Document:

Exhibit

AMENDMENT NUMBER TWO  
TO CREDIT AGREEMENT
THIS AMENDMENT NUMBER TWO TO CREDIT AGREEMENT (this “Amendment”), dated as of September 21, 2018, is entered into by and among PANDORA MEDIA, INC., a Delaware corporation (“Pandora”), the Subsidiaries of Pandora identified on the signature pages hereof as “Borrowers” (together with Pandora, each, a “Borrower” and individually and collectively, jointly and severally, the “Borrowers”), the Subsidiaries of Pandora identified on the signature pages hereof as “Guarantors” (each, a “Guarantor” and individually and collectively, jointly and severally, the “Guarantors”), the Lenders identified on the signature pages hereof, and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Wells Fargo”), as administrative agent for each member of the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity, “Agent”), and in light of the following:
W I T N E S S E T H
WHEREAS, Borrowers, the Lenders party thereto, Agent, and JPMorgan Chase Bank, N.A. (“JPM”), Morgan Stanley Senior Funding, Inc. (“MSSF”), and Wells Fargo, as joint lead arrangers and as joint bookrunners, are parties to that certain Credit Agreement, dated as of December 29, 2017 (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”);
WHEREAS, Borrowers have requested certain amendments to the Credit Agreement; and
WHEREAS, upon the terms and conditions set forth herein, Agent and the Required Lenders are willing to make certain amendments to the Credit Agreement.
NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
1.Defined Terms.  All initially capitalized terms used herein (including the preamble and recitals hereof) without definition shall have the meanings ascribed thereto in the Credit Agreement (including Section 1.1 thereof).
2.Amendments to Credit Agreement.  Subject to the satisfaction (or waiver in writing by Agent) of the conditions precedent set forth in Section 3 hereof, Section 1.1 of the Credit Agreement is hereby amended by amending and restating subclause (u) of the definition of “Permitted Indebtedness” in its entirety as follows: 
(u)    Permitted Convertible Notes; provided that (a) at the time of incurrence thereof and after giving effect thereto, (i) no Default or Event of Default shall have occurred and be continuing and (ii) Liquidity shall not be less than the greater of (x) 16.67% of the Maximum Revolver Amount and (y) $10,000,000 and (b) Administrative Borrower shall have delivered to Agent a certificate of a financial officer of Administrative Borrower certifying that (i) all the requirements set forth in this clause (u) have been satisfied with respect to such incurrence of Permitted Convertible Notes, (ii) based on the information then available to Administrative Borrower, Administrative Borrower in good faith expects that Liquidity will not be less than the greater of (x) 16.67% of the Maximum Revolver Amount and (y) $10,000,000 at any time during the six month period immediately following such incurrence, together with a calculation in support of the satisfaction of the requirement referred to in clause (a)(ii) above, and any Refinancing Indebtedness in respect thereof, and (iii) that the consent of the holders of the Series A Preferred Stock of Administrative 

Borrower (x) is not required in connection with the issuance of such Permitted Convertible Notes or (y) to the issuance of such Permitted Convertible Notes has been obtained and is in full force and effect (and, in the case of this clause (y), attaching a copy of such written consent); provided further that the aggregate principal amount of Indebtedness permitted by this clause (u) may not exceed $600,000,000 less the aggregate principal amount of any outstanding 2020 Unsecured Convertible Notes at any time outstanding, 
3.Conditions Precedent to Amendment. The satisfaction (or waiver in writing by Agent) of each of the following shall constitute conditions precedent to the effectiveness of the Amendment (the first date upon which all of such conditions are satisfied or waived in writing by Agent, the “Amendment Effective Date”):
(a)    Agent shall have received this Amendment, duly executed by Agent, the Borrowers, the Guarantors, and Lenders constituting the Required Lenders, and the same shall be in full force and effect.
(b)    After giving effect to this Amendment, the representations and warranties contained herein, in the Credit Agreement, and in the other Loan Documents, in each case shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date hereof, as though made on and as of such date (except to the extent that such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall continue to be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of such earlier date).
(c)    No Default or Event of Default shall have occurred and be continuing as of the Amendment Effective Date, nor shall either result from the consummation of the transactions contemplated herein.
(d)    Borrowers shall pay to Agent and each Lender concurrently with the closing of the transactions contemplated by this Amendment, all fees, costs, expenses and taxes then payable pursuant to the Credit Agreement and Section 4 of this Amendment; provided that an invoice is provided to Borrowers not less than one Business Day prior to the closing of the transactions contemplated by this Amendment.  
(e)    All other documents and legal matters in connection with the transactions contemplated by this Amendment shall have been delivered, executed, or recorded and shall be in form and substance reasonably satisfactory to Agent.
4.Representations and Warranties. Each Loan Party hereby represents and warrants to Agent and each other member of the Lender Group as follows:
(a)    It (i) is duly organized and existing and in good standing under the laws of the jurisdiction of its organization, (ii) is qualified to do business in any state where the failure to be so qualified could reasonably be expected to result in a Material Adverse Effect, and (iii) has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to enter into this Amendment and the other Loan Documents to which it is a party and to carry out the transactions contemplated hereby and thereby.
(b)    The execution, delivery, and performance by it of this Amendment and the performance by it of each Loan Document to which it is or will be a party (i) have been duly authorized by 

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all necessary action, (ii) do not and will not (A) violate any material provision of federal, state or local law or regulation applicable to it or its Subsidiaries, the Governing Documents of it or its Subsidiaries, or any order, judgment, or decree of any court or other Governmental Authority binding on it or its Subsidiaries, (B) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any Material Contract of any Loan Party or its Subsidiaries, the Preferred Equity Documents, the Permitted Convertible Notes, or the Permitted Subordinated Notes, where any such conflict, breach or default could individually or in the aggregate reasonably be expected to have a Material Adverse Effect, (C) result in or require the creation or imposition of any Lien of any nature whatsoever upon any assets of any Loan Party, other than Permitted Liens, or (D) require any approval of any holder of Equity Interests of a Loan Party or any approval or consent of any Person under any Material Contract of any Loan Party, the Preferred Equity Documents, the Permitted Convertible Notes, or the Permitted Subordinated Notes, other than consents or approvals that have been obtained and that are still in force and effect and except, in the case of Material Contracts, the Preferred Equity Documents, the Permitted Convertible Notes, and the Permitted Subordinated Notes, for consents or approvals, the failure to obtain could not individually or in the aggregate reasonably be expected to cause a Material Adverse Effect.
(c)    No registration with, consent, or approval of, or notice to, or other action with or by, any Governmental Authority is required in connection with the execution, delivery and performance by it of this Amendment or any other Loan Document to which it is or will be a party, other than registrations, consents, approvals, notices, or other actions that have been obtained and that are still in force and effect.
(d)    This Amendment is, and each other Loan Document to which it is or will be a party, when executed and delivered by each Person that is a party thereto, will be the legally valid and binding obligation of such Person, enforceable against such Person in accordance with its respective terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally.
(e)    No injunction, writ, restraining order, or other order of any nature prohibiting, directly or indirectly, the consummation of the transactions contemplated herein has been issued and remains in force by any Governmental Authority against any Loan Party, Agent, any member of the Lender Group, or any Bank Product Provider.
(f)    No Default or Event of Default has occurred and is continuing as of the date of the effectiveness of this Amendment, and no condition exists which constitutes a Default or an Event of Default.
(g)    The representations and warranties set forth in this Amendment, the Credit Agreement, as amended by this Amendment and after giving effect to this Amendment, and the other Loan Documents to which it is a party are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date hereof, as though made on and as of such date (except to the extent that such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall continue to be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of such earlier date).
(h)    This Amendment has been entered into without force or duress, of the free will of each Loan Party, and the decision of each Loan Party to enter into this Amendment is a fully informed decision and such Person is aware of all legal and other ramifications of each decision.

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(i)    It has read and understands this Amendment, has consulted with and been represented by independent legal counsel of its own choosing in negotiations for and the preparation of this Amendment, has read this Amendment in full and final form, and has been advised by its counsel of its rights and obligations hereunder.
5.Payment of Costs and Fees.  Borrowers shall pay to Agent and each Lender all Lender Group Expenses (including, without limitation, the reasonable fees and expenses of any attorneys retained by Agent or any Lender) in connection with the preparation, negotiation, execution and delivery of this Amendment and any documents and instruments relating hereto.
6.CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER; JUDICIAL REFERENCE PROVISION.  THIS AMENDMENT SHALL BE SUBJECT TO THE PROVISIONS REGARDING CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER AND JUDICIAL REFERENCE PROVISION SET FORTH IN SECTION 12 OF THE CREDIT AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS.
7.Amendments.   This Amendment cannot be altered, amended, changed or modified in any respect except in accordance with Section 14.1 of the Credit Agreement.
8.Counterpart Execution.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Amendment.  Delivery of an executed counterpart of this Amendment by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Amendment.  Any party delivering an executed counterpart of this Amendment by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Amendment, but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment.
9.Effect on Loan Documents.
(a)    The Credit Agreement, as amended hereby, and each of the other Loan Documents shall be and remain in full force and effect in accordance with their respective terms and hereby are ratified and confirmed in all respects.  The execution, delivery, and performance of this Amendment shall not operate, except as expressly set forth herein, as a modification or waiver of any right, power, or remedy of Agent or any Lender under the Credit Agreement or any other Loan Document.  Except for the amendments to the Credit Agreement expressly set forth herein, the Credit Agreement and the other Loan Documents shall remain unchanged and in full force and effect.  The waivers, consents and modifications set forth herein are limited to the specifics hereof (including facts or occurrences on which the same are based), shall not apply with respect to any facts or occurrences other than those on which the same are based, shall neither excuse any future non-compliance with the Loan Documents nor operate as a waiver of any Default or Event of Default, shall not operate as a consent to any further waiver, consent or amendment or other matter under the Loan Documents, and shall not be construed as an indication that any future waiver or amendment of covenants or any other provision of the Credit Agreement will be agreed to, it being understood that the granting or denying of any waiver or amendment which may hereafter be requested by Borrowers remains in the sole and absolute discretion of Agent and Lenders.  To the extent that any terms or provisions of this Amendment conflict with those of the Credit Agreement or the other Loan Documents, the terms and provisions of this Amendment shall control.

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(b)    Upon and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “herein”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”, “thereunder”, “therein”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as modified and amended hereby.
(c)    To the extent that any of the terms and conditions in any of the Loan Documents shall contradict or be in conflict with any of the terms or conditions of the Credit Agreement, after giving effect to this Amendment, such terms and conditions are hereby deemed modified or amended accordingly to reflect the terms and conditions of the Credit Agreement as modified or amended hereby.
(d)    This Amendment is a Loan Document.
(e)    This Amendment shall be construed in accordance with the rules of construction set forth in Section 1.4 of the Credit Agreement, and such provisions are incorporated herein by this reference, mutatis mutandis.
10.Entire Agreement.  This Amendment, and the terms and provisions hereof, the Credit Agreement and the other Loan Documents constitute the entire understanding and agreement between the parties hereto with respect to the subject matter hereof and supersede any and all prior or contemporaneous amendments or understandings with respect to the subject matter hereof, whether express or implied, oral or written.
11.Integration.  This Amendment, together with the other Loan Documents, incorporates all negotiations of the parties hereto with respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect to the subject matter hereof.
12.Reaffirmation of Obligations.  Each Loan Party hereby (a) acknowledges and reaffirms its obligations owing to Agent, each member of the Lender Group, and the Bank Product Providers under each Loan Document to which it is a party, and (b) agrees that each of the Loan Documents to which it is a party is and shall remain in full force and effect.  Each Loan Party hereby (i) further ratifies and reaffirms the validity and enforceability of all of the Liens and security interests heretofore granted, pursuant to and in connection with the Guaranty and Security Agreement or any other Loan Document to Agent, on behalf and for the benefit of each member of the Lender Group and each Bank Product Provider, as collateral security for the obligations under the Loan Documents in accordance with their respective terms, and (ii) acknowledges that all of such Liens and security interests, and all Collateral heretofore pledged as security for such obligations, continue to be and remain collateral for such obligations from and after the date hereof (including, without limitation, from after giving effect to this Amendment).
13.Ratification.  Each Loan Party hereby restates, ratifies and reaffirms each and every term and condition set forth in the Credit Agreement and the Loan Documents effective as of the date hereof and as modified hereby.
14.Severability.  In case any provision in this Amendment shall be invalid, illegal or unenforceable, such provision shall be severable from the remainder of this Amendment and the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
[Signature pages follow]

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IN WITNESS WHEREOF, the parties have entered into this Amendment as of the date first above written.

	
			
	 
	 

	BORROWERS:
	PANDORA MEDIA, INC., 
a Delaware corporation  

	 
	 

	 
	 

	 
	By:
	/s/ Naveen Chopra

	 
	Name:
	Naveen Chopra

	 
	Title:
	Chief Financial Officer

	 
	 

	 
	

	 
	PANDORA MEDIA CALIFORNIA, LLC,  
a California limited liability company 

	 
	

By:   Pandora Media, Inc.
Its:   Sole Member

	 
	

	 
	By:
	/s/ Naveen Chopra

	 
	Name:
	Naveen Chopra

	 
	Title:
	Chief Financial Officer

	 
	 

	 
	 

Signature Page to Amendment Number Two to Credit Agreement

	
		
	GUARANTOR:

	 

	ADSWIZZ, INC., a Delaware corporation 

By:       Pandora Media, Inc. 
Its:        Sole Shareholder

By:      /s/ Naveen Chopra
Name:  Naveen Chopra
Title: Chief Financial Officer

	 

	 
	 

Signature Page to Amendment Number Two to Credit Agreement

	
		
	WELLS FARGO BANK, NATIONAL ASSOCIATION, 
a national banking association, as Agent and as a Lender

	 

	 

	By:
	/s/ David Klages

	Name:
	David Klages

	 
	Its Authorized Signatory

    

Signature Page to Amendment Number Two to Credit Agreement

	
		
	MORGAN STANLEY SENIOR FUNDING, INC., 
as a Lender

	 

	 

	By:
	/s/ Christopher Winthrop

	Name:
	Christopher Winthrop

	Title:
	Vice President

Signature Page to Amendment Number Two to Credit Agreement

	
		
	JP MORGAN CHASE BANK, N.A.,
as a Lender

	 

	 

	By:
	/s/ Bruce S. Borden

	Name:
	Bruce S. Borden

	Title:
	Executive Director

Signature Page to Amendment Number Two to Credit Agreement

	
		
	MUFG UNION BANK, N.A., 
as a Lender 

	 

	 

	By:
	/s/ Nadia Mitevska

	Name:
	Nadia Mitevska

	Title:
	Director

Signature Page to Amendment Number Two to Credit AgreementExhibit 4.1

 

WESTROCK RKT, LLC

as Issuer

 

and

 

THE GUARANTORS PARTY HERETO

____________________

 

4.450% SENIOR NOTES DUE 2019

4.900% SENIOR NOTES DUE 2022

____________________

SUPPLEMENTAL INDENTURE NO. 4

 

DATED AS OF NOVEMBER 2, 2018

 

to

 

INDENTURE

 

DATED AS OF FEBRUARY 22, 2012

 

____________________

 

HSBC BANK USA, NATIONAL ASSOCIATION

as Trustee

 

 

 

 

 

 

 

 

     

     

    

 

SUPPLEMENTAL INDENTURE NO. 4, dated as of November 2, 2018,
among WestRock RKT, LLC, a Georgia limited liability company (formerly known as Rock-Tenn Company, the “Company”),
WRKCo Inc., a Delaware corporation (“WRKCo”), WestRock MWV, LLC, a Delaware limited liability company (“WRK
MWV” and, together with WRKCo, the “Existing Guarantors”), WestRock Company, a Delaware corporation
(the “New Guarantor” and, together with the Company and the Existing Guarantors, the “Obligors”),
and HSBC Bank USA, National Association, as trustee (the “Trustee”) under the hereafter defined Indenture.

 

WHEREAS, the Company and the Guarantors party thereto heretofore
executed and delivered to the Trustee an Indenture dated as of February 22, 2012, as supplemented by Supplemental Indenture No.
1, dated as of November 7, 2013, Supplemental Indenture No. 2, dated as of February 21, 2014 and Supplemental Indenture No. 3,
dated as of July 1, 2015 (the “Indenture”), in respect of the Company’s 4.450% Senior Notes due 2019 and
4.900% Senior Notes due 2022 (the “Notes”);

 

WHEREAS, pursuant to an Agreement and Plan of Merger, dated
as of January 28, 2018, among the New Guarantor, WRKCo, Whiskey Merger Sub, Inc., a Delaware corporation, Kola Merger Sub, Inc.,
a Delaware corporation, and KapStone Paper and Packaging Corporation, a Delaware corporation, the New Guarantor will become the
ultimate parent of the Company;

 

WHEREAS, pursuant to a Certificate of Conversion filed September
30, 2018, the Company converted into a Georgia limited liability company with the name WestRock RKT, LLC;

 

WHEREAS, the New Guarantor desires to fully and unconditionally
guarantee all the monetary obligations of the Company under the Indenture (including obligations to the Trustee) and the full and
punctual performance within applicable grace periods of all other obligations of the Company under the Indenture (the “Guarantee”);

 

WHEREAS, pursuant to Section 9.1(7) of the Indenture, the
Trustee is authorized to execute and deliver this Supplemental Indenture No. 4 (the “Supplemental Indenture”) without
the consent of Holders of the Notes; and

 

WHEREAS, all the conditions and requirements necessary to
make this Supplemental Indenture a valid, binding and legal instrument in accordance with its terms have been performed and fulfilled
by the Obligors and the execution and delivery hereof have been in all respects duly authorized by the Obligors.

 

NOW, THEREFORE, in consideration of the above premises, each
party agrees, for the benefit of the others and for the equal and ratable benefit of the Holders of the Notes, as follows:

 

ARTICLE ONE

 

REAFFIRMATION AND ACCESSION

 

SECTION 1.01. Reaffirmation. The Company hereby expressly
and unconditionally reaffirms each and every covenant, agreement and undertaking of such party in the Indenture.

 

    	 	1	 

     

    

 

SECTION 1.02. Note Guarantee.

 

(a) The New Guarantor hereby jointly and severally, fully, unconditionally
and irrevocably guarantees the Notes and obligations of the Issuer under the Notes and the Indenture, and guarantees to each Holder
of a Note authenticated and delivered by the Trustee and to the Trustee on behalf of such Holder, that: (i) the principal of and
premium, if any and interest on the Notes shall be paid in full when due, whether at Stated Maturity, by acceleration, call for
redemption or otherwise (including, without limitation, the amount that would become due but for the operation of the automatic
stay under Section 362(a) of the Bankruptcy Code), together with interest on the overdue principal, if any, and interest on any
overdue interest, to the extent lawful, and all other obligations of the Issuer to the Holders or the Trustee under the Notes and
the Indenture shall be paid in full or performed, all in accordance with the terms hereof and thereof; and (ii) in case of any
extension of time of payment or renewal of any Notes or of any such other obligations, the same shall be paid in full when due
or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise.
The Guarantee shall be a guarantee of payment and not of collection.

 

(b) The New Guarantor hereby agrees that its obligations hereunder
shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or the Indenture, the absence of
any action to enforce the same, any waiver or consent by any Holder with respect to any provisions hereof or thereof, the recovery
of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute
a legal or equitable discharge or defense of the New Guarantor or any Existing Guarantor.

 

(c) The New Guarantor hereby waives the benefits of diligence, presentment,
demand for payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require
a proceeding first against the Company or any other Person, protest, notice and all demands whatsoever and covenants that the Guarantee
shall not be discharged as to any Note except by complete performance of the obligations contained in such Note or as provided
for in this Supplemental Indenture. The New Guarantor hereby agrees that, in the event of a default in payment of principal or
premium, if any, or interest on such Note, whether at its Stated Maturity, by acceleration, call for redemption, purchase or otherwise,
legal proceedings may be instituted by the Trustee on behalf of, or by, the Holder of such Note, subject to the terms and conditions
set forth in the Indenture, directly against the New Guarantor to enforce the Guarantee without first proceeding against the Company
or any other Guarantor. The New Guarantor agrees that if, after the occurrence and during the continuance of an Event of Default,
the Trustee or any of the Holders are prevented by applicable law from exercising their respective rights to accelerate the maturity
of the Notes, to collect interest on the Notes, or to enforce or exercise any other right or remedy with respect to the Notes,
the New Guarantor shall pay to the Trustee for the account of the Holders, upon demand therefor, the amount that would otherwise
have been due and payable had such rights and remedies been permitted to be exercised by the Trustee or any of the Holders.

 

(d) If any Holder or the Trustee is required by any court or otherwise
to return to the Issuer or the New Guarantor or any Existing Guarantor, or any custodian, trustee, liquidator or other similar
official acting in relation to the Issuer or the New Guarantor or any Existing Guarantor, any amount paid by any of them to the
Trustee or such Holder, the Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. This
paragraph (d) shall remain effective notwithstanding any contrary action which may be taken by the Trustee or any Holder in reliance
upon such amount required to be returned. This paragraph (d) shall survive the termination of the Indenture.

 

    	 	2	 

     

    

 

(e) The New Guarantor further agrees that, as between the New Guarantor,
on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may
be accelerated as provided in Article VI of the Indenture for the purposes of the Guarantee, notwithstanding any stay, injunction
or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any
acceleration of such obligations as provided in Article VI of the Indenture, such obligations (whether or not due and payable)
shall forthwith become due and payable by the New Guarantor for the purpose of the Guarantee.

 

SECTION 1.03. Severability. In case any provision of any guarantee
shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

 

SECTION 1.04. Limitation of Guarantors’ Liability. The
New Guarantor and by its acceptance of Notes, each Holder, confirms that it is the intention of all such parties that the Guarantee
not constitute a fraudulent transfer or conveyance for purposes of the Federal Bankruptcy Code, the Uniform Fraudulent Conveyance
Act, the Uniform Fraudulent Transfer Act or any similar federal or state law relating to fraudulent transfer or conveyance. To
effectuate the foregoing intention, the Trustee, the Holders, the Existing Guarantors and the New Guarantor hereby irrevocably
agree that the obligations of the New Guarantor under its Guarantee shall be limited to the maximum amount that will not, after
giving effect to all other contingent and fixed liabilities of the New Guarantor and after giving effect to any collections from,
rights to receive contribution from or payments made by or on behalf of any other Guarantor or the New Guarantor in respect of
the obligations of such Existing Guarantor or the New Guarantor under its Guarantee, result in the obligations of the New Guarantor
under its Guarantee constituting a fraudulent transfer or conveyance.

 

SECTION 1.05. Benefits Acknowledged. The New Guarantor acknowledges
that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and that its Guarantee
and waivers pursuant to its Guarantee are knowingly made in contemplation of such benefits.

 

SECTION 1.06. Termination of Guarantee. The Guarantee shall
be automatically released and shall terminate upon (i) the merger of the New Guarantor with or into any other Obligor, (ii) the
consolidation of the New Guarantor with any other Obligor or (iii) the transfer of all or substantially all of the assets of the
New Guarantor to any other Obligor. At the request of the Company, the Trustee will execute and deliver any documents, instructions
or instruments evidencing any such release.

 

 

 

    	 	3	 

     

    

 

ARTICLE TWO

 

MISCELLANEOUS PROVISIONS

 

SECTION 2.01. Terms Defined. For all purposes of this Supplemental
Indenture, except as otherwise defined or unless the context otherwise requires, terms used in capitalized form in this Supplemental
Indenture and defined in the Indenture have the meanings specified in the Indenture.

 

SECTION 2.02. Indenture. Except as amended hereby, the Indenture
and the Notes are in all respects ratified and confirmed and all the terms shall remain in full force and effect. For the avoidance
of doubt, the provisions of Article 10 of the Indenture shall not apply to the Guarantee.

 

SECTION 2.03. Governing Law. THE LAWS OF THE STATE OF NEW
YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE.

 

SECTION 2.04. Successors. All agreements of the Company, the
New Guarantor and each Existing Guarantor in this Supplemental Indenture and the Notes shall bind their respective successors to
the extent set forth in the Indenture.

 

SECTION 2.05. Multiple Counterparts. This Supplemental Indenture
may be signed in any number of counterparts each of which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same Supplemental Indenture.

 

SECTION 2.06. Effectiveness. The provisions of this Supplemental
Indenture will take effect immediately upon its execution and delivery by the Trustee in accordance with the provisions of the
Indenture.

 

SECTION 2.07. Trustee Disclaimer. The Trustee accepts the
amendment of the Indenture effected by this Supplemental Indenture and agrees to execute the trust created by the Indenture as
hereby amended, but only upon the terms and conditions set forth in the Indenture, including the terms and provisions defining
and limiting the liabilities and responsibilities of the Trustee, which terms and provisions shall in like manner define and limit
its liabilities and responsibilities in the performance of the trust created by the Indenture as hereby amended, and without limiting
the generality of the foregoing, the Trustee shall not be responsible in any manner whatsoever for or with respect to any of the
recitals or statements contained herein, all of which recitals or statements are made solely by the Company, the Existing Guarantors
and the New Guarantor, or for or with respect to (i) the validity or sufficiency of this Supplemental Indenture or any of the terms
or provisions hereof, (ii) the proper authorization hereof by the Company, the Existing Guarantors and the New Guarantor by corporate
action or otherwise, (iii) the due execution hereof by the Company, the Existing Guarantors and the New Guarantor and/or (iv) the
consequences (direct or indirect and whether deliberate or inadvertent) of any amendment herein provided for, and the Trustee makes
no representation with respect to any such matters.

 

    	 	4	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture
No. 4 to be duly executed as of the date first written above.

 

	 	Very truly yours,	 
	 	 	 	 
	 	WESTROCK RKT, LLC,	 
	 	 	 	 
	 	by	 
	 	 	/s/ John D. Stakel	 
	 	 	Name: John D. Stakel	 
	 	 	Title: Senior Vice President and Treasurer
	 	 	 	 
	 	WESTROCK COMPANY,	 
	 	 	 	 
	 	by	 
	 	 	/s/ John D. Stakel	 
	 	 	Name: John D. Stakel	 
	 	 	Title: Senior Vice President and Treasurer
	 	 	 	 
	 	WRKCO INC.,	 
	 	 	 	 
	 	by	 
	 	 	/s/ John D. Stakel	 
	 	 	Name: John D. Stakel	 
	 	 	Title: Senior Vice President and Treasurer
	 	 	 	 
	 	WESTROCK MWV, LLC,	 
	 	 	 	 
	 	by	 
	 	 	/s/ John D. Stakel	 
	 	 	Name: John D. Stakel	 
	 	 	Title: Senior Vice President and Treasurer

 

 

[Signature Page to Supplemental Indenture]

 

     

     

    

 

	 	HSBC BANK USA, NATIONAL ASSOCIATION,
	 	 	 
	 	as Trustee	 
	 	by	 
	 	 	/s/ Efren Almazan	 
	 	 	Name: Efren Almazan	 
	 	 	Title: Vice President	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Supplemental Indenture]

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