Document:

Exhibit
10(b)

 

EXECUTION VERSION

 

AMENDMENT NO. 1 TO AMENDED
AND RESTATED

LONG-TERM CREDIT AGREEMENT

 

This Amendment No. 1
to Amended and Restated Long Term Credit Agreement (this “Amendment”) is
entered into as of July 5, 2009 by and among Bemis Company, Inc., a
Missouri corporation (the “Company”), the Borrowing Subsidiaries,
JPMorgan Chase Bank, N.A., individually and as administrative agent (the “Administrative
Agent”) and Issuer, and the other financial institutions signatory hereto.

 

RECITALS

 

A.                                   The Company, the Borrowing Subsidiaries,
the Administrative Agent and the financial institutions party thereto (the “Lenders”)
have entered into that certain Amended and Restated Long-Term Credit Agreement
dated as of April 29, 2008 (the “Credit Agreement”).  Unless otherwise specified herein,
capitalized terms used in this Amendment shall have the meanings ascribed to
them by the Credit Agreement.

 

B.                                     The Company, the Borrowing Subsidiaries,
the Administrative Agent, the Issuer and the undersigned Lenders wish to amend
the Credit Agreement on the terms and conditions set forth below.

 

C.                                     Certain of the Lenders wish hereby to
increase their respective Commitments as set forth on Schedule 1 hereto.

 

D.                                    Bank of America, N.A., which is not
currently party to the Credit Agreement (the “New Lender”), wishes to
become a Lender under the Credit Agreement with the Commitment set forth on
Schedule 1 hereto.

 

Now, therefore, in
consideration of the mutual execution hereof and other good and valuable
consideration, the parties hereto agree as follows:

 

1.                                       Amendment to Credit Agreement. 
Upon the “Amendment No. 1 Effective Date” (as defined below), the
Credit Agreement shall be amended as follows:

 

(a)                                  Section 1.1 shall be amended to add (or restate as
applicable) the following definitions in proper alphabetical order as follows:

 

“Acquisition”
means the acquisition by the Company and/or one or more of its subsidiaries of
the stock of certain subsidiaries, and the assets of other subsidiaries, of Rio
Tinto plc (collectively, the “Seller”) comprising its food packaging
business in North and South America and New Zealand as well as certain related
assets (the “Business”) for an aggregate purchase price of approximately
$1,213,000,000.

 

1

 

“Alternate Base
Rate” means, for any day, a rate per annum equal to the greatest of (a) the
Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in
effect on such day plus 1⁄2 of 1% and (c) the Eurocurrency Rate
(determined excluding clause (iii) of the definition thereof) with respect
to Eurocurrency Advances denominated in Dollars  for
a one month Interest Period on such day (or if such day is not a Business Day,
the immediately preceding Business Day) plus 1% (the “Adjusted Eurocurrency
Rate”); provided that, for the avoidance of
doubt, the Adjusted Eurocurrency Rate for any day shall be based on the rate
appearing on the Reuters BBA Libor Rates Page 3750 (or on any successor or
substitute page of such page) at approximately 11:00 a.m. London time
on such day (or if such day is not a Business Day, the immediately preceding
Business Day).  Any change in the
Alternate Base Rate due to a change in the Prime Rate, the Federal Funds
Effective Rate or the Adjusted Eurocurrency Rate  shall be effective
from and including the effective date of such change in the Prime Rate, the
Federal Funds Effective Rate or the Adjusted Eurocurrency Rate, respectively.

 

“Amendment No. 1”
means Amendment No. 1 to this Agreement dated as of July 5, 2009.

 

“Amendment No. 1
Effective Date” is defined in Amendment No. 1.

 

“Bridge Facility”
means that certain $800,000,000 Term Loan Agreement to be dated as of the
closing date of the Acquisition by and among the Company, the Administrative
Agent and the other financial institutions signatory thereto, the proceeds of
which will be available to fund in part the Acquisition and related fees and
expenses.

 

“Consolidated Debt”
means, at any time, the consolidated Debt of the Company and its Consolidated
Subsidiaries and all SPCs at such time.

 

“Debt” of any Person means, without duplication, (i) all
obligations of such Person for borrowed money, (ii) all obligations of
such Person evidenced by bonds, debentures, notes or other similar instruments,
(iii) all obligations of such Person to pay the deferred purchase price of
property or services, except trade accounts payable and accrued expenses
arising in the ordinary course of business, (iv) all Capitalized Lease
Obligations of such Person, (v) all obligations of such Person to
reimburse or indemnify the issuer of a letter of credit or bank guarantee for
drawings or payments thereunder, (vi) all Debt as described in clauses
(i), (ii), (iii), (iv), (v), (vii) and (viii) hereof of others
secured by a Lien on any asset of such Person, whether or not such Debt is
assumed by such Person, (vii) all Receivables Transaction Attributed
Indebtedness and (viii) all Debt (as described in clauses (i) -
(vii)) of others Guaranteed by such Person; provided that any obligations of
the Company to make payments to Pechiney Plastic Packaging, Inc. (“PPPI”),
 Rio Tinto International
Holdings Limited (“RTIH”), any Affiliates (as defined in the Acquisition
Agreement) of either PPPI or RTIH, or any transferee or assignee thereof,   in respect of sales by the Company of Specified
Securities in 

 

2

 

accordance with
the Share Purchase Agreement between the Company and PPPI, dated as of July 5,
2009 (and related documentation) entered into in connection with the Acquisition shall not
constitute Debt.

 

“Defaulting Lender”
means any Lender, as determined by the Administrative Agent, that has (a) failed
to fund any portion of its Loans or participations in Letters of Credit within
three Business Days of the date required to be funded by it hereunder, (b) notified
any Borrower, the Administrative Agent, any Issuer or any Lender in writing
that it does not intend to comply with any of its funding obligations under
this Agreement or has made a public statement to the effect that it does not
intend to comply with its funding obligations under this Agreement or under
other agreements in which it commits to extend credit, (c) failed, within
three Business Days after request by the Administrative Agent, to confirm that
it will comply with the terms of this Agreement relating to its obligations to
fund prospective Loans and participations in then outstanding Letters of
Credit, (d) otherwise failed to pay over to the Administrative Agent or
any other Lender any other amount required to be paid by it hereunder within
three Business Days of the date when due, unless the subject of a good faith
dispute, or (e) (i) become or is insolvent or has a parent company
that has become or is insolvent or (ii) become the subject of a bankruptcy
or insolvency proceeding, or has had a receiver, conservator, trustee,
administrator, assignee for the benefit of creditors or similar Person charged
with reorganization or liquidation of its business or custodian, appointed for
it, or has taken any action in furtherance of, or indicating its consent to,
approval of or acquiescence in any such proceeding or appointment or has a
parent company that has become the subject of a bankruptcy or insolvency
proceeding, or has had a receiver, conservator, trustee, administrator,
assignee for the benefit of creditors or similar Person charged with
reorganization or liquidation of its business or custodian appointed for it, or
has taken any action in furtherance of, or indicating its consent to, approval
of or acquiescence in any such proceeding or appointment.

 

“Domestic
Subsidiary” means each Subsidiary that is incorporated under the laws of the
United States, any State thereof or the District of Columbia.

 

“Eurocurrency Rate”
means, with respect to a Eurocurrency Advance for the relevant Interest Period
(or, as applicable, for the purpose of determining the Alternate Base Rate for
any day by reference to a one month Interest Period), the sum of (i) the
quotient of (a) the Eurocurrency Reference Rate applicable to such
Interest Period, divided by (b) one minus the Reserve Requirement
(expressed as a decimal) applicable to such Interest Period, if any, plus (ii) the
Applicable Margin,plus (iii) for Loans booked in the United Kingdom, the
Associated Costs Rate.

 

“Floating Rate”
means, for any day, a rate per annum equal to the sum of (i) the Alternate
Base Rate for such day, changing when and as the Alternate Base Rate changes
plus (ii) the Applicable Margin.

 

3

 

“Foreign
Subsidiary” means a Subsidiary that is not a Domestic Subsidiary.

 

“Loan Documents”
means this Agreement, the Subsidiary Guaranty, each Letter of Credit and each
Letter of Credit Application.

 

“Permitted
Securitization” means any receivables financing program or programs providing
for the sale of accounts receivable and related rights by the Company or its
Subsidiaries to an SPC for cash and/or other customary consideration for fair
value in transactions intending to be sales, which SPC shall finance the purchase
of such assets by the sale, transfer, conveyance, lien or pledge of such assets
to one or more limited purpose financing companies, special purpose entities
and/or other financial institutions, in each case pursuant to documentation in
form and substance reasonably satisfactory to the Administrative Agent, provided
that the Receivables Transaction Attributable Indebtedness associated with all
such programs shall at no time aggregate in excess of $250,000,000.

 

“Receivables
Transaction Attributed Indebtedness” means the amount of obligations
outstanding under any Permitted Securitization that on any date of
determination would be characterized as principal if such Permitted
Securitization were structured as a secured lending transaction rather than as
a purchase.

 

“SPC” means a
special purpose, bankruptcy-remote Person formed for the sole and exclusive
purpose of engaging in activities in connection with the purchase, sale and
financing of accounts receivable and related rights and assets in connection
with and pursuant to a Permitted Securitization and reasonably related
corporate maintenance and similar activities.

 

“Specified
Securities” means equity or equity-linked securities of the Company.

 

“Subsidiary
Guarantor” means each Subsidiary of the Company which is from time to time a
party to the Subsidiary Guaranty.

 

“Subsidiary
Guaranty” means the Subsidiary Guaranty dated as of the date of the Acquisition
substantially in the form set forth on Exhibit G attached hereto and made by the initial Subsidiary
Guarantors in favor of the Administrative Agent and the Lenders and their
Affiliates to the extent provided therein, as the same may be amended,
restated, modified or supplemented from time to time.  The Subsidiary Guarantors initially party to
the Subsidiary Guaranty shall be those designated as such on Schedule 2 hereto
which remain Subsidiaries on the date of the Acquisition and any Domestic
Subsidiary which becomes a Material Subsidiary prior to the date of the
Acquisition.

 

(b)                                 Section 2.5.2 is amended in its entirety to read as
follows:

 

“[Intentionally
omitted]”

 

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(c)                                  Section 2.5.4 shall be amended in its entirety to read
as follows:

 

So long as no
Default or Unmatured Default exists or would result therefrom, the Company may,
from time to time, by means of a letter delivered to the Administrative Agent
substantially in the form of Exhibit E, request that the Aggregate
Commitment be increased by (a) increasing the Commitment of one or more
Lenders that have agreed to such increase and/or (b) adding one or more
commercial banks or other Persons (each an “Additional Lender”) as a
party hereto with a Commitment in an amount agreed to by any such Additional
Lender; provided that (i) the aggregate amount of all such
increases during the term of this Agreement shall not exceed $400,000,000 (such
amount to be inclusive of the $200,000,000 increase in the Aggregate Commitment
accomplished by Amendment No. 1), (ii) any such increase shall be in
an amount equal to $25,000,000 or a higher integral multiple of $5,000,000 and (iii) no
Additional Lender shall be added as a party hereto without the written consent
of the Administrative Agent and each Issuer (which shall not be unreasonably
withheld, continued or delayed).  Any
increase in the Aggregate Commitment pursuant to this Section 2.5.4
shall be effective three Business Days after the date on which the
Administrative Agent has received and accepted the applicable increase letter
in the form of Annex 1 to Exhibit E (in the case of an increase in
the Commitment of an existing Lender) or assumption letter in the form of
Annex 2 to Exhibit E (in the case of the addition of an
Additional Lender).  The Administrative Agent shall
promptly notify the Company and the Lenders of any increase in the amount of
the Aggregate Commitment pursuant to this Section 2.5.4 and of the
Commitment of each Lender after giving effect thereto.  The parties hereto agree that, in connection
with any increase in the amount of the Aggregate Commitment, the Borrowers and
the Administrative Agent may agree on procedures pursuant to this Section 2.5.4,
such as phasing in funding of the amount of the increased or new Commitment of
an increasing Lender or Additional Lender to minimize breakage costs so long as
procedures are also in place to cause each increasing Lender and Additional
Lender to purchase assignments or participations in amounts necessary to have
their Pro Rata Shares of the Aggregate Outstanding Credit Exposure upon
acceleration of the Loans prior to the completion of such phasing.  Notwithstanding the foregoing, the increase
of $200,000,000 in the Aggregate Commitment contemplated by Amendment No. 1
may be accomplished in accordance with the terms thereof (and without respect
to the requirements set forth above). 
Such increase, when effective, shall reduce the remaining Aggregate
Commitment increase availability under this Section to $200,000,000.

 

(d)                                 The ultimate sentence of Section 2.11
is amended in its entirety to read as follows:

 

Each Eurocurrency
Advance shall bear interest on the outstanding principal amount thereof from
the first day of each Interest Period applicable thereto to the last day of
such Interest Period at the Eurocurrency Rate determined by the Administrative
Agent as applicable to such Eurocurrency Advance based

 

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upon the applicable
Borrower’s selections under Sections 2.8 and 2.9 and otherwise in
accordance with the terms hereof.

 

(e)                                  A new Section 3.6
shall be added in proper numerical order to read as follows:

 

Replacement of
Lenders.  If (i) any Lender requests compensation
under Section 3.1, (ii) the Company is required to pay any
additional amount pursuant to Section 3.3.1 or (iii) any
Lender shall become a Defaulting Lender, then the Company may, at its sole
expense and effort, upon notice to such Lender and the Administrative Agent,
require such Lender to assign and delegate, without recourse (in accordance
with and subject to the restrictions contained in Section 12.1),
all its interests, rights and obligations under this Agreement to an assignee
that shall assume such obligations (which assignee may be another Lender, if a
Lender accepts such assignment); provided that (i) the Company
shall have received the prior written consent of the Administrative Agent,
which consent shall not unreasonably be withheld, (ii) such Lender shall
have received payment of an amount equal to the outstanding principal of its
Loans, accrued interest thereon, accrued fees and all other amounts payable to
it hereunder, from the assignee (to the extent of such outstanding principal
and accrued interest and fees) or the Company (in the case of all other
amounts) and (iii) in the case of any such assignment resulting from a
claim for compensation under Section 3.1 or payments required to be
made pursuant to Section 3.3.1, such assignment will result in a
reduction in such compensation or payments. 
A Lender shall not be required to make any such assignment and
delegation if, prior thereto, as a result of a waiver by such Lender or
otherwise, the circumstances entitling the Company to require such assignment
and delegation cease to apply.

 

(f)                                    Section 5.2 shall be amended in its entirety to read
as follows:

 

Corporate
Authorization.  The execution, delivery and performance by
each Borrower and each Subsidiary Guarantor of any Loan Document to which such
Borrower or such Subsidiary Guarantor, as applicable, is a party are within
such Borrower’s or such Subsidiary Guarantor’s,  as
applicable, corporate or other company power, have been duly authorized by all
necessary corporate or other company action and will not contravene, or
constitute a default under, any provision of applicable law or regulation or of
the certificate or articles of incorporation (or similar formation document) or
by-laws (or similar governing document) of such Borrower or such Subsidiary
Guarantor, or of any judgment, order, decree, agreement or instrument binding
on such Borrower or such Subsidiary Guarantor or result in the creation of any
Lien upon any of its property or assets.

 

(g)                                 Section 5.3 shall be amended in its entirety to read
as follows:

 

Binding Effect. 
This Agreement constitutes, and the other Loan Documents to which any
Borrower or any Subsidiary Guarantor is party when

 

6

 

duly executed on behalf
of such Borrower and such Subsidiary Guarantor and delivered in accordance with
this Agreement will constitute, the valid and binding obligations of such
Borrower and such Subsidiary Guarantor, enforceable against such Borrower and
such Subsidiary Guarantor in accordance with their respective terms, except as
may be limited by bankruptcy, insolvency, reorganization, receivership,
moratorium or similar laws of general applicability relating to or limiting
creditors’ rights generally or by general equity principles.

 

(h)                                 Section 5.5 shall be amended in its entirety to read
as follows:

 

Litigation and
Contingent Liabilities.  There are no actions, suits or
proceedings pending against or, to the knowledge of the Company, threatened
against the Company or any Subsidiary in any court or before or by any
governmental department, agency or instrumentality, which have a reasonable
likelihood of adverse determination, and such adverse determination could
reasonably be expected to have a Material Adverse Effect.  Other than any liability incident to such
litigation or proceedings, as of the Amendment No. 1 Effective Date,
neither the Company nor any Subsidiary has any contingent liabilities which are
material to the Company and its Subsidiaries taken as a whole and which are not
provided for or disclosed in Schedule 5.5.

 

(i)                                     Section 5.14 shall be amended in its entirety to read
as follows:

 

Accuracy of
Disclosure.  All written information (other than
projections, estimates, budgets, forward-looking statements or general market
data) heretofore or contemporaneously herewith furnished by the Company or any
Subsidiary to the Administrative Agent or any Lender about the Company and its
Subsidiaries or (to the best of the Company’s knowledge after due inquiry) the
Business for purposes of or in connection with this Agreement and the
transactions contemplated hereby is, and all written information (other than
projections, estimates, budgets, forward-looking statements or general market
data) hereafter furnished by or on behalf of the Company or any Subsidiary to
the Administrative Agent or any Lender pursuant hereto or in connection
herewith will be, when taken as a whole, true and accurate in every material
respect on the date as of which such written information is dated or certified,
and none of such written information (to the best of the Company’s knowledge
after due inquiry with respect to the Business) is or will be incomplete by omitting
to state any material fact necessary to make such information not materially
misleading.  Any projections, estimates,
budgets, forward-looking statements or general market data heretofore or
contemporaneously herewith furnished by the Company or any Subsidiary to the
Administrative Agent or any Lender, the Company hereby confirms that such
materials have been or will be prepared in good faith based upon assumptions
believed by senior management of the Company to be reasonable at the time made.

 

7

 

(j)                                     Section 5.15 shall be amended in its entirety to read
as follows:

 

No Burdensome
Restrictions.  Except as permitted by Section 6.15,
neither the Company nor any Subsidiary is a party to any agreement or instrument
or subject to any other obligation or any charter or corporate restriction or
any provision of any applicable law, rule or regulation which,
individually or in the aggregate, could reasonably be expected to have a
Material Adverse Effect.

 

(k)                                  Section 6.9 shall be amended in its entirety to read
as follows:

 

The Company will
not permit the ratio of Consolidated Debt to Total Capital (expressed as a
percentage) to exceed (a) 60% at any time prior to June 30, 2011 or (b) 55%
at any time on or after June 30, 2011.

 

(l)                                     Section 6.11 shall be amended in its entirety to read
as follows:

 

Liens. 
Neither the Company nor any Subsidiary will create, assume or suffer to
exist any Lien securing Debt on any asset now owned or hereafter acquired by
it, except for:

 

(a)                                  Liens existing
on the date hereof securing Debt outstanding on the date hereof;

 

(b)                                 any Lien
existing on any asset of any entity at the time such entity becomes a
Subsidiary and not created in contemplation of such event;

 

(c)                                  any Lien on any
asset (and related proceeds) securing Debt incurred or assumed for the purpose
of financing all or any part of the cost of acquiring such asset; provided
that such Lien attaches to such asset concurrently with or within 90 days after
the acquisition thereof;

 

(d)                                 any Lien on any
asset of any entity existing at the time such entity is merged into or
consolidated with the Company or a Subsidiary and not created in contemplation
of such event;

 

(e)                                  any Lien
existing on any asset prior to the acquisition thereof by the Company or a
Subsidiary and not created in contemplation of such acquisition;

 

(f)                                    any Lien
arising out of the refinancing, extension, renewal or refunding of any Debt
secured by any Lien permitted by any of the foregoing clauses of this Section; provided
that such Debt is not increased (except by an amount equal to any accrued but
unpaid interest, reasonable premiums,

 

8

 

costs or expenses incurred
in connection therewith) and is not secured by any additional assets;

 

(g)                                 any Lien
arising pursuant to any order of attachment, distraint or similar legal process
arising in connection with court proceedings so long as the execution or other
enforcement thereof is effectively stayed and the claims secured thereby are
being contested in good faith by appropriate proceedings;

 

(h)                                 Liens upon
assets of an SPC granted in connection with a Permitted Securitization
(including customary backup Liens granted by the transferor in accounts
receivable and related rights or assets transferred to an SPC);

 

(i)                                     Liens for
taxes, assessments or other governmental charges that are not required to be
paid pursuant to Section 6.7;

 

(j)                                     Liens on
specific items of inventory or other goods and proceeds of any Person securing
such Person’s obligations in respect of bankers’ acceptances issued or created
for the account of such Person to facilitate the purchase, shipment or storage
of such inventory or other goods, and pledges or deposits in the ordinary
course of business securing inventory purchases from vendors; and

 

(k)                                  Liens not
otherwise permitted by the foregoing clauses of this Section securing Debt
in aggregate principal amount not to exceed 4% of the consolidated assets of
the Company and its Consolidated Subsidiaries at any time outstanding.

 

(m)                               Section 6.12 shall be amended in its entirety to read
as follows:

 

Consolidations,
Mergers and Sales of Assets.  The Company
will not, and will not permit any other Borrower to consolidate or merge with
or into, or acquire substantially all of the assets of, any other Person unless
(a) in the case of a merger or consolidation, the Company or such other
Borrower shall be the surviving entity, and (b) the board of directors (or
similar governing body) of such other Person shall have approved such
consolidation, merger or acquisition. 
The Company will not permit the sale, lease or other transfer to any
other Person (other than (i) sales, leases or transfers to
the Company and its Subsidiaries, (ii) sales, leases (or subleases),
licenses (or sublicenses) or other transfers in the ordinary course of
business, (iii) sales of accounts receivable and related rights or assets
in connection with a Permitted Securitization, (iv) the grant of any Lien permitted hereby to
the extent it constitutes a transfer of property, (v) a transfer of assets
as a result of any loss of or damage to or any condemnation or other taking

 

9

 

thereof,
or (vi) asset
divestitures associated with the Acquisition offered to comply with the
competition/anti-trust laws of the United States or a foreign country and the
sale, transfer or disposition of non-core assets acquired in connection with
any acquisition permitted hereby)  of assets of the Company or its Subsidiaries (valued
at net book value) exceeding 15% or
more of the consolidated assets of the Company and its Consolidated
Subsidiaries as of the end of the immediately preceding fiscal year of the
Company.

 

(n)                                 Section 6.13 shall be amended in its entirety to read
as follows:

 

Transactions with
Affiliates.  The Company will not, and will not permit any
Subsidiary to, enter into or permit to exist any transaction, arrangement or
contract with any of its Affiliates (other than the Company and
its Subsidiaries) which is on terms which are less favorable than are
obtainable from a Person which is not one of its Affiliates except for (a) restricted
payments permitted hereby and (b) transactions contemplated by or
associated with the Acquisition expressly provided for or contemplated by the
Acquisition Agreement (as defined in Amendment No. 1).

 

(o)                                 Section 6.15 shall be amended in its entirety to read
as follows:

 

Burdensome
Agreements.  The Company will not, and will not permit any
Subsidiary to, enter into any agreement, instrument or other contractual
obligation (other than (a) this Agreement, (b) any other Loan
Document, (c) the Bridge Facility and related documents contemplated
thereby, (d) restrictions and conditions (i) which exist on the
Effective Date (as defined in Amendment No. 1) or (ii) the Amendment No. 1
Effective Date, and in either case, are disclosed on Schedule 6.15 hereto, (e) customary
restrictions and conditions contained in agreements relating to any sale of
assets or Equity Interests pending such sale, provided such restrictions
and conditions apply only to the Person or property that is to be sold, (f) restrictions
and conditions by the terms of the documentation governing (i) Debt
incurred by Foreign Subsidiaries consisting of working capital lines entered into
in the ordinary course of business or (ii) any Permitted Securitization
that in the good faith determination of the Company are customary, necessary or
advisable to effect such Permitted Securitization, (g) restrictions or
conditions imposed by any agreement relating to secured Debt permitted by this
Agreement if such restrictions or conditions apply only to property or assets
financed by such Debt, (h) customary provisions in joint venture
agreements and other similar agreements applicable to joint ventures applicable
solely to such joint venture entered into in the ordinary course of business, (i) restrictions
on cash, other deposits or net worth imposed by customers under contracts
entered into in the ordinary course of business, (j) customary provisions
in leases, subleases, licenses, sublicenses and other contracts restricting the
assignment, sale or transfer thereof, in each case entered into in the ordinary
course of business or which exists on the date hereof, (k) restrictions
and conditions contained in the Indenture dated as of June 15, 1995
between the Company and First Trust National Association, Trustee (the “Indenture”),
or in any indenture supplemental

 

10

 

thereto,
or in debt securities issued and sold to third parties through underwriters or
placement agents under any other agreement, indenture or instrument entered
into after July 5, 2009 which contains restrictions or conditions (i) which
are similar to the restrictions or conditions contained in the Indenture or (ii) are
otherwise customary in the market for issuers comparable to the Company at the
time of issuance of the applicable debt securities (which, as to all of the
foregoing, shall in no event relate to current assets); provided, however, that clause (k)(ii) shall
not be applicable to debt agreements, indentures or instruments issued after
the latest of (A) the termination of the Acquisition Agreement, (B) if
the Amendment No. 1 Effective Date has not occurred on or prior to such
date, March 31, 2010,  (C) if
the Bridge Facility has funded, the issuance by the Company of $1,000,000,000
in aggregate principal amount of debt securities after July 5, 2009 and (D) if
the Bridge Facility is not funded on such date, the date of the consummation of
the Acquisition (it being understood that clause (k)(ii) shall be
applicable to Debt securities issued on or prior to the date of
consummation of the Acquisition), and (l) any encumbrances or restrictions imposed by
any amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements or refinancings of the contracts, instruments or
obligations referred to in clauses (a) through (k) above;
provided that such amendments, modifications, restatements, renewals,
increases, supplements, refundings, replacements or refinancings are no more
restrictive with respect to such encumbrance and other restrictions taken as a
whole than those prior to such amendment, modification, restatement, renewal,
increase, supplement, refunding, replacement or refinancing) that (i) limits
the ability of any of its Subsidiaries to (A) pay dividends and other
distributions to the Company or otherwise transfer property to the Company; (B) guarantee
any Debt of the Company or (C) to create, incur, assume or suffer to exist
Liens in favor of the Administrative Agent, for the benefit of the Lenders; or (ii) requires
the grant of a Lien to secure an obligation of such Person if a Lien is granted
to secure another obligation of such Person.

 

(p)                                 A new Section 6.16 shall be
added in proper numerical order to read as follows:

 

Subsidiary
Indebtedness.  The Company will not permit the aggregate
outstanding principal amount of Debt of its Subsidiaries which are not
Subsidiary Guarantors (excluding (a) any Debt of a Subsidiary owed to the
Company or a Subsidiary  Guarantor and
any Guarantee by a Subsidiary of Debt of the Company or a Subsidiary Guarantor,
(b) Debt in existence as of the Amendment No. 1 Effective Date (after
giving effect to the Acquisition) and any refinancings, replacements,
extensions or renewals thereof, (c) Debt incurred by any Subsidiary
constituting reimbursement obligations with respect to bankers’ acceptances and
letters of credit issued in the ordinary course of business, including letters
of credit in respect of workers’ compensation claims, or other Debt with
respect to reimbursement type obligations regarding workers’ compensation
claims, or letters of credit in the nature of a security deposit (or similar
deposit or security) given to a lessor under an operating lease of real
property under which such

 

11

 

Person is a lessee; provided,
however, that upon the drawing of such bankers’ acceptances and letters
of credit or the incurrence of such Debt, such obligations are reimbursed
within 60 days following such drawing or incurrence or such Debt is otherwise
permitted hereunder, (d)  Debt arising from agreements of a
Subsidiary providing for indemnification, adjustment of purchase price or similar
obligations, in each case, incurred or assumed in connection with the
disposition of any business, assets or a subsidiary, other than guarantees of
Debt incurred by any Person acquiring all or any portion of such business,
assets or a subsidiary for the purpose of financing such acquisition
(including, the Acquisition), (e) hedging obligations (excluding hedging
obligations entered into for speculative purposes) for the purpose of limiting
interest rate risk with respect to any Debt permitted under this Section 6.16,
exchange rate risk or commodity pricing risk, (f) obligations in respect
of customs, stay, performance, bid, appeal and surety bonds and completion
guarantees and other obligations of a like nature provided by any Subsidiaries
in the ordinary course of business, (g) Debt arising from the honoring by
a bank or other financial institution of a check, draft or similar instrument
drawn against insufficient funds in the ordinary course of business, provided
that such Debt is extinguished within five Business Days of its incurrence, (h) Debt
of any Subsidiaries incurred to finance insurance premiums in the ordinary
course of business, (i) Debt representing deferred compensation to
employees of any Subsidiary incurred in the ordinary course of business, (j) cash
management obligations and Debt in respect of netting services and employee
credit card programs, or similar arrangements in connection with cash
management and deposit accounts or securities accounts or (k) Debt of the
Borrowing Subsidiaries incurred pursuant to this Agreement) at any time to
exceed 10% of Consolidated Net Worth as of the end of the most recent fiscal
quarter end for which financials statements have been delivered pursuant to Sections 4.1
or 6.1.

 

(q)                                 A new Section 6.17 shall be
added in proper numerical order to read as follows:

 

Investments,
Loans, Advances, Guarantees and Acquisitions.  The Company
will not, and will not permit any Subsidiary Guarantor to, purchase or acquire
(including pursuant to any merger) any capital stock, evidences of indebtedness
or Equity Interests of, make any loans or advances to, Guarantee any
obligations of, or make any investment or any other interest in (each an “Investment”),
any Subsidiary which is not a Subsidiary Guarantor (or will not become a
Subsidiary Guarantor substantially contemporaneously with such Investment)
except (a) the Acquisition and
Investments acquired or made in connection with the Acquisition, (b) Investments
existing on the Amendment No. 1 Effective Date, (c) extensions of
trade credit in the ordinary course of business and (d) other Investments at
no time exceeding 15% of Consolidated Net Worth as of the end of the most
recent fiscal quarter end for which financials statements have been delivered
pursuant to Sections 4.1 or 6.1 in aggregate principal amount.  The
amount of any Investment shall be deemed to be the amount actually invested,
without adjustment for subsequent increases or decreases in value but

 

12

 

giving
effect to any cash returns or cash distributions received by such Person with
respect thereto.  For purposes hereof,
any asset transferred by the Company or a Subsidiary Guarantor to a Subsidiary
which is not the Company or a Subsidiary Guarantor for less than fair market
value shall be deemed an Investment by the transferor in the transferee in the
amount by which the fair market value of such asset exceeds the consideration
received.

 

(r)                                    A new Section 6.18 shall be
added in proper numerical order to read as follows:

 

Additional
Subsidiary Guarantors.  Within fifteen (15) Business
Days of the end of any fiscal quarter during which a Domestic Subsidiary (which
is not, as of the date hereof, a Material Subsidiary), becomes a Material
Subsidiary, the Company shall cause such Domestic Subsidiary to execute
and deliver to the Administrative Agent a joinder to the Subsidiary Guaranty; provided,
that with respect to any Domestic Subsidiary which constitutes a Material
Subsidiary and is acquired by the Company pursuant to the Acquisition
Agreement, the Company shall cause such Material Subsidiary to execute and
deliver to the Administrative Agent a joinder to the Subsidiary Guaranty within
ten (10) Business Days of the Amendment No. 1 Effective Date.

 

(s)                                  Section 7.3 shall be amended in its entirety as
follows:

 

The breach by the
Company of any of the terms or provisions of Section 6.1(e), Section 6.2(a) (as
to the corporate existence of the Company), or Sections 6.9 through 6.18
(inclusive).

 

(t)                                    Section 7.13 shall be amended in its entirety as
follows:

 

Any Loan Document
shall fail to remain in full force or effect or any action shall be taken to
discontinue or to assert the invalidity or unenforceability of any Loan
Document, or the Company, any other Borrower or any Subsidiary Guarantor shall
deny that it has any further liability under any Loan Document to which it is a
party, or shall give notice to such effect.

 

(u)                                 Section 8.2(b)(ii) shall be amended in its entirety as
follows:

 

Permit any
Borrower to assign its rights or obligations under this Agreement,

 

(v)                                 A new Section 10.16 shall be
added in proper numerical order to read as follows:

 

Release of
Subsidiary Guarantors.  If (a) all of the equity
interests held by the Company and its Subsidiaries in any Subsidiary Guarantor
are sold or transferred in a transaction permitted hereunder (other than to the
Company or to a Subsidiary thereof) or (b) such Guarantor Subsidiary is
merged, consolidated, amalgamated, dissolved or liquidated in a transaction
permitted hereunder; such

 

13

 

Subsidiary Guarantor
shall automatically be released from the Subsidiary Guaranty upon the
consummation of such transaction and the Administrative Agent is authorized and
directed to take any actions deemed appropriate in order to effect the
foregoing.

 

(w)                               The Pricing Schedule shall be amended in
its entirety to read as set forth on Schedule 3 hereto.

 

(x)                                   A new Schedule 2 shall be added to read
as set forth on Schedule 2 hereto.

 

(y)                                 A new Schedule 6.15 shall be added to
read as set forth on Schedule 6.15 hereto.

 

(z)                                   A new Exhibit G shall be
added in the form of Exhibit G attached hereto.

 

2.                                       Representations and Warranties of the
Company.  The Company hereby represents and warrants to
the Lenders that as of the Effective Date and as of the Amendment No. 1
Effective Date (except that the representations and warranties set forth in
clause (d) below are given only as of the Effective Date and the
representations and warranties set forth in clause (e) below are given
only as of the Amendment No. 1 Effective Date):

 

(a)                                  The execution, delivery and performance
by the Company and each Borrowing Subsidiary of this Amendment and the other
Loan Documents to which the Company or any Borrowing Subsidiary is a party are
within the Company’s or such Borrowing Subsidiary’s, as applicable, corporate
or other company power, have been duly authorized by all necessary corporate or
other company action and will not contravene, or constitute a default under,
any provision of applicable law or regulation or of the certificate or articles
of incorporation (or similar formation document) or by-laws (or similar
governing document) of the Company or such Borrowing Subsidiary, as applicable,
or of any judgment, order, decree, agreement or instrument binding on the
Company or such Borrowing Subsidiary, as applicable, or result in the creation
of any Lien upon any of its property or assets. 
This Amendment constitutes, and the other Loan Documents to which the
Company or any Borrowing Subsidiary is a party when duly executed on behalf of
the Company or such Borrowing Subsidiary, as applicable, and delivered in
accordance with this Amendment and the Credit Agreement will constitute, the
valid and binding obligations of the Company and such Borrowing Subsidiary, as
applicable, enforceable against the Company and such Borrowing Subsidiary, as
applicable, in accordance with their respective terms except as may be limited
by bankruptcy, insolvency, fraudulent transfer, reorganization, receivership,
moratorium or similar laws of general applicability relating to or limiting
creditors’ rights generally or by general equity principles;

 

14

 

(b)                                 Each of the representations and
warranties contained in the Credit Agreement (other than Section 5.4 and
treating this Amendment as a Loan Document for purposes thereof) is and will be
true and correct on and as of the date hereof and on the Amendment No. 1
Effective Date giving effect to the Acquisition (as defined in the Credit
Agreement after giving effect to this Amendment) as if made on such dates
except to the extent any such representation or warranty is stated to relate
solely to an earlier date, in which case such representation or warranty shall
have been true and correct on and as of such earlier date;

 

(c)                                  After giving effect to this Amendment and
the Acquisition, no Unmatured Default (but only to the extent arising under
Sections 7.2, 7.3 (as to Sections 6.1(a)-(d) or (i) or 6.6 only) or Section 7.7)
or Default has occurred and is continuing;

 

(d)                                 The Subsidiaries set forth on Schedule 2
hereto are all of the Domestic Subsidiaries of the Company which are Material
Subsidiaries of the Company on the date hereof; and

 

(e)                                  The Company has disclosed to the
Administrative Agent in writing all Domestic Subsidiaries which have become a
Material Subsidiary after the date first set forth above but prior to the date
of the Acquisition, and such Material Subsidiaries are signatories to the
Subsidiary Guaranty (as defined in the Credit Agreement after giving effect to
this Amendment).

 

3.                                       Commitment Increase Matters.

 

(a)                                  BNP Paribas and JPMorgan Chase Bank, N.A.
(the “Increasing Lenders”) agree that, effective as of the Amendment No. 1
Effective Date, their respective Commitments shall be increased by the amounts
set forth on Schedule 1 hereto; provided that no such Commitment increases
shall occur if, as of the Amendment No. 1 Effective Date, all Commitments
of the Lenders under the Credit Agreement have been terminated;

 

(b)                                 The New Lender (i) agrees to become
a Lender under the Credit Agreement with the Commitment set forth on Schedule 1
hereto effective as of the Amendment No. 1 Effective Date; (ii) acknowledges
the matters set forth in the third paragraph of Annex 2 to Exhibit E
of the Credit Agreement and makes the representations and warranties set forth
in the fourth paragraph of such Annex; and (iii) acknowledges and agrees
that, as of the Amendment No. 1 Effective Date, the New Lender (A) will
be bound by the terms of the Credit Agreement as fully and to the same extent
as if it were an original Lender under the Credit Agreement and (B) will
perform in accordance with their terms all of the obligations which by the
terms of the Loan Documents are required to be performed by it as a Lender; and

 

(c)                                  The Company, the Administrative Agent,
the Lenders and the New Lender hereby acknowledge and agree that (i) as of
the Amendment No. 1 Effective Date, the Aggregate Commitment will be
increased, and the respective Commitments of the Increasing Lenders and the New
Lender shall be increased or established, as applicable,

 

15

 

in accordance with Sections 3(a) and 3(b) above, (ii) the
increase in the Aggregate Commitment effected by this Amendment shall be deemed
a utilization of the Company’s right to increase the Aggregate Commitment
pursuant to Section 2.5.4 of the Credit Agreement, as amended by
this Amendment, and (iii) upon and after the Amendment No. 1
Effective Date the participation interest of each Lender in currently
outstanding and future Letters of Credit shall be determined by reference to
its Pro Rata Share, giving effect hereto (as such Pro Rata Share may from time
to time hereafter be modified pursuant to the terms of the Credit Agreement).

 

4.                                       Consent and Waiver.

 

(a)                                  Each Lender having a Commitment which is
increased by this Amendment consents to such increase by its execution
hereof.  The Issuer and the
Administrative Agent hereby consent to the Commitment changes set forth on
Schedule 1.

 

(b)                                 The
Administrative Agent and the undersigned Lenders hereby agree that with respect to any Borrowing
on the Amendment No. 1 Effective Date, compliance with all conditions set
forth in Section 5 of this Amendment shall constitute satisfaction of Section 4.2(a) of
the Credit Agreement for the purposes of such Borrowing.

 

5.                                       Effective Date. 
This Amendment shall become effective upon the execution and delivery
hereof by the Company, the Borrowing Subsidiaries party hereto, the
Administrative Agent, each Increasing Lender, the New Lender, the Issuer and
the Required Lenders (without respect to whether it has been executed and
delivered by all the Lenders, the “Effective Date”); provided,
however, that Sections 1 (other than subclause (k) of Section 6.15
under Section 1(o) of this Amendment), 3 and 4 hereof shall only
become effective on the date (the “Amendment No. 1 Effective Date”)
upon which all of the following conditions have also been satisfied (or waived
by each of JPMorgan Chase Bank, N.A., Wells Fargo Bank, National Association,
Wachovia Bank, National Association, BNP Paribas and Bank of America, N.A.
(collectively, the “Specified Lenders”)):

 

(a)                                  the Administrative Agent for its own
benefit or that of the Increasing Lenders, as applicable, and the New Lender
shall have received all fees and other amounts due and payable by the Company
on or prior to the Amendment No. 1 Effective Date, including reimbursement
or payment of all reasonable out of pocket expenses required to be reimbursed
or paid by the Company hereunder;

 

(b)                                 an agreement or agreements pursuant to
which the Acquisition shall be effected (the “Acquisition Agreement”)
shall have been entered into by the Seller and the Company and one or more of
its Subsidiaries, which shall be in form and substance reasonably satisfactory
to each of the Specified Lenders (it being acknowledged that the drafts of such
documentation dated July 5, 2009 delivered to the Specified Lenders by the
Company on or prior to the date hereof are reasonably satisfactory to the
Specified Lenders) and shall be in full force and effect, and a fully executed
copy of the Acquisition Agreement shall have been delivered to the Specified

 

16

 

Lenders, certified by an Authorized Officer of the Company as of the
Amendment No. 1 Effective Date as being true and complete and including
all amendments thereto.  All conditions
precedent under the Acquisition Agreement shall have been satisfied or waived (provided
that any waiver of a condition or matter material and adverse to the interests
of the Lenders shall require the consent of each Specified Lender) and any
amendment to the Acquisition Agreement material and adverse to the interests of
the Lenders shall require the consent of each Specified Lender.  Notwithstanding the above, (i) no
amendment or modification of or waiver with respect to (A) the definition
or occurrence of a “Material Adverse Change” (as defined in the Acquisition
Agreement), (B) the purchase price consideration (other than decreases in
purchase price aggregating $25,000,000 or less) or (C) Section 3.1 of
the Sale and Purchase Agreement for the Acquisition shall have been entered
into without the consent of each Specified Lender and (ii) the Specified
Lenders shall be provided with reasonable notice of and opportunity to assess
any waivers or amendments of the Acquisition Agreement.  The Acquisition shall be consummated substantially
contemporaneously with the making of any Borrowings under the Credit Agreement
made on the Amendment No. 1 Effective Date;

 

(c)                                  the Company shall have repaid in full as
of the Amendment No. 1 Effective Date all outstanding Advances under the
Credit Agreement together with all accrued and unpaid interest and fees
thereunder (it being understood that the Company may, subject to the terms of
the Credit Agreement as amended by this Amendment, simultaneously reborrow such
amounts from the Lenders in proportion to their Pro Rata Shares after giving
effect to the Commitment modifications contemplated hereby);

 

(d)                                 delivery to the Administrative Agent
(which is hereby acknowledged by the Administrative Agent) of copies of the
articles or certificate of incorporation (or similar formation documents) of
the Company and each Subsidiary Guarantor (as defined in the Credit Agreement
after giving effect to this Amendment), together with all amendments, and a
certificate of good standing (or comparable certificate), each certified by the
appropriate governmental officer in its jurisdiction of formation, as well as
any other information required by Section 326 of the USA Patriot Act or
necessary for the Administrative Agent or any Lender to verify the identity of
the Company as required by Section 326 of the USA Patriot Act;

 

(e)                                  delivery to the Administrative Agent
(which is hereby acknowledged by the Administrative Agent) of copies, certified
by the Secretary or an Assistant Secretary of the Company, of its by-laws and
of the resolutions of its Board of Directors and of resolutions or actions of
any other body authorizing the execution of this Amendment;

 

(f)                                    delivery to the Administrative Agent of
copies, certified by the Secretary or an Assistant Secretary of each Borrowing
Subsidiary, of its by-laws and of the resolutions of its Board of Directors and
of resolutions or actions of any other body authorizing the execution of this
Amendment;

 

(g)                                 delivery to the Administrative Agent
(which is hereby acknowledged by the Administrative Agent) of copies, certified
by the Secretary or an

 

17

 

Assistant Secretary of each Subsidiary Guarantor, of its by-laws and of
the resolutions of its Board of Directors and of resolutions or actions of any
other body authorizing the execution of the Subsidiary Guaranty;

 

(h)                                 delivery to the Administrative Agent of a
certificate, signed by the chief financial officer of the Company, confirming
the accuracy in all material respects as of the Amendment No. 1 Effective
Date of Section 2(b) of this Amendment, and stating that immediately
after giving effect to this Amendment and the consummation of the Acquisition (i) no
Unmatured Default (but only to the extent arising under Sections 7.2, 7.3 (as
to Sections 6.1(a)-(d) or (i) or 6.6 only) or Section 7.7) or
Default has occurred and is continuing and (ii) no material adverse change
has occurred in the financial position or business of the Company, its
subsidiaries and the Business (taken as a whole and giving pro forma effect to
the Acquisition and the related financings) since December 31, 2008;

 

(i)                                     there shall have been executed and
delivered to the Administrative Agent the Subsidiary Guaranty substantially in
the form attached hereto as Exhibit G, amended as and to the extent
necessary to include any additional Material Subsidiaries disclosed to the
Administrative Agent by the Company pursuant to Section 2(e) of this
Amendment; and

 

(j)                                     delivery to the Administrative Agent of a
written opinion of Kirkland & Ellis LLP, special counsel to the
Company addressing customary matters, addressed to the Lenders and in form and
substance reasonably acceptable to the Administrative Agent.

 

In the event the Amendment No. 1 Effective Date
has not occurred on or before March 31, 2010, Sections 1 (other than
subclause (k) of Section 6.15 under Section 1(o) of this
Amendment), 3 and 4 of this Amendment shall not become operative and shall be
of no force or effect.

 

6.                                       Reference to and Effect Upon the Credit
Agreement.

 

(a)                                  Except as specifically amended above, the
Credit Agreement and the other Loan Documents shall remain in full force and
effect and are hereby ratified and confirmed.

 

(b)                                 The execution, delivery and effectiveness
of this Amendment shall not operate as a waiver of any right, power or remedy
of the Administrative Agent or any Lender under the Credit Agreement or any
Loan Document, nor constitute a waiver of any provision of the Credit Agreement
or any Loan Document, except as specifically set forth herein.  Upon the effectiveness of this Amendment,
each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”,
“herein” or words of similar import shall mean and be a reference to the Credit
Agreement as amended hereby.

 

18

 

7.                                       Costs and Expenses. 
The Company hereby affirms its obligation under Section 9.6 of the
Credit Agreement to reimburse the Administrative Agent and JPMorgan for any
costs, internal charges and out-of-pocket expenses (including attorneys’ fees
and time charges of attorneys for the Administrative Agent, which attorneys may
be employees of the Administrative Agent) paid or incurred by the
Administrative Agent or JPMorgan in connection with the preparation,
negotiation, execution and delivery of this Amendment.

 

8.                                       Governing Law. 
This Amendment shall be construed in accordance with the internal laws
of the State of New York, but giving effect to federal laws applicable to
national banks.

 

9.                                       Headings.  Section headings
in this Amendment are included herein for convenience of reference only and
shall not constitute a part of this Amendment for any other purposes.

 

10.                                 Counterparts. 
This Amendment may be executed in counterparts (and by different parties
hereto in different counterparts), each of which shall constitute an original,
but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a
signature page of this Amendment by facsimile or in a .pdf or similar file
shall be effective as delivery of a manually executed counterpart of this
Amendment.

 

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

 

[SIGNATURE PAGES
FOLLOW]

 

19

 

	
  MACTAC EUROPE S.A.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
  Its:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  BEMIS COORDINATION CENTER S.A.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
  Its:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  PERFECSEAL LIMITED

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
  Its:

  	
   

  	
   

  

 

 

	
  BEMIS COMPANY, INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
  Its:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  BEMIS SWANSEA LIMITED

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
  Its:

  	
   

  	
   

  

 

 

	
   

  	
  JPMORGAN CHASE BANK, N.A.,

  
	
   

  	
   

  	
  individually and as Administrative Agent

  and Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  
	
   

  	
  Its:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WELLS FARGO BANK, NATIONAL

  ASSOCIATION, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  
	
   

  	
  Its:

  	
   

  

 

 

	
   

  	
  BNP PARIBAS,

  as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  
	
   

  	
  Its:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  
	
   

  	
  Its:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BANK OF AMERICA, N.A.,

  as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  
	
   

  	
  Its:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WACHOVIA BANK, NATIONAL

  ASSOCIATION, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  
	
   

  	
  Its:

  	
   

  

 

 

SCHEDULE
1

 

Commitments

 

	
  Lender/New Lender

  	
   

  	
  Current Commitment(1)

  	
   

  	
  Commitment Increase/New

  Commitment

  	
   

  	
  Updated

  Commitment(2)

  	
   

  
	
  JPMorgan
  Chase Bank, N.A.

  	
   

  	
  $

  	
  96,900,000

  	
   

  	
  $

  	
  25,000,000

  	
   

  	
  121,900,000

  	
   

  
	
  Wachovia
  Bank, National Association(3)

  	
   

  	
  $

  	
  96,900,000

  	
   

  	
  —

  	
   

  	
  $

  	
  96,900,000

  	
   

  
	
  ING
  Bank N.V., Dublin Branch(3)

  	
   

  	
  $

  	
  34,000,000

  	
   

  	
  —

  	
   

  	
  $

  	
  34,000,000

  	
   

  
	
  Wells
  Fargo Bank, National Association(3)

  	
   

  	
  $

  	
  79,475,000

  	
   

  	
   

  	
   

  	
  $

  	
  79,475,000

  	
   

  
	
  BNP
  Paribas

  	
   

  	
  $

  	
  38,250,000

  	
   

  	
  $

  	
  75,000,000

  	
   

  	
  $

  	
  113,250,000

  	
   

  
	
  U.S.
  Bank National Association(3)

  	
   

  	
  $

  	
  79,475,000

  	
   

  	
  —

  	
   

  	
  $

  	
  79,475,000

  	
   

  
	
  Bank
  of America, N.A.

  	
   

  	
  $

  	
  0

  	
   

  	
  $

  	
  100,000,000

  	
   

  	
  $

  	
  100,000,000

  	
   

  
	
  Total

  	
   

  	
  $

  	
  425,000,000

  	
   

  	
  $

  	
  200,000,000

  	
   

  	
  $

  	
  625,000,000

  	
   

  

 

(1)                                  As of July 5, 2009.

 

(2)                                  Giving effect to the increase per this
Amendment without regard to others changes in Commitment amounts after the date
of this Amendment.

 

(3)                                  There will be no changes to the
Commitments of these Lenders accomplished by this Amendment.

 

 

SCHEDULE
2

 

Subsidiary
Guarantors

 

Curwood, Inc., a
Delaware corporation

Milprint, Inc., a
Wisconsin corporation

Morgan Adhesives Company,
an Ohio corporation

 

 

SCHEDULE
3

 

PRICING SCHEDULE

 

	
  APPLICABLE

  MARGIN

  	
   

  	
  LEVEL I

  STATUS

  	
   

  	
  LEVEL II

  STATUS

  	
   

  	
  LEVEL III

  STATUS

  	
   

  	
  LEVEL IV

  STATUS

  	
   

  	
  LEVEL V

  STATUS

  	
   

  
	
  Eurocurrency Rate/Letter of Credit Fee Rate

  	
   

  	
  2.10

  	
  %

  	
  2.60

  	
  %

  	
  2.85

  	
  %

  	
  3.00

  	
  %

  	
  3.50

  	
  %

  
	
  Floating Rate

  	
   

  	
  1.10

  	
  %

  	
  1.60

  	
  %

  	
  1.85

  	
  %

  	
  2.00

  	
  %

  	
  2.50

  	
  %

  
	
  Facility Fee Rate

  	
   

  	
  0.40

  	
  %

  	
  0.40

  	
  %

  	
  0.40

  	
  %

  	
  0.50

  	
  %

  	
  0.50

  	
  %

  

 

For the purposes
of this Schedule, the following terms have the following meanings, subject to
the final paragraph of this Schedule:

 

“Level I Status” exists
at any date if, on such date, the Company’s Moody’s Rating is A3 or better and
the Company’s S&P Rating is A- or better.

 

“Level II Status” exists
at any date if, on such date, (i) the Company has not qualified for Level
I Status and (ii) the Company’s Moody’s Rating is Baa1 or better and the
Company’s S&P Rating is BBB+ or better.

 

“Level III Status” exists
at any date if, on such date, (i) the Company has not qualified for Level
I Status or Level II Status and (ii) the Company’s Moody’s Rating is Baa2
or better and the Company’s S&P Rating is BBB or better.

 

“Level IV Status” exists
at any date if, on such date, (i) the Company has not qualified for Level
I Status, Level II Status or Level III Status and (ii) the Company’s Moody’s
Rating is Baa3 or better and the Company’s S&P Rating is BBB- or better.

 

“Level V Status” exists
at any date if, on such date, the Company has not qualified for Level I Status,
Level II Status, Level III Status or Level IV Status.

 

“Moody’s Rating” means,
at any time, the rating issued by Moody’s and then in effect with respect to
the Company’s senior unsecured long-term debt securities without third-party
credit enhancement.

 

“S&P Rating” means,
at any time, the rating issued by S&P and then in effect with respect to
the Company’s senior unsecured long-term debt securities without third-party
credit enhancement.

 

 

“Status”
means either Level I Status, Level II Status, Level III Status, Level IV Status
or Level V Status.

 

The Applicable Margin and
Applicable Fee Rate shall be determined in accordance with the foregoing table
based on the Company’s Status as determined from its then-current Moody’s and
S&P Ratings.  The credit rating in
effect on any date for the purposes of this Schedule is that in effect at the
close of business on such date.  If at
any time the Company has no Moody’s Rating or no S&P Rating, Level V Status
shall exist.

 

If the Company is
split-rated, the ratings differential is one notch and the higher rating has a
stable outlook, the higher of the two ratings will apply.  If the Company is split-rated, the ratings
differential is one notch and the higher rating does not have a stable outlook,
the lower of the two ratings will apply. 
If the Company is split-rated and the ratings differential is two or
more notches, the rating which is one notch above the lower rating shall be
used.  If at any date, the Company’s
long-term unsecured debt is rated by neither S&P nor Moody’s, then Level V
Status shall apply.

 

 

SCHEDULE
6.15

 

Burdensome
Agreements

 

None.

 

 

EXHIBIT G

 

SUBSIDIARY
GUARANTYExhibit 10(c)

 

EXECUTION VERSION

 

 

 

SHARE PURCHASE
AGREEMENT

 

 

 

 

Between

 

 

Bemis Company, Inc.

 

And

 

 

Pechiney Plastic
Packaging, Inc.

 

Dated as of July 5,
2009

 

 

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE I

  
	
   

  
	
  DEFINITIONS

  
	
   

  	
   

  	
   

  
	
  SECTION 1.01.

  	
  Certain
  Defined Terms

  	
  1

  
	
  SECTION 1.02.

  	
  Interpretation
  and Rules of Construction

  	
  6

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

  
	
   

  
	
  PURCHASE AND SALE

  
	
   

  	
   

  	
   

  
	
  SECTION 2.01.

  	
  Purchase
  and Sale of the Shares

  	
  8

  
	
  SECTION 2.02.

  	
  Issuance
  Amount

  	
  8

  
	
  SECTION 2.03.

  	
  Closing

  	
  9

  
	
  SECTION 2.04.

  	
  Closing
  Deliveries by the Company

  	
  9

  
	
  SECTION 2.05.

  	
  Closing
  Deliveries by the Investor

  	
  10

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  
	
   

  
	
  REPRESENTATIONS AND WARRANTIES OF THE COMPANY

  
	
   

  	
   

  	
   

  
	
  SECTION 3.01.

  	
  Organization
  and Authority of the Company

  	
  10

  
	
  SECTION 3.02.

  	
  Capitalization;
  Ownership of Shares

  	
  11

  
	
  SECTION 3.03.

  	
  No
  Conflict

  	
  11

  
	
  SECTION 3.04.

  	
  Governmental
  and Stockholder Consents and Approvals

  	
  12

  
	
  SECTION 3.05.

  	
  SEC
  Reports; Sarbanes-Oxley Act

  	
  12

  
	
  SECTION 3.06.

  	
  Litigation

  	
  13

  
	
  SECTION 3.07.

  	
  Compliance
  with Laws; Permits

  	
  13

  
	
  SECTION 3.08.

  	
  Environmental
  Matters

  	
  14

  
	
  SECTION 3.09.

  	
  Taxes

  	
  14

  
	
  SECTION 3.10.

  	
  No
  Material Adverse Change

  	
  15

  
	
  SECTION 3.11.

  	
  Investment
  Company Act

  	
  15

  
	
  SECTION 3.12.

  	
  Solvency

  	
  15

  
	
  SECTION 3.13.

  	
  NYSE
  Listing

  	
  15

  
	
  SECTION 3.14.

  	
  Share
  Register

  	
  15

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  
	
   

  
	
  REPRESENTATIONS AND WARRANTIES OF THE INVESTOR

  
	
   

  	
   

  	
   

  
	
  SECTION 4.01.

  	
  Organization
  and Authority of the Investor

  	
  16

  

 

 

	
  SECTION 4.02.

  	
  No
  Conflict

  	
  16

  
	
  SECTION 4.03.

  	
  Governmental
  Consents and Approvals

  	
  16

  
	
  SECTION 4.04.

  	
  Securities,
  Investment, Accredited Investor

  	
  17

  
	
  SECTION 4.05.

  	
  Investor’s
  Independent Investigation

  	
  17

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  
	
   

  
	
  CERTAIN ADDITIONAL AGREEMENTS OF THE PARTIES

  
	
   

  	
   

  	
   

  
	
  SECTION 5.01.

  	
  Conduct
  of Business Prior to the Closing

  	
  18

  
	
  SECTION 5.02.

  	
  Access
  to Information

  	
  19

  
	
  SECTION 5.03.

  	
  Confidentiality

  	
  19

  
	
  SECTION 5.04.

  	
  Further
  Action; HSR Notification

  	
  19

  
	
  SECTION 5.05.

  	
  Notice
  of Developments

  	
  20

  
	
  SECTION 5.06.

  	
  Legends

  	
  20

  
	
  SECTION 5.07.

  	
  Lost,
  Stolen, Destroyed or Mutilated Securities

  	
  21

  
	
  SECTION 5.08.

  	
  NYSE
  Listing

  	
  21

  
	
  SECTION 5.09.

  	
  Registration
  and Registered Offerings

  	
  21

  
	
  SECTION 5.10.

  	
  Call
  Provision

  	
  22

  
	
  SECTION 5.11.

  	
  Replacement
  Equity Financing

  	
  23

  
	
  SECTION 5.12.

  	
  Rights
  to Purchase Additional Shares of Common Stock

  	
  23

  
	
  SECTION 5.13.

  	
  Lock-Up

  	
  24

  
	
  SECTION 5.14.

  	
  Standstill

  	
  24

  
	
  SECTION 5.15.

  	
  Transfer
  Restrictions

  	
  25

  
	
  SECTION 5.16.

  	
  Termination
  of Rights Agreement

  	
  25

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  
	
   

  
	
  CONDITIONS TO CLOSING

  
	
   

  	
   

  	
   

  
	
  SECTION 6.01.

  	
  Conditions
  to Obligations of the Company

  	
  25

  
	
  SECTION 6.02.

  	
  Conditions
  to Obligations of the Investor

  	
  26

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII

  
	
   

  
	
  INDEMNIFICATION

  
	
   

  
	
  SECTION 7.01.

  	
  Survival
  of Representations, Warranties, Covenants and Agreements

  	
  27

  
	
  SECTION 7.02.

  	
  Indemnification
  by the Company

  	
  27

  
	
  SECTION 7.03.

  	
  Indemnification
  by the Investor

  	
  28

  
	
  SECTION 7.04.

  	
  Limits
  on Indemnification

  	
  28

  
	
  SECTION 7.05.

  	
  Notice
  of Loss; Third Party Claims

  	
  29

  
	
  SECTION 7.06.

  	
  Remedies

  	
  30

  
	
  SECTION 7.07.

  	
  Subrogation

  	
  30

  

 

 

	
  ARTICLE VIII

  
	
   

  
	
  TERMINATION, AMENDMENT AND WAIVER

  
	
  SECTION 8.01.

  	
  Termination

  	
  30

  
	
  SECTION 8.02.

  	
  Effect
  of Termination

  	
  31

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX

  
	
   

  
	
  GENERAL PROVISIONS

  
	
   

  	
   

  	
   

  
	
  SECTION 9.01.

  	
  Expenses

  	
  31

  
	
  SECTION 9.02.

  	
  Notices

  	
  31

  
	
  SECTION 9.03.

  	
  Public
  Announcements

  	
  32

  
	
  SECTION 9.04.

  	
  Severability

  	
  32

  
	
  SECTION 9.05.

  	
  Entire
  Agreement

  	
  32

  
	
  SECTION 9.06.

  	
  Assignment

  	
  32

  
	
  SECTION 9.07.

  	
  Amendment

  	
  33

  
	
  SECTION 9.08.

  	
  Waiver

  	
  33

  
	
  SECTION 9.09.

  	
  Third
  Party Beneficiaries

  	
  33

  
	
  SECTION 9.10.

  	
  Currency

  	
  33

  
	
  SECTION 9.11.

  	
  Specific
  Performance

  	
  33

  
	
  SECTION 9.12.

  	
  Governing
  Law

  	
  33

  
	
  SECTION 9.13.

  	
  Waiver
  of Jury Trial

  	
  34

  
	
  SECTION 9.14.

  	
  Counterparts

  	
  34

  
	
   

  	
   

  	
   

  
	
  Exhibit A

  	
  Registration
  Rights Agreement

  	
  A-1

  
	
   

  	
   

  	
   

  
	
  Exhibit B

  	
  Substance of Legal Opinion from the Company’s Counsel

  	
  B-1

  

 

 

THIS
SHARE PURCHASE AGREEMENT (this “Agreement”), is made and entered into as
of July 5, 2009, between Bemis Company, Inc., a Missouri corporation
(the “Company”), and Pechiney Plastic Packaging, Inc., a Delaware
corporation (the “Investor”) (each a “Party” and together the “Parties”).

 

WHEREAS,
on or about the date of this Agreement, the Company and the Investor (inter
alia) have entered into that certain Sale and Purchase Agreement, dated July 5,
2009 (the “Transaction Agreement”);

 

WHEREAS,
pursuant to the Transaction Agreement, the Investor has agreed or will agree,
among other things, to transfer the PPPI Sale Business (as defined below) to
the Company, on the terms and subject to the conditions set forth therein and
in this Agreement;

 

WHEREAS,
pursuant to the Transaction Agreement, the Investor has agreed, if requested by
the Company, that the Company may satisfy in part the consideration payable to
the Investor in respect of the PPPI Sale Business by issuing to the Investor
shares of the common stock, par value $0.10 per share (“Common Stock”),
of the Company with a value of up to $200 million, such shares representing no
more than 19.9% of the issued and outstanding Common Stock immediately prior to
such issuance, on the terms and subject to the conditions set forth therein and
in this Agreement; and

 

WHEREAS,
concurrently with Closing, the Company will enter into a registration rights
agreement with the Investor (the “Registration Rights Agreement”),
substantially in the form attached hereto as Exhibit A.

 

NOW,
THEREFORE, in consideration of the premises and the mutual agreements and
covenants hereinafter set forth, and intending to be legally bound, the Company
and the Investor hereby agree as follows:

 

ARTICLE I

 

DEFINITIONS

 

SECTION 1.01.      Certain
Defined Terms.  For purposes of this
Agreement:

 

“Action”
means any litigation, action, suit, demand, complaint, charge, binding
arbitration or other legal, administrative or judicial proceeding.

 

“Affiliate”
means, in relation to any person, any other person Controlling, Controlled by
or under common Control with that person.

 

“Assets”
means the assets and properties of the Company and its Subsidiaries.

 

 

“beneficial
ownership,” “beneficially owned” or “own beneficially” shall
have the meaning set forth in Rule 13d-3 (without regard to the 60-day
provision in paragraph (d)(1)(i)) under the Exchange Act.

 

“Benefit
Plans” means all employee benefit plans (as defined in Section 3(3) of
ERISA whether or not subject to ERISA) and all bonus (including change in
control or other transaction bonus), stock option, stock purchase, restricted
stock, incentive, deferred compensation, retiree medical or life insurance,
pension, retirement, supplemental retirement, severance or other benefit plans,
programs or arrangements, and all employment, termination, severance or other
contracts or agreements, arrangements or understandings, (a) to which the
Company is a party, (b) with respect to which the Company has any
obligation or (c) which are maintained, contributed to or sponsored by the
Company for the benefit of any current or former employee, officer or director
of the Company.

 

“Business
Day” means a day when banks are generally open for business in the State of
New York and the City of London.

 

“Closing
Date” has the meaning ascribed to such term in the Transaction Agreement.

 

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

 

“Confidentiality Agreement” means that certain
letter agreement, dated as of June 11, 2008, among the Company, Rio Tinto
plc, Rio Tinto Alcan Inc. and Amcor Limited.

 

“control”
(including the terms “controlled by” and “under common control with”),
with respect to the relationship between or among two or more Persons, means
the possession, directly or indirectly, or as trustee, personal representative
or executor, of the power to direct or cause the direction of the affairs or
management of a Person, whether through the ownership of voting securities, as
trustee, personal representative or executor, by contract or otherwise.

 

“Director”
means a member of the Board of Directors of the Company.

 

“Enforcement
Limitation” means any applicable bankruptcy, reorganization, insolvency,
moratorium or other similar Law affecting creditor’s rights generally and
principles governing the availability of equitable remedies.

 

“Environmental
Laws” means any and all Laws as in effect at Closing applicable to the
Company which regulate the storage, treatment, release, disposal, emission or
discharge of Hazardous Matter and remedies with respect to Harm from Hazardous
Matter, including the Comprehensive Environmental Response, Compensation and
Liability Act of 1980, as amended, 42 U.S.C. § 9601 et seq., the Federal Water
Pollution Control Act, 33 U.S.C. § 1251 et seq., the Resource Compensation and
Recovery Act of 

 

2

 

1976, 42 U.S.C. § 6901 et seq., the Clean Air Act, 42
U.S.C. § 7401 et seq., the Emergency Planning and Community Right-to-Know Act,
42 U.S.C. § 11001 et seq., and the Toxic Substances Control Act, 15 U.S.C. §
2601 et seq., and similar Laws in any other jurisdiction in which the Company
conducts business.

 

“Equity
Commitment” means US$200,000,000.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and any rules and
regulations promulgated thereunder.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and any rules and
regulations promulgated thereunder.

 

“GAAP”
means United States generally accepted accounting principles and practices of
the Financial Accounting Standards Board (and its predecessors) and the
American Institute of Certified Public Accountants otherwise specified, as in
effect on the date hereof or, with respect to any financial statements, as in
effect on the date of the relevant financial statement.

 

“Governmental
Authority” means any governmental authority or governmental agency with
power to issue legally binding orders or directions or to enact or promulgate
primary or secondary legislation.

 

“Governmental
Order” means any order, writ, judgment, injunction, decree, stipulation,
determination or award entered by or with any Governmental Authority.

 

“Hazardous
Substance” means any substance, material, liquid, solid, gas or other
matter of whatsoever nature, which is an actual or likely cause of or is
otherwise capable of causing harm or damage to, or other interference with, the
environment, is listed, defined, designated or classified as hazardous,
radioactive, toxic, a pollutant, a contaminant, or otherwise regulated, under
any Environmental Laws or any applicable Laws concerning health and safety
matters, including petroleum, oil and all derivatives thereof or synthetic
substitutes thereof and asbestos or asbestos-containing materials.

 

“HSR
Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended, and any rules and regulations promulgated thereunder.

 

“Indemnified
Party” means an Investor Indemnified Party pursuant to Section 7.02 or
a Company Indemnified Party, pursuant to Section 7.03, as the case may be.

 

“Indemnifying
Party” means the Company pursuant to Section 7.02 or the Investor
pursuant to Section 7.03, as the case may be.

 

“Intellectual
Property” means all rights in and in relation to: patents, trade marks, service
marks, domain names, design rights, copyright, inventions, trade secrets,
research 

 

3

 

and development, confidential know-how and other
intellectual property which, in each case, is protected by law (whether
statutory or otherwise).

 

“Law” means any , national, federal, state,
provincial, regional, local, municipal or other law, treaty, constitution,
statute, executive order, injunction, judgment or decree and any primary or
secondary legislation enacted or promulgated by a Governmental Authority acting
within its powers, including any rules and regulations promulgated by any
such Governmental Authority.

 

“Longstop
Date” has the meaning ascribed to such term in the Transaction Agreement
(as the same may be extended).

 

“Material
Adverse Effect” means a material adverse effect on (i) the financial
position or business of the Company and its Subsidiaries taken as a whole or (ii) the
validity or enforceability of this Agreement or the rights or remedies of the
Investor hereunder; provided that Material Adverse Effect shall not include any
change resulting solely from the entry into or announcement of the Transaction
Agreement or the announcement or consummation of any of the transactions
contemplated thereby.

 

“Material
Contracts” means any contract or other arrangement to which the Company or
any of its Subsidiaries is a party (other than this Agreement) for which
breach, nonperformance, cancellation or failure to renew could reasonably be
expected to have a Material Adverse Effect.

 

“Material
Subsidiary” means at any time a Subsidiary which as of such time meets the
definition of a “significant subsidiary” contained as of the date hereof in
Regulation S-X issued by the SEC.

 

“Own
or Control” shall mean (a) ownership of record, (b) beneficial
ownership or (c) the power to direct, by agreement, agency or in any other
manner, the voting of shares of Common Stock.

 

“Person”
means any individual, partnership, firm, corporation, limited liability
company, association, trust, unincorporated organization or other entity, as
well as any syndicate or group that would be deemed to be a person under Section 13(d)(3) of
the Exchange Act.

 

“PPPI
Sale Business” has the meaning ascribed to such term in the Transaction
Agreement.

 

“Rights
Agreement” means the Rights Agreement, dated as of July 29, 1999,
between the Company and Wells Fargo Bank, National Association (formerly known
as Wells Fargo Bank Minnesota, National Association, itself formerly Norwest
Bank Minnesota, National Association).

 

4

 

“SEC”
means the United States Securities and Exchange Commission and any successor
thereto.

 

“Securities
Act” means the Securities Act of 1933, as amended, and any rules and
regulations promulgated thereunder.

 

“Solvent” means, with respect to a Person on a
particular date, that on such date: (a) (i) the present fair market value and present
fair saleable value of such Person’s assets exceeds (A) the amount of all
its debts and liabilities (including contingent, subordinated, unmatured,
unliquidated and other liabilities) and (B) the amount required to pay
such Person’s liabilities on all its debts and liabilities (including
contingent, subordinated, unmatured, unliquidated and other liabilities) as
they become absolute and matured; (ii) such Person is able to realize upon
its assets and pay its debts and other liabilities (including contingent,
subordinated, unmatured, unliquidated and other liabilities), as they become
absolute and matured; (iii) such Person is not incurring, and does not
propose or intend to, and does not believe that it will, incur, debts or
liabilities beyond its ability to pay as such debts and liabilities mature; (iv) such
Person is not engaged, and does not propose or intend to engage, in any
business or transaction for which its property would constitute unreasonably
small capital; (v) such Person is not a defendant in any civil action that
would result in a judgment that it is or would become unable to satisfy; (vi) such
Person is not insolvent or undercapitalized for purposes of any bankruptcy or
insolvency Law applicable to such Person; and (vii) such Person has not
admitted in writing its inability to pay its debts as they fall due or any of
the foregoing; and (b) such Person has not (i) made a general
assignment for the benefit of creditors or an offer of settlement, extension or
composition to its creditors generally, (ii) filed any voluntary petition
in bankruptcy, suffered the filing of any involuntary petition in bankruptcy by
its creditors, filed or suffered the filing of an insolvency or reorganization
petition, otherwise instituted any insolvency proceedings or sought any relief
under any laws relating to the relief from debts or the protection of debtors
generally, (iii) suffered the appointment of a custodian, receiver,
administrator, trustee or similar officer, or a secured party, to take
possession or control of, or the attachment or other judicial seizure of, any
or all of its assets or revenues; or (iv) taken any other actions, and no
other actions or steps have been taken or legal proceedings been started or
threatened against such Person, for its winding-up, dissolution, administration
or reorganization or for the appointment of a custodian, receiver, administrator,
liquidator, trustee or similar officer of it or of any or all of its assets or
revenues.  For purposes of this
definition (A) “present fair market value”, “present fair saleable value”
and “liabilities” (including liabilities contingent or otherwise) have the
meanings assigned to such terms under applicable federal and state Laws
governing determination of the insolvency of debtors, (B) “debt”
means liability on a “claim”, and (C) “claim” means any (x) right
to payment, whether or not such a right is reduced to judgment, liquidated,
unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed,
legal, equitable, secured or unsecured or (y) right to an equitable remedy
for breach of performance if such breach gives rise to a right to payment,
whether or not such right to an equitable remedy is reduced to judgment, fixed,
contingent, matured or unmatured, disputed, undisputed, secured or unsecured.

 

5

 

“Stock
Incentive Plans” means the Bemis Company, Inc. 1994 Stock Incentive
Plan, amended and restated as of August 4, 1999, the Bemis Company, Inc.
2001 Stock Incentive Plan, amended and restated as of January 1, 2008, the
Bemis Company, Inc. 2007 Stock Incentive Plan, amended and restated as of January 1,
2008, and the Bemis Investment Incentive Plan, amended and restated as of January 1,
2006.

 

“Subsidiary”
of a Person means (i) any corporation more than 50% of the outstanding
securities having ordinary voting power of which shall at the time be owned or
controlled, directly or indirectly, by such Person or by one or more of its
Subsidiaries or by such Person and one or more of its Subsidiaries, or (ii) any
partnership, limited liability company, association, joint venture or similar
business organization more than 50% of the ownership interests having ordinary
voting power of which shall at the time be so owned or controlled.

 

“Tax
Returns” means any report, return, declaration, claim for refund, or
information return or statement related to Taxes, including any schedule or
attachment thereto, and including any amendment thereof.

 

“Taxes”
means all taxes, levies, duties, imposts, charges and withholdings having the
character of taxation, whether of the United States or elsewhere, imposed by any
national, state, federal, cantonal, municipal or local government or any other
governmental or regulatory authority, body or instrumentality, including taxes
on gross or net income, profits or gains, taxes on receipts, sales, use,
occupation, franchise, transfer, value added, real property, environmental
(including taxes imposed under Section 59A of the Code), withholding and
personal property and social security and all other employment related taxes,
together with all penalties, charges, additions to tax and interest relating to
any of them, regardless of whether the liability arises as a result of
membership of a consolidated, combined, unitary or other group, by contractual
obligation or otherwise.

 

“Transaction
Agreement” has the meaning set forth in the Recitals of this Agreement.

 

SECTION 1.02.                Interpretation and Rules of
Construction.  In this Agreement,
except to the extent otherwise provided or that the context otherwise requires:

 

(a)         when
a reference is made in this Agreement to an Article, Section, Exhibit or
Schedule, such reference is to an Article or Section of, or an Exhibit or
Schedule to, this Agreement unless otherwise indicated;

 

(b)        the
table of contents and headings for this Agreement are for reference purposes
only and do not affect in any way the meaning or interpretation of this
Agreement;

 

6

 

(c)                          whenever the words “include,” “includes”
or “including” are used in this Agreement, they are deemed to be followed by
the words “without limitation”;

 

(d)                         the words “hereof,” “herein” and “hereunder”
and words of similar import, when used in this Agreement, refer to this
Agreement as a whole and not to any particular provision of this Agreement;

 

(e)                          all terms defined in this Agreement have
the defined meanings when used in any certificate or other document made or
delivered pursuant hereto, unless otherwise defined therein;

 

(f)                            the definitions contained in this
Agreement are applicable to the singular as well as the plural forms of such
terms;

 

(g)                         any Law defined or referred to herein or
in any agreement or instrument that is referred to herein means such Law or
statute as from time to time amended, modified or supplemented, including by
succession of comparable successor Laws;

 

(h)                         references to a Person are also to its
successors and permitted assigns;

 

(i)                             the use of “or” is not intended to be
exclusive unless expressly indicated otherwise;

 

(j)                             any statement in this Agreement qualified
by the expression so far as the Company is aware or to the best of the Company’s
knowledge or any similar expression shall be deemed to be made on the basis of
the knowledge, as at the date of this Agreement or the Closing Date, as the
case may be, of the “named executive officers” (as defined in the Company’s
proxy statement for its annual meeting of shareholders held on May 7,
2009, as filed with the SEC), such knowledge being their actual knowledge and
the knowledge they should have, having made due and careful enquiry of the
relevant subject matter;

 

(k)                          References to any indemnity or covenant
to pay (the “Payment Obligation”) being given on an after-tax basis means
that in calculating the amount payable pursuant to such indemnity or covenant
to pay (the “Payment”) if such amount (or any part thereof) is
chargeable to any tax (or would be so chargeable but for any relief available
against the amount otherwise so chargeable (where relief includes any losses,
credits, deductions, rebates or other reliefs available to the payee or any of
its Affiliates, as the case maybe)), the amount so payable shall be increased
so as to ensure that, after taking into account the tax chargeable (or which
would be chargeable) on such amount (including any increased or additional
amount) and any tax credit, repayment or other tax benefit which is available
to the indemnified party or person entitled to receive the Payment (in either
case the “Recipient”) solely as a result of the matter giving rise to
the Payment Obligation or as a result of receiving the Payment (which tax and
tax credit, 

 

7

 

repayment or other tax benefit is to be determined by the Recipient
acting in good faith and is to be certified as such to the party making the
Payment), the Recipient is in the same position as it would have been in if the
matter giving rise to the Payment Obligation had not occurred, provided that if a Recipient receives a payment which has
been increased to take account of any tax chargeable or which would have been
chargeable and the Recipient subsequently receives and retains a tax credit,
repayment or other tax benefit arising solely as a result of the matter giving
rise to the Payment Obligation or receipt of the Payment, the Recipient shall
repay such amount (if any) as will leave it in the same position as it would
have been in had the matter giving rise to the Payment Obligation not occurred;
and

 

(l)                             all terms used herein but not otherwise
defined shall have the meanings set forth in the Transaction Agreement.

 

ARTICLE II

 

PURCHASE AND SALE

 

SECTION 2.01.                 Purchase and Sale of the Shares. 
Upon the terms and subject to the conditions of this Agreement, at the
Closing, contemporaneously with the Closing as defined in the Transaction
Agreement, the Company shall issue, sell and deliver to the Investor, and the
Investor shall accept and acquire from the Company, a number of shares of
Common Stock determined in accordance with Section 2.02 (such shares of Common
Stock purchased pursuant to this Agreement, the “Shares”) as
satisfaction in part of the consideration payable to the Investor in respect of
the PPPI Sale Business in accordance with the Transaction Agreement.

 

SECTION 2.02.                 Issuance Amount.

 

(a)                                  Number of Shares. 
The number of shares of Common Stock to be issued pursuant to Section 2.01
shall be a number equal to the Share Consideration divided
by the Price Per Share, each as defined below.

 

(b)                                 Share Consideration. 
The consideration for the Shares (the “Share Consideration”)
shall be the amount specified in a notice delivered by the Company to the
Investor in accordance with Article 2.15(a) of the Transaction
Agreement, provided that such amount shall in no case exceed the Equity
Commitment and shall be subject to downward adjustment as set forth in
paragraph (d) below.  The Share
Consideration (i) reflects the portion of the consideration payable by the
Company for the PPPI Sale Business to be paid in kind in Shares in accordance
with the Transaction Agreement and (ii) will be paid in kind by the
transfer by the Investor of all or part of the PPPI Sale Business in accordance
with the Transaction Agreement.

 

(c)                                  Price Per Share. 
The price per Share (the “Price Per Share”) shall be an amount
equal to 95% of the volume-weighted average of the per share prices of the
Company’s Common Stock as reported on the New York Stock Exchange, Inc.
(the 

 

8

 

“NYSE”)
composite transactions reporting system (as reported in the Eastern Edition of
The Wall Street Journal or, if not reported thereby, another authoritative
source) for ten consecutive trading days ending at the close of the trading day
prior to the Closing Date (the “VWAP”).

 

(d)                                 If the number of shares of Common Stock
calculated as set forth above exceeds 19.9% of the number of issued and
outstanding shares of Common Stock of the Company immediately prior to such
issuance, the Investor and the Company may mutually agree to reduce the Share
Consideration to yield a number of shares of Common Stock, calculated in
accordance with paragraph (a) above, constituting 19.9% of the number of
shares of Common Stock of the Company immediately prior to such issuance.  Any reduction in the Share Consideration and
number of shares by the Investor pursuant to this Section 2.02(d) shall
not reduce the Initial Asset Consideration, Initial Share Consideration,
Cross-Group Loan Purchase Price or Final Consideration (each as defined in the
Transaction Agreement) or any other consideration or amount payable by the
Company pursuant to the Transaction Agreement.

 

SECTION 2.03.                                              Closing.  Subject to
the terms and conditions of this Agreement, the issuance, sale and purchase of
the Shares contemplated by this Agreement shall take place at a closing (the “Closing”)
to occur simultaneously with the Closing under the Transaction Agreement on the
Closing Date; provided that the Closing shall
occur no later than the Longstop Date.

 

SECTION 2.04.                                              Closing Deliveries by the Company. 
At the Closing, the Company shall deliver or cause to be delivered to
the Investor:

 

(a)                          stock certificates evidencing the Shares
registered in the name of the Investor (or such other Affiliate of the Investor
as the Investor shall designate), which stock certificates may have a legend as
provided in Section 5.06;

 

(b)                         executed counterpart of the Registration
Rights Agreement;

 

(c)                          a cross-receipt for the Share
Consideration in exchange for the Shares;

 

(d)                         evidence of the amendment to, termination
or expiration of the Rights Agreement;

 

(e)                          a true and complete copy, certified by
the Secretary or an Assistant Secretary of the Company, of the resolutions duly
and validly adopted by the Board of Directors of the Company (the “Board”)
evidencing its authorization of the execution and delivery of this Agreement,
the Registration Rights Agreement and the consummation of the transactions
contemplated hereby and thereby;

 

(f)                            a certificate of good standing issued by the
Secretary of State of the State of Missouri certifying that the Company has
legal existence and is in good standing;

 

9

 

(g)                         a legal opinion from the Company’s
counsel in a form and substance reasonably satisfactory to the Investor
addressing the items identified in Exhibit B hereto; and

 

(h)                         a certificate of a duly authorized
officer of the Company certifying as to the matters set forth in Section 6.02(b).

 

SECTION 2.05.                                              Closing Deliveries by the Investor. 
At the Closing, the Investor shall deliver or cause to be delivered to
the Company:

 

(a)                          all Material Deliverables (as defined in
the Transaction Agreement) with respect to the PPPI Sale Business in accordance
with the Transaction Agreement as part of the Closing (as defined therein);

 

(b)                         executed counterpart of the Registration
Rights Agreement;

 

(c)                          a cross-receipt for the Share
Consideration in exchange for the Shares; and

 

(d)                         a true and complete copy, certified by
the Secretary or an Assistant Secretary of the Investor, of the resolutions
duly and validly adopted by the Board of Directors of the Investor evidencing
its authorization of the execution and delivery of this Agreement, the
Registration Rights Agreement and the consummation of the transactions
contemplated hereby and thereby.

 

ARTICLE III

 

REPRESENTATIONS AND WARRANTIES 

OF THE COMPANY

 

As an
inducement to the Investor to enter into this Agreement, the Company hereby
represents and warrants to the Investor, as of the date hereof and as of the
Closing Date or, if a representation or warranty is made as of a specified
date, as of such date, as follows:

 

SECTION 3.01.                                              Organization and Authority of the
Company.

 

(a)                          The Company and each Material Subsidiary
is duly organized, validly existing, and in good standing under the Laws of the
jurisdiction of its formation, has all power and authority to carry on its
business as now being conducted and to own its properties and is duly licensed
or qualified and in good standing in each other jurisdiction in which its
properties are located or in which failure to qualify would materially and
adversely affect the conduct of its business.

 

10

 

(b)                         The execution, delivery and performance
by the Company of this Agreement and the Registration Rights Agreement are
within the Company’s corporate power and have been duly authorized by all
necessary corporate action.

 

(c)                          This Agreement and upon its execution,
the Registration Rights Agreement, constitute valid and binding obligations of
the Company, enforceable against the Company in accordance with their terms,
except to the extent enforceability may be limited by any Enforcement
Limitation.

 

SECTION 3.02.                                              Capitalization; Ownership of Shares.

 

(a)                          The authorized capital stock of the
Company consists of 500,000,000 shares of Common Stock and 2,000,000 shares of
preferred stock, par value $1.00 per share (“Preferred Stock”).  As of May 8, 2009, 99,923,718 shares of
Common Stock were issued and outstanding, all of which are validly issued,
fully paid and nonassessable and were not issued in violation of any preemptive
rights.  Except for issuances in the
ordinary course of business consistent with past practice pursuant to the Stock
Incentive Plans, (i) since May 8, 2009, the Company has not issued or
sold any shares of Common Stock and (ii) there are no options, warrants,
convertible securities or other rights, agreements, arrangements or commitments
relating to the Shares or obligating either the Company or any Subsidiary to
issue, sell or purchase any shares of Common Stock, or any other interest in,
the Company.  There are no shares of
Preferred Stock issued or outstanding, and none are reserved for issuance other
than shares reserved for issuance pursuant to the Rights Agreement.

 

(b)                         The issuance of the Shares has been duly
authorized by all necessary corporate action on the part of the Company, and no
approval of the Company’s stockholders is required under any Law or under the
regulations and policies of any securities exchange in connection therewith.
Upon the issuance and sale of the Shares, such Shares will (A) be duly
authorized by all necessary corporate action on the part of the Company, (B) be
validly issued, fully paid and nonassessable, and (C) not have been issued
in violation of any preemptive or other similar right.  There are no voting trusts, stockholder
agreements, proxies or other agreements or understandings in effect with
respect to the voting or transfer of any of the Shares.

 

SECTION 3.03.                                              No Conflict. 
As of the date hereof (assuming that any applicable waiting period under
the HSR Act has expired or been terminated) the execution and delivery of this
Agreement and the Registration Rights Agreement by the Company do not, and as
of the Closing Date the execution, delivery and performance of this Agreement
and the Registration Rights Agreement by the Company do not and will not
contravene, or constitute a default under, any provision of applicable Law, any
Material Contract or the certificate or articles of incorporation or by-laws of
the Company, or any judgment, order, decree, agreement or instrument binding on
the Company or its Assets.

 

11

 

SECTION 3.04.                                              Governmental and Stockholder Consents and
Approvals.  Assuming that any applicable waiting period
under the HSR Act has expired or been terminated, no approval, consent or
authorization of or filing or registration with any Governmental Authority is
necessary for the execution or delivery by the Company of this Agreement or the
Registration Rights Agreement or for the performance by the Company of any of
the terms or conditions hereof or thereof, except for such approvals, consents
or authorizations (copies of which have been or will be delivered to the Investor)
as have been obtained or will be obtained on or before the Closing Date.  As of the Closing Date all approvals,
consents and authorizations of and all filings and registrations with any
Governmental Authority necessary for the execution, delivery and performance by
the Company of any of the terms or conditions of this Agreement or the
Registration Rights Agreement will have been obtained or made and will be in
full force and effect, other than such filings and registrations that the
Registration Rights Agreement expressly contemplates will occur after the
Closing Date.  No approval by the holders
of any class or series of the Company’s capital stock is necessary for such
execution, delivery or performance.

 

SECTION 3.05.                                              SEC Reports; Sarbanes-Oxley Act.

 

(a)                          Since January 1, 2008, the Company
has timely filed all documents required to be filed with the SEC pursuant to
Sections 13(a), 14(a) or 15(d) of the Exchange Act (the “SEC
Reports”).  The SEC Reports, when
they were filed with the SEC, conformed in all material respects to the
requirements of the Exchange Act and the rules and regulations of the SEC
thereunder, and none of such documents contained an untrue statement of a
material fact or omitted to state a material fact required to be stated therein
or necessary to make such statements, in the light of the circumstances in
which they were made, not misleading.

 

(b)                         Each of the consolidated financial
statements (including, in each case, any notes thereto) contained in the SEC
Reports was prepared in accordance with GAAP applied on a basis consistent with
the past practices of the Company and its Subsidiaries (except as may be
indicated in such statements or the notes thereto) and each fairly presents, in
all material respects, the consolidated financial position, results of
operations and cash flows of the Company and its consolidated subsidiaries as
of the respective dates thereof and for the respective periods indicated
therein except as otherwise noted therein (including, in each case, in any notes
thereto, and subject, in the case of unaudited statements, to normal period-end
adjustments).

 

(c)                          The records, systems, controls, data and
information of the Company and its Subsidiaries are recorded, stored,
maintained and operated under means (including any electronic, mechanical or
photographic process, whether computerized or not) that are under the exclusive
ownership and direct control of the Company or the Subsidiaries or their
accountants (including all means of access thereto and therefrom). The Company (i) has
implemented and maintains disclosure controls and procedures (as defined in Rule 13a-15(e) under
the Exchange Act) to ensure that material information 

 

12

 

relating to the Company, including its Subsidiaries, is made known to
the chief executive officer and the chief financial officer of the Company by
others within those entities, and (ii) has disclosed, based on its most
recent evaluation prior to the date on which this representation is made or
repeated, to the Company’s outside auditors and the audit committee of the
Company’s board of directors (A) any significant deficiencies and material
weaknesses in the design or operation of internal controls over financial
reporting (as defined in Rule 13a-15(f) under the Exchange Act) that,
individually or in the aggregate, could reasonably be expected to adversely
affect the Company’s ability to record, process, summarize and report financial
information and (B) any fraud, whether or not material, that involves
management or other employees who have a significant role in the Company’s
internal controls over financial reporting. To the knowledge of the Company,
there is no reason that its outside auditors and its chief executive officer
and chief financial officer will not be able to give the certifications and
attestations required pursuant to the rules and regulations adopted
pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, without
qualification, when next due.

 

(d)                         The Company maintains a standard system
of accounting established and administered in accordance with GAAP in all
material respects.  The Company and its
Subsidiaries maintain a system of internal accounting controls sufficient to
provide reasonable assurance that (i) transactions are executed in
accordance with management’s general or specific authorizations, (ii) transactions
are recorded as necessary to permit preparation of financial statements in
conformity with GAAP and to maintain asset accountability, (iii) access to
assets is permitted only in accordance with management’s general or specific
authorization, and (iv) the recorded accountability for assets is compared
with the existing assets at reasonable intervals and appropriate action is
taken with respect to any differences.

 

SECTION 3.06.                                              Litigation. 
There are no Actions pending or, to the knowledge of the Company,
threatened against or affecting the Company or any Subsidiary by, in or before
any Governmental Authority which could reasonably be expected to have a Material
Adverse Effect.  Other than any liability
disclosed in the SEC Reports, neither the Company nor any Subsidiary has any
contingent liabilities which are material to the Company and its Subsidiaries
taken as a whole.

 

SECTION 3.07.                                              Compliance with Laws; Permits.

 

(a)                          The Company and each of its Material
Subsidiaries has conducted its businesses in compliance with all applicable
Laws, except where (i) the failure to be in compliance could not
reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect or (ii) the necessity of compliance, or the failure to
comply, therewith is being contested in good faith by appropriate proceedings.

 

(b)                         The Company and each of its Material
Subsidiaries have all permits, licenses, 
authorizations, orders and approvals of, and have made all filings,
applications and registrations with, any Governmental Authorities that are
required in order to carry 

 

13

 

on their businesses as presently conducted, except where the failure to
have such permits, licenses, authorizations, orders and approvals or the
failure to make such filings, applications and registrations, individually or
in the aggregate, could not reasonably be expected to have a Material Adverse
Effect; and all such permits, licenses, certificates of authority, orders and
approvals are in full force and effect and, to the knowledge of the Company, no
suspension or cancellation of any of them is threatened, and all such filings,
applications and registrations are current, except where such absence,
suspension or cancellation, individually or in the aggregate, could not
reasonably be expected to have a Material Adverse Effect.

 

(c)                          Each Benefit Plan has been operated in
all material respects in accordance with its terms and the requirements of all
applicable Laws.  The Company has
performed all material obligations required to be performed by it under, is not
in any material respect in default under or in material violation of, and, to
the Company’s knowledge, there is no material default or violation by any party
to, any Benefit Plan.  No Action is
pending or, to the Company’s knowledge, threatened with respect to any Benefit
Plan (other than claims for benefits in the ordinary course of business) and,
to the knowledge of the Company, no fact or event exists that could give rise
to any such Action.

 

(d)                         The Company has fulfilled its obligations
under the minimum funding standards of ERISA and the Code with respect to each
Benefit Plan and is in compliance in all material respects with the presently
applicable provisions of ERISA and the Code, and has not incurred liabilities
which are due and payable aggregating in excess of $5,000,000 to a Benefit Plan
under Title IV of ERISA.

 

SECTION 3.08.                                              Environmental Matters. 
In the ordinary course of its business, the Company conducts an ongoing
review of the effect of Environmental Laws on the business, operations and
properties of the Company and its Subsidiaries, in the course of which it
identifies and evaluates associated liabilities and costs (including any
capital or operating expenditures required for clean-up or closure of
properties presently or previously owned, any capital or operating expenditures
required to achieve or maintain compliance with environmental protection
standards imposed by Law or as a condition of any license, permit or contract,
any related constraints on operating activities, including any periodic or
permanent shutdown of any facility or reduction in the level of or change in the
nature of operations conducted thereat, any costs or liabilities in connection
with off-site disposal of wastes or Hazardous Substances, and any actual or
potential liabilities to third parties, including employees, and any related
costs and expenses).  On the basis of
such review, the Company has reasonably concluded that such associated
liabilities and costs, including the costs of compliance with Environmental
Laws, will not have a Material Adverse Effect.

 

SECTION 3.09.                                              Taxes.  (i) All
Tax Returns that are required to be filed on or before the Closing Date by or
with respect to the Company and each of its Subsidiaries have been or will be
timely filed on or before the Closing Date, and all such 

 

14

 

Tax Returns are or will be true and complete in all
material respects; (ii) all Taxes shown to be due on the Tax Returns
referred to in clause (i) have been or will be timely paid in full; (iii) all
material deficiencies asserted or material assessments made as a result of
examinations by the Internal Revenue Service or other tax authorities have been
paid in full or (a) are being contested in good faith and (b) have
been properly reflected in accordance with U.S. GAAP in the SEC Reports; (iv) no
examination of any of the Tax Returns referred to in clause (i) are
currently pending; (v) no outstanding waivers of statutes of limitation
have been given with respect to any Taxes of the Company or any of its
Subsidiaries; (vi) the Company will not be required, as a result of (A) a
change in accounting method for a Tax period beginning on or before Closing, to
include any adjustment under Section 481(c) of the Code (or any
similar provision of state, local, or foreign law) in taxable income for any
Tax period beginning on or after the Closing Date, or (B) any “closing
agreement” as described in Section 7121 of the Code (or any similar
provision of state, local, or foreign law), to include any item of income in or
exclude any item of deduction from any Tax period beginning on or after the
Closing; (vii) there are no Liens on any of the assets of the Company or
any of its Subsidiaries that arose in connection with any failure (or alleged
failure) to pay any Tax; (viii) the Company and its Subsidiaries have
never been members of an affiliated, combined, consolidated or unitary Tax
group for purposes of filing any Tax Return, other than, for purposes of filing
consolidated U.S. Federal income tax returns, a group of which the Company was
the common parent; and (ix) no closing agreements, private letter rulings,
technical advance memoranda or similar agreement or rulings have been entered
into or issued by any taxing authority with respect to the Company or any of
its Subsidiaries.

 

SECTION 3.10.                                              No Material Adverse Change. 
Since March 31, 2009, and except as disclosed in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2008 or
any Exchange Act filings made by the Company since December 31, 2008 and
except as contemplated by the Transaction Agreement, no event, circumstance or
change has occurred that has caused or evidences, either in any case or in the
aggregate, a Material Adverse Effect with respect to the Company and its
Subsidiaries, taken as a whole.

 

SECTION 3.11.                                              Investment Company Act. 
Neither the Company nor any Subsidiary is an “investment company” or a
company “controlled” by an “investment company”, within the meaning of the
Investment Company Act of 1940.

 

SECTION 3.12.                                              Solvency.  The Company
and its Subsidiaries, on a consolidated basis, are Solvent.

 

SECTION 3.13.                                              NYSE Listing. 
The outstanding shares of Common Stock are listed on the NYSE and the
Shares will, upon issuance, be listed on the NYSE.

 

SECTION 3.14.                                              Share Register. 
At all material times, the register of ownership of the Shares of the
Company is and will be situated in the United States.

 

15

 

ARTICLE IV

 

REPRESENTATIONS AND WARRANTIES 

OF THE INVESTOR

 

As an
inducement to the Company to enter into the Agreement, the Investor hereby
represents and warrants to the Company as of the date hereof as follows:

 

SECTION 4.01.                                              Organization and Authority of the
Investor.

 

(a)                          The Investor is duly organized, validly
existing, and in good standing under the Laws of the jurisdiction of its formation,
has all power and authority to carry on its business as now being conducted and
to own its properties and is duly licensed or qualified and in good standing in
each other jurisdiction in which its properties are located or in which failure
to qualify would materially and adversely affect the conduct of its business.

 

(b)                         The execution, delivery and performance
by the Investor of this Agreement and the Registration Rights Agreement are
within the Investor’s corporate power and have been duly authorized by all
necessary corporate action.

 

(c)                          This Agreement and upon its execution,
the Registration Rights Agreement, constitute valid and binding obligations of
the Investor, enforceable against the Investor in accordance with their terms,
except to the extent enforceability may be limited by any Enforcement
Limitation.

 

SECTION 4.02.                                              No Conflict. 
As of the date hereof (assuming that any applicable waiting period under
the HSR Act has expired or been terminated) the execution and delivery of this
Agreement and the Registration Rights Agreement by the Investor do not, and as
of the Closing Date the execution, delivery and performance of this Agreement
and the Registration Rights Agreement by the Investor do not and will not
contravene, or constitute a default under, any provision of applicable Law, any
Material Contract or the certificate or articles of incorporation or by-laws of
the Investor, or any judgment, order, decree, agreement or instrument binding
on the Investor or its Assets.

 

SECTION 4.03.                                              Governmental Consents and Approvals. 
Assuming that any applicable waiting period under the HSR Act has
expired or been terminated, no approval, consent or authorization of or filing
or registration with any Governmental Authority or body is necessary for the
execution, delivery or performance by the Investor of this Agreement or the
Registration Rights Agreement or for the performance by the Investor of any of
the terms or conditions hereof or thereof, except for such approvals, consents
or authorizations (copies of which have been delivered to the Company) as have
been obtained or will be obtained on or before the Closing Date.  As of the Closing Date all approvals,
consents and authorizations of and all filings and representations with any 

 

16

 

Governmental Authority necessary for the execution,
delivery and performance by the Investor of any of the terms or conditions of
this Agreement or the Registration Rights Agreement will have been obtained or
made and will be in full force and effect.

 

SECTION 4.04.                                              Securities, Investment, Accredited
Investor.

 

(a)                          The Investor acknowledges that the Shares
have not been, and will not be, except pursuant to this Agreement and the
Registration Rights Agreement, registered under the Securities Act or under any
state securities laws, are being offered and sold in reliance upon federal and
state exemptions for transactions not involving any public offering and will
contain the legends restricting transfer set forth in Section 5.06 of this
Agreement.

 

(b)                         The Investor is acquiring the Shares
hereunder, solely for investment, solely for Investor’s own account and not
with a view to, or for resale in connection with, any distribution (other than
a transfer to an Affiliate in accordance with and subject to the requirements
of Section 5.13 or distribution pursuant to an effective registration
statement as contemplated by this Agreement and the Registration Rights
Agreement) or other disposition thereof in violation of the Securities Act or
any applicable state securities law.

 

(c)                          The Investor has received certain
information concerning the Company and has had the opportunity to obtain
additional information as desired in order to evaluate the merits and the risks
inherent in holding the Shares. Investor is able to bear the economic risk and
lack of liquidity inherent in holding the Shares.

 

(d)                         The Investor is an “accredited investor”
as defined in Rule 501 promulgated under the Securities Act.

 

(e)                          Investor has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and
risks of an investment in the Shares and has had access to sufficient
information regarding the Company and its business and condition to make an
informed decision to purchase the Shares.

 

SECTION 4.05.                                              Investor’s Independent Investigation. 
The Investor has had access to, and is relying exclusively on, such
financial and other information (including the business, financial condition,
prospects, creditworthiness, status and affairs of the Company) concerning the
Company and the Shares including, without limitation, the information noted
above, as it has deemed necessary in connection with its decision to take up
the Shares, and its investment decision is based upon its own judgment, due
diligence and analysis.  In connection
with the foregoing, the Investor and its representatives acknowledge that they
have received information containing “forward-looking statements” (as defined
in the Private Securities Litigation Reform Act of 1995, and within the meaning
of Section 27A of the Securities Act and Section 21E of the Exchange
Act).  There are uncertainties inherent
in those forward-looking statements, and the Investor is familiar with such
uncertainties.

 

17

 

ARTICLE V

 

CERTAIN ADDITIONAL AGREEMENTS OF THE PARTIES

 

SECTION 5.01.               Conduct of Business Prior to the Closing. 
The Company covenants and agrees that between the date hereof and the
Closing, the Company shall, and shall cause each Subsidiary to, conduct its
business in the ordinary course in all material respects.  The Company covenants and agrees that,
between the date hereof and the Closing, without the prior written consent of
the Investor, neither the Company nor any Subsidiary will:

 

(a)         adopt
or propose any change to its certificate of incorporation or bylaws (or similar
organizational documents), except for the termination of the Rights Agreement
in accordance with Section 5.16;

 

(b)        other
than pursuant to the Transaction Agreement, acquire a material amount of assets
from any other Person outside of the ordinary course of business or merge or
consolidate with any other Person;

 

(c)         sell,
lease, license, abandon, let lapse or otherwise dispose of any material assets
or property or any Intellectual Property (whether or not material) except (i) pursuant
to existing contracts or commitments or (ii) in the ordinary course of
business;

 

(d)        issue
or sell any shares of Common Stock or any securities convertible into or
exchangeable for shares of Common Stock, or any warrants, rights or options to
acquire shares of Common Stock or enter into any transaction having an economic
effect similar to that of a sale of shares of Common Stock other than (i) grants
or sales of Common Stock, restricted stock units, or options to purchase Common
Stock pursuant to the Stock Incentive Plans in the ordinary course of business
consistent with past practice or in connection with any new hires consistent
with past practice, (ii) shares of Common Stock issued upon exercise or vesting
of employee stock options or restricted stock units that are outstanding at the
date hereof or upon exercise or vesting of employee stock options or restricted
stock units that are granted after the date hereof pursuant to the Stock
Incentive Plans in the ordinary course of business consistent with past
practice, (iii) shares of Common Stock issued upon conversion of any
convertible securities outstanding as of the date hereof or (iv) shares of
Common Stock issued pursuant to Section 5.11 of this Agreement;

 

(e)         (i) make
or change any Tax election, (ii) change any annual tax accounting period, (iii) adopt
or change any method of tax accounting except as required by Applicable Law, (iv) materially
amend any Tax Returns, (v) enter into any material closing agreement, (vi) settle
any material Tax claim, audit or assessment, (vii) surrender any right to
claim a material Tax refund, offset or other reduction in Tax liability; or

 

18

 

(f)         agree
to take any of the actions specified in Sections 5.01(a)-(e), except as
contemplated by this Agreement and the Registration Rights Agreement.

 

SECTION 5.02.               Access to Information.  From the date
of this Agreement and through the Closing, upon reasonable notice, the Company
shall cause its officers, directors, employees, agents, representatives,
accountants and counsel, and shall cause its Subsidiaries and each of its
Subsidiaries’ officers, directors, employees, agents, representatives,
accountants and counsel to: (a) afford the officers, employees, agents,
accountants, counsel, and representatives of the Investor reasonable access,
during normal business hours, to the offices, properties, other facilities,
books and records of the Company and each of its Subsidiaries and to those
officers, directors, employees, agents, accountants and counsel of the Company
and of each of its Subsidiaries who have any knowledge relating to the Company,
or any of its Subsidiaries and (b) furnish to the officers, employees,
agents, accountants, counsel and representatives of the Investor such
additional financial and operating data and other information regarding the
assets, properties, liabilities and goodwill of the Company, its Subsidiaries
and their respective businesses as the Investor may from time to time
reasonably request. Notwithstanding anything to the contrary in this Agreement,
the Company shall not be required to disclose any information to the Investor
if such disclosure would, in the Company’s reasonable discretion, (i) cause
significant competitive harm to its business and the business of its
Subsidiaries if the transactions contemplated hereby are not consummated, (ii) jeopardize
any attorney-client or other legal privilege or (iii) contravene any
applicable Laws, fiduciary duty or binding agreement entered into prior to the
date hereof.

 

SECTION 5.03.               Confidentiality.  All
information furnished to a party or its advisor by a party or its advisor in
connection with the transactions contemplated hereby shall be subject to, and
the recipient of such information shall hold all such information in confidence
in accordance with, the provisions of the Confidentiality Agreement.

 

SECTION 5.04.               Further Action; HSR Notification.

 

(a)         The
Investor shall use its reasonable best efforts to take, or cause to be taken,
all appropriate action to do, or cause to be done, all things necessary, proper
or advisable under applicable Law, and to execute and deliver such documents
and other papers as may be required to carry out the provisions of this
Agreement or otherwise to consummate and make effective the transactions
contemplated by this Agreement as promptly as practicable, including (i) obtaining
from Governmental Authorities all consents, approvals, authorizations,
qualifications and orders as are necessary for the consummation of the
transactions contemplated hereby and (ii) promptly making all necessary
filings, and thereafter making any other required submissions, with respect to
this Agreement required under applicable Law. 
Notwithstanding anything in this Agreement or the Transaction Agreement
to the contrary, in no event will the Investor or its Affiliates be obligated
to propose or agree to accept any undertaking or condition, to enter into any
consent decree, to make any divestiture, or take any other action that, in the 

 

19

 

reasonable judgment of the Investor could be expected to limit the
right of the Investor or its Affiliates to own or operate all or any portion of
the businesses or assets it or its Affiliates will continue to own following
the closing of the transactions contemplated by the Transaction Agreement.

 

(b)        Without
limiting the generality of the foregoing, the Investor shall comply with the
provisions of Article 4.5(b) of the Transaction Agreement as if such
provisions applied in connection with the transactions contemplated both by the
Transaction Agreement and by this Agreement.

 

(c)         The
Company shall comply with the provisions of Article 4.5(a) of the
Transaction Agreement as if such provisions applied in connection with the
transactions contemplated both by the Transaction Agreement and by this
Agreement.

 

SECTION 5.05.               Notice of Developments.  Prior to the
Closing, the Company shall promptly notify the Investor in writing of all
events, circumstances, facts and occurrences arising subsequent to the date of
this Agreement which could result in any breach of a representation or warranty
or covenant of the Company in this Agreement or which could have the effect of
making any representation or warranty of the Company in this Agreement untrue
or incorrect.

 

SECTION 5.06.               Legends.

 

(a)         Certificates
for the Shares shall bear a legend in substantially the following form:

 

“NO SALE, OFFER TO SELL, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THE
SHARES REPRESENTED BY THIS CERTIFICATE SHALL BE MADE UNLESS A REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE
SECURITIES LAWS WITH RESPECT TO SUCH SHARES IS THEN IN EFFECT OR PURSUANT TO
RULE 144 UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNLESS THE HOLDER
OBTAINS AN OPINION OF COUNSEL SATISFACTORY TO THE CORPORATION THAT SUCH
DISPOSITION MAY BE EFFECTED WITHOUT VIOLATION OF THE SECURITIES ACT OF
1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS.

 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE
RESTRICTIONS SET FORTH IN THE SHARE PURCHASE AGREEMENT DATED JULY 5, 2009 (THE “AGREEMENT”).  THE SHARES REPRESENTED BY THIS CERTIFICATE MAY NOT
BE SOLD OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE AGREEMENT.  ANY SALE OR OTHER TRANSFER NOT IN COMPLIANCE
WITH THE AGREEMENT WILL BE NULL AND VOID.”

 

20

 

(b)        Any
holder of Shares may request the Company to remove any or all of the legends
described in this Section 5.06 from the certificates evidencing such
Shares by submitting to the Company such certificates, together with evidence
reasonably satisfactory to the Company to the effect that (i) such Shares
are eligible for sale or have been sold pursuant to Rule 144 under the
Securities Act or (ii) such legend or legends are no longer required under
the Securities Act.

 

SECTION 5.07.               Lost, Stolen, Destroyed or Mutilated Securities. 
Upon receipt of evidence reasonably satisfactory to the Company of the
loss, theft, destruction or mutilation of any certificate for any security of
the Company and, in the case of loss, theft or destruction, upon delivery of an
undertaking by the holder thereof to indemnify the Company (and, if requested
by the Company, the delivery of an indemnity bond sufficient in the judgment of
the Company to protect the Company from any loss it may suffer if a certificate
is replaced), or, in the case of mutilation, upon surrender and cancellation
thereof, the Company will issue a new certificate for an equivalent number of
shares or another security of like tenor, as the case may be.

 

SECTION 5.08.               NYSE Listing.  The Company
shall use its reasonable best efforts to cause the Shares to be approved for
listing on the NYSE, subject to official notice of issuance, prior to the
Closing.

 

SECTION 5.09.               Registration and Registered Offerings.

 

(a)         Subject
to the provisions of the Registration Rights Agreement, the Company shall file
an automatically effective WKSI Shelf Registration Statement on Form S-3
(the “Registration Statement”) covering the shares of Common Stock as
soon as practicable but no later than 10 calendar days from the Closing, for
resale by the Investor, subject only to the selling restrictions set forth in
the Registration Rights Agreement and in Section 5.13 of this
Agreement.  The Company shall pay the
registration fees and the costs of providing customary comfort letters and
opinions of the Company’s counsel.

 

(b)        In the
event of any sale pursuant to the Registration Statement by means of an
underwritten offering, the Investor shall select the lead book-running manager
for such offering, and agrees that the Company shall have the right, if it so
chooses, to name a joint active book-running manager reasonably acceptable to
the Investor.  The Company and the
Investor (acting reasonably and in consultation with the active book-running
managers) shall identify and assign roles to other underwriters, allocate
shares within the underwriting syndicate and allocate the elements of the
underwriting spread.  Distribution of the
offering shall be in the discretion of the active book-running manager or
managers, except that the underwriters shall agree with the Company and the
Investor to use reasonable efforts to place the shares in a broad distribution,
subject to the Company’s consent to exceptions (not to be unreasonably withheld
or delayed).  The Company shall pay or
reimburse any underwriting discounts or commissions (except that the Company
shall not be required to pay or reimburse any 

 

21

 

underwriting discounts or commissions allocated to any lead
book-running manager selected by the Investor) and pay its own costs and
expenses, including fees and expenses of its counsel and accountants.

 

(c)         After
expiration of the Lock-Up Period (as defined below), the Investor shall have “piggy-back”
resale rights in accordance with Section 2(g) of the Registration
Rights Agreement.

 

SECTION 5.10.               Call Provision.  At any time
and from time to time, during the Lock-Up Period (as defined below), the
Company shall have the right, but not the obligation, to purchase from the
Investor or its designee holding the Shares, and the Investor shall have the
obligation, upon the exercise of such right, to procure the sale to the Company
of up to such number of shares of Common Stock as may be purchased by
application of the net proceeds to the Company from a primary offering or
offerings (each a “Primary Offering”) of equity securities of the Company
(the “Call Provision”); provided that (i) any
issuance and sale of equity securities by the Company until the end of the
Lock-Up Period shall be for cash and (ii) in connection with any such
issuance and sale during the Lock-Up Period, the Company shall exercise the
option set forth in this Section and immediately apply any cash received
to repurchase shares from the Investor. 
The purchase price per share shall be: (a) for any repurchase
completed on or before the 45th calendar day following delivery of second
quarter Transferred Business Quarterly Carve-out Accounts (as defined in the
Transaction Agreement), the greater of (1) the Price Per Share (as may be
equitably adjusted to reflect any conversions, reclassifications,
reorganizations, stock dividends, stock splits, reverse splits and similar
events which occur with respect to the Common Stock after the Closing Date) or (2) the
price per share (net of fees, commissions and expenses) realized by the Company
in the Primary Offering; and (b) for any repurchase completed after the
45th calendar day following delivery of second quarter Transferred Business
Quarterly Carve-out Accounts (as defined in the Transaction Agreement), the
greater of (1) the VWAP (as may be equitably adjusted to reflect any
conversions, reclassifications, reorganizations, stock dividends, stock splits,
reverse splits and similar events which occur with respect to the Common Stock
after the Closing Date) or (2) the price per share (net of fees,
commissions and expenses) realized by the Company in the Primary Offering.  For any Primary Offering, the Company shall
determine the pricing and distribution, and underwriting discounts and
commissions for the Primary Offering, and select any underwriters and otherwise
exercise its sole business judgment with regard to the Primary Offering, and
the Company shall not be subject to any duties, express or implied, in favor of
the Investor in its conduct of the Primary Offering.  If the “Use of Proceeds” in the final
prospectus or pricing supplement for the Primary Offering states (and the
Company agrees for the benefit of the Investor) that the net proceeds will
first be used to repurchase shares of Common Stock owned by the Investor before
being applied to any other uses, in full at the purchase price per share
specified above, and such net proceeds are so applied promptly upon receipt
thereof by the Company, then the Investor’s pre-emptive rights provided in Section 5.12
below shall have no application to the Primary Offering.

 

22

 

SECTION 5.11.               Replacement Equity Financing. 
The Company shall use its reasonable best efforts to obtain as soon as
reasonably practicable replacement equity financing pursuant to this Section 5.11.  At any time prior to the Closing Date, the
Company may issue and sell any securities for cash, provided
that the net proceeds of the sale of any equity securities shall (a) be
earmarked by the Company as funds designated for the Initial Asset
Consideration, Initial Share Consideration, Cross-Group Loan Purchase Price or
Final Consideration (each as defined in the Transaction Agreement) or any other
consideration or amount payable to be paid by the Company pursuant to the
Transaction Agreement and (b) reduce the Investor’s Equity Commitment
hereunder on a dollar-for-dollar basis.

 

SECTION 5.12.               Rights to Purchase Additional Shares of Common Stock.

 

(a)           After Closing and
until the date that the Investor and its Affiliates together cease to own at
least 5% of the outstanding shares of Common Stock of the Company, in the event
that the Company or any of its Subsidiaries proposes to issue or sell shares of
Common Stock, or any securities convertible into or exchangeable for shares of
Common Stock, or any warrants, rights or options to acquire shares of Common
Stock, or to enter into any transaction having an economic effect similar to
that of a sale of shares of Common Stock, in any such case at a price per share
(or implied price per share) lower than the VWAP (as may be equitably adjusted
to reflect any conversions, reclassifications, reorganizations, stock
dividends, stock splits, reverse splits and similar events which occur with
respect to the Common Stock after the date hereof) (the “New Securities”),
the Investor or its designee holding the Shares shall have the right to
purchase from the Company, in accordance with paragraph (b) below, a
number of New Securities such that, after giving effect to the proposed
issuance and sale of New Securities, and any conversion, exchange or exercise
thereof including New Securities issued and sold pursuant to this Section 5.12,
the Investor and its Affiliates together would own the same percentage of the
issued and outstanding shares of Common Stock as it owned prior to such
issuances and sales; provided that
the Investor may not exercise such right to purchase the New Securities in any
such offering in which the “Use of Proceeds” in the final prospectus or pricing
supplement states (and the Company agrees for the benefit of the Investor) that
the net proceeds to the Company shall first be used in full to repurchase
shares of Common Stock pursuant to the Call Provision in Section 5.10
above, before being applied to any other uses, and such net proceeds are so
applied promptly upon receipt thereof by the Company; provided,
further, that the Investor may only
exercise such right to purchase the New Securities to the extent that such
purchases do not require any approval or authorization from the Company’s
shareholders at the time of such purchase. 
The rights of the Investor under this Section 5.12(a) shall
terminate if unexercised within the timeframe referred to in the Notice of
Issuance.

 

(b)           In the event the
Company proposes to issue or sell New Securities for cash, (excluding any
issuance or sale pursuant to the Stock Incentive Plans or any Benefit Plan),
the Company shall give the Investor as much prior written notice as is
reasonably 

 

23

 

practicable considering the circumstances of the
proposed offering of New Securities, but in no case less than 10 Business Days,
of its intention to issue or sell such New Securities, including the price per
share of Common Stock reflected in the price of the New Securities or the
proposed ranges of prices per share of Common Stock reflected in the price of
the New Securities, the proposed date of issuance or sale of the New
Securities, the time by which the Investor must notify the Company that it
intends to exercise its right to acquire any New Securities pursuant to Section 5.12(a) and
all other material terms and conditions of such issuance or sale (the “Notice
of Issuance”). The Company shall offer any such New Securities to the
Investor on the most favorable terms offered to any other purchaser (it being
understood that, in the case of a public offering, the purchase price shall be
the public offering price and not the price paid by any underwriter).  The Investor shall, prior to the time
specified in the Notice of Issuance, agree to purchase all or a portion of the
New Securities it is entitled to purchase pursuant to Section 5.12(a) above,
for cash and otherwise upon the terms specified in the Notice of Issuance, by
giving written notice to the Company, and stating therein its agreement to
purchase New Securities and the quantity of New Securities to be purchased by
the Investor.  Any shares of Common Stock
purchased in accordance with this Section 5.12 shall be considered Shares
for all purposes of this Agreement.

 

SECTION 5.13.               Lock-Up.  The Investor
will not, during the period ending 180 days after the date of issuance of the
Shares (the “Lock-Up Period”), except in connection with a merger,
business combination, tender or exchange offer, recapitalization,
reorganization, asset purchase or other extraordinary transaction that the
Investor has not initiated, or in connection with the Call Provision described
in Section 5.10 above, (i) offer, pledge, announce the intention to
sell, sell, contract to sell, sell any option or contract to purchase, purchase
any option or contract to sell, grant any option, right or warrant to purchase,
or otherwise transfer or dispose of, directly or indirectly, any of the Shares,
or any securities convertible into or exercisable or exchangeable for the
Shares or (ii) enter into any swap or other agreement that transfers, in
whole or in part, any of the economic consequences of ownership of the Shares,
whether any such transaction described in clause (i) or (ii) above is
to be settled by delivery of the Shares or such other securities, in cash or
otherwise; provided that nothing in the foregoing
shall prohibit the Investor from transferring the Shares to any Affiliate where
the Investor and such Affiliate each agree to be bound by the covenants
applicable to the Investor in this Agreement and provided
further, that any such Affiliate shall make for the benefit of the
Company the representation and warranty set forth in Section 4.04.  In furtherance of the foregoing, the Company
and any duly appointed transfer agent for the registration of transfer of the
securities described herein are hereby authorized to decline to register any
transfer of securities if such transfer would constitute a violation or breach
of this Agreement.

 

SECTION 5.14.               Standstill.  Until the
earlier of (i) 18 months from the Closing Date or (ii) the date the
Investor ceases to own at least 5% of the outstanding shares of the Common
Stock of the Company, the Investor shall not, and shall be responsible for
ensuring that each member of the Seller Group (as defined in the 

 

24

 

Transaction Agreement) shall not, directly or
indirectly, without the Company’s consent, (i) acquire (other than
pursuant to Section 5.12 above or pursuant to any stock dividend, stock
split, reclassification or similar transaction initiated by the Company) any
additional voting securities of the Company (including any derivative security
thereof); (ii) form or participate in any “group” with respect to any
voting securities of the Company; (iii) engage or otherwise participate in
any proxy solicitation with respect to the Company or propose a nominee for
director of the Company pursuant to SEC Rule 14a-11 before January 1,
2011; (iv) seek to influence or control in any manner whatsoever (other
than by voting of the shares owned by the Investor or withholding of such
votes), alone or in concert with others, the management, board or policies of
the Company; (v) initiate any merger, tender or exchange offer, business
combination, recapitalization, reorganization, asset purchase or other similar
extraordinary transaction involving the Company or any material part of its
securities, assets or properties; (vi) seek to call a special meeting of
the Company’s shareholders; or (vii) publicly disclose any proposal, offer,
intention, plan or arrangement inconsistent with the foregoing; provided that nothing in the foregoing shall prohibit the
Investor from participating (by selling its shares or voting in favor of such
transaction) in a merger, business combination, tender or exchange offer,
recapitalization, reorganization, asset purchase or other extraordinary
transaction that it has not initiated or proposed, other than any proposal made
privately to the Company provided such transaction is endorsed by the Company.

 

SECTION 5.15.               Transfer Restrictions.  Unless the
express terms of this Agreement provide otherwise, the Shares of Common Stock
will be subject to transfer restrictions only as required for compliance with
applicable securities laws.

 

SECTION 5.16.               Termination of Rights Agreement. 
The Company shall cause the termination of the Rights Agreement on or
before the date that is five Business Days after the date hereof and shall not
replace the Rights Agreement with any successor rights agreement without
providing (i) that rights exercisable pursuant to such successor rights
agreement will not be triggered as a result of the transactions contemplated by
this Agreement and (ii) the Shares to be delivered at Closing or in
connection with the exercise of the Investor’s right to purchase additional
shares of Common Stock pursuant to Section 5.12 shall not be considered
for purposes of determining whether the Investor or any of its Affiliates shall
be an “Acquiring Person” (or acquirer with equivalent status) thereunder.

 

ARTICLE VI

 

CONDITIONS TO CLOSING

 

SECTION 6.01.               Conditions to Obligations of the Company. 
The obligations of the Company to consummate the transactions
contemplated by this Agreement shall be subject to the fulfillment or written
waiver, at or prior to the Closing, of each of the following conditions:

 

25

 

(a)                          Closing Deliveries. 
The items specified in Section 2.05(a) shall have been
delivered to the Company;

 

(b)                         Governmental Approvals. 
Any waiting period (and any extension thereof) under the HSR Act
applicable to the purchase of the Shares contemplated by this Agreement shall
have expired or shall have been terminated; and

 

(c)                          Issuance Amount. 
The number of shares to be acquired by the Investor, taking into account
any reduction of the Share Consideration as agreed by the Parties pursuant to Section 2.02(d),
may not exceed 19.9% of the number of shares of the Common Stock of the Company
immediately prior to such issuance.

 

SECTION 6.02.                                              Conditions to Obligations of the
Investor.  The obligations of the Investor to consummate
the transactions contemplated by this Agreement shall be subject to the
fulfillment or written waiver, at or prior to the Closing, of each of the
following conditions:

 

(a)                          Closing Deliveries. 
The documents specified in Section 2.04 shall have been delivered
to the Investor;

 

(b)                         Representations, Warranties and Covenants.  (i) all
representations and warranties of the Company set forth in this Agreement shall
be true and correct as of the date of this Agreement; (ii) additionally,
the representations and warranties that are set forth in Sections 3.01, 3.02,
3.03, 3.04, 3.05, 3.11, 3.12, 3.13 and 3.14 shall be true and correct as of the
Closing Date, except to the extent that such representations or warranties are
made as of another date, in which case such representations or warranties shall
be true and correct as of such date; and (iii) the covenants and
agreements contained in this Agreement to be complied with by the Company at or
before the Closing shall have been complied with in all material respects;

 

(c)                          [Intentionally omitted.]

 

(d)                         Transaction Agreement.  (i) The
Transaction Agreement shall have been executed by all parties thereto and shall
be in effect, (ii) all conditions to completion of the transactions as
contemplated by the Transaction Agreement shall be satisfied or waived (if
applicable) in accordance with the Transaction Agreement, (iii) there
shall be no breach under the Transaction Agreement by the Company and (iv) the
transactions contemplated by the Transaction Agreement shall occur concurrently
with the Closing as defined in the Transaction Agreement;

 

(e)                          Consents.  All
governmental and third party consents and approvals necessary in connection
with the transactions contemplated hereby (including, without limitation, the
expiry or termination of any applicable waiting period under the HSR Act) shall
have been obtained (without the imposition of any costs or conditions that are
not acceptable to the Investor) and shall remain in effect, and no Law or
Governmental Order (whether temporary, preliminary or permanent) shall be in
effect that makes the 

 

26

 

transactions contemplated by this Agreement or the Registration Rights
Agreement illegal or otherwise restrains, prevents or imposes materially
adverse conditions upon the consummation of such transactions;

 

(f)                            Debt Financing. 
The Company shall have entered into an agreement or agreements for
additional debt financing in an amount totaling at least $1 billion and (i) all
conditions precedent to such debt financing agreement or agreements other than
the Closing shall be satisfied or waived (if applicable) in accordance with
such agreement or agreements, (ii) there shall be no breach under such
agreement or agreements by the Company and (iii) the amounts totaling at least
$1 billion shall be drawn by the Company concurrently with the Closing;

 

(g)                         Issuance Amount. 
The number of shares to be acquired by the Investor, taking into account
any reduction of the Share Consideration as agreed by the Parties pursuant to Section 2.02(d),
may not exceed 19.9% of the number of shares of the Common Stock of the Company
immediately prior to such issuance; and

 

(h)                         Authorization for Listing. 
The Shares shall have been authorized for listing on the NYSE upon
notice of issuance.

 

ARTICLE VII

 

INDEMNIFICATION

 

SECTION 7.01.                                              Survival of Representations, Warranties,
Covenants and Agreements.

 

(a)                          The representations and warranties of the
Company contained in this Agreement shall survive the Closing and expire on the
date that is 4 months after the first completed calendar year following the
Closing; provided that the representations
contained in Section 3.08 shall survive the Closing and expire on the date
that is 8 years after the Closing Date, the representation contained in Section 3.09
shall survive the Closing and expire with the expiration of the relevant
statutory limitation in relation to the matters giving rise to any claim
arising out of or resulting from a breach of any such representation, and the
representations contained in Sections 3.01, 3.02, 3.03, 3.04 and 3.05 shall
survive indefinitely.  Notwithstanding
the foregoing, no claim shall be made under the representations and warranties
of the Company contained in this Agreement after the expiration of the relevant
statutory limitation in relation to the matters giving rise to any claim.

 

(b)                         All covenants and agreements contained in
this Agreement shall survive in accordance with their terms, except for the
covenants and agreements that are required to be performed prior to the
Closing, which shall terminate at the Closing.

 

SECTION 7.02.                                              Indemnification by the Company. 
The Investor and its Affiliates, officers, directors, employees, agents,
successors and assigns (each, an 

 

27

 

“Investor Indemnified Party”) shall be
indemnified and held harmless by the Company on an after-tax basis for and
against all losses, damages, liabilities, claims, costs and expenses, interest,
awards, judgments and penalties (including reasonable attorneys’ and
consultants’ fees and expenses) actually suffered or incurred by them without
duplication of any other recovery (hereinafter, a “Loss”), arising out
of or resulting from: (i) the breach of any representation or warranty
made by the Company contained in this Agreement; (ii) the breach of any
covenant or agreement by the Company contained in this Agreement; or (iii) any
untrue or alleged untrue statement of a material fact contained in any
prospectus or other document used in connection with any sale of shares of
Common Stock by or on behalf of the Investor or arising out of or based upon
any omission or alleged omission of a material fact required to be stated
therein or necessary to make the statements therein not misleading, except
insofar as the same are made in reliance and in conformity with information
furnished in writing to the Company by the Investor or any underwriter or other
distributor selected by the Investor expressly for use therein.

 

SECTION 7.03.                                              Indemnification by the Investor. 
The Company and its Affiliates, officers, directors, employees, agents,
successors and assigns (each, a “Company Indemnified Party”) shall be
indemnified and held harmless by the Investor on an after-tax basis for and
against any and all Losses, arising out of or resulting from: (i) the
breach of any representation or warranty made by the Investor contained in this
Agreement; or (ii) the breach of any covenant or agreement by the Investor
contained in this Agreement; or (iii) any untrue or alleged untrue statement
of a material fact contained in any prospectus or other document used in
connection with any sale of shares of Common Stock by or on behalf of the
Investor or arising out of or based upon any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements
therein not misleading and made in reliance and in conformity with information
furnished in writing to the Company by Investor expressly for use therein.

 

SECTION 7.04.                                              Limits on Indemnification.

 

(a)                          No claim may be asserted nor may any
Action be commenced against either party for breach of any representation,
warranty, covenant or agreement contained herein, unless written notice of such
claim or action is received by such party describing in reasonable detail the
facts and circumstances with respect to the subject matter of such claim or
Action on or prior to the date on which the representation, warranty, covenant
or agreement on which such claim or Action is based ceases to survive as set
forth in Section 7.01, irrespective of whether the subject matter of such
claim or action shall have occurred before or after such date.

 

(b)                         For all purposes of this Article VII,
(i) “Losses” shall be net of any insurance or other recoveries actually
received by the Indemnified Party or its Affiliates in connection with the
facts giving rise to the right of indemnification and (ii) the 

 

28

 

payment in respect of Losses shall be treated, to the extent possible,
as an adjustment to the Share Consideration.

 

SECTION 7.05.                                              Notice of Loss; Third Party Claims.

 

(a)                          An Indemnified Party shall give the
Indemnifying Party notice of any matter which an Indemnified Party has
determined has given or could give rise to a right of indemnification under
this Agreement, within 30 days of such determination, stating the amount of the
Loss, if known, and method of computation thereof, and containing a reference
to the provisions of this Agreement in respect of which such right of indemnification
is claimed or arises.

 

(b)                         If an Indemnified Party shall receive
notice of any Action, audit, claim, demand or assessment (each, a “Third
Party Claim”) against it which may give rise to a claim for Loss under this
Article VII, the Indemnified Party shall give the Indemnifying Party
notice of such Third Party Claim within 30 days of the receipt of such notice; provided, however, that
the failure to provide such notice shall not release the Indemnifying Party
from any of its obligations under this Article VII except to the extent
that such failure adversely affects the ability of the Indemnifying Party to
defend such Third Party Claim. The Indemnifying Party shall be entitled to
assume and control the defense of such Third Party Claim at its expense and
through counsel of its choice if it gives notice of its intention to do so to
the Indemnified Party within 30 days of the receipt of such notice from the
Indemnified Party.  If the Indemnifying
Party elects to undertake any such defense against a Third Party Claim, the
Indemnified Party may participate in such defense at its own expense; provided, however, that
such Indemnified Party shall be entitled to participate in any such defense
with separate counsel at the expense of the Indemnifying Party if (i) so
requested by the Indemnifying Party to participate with separate counsel or (ii) in
the reasonable written opinion of counsel to the Indemnified Party, a conflict
or potential conflict exists between the Indemnified Party and the Indemnifying
Party that would make such separate representation advisable; and provided, further, that
the Indemnifying Party shall not be required to pay for more than one such
counsel for all Indemnified Parties in connection with any Third Party Claim.
The Indemnified Party shall cooperate with the Indemnifying Party in such
defense and make available to the Indemnifying Party, at the Indemnifying Party’s
expense, all witnesses, pertinent records, materials and information in the
Indemnified Party’s possession or under the Indemnified Party’s control
relating thereto as is reasonably required by the Indemnifying Party.  If the Indemnifying Party elects to direct
the defense of any such claim or proceeding, the Indemnified Party shall not
pay, or permit to be paid, any part of such Third Party Claim unless the
Indemnifying Party consents in writing to such payment or unless the
Indemnifying Party withdraws from the defense of such Third Party Claim
(subject to the next sentence) or unless a final judgment from which no appeal
may be taken by or on behalf of the Indemnifying Party is entered against the
Indemnified Party for such Third Party Claim. If the Indemnified Party assumes
the defense of any such claims or proceeding pursuant to this Section 7.05
and proposes to settle such claims or proceeding prior to a final judgment
thereon or to forgo 

 

29

 

any appeal with respect thereto, then the Indemnified Party shall give
the Indemnifying Party prompt written notice thereof and the Indemnifying Party
shall have the right to participate in the settlement or assume or reassume the
defense of such claims or proceeding. 
Neither the Indemnifying Party nor the Indemnified Party shall, without
the written consent of the other party, settle or compromise any Third Party
Claim or permit a default or consent to entry of any judgment unless the
claimant or claimants and such party provide to such other party an unqualified
release from all liability in respect of the Third Party Claim.

 

SECTION 7.06.                                              Remedies.  The Investor
and the Company acknowledge and agree that (a) following the Closing,
except for fraud, the indemnification provisions of Section 7.02 and Section 7.03
shall be the sole and exclusive remedies of the Investor and the Company for
any breach by the other party of the representations and warranties in this
Agreement and for any failure by the other party to perform and comply with any
covenants and agreements in this Agreement, and (b) anything herein to the
contrary notwithstanding, no breach of any representation, warranty, covenant
or agreement contained herein shall give rise to any right on the part of the
Investor or the Company, after the consummation of the purchase and sale of the
Shares contemplated by this Agreement, to rescind this Agreement or any of the
transactions contemplated hereby.

 

SECTION 7.07.                                              Subrogation. 
After any indemnification payment is made to any Indemnified Party
pursuant to this Article VII, the Indemnifying Party shall, to the extent
of such payment, be subrogated to all rights, if any, of the Indemnified Party
against any third party in connection with the Losses to which such payment
relates.  Without limiting the generality
of the preceding sentence, any Indemnified Party receiving an indemnification
payment pursuant to the preceding sentence shall execute, upon the written
request of the Indemnifying Party, any instrument reasonably necessary to
evidence such subrogation rights.  In any
case where an Indemnified Party recovers from a third party any amount in
respect of a matter for which an Indemnifying Party has indemnified it pursuant
to this Article VII, such Indemnified Party shall promptly pay over to the
Indemnifying Party an amount equal to (a) the amount so recovered (after
deducting therefrom the amount of expenses incurred by the Indemnified Party in
procuring such recovery), minus (b) the excess, if any, of (i) the
amount of the Loss over (ii) any amount previously paid by the
Indemnifying Party to or on behalf of the Indemnified Party in respect of such
claim.

 

ARTICLE VIII

 

TERMINATION, AMENDMENT AND WAIVER

 

SECTION 8.01.                                              Termination. 
This Agreement may be terminated at any time prior to the Closing:

 

30

 

(a)                          by either the Investor or the Company in
the event that the Transaction Agreement has been terminated; or

 

(b)                         by the mutual written consent of the
Company and the Investor.

 

SECTION 8.02.                                              Effect of Termination. 
In the event of termination of this Agreement as provided in Section 8.01,
this Agreement shall forthwith become void except for Section 5.03, this Section 8.02
and Article IX and there shall be no liability on the part of either party
hereto except (a) as set forth in Sections 5.03 and 9.01 and (b) that
nothing herein shall relieve either party from liability for any material
breach of this Agreement occurring prior to such termination.

 

ARTICLE IX

 

GENERAL PROVISIONS

 

SECTION 9.01.                                              Expenses.  Except as
otherwise specified in this Agreement, all costs and expenses, including fees
and disbursements of counsel, financial advisors and accountants, incurred in
connection with this Agreement and the transactions contemplated by this
Agreement shall be borne by the party incurring such costs and expenses,
whether or not the Closing shall have occurred.

 

SECTION 9.02.                                              Notices.  All notices,
requests, claims, demands and other communications hereunder shall be in
writing and shall be given or made (and shall be deemed to have been duly given
or made upon receipt) by delivery in person, by an internationally recognized
overnight courier service, by facsimile or registered or certified mail
(postage prepaid, return receipt requested) to the respective parties hereto at
the following addresses (or at such other address for a party as shall be
specified in a notice given in accordance with this Section 9.02):

 

(a)                          if to the Company:

 

Bemis Company, Inc.

One Neenah Center, 4th Floor

P.O. Box 669

Neenah, Wisconsin 54957-0669

Fax: 920-527-5040

Attn:  General Counsel

 

with a copy to:

 

Faegre &
Benson LLP

2200 Wells Fargo
Center

90 South Seventh
Street

Minneapolis,
Minnesota 55402

Fax: 612-766-1600

 

31

 

Attn:  James Nicholson

 

(b)                         if to the Investor:

 

Pechiney
Plastic Packaging, Inc.

c/-
Rio Tinto plc

2
Eastbourne Terrace

London

W2 6LG

United
Kingdom

Attention:
The Treasurer

Facsimile:
+44 (0)20 7781 1800

 

with a
copy to:

 

Sullivan &
Cromwell LLP

1 New Fetter Lane

London EC4A 1AN

U.K.

Attention: Tim
Emmerson and George White

Facsimile: +44 (0)20
7959 8950

 

SECTION 9.03.                                              Public Announcements. 
Neither party to this Agreement shall make, or cause to be made, any
press release or public announcement in respect of this Agreement or the
transactions contemplated by this Agreement or otherwise communicate with any
news media without the prior written consent of the other party unless
otherwise required by Law, and the parties to this Agreement shall cooperate as
to the timing and contents of any such press release, public announcement or
communication.

 

SECTION 9.04.                                              Severability. 
Each of the provisions of this Agreement and the Registration Rights
Agreement is severable. If any such provision is held to be or becomes invalid
or unenforceable in any respect under the Law of any jurisdiction, it shall
have no effect in that respect and the parties shall endeavor on a commercially
reasonable basis to replace it in that respect with a valid and enforceable
substitute provision the effect of which is as close to its intended effect as
possible.

 

SECTION 9.05.                                              Entire Agreement. 
This Agreement, the Registration Rights Agreement, the Transaction
Agreement and the Confidentiality Agreement constitute the entire agreement of
the parties hereto with respect to the subject matter hereof and thereof and
supersede all prior agreements and undertakings, both written and oral, between
the Company and the Investor with respect to the subject matter hereof and
thereof.

 

SECTION 9.06.                                              Assignment. 
This Agreement may not be assigned by operation of law or otherwise
without the express written consent of the Company or the 

 

32

 

Investor (which consent may be granted or withheld in
the sole discretion of the Company or the Investor), as the case may be, except
in the case of an assignment by the Investor to one or more of its Affiliates
where the Investor and such Affiliate or Affiliates each agree to be bound by
the covenants applicable to the Investor in this Agreement.

 

SECTION 9.07.                                              Amendment.  This Agreement
may not be amended or modified except (a) by an instrument in writing
signed by, or on behalf of, the Company and the Investor or (b) by a
waiver in accordance with Section 9.08.

 

SECTION 9.08.                                              Waiver.  Either party
to this Agreement may (a) extend the time for the performance of any of
the obligations or other acts of the other party, (b) waive any
inaccuracies in the representations and warranties of the other party contained
herein or in any document delivered by the other party pursuant hereto or (c) waive
compliance with any of the agreements of the other party or conditions to such
party’s obligations contained herein. 
Any such extension or waiver shall be valid only if set forth in an
instrument in writing signed by the party to be bound thereby.  Any waiver of any term or condition shall not
be construed as a waiver of any subsequent breach or a subsequent waiver of the
same term or condition, or a waiver of any other term or condition of this
Agreement.  The failure of either party
hereto to assert any of its rights hereunder shall not constitute a waiver of
any such rights.

 

SECTION 9.09.                                              Third Party Beneficiaries. 
This Agreement shall be binding upon and inure solely to the benefit of
the parties hereto and their respective successors and permitted assigns and
nothing herein, express or implied, other than the provisions of Article VII
relating to Indemnified Parties, is intended to or shall confer upon any other
Person any legal or equitable right, benefit or remedy of any nature
whatsoever, including any rights of employment for any specified period, under
or by reason of this Agreement.

 

SECTION 9.10.                                              Currency.  Unless
otherwise specified in this Agreement, all references to currency, monetary
values and dollars set forth herein shall mean United States (U.S.) dollars and
all payments hereunder shall be made in United States dollars.

 

SECTION 9.11.                                              Specific Performance. 
Each of the parties hereto agrees that irreparable damage would occur in
the event any provision of this Agreement were not performed in accordance with
the terms hereof and that the parties hereto shall be entitled to seek specific
performance of the terms hereof, in addition to any other remedy at Law or
equity.

 

SECTION 9.12.                                              Governing Law. 
This Agreement shall be governed by, and construed in accordance with,
the laws of the State of New York.  All
Actions arising out of or relating to this Agreement shall be heard and
determined exclusively in any United States federal court sitting in the State
of Delaware; provided, however,
that if such federal court does not have jurisdiction over such Action, such
Action shall be heard 

 

33

 

and determined exclusively in any Delaware state
court.  Consistent with the preceding
sentence, the parties hereto hereby (a) submit to the exclusive
jurisdiction of any federal or state court sitting in Delaware for the purpose
of any Action arising out of or relating to this Agreement brought by any party
hereto and (b) irrevocably waive, and agree not to assert by way of motion,
defense, or otherwise, in any such Action, any claim that it is not subject
personally to the jurisdiction of the above-named courts, that its property is
exempt or immune from attachment or execution, that the Action is brought in an
inconvenient forum, that the venue of the Action is improper, or that this
Agreement or the transactions contemplated by this Agreement may not be
enforced in or by any of the above-named courts.

 

SECTION 9.13.                                              Waiver of Jury Trial. 
EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO
ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION
WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.  EACH OF THE PARTIES HERETO HEREBY (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS
CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.13.

 

SECTION 9.14.                                              Counterparts. 
This Agreement may be executed and delivered (including by facsimile
transmission or other electronic means) in counterparts, and by the different
parties hereto in separate counterparts, each of which when executed shall be
deemed to be an original, but all of which taken together shall constitute one
and the same agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

34

 

IN
WITNESS WHEREOF, the Company and the Investor have caused this Agreement to be
executed as of the date first written above by their respective officers
thereunto duly authorized.

 

 

	
   

  	
  Bemis
  Company, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Pechiney Plastic
  Packaging, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

Signature Page to Share
Purchase Agreement

 

 

Exhibit A

 

Registration
Rights Agreement

 

A-1

 

Exhibit B

 

Substance of Legal Opinion from
the Company’s Counsel

 

1.                                       The Company has been duly incorporated and is an
existing corporation in good standing under the laws of the State of Missouri.

 

2.                                       The Share Purchase Agreement and the Registration
Rights Agreement have been duly authorized, executed and delivered by the
Company.

 

3.                                       The Shares, when issued, will be duly authorized and
validly issued, fully paid and nonassessable and not subject to any pre-emptive
rights.

 

4.                                       The execution, delivery and performance of this
Agreement and the Registration Rights Agreement by the Company do not and will
not contravene, or constitute a default under, any provision of applicable Law,
any Material Contract or the certificate or articles of incorporation or
by-laws of the Company, or any judgment, order, decree, agreement or instrument
binding on the Company or its Assets.

 

5.                                       All regulatory consents, authorizations, approvals and
filings required to be obtained or made by the Company on or prior to the date
hereof under the Federal laws of the United States and the laws of the State of
Missouri for the issuance, sale and delivery of the Shares by the Company to
the Investor in accordance with the Share Purchase Agreement have been obtained
or made.

 

6.                                       The Company is not now, and after giving effect to the
Share Purchase Agreement and the Transaction Agreement would not be, on the
date hereof required to register as an “investment company” under the
Investment Company Act of 1940, as amended.

 

B-1

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