shall have the one-time right to prepay the remaining balance of the Indebtedness
without a prepayment privilege fee at such time. Notwithstanding the foregoing, if damage to the
Property is less than One Million Dollars ($1,000,000.00), Grantor may receive insurance loss
proceeds up to the amount of such loss directly from the insurance carrier for restoration of the
Property.

     Notwithstanding the foregoing provision, Grantee agrees that if the insurance loss proceeds
are less than the unpaid principal balance of the Note and if the casualty occurs prior to the last
three (3) years of the term of the Note, then the insurance loss proceeds (less expenses of
collection) shall be applied to restoration of the Property to its condition prior to the casualty,
subject to satisfaction of the following conditions:

	 	(a)	 	There is no existing Event of Default at the time of casualty.
	 
	 	(b)	 	The casualty insurer has not denied liability for payment of insurance loss
proceeds to Grantor as a result of any act, neglect, use or occupancy of the Property
by Grantor or any tenant of the Property.
	 
	 	(c)	 	Grantee shall be satisfied that all insurance loss proceeds so held, together
with supplemental funds to be made available by Grantor, shall be sufficient to
complete the restoration of the Property. Any remaining insurance loss proceeds may,
at the option of Grantee, be applied on the Indebtedness, without prepayment fee,
whether or not due, or be released to Grantor.
	 
	 	(d)	 	If required by Grantee, Grantee shall be furnished a satisfactory report
addressed to Grantee from an environmental engineer or other qualified professional
satisfactory to Grantee to the effect that no adverse environmental impact to the
Property resulted from the casualty.
	 
	 	(e)	 	Grantee shall release casualty insurance proceeds as restoration of the
Property progresses provided that Grantee is furnished satisfactory evidence of the
costs of restoration and if, at the time of such release, there shall exist no Monetary
Default (as hereinafter defined) under the Loan

6

 

	 	 	 	Documents and no Non-Monetary Default
with respect to which Grantee shall have given Grantor notice pursuant to the
Notice of Default provision herein. If a Monetary Default shall occur or
Grantee shall give Grantor notice of a Non-Monetary Default, Grantee shall have no
further obligation to release insurance loss proceeds hereunder unless such default is
cured within the cure period set forth in the Notice of Default provision
contained herein. If the estimated cost of restoration exceeds $1,500,000.00, (i) the
drawings and specifications for the restoration shall be approved by Grantee in writing
prior to commencement of the restoration, such approval not to be unreasonably
withheld, delayed or
conditioned, and (ii) Grantee shall receive an administration fee equal to one
percent (1%) of the cost of restoration.

	 	(f)	 	Prior to each release of funds, Grantor shall obtain for the benefit of Grantee
an endorsement to Grantee’s title insurance policy insuring Grantee’s lien as a first
and valid lien on the Property subject only to liens and encumbrances theretofore
approved by Grantee.
	 
	 	(g)	 	Grantor shall pay all reasonable out-of-pocket and in-house costs and expenses
incurred by Grantee, including, but not limited to, in-house construction
administration expenses, outside legal fees, title insurance costs, third-party
disbursement fees, third-party engineering reports and inspections deemed necessary by
Grantee.
	 
	 	(h)	 	All reciprocal easement and operating agreements benefiting the Property, if
any, shall remain in full force and effect between the parties thereto on and after
restoration of the Property.
	 
	 	(i)	 	Grantee shall be satisfied that Projected Debt Service Coverage of at least
1.15 will be produced from the leasing of not more than 95% of the Property to former
tenants or approved new tenants with leases satisfactory to Grantee for terms of at
least five (5) years to commence not later than thirty (30) days following completion
of such restoration (“Approved Leases”).
	 
	 	(j)	 	All leases in effect at the time of the casualty with tenants who have entered
into a non-disturbance and attornment agreement or similar agreement with Grantee shall
remain in full force and Grantee shall be satisfied that restoration can be completed
within a timeframe such that each tenant thereunder shall be obligated, or each such
tenant shall have elected, to continue the lease term at full rental (subject only to
abatement, if any, during any period in which the Property or a portion thereof shall
not be used and occupied by such tenant as a result of the casualty).

7

 

     “Projected Debt Service Coverage” means a number calculated by dividing Projected Operating
Income Available for Debt Service for the first fiscal year following restoration of the Property
by the debt service during the same fiscal year under all indebtedness secured by any portion of
the Property. For purposes of the preceding sentence, “debt service” means the greater of (x) debt
service due under all such indebtedness during the first fiscal year following completion of the
restoration of the Property or (y) debt service that would be due and payable during such fiscal
year if all such indebtedness were amortized over 30 years (whether or not amortization is actually
required) and if interest on such indebtedness were due as it accrues at the face rate
shown on the notes therefor (whether or not interest payments based on such face rates are
required).

     “Projected Operating Income Available for Debt Service” means projected gross annual rent from
the Approved Leases for the first full fiscal year following completion of the restoration of the
Property less:

	(A)	 	The operating expenses of the Property for the last fiscal year preceding the casualty and
	 
	(B)	 	the following:

	 	(i)	 	a replacement reserve for future tenant improvements, leasing commissions and
structural items, based on not less than $2.60 per square foot per annum;
	 
	 	(ii)	 	the amount, if any, by which actual gross income during such fiscal period
exceeds that which would be earned from the rental of 95% of the net rentable area in
the Property;
	 
	 	(iii)	 	the amount, if any, by which the actual management fee is less than 3.0% of
gross revenue during such fiscal period;
	 
	 	(iv)	 	the amount, if any, by which the actual real estate taxes are less than the
estimated real estate taxes payable for the Property if fully assessed (giving effect
to any existing abatement of such taxes); and
	 
	 	(v)	 	the amount, if any, by which total operating expenses, excluding management
fees, real estate taxes and replacement reserves, are less than $4,501,775.00 per
annum.

     All projections referenced above shall be calculated in a manner satisfactory to Grantee.

8

 

Condemnation. Grantor hereby assigns to Grantee (i) any award and any other proceeds
resulting from damage to, or the taking of, all or any portion of the Property, and (ii) the
proceeds from any sale or transfer in lieu thereof (collectively, “Condemnation Proceeds”) in
connection with condemnation proceedings or the exercise of any power of eminent domain or the
threat thereof (hereinafter, a “Taking”); if the Condemnation Proceeds are less than the unpaid
principal balance of the Note and such damage or Taking occurs prior to the last two years of the
term of the Note, such Condemnation Proceeds (less expenses of collection) shall be applied to
restoration of the Property to its condition, or the functional equivalent of its condition prior
to the Taking, subject to the conditions set forth above in
the section entitled “Insurance” and subject to the further condition that restoration or
replacement of the improvements on the Land to their functional and economic utility prior to the
Taking be possible prior to the Maturity Date. If Grantee elects to apply Condemnation Proceeds to
the prepayment of the Indebtedness, no prepayment fee shall be due on such prepayment. Any portion
of such award and proceeds not applied to restoration shall, at Grantee’s option, be applied on the
Indebtedness, whether due or not, or be released to Grantor, but such application or release shall
not cure or waive any default under any of the Loan Documents.

Taxes and Special Assessments. Grantor agrees to pay before delinquency all taxes and
special assessments of any kind that have been or may be levied or assessed against the Property,
this instrument, the Note or the Indebtedness, or upon the interest of Grantee in the Property,
this instrument, the Note or the Indebtedness, and to procure and deliver to Grantee within 30 days
after Grantee shall have given a written request to Grantor, the official receipt of the proper
officer showing timely payment of all such taxes and assessments; provided, however, that Grantor
shall not be required to pay any such taxes or special assessments if the amount, applicability or
validity thereof shall currently be contested in good faith by appropriate proceedings and the
minimum required payment shall have been paid in full.

Security Agreement; Personal Property. With respect to the Personal Property, this
instrument is hereby made and declared to be a security agreement encumbering each and every
item of Personal Property included herein as a part of the Property in compliance with the
provisions of the Georgia Uniform Commercial Code. Upon request by Grantee, at any time and
from time to time, a financing statement or statements reciting this Deed to be a security
agreement affecting all of such property shall be executed by Grantor and Grantee and
appropriately filed. The remedies for any violation of the covenants, terms and conditions of
the security agreement contained in this Deed shall be (i) as prescribed herein, or (ii) as
prescribed by general law, or (iii) as prescribed by the specific statutory consequences now
or hereafter enacted and specified in said Uniform Commercial Code, all at Grantee’s sole
election. Grantor and Grantee agree that the filing of any such financing statement or
statements in the records normally having to do with personal property shall not in any way
affect the

9

 

 agreement of Grantor and Grantee that everything owned by Grantor and used in
connection with the production of income from the Premises or adapted for use therein or which
is described or reflected in this Deed, is, and at all times and for all purposes and in all
proceedings, both legal or equitable, shall be, regarded as part of the real estate conveyed
hereby regardless of whether (i) any such item is physically attached to the improvements,
(ii) serial numbers are used for the better identification of certain items capable of being
thus identified in an exhibit to this Deed, or (iii) any such item is referred to or reflected
in any such financing statement or statements so filed at any time. Similarly, the mention in
any such financing statement or statements of the rights in and to (i) the proceeds of any
fire and/or hazard insurance policy, or (ii) any award in
eminent domain proceedings for a taking or for loss of value, or (iii) Grantee’s interest as
lessor in any present or future lease or rights to income growing out of the use and/or
occupancy of the Property, whether pursuant to lease or otherwise, shall not in any way alter
any of the rights of Grantee as determined by this Deed or affect the priority of Grantee’s
security interest and granted hereby or by any other recorded document, it being understood
and agreed that such mention in such financing statement or statements is solely for the
protection of Grantee in the event any court shall at any time hold with respect to the
foregoing clauses (i), (ii) or (iii) of this sentence, that notice of Grantee’s priority of
interest, to be effective against a particular class of persons, must be filed in the
appropriate Uniform Commercial Code records.

With respect to the Personal Property, Grantor hereby represents, warrants and covenants as
follows:

     (a) Except for the security interest granted hereby, Grantor is, and as to portions of the
Personal Property to be acquired after the date hereof will be, the sole owner of the Personal
Property, free from any lien, security interest, encumbrance or adverse claim thereon of any kind
whatsoever. Grantor shall notify Grantee of, and shall indemnify and defend Grantee and the
Personal Property against, all claims and demands of all persons at any time claiming the Personal
Property or any part thereof or any interest therein.

     (b) Except as otherwise provided above, Grantor shall not lease, sell, convey or in any manner
transfer the Personal Property without the prior consent of Grantee.

     (c) Grantor is a limited liability company organized under the laws of the State of Georgia.
Until the Indebtedness is paid in full, Grantor (i) shall not change its legal name without
providing Grantee with thirty (30) days prior written notice; and (ii) shall not change its state
of organization; and (iii) shall preserve its existence and, except as permitted pursuant to other
provisions of this instrument, shall not, in one transaction or a series of transactions, merge
into or consolidate with any other entity.

     (d) At the request of Grantee, Grantor shall join Grantee in executing one or more financing
statements and continuations and amendments thereof pursuant to the Uniform

10

 

Commercial Code in form
satisfactory to Grantee, and Grantor shall pay the cost of filing the same in all public offices
wherever filing is deemed by Grantee to be necessary or desirable. Grantor shall also, at
Grantor’s expense, take any and all other action requested by Grantee to perfect Grantee’s security
interest under the Uniform Commercial Code with respect to the Personal Property, including,
without limitation, exercising Grantor’s best commercially reasonable efforts to obtain any
consents, agreements or acknowledgments required of third parties to perfect Grantee’s security
interest in Personal Property consisting of deposit accounts, letter-of-credit rights, investment
property, and electronic chattel paper.

Other Liens. Grantor agrees to keep the Property and any Personal Property free from all
other mortgage liens and from all liens prior to the lien created by this instrument. The (i)
creation of any other mortgage lien on the Property, whether or not prior to the lien created by
this instrument, (ii) creation of any lien on the Property prior to the lien created by this
instrument (other than the lien for ad valorem taxes not yet due and payable), or (iii) assignment
or pledge by Grantor of its revocable license to collect, use and enjoy rents and profits from the
Property, shall constitute a default under the terms of this instrument, and the Indebtedness may
be declared due and payable. The term “mortgage” includes a mortgage, deed of trust, deed to
secure debt or any other security interest in the Property.

Indemnification, Duty to Defend and Costs, Fees and Expenses. In addition to any other
indemnities contained in the Loan Documents, Grantor shall indemnify, defend and hold Grantee
harmless from and against any and all losses, liabilities, claims, demands, damages, costs and
expenses (including, but not limited to, costs of title evidence and endorsements to
Grantee’s title insurance policy with respect to the Property and reasonable attorney fees
and other costs of defense) which may be imposed upon, incurred by or asserted against Grantee,
whether or not any legal proceeding is commenced with regard thereto, in connection with: (i) the
enforcement of any of Grantee’s rights or powers under the Loan Documents; (ii) the protection of
Grantee’s interest in the Property; or (iii) any accident, injury to or death of persons or loss of
or damage to property occurring in, on or about the Property or on any sidewalk, curb, parking
area, space or street located adjacent thereto. If any claim or demand is made or asserted against
Grantee by reason of any event as to which Grantor is obligated to indemnify or defend Grantee,
then, upon demand by Grantee, Grantor, at Grantor’s sole cost and expense, shall defend such claim,
action or proceeding in Grantee’s name, if necessary, by such attorneys as Grantee shall approve.
Notwithstanding the foregoing, Grantee may, in Grantee’s sole discretion, engage its own attorneys
to defend it or assist in its defense and Grantor shall pay the reasonable fees and disbursements
of such attorneys.

Failure of Grantor to Act. If Grantor fails to make any payment or do any act as herein
provided, the Grantee may, without obligation to do so, without notice to or demand upon Grantor in
the event of emergency threatening life or property, but in other events after notice to Grantor
and Grantor’s failure or refusal to pay or act promptly, and without releasing Grantor from any
obligation hereof: (i) make or do the same in such manner and to

11

 

such extent as Grantee may deem
necessary to protect the security hereof, Grantee being authorized to enter upon the Property for
such purpose; (ii) appear in and defend any action or proceeding purporting to affect the security
hereof, or the rights or powers of Grantee; (iii) pay, purchase, contest or compromise any
encumbrance, charge or lien which in the judgment of Grantee appears to be prior or superior
hereto; and (iv) in exercising any such powers, pay necessary expenses, employ counsel and pay its
reasonable fees. Sums so expended and all losses, liabilities, claims, damages, costs and expenses
required to be reimbursed by Grantor to Grantee hereunder shall be payable by Grantor immediately
upon demand with interest from date of expenditure or demand, as the case may be, at the Default
Rate (as defined in the Note). All sums so expended or demanded by Grantee and the interest
thereon shall be included in the Indebtedness and secured by the lien of this instrument.

Event of Default. Any default by Grantor in making any required payment of the
Indebtedness or any default in any provision, covenant, agreement, warranty or certification
contained in any of the Loan Documents shall, except as provided in the two immediately succeeding
paragraphs, constitute an “Event of Default”.

Notice of Default. A default in any payment required herein or in the Note or any other
Loan Document, whether or not payable to Grantee, (a “Monetary Default”) shall not constitute an
Event of Default unless Grantee shall have given a written notice of such Monetary Default to
Grantor and Grantor shall not have cured such Monetary Default by payment of all amounts in default
(including payment of interest at the Default Rate, as defined in the Note, from the date of
default to the date of cure on amounts owed to Grantee) within five (5) business days after the
date on which Grantee shall have given such notice to Grantor.

     Any other default under the Note or under any other Loan Document (a “Non-Monetary Default”)
shall not constitute an Event of Default unless Grantee shall have given a written notice of such
Non-Monetary Default to Grantor and Grantor shall not have cured such Non-Monetary Default within
thirty (30) days after the date on which Grantee shall have given such notice of default to Grantor
(or, if the Non-Monetary Default is not curable within such 30-day period, Grantor shall not have
diligently undertaken and continued to pursue the curing of such Non-Monetary Default).

     In no event shall the notice and cure period provisions recited above constitute a grace
period for the purposes of commencing interest at the Default Rate (as defined in the Note).

Appointment of Receiver. Upon commencement of any proceeding to enforce any right under
this instrument, including sale thereof, Grantee (without limitation or restriction by any present
or future law, without regard to the solvency or insolvency at that time of any party liable for
the payment of the Indebtedness, without regard to the then value of the

12

 

Property, whether or not
there exists a threat of imminent harm, waste or loss to the Property and whether or not the same
shall then be occupied by the owner of the equity of redemption as a homestead) shall have the
absolute right to the appointment of a receiver of the Property and of the revenues, rents, profits
and other income therefrom, and said receiver shall have (in addition to such other powers as the
court making such appointment may confer) full power to collect all such income and, after paying
all necessary expenses of such receivership and of operation, maintenance and repair of said
Property, to apply the balance to the payment of any of the Indebtedness then due.

Remedies of Grantee. Upon the occurrence of an Event of Default, the entire unpaid
Indebtedness shall, at the option of Grantee, become immediately due and payable for all
purposes without any notice or demand, except as required by law, (ALL OTHER NOTICE OF THE
EXERCISE OF SUCH OPTION, OR OF THE INTENT TO EXERCISE SUCH OPTION, BEING HEREBY EXPRESSLY
WAIVED), and Grantee may, in addition to exercising any rights it may have with respect to
the Personal Property under the Uniform Commercial Code of the jurisdiction in which the
Property is located, to the extent permitted by applicable law, do any one or more of the
following:

     (i) institute proceedings in any court of competent jurisdiction to enforce any
of the terms and covenants hereof;

     (ii) personally or by agent or attorney in fact, enter upon and take possession
of the Property without the appointment of a receiver, or an application therefor,
employ a managing agent of the Property and let the same, either in its own name, or in
the name of Grantor, and receive the rents, incomes, issues and profits of the Property
and apply the same, after payment of all necessary charges and expenses, on account of
the Indebtedness, and Grantor will transfer and assign to Grantee, in form satisfactory
to Grantee, Grantor’s lessor interest in any lease now or hereafter affecting the whole
or any part of the Property;

     (iii) pay any sums in any form or manner deemed expedient by Grantee to protect
the security of this instrument or to cure any event of default other than payment of
interest or principal on the Indebtedness; make any payment hereby authorized to be
made according to any bill, statement or estimate furnished or procured from the
appropriate public officer or the party claiming payment without inquiry into the
accuracy or validity thereof, and the receipt of any such public officer or party in
the hands of Grantee shall be prima facie evidence of the validity and amount of items
so paid, in which event the amounts so paid, shall be added to and become a part of the
Indebtedness and be immediately due and payable to Grantee; and Grantee shall be
subrogated to any encumbrance, lien, claim or demand, and to all the rights and
securities for the

13

 

payment thereof, paid or discharged with the principal sum secured
hereby or by Grantee under the provisions hereof, and any such subrogation rights shall
be additional and cumulative security to this instrument;

     (iv) declare the entire Indebtedness immediately due, payable and collectible,
without notice to Grantor, regardless of maturity, and, in that event, the entire
Indebtedness shall become immediately due, payable and collectible; and thereupon,
Grantee may sell and dispose of the Property at public auction, at the usual place for
conducting sales at the courthouse in the county where the
Property or any part thereof may be, to the highest bidder for cash, first advertising
the time, terms and place of such sale by publishing a notice thereof once a week for
four (4) consecutive weeks in a newspaper in which sheriff’s advertisements are
published in said county, all other notice being hereby waived by Grantor; and Grantee
may thereupon execute and deliver to the purchaser at said sale a sufficient conveyance
of the Property in fee simple, which conveyance may contain recitals as to the
happening of the default upon which the execution of the power of sale, herein granted,
depends, and said recitals shall be presumptive evidence that all preliminary acts
prerequisite to said sale and deed were in all things duly complied with; and Grantee,
its agents, representatives, successors or assigns, may bid and purchase at such sale;
and Grantor hereby constitutes and appoints Grantee or its assigns agent and
attorney-in-fact to make such recitals, sale and conveyance, and all of the acts of
such attorney-in-fact are hereby ratified, and Grantor agrees that such recitals shall
be binding and conclusive upon Grantor and that the conveyance made by Grantee, or its
assigns (and in the event of a deed in lieu of foreclosure, then as to such
conveyance), shall be effectual to bar all right, title and interest, equity of
redemption, including all statutory redemption, homestead, dower, courtesy and all
other exemptions of Grantor, or its successors in interest, in and to said Property;
and Grantee, or its assigns, to the extent permitted by applicable law, shall collect
the proceeds of such sale, reserving therefrom all unpaid Indebtedness with interest
then due thereon, and all amounts advanced by Grantee for taxes, assessments, fire
insurance premiums and other charges, together with all costs and charges for
advertising, and commissions for selling the Property, and reasonable attorneys’ fees
actually incurred in connection therewith, and pay over any surplus to Grantor (in the
event of deficiency Grantor shall immediately on demand from Grantee pay over to
Grantee, or its nominee, such deficiency, subject to the express provision in each Note
limiting recourse); and Grantor agrees that possession of the Property during the
existence of the Indebtedness by Grantor, or any person claiming under Grantor, shall
be that of tenant under Grantee, or its assigns, and, in case of a sale, as herein
provided, Grantor or any person in possession under Grantor shall then become and be
tenants holding over, and shall forthwith deliver possession to the purchaser at such
sale, or be summarily dispossessed in accordance with the

14

 

provisions of law applicable
to tenants holding over; the power and agency hereby granted are coupled with an
interest and are irrevocable by death or otherwise, and are in addition to any and all
other remedies which Grantee may have at law or in equity.

     In case of any sale under this instrument by virtue of the exercise of the power herein
granted, or pursuant to any order in any judicial proceedings or otherwise, at the election of
Grantee the Property or any part thereof may be sold in one parcel and as an entirety, or in
such parcels, manner or order as Grantee in its sole discretion may elect,
and one or more exercises of the powers herein granted shall not extinguish or exhaust
the power unless the entire Property is sold or the Indebtedness paid in full. Grantor
further agrees that in the event of a sale, by foreclosure or otherwise, of less than all of
the Property, the Loan Documents shall continue as a lien and this instrument shall continue
as an encumbrance upon the remaining portion of the Property.

Homestead. Grantor hereby waives and renounces all homestead and exemption rights provided
for by the constitution and laws of Georgia or of the United States..

Prohibition on Transfer/One-Time Transfer. The present ownership and management of the
Property is a material consideration to Grantee in making the loan secured by this instrument, and
Grantor shall not (i) convey title to all or any part of the Property, (ii) enter into any contract
to convey (land contract/installment sales contract/contract for deed) title to all or any part of
the Property which gives a purchaser possession of, or income from, the Property prior to a
transfer of title to all or any part of the Property (“Contract to Convey”) or (iii) cause or
permit a Change in the Proportionate Ownership of Grantor (as hereinafter defined). Any such
conveyance, entering into a Contract to Convey or Change in the Proportionate Ownership of Grantor
shall constitute a default under the terms of this instrument.

     “Change in the Proportionate Ownership of Grantor” means a change in, or the existence of a
lien on, the direct or indirect ownership of the limited liability company interests of such
limited liability company; provided, however, with respect to Cousins Properties Incorporated
(“Principal”), the following shall not be deemed to be a Change in the Proportionate Ownership of
Grantor:

	 	(i)	 	transfers of the voting stock or other beneficial interests of Principal so
long as such shares or interests are traded (or become traded in connection with such
transfer) on a national or international securities exchange or through the NASDAQ
national market system; and
	 
	 	(ii)	 	transfers of ownership interests in entities owning an ownership interest in
Principal.

15

 

     Notwithstanding the foregoing subparagraphs (i) and (ii), Grantee’s consent shall be required
for any merger or consolidation of Principal into another entity or the sale of all or
substantially all of the assets of Principal to another entity, and, if Lender does not consent to
such merger, consolidation or sale, Grantor shall have the right to prepay the Loan in full, and no
prepayment fee shall be due on such prepayment.

     Notwithstanding the foregoing, Grantee’s consent shall not be required for a Change in the
Proportionate Ownership of Grantor that consists solely of internal
transfers of direct or indirect ownership interests in Grantor provided Principal continues to own
100% of Grantor.

     Notwithstanding the foregoing, transfers of ownership interests in the Grantor to third
parties unrelated to Principal shall be allowed provided that, immediately following such transfer,
Principal continues to own, directly or indirectly, not less than a 51% interest in Grantor and
control the day-to-day management of Grantor.

     Notwithstanding the above, provided there is then no default in the terms and conditions of
any Loan Document, and Principal’s liability under the Guarantee has been released, and upon prior
written request from Grantor, Grantee shall not withhold its consent to a one-time transfer of all
but not less than all of the Property to a single entity or individual, provided:

	 	(A)	 	the Property shall have achieved Debt Service Coverage (as hereinafter defined)
of at least 1.15x, and there are no junior liens on the Property;
	 
	 	(B)	 	the transferee or an owner of the transferee (the “Creditworthy Party”) has a
net worth, determined in accordance with generally accepted accounting principles, of
at least $600,000,000.00; with cash, cash equivalents and immediately available credit
of at least $60,000,000.00 after funding the equity needed to close the purchase;
	 
	 	(C)	 	the transferee or the Creditworthy Party shall be an owner or operator of Class
A/A+ office buildings with a portfolio of not less than 5,000,000 square feet of
rentable space;
	 
	 	(D)	 	the transferee, the Creditworthy Party and all persons and entities owning
(directly or indirectly) ten percent (10%) or more of the ownership interest(s) in the
transferee or the Creditworthy Party are not (and have never been) (a) subject to any
bankruptcy, reorganization or insolvency proceedings or any criminal charges or
proceedings, or (b) a litigant, plaintiff or defendant in any suit brought against or
by Grantee;

16

 

	 	(E)	 	pursuant to written documentation prepared by and satisfactory to Grantee, the
transferee assumes and the Creditworthy Party guarantees, all of the obligations and
liabilities of Grantor under the Loan Documents, whether arising prior to or after the
date of the transfer of the Property, subject to the non-recourse provisions thereof,
except that the transferee shall not be obligated to assume obligations and liabilities
arising or accruing prior to the transfer under the Environmental Indemnity Agreement
or under Section 9(E) of the Guarantee of Recourse Obligations, and Grantee receives a
satisfactory
enforceability opinion with respect thereto from counsel approved by Grantee;
	 
	 	(F)	 	the Creditworthy Party executes Grantee’s then current form of Guarantee and
Guarantee of Recourse Obligations, the Creditworthy Party and the transferee execute
Grantee’s then current form of Environmental Indemnity Agreement, and Grantee receives
a satisfactory enforceability opinion with respect to the foregoing from counsel
approved by Grantee;
	 
	 	(G)	 	an environmental report on the Property which meets Grantee’s then current
requirements and is updated to no earlier than ninety (90) days prior to the date of
transfer, is provided to Grantee at least thirty (30) days prior to the date of
transfer and said report shall be satisfactory to Grantee at the time of transfer;
	 
	 	(H)	 	Grantor and Principal (a) shall remain liable under the Environmental Indemnity
Agreement dated of even date herewith, except for acts or occurrences after the date of
transfer of the Property and (b) shall, except as provided in (a) above, be released
from all obligations and liabilities under the Loan Documents;
	 
	 	(I)	 	Grantee receives an endorsement to its policy of title insurance, satisfactory
to Grantee insuring Grantee’s lien on the Property as a first and valid lien subject
only to liens and encumbrances theretofore approved by Grantee;
	 
	 	(J)	 	pursuant to written documentation prepared by and satisfactory to Grantee, the
transferee (a) acknowledges that, in furtherance and not in limitation of clause (v)
above, it shall be bound by the representation and warranty contained in the covenant
entitled “Business Restriction Representation and Warranty” set forth in this
instrument, and (b) certifies that such representation and warranty is true and correct
as of the date of transfer and shall remain true and correct at all times during the
term of the Note; and
	 
	 	(K)	 	the outstanding balance of the Note at the time of the transfer is not more
than 68% of the gross purchase price of the Property.

17

 

     For purposes of subparagraph (A) above, the Debt Service Coverage ratio shall be calculated in
accordance with the definition set forth above as Projected Debt Service Coverage but subject to
the following changes:

	 	(1)	 	Net Income Available for Debt Service shall be calculated based on contractual
rents in place for the 12-month period following the transfer, and
	 
	 	(2)	 	Expenses shall be the greater of:

	 	(a)	 	the actual expenses for the Property during the trailing
12-month period prior to the date of transfer (but assuming 100% fully assessed
real estate taxes), or
	 
	 	(b)	 	pro-forma expenses for the 12-month period following the date
of transfer (but assuming 100% fully assessed real estate taxes); and

	 	(3)	 	An interest rate equal to the greater of:

	 	(a)	 	8% per annum, or
	 
	 	(b)	 	the then-current 10-year on-the-run United States Treasury
yield plus 200 basis points.

     Notwithstanding the above, if, at the time of the proposed transfer, Condition (A) above is
not satisfied, Grantor may make a partial payment of the Note until Condition (A) above is
satisfied. Such prepayment shall include a prepayment fee calculated in accordance with the
condition hereof entitled “Prepayment in Full”.

     If the transferee shall satisfy the financial requirements set forth in subparagraph (B)
above, all references to the Creditworthy Party in clauses (C) through (F) above shall be deemed
deleted.

     If Grantor shall make a one-time transfer pursuant to the above conditions, Grantee shall be
paid a fee equal to one-half of one percent (0.5%) of the then outstanding balance of the Note at
the time of transfer. The fee shall be paid to Grantee at the time of the request for Grantee’s
consent of such one-time transfer. At the time of such transfer, no modification of the interest
rate or repayment terms of the Note will be required.

     No subsequent transfers of the Property shall be allowed and no Change in the Proportionate
Ownership of transferee shall be allowed without Grantee’s prior written

18

 

consent. Notwithstanding
the foregoing, Grantor and Grantee agree that the underlying ownership structure of a particular
transferee may cause Grantee to determine that the definition of Change in the Proportionate
Ownership of such transferee does not adequately address Grantee’s underlying ownership concerns
for such transferee, and accordingly, Grantee reserves the right to amend the definition of Change
in the Proportionate Ownership as it applies to a particular transferee.

Financial Statements. Grantor agrees to furnish to Grantee annual audited financial
statements on the Principal in the form currently shown on Cousins Properties Incorporated’s Form
10-K, and:

(A) the following financial statements for the Property within 120 days after the close of each
fiscal year of the Grantor (the “Property Financial Statements Due Date”):

	 	(i)	 	an unaudited statement of operations for such fiscal year with a detailed line
item break-down of all sources of income and expenses, including capital expenses
broken down between leasing commissions, tenant improvements, capital maintenance,
common area renovation, and expansion;
	 
	 	(ii)	 	a current rent roll identifying location, leased area, lease begin and end
dates, current contract rent, rent increases and increase dates, percentage rent,
expense reimbursements, and any other recovery items; and
	 
	 	(iii)	 	an operating budget for the current fiscal year;

(B) the following financial statements that Grantee may, in Grantee’s sole discretion, require from
time to time within 30 days after receipt of a written request from Grantee (the “Requested
Financial Statements Due Date”)

	 	(i)	 	an unaudited balance sheet for the Property as of the last day of Grantor’s
most recently closed fiscal year;
	 
	 	(ii)	 	an unaudited balance sheet for Grantor as of the last day of Grantor’s most
recently closed fiscal year;
	 
	 	(iii)	 	an audited balance sheet for Principal as of the last day of Principal’s most
recently closed fiscal year;
	 
	 	(iv)	 	an unaudited statement of cash flows for the Property as of the last day of
Grantor’s most recently closed fiscal year;
	 
	 	(v)	 	an unaudited statement of cash flows for the Grantor as of the last day of
Grantor’s most recently closed fiscal year; and

19

 

	 	(vi)	 	an audited statement of cash flows for Principal as of the last day of
Principal’s most recently closed fiscal year;

     Furthermore, Grantor shall furnish to Grantee within 30 days after receipt of a written
request from Grantee such reasonable financial and management information in the
possession of, or accessible to, Grantor which Grantee reasonably determines to be useful in
Grantee’s monitoring of the value and condition of the Property, Grantor, or Principal.

     The Property Financial Statements Due Date and the Requested Financial Statements Due Date are
each sometimes hereinafter referred to as a “Financial Statements Due Date”.

     Notwithstanding the foregoing, in no event shall a Financial Statements Due Date for a
particular financial statement be prior to the 120th day following the close of the
fiscal year covered by such financial statement.

     If audited, the financial statements identified in sections (B)(iii) and (B)(vi), above, shall
each be prepared in accordance with generally accepted accounting principles by a certified public
accountant satisfactory to Grantor. All unaudited statements shall contain a certification by the
managing member of Grantor stating that they have been prepared in accordance with generally
accepted accounting principles and that they are true and correct. The expense of preparing all of
the financial statements required in (A) and (B) above, shall be borne by Grantor.

     Grantor acknowledges that Grantee requires the financial statements and information required
herein to record accurately the value of the Property for financial and regulatory reporting.

     In addition to all other remedies available to Grantee hereunder, at law and in equity, if any
financial statement, additional information or proof of payment of property taxes and assessments
is not furnished to Grantee as required in this section entitled “Financial Statements” and
in the section entitled “Taxes and Special Assessments”, within 30 days after Grantee shall
have given written notice to Grantor that it has not been received as required,

(x) interest on the unpaid principal balance of the Indebtedness shall as of the applicable
Financial Statements Due Date or the date such additional information or proof of payment of
property taxes and assessments was due, accrue and become payable at a rate equal to the sum
of the Interest Rate (as defined in the Note) plus one percent (1%) per annum (the
“Increased Rate”); and

(y) Grantee may elect to obtain an independent appraisal and audit of the Property at
Grantor’s expense, and Grantor agrees that it will, upon request, promptly make

20

 

Grantor’s books and records regarding the Property available to Grantee and the person(s) performing
the appraisal and audit (which obligation Grantor agrees can be specifically enforced by
Grantee).

     The amount of the payments due under the Note during the time in which the Increased Rate
shall be in effect shall be changed to an amount which is sufficient to reflect
the payment of interest at the Increased Rate each month during the period in which interest only
is payable under the Note. Interest shall continue to accrue and be due and payable monthly at the
Increased Rate until the date (the “Receipt Date”) on which all of the financial statements and/or
proof of payment shall have been furnished or made available to Grantee as required. Commencing on
the Receipt Date, interest on the unpaid principal balance of the Note shall again accrue at the
Interest Rate and the payments due thereafter shall be changed to an amount which is sufficient to
reflect the payment of interest on the Note at the Interest Rate each month during the period in
which interest only is payable under the Note. Notwithstanding the foregoing, Grantee shall have
the right to conduct an independent audit at its own expense at any time upon reasonable prior
notice.

Property Management. The management company for the Property shall be satisfactory to
Grantee and Principal and any entity owned or controlled by Principal shall be satisfactory to
Grantee. Any change in the management company without the prior written consent of Grantee shall
constitute a default under this instrument.

Leasehold Property. With respect to the portion of the Property which is a leasehold
estate:

     (a) The term “Security Lease” is defined as that certain Lease Agreement dated as of December
1, 2006 from Fee Owner to Grantor and recorded in Deed Book 44140, Page 178, Fulton County, Georgia
Records, as amended by that certain First Amendment of Lease Agreement dated September 28, 2007,
and the term “Demised Premises” is defined as the real estate that is subject to said Security
Lease.

     (b) This instrument expressly includes the grant, bargain, sale, and conveyance of all
improvements on the Demised Premises and all additional title, estate, interest or right which may
at any time be acquired by Grantor. It is expressly agreed that this instrument shall constitute a
lien and security title upon the fee simple title or any other interest acquired by Grantor in any
of the Demised Premises.

     (c) Grantor agrees to fully perform and comply with all agreements, covenants and conditions
imposed upon or assumed by the lessee under the Security Lease, and upon failure to do so, Grantee
may (but shall not be obligated to) take any action deemed necessary or desirable to prevent or to
cure any default. Upon receipt of any written notice of default under the Security Lease from any
person or corporation authorized to enforce performance thereof, Grantee may rely thereon and take
any action deemed necessary to

21

 

cure such default, even though the existence of the default or the
notice thereof be questioned or denied by Grantor or any party on behalf of Grantor. Grantee, in
its sole discretion, may expend such sums of money as it deems necessary for such purpose, and
Grantor hereby agrees to pay Grantee, immediately and without demand, all such sums so expended
with interest thereon from the date of each such expenditure at the Default Rate
(as defined in the Note). All sums so expended by Grantee and the interest thereon shall be added
to the Indebtedness and be secured by the lien and security title of this instrument.

     (d) Grantor hereby constitutes Grantee, or an agent or employee designated by Grantee, as
Grantor’s Attorney in Fact to take possession of the Demised Premises at any time after an Event of
Default to collect the rents, issues and profits therefrom and to sublease the same in the name of
Grantor and to make application of the net proceeds after payment of the reasonable expenses of
subleasing and collection, to payments required by the Security Lease, repairs and replacements to
the Demised Premises and repayment of the Indebtedness, as Grantee may see fit. This power of
attorney shall be irrevocable by Grantor until the Indebtedness is paid in full, and the powers
herein granted may be exercised at any time that a default shall have occurred or is threatened
under any Security Lease, the Note or this instrument.

     (e) Until the Indebtedness has been paid in full, Grantor will not surrender any leasehold
estate or other interest herein encumbered, nor terminate the Security Lease. Grantor further
covenants and agrees that it will not, without the written consent of Grantee, amend or alter the
Security Lease. Any termination, amendment or alteration of the Security Lease without the prior
written consent of Grantee shall be a default under this instrument.

     (f) No release or forbearance of any of the Grantor’s obligations under the Security Lease
shall release Grantor from any of its obligations under the Note or this instrument.

     (g) Unless Grantee shall otherwise consent in writing, the fee title to the Demised Premises
and the leasehold estate under the Security Lease shall not merge but shall remain separate and
distinct, notwithstanding the union of said estates in the lessor or the lessee or a third party,
by purchase or otherwise.

     (h) Grantor warrants that there is no present default under the terms and conditions of the
Security Lease and there are no claims or offsets, counterclaims or other matters that may ripen
into a default. If a default shall occur in the future, Grantor covenants that written notice
thereof shall be promptly served on Grantee. A default by lessee under the Security Lease shall
constitute a default under this instrument.

Subjecting the Fee. Fee Owner joins in the execution and delivery of this instrument
solely for the purpose of subjecting to the lien and security title hereof all right, title and
interest of Fee Owner in and to the fee simple title to the Land, and Fee Owner does hereby subject
all

22

 

such right, title and interest of Fee Owner to the lien and security title hereof; and, as
security for the Indebtedness secured hereby, does hereby irrevocably bargain, sell, grant,
transfer, assign and convey unto Grantee all of Fee Owner’s right, title and interest in fee simple
title to the Land and all of Fee Owner’s right, title and interest in and to any of the other
Property owned by Fee Owner; all of the foregoing to the force and effect that, subject
to the terms of the Loan Documents, Grantee shall have the same rights and remedies (including the
right to foreclose in accordance with this instrument) with respect to that portion of and those
interests in the Property owned by Fee Owner as Grantee has with respect to that portion of and
those interests in the Property owned by Grantor. Fee Owner acknowledges and agrees that it has
read the provision hereof entitled “Waiver” and agrees that the provisions thereof apply to
Fee Owner to the same extent and effect as if Fee Owner was named therein.

Notwithstanding any other provision contained in this instrument or in any other Loan Document, Fee
Owner is not obligated to pay any portion of the Indebtedness and shall have no personal liability
for any obligation under this instrument or any other Loan Document. Grantee shall not seek or be
entitled to obtain any monetary judgment against Fee Owner, but Grantee shall be entitled to
exercise Grantee’s rights and remedies to realize upon the collateral conveyed hereby by Fee Owner
as security for the Indebtedness.

Foreclosure of Fee Terminates Guaranty. Upon any foreclosure by Grantee of the fee simple
title to the Land, or upon Grantee or any other party acquiring fee simple title to the Land by
conveyance in lieu of foreclosure or other similar means, and without any other action required of
any party, then, with respect to Grantee, any purchaser at such foreclosure sale, any such
recipient of a conveyance in lieu of foreclosure, and the successors, assigns and representatives
of any such parties (collectively, the “Releasing Parties”), that certain Amended and Restated
Guaranty dated as of September 28, 2007 executed by Grantor in favor of the Bank of New York Trust
Company, N.A., as Trustee, with respect to certain Taxable Revenue Bonds (Terminus Project), Series
2006, shall terminate and be of no further force and effect; and Grantor shall have no liability or
obligation thereunder to any of the Releasing Parties. The provisions of this section entitled
“Foreclosure of Fee Terminates Guaranty” shall survive any foreclosure under this instrument, any
conveyance in lieu of foreclosure, the payment of the Indebtedness and the satisfaction of this
instrument.

Deposits by Grantor. To assure the timely payment of real estate taxes and special
assessments (including personal property taxes, if appropriate), upon the occurrence of an Event of
Default, Grantee shall thence forth have the option to require Grantor to deposit funds with
Grantee, in monthly or other periodic installments in amounts estimated by Grantee from time to
time sufficient to pay real estate taxes and special assessments as they become due. If at any
time the funds so held by Grantee shall be insufficient to pay any of said expenses, Grantor shall,
upon receipt of notice thereof, immediately deposit such additional funds as may be necessary to
remove the deficiency. All funds so

23

 

deposited shall be irrevocably appropriated to Grantee to be
applied to the payment of such real estate taxes and special assessments and, at the option of
Grantee after default, the Indebtedness.

Interest on such deposits held by Grantee shall accrue to the benefit of Grantor. The average
daily balance of the funds so held by Grantee during a month (the “Applicable Month”) shall be
credited with interest on the first day of the following month at a rate equal to the 30-Day United
States Treasury Bill Yield. As used herein, the “30-Day United States Treasury Bill Yield” means
the “Ask Yield” on the first business day of the Applicable Month for United States Treasury bills
maturing the closest to 30 days from the first day of the Applicable Month as reported in The Wall
Street Journal or a similar yield as reasonably determined by Grantee.

Notices. Any notices, demands, requests and consents permitted or required hereunder or
under any other Loan Document shall be in writing, may be delivered personally or sent by certified
mail with postage prepaid or by reputable courier service with charges prepaid. Any notice or
demand sent to Grantor by certified mail or reputable courier service shall be addressed to Grantor
at 191 Peachtree, NE, Suite 3600, Atlanta, Georgia 30303, Attn: Corporate Secretary or such other
address in the United States of America as Grantor shall designate in a notice to Grantee given in
the manner described herein. Any notice sent to Grantee by certified mail or reputable courier
service shall be addressed to The Northwestern Mutual Life Insurance Company to the attention of
the Real Estate Investment Department at 720 East Wisconsin Avenue, Milwaukee, WI 53202, or at
such other addresses as Grantee shall designate in a notice given in the manner described herein.
Any notice given to Grantee shall refer to the Loan No. set forth above. Any notice or demand
hereunder shall be deemed given when received. Any notice or demand which is rejected, the
acceptance of delivery of which is refused or which is incapable of being delivered during normal
business hours at the address specified herein or such other address designated pursuant hereto
shall be deemed received as of the date of attempted delivery.

Modification of Terms. Without affecting the liability of Grantor or any other person
(except any person expressly released in writing) for payment of the Indebtedness or for
performance of any obligation contained herein and without affecting the rights of Grantee with
respect to any security not expressly released in writing, Grantee may, at any time and from time
to time, either before or after the maturity of the Note, without notice or consent: (i) release
any person liable for payment of all or any part of the Indebtedness or for performance of any
obligation; (ii) make any agreement extending the time or otherwise altering the terms of payment
of all or any part of the Indebtedness, or modifying or waiving any obligation, or subordinating,
modifying or otherwise dealing with the lien or charge hereof; (iii) exercise or refrain from
exercising or waive any right Grantee may have; (iv) accept additional security of any kind; (v)
release or otherwise deal with any property, real or personal, securing the Indebtedness, including
all or any part of the Property.

24

 

Exercise of Options. Whenever, by the terms of this instrument, of the Note or any of the
other Loan Documents, Grantee is given any option, such option may be exercised when the right
accrues or at any time thereafter, and no acceptance by Grantee of payment of
Indebtedness in default shall constitute a waiver of any other default then existing and continuing
or thereafter occurring.

Nature and Succession of Agreements. Each of the provisions, covenants and agreements
contained herein shall inure to the benefit of, and be binding on, the heirs, executors,
administrators, successors, grantees, and assigns of the parties hereto, respectively, and the term
“Grantee” shall include the owner and holder of the Note.

Legal Enforceability. No provision of this instrument, the Note or any other Loan
Documents shall require the payment of interest or other obligation in excess of the maximum
permitted by law. If any such excess payment is provided for in any Loan Documents or shall be
adjudicated to be so provided, the provisions of this paragraph shall govern and Grantor shall not
be obligated to pay the amount of such interest or other obligation to the extent that it is in
excess of the amount permitted by law.

Limitation of Liability. Notwithstanding any provision contained herein to the contrary,
the personal liability of Grantor shall be limited as provided in the Note.

Miscellaneous. Time is of the essence in each of the Loan Documents. The remedies of
Grantee as provided herein or in any other Loan Document or at law or in equity shall be cumulative
and concurrent, and may be pursued singly, successively, or together at the sole discretion of
Grantee, and may be exercised as often as occasion therefor shall occur; and neither the failure to
exercise any such right or remedy nor any acceptance by Grantee of payment of Indebtedness in
default shall in any event be construed as a waiver or release of any right or remedy. Neither
this instrument nor any other Loan Document may be modified or terminated orally but only by
agreement or discharge in writing and signed by Grantor and Grantee. If any of the provisions of
any Loan Document or the application thereof to any persons or circumstances shall to any extent be
invalid or unenforceable, the remainder of such Loan Document and each of the other Loan Documents,
and the application of such provision or provisions to persons or circumstances other than those as
to whom or which it is held invalid or unenforceable, shall not be affected thereby, and every
provision of each of the Loan Documents shall be valid and enforceable to the fullest extent
permitted by law.

Waiver of Jury Trial. Grantor hereby waives any right to trial by jury with respect to any
action or proceeding (a) brought by Grantor, Grantee or any other person relating to (i) the
obligations secured hereby and/or any understandings or prior dealings between the parties hereto
or (ii) the Loan Documents or the Environmental Indemnity Agreement, or (b) to which Grantee is a
party.

25

 

Attorneys’ Fees. In the event of any controversy, claim, dispute, or litigation between
the parties hereto in which Grantee is the prevailing party to enforce any provision of any of the
Loan Documents or regarding any right of Grantee thereunder, Grantor agrees to
pay to Grantee all costs and expenses, including reasonable attorneys’ fees incurred therein by
Grantee, whether in preparation for or during any trial, as a result of an appeal from a judgment
entered in such litigation or otherwise.

     As used herein and in the other Loan Documents, “reasonable” attorney’s fees of Grantee’s
counsel shall mean the actual fees of Grantee’s counsel billed at standard hourly rates of such
counsel, rather than a percentage of principal and interest as provided in O.C.G.A. §13-1-11(a)(2).

Captions. The captions contained herein are for convenience and reference only and in no
way define, limit or describe the scope or intent of, or in any way affect this instrument.

Governing Law. This instrument, the interpretation hereof and the rights, obligations,
duties and liabilities hereunder shall be governed and controlled by the laws of the state in which
the Property is located.

Waiver. BY EXECUTION OF THIS DEED TO SECURE A DEBT, GRANTOR EXPRESSLY; (A) ACKNOWLEDGES
THE RIGHT OF GRANTEE TO ACCELERATE THE INDEBTEDNESS EVIDENCED BY THE NOTE AND THE POWER OF ATTORNEY
GIVEN HEREIN TO GRANTEE TO SELL THE PROPERTY, OR A PORTION THEREOF, BY NONJUDICIAL FORECLOSURE UPON
DEFAULT BY GRANTOR WITHOUT ANY JUDICIAL HEARING AND WITHOUT ANY NOTICE OTHER THAN SUCH NOTICE (IF
ANY) AS IS SPECIFICALLY REQUIRED TO BE GIVEN UNDER THE PROVISION OF THIS DEED TO SECURE A DEBT; (B)
WAIVES ANY AND ALL RIGHTS WHICH GRANTOR MAY HAVE UNDER THE CONSTITUTION OF THE UNITED STATES
(INCLUDING THE FIFTH AND FOURTEENTH AMENDMENTS THEREOF), THE VARIOUS PROVISIONS OF THE
CONSTITUTIONS FOR THE SEVERAL STATES, OR BY REASON OF ANY OTHER APPLICABLE LAW (1) TO NOTICE AND TO
JUDICIAL HEARING PRIOR TO THE EXERCISE BY GRANTEE OF ANY RIGHT OR REMEDY HEREIN PROVIDED TO
GRANTEE, EXCEPT SUCH NOTICE (IF ANY) AS IS SPECIFICALLY REQUIRED TO BE PROVIDED IN THIS DEED TO
SECURE A DEBT, AND (2) CONCERNING THE APPLICATION, RIGHTS, OR BENEFITS OF ANY MORATORIUM,
REINSTATEMENT, MARSHALLING, FORBEARANCE, APPRAISEMENT, VALUATION, STAY, EXTENSION, HOMESTEAD,
EXEMPTION, OR REDEMPTION LAWS; (C) ACKNOWLEDGES THAT GRANTOR HAS READ THIS DEED TO SECURE A DEBT
AND ITS PROVISIONS HAVE BEEN EXPLAINED FULLY TO GRANTOR AND GRANTOR HAS CONSULTED WITH COUNSEL OF
GRANTOR’S CHOICE PRIOR TO EXECUTING THIS DEED TO SECURE A DEBT AND (D)

26

 

 ACKNOWLEDGES THAT ALL
WAIVERS OF THE AFORESAID RIGHTS OF GRANTOR HAVE BEEN MADE KNOWINGLY, INTENTIONALLY, AND WILLINGLY
BY GRANTOR AS PART OF A BARGAINED FOR LOAN TRANSACTION AND THAT THIS DEED TO SECURE A DEBT IS VALID
AND
ENFORCEABLE BY GRANTEE AGAINST GRANTOR IN ACCORDANCE WITH ALL THE TERMS AND CONDITIONS HEREOF.

Counterparts. This document may be executed in any number of counterparts, each of which
shall be an original. Such counterparts, however, constitute but one and the same document.

(Remainder of page intentionally left blank)

27

 

     IN WITNESS WHEREOF, this instrument has been executed by the Grantor as of the day and year
first above written..

	 	 	 	 	 	 	 	 	 
	Signed, sealed and delivered

	 	 	 	 	 	 	 	 
	in the presence of: 	 	 	 	3280 PEACHTREE I LLC, a Georgia
	 	 	 	 	limited liability company
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By: Cousins Properties Incorporated, a
	 

	 
	 	 	 	 	 	 	 
	, Witness
	 	 	 	 	 Georgia corporation, its sole
	 	 	 	 	 	 member
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 
	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 
	Notary Public

	 	 	 	 	 	Name:	 	 
	My commission expires:

	 	 	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Signed, sealed and delivered

	 	 	 	 	 	 	 	 
	in the presence of: 	 	 	 	DEVELOPMENT AUTHORITY OF
	 	 	 	 	FULTON COUNTY
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 
	, Witness	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	Its:	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Notary Public

My commission expires:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 
	 	 	 	 	 	 	 

This instrument was prepared by Catherine L. Shaw, Attorney, for The Northwestern Mutual Life
Insurance Company, 720 East Wisconsin Avenue, Milwaukee, WI 53202.

28

 

EXHIBIT “A”

(Description of Property)

TERMINUS 100 OFFICE COMPONENT AND PIEDMONT PARKING COMPONENT 
LEGAL DESCRIPTION

     ALL THOSE TRACTS OR PARCELS OF LAND lying and being in Land Lots 61 and 62 of the 17th
District, Fulton County, Georgia, and being more particularly described as follows:

     Terminus 100 Office Component and Piedmont Parking Component of Terminus®, a Master
Condominium, as more particularly described and delineated in the Declaration of Condominium for
Terminus®, a Master Condominium, filed on October 1, 2007 and recorded in Deed Book 45763, Page
506, et seq., Superior Court of Fulton County, Georgia records, as amended (“Master Declaration”),
together with the undivided percentage interests in the Master Common Elements assigned to such
Components in Exhibit “B” to the Master Declaration.

     This conveyance is made subject to the Master Declaration and all matters referenced therein,
all matters shown on the Master Survey for Terminus®, a Master Condominium recorded in Condominium
Plat Book 17, Pages 430-437, aforesaid records, as amended; and the Master Floor Plans for
Terminus®, a Master Condominium recorded in Condominium Floor Plan Book 37, Pages 56-66, aforesaid
records, as amended.

TOGETHER WITH RIGHTS RESERVED AND EASEMENTS CONTAINED IN:

	1.	 	Amended, Modified and Restated Declaration of Covenants, Conditions and Restrictions;
Easements, Restrictions, Reservations and Grant of Development Rights in Limited Warranty
Deed; Off-Site Development Agreement; and Modification of Easements, Covenants, Conditions,
Restrictions and Other Agreements by and between HMC HT LLC, a Delaware limited liability
company, the City Center Property Owners Association, Inc., a Georgia non-profit corporation,
and BRE/Atlanta L.L.C., a Delaware limited liability company, dated as of August 13, 1999,
recorded in Deed Book 28389, page 285, Fulton County, Georgia Records; as affected by that
certain Parking Easement Relocation Agreement dated May 19, 2004, recorded in Deed Book 38094,
page 14, aforesaid records; as affected by that certain Second Parking Easement Relocation
Agreement and Release by and between the same parties, dated February 25, 2005, recorded in
Deed Book 39515, page 577, aforesaid records; as affected by Relocation of Drainage Easement
Agreement by P&L City Center, LLC dated February 28, 2005, recorded in Deed Book 39515, page
589, aforesaid records; as affected by Assignment and Assumption of Declarant’s Rights dated
March 2, 2005 by and between P&L City Center, LLC and 3280 Peachtree I LLC, recorded in Deed
Book 39515, page 601, aforesaid records; as affected by that certain First Amendment to
Amended, Modified and Restated Declaration of Covenants, Conditions and Restrictions;
Easements, Restrictions, Reservations and Grant of Development Rights in Limited Warranty
Deed;

29

 

	 	 	Off-Site Development Agreement; and Modification of Easements, Covenants, Conditions,
Restrictions and Other Agreements by and between 3280 Peachtree I LLC, 3280 Peachtree II LLC
and HMC HT LLC, dated May 27, 2005, recorded in Deed Book 40116, page 620, aforesaid
records; as affected by that certain Second Amendment to Amended, Modified and Restated
Declaration of Covenants, Conditions and Restrictions; Easements, Restrictions, Reservations
and Grant of Development Rights in Limited Warranty Deed; Off-Site Development Agreement;
and Modification of Easements, Covenants, Conditions, Restrictions and Other Agreements by
and between 3280 Peachtree I LLC and HMC HT LLC, dated May 18, 2006, recorded in Deed Book
42620, page 541, aforesaid records.

	2.	 	Limited Warranty Deed from P&L City Center, LLC to WN City Center, L.P., dated February 20,
2004, recorded in Deed Book 37110, page 30, aforesaid records; as affected by reservation of
rights in favor of 3280 Peachtree I LLC contained in Limited Warranty Deed from P&L City
Center, LLC to 3280 Peachtree I LLC, dated March 2, 2005, recorded in Deed Book 39515, page
592, aforesaid records.
	 
	3.	 	Sanitary Sewer Easement Agreement between WN City Center L.P. and P&L City Center, LLC dated
February 20, 2004, recorded in Deed Book 37110, page 66, aforesaid records; as affected by
Corrective Amendment to Sanitary Sewer Easement Agreement between WN City Center, L.P. and P&L
City Center, LLC, dated February 28, 2005, recorded in Deed Book 39515, page 558, aforesaid
records; as affected by that certain Second Amendment to Sanitary Sewer Easement Agreement by
and between WN City Center, L.P., P&L City Center, LLC and 3280 Peachtree I LLC, dated June
15, 2006, recorded in Deed Book 43260, page 574, aforesaid records.
	 
	4.	 	Access Easement Agreement between WN City Center, L.P. and P&L City Center, LLC, dated
February 20, 2004, recorded in Deed Book 37110, page 90, aforesaid records; as affected by
Amended and Restated Access Easement Agreement between WN City Center, L.P. and P&L City
Center, LLC, dated February 28, 2005, recorded in Deed Book 39515, page 535, aforesaid
records.
	 
	5.	 	Reciprocal Easement Agreement and Termination of Grant of Easement among Regent Tower
Holdings, LLC, Tower Place, L.P. and P&L City Center, LLC, dated as of September 30, 2004,
recorded in Deed Book 38572, page 158, aforesaid records; as affected by Assignment and
Assumption of Appointed Property Owner’s Rights by and between P&L City Center, LLC and 3280
Peachtree I LLC, dated March 2, 2005, recorded in Deed Book 39515, page 607, aforesaid
records; as affected by that certain First Amendment to Reciprocal Easement Agreement and
Termination of Grant of Easement between and among Regent Tower Holdings, LLC, Tower Place,
L.P. and 3280 Peachtree I LLC, dated as of August 15, 2007, recorded in Deed Book 45557, page
528, aforesaid records, amending or affecting:

	 	(a)	 	Cross Easement Agreement between Charles B. Ackerman, Ackerman & Co. and The
First National Bank of Boston, dated October 13, 1989, recorded in Deed Book 12864,
page 190, aforesaid records; as amended by that certain First

30

 

	 	 	 	Amendment to Cross Easement Agreement, dated January 7, 1990, recorded in Deed Book
16232, page 1, aforesaid records;

	 	(b)	 	Easement Agreement for Access and Utilities among Regent Peachtree Holdings,
Inc., Regent Tower Holdings, Inc. and Buckhead Station, L.L.C., dated as of September
13, 1995, recorded in Deed Book 19997, page 43, aforesaid records; and
	 
	 	(c)	 	Amended and Restated Tower Place Easement Agreement among Regent Tower
Holdings, Inc., Tower Place, L.P., and Buckhead Hotel Associates, LLC, dated as of
September 30, 1999, recorded in Deed Book 27742, page 57, aforesaid records; as
affected by Assignment and Assumption of Appointed Property Owner’s Rights by P&L City
Center, LLC to 3280 Peachtree I LLC, dated March 2, 2005, recorded in Deed Book 39515,
page 607, aforesaid records.

	6.	 	Temporary Grading Easement Agreement by and between P&L City Center LLC and 3280 Peachtree I
LLC, dated August 23, 2006, recorded in Deed Book 43311, page 281, aforesaid records.
	 
	7.	 	Supplemental Declaration of Easements, Covenants, Conditions and Restrictions for Terminus
100, Terminus 200 and 10 Terminus Place Condominium made by 3280 Peachtree I LLC, dated as of
April 23, 2007, recorded in Deed Book 45763, page 312, aforesaid records.
	 
	8.	 	Declaration of Condominium for Terminus, a Master Condominium by 3280 Peachtree I LLC, dated
September 27, 2007, recorded in Deed Book 45763, page 506, aforesaid records.

31EX-10.1 SALE AND PURCHASE AGREEMENT

 

Execution copy

Exhibit 10.1

SALE AND PURCHASE AGREEMENT

BETWEEN

GRAPHIC PACKAGING INTERNATIONAL

HOLDING SWEDEN AB

AND

LAGRUMMET DECEMBER NR 1031 AKTIEBOLAG

(UNDER CHANGE OF NAME TO FISKEBY INTERNATIONAL HOLDING AB)

REGARDING

GRAPHIC PACKAGING INTERNATIONAL

SWEDEN AB

 

 

Execution
copy

SALE AND PURCHASE AGREEMENT

THIS SALE AND PURCHASE AGREEMENT (the “Agreement”) is entered into on 16 October 2007 by and
between:

	 	(1)	 	Graphic Packaging International Holding Sweden AB, Reg. No. 556527-2951, a limited liability
company duly incorporated under the laws of Sweden having its principal office at Box 1,
Fiskeby, 601 02 Norrköping Sweden, (the “Seller”); and,
	 
	 	(2)	 	Lagrummet December nr 1031 Aktiebolag (under change of name to Fiskeby International Holding
AB) Reg. No. 556678-4731, a company duly incorporated and organised under the laws of Sweden
having its principal office at Box 1703, 111 87 Stockholm, Sweden, (the “Purchaser”).

RECITALS:

	 	A.	 	Graphic Packaging International Holding Sweden AB, a limited liability company duly
incorporated under the laws of Sweden, having its principal office at Box 1, Fiskeby, 601 02
Norrköping, Sweden, is a wholly owned subsidiary of Graphic Packaging International Holding
Company.
	 
	 	B.	 	Graphic Packaging International Holding Sweden AB owns all issued and outstanding shares in
Graphic Packaging International Sweden AB, Reg. No. 556032-6158, a limited liability company
duly incorporated under the laws of Sweden having its principal office at Box 1, Fiskeby, 601
02 Norrköping, Sweden (the “Company”), which has an issued and outstanding share capital of
SEK 50,000,000 divided into 50,000 issued and outstanding shares. The Company owns 100
percent of the shares in Fiskeby Board A/S, a company duly incorporated and organised under
the laws of Denmark, 100 percent of the shares in Fiskeby Board Limited, a company duly
incorporated and organised under the laws of England and 100 percent of the shares in Fiskeby
Board SARL, a company duly incorporated and organised under the laws of France.
	 
	 	C.	 	The business of the Company and of the Subsidiaries is development, manufacturing and sale
of paper and packaging boards made from first class recycled fibre (the “Business”).
	 
	 	D.	 	The Purchaser is willing to acquire all of the Shares in the Company from the Seller and
the Seller is willing to sell and transfer all of the Shares to the Purchaser subject to the
terms and conditions set out in this Agreement.

2

 

Execution
copy

NOW THEREFORE, the Parties hereby agree as follows:

	 	1.	 	DEFINITIONS
	 
	 	 	 	As used in this Agreement, unless expressly stated otherwise or evident in the context,
the following terms shall have the following meanings, the singular (where appropriate)
shall include the plural and vice versa and references to Appendices and Sections shall
mean Appendices and Sections of this Agreement:

	 	 	 	 	 
	 

	 	“Accounting Principles”
	 	shall mean applicable Laws and generally accepted
accounting principles in Sweden consistently
applied by the Company in the preparation of the
Accounts and the equivalent accounts for the
preceding financial year;
	 
	 	 	 	 
	 

	 	“Accounts”
	 	shall mean (x) the audited annual accounts of the
Company (comprising (i) the Company’s balance
sheets, profit and loss accounts and statements of
cash flow, (ii) the Company’s consolidated balance
sheets, consolidated profit and loss accounts and
statements of cash flow, and (iii) the related
administration reports of the board of the
Directors of the Company and statements by the
Company’s auditors), for the accounting reference
periods ended on 31 December 2005 and 31 December
2006, attached as Appendix 6.5.1, and (y) the
Closing Balance Sheet;
	 
	 	 	 	 
	 

	 	“Accounts Date”
	 	shall mean 31 December 2006;
	 
	 	 	 	 
	 

	 	“Affiliate”
	 	shall mean, with respect to a specified legal
entity or person, any other legal entity or person
which directly or indirectly, through one or more
intermediaries, controls or is controlled by, or
is under common control with, the legal entity or
the person specified;
	 
	 	 	 	 
	 

	 	“Agreement”
	 	shall mean this Share Purchase Agreement and the
appendices and exhibits hereto;
	 
	 	 	 	 
	 

	 	“Business”
	 	shall mean the operations of the Company and the
Subsidiaries as of the date hereof as set out in
Recitals, Section C;
	 
	 	 	 	 
	 

	 	“Business Day”
	 	shall mean a day when banks are open for general
banking business in Sweden and in the United
States of America;
	 
	 	 	 	 
	 

	 	“Claim”
	 	shall mean a bona fide claim made by the Purchaser
against the Seller in respect of a Loss resulting
from a breach of any of the Warranties made by the
Seller pursuant to this Agreement;
	 
	 	 	 	 
	 

	 	“Closing”
	 	shall mean the completion of the transactions as
contemplated by this Agreement;

3

 

Execution
copy

	 	 	 	 	 
	 

	 	“Closing Balance
Sheet”
	 	shall mean the unaudited, consolidated balance
sheet of the Company and the Subsidiaries prepared
as of 30 September 2007, attached hereto as
Appendix 1(a);
	 
	 	 	 	 
	 

	 	“Closing Date”
	 	shall mean (i) the date occurring five (5)
Business Days after the satisfaction or waiver of
the conditions to closing set forth in Section
5.2(b), or (ii) such other date as the Parties may
agree;
	 
	 	 	 	 
	 

	 	“Company”
	 	shall mean Graphic Packaging International Sweden
AB, Reg. No. 556032-6158, as set out in the
Recitals, Section A;
	 
	 	 	 	 
	 

	 	“Confidential
Information”
	 	shall mean any and all information of any kind or
nature whatsoever, whether written or oral,
including, without limitation, financial
information, trade secrets, client lists and other
proprietary business information, regarding the
Company, the Subsidiaries or the Seller, which
information is not known to the general public;
	 
	 	 	 	 
	 

	 	“Currency Conversion
Rate”
	 	shall have the meaning set out in Section 12.9;
	 
	 	 	 	 
	 

	 	“Data Room Documents”
	 	shall mean the documents made available to the
Purchaser and its advisors prior to the date
hereof containing commercial, accounting,
financial and legal information relating to the
Company and the Subsidiaries, as identified in the
index attached hereto as Appendix 6(i);
	 
	 	 	 	 
	 

	 	“Directors”
	 	shall mean the members of the Board of Directors
of the Company and the Subsidiaries;
	 
	 	 	 	 
	 

	 	“Encumbrance”
	 	shall mean (i) any right of pledge, mortgage,
usufruct charges, liens or attachments or other
security interest, (ii) any option, right of first
refusal or first offer, and (iii) any other
interest or adverse claim of any kind restricting
the right to use or dispose of an asset or
property;
	 
	 	 	 	 
	 

	 	“Environment”
	 	shall mean all and any land, buildings, machines
and other installations, water (including
groundwater and sediments), air, and any living
organisms or systems;
	 
	 	 	 	 
	 

	 	“Environmental Claim”
	 	shall mean any Third Party Claim relating to the
Environment or arising under or in connection with
Environmental Laws;
	 
	 	 	 	 
	 

	 	“Environmental Law”
	 	shall mean any applicable Law relating to
pollution or protection of the Environment or the
general health and safety;
	 
	 	 	 	 
	 

	 	“Environmental Liability”
	 	shall mean any liability or
obligation of any kind relating to the Environment or arising under or in
connection with Environmental Laws, including,
without limitation, liability for remediation;

4

 

Execution
copy

	 	 	 	 	 
	 
	 	 	 	 
	 

	 	“Environmental Loss”
	 	shall have the meaning set out in Section 7.1.1;
	 
	 	 	 	 
	 

	 	“Incinerator Plant”
	 	shall mean the installation of a waste-to-energy
incinerator plant at the Fiskeby Mill;
	 
	 	 	 	 
	 

	 	“Intellectual Property”
	 	shall mean inventions, patents, know-how, trade
secrets, designs, copyrights, database rights,
trademarks, domain names, trade names and other
rights of a similar kind, whether registered or
not, including applications for the registration
of such rights;
	 
	 	 	 	 
	 

	 	“Key Employees”
	 	shall mean the employees, whose employment
contracts are attached as Appendix 6.11.1 hereto;
	 
	 	 	 	 
	 

	 	“Laws”
	 	shall mean all and any applicable national or
international laws, statutes, regulations,
directives, codes, ordinances, judgements, orders
and injunctions, including Environmental Laws;
	 
	 	 	 	 
	 

	 	“Loss”
	 	shall mean all direct loss, damage, cost or
expense (including reasonable legal fees, but
excluding any indirect or consequential damage
loss, expense or cost) resulting from a breach of
any of the Warranties;
	 
	 	 	 	 
	 

	 	“Material Adverse
Effect”
	 	shall mean a material adverse effect on the
condition (financial or otherwise), the Business,
the assets, the liabilities or the operations of
the Company and the Subsidiaries;
	 
	 	 	 	 
	 

	 	“Material Contracts”
	 	shall mean the contracts, commitments and
arrangements listed in Appendix 6.8.2;
	 
	 	 	 	 
	 

	 	“Party”
	 	shall mean the Seller or the Purchaser, and
“Parties” shall mean the Seller and the Purchaser
collectively when referred to in this Agreement;
	 
	 	 	 	 
	 

	 	“Person”
	 	shall mean an individual, company, partnership,
association or other entity or organisation,
including a government or an agency or
instrumentality thereof;
	 
	 	 	 	 
	 

	 	“Pre-Closing Taxes”
	 	shall have the meaning set out in Section 7.2;
	 
	 	 	 	 
	 

	 	“Properties”
	 	shall mean the real properties Norrköping Fiskeby
1:2 and Norrköping Fiskeby 1:47;
	 
	 	 	 	 
	 

	 	“Purchase Price”
	 	shall have the meaning set out in Section 3.1;
	 
	 	 	 	 
	 

	 	“Purchaser”
	 	shall have the meaning set out in the introductory
paragraph hereof;

5

 

Execution
copy

	 	 	 	 	 
	 

	 	“SEK”
	 	shall mean the currency Swedish kronor;
	 
	 	 	 	 
	 

	 	“Seller”
	 	shall have the meaning set out in the introductory
paragraph hereof;
	 
	 	 	 	 
	 

	 	“Seller’s Knowledge”
	 	shall mean the actual knowledge of Torbjörn
Hansen, Ulrika Worge, Hans Hagdahl and Anders
Nyrén, and “Knowledge” shall mean the actual
knowledge of any such individual;
	 
	 	 	 	 
	 

	 	“Seller’s Guarantee”
	 	means the Guarantee provided by Graphic Packaging
International, Inc. to secure the Seller’s
obligations and liabilities under this Agreement;
Appendix 5.4.2.(h);
	 
	 	 	 	 
	 

	 	“Seller’s Guarantor”
	 	shall have the meaning set out in Seller’s
Guarantee;
	 
	 	 	 	 
	 

	 	“Shares”
	 	shall mean the issued shares of the Company owned
by the Seller, representing one hundred per cent
(100%) of all the issued shares in the Company as
set out in the Recitals, Section A;
	 
	 	 	 	 
	 

	 	“Subsidiary”
	 	shall mean each of Subsidiary Denmark, Subsidiary
France and Subsidiary UK;
	 
	 	 	 	 
	 

	 	“Subsidiary Denmark”
	 	shall mean Fiskeby Board A/S, CVR-number: 14 74 72
81;
	 
	 	 	 	 
	 

	 	“Subsidiary France”
	 	shall mean Fiskeby Board SARL, Numéro
d  ́idenfication: 408 425 312, R.C.S. Versailles;
	 
	 	 	 	 
	 

	 	“Subsidiary UK”
	 	shall mean Fiskeby Board Limited,
Company Number: 20 89 257;
	 
	 	 	 	 
	 

	 	“Signing Date”
	 	shall mean the date of this Agreement;
	 
	 	 	 	 
	 

	 	“Taxes”
	 	shall mean all direct and indirect income tax,
value added tax, sales tax, property tax and any
other taxes, duties, withholdings, deductions,
assessment or social charges imposed by any tax
authority, including all penalties and interest
relating to such taxes;
	 
	 	 	 	 
	 

	 	“Third Party Claim”
	 	shall mean any claim by a third party (including
tax, environmental, the general health and safety
and other authorities) against the Purchaser, the
Company or the Subsidiaries; and
	 
	 	 	 	 
	 

	 	“Warranties”
	 	shall mean the representations and warranties of
the Seller as set out in Section 6.

6

 

Execution copy

	 	2.	 	SALE AND PURCHASE
	 
	 	2.1.	 	Upon the terms and subject to the conditions set forth herein, the Seller hereby agrees to
sell and the Purchaser agrees to purchase the Shares, together with all rights attached to
them (including any and all shareholder contributions (Sw. aktieägartillskott).
	 
	 	2.2.	 	The Shares shall be delivered and transferred by the Seller to the Purchaser on the Closing
Date, free and clear of any Encumbrances.
	 
	 	3.	 	PURCHASE PRICE
	 
	 	3.1.	 	The Purchase Price for the Shares shall be USD eight million six hundred thousand
(8,600,000).
	 
	 	4.	 	TRANSFER OF TITLE
	 
	 	4.1.	 	The full and unrestricted ownership of and title to the Shares shall pass from the Seller to
the Purchaser at Closing against payment of the Purchase Price and fulfilment and completion
of the Closing procedures set forth in Section 5.4 below.
	 
	 	5.	 	CLOSING
	 
	 	5.1.	 	Conditions of the Seller
	 
	 	 	 	The obligations of the Seller to complete the transactions contemplated by this Agreement
shall be subject to the Purchaser having performed in all material respects all of its
agreements, covenants and obligations hereunder required to be performed by it on or prior
to the Closing Date, and to the warranties of the Purchaser set out in Section 8 hereof
being true and correct on and as of the Closing Date as if made on and as of such date,
and the Purchaser shall have delivered a certificate to the Seller to such effect.
	 
	 	5.2.	 	Conditions of the Purchaser
	 
	 	 	 	The obligations of the Purchaser to complete the transactions contemplated by
this Agreement shall be subject to the satisfaction or waiver by the Purchaser, or
the Seller in respect of section 5.2.b below as regards the Purchaser’s obligation to
pay certain costs, on or before the Closing of the following conditions:

	 	(a)	 	the Seller shall have performed in all material respects all of its
agreements, covenants and obligations hereunder required to be performed by it on or
prior to the Closing Date, and the Warranties of the Seller shall be true and correct
on and as of the Closing Date as if made on and as of such date, and the Seller shall
have delivered a certificate to the Purchaser to such effect;
	 
	 	(b)	 	an agreement pertaining to the transfer of the permit of Fortum to
construct and operate an Incineration Plant at the Properties (together with any
allocated emission rights, if any), in accordance with Appendix 5.2.b shall
have been entered into between Fortum and the Company, and the SEK four million five
hundred thousands (4,500,000) consideration therefore agreed between the Company and
Fortum shall be paid by the Purchaser on the Closing Date; and
	 
	 	(c)	 	the Seller shall have brought current all balances between, on the one hand
the Company and its Subsidiaries and, on the other hand, the Seller and its
Affiliates, so that at Closing all accounts receivable and other receivables of the
Company and its Subsidiaries held against the Seller or any of its

7

 

Execution copy

	 	 	 	Affiliates and having accrued on or before 30 September 2007 shall have been paid
and settled in full.

	 	5.3.	 	Non-Fulfilment of Closing Conditions
	 
	 	5.3.1.	 	Each of the Seller and the Purchaser shall be entitled, in its sole discretion, to terminate
this Agreement forthwith in writing if (i) any of the conditions to closing set out in Section
5.1 and 5.2, respectively, have not been satisfied on or before the Closing Date, or (ii) if
at any time prior to the Closing Date, any such condition to closing has become incapable of
being satisfied.
	 
	 	5.3.2.	 	If this Agreement is terminated as permitted by Section 5.3.1, such termination shall be
without liability of either Party to the other Party. However, if such termination shall
result from a wilful failure of a Party to fulfil a condition of the other Party or a breach
by a Party of a covenant, representation or warranty contained herein, then such Party shall
be fully liable for any and all loss, damage, cost and expense incurred or suffered by the
other Party as a result of such failure or breach.
	 
	 	5.4.	 	Closing
	 
	 	5.4.1.	 	Closing shall take place on the Closing Date starting at 10 a.m. at the office of
Advokatfirma Lindhs DLA Nordic KB at Kungsgatan 9, 103 90 Stockholm, Sweden.
	 
	 	5.4.2.	 	At Closing, the following deliveries shall take place:

	 	(a)	 	the Purchaser shall pay the Purchase Price in cash to the Seller’s USD
account no 168 524 000 26 with Nordea without any set-off or deductions whatsoever;
	 
	 	(b)	 	the Seller shall deliver (i) an application signed by authorized
representatives of the Seller for the cancellation of the share certificate
representing the Shares (Sw. ansökan om dödande av förkomna aktiebrev), (ii) a copy
of a board resolution of the Seller in which the Seller declares that it has lost
the certificate and resolves to file the application with a District Court having
appropriate jurisdiction, (iii) a power of attorney (Sw. rättegångsfullmakt) for the
Company, with full power of substitution, to represent the Seller in any proceedings
involving a cancellation of the certificate, and (iv) the Company’s shareholders’
register evidencing that the Purchaser has been entered as the holder of the Shares;
	 
	 	(c)	 	the Seller shall cause all Directors appointed by the Seller to resign
from their offices without any claim for compensation for directors fees or
otherwise;
	 
	 	(d)	 	the Purchaser shall cause shareholders’ meetings and board meetings to be
held in the Company in accordance with Section 9.1 hereof;
	 
	 	(e)	 	the Company and Graphic Packaging Corporation shall execute and make
effective the Technical Assistance Agreement attached hereto as Appendix 5.4.2
(e);
	 
	 	(f)	 	the Company and Graphic Packaging Corporation shall execute and make
effective the Supply Agreement attached hereto as Appendix 5.4.2 (f);
	 
	 	(g)	 	the Seller shall deliver to the Purchaser a power of attorney to enable
the Purchaser to effectively carry out the take over from Closing;

8

 

Execution copy

	 	(h)	 	the Seller shall deliver the Seller’s Guarantee in the form set out in
Appendix 5.4.2(h);
	 
	 	(i)	 	the Seller shall procure that the Company delivers all existing floating
charges (Sw. företagsinteckningsbrev) of the Company except such floating charges
listed in Appendix 5.4.2 (i) that are pledged under the Company’s existing
SEK 50 million overdraft facility agreement with Nordea.

	 	6.	 	REPRESENTATIONS AND WARRANTIES OF THE SELLER
	 
	 	 	 	Prior to the Signing Date, the Purchaser has conducted a due diligence review with respect
to the Company and the Subsidiaries together with the Purchaser’s professional advisors.
The Purchaser and the Purchaser’s professional advisors have reviewed the Data Room
Documents, Appendix 6(i).
	 
	 	 	 	Subject to what has otherwise been set out in this Agreement, the Seller makes the
following representations and warranties to the Purchaser, all of which are made as of the
date hereof and as of the Closing Date, or as of such other date or period of time as
explicitly stated below.
	 
	 	6.1.	 	Corporate Existence and Power
	 
	 	6.1.1.	 	The Seller, the Company and the Subsidiaries are duly incorporated and validly existing
under the laws of the jurisdictions in which they were incorporated, the Seller has the
requisite power and authority to enter into and perform this Agreement, and the Company and
the Subsidiaries have the requisite power and authority to operate and conduct the Business.
True, complete and current copies of the Articles of Association and registration certificates
of the Seller, the Company and the Subsidiaries are attached hereto as Appendix 6.1.1.
	 
	 	6.1.2.	 	Neither the Seller or the Company, nor any Subsidiary, has initiated or filed (or has had
filed against it) any petition for its winding-up, is insolvent within the meaning of
applicable laws, rules or regulations or similar requirements, or has made any assignment in
favour of its creditors. No petition for receivership or any administration order has been
presented in respect of the Seller, the Company or any Subsidiary. The Seller, the Company and
the Subsidiaries have not initiated any proceedings with respect to a compromise or
arrangement with their creditors or for the dissolution, liquidation or reorganisation of the
Seller, the Company or the Subsidiaries or the winding-up or cessation of their businesses. No
receiver or administrative receiver or liquidator has been appointed in respect of the Seller,
the Company, the Subsidiaries or any of their material assets.
	 
	 	6.2.	 	Corporate Authorisation and Non-contravention
	 
	 	6.2.1.	 	This Agreement and the performance by the Seller of its obligations under it have been duly
authorised by all necessary corporate action on the part of the Seller, and this Agreement
constitutes valid and binding obligations of the Seller in accordance with its terms.
	 
	 	6.3.	 	Ownership of the Shares; Capitalisation of the Company
	 
	 	6.3.1.	 	The Seller is the lawful owner of the Shares, free and clear of all liens, Encumbrances,
restrictions and claims of every kind. The delivery to the Purchaser of the Shares will
transfer to the Purchaser valid title thereto, free and clear of any and all Encumbrances and
third party rights.
	 
	 	6.3.2.	 	The Shares have been legally and validly issued and are fully paid. The Shares constitute
the entire issued share capital of the Company. There are no

9

 

Execution copy

	 	 	 	outstanding obligations, warrants, options, depository receipts, subscriptions,
pre-emptive rights, contracts or agreements providing for the purchase, issuance or
sale of any shares or other securities in the Company.
	 
	 	6.4.	 	Ownership of the Shares; Capitalisation of the Subsidiaries
	 
	 	6.4.1.	 	The Subsidiaries are owned as set out in Recitals Section B. All outstanding shares in the
Subsidiaries have been legally and validly issued and are fully paid.
	 
	 	6.4.2.	 	There are no outstanding obligations, warrants, options, depository receipts, subscriptions,
pre-emptive rights, contracts or agreements providing for the purchase, issuance or sale of
any shares or other securities in any Subsidiary.
	 
	 	6.4.3.	 	Except as set out in Appendix 6.4.3, neither the Company nor any Subsidiary has any
interest or ownership in any business entity or association or carries on, or has carried on,
business in partnership with or as an equity or joint venture participant in any other Person
that is not a Subsidiary.
	 
	 	6.5.	 	Accounts
	 
	 	6.5.1.	 	The Accounts give a fair view of the consolidated financial position and results of the
operations of the Company and the Subsidiaries. The Accounts have been prepared in accordance
with the Accounting Principles.
	 
	 	6.5.2.	 	Except for the liabilities provided for in the consolidate balance sheet of the Company and
the Subsidiaries included in the Accounts for the accounting reference period ending on the
Accounts Date or disclosed in the notes thereto, as of the Accounts Date there were no
liabilities of the Company or any Subsidiary of any kind, whether absolute, accrued or
contingent, determined or undetermined, and as of the Accounts Date no condition or set of
circumstances existed which could result in any such liability.
	 
	 	6.5.3.	 	Except as set out in Appendix 6.5.3, neither the Company, nor any Subsidiary has any
obligations under or with respect to, whether incurred or guaranteed, any indebtedness for
borrowed money, any factoring or similar receivable financing arrangement, any
counter-indemnity in respect of letters of credit, surety or performance bonds or similar
arrangements, any interest rate or currency hedging arrangement, or any financial lease
arrangement.
	 
	 	6.6.	 	Absence of Certain Events
	 
	 	6.6.1.	 	During the period between the Accounts Date and the Closing Date;

	 	(a)	 	the Business of the Company and the Subsidiaries has been and will be
carried on in the ordinary and usual course;
	 
	 	(b)	 	no dividends or other distributions have been or will be declared, paid or
made by the Company or the Subsidiaries to the Seller, or any Affiliate of the
Seller;
	 
	 	(c)	 	the Company or the Subsidiaries have not sold, pledged or otherwise
encumbered, and will not sell, pledge or otherwise encumber any material asset, other
than in the normal course of business consistent with past practices;
	 
	 	(d)	 	the Company or the Subsidiaries have not borrowed, and will not borrow, any
additional funds from banks or other external sources, except as disclosed in
Appendix 6.6.1.d;
	 
	 	(e)	 	the Company or the Subsidiaries have not repaid, and will not repay, any of
their loans existing as at the Accounts Date, if any, other than as required in the
contracts governing such loans or in the normal course of business;

10

 

Execution copy

	 	(f)	 	there has not occurred any damage to or destruction or loss of any material
property or asset of the Company or any Subsidiary;
	 
	 	(g)	 	no material term or condition of any Material Contract has been amended or
modified, and no material right or benefit under any Material Contract has been
waived or relinquished by the Company or the Subsidiaries;
	 
	 	(h)	 	no material customer of the Business has terminated or indicated that it
intends to terminate any agreement or its relationship with the Business, and no
material supplier of the Business has ceased or decreased or indicated that it
intends to cease or decrease the rate of supply of materials, products or services to
the Business; and
	 
	 	(i)	 	except as set out in Appendix 6.6.1.(i) the Company has neither
made, nor committed to make any capital expenditures or improvements to fixed assets.

	 	6.7.	 	Agreements with the Seller
	 
	 	6.7.1.	 	No contract or arrangement other than at arm’s length terms and conditions (including
prices) is outstanding or has been outstanding between the Seller or its Affiliates, on the
one hand, and the Company or the Subsidiaries, on the other hand.
	 
	 	6.8.	 	Material Contracts
	 
	 	6.8.1.	 	True and complete copies of all contracts material to the Business of the Company and the
Subsidiaries have been disclosed to the Purchaser as part of the Data Room Documents.
	 
	 	6.8.2.	 	All Material Contracts listed in Appendix 6.8.2 are valid, enforceable and binding
in accordance with their respective terms. No notice of termination or renegotiation of any
Material Contract has been received or provided by the Company or any Subsidiary.
	 
	 	6.8.3.	 	Neither the Company, nor any Subsidiary, nor any other contracting party to any Material
Contract, is in default or breach in any material respect of any Material Contract. Neither
the Company, nor any Subsidiary, nor, to the Seller’s Knowledge, any other contracting party,
is in default or breach of any other agreement, arrangement or commitment of the Company or
the Subsidiaries which default or breach could reasonably be expected to result in a Material
Adverse Effect.
	 
	 	6.8.4.	 	The execution and performance by the Seller of this Agreement and the completion of the
transactions contemplated hereby does not and will not require any consent of, notice to or
other action by any Person under any Material Contract, or result in or constitute a breach of
or default under, or give rise to any right of termination, acceleration or cancellation of,
any such agreement or of any right or obligation under any such agreement.
	 
	 	6.9.	 	Intellectual Property
	 
	 	6.9.1.	 	The Intellectual Property used in the conduct and operation of the Business is owned or
licensed by the Company or its Subsidiaries (as applicable) with full and unrestricted
ownership and right of disposition, and is thus not subject to any Encumbrances and no third
party is claiming that such Encumbrances exist. The Intellectual Property disclosed in the
Data Room Documents constitutes all Intellectual Property required for the ownership and
conduct of the Business.
	 
	 	6.9.2.	 	The Company or its Subsidiaries do not infringe, and has not infringed, any third party’s
intellectual property rights and no third party is claiming that such infringement is taking
or has taken place.

11

 

Execution copy

	 	6.9.3.	 	To the Seller’s Knowledge, no infringement of the Company’s and the Subsidiaries’ owned
Intellectual Property is taking or has taken place.
	 
	 	6.9.4.	 	The Company and the Subsidiaries have taken all reasonable steps in accordance with normal
industry practice to maintain and protect the Intellectual Property owned or licensed by them
and to maintain the confidentiality of such Intellectual Property and its Confidential
Information.
	 
	 	6.10.	 	Insurance
	 
	 	6.10.1.	 	All material insurance policies in respect of the Company and the Subsidiaries have been
disclosed as part of the Data Room Documents.
	 
	 	6.10.2.	 	All such material insurance policies will be in full force and effect until the Closing
Date.
	 
	 	6.10.3.	 	No claim by the Company or any Subsidiary is pending under any such policy, and, to the
Seller’s Knowledge, no fact or circumstance has occurred or is existing that could reasonably
be expected to result in such claim.
	 
	 	6.11.	 	Employment, Pension Agreements and Labour Matters
	 
	 	6.11.1.	 	Copies of employment contracts of the Key Employees are attached in Appendix
6.11.1.
	 
	 	6.11.2.	 	None of the Key Employees has given or received notice of termination of his or her
employment, and, to the Seller’s Knowledge, no such Key Employee has any current intention of
giving such notice.
	 
	 	6.11.3.	 	The description in Appendix 6.11.3 is a correct and complete description of all
bonus, profit-sharing, stock option, severance and similar compensation arrangements,
obligations and liabilities (including any such payment or value of which is conditioned on
the transaction contemplated by this Agreement) that apply to and are payable for the benefit
of or to the employees of the Company and the Subsidiaries.
	 
	 	6.11.4.	 	Any and all collective bargaining agreements to which the Company or the Subsidiaries is a
party have been entered into on terms which are normal and customary for companies carrying on
similar activities as the Company and the Subsidiaries.
	 
	 	6.12.	 	Business Premises
	 
	 	6.12.1.	 	The Company and the Subsidiaries own no other real properties than the Properties. True
copies of certificates of encumbrance (Sw. gravationsbevis) with respect to the Properties
have been attached to Appendix 6.12.1.
	 
	 	6.12.2.	 	All premises leased by the Company and the Subsidiaries and the relevant terms of the lease
agreements are set out in Appendix 6.12.2.
	 
	 	6.12.3.	 	All leases pursuant to which the Company and the Subsidiaries lease real property extending
beyond the Closing Date, are valid and effective in accordance with their respective terms.
	 
	 	6.12.4.	 	The Company and the Subsidiaries occupy and use the real properties owned and leased by
them for the sole purpose of conducting the Business. The current use and occupancy thereof
does not constitute a non-conforming use under any applicable zoning or other land use Laws.
	 
	 	6.13.	 	Accounts Receivable and Liquid Assets
	 
	 	6.13.1.	 	All of the accounts receivable (including trade receivables owed by the Seller and its
Affiliates) of the Company and its Subsidiaries have arisen in the ordinary course of business
and will be collected at full book value within ninety (90) days from the respective due date.

12

 

Execution copy

	6.13.2.	 	All liquid assets and accounts receivable of the Company and its Subsidiaries, including
but not limited to bank accounts and cash, are available free and clear from any Encumbrances
or conditions.

	6.14.	 	Accounting Records and Statutory Books

	6.14.1.	 	The accounting records of the Company and the Subsidiaries are up-to-date and contain, in
all material respects, complete and accurate details of the Business activities of the Company
and the Subsidiaries as well as all matters required by law to be included in such records.

	6.14.2.	 	The statutory books of the Company and the Subsidiaries are up-to-date and contain, in all
material respects, complete and accurate records of the matters which should be included in
such books.

	6.15.	 	Title to Assets

	6.15.1.	 	The Company and the Subsidiaries are the owners of the assets, tangible and intangible,
that are reflected in the Accounts in addition to any assets, tangible and intangible,
acquired since the Accounts Date, and less any assets, tangible and intangible, disposed of
since the Accounts Date in the ordinary course of business consistent with past practice and
has good and marketable title to all such assets, tangible or intangible, free and clear from
any Encumbrances.

	6.15.2.	 	The Company and the Subsidiaries own or lease all assets, tangible and intangible,
necessary for it to carry on the Business as presently conducted, and such assets, tangible
and intangible, are in good operating condition, ordinary wear and tear excepted, and fully
maintained and serviced on a timely basis.

	6.16.	 	Inventories

	6.16.1.	 	The inventories of the Company and of the Subsidiaries set forth in the Closing Balance
Sheet have been stated therein at the lower of cost and net realisable value determined in
accordance with the Accounting Principles consistently applied. Since the Accounts Date, the
inventories of the Company and the Subsidiaries have been maintained in the ordinary course of
business consistent with past practices.

	6.17.	 	Litigation

	6.17.1.	 	The Company and the Subsidiaries are not engaged in any pending litigation, arbitration, or
administrative proceeding, investigation, audit or inquiry, whether as plaintiffs, defendants
or otherwise.

	6.17.2.	 	Since 1 January 2005, no judgments or awards have been rendered, and there are no judgments
or awards outstanding, against the Company or the Subsidiaries, except as set out in
Appendix 6.17.2.

	6.17.3.	 	To the Sellers’ Knowledge, no fact or circumstance has occurred or is existing which could
result in any litigation, arbitration or administrative proceeding, investigation, audit or
inquiry against the Company or the Subsidiaries.

	6.18.	 	Taxes

	6.18.1.	 	The Company and the Subsidiaries have filed the required tax returns and reports with the
appropriate tax authorities. Such reports and returns have been prepared in accordance
applicable Laws and, when filed, included all information required for a correct assessment of
Taxes. All Taxes that have become due for payment have been paid. The Company and the
Subsidiaries have complied with all applicable Laws relating to Taxes in respect of record
retention and documentation of business transactions, including, without limitation, transfer
pricing records and documents. All material information on tax returns and reports filed has
been disclosed as part of the Data Room Documents.

13

 

Execution copy

	6.18.2.	 	There are no tax audits pending, or, to the Seller’s Knowledge, threatened with respect to
the Company or the Subsidiaries. To the Sellers’ Knowledge, no fact or circumstance has
occurred or is existing which could result in any such audit.
	 
	6.19.	 	Compliance with law
	 
	6.19.1.	 	The Company and its Subsidiaries have at all times in all material respects conducted and
are conducting the Business in accordance with, and have complied with, and are complying
with, all applicable Laws relating to their operations and business.
	 
	6.19.2.	 	There is no controversy or investigation pending, or, to the Seller’s Knowledge, threatened
or expected with respect to the Company or its Subsidiaries or their respective businesses by
any governmental agency or authority or any other Person relating, inter alia, to any
violation or possible violation of applicable Laws, and no injunctions, cautions or remarks by
authorities have been directed towards the Company or its Subsidiaries and there are no
outstanding orders, decrees or judgements in respect of the Company or any Subsidiary.
	 
	6.19.3.	 	No Company or any Subsidiary has been subject to any liquidation or bankruptcy proceedings.
	 
	6.19.4.	 	No circumstances have occurred which imply or could imply any limitation or restriction in
the conduct of the present activities of the Company or its Subsidiaries.
	 
	6.19.5.	 	All material necessary licenses, consents, permits and authorisations have been obtained by
the Company and its Subsidiaries to enable them to carry on their businesses in the places and
in the manner in which such businesses are now conducted and all such licences, consents,
permits and authorisations are valid and subsisting and have been complied with in all
respects. There are no pending, or, to the Sellers Knowledge, threatened actions or other
proceedings which seek to revoke, amend, vary or withdraw any such licence, consent, permit or
authorisation.
	 
	6.20.	 	Environmental Matters
	 
	6.20.1.	 	All material information regarding environmental licenses and written notices received or
given in respect thereof as per the Signing Date has been disclosed as part of the Data Room
Documents and copies of all such information and notices received or given in the period
between the Signing Date and the Closing will be promptly provided to the Purchaser.
	 
	6.21.	 	Selling Documents, etc.
	 
	6.21.1.	 	Subject to Section 11.3, the budgets, forecasts, projections and predictions relating to
the Company and the Subsidiaries delivered or made available to the Purchaser have been
prepared and made in good faith and are based on reasonable assumptions. The Seller is not
aware of any fact or set of circumstances that could render such budgets, forecasts,
projections and predictions incorrect or misleading in any material respect.
	 
	6.22.	 	No Other Warranties
	 
	6.22.1.	 	The Purchaser agrees that the Seller has made no, and the Purchaser has not relied on any,
expressed or implied representation or warranty regarding the Shares, the Company, the
Subsidiaries or their businesses other than the Warranties contained in this Agreement and no
action or omission by the Seller or the Company shall be construed as implying any
representation or warranty.

14

 

Execution copy

	7.	 	ENVIRONMENTAL AND TAX UNDERTAKING
	 
	7.1.	 	Environmental Undertaking
	 
	7.1.1.	 	The Parties hereby agree that the Seller shall indemnify, defend and hold the Company
harmless from and against any and all direct costs or expenses (including reasonable fees to
legal, technical and environmental consultants) incurred or suffered as a result of or in
connection with any Environmental Claim or any Environmental Liability arising out of or
relating to the operation or ownership of the Properties, the Business or the Company
(hereinafter defined as an “Environmental Loss”); provided that, after the Seller having
satisfied the first USD three million (3,000,000) of any Environmental Loss, the Seller and
the Purchaser shall equally share any Environmental Loss in excess of such amount until the
aggregate amount of all Environmental Losses equal USD fourteen million twohundred thousands
(14,200,000). The Seller’s aggregate liability pursuant to this Section 7.1.1 shall therefore
be limited to the Purchase Price. The foregoing indemnity obligation of the Seller shall be
satisfied against delivery of satisfactory evidence establishing that a loss, damage or
liability suffered or a cost or expense to be incurred is an Environmental Loss for which the
Seller is responsible hereunder.
	 
	7.1.2.	 	Notwithstanding the foregoing, the Seller’s undertaking in Section 7.1.1 above is subject to
the following:

	 	(a)	 	The Seller shall have no liability pursuant to Section 7.1.1 hereof to the
extent an Environmental Loss results from contamination of the Properties caused by
the Company after the Closing Date.
	 
	 	(b)	 	An Environmental Loss shall be reduced by the amount with which it has
increased as a result of the Company, at the request of the Seller, not defending
itself against an Environmental Claim, or the Company, without the Seller’s prior
written consent, entering into an agreement with an authority pursuant to which the
Company accepts liability for an Environmental Liability.
	 
	 	(c)	 	An Environmental Loss shall be reduced by the amount with which it has
increased as a result of the Properties ceasing to be used for industrial purposes.
	 
	 	(d)	 	The Seller, its consultants and engaged constructors shall have full access
to the Properties, provided that such access shall not interfere with the operation
of the business activities conducted on the Properties, and any and all documentation
relating to an Environmental Claim in order for the Seller to be able to assess the
reasonableness of an Environmental Claim.
	 
	 	(e)	 	The Purchaser shall inform the Seller in writing upon becoming aware of an
Environmental Claim from any authority for which the Seller is responsible according
to this Section 7. Such written notice shall be timely so as to ensure that the
rights and obligations of the Seller under applicable law and this Agreement will not
be prejudiced in any way.

	7.1.3.	 	The following shall apply in respect of the handling of Environmental Claims until the
Seller having satisfied the first USD 3,000,000. The Purchaser shall ensure that the Company
manages, negotiates and defends all environment issues at the Properties, and the Seller shall
at all times be permitted to participate, which participation shall be in good faith, in the
management, negotiation and defence thereof and have the final decision, exercised in good
faith, over issues which could cause an Environmental Loss.
	 
	7.1.4.	 	The following shall apply in respect of the handling of Environmental Claims after the
Seller having satisfied the first USD 3,000,000 and until the Seller

15

 

Execution copy

	 	 	having satisfied its liabilities until the aggregate amount of all Environmental Losses
equal USD 14,200,000. The Purchaser shall ensure that the Company manages, negotiates and
defends all environment issues at the Properties, and the Purchaser and Seller shall
participate equally in the management, negotiation and defence thereof and shall make
joint decisions, which decisions will be made in good faith and should not be unreasonably
withheld, with respect to matters which could cause an Environmental Loss. In the case the
parties cannot make joint decisions the Purchaser’s opinion shall, subject to Section
7.1.2.b above, prevail.
	 
	7.1.5.	 	For the purpose of managing environmental issues in accordance with Section 7.1.3 and 7.1.4
above the Seller and the Purchaser have appointed the representatives set out below, who shall
be authorized to make binding decisions on behalf of the Party having appointed the respective
representative. The representatives shall meet (either by telephonic meeting, video conference
or physical meeting) when requested by one of the representatives in order to manage the
environmental issues.

	 	 	 	 	 
	 

	 	For the Seller:
	 	Jim Wallwork
	 

	 	 	 	Vice President of Health, Safety and
	 

	 	 	 	Environment
	 

	 	 	 	814 Livingston Ct.
	 

	 	 	 	Marietta GA 30067
	 

	 	 	 	USA
	 
	 	 	 	 
	 

	 	For the Purchaser:
	 	Hans Hagdahl
	 

	 	 	 	Graphic Packaging International Sweden AB
	 

	 	 	 	Box 1
	 

	 	 	 	Fiskeby
	 

	 	 	 	601 02 Norrköping
	 

	 	 	 	Sweden

	 	 	A Party may replace its authorized representative by notifying the other Party hereof in
writing.
	 
	7.1.6.	 	Save for the Parties respective rights and remedies set forth in this Section 7 and in
Section 11 hereof, both Parties hereby agree to waive and forever release the other Party from
any Environmental Claim, Environmental Liability or Environmental Loss, whether known or
unknown, actual or contingent.
	 
	7.2.	 	Tax Undertaking
	 
	7.2.1.	 	The Seller shall indemnify, defend and hold harmless the Purchaser, the Company and the
Subsidiaries from and against all Taxes of the Company and the Subsidiaries that relate to or
otherwise arise out of the ownership and operation of the business of the Company and the
Subsidiaries and their assets and properties in respect of any period ending on or before the
Closing Date (“Pre-Closing Taxes”). All Taxes and all liabilities in respect thereof with
respect to income, property or operations of the Company and the Subsidiaries in respect of
any period that includes but that do not end on the Closing Date shall be apportioned between
the period ending on or before the Closing Date and the period beginning after the Closing
Date as follows: (i) in the case of Taxes other than income, value added, sales and
withholding Taxes, on a per diem basis, and (ii) in the case of income, value added, sales and
withholding Taxes, determined as if the taxable year of the Company and the Subsidiaries
terminated at the close of business on the Closing Date.

16

 

Execution copy

	8.	 	REPRESENTATIONS AND WARRANTIES OF THE PURCHASER
	 
	 	 	The Purchaser, as of the date hereof and as of the Closing
Date, makes the following representations and warranties to the
Seller.
	 
	8.1	 	Corporate Existence and Power
	 
	8.1.1.	 	The Purchaser is duly incorporated and validly existing under the laws of the jurisdiction
in which the Purchaser was incorporated, as well as duly qualified to conduct such business as
conducted as at the date hereof and has the requisite power and authority to enter into, and
to perform, this Agreement and any other undertaking to be executed by the Purchaser pursuant
to this Agreement.
	 
	8.1.2.	 	The Purchaser has not filed (or has had filed against it) any petition for its winding up,
is not insolvent within the meaning of applicable laws, rules or regulations or similar
requirements, and has not made any assignment in favour of its creditors or any class of them,
nor has any petition for receivership or any administration order been presented in respect of
the Purchaser. The Purchaser has not initiated any proceedings for a compromise or arrangement
with its creditors or for the dissolution, liquidation or re-organisation of the Purchaser or
the winding-up or cessation of the business of the Purchaser. No receiver or administrative
receiver or liquidator has been appointed in respect of the Purchaser or any of its material
assets and no execution have been levied upon any of its material assets.
	 
	8.2.	 	Corporate Authorisation and Non-Contravention
	 
	8.2.1.	 	This Agreement and the performance by the Purchaser of its obligations under them, have been
duly authorised by all necessary corporate action on the part of the Purchaser, and this
Agreement, constitute valid and binding obligations of the Purchaser in accordance with their
respective terms.
	 
	8.2.2.	 	The execution and performance by the Purchaser of this Agreement do not and will not:

	 	(a)	 	result in a breach of any provisions of the memorandum or articles of
association or any provision of any other constitutional document of the Purchaser;
	 
	 	(b)	 	result in any breach of any resolution adopted by the shareholders’ or
board of directors of the Purchaser; or
	 
	 	(c)	 	result in a breach of any order, judgement or decree of any court or
governmental agency by which the Purchaser is bound.

	8.3.	 	Authority Consents
	 
	8.3.1.	 	The Purchaser is not required to make any filing with, give any notice to, or obtain any
consent from any authority in connection with the execution of this Agreement or the
completion of the transaction contemplated by this Agreement.
	 
	8.4.	 	Financing
	 
	8.4.1.	 	The equity commitments available to the Purchaser will, when disbursed, constitute the funds
necessary for the Purchaser’s acquisition of the Shares.
	 
	9.	 	COVENANTS OF THE PURCHASER AND OF THE SELLER
	 
	9.1.	 	At Closing, the Purchaser shall cause shareholders’ meetings and board meetings to be held in
the Company and the Subsidiaries at which meetings:

17

 

Execution copy

	 	(a)	 	new Directors in the Company and the Subsidiaries are appointed and submit
such new appointments of new Directors for registrations with the Swedish Companies
Registration Office (Sw. Bolagsverket) and the equivalent in Denmark, France and the
United Kingdom, without any delay; and
	 
	 	(b)	 	adopt new articles of association of the Company and the Subsidiaries (or
in respect of the Subsidiaries any other necessary measure) in order to change the
company names of the Company and the Subsidiaries so that the name of the Company and
the Subsidiaries do not contain “Graphic Packaging International” or any name that is
similar or alike or is an abbreviation of the present company name.

	9.2.	 	At the next annual shareholders’ meeting of the Company and the Subsidiaries, the Purchaser
undertakes to procure that the Directors who have resigned on or before the Closing Date are
granted discharge from liability for their administration until the Closing Date (or the
earlier date of their resignation), provided, however, that the auditors of the Company and
the Subsidiaries do not recommend against such discharge in the auditor’s reports for the
relevant period.
	 
	9.3.	 	The Seller covenants and agrees to cooperate with and assist the Purchaser and the Company in
relation to, and agrees to indemnify, defend and hold harmless the Purchaser and the Company
from and against all claims, losses, costs and expenditures (including reasonable legal fees)
incurred as a result of or relating to, the proceedings for a cancellation of the lost share
certificate representing the Shares and any Third Party Claim (whether or not successful)
challenging or questioning the Seller’s or the Purchaser’s (as the case may be) full and
unencumbered title to the Shares.
	 
	9.4.	 	The Parties are in agreement that all purchases of recycled paperboard made by Graphic
International, Inc. and all of its Affiliates from the Company on or after 1 October 2007
shall have 30 days’ terms of payment.
	 
	9.5.	 	Prior to Closing, the Seller has filed for registration with the relevant company
registration authorities the transfer to the Company of certain minority shares in (i)
Subsidiary France, held by Bengt Wetterberg, and (ii) Subsidiary UK, held by New Materials
Limited, Company No. 245 62 36, in accordance with the applications attached hereto as
Appendix 9.5. After the Closing, the Seller shall take such further actions, if any,
required, to effectively transfer title to such shares to the Company.
	 
	10.	 	TRANSITIONAL SERVICES
	 
	10.1.	 	During a transition period of sixty (60) days after the Closing Date, the Seller shall
ensure that that the Company has access to the IT-services, set out in Appendix 10.1,
currently provided by the Seller or any other company within the group in which the Seller is
part of (the “IT-Services”). Furthermore, during the same period of time, the Company shall be
entitled to continue to use any software which is currently used under a licence held by the
Seller or any other company within the group the Sellers is part of. The aforementioned
services and use of software, shall be provided on unchanged conditions and with unchanged
service level and accessibility.
	 
	10.2.	 	The Seller shall ensure that the Company to a reasonable extent is assisted by the Seller,
or a company within the group the Seller is part of, with the migration of the IT-services to
the Company and/or a third party which the Company has contracted to provide the IT-Services
to the Company in order to enable a

18

 

Execution copy

	 	 	seamless transition at the expiry of the transition periods set out above in section 10.1.
	 
	10.3.	 	With respect to the services and software provided by the Seller under this Section 10, the
Seller and the company within the group the Seller is part of that has actually provided the
service shall not be liable to the Company or the Purchaser in any way whatsoever for loss of
profit or of business, loss of data, corruption of software, loss of anticipated savings or
for any other direct, indirect or consequential losses whatsoever.
	 
	11.	 	THE SELLER’S BREACH
	 
	11.1.	 	The Seller’s Liability
	 
	11.1.1.	 	Subject to Section 11.2, in the event of a breach of any of the Warranties or any covenants
or agreements made or to be performed by the Seller pursuant to this Agreement, the Seller
shall, as the Purchaser’s sole and exclusive remedy, indemnify, defend and hold harmless the
Purchaser, the Company and the Subsidiaries from and against any and all Losses suffered or
incurred by the Purchaser, the Company and the Subsidiaries arising out of or relating to any
such breach, and any Loss so satisfied shall, for tax purposes, be made in the form of a
purchase price reduction.
	 
	11.2.	 	Limitation of Liability
	 
	 	 	The foregoing obligation of the Seller for breach of Warranty is subject to the following
limitations.
	 
	11.2.1.	 	For the purposes of this Agreement, a contingent liability shall not be deemed to
constitute a Loss unless and until such contingent liability becomes an actual Loss.
	 
	11.2.2.	 	The Purchaser shall not be entitled to make any Claim to the extent that an adequate
provision or allowance for the matter causing the Loss has been made in the Closing Balance
Sheet.
	 
	11.2.3.	 	No liability shall arise to the extent that any Claim occurs as a result of any legislation
not in force at the date hereof, or which takes effect retrospectively, or occurs as a result
of any increase in the rate of tax in force at the date hereof or any change in the generally
established practices of the relevant tax authorities.
	 
	11.2.4.	 	The Seller shall not have any liability unless a Loss for breach of Warranty amounts to or
exceeds USD 60,000 and unless the total amount of all Losses for breach of Warranties amounts
to or exceeds USD 600,000.
	 
	11.2.5.	 	The Purchaser shall give the Seller notice in writing of any Claim, accompanied by
reasonable particulars thereof specifying the nature of the Claim and, as far as practicable,
the amount of the related Loss, no later than three (3) months after the Purchaser becomes
aware of the facts/circumstances giving rise to the Claim, and in no event later than eighteen
(18) months after the Closing Date, or if the Claim relates to Tax matters, no later than six
(6) years after the Closing Date or if the Claim relates to Environmental matters, no later
than ten (10) years after the Closing Date. If the Purchaser fails to notify the Seller within
the time periods specified hereinbefore, the Seller shall have no liability in respect of such
Claim to the extent the failure to so notify the Seller has increased the amount of Losses
suffered or incurred in connection therewith.
	 
	11.2.6.	 	No liability shall arise in respect of any Loss, to the extent recovered under a policy of
insurance.

19

 

Execution copy

	11.2.7.	 	No Claim may be made if the breach of Warranty was made reasonably apparent to the
Purchaser from a review of the Data Room Documents or otherwise through information disclosed
in writing to the Purchaser, or which were otherwise known to the Purchaser or the Purchaser’s
advisors and without the need to review any further document or report, or was otherwise
actually known to the Purchaser prior to the date hereof.
	 
	11.2.8.	 	The Purchaser shall take all reasonable steps to mitigate Losses and the Seller shall not
be liable to indemnify a Loss to the extent the Purchaser failed to take all reasonable steps
to mitigate such Loss.
	 
	11.2.9.	 	No liability shall arise to the extent (i) any Tax refund is actually received by the
Company or the Subsidiaries as a result of the Loss, or (ii) any reduction in Tax actually
payable by the Company or the Subsidiaries with respect to the relevant fiscal year is
directly attributable to the facts giving rise to the Claim.
	 
	11.2.10.	 	Notwithstanding the foregoing, the sum of all Claims and Environmental Claims made by the
Purchaser under this Agreement may never exceed the Purchase Price.
	 
	11.2.11.	 	Save for specific performance, the remedies contained in this Agreement for breach of any
of the Warranties, covenants or agreements made or to be performed by the Seller pursuant to
this Agreement shall be exclusive and hence it is specially agreed that no remedy whatsoever
under the Swedish Sale of Goods Act (Sw. Köplagen (1990:931) or under any other statute, law
or legal principle, including (but not limited) to the right to rescind this Agreement, shall
after the Closing Date be available to the Purchaser.
	 
	11.3.	 	Projections and forecasts
	 
	11.3.1.	 	With respect to any projection or forecast delivered by or on behalf of the Seller to the
Purchaser, the Purchaser acknowledges that there are uncertainties inherent in attempting to
make such projections and forecasts and subject to Sections 6.21.1 and 11.1, it shall have no
claim against the Seller with respect thereto.
	 
	11.4.	 	Third Party Claims and Recovery
	 
	11.4.1.	 	In case the Purchaser becomes aware of any Third Party Claim, which could lead to a Claim,
the Purchaser, in order to maintain the right to bring a Claim against the Seller, shall or
procure that the Company shall:

	 	(a)	 	as soon as reasonably practicable, but in no event later than thirty (30)
days after the Purchaser becomes aware of the Third Party Claim, give notice thereof
to the Seller;
	 
	 	(b)	 	not make any admission of liability, agree to settle or compromise with any
person, body or authority in relation thereto, without the prior written consent of
the Seller;
	 
	 	(c)	 	have due regard to the Seller’s interest in disputing, compromising or
defending such Claim;
	 
	 	(d)	 	give the Seller, or the Seller’s duly authorised representatives,
reasonable access free of charge to the personnel of the Purchaser, the Company or
the Subsidiaries, as the case may be, and to any relevant premises, accounts,
documents and records within their respective possession, and to take copies of them,
to enable the Seller, or the Seller’s duly authorised representatives, to examine the
basis of such Third Party Claim.

	11.4.2.	 	If a Third Party Claim that could lead to a Claim should come to the knowledge of the
Purchaser, the Purchaser, upon the Seller’s request, shall afford the Seller

20

 

Execution copy

	 	 	the right to dispute and defend such Third Party Claim in the name of the Company or the
Subsidiaries. The Purchaser shall ensure that the Company or the Subsidiaries will grant
to the Seller all authorisations and all assistance necessary to enable the Seller to
dispute and defend any such Claim. Should the Purchaser not afford the Seller the right to
dispute and defend such Third Party Claim, the indemnifiable Loss arising as a result of
such Third Party Claim shall be reduced by the amount with which it has increased as a
result of the Seller not having disputed and defended such Third Party Claim.
	 
	11.4.3.	 	Except as set out in this Agreement, the Seller shall not have the right to dispute and
defend a Third Party Claim (i) if disputing and defending such claim, in the reasonable
opinion of the Purchaser, may materially adversely affect an ongoing business relation with
the third party making the claim or an affiliate of such third party, or (ii) if criminal
liability affecting the Company or any Subsidiary, or any director or officer of the Company
or any Subsidiary, could follow from such Third Party Claim. When disputing and defending a
Third Party Claim, the Seller shall not make any admission of liability and not settle or
compromise such Third Party Claim without obtaining the Purchaser’s prior written consent.
	 
	11.4.4.	 	If the Seller has made any payment to the Purchaser as a settlement of any Claim and
subsequent thereto the Purchaser, the Company or the Subsidiaries has the right to recover
from any third party any amount payable as a result of facts or circumstances forming the
basis of such Claim, then the Purchaser shall, promptly and without request from the Seller,
assign that right to the Seller.
	 
	12.	 	MISCELLANEOUS
	 
	12.1.	 	Confidentiality
	 
	12.1.1.	 	The Seller undertakes not to disclose any Confidential Information regarding the Company
and the Subsidiaries and the Purchaser undertakes not to disclose any Confidential Information
regarding the Seller unless (i) required to do so by law or pursuant to any order of court or
other competent authority or tribunal (ii) required to do so by any applicable stock exchange
regulations or the regulations of any other recognised market place (iii) such disclosure has
been consented to by the other Party in writing (such consent not to be unreasonably withheld)
or (iv) to its professional advisors who are bound to such party by a duty of confidence which
applies to any information disclosed. If a Party becomes required, in circumstances
contemplated by (i) or (ii) to disclose any information, the disclosing Party shall use its
reasonable endeavours to consult with the other Party prior to any such disclosure.
	 
	12.2.	 	Announcements
	 
	12.2.1.	 	All press releases, public announcements or public relations activities by the Parties with
regard to this Agreement or the transactions contemplated by it shall be mutually approved by
the Parties in advance of such release or announcement. A Party shall, however, not be
prevented from, after reasonable consultation with the other Party, disclosing such
information which is required under applicable law or stock exchange regulations.
	 
	12.3.	 	Costs
	 
	12.3.1.	 	Each Party shall pay its own costs and expenses in connection with the preparation for and
completion of the transactions contemplated by this Agreement, including but not limited to
all fees and expenses of its own representatives, agents, brokers, legal and financial
advisers and authorities.

21

 

Execution copy

	12.4.	 	Entire Agreement
	 
	12.4.1.	 	This Agreement represents the entire understanding and agreement between the Parties with
respect to the subject matter hereof and supersedes all prior negotiations, understandings and
agreements relating to the subject matter hereof.
	 
	12.5.	 	Amendments
	 
	12.5.1.	 	Any amendment to this Agreement shall be in writing and shall have no effect before signed
by the duly authorised representatives of the Parties.
	 
	12.6.	 	Notices
	 
	12.6.1.	 	All notices and other communications required or permitted under this Agreement must be in
writing in the English language and shall be deemed to have been received by a Party when:

	 	(a)	 	delivered by post, unless actually received earlier, on the third Business
Day after posting, if posted within Sweden, or the fifth Business Day, if posted to
or from a place outside Sweden;
	 
	 	(b)	 	delivered by hand, on the day of delivery.

	12.6.2.	 	All notices and communications required or permitted under this Agreement shall be
addressed as set out below or to such other addresses as may be given by written notice in
accordance with this Section.

	 	 	 	 	 
	 

	 	If to the Seller:
	 	Graphic Packaging International, Inc.
	 

	 	 	 	Attention: Stephen Hellrung (Vice
President General Counsel and Secretary)
	 

	 	 	 	814 Livingston Ct.
	 

	 	 	 	Marietta GA 30067
	 

	 	 	 	USA
	 
	 	 	 	 
	 

	 	With a copy to:
	 	Advokatfirma Lindhs DLA Nordic KB
	 

	 	 	 	Attention: Bengt Kärde
	 

	 	 	 	P.O. Box 7315
	 

	 	 	 	SE-103 90 Stockholm
	 

	 	 	 	Sweden
	 
	 	 	 	 
	 

	 	If to the Purchaser:
	 	Lagrummet December Nr 1031 Aktiebolag
	 

	 	 	 	(under change of name to Fiskeby
International Holding AB)
	 

	 	 	 	Attention: Jan Byström
	 

	 	 	 	c/o Advokatfirman Vinge KB
	 

	 	 	 	P.O. Box 1703
	 

	 	 	 	SE-111 87 Stockholm
	 

	 	 	 	Sweden
	 
	 	 	 	 
	 

	 	With a copy to:
	 	Advokatfirman Vinge KB
	 

	 	 	 	Attention: Jan Byström
	 

	 	 	 	P.O. Box 1703
	 

	 	 	 	SE-111 87 Stockholm
	 

	 	 	 	Sweden

22

 

Execution copy

	12.7.	 	Assignment
	 
	12.7.1.	 	This Agreement and the rights and obligations specified herein shall be binding upon and
inure to the benefit of the Parties and shall not be assignable by either Party. The benefit
of this Agreement may, however, be assigned (i) by either of the Parties to any company
directly or indirectly controlling, controlled by or under common control of the assignor,
provided that the assignor shall remain liable as for its own debt (Sw. såsom för egen skuld)
for all obligations under this Agreement, and (ii) by the Purchaser to the bank providing debt
financing for the consummation of the Incinerator Project contemplated hereby.
	 
	12.8.	 	Interpretation
	 
	12.8.1.	 	The headings and the table of contents of this Agreement are for convenience of reference
only and shall not in any way limit or affect the meaning or interpretation of the provisions
of this Agreement.
	 
	12.9.	 	Currency Conversion Rate
	 
	12.9.1.	 	All amounts payable under this Agreement shall be paid in USD. Should the original claim be
denominated in another currency conversion shall be made with use of Sweden’s Riksbank’s daily
Cross Rate quotation published on Sweden’s Riksbank’s website the Business Day before the
payment shall be made.
	 
	12.10.	 	Partial Invalidity
	 
	12.10.1.	 	If any provision of this Agreement or the application of it shall be declared or deemed
void, invalid or enforceable in whole or in part far any reason, such determination shall not
invalidate any other provision of this Agreement, however, the Parties hereto shall attempt,
through negotiations in good faith, to replace any part of this Agreement so held to be
invalid or unenforceable. The failure of the Parties to reach an agreement on a replacement
provision shall not affect the validity of the remaining part of this Agreement.
	 
	12.11.	 	Governing law and disputes
	 
	12.11.1.	 	This Agreement shall be governed by and construed in accordance with the laws of Sweden.
	 
	12.11.2.	 	Any dispute, controversy or claim arising out of or relating to this Agreement or the
breach, termination or invalidity thereof shall be finally settled by arbitration in
accordance with the Rules of the Arbitration Institute of the Stockholm Chamber of Commerce.
The place of arbitration shall be Stockholm, Sweden, and the arbitral proceedings shall be
conducted in the English language.
	 
	12.11.3.	 	All disputes, controversies and claims which the Parties hereto may have under this
Agreement and the Related Agreements shall be consolidated into one arbitral proceedings on
the demand of either Party.

 

23

 

Execution copy

This Agreement has been duly executed in two original copies, of which each of the Parties has
taken one copy.

Stockholm 16 October 2007

	 	 	 
	GRAPHIC PACKAGING 

INTERNATIONAL HOLDING SWEDEN 

AB
	 	LAGRUMMET DECEMBER NR 1031

AKTIEBOLAG

(under change of name to Fiskeby

International Holding AB)
	/s/ Stephen A. Hellrung	 	/s/ Jeffrey H. Coors
	 
	 	 
	By: Stephen A. Hellrung
	 	By: Jeffrey H. Coors

24

 

EXECUTION VERSION

APPENDIX 5.4.2 (E)

TECHNICAL ASSISTANCE AGREEMENT

BETWEEN

GRAPHIC PACKAGING INTERNATIONAL INC.

AND

GRAPHIC PACKAGING INTERNATIONAL

SWEDEN AB

 

 

2(4)

TECHNICAL ASSISTANCE AGREEMENT

     THIS TECHNICAL ASSISTANCE AGREEMENT (the “Agreement”) is entered into on 16 October 2007 by and
between:

	(1)	 	Graphic Packaging International Inc. (and its subsidiaries), a company duly incorporated
under the laws of the State of Delaware, having its principal office at 814 Livingston Court,
Marietta, GA 30067], (“Graphic”); and
	 
	(2)	 	Graphic Packaging International Sweden AB, Reg. No. 556032-6158, a limited liability company
duly incorporated under the laws of Sweden, having its principal office at Box 1, Fiskeby,
SE-601 02 Norrköping, Sweden (the “Company”).

RECITALS

	A.	 	Graphic Packaging International Holding Sweden AB and Graphic Packaging International Holding
Company, as sellers, and Lagrummet December nr 1031 Aktiebolag (under change of name to
Fiskeby International Holding AB), as buyer, have entered into a sale and purchase agreement
under which all the shares in the Company shall transfer to Lagrummet December nr 1031
Aktiebolag (under change of name to Fiskeby International Holding AB).
	 
	B.	 	Further to Section 5.4.2 (e) of the sale and purchase agreement, Graphic and the
Company shall enter into this Technical Assistance Agreement at closing of the sale and
purchase of the shares.

NOW THEREFORE, the parties hereby agree as follows:

	1.	 	DEFINITIONS

     Terms used in this Agreement shall have the following meaning:

	 	 	 	 
	 	“Affiliate”

	 	of a Party shall mean any company
or other legal entity which is
directly or indirectly controlled
by or under common control of such
Party (whereby “control” means the
possession, directly or
indirectly, of the power to direct
or influence the direction of the
management or policies of an
entity, whether through ownership
or otherwise).
	 
	 	 
	 	“Agreement”

	 	shall have the meaning ascribed to
it in the introductory paragraph;
	 
	 	 
	 	“Business Day”

	 	shall mean a day when banks are
open for general banking business
in Sweden and in the United
States;
	 
	 	 
	 	“Closing Date”

	 	shall mean the date of the closing
of the sale and purchase of the
shares pursuant to the sale and
purchase agreement;

 

 

3(4)

	 	 	 	 
	 	“Company”

	 	shall have the meaning ascribed to
it in the introductory paragraph;
	 
	 	 
	 	“Confidential Information”

	 	shall have the meaning ascribed to
it in Section 8.1;
	 
	 	 
	 	“Contact Person”

	 	shall have the meaning ascribed to
it in Section 3.1;
	 
	 	 
	 	“Graphic”

	 	shall have the meaning ascribed to
it in the introductory paragraph;
	 
	 	 
	 	“Graphic Service Parties”

	 	shall have the meaning ascribed to
it in Section 2.1;
	 
	 	 
	 	“Intellectual Property”

	 	shall mean inventions, patents,
know-how, trade secrets, designs,
copyrights, database rights,
trademarks, domain names, trade
names and other rights of a
similar kind, whether registered
or not, including applications for
the registration of such rights;
	 
	 	 
	 	“Party”

	 	shall mean Graphic or the Company,
and “Parties” shall mean Graphic
and the Company collectively when
referred to in this Agreement; and
	 
	 	 
	 	“Services”

	 	shall have the meaning ascribed to
it in Section 2.1.

	2.	 	TECHNICAL ASSISTANCE
	 
	2.1	 	Upon the terms and subject to the conditions set forth herein, Graphic hereby agrees to
provide, and agrees to cause its Affiliates to provide (Graphic and such Affiliates being
hereinafter referred to as the “Graphic Service Parties”) to the Company and its Affiliates
technical assistance and services described in section 2.2 below (the “Services”).
	 
	2.2	 	The scope of the Services is limited to the business segment recycle paperboard manufacture
from the collection of recycle fibre through finished board, and encompasses:

	 	(a)	 	two annual visits by 1-2 individuals of three day’s duration each to the
Company’s premises in Fiskeby by executive management and/or top technical management
of the Graphic Service Parties’ recycle mill operations for the purposes of:

	 	(i)	 	assessing the Company’s operating performance;

	 
	 	(ii)	 	sharing technical and operational best practices; and
	 
	 	(iii)	 	updating the Company’s and the Graphic Service Parties’ cost
improvement ideas;
	 
	 	(iv)	 	benchmarking to Graphic US mills;

	 	(b)	 	providing access (maximum eight (8) man hours per month) for the Company’s
technical management team to communicate with the Graphic
Service Parties’ recycle mill management team(s) via email or telephone on
technical or operational issues;

 

 

4(4)

	 	(c)	 	providing full access to (including a non-exclusive, perpetual,
irrevocable, world-wide license for the Company to use) current recycle paperboard
manufacturing technology proprietary to the Graphic Service Parties:

	 	(i)	 	without additional charge for process or materials technology,
whether existing at the Closing Date or subsequently obtained by the Graphic
Service Parties;
	 
	 	(ii)	 	without additional charge for protected Intellectual Property
of the Graphic Service Parties existing at the Closing Date; and
	 
	 	(iii)	 	with a fee to be agreed upon if the Company desires to utilise
Intellectual Property of the Graphic Service Parties which is protected
subsequent to the Closing Date.

	2.3	 	The standard of the Services to be rendered by the Graphic Service Parties shall correspond
to the standard applied by the Graphic Service Parties internally. The Graphic Service Parties
shall, for the term of the Agreement, employ such qualified personnel to enable it to fulfil
its obligations under this Agreement.
	 
	2.4	 	The Services shall be performed at mutually agreed dates. The parties shall instruct the
Contract Persons to set up an action plan with specific dates when the various Services shall
be provided including dates for visits etc, for the full term of the Agreement.
	 
	2.5	 	The Company shall make available to the Graphic Service Parties such data, personnel and
equipment as the Graphic Service Parties may reasonably require in order to accurately
performing the Services.

	3.	 	CONTACT PERSONS

	3.1	 	Each Party shall appoint a contact person to co-ordinate the Services to be provided under
this Agreement (each a “Contact Person”).
	 
	3.2	 	The respective Contact Persons shall be authorised to decide upon performance or receipt of
the Services on behalf of its Party. The Contact Persons shall facilitate the performance of
the Services and may agree the details thereof.
	 
	3.3	 	The Parties may replace its Contact Person at any time. Any replacement of the Contact Person
shall immediately be notified to the other Party.

	4.	 	NATURE OF RELATIONSHIP
	 
	 	 	Neither Party shall have any authority to act on behalf of the other Party in any manner
whatsoever, nor bind the other Party in any other way without the other Party’s prior
written consent. Neither Party will be liable or responsible for any acts or defaults of
the other Party or the other Party’s employees or agents. Nothing in this Agreement shall
be construed to constitute the parties as partners, joint venture partners, co-owners or
otherwise as participants in a joint or common undertaking.
	 
	5.	 	WORK RESULTS
	 
	5.1	 	All rights to results (including any Intellectual Property therein) from work performed by
the Graphic Service Parties or the Company under or otherwise
related to this Agreement shall be the sole and exclusive property of the Company. Such
rights shall include, but not be limited to, the right to amend and alter works of
copyright and assign and sub-license rights thereto.

 

 

5(4)

	5.2	 	The Company hereby grants to the Graphic Service Parties a royalty-free non-exclusive,
world-wide, perpetual, irrevocable, sub-licensable, assignable license to the Intellectual
Property in the results from work performed by the Graphic Service Parties or the Company
under or otherwise related to this Agreement, including the right use, copy, distribute,
amend, alter and otherwise commercialize such Intellectual Property.
	 
	6.	 	TERM OF AGREEMENT
	 
	6.1	 	This Agreement will enter into effect on the date hereof and shall terminate automatically on
the third anniversary of the date hereof, unless previously terminated pursuant to Section
6.2.
	 
	6.2	 	The Company may terminate the Agreement by giving seven business days notice in the event
Graphic is in material breach of its obligations under this Agreement and has failed to
rectify within seven business days from being encouraged to do so.
	 
	6.3	 	Upon termination of the Agreement if the other Party so requests, each Party shall deliver to
the other any records, reports and other materials borrowed from the other Party and return or
destroy materials containing Confidential Information.
	 
	7.	 	FEES AND EXPENSES
	 
	7.1	 	The Company shall pay Graphic a fee of USD 685,000 for the Services to be rendered under this
Agreement. The fee shall be paid in three instalments in the amounts, the first instalment in
the amount of USD 228,000 is payable on the closing of the transaction contemplated by the
sale and purchase agreement between Graphic Packaging International Holding Sweden AB and
Graphic Packaging International Holding Company, as sellers, and Lagrummet December nr 1031
Aktiebolag (under change of name to Fiskeby International Holding AB), as buyer. The second
instalment in the amount of UDS 229,000 and third instalment in the amount of USD 228,000 are
payable against invoice on the day of the first and second anniversary of this agreement.
	 
	7.2	 	If the Agreement is terminated prior to expiry of the term of the Agreement, the fee set out
in section 7.1 shall be reduced proportionally.
	 
	7.3	 	The Company shall reimburse the Graphic Service Parties against receipt of invoice for
pre-approved travel expenses incurred by the Graphic Service Parties’ employees travelling to
Sweden in connection with the provision of Services.
	 
	8.	 	CONFIDENTIALITY
	 
	8.1	 	Each Party undertakes to adhere to the other Party’s instructions regarding handling of
information. Unless otherwise instructed, any information that the parties and their
Affiliates may exchange under or in relation to this Agreement of any kind or nature
whatsoever, whether written or oral, including without limitation, financial information,
trade secrets, client lists, intellectual property and other proprietary business information
regarding the parties, any of their Affiliates, customers or suppliers, which information is
not known to the general public, shall be deemed to be confidential (“Confidential
Information”). Each
Party undertakes not to use or disclose any Confidential Information obtained from the
other Party and/or such Party’s Affiliate(s) except:

 

 

6(4)

	 	(i)	 	for the purpose of exercising the rights and obligations set forth in this
Agreement or
	 
	 	(ii)	 	if required to do so by law or pursuant to any order of court or other
competent authority or tribunal,
	 
	 	(iii)	 	if required to do so by any applicable stock exchange regulations or the
regulations of any other recognised market place,
	 
	 	(iv)	 	such use or disclosure has been consented to by the other Party in writing
(such consent not to be unreasonably withheld) or
	 
	 	(v)	 	to its professional advisors who are bound to such Party by a duty of
confidence which applies to any information disclosed.

If a Party becomes required, in circumstances contemplated by (i), (ii) or (iii) to
disclose any information, the disclosing Party shall use its reasonable endeavours to
consult with the other Party prior to any such disclosure.

In addition to the above, each Party undertakes not to use any Confidential Information
obtained from the other Party and/or such Party’s Affiliates except for the purpose of
exercising the rights and obligations set forth in this Agreement.

	8.2	 	The Parties shall ensure that their Affiliates and any agents or other intermediaries
employed by them also observe Section 8.1 above.
	 
	8.3	 	The Parties’ obligations further to this Section 8 shall survive the termination of this
Agreement.
	 
	9.	 	GOVERNING LAW AND DISPUTES
	 
	9.1	 	This Agreement shall be governed by and construed in accordance with the laws of Sweden.
	 
	9.2	 	Any dispute, controversy or claim arising out of or relating to this Agreement or the breach,
termination or invalidity thereof shall be finally settled by arbitration in accordance with
the Rules of the Arbitration Institute of the Stockholm Chamber of Commerce. The place of
arbitration shall be Stockholm, Sweden, and the arbitral proceedings shall be conducted in the
English language.

 

 

EXECUTION VERSION

 

	This Agreement has been duly executed in two original copies, of which each of the Parties has
taken one copy.

Stockholm, 16 October 2007

GRAPHIC PACKAGING INTERNATIONAL INC.

/s/ Stephen A. Hellrung                    

By: Stephen A. Hellrung

GRAPHIC PACKAGING INTERNATIONAL SWEDEN AB

/s/ Jeffrey H. Coors                            

By: Jeffrey H. Coors

 

 

EXECUTION VERSION

APPENDIX 5.4.2 (F)

SUPPLY AGREEMENT

BETWEEN

GRAPHIC PACKAGING INTERNATIONAL INC.

AND

GRAPHIC PACKAGING INTERNATIONAL

SWEDEN AB

 

 

2(4)

SUPPLY AGREEMENT

THIS SUPPLY AGREEMENT (the “Agreement”) is entered into on 16 October 2007 by and between:

	(1)	 	Graphic Packaging International Inc. (and its subsidiaries), a company duly incorporated
under the laws of the State of Delaware, having its principal office at 814 Livingston Court,
Marietta, GA 30067, (“Graphic”); and
	 
	(2)	 	Graphic Packaging International Sweden AB, Reg. No. 556032-6158, a limited liability company
duly incorporated under the laws of Sweden, having its principal office at Box 1, Fiskeby,
SE-601 02 Norrköping, Sweden (the “Company”).

RECITALS

	 	A.	 	Graphic Packaging International Holding Sweden AB and Graphic Packaging International
Holding Company, as sellers, and Lagrummet December Nr 1031 Aktiebolag (under change of
name to Fiskeby International Holding AB), as buyer, have entered into a sale and purchase
agreement under which all the shares in the Company have been transferred to Lagrummet
December Nr 1031 Aktiebolag (under change of name to Fiskeby International Holding AB).
	 
	 	B.	 	Further to Section 5.4.2 (f) of the sale and purchase agreement, Graphic and the
Company shall enter into this Supply Agreement at closing of the sale and purchase of the shares.

NOW THEREFORE, the parties hereby agree as follows:

	1.	 	DEFINITIONS

The terms used in this Agreement shall have the following meaning:

	 	 	 	 
	 	“Affiliate”

	 	of a party shall mean any company or other legal entity which
is directly or indirectly controlled by or under common
control of such party (whereby “control” means the possession,
directly or indirectly, of the power to direct or influence
the direction of the management or policies of an entity,
whether through ownership or otherwise);
	 
	 	 
	 	“Agreement”

	 	shall mean this Supply Agreement;
	 
	 	 
	 	“Company”

	 	shall have the meaning ascribed to it in the introductory
paragraph;

2

 

3(4)

	 	 	 	 
	 	“Graphic”

	 	shall have the meaning ascribed to it in the introductory
paragraph; and
	 
	 	 
	 	“Party”

	 	shall mean Graphic or the Company, and “Parties” shall mean
Graphic and the Company collectively when referred to in this
Agreement.

	2.	 	PURCHASE UNDERTAKING
	 
	 	 	Upon the terms and subject to the conditions set forth herein, Graphic hereby agrees to
purchase all of Graphic’s and its Affiliates’ requirements for recycle paperboard within
the European Union, during the term of this Agreement from the Company.
	 
	3.	 	PURCHASE PRICE AND OTHER TERMS OF DELIVERY
	 
	3.1.	 	The purchase price to be paid by Graphic for the recycle paperboard purchased under this
Agreement shall correspond to the prevailing market price at the time of the order. If the
parties cannot agree on the prevailing market price, the prevailing market price shall be the
price of a competitive “spot” offer made to Graphic for a comparable order in terms of
quantity as well as quality, of recycle paperboard; provided that the Company shall be
entitled to reject such purchase price in which case Graphic shall be free to place the
relevant order pursuant to such competitive offer.
	 
	3.2.	 	All purchases of recycle paperboard made by Graphic and its Affiliates from the Company under
this Agreement shall have 30 days’ terms of payment.
	 
	3.3.	 	The other terms of delivery applicable for Graphic’s purchase of recycle paperboard under
this Agreement shall substantially correspond with then prevailing market terms.
	 
	3.4.	 	Graphic shall at the request of the Company disclose the terms and conditions of any
competitive order(s) by providing copies thereof to the Company.
	 
	4.	 	TERM OF AGREEMENT
	 
	 	 	This Agreement will enter into effect on the date hereof and shall terminate automatically
on the second anniversary of the date hereof.
	 
	5.	 	GOVERNING LAW AND DISPUTES
	 
	5.1	 	This Agreement shall be governed by and construed in accordance with the laws of Sweden.
	 
	5.2	 	Any dispute, controversy or claim arising out of or relating to this Agreement or the breach,
termination or invalidity thereof shall be finally settled by arbitration in accordance with
the Rules of the Arbitration Institute of the Stockholm Chamber of Commerce. The place of
arbitration shall be Stockholm, Sweden, and the arbitral proceedings shall be conducted in the
English language.

3

 

EXECUTION VERSION

 

This Agreement has been duly executed in two original copies, of which each of the Parties has
taken one copy.

Stockholm, 16 October 2007

GRAPHIC PACKAGING INTERNATIONAL INC.

	 	 	 
	/s/ Stephen A. Hellrung

By: Stephen A. Hellrung

	 	 

GRAPHIC PACKAGING INTERNATIONAL SWEDEN AB

	 	 	 
	/s/ Jeffrey H. Coors

By: Jeffrey H. Coors

	 	 

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00130-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00130-of-00352.parquet"}]]