Document:

Second Supplement dated as of May 20, 2010

 Exhibit 4.5 

SECOND SUPPLEMENTAL INDENTURE 

THIS SECOND SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of May 20, 2010, is made by and
among BWAY Corporation, a Delaware corporation (the “Company”), the guarantors signatory hereto (the “Guarantors”) and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”).

 RECITALS: 

WHEREAS, the Company, the Guarantors and the Trustee are parties to an Indenture dated as of April 6, 2009, as amended by that First
Supplemental Indenture, dated as of August 20, 2009, and as further amended, modified or supplemented from time to time in accordance with its terms (the “Indenture”); 

WHEREAS, pursuant to the Indenture, the Company issued and the Trustee authenticated and delivered an aggregate principal amount of
$228,538,000 of the Company’s 10% Senior Subordinated Notes due 2014 (the “Notes”), of which $228,538,000 is currently outstanding; 

WHEREAS, Section 9.02 of the Indenture provides, among other things, that with the consent of the Holder or Holders of at least a
majority in aggregate principal amount of the outstanding Notes (the “Requisite Consents”), the Company, the Guarantors and the Trustee may amend or supplement the Indenture, the Notes or the Guarantees without notice to any other
Holders, subject to certain exceptions specified in Section 9.02 of the Indenture; 
 WHEREAS, on May 11, 2010,
Picasso Merger Sub, Inc., a Delaware corporation (the “Purchaser”), distributed an Offer to Purchase and Consent Solicitation Statement (as amended, modified, or supplemented from time to time in accordance with its terms, the
“Offer to Purchase”) to each Holder; 
 WHEREAS, the Purchaser has obtained the Requisite Consents to amend the
Indenture as set forth in the Offer to Purchase and as set forth in Section 2 of this Supplemental Indenture (collectively, the “Proposed Amendments”) and the Company has provided the Trustee with an Officers’
Certificate, pursuant to Section 9.05 of the Indenture, certifying receipt of the Requisite Consents; 
 WHEREAS, this
Supplemental Indenture has been duly authorized by all necessary corporate action on the part of the Company and the Guarantors; and 

WHEREAS, the Company has delivered, or caused to be delivered, to the Trustee an Officers’ Certificate and an Opinion of Counsel
meeting the requirements of Sections 9.07, 13.04 and 13.05 of the Indenture. 

 NOW THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, each party agrees for the benefit of the other parties and for the equal and ratable benefit of all Holders, as follows: 

AGREEMENT: 

Section 1. Definitions. Capitalized terms used in this Supplemental Indenture and not otherwise defined herein have the
meanings given to them in the Indenture. 
 Section 2. Amendments. 

2.1 Amendment of Certain Sections of the Indenture. The Indenture is hereby amended by deleting the following
sections or subsections of the Indenture, as applicable, and all references thereto in the Indenture in their entirety: 
 (a)
Section 4.03 Limitation on Restricted Payments. 
 (b) Section 4.04. Limitation on Incurrence of Additional
Indebtedness. 
 (c) Section 4.05. Corporate Existence. 

(d) Section 4.07. Reports to Holders. 

(e) Section 4.09. Limitations on Transactions with Affiliates. 

(f) Section 4.10. Limitation on Dividend and Other Payment Restrictions Affecting Subsidiaries. 

(g) Section 4.11. Limitation on Liens. 

(h) Section 4.12. Change of Control. 

(i) Section 4.13. Limitation on Asset Sales. 

(j) Section 4.14. Limitation on Incurrence of Senior Subordinated Debt. 

(k) Section 4.15. Conduct of Business. 

(l) The first paragraph of Section 4.16. Limitation on Guarantees by Restricted Subsidiaries. 

(m) Section 4.17. Limitation on Preferred Stock of Subsidiaries. 

(n) Subsections (a)(2), (a)(3) and (a)(4) of Section 5.01. Merger, Consolidation and Sale of Assets. 

(o) Subsections (iii) and (iv) of the first paragraph of Section 5.03. Merger, Consolidation and Sale of Assets of Any
Guarantor. 
 (p) Subsection (c) of Section 6.01. Events of Default to the extent such subsection relates to any of
the foregoing deleted sections or subsections. 
 (q) Subsections (d) and (e) of Section 6.01. Events of Default.

  

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 2.2 Definitions and References. 

(a) Section 1.01 of the Indenture is hereby amended to delete in its entirety all defined terms and their respective definitions for
which all references are eliminated in the Indenture as a result of the amendments set forth in Section 2.1 above. The Indenture is amended by deleting all references in the Indenture to those sections and subsections that are deleted as
a result of the amendments set forth in Section 2.1 above.  
 (b) Section 11.04(a)(i) of the Indenture
is hereby amended such that the reference to the second paragraph of Section 4.16 therein shall be to the remaining paragraph of Section 4.16 of the Indenture after giving effect to the deletion of the first paragraph of Section 4.16
of the Indenture as a result of the amendments set forth in Section 2.1(l) above. 
 (c) Section 6.01(b) of the
Indenture shall be amended to delete the references to Change of Control Offer and Net Proceeds Offer therein. 
 Section 3.
Miscellaneous. 
 3.1 Effect of Supplemental Indenture. The provisions of this Supplemental Indenture
will take effect immediately upon its execution and delivery by the Company, the Guarantors and the Trustee in accordance with the provisions of Sections 9.02 and 9.07 of the Indenture; provided, that the Proposed Amendments shall become
operative immediately prior to the effective time of the proposed merger of the Purchaser with and into the Company’s parent company, BWAY Holding Company (the “Merger”), and shall cease to be operative if the Merger is not
consummated or the Purchaser does not accept for payment the Notes tendered pursuant to the terms of the Offer to Purchase (the “Tendered Notes”) and does not pay the applicable consideration to the Holders of the Tendered Notes as
required by the terms of the Offer to Purchase. Prior to the time the Purchaser pays for any Tendered Notes as aforesaid, the Company may terminate this Supplemental Indenture upon written notice to the Trustee, including in connection with any
termination or withdrawal of the Tender Offer or the withdrawal of the Purchaser’s solicitation of consents with respect to the Proposed Amendments or if for any other reason the Tendered Notes are not accepted for payment. The Company shall
give the Trustee prompt written notice of the consummation of the Merger and the acceptance for payment and the purchase of the Tendered Notes as aforesaid. 

3.2 Indenture Remains in Full Force and Effect. Except as supplemented hereby, all provisions of the Indenture shall remain
in full force and effect. 
 3.3 Indenture and Supplemental Indenture Construed Together. Subject to
Section 3.1 hereof, this Supplemental Indenture is an indenture supplemental to and in implementation of the Indenture, and the Indenture and this Supplemental Indenture shall henceforth be read and construed together. 

3.4 Confirmation and Preservation of the Indenture. The Indenture, as supplemented by this Supplemental Indenture, is in
all respects confirmed and preserved. 
 3.5 Trustee Not Responsible for Recitals. The recitals contained herein
shall be taken as the statements of the Company and the Trustee assumes no responsibility for their correctness. The Trustee makes no representation as to the validity or adequacy of this Supplemental Indenture. 

 

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 3.6 Certain Duties and Responsibilities of the Trustee. In entering into this
Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision of the Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee, whether or not elsewhere herein so provided,
including specifically and without limitation the Trustee’s rights to indemnification contained in Section 7.07 of the Indenture. 

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

3.8 Effect of Headings. The Section and Subsection headings herein are for convenience only and shall not affect the
construction hereof. 
 3.9 Benefits of Supplemental Indenture. Nothing in this Supplemental Indenture, the
Indenture, the Notes or the Guarantees, express or implied, shall give to any Person, other than the parties hereto and thereto and their successors hereunder and thereunder, and the Holders, any benefit or any legal or equitable right, remedy, or
claim under the Indenture, this Supplemental Indenture, the Notes or the Guarantees. 
 3.10 Successors and
Assigns. All covenants and agreements in this Supplemental Indenture by the Company shall bind its successors and permitted assigns, whether so expressed or not. 

3.11 Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT SUCH PRINCIPLES ARE NOT MANDATORILY APPLICABLE BY STATUTE AND THE APPLICATION OF THE LAWS OF
ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 3.12 Counterparts. This Supplemental Indenture may be executed
in counterparts (including by means of facsimile signature pages), each of which shall be an original, but all such counterparts shall together constitute one and the same instrument. 

[Remainder of Page Blank — Signature Pages Follow] 

 

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

			
	BWAY CORPORATION
	as Issuer
		
	By:	 	 /s/ Jeffrey M. O’Connell

	Name:	 	Jeffrey M. O’Connell
	Title:	 	Vice President, Secretary & Treasurer
	
	 ARMSTRONG CONTAINERS, INC.,

NORTH AMERICA PACKAGING CORPORATION,

	NORTH AMERICA PACKAGING OF PUERTO RICO, INC.,
	SC PLASTICS, LLC,
	BWAY-KILBOURN, INC., and
	CENTRAL CAN COMPANY, INC.
	
	as Guarantors
		
	By:	 	 /s/ Jeffrey M. O’Connell

	Name:	 	Jeffrey M. O’Connell
	Title:	 	Vice President and Secretary
	
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A

as the Trustee

		
	By:	 	 /s/ Van K. Brown

	Name:	 	Van K. Brown
	Title:	 	Vice President

 [Signature Page to
Second Supplemental Indenture]Management Services Agreement dated as of June 16, 2010

 Exhibit 10.1 

MANAGEMENT SERVICES AGREEMENT 

This Management Services Agreement (this “Agreement”) is made and entered into as of June 16, 2010, by and among
BWAY Holding Company, a Delaware corporation (the “Company”), Picasso Parent Company, Inc., a Delaware corporation (“Buyer Parent”), Madison Dearborn Partners V-B, L.P., a Delaware limited partnership
(“MDP V-B”), and Madison Dearborn Partners VI-B, L.P., a Delaware limited partnership (“MDP VI-B” and, together with MDP V-B, “MDP”). 

WHEREAS, pursuant to that certain Agreement and Plan of Merger, dated as of March 28, 2010, by and among the Company, Buyer Parent
and Picasso Merger Sub, Inc., a Delaware corporation and a wholly-owned indirect subsidiary of Buyer Parent (“Buyer”) (the “Merger Agreement”), Buyer shall merge with and into the Company, with the Company as the
surviving corporation, such that, following the consummation of the transactions contemplated by the Merger Agreement, Buyer Parent shall become the indirect sole shareholder of the Company (the “Acquisition”). Capitalized terms
used but not otherwise defined herein shall have the meanings ascribed thereto in the Merger Agreement. 
 WHEREAS, effective as
of the Effective Date, Buyer Parent and the Company desire to retain MDP to perform certain management and consulting services on the terms and subject to the conditions contained in this Agreement, and MDP desires to perform such services.

 NOW, THEREFORE, the parties hereto, in consideration of the mutual covenants contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, intending to be legally bound, hereby agree as follows: 

1. Appointment. The Company appoints MDP and MDP accepts appointment on the terms and conditions provided in this Agreement as an
advisor to the Company and its subsidiaries and its direct and indirect parent companies (collectively, the “Company Group”), including any other corporations or other entities hereafter formed or acquired by any member of the
Company Group to engage in any business. The parties expressly acknowledge that MDP is an affiliate of Madison Dearborn Capital Partners V-A, L.P., a Delaware limited partnership (“MDCP V-A”), Madison Dearborn Capital Partners V-C,
L.P., a Delaware limited partnership (“MDCP V-C”), Madison Dearborn Capital Partners V Executive-A, L.P., a Delaware limited partnership (“MDCP V Executive”), Madison Dearborn Capital Partners VI-A, L.P., a Delaware
limited partnership (“MDCP VI-A”), Madison Dearborn Capital Partners VI-C, L.P., a Delaware limited partnership (“MDCP VI-C”) and Madison Dearborn Capital Partners VI Executive-A, L.P., a Delaware limited
partnership (“MDCP VI Executive” and, together with MDCP V-A, MDCP V-C, MDCP V Executive, MDCP VI-A and MDCP VI-C, the “Sponsors”), and that the Sponsors are equityholders in Buyer Parent. Additionally, the parties
expressly acknowledge that certain principals of the Sponsors currently serve as members of the Board of Directors of the Company (the “Board”) and/or members of the board of directors (or board of managers, as applicable) of the
other companies in the Company Group. It is understood that MDP’s rights and obligations hereunder shall be independent of the relationship between the Company and the Sponsors and the respective boards of directors (or managers, as applicable)
of the Company and the other members of the Company Group, and that, in performing its services hereunder, MDP is not acting in the capacity of an equityholder of Buyer Parent or any of its subsidiaries or a member of the board of directors (or
managers, as applicable) of the Company or any other member of the Company Group. 

 2. Board of Directors Supervision. The activities of MDP to be performed under this
Agreement shall be subject to the supervision of the Board and subject to reasonable policies not inconsistent with the terms of this Agreement adopted by the Board and in effect from time to time. Where not required by applicable law or regulation,
MDP shall not require the prior approval of the Board to perform its duties under this Agreement. Notwithstanding the foregoing, MDP shall not have the authority to bind the Company or any other member of the Company Group, and nothing contained
herein shall be construed to create an agency relationship between the Company or any other member of the Company Group and MDP. 

3. Term. MDP’s engagement under this Agreement shall be in effect for an initial term commencing on the Effective Date and
ending on the tenth anniversary of the Effective Date (the “Initial Term”), and shall be automatically extended thereafter on a year to year basis unless MDP provides written notice of its desire to terminate its engagement under
this Agreement to the other parties not less than 90 days’ prior to the expiration of the Initial Term or any one year extension thereof (in which case the Term shall terminate on such tenth anniversary or such one-year anniversary thereafter).
The Initial Term, as extended for one or more one year extension periods (if any), is referred to herein as the “Term”. In addition, MDP may terminate its engagement under this Agreement at any time upon 90 days’ written notice
to the Company. No termination of MDP’s engagement under this Agreement, whether pursuant to this Section 3 or otherwise, shall affect the Company’s obligations with respect to the fees, costs and expenses incurred by MDP in
rendering services hereunder and not reimbursed by the Company as of the effective date of such termination. 
 4.
Services. Subject to any limitations imposed by applicable law or regulation, MDP shall perform or cause to be performed such services for Buyer Parent and/or its subsidiaries as mutually agreed by MDP and Buyer Parent’s board of
managers, which may include, without limitation, the following: 
 (a) general strategic advisory services; 

(b) identification, support, negotiation and analysis of acquisitions and dispositions by Buyer Parent or its subsidiaries; 

(c) support, negotiation and analysis of financing alternatives, including, without limitation, in connection with acquisitions, capital
expenditures and refinancing of existing indebtedness; 
 (d) finance functions, including assistance in the preparation of
financial projections and monitoring of compliance with financing agreements; 
 (e) marketing functions, including monitoring
of marketing plans and strategies; 
 (f) human resources functions, including searching and hiring of executives; and

  

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 (g) other services for Buyer Parent and its subsidiaries upon which Buyer Parent’s
board of managers and MDP agree. 
 5. Compensation. 

(a) Transaction Fee. In consideration of the management, consulting and financial services required in connection with certain
corporate events, MDP shall be entitled to customary and reasonable fees for such services provided to the Company and/or to other members of the Company Group, including, without limitation, with respect to refinancings, restructurings, equity or
debt offerings, dividends and distributions, amounts paid by members of the Company Group to repurchase any of their securities, acquisitions, mergers, consolidations, business combinations, sales and divestitures (each a “Consulting
Event”). The fees payable to MDP in connection with any Consulting Event shall be as follows: (i) a fee (the “Transaction Fee”) equal to one percent (1%) of the Consideration (as defined below) shall be payable
upon the closing of a Consulting Event, or (ii) if any of the members of the Company Group receives any payment or fee (each, a “Fee”) from another person in connection with the termination, abandonment or failure to occur of
any proposed Consulting Event, then the Company shall, or shall cause the applicable member(s) of the Company Group to, pay to MDP a fee in an amount equal to the Fee upon the receipt of the Fee; provided, that in no event shall the amount
payable under this paragraph exceed the amount of the Transaction Fee that would have been payable to MDP if the Consulting Event had been consummated. MDP will be entitled to receive the compensation provided for above if the events specified above
occur or an agreement is entered into which subsequently results in a Fee. As used herein, the term “Consideration” shall mean the aggregate transaction value of such Consulting Event (including the value of any debt or liabilities
assumed). If a Consulting Event results in a material portion (but less than all) of the stock of the Company Group having been acquired and in connection therewith there is a reasonable expectation that substantially all of the stock of the Company
Group will be acquired within one year of the date of the Consulting Event (e.g., an initial public offering followed by secondary sales), the Transaction Fee shall be calculated as if there was an acquisition of stock in which all of the
stock of the Company Group had been acquired on the date of the Consulting Event (e.g., the date of the initial public offering) and, if so calculated, then no further Transaction Fee shall be paid or payable on the subsequent sale of the
stock of the Company Group. No reduction shall be made in determining the Consideration for the fact that proceeds may be reduced, returned or offset for indemnification or similar obligations. 

(b) Any payment pursuant to Section 5(a) above shall be made in cash by wire transfer(s) of immediately available funds to or
among one or more accounts as designated from time to time by MDP to the Company in writing. If any individual payment to MDP pursuant to Section 5(a) above would be less than $10,000, then such payment shall be held by the Company until
the first to occur of (i) such time as the aggregate of such payments equals or exceeds $10,000, and (ii) the effective date of the termination of this Agreement, at which time such held amount shall be paid in full. 

(c) The parties acknowledge and agree that, in satisfaction of obligations of Buyer Parent due under that certain Equity Financing
Commitment Letter, dated as of March 28, 2010, by and among Buyer Parent and the Sponsors, Buyer Parent shall pay to each of MDP V-B and to MDP VI-B (or a respective designee thereof) a closing fee in the amount of $2,500,000 upon the
consummation of the Acquisition. 
  

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 6. Reimbursement of Expenses; Independent Contractor. All obligations or expenses
incurred by MDP in the performance of its duties under this Agreement shall be for the account of, on behalf of, and at the expense of the Company, and all such expenses shall be promptly reimbursed by the Company. MDP shall not be obligated to make
any advance to or for the account of the Company or any other member of the Company Group or to pay any sums, except out of funds held in accounts maintained by the Company or any other member of the Company Group, nor shall MDP be obligated to
incur any liability or obligation for the account of the Company or any other member of the Company Group. In addition, the Company shall pay to MDP, and hold MDP harmless against liability for the payment of any taxes, fees and expenses arising or
otherwise incurred in connection with the investment in the Company and/or Buyer Parent by any member of the MDP Group (as defined below). The Company shall reimburse MDP by wire transfer of immediately available funds for any such amount owed to
MDP and/or any member of the MDP Group pursuant to this Section 6, which shall be in addition to any other amount payable to MDP under this Agreement. MDP shall be an independent contractor, and nothing in this Agreement shall be deemed
or construed to (i) create a partnership or joint venture between the Company or any other member of the Company Group and MDP, (ii) cause MDP to be responsible in any way for the debts, liabilities or obligations of the Company or any
other party, or (iii) cause MDP or any of its partners or employees to be officers, employees or agents of the Company or any other member of the Company Group. 

7. Deferral of Amounts Due. Notwithstanding anything to the contrary contained herein, MDP shall have the right at any time, at
its sole discretion, to defer any amounts due to be paid to MDP hereunder until such time as MDP shall determine; provided that no such deferral shall be deemed in any event to be a waiver of MDP’s right to receive such payment or
otherwise as a release of the Company’s, Buyer Parent’s or any member of the Company Group’s obligations to pay any such amounts deferred hereunder, as applicable. 

8. Personnel. MDP will provide and devote to the performance of this Agreement such partners, employees and agents of MDP as MDP
shall deem appropriate to the furnishing of the services mutually agreed upon by Buyer Parent and MDP. The fees and other compensation specified in this Agreement will be payable by the Company regardless of the extent of services requested by Buyer
Parent or performed by MDP pursuant to this Agreement, and regardless of whether or not Buyer Parent requests MDP to provide any such services. 
  

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 9. Liability. Neither MDP nor any of its affiliates, nor any of their respective
partners, members, employees or agents, nor any persons or entities acting for or on behalf of such persons (collectively, the “MDP Group”), shall be liable to Buyer Parent, its current, future or former subsidiaries or any of their
affiliates for any loss, liability, damage or expense (including attorney’s fees and expenses) (collectively, a “Loss”) arising out of or in connection with the performance of services contemplated by this Agreement. MDP makes
no representations or warranties, express or implied, in respect of the services provided by any member of the MDP Group. Except as MDP may otherwise agree in writing after the date hereof: (i) each member of the MDP Group shall have the right
to, and shall have no duty (contractual or otherwise) not to, directly or indirectly: (A) engage in the same or similar business activities or lines of business as Buyer Parent, its current, future or former subsidiaries or any of their
affiliates and (B) do business with any client or customer of Buyer Parent, its current, future or former subsidiaries or any of their affiliates; (ii) no member of the MDP Group shall be liable to Buyer Parent, its current, future or
former subsidiaries or any of their affiliates for breach of any duty (contractual or otherwise) by reason of any such activities or of such person’s participation therein; and (iii) in the event that any member of the MDP Group acquires
knowledge of a potential transaction or matter that may be a corporate opportunity for both Buyer Parent, its current, future or former subsidiaries or any of their affiliates, on the one hand, and any member of the MDP Group, on the other hand, or
any other person, no member of the MDP Group shall have any duty (contractual or otherwise) to communicate or present such corporate opportunity to Buyer Parent, its current, future or former subsidiaries or any of their affiliates and,
notwithstanding any provision of this Agreement to the contrary, shall not be liable to Buyer Parent, its current, future or former subsidiaries or any of their affiliates for breach of any duty (contractual or otherwise) by reason of the fact that
any member of the MDP Group directly or indirectly pursues or acquires such opportunity for itself, directs such opportunity to another person, or does not present such opportunity to Buyer Parent, its current, future or former subsidiaries or any
of their affiliates. 
 10. Indemnity. The Company and the other members of the Company Group hereby agree to jointly and
severally defend, indemnify and hold harmless each member of the MDP Group from and against any and all Losses arising from any claim by any person or entity with respect to, or in any way related to, this Agreement or the investment by any member
of the MDP Group in the Company and/or Buyer Parent (collectively, “Claims”) resulting from any act or omission of any member of the MDP Group. The Company and the other members of the Company Group shall defend at their own cost
and expense any and all suits or actions (just or unjust) which may be brought against Buyer Parent, its current, future or former subsidiaries or any of their affiliates, or any member of the MDP Group or in which any member of the MDP Group may be
impleaded with others upon any Claims, or upon any matter, directly or indirectly related to or arising out of this Agreement or the performance hereof by any member of the MDP Group. 

11. Arbitration. 

(a) If a Dispute arises between the parties, the parties agree to use the following procedures in good faith to resolve such Dispute
promptly, privately and non-judicially. For purposes of this Agreement, “Dispute” shall mean any alleged material breach of any representation, warranty or obligation herein, or a disagreement regarding the interpretation,
performance or nonperformance of any provision thereof, or the validity, scope and enforceability of these dispute resolution procedures, or any dispute regarding any damages arising from the termination of this Agreement. Any party may give written
notice to any other party of the existence of a Dispute (a “Dispute Notice”). 
 (b) Within ten (10) days
after delivery of any Dispute Notice the parties involved in the Dispute shall meet at a mutually agreeable time and place and thereafter as often as they deem reasonably necessary to exchange relevant information and attempt in good faith to
negotiate a resolution of the Dispute. If the Dispute has not been resolved within ten (10) days after the first meeting of the parties, or, if the party receiving the Dispute Notice will not meet within ten (10) days after receipt of the
Dispute Notice, then any party may, by delivering notice to the other part(ies), commence arbitration proceedings. 
  

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 (c) If the parties can agree to a single arbitrator within 30 days following one party
receiving a Dispute Notice from another party, such arbitrator shall be chosen. The arbitrator(s) shall not be required to have qualifications other than a reasonable amount of experience and specialty in the area which is the subject of the
dispute. If the parties do not agree as to the choice of an arbitrator, each party shall choose an arbitrator within ten (10) days after the expiration of the 30-day period referred to above and the arbitrators so chosen shall choose an
additional arbitrator within 20 days after the date on which second of the arbitrator chosen by the parties is chosen. If at the end of such 20 day period the parties’ designated arbitrators cannot agree on the selection of the third
arbitrator, such selection shall be made by the American Arbitration Association upon the application of any party. 
 (d) The
parties acknowledge that the provisions of this Section 11 are intended to provide a private resolution of Disputes between them. Accordingly, all documents, records, and other information relating to the Dispute shall at all times be
maintained in the strictest confidence and not disclosed to any third party, other than the arbitrators, except where specifically allowed hereunder. All proceedings, communications and negotiations pursuant to this Section 11 are
confidential. In the event of any judicial challenge to, or enforcement of, any order or award hereunder, any party may designate such portions of the record of such proceedings, communications, and negotiations as such party deems appropriate to be
filed under seal. All proceedings, communications and negotiations pursuant to this Section 11 shall be treated as compromise negotiations for all purposes, including for purposes of the U.S. Federal Rules of Evidence and state rules of
evidence. None of the statements, disclosures, offers, or communications (or other assertions made in any proceeding or negotiation) made pursuant to this Section 11 shall be deemed admissions, nor shall any of said statements,
disclosures, offers, communications or assertions be admissible for any purpose other than the enforcement of the terms of this Section 11. 

(e) The parties agree to act in good faith to comply with all of their respective obligations under this Agreement as much as possible as
if there were no Dispute during any pending mediation or arbitration hereunder. 
 (f) All deadlines specified in this
Section 11 may be extended by mutual agreement. The procedures specified in this Section 11 are an essential provision of the Agreement and are legally binding on the parties. These procedures shall be the sole and exclusive
procedures for the resolution of any Dispute between the parties arising out of or relating to this Agreement. Any and all actions to enforce the obligations under this Section 11 shall be brought in any court of competent jurisdiction
in accordance with Section 16 hereof. 
 (g) The parties agree to have any Dispute decided by neutral arbitration
as provided in this Section 11 and the parties are giving up any rights they might possess to have the Dispute litigated in a court or by a jury trial. The parties are giving up their judicial rights to discovery and appeal, unless such
rights are specifically included in this Section 11. The parties acknowledge and agree that their agreement to this arbitration provision is voluntary. 
  

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 12. Notices. All notices, demands or other communications to be given or delivered
under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given or made when (a) delivered personally to the recipient, (b) telecopied to the recipient (with hard copy sent to the recipient
by reputable overnight courier service (charges prepaid) that same day) if telecopied before 5:00 p.m. Chicago, Illinois time on a business day, and otherwise on the next business day, or (c) one business day after being sent to the recipient
by reputable overnight courier service (charges prepaid). Such notices, demands and other communications shall be sent to the address for such recipient set forth below, or to such other address or to the attention of such other person as the
recipient party has specified by prior written notice to the sending party: 
 Notices to the Company and/or Buyer
Parent: 
 BWAY Holding Company 

8607 Roberts Drive, Suite 250 

Atlanta, GA 30350 

			
	Attention:	  	    Mr. Michael Clauer
	Telephone:	  	    (770) 645-4800
	Telecopy:	  	    (770) 645-4810

Notices to MDP: 

c/o Madison Dearborn Partners, LLC 

Three First National Plaza, Suite 4600 

Chicago, Illinois 60602 

			
	Attention:	  	    Thomas S. Souleles and
		  	    Mark B. Tresnowski
	Telephone:	  	    (312) 895-1000
	 Telecopy:
	  	    (312) 895-1041

with a copy to: 

Kirkland & Ellis LLP

300 North LaSalle Street 

Chicago, Illinois 60654 

			
	Attention:	  	    Richard J. Campbell, P.C.
	Telephone:	  	    (312) 862-2000
	Telecopy:	  	    (312) 862-2200

13. Successors. This Agreement and all the obligations and benefits hereunder shall inure to the successors and assigns of the
parties. 
 14. Assignment. No party may assign any obligations hereunder to any other party without the prior written
consent of each of the other parties (which consent shall not be unreasonably withheld); provided that MDP may, without consent of the Company or Parent, assign its rights and obligations under this Agreement to any of its affiliated
investment funds. The assignor shall remain liable for the performance of any assignee. 
  

 -7- 

 15. Counterparts. This Agreement may be executed and delivered by each party hereto
in separate counterparts (including by facsimile or by electronic transmission in portable document format (pdf) or by other electronic transmission), each of which when so executed and delivered shall be deemed an original and all of which taken
together shall constitute but one and the same agreement. 
 16. Entire Agreement; Modification; Governing Law. The terms
and conditions hereof constitute the entire agreement between the parties hereto with respect to the subject matter of this Agreement and supersede all previous communications, either oral or written, representations or warranties of any kind
whatsoever, except as expressly set forth herein; provided that nothing contained in this Agreement shall be deemed to limit, prevent or otherwise prohibit any payments to which MDP, any of the Sponsors and/or any of their respective
affiliates are entitled under Section 8 of that certain Equity Financing Commitment Letter, dated as of March 28, 2010, by and among the Sponsors and Buyer Parent. No modifications of this Agreement or waiver of the terms or conditions
thereof shall be binding upon any party unless approved in writing by an authorized representative of such party. All issues concerning this agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without
giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the law of any jurisdiction other than the State of Delaware. 

17. Joint and Several Liability. If requested by MDP, then the Company shall cause any other member of the Company Group to sign a
counterpart signature page to this Agreement to evidence its joint and several liability for the obligations of the Company hereunder. For as long as Buyer Parent owns, directly or indirectly, a majority of the voting capital stock of the Company,
Buyer Parent shall be jointly and severally liable for the obligations of the Company hereunder. 
 18. Attorney’s
Fees. If any action or proceeding, whether at law, in equity or in arbitration, is necessary or desirable to enforce or interpret the terms of this Agreement or to protect the rights obtained hereunder, then MDP shall be entitled to recover from
the Company its reasonable attorneys’ fees incurred in connection therewith in addition to any relief to which it may be entitled. 

19. Survival. Notwithstanding anything herein to the contrary, the provisions of Section 6, Section 9,
Section 10 and Section 11 hereof shall survive expiration of the Term and termination of this Agreement and no expiration of the Term or termination of MDP’s engagement under this Agreement shall limit the rights or
remedies of MDP for accrued but unpaid fees or non-payment or other breach by Buyer Parent or the Company arising prior to any such expiration or termination. 

*     *     *     *     * 

 

 -8- 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

			
	MDP:
	
	MADISON DEARBORN PARTNERS V-B, L.P.
		
	By:	 	Madison Dearborn Partners, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Thomas S. Souleles

	Name:	 	Thomas S. Souleles
	Its:	 	Managing Director
	
	MADISON DEARBORN PARTNERS VI-B, L.P.
		
	By:	 	Madison Dearborn Partners, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Thomas S. Souleles

	Name:	 	Thomas S. Souleles
	Its:	 	Managing Director
	
	BUYER PARENT:
	
	PICASSO PARENT COMPANY, INC.
		
	By:	 	 /s/ Thomas S. Souleles

	Name:	 	Thomas S. Souleles
	Its:	 	President
	
	THE COMPANY:
	
	BWAY HOLDING COMPANY
		
	By:	 	 /s/ Kenneth M. Roessler

	Name:	 	Kenneth M. Roessler
	Its:	 	President and Chief Executive Officer

[Signature page to Management Services Agreement]

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